N-CSRS 1 c102138_ncsrs.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07988

LORD ABBETT INVESTMENT TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

John T. Fitzgerald, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 11/30

Date of reporting period: 5/31/2021

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

	Convertible Fund	Income Fund

	Core Fixed Income Fund	Inflation Focused Fund

	Core Plus Bond Fund	Short Duration Core Bond Fund

	Corporate Bond Fund	Short Duration Income Fund

	Floating Rate Fund	Total Return Fund

	High Yield Fund	Ultra Short Bond Fund

For the six-month period ended May 31, 2021

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

		Schedules of Investments:

27		Convertible Fund

33		Core Fixed Income Fund

52		Core Plus Bond Fund

79		Corporate Bond Fund

92		Floating Rate Fund

124		High Yield Fund

160		Income Fund

185		Inflation Focused Fund

239		Short Duration Core Bond Fund

260		Short Duration Income Fund

327		Total Return Fund

352		Ultra Short Bond Fund

378		Statements of Assets and Liabilities

386		Statements of Operations

392		Statements of Changes in Net Assets

400		Financial Highlights

448		Notes to Financial Statements

504		Supplemental Information to Shareholders

Lord Abbett Investment Trust

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

For the six-month period ended May 31, 2021

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

Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended May 31, 2021. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

Trustee, President, and Chief Executive Officer

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 through May 31, 2021).

Actual Expenses

For each class of each Fund, the first line of the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 12/1/20—5/31/21” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Convertible Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,075.10	$	5.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.95	$	5.04
Class C
Actual	$	1,000.00	$	1,071.70	$	8.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.65	$	8.35
Class F
Actual	$	1,000.00	$	1,076.10	$	4.66
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.44	$	4.53
Class F3
Actual	$	1,000.00	$	1,077.10	$	3.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.19	$	3.78
Class I
Actual	$	1,000.00	$	1,076.10	$	4.14
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.94	$	4.03
Class P
Actual	$	1,000.00	$	1,073.80	$	6.46
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70	$	6.29
Class R2
Actual	$	1,000.00	$	1,073.30	$	7.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.00	$	6.99
Class R3
Actual	$	1,000.00	$	1,073.60	$	6.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45	$	6.54
Class R4
Actual	$	1,000.00	$	1,075.10	$	5.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.70	$	5.29
Class R5
Actual	$	1,000.00	$	1,076.10	$	4.14
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.94	$	4.03
Class R6
Actual	$	1,000.00	$	1,076.50	$	3.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.19	$	3.78

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.00% for Class A, 1.66% for Class C, 0.90% for Class F, 0.75% for Class F3, 0.80% for Class I, 1.25% for Class P, 1.39% for Class R2, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.75% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Automotive		1.98	%
Banking		1.13	%
Basic Industry		0.64	%
Capital Goods		4.52	%
Consumer Goods		1.02	%
Energy		0.82	%
Healthcare		17.84	%
Leisure		9.38	%
Media		9.57	%

Sector*	%**
Real Estate		2.15	%
Retail		6.91	%
Services		2.54	%
Technology & Electronics		26.28	%
Telecommunications		1.27	%
Transportation		8.75	%
Utility		2.27	%
Repurchase Agreements		2.93	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Core Fixed Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	986.80	$	2.87
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class C
Actual	$	1,000.00	$	984.30	$	6.09
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.80	$	6.19
Class F
Actual	$	1,000.00	$	987.20	$	2.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class F3
Actual	$	1,000.00	$	988.10	$	1.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.39	$	1.56
Class I
Actual	$	1,000.00	$	987.90	$	1.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.24	$	1.72
Class R2
Actual	$	1,000.00	$	984.80	$	4.85
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.94
Class R3
Actual	$	1,000.00	$	985.30	$	4.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.54	$	4.43
Class R4
Actual	$	1,000.00	$	986.50	$	3.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.79	$	3.18
Class R5
Actual	$	1,000.00	$	987.80	$	1.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.04	$	1.92
Class R6
Actual	$	1,000.00	$	988.10	$	1.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.39	$	1.56

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.58% for Class A, 1.23% for Class C, 0.48% for Class F, 0.31% for Class F3, 0.34% for Class I, 0.98% for Class R2, 0.88% for Class R3, 0.63% for Class R4, 0.38% for Class R5 and 0.31% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		0.56	%
Basic Industry		0.27	%
Capital Goods		0.17	%
Consumer Discretionary		0.19	%
Consumer Services		0.75	%
Consumer Staples		1.00	%
Energy		3.12	%
Financial Services		29.44	%
Foreign Government		1.85	%
Health Care		2.61	%
Integrated Oils		0.50	%

Sector*	%**
Materials & Processing		1.35	%
Municipal		0.67	%
Producer Durables		0.85	%
Technology		2.58	%
Telecommunications		0.89	%
Transportation		0.09	%
U.S. Government		47.76	%
Utilities		1.72	%
Repurchase Agreements		3.63	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Core Plus Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,001.20	$	3.39
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.54	$	3.43
Class C
Actual	$	1,000.00	$	998.00	$	6.67
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.25	$	6.74
Class F
Actual	$	1,000.00	$	1,002.40	$	2.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class F3*
Actual	$	1,000.00	$	1,003.30	$	1.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.99	$	1.97
Class I
Actual	$	1,000.00	$	1,002.20	$	2.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class R3
Actual	$	1,000.00	$	999.80	$	4.89
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.94
Class R4
Actual	$	1,000.00	$	1,001.70	$	3.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.29	$	3.68
Class R5
Actual	$	1,000.00	$	1,002.90	$	2.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class R6*
Actual	$	1,000.00	$	1,002.70	$	1.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.99	$	1.97


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.68% for Class A, 1.34% for Class C, 0.58% for Class F, 0.39% for Class F3, 0.48% for Class I, 0.98% for Class R3, 0.73% for Class R4, 0.48% for Class R5 and 0.39% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.38% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$1.94	$1.92
Class R6	$1.94	$1.92

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		1.71	%
Basic Industry		0.35	%
Capital Goods		0.42	%
Consumer Cyclical		2.44	%
Consumer Discretionary		1.80	%
Consumer Services		1.79	%
Consumer Staples		0.77	%
Energy		6.92	%
Financial Services		39.50	%
Foreign Government		2.56	%
Health Care		3.63	%
Integrated Oils		0.27	%

Sector*	%**
Materials & Processing		5.21	%
Municipal		0.52	%
Other		0.10	%
Producer Durables		2.86	%
Technology		4.17	%
Telecommunications		1.30	%
Transportation		1.26	%
U.S. Government		15.03	%
Utilities		2.72	%
Repurchase Agreements		4.67	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Corporate Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	984.30	$	3.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.54	$	3.43
Class C
Actual	$	1,000.00	$	981.20	$	6.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.30	$	6.69
Class F
Actual	$	1,000.00	$	984.90	$	2.87
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class F3*
Actual	$	1,000.00	$	985.60	$	2.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27
Class I
Actual	$	1,000.00	$	985.30	$	2.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class R2
Actual	$	1,000.00	$	983.40	$	5.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.55	$	5.44
Class R3
Actual	$	1,000.00	$	983.90	$	4.85
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.94
Class R4
Actual	$	1,000.00	$	984.20	$	3.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.29	$	3.68
Class R5
Actual	$	1,000.00	$	985.40	$	2.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class R6*
Actual	$	1,000.00	$	985.60	$	2.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.68% for Class A, 1.33% for Class C, 0.58% for Class F, 0.45% for Class F3, 0.48% for Class I, 1.08% for Class R2, 0.98% for Class R3, 0.73% for Class R4, 0.48% for Class R5 and 0.45% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.44% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$2.18	$2.22
Class R6	$2.18	$2.22

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		0.88	%
Capital Goods		0.32	%
Consumer Cyclical		1.29	%
Consumer Discretionary		0.65	%
Consumer Services		2.13	%
Consumer Staples		2.61	%
Energy		10.58	%
Financial Services		34.77	%
Healthcare		6.72	%
Integrated Oils		1.23	%

Sector*	%**
Materials & Processing		2.35	%
Municipal		1.90	%
Producer Durables		4.75	%
Technology		6.64	%
Telecommunications		4.61	%
Transportation		2.10	%
U.S. Government		9.13	%
Utilities		7.34	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Floating Rate Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,045.50	$	4.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.94	$	4.03
Class C
Actual	$	1,000.00	$	1,043.60	$	7.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85	$	7.14
Class F
Actual	$	1,000.00	$	1,047.30	$	3.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.44	$	3.53
Class F3
Actual	$	1,000.00	$	1,048.10	$	2.71
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.29	$	2.67
Class I
Actual	$	1,000.00	$	1,047.80	$	3.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.94	$	3.02
Class R2
Actual	$	1,000.00	$	1,044.70	$	6.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.95	$	6.04
Class R3
Actual	$	1,000.00	$	1,045.30	$	5.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.45	$	5.54
Class R4
Actual	$	1,000.00	$	1,045.30	$	4.33
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.69	$	4.28
Class R5
Actual	$	1,000.00	$	1,047.80	$	3.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.94	$	3.02
Class R6
Actual	$	1,000.00	$	1,048.20	$	2.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.24	$	2.72

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.80% for Class A, 1.42% for Class C, 0.70% for Class F, 0.53% for Class F3, 0.60% for Class I, 1.20% for Class R2, 1.10% for Class R3, 0.85% for Class R4, 0.60% for Class R5 and 0.54% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Aerospace		4.53	%
Chemicals		1.89	%
Consumer Discretionary		0.40	%
Consumer Durables		0.36	%
Consumer Non-Durables		0.84	%
Energy		4.81	%
Financial Services		5.59	%
Food and Drug		0.09	%
Food/Tobacco		2.97	%
Forest Products		0.35	%
Gaming/Leisure		6.09	%
Healthcare		12.93	%

Sector*	%**
Housing		2.03	%
Information Technology		14.43	%
Manufacturing		4.47	%
Media/Telecommunications		9.95	%
Metals/Minerals		0.95	%
Retail		5.43	%
Service		7.11	%
Transportation		4.61	%
Utility		2.11	%
Repurchase Agreements		8.06	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

High Yield Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,054.80	$	4.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.54	$	4.43
Class C
Actual	$	1,000.00	$	1,050.30	$	7.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.40	$	7.59
Class F
Actual	$	1,000.00	$	1,053.90	$	3.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.04	$	3.93
Class F3
Actual	$	1,000.00	$	1,056.20	$	3.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.99	$	2.97
Class I
Actual	$	1,000.00	$	1,054.30	$	3.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.54	$	3.43
Class P
Actual	$	1,000.00	$	1,053.10	$	5.78
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.30	$	5.69
Class R2
Actual	$	1,000.00	$	1,052.50	$	6.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.55	$	6.44
Class R3
Actual	$	1,000.00	$	1,051.70	$	6.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.05	$	5.94
Class R4
Actual	$	1,000.00	$	1,054.60	$	4.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.29	$	4.68
Class R5
Actual	$	1,000.00	$	1,055.70	$	3.49
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.54	$	3.43
Class R6
Actual	$	1,000.00	$	1,056.20	$	3.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.99	$	2.97

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.88% for Class A, 1.51% for Class C, 0.78% for Class F, 0.59% for Class F3, 0.68% for Class I, 1.13% for Class P, 1.28% for Class R2, 1.18% for Class R3, 0.93% for Class R4, 0.68% for Class R5 and 0.59% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Agency		0.10	%
Asset-Backed		0.38	%
Automotive		4.13	%
Banking		2.07	%
Basic Industry		10.64	%
Capital Goods		4.28	%
Consumer Cyclical		0.02	%
Consumer Discretionary		0.02	%
Consumer Goods		4.51	%
Energy		15.94	%
Financial Services		3.51	%
Foreign Government		0.31	%
Healthcare		6.15	%
Insurance		0.48	%
Leisure		9.75	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Amount Less than .01%.
^(b)		Securities were purchased with the cash collateral from loaned securities.

Sector*	%**
Media		7.15	%
Mortgage-Backed		1.24	%
Personal & Household Products		0.09	%
Pharmaceuticals		0.00	%^(a)
Real Estate		1.98	%
Retail		7.66	%
Services		4.57	%
Technology & Electronics		5.45	%
Telecommunications		2.22	%
Transportation		3.65	%
Utility		2.85	%
Repurchase Agreements		0.85	%
Money Market Funds^(b)		0.00	%^(a)
Time Deposits^(b)		0.00	%^(a)
Total		100.00	%

Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,002.20	$	3.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.24	$	3.73
Class C
Actual	$	1,000.00	$	999.00	$	6.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.05	$	6.94
Class F
Actual	$	1,000.00	$	1,002.60	$	3.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.74	$	3.23
Class F3
Actual	$	1,000.00	$	1,003.50	$	2.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.64	$	2.32
Class I
Actual	$	1,000.00	$	1,003.20	$	2.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.24	$	2.72
Class R2
Actual	$	1,000.00	$	1,000.20	$	5.68
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.25	$	5.74
Class R3
Actual	$	1,000.00	$	1,000.70	$	5.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.75	$	5.24
Class R4
Actual	$	1,000.00	$	1,001.90	$	3.94
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.99	$	3.98
Class R5
Actual	$	1,000.00	$	1,003.20	$	2.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.24	$	2.72
Class R6
Actual	$	1,000.00	$	1,003.60	$	2.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.64	$	2.32

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.74% for Class A, 1.38% for Class C, 0.64% for Class F, 0.46% for Class F3, 0.54% for Class I, 1.14% for Class R2, 1.04% for Class R3, 0.79% for Class R4, 0.54% for Class R5 and 0.46% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		1.93	%
Basic Industry		0.62	%
Capital Goods		0.21	%
Consumer Cyclical		3.57	%
Consumer Discretionary		1.45	%
Consumer Services		2.1	%
Consumer Staples		1.88	%
Energy		11.67	%
Financial Services		32.65	%
Foreign Government		0.17	%
Health Care		4.23	%
Information Technology		0.00	%^(a)

Sector*	%**
Integrated Oils		0.43	%
Materials & Processing		4.05	%
Municipal		0.73	%
Other		0.01	%
Producer Durables		4.38	%
Technology		5.18	%
Telecommunications		3.28	%
Transportation		1.26	%
U.S. Government		13.11	%
Utilities		6.48	%
Repurchase Agreements		0.61	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Amount less than .01%.

Inflation Focused Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,092.90	$	3.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.79	$	3.18
Class C
Actual	$	1,000.00	$	1,089.50	$	6.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.34
Class F
Actual	$	1,000.00	$	1,093.30	$	2.77
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.29	$	2.67
Class F3
Actual	$	1,000.00	$	1,094.10	$	1.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.04	$	1.92
Class I
Actual	$	1,000.00	$	1,093.10	$	2.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.74	$	2.22
Class R2
Actual	$	1,000.00	$	1,091.10	$	5.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.45	$	5.54
Class R3
Actual	$	1,000.00	$	1,089.60	$	4.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.19	$	4.78
Class R4
Actual	$	1,000.00	$	1,091.80	$	3.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.44	$	3.53
Class R5
Actual	$	1,000.00	$	1,093.30	$	2.35
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27
Class R6
Actual	$	1,000.00	$	1,093.40	$	2.14
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.89	$	2.07

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.63% for Class A, 1.26% for Class C, 0.53% for Class F, 0.38% for Class F3, 0.44% for Class I, 1.10% for Class R2, 0.95% for Class R3, 0.70% for Class R4, 0.45% for Class R5 and 0.41% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		4.11	%
Basic Industry		0.07	%
Capital Goods		1.34	%
Consumer Cyclical		3.28	%
Consumer Discretionary		0.74	%
Consumer Services		1.53	%
Consumer Staples		0.36	%
Energy		7.31	%
Financial Services		44.35	%
Foreign Government		0.40	%
Healthcare		2.70	%
Integrated Oils		0.10	%

Sector*	%**
Materials & Processing		3.62	%
Municipal		0.08	%
Other		0.69	%
Producer Durables		1.12	%
Technology		3.93	%
Telecommunications		0.30	%
Transportation		0.70	%
U.S. Government		18.35	%
Utilities		3.10	%
Repurchase Agreements		1.82	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Short Duration Core Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,007.50	$	3.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.94	$	3.02
Class C
Actual	$	1,000.00	$	1,003.10	$	6.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.60	$	6.39
Class F
Actual	$	1,000.00	$	1,007.00	$	2.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.44	$	2.52
Class F3
Actual	$	1,000.00	$	1,009.10	$	1.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.24	$	1.72
Class I
Actual	$	1,000.00	$	1,007.40	$	2.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.02
Class R3
Actual	$	1,000.00	$	1,005.00	$	4.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.44	$	4.53
Class R4
Actual	$	1,000.00	$	1,006.30	$	3.25
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.69	$	3.28
Class R5
Actual	$	1,000.00	$	1,007.50	$	2.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.02
Class R6
Actual	$	1,000.00	$	1,007.80	$	1.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.24	$	1.72


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.60% for Class A, 1.27% for Class C, 0.50% for Class F, 0.34% for Class F3, 0.40% for Class I, 0.90% for Class R3, 0.65% for Class R4, 0.40% for Class R5 and 0.34% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		2.71	%
Capital Goods		1.43	%
Consumer Cyclical		1.14	%
Consumer Services		0.12	%
Consumer Staples		0.21	%
Energy		3.72	%
Financial Services		50.19	%
Foreign Government		0.82	%
Healthcare		1.06	%

Sector*	%**
Materials & Processing		4.16	%
Municipal		0.12	%
Producer Durables		1.34	%
Technology		2.45	%
Transportation		0.46	%
U.S. Government		23.15	%
Utilities		3.37	%
Repurchase Agreements		3.55	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Short Duration Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,014.80	$	2.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.04	$	2.92
Class C
Actual	$	1,000.00	$	1,013.90	$	6.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.24
Class F
Actual	$	1,000.00	$	1,017.70	$	2.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class F3
Actual	$	1,000.00	$	1,018.50	$	1.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.34	$	1.61
Class I
Actual	$	1,000.00	$	1,018.20	$	1.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.04	$	1.92
Class R2
Actual	$	1,000.00	$	1,012.80	$	4.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.94
Class R3
Actual	$	1,000.00	$	1,015.70	$	4.42
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.54	$	4.43
Class R4
Actual	$	1,000.00	$	1,017.30	$	2.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.14	$	2.82
Class R5
Actual	$	1,000.00	$	1,016.10	$	1.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.39	$	1.56
Class R6
Actual	$	1,000.00	$	1,018.50	$	1.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.34	$	1.61

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.58% for Class A, 1.24% for Class C, 0.48% for Class F, 0.32% for Class F3, 0.38% for Class I, 0.98% for Class R2, 0.88% for Class R3, 0.56% for Class R4, 0.31% for Class R5 and 0.32% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		3.98	%
Basic Industry		0.07	%
Capital Goods		1.20	%
Consumer Cyclical		2.14	%
Consumer Discretionary		0.98	%
Consumer Services		1.15	%
Consumer Staples		0.36	%
Energy		7.78	%
Financial Services		53.80	%
Foreign Government		0.94	%
Health Care		3.26	%
Integrated Oils		0.05	%

Sector*	%**
Materials & Processing		2.65	%
Municipal		0.10	%
Other		0.48	%
Producer Durables		1.57	%
Technology		4.58	%
Telecommunications		0.37	%
Transportation		0.81	%
U.S. Government		9.04	%
Utilities		3.27	%
Repurchase Agreements		1.42	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Total Return Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	995.50	$	3.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.69	$	3.28
Class C
Actual	$	1,000.00	$	992.30	$	6.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50	$	6.49
Class F
Actual	$	1,000.00	$	996.00	$	2.74
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.19	$	2.77
Class F3
Actual	$	1,000.00	$	997.80	$	1.79
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.14	$	1.82
Class I
Actual	$	1,000.00	$	996.70	$	2.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.89	$	2.07
Class P
Actual	$	1,000.00	$	994.30	$	4.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.44	$	4.53
Class R2
Actual	$	1,000.00	$	994.40	$	5.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.70	$	5.29
Class R3
Actual	$	1,000.00	$	994.90	$	4.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.19	$	4.78
Class R4
Actual	$	1,000.00	$	995.20	$	3.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.44	$	3.53
Class R5
Actual	$	1,000.00	$	997.40	$	2.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.69	$	2.27
Class R6
Actual	$	1,000.00	$	996.90	$	1.79
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.14	$	1.82

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.29% for Class C, 0.55% for Class F, 0.36% for Class F3, 0.41% for Class I, 0.90% for Class P, 1.05% for Class R2, 0.95% for Class R3, 0.70% for Class R4, 0.45% for Class R5 and 0.36% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		1.27	%
Basic Industry		0.25	%
Capital Goods		0.15	%
Consumer Cyclical		2.18	%
Consumer Discretionary		1.14	%
Consumer Services		1.02	%
Consumer Staples		0.35	%
Energy		5.08	%
Financial Services		34.23	%
Foreign Government		1.63	%
Health Care		2.65	%
Integrated Oils		0.38	%

Sector*	%**
Materials & Processing		3.21	%
Municipal		0.46	%
Other		5.69	%
Producer Durables		1.46	%
Technology		3.38	%
Telecommunications		0.94	%
Transportation		1.1	%
U.S. Government		28.04	%
Utilities		2.56	%
Repurchase Agreements		2.83	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Ultra Short Bond Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	12/1/20		5/31/21		12/1/20 – 5/31/21
Class A
Actual	$	1,000.00	$	1,000.70	$	2.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.74	$	2.22
Class A1
Actual	$	1,000.00	$	1,001.20	$	2.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.34	$	2.62
Class F
Actual	$	1,000.00	$	1,001.90	$	1.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.99	$	1.97
Class F3
Actual	$	1,000.00	$	1,001.60	$	1.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.73	$	1.21
Class I
Actual	$	1,000.00	$	1,001.40	$	1.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.49	$	1.46
Class R5
Actual	$	1,000.00	$	1,002.40	$	1.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.49	$	1.46
Class R6
Actual	$	1,000.00	$	1,002.60	$	1.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.73	$	1.21


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.44% for Class A, 0.52% for Class A1, 0.39% for Class F, 0.24% for Class F3, 0.29% for Class I, 0.29% for Class R5 and 0.24% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2021

Sector*	%**
Auto		6.53	%
Basic Industry		0.07	%
Capital Goods		0.11	%
Consumer Cyclical		1.37	%
Consumer Discretionary		0.28	%
Consumer Services		0.12	%
Consumer Staples		0.35	%
Energy		1.91	%
Financial Services		71.99	%
Foreign Government		0.91	%

Sector*	%**
Health Care		2.67	%
Materials & Processing		2.25	%
Producer Durables		1.42	%
Technology		3.1	%
Telecommunications		1.55	%
Transportation		0.11	%
U.S. Government		2.31	%
Utilities		2.7	%
Repurchase Agreements		0.25	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

CONVERTIBLE FUND May 31, 2021

Investments			Shares (000)		Fair Value
LONG-TERM INVESTMENTS 96.82%

COMMON STOCKS 0.90%
Pharmaceuticals
Arena Pharmaceuticals, Inc.*				139	$	8,494,290
Rocket Pharmaceuticals, Inc.*				153		6,502,500
Total Common Stocks (cost $12,840,911)						14,996,790

	Interest Rate	Maturity Date	Principal Amount (000)

CONVERTIBLE BONDS 84.41%

Advertising 4.32%
Snap, Inc.	0.75%	8/1/2026	$	11,850		32,802,281
Twitter, Inc.	0.25%	6/15/2024		10,720		13,447,168
Twitter, Inc.	1.00%	9/15/2021		25,550		25,614,587
Total						71,864,036

Aerospace/Defense 1.20%
Safran SA^(a)	0.875%	5/15/2027	EUR	11,220		19,904,204

Air Transportation 5.48%
American Airlines Group, Inc.	6.50%	7/1/2025	$	13,784		23,915,240
Atlas Air Worldwide Holdings, Inc.	1.875%	6/1/2024		13,140		18,116,775
JetBlue Airways Corp.^†	0.50%	4/1/2026		44,860		49,099,270
Total						91,131,285

Automakers 0.53%
Tesla, Inc.	2.00%	5/15/2024		885		8,896,463

Building & Construction 0.64%
LCI Industries^†	1.125%	5/15/2026		9,723		10,680,716

Diversified Capital Goods 0.61%
John Bean Technologies Corp.^†	0.25%	5/15/2026		9,452		10,175,078

Electronics 2.44%
Microchip Technology, Inc.	1.625%	2/15/2025		5,770		20,047,144
Teradyne, Inc.	1.25%	12/15/2023		4,930		20,641,293
Total						40,688,437

Energy: Exploration & Production 0.81%
EQT Corp.	1.75%	5/1/2026		8,500		13,547,300

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CONVERTIBLE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Facilities 1.31%
Oak Street Health, Inc.^†	Zero Coupon	3/15/2026	$	21,127	$	21,853,241

Health Services 2.25%
CryoPort, Inc.^†	3.00%	6/1/2025		4,300		10,728,500
Guardant Health, Inc.^†	Zero Coupon	11/15/2027		13,190		14,764,556
Repligen Corp.	0.375%	7/15/2024		7,215		12,031,013
Total						37,524,069

Hotels 0.86%
Huazhu Group Ltd. (China)^(b)	0.375%	11/1/2022		10,740		14,344,613

Machinery 2.70%
Chart Industries, Inc.^†	1.00%	11/15/2024		6,550		16,657,469
Middleby Corp. (The)^†	1.00%	9/1/2025		20,240		28,224,680
Total						44,882,149

Managed Care 0.82%
Anthem, Inc.	2.75%	10/15/2042		2,445		13,618,650

Media: Content 3.53%
fuboTV, Inc.^†	3.25%	2/15/2026		18,920		16,815,150
iQIYI, Inc. (China)^(b)	2.00%	4/1/2025		27,215		24,779,257
Liberty Media Corp-Liberty Formula One	1.00%	1/30/2023		13,300		17,075,538
Total						58,669,945

Media: Diversified 1.70%
Match Group Financeco 2, Inc.^†	0.875%	6/15/2026		16,415		28,377,431

Medical Products 4.37%
CONMED Corp.	2.625%	2/1/2024		14,250		23,138,438
Insulet Corp.	0.375%	9/1/2026		26,950		36,298,281
Neurocrine Biosciences, Inc.	2.25%	5/15/2024		9,815		13,317,728
Total						72,754,447

Pharmaceuticals 4.46%
Bridgebio Pharma, Inc.^†	2.25%	2/1/2029		26,495		24,803,591
Canopy Growth Corp.^†(a)	4.25%	7/15/2023	CAD	35,530		31,065,405
Insmed, Inc.	0.75%	6/1/2028	$	18,225		18,281,953
Total						74,150,949

Real Estate Development & Management 0.85%
IIP Operating Partnership LP^†	3.75%	2/21/2024		5,110		14,093,891

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CONVERTIBLE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts 1.30%
IH Merger Sub LLC	3.50%	1/15/2022	$	13,525	$	21,606,187

Recreation & Travel 5.34%
Callaway Golf Co.	2.75%	5/1/2026		8,370		18,440,156
Carnival Corp.	5.75%	4/1/2023		7,115		21,959,025
Expedia Group, Inc.^†	Zero Coupon	2/15/2026		18,580		20,577,350
Royal Caribbean Cruises Ltd.^†	4.25%	6/15/2023		19,025		27,833,575
Total						88,810,106

Software/Services 16.39%
Bentley Systems, Inc.^†	0.125%	1/15/2026		13,600		15,422,400
Booking Holdings, Inc.	0.90%	9/15/2021		22,865		26,614,860
Cerence, Inc.^†	3.00%	6/1/2025		3,565		9,492,647
Euronet Worldwide, Inc.	0.75%	3/15/2049		26,475		31,174,312
Five9, Inc.^†	0.50%	6/1/2025		18,225		26,357,906
HubSpot, Inc.^†	0.375%	6/1/2025		7,125		13,341,563
Rapid7, Inc.^†	0.25%	3/15/2027		15,695		16,449,929
Shopify, Inc. (Canada)^(b)	0.125%	11/1/2025		9,847		11,877,944
Square, Inc.^†	Zero Coupon	5/1/2026		9,725		10,630,641
Square, Inc.^†	0.25%	11/1/2027		26,650		30,097,844
Twilio, Inc.	0.25%	6/1/2023		3,295		15,630,821
Weibo Corp. (China)^(b)	1.25%	11/15/2022		51,265		50,143,578
Zillow Group, Inc.	2.75%	5/15/2025		8,145		15,480,591
Total						272,715,036

Specialty Retail 6.89%
Burlington Stores, Inc.	2.25%	4/15/2025		17,159		27,454,400
Dick’s Sporting Goods, Inc.	3.25%	4/15/2025		10,125		29,160,000
RH	Zero Coupon	6/15/2023		7,685		25,360,500
Wayfair, Inc.^†	0.625%	10/1/2025		30,960		32,759,550
Total						114,734,450

Support: Services 2.53%
Lyft, Inc.^†	1.50%	5/15/2025		3,500		5,701,500
Uber Technologies, Inc.^†	Zero Coupon	12/15/2025		35,660		36,462,350
Total						42,163,850

Technology Hardware & Equipment 4.37%
SunPower Corp.	0.875%	6/1/2021		5,100		5,176,488
Western Digital Corp.	1.50%	2/1/2024		62,886		67,563,146
Total						72,739,634

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CONVERTIBLE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Telecommunications: Wireline Integrated & Services 1.27%
21Vianet Group, Inc. (China)^†(b)	Zero Coupon	2/1/2026	$	24,763	$	21,110,457

Theaters & Entertainment 3.16%
Eventbrite, Inc.^†	0.75%	9/15/2026		13,545		13,807,434
Live Nation Entertainment, Inc.	2.50%	3/15/2023		27,045		38,777,121
Total						52,584,555

Tobacco 1.02%
Turning Point Brands, Inc.	2.50%	7/15/2024		15,500		17,001,562

Transportation: Infrastructure/Services 3.26%
Granite Construction, Inc.	2.75%	11/1/2024		10,165		14,414,258
Scorpio Tankers, Inc. (Monaco)^†(b)	3.00%	5/15/2025		37,258		39,767,283
Total						54,181,541
Total Convertible Bonds (cost $1,266,022,677)						1,404,804,282

	Dividend Rate		Shares (000)

CONVERTIBLE PREFERRED STOCKS 11.51%

Auto Parts & Equipment 1.44%
Aptiv plc (Ireland)^(b)	5.50%			141		23,936,382

Banking 1.13%
Bank of America Corp.	7.25%			13		18,835,576

Electric: Integrated 2.26%
NextEra Energy, Inc.	4.872%			676		37,614,087

Electronics 3.00%
Broadcom, Inc.	8.00%			33		49,839,237

Medical Products 3.68%
Boston Scientific Corp.	5.50%			168		19,102,707
Danaher Corp.	4.75%			24		42,122,250
Total						61,224,957
Total Convertible Preferred Stocks (cost $178,863,738)						191,450,239
Total Long-Term Investments (cost $1,457,727,326)						1,611,251,311

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CONVERTIBLE FUND May 31, 2021

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 2.92%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $40,874,600 of U.S. Treasury Inflation Indexed Note at 0.125% due 7/15/2024; value: $49,548,885; proceeds: $48,577,282 (cost $48,577,282)		$48,577	$	48,577,282
Total Investments in Securities 99.74% (cost $1,506,304,608)				1,659,828,593
Cash, Foreign Cash and Other Assets in Excess Liabilities^(c)0.26%				4,391,115
Net Assets 100.00%			$	1,664,219,708

CAD		Canadian dollar.
EUR		Euro.
*		Non-income producing security.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $597,151,407, which represents 35.88% of net assets.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Cash, Foreign Cash and Other Assets in Excess Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Sell	State Street Bank and Trust	7/20/2021		38,707,000	$	30,885,352	$	32,066,690		$	(1,181,338	)
Euro	Sell	Bank of America	6/4/2021		3,448,000		4,196,178		4,216,543			(20,365	)
Euro	Sell	Bank of America	6/4/2021		5,100,000		5,983,090		6,236,766			(253,676	)
Euro	Sell	Bank of America	6/4/2021		7,999,000		9,384,787		9,781,940			(397,153	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(1,852,532	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CONVERTIBLE FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2			Level 3		Total
Long-Term Investments
Common Stocks	$	14,996,790	$	–		$	–	$	14,996,790
Convertible Bonds		–		1,404,804,282			–		1,404,804,282
Convertible Preferred Stocks
Auto Parts & Equipment		23,936,382		–			–		23,936,382
Banking		18,835,576		–			–		18,835,576
Electric: Integrated		–		37,614,087			–		37,614,087
Electronics		49,839,237		–			–		49,839,237
Medical Products		61,224,957		–			–		61,224,957
Short-Term Investments
Repurchase Agreements		–		48,577,282			–		48,577,282
Total	$	168,832,942	$	1,490,995,651		$	–	$	1,659,828,593

Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	–		$	–	$	–
Liabilities		–		(1,852,532	)		–		(1,852,532	)
Total	$	–	$	(1,852,532	)	$	–	$	(1,852,532	)

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.

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

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 107.92%

ASSET-BACKED SECURITIES 19.83%

Automobiles 8.03%
American Credit Acceptance Receivables Trust 2020-2 A^†	1.65%	12/13/2023	$	542	$	543,601
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		732		736,093
Avid Automobile Receivables Trust 2019-1 A^†	2.62%	2/15/2024		494		497,431
Avid Automobile Receivables Trust 2019-1 B^†	2.82%	7/15/2026		653		667,035
BMW Vehicle Owner Trust 2020-A A2	0.39%	2/27/2023		2,958		2,959,729
California Republic Auto Receivables Trust 2017-1 B	2.91%	12/15/2022		335		335,906
California Republic Auto Receivables Trust 2018-1 B	3.56%	3/15/2023		1,733		1,742,674
Capital Auto Receivables Asset Trust 2018-2 C^†	3.69%	12/20/2023		1,094		1,098,165
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		59		59,544
CarMax Auto Owner Trust 2020-1 C	2.34%	11/17/2025		763		791,209
Carmax Auto Owner Trust 2021-1 A2A	0.22%	2/15/2024		15,000		15,009,948
Carvana Auto Receivables Trust 2021-N2 A2^(a)	0.97%	3/10/2028		6,700		6,606,260
CPS Auto Receivables Trust 2016-B D^†	6.58%	3/15/2022		101		101,797
CPS Auto Receivables Trust 2018-B D^†	4.26%	3/15/2024		949		971,648
CPS Auto Receivables Trust 2020-B A^†	1.15%	7/17/2023		1,607		1,609,731
Drive Auto Receivables Trust 2017-1 E	5.17%	9/16/2024		1,772		1,802,283
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		876		883,279
Drive Auto Receivables Trust 2017-AA D^†	4.16%	5/15/2024		430		431,212
Exeter Automobile Receivables Trust 2020-2A A^†	1.13%	8/15/2023		428		429,056
Flagship Credit Auto Trust 2018-3 B^†	3.59%	12/16/2024		1,008		1,015,541
Flagship Credit Auto Trust 2020-2 A^†	1.49%	7/15/2024		895		900,677
Flagship Credit Auto Trust 2021-1 A^†	0.31%	6/16/2025		5,369		5,369,055
Flagship Credit Auto Trust 2021-2 C^†	1.27%	6/15/2027		7,325		7,342,534
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		15,500		15,505,884
Ford Credit Auto Owner Trust 2019-C A2A	1.88%	7/15/2022		234		234,013
Ford Credit Auto Owner Trust 2020-A A2	1.03%	10/15/2022		264		263,941
Ford Credit Auto Owner Trust 2020-B A2	0.50%	2/15/2023		3,784		3,788,479
Ford Credit Auto Owner Trust REV1 2021-1 C^†	1.91%	10/17/2033		1,800		1,814,935

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Foursight Capital Automobile Receivables Trust 2018-1 B^†	3.53%		4/17/2023	$	163	$	163,801
Foursight Capital Automobile Receivables Trust 2018-1 C^†	3.68%		8/15/2023		1,477		1,493,830
GM Financial Consumer Automobile Receivables Trust 2018-4 A3	3.21%		10/16/2023		1,975		2,003,101
Honda Auto Receivables Owner Trust 2020-2 A2	0.74%		11/15/2022		1,348		1,350,602
Hyundai Auto Receivables Trust 2017-A C	2.53%		11/15/2023		2,263		2,265,699
Hyundai Auto Receivables Trust 2017-B A4	1.96%		2/15/2023		1,338		1,340,024
Hyundai Auto Receivables Trust 2019-B A2	1.93%		7/15/2022		12		11,853
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%		3/15/2023		15,500		15,504,599
Santander Drive Auto Receivables Trust 2021-1 A2	0.29%		11/15/2023		12,643		12,648,927
Santander Retail Auto Lease Trust 2019-B A2A^†	2.29%		4/20/2022		47		46,858
Toyota Auto Receivables Owner Trust 2021-A A2	0.16%		7/17/2023		21,100		21,107,486
Volkswagen Auto Loan Enhanced Trust 2020-1 A2A	0.93%		12/20/2022		1,890		1,892,801
Westlake Automobile Receivables Trust 2019-2A A2A^†	2.57%		2/15/2023		33		33,158
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%		11/15/2024		1,285		1,329,028
Westlake Automobile Receivables Trust 2020-2A A2A^†	0.93%		2/15/2024		6,545		6,565,142
Westlake Automobile Receivables Trust 2020-3A E^†	3.34%		6/15/2026		3,875		4,014,034
World Omni Auto Receivables Trust 2018-B A3	2.87%		7/17/2023		821		828,615
World Omni Auto Receivables Trust 2021-A A2	0.17%		2/15/2024		15,300		15,303,733
Total							161,414,951

Credit Cards 1.10%
Capital One Multi-Asset Execution Trust 2005-B3 B3	0.734% (3 Mo. LIBOR + .55%	)^#	5/15/2028		2,677		2,657,466
Continental Finance Credit Card
ABS Master Trust 2020-1A A^†	2.24%		12/15/2028		9,100		9,212,222
Genesis Sales Finance Master Trust 2020-AA B^†	2.24%		9/22/2025		4,000		4,037,544
Perimeter Master Note Business Trust 2019-1A A^†	4.31%		12/15/2022		2,579		2,585,318
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		747		747,640

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Credit Cards (continued)

World Financial Network Credit Card Master Trust 2018-B A

3.46%

7/15/2025

2,832

2,858,774

Total

22,098,964

Other 10.70%

ALM VII Ltd. 2012-7A A2R2^†

2.034%
(3 Mo. LIBOR +1.85%

)^#

7/15/2029

3,302

3,307,685

ALM VII Ltd. 2012-7A CR2^†

3.734%
(3 Mo. LIBOR + 3.55%

)^#

7/15/2029

888

889,003

Apidos CLO XXXV 2021-35A A^†

1.249%
(3 Mo. LIBOR + 1.05%

)^#

4/20/2034

2,250

2,250,019

Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 AS^†(a)

1.50%
(1 Mo. LIBOR + 1.40%

)^#

5/15/2036

5,760

5,767,200

Avery Point IV CLO Ltd. 2014-1A BR^†

1.776%
(3 Mo. LIBOR + 1.60%

)^#

4/25/2026

320

320,503

Barings CLO Ltd. 2019-3A BR^†

1.722%
(3 Mo. LIBOR + 1.60%

)^#

4/20/2031

3,080

3,080,201

BlueMountain CLO Ltd. 2015-2A A1R^†

1.12%
(3 Mo. LIBOR + .93%

)^#

7/18/2027

361

360,843

Carlyle US CLO Ltd. 2021-1A A1^†

1.331%
(3 Mo. LIBOR + 1.14%

)^#

4/15/2034

8,520

8,546,030

Cedar Funding XIV CLO Ltd. 2021-14A B^†(a)

Zero Coupon

^#(b)

7/15/2033

6,730

6,730,000

CIFC Funding I Ltd. 2021-1A A1^†

1.246%
(3 Mo. LIBOR + 1.11%

)^#

4/25/2033

8,040

8,051,790

CIFC Funding II Ltd. 2013-2A A2L2^†

Zero Coupon

^#(b)

10/18/2030

4,000

3,996,420

CIFC Funding Ltd. 2021-4A B^†(a)

Zero Coupon

^#(b)

7/15/2033

5,000

5,000,000

Dell Equipment Finance Trust 2019-2 A3^†

1.91%

10/22/2024

5,200

5,254,747

Diamond Resorts Owner Trust 2017-1A B^†

4.11%

10/22/2029

421

428,385

DRB Prime Student Loan Trust 2015-D A2^†

3.20%

1/25/2040

658

658,965

Dryden 61 CLO Ltd. 2018-61A A1R^†

1.18%
(3 Mo. LIBOR + .99%

)^#

1/17/2032

5,060

5,059,588

Dryden Senior Loan Fund 2017-47A BR^†

Zero Coupon

^#(b)

4/15/2028

6,200

6,187,337

Dryden Senior Loan Fund 2017-47A CR^†

Zero Coupon

^#(b)

4/15/2028

5,270

5,278,196

Eaton Vance CLO Ltd. 2013-1A A13R^†

1.434%
(3 Mo. LIBOR + 1.25%

)^#

1/15/2034

4,510

4,538,385

Elmwood CLO VIII Ltd. 2021 1A A1^†

1.356%
(3 Mo. LIBOR + 1.24%

)^#

1/20/2034

3,490

3,496,643

Encina Equipment Finance LLC 2021-1A D^†

1.69%

11/15/2027

4,200

4,206,371

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Galaxy XXI CLO Ltd. 2015-21A AR^†	1.208% (3 Mo. LIBOR + 1.02%	)^#	4/20/2031	$	485	$	485,377
Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†	2.326% (3 Mo. LIBOR + 2.15%	)^#	7/25/2027		448		441,447
Hardee’s Funding LLC 2018-1A A23^†	5.71%		6/20/2048		1,198		1,348,234
Hardee’s Funding LLC 2018-1A A2II^†	4.959%		6/20/2048		2,154		2,305,223
JFIN CLO Ltd. 2014-1A B1R^†	1.638% (3 Mo. LIBOR + 1.45%	)^#	4/21/2025		603		604,317
Kayne CLO 5 Ltd. 2019-5A A^†	1.526% (3 Mo. LIBOR + 1.35%	)^#	7/24/2032		4,000		4,004,992
Kayne CLO III Ltd. 2019-3A BR^†	1.656% (3 Mo. LIBOR + 1.55%	)^#	4/15/2032		4,740		4,740,000
Kayne CLO Ltd. 2020-7A A1^†	1.39% (3 Mo. LIBOR + 1.20%	)^#	4/17/2033		4,578		4,593,622
Kayne CLO Ltd. 2021-10A A^†	Zero Coupon	^#(b)	4/23/2034		6,640		6,640,137
KKR CLO Ltd-29A A^†	1.341% (3 Mo. LIBOR + 1.20%	)^#	1/15/2032		2,950		2,953,670
KKR CLO Ltd. 18 B^†	1.89% (3 Mo. LIBOR + 1.70%	)^#	7/18/2030		2,072		2,074,713
KKR CLO Ltd. 18 D^†	3.79% (3 Mo. LIBOR + 3.60%	)^#	7/18/2030		332		332,670
Lending Funding Trust 2020-2A A^†	2.32%		4/21/2031		5,712		5,865,676
Lendmark Funding Trust 2021-1A C^†	3.41%		11/20/2031		2,000		2,021,385
Logan CLO I Ltd. 2021-1A A^†(a)	Zero Coupon	^#(b)	7/20/2034		2,800		2,800,000
Longtrain Leasing III LLC 2015-1A A2^†	4.06%		1/15/2045		1,664		1,696,083
Marble Point CLO XVII Ltd. 2020-1A A^†	1.488% (3 Mo. LIBOR + 1.30%	)^#	4/20/2033		2,824		2,826,582
Mariner Finance Issuance Trust 2021-AA D^†	3.83%		3/20/2036		2,600		2,685,497
Massachusetts Educational Financing Authority 2008-1 A1	1.126% (3 Mo. LIBOR + .95%	)^#	4/25/2038		760		764,622
ME Funding LLC 2019-1 A2^†	6.448%		7/30/2049		5,531		5,808,164
Mountain View CLO 2014-1 Ltd. 2014-1A CRR^†	2.184% (3 Mo. LIBOR + 2.00%	)^#	10/15/2026		1,700		1,701,241
Mountain View CLO LLC 2017-1A AR^†	1.274% (3 Mo. LIBOR + 1.09%	)^#	10/16/2029		2,645		2,645,265
Mountain View CLO X Ltd. 2015-10A AR^†	1.008% (3 Mo. LIBOR + .82%	)^#	10/13/2027		991		990,711
Mountain View CLO X Ltd. 2015-10A BR^†	1.538% (3 Mo. LIBOR + 1.35%	)^#	10/13/2027		1,449		1,447,327
Navient Private Education Refi Loan Trust 2018-DA A2A^†	4.00%		12/15/2059		1,166		1,228,568
Nelnet Student Loan Trust 2021-A APT1^†	1.36%		4/20/2062		6,075		6,109,214

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Neuberger Berman CLO XX Ltd. 2015-20A AR^†	0.984% (3 Mo. LIBOR + .80%	)^#	1/15/2028	$	974	$	974,043
OCP CLO Ltd. 2019-16A AR^†	1.188% (3 Mo. LIBOR + 1.00%	)^#	4/10/2033		4,860		4,859,984
Octagon Investment Partners 29 Ltd. 2016-1A AR^†	1.356% (3 Mo. LIBOR + 1.18%	)^#	1/24/2033		2,566		2,575,430
Octagon Investment Partners 48 Ltd. 2020-3A A^†	1.688% (3 Mo. LIBOR + 1.50%	)^#	10/20/2031		3,500		3,513,186
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		5,645		5,976,912
Palmer Square CLO Ltd. 2021-2A A^†	Zero Coupon	^#(b)	7/15/2034		5,340		5,345,006
Palmer Square Loan Funding Ltd. 2020-1A A1^†	0.955% (3 Mo. LIBOR + .80%	)^#	2/20/2028		2,005		2,005,725
Parallel Ltd. 2015-1A AR^†	1.038% (3 Mo. LIBOR + .85%	)^#	7/20/2027		3,305		3,305,674
Pennsylvania Higher Education Assistance Agency 2006-1 B	0.446% (3 Mo. LIBOR + .27%	)^#	4/25/2038		608		580,435
Planet Fitness Master Issuer LLC 2019-1A A2^†	3.858%		12/5/2049		1,404		1,407,654
SCF Equipment Leasing LLC 2019-1A A2^†	3.23%		10/20/2024		486		486,870
SCF Equipment Leasing LLC 2019-1A C^†	3.92%		11/20/2026		4,181		4,210,954
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026		3,285		3,421,114
SCF Equipment Leasing LLC 2021-1A C^†	1.54%		10/21/2030		4,325		4,309,195
Shackleton CLO Ltd. 2015-8A DR^†	2.888% (3 Mo. LIBOR + 2.70%	)^#	10/20/2027		3,020		2,999,752
Shackleton CLO Ltd. 2016-9A B^†	2.088% (3 Mo. LIBOR + 1.90%	)^#	10/20/2028		1,070		1,071,687
Shackleton CLO Ltd. 2019-14A A2^†	2.088% (3 Mo. LIBOR + 1.90%	)^#	7/20/2030		3,798		3,800,608
SLC Student Loan Trust 2008-1 A4A	1.784% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		2,052		2,110,719
TCI-Flatiron CLO Ltd. 2016-1A AR2^†	1.34% (3 Mo. LIBOR + 1.15%	)^#	1/17/2032		4,410		4,421,110
Towd Point Asset Trust 2018-SL1 A^†	0.692% (1 Mo. LIBOR + .60%	)^#	1/25/2046		994		988,167
Upstart Securitization Trust 2021-2 B^†	1.75%		6/20/2031		3,898		3,915,364
Westgate Resorts LLC 2018-1A A^†	3.38%		12/20/2031		361		366,526
Total							215,169,163
Total Asset-Backed Securities (cost $396,163,494)							398,683,078

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
CORPORATE BONDS 26.06%

Aerospace/Defense 0.85%
Boeing Co. (The)	4.875%		5/1/2025		$	9,040	$	10,160,714
Boeing Co. (The)	5.04%		5/1/2027			6,056		6,986,699
Total								17,147,413

Air Transportation 0.10%
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)^†(c)	4.25%		5/15/2034			1,814		1,941,130

Automobiles 0.63%
Ford Motor Co.	7.45%		7/16/2031			3,160		3,994,129
General Motors Co.	6.60%		4/1/2036			6,423		8,675,760
Total								12,669,889

Banks: Regional 4.37%
Bank of America Corp.	2.687% (SOFR + 1.32%	)^#	4/22/2032			6,514		6,609,078
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)^#	7/21/2028			4,807		5,300,196
Bank of America Corp.	3.97% (3 Mo. LIBOR + 1.07%	)^#	3/5/2029			1,698		1,900,976
Bank of America Corp.	4.00%		1/22/2025			1,716		1,893,888
Bank of America Corp.	4.25%		10/22/2026			4,291		4,892,239
Bank of America Corp.	4.45%		3/3/2026			940		1,072,389
Citigroup, Inc.	2.561% (SOFR + 1.17%	)^#	5/1/2032			2,498		2,505,707
Citigroup, Inc.	2.666% (SOFR + 1.15%	)^#	1/29/2031			9,393		9,576,118
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%	)^#	1/10/2028			7,031		7,849,816
Goldman Sachs Group, Inc. (The)	6.75%		10/1/2037			1,071		1,529,842
JPMorgan Chase & Co.	2.58% (SOFR + 1.25%	)^#	4/22/2032			4,624		4,662,210
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)^#	5/1/2028			1,452		1,601,522
JPMorgan Chase & Co.	3.782% (3 Mo. LIBOR + 1.34%	)^#	2/1/2028			9,750		10,863,301
JPMorgan Chase & Co.	3.96% (3 Mo. LIBOR + 1.25%	)^#	1/29/2027			2,137		2,391,732
JPMorgan Chase & Co.	4.60% (SOFR + 3.13%	)^#	–	^(d)		2,230		2,277,387
Kookmin Bank (South Korea)^†(c)	1.75%		5/4/2025			2,320		2,367,365
Macquarie Bank Ltd. (Australia)^†(c)	3.052% (5 Yr Treasury CMT + 1.70%	)^#	3/3/2036			4,585		4,463,222
Macquarie Group Ltd. (Australia)^†(c)	4.654% (3 Mo. LIBOR + 1.73%	)^#	3/27/2029			3,121		3,571,895
Morgan Stanley	3.625%		1/20/2027			1,033		1,151,473
National Australia Bank Ltd. (Australia)^†(c)	2.99%		5/21/2031			2,374		2,387,721
UBS AG (Switzerland)^(c)	5.125%		5/15/2024			1,694		1,873,962
Wells Fargo Bank NA	5.85%		2/1/2037			5,275		7,057,859
Total								87,799,898

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages 0.49%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.70%	2/1/2036	$	6,717	$	8,015,254
Coca-Cola Femsa SAB de CV (Mexico)^(c)	1.85%	9/1/2032		2,040		1,921,823
Total						9,937,077

Biotechnology Research & Production 0.68%
Biogen, Inc.	2.25%	5/1/2030		9,117		8,999,193
Regeneron Pharmaceuticals, Inc.	1.75%	9/15/2030		4,898		4,594,521
Total						13,593,714

Building Materials 0.04%
Owens Corning, Inc.	4.30%	7/15/2047		697		776,944

Business Services 0.15%
Adani Ports & Special Economic Zone Ltd. (India)^†(c)	4.00%	7/30/2027		1,839		1,941,711
CoStar Group, Inc.^†	2.80%	7/15/2030		1,128		1,125,436
Total						3,067,147

Computer Hardware 0.40%
Crowdstrike Holdings, Inc.	3.00%	2/15/2029		2,030		1,994,597
Dell International LLC/EMC Corp.^†	6.02%	6/15/2026		2,950		3,518,470
Dell International LLC/EMC Corp.^†	8.35%	7/15/2046		1,611		2,532,324
Total						8,045,391

Computer Software 0.67%
Oracle Corp.	2.875%	3/25/2031		2,499		2,562,090
Oracle Corp.	6.125%	7/8/2039		1,391		1,875,843
Twilio, Inc.	3.875%	3/15/2031		1,955		1,982,986
VMware, Inc.	3.90%	8/21/2027		2,381		2,646,645
VMware, Inc.	4.70%	5/15/2030		3,837		4,461,978
Total						13,529,542

Construction/Homebuilding 0.51%
NVR, Inc.	3.00%	5/15/2030		5,329		5,568,989
PulteGroup, Inc.	6.375%	5/15/2033		2,137		2,781,412
Shea Homes LP^†	4.75%	4/1/2029		1,965		1,961,208
Total						10,311,609

Containers 0.18%
Ball Corp.	2.875%	8/15/2030		3,706		3,543,863

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Drugs 1.10%
AbbVie, Inc.	4.25%	11/21/2049	$	5,427	$	6,260,060
Bayer Corp.^†	6.65%	2/15/2028		1,425		1,794,023
Bayer US Finance II LLC^†	3.875%	12/15/2023		7,168		7,714,814
Bayer US Finance II LLC^†	4.375%	12/15/2028		5,525		6,288,865
Total						22,057,762

Electric: Power 1.92%
AES Corp. (The)^†	3.95%	7/15/2030		2,586		2,798,673
Calpine Corp.^†	5.00%	2/1/2031		1,850		1,796,720
Emera US Finance LP	4.75%	6/15/2046		3,338		3,825,243
IPALCO Enterprises, Inc.	4.25%	5/1/2030		3,909		4,355,967
Minejesa Capital BV (Netherlands)^†(c)	4.625%	8/10/2030		1,850		1,929,550
NRG Energy, Inc.^†	3.625%	2/15/2031		4,010		3,849,620
NRG Energy, Inc.^†	5.25%	6/15/2029		1,834		1,930,413
Oglethorpe Power Corp.	5.95%	11/1/2039		1,032		1,326,745
Ohio Edison Co.	8.25%	10/15/2038		2,655		4,051,962
Pacific Gas and Electric Co.	4.55%	7/1/2030		6,350		6,685,703
Pennsylvania Electric Co.^†	3.60%	6/1/2029		1,682		1,777,750
PSEG Power LLC	8.625%	4/15/2031		2,855		4,332,078
Total						38,660,424

Electrical Equipment 0.18%
SK Hynix, Inc. (South Korea)^†(c)	2.375%	1/19/2031		2,000		1,930,051
Skyworks Solutions, Inc.	3.00%	6/1/2031		1,751		1,775,371
Total						3,705,422

Financial Services 2.00%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(c)	3.50%	1/15/2025		2,732		2,892,762
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(c)	3.875%	1/23/2028		6,194		6,551,702
Ally Financial, Inc.	8.00%	11/1/2031		5,040		7,129,760
Aviation Capital Group LLC^†	1.95%	1/30/2026		3,877		3,853,509
Avolon Holdings Funding Ltd. (Ireland)^†(c)	4.25%	4/15/2026		989		1,064,545
Avolon Holdings Funding Ltd. (Ireland)^†(c)	5.25%	5/15/2024		4,791		5,264,338
Navient Corp.	6.75%	6/15/2026		1,795		1,979,221
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%	3/15/2027		1,164		1,303,539
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%	4/15/2045		690		768,116

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
OneMain Finance Corp.	6.125%	3/15/2024	$	1,755	$	1,893,206
Park Aerospace Holdings Ltd. (Ireland)^†(c)	5.50%	2/15/2024		3,956		4,350,198
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^†	3.625%	3/1/2029		1,239		1,210,348
SURA Asset Management SA (Columbia)^†(c)	4.875%	4/17/2024		1,835		1,977,212
Total						40,238,456

Food 0.63%
Albertsons Cos, Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC^†	4.625%	1/15/2027		938		972,021
Bimbo Bakeries USA, Inc.^†	4.00%	5/17/2051		3,550		3,721,807
Kraft Heinz Foods Co.	3.75%	4/1/2030		5,734		6,143,522
Kraft Heinz Foods Co.	4.375%	6/1/2046		793		851,727
Kraft Heinz Foods Co.	4.875%	10/1/2049		758		871,116
Total						12,560,193

Health Care Products 0.28%
Alcon Finance Corp.^†	2.60%	5/27/2030		5,588		5,658,496

Health Care Services 0.67%
CommonSpirit Health	3.347%	10/1/2029		1,227		1,316,530
DaVita, Inc.^†	3.75%	2/15/2031		1,990		1,910,549
HCA, Inc.	5.50%	6/15/2047		4,550		5,725,725
Legacy LifePoint Health LLC^†	4.375%	2/15/2027		1,819		1,814,589
Northwell Healthcare, Inc.	3.979%	11/1/2046		1,867		2,040,159
Universal Health Services, Inc.^†	5.00%	6/1/2026		632		650,265
Total						13,457,817

Insurance 0.29%
Teachers Insurance & Annuity Association of America^†	4.90%	9/15/2044		4,592		5,724,560

Investment Management Companies 0.05%
Temasek Financial I Ltd. (Singapore)^†(c)	2.50%	10/6/2070		1,180		1,087,367

Machinery: Agricultural 0.41%
BAT Capital Corp.	3.557%	8/15/2027		3,114		3,310,813
BAT Capital Corp.	4.39%	8/15/2037		3,348		3,479,255
BAT Capital Corp.	4.70%	4/2/2027		1,302		1,467,256
Total						8,257,324

Machinery: Industrial/Specialty 0.18%
nVent Finance Sarl (Luxembourg)^(c)	4.55%	4/15/2028		3,340		3,607,967

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Manufacturing 0.36%
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%	)^#	–	^(d)	$	7,485	$	7,208,429

Media 0.83%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%		3/1/2030			1,875		1,947,070
Charter Communications Operating LLC/Charter Communications Operating Capital	3.50%		6/1/2041			2,631		2,514,147
Cox Communications, Inc.^†	8.375%		3/1/2039			2,464		4,023,859
CSC Holdings LLC^†	6.50%		2/1/2029			3,190		3,493,959
Time Warner Cable LLC	7.30%		7/1/2038			3,385		4,798,451
Total								16,777,486

Metals & Minerals: Miscellaneous 0.96%
Anglo American Capital plc (United Kingdom)^†(c)	3.625%		9/11/2024			695		754,591
Anglo American Capital plc (United Kingdom)^†(c)	4.75%		4/10/2027			3,199		3,690,898
Antofagasta plc (Chile)^†(c)	2.375%		10/14/2030			2,032		1,951,624
Freeport-McMoRan, Inc.	4.125%		3/1/2028			1,909		1,994,905
Freeport-McMoRan, Inc.	4.625%		8/1/2030			3,635		3,995,737
Glencore Finance Canada Ltd. (Canada)^†(c)	5.55%		10/25/2042			3,084		3,815,437
Glencore Funding LLC^†	2.85%		4/27/2031			3,165		3,159,081
Total								19,362,273

Natural Gas 0.57%
ENN Clean Energy International Investment Ltd.^†	3.375%		5/12/2026			3,600		3,647,714
National Fuel Gas Co.	3.95%		9/15/2027			7,200		7,789,340
Total								11,437,054

Oil 2.21%
Apache Corp.	4.75%		4/15/2043			4,176		4,135,451
Cimarex Energy Co.	3.90%		5/15/2027			5,866		6,453,368
Continental Resources, Inc.	4.90%		6/1/2044			4,782		5,193,754
Diamondback Energy, Inc.	3.50%		12/1/2029			4,851		5,145,838
Diamondback Energy, Inc.	4.75%		5/31/2025			8,988		10,183,062
Empresa Nacional del Petroleo (Chile)^†(c)	3.75%		8/5/2026			1,475		1,549,972
Eni SpA (Italy)^†(c)	5.70%		10/1/2040			5,053		6,348,678
Occidental Petroleum Corp.	2.70%		2/15/2023			1,872		1,885,600
Saudi Arabian Oil Co. (Saudi Arabia)^†(c)	2.875%		4/16/2024			1,950		2,068,200
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(c)	3.25%		8/15/2030			1,400		1,430,086
Total								44,394,009

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers 0.71%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)^†(c)	4.60%	11/2/2047	$	3,460	$	4,026,852
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(c)	3.25%	9/30/2040		4,400		4,341,913
NGPL PipeCo LLC^†	3.25%	7/15/2031		3,973		4,030,722
Western Midstream Operating LP	4.35%	2/1/2025		1,868		1,949,725
Total						14,349,212

Oil: Integrated Domestic 0.57%
Halliburton Co.	5.00%	11/15/2045		3,601		4,214,622
Halliburton Co.	7.45%	9/15/2039		2,595		3,718,856
NOV, Inc.	3.60%	12/1/2029		3,296		3,435,125
Total						11,368,603

Paper & Forest Products 0.13%
Suzano Austria GmbH (Brazil)^(c)	3.75%	1/15/2031		2,511		2,609,833

Real Estate Investment Trusts 0.97%
American Campus Communities Operating
Partnership LP	3.875%	1/30/2031		5,489		5,999,372
Country Garden Holdings Co. Ltd. (China)^(c)	5.125%	1/17/2025		3,800		3,952,232
VEREIT Operating Partnership LP	4.875%	6/1/2026		4,266		4,928,627
WEA Finance LLC^†	2.875%	1/15/2027		4,485		4,611,152
Total						19,491,383

Technology 0.97%
Baidu, Inc. (China)^(c)	2.375%	10/9/2030		1,550		1,528,055
Baidu, Inc. (China)^(c)	3.075%	4/7/2025		1,300		1,374,641
JD.com, Inc. (China)^(c)	3.375%	1/14/2030		2,145		2,259,516
Meituan (China)^†(c)	3.05%	10/28/2030		3,490		3,389,184
Netflix, Inc.^†	4.875%	6/15/2030		2,158		2,489,792
Netflix, Inc.	6.375%	5/15/2029		2,971		3,717,063
Prosus NV (Netherlands)^†(c)	3.832%	2/8/2051		3,500		3,244,424
VeriSign, Inc.^(a)	2.70%	6/15/2031		1,461		1,466,552
Total						19,469,227

Telecommunications 1.00%
AT&T, Inc.^†	3.50%	9/15/2053		5,532		5,256,720
AT&T, Inc.	4.30%	2/15/2030		9,872		11,247,173
Ooredoo International Finance Ltd.^†	3.75%	6/22/2026		3,270		3,614,161
Total						20,118,054
Total Corporate Bonds (cost $505,922,598)						523,964,968

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
FLOATING RATE LOANS^(e)0.42%

Drugs 0.20%
Horizon Therapeutics USA Inc. 2021 Term Loan B	2.50% (1 Mo. LIBOR + 2.00%)		3/15/2028	$	4,111	$	4,108,450

Entertainment 0.22%
Churchill Downs Incorporated 2021 Incremental Term Loan B1	2.10% (1 Mo. LIBOR + 2.00%)		3/10/2028		4,412		4,384,442
Total Floating Rate Loans (cost $8,502,203)							8,492,892

FOREIGN GOVERNMENT OBLIGATIONS^(c)2.07%

Canada 1.04%
Province of Ontario Canada	3.40%		10/17/2023		19,500		20,930,599

Japan 0.47%
Japan Finance Organization for Municipalities	2.00%		4/21/2022		9,350		9,502,293

Qatar 0.34%
State of Qatar^†	4.00%		3/14/2029		5,175		5,963,991
State of Qatar^†	5.103%		4/23/2048		725		943,274
Total							6,907,265

Saudi Arabia 0.22%
Saudi International Bond^†	3.25%		10/26/2026		4,000		4,333,624
Total Foreign Government Obligations (cost $41,210,002)							41,673,781

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%
Federal Home Loan Mortgage Corp. Q001 XA IO	2.145%	^#(f)	2/25/2032		11,453		1,311,614
Government National Mortgage Assoc. 2015-73 AC	2.90%	^#(f)	2/16/2053		277		288,383
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $1,591,728)							1,599,997

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.92%
Federal National Mortgage Assoc.^(g)	2.50%		TBA		44,600		46,175,818
Federal National Mortgage Assoc.^(g)	3.00%		TBA		17,000		17,755,952
Federal National Mortgage Assoc.	3.50%		9/1/2047 - 3/1/2050		21,097		22,578,616
Federal National Mortgage Assoc.^(g)	3.50%		TBA		107,200		113,152,493
Government National Mortgage Assoc.^(g)	2.50%		TBA		38,700		40,078,582
Total Government Sponsored Enterprises Pass-Throughs (cost $239,064,297)							239,741,461

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 0.75%

Miscellaneous
County of Miami-Dade FL	2.786%		10/1/2037	$	640	$	631,235
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		1,509		1,575,081
New Jersey Educational Facilities Authority	3.636%		9/1/2029		1,319		1,460,132
New Jersey Educational Facilities Authority	3.836%		9/1/2036		1,592		1,719,183
New York City Transitional Finance Authority Future Tax Secured Revenue	2.69%		5/1/2033		8,450		8,779,312
Regents of the University of California Medical Center	3.006%		5/15/2050		950		933,187
Total Municipal Bonds (cost $15,052,240)							15,098,130

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.31%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(f)	12/25/2059		505		509,821
Atrium Hotel Portfolio Trust 2018-ATRM A^†	1.051% (1 Mo. LIBOR + .95%	)^#	6/15/2035		1,141		1,142,616
BBCMS Mortgage Trust 2019-BWAY A^†	1.057% (1 Mo. LIBOR + .96%	)^#	11/15/2034		1,510		1,507,444
BBCMS Mortgage Trust 2019-BWAY B^†	1.411% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		664		660,390
BX Trust 2018-GW A^†	0.901% (1 Mo. LIBOR + .80%	)^#	5/15/2035		5,060		5,071,723
BX Trust 2019-OC11 A^†	3.202%		12/9/2041		2,929		3,137,236
CF Trust 2019-BOSS A1^†	4.75% (1 Mo. LIBOR + 3.25%	)^#	12/15/2021		1,690		1,543,048	^(h)

Citigroup Commercial Mortgage Trust 2014-GC21 XA IO	1.159%	^#(f)	5/10/2047		15,645		456,351
Citigroup Commercial Mortgage Trust 2016-GC36 D^†	2.85%		2/10/2049		3,025		2,300,672
Citigroup Commercial Mortgage Trust 2016-P3 D^†	2.804%	^#(f)	4/15/2049		709		545,528
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	0.969%	^#(f)	8/10/2047		2,854		70,698
Commercial Mortgage Pass-Through Certificates 2014-UBS4 D^†	4.712%	^#(f)	8/10/2047		4,440		3,945,816
Commercial Mortgage Pass-Through Certificates 2015-DC1 D^†	4.307%	^#(f)	2/10/2048		3,741		2,744,794
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.321%	^#(f)	7/10/2050		620		679,603
Commercial Mortgage Pass-Through Certificates
2015-PC1 C	4.321%	^#(f)	7/10/2050		3,385		3,482,347
Commercial Mortgage Pass-Through Certificates
2015-PC1 D	4.321%	^#(f)	7/10/2050		1,471		1,269,498

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates 2019-ICE4 D^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	5/15/2036	$	4,600	$	4,613,322
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(f)	2/25/2050		1,618		1,644,996
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		2,872		2,890,520
CSAIL Commercial Mortgage Trust 2015-C2 C	4.188%	^#(f)	6/15/2057		325		305,306
CSAIL Commercial Mortgage Trust 2016-C7 D^†	4.389%	^#(f)	11/15/2049		1,875		1,409,270
CSAIL Commercial Mortgage Trust 2019-C18 AS	3.321%		12/15/2052		1,635		1,766,511
CSMC Series 2019-UVIL A^†	3.16%		12/15/2041		1,436		1,504,535
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		2,000		2,004,463
Deephaven Residential Mortgage Trust 2019-4A A1^†	2.791%	^#(f)	10/25/2059		1,010		1,021,723
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(f)	1/25/2060		801		812,415
Deephaven Residential Mortgage Trust 2020-2 A1^†	1.692%		5/25/2065		2,260		2,268,740
Ellington Financial Mortgage Trust 2020-1 A1^†	2.006%	^#(f)	5/25/2065		2,788		2,830,319
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		571		580,744
GCAT Trust 2020-NQM2 A1^†	1.555%		4/25/2065		3,134		3,155,843
Great Wolf Trust 2019-WOLF A^†	1.135% (1 Mo. LIBOR + 1.03%	)^#	12/15/2036		6,000		6,015,007
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		1,346		1,346,817
GS Mortgage Securities Trust 2015-GC32 C	4.422%	^#(f)	7/10/2048		685		739,057
Hilton Orlando Trust 2018-ORL A^†	1.021% (1 Mo. LIBOR + .92%	)^#	12/15/2034		2,060		2,063,127
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		2,410		2,118,091
Hudsons Bay Simon JV Trust 2015-HB7 D7^†	5.159%	^#(f)	8/5/2034		2,231		1,567,339
JPMorgan Chase Commercial Mortgage
Securities Trust 2015-C30 C	4.267%	^#(f)	7/15/2048		2,629		2,797,594
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		2,292		2,296,334
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN^†	2.02% (1 Mo. LIBOR + 1.02%	)^#	11/15/2035		1,026		1,029,791

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033	$	4,703	$	4,714,867
New Residential Mortgage Loan Trust 2020-NQM1 A1^†	2.464%	^#(f)	1/26/2060		472		480,490
PFP Ltd. 2019-6 A^†	1.148% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		1,022		1,016,501
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		1,145		1,169,212
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(f)	2/25/2024		367		373,539
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(f)	2/25/2050		748		758,959
Starwood Mortgage Residential Trust 2020-3 A1^†	1.486%	^#(f)	4/25/2065		4,070		4,119,740
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		1,712		1,739,996
Verus Securitization Trust 2020-4 A1^†	1.502%		5/25/2065		3,272		3,309,724
Verus Securitization Trust 2020-INV1 A1^†	1.977%	^#(f)	3/25/2060		2,919		2,965,062
Vista Point Securitization Trust 2020-1 A1^†	1.763%	^#(f)	3/25/2065		3,849		3,894,431
Vista Point Securitization Trust 2020-2 A1^†	1.475%	^#(f)	4/25/2065		2,578		2,594,285
Wells Fargo Commercial Mortgage Trust 2016-C35 C	4.176%	^#(f)	7/15/2048		2,139		2,228,594
Wells Fargo Commercial Mortgage Trust 2017-C41 AS	3.785%	^#(f)	11/15/2050		1,151		1,261,781
WF-RBS Commercial Mortgage Trust 2014-C23 XA IO	0.562%	^#(f)	10/15/2057		20,329		326,706
Total Non-Agency Commercial Mortgage-Backed Securities (cost $106,939,187)							106,803,336

U.S. TREASURY OBLIGATIONS 41.48%
U.S. Treasury Bill	Zero Coupon		7/29/2021		128,761		128,759,962
U.S. Treasury Bill	Zero Coupon		10/21/2021		160,000		159,992,110
U.S. Treasury Bond	1.125%		5/15/2040		77,626		64,781,323
U.S. Treasury Bond	1.625%		11/15/2050		22,056		18,850,987
U.S. Treasury Note	0.375%		4/15/2024		189,589		190,092,596
U.S. Treasury Note	0.625%		8/15/2030		44,898		41,321,944
U.S. Treasury Note	0.75%		3/31/2026		200,766		200,609,152
U.S. Treasury Note	1.125%		2/29/2028		29,800		29,640,524
Total U.S. Treasury Obligations (cost $838,757,624)							834,048,598
Total Long-Term Investments (cost $2,153,203,373)							2,170,106,241

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 4.07%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $68,777,600 of U.S. Treasury Inflation Indexed Note at 0.125% due 7/15/2024; value: $83,373,376; proceeds: $81,738,577 (cost $81,738,577)	$	81,739	$	81,738,577
Total Investments in Securities 111.99% (cost $2,234,941,950)				2,251,844,818
Liabilities in Excess of Other Assets⁽ⁱ⁾(11.99%)				(241,093,747	)
Net Assets 100.00%			$	2,010,751,071

CMT		Constant Maturity Rate.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $538,485,428, which represents 26.78% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^(a)		Securities purchased on a when-issued basis (See Note 2(i)).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Foreign security traded in U.S. dollars.
^(d)		Security is perpetual in nature and has no stated maturity.
^(e)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(f)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(g)		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
^(h)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽ⁱ⁾		Liabilities in Excess of Other Assets include net unrealized appreciation/depreciation on futures contracts and swaps as follows:

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced
Index

Central
Clearing party

Fund
Receives
(Quarterly)

Termination
Date

Notional
Amount

Notional
Value

Payments
Upfront⁽²⁾

Unrealized
Depreciation⁽³⁾

Markit CDX. NA.IG.36⁽⁴⁾⁽⁵⁾

Bank of America

1.00%

6/20/2026

$58,500,000

$(59,928,661)

$(1,214,419)

$(214,242)

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $214,242.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.

Credit Default Swaps on Indexes - Sell Protection at February 28, 2021⁽¹⁾:

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation⁽³⁾		Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX.NA.BBB.9	Citibank	3.00%	8/17/2061	$	2,050,000	$	1,923,501		$ (170,083	)		$ 43,584		$ (126,499	)
Markit CMBX.NA.BBB.9	Citibank	3.00%	8/17/2061		2,050,000		1,923,501		(182,503	)		56,004		(126,499	)
Markit CMBX.NA.BBB.9	Goldman	3.00%	8/17/2061		10,250,000		9,617,504		(837,938	)		205,442		(632,496	)
Markit CMBX.NA.BBB.9	Morgan Stanley	3.00%	8/17/2061		2,050,000		1,923,501		(170,083	)		43,584		(126,499	)
Markit CMBX.NA.BBB.9	Morgan Stanley	3.00%	8/17/2061		4,100,000		3,847,001		(339,961	)		86,962		(252,999	)
Markit CMBX.NA.BBB.10	Merrill Lynch	3.00%	8/17/2061		2,000,000		1,876,586		(162,074	)		38,660		(123,414	)
Total									$(1,862,642	)		$474,236		$(1,388,406	)

^*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $474,236. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Includes upfront payments received.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE FIXED INCOME FUND May 31, 2021

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position		Notional Amount			Notional Value		Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	September 2021	33	Short	$	(4,786,521	)	$	(4,783,453	)		$ 3,068
U.S. 2-Year Treasury Note	September 2021	1,474	Long		325,305,758			325,362,470			56,712
U.S. 5-Year Treasury Note	September 2021	17	Short		(2,105,489	)		(2,105,477	)		12
U.S. Long Bond	September 2021	296	Short		(46,406,252	)		(46,333,250	)		73,002
Total Unrealized Appreciation on Open Futures Contracts											$ 132,794

Type	Expiration	Contracts	Position		Notional Amount			Notional Value		Unrealized Depreciation
U.S. 10-Year Treasury Note	September 2021	28	Long	$	3,698,893		$	3,694,250			$ (4,643	)
U.S. Ultra Treasury Bond	September 2021	710	Long		131,772,890			131,527,500			(245,390	)
Total Unrealized Depreciation on Open Futures Contracts											$(250,033	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CORE FIXED INCOME FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	398,683,078		$	–	$	398,683,078
Corporate Bonds		–			523,964,968			–		523,964,968
Floating Rate Loans		–			8,492,892			–		8,492,892
Foreign Government Obligations		–			41,673,781			–		41,673,781
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			1,599,997			–		1,599,997
Government Sponsored Enterprises Pass-Throughs		–			239,741,461			–		239,741,461
Municipal Bonds		–			15,098,130			–		15,098,130
Non-Agency Commercial Mortgage-Backed Securities		–			105,260,288			1,543,048		106,803,336
U.S. Treasury Obligations		–			834,048,598			–		834,048,598
Short-Term Investments
Repurchase Agreements		–			81,738,577			–		81,738,577
Total	$	–		$	2,250,301,770		$	1,543,048	$	2,251,844,818

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(214,242	)		–		(214,242	)
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(1,388,406	)		–		(1,388,406	)
Futures Contracts
Assets		132,794			–			–		132,794
Liabilities		(250,033	)		–			–		(250,033	)
Total	$	(117,239	)	$	(1,602,648	)	$	–	$	(1,719,887	)

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the period.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 96.99%

ASSET-BACKED SECURITIES 20.29%

Automobiles 9.91%
ACC Trust 2019-1 B^†	4.47%	10/20/2022	$	100	$	101,050
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		7		7,078
Avid Automobile Receivables Trust 2019-1 A^†	2.62%	2/15/2024		113		113,413
Avid Automobile Receivables Trust 2019-1 B^†	2.82%	7/15/2026		500		510,747
Avid Automobile Receivables Trust 2019-1 C^†	3.14%	7/15/2026		500		512,967
California Republic Auto Receivables Trust 2017-1 B	2.91%	12/15/2022		43		42,869
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		9		9,325
Carmax Auto Owner Trust 2021-1 A2A	0.22%	2/15/2024		2,200		2,201,459
Carvana Auto Receivables Trust 2020-P1^†	2.84%	9/8/2027		782		783,231
Carvana Auto Receivables Trust 2021-P1^†	2.16%	12/10/2027		347		347,131
Chesapeake Funding II LLC 2019-1A A1^†	2.94%	4/15/2031		518		525,743
CPS Auto Receivables Trust 2017-C D^†	3.79%	6/15/2023		44		44,458
CPS Auto Receivables Trust 2019-D B^†	2.35%	11/15/2023		306		307,893
CPS Auto Receivables Trust 2019-D C^†	2.54%	8/15/2024		411		417,819
CPS Auto Receivables Trust 2020-B D^†	4.75%	4/15/2026		293		313,853
CPS Auto Trust 2017-A D^†	4.61%	12/15/2022		367		369,613
Drive Auto Receivables Trust 2017-1 D	3.84%	3/15/2023		15		14,618
Drive Auto Receivables Trust 2017-1 E	5.17%	9/16/2024		1,590		1,617,172
Drive Auto Receivables Trust 2017-3 D^†	3.53%	12/15/2023		43		43,104
Drive Auto Receivables Trust 2017-AA D^†	4.16%	5/15/2024		213		213,535
Drive Auto Receivables Trust 2019-1 D	4.09%	6/15/2026		797		830,165
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		275		279,560
First Investors Auto Owner Trust 2019-1A A^†	2.89%	3/15/2024		11		11,099
First Investors Auto Owner Trust 2019-2A A^†	2.21%	9/16/2024		126		127,179
Flagship Credit Auto Trust 2020-3 E^†	4.98%	12/15/2027		422		454,943
Flagship Credit Auto Trust 2021-1 A^†	0.31%	6/16/2025		767		767,008
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		2,250		2,250,854
Ford Credit Auto Owner Trust 2019-C A2A	1.88%	7/15/2022		37		36,704
Foursight Capital Automobile Receivables Trust 2018-1 B^†	3.53%	4/17/2023		171		171,318
Foursight Capital Automobile Receivables Trust 2018-1 E^†	5.56%	1/16/2024		451		463,147
GM Financial Automobile Leasing Trust 2019-2 A3	2.67%	3/21/2022		3		2,875

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Hyundai Auto Receivables Trust 2019-B A2	1.93%		7/15/2022	$	2	$	1,859
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%		3/15/2023		2,250		2,250,668
Prestige Auto Receivables Trust 2017-1A D^†	3.61%		10/16/2023		329		332,682
Santander Drive Auto Receivables Trust 2018-5 C	3.81%		12/16/2024		287		287,897
Santander Drive Auto Receivables Trust 2021-1 A2	0.29%		11/15/2023		1,842		1,842,560
Toyota Auto Receivables Owner Trust 2021-A A2	0.16%		7/17/2023		3,000		3,001,064
Westlake Automobile Receivables Trust 2018-2A D^†	4.00%		1/16/2024		1,019		1,029,645
Westlake Automobile Receivables Trust 2019-1A C^†	3.45%		3/15/2024		246		248,015
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%		11/15/2024		57		58,953
Westlake Automobile Receivables Trust 2019-3A A2^†	2.15%		2/15/2023		177		177,465
Westlake Automobile Receivables Trust 2019-3A B^†	2.41%		10/15/2024		275		277,709
Westlake Automobile Receivables Trust 2020-3A E^†	3.34%		6/15/2026		500		517,940
Westlake Automobile Receivables Trust 2021-1A F^†	3.91%		9/15/2027		1,100		1,104,020
World Omni Auto Receivables Trust 2021-A A2	0.17%		2/15/2024		2,200		2,200,537
Total							27,222,944

Credit Cards 1.02%
First National Master Note Trust 2018-1 A	0.561% (1 Mo. LIBOR + .46%	)^#	10/15/2024		105		105,153
Genesis Sales Finance Master Trust 2020-AA B^†	2.24%		9/22/2025		1,000		1,009,386
Perimeter Master Note Business Trust 2019-1A B^†	6.02%		12/15/2022		500		500,928
Perimeter Master Note Business Trust 2019-2A C^†	7.06%		5/15/2024		750		787,618
World Financial Network Credit Card Master
Trust 2018-B A	3.46%		7/15/2025		402		405,801
Total							2,808,886

Other 9.36%
ALM VII Ltd. 2012-7A CR2^†	3.734% (3 Mo. LIBOR + 3.55%	)^#	7/15/2029		250		250,162
AMMC CLO Ltd. 2016-19A BR^†	1.984% (3 Mo. LIBOR + 1.80%	)^#	10/16/2028		500		501,564
AMMC CLO Ltd. 2016-19A CR^†	2.734% (3 Mo. LIBOR + 2.55%	)^#	10/16/2028		500		502,673
Amur Equipment Finance Receivables IX LLC 2021-1A D^†	2.30%		11/22/2027		1,000		1,004,878
Amur Equipment Finance Receivables V LLC 2018-1A C^†	3.74%		4/22/2024		675		678,943
Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 D^†(a)	2.60% (1 Mo. LIBOR + 2.50%	)^#	5/15/2036		510		510,638
Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 E^†(a)	3.05% (1 Mo. LIBOR + 2.95%	)^#	5/15/2036		130		130,163

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Barings CLO Ltd. 2018-3A D^†	3.088% (3 Mo. LIBOR + 2.90%	)^#	7/20/2029	$	350	$	346,533
BDS Ltd. 2019-FL3 A^†	1.501% (1 Mo. LIBOR + 1.40%	)^#	12/15/2035		62		61,802
Carlyle US CLO Ltd. 2021-1A A1^†	1.331% (3 Mo. LIBOR + 1.14%	)^#	4/15/2034		1,230		1,233,758
CIFC Funding I Ltd. 2021-1A A1^†	1.246% (3 Mo. LIBOR + 1.11%	)^#	4/25/2033		1,180		1,181,730
CIFC Funding Ltd. 2021-4A B^†(a)	Zero Coupon	^#(b)	7/15/2033		800		800,000
CoreVest American Finance Ltd. 2018-1 A^†	3.804%		6/15/2051		74		76,986
Diamond Resorts Owner Trust 2017-1A B^†	4.11%		10/22/2029		21		21,366
Dryden 61 Clo Ltd. 2018-61A A1R^†	1.18% (3 Mo. LIBOR + .99%	)^#	1/17/2032		740		739,940
Dryden XXV Senior Loan Fund 2012-25A DRR^†	3.184% (3 Mo. LIBOR + 3.00%	)^#	10/15/2027		900		900,870
Fairstone Financial Issuance Trust I 2020-1A D^†(c)	6.873%		10/20/2039	CAD	781		640,712
GreatAmerica Leasing Receivables Funding LLC Series 2019-1^†	3.21%		2/18/2025	$	110		113,952
Halcyon Loan Advisors Funding Ltd. 2015-3A A1R^†	1.09% (3 Mo. LIBOR + .90%	)^#	10/18/2027		153		152,738
Hardee’s Funding LLC 2018-1A A23^†	5.71%		6/20/2048		161		180,688
Hardee’s Funding LLC 2018-1A A2II^†	4.959%		6/20/2048		27		29,213
Jamestown CLO VI-R Ltd. 2018-6RA A1^†	1.326% (3 Mo. LIBOR + 1.15%	)^#	4/25/2030		400		399,990
Kayne CLO III Ltd. 2019-3A BR^†	1.656% (3 Mo. LIBOR + 1.55%	)^#	4/15/2032		620		620,000
Kayne CLO Ltd. 2020-7A A1^†	1.39% (3 Mo. LIBOR + 1.20%	)^#	4/17/2033		721		723,222
Kayne CLO Ltd. 2021-10A A^†	Zero Coupon	^#(b)	4/23/2034		960		960,020
KKR CLO Ltd. 18 B^†	1.89% (3 Mo. LIBOR + 1.70%	)^#	7/18/2030		250		250,327
KKR CLO Ltd.10 B^†	1.884% (3 Mo. LIBOR + 1.70%	)^#	9/15/2029		1,250		1,250,562
Lending Funding Trust 2020-2A D^†	6.77%		4/21/2031		315		355,468
Longtrain Leasing III LLC 2015-1A A2^†	4.06%		1/15/2045		98		99,887
M360 LLC 2019-CRE2 AS^†	1.951% (1 Mo. LIBOR + 1.85%	)^#	9/15/2034		519		519,739
M360 LLC 2019-CRE2 B^†	2.351% (1 Mo. LIBOR + 2.25%	)^#	9/15/2034		258		258,380
Marble Point CLO XVII Ltd. 2020-1A A^†	1.488% (3 Mo. LIBOR + 1.30%	)^#	4/20/2033		429		429,303
Mariner Finance Issuance Trust 2021-AA E^†	5.40%		3/20/2036		550		593,133
ME Funding LLC 2019-1 A2^†	6.448%		7/30/2049		829		870,966
Mountain View CLO 2017-1A BR^†	1.934% (3 Mo. LIBOR + 1.75%	)^#	10/16/2029		250		250,694

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
NextGear Floorplan Master Owner Trust 2018-2A B^†	4.01%		10/15/2023	$	100	$	101,403
Oaktree CLO 2014-1A A1R^†	1.45% (3 Mo. LIBOR + 1.29%	)^#	5/13/2029		243		243,800
Oaktree EIF III Series I Ltd. 2016-IIIA B^†	2.188% (3 Mo. LIBOR + 2.00%	)^#	10/20/2027		583		584,731
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		100		105,880
OneMain Financial Issuance Trust 2019-1A A^†	3.48%		2/14/2031		100		100,195
Orange Lake Timeshare Trust 2015-AA A^†	2.88%		9/8/2027		6		6,199
Orange Lake Timeshare Trust 2019-A^†	3.06%		4/9/2038		27		27,627
Palmer Square Loan Funding Ltd. 2018-5A A1^†	1.038% (3 Mo. LIBOR + .85%	)^#	1/20/2027		502		502,476
Palmer Square Loan Funding Ltd. 2020-1A A1^†	0.955% (3 Mo. LIBOR + .80%	)^#	2/20/2028		498		497,785
Pennsylvania Higher Education Assistance Agency 2006-1 B	0.446% (3 Mo. LIBOR + .27%	)^#	4/25/2038		26		24,869
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		102		107,558
SCF Equipment Leasing LLC 2019-1A A2^†	3.23%		10/20/2024		66		66,346
SCF Equipment Leasing LLC 2019-1A C^†	3.92%		11/20/2026		142		143,017
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026		402		418,657
SCF Equipment Leasing LLC 2021-1A E^†	3.56%		8/20/2032		1,000		999,156
Shackleton CLO Ltd. 2015-8A DR^†	2.888% (3 Mo. LIBOR + 2.70%	)^#	10/20/2027		440		437,050
Signal Peak CLO 2 LLC 2015-1A DR2^†	3.038% (3 Mo. LIBOR + 2.85%	)^#	4/20/2029		250		246,238
Signal Peak CLO 4 Ltd. 2017-4A D^†	3.226% (3 Mo. LIBOR + 3.05%	)^#	10/26/2029		500		502,522
SLM Student Loan Trust 2007-3 A4	0.236% (3 Mo. LIBOR + .06%	)^#	1/25/2022		73		70,562
TCW CLO AMR Ltd. 2019-1A B^†	1.831% (3 Mo. LIBOR + 1.68%	)^#	2/15/2029		690		690,310
TCW CLO AMR Ltd. 2019-1A D^†	3.146% (3 Mo. LIBOR + 2.99%	)^#	2/15/2029		700		703,512
TCW CLO Ltd. 2017-1A DR^†	3.327% (3 Mo. LIBOR + 3.15%	)^#	7/29/2029		440		439,135
TRTX Issuer Ltd. 2019-FL3 C^†	2.201% (1 Mo. LIBOR + 2.10%	)^#	10/15/2034		411		408,949
Wind River CLO Ltd. 2013-1A A1RR^†(a)	Zero Coupon	^#(b)	7/20/2030		630		630,000
Total							25,698,977
Total Asset-Backed Securities (cost $55,405,627)							55,730,807

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 48.45%

Advertising 0.11%
Clear Channel Outdoor Holdings, Inc.^†	7.75%		4/15/2028	$	292	$	299,504

Aerospace/Defense 1.14%
Boeing Co. (The)	4.875%		5/1/2025		1,230		1,382,486
Boeing Co. (The)	5.04%		5/1/2027		794		916,024
Boeing Co. (The)	5.15%		5/1/2030		251		294,045
Signature Aviation US Holdings, Inc.^†	4.00%		3/1/2028		277		278,299
TransDigm, Inc.	6.375%		6/15/2026		239		247,676
Total							3,118,530

Air Transportation 0.99%
American Airlines Group, Inc.^†	3.75%		3/1/2025		452		408,534
American Airlines, Inc.^†	11.75%		7/15/2025		258		324,507
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)^†(e)	4.25%		5/15/2032		242		258,817
Delta Air Lines, Inc.^†	7.00%		5/1/2025		517		601,542
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.50%		10/20/2025		247		266,819
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%		10/20/2028		251		274,185
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^†	5.75%		1/20/2026		249		264,874
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%		9/20/2025		156		177,060
United Airlines, Inc.^†	4.625%		4/15/2029		151		156,194
Total							2,732,532

Apparel 0.21%
Levi Strauss & Co.^†	3.50%		3/1/2031		293		288,933
Tapestry, Inc.	4.125%		7/15/2027		274		299,777
Total							588,710

Auto Parts: Original Equipment 0.29%
American Axle & Manufacturing, Inc.	6.50%		4/1/2027		270		286,959
Clarios Global LP/Clarios US Finance Co.^†	8.50%		5/15/2027		226		246,058
Tenneco, Inc.	5.375%		12/15/2024		257		259,119
Total							792,136

Automotive 1.35%
Daimler Finance North America LLC^†	1.056% (3 Mo. LIBOR + .90%	)^#	2/15/2022		850		854,525
Ford Motor Co.	7.45%		7/16/2031		626		791,242
General Motors Financial Co., Inc.	3.60%		6/21/2030		1,688		1,809,741
Tesla, Inc.^†	5.30%		8/15/2025		243		252,229
Total							3,707,737

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banks: Regional 5.14%
AIB Group plc (Ireland)^†(e)	4.75%		10/12/2023		$	850	$	927,774
Bank of America Corp.	2.687% (SOFR + 1.32%	)^#	4/22/2032			331		335,831
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)^#	7/21/2028			1,756		1,936,165
Bank of America Corp.	3.97% (3 Mo. LIBOR + 1.07%	)^#	3/5/2029			14		15,674
BankUnited, Inc.	5.125%		6/11/2030			437		503,460
CIT Group, Inc.	6.125%		3/9/2028			230		278,882
Citigroup, Inc.	2.561% (SOFR + 1.17%	)^#	5/1/2032			327		328,009
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%	)^#	1/10/2028			1,040		1,161,116
Citigroup, Inc.	3.98% (3 Mo. LIBOR + 1.34%	)^#	3/20/2030			336		378,231
Danske Bank A/S (Denmark)^†(e)	5.375%		1/12/2024			200		223,024
Discover Bank	4.682% (5 Yr Swap rate + 1.73%	)^#	8/9/2028			500		532,357
JPMorgan Chase & Co.	4.60% (SOFR + 3.13%	)^#	–	^(f)		340		347,225
Macquarie Bank Ltd. (Australia)^†(e)	3.624%		6/3/2030			296		308,270
Macquarie Group Ltd. (Australia)^†(e)	4.654% (3 Mo. LIBOR + 1.73%	)^#	3/27/2029			284		325,030
Morgan Stanley	4.431% (3 Mo. LIBOR + 1.63%	)^#	1/23/2030			746		866,917
Morgan Stanley	5.875% (3 Mo. LIBOR + 4.44%	)^#	–	^(f)		422		481,607
National Australia Bank Ltd. (Australia)^†(e)	2.99%		5/21/2031			394		396,277
National Australia Bank Ltd. (Australia)^†(e)	3.933% (5 Yr Treasury CMT + 1.88%	)^#	8/2/2034			675		723,708
Popular, Inc.	6.125%		9/14/2023			89		95,742
UBS AG (Switzerland)^(e)	5.125%		5/15/2024			2,045		2,262,251
Westpac Banking Corp. (Australia)^(e)	2.894% (5 Yr Treasury CMT + 1.35%	)^#	2/4/2030			458		476,407
Westpac Banking Corp. (Australia)^(e)	4.11% (5 Yr Treasury CMT + 2.00%	)^#	7/24/2034			300		326,313
Westpac Banking Corp. (Australia)^(e)	4.322% (5 Yr Swap rate + 2.24%	)^#	11/23/2031			788		879,431
Total								14,109,701

Beverages 0.10%
Coca-Cola Femsa SAB de CV (Mexico)^(e)	1.85%		9/1/2032			300		282,621

Biotechnology Research & Production 0.43%
Biogen, Inc.	2.25%		5/1/2030			648		639,627
Regeneron Pharmaceuticals, Inc.	1.75%		9/15/2030			563		528,116
Total								1,167,743

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Building Materials 0.35%
Cemex SAB de CV (Mexico)^†(e)	5.45%	11/19/2029	$	410	$	450,693
Forterra Finance LLC/FRTA Finance Corp.^†	6.50%	7/15/2025		266		287,228
Griffon Corp.	5.75%	3/1/2028		216		228,150
Total						966,071

Business Services 0.77%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	5.25%	3/15/2025		180		183,713
CoStar Group, Inc.^†	2.80%	7/15/2030		166		165,623
Garda World Security Corp. (Canada)^†(e)	4.625%	2/15/2027		283		282,650
Global Payments, Inc.	3.20%	8/15/2029		322		339,577
Rent-A-Center, Inc.^†	6.375%	2/15/2029		288		309,005
United Rentals North America, Inc.	3.875%	11/15/2027		525		552,581
United Rentals North America, Inc.	4.00%	7/15/2030		268		273,357
Total						2,106,506

Chemicals 0.50%
Ashland LLC	6.875%	5/15/2043		60		76,008
Braskem Netherlands Finance BV (Netherlands)^†(e)	4.50%	1/31/2030		385		401,074
CF Industries, Inc.	4.95%	6/1/2043		252		285,486
Chemours Co. (The)	5.375%	5/15/2027		361		389,064
Tronox, Inc.^†	4.625%	3/15/2029		223		228,697
Total						1,380,329

Coal 0.04%
Warrior Met Coal, Inc.^†	8.00%	11/1/2024		111		113,307

Computer Hardware 0.44%
Dell International LLC/EMC Corp.^†	5.45%	6/15/2023		8		8,709
Dell International LLC/EMC Corp.^†	6.02%	6/15/2026		115		137,160
Dell International LLC/EMC Corp.^†	8.35%	7/15/2046		672		1,056,314
Total						1,202,183

Computer Software 0.57%
Oracle Corp.	2.875%	3/25/2031		347		355,760
Twilio, Inc.	3.875%	3/15/2031		260		263,722
VMware, Inc.	3.90%	8/21/2027		316		351,256
VMware, Inc.	4.70%	5/15/2030		506		588,418
Total						1,559,156

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Construction/Homebuilding 0.97%
Century Communities, Inc.	6.75%		6/1/2027	$	260	$	280,801
Installed Building Products, Inc.^†	5.75%		2/1/2028		526		555,488
NVR, Inc.	3.00%		5/15/2030		504		526,697
PulteGroup, Inc.	5.00%		1/15/2027		128		149,603
PulteGroup, Inc.	6.375%		5/15/2033		538		700,234
Toll Brothers Finance Corp.	4.35%		2/15/2028		121		131,989
Toll Brothers Finance Corp.	4.875%		3/15/2027		43		48,734
Tri Pointe Homes, Inc.	5.25%		6/1/2027		266		284,769
Total							2,678,315

Containers 0.14%
Ball Corp.	2.875%		8/15/2030		307		293,568
Intertape Polymer Group, Inc. (Canada)^†(e)	7.00%		10/15/2026		79		83,598
Total							377,166

Drugs 0.81%
Bayer Corp.^†	6.65%		2/15/2028		203		255,570
Bayer US Finance II LLC^†	4.25%		12/15/2025		1,194		1,339,522
Becton Dickinson & Co.	1.206% (3 Mo. LIBOR + 1.03%	)^#	6/6/2022		617		622,501
Total							2,217,593

Electric: Power 2.77%
Ausgrid Finance Pty Ltd. (Australia)^†(e)	4.35%		8/1/2028		772		862,419
Calpine Corp.^†	5.00%		2/1/2031		439		426,357
Cemig Geracao e Transmissao SA (Brazil)^†(e)	9.25%		12/5/2024		200		231,095
Cikarang Listrindo Tbk PT (Indonesia)^†(e)	4.95%		9/14/2026		350		360,237
Eskom Holdings SOC Ltd. (South Africa)^†(e)	7.125%		2/11/2025		570		604,770
FirstEnergy Corp.	4.40%		7/15/2027		556		606,803
Liberty Utilities Finance GP 1^†	2.05%		9/15/2030		306		292,997
NRG Energy, Inc.^†	2.45%		12/2/2027		283		284,875
NRG Energy, Inc.^†	4.45%		6/15/2029		619		677,484
NRG Energy, Inc.	5.75%		1/15/2028		254		269,540
Oglethorpe Power Corp.	5.95%		11/1/2039		340		437,106
Pennsylvania Electric Co.^†	3.60%		6/1/2029		175		184,962
Perusahaan Listrik Negara PT (Indonesia)^†(e)	4.125%		5/15/2027		200		217,200
PG&E Corp.	5.00%		7/1/2028		283		281,939
PSEG Power LLC	8.625%		4/15/2031		700		1,062,156
Puget Energy, Inc.	6.00%		9/1/2021		796		807,108
Total							7,607,048

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Electrical Equipment 0.43%
Microchip Technology, Inc.	4.333%		6/1/2023		$	598	$	640,829
SK Hynix, Inc. (South Korea)^†(e)	2.375%		1/19/2031			250		241,256
Skyworks Solutions, Inc.	3.00%		6/1/2031			292		296,064
Total								1,178,149

Energy Equipment & Services 0.17%
Greenko Solar Mauritius Ltd. (Mauritius)^†(e)	5.95%		7/29/2026			210		226,628
TerraForm Power Operating LLC^†	4.75%		1/15/2030			245		250,765
Total								477,393

Engineering & Contracting Services 0.38%
Fluor Corp.	4.25%		9/15/2028			1,015		1,037,837

Entertainment 0.96%
Affinity Gaming^†	6.875%		12/15/2027			365		388,212
Caesars Entertainment, Inc.^†	8.125%		7/1/2027			456		506,700
Cedar Fair LP	5.25%		7/15/2029			282		287,605
Live Nation Entertainment, Inc.^†	3.75%		1/15/2028			84		83,974
Live Nation Entertainment, Inc.^†	4.75%		10/15/2027			283		289,383
Mohegan Gaming & Entertainment^†	8.00%		2/1/2026			251		256,964
Penn National Gaming, Inc.^†	5.625%		1/15/2027			282		293,359
Scientific Games International, Inc.^†	7.25%		11/15/2029			336		372,557
Scientific Games International, Inc.^†	8.25%		3/15/2026			145		156,165
Total								2,634,919

Environmental Services 0.08%
Stericycle, Inc.^†	3.875%		1/15/2029			226		225,763

Financial Services 2.97%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland)^(e)	4.875%		1/16/2024			1,050		1,146,057
Aircastle Ltd.	4.25%		6/15/2026			550		595,119
Ally Financial, Inc.	4.70% (5 Yr Treasury CMT + 3.87%	)^#	–	^(f)		263		270,890
Ally Financial, Inc.	8.00%		11/1/2031			832		1,176,976
Aviation Capital Group LLC^†	1.95%		1/30/2026			315		313,091
Aviation Capital Group LLC^†	5.50%		12/15/2024			677		763,584
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.25%		4/15/2026			134		144,236
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.25%		5/15/2024			418		459,297
Brightsphere Investment Group, Inc.	4.80%		7/27/2026			11		11,951
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%		9/15/2024			412		406,921

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
Nationstar Mortgage Holdings, Inc.^†	5.50%	8/15/2028	$	269	$	266,970
Navient Corp.	6.75%	6/25/2025		729		801,991
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%	3/15/2027		20		22,398
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%	4/15/2045		303		337,303
OneMain Finance Corp.	5.375%	11/15/2029		716		763,306
Park Aerospace Holdings Ltd. (Ireland)^†(e)	5.50%	2/15/2024		382		420,065
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^†	3.625%	3/1/2029		279		272,548
Total						8,172,703

Food 0.68%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	4.875%	2/15/2030		263		274,452
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)^†(e)	5.625%	8/15/2026		270		278,627
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.^†	6.50%	4/15/2029		260		291,430
Kraft Heinz Foods Co.	4.375%	6/1/2046		563		604,694
Minerva Luxembourg SA (Luxembourg)^†(e)	5.875%	1/19/2028		400		425,400
Total						1,874,603

Health Care Products 0.26%
Alcon Finance Corp.^†	2.60%	5/27/2030		704		712,881

Health Care Services 1.99%
Acadia Healthcare Co., Inc.^†	5.00%	4/15/2029		253		263,154
Centene Corp.	3.375%	2/15/2030		271		274,071
CommonSpirit Health	3.347%	10/1/2029		119		127,683
DaVita, Inc.^†	3.75%	2/15/2031		298		286,102
Encompass Health Corp.	4.50%	2/1/2028		270		279,113
HCA, Inc.	4.125%	6/15/2029		888		994,890
HCA, Inc.	4.50%	2/15/2027		354		401,984
HCA, Inc.	5.25%	6/15/2026		450		523,545
Legacy LifePoint Health LLC^†	4.375%	2/15/2027		371		370,100
Radiology Partners, Inc.^†	9.25%	2/1/2028		263		289,083
Surgery Center Holdings, Inc.^†	6.75%	7/1/2025		44		44,911
Surgery Center Holdings, Inc.^†	10.00%	4/15/2027		197		215,787
Tenet Healthcare Corp.^†	6.25%	2/1/2027		223		232,757
Tenet Healthcare Corp.	6.75%	6/15/2023		140		152,285

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Care Services (continued)
Universal Health Services, Inc.^†	2.65%	10/15/2030	$	489	$	484,543
Universal Health Services, Inc.^†	5.00%	6/1/2026		500		514,450
Total						5,454,458

Household Equipment/Products 0.09%
Newell Brands, Inc.	5.875%	4/1/2036		207		257,892

Insurance 0.22%
Assurant, Inc.	3.70%	2/22/2030		162		172,771
Protective Life Corp.	8.45%	10/15/2039		275		428,515
Total						601,286

Investment Management Companies 0.08%
Temasek Financial I Ltd. (Singapore)^†(e)	2.50%	10/6/2070		250		230,374

Leisure 0.60%
Carnival Corp.^†	7.625%	3/1/2026		291		319,009
Carnival Corp.^†	11.50%	4/1/2023		410		469,642
NCL Finance Ltd.^†	6.125%	3/15/2028		279		291,226
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025		237		274,643
Viking Cruises Ltd.^†	13.00%	5/15/2025		247		288,975
Total						1,643,495

Lodging 0.32%
Boyd Gaming Corp.	4.75%	12/1/2027		162		165,839
Boyd Gaming Corp.^†(a)	4.75%	6/15/2031		215		217,752
Boyd Gaming Corp.	6.00%	8/15/2026		110		114,471
Hilton Domestic Operating Co., Inc.	4.875%	1/15/2030		114		121,450
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.25%	5/15/2027		240		254,100
Total						873,612


Machinery: Agricultural 1.62%
Altria Group, Inc.	4.80%	2/14/2029		475		544,493
BAT Capital Corp.	3.557%	8/15/2027		16		17,011
BAT International Finance plc (United Kingdom)^(e)	1.668%	3/25/2026		2,250		2,246,469
Imperial Brands Finance plc (United Kingdom)^†(e)	3.875%	7/26/2029		509		545,863
MHP Lux SA (Luxembourg)^†(e)	6.25%	9/19/2029		400		395,760
MHP Lux SA (Luxembourg)^†(e)	6.95%	4/3/2026		200		208,854
Viterra Finance BV (Netherlands)^†(e)	3.20%	4/21/2031		508		503,926
Total						4,462,376

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Machinery: Industrial/Specialty 0.86%
nVent Finance Sarl (Luxembourg)^(e)	4.55%		4/15/2028		$	947	$	1,022,977
TK Elevator Midco GmbH^†(c)	4.375%		7/15/2027		EUR	115		147,073
Vertical US Newco, Inc.^†	5.25%		7/15/2027		$	307		319,664
Westinghouse Air Brake Technologies Corp.	4.95%		9/15/2028			748		862,908
Total								2,352,622

Manufacturing 0.43%
Amsted Industries, Inc.^†	4.625%		5/15/2030			112		112,980
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%	)^#	–	^(f)		1,104		1,063,207
Total								1,176,187

Media 1.72%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%		3/1/2030			413		428,875
Cox Communications, Inc.^†	8.375%		3/1/2039			380		620,563
CSC Holdings LLC^†	5.50%		4/15/2027			260		273,325
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%		8/15/2026			621		460,310
DISH DBS Corp.	7.75%		7/1/2026			220		250,184
Globo Comunicacao e Participacoes SA (Brazil)^†(e)	4.875%		1/22/2030			325		331,134
Nexstar Broadcasting, Inc.^†	5.625%		7/15/2027			247		261,511
Scripps Escrow, Inc.^†	5.875%		7/15/2027			375		387,669
TEGNA, Inc.	5.00%		9/15/2029			515		527,924
Time Warner Cable LLC	7.30%		7/1/2038			831		1,177,995
Total								4,719,490

Metals & Minerals: Miscellaneous 2.14%
Anglo American Capital plc (United Kingdom)^†(e)	4.75%		4/10/2027			600		692,260
Antofagasta plc (Chile)^†(e)	2.375%		10/14/2030			400		384,178
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	4.375%		4/1/2031			257		268,835
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	4.50%		9/15/2027			521		566,832
Freeport-McMoRan, Inc.	4.125%		3/1/2028			1,479		1,545,555
Freeport-McMoRan, Inc.	4.25%		3/1/2030			390		420,270
Glencore Funding LLC^†	2.85%		4/27/2031			421		420,213
Glencore Funding LLC^†	4.875%		3/12/2029			1,221		1,402,236
Hecla Mining Co.	7.25%		2/15/2028			164		180,197
Total								5,880,576

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Natural Gas 0.64%
ENN Clean Energy International Investment Ltd.^†	3.375%	5/12/2026	$	480	$	486,362
National Fuel Gas Co.	3.95%	9/15/2027		689		745,397
National Fuel Gas Co.	5.50%	1/15/2026		458		532,168
Total						1,763,927

Oil 4.41%
Apache Corp.	4.375%	10/15/2028		145		148,951
Apache Corp.	4.625%	11/15/2025		273		290,063
California Resources Corp.^†	7.125%	2/1/2026		296		306,730
Continental Resources, Inc.	3.80%	6/1/2024		284		298,575
Continental Resources, Inc.^†	5.75%	1/15/2031		396		465,256
Diamondback Energy, Inc.	3.50%	12/1/2029		963		1,021,530
Diamondback Energy, Inc.	4.75%	5/31/2025		251		284,374
Diamondback Energy, Inc.	5.375%	5/31/2025		717		737,129
Empresa Nacional del Petroleo (Chile)^†(e)	3.75%	8/5/2026		255		267,961
Eni SpA (Italy)^†(e)	5.70%	10/1/2040		100		125,642
Eni USA, Inc.	7.30%	11/15/2027		70		91,454
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		637		654,772
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		163		171,354
Laredo Petroleum, Inc.	9.50%	1/15/2025		545		572,351
MEG Energy Corp. (Canada)^†(e)	5.875%	2/1/2029		160		166,831
MEG Energy Corp. (Canada)^†(e)	7.125%	2/1/2027		715		767,738
Murphy Oil Corp.	5.875%	12/1/2027		261		270,172
Occidental Petroleum Corp.	2.90%	8/15/2024		458		457,428
Occidental Petroleum Corp.	6.125%	1/1/2031		663		736,248
Ovintiv, Inc.	6.50%	2/1/2038		238		312,072
Petroleos Mexicanos (Mexico)^(e)	4.50%	1/23/2026		614		629,933
Petroleos Mexicanos (Mexico)^(e)	5.35%	2/12/2028		700		695,205
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	2.875%	4/16/2024		600		636,369
SM Energy Co.	5.625%	6/1/2025		134		128,513
SM Energy Co.	6.75%	9/15/2026		178		177,867
Southwestern Energy Co.	7.75%	10/1/2027		340		369,597
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(e)	3.25%	8/15/2030		200		204,298
Transocean Guardian Ltd.^†	5.875%	1/15/2024		619		576,583
Viper Energy Partners LP^†	5.375%	11/1/2027		531		552,904
Total						12,117,900

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers 1.66%
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078	$	361	$	300,612
Cheniere Corpus Christi Holdings LLC	3.70%		11/15/2029		361		388,100
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(e)	3.25%		9/30/2040		602		594,053
NGPL PipeCo LLC^†	3.25%		7/15/2031		455		461,610
NGPL PipeCo LLC^†	4.875%		8/15/2027		600		686,751
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		1,533		1,819,702
Western Midstream Operating LP	5.30%		2/1/2030		271		299,116
Total							4,549,944

Oil: Integrated Domestic 0.10%
NOV, Inc.	3.60%		12/1/2029		271		282,439

Paper & Forest Products 0.13%
Suzano Austria GmbH (Brazil)^(e)	3.75%		1/15/2031		355		368,973

Real Estate Investment Trusts 2.43%
American Campus Communities Operating Partnership LP	3.875%		1/30/2031		730		797,876
China Evergrande Group (China)^(e)	7.50%		6/28/2023		500		432,488
Country Garden Holdings Co. Ltd. (China)^(e)	4.75%		9/28/2023		500		510,164
EPR Properties	4.95%		4/15/2028		421		441,403
Equinix, Inc.	1.55%		3/15/2028		238		231,964
Goodman US Finance Three LLC^†	3.70%		3/15/2028		356		381,937
HAT Holdings I LLC/HAT Holdings II LLC^†	5.25%		7/15/2024		256		264,027
Kaisa Group Holdings Ltd. (China)^†(e)	11.95%		10/22/2022		200		210,925
MPT Operating Partnership LP / MPT Finance Corp.	4.625%		8/1/2029		879		933,722
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%		10/1/2028		276		294,975
Sunac China Holdings Ltd. (China)^(e)	5.95%		4/26/2024		200		204,026
VEREIT Operating Partnership LP	4.875%		6/1/2026		594		686,265
WEA Finance LLC^†	2.875%		1/15/2027		699		718,661
Yuzhou Group Holdings Co. Ltd. (China)^(e)	6.00%		10/25/2023		200		188,500
Zhenro Properties Group Ltd. (China)^(e)	8.65%		1/21/2023		360		371,910
Total							6,668,843

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Retail 1.24%
Carvana Co.^†	5.875%	10/1/2028	$	276	$	289,864
Gap, Inc. (The)^†	8.625%	5/15/2025		235		260,080
IRB Holding Corp.^†	7.00%	6/15/2025		244		263,923
L Brands, Inc.^†	6.625%	10/1/2030		262		299,826
Murphy Oil USA, Inc.	4.75%	9/15/2029		500		523,130
Nordstrom, Inc.	4.375%	4/1/2030		301		309,209
Party City Holdings, Inc.^†	8.75%	2/15/2026		293		310,580
PetSmart, Inc./PetSmart Finance Corp.^†	4.75%	2/15/2028		318		329,750
Rite Aid Corp.^†	8.00%	11/15/2026		549		571,204
Yum! Brands, Inc.^†	7.75%	4/1/2025		235		255,858
Total						3,413,424

Steel 0.96%
Cleveland-Cliffs, Inc.^†	4.625%	3/1/2029		356		366,906
Cleveland-Cliffs, Inc.	5.875%	6/1/2027		291		305,186
CSN Inova Ventures (Brazil)^†(e)	6.75%	1/28/2028		360		396,923
Steel Dynamics, Inc.	5.00%	12/15/2026		990		1,036,623
U.S. Steel Corp.	6.875%	3/1/2029		501		525,532
Total						2,631,170

Technology 2.00%
Baidu, Inc. (China)^(e)	2.375%	10/9/2030		480		473,204
GrubHub Holdings, Inc.^†	5.50%	7/1/2027		527		555,337
JD.com, Inc. (China)^(e)	3.375%	1/14/2030		335		352,885
Match Group Holdings II LLC^†	4.125%	8/1/2030		520		517,868
Match Group Holdings II LLC^†	5.625%	2/15/2029		156		167,759
Meituan (China)^†(e)	3.05%	10/28/2030		310		301,045
Netflix, Inc.^†	4.875%	6/15/2030		234		269,978
Netflix, Inc.	6.375%	5/15/2029		559		699,373
Prosus NV (Netherlands)^†(e)	3.832%	2/8/2051		500		463,489
Tencent Holdings Ltd. (China)^†(e)	2.88%	4/22/2031		400		407,207
Uber Technologies, Inc.^†	8.00%	11/1/2026		270		292,033
VeriSign, Inc.^(a)	2.70%	6/15/2031		197		197,749
VeriSign, Inc.	4.625%	5/1/2023		796		798,774
Total						5,496,701


66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications 1.32%
AT&T, Inc.	4.30%		2/15/2030	$	1,946	$	2,217,079
CommScope, Inc.^†	7.125%		7/1/2028		232		248,517
Frontier Communications Holdings LLC^†	5.00%		5/1/2028		250		256,562
LogMeIn, Inc.^†	5.50%		9/1/2027		270		278,717
Sprint Capital Corp.	6.875%		11/15/2028		212		265,510
Zayo Group Holdings, Inc.^†	4.00%		3/1/2027		263		257,411
Zayo Group Holdings, Inc.^†	6.125%		3/1/2028		108		110,081
Total							3,633,877

Toys 0.24%
Hasbro, Inc.	3.00%		11/19/2024		395		421,757
Mattel, Inc.	5.45%		11/1/2041		137		155,411
Mattel, Inc.^†	6.75%		12/31/2025		73		77,008
Total							654,176

Transportation: Miscellaneous 0.09%
Watco Cos LLC/Watco Finance Corp.^†	6.50%		6/15/2027		238		252,347

Wholesale 0.11%
Wolverine Escrow LLC^†	8.50%		11/15/2024		304		297,540
Total Corporate Bonds (cost $129,607,281)							133,104,765

FLOATING RATE LOANS^(g)1.86%

Aerospace/Defense 0.10%
WP CPP Holdings, LLC 2018 Term Loan	–	^(h)	4/30/2025		289		282,203

Air Transportation 0.19%
AAdvantage Loyalty IP Ltd. 2021 Term Loan	–	^(h)	4/20/2028		515		531,537

Automotive 0.10%
American Trailer World Corp. Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	3/3/2028		275		275,087

Business Services 0.22%
KUEHG Corp. 2018 Incremental Term Loan	4.75% (3 Mo. LIBOR + 3.75%	)	2/21/2025		303		298,928
Learning Care Group, Inc. 2018 1st Lien Term Loan	4.25% (3 Mo. LIBOR + 3.25%	)	3/13/2025		305		300,988
Total							599,916

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Entertainment 0.32%
Golden Entertainment, Inc. 2017 1st Lien Term Loan	3.75% (1 Mo. LIBOR + 3.00%	)	10/21/2024	$	256	$	255,200
Playtika Holding Corp 2021 Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	3/13/2028		623		621,059
Total							876,259

Financial Services 0.11%
SSH Group Holdings, Inc. 2018 1st Lien Term Loan	4.453% (3 Mo. LIBOR + 4.25%	)	7/30/2025		306		296,388

Health Care Services 0.22%
Heartland Dental, LLC 2018 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	4/30/2025		302		298,995
MED ParentCo LP 1st Lien Term Loan	4.343% (1 Mo. LIBOR + 4.25%	)	8/31/2026		301		301,453
Total							600,448

Lodging 0.11%
Playa Resorts Holding B.V. 2017 Term Loan B (Netherlands)^(e)	3.75% (1 Mo. LIBOR + 2.75%	)	4/29/2024		299		287,493

Media 0.10%
A-L Parent LLC 2016 1st Lien Term Loan	4.25% (1 Mo. LIBOR + 3.25%	)	12/1/2023		299		279,168

Miscellaneous 0.10%
Cvent, Inc. 1st Lien Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	11/29/2024		289		281,769

Oil 0.12%
Brazos Delaware II, LLC Term Loan B	4.097% - 4.10% (1 Mo. LIBOR + 4.00%	)	5/21/2025		323		315,755

Oil: Integrated Domestic 0.17%
BCP Raptor II, LLC 1st Lien Term Loan	4.843% (1 Mo. LIBOR + 4.75%	)	11/3/2025		482		473,197
Total Floating Rate Loans (cost $5,023,928)							5,099,220

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
FOREIGN GOVERNMENT OBLIGATIONS^(e)2.60%

Dominican Republic 0.14%
Dominican Republic^†	4.875%	9/23/2032	$	360	$	373,320

Egypt 0.35%
Republic of Egypt^†	4.55%	11/20/2023		200		207,855
Republic of Egypt^†	6.588%	2/21/2028		700		753,970
Total						961,825

Guatemala 0.25%
Republic of Guatemala^†	4.90%	6/1/2030		600		673,542

Kenya 0.23%
Republic of Kenya^†	7.25%	2/28/2028		575		639,472

Nigeria 0.23%
Republic of Nigeria^†	6.375%	7/12/2023		600		645,595

Qatar 0.65%
State of Qatar^†	3.25%	6/2/2026		1,400		1,532,898
State of Qatar^†	5.103%	4/23/2048		200		260,213
Total						1,793,111

South Africa 0.42%
Saudi International Bond^†	3.25%	10/22/2030		670		719,028
Saudi International Bond^†	3.625%	3/4/2028		400		442,060
Total						1,161,088

Sri Lanka 0.19%
Republic of Sri Lanka^†	5.875%	7/25/2022		580		516,200

Turkey 0.14%
Republic of Turkey	4.25%	4/14/2026		200		190,860
Republic of Turkey	5.25%	3/13/2030		200		186,808
Total						377,668
Total Foreign Government Obligations (cost $7,035,146)						7,141,821

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%
Government National Mortgage Assoc. 2017-76 AS (cost $9,442)	2.65%		11/16/2050	$	10	$	9,894

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.14%
Federal National Mortgage Assoc.	3.50%		9/1/2047 - 3/1/2050		3,223		3,449,851
Government National Mortgage Assoc.⁽ⁱ⁾	2.50%		TBA		5,000		5,178,111
Total Government Sponsored Enterprises Pass-Throughs (cost $8,479,584)							8,627,962

MUNICIPAL BONDS 0.53%

Miscellaneous
County of Miami-Dade FL	2.786%		10/1/2037		215		212,055
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		208		217,109
New Jersey Educational Facilities Authority	3.636%		9/1/2029		182		201,474
State of Illinois	5.10%		6/1/2033		710		816,165
Total Municipal Bonds (cost $1,381,878)							1,446,803

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.97%
1345 Avenue of the Americas & Park Avenue
Plaza Trust 2005-1 A3^†	5.278%		8/10/2035		48		50,877
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(j)	12/25/2059		75		75,460
Atrium Hotel Portfolio Trust 2018-ATRM A^†	1.051% (1 Mo. LIBOR + .95%	)^#	6/15/2035		450		450,637
BAMLL Commercial Mortgage Securities Trust 2019-AHT B^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	3/15/2034		100		99,774
BB-UBS Trust 2012-SHOW A^†	3.43%		11/5/2036		175		186,478
BBCMS Mortgage Trust 2018-TALL E^†	2.538% (1 Mo. LIBOR + 2.44%	)^#	3/15/2037		64		61,709
BBCMS Mortgage Trust 2019-BWAY A^†	1.057% (1 Mo. LIBOR + .96%	)^#	11/15/2034		311		310,474
BBCMS Mortgage Trust 2019-BWAY B^†	1.411% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		87		86,527
BBCMS Mortgage Trust 2019-BWAY C^†	1.711% (1 Mo. LIBOR + 1.61%	)^#	11/15/2034		350		345,176
BX Commercial Mortgage Trust 2019-XL C^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	10/15/2036		141		140,789
BX Commercial Mortgage Trust 2019-XL D^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	10/15/2036		159		159,572
BX Commercial Mortgage Trust 2019-XL E^†	1.901% (1 Mo. LIBOR + 1.80%	)^#	10/15/2036		94		93,883
BX Trust 2018-GW A^†	0.901% (1 Mo. LIBOR + .80%	)^#	5/15/2035		55		55,127

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CF Trust 2019-BOSS A1^†	4.75% (1 Mo. LIBOR + 3.25%	)^#	12/15/2021	$	222	$	202,696	^(d)
CF Trust 2019-MF1 C^†	2.65% (1 Mo. LIBOR + 1.65%	)^#	8/21/2032		378		375,915
CF Trust 2019-MF1 D^†	2.95% (1 Mo. LIBOR + 1.95%	)^#	8/21/2032		706		702,663
Citigroup Commercial Mortgage Trust 2016-GC36 AS	3.849%		2/10/2049		98		107,069
Citigroup Commercial Mortgage Trust 2016-GC36 D^†	2.85%		2/10/2049		485		368,868
Citigroup Commercial Mortgage Trust 2016-P3 D^†	2.804%	^#(j)	4/15/2049		25		19,236
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2^†	3.40%		10/5/2030		100		99,919
Commercial Mortgage Pass-Through Certificates 2014-UBS4 D^†	4.712%	^#(j)	8/10/2047		835		742,062
Commercial Mortgage Pass-Through Certificates 2014-UBS6 B	4.349%	^#(j)	12/10/2047		50		54,177
Commercial Mortgage Pass-Through Certificates 2015-DC1 D^†	4.307%	^#(j)	2/10/2048		707		518,680
Commercial Mortgage Pass-Through Certificates 2015-PC1 AM	4.29%	^#(j)	7/10/2050		53		58,635
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.321%	^#(j)	7/10/2050		50		54,807
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.321%	^#(j)	7/10/2050		10		10,288
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.321%	^#(j)	7/10/2050		425		366,782
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	1/15/2034		683		686,463
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(j)	2/25/2050		205		208,265
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		403		405,284
CSAIL Commercial Mortgage Trust 2016-C7 D^†	4.389%	^#(j)	11/15/2049		1,250		939,513
CSAIL Commercial Mortgage Trust 2019-C18 AS	3.321%		12/15/2052		214		231,378
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		500		501,116
Deephaven Residential Mortgage Trust 2019-4A A1^†	2.791%	^#(j)	10/25/2059		138		139,273
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(j)	1/25/2060		122		124,028
Ellington Financial Mortgage Trust 2020-2 A1^†	1.178%	^#(j)	10/25/2065		139		138,965
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		614		647,856
Fontainebleau Miami Beach Trust 2019-FBLU B^†	3.447%		12/10/2036		600		631,098

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060	$	90	$	91,530
Great Wolf Trust 2019-WOLF A^†	1.135% (1 Mo. LIBOR + 1.03%	)^#	12/15/2036		512		513,281
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		100		99,912
GS Mortgage Securities Corp. Trust 2019-70P B^†	1.421% (1 Mo. LIBOR + 1.32%	)^#	10/15/2036		813		810,273
GS Mortgage Securities Corp. Trust 2019-70P XCP IO^†	Zero Coupon	^#(j)	10/15/2036		86,776		1,736
GS Mortgage Securities Corp. Trust 2019-SMP B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	8/15/2032		525		526,706
GS Mortgage Securities Corp. Trust 2019-SMP XCP IO^†	Zero Coupon	^#(j)	8/15/2032		36,803		784
GS Mortgage Securities Trust 2013-G1 A2^†	3.557%	^#(j)	4/10/2031		154		150,423
GS Mortgage Securities Trust 2014-GC26 C	4.51%	^#(j)	11/10/2047		50		50,407
JPMorgan Chase Commercial Mortgage Securities Trust	1.865%		9/15/2029		269		263,904
JPMorgan Chase Commercial Mortgage Securities Trust	2.765%		9/15/2029		325		317,731
JPMorgan Chase Commercial Mortgage Securities Trust	3.465%		9/15/2029		325		315,495
JPMorgan Chase Commercial Mortgage Securities Trust	4.465%		9/15/2029		325		313,508
JPMorgan Chase Commercial Mortgage Securities Trust	5.465%		9/15/2029		325		313,131
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C8 A3	2.829%		10/15/2045		7		7,429
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY D^†	3.805%	^#(j)	6/10/2027		100		17,595
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.267%	^#(j)	7/15/2048		10		10,641
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A^†	3.392%		6/5/2032		275		277,927
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		294		294,155
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	6/15/2032		30		29,670
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN^†	2.02% (1 Mo. LIBOR + 1.02%	)^#	11/15/2035		10		10,037
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B^†	2.35% (1 Mo. LIBOR + 1.35%	)^#	11/15/2035		10		9,458

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033	$	10	$	9,703
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL^†	1.357% (1 Mo. LIBOR + 1.25%	)^#	7/5/2033		26		26,095
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX^†	4.549%		7/5/2033		10		10,558
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†	4.95%		7/5/2033		10		10,557
Motel 6 Trust 2017-MTL6 E^†	3.351% (1 Mo. LIBOR + 3.25%	)^#	8/15/2034		28		28,209
Natixis Commercial Mortgage Securities Trust 2018-285M A^†	3.79%	^#(j)	11/15/2032		50		51,574
Natixis Commercial Mortgage Securities Trust 2018-285M B^†	3.79%	^#(j)	11/15/2032		50		51,538
Natixis Commercial Mortgage Securities Trust 2019-1776 XCP IO^†	0.532%	^#(j)	10/15/2036		36,272		106,640
New Residential Mortgage Loan Trust 2020-NQM1 A1^†	2.464%	^#(j)	1/26/2060		69		70,295
PFP Ltd. 2019-6 C^†	2.198% (1 Mo. LIBOR + 2.10%	)^#	4/14/2037		332		332,117
Prima Capital CRE Securitization Ltd. 2019-RK1 AG^†	4.00%		4/15/2038		165		170,995
Prima Capital CRE Securitization Ltd. 2019-RK1 AT^†	4.45%		4/15/2038		100		101,525
ReadyCap Commercial Mortgage Trust 2018-4 A^†	3.39%		2/27/2051		14		15,014
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		795		811,555
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(j)	2/25/2024		63		63,969
RETL 2019-RVP C^†	2.201% (1 Mo. LIBOR + 2.10%	)^#	3/15/2036		47		47,459
SG Commercial Mortgage Securities Trust 2019-787E IO^†	0.305%	^#(j)	2/15/2041		1,217		28,786
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(j)	2/25/2050		114		115,271
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		243		247,076
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		540		542,558
Vista Point Securitization Trust 2020-2 A1^†	1.475%	^#(j)	4/25/2065		362		364,018
VMC Finance LLC 2019-FL3 A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	9/15/2036		1,336		1,337,111
Wells Fargo Commercial Mortgage Trust 2013-LC12 B	4.309%	^#(j)	7/15/2046		494		501,733
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.094%	^#(j)	5/15/2048		60		58,796
Wells Fargo Commercial Mortgage Trust 2016-C35 C	4.176%	^#(j)	7/15/2048		1,270		1,323,195

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust 2017-C41 AS	3.785%	^#(j)	11/15/2050	$	146	$	160,052
Wells Fargo Commercial Mortgage Trust 2017-HSDB A^†	0.944% (1 Mo. LIBOR + .85%	)^#	12/13/2031		200		197,225
West Town Mall Trust 2017-KNOX A^†	3.823%		7/5/2030		96		96,781
WF-RBS Commercial Mortgage Trust 2012-C8 C	4.884%	^#(j)	8/15/2045		50		50,772
WF-RBS Commercial Mortgage Trust 2013-C12 B	3.863%	^#(j)	3/15/2048		25		26,075
WF-RBS Commercial Mortgage Trust 2013-C12 C	4.317%	^#(j)	3/15/2048		50		51,751
Total Non-Agency Commercial Mortgage-Backed Securities (cost $22,300,426)							21,886,255

U.S. TREASURY OBLIGATIONS 12.15%
U.S. Treasury Bill	Zero Coupon		11/18/2021		2,700		2,699,745
U.S. Treasury Bond	1.125%		5/15/2040		10,781		8,997,082
U.S. Treasury Bond	1.375%		8/15/2050		1,522		1,220,305
U.S. Treasury Bond	1.625%		11/15/2050		6,290		5,375,984
U.S. Treasury Note	0.625%		8/15/2030		2,228		2,050,543
U.S. Treasury Note	0.75%		3/31/2026		8,675		8,668,223
U.S. Treasury Note	1.125%		2/29/2028		4,389		4,365,512
Total U.S. Treasury Obligations (cost $33,800,944)							33,377,394
Total Long-Term Investments (cost $263,044,256)							266,424,921

SHORT-TERM INVESTMENTS 4.75%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $12,654,700 of U.S. Treasury Note at 1.75% due 12/31/2024; value: $13,322,611; proceeds: $13,061,287 (cost $13,061,287)					13,061		13,061,287
Total Investments in Securities 101.74% (cost $276,105,543)							279,486,208
Liabilities in Excess of Cash, Foreign Cash and Other Assets^(k) (1.74%)							(4,771,703	)
Net Assets 100.00%						$	274,714,505


CAD	Canadian dollar.
EUR	Euro.
CMT	Constant Maturity Rate.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $119,659,870, which represents 43.56% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.

74	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

^(a)		Securities purchased on a when-issued basis (See Note 2(i)).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Investment in non-U.S. dollar denominated securities.
^(d)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Security is perpetual in nature and has no stated maturity.
^(g)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(h)		Interest rate to be determined.
⁽ⁱ⁾		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
^(j)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(k)		Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced Index	Central Clearing party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Depreciation⁽³⁾
Markit CDX. NA.HY.36⁽⁴⁾⁽⁵⁾	Bank of America	1.00%	6/20/2026		$2,472,000		$2,712,123	$	(229,025	)		$	(11,098	)
Markit CDX. EM.35⁽⁴⁾⁽⁶⁾	Bank of America	1.00%	6/20/2026		7,980,000		7,749,817		268,361				(38,178	)
Markit CDX. NA.IG.36⁽⁴⁾⁽⁷⁾	Bank of America	1.00%	6/20/2026		5,500,000		5,634,318		(114,761	)			(19,557	)
								$	(75,425	)		$	(68,833	)


⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $68,833.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.
⁽⁶⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging market securities.
⁽⁷⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward
Foreign
Currency
Exchange
Contracts

Transaction
Type

Counterparty

Expiration
Date

Foreign
Currency

U.S. $
Cost on
Origination
Date

U.S. $
Current
Value

Unrealized
Appreciation

Canadian dollar

Buy

Goldman Sachs

7/20/2021

139,000

$110,422

$115,154

$4,732

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Sell	State Street Bank and Trust	7/20/2021	776,000		$619,192		$642,875		$	(23,683	)
Canadian dollar	Sell	Toronto Dominion Bank	7/20/2021	139,000		111,370		115,154			(3,784	)
Euro	Sell	Bank of America	6/4/2021	120,000		145,382		146,747			(1,365	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(28,832	)

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	September 2021	32	Short	$	(4,226,947	)	$	(4,222,000	)		$	4,947
U.S. 10-Year Ultra Treasury Note	September 2021	71	Short		(10,298,272	)		(10,291,672	)			6,600
U.S. 2-Year Treasury Note	September 2021	230	Long		50,760,069			50,768,906				8,837
Total Unrealized Appreciation on Open Futures Contracts											$	20,384

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
U.S. Long Bond	September 2021	87	Long	$	13,648,284	$	13,618,219		$	(30,065	)
U.S. Ultra Treasury Bond	September 2021	44	Long		8,166,207		8,151,000			(15,207	)
Total Unrealized Depreciation on Open Futures Contracts									$	(45,272	)


76	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORE PLUS BOND FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	55,730,807		$	–	$	55,730,807
Corporate Bonds		–			133,104,765			–		133,104,765
Floating Rate Loans		–			5,099,220			–		5,099,220
Foreign Government Obligations		–			7,141,821			–		7,141,821
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			9,894			–		9,894
Government Sponsored Enterprises Pass-Throughs		–			8,627,962			–		8,627,962
Municipal Bonds		–			1,446,803			–		1,446,803
Non-Agency Commercial Mortgage-Backed Securities		–			21,683,559			202,696		21,886,255
U.S. Treasury Obligations		–			33,377,394			–		33,377,394
Short-Term Investments
Repurchase Agreements		–			13,061,287			–		13,061,287
Total	$	–		$	279,283,512		$	202,696	$	279,486,208

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(68,833	)		–		(68,833	)
Forward Foreign Currency Exchange Contracts
Assets		–			4,732			–		4,732
Liabilities		–			(28,832	)		–		(28,832	)
Futures Contracts
Assets		20,384			–			–		20,384
Liabilities		(45,272	)		–			–		(45,272	)
Total	$	(24,888	)	$	(92,933	)	$	–	$	(117,821	)


	⁽¹⁾	Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CORE PLUS BOND FUND May 31, 2021

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Asset-Backed Securities			Floating Rate Loans			Non-Agency Commercial Mortgage-Backed Securities
Balance as of December 1, 2020	$	718,162		$	–		$	2,280,591
Accrued Discounts (Premiums)		–			2			–
Realized Gain (Loss)		7,477			–			–
Change in Unrealized Appreciation (Depreciation)		(4,623	)		(2	)		(2,351	)
Purchases		–			–			–
Sales		(119,832	)		–			–
Transfers into Level 3		–			–			–
Transfers out of Level 3		(601,184	)		–			(2,075,544	)
Balance as of May 31, 2021	$	–		$	–		$	202,696
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	–		$	–		$	(2,351	)

78	See Notes to Financial Statements.

Schedule of Investments (unaudited)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 100.88%

ASSET-BACKED SECURITIES 0.22%

Other
Hardee’s Funding LLC 2018-1A A2II^† (cost $24,375)	4.959%		6/20/2048	$	24	$	26,083

CORPORATE BONDS 82.62%

Aerospace/Defense 1.23%
Boeing Co. (The)	5.15%		5/1/2030		15		17,572
Boeing Co. (The)	5.705%		5/1/2040		10		12,467
Boeing Co. (The)	5.805%		5/1/2050		54		69,564
Boeing Co. (The)	5.93%		5/1/2060		32		41,678
Total							141,281

Air Transportation 0.07%
American Airlines 2014-1 Class B Pass-Through Trust	4.375%		4/1/2024		8		8,480

Automotive 0.89%
General Motors Co.	6.75%		4/1/2046		73		101,798

Banks: Regional 17.04%
Bank of America Corp.	2.687%(SOFR + 1.32%	)^#	4/22/2032		39		39,569
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)^#	7/21/2028		274		302,112
Bank of Montreal (Canada)^(a)	3.803% (5 Yr Swap rate + 1.43%	)^#	12/15/2032		45		49,763
BankUnited, Inc.	5.125%		6/11/2030		53		61,060
Citigroup, Inc.	2.561% (SOFR + 1.17%	)^#	5/1/2032		74		74,228
Citigroup, Inc.	3.106% (SOFR + 2.84%	)^#	4/8/2026		25		26,844
Citigroup, Inc.	3.668% (3 Mo. LIBOR + 1.39%	)^#	7/24/2028		130		143,759
Comerica, Inc.	4.00%		2/1/2029		46		51,994
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025		90		101,242
Goldman Sachs Group, Inc. (The)	6.75%		10/1/2037		50		71,421
HSBC USA, Inc.	9.30%		6/1/2021		23		23,000
JPMorgan Chase & Co.	2.58% (SOFR + 1.25%	)^#	4/22/2032		35		35,289
JPMorgan Chase & Co.	8.00%		4/29/2027		120		163,320
Macquarie Group Ltd. (Australia)^†(a)	4.654% (3 Mo. LIBOR + 1.73%	)^#	3/27/2029		90		103,003
Morgan Stanley	3.875%		1/27/2026		75		84,035
Morgan Stanley	4.431% (3 Mo. LIBOR + 1.63%	)^#	1/23/2030		56		65,077

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Morgan Stanley	5.00%		11/24/2025	$	5	$	5,805
SVB Financial Group	1.80%		2/2/2031		34		31,889
Toronto-Dominion Bank (The) (Canada)^(a)	3.625% (5 Yr. Swap rate + 2.21%	)^#	9/15/2031		20		22,243
UBS AG (Switzerland)^(a)	5.125%		5/15/2024		200		221,247
Webster Financial Corp.	4.10%		3/25/2029		19		20,762
Wells Fargo & Co.	2.188% (SOFR + 2.00%	)^#	4/30/2026		85		88,666
Wells Fargo & Co.	2.393% (SOFR + 2.10%	)^#	6/2/2028		75		77,987
Westpac Banking Corp. (Australia)^(a)	4.11% (5 Yr Treasury CMT + 2.00%	)^#	7/24/2034		44		47,859
Westpac Banking Corp. (Australia)^(a)	4.322% (5 Yr Swap rate + 2.24%	)^#	11/23/2031		41		45,757
Total							1,957,931

Beverages 1.50%
Anheuser-Busch InBev Worldwide, Inc.	4.75%		1/23/2029		85		100,305
Anheuser-Busch InBev Worldwide, Inc.	8.20%		1/15/2039		45		72,624
Total							172,929

Biotechnology Research & Production 2.30%
Amgen, Inc.	6.375%		6/1/2037		25		34,805
Biogen, Inc.	2.25%		5/1/2030		60		59,225
Gilead Sciences, Inc.	4.15%		3/1/2047		75		84,372
Regeneron Pharmaceuticals, Inc.	1.75%		9/15/2030		40		37,522
Royalty Pharma plc^†	2.20%		9/2/2030		50		48,121
Total							264,045

Building Materials 0.19%
Owens Corning, Inc.	4.30%		7/15/2047		20		22,294

Business Services 0.98%
CoStar Group, Inc.^†	2.80%		7/15/2030		45		44,898
Global Payments, Inc.	2.90%		5/15/2030		11		11,292
Global Payments, Inc.	3.20%		8/15/2029		54		56,948
Total							113,138

80	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 1.52%
Dell International LLC/EMC Corp.^†	6.02%	6/15/2026	$	82	$	97,802
Dell International LLC/EMC Corp.^†	8.35%	7/15/2046		19		29,866
Leidos Holdings, Inc.	5.95%	12/1/2040		30		35,640
Leidos, Inc.^†	4.375%	5/15/2030		10		11,245
Total						174,553

Computer Software 2.25%
Oracle Corp.	2.875%	3/25/2031		7		7,177
Oracle Corp.	6.125%	7/8/2039		140		188,798
VMware, Inc.	4.70%	5/15/2030		54		62,795
Total						258,770

Construction/Homebuilding 0.83%
NVR, Inc.	3.00%	5/15/2030		44		45,981
PulteGroup, Inc.	7.875%	6/15/2032		35		49,744
Total						95,725

Drugs 1.34%
AstraZeneca plc (United Kingdom)^(a)	6.45%	9/15/2037		38		55,382
Bayer Corp.^†	6.65%	2/15/2028		28		35,251
Cigna Corp.	4.80%	7/15/2046		15		18,364
Cigna Corp.	6.125%	11/15/2041		32		44,683
Total						153,680

Electric: Power 7.40%
AES Corp. (The)^†	2.45%	1/15/2031		20		19,414
Ausgrid Finance Pty Ltd. (Australia)^†(a)	4.35%	8/1/2028		46		51,388
Cleco Power LLC	6.00%	12/1/2040		20		26,057
DTE Energy Co.	6.375%	4/15/2033		32		42,752
El Paso Electric Co.	6.00%	5/15/2035		15		19,732
Emera US Finance LP	4.75%	6/15/2046		35		40,109
Exelon Generation Co. LLC	5.60%	6/15/2042		71		80,867
FirstEnergy Transmission LLC^†	4.55%	4/1/2049		10		11,179
Georgia Power Co.	4.75%	9/1/2040		20		23,966
IPALCO Enterprises, Inc.	4.25%	5/1/2030		39		43,459
Mississippi Power Co.	4.25%	3/15/2042		45		51,527
NRG Energy, Inc.^†	4.45%	6/15/2029		44		48,157
Oglethorpe Power Corp.	5.95%	11/1/2039		55		70,708
Ohio Edison Co.	8.25%	10/15/2038		33		50,363

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Electric: Power (continued)
Pacific Gas and Electric Co.	4.55%		7/1/2030		$	115	$	121,080
Puget Energy, Inc.	4.10%		6/15/2030			40		44,195
Puget Energy, Inc.	6.00%		9/1/2021			10		10,140
Puget Sound Energy, Inc.	5.764%		7/15/2040			18		24,426
San Diego Gas & Electric Co.	1.914%		2/1/2022			2		2,155
Tampa Electric Co.	6.15%		5/15/2037			12		15,992
Vistra Operations Co. LLC^†	3.55%		7/15/2024			50		52,597
Total								850,263

Electrical Equipment 0.33%
Skyworks Solutions, Inc.	3.00%		6/1/2031			37		37,515

Engineering & Contracting Services 0.36%
Fluor Corp.	4.25%		9/15/2028			40		40,900

Financial Services 4.32%
Air Lease Corp.	3.125%		12/1/2030			55		55,047
Aircastle Ltd.^†	2.85%		1/26/2028			30		29,519
Aircastle Ltd.	4.25%		6/15/2026			57		61,676
Ally Financial, Inc.	8.00%		11/1/2031			53		74,976
Aviation Capital Group LLC^†	1.95%		1/30/2026			56		55,661
Avolon Holdings Funding Ltd. (Ireland)^†(a)	4.25%		4/15/2026			50		53,819
Avolon Holdings Funding Ltd. (Ireland)^†(a)	5.125%		10/1/2023			7		7,556
Brightsphere Investment Group, Inc.	4.80%		7/27/2026			26		28,248
Charles Schwab Corp. (The)	5.375% (5 Yr Treasury CMT + 4.97%	)^#	–	^(b)		16		17,760
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%		3/15/2027			30		33,596
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045			26		28,943
Park Aerospace Holdings Ltd. (Ireland)^†(a)	5.50%		2/15/2024			45		49,484
Total								496,285

Food 0.31%
Kraft Heinz Foods Co.	4.375%		6/1/2046			15		16,111
Kraft Heinz Foods Co.	4.875%		10/1/2049			17		19,537
Total								35,648


82	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Care Products 1.13%
Abbott Laboratories	4.75%	11/30/2036	$	60	$	75,274
Boston Scientific Corp.	2.65%	6/1/2030		53		53,998
Total						129,272

Health Care Services 2.02%
CommonSpirit Health	3.347%	10/1/2029		11		11,803
Fresenius Medical Care US Finance II, Inc.^†	4.75%	10/15/2024		19		21,188
HCA, Inc.	5.50%	6/15/2047		46		57,887
New York and Presbyterian Hospital (The)	3.954%	8/1/2119		24		26,789
Northwell Healthcare, Inc.	3.979%	11/1/2046		27		29,504
NYU Langone Hospitals	4.368%	7/1/2047		22		26,093
NYU Langone Hospitals	4.784%	7/1/2044		7		8,790
Universal Health Services, Inc.^†	2.65%	10/15/2030		50		49,544
Total						231,598

Insurance 3.76%
Assurant, Inc.	3.70%	2/22/2030		52		55,457
CNO Financial Group, Inc.	5.25%	5/30/2025		65		73,826
CNO Financial Group, Inc.	5.25%	5/30/2029		35		41,104
Kemper Corp.	2.40%	9/30/2030		35		34,219
New York Life Insurance Co.^†	4.45%	5/15/2069		29		35,135
Protective Life Corp.	8.45%	10/15/2039		33		51,422
Securian Financial Group, Inc.^†	4.80%	4/15/2048		21		24,561
Selective Insurance Group, Inc.	5.375%	3/1/2049		39		46,948
Teachers Insurance & Annuity Association of America^†	4.90%	9/15/2044		45		56,099
Transatlantic Holdings, Inc.	8.00%	11/30/2039		9		13,756
Total						432,527

Machinery: Agricultural 1.82%
Altria Group, Inc.	5.95%	2/14/2049		75		92,279
BAT Capital Corp.	3.222%	8/15/2024		20		21,308
BAT Capital Corp.	3.557%	8/15/2027		20		21,264
BAT Capital Corp.	4.39%	8/15/2037		69		71,705
BAT Capital Corp.	4.70%	4/2/2027		2		2,254
Total						208,810


	See Notes to Financial Statements.	83

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Machinery: Industrial/Specialty 0.82%
nVent Finance Sarl (Luxembourg)^(a)	4.55%		4/15/2028		$	50	$	54,011
Westinghouse Air Brake Technologies Corp.	4.95%		9/15/2028			35		40,377
Total								94,388

Manufacturing 2.15%
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%	)^#	–	^(b)		225		216,686
Pentair Finance Sarl (Luxembourg)^(a)	3.15%		9/15/2022			30		30,490
Total								247,176

Media 2.15%
Charter Communications Operating LLC/Charter Communications Operating Capital	6.484%		10/23/2045			111		146,308
Comcast Corp.	4.95%		10/15/2058			55		72,910
Cox Communications, Inc.^†	8.375%		3/1/2039			17		27,762
Total								246,980

Metal Fabricating 0.29%
Valmont Industries, Inc.	5.25%		10/1/2054			28		32,967

Metals & Minerals: Miscellaneous 0.57%
Glencore Finance Canada Ltd. (Canada)^†(a)	5.55%		10/25/2042			47		58,147
Glencore Funding LLC^†	2.85%		4/27/2031			7		6,987
Total								65,134

Natural Gas 1.28%
National Fuel Gas Co.	3.95%		9/15/2027			54		58,420
National Fuel Gas Co.	7.395%		3/30/2023			15		16,332
NiSource, Inc.	5.95%		6/15/2041			26		35,139
Southwest Gas Corp.	4.15%		6/1/2049			34		37,447
Total								147,338

Oil 6.94%
Apache Corp.	5.10%		9/1/2040			15		15,500
Canadian Natural Resources Ltd. (Canada)^(a)	7.20%		1/15/2032			31		41,522
Cimarex Energy Co.	4.375%		3/15/2029			55		61,810
Continental Resources, Inc.	4.90%		6/1/2044			40		43,444
Diamondback Energy, Inc.	2.875%		12/1/2024			20		21,278
Diamondback Energy, Inc.	3.50%		12/1/2029			42		44,553
Diamondback Energy, Inc.	4.75%		5/31/2025			9		10,197


84	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Diamondback Energy, Inc.	5.375%		5/31/2025	$	40	$	41,123
Eni USA, Inc.	7.30%		11/15/2027		50		65,325
Equinor ASA (Norway)^(a)	7.15%		11/15/2025		26		32,648
Helmerich & Payne, Inc.	4.65%		3/15/2025		65		71,789
Hess Corp.	5.60%		2/15/2041		50		60,404
Hess Corp.	5.80%		4/1/2047		6		7,537
Patterson-UTI Energy, Inc.	3.95%		2/1/2028		31		30,814
Shell International Finance BV (Netherlands)^(a)	6.375%		12/15/2038		55		80,267
Suncor Energy Ventures Corp. (Canada)^†(a)	4.50%		4/1/2022		10		10,255
Suncor Energy, Inc. (Canada)^(a)	7.875%		6/15/2026		23		29,389
Viper Energy Partners LP^†	5.375%		11/1/2027		65		67,681
WPX Energy, Inc.	4.50%		1/15/2030		57		61,618
Total							797,154

Oil: Crude Producers 2.36%
Enbridge Energy Partners LP	7.50%		4/15/2038		20		28,584
MPLX LP	1.285% (3 Mo. LIBOR + 1.10%	)^#	9/9/2022		25		25,016
NGPL PipeCo LLC^†	3.25%		7/15/2031		2		2,029
NGPL PipeCo LLC^†	4.875%		8/15/2027		68		77,832
Sabal Trail Transmission LLC^†	4.246%		5/1/2028		43		48,257
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		75		89,026
Total							270,744

Oil: Integrated Domestic 1.24%
Halliburton Co.	7.45%		9/15/2039		56		80,253
NOV, Inc.	3.60%		12/1/2029		60		62,532
Total							142,785

Real Estate 6.51%
American Campus Communities
Operating Partnership LP	3.875%		1/30/2031		50		54,649
American Homes 4 Rent LP	4.25%		2/15/2028		23		25,628
American Homes 4 Rent LP	4.90%		2/15/2029		30		34,637
American Tower Corp.	3.80%		8/15/2029		30		33,057
EPR Properties	4.95%		4/15/2028		54		56,617
Equinix, Inc.	1.55%		3/15/2028		21		20,467
Equinix, Inc.	5.375%		5/15/2027		40		42,901
GLP Capital LP/GLP Financing II, Inc.	5.25%		6/1/2025		75		84,960
Goodman US Finance Three LLC^†	3.70%		3/15/2028		50		53,643


	See Notes to Financial Statements.	85

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate (continued)
Healthcare Realty Trust, Inc.	3.625%	1/15/2028	$	26	$	28,216
Healthcare Realty Trust, Inc.	3.875%	5/1/2025		31		33,715
MPT Operating Partnership LP / MPT Finance Corp.	4.625%	8/1/2029		37		39,303
Physicians Realty LP	3.95%	1/15/2028		11		11,893
Physicians Realty LP	4.30%	3/15/2027		60		67,756
SL Green Realty Corp.	4.50%	12/1/2022		72		75,262
WEA Finance LLC^†	2.875%	1/15/2027		52		53,463
Weyerhaeuser Co.	8.50%	1/15/2025		25		31,381
Total						747,548

Steel 0.14%
Steel Dynamics, Inc.	5.00%	12/15/2026		15		15,706

Technology 0.84%
E*TRADE Financial Corp.	3.80%	8/24/2027		24		26,730
E*TRADE Financial Corp.	4.50%	6/20/2028		20		23,016
Expedia Group, Inc.^†	2.95%	3/15/2031		19		18,977
Expedia Group, Inc.^†	4.625%	8/1/2027		17		19,260
VeriSign, Inc.^(c)	2.70%	6/15/2031		8		8,030
Total						96,013

Telecommunications 4.43%
AT&T, Inc.	3.65%	6/1/2051		25		25,036
AT&T, Inc.	4.30%	2/15/2030		263		299,636
Orange SA (France)^(a)	9.00%	3/1/2031		55		85,751
T-Mobile USA, Inc.	3.75%	4/15/2027		90		99,089
Total						509,512

Transportation: Miscellaneous 1.31%
Burlington Northern Santa Fe LLC	5.75%	5/1/2040		35		48,050
Canadian Pacific Railway Co. (Canada)^(a)	9.45%	8/1/2021		10		10,151
CSX Corp.	6.00%	10/1/2036		35		47,645
CSX Transportation, Inc.	7.875%	5/15/2043		8		13,027
Huntington Ingalls Industries, Inc.	3.844%	5/1/2025		29		31,867
Total						150,740
Total Corporate Bonds (cost $9,342,628)						9,491,627

86	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
FLOATING RATE LOANS^(d)7.85%

Advertising 0.43%
Lamar Media Corporation 2020 Term Loan B	1.595% (1 Mo. LIBOR + 1.50%	)	2/5/2027	$	50	$	49,500

Business Services 1.13%
Global Payments Inc. 2019 Term Loan	2.022% (3 Mo. LIBOR + 1.88%	)	7/9/2024		21		21,026	^(e)
Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan	1.426% (3 Mo. LIBOR + 1.25%	)	1/17/2023		7		7,467	^(e)
Nutrition & Biosciences, Inc. 5 Year Delayed Draw Term Loan	1.801% (3 Mo. LIBOR + 1.63%	)	1/17/2025		27		27,069	^(e)
Trans Union, LLC 2019 Term Loan B5	1.843% (1 Mo. LIBOR + 1.75%	)	11/16/2026		74		73,859
Total							129,421

Energy Equipment & Services 0.09%
Cheniere Corpus Christi Holdings, LLC Delayed Draw Term Loan Tranche 2	–	^(f)	6/30/2024		10		10,475

Entertainment 0.22%
Churchill Downs Incorporated 2021 Incremental Term Loan B1	2.10% (1 Mo. LIBOR + 2.00%	)	3/10/2028		25		25,311	^(e)

Financial Services 0.43%
Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(a)	1.953% (3 Mo. LIBOR + 1.75%	)	10/6/2023		50		50,009

Food 0.82%
JBS USA Lux S.A. 2019 Term Loan B (Luxembourg)^(a)	2.093% (1 Mo. LIBOR + 2.00%	)	5/1/2026		94		93,670

Government 0.94%
Seminole Tribe of Florida 2018 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	7/8/2024		108		107,979

Lodging 0.53%
Hilton Worldwide Finance, LLC 2019 Term Loan B2	1.842% (1 Mo. LIBOR + 1.75%	)	6/22/2026		61		60,979

Real Estate 0.67%
VICI Properties 1 LLC Replacement Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	12/20/2024		78		77,376

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Retail 0.77%
Murphy USA Inc Term Loan B	2.25% (1 Mo. LIBOR + 1.75%	)	1/31/2028	$	88	$	88,144

Technology 0.87%
Comcast Hulu Holdings, LLC Term Loan A	0.968% (1 Mo. LIBOR + 0.88%	)	3/15/2024		100		99,500	^(e)

Telecommunications 0.21%
CenturyLink, Inc. 2020 Term Loan A	2.093% (1 Mo. LIBOR + 2.00%	)	1/31/2025		25		24,566

Transportation: Miscellaneous 0.74%
XPO Logistics, Inc. 2018 Term Loan B	1.858% (1 Mo. LIBOR + 1.75%	)	2/24/2025		85		84,706
Total Floating Rate Loans (cost $902,497)							901,636

MUNICIPAL BONDS 1.92%

Miscellaneous
California State University	3.899%		11/1/2047		25		28,900
City of Chicago IL	6.314%		1/1/2044		20		24,763
County of Miami-Dade FL	2.786%		10/1/2037		10		9,863
County of Miami-Dade FL Aviation Revenue	4.28%		10/1/2041		25		26,962
Metropolitan Transportation Authority	6.668%		11/15/2039		20		28,330
New Jersey Transportation Trust Fund Authority	4.131%		6/15/2042		15		16,345
New York City Transitional Finance Authority Futur	1.95%		8/1/2034		40		38,189
Regents of the University of California Medical Center	3.006%		5/15/2050		15		14,735
State of Illinois	4.95%		6/1/2023		4		3,669
State of Illinois	5.10%		6/1/2033		25		28,738
Total Municipal Bonds (cost $216,592)							220,494

U.S. TREASURY OBLIGATIONS 8.27%
U.S. Treasury Bond	1.125%		5/15/2040		359		299,597
U.S. Treasury Bond	1.625%		11/15/2050		482		411,959
U.S. Treasury Note	0.625%		8/15/2030		259		238,371
Total U.S. Treasury Obligations (cost $955,338)							949,927
Total Investments in Securities 100.88% (cost $11,441,430)							11,589,767
Liabilities in Excess of Cash, Foreign Cash and Other Assets(g) (0.88%)							(101,522	)
Net Assets 100.00%						$	11,488,245

88	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

CMT		Constant Maturity Rate.
LIBOR		London Interbank Offered Rate.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $1,468,402, which represents 12.78% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Security is perpetual in nature and has no stated maturity.
^(c)		Securities purchased on a when-issued basis. See Note 2(i).
^(d)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(e)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(f)		Interest rate to be determined.
^(g)		Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on futures contracts as follows:

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	September 2021	11	Short		$(1,453,013	)		$(1,451,313	)		$	1,700
U.S. 2-Year Treasury Note	September 2021	3	Long		662,107			662,203				96
U.S. Long Bond	September 2021	3	Short		(470,334	)		(469,594	)			740
Total Unrealized Appreciation on Open Futures Contracts											$	2,536

Type	Expiration	Contracts	Position		Notional Amount			Notional Value		Unrealized Depreciation
U.S. 5-Year Treasury Note	September 2021	10	Long	$	1,238,611		$	1,238,516			$	(95	)
U.S. 10-Year Ultra Treasury Bond	September 2021	1	Long		145,017			144,953				(64	)
U.S. Ultra Treasury Bond	September 2021	2	Long		371,191			370,500				(691	)
Total Unrealized Depreciation on Open Futures Contracts											$	(850	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CORPORATE BOND FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	26,083	$	–	$	26,083
Corporate Bonds		–			9,491,627		–		9,491,627
Floating Rate Loans
Business Services		–			73,859		55,562		129,421
Entertainment		–			–		25,311		25,311
Technology		–			–		99,500		99,500
Remaining Industries		–			647,404		–		647,404
Municipal Bonds		–			220,494		–		220,494
U.S. Treasury Obligations		–			949,927		–		949,927
Total	$	–		$	11,409,394	$	180,373	$	11,589,767

Other Financial Instruments
Futures Contracts
Assets	$	2,536		$	–	$	–	$	2,536
Liabilities		(850	)		–		–		(850	)
Total	$	1,686		$	–	$	–	$	1,686

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

90	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CORPORATE BOND FUND May 31, 2021

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Floating Rate Loans
Balance as of December 1, 2020	$	–
Accrued Discounts (Premiums)		48
Realized Gain (Loss)		–
Change in Unrealized Appreciation (Depreciation)		(32	)
Purchases		180,357
Sales		–
Transfers into Level 3		–
Transfers out of Level 3		–
Balance as of May 31, 2021	$	180,373
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	(32	)


	See Notes to Financial Statements.	91

Schedule of Investments (unaudited)

FLOATING RATE FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

LONG-TERM INVESTMENTS 96.66%

ASSET-BACKED SECURITIES 0.28%

Other

Signal Peak CLO 4 Ltd. 2017-4A D^†

3.226%
(3 Mo. LIBOR + 3.05%

)^#

10/26/2029

7,052

7,087,570

Signal Peak CLO 5 Ltd. 2017-5A E^†

5.826%
(3 Mo. LIBOR + 5.65%

)^#

4/25/2031

1,050

1,002,400

Sound Point CLO XI Ltd. 2016-1A DR^†

3.138%
(3 Mo. LIBOR + 2.95%

)^#

7/20/2028

8,160

8,205,101

THL Credit Wind River CLO Ltd. 2018-3A D^†

3.138%
(3 Mo. LIBOR + 2.95%

)^#

1/20/2031

1,736

1,731,426

Total Asset-Backed Securities (cost $17,953,225)

18,026,497

Shares
(000)

COMMON STOCKS 0.93%

Broadcasting 0.14%

iHeartMedia, Inc. Class A*

387

8,985,171

Manufacturing 0.20%

UTEX Industries, Inc.

298

12,496,470

Service 0.14%

TNT Crane & Rigging, Inc.

529

8,592,691

Shipping 0.03%

ACBL Holdings Corp.

1,904,200

^(a)

Specialty Retail 0.42%

Chinos Intermediate

147

994,545

Chinos Intermediate

1,494

25,653,920

Total

26,648,465

Total Common Stocks (cost $47,888,914)

58,626,997

Principal
Amount
(000)

CONVERTIBLE BONDS 1.06%

Diversified Media 0.08%

iQIYI, Inc. (China)^(b)

2.00%

4/1/2025

5,822

5,300,931


92	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Gaming/Leisure 0.09%
Booking Holdings, Inc.	0.90%	9/15/2021	$	4,871	$	5,669,844

Healthcare 0.31%
Bridgebio Pharma, Inc.^†	2.25%	2/1/2029		6,728		6,298,493
Insmed, Inc.	1.75%	1/15/2025		4,239		4,273,336
Insulet Corp.	0.375%	9/1/2026		2,198		2,960,431
Oak Street Health, Inc.^†	Zero Coupon	3/15/2026		5,752		5,949,725
Total						19,481,985

Information Technology 0.22%
21Vianet Group, Inc. (China)^†(b)	Zero Coupon	2/1/2026		5,497		4,686,192
Airbnb, Inc.^†	Zero Coupon	3/15/2026		5,334		4,984,623
Tyler Technologies, Inc.^†	0.25%	3/15/2026		4,348		4,491,484
Total						14,162,299

Manufacturing 0.16%
fuboTV, Inc.^†	3.25%	2/15/2026		6,929		6,158,149
John Bean Technologies Corp.^†	0.25%	5/15/2026		3,538		3,808,657
Total						9,966,806

Retail 0.05%
Wayfair, Inc.^†	0.625%	10/1/2025		3,140		3,322,513

Service 0.15%
Chegg, Inc.^†	Zero Coupon	9/1/2026		5,109		5,172,862
Uber Technologies, Inc.^†	Zero Coupon	12/15/2025		4,034		4,124,765
Total						9,297,627
Total Convertible Bonds (cost $67,800,380)						67,202,005

CORPORATE BONDS 11.77%

Aerospace 0.16%
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^†	5.75%	1/20/2026		9,622		10,235,071

Automotive 0.62%
Carvana Co.^†	5.50%	4/15/2027		6,421		6,632,283
Ken Garff Automotive LLC^†	4.875%	9/15/2028		5,952		5,940,840
Mclaren Finance plc^(c)	5.00%	8/1/2022	GBP	8,900		12,534,648
Meritor, Inc.^†	4.50%	12/15/2028	$	3,118		3,134,432
Metis Merger Sub LLC^†	6.50%	5/15/2029		6,940		6,843,985
Real Hero Merger Sub 2, Inc.^†	6.25%	2/1/2029		3,765		3,897,905
Total						38,984,093


	See Notes to Financial Statements.	93

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Broadcasting 0.07%
Urban One, Inc.^†	7.375%		2/1/2028	$	4,195	$	4,447,917

Chemicals 0.11%
FXI Holdings, Inc.^†	7.875%		11/1/2024		6,900		7,127,251

Consumer Durables 0.09%
Park River Holdings, Inc.^†	5.625%		2/1/2029		6,134		5,881,525

Consumer Non-Durables 0.42%
Coty, Inc.^†	5.00%		4/15/2026		12,845		13,049,621
HLF Financing Sarl LLC/Herbalife International, Inc.^†	4.875%		6/1/2029		13,082		13,110,126
Total							26,159,747

Diversified Media 0.69%
Banijay Group SAS^†(c)	6.50%		3/1/2026	EUR	6,771		8,522,956
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%		8/15/2026	$	26,745		19,824,464
National CineMedia LLC^†	5.875%		4/15/2028		7,753		7,405,123
Playtika Holding Corp. (Israel)^†(b)	4.25%		3/15/2029		7,607		7,509,364
Total							43,261,907

Energy 1.96%
Aethon United BR LP/Aethon United Finance Corp.^†	8.25%		2/15/2026		8,535		9,153,787
Antero Midstream Partners LP/Antero Midstream Finance Corp.^†(d)	5.375%		6/15/2029		9,056		9,180,112
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		11,884		9,896,044
California Resources Corp.^†	7.125%		2/1/2026		4,198		4,350,178
Callon Petroleum Co.^†	9.00%		4/1/2025		5,780		6,090,473
Centennial Resource Production LLC^†	6.875%		4/1/2027		5,767		5,771,902
Colgate Energy Partners III LLC^†	7.75%		2/15/2026		7,268		7,442,614
Comstock Resources, Inc.^†	6.75%		3/1/2029		4,050		4,238,123
Encino Acquisition Partners Holdings LLC^†	8.50%		5/1/2028		11,698		11,736,252
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%		2/1/2029		5,780		5,941,262
Laredo Petroleum, Inc.	9.50%		1/15/2025		9,713		10,200,447
Matador Resources Co.	5.875%		9/15/2026		8,738		8,781,690
New Fortress Energy, Inc.^†	6.75%		9/15/2025		5,873		5,968,143
Oasis Petroleum, Inc.^†(d)	6.375%		6/1/2026		6,445		6,557,788
Precision Drilling Corp. (Canada)^†(b)	7.125%		1/15/2026		5,786		5,865,239
SM Energy Co.	6.75%		9/15/2026		6,256		6,251,308
TechnipFMC plc (United Kingdom)^†(b)	6.50%		2/1/2026		5,581		6,009,469
Total							123,434,831


94	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial 1.18%
Ardonagh Midco 2 plc (United Kingdom)^†(b)	11.50%	1/15/2027	$	6,588	$	6,831,981
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%	9/15/2024		14,114		13,948,903
Hightower Holding LLC^†	6.75%	4/15/2029		3,133		3,184,272
IIP Operating Partnership LP^†	5.50%	5/25/2026		8,084		8,362,588
Jerrold Finco plc^†(c)	5.25%	1/15/2027	GBP	4,489		6,598,823
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.25%	2/1/2027	$	5,959		5,845,213
Midcap Financial Issuer Trust^†	6.50%	5/1/2028		7,347		7,695,027
PHH Mortgage Corp.^†	7.875%	3/15/2026		7,089		7,378,657
PRA Group, Inc.^†	7.375%	9/1/2025		5,455		5,897,810
Vivion Investments Sarl^(c)	3.00%	8/8/2024	EUR	7,300		8,847,859
Total						74,591,133

Food & Drug 0.09%
Rite Aid Corp.^†	7.50%	7/1/2025	$	5,550		5,765,312

Food/Tobacco 0.30%
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC^†	5.125%	4/15/2029		5,621		5,768,888
PetSmart, Inc./Petsmart Finance Corp.^†	7.75%	2/15/2029		5,750		6,337,578
Triton Water Holdings, Inc.^†	6.25%	4/1/2029		6,624		6,650,165
Total						18,756,631

Gaming/Leisure 1.02%
Affinity Gaming^†	6.875%	12/15/2027		5,439		5,784,893
Carnival Corp.^†	7.625%	3/1/2026		3,473		3,807,276
Churchill Downs, Inc.^†	4.75%	1/15/2028		6,797		7,010,426
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.^†	5.00%	2/1/2026		3,017		3,126,366
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.^†	4.875%	5/1/2029		7,211		7,231,912
Mohegan Gaming & Entertainment^†	8.00%	2/1/2026		10,027		10,265,241
NCL Finance Ltd.^†	6.125%	3/15/2028		2,915		3,042,735
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		4,581		4,895,944
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In^†	8.50%	11/15/2027		5,178		5,544,499
Pinnacle Bidco plc^(c)	6.375%	2/15/2025	GBP	4,000		5,760,388
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025	$	6,860		7,949,574
Total						64,419,254


	See Notes to Financial Statements.	95

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Healthcare 0.44%
Air Methods Corp.^†	8.00%	5/15/2025	$	10,691	$	10,022,813
Emergent BioSolutions, Inc.^†	3.875%	8/15/2028		5,628		5,538,430
Legacy LifePoint Health LLC^†	4.375%	2/15/2027		5,159		5,146,490
US Acute Care Solutions LLC^†	6.375%	3/1/2026		7,086		7,307,827
Total						28,015,560

Housing 0.82%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada)^†(b)	4.875%	2/15/2030		9,314		9,173,871
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada)^†(b)	6.25%	9/15/2027		1,472		1,552,121
Forestar Group, Inc.^†	5.00%	3/1/2028		7,471		7,768,682
Park River Holdings, Inc.^†(d)	6.75%	8/1/2029		9,396		9,414,322
PCF GmbH^†(c)	4.75%	4/15/2026	EUR	4,186		5,168,424
Shea Homes LP/Shea Homes Funding Corp.^†	4.75%	2/15/2028	$	12,201		12,266,642
Specialty Building Products Holdings LLC/SBP Finance Corp.^†	6.375%	9/30/2026		6,214		6,476,448
Total						51,820,510

Information Technology 0.57%
Ahead DB Holdings LLC^†	6.625%	5/1/2028		7,464		7,567,265
Avaya, Inc.^†	6.125%	9/15/2028		6,617		7,034,731
Crowdstrike Holdings, Inc.	3.00%	2/15/2029		3,927		3,858,513
Twilio, Inc.	3.625%	3/15/2029		4,006		4,034,763
Uber Technologies, Inc.^†	6.25%	1/15/2028		3,114		3,363,120
Veritas US, Inc./Veritas Bermuda Ltd.^†	10.50%	2/1/2024		9,800		10,083,465
Total						35,941,857

Manufacturing 0.13%
Alta Equipment Group, Inc.^†	5.625%	4/15/2026		5,211		5,360,869
Frontier Communications Holdings LLC^†	5.00%	5/1/2028		2,921		2,997,676
Total						8,358,545

Metals/Minerals 0.85%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)^†(b)	8.75%	7/15/2026		6,791		7,174,352
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)	4.50%	9/15/2027		16,190		17,614,234
Hecla Mining Co.	7.25%	2/15/2028		8,017		8,808,799
Hudbay Minerals, Inc. (Canada)^†(b)	6.125%	4/1/2029		6,204		6,506,414
Kaiser Aluminum Corp.^†	4.50%	6/1/2031		7,139		7,266,431
Mirabela Nickel Ltd. (Australia)^(b)	1.00%	9/10/2044		51		5	^(e)
TMS International Corp/DE^†	6.25%	4/15/2029		6,200		6,455,750
Total						53,825,985

96	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Retail 0.99%
BK LC Lux Finco1 Sarl^†(c)	5.25%	4/30/2029	EUR	1,614	$	2,009,524
Crocs, Inc.^†	4.25%	3/15/2029	$	7,109		7,196,227
Foundation Building Materials, Inc.^†	6.00%	3/1/2029		2,595		2,547,460
Group 1 Automotive, Inc.^†	4.00%	8/15/2028		9,106		9,175,570
LCM Investments Holdings II LLC^†	4.875%	5/1/2029		6,239		6,415,283
Macy’s Retail Holdings LLC^†	5.875%	4/1/2029		5,975		6,378,312
Magic Mergeco, Inc.^†	7.875%	5/1/2029		11,650		11,917,833
Maxeda DIY Holding BV^†(c)	5.875%	10/1/2026	EUR	7,548		9,467,165
Party City Holdings, Inc.^†	6.625%	8/1/2026	$	5,440		4,719,200
Party City Holdings, Inc.^†	8.75%	2/15/2026		2,407		2,551,420
Total						62,377,994

Service 0.89%
Ahern Rentals, Inc.^†	7.375%	5/15/2023		10,203		9,268,711
CPI CG, Inc.^†	8.625%	3/15/2026		3,998		4,190,384
Fortress Transportation and Infrastructure Investors LLC^†	5.50%	5/1/2028		6,234		6,483,360
Garda World Security Corp. (Canada)^†(b)	4.625%	2/15/2027		8,618		8,607,357
NESCO Holdings II, Inc.^†	5.50%	4/15/2029		4,663		4,814,594
Prime Security Services Borrower LLC/Prime Finance, Inc.^†	3.375%	8/31/2027		10,052		9,667,511
WASH Multifamily Acquisition, Inc.^†	5.75%	4/15/2026		5,868		6,120,031
Williams Scotsman International, Inc.^†	4.625%	8/15/2028		6,898		7,090,902
Total						56,242,850

Telecommunications 0.09%
Frontier Communications Holdings LLC^†	6.75%	5/1/2029		3,257		3,409,525
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.^†	6.00%	2/15/2028		2,534		2,511,156
Total						5,920,681

Utility 0.28%
Pattern Energy Operations LP/Pattern Energy Operations, Inc.^†	4.50%	8/15/2028		5,500		5,637,363
Talen Energy Supply LLC	6.50%	6/1/2025		7,270		6,134,062
TerraForm Power Operating LLC^†	4.75%	1/15/2030		5,796		5,932,380
Total						17,703,805
Total Corporate Bonds (cost $718,178,749)						743,272,459


	See Notes to Financial Statements.	97

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments					Shares (000)		Fair Value
EXCHANGE-TRADED FUND 0.54%

Financial
Invesco Senior Loan ETF (cost $33,521,412)						1,535	$	34,087,878

		Interest Rate		Maturity Date	Principal Amount (000)

FLOATING RATE LOANS^(f)81.68%

Aerospace 4.57%
AAdvantage Loyalty IP Ltd. 2021 Term Loan	5.50% (3 Mo. LIBOR + 4.75%		)	4/20/2028	$	41,921		43,267,086
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)^(b)	8.50% (1 Mo. LIBOR + 6.50%		)	3/6/2024		7,148		7,134,421
Alloy Finco Limited USD Holdco Term Loan PIK 13.50% (Jersey)^(b)	0.50%			3/6/2025		33,527		28,036,701
Amentum Government Services Holdings LLC 2020 Term Loan B	5.50% (3 Mo. LIBOR + 4.75%		)	1/29/2027		13,140		13,254,489
Amentum Government Services Holdings LLC Term Loan B	3.593% (1 Mo. LIBOR + 3.50%		)	1/29/2027		7,260		7,259,434
American Airlines, Inc. 2018 Term Loan B	1.84% (1 Mo. LIBOR + 1.75%		)	6/27/2025		23,384		21,716,207
Atlantic Aviation FBO Inc. 2018 Term Loan B	3.85% (1 Mo. LIBOR + 3.75%		)	12/6/2025		5,151		5,152,915
Bleriot US Bidco, Inc. 2021 Term Loan B	4.203% (3 Mo. LIBOR + 4.00%		)	10/30/2026		9,461		9,461,015
Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2	3.703% (3 Mo. LIBOR + 3.50%		)	4/6/2026		1,881		1,829,299
Dynasty Acquisition Co., Inc. 2020 Term Loan B1	3.703% (3 Mo. LIBOR + 3.50%		)	4/6/2026		3,499		3,402,496
Jazz Acquisition, Inc. 2019 1st Lien Term Loan	4.34% (1 Mo. LIBOR + 4.25%		)	6/19/2026		14,166		13,690,532
Jazz Acquisition, Inc. 2019 2nd Lien Term Loan	8.09% (1 Mo. LIBOR + 8.00%		)	6/18/2027		5,291		4,749,012
JetBlue Airways Corporation Term Loan	6.25% (3 Mo. LIBOR + 5.25%		)	6/17/2024		20,800		21,304,382
Mileage Plus Holdings LLC 2020 Term Loan B	6.25% (3 Mo. LIBOR + 5.25%		)	6/21/2027		10,398		11,112,951
Peraton Holding Corp Term Loan B	4.50% (1 Mo. LIBOR + 3.75%		)	2/1/2028		27,334		27,436,937
SkyMiles IP Ltd. 2020 Skymiles Term Loan B	4.75% (3 Mo. LIBOR + 3.75%		)	10/20/2027		8,596		9,022,403

98	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Aerospace (continued)
United Airlines, Inc. 2021 Term Loan B	4.50% (3 Mo. LIBOR + 3.75%	)	4/21/2028		48,367	$	48,889,270
WP CPP Holdings, LLC 2018 2nd Lien Term Loan	8.75% (3 Mo. LIBOR + 7.75%	)	4/30/2026		4,806		4,577,826
WP CPP Holdings, LLC 2018 Term Loan	3.843% - 4.75% (1 Mo. LIBOR + 3.75% (3 Mo. LIBOR + 3.75%	) )	4/30/2025	$	7,701		7,512,450
Total							288,809,826

Automotive 2.66%
American Trailer World Corp. Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	3/3/2028		10,065		10,067,853
Autokiniton US Holdings, Inc. 2021 Term Loan B	5.00% (3 Mo. LIBOR + 4.50%	)	4/6/2028		14,475		14,594,722
Belron Finance US LLC 2018 Term Loan B	2.438% (3 Mo. LIBOR + 2.25%	)	11/13/2025		9,785		9,760,653	^(g)
Belron Finance US LLC 2019 USD Term Loan B3	2.438% (3 Mo. LIBOR + 2.25%	)	10/30/2026		7,093		7,061,993
Belron Finance US LLC 2021 USD Term Loan B	3.25% (3 Mo. LIBOR + 2.75%	)	4/13/2028		6,796		6,792,127
Chassix Inc. 2017 1st Lien Term Loan	6.50% - 7.75% (Prime Rate + 4.50% (3 Mo. LIBOR + 5.50%	) )	11/15/2023		20,323		20,195,993
Clarios Global LP 2021 USD Term Loan B (Canada)^(b)	3.343% (1 Mo. LIBOR + 3.25%	)	4/30/2026		16,900		16,855,071
CWGS Group, LLC 2021 Term Loan B	–	^(h)	5/24/2028		9,312		9,253,893
Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan	7.188% (3 Mo. LIBOR + 7.00%	)	4/10/2026		14,827		15,111,072
Fastlane Parent Company, Inc. 2018 Add On 1st Lien Term Loan	4.593% (1 Mo. LIBOR + 4.50%	)	2/4/2026		15,650		15,623,964
Midas Intermediate Holdco II, LLC 2020 Term Loan B	7.50% (3 Mo. LIBOR + 6.75%	)	12/22/2025		12,822		12,663,353
Tenneco, Inc. 2018 Term Loan B	3.093% (1 Mo. LIBOR + 3.00%	)	10/1/2025		8,023		7,915,442
Truck Hero, Inc. 2021 Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	1/31/2028		11,233		11,255,451
Wand NewCo 3, Inc. 2020 Term Loan	3.093% (1 Mo. LIBOR + 3.00%	)	2/5/2026		11,189		11,090,768
Total							168,242,355

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Broadcasting 1.43%
ABG Intermediate Holdings 2 LLC 2021 Term Loan B	4.00% (3 Mo. LIBOR + 3.25%	)	9/27/2024	$	8,754	$	8,773,286
Clear Channel Outdoor Holdings, Inc. Term Loan B	3.647% - 3.69% (2 Mo. LIBOR + 3.50% (3 Mo. LIBOR + 3.50%	) )	8/21/2026		23,696		23,007,726
E.W. Scripps Company (The) 2019 Term Loan B2	3.313% (1 Mo. LIBOR + 2.56%	)	5/1/2026		9,746		9,735,775
Entercom Media Corp. 2019 Term Loan	2.593% (1 Mo. LIBOR + 2.50%	)	11/18/2024		8,263		8,187,777
Gray Television, Inc. 2018 Term Loan C	2.61% (1 Mo. LIBOR + 2.50%	)	1/2/2026		17,852		17,793,108
iHeartCommunications, Inc. 2020 Term Loan	3.093% (1 Mo. LIBOR + 3.00%	)	5/1/2026		22,856		22,643,739
Total							90,141,411

Cable/Wireless Video 1.57%
Charter Communications Operating, LLC 2019 Term Loan B2	–	^(h)	2/1/2027		14,312		14,246,926
CSC Holdings, LLC 2017 Term Loan B1	2.348% (1 Mo. LIBOR + 2.25%	)	7/17/2025		27,388		27,134,224
CSC Holdings, LLC 2018 Incremental Term Loan	2.348% (1 Mo. LIBOR + 2.25%	)	1/15/2026		2,384		2,364,728
Virgin Media Bristol LLC USD Term Loan N	2.601% (1 Mo. LIBOR + 2.50%	)	1/31/2028		35,021		34,858,543
WideOpenWest Finance LLC 2017 Term Loan B	4.25% (1 Mo. LIBOR + 3.25%	)	8/18/2023		20,439		20,444,988
Total							99,049,409

Chemicals 1.86%
Aruba Investments, Inc. 2020 2nd Lien Term Loan	8.50% (3 Mo. LIBOR + 7.75%	)	11/24/2028		3,908		3,950,501
Aruba Investments, Inc. 2020 USD Term Loan	4.75% (3 Mo. LIBOR + 4.00%	)	11/24/2027		9,770		9,825,392
INEOS Styrolution US Holding LLC 2021 USD Term Loan B	3.25% (3 Mo. LIBOR + 2.75%	)	1/29/2026		23,079		23,026,600
Lonza Group AG USD Term Loan B (Switzerland)^(b)	–	^(h)	4/29/2028		11,424		11,433,848
Polar US Borrower, LLC 2018 1st Lien Term Loan	4.859% - 4.85% (1 Mo. LIBOR + 4.75% (3 Mo. LIBOR + 4.75%	) )	10/15/2025		15,228		15,284,790	^(g)
Proampac PG Borrower LLC 2020 Term Loan	5.00% (2 Mo. LIBOR + 4.00% (3 Mo. LIBOR + 4.00%	) )	11/3/2025		13,689		13,712,025

100	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Chemicals (continued)
Sparta U.S. HoldCo LLC 2021 Term Loan	–	^(h)	5/4/2028	$	9,746	$	9,772,409
Starfruit Finco B.V 2018 USD Term Loan B (Netherlands)^(b)	2.848% (1 Mo. LIBOR + 2.75%	)	10/1/2025		22,943		22,785,308
Tronox Finance LLC 2021 Term Loan B	2.593% (1 Mo. LIBOR + 2.50%	)	3/13/2028		7,707		7,664,182
Total							117,455,055

Consumer Durables 0.28%
Huskies Parent, Inc. 2019 Term Loan	4.093% (1 Mo. LIBOR + 4.00%	)	7/31/2026		7,468		7,482,503
Park River Holdings Inc Term Loan	4.00% (3 Mo. LIBOR + 3.25%	)	12/28/2027		10,141		10,094,649
Total							17,577,152

Consumer Non-Durables 0.47%
Isagenix International, LLC Term Loan	6.75% (3 Mo. LIBOR + 5.75%	)	6/14/2025		9,321		7,517,988
WW International, Inc. 2021 Term Loan B	4.00% (3 Mo. LIBOR + 3.50%	)	4/13/2028		21,845		21,913,643
Total							29,431,631

Diversified Media 2.89%
A-L Parent LLC 2016 1st Lien Term Loan	4.25% (1 Mo. LIBOR + 3.25%	)	12/1/2023		10,173		9,491,715
AMC Entertainment Holdings, Inc. 2019 Term Loan B	–	^(h)	4/22/2026		9,780		9,048,740
AppLovin Corporation 2018 Term Loan B	3.343% (1 Mo. LIBOR + 3.25%	)	8/15/2025		12,901		12,900,695
Banijay Entertainment S.A.S USD Term Loan (France)^(b)	3.857% (1 Mo. LIBOR + 3.75%	)	3/1/2025		13,266		13,243,382
Cinemark USA, Inc. 2018 Term Loan B	1.85% (1 Mo. LIBOR + 1.75%	)	3/31/2025		11,854		11,523,956
Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan (Luxembourg)^(b)	3.50% (1 Mo. LIBOR + 2.50%	)	2/1/2024		10,276		10,234,703
ECL Entertainment, LLC Term Loan	8.25% (3 Mo. LIBOR + 7.50%	)	3/31/2028		7,067		7,234,522	^(g)
Mavis Tire Express Services Corp. 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.00%	)	5/4/2028		14,618		14,670,151
Playtika Holding Corp 2021 Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	3/13/2028		26,103		26,038,865
PUG LLC USD Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	2/12/2027		18,795		18,396,087
Univision Communications Inc. 2021 Term Loan B	–	^(h)	5/5/2028		30,276		30,187,586

See Notes to Financial Statements.

101

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Diversified Media (continued)
William Morris Endeavor Entertainment, LLC 2018 1st Lien Term Loan	2.85% (1 Mo. LIBOR + 2.75%	)	5/18/2025	$	20,295	$	19,833,111
Total							182,803,513

Energy 2.97%
AL NGPL Holdings, LLC Term Loan B	4.75% (3 Mo. LIBOR + 3.75%	)	4/14/2028		19,411		19,459,154
BCP Raptor II, LLC 1st Lien Term Loan	4.843% (1 Mo. LIBOR + 4.75%	)	11/3/2025		24,345		23,912,666
Blackstone CQP Holdco LP 2021 Term Loan B	–	^(h)	5/18/2028		28,970		28,897,628	^(g)
Brazos Delaware II, LLC Term Loan B	4.097% (1 Mo. LIBOR + 4.00%	)	5/21/2025		14,652		14,316,886
CITGO Holding Inc. 2019 Term Loan B	8.00% (3 Mo. LIBOR + 7.00%	)	8/1/2023		8,937		8,892,322
Medallion Midland Acquisition, LLC 1st Lien Term Loan	4.25% (1 Mo. LIBOR + 3.25%	)	10/30/2024		15,788		15,670,819
Navitas Midstream Midland Basin, LLC Term Loan B	5.50% (1 Mo. LIBOR + 4.50%	)	12/13/2024		16,111		16,158,789
Oryx Midstream Holdings LLC Term Loan B	4.093% (1 Mo. LIBOR + 4.00%	)	5/22/2026		25,795		25,537,221
RS Ivy Holdco, Inc Term Loan	6.50% (1 Mo. LIBOR + 5.50%	)	12/23/2027		12,381		12,427,498	^(g)
Ulterra Drilling Technologies, LP Term Loan B	5.343% (1 Mo. LIBOR + 5.25%	)	11/26/2025		25,170		22,023,441
Total							187,296,424

Financial 4.01%
Acrisure, LLC 2020 Term Loan B	3.703% (3 Mo. LIBOR + 3.50%	)	2/15/2027		19,203		19,064,676
Advisor Group, Inc. 2021 Term Loan	4.593% (1 Mo. LIBOR + 4.50%	)	7/31/2026		23,305		23,392,865
AqGen Island Holdings, Inc. Term Loan	–	^(h)	5/20/2028		17,881		17,842,100
Asurion LLC 2021 2nd Lien Term Loan B3	5.343% (1 Mo. LIBOR + 5.25%	)	1/31/2028		4,866		4,927,037
Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan	3.093% (1 Mo. LIBOR + 3.00%	)	6/15/2025		6,150		6,094,115
Claros Mortgage Trust, Inc. Term Loan B	6.00% (1 Mo. LIBOR + 5.00%	)	8/9/2026		11,453		11,524,531	^(g)
CoreLogic, Inc. Term Loan	–	^(h)	4/13/2028		29,437		29,351,956
Edelman Financial Center, LLC 2021 Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	4/7/2028		26,280		26,352,048
HighTower Holdings LLC 2021 Delayed Draw Term Loan⁽ⁱ⁾	–	^(h)	4/30/2028		2,514		2,526,846

102	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial (continued)
HighTower Holdings LLC 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.00%	)	4/30/2028	$	10,057	$	10,107,386
Hudson River Trading LLC 2021 Term Loan	3.093% (1 Mo. LIBOR + 3.00%	)	3/20/2028		29,145		29,017,444
Jefferies Finance LLC 2019 Term Loan	3.125% (1 Mo. LIBOR + 3.00%	)	6/3/2026		17,766		17,718,524
Minotaur Acquisition, Inc. Term Loan B	4.843% (1 Mo. LIBOR + 4.75%	)	3/27/2026		7,108		7,114,142
NFP Corp. 2020 Term Loan	3.343% (1 Mo. LIBOR + 3.25%	)	2/15/2027		8,949		8,844,426
OneDigital Borrower LLC 2020 Delayed Draw Term Loan⁽ⁱ⁾	5.25% (3 Mo. LIBOR + 4.50%	)	11/16/2027		941		948,500
OneDigital Borrower LLC 2020 Term Loan	5.25% (3 Mo. LIBOR + 4.50%	)	11/16/2027		17,583		17,729,655
Sedgwick Claims Management Services, Inc. 2020 Term Loan B3	5.25% (1 Mo. LIBOR + 4.25%	)	9/3/2026		964		967,096
Zebra Buyer LLC Term Loan B	–	^(h)	4/21/2028		19,402		19,534,200
Total							253,057,547

Food/Tobacco 2.81%
1011778 B.C. Unlimited Liability Company Term Loan B4 (Canada)^(b)	1.843% (1 Mo. LIBOR + 1.75%	)	11/19/2026		26,285		25,935,794
Aramark Services, Inc. 2018 Term Loan B3	1.843% (1 Mo. LIBOR + 1.75%	)	3/11/2025		11,233		11,125,709
Aramark Services, Inc. 2019 Term Loan B4	1.843% (1 Mo. LIBOR + 1.75%	)	1/15/2027		7,394		7,310,352
Chobani, LLC 2020 Term Loan B	4.50% (1 Mo. LIBOR + 3.50%	)	10/20/2027		5,833		5,859,355
City Brewing Company, LLC Closing Date Term Loan	4.25% (3 Mo. LIBOR + 3.50%	)	4/5/2028		8,889		8,910,648
Flynn Restaurant Group LP 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	6/27/2025		14,702		14,605,808
Flynn Restaurant Group LP 2nd Lien Term Loan	7.113% (1 Mo. LIBOR + 7.00%	)	6/29/2026		6,148		6,086,197	^(g)
Froneri International Ltd. 2020 USD 2nd Lien Term Loan (United Kingdom)^(b)	5.843% (1 Mo. LIBOR + 5.75%	)	1/31/2028		10,009		10,128,119
GPS Hospitality Holding Company LLC Term Loan B	4.453% (6 Mo. LIBOR + 4.25%	)	12/6/2025		13,677		13,392,041
IRB Holding Corp 2020 Term Loan B	3.75% (3 Mo. LIBOR +2.75% (6 Mo. LIBOR +2.75%	) )	2/5/2025		20,844		20,789,521

See Notes to Financial Statements.

103

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Food/Tobacco (continued)
Miller’s Ale House, Inc. 2018 Term Loan	4.851% (1 Mo. LIBOR + 4.75%	)	5/30/2025	$	10,780	$	10,310,846
NPC International, Inc. 2nd Lien Term Loan^(j)	–	^(h)	4/18/2025		9,531		166,793
Panera Bread Company Term Loan A	2.375% (1 Mo. LIBOR + 2.25%	)	7/18/2022		12,420		12,197,408
Triton Water Holdings, Inc Term Loan (Spain)^(b)	4.00% (3 Mo. LIBOR + 3.50%	)	3/31/2028		16,192		16,196,740
Whole Earth Brands, Inc Term Loan B	5.50% (3 Mo. LIBOR + 4.50%	)	2/5/2028		9,730		9,681,776
Zaxby’s Operating Company LLC 2nd Lien Term Loan	7.25% (1 Mo. LIBOR + 6.50%	)	12/28/2028		4,878		4,947,920
Total							177,645,027

Forest Products 0.36%
Spa Holdings 3 Oy USD Term Loan B (Finland)^(b)	4.149% (3 Mo. LIBOR + 4.00%	)	2/4/2028		8,258		8,284,113	^(g)
Spectrum Holdings III Corp. 1st Lien Term Loan	4.25% (3 Mo. LIBOR + 3.25%	)	1/31/2025		6,060		5,842,657
Trident TPI Holdings, Inc. 2017 USD Term Loan B1	4.00% (3 Mo. LIBOR + 3.00%	)	10/17/2024		8,640		8,633,533
Total							22,760,303

Gaming/Leisure 5.27%
Aimbridge Acquisition Co., Inc. 2019 Term Loan B	3.843% (1 Mo. LIBOR + 3.75%	)	2/2/2026		13,852		13,535,732
Alterra Mountain Company Term Loan B1	2.843% (1 Mo. LIBOR + 2.75%	)	7/31/2024		6,171		6,089,013
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B	2.843% (1 Mo. LIBOR + 2.75%	)	12/23/2024		38,597		38,348,846
Carnival Corporation USD Term Loan B (Panama)^(b)	8.50% (1 Mo. LIBOR + 7.50%	)	6/30/2025		14,513		14,588,129
Equinox Holdings, Inc. 2017 2nd Lien Term Loan	8.00% (3 Mo. LIBOR + 7.00%	)	9/6/2024		7,044		6,363,316
Gateway Casinos & Entertainment Limited 2018 Term Loan B (Canada)^(b)	4.75% (3 Mo. LIBOR + 3.50%	)	12/1/2023		18,837		18,677,249
Golden Entertainment, Inc. 2017 1st Lien Term Loan	3.75% (1 Mo. LIBOR + 3.00%	)	10/21/2024		14,032		13,988,440
Hilton Grand Vacations Borrower LLC 2021 Term Loan B	–	^(h)	5/20/2028		16,915		16,956,907
Hoya Midco, LLC 2017 1st Lien Term Loan	4.50% (1 Mo. LIBOR + 3.50%	)	6/30/2024		14,896		14,835,032
Kingpin Intermediate Holdings LLC 2018 Term Loan B	4.50% (1 Mo. LIBOR + 3.50%	)	7/3/2024		19,836		19,649,839

104	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Gaming/Leisure (continued)
Life Time Fitness, Inc. 2017 Term Loan B		–	^(h)	6/10/2022	$	–	^(k)	$	6
Life Time Fitness, Inc. 2021 Term Loan B		5.75% (3 Mo. LIBOR + 4.75%	)	12/16/2024		22,333			22,438,022
Motion Finco Sarl EUR Term Loan B^(c)	3.00% (3 Mo. EURIBOR + 3.00%		)	11/12/2026	EUR	5,909			6,969,706
PCI Gaming Authority Term Loan		2.593% (1 Mo. LIBOR + 2.50%	)	5/29/2026	$	11,625			11,590,331
Playa Resorts Holding B.V. 2017 Term Loan B (Netherlands)^(b)		3.75% (1 Mo. LIBOR + 2.75%	)	4/29/2024		8,645			8,306,049
Sabre GLBL Inc. 2020 Term Loan B		4.75% (1 Mo. LIBOR + 4.00%	)	12/17/2027	$	16,764			16,896,388
Scientific Games International, Inc. 2018 Term Loan B5		2.843% (1 Mo. LIBOR + 2.75%	)	8/14/2024		28,733			28,499,637
Silk Bidco AS EUR Term Loan B^(c)	4.00% (6 Mo. EURIBOR + 4.00%		)	2/24/2025	EUR	6,246			7,159,798
Spectacle Gary Holdings LLC Delayed Draw Term Loan		11.00% (3 Mo. LIBOR + 9.00%	)	12/23/2025	$	722			791,003
Spectacle Gary Holdings LLC Term Loan B		11.00% (3 Mo. LIBOR + 9.00%	)	12/23/2025		9,969			10,915,838
The Enterprise Development Authority Term Loan B		5.00% (1 Mo. LIBOR + 4.25%	)	2/18/2028		9,721			9,751,257	^(g)
Travel Leaders Group, LLC 2018 Term Loan B		4.093% (1 Mo. LIBOR + 4.00%	)	1/25/2024		12,633			12,082,706
UFC Holdings, LLC 2021 Term Loan B		3.75% (6 Mo. LIBOR + 3.00%	)	4/29/2026		11,784			11,785,371
United PF Holdings, LLC 2019 1st Lien Term Loan		4.203% (3 Mo. LIBOR + 4.00%	)	12/30/2026		16,165			15,801,495
Vue International Bidco p.l.c. 2019 EUR Term Loan B^(c)		–	^(h)	7/3/2026	EUR	5,825			6,635,209
Total									332,655,319

Healthcare 12.85%
ADMI Corp. 2021 Term Loan B2		3.25% (1 Mo. LIBOR + 2.75%	)	12/23/2027	$	13,068			12,990,926
Agiliti Health, Inc Term Loan		2.875% (1 Mo. LIBOR + 2.75%	)	1/4/2026		5,763			5,763,206
Amneal Pharmaceuticals LLC 2018 Term Loan B		3.625% (1 Mo. LIBOR + 3.50%	)	5/4/2025		25,210			24,868,471
Athenahealth, Inc. 2021 Term Loan B1		4.351% - 4.41% (1 Mo. LIBOR + 4.25% (3 Mo. LIBOR + 4.25%	) )	2/11/2026		32,213			32,374,136
Bausch Health Companies Inc. 2018 Term Loan B (Canada)^(b)		3.093% (1 Mo. LIBOR + 3.00%	)	6/2/2025		2,436			2,430,118

See Notes to Financial Statements.

105

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Healthcare (continued)
Bausch Health Companies Inc. Term Loan B (Canada)^(b)	2.843% (1 Mo. LIBOR + 2.75%	)	11/27/2025	$	30,157	$	30,040,224
Cano Health LLC Delayed Draw Term Loan⁽ⁱ⁾	4.75% - 5.50% (3 Mo. LIBOR + 4.75% (6 Mo. LIBOR + 4.75%	) )	11/19/2027		3,909		3,915,164
Cano Health LLC Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	11/19/2027		10,695		10,711,889
Canopy Growth Corporation Term Loan (Canada)^(b)	8.686% (3 Mo. LIBOR + 8.50%	)	3/18/2026		8,737		9,424,558
CCRR Parent, Inc Term Loan B	5.00% (3 Mo. LIBOR + 4.25%	)	3/6/2028		8,258		8,304,325
CNT Holdings I Corp 2020 2nd Lien Term Loan	7.50% (3 Mo. LIBOR + 6.75%	)	11/6/2028		5,864		5,952,084
CNT Holdings I Corp. 2020 Term Loan	4.50% (3 Mo. LIBOR + 3.75%	)	11/8/2027		14,656		14,698,268
Da Vinci Purchaser Corp. 2019 Term Loan	5.00% (3 Mo. LIBOR + 4.00%	)	1/8/2027		18,276		18,387,136
Elanco Animal Health Incorporated Term Loan B	1.86% (1 Mo. LIBOR + 1.75%	)	8/2/2027		15,329		15,239,659
Envision Healthcare Corp. 2018 1st Lien Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	10/10/2025		31,457		26,985,788
eResearchTechnology, Inc. 2020 1st Lien Term Loan	5.50% (1 Mo. LIBOR + 4.50%	)	2/4/2027		13,733		13,821,464
EyeCare Partners, LLC 2020 Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	2/18/2027		21,883		21,727,526
Gainwell Acquisition Corp. Term Loam B	4.75% (3 Mo. LIBOR + 4.00%	)	10/1/2027		31,243		31,344,089
Global Medical Response, Inc. 2020 Term Loan B	5.75% (3 Mo. LIBOR + 4.75%	)	10/2/2025		28,259		28,425,518
Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B	2.062% (1 Wk. LIBOR + 2.00%	)	11/15/2027		4,798		4,759,630
Heartland Dental, LLC 2018 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	4/30/2025		6,515		6,444,617
Horizon Therapeutics USA Inc. 2021 Term Loan B	2.50% (1 Mo. LIBOR + 2.00%	)	3/15/2028		24,786		24,770,570
Insulet Corporation Term Loan B	3.75% (3 Mo. LIBOR + 3.25%	)	5/4/2028		10,662		10,693,220
Jazz Financing Lux S.a.r.l. USD Term Loan (Luxembourg)^(b)	4.00% (1 Mo. LIBOR + 3.50%	)	4/21/2028		33,953		34,137,994
Kindred Healthcare LLC 2018 1st Lien Term Loan	4.625% (1 Mo. LIBOR + 4.50%	)	7/2/2025		12,270		12,284,854

106	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Healthcare (continued)
Maravai Intermediate Holdings, LLC 2020 Term Loan B		4.75% (1 Mo. LIBOR + 3.75%	)	10/19/2027	$	6,699	$	6,730,195
MED ParentCo LP 1st Lien Term Loan		4.343% (1 Mo. LIBOR + 4.25%	)	8/31/2026		27,006		27,030,935
MedAssets Software Intermediate Holdings, Inc. 2021 1st Lien Term Loan		4.50% (6 Mo. LIBOR + 3.75%	)	1/28/2028		11,696		11,686,045
MedRisk, Inc. 2021 Term Loan B		4.50% (1 Mo. LIBOR + 3.75%	)	5/10/2028		16,599		16,616,353
National Mentor Holdings, Inc. 2021 2nd Lien Term Loan		8.00% (3 Mo. LIBOR + 7.25%	)	2/16/2029		5,832		5,934,087
National Mentor Holdings, Inc. 2021 Term Loan		4.50% (1 Mo. LIBOR + 3.75%) (3 Mo. LIBOR + 3.75%	)	2/18/2028		10,406		10,431,459
National Mentor Holdings, Inc. 2021 Term Loan C		4.50% (3 Mo. LIBOR + 3.75%	)	2/18/2028		327		327,765
Navicure, Inc. 2019 Term Loan B		4.093% (1 Mo. LIBOR + 4.00%	)	10/22/2026		17,299		17,310,308
Neuraxpharm Holdco S.a.r.l EUR Term Loan B^(c)	4.25% (1 Wk. EURIBOR + 4.25%		)	10/29/2027	EUR	3,377		4,141,467
Neuraxpharm Holdco S.a.r.l EUR Term Loan B2^(c)		4.25% (1 Mo. EURIBOR + 4.25%	)	12/11/2027	EUR	1,951		2,392,286
NVA Holdings, Inc. 2020 Term Loan A5		2.625% (1 Mo. LIBOR + 2.50%	)	2/19/2025	$	6,542		6,460,264	^(g)
Organon & Co USD Term Loan		–	^(h)	4/7/2028		24,275		24,279,301
Pacific Dental Services,LLC 2021 Term Loan		4.25% (1 Mo. LIBOR + 3.50%	)	4/20/2028		12,610		12,668,952
Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan		4.25% (1 Mo. LIBOR + 3.50% (3 Mo. LIBOR + 3.50%	) )	11/30/2027		16,709		16,761,250
Parexel International Corporation Term Loan B		2.843% (1 Mo. LIBOR + 2.75%	)	9/27/2024		12,015		11,935,078
Pearl Intermediate Parent LLC 2018 1st Lien Term Loan		2.843% (1 Mo. LIBOR + 2.75%	)	2/14/2025		11,621		11,504,955
PetVet Care Centers, LLC 2021 Term Loan B3		4.25% (1 Mo. LIBOR + 3.50%	)	2/14/2025		2,604		2,608,166
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B		3.843% (1 Mo. LIBOR + 3.75%	)	11/16/2025		18,844		18,870,507
Revint Intermediate II, LLC 2020 Term Loan B		5.75% (1 Mo. LIBOR + 5.00%	)	10/15/2027		11,726		11,817,178
SCP Eye Care Services, LLC 2021 Delayed Draw Term Loan⁽ⁱ⁾		–	^(h)	3/16/2028		1,493		1,496,416	^(g)

See Notes to Financial Statements.

107

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Healthcare (continued)
SCP Eye Care Services, LLC 2021 Term Loan	5.25% (6 Mo. LIBOR + 4.50%	)	3/16/2028	$	8,612	$	8,633,137	^(g)
Select Medical Corporation 2017 Term Loan B	2.37% (1 Mo. LIBOR + 2.25%	)	3/6/2025		23,468		23,354,315
Southern Veterinary Partners LLC Delayed Draw Term Loan⁽ⁱ⁾	4.00% (3 Mo. LIBOR + 4.00%	)	10/5/2027		1,642		1,647,816
Southern Veterinary Partners LLC Term Loan	5.00% (3 Mo. LIBOR + 4.00%	)	10/5/2027		11,872		11,916,795
Sunshine Luxembourg VII SARL 2021 Term Loan B3 (Luxembourg)^(b)	4.50% (3 Mo. LIBOR + 3.75%	)	10/1/2026		10,591		10,639,177
Surgery Center Holdings, Inc. 2021 Term Loan	4.50% (3 Mo. LIBOR + 3.75%	)	8/31/2026		22,976		23,048,238
Team Health Holdings, Inc. 1st Lien Term Loan	3.75% (1 Mo. LIBOR + 2.75%	)	2/6/2024		18,589		17,984,613
U.S. Renal Care, Inc. 2019 Term Loan B	5.125% (1 Mo. LIBOR + 5.00%	)	6/26/2026		21,623		21,550,846
Unified Physician Management, LLC 2020 Term Loan	5.00% (1 Mo. LIBOR + 4.25%	)	12/16/2027		7,983		8,023,109
Wellpath Holdings, Inc. 2018 1st Lien Term Loan	5.593% (1 Mo. LIBOR + 5.50%	)	10/1/2025		23,808		23,519,681
WP CityMD Bidco LLC 2021 Term Loan B	4.50% (3 Mo. LIBOR + 3.75%	)	8/13/2026		18,894		18,979,147
Zelis Healthcare Corporation 2021 Term Loan	3.61% (1 Mo. LIBOR + 3.50%	)	9/30/2026		10,574		10,568,577
Total							811,363,852

Housing 1.35%
ACProducts, Inc. 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.25%	)	5/5/2028		26,993		26,950,014
Hamilton Holdco, LLC 2018 Term Loan B	2.21% (3 Mo. LIBOR + 2.00%	)	1/2/2027		7,408		7,365,896
LBM Acquisition LLC Delayed Draw Term Loan⁽ⁱ⁾	–	^(h)	12/17/2027		3,252		3,250,958
LBM Acquisition LLC Term Loan B	4.50% (3 Mo. LIBOR + 3.75%	)	12/17/2027		14,633		14,629,309
MI Windows and Doors, LLC 2020 Term Loan	4.50% (1 Mo. LIBOR + 3.75%	)	12/18/2027		9,730		9,767,404
Quikrete Holdings, Inc. 2016 1st Lien Term Loan	2.593% (1 Mo. LIBOR + 2.50%	)	2/1/2027		13,805		13,724,815
SRS Distribution Inc. 2021 Term Loan B	–	^(h)	6/4/2028		9,665		9,659,456
Total							85,347,852

108	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Information Technology 14.42%
Adevinta ASA USD Term Loan B (Norway)^(b)		–^(h)		4/20/2028	$	11,727	$	11,761,682
Apttus Corporation 2021 Term Loan		5.00% (3 Mo. LIBOR + 4.25%	)	4/27/2028		19,267		19,419,259
Arches Buyer Inc. 2021 Term Loan B		3.75% (1 Mo. LIBOR + 3.25%	)	12/6/2027		19,485		19,460,765
Atlas CC Acquisition Corp Term Loan B		–	^(h)	4/28/2028		20,137		20,149,140
Atlas CC Acquisition Corp Term Loan C		–	^(h)	4/28/2028		4,096		4,098,130
Banff Merger Sub Inc 2021 USD Term Loan		3.843% (1 Mo. LIBOR + 3.75%	)	10/2/2025		14,915		14,860,380
Barracuda Networks, Inc. 2020 2nd Lien Term Loan		7.50% (3 Mo. LIBOR + 6.75%	)	10/30/2028	$	9,772		9,967,873
Castle US Holding Corporation USD Term Loan B		3.953% (3 Mo. LIBOR + 3.75%	)	1/29/2027		11,212		11,053,479
Cloudera, Inc. Term Loan B		3.25% (1 Mo. LIBOR + 2.50%	)	12/22/2027		14,591		14,593,788
Cologix, Inc. 2021 Term Loan B		4.50% (1 Mo. LIBOR + 3.75%	)	5/1/2028		12,136		12,172,730
Constant Contact Inc Term Loan		4.75% (3 Mo. LIBOR + 4.00%	)	2/10/2028		11,315		11,314,528	^(g)
Constant Contact, Inc. Delayed Draw Term Loan⁽ⁱ⁾		4.50% (3 Mo. LIBOR + 4.50%	)	2/10/2028		3,040		3,039,724	^(g)
Constant Contact, Inc. Second Lien Term Loan		8.25% (3 Mo. LIBOR + 7.50%	)	2/10/2029		8,000		7,920,000	^(g)
Cornerstone OnDemand, Inc. 2021 Term Loan B		3.343% (1 Mo. LIBOR + 3.25%	)	4/22/2027		10,635		10,655,757
Cvent, Inc. 1st Lien Term Loan		3.843% (1 Mo. LIBOR + 3.75%	)	11/29/2024		15,196		14,803,360
Dawn Acquisition LLC Term Loan		3.953% (3 Mo. LIBOR + 3.75%	)	12/31/2025		8,240		7,557,028
Dedalus Finance GmbH EUR Term Loan B^(c)	4.50% (3 Mo. EURIBOR + 4.50%		)	5/4/2027	EUR	7,769		9,521,653
Delta TopCo, Inc. 2020 2nd Lien Term Loan		8.00% (3 Mo. LIBOR + 7.25%	)	12/1/2028	$	5,429		5,530,443
Delta TopCo, Inc. 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.75%	)	12/1/2027		13,029		13,070,647
ECI Macola Max Holdings LLC 2020 Term Loan		4.50% (3 Mo. LIBOR + 3.75%	)	11/9/2027		14,620		14,666,121
Endure Digital Inc. Term Loan		4.25% (3 Mo. LIBOR + 3.50%	)	2/10/2028		21,897		21,796,431
Epicor Software Corporation 2020 2nd Lien Term Loan		8.75% (1 Mo. LIBOR + 7.75%	)	7/31/2028		3,888		4,010,423

See Notes to Financial Statements.

109

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Information Technology (continued)
Epicor Software Corporation 2020 Term Loan	4.00% (1 Mo. LIBOR + 3.25%	)	7/30/2027	$	22,449	$	22,462,873
ETA Australia Holdings III Pty Ltd Term Loan (Australia)^(b)	4.093% (1 Mo. LIBOR + 4.00%	)	5/6/2026		11,406		11,338,193
Finastra USA, Inc. USD 1st Lien Term Loan	4.50% (6 Mo. LIBOR + 3.50%	)	6/13/2024		29,564		29,232,592
Flexential Intermediate Corporation 2017 1st Lien Term Loan	3.703% (3 Mo. LIBOR + 3.50%	)	8/1/2024		13,116		12,135,073
Go Daddy Operating Company, LLC 2021 Term Loan B4	2.093% (1 Mo. LIBOR + 2.00%	)	8/10/2027		2,401		2,394,202
Grab Holdings, Inc. Term Loan B	5.50% (6 Mo. LIBOR + 4.50%	)	1/29/2026		11,930		12,148,851
Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4	4.75% (1 Mo. LIBOR + 4.00%	)	12/1/2027		21,865		21,937,223
I-Logic Technologies Bidco Limited 2021 USD Term Loan B (United Kingdom)^(b)	4.50% (3 Mo. LIBOR + 4.00%	)	2/16/2028		6,588		6,628,670
Imperva, Inc. 1st Lien Term Loan	5.00% (3 Mo. LIBOR + 4.00%	)	1/12/2026		18,021		18,120,489
Imprivata, Inc. Term Loan	4.25% (1 Mo. LIBOR + 3.75%	)	12/1/2027		12,697		12,733,260
Informatica LLC 2020 USD 2nd Lien Term Loan	7.125% (3 Mo. LIBOR + 7.125%	)	2/25/2025		7,339		7,517,444
Informatica LLC 2020 USD Term Loan B	3.343% (1 Mo. LIBOR + 3.25%	)	2/25/2027		11,345		11,294,483
Ingram Micro Inc. 2021 Term Loan B	–	^(h)	3/31/2028		14,564		14,600,333
ION Trading Finance Limited 2021 USD Term Loan (Ireland)^(b)	4.952% (3 Mo. LIBOR + 4.75%	)	4/1/2028		13,956		14,021,088
LogMeIn, Inc. Term Loan B	4.845% (1 Mo. LIBOR + 4.75%	)	8/31/2027		29,592		29,633,278
Magenta Buyer LLC 2021 USD 1st Lien Term Loan	–	^(h)	5/3/2028		30,151		30,248,884
Marcel LUX IV SARL 2020 USD Term Loan B (Luxembourg)^(b)	4.75% (1 Mo. LIBOR + 4.00%	)	12/31/2027		1,528		1,529,416	^(g)
NASCAR Holdings, Inc Term Loan B	2.843% (1 Mo. LIBOR + 2.75%	)	10/19/2026		16,364		16,349,458
Omnitracs, Inc. 2018 Term Loan B	2.843% (1 Mo. LIBOR + 2.75%	)	3/21/2025		2,909		2,907,496
Omnitracs, Inc. 2020 2nd Lien Term Loan	8.093% (1 Mo. LIBOR + 8.00%	)	9/29/2028		6,796		6,821,736
Optiv Security, Inc. 1st Lien Term Loan	4.25% (3 Mo. LIBOR + 3.25%	)	2/1/2024		11,029		10,870,991
Perforce Software, Inc. 2020 Term Loan B	3.843% (1 Mo. LIBOR + 3.75%	)	7/1/2026		20,337		20,133,537

110	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Information Technology (continued)
Project Alpha Intermediate Holding, Inc. 2021 Term Loan B	4.10% (1 Mo. LIBOR + 4.00%	)	4/26/2024	$	12,335	$	12,365,670
Project Angel Holdings LLC 2018 1st Lien Term Loan	4.75% (1 Mo. LIBOR + 3.75%	)	5/30/2025		19,452		19,459,937
Project Boost Purchaser LLC 2019 Term Loan B	3.594% (1 Mo. LIBOR + 3.50%	)	6/1/2026		18,396		18,296,561
Rackspace Technology Global, Inc. 2021 Term Loan	3.50% (3 Mo. LIBOR + 2.75%	)	2/15/2028		11,461		11,421,597
RealPage, Inc 1st Lien Term Loan	3.75% (3 Mo. LIBOR + 3.25%	)	4/24/2028		21,600		21,600,093
Redstone Buyer LLC 2021 Delayed Draw Term Loan⁽ⁱ⁾	–	^(h)	4/27/2028		3,307		3,286,185
Redstone Buyer LLC 2021 Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	4/27/2028		8,449		8,396,356
Renaissance Holding Corp. 2018 1st Lien Term Loan	3.343% (1 Mo. LIBOR + 3.25%	)	5/30/2025		23,992		23,795,014
Rocket Software, Inc. 2018 Term Loan	4.343% (1 Mo. LIBOR + 4.25%	)	11/28/2025		8,698		8,563,921
Rocket Software, Inc. 2021 USD Incremental Term Loan B	–	^(h)	11/28/2025		14,975		14,731,650
Severin Acquisition, LLC 2018 Term Loan B	3.101% (1 Mo. LIBOR + 3.00%	)	8/1/2025		17,666		17,529,941
Sophia, L.P. 2020 1st Lien Term Loan	4.50% (3 Mo. LIBOR + 3.75%	)	10/7/2027		13,647		13,699,189
SS&C European Holdings Sarl 2018 Term Loan B4 (Luxembourg)^(b)	1.843% (1 Mo. LIBOR + 1.75%	)	4/16/2025		9,333		9,247,079
SS&C Technologies Inc. 2018 Term Loan B3	1.843% (1 Mo. LIBOR + 1.75%	)	4/16/2025		12,365		12,250,874
Storable, Inc Term Loan B	3.75% (3 Mo. LIBOR + 3.25%	)	4/17/2028		12,680		12,644,762
Surf Holdings, LLC USD Term Loan	3.676% (3 Mo. LIBOR + 3.50%	)	3/5/2027		25,097		24,979,342
team.blue Finco SARL EUR Delayed Draw Term Loan^(c)(i)	–	^(h)	3/27/2028	EUR	497		604,331
team.blue Finco SARL EUR Term Loan^(c)	–	^(h)	3/27/2028	EUR	10,185		12,386,250
Tibco Software Inc. 2020 Term Loan B3	3.85% (1 Mo. LIBOR + 3.75%	)	6/30/2026	$	23,798		23,738,283
Uber Technologies, Inc. 2021 1st Lien Term Loan B	3.593% (1 Mo. LIBOR + 3.50%	)	4/4/2025		11,515		11,536,989
Ultimate Software Group ,Inc. (The) 2020 2nd Lien Incremental Term Loan	7.50% (3 Mo. LIBOR + 6.75%	)	5/3/2027		4,453		4,586,886
Ultimate Software Group ,Inc. (The) 2021 Incremental Term Loan	4.00% (3 Mo. LIBOR + 3.50%	)	5/4/2026		14,496		14,543,090
Ultimate Software Group, Inc. (The) Term Loan B	3.843% (1 Mo. LIBOR + 3.75%	)	5/4/2026		13,619		13,652,334

See Notes to Financial Statements.

111

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Information Technology (continued)
Veritas US Inc. 2021 USD Term Loan B		6.00% (3 Mo. LIBOR + 5.00%	)		9/1/2025	$	13,278	$	13,387,240
VS Buyer, LLC Term Loan B		3.093% (1 Mo. LIBOR + 3.00%	)		2/28/2027		7,618		7,596,868
Total									910,783,353

Land Transportation 0.76%
AIT Worldwide Logistics, Inc 2021 Term Loan		5.50% (3 Mo. LIBOR + 4.75%	)		3/31/2028		7,986		7,985,926
Genesee & Wyoming Inc. (New) Term Loan		2.203% (3 Mo. LIBOR + 2.00%	)		12/30/2026		7,674		7,650,839
Gruden Acquisition, Inc. 2nd Lien Term Loan		9.50% (3 Mo. LIBOR + 8.50%	)		8/18/2023		17,474		17,429,994	^(g)
LaserShip, Inc. 2021 Term Loan		5.25% (3 Mo. LIBOR + 4.50%	)		4/30/2028		14,647		14,665,534
Total									47,732,293

Manufacturing 4.19%
Airxcel, Inc. 2018 1st Lien Term Loan		4.593% (1 Mo. LIBOR + 4.50%	)		4/28/2025		13,601		13,609,596
Array Technologies, Inc. Term Loan B		3.75% (3 Mo. LIBOR + 3.25%	)		10/14/2027		14,380		14,227,695
ASP Unifrax Holdings Inc Term Loan B		3.953% (3 Mo. LIBOR + 3.75%	)		12/12/2025		12,374		12,053,308
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan		5.25% (3 Mo. LIBOR + 4.25%	)		6/21/2024		14,892		14,590,536
Bright Bidco B.V. 2018 Term Loan B (Netherlands)^(b)		–	^(h)		6/30/2024		7,561		5,812,846
Columbus McKinnon Corporation 2021 Term Loan B		3.25% (3 Mo. LIBOR + 2.75%	)		5/13/2028		9,668		9,704,576
CommScope, Inc. 2019 Term Loan B		–	^(h)		4/6/2026		5,000		4,990,625
Deliver Buyer, Inc. Term Loan B		5.203% (3 Mo. LIBOR + 5.00%	)		5/1/2024		15,182		15,229,427	^(g)
Electrical Components International, Inc. 2018 1st Lien Term Loan		4.368% (2 Mo. LIBOR + 4.25%	)		6/26/2025		8,633		8,521,866
Electrical Components International, Inc. 2021 Term Loan B		–	^(h)		6/26/2025		4,656		4,668,046	^(g)
Engineered Machinery Holdings, Inc. 2021 USD 2nd Lien Incremental Term Loan		7.25% (3 Mo. LIBOR + 6.50%	)		5/4/2029		4,633		4,697,137	^(g)
Engineered Machinery Holdings, Inc. USD 1st Lien Term Loan		4.00% (3 Mo. LIBOR + 3.00%	)		7/19/2024		10,634		10,646,867

112	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Manufacturing (continued)
GOGO Intermediate Holdings LLC Term Loan B		4.50% (3 Mo. LIBOR + 3.75%	)		4/30/2028	$	12,125	$	12,092,632
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan		3.594% (1 Mo. LIBOR + 3.50%	)		9/6/2025		15,218		15,042,899
Outfront Media Capital LLC 2019 Term Loan B		1.843% (1 Mo. LIBOR + 1.75%	)		11/18/2026		5,444		5,355,569
Tecomet Inc. 2017 Repriced Term Loan		4.50% (3 Mo. LIBOR + 3.50%	)		5/1/2024		20,357		20,181,981
Tiger Acquisition, LLC 2021 Term Loan		–	^(h)		5/24/2028		14,493		14,477,855
UTEX Industries Inc. 2020 First Out Exit Term Loan A		8.50% (1 Mo. LIBOR + 7.00%	)		12/3/2025		2,796		2,816,798
UTEX Industries Inc. 2020 Second Out Term Loan		5.25% (1 Mo. LIBOR + 5.25%	)		12/3/2025		1,787		1,742,438
Vertical Midco GmbH USD Term Loan B (Germany)^(b)		4.478% (6 Mo. LIBOR + 4.25%	)		7/30/2027		24,157		24,279,773
Vertiv Group Corporation 2021 Term Loan B		2.86% (1 Mo. LIBOR + 2.75%	)		3/2/2027		18,713		18,667,663
Watlow Electric Manufacturing Company Term Loan B		4.50% (3 Mo. LIBOR + 4.00%	)		3/2/2028		10,104		10,139,406
Yak Access, LLC 2018 1st Lien Term Loan B		5.093% (1 Mo. LIBOR + 5.00%	)		7/11/2025		22,883		21,090,468
Total									264,640,007

Media/Telecommunications 0.44%
Nexstar Broadcasting, Inc. 2019 Term Loan B4		2.61% (1 Mo. LIBOR + 2.50%	)		9/18/2026		27,976		27,933,325

Metals/Minerals 0.14%
Alpha Metallurgical Resources, Inc. 2019 Term Loan		9.00% (3 Mo. LIBOR + 7.00%	)		6/14/2024		10,688		8,991,116

Retail 4.65%
Academy, Ltd. 2021 Term Loan		4.50% (3 Mo. LIBOR + 3.75%	)		11/5/2027		10,991		11,064,803
Amer Sports Oyj EUR Term Loan B^(c)		4.50% (3 Mo. EURIBOR + 4.50%	)		3/30/2026	EUR	14,456		17,634,522
Anastasia Parent, LLC 2018 Term Loan B		3.953% (3 Mo. LIBOR + 3.75%	)		8/11/2025	$	24,006		17,421,357
BDF Acquisition Corp. 1st Lien Term Loan		6.25% (1 Mo. LIBOR + 5.25%	)		8/14/2023		18,006		18,006,004	^(g)
Birkenstock GmbH & Co. KG USD Term Loan B (Germany)^(b)		–	^(h)		4/27/2028		15,832		15,849,749

See Notes to Financial Statements.

113

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Retail (continued)
Burlington Coat Factory Warehouse Corp. 2017 Term Loan B5		1.85% (1 Mo. LIBOR + 1.75%	)		11/17/2024	$	9,772	$	9,705,024
Canada Goose Inc. 2021 Term Loan (Canada)^(b)		3.694% (3 Mo. LIBOR + 3.50%	)		10/7/2027		11,669		11,732,689
Chinos Intermediate Holdings A, Inc. Exit Term Loan		11.00% (3 Mo. LIBOR + 10.00%	)		9/10/2027		3,520		3,815,114
Evergreen Acqco 1 LP 2021 USD Term Loan		6.50% (3 Mo. LIBOR + 5.75%	)		4/21/2028		9,700		9,788,752
Foundation Building Materials Holding Company LLC 2021 Term Loan		3.75% (3 Mo. LIBOR + 3.25%	)		2/3/2028		10,968		10,914,581
Great Outdoors Group, LLC 2021 Term Loan B		5.00% (6 Mo. LIBOR + 4.25%	)		3/6/2028		13,693		13,818,253
Harbor Freight Tools USA, Inc. 2020 Term Loan B		3.75% (1 Mo. LIBOR + 3.00%	)		10/19/2027		24,762		24,843,502
Michaels Companies, Inc. 2021 Term Loan B		5.00% (3 Mo. LIBOR + 4.25%	)		4/15/2028		14,580		14,633,905
Petco Health and Wellness Company, Inc. 2021 Term Loan B		4.00% (3 Mo. LIBOR + 3.25%	)		3/3/2028		24,311		24,349,997
PetSmart, Inc. 2021 Term Loan B		4.50% (3 Mo. LIBOR + 3.75%	)		2/12/2028		23,753		23,871,687
Rent-A-Center, Inc. 2021 Term Loan B		4.75% (3 Mo. LIBOR + 4.00%	)		2/17/2028		12,001		12,100,664
Rising Tide Holdings, Inc. Term Loan		–	^(h)		5/26/2028		11,009		10,981,847	^(g)
Torrid LLC 2021 Term Loan B		–	^(h)		5/21/2028		17,944		17,854,002	^(g)
Tory Burch LLC Term Loan B		4.00% (1 Mo. LIBOR + 3.50%	)		4/14/2028		15,527		15,536,879
Winterfell Financing Sarl EUR Term Loan B^(c)		3.50% (3 Mo. EURIBOR + 3.50%	)		5/4/2028	EUR	7,777		9,447,262
Total									293,370,593

Service 6.44%
Aegion Corporation Term Loan		5.50% (3 Mo. LIBOR + 4.75%	)		5/17/2028	$	12,136		12,212,177	^(g)
Allied Universal Holdco LLC 2021 USD Incremental Term Loan B		–	^(h)		5/12/2028		8,305		8,334,309
APX Group, Inc. 2020 Term Loan		5.093% - 7.25% (Prime Rate + 4.00% (1 Mo. LIBOR + 5.00%	) )		12/31/2025		4,853		4,894,947
AVSC Holding Corp. 2018 2nd Lien Term Loan		8.25% (6 Mo. LIBOR + 7.25%	)		9/1/2025		5,525		3,978,136	^(g)
Blackhawk Network Holdings, Inc. 2018 2nd Lien Term Loan		7.125% (1 Mo. LIBOR + 7.00%	)		6/15/2026		6,366		6,350,218

114	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Service (continued)
Brown Group Holding, LLC Term Loan B		–	^(h)		4/27/2028	$	6,529	$	6,528,597
CMI Marketing, Inc. 2021 Term Loan B		4.951% (3 Mo. LIBOR + 4.75%	)		3/23/2028		16,488		16,456,798
DTI Holdco, Inc. 2018 Term Loan B		–	^(h)		9/30/2023		12,116		11,718,287
EagleView Technology Corporation 2018 Add On Term Loan B		3.635% (3 Mo. LIBOR + 3.50%	)		8/14/2025		21,563		21,248,121
Edelman Financial Center, LLC 2018 2nd Lien Term Loan		6.841% (1 Mo. LIBOR + 6.75%	)		7/20/2026		2,915		2,934,564
Emerald TopCo Inc Term Loan		3.593% (1 Mo. LIBOR + 3.50%	)		7/24/2026		18,420		18,344,842
Employbridge LLC Term Loan B		5.50% (3 Mo. LIBOR + 4.50%	)		4/18/2025		13,741		13,781,334
Guidehouse LLP 2018 Term Loan		4.094% (1 Mo. LIBOR + 4.00%	)		5/1/2025		10,688		10,707,828
KUEHG Corp. 2018 Incremental Term Loan		4.75% (3 Mo. LIBOR + 3.75%	)		2/21/2025		28,607		28,238,385
Learning Care Group, Inc. 2018 1st Lien Term Loan		4.25% (3 Mo. LIBOR + 3.25%	)		3/13/2025		16,511		16,268,155
Liftoff Mobile Inc Term Loan		4.25% (3 Mo. LIBOR + 3.50%	)		3/17/2028		17,366		17,365,672
Magnite Inc Term Loan		5.75% (3 Mo. LIBOR + 5.00%	)		4/1/2028		11,847		11,817,550
MHI Holdings, LLC Term Loan B		5.093% (1 Mo. LIBOR + 5.00%	)		9/21/2026		20,318		20,415,580
Pathway Vet Alliance LLC 2021 Term Loan		3.843% (1 Mo. LIBOR + 3.75%	)		3/31/2027		17,609		17,563,948
Press Ganey Holdings, Inc. 2021 Term Loan B		–	^(h)		7/24/2026		2,908		2,916,293
Priority Payment Systems Holdings, LLC 2021 Delayed Draw Term Loan⁽ⁱ⁾		–	^(h)		4/15/2027		6,436		6,343,906
Priority Payment Systems Holdings, LLC 2021 Term Loan		6.75% (3 Mo. LIBOR + 5.75%	)		4/15/2027		6,658		6,562,662
Renaissance Holding Corp. 2018 2nd Lien Term Loan		7.093% (1 Mo. LIBOR + 7.00%	)		5/29/2026		6,000		6,018,750
Resideo Funding, Inc. 2021 Term Loan		2.75% (1 Mo. LIBOR + 2.25% (3 Mo. LIBOR + 2.25%	) )		2/8/2028		6,127		6,134,803
Sedgwick Claims Management Services, Inc. 2018 Term Loan B		3.343% (1 Mo. LIBOR + 3.25%	)		12/31/2025		19,072		18,884,709
Service Logic Acquisition, Inc Delayed Draw Term Loan⁽ⁱ⁾		2.00% (3 Mo. LIBOR + 2.00%	)		10/29/2027		1,925		1,938,462

See Notes to Financial Statements.

115

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Service (continued)
Service Logic Acquisition, Inc Term Loan		4.75% (2 Mo. LIBOR + 4.00% (3 Mo. LIBOR + 4.00%	) )		10/29/2027	$	7,847	$	7,900,701
SSH Group Holdings, Inc. 2018 1st Lien Term Loan		4.453% (3 Mo. LIBOR + 4.25%	)		7/30/2025		18,721		18,137,848
Therma Intermediate LLC 2020 Delayed Draw Term Loan⁽ⁱ⁾		2.00% (3 Mo. LIBOR + 2.00%	)		12/16/2027		2,344		2,348,855
Therma Intermediate LLC 2020 Term Loan		4.75% (1 Mo. LIBOR + 4.00%	)		12/16/2027		12,161		12,183,518
TNT Crane & Rigging, Inc. Exit Takeback PIK Term Loan		12.00% (3 Mo. LIBOR + 11.00%	)		4/16/2025		4,493		4,357,956
United PF Holdings, LLC 2019 2nd Lien Term Loan		8.703% (3 Mo. LIBOR + 8.50%	)		12/30/2027		4,000		3,640,000	^(g)
Verifone Systems, Inc. 2018 1st Lien Term Loan		4.147% (3 Mo. LIBOR + 4.00%	)		8/20/2025		19,662		19,429,605
Verscend Holding Corp. 2021 Term Loan B		4.093% (1 Mo. LIBOR + 4.00%	)		8/27/2025		18,299		18,346,505
Weld North Education, LLC 2020 Term Loan B		4.75% (1 Mo. LIBOR + 4.00%	)		12/21/2027		10,183		10,200,435
WEX Inc. 2021 Term Loan		2.343% (1 Mo. LIBOR + 2.25%	)		3/31/2028		12,144		12,113,497
Total									406,617,953

Shipping 0.36%
Kenan Advantage Group, Inc. 2021 Term Loan B1		4.50% (1 Mo. LIBOR + 3.75%	)		3/24/2026		12,113		12,150,943
Kestrel Bidco Inc. Term Loan B (Canada)^(b)		4.00% (6 Mo. LIBOR + 3.00%	)		12/11/2026		11,191		10,891,497
Total									23,042,440

Telecommunications 2.66%
Altice Financing SA USD 2017 1st Lien Term Loan (Luxembourg)^(b)		2.953% (3 Mo. LIBOR + 2.75%	)		1/31/2026		9,310		9,189,816
Altice France S.A. 2018 Term Loan B13 (France)^(b)		4.155% (3 Mo. LIBOR + 4.00%	)		8/14/2026		23,252		23,284,204
Avis Budget Car Rental, LLC 2020 Term Loan B		2.35% (1 Mo. LIBOR + 2.25%	)		8/6/2027		13,870		13,631,719
Cablevision Lightpath LLC Term Loan B		3.75% (1 Mo. LIBOR +3.25%	)		11/30/2027		5,010		5,024,642
CenturyLink, Inc. 2020 Term Loan B		2.343% (1 Mo. LIBOR +2.25%	)		3/15/2027		30,473		30,252,472
Colorado Buyer Inc 2nd Lien Term Loan		8.25% (3 Mo. LIBOR + 7.25%	)		5/1/2025		13,656		13,562,397

116	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Fair Value
Telecommunications (continued)
Consolidated Communications, Inc. 2021 Term Loan B		4.25% (1 Mo. LIBOR + 3.50%	)		10/2/2027	$	14,547	$	14,583,777
Cyxtera DC Holdings, Inc. Term Loan B		4.00% (6 Mo. LIBOR + 3.00%	)		5/1/2024		13,601		13,213,531
Frontier Communications Corp. 2021 DIP Term Loan B		4.50% (3 Mo. LIBOR + 3.75%	)		5/1/2028		9,274		9,280,639
Northwest Fiber, LLC 2021 Term Loan		3.848% (1 Mo. LIBOR + 3.75%	)		4/30/2027		7,677		7,689,578
RVR Dealership Holdings, LLC Term Loan B		4.75% (3 Mo. LIBOR + 4.00%	)		2/8/2028		14,598		14,643,756	^(g)
Zayo Group Holdings, Inc. USD Term Loan		3.093% (1 Mo. LIBOR + 3.00%	)		3/9/2027		13,739		13,657,331
Total									168,013,862

Utility 1.93%
Astoria Energy LLC 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.50%	)		12/10/2027		3,707		3,715,909
Brookfield WEC Holdings, Inc. 2021 Term Loan		3.25% (1 Mo. LIBOR + 2.75%	)		8/1/2025		5,825		5,795,237
Calpine Construction Finance Company, L.P. 2017 Term Loan B		2.093% (1 Mo. LIBOR + 2.00%	)		1/15/2025		16,533		16,396,877
Calpine Corp. 2019 Term Loan B10		2.093% (1 Mo. LIBOR + 2.00%	)		8/12/2026		8,768		8,671,094
EFS Cogen Holdings I LLC 2020 Term Loan B		4.50% (3 Mo. LIBOR + 3.50%	)		10/1/2027		16,462		16,455,218
ExGen Renewables IV, LLC 2020 Term Loan		3.75% (3 Mo. LIBOR + 2.75%	)		12/15/2027		11,570		11,602,894
Frontera Generation Holdings LLC 2018 Term Loan B		4.44% (3 Mo. LIBOR + 4.25%	)		5/2/2025		30,682		1,866,518
Frontera Generation Holdings LLC 2021 DIP Term Loan		14.00% (1 Mo. LIBOR + 13.00%	)		11/5/2021		2,973		3,062,189	^(g)
Helix Gen Funding, LLC Term Loan B		4.75% (1 Mo. LIBOR + 3.75%	)		6/3/2024		17,066		16,549,750
Pacific Gas & Electric Co. 2020 Term Loan		3.50% (3 Mo. LIBOR + 3.00%	)		6/23/2025		13,372		13,292,391
USIC Holdings, Inc. 2021 2nd Lien Term Loan		–	^(h)		5/7/2029		6,540		6,654,031	^(g)
USIC Holdings, Inc. 2021 Term Loan		4.25% (3 Mo. LIBOR + 3.50%	)		5/6/2028		17,637		17,637,227
Total									121,699,335

See Notes to Financial Statements.

117

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Dividend Rate				Maturity Date		Shares (000)		Fair Value
Wireless Communications 0.34%
Radiate Holdco, LLC 2020 Term Loan		4.25% (1 Mo. LIBOR + 3.50%		)		9/25/2026		7,773	$	7,795,194
SBA Senior Finance II LLC 2018 Term Loan B		1.85% (1 Mo. LIBOR + 1.75%		)		4/11/2025		6,219		6,186,905
Windstream Services, LLC 2020 Exit Term Loan B		7.25% (1 Mo. LIBOR + 6.25%		)		9/21/2027		7,767		7,802,699
Total										21,784,798
Total Floating Rate Loans (cost $5,147,842,182)										5,158,245,751

PREFERRED STOCKS 0.40%

Shipping
ACBL Holdings Corp. Series A		Zero Coupon						354		9,742,425	^(e)
ACBL Holdings Corp. Series B		Zero Coupon						445		15,343,979	^(e)
Total Preferred Stocks (cost $19,975,575)										25,086,404

			Exercise Price		Expiration Date
WARRANTS 0.00%

MANUFACTURING 0.00%
UTEX Industries, Inc.^*		$114.76				12/3/2025		57		86,010	^(e)

SERVICE 0.00%
TNT Crane & Rigging, Inc.^*		4.00				10/16/2025		13		31,627	^(e)
Total Warrants (cost $136,614)										117,637
Total Long-Term Investments (cost $6,053,297,051)										6,104,665,628

							Principal Amount (000)
SHORT-TERM INVESTMENTS 8.44%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $402,289,000 of U.S. Treasury Note at 2.125% due 7/31/2024; $50,000,000 of U.S. Treasury Note at 1.5% due 10/31/2024; $7,641,700 of U.S. Treasury Note at 1.5% due 10/30/2024; $50,000,000 of U.S. Treasury Inflation Indexed Note at 0.125% due 10/15/2024; value: $543,517,082; proceeds: $532,859,842 (cost $532,859,842)							$	532,860		532,859,842
Total Investments in Securities 105.10% (cost $6,586,156,893)										6,637,525,470
Less Unfunded Loan Commitments (0.44)% (cost $27,850,768)^(l)										(27,881,545	)

118	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Investments	Fair Value
Net Investments 104.66% (cost $6,558,306,125)	$	6,609,643,925
Liabilities in Excess of Cash and Other Assets^(m)(4.66%)		(294,283,241	)
Net Assets 100.00%	$	6,315,360,684

EUR	Euro.
GBP	British Pound.
CPI	Consumer Price Index: Rate fluctuate based on CPI.
EURIBOR	Euro Interbank Offered Rate.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $725,187,893, which represents 11.48% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^*		Non-income producing security.
^(a)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Investment in non-U.S. dollar denominated securities.
^(d)		Securities purchased on a when-issued basis (See Note 2⁽ⁱ⁾).
^(e)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(f)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(g)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(h)		Interest rate to be determined.
⁽ⁱ⁾		Security partially/fully unfunded. See Note (2^(o)).
^(j)		Defaulted (non-income producing security).
^(k)		Amount is less than $1,000.
^(l)		See Note (2^(o)).
^(m)		Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on swaps, forward foreign currency exchange contracts, futures contracts as follows:

See Notes to Financial Statements.

119

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Centrally Cleared Interest Rate Swap Contracts at May 31, 2021:

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)		Periodic Payments to be Received By The Fund (Quarterly)		Termination Date		Notional Amount		Notional Value		Unrealized Appreciation
Credit Suisse⁽¹⁾		.6108%		3-Month USD LIBOR Index		2/15/2028	$	8,594,000	$	8,917,023		$	323,023
Credit Suisse⁽¹⁾		.6764%		3-Month USD LIBOR Index		9/15/2029		11,566,000		12,228,548			662,548
Credit Suisse⁽¹⁾		.619%		3-Month USD LIBOR Index		2/15/2028		10,017,000		10,388,119			371,119
Credit Suisse⁽¹⁾		.1835%		3-Month USD MFEDL Index		10/21/2025		32,990		33,566			576
Credit Suisse⁽¹⁾		.0493%		3-Month USD SOFR Index		10/21/2022		345,082		345,094			12
Credit Suisse⁽²⁾		.0511%		3-Month USD MFEDL Index		10/21/2022		345,082		345,291			209
Total												$	1,357,487

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)		Periodic Payments to be Received By The Fund (Quarterly)		Termination Date		Notional Amount		Notional Value		Unrealized Depreciation
Credit Suisse⁽¹⁾		.451%		3-Month USD LIBOR Index		5/15/2023	$	20,744,000	$	20,649,507		$	(94,493	)
Credit Suisse⁽¹⁾		.4578%		3-Month USD LIBOR Index		8/1/2022		8,900,000		8,868,382			(31,618	)
Credit Suisse⁽¹⁾		.4781%		3-Month USD LIBOR Index		2/1/2024		9,800,000		9,762,937			(37,063	)
Credit Suisse⁽¹⁾		.0493%		3-Month USD LIBOR Index		9/15/2024		21,286,000		21,278,779			(7,221	)
Credit Suisse⁽¹⁾		.1731%		3-Month USD SOFR Index		10/21/2025		32,990		32,440			(550	)
Total												$	(170,945	)

	⁽¹⁾	Central clearinghouse: Chicago Mercantile Exchange (CME).
	⁽²⁾	Central clearinghouse: London Clearing House (LCH).

Open Total Return Swaps Contracts at May 31, 2021:

Swap Counterparty	Referenced Index^*	Referenced Spread	Units	Position	Termination Date	Notional Amount		Notional Value		Unrealized Appreciation
Barclays Bank plc	IBXXLL	3 Mo. LIBOR + .00%	237,758	Long	06/20/2021	$	42,000,000	$	43,305,690	$	1,305,690
Barclays Bank plc	IBXXLL	3 Mo. LIBOR + .00%	167,131	Long	06/21/2021		30,000,000		30,441,504		441,504
Barclays Bank plc	IBXXLL	3 Mo. LIBOR + .00%	79,846	Long	06/21/2021		14,500,000		14,543,249		43,249
Morgan Stanley	IBXXLL	3 Mo. LIBOR + .00%	478,059	Long	06/21/2021		86,767,622		87,074,376		306,754
Total						$	173,267,622	$	175,364,819	$	2,097,197

*	iBOXX Leverage Loan Index.

120	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Euro	Buy	Standard Chartered Bank	6/4/2021		1,502,000	$	1,792,890	$	1,836,789		$	43,899
Euro	Buy	State Street Bank and Trust	6/4/2021		3,731,000		4,550,729		4,562,623			11,894
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	55,793

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	State Street Bank and Trust	6/8/2021		16,951,000	$	23,553,112	$	24,082,298		$	(529,186	)
Euro	Sell	Bank of America	6/4/2021		61,737,000		74,795,610		75,497,892			(702,282	)
Euro	Sell	Morgan Stanley	6/4/2021		3,368,000		4,039,488		4,118,712			(79,224	)
Euro	Sell	Morgan Stanley	6/4/2021		1,588,000		1,919,891		1,941,958			(22,067	)
Euro	Sell	State Street Bank and Trust	6/4/2021		7,733,000		9,410,599		9,456,650			(46,051	)
Euro	Sell	Toronto Dominion Bank	6/4/2021		4,272,000		5,200,478		5,224,209			(23,731	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(1,402,541	)

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	September 2021	540	Short	$	(78,324,883	)	$	(78,274,687	)		$	50,196
U.S. 5-Year Treasury Note	September 2021	3,481	Short		(431,129,787	)		(431,127,291	)			2,496
Total Unrealized Appreciation on Open Futures Contracts											$	52,692

See Notes to Financial Statements.

121

Schedule of Investments (unaudited)(continued)

FLOATING RATE FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2			Level 3			Total
Long-Term Investments
Asset-Backed Securities	$	–	$	18,026,497		$	–		$	18,026,497
Common Stocks
Manufacturing		–		12,496,470			–			12,496,470
Service		–		8,592,691			–			8,592,691
Shipping		–		–			1,904,200			1,904,200
Specialty Retail		–		26,648,465			–			26,648,465
Other		8,985,171		–			–			8,985,171
Convertible Bonds		–		67,202,005			–			67,202,005
Corporate Bonds
Metals/Minerals		–		53,825,980			5			53,825,985
Other		–		689,446,474			–			689,446,474
Exchange-Traded Fund		34,087,878		–			–			34,087,878
Floating Rate Loans
Chemicals		–		102,170,265			15,284,790			117455055
Energy		–		145,971,298			41,325,126			187,296,424
Financial		–		241,533,016			11,524,531			253,057,547
Food/Tobacco		–		171,558,830			6,086,197			177,645,027
Forest Products		–		14,476,190			8,284,113			22,760,303
Gaming/Leisure		–		322,904,062			9,751,257			332,655,319
Healthcare		–		794,774,035			16,589,817			811,363,852
Information Technology		–		886,979,685			23,803,668			910,783,353
Manufacturing		–		240,045,397			24,594,610			264,640,007
Media/Telecommunications		–		567,848,040			21,878,278			589,726,318
Retail		–		246,528,740			46,841,853			293,370,593
Service		–		386,787,640			19,830,313			406,617,953
Transportation		–		211,826,441			27,190,647			239,017,088
Utility		–		111,983,115			9,716,220			121,699,335
Remaining Industries		–		430,157,577			–			430,157,577
Less Unfunded Commitments		–		(23,345,405	)		(4,536,140	)		(27,881,545	)
Preferred Stocks		–		–			25,086,404			25,086,404
Warrants		–		–			117,637			117,637
Short-Term Investments
Repurchase Agreements		–		532,859,842			–			532,859,842
Total	$	43,073,049	$	6,261,297,350		$	305,273,526		$	6,609,643,925

122	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FLOATING RATE FUND May 31, 2021

Investment Type⁽²⁾	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Interest Rate Swaps Contracts
Assets	$	–	$	1,357,487		$	–	$	1,357,487
Liabilities		–		(170,945	)		–		(170,945	)
Forward Foreign Currency Exchange Contracts
Assets		–		55,793			–		55,793
Liabilities		–		(1,402,541	)		–		(1,402,541	)
Futures Contracts
Assets		52,692		–			–		52,692
Liabilities		–		–			–		–
Total Return Swaps Contracts
Assets		–		2,097,197			–		2,097,197
Liabilities		–		–			–		–
Total	$	52,692	$	1,936,991		$	–	$	1,989,683

	⁽¹⁾	Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Asset-Backed Securities		Common Stocks		Corporate Bonds		Floating Rate Loans		Preferred Stocks		Warrants
Balance as of December 1, 2020	$	7,790,465	$	1,963,955	$	5	$	227,870,190	$	25,086,404	$	31,628
Accrued Discounts (Premiums)		–		–		–		299,851		–		–
Realized Gain (Loss)		–		(7,469,305)		–		262,840		–		–
Change in Unrealized Appreciation (Depreciation)		–		7,409,550		–		6,676,849		–		–
Purchases		–		–		–		169,672,221		–		86,009
Sales		–		–		–		(65,018,054)		–		–
Transfers into Level 3		–		–		–		109,608,636		–		–
Transfers out of Level 3		(7,790,465)		–		–		(171,207,253)		–		–
Balance as of May 31, 2021	$	–	$	1,904,200	$	5	$	278,165,280	$	25,086,404	$	117,637
Change in unrealized appreciation/ depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	–	$	–	$	–	$	6,801,774	$	–	$	–

See Notes to Financial Statements.

123

Schedule of Investments (unaudited)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 99.37%

ASSET-BACKED SECURITIES 0.56%

Other
Bain Capital Credit CLO Ltd. 2021-2A D^†(a)	Zero Coupon	^#(b)	7/16/2034	$	8,750	$	8,750,000
CIFC Funding III Ltd. 2021-3A D^†(a)	Zero Coupon	^#(b)	7/15/2036		13,650		13,650,000
OCP CLO Ltd. 2021-21A D^†(a)	Zero Coupon	^#(b)	7/20/2034		13,000		13,000,000
Palmer Square CLO Ltd. 2021-2A D^†	Zero Coupon	^#(b)	7/15/2034		7,000		7,000,000
Total Asset-Backed Securities (cost $42,400,000)							42,400,000
				Shares (000)
COMMON STOCKS 1.82%

Banking 0.21%
Signature Bank					33		8,283,458
SVB Financial Group*					13		7,747,191
Total							16,030,649

Diversified Capital Goods 0.03%
UTEX Industries, Inc.					49		2,067,198

Energy: Exploration & Production 0.22%
Centennial Resource Development, Inc. Class A*^(c)					1,615		8,541,287
Range Resources Corp.*					563		7,639,433
Total							16,180,720

Gaming 0.10%
Monarch Casino & Resort, Inc.*					107		7,619,393

Investments & Miscellaneous Financial Services 0.00%
Penson Technologies Class A Units					4,881		48,812	^(d)

Life Insurance 0.11%
Trupanion, Inc.*					91		8,175,624

Machinery 0.10%
Lindsay Corp.					44		7,279,774
TNT Crane & Rigging, Inc.					15		241,215
Total							7,520,989

Media: Content 0.17%
ROBLOX Corp. Class A*					135		12,692,238

124	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments			Shares (000)		Fair Value
Medical Products 0.10%
Shockwave Medical, Inc.*				43	$	7,715,911

Metals/Mining (Excluding Steel) 0.11%
Turquoise Hill Resources Ltd. (Canada)*^(e)				460		8,216,718

Personal & Household Products 0.09%
Britax Child Safety, Inc.				2		–	^(d)(f)
Gibson Brands, Inc.				57		6,669,418	^(g)
Revlon, Inc. Class A				702		176,725
Total						6,846,143

Specialty Retail 0.35%
Carter’s, Inc.				78		8,001,711
Chinos Intermediate				56		379,661
Chinos Intermediate				48		821,120
Claires Holdings LLC				7		1,832,995
Sally Beauty Holdings, Inc.*				368		8,017,661
Wayfair, Inc. Class A*				23		7,095,481
Total						26,148,629

Support: Services 0.10%
Allfunds Group plc*^(h)			EUR	453		7,598,835

Technology Hardware & Equipment 0.11%
Brooks Automation, Inc.				79		8,029,072

Transportation: Infrastructure/Services 0.02%
ACBL Holdings Corp.				22		444,540	^(g)
Chassix Holdings, Inc.				160		1,196,970
Total						1,641,510
Total Common Stocks (cost $135,640,773)						136,532,441

	Interest Rate	Maturity Date		Principal Amount (000)
CONVERTIBLE BONDS 1.04%

Advertising 0.11%
Snap, Inc.	0.75%	8/1/2026	$	2,861		7,919,606

Air Transportation 0.26%
American Airlines Group, Inc.	6.50%	7/1/2025		4,631		8,034,785
JetBlue Airways Corp.^†	0.50%	4/1/2026		10,448		11,435,336
Total						19,470,121

See Notes to Financial Statements.

125

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automakers 0.10%
Tesla, Inc.	2.00%		5/15/2024	$	777	$	7,810,792

Investments & Miscellaneous Financial Services 0.10%
WisdomTree Investments, Inc.^†	4.25%		6/15/2023		6,084		7,783,870

Media: Content 0.10%
World Wrestling Entertainment, Inc.	3.375%		12/15/2023		3,176		7,338,545

Medical Products 0.10%
Glaukos Corp.^†	2.75%		6/15/2027		4,840		7,399,392

Software/Services 0.10%
Tyler Technologies, Inc.^†	0.25%		3/15/2026		7,304		7,545,032

Specialty Retail 0.11%
Dick’s Sporting Goods, Inc.	3.25%		4/15/2025		2,853		8,216,640

Theaters & Entertainment 0.06%
Eventbrite, Inc.^†	5.00%		12/1/2025		2,582		4,735,289
Total Convertible Bonds (cost $74,713,464)							78,219,287

FLOATING RATE LOANS⁽ⁱ⁾8.44%

Aerospace/Defense 0.24%
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)^(e)	8.50% (1 Mo. LIBOR + 6.50%	)	3/6/2024		3,857		3,849,624
Alloy Finco Limited USD Holdco Term Loan
PIK 13.50% (Jersey)^(e)	0.50%		3/6/2025		6,248		5,225,118
WP CPP Holdings, LLC 2018 Term Loan	4.75% (3 Mo. LIBOR + 3.75%	)	4/30/2025		8,925		8,705,911
Total							17,780,653

Air Transportation 0.21%
JetBlue Airways Corporation Term Loan	6.25% (3 Mo. LIBOR + 5.25%	)	6/17/2024		7,926		8,118,246
SkyMiles IP Ltd. 2020 Skymiles Term Loan B	4.75% (3 Mo. LIBOR + 3.75%	)	10/20/2027		7,302		7,664,617
Total							15,782,863

Automakers 0.11%
American Trailer World Corp. Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	3/3/2028		8,522		8,524,360

126	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banking 0.12%
ION Trading Finance Limited 2021 USD Term Loan (Ireland)^(e)	4.952% (3 Mo. LIBOR + 4.75%	)	4/1/2028	$	8,755	$	8,796,022

Beverages 0.26%
City Brewing Company, LLC Closing Date Term Loan	4.25% (3 Mo. LIBOR + 3.50%	)	4/5/2028		7,446		7,464,349
Miller’s Ale House, Inc. 2018 Term Loan	4.851% (1 Mo. LIBOR + 4.75%	)	5/30/2025		12,703		12,150,641
Total							19,614,990

Building & Construction 0.21%
Aegion Corporation Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	5/17/2028		7,621		7,668,948	^(j)
USIC Holdings, Inc. 2021 2nd Lien Term Loan	–	^(k)	5/7/2029		7,760		7,895,704	^(j)
Total							15,564,652

Building Materials 0.15%
Associated Asphalt Partners, LLC 2017 Term Loan B	6.25% (1 Mo. LIBOR + 5.25%	)	4/5/2024		12,031		11,429,789

Chemicals 0.18%
ASP Unifrax Holdings Inc Term Loan B	3.953% (3 Mo. LIBOR + 3.75%	)	12/12/2025		13,535		13,183,575

Discount Stores 0.24%
Torrid LLC 2021 Term Loan B	–	^(k)	5/21/2028		8,123		8,081,917	^(j)
Tory Burch LLC Term Loan B	4.00% (1 Mo. LIBOR + 3.50%)		4/14/2028		9,747		9,753,401
Total							17,835,318

Diversified Capital Goods 0.13%
Robertshaw US Holding Corp 2018 1st Lien Term Loan	4.50% (1 Mo. LIBOR + 3.50%	)	2/28/2025		9,510		9,177,354
UTEX Industries Inc. 2020 First Out Exit Term Loan A	8.50% (1 Mo. LIBOR + 7.00%	)	12/3/2025		501		504,878
UTEX Industries Inc. 2020 Second Out Term Loan PIK 5.75%	5.25% (1 Mo. LIBOR + 5.25%	)	12/3/2025		320		312,312
Total							9,994,544

Electric: Generation 0.03%
Frontera Generation Holdings LLC 2018 Term Loan B	4.44% (3 Mo. LIBOR + 4.25%	)	5/2/2025		12,821		779,994
Frontera Generation Holdings LLC 2021 DIP Term Loan	14.00% (1 Mo. LIBOR + 13.00%	)	11/5/2021		1,242		1,279,649	^(j)
Total							2,059,643

See Notes to Financial Statements.

127

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electronics 0.23%
Atlas CC Acquisition Corp Term Loan B	–	^(k)	4/28/2028	$	8,877	$	8,882,380
Electrical Components International, Inc. 2018 1st Lien Term Loan	4.368% (2 Mo. LIBOR + 4.25%	)	6/26/2025		8,340		8,232,127
Total							17,114,507

Gaming 0.45%
Spectacle Gary Holdings LLC Delayed Draw Term Loan	11.00% (3 Mo. LIBOR + 9.00%	)	12/23/2025		476		521,619
Spectacle Gary Holdings LLC Term Loan B	11.00% (3 Mo. LIBOR + 9.00%	)	12/23/2025		6,574		7,198,346
The Enterprise Development Authority Term Loan B	5.00% (1 Mo. LIBOR + 4.25%	)	2/18/2028		12,242		12,280,632	^(j)
TopGolf International, Inc. Term Loan B	7.00% (3 Mo. LIBOR + 6.25%	)	2/8/2026		13,597		13,866,417
Total							33,867,014

Gas Distribution 0.28%
BCP Raptor II, LLC 1st Lien Term Loan	4.843% (1 Mo. LIBOR + 4.75%	)	11/3/2025		11,133		10,935,872
Brazos Delaware II, LLC Term Loan B	4.097% (1 Mo. LIBOR + 4.00%	)	5/21/2025		10,572		10,330,778
Total							21,266,650

Health Facilities 0.32%
Pearl Intermediate Parent LLC 2018 1st Lien Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	2/14/2025		11,066		10,955,307
Pearl Intermediate Parent LLC 2018 Incremental Term Loan	3.359% (1 Mo. LIBOR + 3.25%	)	2/14/2025		1,843		1,837,146
Unified Physician Management, LLC 2020 Term Loan	5.00% (1 Mo. LIBOR + 4.25%	)	12/16/2027		11,036		11,091,347
Total							23,883,800

Health Services 0.32%
PetVet Care Centers, LLC 2021 Term Loan B3	4.25% (1 Mo. LIBOR + 3.50%	)	2/14/2025		2,893		2,897,092
Wellpath Holdings, Inc. 2018 1st Lien Term Loan	5.593% (1 Mo. LIBOR + 5.50%	)	10/1/2025		21,415		21,155,557
Total							24,052,649

128	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Hotels 0.16%
Playa Resorts Holding B.V. 2017 Term Loan B (Netherlands)^(e)	3.75% (1 Mo. LIBOR + 2.75%	)	4/29/2024	$	12,791	$	12,289,084

Investments & Miscellaneous Financial Services 0.18%
Edelman Financial Center, LLC 2021 Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	4/7/2028		13,180		13,215,930

Machinery 0.11%
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan	3.594% (1 Mo. LIBOR + 3.50%	)	9/6/2025		8,637		8,537,183

Media: Content 0.12%
ECL Entertainment, LLC Term Loan	8.25% (3 Mo. LIBOR + 7.50%	)	3/31/2028		8,531		8,733,508	^(j)

Medical Products 0.11%
Insulet Corporation Term Loan B	3.75% (3 Mo. LIBOR + 3.25%	)	5/4/2028		8,428		8,452,411

Metals/Mining (Excluding Steel) 0.17%
Alpha Metallurgical Resources, Inc. 2019 Term Loan	9.00% (3 Mo. LIBOR + 7.00%	)	6/14/2024		15,316		12,884,245

Oil Field Equipment & Services 0.14%
Ulterra Drilling Technologies, LP Term Loan B	5.343% (1 Mo. LIBOR + 5.25%	)	11/26/2025		11,775		10,303,041

Personal & Household Products 0.37%
Anastasia Parent, LLC 2018 Term Loan B	3.953% (3 Mo. LIBOR + 3.75%	)	8/11/2025		16,155		11,723,960
Britax Child Safety, Inc. Junior PIK Term Loan PIK 12.00%	–	^(k)	3/31/2025		1,276		1,148,091	^(j)
FGI Operating Company, LLC Exit Term Loan	12.00% (3 Mo. LIBOR + 10.00%	)	5/16/2022		765		95,974	^(j)
Revlon Consumer Products Corporation 2020 Term Loan B2	3.676% (3 Mo. LIBOR + 3.50%	)	6/30/2025		9,968		7,501,220
TGP Holdings III, LLC 2nd Lien Term Loan	9.50% (3 Mo. LIBOR + 8.50%	)	9/25/2025		7,626		7,573,571
Total							28,042,816

See Notes to Financial Statements.

129

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts 0.14%
Claros Mortgage Trust, Inc. Term Loan B	6.00% (1 Mo. LIBOR + 5.00%	)	8/9/2026	$	10,128	$	10,190,870	^(j)

Recreation & Travel 0.31%
Equinox Holdings, Inc. 2017 1st Lien Term Loan	4.00% (3 Mo. LIBOR + 3.00%	)	3/8/2024		11,043		10,572,328
Travel Leaders Group, LLC 2018 Term Loan B	4.093% (1 Mo. LIBOR + 4.00%	)	1/25/2024		13,552		12,962,288
Total							23,534,616

Restaurants 0.11%
Zaxby’s Operating Company LLC 1st Lien Term Loan	4.50% (1 Mo. LIBOR + 3.75%	)	12/28/2027		8,410		8,432,682

Software/Services 0.83%
Cvent, Inc. 1st Lien Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	11/29/2024		9,704		9,453,342
Ensono, LP 2021 Term Loan	–	^(k)	5/19/2028		7,820		7,823,562
Grab Holdings, Inc. Term Loan B (Singapore)^(e)	5.50% (6 Mo. LIBOR + 4.50%	)	1/29/2026		6,635		6,756,797
Magenta Buyer LLC 2021 USD 1st Lien Term Loan	–	^(k)	5/3/2028		8,292		8,319,041
Omnitracs, Inc. 2020 2nd Lien Term Loan	8.093% (1 Mo. LIBOR + 8.00%	)	9/29/2028		8,409		8,440,283
Optiv Security, Inc. 1st Lien Term Loan	4.25% (3 Mo. LIBOR + 3.25%	)	2/1/2024		13,647		13,452,433
Peraton Holding Corp Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	2/1/2028		7,601		7,629,191
Total							61,874,649

Specialty Retail 0.33%
Chinos Intermediate Holdings A, Inc. Exit Term Loan	11.00% (3 Mo. LIBOR + 10.00%	)	9/10/2027		1,344		1,456,399
Claire’s Stores, Inc. 2019 Term Loan B	6.593% (1 Mo. LIBOR + 6.50%	)	12/18/2026		4,391		4,213,282
MND Holdings III Corp 2018 1st Lien Term Loan	4.50% (3 Mo. LIBOR + 3.50%	)	6/19/2024		10,935		10,607,153
Petco Health and Wellness Company, Inc. 2021 Term Loan B	4.00% (3 Mo. LIBOR + 3.25%	)	3/3/2028		8,249		8,262,694
Total							24,539,528

130	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Support: Services 1.03%
Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan	7.188% (3 Mo. LIBOR + 7.00%	)	4/10/2026	$	18,411	$	18,764,234
KUEHG Corp. 2017 2nd Lien Term Loan	9.25% (3 Mo. LIBOR + 8.25%	)	8/22/2025		8,912		8,648,006
KUEHG Corp. 2018 Incremental Term Loan	4.75% (3 Mo. LIBOR + 3.75%	)	2/21/2025		9,447		9,325,685
NEP/NCP Holdco, Inc. 2018 1st Lien Term Loan	3.343% (1 Mo. LIBOR + 3.25%	)	10/20/2025		13,493		13,122,050
Pathway Vet Alliance LLC 2021 Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	3/31/2027		15,158		15,118,672
Rent-A-Center, Inc. 2021 Term Loan B	4.75% (3 Mo. LIBOR + 4.00%	)	2/17/2028		3,376		3,404,563
SSH Group Holdings, Inc. 2018 1st Lien Term Loan	4.453% (3 Mo. LIBOR + 4.25%	)	7/30/2025		9,289		8,999,362
Total							77,382,572

Technology Hardware & Equipment 0.23%
Atlas CC Acquisition Corp Term Loan C	–	^(k)	4/28/2028		1,805		1,806,586
Delta TopCo, Inc. 2020 2nd Lien Term Loan	8.00% (3 Mo. LIBOR + 7.25%	)	12/1/2028		8,146		8,298,712
Flexential Intermediate Corporation 2017 1st Lien Term Loan	3.703% (3 Mo. LIBOR + 3.50%	)	8/1/2024		7,341		6,792,352
Total							16,897,650

Telecommunications: Wireline Integrated & Services 0.17%
Cyxtera DC Holdings, Inc. Term Loan B	4.00% (6 Mo. LIBOR + 3.00%	)	5/1/2024		13,360		12,978,914

Theaters & Entertainment 0.30%
AMC Entertainment Holdings, Inc. 2019 Term Loan B	–	^(k)	4/22/2026		14,610		13,517,062
Cinemark USA, Inc. 2018 Term Loan B	1.85% (1 Mo. LIBOR + 1.75%	)	3/31/2025		8,958		8,708,425
Total							22,225,487

Transportation: Infrastructure/Services 0.15%
LaserShip, Inc. 2021 Term Loan	5.25% (3 Mo. LIBOR + 4.50%	)	4/30/2028		11,394		11,408,416
Total Floating Rate Loans (cost $625,353,752)							632,674,631

See Notes to Financial Statements.

131

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
FOREIGN GOVERNMENT OBLIGATIONS^(e)0.31%

Bahamas 0.15%
Bahamas Government International Bond^†	8.95%	10/15/2032	$	10,231	$	11,765,650

Sri Lanka 0.16%
Republic of Sri Lanka^†	5.875%	7/25/2022		13,311		11,846,790
Total Foreign Government Obligations (cost $20,799,848)						23,612,440

HIGH YIELD CORPORATE BONDS 85.87%

Advertising 0.46%
Arches Buyer, Inc.^†	6.125%	12/1/2028		6,239		6,395,568
Clear Channel Outdoor Holdings, Inc.^†	7.75%	4/15/2028		13,252		13,592,576
Lamar Media Corp.	4.875%	1/15/2029		7,042		7,424,029
Match Group Holdings II LLC^†	5.00%	12/15/2027		6,829		7,169,152
Total						34,581,325

Aerospace/Defense 1.37%
Science Applications International Corp.^†	4.875%	4/1/2028		8,027		8,365,298
Signature Aviation US Holdings, Inc.^†	4.00%	3/1/2028		21,018		21,116,574
Spirit AeroSystems, Inc.	4.60%	6/15/2028		9,778		9,475,322
TransDigm, Inc.^†	4.625%	1/15/2029		5,205		5,150,920
TransDigm, Inc.	5.50%	11/15/2027		35,653		37,217,097
Triumph Group, Inc.	7.75%	8/15/2025		12,163		12,474,981
Wolverine Escrow LLC^†	8.50%	11/15/2024		8,970		8,779,388
Total						102,579,580

Agency 0.10%
TC Ziraat Bankasi AS (Turkey)^†(e)	5.375%	3/2/2026		7,381		7,226,228

Air Transportation 2.05%
American Airlines Group, Inc.^†	3.75%	3/1/2025		16,227		14,666,530
American Airlines, Inc.^†	11.75%	7/15/2025		22,489		28,286,214
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^†	5.75%	4/20/2029		9,115		9,789,556
Delta Air Lines, Inc.^†	7.00%	5/1/2025		10,728		12,482,284
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%	10/20/2028		12,752		13,929,917
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^†	5.75%	1/20/2026		14,231		15,138,727
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.^†	6.50%	6/20/2027		11,961		13,146,328
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%	9/20/2025		7,608		8,634,737

132	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Air Transportation (continued)
Transportes Aereos Portugueses SA^†(h)	5.625%	12/2/2024	EUR	2,800	$	2,847,937
Transportes Aereos Portugueses SA^(h)	5.625%	12/2/2024	EUR	6,700		6,814,705
United Airlines 2020-1 Class A Pass Through Trust	5.875%	4/15/2029	$	8,070		8,967,025
United Airlines, Inc.^†	4.625%	4/15/2029		7,929		8,201,758
VistaJet Malta Finance plc/XO Management Holding, Inc. (Malta)^†(e)	10.50%	6/1/2024		10,235		10,989,831
Total						153,895,549

Auto Loans 0.83%
Ford Motor Co.	4.75%	1/15/2043		29,532		29,832,636
Ford Motor Credit Co. LLC	4.00%	11/13/2030		6,602		6,742,094
Mclaren Finance plc^(h)	5.00%	8/1/2022	GBP	18,309		25,786,166
Total						62,360,896

Auto Parts & Equipment 1.18%
Allison Transmission, Inc.^†	3.75%	1/30/2031	$	8,420		8,093,725
American Axle & Manufacturing, Inc.	6.875%	7/1/2028		10,012		10,876,586
Dana, Inc.	4.25%	9/1/2030		9,357		9,664,377
Dana, Inc.	5.625%	6/15/2028		8,980		9,699,936
Goodyear Tire & Rubber Co. (The)	4.875%	3/15/2027		9,792		10,232,126
Meritor, Inc.^†	4.50%	12/15/2028		8,162		8,205,014
Real Hero Merger Sub 2, Inc.^†	6.25%	2/1/2029		7,363		7,622,914
Tenneco, Inc.	5.00%	7/15/2026		17,345		17,258,969
Tenneco, Inc.^†	5.125%	4/15/2029		6,493		6,501,116
Total						88,154,763

Automakers 1.90%
Aston Martin Capital Holdings Ltd. (Jersey)^†(e)	10.50%	11/30/2025		7,785		8,612,156
Ford Motor Co.	6.625%	10/1/2028		7,168		8,339,968
Ford Motor Co.	7.45%	7/16/2031		17,463		22,072,621
Ford Motor Co.	9.00%	4/22/2025		58,799		71,914,117
Ford Motor Co.	9.625%	4/22/2030		6,158		8,583,082
Jaguar Land Rover Automotive plc (United Kingdom)^†(e)	4.50%	10/1/2027		8,919		8,502,037
Jaguar Land Rover Automotive plc (United Kingdom)^†(e)	5.875%	1/15/2028		5,692		5,819,017
Winnebago Industries, Inc.^†	6.25%	7/15/2028		7,627		8,286,011
Total						142,129,009

See Notes to Financial Statements.

133

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banking 1.74%
Alliance Data Systems Corp.^†	4.75%		12/15/2024		$	14,317	$	14,764,406
Ally Financial, Inc.	4.70% (5 Yr Treasury CMT + 3.87%	)^#	–	^(l)		13,225		13,621,750
Credit Suisse Group AG (Switzerland)^†(e)	7.25% (5 Yr U.S. CMT + 4.33%	)^#	–	^(l)		10,437		11,647,640
Macquarie Bank Ltd. (United Kingdom)^†(e)	6.125% (5 Yr. Swap rate + 3.70%	)^#	–	^(l)		9,021		9,768,255
OneMain Finance Corp.	4.00%		9/15/2030			21,987		21,308,151
Popular, Inc.	6.125%		9/14/2023			2,829		3,043,297
Synovus Financial Corp. 5.90% (5 Yr. Swap rate + 3.38%)^#			2/7/2029			21,205		22,880,250
Texas Capital Bancshares, Inc.	4.00% (5 Yr Treasury CMT + 3.15%	)^#	5/6/2031			14,075		14,398,725
Texas Capital Bank NA	5.25%		1/31/2026			10,952		11,789,204
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)	6.50%		1/8/2026			7,500		7,636,440
Washington Mutual Bank^(m)	6.875%		6/15/2011			10,000		1,000	^(d)
Total								130,859,118

Beverages 0.10%
Triton Water Holdings, Inc.^†	6.25%		4/1/2029			7,201		7,229,444

Building & Construction 1.64%
Arcosa, Inc.^†	4.375%		4/15/2029			8,502		8,568,571
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada)^†(e)	4.875%		2/15/2030			8,270		8,145,578
Brundage-Bone Concrete Pumping Holdings, Inc.^†	6.00%		2/1/2026			8,102		8,395,981
Dycom Industries, Inc.^†	4.50%		4/15/2029			12,624		12,576,660
KB Home	4.80%		11/15/2029			6,773		7,280,975
New Home Co., Inc. (The)^†	7.25%		10/15/2025			8,056		8,609,487
Shea Homes LP^†	4.75%		4/1/2029			7,561		7,546,407
Shea Homes LP/Shea Homes Funding Corp.^†	4.75%		2/15/2028			8,228		8,272,267
Toll Brothers Finance Corp.	4.35%		2/15/2028			19,098		20,832,480
Tri Pointe Homes, Inc.	5.25%		6/1/2027			14,687		15,723,315
Tri Pointe Homes, Inc.	5.70%		6/15/2028			7,602		8,346,008
Weekley Homes LLC/Weekley Finance Corp.^†	4.875%		9/15/2028			8,150		8,480,034
Total								122,777,763

Building Materials 1.43%
BCPE Ulysses Intermediate, Inc. PIK 8.50%^†	7.75%		4/1/2027			10,663		11,076,404
Builders FirstSource, Inc.^†	5.00%		3/1/2030			6,880		7,173,432
Installed Building Products, Inc.^†	5.75%		2/1/2028			6,443		6,804,195
LBM Acquisition LLC^†	6.25%		1/15/2029			8,953		9,180,675

134	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Building Materials (continued)
Park River Holdings, Inc.^†(a)	6.75%	8/1/2029	$	9,720	$	9,738,954
Specialty Building Products Holdings LLC/SBP Finance Corp.^†	6.375%	9/30/2026		7,458		7,772,989
SRM Escrow Issuer LLC^†	6.00%	11/1/2028		8,333		8,694,527
Vertical Holdco GmbH (Germany)^†(e)	7.625%	7/15/2028		7,509		8,093,050
Vertical US Newco, Inc.^†	5.25%	7/15/2027		12,453		12,966,686
Victors Merger Corp.^†	6.375%	5/15/2029		10,040		9,988,043
White Cap Buyer LLC^†	6.875%	10/15/2028		8,143		8,581,623
White Cap Parent LLC PIK 8.25%^†	8.25%	3/15/2026		6,723		6,965,297
Total						107,035,875

Cable & Satellite Television 2.67%
Block Communications, Inc.^†	4.875%	3/1/2028		17,373		17,520,670
Cable One, Inc.^†	4.00%	11/15/2030		8,152		8,061,472
Cablevision Lightpath LLC^†	3.875%	9/15/2027		6,156		6,004,313
Cablevision Lightpath LLC^†	5.625%	9/15/2028		5,345		5,387,894
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%	3/1/2030		37,995		39,455,433
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.125%	5/1/2027		17,376		18,179,640
CSC Holdings LLC^†	5.75%	1/15/2030		16,813		17,571,014
DISH DBS Corp.	7.75%	7/1/2026		22,994		26,148,777
Radiate Holdco LLC/Radiate Finance, Inc.^†	4.50%	9/15/2026		7,833		7,928,758
Radiate Holdco LLC/Radiate Finance, Inc.^†	6.50%	9/15/2028		7,055		7,264,287
United Group BV^(h)	3.625%	2/15/2028	EUR	8,703		10,410,537
Virgin Media Secured Finance plc (United Kingdom)^†(e)	5.50%	5/15/2029	$	26,404		28,252,280
VTR Finance NV (Chile)^†(e)	6.375%	7/15/2028		7,370		7,788,247
Total						199,973,322

Chemicals 2.28%
Ashland LLC	6.875%	5/15/2043		6,343		8,035,281
Braskem Idesa SAPI (Mexico)^†(e)	7.45%	11/15/2029		2,411		2,555,660
CF Industries, Inc.	5.15%	3/15/2034		25,328		29,954,159
Chemours Co. (The)	5.375%	5/15/2027		12,004		12,937,191
Chemours Co. (The)^†	5.75%	11/15/2028		4,550		4,869,000
Compass Minerals International, Inc.^†	4.875%	7/15/2024		9,384		9,676,265
Element Solutions, Inc.^†	3.875%	9/1/2028		7,236		7,272,759
Herens Holdco Sarl (Luxembourg)^†(e)	4.75%	5/15/2028		8,162		8,194,403
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.^†	9.00%	7/1/2028		10,265		11,382,448
Ingevity Corp.^†	3.875%	11/1/2028		8,523		8,428,139
Minerals Technologies, Inc.^†	5.00%	7/1/2028		7,655		7,984,318

See Notes to Financial Statements.

135

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Chemicals (continued)
NOVA Chemicals Corp. (Canada)^†(e)	4.25%		5/15/2029		$	8,895	$	8,930,358
Rain CII Carbon LLC/CII Carbon Corp.^†	7.25%		4/1/2025			3,454		3,558,414
SCIH Salt Holdings, Inc.^†	6.625%		5/1/2029			7,440		7,393,500
Tianqi Finco Co. Ltd.	3.75%		11/28/2022			17,771		15,664,851
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (Luxembourg)^†(e)	5.125%		4/1/2029			11,533		11,854,655
Tronox, Inc.^†	4.625%		3/15/2029			7,741		7,938,783
Univar Solutions USA, Inc.^†	5.125%		12/1/2027			4,241		4,453,092
Total								171,083,276

Consumer/Commercial/Lease Financing 2.36%
Air Lease Corp.	4.65% (5 Yr Treasury CMT + 4.08%	)^#	–	^(l)		10,908		11,207,970
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.25%		4/15/2026			4,025		4,332,452
CIT Group, Inc.	6.125%		3/9/2028			6,097		7,392,795
Fortress Transportation and Infrastructure Investors LLC^†	5.50%		5/1/2028			8,835		9,188,400
Jerrold Finco plc^†(h)	5.25%		1/15/2027		GBP	6,766		9,946,010
Nationstar Mortgage Holdings, Inc.^†	5.125%		12/15/2030		$	6,474		6,255,697
Nationstar Mortgage Holdings, Inc.^†	5.50%		8/15/2028			10,453		10,374,132
Navient Corp.	6.125%		3/25/2024			17,659		18,950,138
Navient Corp.	6.75%		6/25/2025			25,699		28,272,112
Navient Corp.	6.75%		6/15/2026			10,548		11,630,541
OneMain Finance Corp.	5.375%		11/15/2029			14,410		15,362,069
PHH Mortgage Corp.^†	7.875%		3/15/2026			10,905		11,350,578
PRA Group, Inc.^†	7.375%		9/1/2025			7,368		7,966,097
Quicken Loans LLC^†	5.25%		1/15/2028			11,444		11,980,552
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^†	3.625%		3/1/2029			6,142		5,999,966
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^†	3.875%		3/1/2031			6,638		6,501,125
Total								176,710,634

Department Stores 0.56%
Macy’s Retail Holdings LLC	4.50%		12/15/2034			6,015		5,645,499
Macy’s Retail Holdings LLC^†	5.875%		4/1/2029			8,705		9,292,587
NMG Holding Co., Inc./Neiman Marcus Group LLC^†	7.125%		4/1/2026			8,159		8,623,043
Nordstrom, Inc.	4.00%		3/15/2027			8,276		8,508,685
Nordstrom, Inc.	4.375%		4/1/2030			9,409		9,665,619
Total								41,735,433

136	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Discount Stores 0.25%
Golden Goose SpA^†(h)	4.875% (3 Mo. EURIBOR + 4.88%	)^#	5/14/2027		EUR 7,875		$	9,513,857
Investment Energy Resources Ltd.^†	6.25%		4/26/2029		$	8,699		9,364,474
Total								18,878,331

Diversified Capital Goods 0.80%
Amsted Industries, Inc.^†	4.625%		5/15/2030			7,138		7,200,457
Amsted Industries, Inc.^†	5.625%		7/1/2027			8,381		8,836,178
EnerSys^†	4.375%		12/15/2027			6,862		7,117,095
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%	)^#	–	^(l)		13,792		13,282,386
GrafTech Finance, Inc.^†	4.625%		12/15/2028			6,607		6,783,704
Griffon Corp.	5.75%		3/1/2028			7,720		8,154,250
Stevens Holding Co., Inc.^†	6.125%		10/1/2026			8,298		8,906,119
Total								60,280,189

Electric: Generation 2.67%
Calpine Corp.^†	4.50%		2/15/2028			9,692		9,813,150
Calpine Corp.^†	4.625%		2/1/2029			8,037		7,858,458
Calpine Corp.^†	5.00%		2/1/2031			7,812		7,587,014
Clearway Energy Operating LLC^†	4.75%		3/15/2028			6,921		7,169,637
Coronado Finance Pty Ltd. (Australia)^†(e)	10.75%		5/15/2026			13,973		14,217,528
DPL, Inc.	4.125%		7/1/2025			9,353		10,007,710
Elwood Energy LLC	8.159%		7/5/2026			4,586		4,953,731
JSW Hydro Energy Ltd. (India)^†(e)	4.125%		5/18/2031			8,314		8,384,669
Mong Duong Finance Holdings BV (Vietnam)^†(e)	5.125%		5/7/2029			8,758		8,726,603
NextEra Energy Operating Partners LP^†	4.50%		9/15/2027			16,992		18,501,739
NRG Energy, Inc.^†	5.25%		6/15/2029			6,743		7,097,480
NRG Energy, Inc.	5.75%		1/15/2028			26,566		28,191,308
NSG Holdings LLC/NSG Holdings, Inc.^†	7.75%		12/15/2025			7,081		7,603,432
Pattern Energy Operations LP/Pattern Energy Operations, Inc.^†	4.50%		8/15/2028			16,419		16,829,065
Talen Energy Supply LLC	6.50%		6/1/2025			17,128		14,451,750
TerraForm Power Operating LLC^†	4.75%		1/15/2030			13,087		13,394,937
TerraForm Power Operating LLC^†	5.00%		1/31/2028			6,161		6,490,305
YPF Energia Electrica SA (Argentina)^†(e)	10.00%		7/25/2026			10,208		8,643,726
Total								199,922,242

Electric: Integrated 0.16%
HAT Holdings I LLC/HAT Holdings II LLC^†	3.75%		9/15/2030			12,765		12,324,990

See Notes to Financial Statements.

137

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electronics 0.66%
Atkore, Inc.^†	4.25%	6/1/2031	$	4,391	$	4,360,043
Austin BidCo, Inc.^†	7.125%	12/15/2028		8,421		8,431,695
Hightower Holding LLC^†	6.75%	4/15/2029		5,470		5,559,517
ON Semiconductor Corp.^†	3.875%	9/1/2028		8,399		8,543,295
Qorvo, Inc.	4.375%	10/15/2029		6,391		6,976,543
Synaptics, Inc.^†	4.00%	6/15/2029		7,452		7,404,344
TTM Technologies, Inc.^†	4.00%	3/1/2029		8,677		8,598,734
Total						49,874,171

Energy: Exploration & Production 11.24%
Aethon United BR LP/Aethon United Finance Corp.^†	8.25%	2/15/2026		15,246		16,351,335
Antero Resources Corp.^†	7.625%	2/1/2029		8,761		9,649,716
Antero Resources Corp.^†	8.375%	7/15/2026		5,996		6,765,407
Apache Corp.	4.375%	10/15/2028		22,449		23,060,540
Apache Corp.	4.625%	11/15/2025		12,920		13,727,500
Apache Corp.	4.75%	4/15/2043		16,923		16,758,678
Apache Corp.	5.10%	9/1/2040		14,777		15,269,148
Berry Petroleum Co. LLC^†	7.00%	2/15/2026		7,192		7,129,142
California Resources Corp.^†	7.125%	2/1/2026		12,772		13,234,985
Callon Petroleum Co.	6.125%	10/1/2024		5,101		4,712,457
Callon Petroleum Co.	6.375%	7/1/2026		9,172		8,234,759
Callon Petroleum Co.^†	9.00%	4/1/2025		17,295		18,224,001
Centennial Resource Production LLC^†	5.375%	1/15/2026		31,888		30,991,150
Centennial Resource Production LLC^†	6.875%	4/1/2027		14,218		14,230,085
CNX Resources Corp.^†	6.00%	1/15/2029		8,198		8,762,965
Colgate Energy Partners III LLC^†	7.75%	2/15/2026		8,654		8,861,912
Comstock Resources, Inc.^†	6.75%	3/1/2029		8,634		9,035,049
Continental Resources, Inc.^†	5.75%	1/15/2031		25,289		29,711,793
CrownRock LP/CrownRock Finance, Inc.^†	5.00%	5/1/2029		8,523		8,777,923
Diamondback Energy, Inc.	3.50%	12/1/2029		8,540		9,059,052
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.75%	1/30/2028		13,223		14,015,454
EQT Corp.	5.00%	1/15/2029		8,097		8,997,751
EQT Corp.	7.625%	2/1/2025		24,287		28,396,239
EQT Corp.	8.50%	2/1/2030		9,609		12,505,681
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		8,644		8,885,168
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.00%	2/1/2031		8,362		8,664,119
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		10,280		10,806,850
Independence Energy Finance LLC^†	7.25%	5/1/2026		10,498		10,648,646

138	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
Indigo Natural Resources LLC^†	5.375%	2/1/2029	$	11,282	$	11,328,369
Kosmos Energy Ltd.^†	7.50%	3/1/2028		13,169		12,688,002
Laredo Petroleum, Inc.	10.125%	1/15/2028		23,524		25,142,569
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.^†	6.00%	8/1/2026		28,287		29,237,585
Matador Resources Co.	5.875%	9/15/2026		30,905		31,059,525
MEG Energy Corp. (Canada)^†(e)	5.875%	2/1/2029		13,947		14,542,467
MEG Energy Corp. (Canada)^†(e)	7.125%	2/1/2027		29,625		31,810,140
Murphy Oil Corp.	5.875%	12/1/2027		27,356		28,317,290
Murphy Oil Corp.	6.375%	7/15/2028		8,096		8,512,296
Oasis Petroleum, Inc.^†(a)	6.375%	6/1/2026		7,293		7,420,627
Occidental Petroleum Corp.	3.50%	8/15/2029		11,666		10,952,799
Occidental Petroleum Corp.	4.40%	8/15/2049		5,123		4,310,825
Occidental Petroleum Corp.	6.125%	1/1/2031		46,256		51,366,363
Occidental Petroleum Corp.	6.45%	9/15/2036		12,879		14,525,709
Occidental Petroleum Corp.	6.625%	9/1/2030		4,222		4,843,943
Occidental Petroleum Corp.	7.50%	5/1/2031		3,439		4,099,615
Ovintiv, Inc.	6.50%	8/15/2034		13,838		18,326,206
Ovintiv, Inc.	6.50%	2/1/2038		13,750		18,029,357
Range Resources Corp.	4.875%	5/15/2025		14,259		14,526,356
Range Resources Corp.	5.00%	3/15/2023		8,708		8,969,240
Range Resources Corp.^†	8.25%	1/15/2029		8,033		8,968,162
Rattler Midstream LP^†	5.625%	7/15/2025		7,857		8,188,998
SM Energy Co.	5.625%	6/1/2025		8,718		8,360,998
SM Energy Co.	6.625%	1/15/2027		8,583		8,613,212
SM Energy Co.	6.75%	9/15/2026		22,725		22,707,956
Southwestern Energy Co.	6.45%	1/23/2025		10,561		11,579,820
Southwestern Energy Co.	8.375%	9/15/2028		15,515		17,211,410
Tullow Oil plc (United Kingdom)^†(e)	10.25%	5/15/2026		11,907		12,249,326
Viper Energy Partners LP^†	5.375%	11/1/2027		19,033		19,818,111
Total						843,174,781

Environmental 0.21%
Great Lakes Dredge & Dock Corp.^†	5.25%	6/1/2029		7,063		7,204,260
Solaris Midstream Holdings LLC^†	7.625%	4/1/2026		8,402		8,801,263
Total						16,005,523

See Notes to Financial Statements.

139

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Food & Drug Retailers 0.48%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	4.875%	2/15/2030	$	8,236	$	8,594,636
Rite Aid Corp.^†	7.50%	7/1/2025		7,836		8,139,998
Rite Aid Corp.^†	8.00%	11/15/2026		18,784		19,543,719
Total						36,278,353

Food: Wholesale 2.58%
Arcor SAIC (Argentina)^†(e)	6.00%	7/6/2023		8,002		7,936,384
Central Garden & Pet Co.	4.125%	10/15/2030		7,554		7,715,089
Chobani LLC/Chobani Finance Corp., Inc.^†	4.625%	11/15/2028		10,105		10,430,131
HLF Financing Sarl LLC/Herbalife International, Inc.^†	4.875%	6/1/2029		14,808		14,839,837
JBS USA LUX SA/JBS USA Finance, Inc.^†	6.75%	2/15/2028		6,879		7,534,225
Kraft Heinz Foods Co.	4.375%	6/1/2046		43,764		47,005,034
Kraft Heinz Foods Co.	4.875%	10/1/2049		35,462		40,753,992
Kraft Heinz Foods Co.	5.00%	6/4/2042		5,380		6,261,901
PCF GmbH^(h)	4.75%	4/15/2026	EUR	3,722		4,595,527
PetSmart, Inc./PetSmart Finance Corp.^†	4.75%	2/15/2028	$	10,410		10,794,650
PetSmart, Inc./Petsmart Finance Corp.^†	7.75%	2/15/2029		8,708		9,597,849
SEG Holding LLC/SEG Finance Corp.^†	5.625%	10/15/2028		8,121		8,512,838
Tonon Luxembourg SA PIK 6.50% (Luxembourg)^†(e)	6.50%	10/31/2024		1,854		834
Ulker Biskuvi Sanayi AS (Turkey)^†(e)	6.95%	10/30/2025		15,879		17,242,371
Total						193,220,662

Forestry/Paper 0.11%
Resolute Forest Products, Inc. (Canada)^†(e)	4.875%	3/1/2026		8,309		8,527,319

Gaming 4.19%
Affinity Gaming^†	6.875%	12/15/2027		12,779		13,591,680
Boyd Gaming Corp.	4.75%	12/1/2027		12,132		12,419,468
Boyd Gaming Corp.^†(a)	4.75%	6/15/2031		6,074		6,151,747
Buena Vista Gaming Authority^†	13.00%	4/1/2023		14,440		15,576,284
Caesars Entertainment, Inc.^†	8.125%	7/1/2027		22,982		25,537,254
Caesars Resort Collection LLC/CRC Finco, Inc.^†	5.75%	7/1/2025		7,681		8,065,204
CCM Merger, Inc.^†	6.375%	5/1/2026		8,488		8,973,811
Churchill Downs, Inc.^†	4.75%	1/15/2028		20,364		21,003,430
Full House Resorts, Inc.^†	8.25%	2/15/2028		15,554		16,922,208
International Game Technology plc^†	5.25%	1/15/2029		10,996		11,712,444
Melco Resorts Finance Ltd. (Hong Kong)^†(e)	5.75%	7/21/2028		12,247		13,079,796
MGM Resorts International	4.625%	9/1/2026		17,981		18,943,883

140	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Gaming (continued)
MGM Resorts International	5.50%		4/15/2027		$	9,882	$	10,746,082
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.^†	4.875%		5/1/2029			8,689		8,714,198
Mohegan Gaming & Entertainment^†	8.00%		2/1/2026			19,309		19,767,782
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In^†	8.50%		11/15/2027			7,462		7,990,160
Penn National Gaming, Inc.^†	5.625%		1/15/2027			8,092		8,417,946
Scientific Games International, Inc.^†	7.25%		11/15/2029			13,193		14,628,398
Scientific Games International, Inc.^†	8.625%		7/1/2025			3,694		4,032,555
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.^†	5.875%		5/15/2025			16,508		16,238,012
Twin River Worldwide Holdings, Inc.^†	6.75%		6/1/2027			8,493		9,042,412
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.25%		5/15/2027			22,095		23,393,081
Wynn Macau Ltd. (Macau)^†(e)	5.125%		12/15/2029			15,921		16,475,528
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^†	5.125%		10/1/2029			2,643		2,741,438
Total								314,164,801

Gas Distribution 1.73%
Antero Midstream Partners LP/Antero Midstream Finance Corp.^†(a)	5.375%		6/15/2029			7,460		7,562,239
Antero Midstream Partners LP/Antero Midstream Finance Corp.^†	7.875%		5/15/2026			10,439		11,587,290
Buckeye Partners LP	3.95%		12/1/2026			12,394		12,595,402
Buckeye Partners LP	4.125%		12/1/2027			9,654		9,632,761
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078			17,697		14,736,646
New Fortress Energy, Inc.^†	6.75%		9/15/2025			8,242		8,375,520
Northriver Midstream Finance LP (Canada)^†(e)	5.625%		2/15/2026			14,046		14,454,739
Plains All American Pipeline LP	6.125% (3 Mo. LIBOR + 4.11%	)^#	–	^(l)		8,854		7,680,845
Targa Resources Partners LP/Targa Resources Partners Finance Corp.^†	4.875%		2/1/2031			6,899		7,231,290
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.00%		1/15/2028			7,164		7,503,502
Western Midstream Operating LP	5.30%		2/1/2030			21,385		23,603,694
Western Midstream Operating LP	6.50%		2/1/2050			4,052		4,517,717
Total								129,481,645

See Notes to Financial Statements.

141

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Facilities 1.99%
Acadia Healthcare Co., Inc.^†	5.00%	4/15/2029	$	6,960	$	7,239,340
CHS/Community Health Systems, Inc.^†	6.125%	4/1/2030		9,000		8,974,395
Encompass Health Corp.	4.50%	2/1/2028		14,101		14,576,909
HCA, Inc.	5.50%	6/15/2047		10,057		12,655,740
HCA, Inc.	5.875%	2/1/2029		19,844		23,316,700
HCA, Inc.	7.50%	12/15/2023		5,647		6,494,191
HCA, Inc.	7.69%	6/15/2025		3,765		4,605,894
HCA, Inc.	8.36%	4/15/2024		12,701		15,018,932
Legacy LifePoint Health LLC^†	4.375%	2/15/2027		7,537		7,518,723
Rede D’or Finance Sarl (Luxembourg)^†(e)	4.95%	1/17/2028		6,824		7,216,380
Tenet Healthcare Corp.^†	6.125%	10/1/2028		21,037		22,045,829
Tenet Healthcare Corp.^†	6.25%	2/1/2027		10,026		10,464,688
US Acute Care Solutions LLC^†	6.375%	3/1/2026		8,569		8,837,252
Total						148,964,973

Health Services 1.64%
Air Methods Corp.^†	8.00%	5/15/2025		16,742		15,695,625
Akumin, Inc.^†	7.00%	11/1/2025		11,024		11,422,848
Boyne USA, Inc.^†	4.75%	5/15/2029		5,913		6,120,546
Charles River Laboratories International, Inc.^†	4.25%	5/1/2028		6,503		6,681,832
DaVita, Inc.^†	3.75%	2/15/2031		12,756		12,246,717
Global Medical Response, Inc.^†	6.50%	10/1/2025		14,974		15,404,952
ModivCare, Inc.^†	5.875%	11/15/2025		8,365		8,849,501
Owens & Minor, Inc.^†	4.50%	3/31/2029		9,443		9,525,012
Radiology Partners, Inc.^†	9.25%	2/1/2028		12,320		13,541,836
RP Escrow Issuer LLC^†	5.25%	12/15/2025		3,524		3,647,252
Team Health Holdings, Inc.^†	6.375%	2/1/2025		9,627		8,965,144
US Renal Care, Inc.^†	10.625%	7/15/2027		10,650		11,122,221
Total						123,223,486

Hotels 0.86%
Genting New York LLC / GENNY Capital, Inc.^†	3.30%	2/15/2026		9,360		9,385,233
Hilton Domestic Operating Co., Inc.	4.875%	1/15/2030		7,085		7,548,005
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		14,365		15,352,594
Resorts World Las Vegas LLC/RWLV Capital, Inc.^†	4.625%	4/6/2031		10,700		10,862,671
Travel + Leisure Co.	6.00%	4/1/2027		3,855		4,280,457
Travel + Leisure Co.^†	6.625%	7/31/2026		15,168		17,388,444
Total						64,817,404

142	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Insurance Brokerage 0.37%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^†	6.75%	10/15/2027	$	7,618	$	7,884,249
Ardonagh Midco 2 plc PIK 12.75% (United Kingdom)^†(e)	11.50%	1/15/2027		11,218		11,632,401
Coty, Inc.^†	5.00%	4/15/2026		8,326		8,458,633
Total						27,975,283

Integrated Energy 0.42%
Cenovus Energy, Inc. (Canada)^(e)	5.40%	6/15/2047		13,004		15,297,532
Occidental Petroleum Corp.	4.10%	2/15/2047		9,791		7,871,474
Renewable Energy Group, Inc.^†	5.875%	6/1/2028		7,970		8,304,780
Total						31,473,786

Investments & Miscellaneous Financial Services 0.94%
Advisor Group Holdings, Inc.^†	10.75%	8/1/2027		8,113		9,069,807
AG Issuer LLC^†	6.25%	3/1/2028		11,113		11,558,687
Compass Group Diversified Holdings LLC^†	5.25%	4/15/2029		7,443		7,692,229
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%	9/15/2024		11,834		11,695,119
Midcap Financial Issuer Trust^†	6.50%	5/1/2028		8,515		8,918,355
MSCI, Inc.^†	3.875%	2/15/2031		7,015		7,137,762
PCF GmbH^†(h)	4.75%	4/15/2026	EUR	3,666		4,526,384
Sofima Holding SPA^†(h)	3.75%	1/15/2028	EUR	4,617		5,650,947
United Airlines, Inc.^†	4.375%	4/15/2026	$	4,411		4,576,479
Total						70,825,769

Machinery 0.64%
Alta Equipment Group, Inc.^†	5.625%	4/15/2026		9,405		9,675,488
ATS Automation Tooling Systems, Inc. (Canada)^†(e)	4.125%	12/15/2028		7,062		7,111,293
Mueller Water Products, Inc.^†	4.00%	6/15/2029		13,114		13,392,672
Park-Ohio Industries, Inc.	6.625%	4/15/2027		6,854		7,029,874
Terex Corp.^†	5.00%	5/15/2029		10,158		10,577,830
Total						47,787,157

Managed Care 0.99%
Centene Corp.	2.50%	3/1/2031		13,395		12,851,900
Centene Corp.	3.00%	10/15/2030		11,015		11,033,450
Centene Corp.	3.375%	2/15/2030		16,584		16,771,897
Centene Corp.	4.625%	12/15/2029		15,930		17,218,179
Molina Healthcare, Inc.^†	3.875%	11/15/2030		16,178		16,521,297
Total						74,396,723

See Notes to Financial Statements.

143

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media: Content 3.20%
Banijay Entertainment SASU (France)^†(e)	5.375%	3/1/2025	$	7,750	$	7,966,264
Belo Corp.	7.25%	9/15/2027		11,082		12,930,976
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%	8/15/2026		25,030		18,553,237
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	6.625%	8/15/2027		14,231		8,161,905
Gray Television, Inc.^†	7.00%	5/15/2027		7,011		7,596,384
iHeartCommunications, Inc.^†	4.75%	1/15/2028		8,225		8,413,723
Lions Gate Capital Holdings LLC^†	5.50%	4/15/2029		7,282		7,551,361
Netflix, Inc.^(h)	3.625%	5/15/2027	EUR	21,266		29,798,079
Netflix, Inc.^†(h)	3.625%	6/15/2030	EUR	11,539		16,675,252
Netflix, Inc.^(h)	3.875%	11/15/2029	EUR	3,771		5,510,055
Netflix, Inc.^†(h)	3.875%	11/15/2029	EUR	8,134		11,885,119
Netflix, Inc.^(h)	4.625%	5/15/2029	EUR	31,656		48,168,275
Netflix, Inc.^†	4.875%	6/15/2030	$	26,288		30,329,780
Nexstar Broadcasting, Inc.^†	5.625%	7/15/2027		16,847		17,836,761
Playtika Holding Corp. (Israel)^†(e)	4.25%	3/15/2029		8,627		8,516,273
Total						239,893,444

Media: Diversified 0.35%
Entercom Media Corp.^†	6.50%	5/1/2027		8,522		8,716,088
National CineMedia LLC^†	5.875%	4/15/2028		8,800		8,405,144
Urban One, Inc.^†	7.375%	2/1/2028		8,340		8,842,819
Total						25,964,051

Metals/Mining (Excluding Steel) 4.03%
Alcoa Nederland Holding BV (Netherlands)^†(e)	4.125%	3/31/2029		11,236		11,510,327
Alcoa Nederland Holding BV (Netherlands)^†(e)	5.50%	12/15/2027		8,837		9,587,836
Arconic Corp.^†	6.125%	2/15/2028		7,769		8,279,812
Century Aluminum Co.^†	7.50%	4/1/2028		7,609		8,079,807
Cleveland-Cliffs, Inc.^†	4.625%	3/1/2029		7,112		7,329,876
Cleveland-Cliffs, Inc.^†	4.875%	3/1/2031		8,487		8,688,481
Cleveland-Cliffs, Inc.	5.875%	6/1/2027		7,862		8,245,272
Coeur Mining, Inc.^†	5.125%	2/15/2029		12,667		12,461,288
Compass Minerals International, Inc.^†	6.75%	12/1/2027		11,682		12,543,839
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	4.375%	4/1/2031		6,977		7,298,291
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	4.50%	9/15/2027		33,802		36,775,562
Freeport-McMoRan, Inc.	4.25%	3/1/2030		27,788		29,944,766
Freeport-McMoRan, Inc.	4.375%	8/1/2028		6,504		6,878,956

144	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Metals/Mining (Excluding Steel) (continued)
Freeport-McMoRan, Inc.	5.25%	9/1/2029	$	22,564	$	25,111,814
Freeport-McMoRan, Inc.	5.45%	3/15/2043		8,972		10,844,905
Hecla Mining Co.	7.25%	2/15/2028		18,297		20,104,103
Hudbay Minerals, Inc. (Canada)^†(e)	4.50%	4/1/2026		10,489		10,422,709
Hudbay Minerals, Inc. (Canada)^†(e)	6.125%	4/1/2029		9,655		10,125,633
Kaiser Aluminum Corp.^†	4.625%	3/1/2028		8,379		8,570,460
Mirabela Nickel Ltd. (Australia)^(e)	1.00%	9/10/2044		51		5	^(d)
Nexa Resources SA (Brazil)^†(e)	5.375%	5/4/2027		13,463		14,031,812
Novelis Sheet Ingot GmbH^(h)	3.375%	4/15/2029	EUR	2,168		2,737,277
Novelis Sheet Ingot GmbH^†(h)	3.375%	4/15/2029	EUR	4,801		6,061,655
Vedanta Resources Finance II plc (United Kingdom)^†(e)	8.95%	3/11/2025	$	9,923		9,876,213
Warrior Met Coal, Inc.^†	8.00%	11/1/2024		16,387		16,727,522
Total						302,238,221

Oil Field Equipment & Services 1.71%
CGG SA (France)^†(e)	8.75%	4/1/2027		6,863		6,871,991
Nabors Industries Ltd.^†	7.25%	1/15/2026		14,048		12,240,936
Nabors Industries, Inc.	5.75%	2/1/2025		9,458		7,882,392
Oceaneering International, Inc.	4.65%	11/15/2024		11,441		11,497,175
Oceaneering International, Inc.	6.00%	2/1/2028		16,681		16,634,960
Patterson-UTI Energy, Inc.	3.95%	2/1/2028		12,862		12,784,857
Precision Drilling Corp. (Canada)^†(e)	7.125%	1/15/2026		18,960		19,219,657
Precision Drilling Corp. (Canada)^(e)	7.75%	12/15/2023		3,240		3,278,070
TechnipFMC plc (United Kingdom)^†(e)	6.50%	2/1/2026		8,390		9,034,124
Transocean Guardian Ltd.^†	5.875%	1/15/2024		17,330		16,138,935
Transocean Proteus Ltd.^†	6.25%	12/1/2024		5,846		5,807,335
USA Compression Partners LP/USA Compression Finance Corp.	6.875%	9/1/2027		6,383		6,715,107
Total						128,105,539

Oil Refining & Marketing 0.24%
Delek Logistics Partners LP/Delek Logistics Finance Corp.^†	7.125%	6/1/2028		7,247		7,491,586
Oasis Midstream Partners LP/OMP Finance Corp.^†	8.00%	4/1/2029		10,115		10,734,544
Total						18,226,130

See Notes to Financial Statements.

145

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Packaging 0.87%
Ball Corp.	2.875%	8/15/2030	$	17,505	$	16,739,156
CANPACK SA/Eastern PA Land Investment Holding LLC (Poland)^†(e)	3.125%	11/1/2025		8,000		8,109,600
Intertape Polymer Group, Inc. (Canada)^†(a)(e)	4.375%	6/15/2029		11,735		11,867,019
Pactiv LLC	7.95%	12/15/2025		9,754		10,851,325
Sealed Air Corp.^†	6.875%	7/15/2033		11,508		14,636,162
Silgan Holdings, Inc.	4.125%	2/1/2028		2,888		2,990,842
Total						65,194,104

Personal & Household Products 1.02%
Coty, Inc.^†	6.50%	4/15/2026		6,970		6,942,956
Entegris, Inc.^†	3.625%	5/1/2029		11,060		11,101,751
Mattel, Inc.	5.45%	11/1/2041		9,276		10,522,555
Mattel, Inc.^†	5.875%	12/15/2027		5,955		6,543,622
Newell Brands, Inc.	5.875%	4/1/2036		17,651		21,990,587
Tempur Sealy International, Inc.^†	4.00%	4/15/2029		9,475		9,505,889
Vista Outdoor, Inc.^†	4.50%	3/15/2029		10,181		10,143,178
Total						76,750,538

Pharmaceuticals 0.58%
Endo Dac/Endo Finance LLC/Endo Finco, Inc. (Ireland)^†(e)	6.00%	6/30/2028		9,982		6,901,106
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc. (Luxembourg)^†(e)	6.125%	4/1/2029		7,275		7,184,062
Horizon Therapeutics USA, Inc.^†	5.50%	8/1/2027		20,544		21,847,517
Jazz Securities DAC (Ireland)^†(e)	4.375%	1/15/2029		7,621		7,847,648
Total						43,780,333

Rail 0.11%
Watco Cos LLC/Watco Finance Corp.^†	6.50%	6/15/2027		7,956		8,435,588

Real Estate Development & Management 0.95%
Canary Wharf Group Investment Holdings plc^†(h)	3.375%	4/23/2028	GBP	9,006		12,777,875
Forestar Group, Inc.^†	3.85%	5/15/2026	$	6,993		7,053,175
Forestar Group, Inc.^†	5.00%	3/1/2028		14,864		15,456,256
Howard Hughes Corp. (The)^†	5.375%	8/1/2028		6,370		6,716,369
Hunt Cos., Inc.^†	5.25%	4/15/2029		12,833		12,364,275
Kennedy-Wilson, Inc.	4.75%	3/1/2029		5,827		5,977,686
Kennedy-Wilson, Inc.	5.00%	3/1/2031		3,327		3,407,347
Vivion Investments Sarl^(h)	3.00%	8/8/2024	EUR	6,300		7,635,823
Total						71,388,806

146	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts 0.90%
EPR Properties	3.75%	8/15/2029	$	8,216	$	8,037,406
EPR Properties	4.50%	4/1/2025		8,741		9,224,575
IIP Operating Partnership LP^†	5.50%	5/25/2026		10,342		10,698,403
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.25%	2/1/2027		17,304		16,973,580
Outfront Media Capital LLC / Outfront Media Capital Corp.^†	4.25%	1/15/2029		8,565		8,498,086
Tanger Properties LP	3.875%	7/15/2027		6,707		7,175,334
XHR LP^†	4.875%	6/1/2029		6,766		6,884,743
Total						67,492,127

Recreation & Travel 2.60%
Carnival Corp.^†	5.75%	3/1/2027		8,624		9,173,780
Carnival Corp.^†	7.625%	3/1/2026		5,389		5,907,691
Carnival Corp.^†	9.875%	8/1/2027		12,515		14,692,923
Carnival Corp.^†	11.50%	4/1/2023		21,336		24,439,748
Cedar Fair LP	5.25%	7/15/2029		6,403		6,530,259
eDreams ODIGEO SA^(h)	5.50%	9/1/2023	EUR	10,907		13,248,999
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc^†(a)	5.00%	6/1/2029	$	11,292		11,419,035
Inter Media & Communication SpA^†(h)	4.875%	12/31/2022	EUR	3,311		4,040,828
Merlin Entertainments Ltd. (United Kingdom)^†(e)	5.75%	6/15/2026	$	6,691		7,060,745
NCL Corp. Ltd.^†	3.625%	12/15/2024		8,769		8,391,670
NCL Corp. Ltd.^†	12.25%	5/15/2024		6,971		8,451,954
NCL Finance Ltd.^†	6.125%	3/15/2028		6,062		6,327,637
Pinnacle Bidco plc^(h)	6.375%	2/15/2025	GBP	6,558		9,444,156
Royal Caribbean Cruises Ltd.	3.70%	3/15/2028	$	16,611		15,991,825
Royal Caribbean Cruises Ltd.^†	9.125%	6/15/2023		11,807		13,075,662
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025		5,655		6,553,184
TUI Cruises GmbH^†(h)	6.50%	5/15/2026	EUR	2,546		3,234,232
TUI Cruises GmbH^(h)	6.50%	5/15/2026	EUR	4,500		5,716,436
Viking Cruises Ltd.^†	13.00%	5/15/2025	$	4,105		4,802,604
VOC Escrow Ltd.^†	5.00%	2/15/2028		16,646		16,772,676
Total						195,276,044

Restaurants 0.94%
1011778 BC ULC/New Red Finance, Inc. (Canada)^†(e)	4.375%	1/15/2028		6,613		6,711,137
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC^†	5.125%	4/15/2029		8,297		8,515,294
CEC Entertainment LLC^†	6.75%	5/1/2026		7,596		7,681,379

See Notes to Financial Statements.

147

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Restaurants (continued)
Stonegate Pub Co. Financing 2019 plc^(h)	8.00%	7/13/2025	GBP	2,959	$	4,381,724
Stonegate Pub Co. Financing 2019 plc^(h)	8.25%	7/31/2025	GBP	17,379		26,012,132
Wendy’s International LLC	7.00%	12/15/2025	$	8,091		9,054,355
Yum! Brands, Inc.	5.35%	11/1/2043		7,487		7,767,762
Total						70,123,783

Software/Services 2.77%
Avaya, Inc.^†	6.125%	9/15/2028		9,212		9,793,554
Castle US Holding Corp.^†	9.50%	2/15/2028		8,793		9,117,901
Crowdstrike Holdings, Inc.	3.00%	2/15/2029		26,752		26,285,445
Encino Acquisition Partners Holdings LLC^†	8.50%	5/1/2028		16,201		16,253,977
Fair Isaac Corp.^†	4.00%	6/15/2028		14,460		14,713,050
Fair Isaac Corp.^†	5.25%	5/15/2026		9,983		11,193,439
GrubHub Holdings, Inc.^†	5.50%	7/1/2027		19,669		20,726,602
LogMeIn, Inc.^†	5.50%	9/1/2027		14,205		14,663,608
Match Group Holdings II LLC^†	4.125%	8/1/2030		13,065		13,011,434
PTC, Inc.^†	4.00%	2/15/2028		7,121		7,289,625
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.^†	4.625%	11/1/2026		11,645		12,208,734
Twilio, Inc.	3.625%	3/15/2029		21,359		21,512,358
Twilio, Inc.	3.875%	3/15/2031		13,138		13,326,071
Veritas US, Inc./Veritas Bermuda Ltd.^†	7.50%	9/1/2025		7,730		8,010,213
Veritas US, Inc./Veritas Bermuda Ltd.^†	10.50%	2/1/2024		9,316		9,585,465
Total						207,691,476

Specialty Retail 4.15%
Ahead DB Holdings LLC^†	6.625%	5/1/2028		8,362		8,477,688
Asbury Automotive Group, Inc.	4.50%	3/1/2028		7,210		7,439,242
B2W Digital Lux Sarl (Luxembourg)^†(e)	4.375%	12/20/2030		8,208		8,189,122
BK LC Lux Finco1 Sarl^†(h)	5.25%	4/30/2029	EUR	1,361		1,694,524
BK LC Lux Finco1 Sarl^(h)	5.25%	4/30/2029	EUR	6,000		7,470,349
Carvana Co.^†	5.50%	4/15/2027	$	9,044		9,341,593
Carvana Co.^†	5.625%	10/1/2025		4,922		5,076,354
Carvana Co.^†	5.875%	10/1/2028		5,626		5,908,594
Crocs, Inc.^†	4.25%	3/15/2029		11,906		12,052,087
Douglas GmbH^(h)	6.00%	4/8/2026	EUR	7,453		9,173,364
Dutch Lion BV PIK 12.00%^(h)	11.25%	6/15/2020	EUR	9,153		1,116	^(d)
Gap, Inc. (The)^†	8.875%	5/15/2027	$	7,145		8,309,028
Goldstory SASU^†(h)	5.375%	3/1/2026	EUR	2,290		2,852,272

148	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
Goldstory SASU^(h)	5.375%	3/1/2026	EUR	5,000	$	6,227,669
Group 1 Automotive, Inc.^†	4.00%	8/15/2028	$	8,136		8,198,159
Guitar Center, Inc.^†	8.50%	1/15/2026		11,915		12,645,270
Ken Garff Automotive LLC^†	4.875%	9/15/2028		8,212		8,196,602
L Brands, Inc.^†	6.625%	10/1/2030		15,486		17,721,791
L Brands, Inc.	6.875%	11/1/2035		15,920		19,204,853
LCM Investments Holdings II LLC^†	4.875%	5/1/2029		8,710		8,956,101
Levi Strauss & Co.^†	3.50%	3/1/2031		8,715		8,594,036
Lithia Motors, Inc.^†	3.875%	6/1/2029		9,027		9,285,262
Lithia Motors, Inc.^†	4.625%	12/15/2027		11,709		12,349,775
Magic Mergeco, Inc.^†	7.875%	5/1/2029		11,737		12,006,834
Maxeda DIY Holding BV^†(h)	5.875%	10/1/2026	EUR	4,917		6,167,203
Maxeda DIY Holding BV^(h)	5.875%	10/1/2026	EUR	7,000		8,779,829
MercadoLibre, Inc. (Argentina)^(e)	2.375%	1/14/2026	$	13,203		13,229,406
Metis Merger Sub LLC^†	6.50%	5/15/2029		11,793		11,629,844
Murphy Oil USA, Inc.	4.75%	9/15/2029		7,964		8,332,415
Park River Holdings, Inc.^†	5.625%	2/1/2029		8,488		8,138,634
Party City Holdings, Inc.^†	6.625%	8/1/2026		11,500		9,976,250
Party City Holdings, Inc.^†	8.75%	2/15/2026		11,577		12,271,620
Rent-A-Center, Inc.^†	6.375%	2/15/2029		9,636		10,338,802
Tapestry, Inc.	4.125%	7/15/2027		7,048		7,711,045
William Carter Co. (The)^†	5.625%	3/15/2027		4,904		5,143,340
Total						311,090,073

Steel Producers/Products 0.36%
U.S. Steel Corp.	6.65%	6/1/2037		10,600		10,955,630
U.S. Steel Corp.	6.875%	3/1/2029		15,006		15,740,769
Total						26,696,399

Support: Services 3.24%
Ahern Rentals, Inc.^†	7.375%	5/15/2023		9,694		8,806,320
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl (Luxembourg)^†(e)	4.625%	6/1/2028		11,753		11,732,628
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.^†	5.75%	7/15/2027		6,340		6,649,075
Garda World Security Corp. (Canada)^†(e)	4.625%	2/15/2027		8,112		8,101,982
H&E Equipment Services, Inc.^†	3.875%	12/15/2028		10,963		10,618,652
Hertz Corp. (The)^†(m)	6.00%	1/15/2028		15,517		16,583,794
House of HR^(h)	7.50%	1/15/2027	EUR	3,000		3,901,551

See Notes to Financial Statements.

149

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Support: Services (continued)
House of HR^†(h)	7.50%	1/15/2027	EUR	3,226	$	4,195,468
IPD 3 BV^†(h)	5.50%	12/1/2025	EUR	3,425		4,344,691
IPD 3 BV^(h)	5.50%	12/1/2025	EUR	3,500		4,439,830
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.^†	5.00%	2/1/2026	$	8,279		8,579,114
MasTec, Inc.^†	4.50%	8/15/2028		10,806		11,308,047
NESCO Holdings II, Inc.^†	5.50%	4/15/2029		8,597		8,876,488
Pike Corp.^†	5.50%	9/1/2028		10,685		10,938,662
Presidio Holdings, Inc.^†	4.875%	2/1/2027		8,019		8,249,586
Presidio Holdings, Inc.^†	8.25%	2/1/2028		6,613		7,232,572
Prime Security Services Borrower LLC/Prime Finance, Inc.^†	3.375%	8/31/2027		8,463		8,139,290
Promontoria Holding 264 BV^(h)	6.75%	8/15/2023	EUR	7,633		9,207,877
Sabre GLBL, Inc.^†	7.375%	9/1/2025	$	7,804		8,418,565
Sabre GLBL, Inc.^†	9.25%	4/15/2025		10,290		12,052,162
Summer BC Holdco A Sarl^(h)	9.25%	10/31/2027	EUR	6,317		8,214,663
TMS International Corp/DE^†	6.25%	4/15/2029	$	8,373		8,718,386
Uber Technologies, Inc.^†	6.25%	1/15/2028		9,610		10,378,800
United Rentals North America, Inc.	4.00%	7/15/2030		7,304		7,450,007
United Rentals North America, Inc.	4.875%	1/15/2028		19,132		20,233,047
WASH Multifamily Acquisition, Inc.^†	5.75%	4/15/2026		8,991		9,377,163
Williams Scotsman International, Inc.^†	4.625%	8/15/2028		5,800		5,962,197
Total						242,710,617

Technology Hardware & Equipment 0.54%
CommScope, Inc.^†	7.125%	7/1/2028		16,893		18,095,697
Switch Ltd.^†	3.75%	9/15/2028		14,300		14,230,145
Western Digital Corp.	4.75%	2/15/2026		7,274		8,099,708
Total						40,425,550

Telecommunications: Satellite 0.33%
Connect Finco SARL/Connect US Finco LLC (Luxembourg)^†(e)	6.75%	10/1/2026		16,028		16,589,461
Hughes Satellite Systems Corp.	5.25%	8/1/2026		7,287		8,128,721
Total						24,718,182

Telecommunications: Wireless 1.15%
Sprint Capital Corp.	6.875%	11/15/2028		68,639		85,963,827

150

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications: Wireline Integrated & Services 0.58%
Frontier Communications Holdings LLC^†		5.875%		10/15/2027	$	10,251	$	10,912,446
Frontier Communications Holdings LLC^†		6.75%		5/1/2029		3,769		3,945,502
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.^†		10.75%		6/1/2028		10,969		12,335,463
Windstream Escrow LLC/Windstream Escrow Finance Corp.^†		7.75%		8/15/2028		8,181		8,370,308
Zayo Group Holdings, Inc.^†		6.125%		3/1/2028		7,539		7,684,277
Total								43,247,996

Theaters & Entertainment 0.73%
AMC Entertainment Holdings, Inc. PIK 12.00%^†		12.00%		6/15/2026		16,278		15,153,483
Cinemark USA, Inc.^†		5.875%		3/15/2026		6,806		7,061,361
Life Time, Inc.^†		5.75%		1/15/2026		10,406		10,740,943
Live Nation Entertainment, Inc.^†		3.75%		1/15/2028		12,739		12,735,051
Live Nation Entertainment, Inc.^†		4.75%		10/15/2027		8,549		8,741,823
Total								54,432,661

Tobacco 0.14%
Turning Point Brands, Inc.^†		5.625%		2/15/2026		10,327		10,680,545

Transportation: Infrastructure/Services 0.78%
Arena Luxembourg Finance Sarl^(h)		1.875%		2/1/2028	EUR	6,215		7,110,210
Bristow Group, Inc.^†		6.875%		3/1/2028	$	12,728		13,064,019
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (Turkey)^†(e)		9.50%		7/10/2036		6,196		6,465,836
TransJamaican Highway Ltd. (Jamaica)^†(e)		5.75%		10/10/2036		12,701		12,653,439
XPO CNW, Inc.		6.70%		5/1/2034		16,239		19,389,772
Total								58,683,276
Total High Yield Corporate Bonds (cost $6,090,705,208)								6,439,139,113

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 1.25%
BFLD 2019-DPLO F^†	2.641% (1 Mo. LIBOR + 2.54%		)^#	10/15/2034		13,940		13,592,646
Fontainebleau Miami Beach Trust 2019-FBLU F^†		3.963%	^#(n)	12/10/2036		16,117		16,406,094
Great Wolf Trust 2019-WOLF E^†	2.833% (1 Mo. LIBOR + 2.73%		)^#	12/15/2036		20,457		20,078,398
Great Wolf Trust 2019-WOLF F^†	3.232% (1 Mo. LIBOR + 3.13%		)^#	12/15/2036		4,399		4,286,215
GS Mortgage Securities Corp. II 2021-RSMZ MZ^†(a)	9.65% (1 Mo. LIBOR + 9.50%		)^#	6/15/2026		20,000		20,141,360	^(g)

See Notes to Financial Statements.

151

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI E^†

4.009%

^#(n)

10/5/2031

4,300

4,209,208

JPMorgan Chase Commercial Mortgage Securities Trust 2021 E^†

3.951%
(1 Mo. LIBOR + 3.85%

)^#

3/15/2036

14,650

14,731,937

Total Non-Agency Commercial Mortgage-Backed Securities (cost $92,772,410)

93,445,858

Dividend
Rate

Shares
(000)

PREFERRED STOCKS 0.08%

Transportation: Infrastructure/Services

ACBL Holdings Corp. Series A

Zero Coupon

2,274,360

^(g)

ACBL Holdings Corp. Series B

Zero Coupon

102

3,519,483

^(g)

Total Preferred Stocks (cost $4,617,950)

5,793,843

Exercise
Price

Expiration
Date

WARRANTS 0.00%

Energy: Exploration & Production 0.00%

Sable Permian Resources*

$ –

^(o)

2/1/2024

33,612

^(g)

Machinery 0.00%

TNT Crane & Rigging, Inc.*

4.00

10/16/2025

65,797

^(d)

Total Warrants (cost $138,888)

99,409

Total Long-Term Investments (cost $7,087,142,293)

7,451,917,022

Principal
Amount
(000)

SHORT-TERM INVESTMENTS 0.86%

REPURCHASE AGREEMENTS 0.85%

Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $65,345,800 of U.S. Treasury Note at 0.125% due 01/15/2024; value: $65,181,798; proceeds: $63,903,692
(cost $63,903,692)

63,904

63,903,692

152

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Investments	Shares (000)		Fair Value
Money Market Funds 0.01%
Fidelity Government Portfolio^(p) (cost $270,000)		270,000	$	270,000

Time Deposits 0.00%
CitiBank N.A.^(p) (cost $30,000)		30,000		30,000
Total Short-Term Investments (cost $64,203,692)				64,203,692
Total Investments in Securities 100.23% (cost $7,151,345,985)				7,516,120,714
Liabilities in Excess of Cash, Foreign Cash and Other Assets^(q)(0.23%)				(17,614,819	)
Net Assets 100.00%			$	7,498,505,895

EUR	Euro.
GBP	British pound.
CMT	Constant Maturity Rate.
EURIB OR	Euro Interbank Offered Rate.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
Units	More than one class of securities traded together.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $4,202,335,363, which represents 56.04% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
*		Non-income producing security.
^(a)		Securities purchased on a when-issued basis (See Note 2⁽ⁱ⁾).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(d)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Amount is less than $1,000.
^(g)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(h)		Investment in non-U.S. dollar denominated securities.
⁽ⁱ⁾		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(j)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(k)		Interest rate to be determined.
^(l)		Security is perpetual in nature and has no stated maturity.
^(m)		Defaulted (non-income producing security).
⁽ⁿ⁾		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(o)		Cashless strike price.
^(p)		Security was purchased with the cash collateral from loaned securities.
^(q)		Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

See Notes to Financial Statements.

153

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced Index	Central Clearing party	Fund Pays (Quarterly)	Termination Date	Notional Amount	Notional Value	Payments Upfront⁽²⁾		Unrealized Depreciation⁽³⁾
Markit CDX. NA.HY.36⁽⁴⁾⁽⁵⁾	Bank of America	1.00%	6/20/2026	$186,946,000	$205,105,381	$	(16,209,172)		$	(1,950,209)
Markit CDX. NA.EM.35⁽⁴⁾⁽⁶⁾	Bank of America	1.00%	6/20/2026	260,109,000	252,606,146		9,294,874			(1,792,020)
						$	(6,914,298)		$	(3,742,229)

	⁽¹⁾	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
	⁽²⁾	Upfront payments received by Central Clearing Party are presented net of amortization.
	⁽³⁾	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $3,742,229.
	⁽⁴⁾	Central Clearinghouse: Intercontinental Exchange (ICE).
	⁽⁵⁾	The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.
	⁽⁶⁾	The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging market securities.

Credit Default Swaps on Indexes - Sell Protection at May 31, 2021⁽¹⁾:

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount	Notional Value	Payments Upfront⁽²⁾		Unrealized Appreciation⁽³⁾			Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.BBB-9	Goldman	3.00%	9/17/2058	$ 5,125,000	$ 4,618,705	$	(1,151,369)		$	645,074		$	(506,295	)
Markit CMBX.NA.BBB-9	Goldman	3.00%	9/17/2058	1,000,000	901,211		(147,419)			48,630			(98,789	)
Markit CMBX.NA.BBB-9	Goldman	3.00%	9/17/2058	2,630,000	2,370,184		(301,532)			41,716			(259,816	)
Markit CMBX.NA.BBB-9	Citibank	3.00%	9/17/2058	9,545,000	8,602,056		(2,160,656)			1,217,712			(942,944	)
Markit CMBX.NA.BBB-9	Morgan Stanley	3.00%	9/17/2058	12,815,000	11,549,015		(1,816,817)			550,832			(1,265,985	)
Markit CMBX.NA.BBB-9	Morgan Stanley	3.00%	9/17/2058	4,595,000	4,141,063		(571,601)			117,664			(453,937	)
Markit CMBX.NA.BBB-9	Morgan Stanley	3.00%	9/17/2058	7,240,000	6,524,766		(900,628)			185,394			(715,234	)
Markit CMBX.NA.BBB-9	Morgan Stanley	3.00%	9/17/2058	10,095,000	9,097,722		(1,117,936)			120,658			(997,278	)
Markit CMBX.NA.BBB-9	Morgan Stanley	3.00%	9/17/2058	10,749,000	9,687,114		(1,126,950)			65,064			(1,061,886	)
Markit CMBX.NA.BBB-9	Citibank	3.00%	9/17/2058	4,350,000	3,920,267		(574,501)			144,768			(429,733	)
Markit CMBX.NA.BBB-9	Citibank	3.00%	9/17/2058	4,050,000	3,649,903		(472,224)			72,127			(400,097	)
Markit CMBX.NA.BBB-9	Citibank	3.00%	9/17/2058	4,430,000	3,992,363		(980,045)			542,408			(437,637	)
Markit CMBX.NA.BBB-9	JPMorgan	3.00%	9/17/2058	15,000,000	13,518,161		(2,496,325)			1,014,486			(1,481,839	)

154

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount	Notional Value	Payments Upfront⁽²⁾		Unrealized Appreciation⁽³⁾			Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	$ 7,413,000	$ 6,575,224	$	(1,356,301)		$	518,525		$	(837,776	)
Markit CMBX.NA.BBB-10	Merrill Lynch	3.00%	11/17/2059	10,000,000	8,869,856		(1,696,438)			566,294			(1,130,144	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	3,426,000	3,038,813		(565,510)			178,323			(387,187	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	7,278,000	6,455,481		(1,216,687)			394,168			(822,519	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	7,214,000	6,398,714		(974,858)			159,572			(815,286	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	14,423,000	12,792,993		(1,883,457)			253,450			(1,630,007	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	7,212,000	6,396,940		(941,794)			126,734			(815,060	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	2,470,000	2,190,854		(361,639)			82,493			(279,146	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	3,607,000	3,199,357		(462,123)			54,480			(407,643	)
Markit CMBX.NA.BBB-10	Morgan Stanley	3.00%	11/17/2059	12,055,000	10,692,612		(2,040,924)			678,536			(1,362,388	)
Markit CMBX.NA.BBB-10	Goldman	3.00%	11/17/2059	5,460,000	4,842,942		(838,456)			221,398			(617,058	)
						$	(26,156,190)		$	8,000,506		$	(18,155,684	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $8,000,506. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Includes upfront payments received.

See Notes to Financial Statements.

155

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
British pound	Buy	Bank of America	6/8/2021	1,114,000	$	1,580,577	$	1,582,661		$	2,084
Euro	Buy	Goldman Sachs	6/4/2021	3,268,000		3,860,651		3,996,422			135,771
Euro	Buy	J.P. Morgan	6/4/2021	10,000,000		12,181,318		12,228,954			47,636
Euro	Buy	Morgan Stanley	6/4/2021	4,541,000		5,469,660		5,553,168			83,508
Euro	Buy	Morgan Stanley	6/4/2021	16,617,000		19,985,868		20,320,853			334,985
Euro	Buy	State Street Bank and Trust	6/4/2021	6,986,000		8,236,672		8,543,147			306,475
Euro	Buy	State Street Bank and Trust	6/4/2021	2,485,000		3,025,872		3,038,895			13,023
Euro	Buy	State Street Bank and Trust	6/4/2021	15,389,000		18,744,442		18,819,137			74,695
Euro	Buy	State Street Bank and Trust	6/4/2021	5,246,000		6,398,061		6,415,309			17,248
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	1,015,425

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	Goldman Sachs	6/8/2021	9,350,000	$	12,900,453	$	13,283,552		$	(383,099	)
British pound	Sell	State Street Bank and Trust	6/8/2021	54,901,000		76,283,963		77,997,892			(1,713,929	)
Euro	Sell	Bank of America	6/4/2021	241,000,000		291,976,320		294,717,789			(2,741,469	)
Euro	Sell	Bank of America	6/4/2021	4,358,000		5,249,917		5,329,378			(79,461	)
Euro	Sell	Goldman Sachs	6/4/2021	8,650,000		10,216,166		10,578,045			(361,879	)
Euro	Sell	Goldman Sachs	6/4/2021	4,378,000		5,216,612		5,353,836			(137,224	)
Euro	Sell	Goldman Sachs	6/4/2021	562,000		674,730		687,267			(12,537	)
Euro	Sell	Morgan Stanley	6/4/2021	1,513,000		1,797,533		1,850,241			(52,708	)
Euro	Sell	Morgan Stanley	6/4/2021	3,666,000		4,396,901		4,483,135			(86,234	)
Euro	Sell	Morgan Stanley	6/4/2021	1,920,000		2,323,501		2,347,959			(24,458	)
Euro	Sell	Morgan Stanley	6/4/2021	1,148,000		1,388,975		1,403,884			(14,909	)
Euro	Sell	Morgan Stanley	6/4/2021	1,361,000		1,645,449		1,664,361			(18,912	)
Euro	Sell	Morgan Stanley	6/4/2021	1,016,000		1,232,685		1,242,462			(9,777	)
Euro	Sell	Morgan Stanley	6/4/2021	986,000		1,189,881		1,205,775			(15,894	)
Euro	Sell	Morgan Stanley	6/4/2021	7,181,000		8,741,272		8,781,612			(40,340	)
Euro	Sell	State Street Bank and Trust	6/4/2021	7,346,000		8,662,741		8,983,390			(320,649	)
Euro	Sell	State Street Bank and Trust	6/4/2021	4,045,000		4,894,473		4,946,612			(52,139	)
Euro	Sell	State Street Bank and Trust	6/4/2021	8,010,000		9,718,477		9,795,392			(76,915	)
Euro	Sell	State Street Bank and Trust	6/4/2021	7,718,000		9,368,823		9,438,307			(69,484	)
Euro	Sell	Toronto Dominion Bank	6/4/2021	1,980,000		2,414,587		2,421,333			(6,746	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(6,218,763	)

156

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
Euro-Bund	June 2021	304	Short	EUR	(51,828,437)	EUR	(51,661,760)		$	203,254
U.S. 10-Year Ultra Treasury Note	September 2021	1,678	Short	$	(243,387,322)	$	(243,231,344)			155,978
U.S. 2-Year Treasury Note	September 2021	13,396	Long		2,956,442,432		2,956,957,701			515,269
U.S. 5-Year Treasury Note	September 2021	9,300	Short		(1,151,826,204)		(1,151,819,536)			6,668
Ultra Long U.S. Treasury Bond	September 2021	754	Short		(139,929,869)		(139,678,500)			251,369
Total Unrealized Appreciation on Open Futures Contracts									$	1,132,538

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
Euro-Bobl	June 2021	30	Short	EUR	(4,036,448)	EUR	(4,041,600)		$	(6,282)
U.S. 10-Year Treasury Note September 2021		1,440	Long	$	190,228,781	$	189,990,000			(238,781)
U.S. Long Bond	September 2021	368	Long		57,730,670		57,603,500			(127,170)
Total Unrealized Depreciation on Open Futures Contracts									$	(372,233)

See Notes to Financial Statements.

157

Schedule of Investments (unaudited)(continued)

HIGH YIELD FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–	$	42,400,000	$	–	$	42,400,000
Common Stocks
Diversified Capital Goods		–		2,067,198		–		2,067,198
Investments & Miscellaneous Financial Services		–		–		48,812		48,812
Machinery		7,279,774		241,215		–		7,520,989
Personal & Household Products		–		176,725		6,669,418		6,846,143
Specialty Retail		23,114,853		3,033,776		–		26,148,629
Transportation:
Infrastructure/Services		–		1,196,970		444,540		1,641,510
Remaining Industries		92,259,160		–		–		92,259,160
Convertible Bonds		–		78,219,287		–		78,219,287
Floating Rate Loans
Building & Construction		–		–		15,564,652		15,564,652
Discount Stores		–		9,753,401		8,081,917		17,835,318
Electric: Generation		–		779,994		1,279,649		2,059,643
Gaming		–		21,586,382		12,280,632		33,867,014
Media: Content		–		–		8,733,508		8,733,508
Personal & Household Products		–		26,798,751		1,244,065		28,042,816
Real Estate Investment Trusts		–		–		10,190,870		10,190,870
Remaining Industries		–		516,380,810		–		516,380,810
Foreign Government Obligations		–		23,612,440		–		23,612,440
High Yield Corporate Bonds
Banking		–		130,858,118		1,000		130,859,118
Metals/Mining (Excluding Steel)		–		302,238,216		5		302,238,221
Specialty Retail		–		311,088,957		1,116		311,090,073
Remaining Industries		–		5,694,951,701		–		5,694,951,701
Non-Agency Commercial Mortgage-Backed Securities		–		73,304,498		20,141,360		93,445,858
Preferred Stocks		–		–		5,793,843		5,793,843
Warrants		–		–		99,409		99,409
Short-Term Investments
Money Market Funds		270,000		–		–		270,000
Repurchase Agreements		–		63,903,692		–		63,903,692
Time Deposits		–		30,000		–		30,000
Total	$	122,923,787	$	7,302,622,131	$	90,574,796	$	7,516,120,714

158

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HIGH YIELD FUND May 31, 2021

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(3,742,229	)		–		(3,742,229	)
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(18,155,684	)		–		(18,155,684	)
Forward Foreign Currency Exchange Contracts
Assets		–			1,015,425			–		1,015,425
Liabilities		–			(6,218,763	)		–		(6,218,763	)
Futures Contracts
Assets		1,132,538			–			–		1,132,538
Liabilities		(372,233	)		–			–		(372,233	)
Total	$	760,305		$	(27,101,251	)	$	–	$	(26,340,946	)

	⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Common Stocks			Floating Rate Loans				High Yield Corporate Bonds			Non-Agency Commercial Mortgage- Backed Securities		Preferred Stock		Warrants
Balance as of December 1, 2020	$	7,178,016			$	23,517,797		$	2,947		$	–	$	5,793,843	$	67,092
Accrued Discounts (Premiums)		–				64,112			–			–		–		–
Realized Gain (Loss)		(3,819,253	)			340,113			(56,243	)		–		–		(754,852	)
Change in Unrealized Appreciation (Depreciation)		3,838,175				271,000			56,640			141,360		–		753,557
Purchases		–				45,487,140			–			20,000,000		–		33,612
Sales		(34,168	)			(12,554,457	)		(1,223	)		–		–		–
Transfers into Level 3		–				10,013,573			–			–		–		–
Transfers out of Level 3		–				(9,763,985	)		–			–		–		–
Balance as of May 31, 2021	$	7,162,770			$	57,375,293		$	2,121		$	20,141,360	$	5,793,843	$	99,409
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	34,168			$	685,229		$	24		$	141,360	$	–	$	–

See Notes to Financial Statements.

159

Schedule of Investments (unaudited)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 100.59%

ASSET-BACKED SECURITIES 9.75%

Automobiles 1.64%
Avis Budget Rental Car Funding AESOP LLC 2021-1A D^†	3.71%		8/20/2027	$	12,750	$	12,796,632
Carvana Auto Receivables Trust 2019-4A E^†	4.70%		10/15/2026		7,250		7,652,364
CPS Auto Trust 2017-A D^†	4.61%		12/15/2022		950		956,555
Exeter Automobile Receivables Trust 2020-3A E^†	3.44%		8/17/2026		7,500		7,763,087
Exeter Automobile Receivables Trust 2020-3A F^†	5.56%		6/15/2027		6,900		7,332,841
Flagship Credit Auto Trust 2019-1 D^†	4.08%		2/18/2025		4,000		4,207,058
Foursight Capital Automobile Receivables Trust 2018-1 D^†	4.19%		11/15/2023		3,500		3,572,011
Westlake Automobile Receivables Trust 2021-1A F^†	3.91%		9/15/2027		4,150		4,165,168
Total							48,445,716

Credit Cards 0.45%
Continental Finance Credit Card ABS Master Trust 2020-1A B^†	3.66%		12/15/2028		4,000		4,063,624
Perimeter Master Note Business Trust 2019-2A A^†	4.23%		5/15/2024		2,831		2,946,137
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		1,844		1,905,139
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		4,424		4,427,790
Total							13,342,690

Other 7.66%
ALM VII Ltd. 2012-7A A2R2^†	2.034% (3 Mo. LIBOR +1.85%	)^#	7/15/2029		5,883		5,893,128
Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 AS^†(a)	1.50% (1 Mo. LIBOR + 1.40%	)^#	5/15/2036		8,470		8,480,587
Avant Loans Funding Trust 2021-REV1 D^†	4.30%		7/15/2030		7,135		7,155,462
Avery Point IV CLO Ltd. 2014-1A BR^†	1.776% (3 Mo. LIBOR + 1.60%	)^#	4/25/2026		567		567,348
Avery Point V CLO Ltd. 2014-5A AR^†	1.17% (3 Mo. LIBOR + 0.98%	)^#	7/17/2026		65		64,952
Bain Capital Credit CLO Ltd. 2017-1A A1R^†	Zero Coupon^#(b)		7/20/2030		9,000		9,000,000
Barings CLO Ltd. 2019-3A BR^†	1.722% (3 Mo. LIBOR + 1.60%	)^#	4/20/2031		4,480		4,480,292
Benefit Street Partners CLO XII Ltd. 2017-12A C^†	3.234% (3 Mo. LIBOR + 3.05%	)^#	10/15/2030		1,950		1,900,652

160	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

BlueMountain CLO Ltd. 2013-1A A2R2^†

1.938%
(3 Mo. LIBOR + 1.75%

)^#

1/20/2029

1,308

1,308,581

BlueMountain CLO Ltd. 2016-1A BR^†

1.538%
(3 Mo. LIBOR + 1.35%

)^#

4/20/2027

4,939

4,941,963

BlueMountain CLO Ltd. 2021-28A B^†

1.663%
(3 Mo. LIBOR + 1.50%

)^#

4/15/2034

12,000

12,000,217

CIFC Funding I Ltd. 2021-1A B^†

1.686%
(3 Mo. LIBOR + 1.55%

)^#

4/25/2033

13,000

13,018,452

CIFC Funding Ltd. 2021-4A A^†(a)

Zero Coupon

^#(b)

7/15/2033

7,000

7,000,000

CIFC Funding Ltd. 2021-4A B^†(a)

Zero Coupon

^#(b)

7/15/2033

5,600

5,600,000

DRB Prime Student Loan Trust 2015-D A2^†

3.20%

1/25/2040

426

426,767

Elevation CLO Ltd. 2014-2A DR^†

3.384%
(3 Mo. LIBOR + 3.20%

)^#

10/15/2029

1,000

1,007,619

Elmwood CLO VIII Ltd. 2021 1A B1^†

1.666%
(3 Mo. LIBOR + 1.55%

)^#

1/20/2034

10,000

10,000,990

Fairstone Financial Issuance Trust I 2020-1A C^†(c)

5.162%

10/20/2039

CAD

7,816

6,454,332

Galaxy XXI CLO Ltd. 2015-21A AR^†

1.208%
(3 Mo. LIBOR + 1.02%

)^#

4/20/2031

1,012

1,012,786

GoldenTree Loan Opportunities Ltd. 2014-9A DR2^†

3.177%
(3 Mo. LIBOR + 3.00%

)^#

10/29/2029

3,750

3,736,852

Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†

2.326%
(3 Mo. LIBOR + 2.15%

)^#

7/25/2027

895

881,908

Hardee’s Funding LLC 2018-1A A23^†

5.71%

6/20/2048

1,974

2,221,631

Hardee’s Funding LLC 2018-1A A2II^†

4.959%

6/20/2048

3,991

4,271,060

HPS Loan Management Ltd. 10-2016 A2R^†

1.938%
(3 Mo. LIBOR + 1.75%

)^#

1/20/2028

1,979

1,981,779

JFIN CLO Ltd. 2013-1A A1NR^†

1.578%
(3 Mo. LIBOR + 1.39%

)^#

1/20/2030

2,000

2,015,142

Kayne CLO III Ltd. 2019-3A BR^†

1.656%
(3 Mo. LIBOR + 1.55%

)^#

4/15/2032

6,630

6,630,000

Kayne CLO Ltd. 2018 2A BR^†

1.684%
(3 Mo. LIBOR + 1.50%

)^#

10/15/2031

6,500

6,500,495

Kayne CLO Ltd. 2020-7A A1^†

1.39% (3 Mo. LIBOR + 1.20%

)^#

4/17/2033

7,851

7,877,340

KKR CLO Ltd. 18 B^†

1.89% (3 Mo. LIBOR + 1.70%

)^#

7/18/2030

3,722

3,726,874

KKR CLO Ltd. 30A B1^†

2.19% (3 Mo. LIBOR + 2.00%

)^#

10/17/2031

5,000

5,018,136

Lending Funding Trust 2020-2A D^†

6.77%

4/21/2031

3,415

3,853,721

Madison Park Funding Ltd. 2015-17A BR2^†

1.686%
(3 Mo. LIBOR + 1.50%

)^#

7/21/2030

10,000

10,014,405

See Notes to Financial Statements.

161

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Marble Point CLO XVII Ltd. 2020-1A A^†

1.488%
(3 Mo. LIBOR + 1.30%

)^#

4/20/2033

4,860

4,864,290

Mariner Finance Issuance Trust 2021-AA E^†

5.40%

3/20/2036

5,340

5,758,780

Mountain View CLO LLC 2017-1A AR^†

1.274%
(3 Mo. LIBOR + 1.09%

)^#

10/16/2029

4,505

4,504,576

Mountain View CLO X Ltd. 2015-10A BR^†

1.538%
(3 Mo. LIBOR + 1.35%

)^#

10/13/2027

2,400

2,397,228

Oaktree EIF III Series I Ltd. 2016-IIIA B^†

2.188%
(3 Mo. LIBOR + 2.00%

)^#

10/20/2027

5,917

5,935,371

OCP CLO Ltd. 2013-4A CRR^†

3.176%
(3 Mo. LIBOR + 3.00%

)^#

4/24/2029

2,250

2,247,077

Octagon Investment Partners 29 Ltd. 2016-1A AR^†

1.356%
(3 Mo. LIBOR + 1.18%

)^#

1/24/2033

4,419

4,434,286

Octagon Loan Funding Ltd. 2014-1A ARR^†

1.335%
(3 Mo. LIBOR + 1.18%

)^#

11/18/2031

5,000

5,014,613

Planet Fitness Master Issuer LLC 2019-1A A2^†

3.858%

12/5/2049

2,152

2,157,016

Shackleton CLO Ltd. 2015-8A DR^†

2.888%
(3 Mo. LIBOR + 2.70%

)^#

10/20/2027

6,000

5,959,771

Shackleton CLO Ltd. 2019-14A A2^†

2.088%
(3 Mo. LIBOR + 1.90%

)^#

7/20/2030

6,782

6,786,656

Signal Peak CLO 2 LLC 2015-1A DR2^†

3.038%
(3 Mo. LIBOR + 2.85%

)^#

4/20/2029

2,000

1,969,906

TCW CLO AMR Ltd. 2019-1A D^†

3.146%
(3 Mo. LIBOR + 2.99%

)^#

2/15/2029

3,750

3,768,812

Voya CLO Ltd. 2018-4A A1AR^†(a)

Zero Coupon

^#(b)

1/15/2032

3,950

3,950,000

Wind River CLO Ltd. 2015-2A DR^†

2.784%
(3 Mo. LIBOR + 2.60%

)^#

10/15/2027

3,750

3,765,068

ZAXBY’S FUNDING LLC 2021-1A A2^†(a)

3.238%

7/30/2051

3,811

3,835,482

^(d)

Total

226,392,403

Total Asset-Backed Securities (cost $285,333,892)

288,180,809

Shares
(000)

COMMON STOCKS 0.19%

Miscellaneous 0.01%

UTEX Industries, Inc.

308,616

Oil 0.18%

Oasis Petroleum, Inc.

5,169,242

Total Common Stocks (cost $5,446,671)

5,477,858

162	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 64.14%

Aerospace/Defense 1.22%
Boeing Co. (The)	4.875%		5/1/2025	$	4,748	$	5,336,623
Boeing Co. (The)	5.15%		5/1/2030		9,572		11,213,534
Boeing Co. (The)	5.705%		5/1/2040		4,490		5,597,611
Boeing Co. (The)	5.805%		5/1/2050		8,644		11,135,355
Boeing Co. (The)	5.93%		5/1/2060		2,139		2,785,889
Total							36,069,012

Air Transportation 0.45%
Air Canada 2015-2 Class B Pass-Through Trust (Canada)^†(e)	5.00%		12/15/2023		1,690		1,708,204
American Airlines 2014-1 Class B Pass-Through Trust	4.375%		10/1/2022		4,948		4,942,089
American Airlines Group, Inc.^†	3.75%		3/1/2025		1,924		1,738,978
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.^†	5.75%		1/20/2026		3,003		3,194,452
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%		9/20/2025		1,572		1,784,219
Total							13,367,942

Apparel 0.52%
PVH Corp.	7.75%		11/15/2023		5,967		6,891,160
Tapestry, Inc.	4.125%		7/15/2027		7,718		8,444,076
Total							15,335,236

Auto Parts: Original Equipment 0.24%
American Axle & Manufacturing, Inc.	6.875%		7/1/2028		2,794		3,035,276
Clarios Global LP/Clarios US Finance Co.^†	8.50%		5/15/2027		2,700		2,939,625
ZF North America Capital, Inc.^†	4.50%		4/29/2022		1,000		1,024,615
Total							6,999,516

Automotive 1.61%
Ford Motor Co.	7.45%		7/16/2031		15,614		19,735,550
General Motors Co.	6.75%		4/1/2046		17,843		24,881,876
Tesla, Inc.^†	5.30%		8/15/2025		2,795		2,901,154
Total							47,518,580

Banks: Regional 6.14%
Bank of America Corp.	2.687% (SOFR + 1.32%	)^#	4/22/2032		3,633		3,686,027
Bank of Ireland Group plc (Ireland)^(e)	4.125% (5 Yr Treasury CMT + 2.50%	)^#	9/19/2027		12,794		13,116,268
BankUnited, Inc.	5.125%		6/11/2030		9,962		11,477,042

See Notes to Financial Statements.

163

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments		Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banks: Regional (continued)
Barclays Bank plc (United Kingdom)^†(e)		10.179%		6/12/2021		$	2,840	$	2,847,658
BBVA Bancomer SA^†	5.125% (5 Yr Treasury CMT + 2.65%		)^#	1/18/2033			4,300		4,488,534
BNP Paribas SA (France)^†(e)	4.50% (5 Yr Treasury CMT + 2.94%		)^#	–	^(f)		4,153		4,131,093
Citigroup, Inc.	2.561% (SOFR + 1.17%		)^#	5/1/2032			3,637		3,648,221
Citigroup, Inc.		4.60%		3/9/2026			2,161		2,481,456
Danske Bank A/S (Denmark)^†(e)		4.375%		6/12/2028			875		972,116
Danske Bank A/S (Denmark)^†(e)		5.375%		1/12/2024			12,000		13,381,435
Discover Bank	4.682% (5 Yr Swap rate + 1.73%		)^#	8/9/2028			7,750		8,251,541
Goldman Sachs Group, Inc. (The)		6.75%		10/1/2037			8,237		11,765,930
Intesa Sanpaolo SpA (Italy)^†(e)(a)		4.198%		6/1/2032			2,014		2,043,601
Macquarie Bank Ltd. (Australia)^†(e)	3.052% (5 Yr Treasury CMT + 1.70%		)^#	3/3/2036			6,720		6,541,516
Macquarie Bank Ltd. (Australia)^†(e)		4.875%		6/10/2025			1,850		2,076,034
Morgan Stanley		5.00%		11/24/2025			4,496		5,219,386
Morgan Stanley	5.875% (3 Mo. LIBOR + 4.44%		)^#	–	^(f)		6,542		7,466,058
National Australia Bank Ltd. (Australia)^†(e)		2.99%		5/21/2031			3,443		3,462,900
National Australia Bank Ltd. (Australia)^†(e)	3.933% (5 Yr Treasury CMT + 1.88%		)^#	8/2/2034			11,000		11,793,760
Texas Capital Bancshares, Inc.	4.00% (5 Yr Treasury CMT + 3.15%		)^#	5/6/2031			8,000		8,184,000
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)		5.625%		5/30/2022			1,109		1,136,331
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)		5.75%		1/30/2023			1,832		1,883,593
UBS AG		7.625%		8/17/2022			8,750		9,490,774
UBS AG (Switzerland)^(e)		5.125%		5/15/2024			13,800		15,266,043
Webster Financial Corp.		4.10%		3/25/2029			4,986		5,448,346
Westpac Banking Corp. (Australia)^(e)	2.668% (5 Yr Treasury CMT + 1.75%		)^#	11/15/2035			8,000		7,773,360
Westpac Banking Corp. (Australia)^(e)	4.11% (5 Yr Treasury CMT + 2.00%		)^#	7/24/2034			9,061		9,855,740
Westpac Banking Corp. (Australia)^(e)	4.322% (5 Yr Swap rate + 2.24%		)^#	11/23/2031			3,197		3,567,944
Total									181,456,707

Beverages 0.94%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.		4.70%		2/1/2036			17,000		20,285,740
Central American Bottling Corp. (Guatemala)^†(e)		5.75%		1/31/2027			7,000		7,352,240
Total									27,637,980

164	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Biotechnology Research & Production 0.61%
Regeneron Pharmaceuticals, Inc.	1.75%	9/15/2030	$	7,887	$	7,398,323
Royalty Pharma plc^†	2.20%	9/2/2030		11,181		10,760,935
Total						18,159,258

Building Materials 0.18%
Owens Corning, Inc.	7.00%	12/1/2036		3,747		5,258,610

Business Services 1.22%
CoStar Group, Inc.^†	2.80%	7/15/2030		5,328		5,315,888
Global Payments, Inc.	2.90%	5/15/2030		3,580		3,675,123
Global Payments, Inc.	3.20%	8/15/2029		9,385		9,897,305
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.^†	4.625%	11/1/2026		2,837		2,974,339
United Rentals North America, Inc.	3.875%	11/15/2027		13,375		14,077,655
Total						35,940,310

Computer Hardware 1.49%
Ahead DB Holdings LLC^†	6.625%	5/1/2028		2,228		2,258,824
Dell International LLC/EMC Corp.^†	6.02%	6/15/2026		10,953		13,063,661
Dell International LLC/EMC Corp.^†	8.35%	7/15/2046		9,807		15,415,583
Leidos Holdings, Inc.	5.95%	12/1/2040		1,325		1,574,086
Leidos, Inc.^†	4.375%	5/15/2030		2,052		2,307,556
Leidos, Inc.	5.50%	7/1/2033		353		418,543
Leidos, Inc.	7.125%	7/1/2032		6,806		9,135,762
Total						44,174,015

Computer Software 0.57%
Oracle Corp.	2.875%	3/25/2031		3,627		3,718,568
Twilio, Inc.	3.625%	3/15/2029		2,003		2,017,382
Twilio, Inc.	3.875%	3/15/2031		2,271		2,303,509
VMware, Inc.	4.70%	5/15/2030		7,471		8,687,890
Total						16,727,349

Construction/Homebuilding 0.88%
NVR, Inc.	3.00%	5/15/2030		10,854		11,342,805
PulteGroup, Inc.	6.375%	5/15/2033		6,069		7,899,107
PulteGroup, Inc.	7.875%	6/15/2032		2,965		4,214,006
Shea Homes LP/Shea Homes Funding Corp.^†	4.75%	2/15/2028		2,400		2,412,912
Total						25,868,830

See Notes to Financial Statements.

165

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Drugs 0.79%
AstraZeneca plc (United Kingdom)^(e)	6.45%	9/15/2037	$	3,600	$	5,246,677
Bayer Corp.^†	6.65%	2/15/2028		5,520		6,949,480
Bayer US Finance II LLC^†	4.375%	12/15/2028		5,400		6,146,583
Cigna Corp.	4.80%	7/15/2046		228		279,131
Cigna Corp.	6.125%	11/15/2041		3,380		4,719,686
Total						23,341,557

Electric: Power 6.55%
AES Corp. (The)^†	2.45%	1/15/2031		5,975		5,799,788
Ausgrid Finance Pty Ltd. (Australia)^†(e)	4.35%	8/1/2028		10,702		11,955,449
Cleco Power LLC	6.00%	12/1/2040		4,904		6,389,294
Duquesne Light Holdings, Inc.	6.25%	8/15/2035		2,650		3,324,647
Emera US Finance LP	4.75%	6/15/2046		6,840		7,838,424
Exelon Generation Co. LLC	5.60%	6/15/2042		3,680		4,191,442
Exelon Generation Co. LLC	5.75%	10/1/2041		3,736		4,252,269
Exelon Generation Co. LLC	6.25%	10/1/2039		3,483		4,137,487
FirstEnergy Corp.	4.40%	7/15/2027		5,500		6,002,549
FirstEnergy Transmission LLC^†	4.55%	4/1/2049		7,480		8,361,595
IPALCO Enterprises, Inc.	4.25%	5/1/2030		9,961		11,099,972
Metropolitan Edison Co.^†	4.00%	4/15/2025		955		1,015,250
NRG Energy, Inc.^†	2.45%	12/2/2027		1,323		1,331,766
NRG Energy, Inc.^†	4.45%	6/15/2029		13,505		14,780,984
Oglethorpe Power Corp.	4.20%	12/1/2042		1,070		1,119,287
Oglethorpe Power Corp.	5.95%	11/1/2039		8,831		11,353,188
Origin Energy Finance Ltd. (Australia)^†(e)	5.45%	10/14/2021		4,289		4,367,375
Pacific Gas and Electric Co.	4.55%	7/1/2030		29,451		31,007,976
Pike Corp.^†	5.50%	9/1/2028		2,799		2,865,448
PSEG Power LLC	8.625%	4/15/2031		14,230		21,592,107
Puget Energy, Inc.	3.65%	5/15/2025		4,587		4,957,712
Puget Energy, Inc.	4.10%	6/15/2030		11,109		12,274,032
Vistra Operations Co. LLC^†	3.55%	7/15/2024		13,009		13,684,741
Total						193,702,782

Electrical Equipment 0.21%
Skyworks Solutions, Inc.	3.00%	6/1/2031		6,174		6,259,932

Energy Equipment & Services 0.14%
Topaz Solar Farms LLC^†	5.75%	9/30/2039		3,522		4,081,001

166	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Engineering & Contracting Services 0.35%
Fluor Corp.	4.25%		9/15/2028		$	10,250	$	10,480,625

Entertainment 0.38%
Caesars Entertainment, Inc.^†	6.25%		7/1/2025			3,333		3,516,881
CCM Merger, Inc.^†	6.375%		5/1/2026			3,030		3,203,422
Live Nation Entertainment, Inc.^†	4.75%		10/15/2027			2,915		2,980,748
Scientific Games International, Inc.^†	7.25%		11/15/2029			1,500		1,663,200
Total								11,364,251

Financial Services 3.77%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	3.50%		1/15/2025			7,107		7,525,205
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	3.875%		1/23/2028			5,000		5,288,749
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.875%		1/16/2024			2,674		2,918,624
Aircastle Ltd.^†	2.85%		1/26/2028			9,970		9,810,248
Aircastle Ltd.	4.25%		6/15/2026			9,806		10,610,434
Ally Financial, Inc.	4.70% (5 Yr Treasury CMT + 3.87%	)^#	–	^(f)		3,182		3,277,460
Ally Financial, Inc.	8.00%		11/1/2031			7,990		11,302,933
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.25%		4/15/2026			1,134		1,220,621
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.125%		10/1/2023			3,587		3,871,895
Brightsphere Investment Group, Inc.	4.80%		7/27/2026			3,933		4,272,990
Charles Schwab Corp. (The)	5.375% (5 Yr Treasury CMT + 4.97%	)^#	–	^(f)		11,517		12,783,870
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%		9/15/2024			4,239		4,189,422
Nationstar Mortgage Holdings, Inc.^†	5.50%		8/15/2028			2,900		2,878,119
Navient Corp.	6.75%		6/25/2025			7,825		8,608,478
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%		3/15/2027			4,123		4,617,259
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045			5,679		6,321,928
OneMain Finance Corp.	4.00%		9/15/2030			2,955		2,863,764
Park Aerospace Holdings Ltd. (Ireland)^†(e)	5.50%		2/15/2024			8,146		8,957,713
Total								111,319,712

Food 0.29%
Kraft Heinz Foods Co.	4.375%		6/1/2046			3,278		3,520,759
Kraft Heinz Foods Co.	4.875%		10/1/2049			4,437		5,099,133
Total								8,619,892

See Notes to Financial Statements.

167

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Care Services 2.50%
Centene Corp.	4.625%	12/15/2029	$	6,238	$	6,742,436
CommonSpirit Health	3.347%	10/1/2029		2,475		2,655,594
Fresenius Medical Care US Finance II, Inc.^†	4.75%	10/15/2024		7,590		8,464,192
Fresenius Medical Care US Finance III, Inc.^†	2.375%	2/16/2031		4,000		3,851,417
Fresenius Medical Care US Finance III, Inc.^†	3.75%	6/15/2029		4,450		4,763,450
HCA, Inc.	5.50%	6/15/2047		10,715		13,483,768
New York and Presbyterian Hospital (The)	3.954%	8/1/2099		5,655		6,312,218
Northwell Healthcare, Inc.	3.979%	11/1/2046		4,781		5,224,423
Universal Health Services, Inc.^†	2.65%	10/15/2030		12,786		12,669,456
Universal Health Services, Inc.^†	5.00%	6/1/2026		6,807		7,003,722
US Renal Care, Inc.^†	10.625%	7/15/2027		2,660		2,777,944
Total						73,948,620

Insurance 2.44%
Aon Corp.	8.205%	1/1/2027		5,545		7,298,892
Assurant, Inc.	3.70%	2/22/2030		9,896		10,553,955
CNO Financial Group, Inc.	5.25%	5/30/2025		10,855		12,328,937
CNO Financial Group, Inc.	5.25%	5/30/2029		9,239		10,850,235
Kemper Corp.	2.40%	9/30/2030		7,965		7,787,254
Protective Life Corp.	8.45%	10/15/2039		5,103		7,951,676
Selective Insurance Group, Inc.	5.375%	3/1/2049		5,081		6,116,521
Teachers Insurance & Annuity Association of America^†	4.90%	9/15/2044		7,365		9,181,487
Total						72,068,957

Leisure 0.54%
Carnival Corp.^†	11.50%	4/1/2023		8,714		9,981,626
NCL Corp. Ltd.^†	3.625%	12/15/2024		3,100		2,966,607
Royal Caribbean Cruises Ltd.	3.70%	3/15/2028		3,050		2,936,311
Total						15,884,544

Machinery: Agricultural 1.82%
Altria Group, Inc.	5.95%	2/14/2049		16,049		19,746,603
BAT Capital Corp.	4.39%	8/15/2037		16,555		17,204,021
BAT Capital Corp.	4.70%	4/2/2027		767		864,351
Imperial Brands Finance plc (United Kingdom)^†(e)	3.875%	7/26/2029		6,841		7,336,443
MHP Lux SA (Luxembourg)^†(e)	6.25%	9/19/2029		1,000		989,400
MHP Lux SA (Luxembourg)^†(e)	6.95%	4/3/2026		2,000		2,088,540
Viterra Finance BV (Netherlands)^†(e)	3.20%	4/21/2031		5,555		5,510,444
Total						53,739,802

168	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Machinery: Industrial/Specialty 1.11%
CNH Industrial Capital LLC	4.375%		4/5/2022	$	6,102	$	6,306,579
nVent Finance Sarl (Luxembourg)^(e)	4.55%		4/15/2028		10,408		11,243,030
Stanley Black & Decker, Inc.	4.00% (5 Yr Treasury CMT + 2.66%	)^#	3/15/2060		6,548		6,985,406
Westinghouse Air Brake Technologies Corp.	3.20%		6/15/2025		238		254,248
Westinghouse Air Brake Technologies Corp.	4.95%		9/15/2028		7,000		8,075,341
Total							32,864,604

Manufacturing 1.50%
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%	)^#	–^(f)		46,079		44,376,381

Media 1.74%
Charter Communications Operating LLC/Charter Communications Operating Capital	6.484%		10/23/2045		11,029		14,537,205
Cox Communications, Inc.^†	8.375%		3/1/2039		4,457		7,278,546
Time Warner Cable LLC	7.30%		7/1/2038		15,865		22,489,638
Time Warner Entertainment Co. LP	8.375%		7/15/2033		4,675		6,982,700
Total							51,288,089

Metal Fabricating 0.08%
Valmont Industries, Inc.	5.25%		10/1/2054		1,983		2,334,737

Metals & Minerals: Miscellaneous 2.31%
Alcoa Nederland Holding BV (Netherland)^†(e)	4.125%		3/31/2029		10,000		10,244,150
Anglo American Capital plc (United Kingdom)^†(e)	2.625%		9/10/2030		7,000		6,943,911
Anglo American Capital plc (United Kingdom)^†(e)	4.50%		3/15/2028		3,500		3,985,501
Anglo American Capital plc (United Kingdom)^†(e)	4.75%		4/10/2027		6,235		7,193,732
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	4.375%		4/1/2031		10,291		10,764,900
Freeport-McMoRan, Inc.	4.25%		3/1/2030		3,071		3,309,356
Freeport-McMoRan, Inc.	5.25%		9/1/2029		2,250		2,504,059
Freeport-McMoRan, Inc.	5.45%		3/15/2043		6,815		8,237,631
Glencore Finance Canada Ltd. (Canada)^†(e)	4.25%		10/25/2022		660		693,443
Glencore Finance Canada Ltd. (Canada)^†(e)	5.55%		10/25/2042		5,774		7,143,428
Glencore Funding LLC^†	2.85%		4/27/2031		4,617		4,608,365
Glencore Funding LLC^†	3.00%		10/27/2022		836		862,552
Glencore Funding LLC^†	4.125%		5/30/2023		1,599		1,704,272
Total							68,195,300

See Notes to Financial Statements.

169

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Natural Gas 0.11%
NiSource, Inc.	5.95%		6/15/2041	$	2,373	$	3,207,147

Oil 8.68%
Aethon United BR LP/Aethon United Finance Corp.^†	8.25%		2/15/2026		2,770		2,970,825
Apache Corp.	5.10%		9/1/2040		11,965		12,363,494
Berry Petroleum Co. LLC^†	7.00%		2/15/2026		5,441		5,393,446
California Resources Corp.^†	7.125%		2/1/2026		2,183		2,262,134
Callon Petroleum Co.	6.25%		4/15/2023		3,250		3,078,400
Canadian Natural Resources Ltd. (Canada)^(e)	7.20%		1/15/2032		6,558		8,783,981
Cenovus Energy, Inc. (Canada)^(e)	5.375%		7/15/2025		13,000		14,844,150
Centennial Resource Production LLC^†	6.875%		4/1/2027		5,000		5,004,250
Cimarex Energy Co.	4.375%		3/15/2029		6,221		6,991,313
Continental Resources, Inc.	4.90%		6/1/2044		6,806		7,392,031
Diamondback Energy, Inc.	2.875%		12/1/2024		5,260		5,596,237
Diamondback Energy, Inc.	3.50%		12/1/2029		7,039		7,466,823
Diamondback Energy, Inc.	4.75%		5/31/2025		3,289		3,726,312
Diamondback Energy, Inc.	5.375%		5/31/2025		10,400		10,691,974
Encino Acquisition Partners Holdings LLC^†	8.50%		5/1/2028		5,587		5,605,269
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.75%		1/30/2028		2,812		2,980,523
Eni SpA (Italy)^†(e)	5.70%		10/1/2040		11,398		14,320,647
EQT Corp.^†	3.625%		5/15/2031		1,512		1,559,152
Helmerich & Payne, Inc.	4.65%		3/15/2025		18,511		20,444,487
Hess Corp.	5.60%		2/15/2041		4,353		5,258,768
Hess Corp.	5.80%		4/1/2047		7,346		9,227,800
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%		11/1/2028		8,899		9,355,074
Laredo Petroleum, Inc.	10.125%		1/15/2028		6,000		6,412,830
Matador Resources Co.	5.875%		9/15/2026		6,000		6,030,000
MEG Energy Corp. (Canada)^†(e)	7.125%		2/1/2027		1,943		2,086,316
Nabors Industries Ltd.^†	7.25%		1/15/2026		3,210		2,797,082
Occidental Petroleum Corp.	1.606% (3 Mo. LIBOR + 1.45%	)^#	8/15/2022		188		186,649
Occidental Petroleum Corp.	3.50%		8/15/2029		67		62,904
Occidental Petroleum Corp.	6.625%		9/1/2030		4,933		5,659,680
OGX Austria GmbH (Brazil)^†(g)(e)	8.50%		6/1/2018		1,800		36
Ovintiv, Inc.	6.50%		2/1/2038		2,362		3,097,116
Ovintiv, Inc.	6.625%		8/15/2037		4,000		5,264,604
Patterson-UTI Energy, Inc.	3.95%		2/1/2028		11,622		11,552,294
PDC Energy, Inc.	5.75%		5/15/2026		6,000		6,270,060

170	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Range Resources Corp.^†	8.25%		1/15/2029	$	2,680	$	2,991,992
SM Energy Co.	6.125%		11/15/2022		1,000		998,125
SM Energy Co.	6.625%		1/15/2027		2,426		2,434,539
SM Energy Co.	6.75%		9/15/2026		2,324		2,322,257
Suncor Energy Ventures Corp. (Canada)^†(e)	4.50%		4/1/2022		8,775		8,998,443
Suncor Energy, Inc. (Canada)^(e)	7.875%		6/15/2026		8,027		10,256,634
Viper Energy Partners LP^†	5.375%		11/1/2027		2,935		3,056,069
WPX Energy, Inc.	4.50%		1/15/2030		9,938		10,743,177
Total							256,537,897

Oil: Crude Producers 2.54%
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		6,000		4,996,320
Cheniere Corpus Christi Holdings LLC	3.70%		11/15/2029		2,500		2,687,673
Cheniere Corpus Christi Holdings LLC	5.125%		6/30/2027		7,707		8,949,639
Enbridge Energy Partners LP	7.50%		4/15/2038		5,000		7,145,927
Enbridge, Inc. (Canada)^(e)	6.00% (3 Mo. LIBOR + 3.89%	)^#	1/15/2077		4,462		4,823,573
MPLX LP	1.285% (3 Mo. LIBOR + 1.10%	)^#	9/9/2022		8,000		8,004,986
NGPL PipeCo LLC^†	3.25%		7/15/2031		525		532,627
NGPL PipeCo LLC^†	4.875%		8/15/2027		16,607		19,008,115
Sabal Trail Transmission LLC^†	4.246%		5/1/2028		7,539		8,460,738
Williams Cos., Inc. (The)	8.75%		3/15/2032		7,000		10,482,423
Total							75,092,021

Oil: Integrated Domestic 0.43%
Halliburton Co.	7.45%		9/15/2039		4,869		6,977,691
NOV, Inc.	3.60%		12/1/2029		5,632		5,869,729
Total							12,847,420

Paper & Forest Products 0.26%
Suzano Austria GmbH (Brazil)^(e)	3.75%		1/15/2031		7,531		7,827,420

Real Estate Investment Trusts 3.68%
American Campus Communities Operating Partnership LP	3.875%		1/30/2031		12,342		13,489,570
American Homes 4 Rent LP	4.25%		2/15/2028		5,564		6,199,824
American Homes 4 Rent LP	4.90%		2/15/2029		3,352		3,870,160
Country Garden Holdings Co. Ltd. (China)^(e)	4.75%		1/17/2023		875		894,670
Country Garden Holdings Co. Ltd. (China)^(e)	4.75%		9/28/2023		7,650		7,805,513

See Notes to Financial Statements.

171

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts (continued)
CyrusOne LP	3.45%	11/15/2029	$	5,200	$	5,450,645
EPR Properties	4.95%	4/15/2028		7,732		8,106,722
Equinix, Inc.	5.375%	5/15/2027		15,609		16,740,881
GLP Capital LP/GLP Financing II, Inc.	5.75%	6/1/2028		7,325		8,622,587
Goodman US Finance Three LLC^†	3.70%	3/15/2028		7,250		7,778,215
HAT Holdings I LLC/HAT Holdings II LLC^†	3.75%	9/15/2030		5,372		5,186,827
Kennedy-Wilson, Inc.	4.75%	3/1/2029		2,044		2,096,858
MPT Operating Partnership LP/ MPT Finance Corp.	4.625%	8/1/2029		9,632		10,231,640
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		2,780		2,971,125
Physicians Realty LP	3.95%	1/15/2028		1,054		1,139,612
SL Green Realty Corp.	4.50%	12/1/2022		1,590		1,662,028
Weyerhaeuser Co.	8.50%	1/15/2025		5,223		6,556,049
Total						108,802,926

Retail 0.93%
Carvana Co.^†	5.625%	10/1/2025		1,592		1,641,925
Carvana Co.^†	5.875%	10/1/2028		1,613		1,694,021
Ken Garff Automotive LLC^†	4.875%	9/15/2028		1,715		1,711,784
L Brands, Inc.	6.875%	11/1/2035		3,545		4,276,458
Nordstrom, Inc.	4.375%	4/1/2030		2,935		3,015,048
Party City Holdings, Inc.^†	8.75%	2/15/2026		2,875		3,047,500
PetSmart, Inc./Petsmart Finance Corp.^†	7.75%	2/15/2029		2,745		3,025,505
Rite Aid Corp.^†	8.00%	11/15/2026		2,770		2,882,033
Specialty Building Products Holdings LLC/ SBP Finance Corp.^†	6.375%	9/30/2026		3,515		3,663,456
Yum! Brands, Inc.	6.875%	11/15/2037		1,949		2,400,768
Total						27,358,498

Steel 0.28%
Steel Dynamics, Inc.	5.00%	12/15/2026		4,985		5,219,761
U.S. Steel Corp.	6.875%	3/1/2029		2,950		3,094,447
Total						8,314,208

Technology 1.46%
E*TRADE Financial Corp.	3.80%	8/24/2027		1,448		1,612,718
E*TRADE Financial Corp.	4.50%	6/20/2028		5,499		6,328,281
Expedia Group, Inc.^†	2.95%	3/15/2031		4,981		4,974,859
Expedia Group, Inc.^†	4.625%	8/1/2027		4,483		5,078,970

172	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Technology (continued)
Netflix, Inc.^(c)	3.625%		5/15/2027		EUR	5,900	$	8,267,124
Prosus NV (Netherlands)^†(e)	3.68%		1/21/2030		$	11,000		11,691,987
Uber Technologies, Inc.^†	6.25%		1/15/2028			2,715		2,932,200
VeriSign, Inc.^(a)	2.70%		6/15/2031			2,141		2,149,136
Total								43,035,275

Telecommunications 2.77%
AT&T, Inc.^(c)	2.875% (5 Yr EUR CMT + 3.14%	)^#	–	^(f)	EUR	20,500		25,273,081
AT&T, Inc.^†	3.50%		9/15/2053		$	15,698		14,916,844
AT&T, Inc.	3.65%		6/1/2051			7,000		7,010,162
AT&T, Inc.	4.30%		2/15/2030			26,988		30,747,438
Switch Ltd.^†	3.75%		9/15/2028			2,247		2,236,023
Zayo Group Holdings, Inc.^†	6.125%		3/1/2028			1,592		1,622,678
Total								81,806,226

Transportation: Miscellaneous 0.41%
Canadian Pacific Railway Co. (Canada)^(e)	9.45%		8/1/2021			500		507,540
CSX Transportation, Inc.	7.875%		5/15/2043			511		832,083
Huntington Ingalls Industries, Inc.	3.844%		5/1/2025			9,750		10,713,943
Total								12,053,566
Total Corporate Bonds (cost $1,803,691,399)								1,895,266,735

FLOATING RATE LOANS^(h)8.99%

Advertising 0.52%
Lamar Media Corporation 2020 Term Loan B	1.595% (1 Mo. LIBOR + 1.50%	)	2/5/2027			15,585		15,429,397

Aerospace/Defense 0.24%
Boeing Company The Delayed Draw Term Loan	1.434% (3 Mo. LIBOR + 1.25%	)	2/7/2022			6,945		6,948,239

Automotive 0.11%
Ford Motor Company Unsecured Term Loan	1.85% (1 Mo. LIBOR + 1.75%	)	12/31/2022			3,315		3,290,054	⁽ⁱ⁾

Business Services 1.02%
Global Payments Inc. 2019 Term Loan	2.022% (3 Mo. LIBOR + 1.88%	)	7/9/2024			5,483		5,456,079	⁽ⁱ⁾
Nutrition & Biosciences, Inc. 5 Year Delayed Draw Term Loan	1.802% (3 Mo. LIBOR + 1.63%	)	1/17/2025			6,973		6,968,556	⁽ⁱ⁾

See Notes to Financial Statements.

173

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Business Services (continued)

Trans Union, LLC 2019 Term Loan B5

1.843%
(1 Mo. LIBOR + 1.75%

)

11/16/2026

17,731

17,685,529

Total

30,110,164

Computer Software 0.06%

EagleView Technology Corporation 2018 Add On Term Loan B

3.635%
(3 Mo. LIBOR + 3.50%

)

8/14/2025

1,734

1,708,242

Veritas Bermuda Ltd. USD Repriced Term Loan B

–

^(j)

1/27/2023

–

^(k)

Total

1,708,243

Containers 0.34%

Owens-Illinois Inc. 2019 Tranche A Term Loan A

1.593%
(1 Mo. LIBOR + 1.50%

)

6/25/2024

9,945

9,895,585

⁽ⁱ⁾

Entertainment 0.56%

Churchill Downs Incorporated 2021 Incremental Term Loan B1

2.10%
(1 Mo. LIBOR + 2.00%

)

3/10/2028

6,392

6,351,948

⁽ⁱ⁾

Playtika Holding Corp 2021 Term Loan

2.843%
(1 Mo. LIBOR + 2.75%

)

3/13/2028

8,000

7,980,440

Scientific Games International, Inc. 2018 Term Loan B5

2.843%
(1 Mo. LIBOR + 2.75%

)

8/14/2024

2,170

2,152,841

Total

16,485,229

Environmental Services 0.03%

Stericycle Inc 2017 Term Loan

1.468% - 1.73%
(1 Mo. LIBOR + 1.38%
(1 Mo. LIBOR + 1.63%

)
)

11/17/2022

847

840,333

⁽ⁱ⁾

Food: Wholesale 0.67%

JBS USA Lux S.A. 2019 Term Loan B (Luxembourg)

2.093%
(1 Mo. LIBOR + 2.00%

)

5/1/2026

19,906

19,883,630

Government 0.84%

Seminole Tribe of Florida 2018 Term Loan B

1.843%
(1 Mo. LIBOR + 1.75%

)

7/8/2024

24,870

24,893,518

Health Care Services 0.37%

DaVita, Inc. 2019 Delayed Draw Term Loan A

1.593%
(1 Mo. LIBOR + 1.50%

)

8/12/2024

11,116

11,074,548

174	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Lodging 0.69%
Hilton Worldwide Finance, LLC 2019 Term Loan B2	1.842% (1 Mo. LIBOR + 1.75%)		6/22/2026	$	12,939	$	12,849,061
Resorts World Las Vegas LLC Term Loan A	1.60% (1 Mo. LIBOR + 1.50%	)	4/16/2024		1,088		1,071,188	⁽ⁱ⁾
Wyndham Hotels & Resorts, Inc. Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	5/30/2025		6,369		6,326,509
Total							20,246,758

Media 0.39%
Banijay Entertainment S.A.S USD Term Loan (France)	3.857%		3/1/2025		5,771		5,761,363
Nielsen Finance LLC USD Term Loan B4	2.095% (1 Mo. LIBOR + 2.00%	)	10/4/2023		5,829		5,833,903
Total							11,595,266

Metal Fabricating 0.02%
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)	8.50% (1 Mo. LIBOR + 6.50%	)	3/6/2024		622		620,660

Miscellaneous 0.00%
UTEX Industries Inc. 2020 First Out Exit Term Loan A	8.50% (1 Mo. LIBOR + 7.00%	)	12/3/2025		62		62,299
UTEX Industries Inc. 2020 Second Out Term Loan PIK 5.75%	5.25% (1 Mo. LIBOR + 5.25%	)	12/3/2025		40		38,537
Total							100,836

Oil 0.17%
Hess Corporation Term Loan	2.872% (3 Mo. LIBOR + 2.73%	)	3/16/2023		5,000		4,987,500	⁽ⁱ⁾

Real Estate Investment Trusts 0.84%
Invitation Homes Operating Partnership LP 2020 Term Loan A	1.095% (1 Mo. LIBOR + 1.00%	)	1/31/2025		6,658		6,591,796
VICI Properties 1 LLC Replacement Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	12/20/2024		18,358		18,212,952
Total							24,804,748

See Notes to Financial Statements.

175

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Retail 0.94%

AI Aqua Merger Sub, Inc. 2017 1st Lien Term Loan B

4.25%
(1 Mo. LIBOR + 3.25%

)

12/13/2023

4,929

4,932,357

Murphy USA Inc Term Loan B

2.25%
(1 Mo. LIBOR + 1.75%

)

1/31/2028

22,912

22,976,600

Total

27,908,957

Technology 0.21%

Comcast Hulu Holdings, LLC Term Loan A

0.968%
(1 Mo. LIBOR + 0.88%

)

3/15/2024

6,331

6,298,903

⁽ⁱ⁾

Telecommunications 0.55%

CenturyLink, Inc. 2020 Term Loan A

2.093%
(1 Mo. LIBOR + 2.00%

)

1/31/2025

8,789

8,751,406

LogMeIn, Inc. Term Loan B

4.845%
(1 Mo. LIBOR + 4.75%

)

8/31/2027

7,617

7,628,109

Total

16,379,515

Transportation: Miscellaneous 0.42%

XPO Logistics, Inc. 2018 Term Loan B

1.858%
(1 Mo. LIBOR + 1.75%

)

2/24/2025

12,314

12,271,315

Total Floating Rate Loans (cost $265,858,654)

265,773,398

FOREIGN GOVERNMENT OBLIGATIONS 0.18%

Sri Lanka

Republic of Sri Lanka^†(e)
(cost $4,518,449)

5.875%

7/25/2022

5,840

5,197,600

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%

Financial: Miscellaneous 0.01%

Government National Mortgage Assoc. 2013-48 IO^(m)

0.584%

^#(l)

7/16/2054

10,440

250,496

Government Agency 0.00%

Federal Home Loan Mortgage Corp. 1137 M IO^(m)

1185.497%

9/15/2021

–

^(k)

Federal Home Loan Mortgage Corp. 1180 G IO^(m)

1008.40%

11/15/2021

–

^(k)

Federal Home Loan Mortgage Corp. 1200 IB IO^(m)

1007.00%

2/15/2022

–

^(k)

Federal Home Loan Mortgage Corp. 1241 X IO^(m)

982.654%

4/15/2022

–

^(k)

Federal Home Loan Mortgage Corp. 1363 B PO

Zero Coupon

8/15/2022

3,336

Federal Home Loan Mortgage Corp. 1372 C PO

Zero Coupon

9/15/2022

–

^(k)

117

Federal National Mortgage Assoc. 133 1 PO

Zero Coupon

4/25/2022

–

^(k)

176	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Government Agency (continued)
Federal National Mortgage Assoc. 1991-158 E IO^(m)	1008.00%	^#(l)	12/25/2021	$	–	^(K)	$	7
Federal National Mortgage Assoc. 94 2 IO^(m)	9.50%		8/25/2021		–	^(k)		–	^(k)
Total								3,479
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $430,893)								253,975

MUNICIPAL BONDS 0.73%

Miscellaneous
Metropolitan Transportation Authority	6.668%		11/15/2039		6,470			9,164,878
New Jersey Transportation Trust Fund Authority	4.081%		6/15/2039		725			798,225
New Jersey Transportation Trust Fund Authority	4.131%		6/15/2042		2,665			2,903,998
State of Illinois	4.95%		6/1/2023		918			950,201
State of Illinois	5.10%		6/1/2033		6,855			7,880,020
Total Municipal Bonds (cost $20,754,424)								21,697,322

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.18%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(l)	12/25/2059		893			901,005
BBCMS Mortgage Trust 2019-BWAY C^†	1.711% (1 Mo. LIBOR + 1.61%	)^#	11/15/2034		3,950			3,895,553
Benchmark Mortgage Trust 2020-B22 E^†	2.00%		1/15/2054		5,750			4,489,594
BFLD 2019-DPLO E^†	2.341% (1 Mo. LIBOR + 2.24%	)^#	10/15/2034		8,000			7,955,743
BX Commercial Mortgage Trust 2019-IMC-E^†	2.251% (1 Mo. LIBOR + 2.15%	)^#	4/15/2034		4,000			3,968,778
BX Commercial Mortgage Trust 2019-XL D^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	10/15/2036		6,586			6,598,754
BX Commercial Mortgage Trust 2019-XL E^†	1.901% (1 Mo. LIBOR + 1.80%	)^#	10/15/2036		5,574			5,586,050
BX Commercial Mortgage Trust 2019-XL F^†	2.101% (1 Mo. LIBOR + 2.00%	)^#	10/15/2036		6,197			6,211,129
Citigroup Commercial Mortgage Trust 2016-P3 C	4.887%	^#(l)	4/15/2049		5,960			6,338,173
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.321%	^#(l)	7/10/2050		3,018			3,104,416
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(l)	2/25/2050		2,321			2,359,776
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(l)	1/25/2060		1,380			1,398,779
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		984			1,000,398
Great Wolf Trust 2019-WOLF A^†	1.135% (1 Mo. LIBOR + 1.03%	)^#	12/15/2036		8,100			8,120,259

See Notes to Financial Statements.

177

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Great Wolf Trust 2019-WOLF E^†		2.833% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036	$	1,902	$	1,866,799
GS Mortgage Securities Corp. II 2021-ROSS G^†		4.80% (1 Mo. LIBOR + 4.65%	)^#	5/15/2026		5,160		5,191,518
GS Mortgage Securities Trust 2013-G1 A2 IO^(m)		0.181%	^#(l)	11/10/2048		30,000		286,500
GS Mortgage Securities Trust 2013-GC12 XA IO^(m)		1.401%	^#(l)	6/10/2046		20,768		442,951
GS Mortgage Securities Trust 2013-GC12 XB IO^(m)		0.518%	^#(l)	6/10/2046		47,400		441,555
GS Mortgage Securities Trust 2015-GC32 C		4.422%	^#(l)	7/10/2048		1,022		1,102,651
HPLY Trust 2019-HIT A^†	1.101% (1 Mo. LIBOR + 1.00%		)^#	11/15/2036		3,051		3,054,401
Hudsons Bay Simon JV Trust 2015-HB10 XB10 IO^†(m)		0.541%	^#(l)	8/5/2034		16,028		368,324
Hudsons Bay Simon JV Trust 2015-HB7 XB7 IO^†(m)		0.493%	^#(l)	8/5/2034		18,308		102,891
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C		4.267%	^#(l)	7/15/2048		1,674		1,781,352
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A^†		3.392%		6/5/2032		2,700		2,728,738
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1		6.25%		10/25/2036		513		338,742
New Residential Mortgage Loan Trust 2020-NQM1 A1^†		2.464%	^#(l)	1/26/2060		850		865,781
One Bryant Park Trust 2019-OBP A^†		2.516%		9/15/2054		10,000		10,290,374
One New York Plaza Trust 2020-1NYP B^†		1.601% (1 Mo. LIBOR + 1.50%	)^#	1/15/2026		7,330		7,398,217
PFP Ltd. 2019-6 C^†		2.198% (1 Mo. LIBOR + 2.10%	)^#	4/14/2037		4,576		4,577,115
Ready Capital Mortgage Financing LLC 2021-FL5 D^†		3.092% (1 Mo. LIBOR + 3.00%	)^#	4/25/2038		8,160		8,171,628
Residential Mortgage Loan Trust 2020-1 A1^†		2.376%	^#(l)	2/25/2024		633		643,609
Starwood Mortgage Residential Trust 2020-1 A1^†		2.275%	^#(l)	2/25/2050		1,288		1,306,099
Verus Securitization Trust 2020-1 A1^†		2.417%		1/25/2060		1,395		1,417,742
VMC Finance LLC 2019-FL3 A^†		1.201% (1 Mo. LIBOR + 1.10%	)^#	9/15/2036		2,242		2,243,548
Wells Fargo Commercial Mortgage Trust 2013-LC12 D^†		4.309%	^#(l)	7/15/2046		2,256		1,243,122
Wells Fargo Commercial Mortgage Trust 2015-SG1 B		4.462%	^#(l)	9/15/2048		3,451		3,530,138
Wells Fargo Commercial Mortgage Trust 2017-C41 AS		3.785%	^#(l)	11/15/2050		2,089		2,290,060
Total Non-Agency Commercial Mortgage-Backed Securities (cost $122,855,299)								123,612,262

178	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
U.S. TREASURY OBLIGATIONS 12.42%
U.S. Treasury Bond	1.125%	5/15/2040	$	61,465	$	51,294,463
U.S. Treasury Bond	1.375%	8/15/2050		15,553		12,470,043
U.S. Treasury Bond	1.625%	11/15/2050		40,731		34,812,277
U.S. Treasury Note	0.625%	8/15/2030		139,610		128,490,281
U.S. Treasury Note	0.75%	3/31/2026		140,078		139,968,564
Total U.S. Treasury Obligations (cost $375,466,384)						367,035,628

	Exercise Price	Expiration Date	Shares (000)
WARRANTS 0.00%

Miscellaneous
UTEX Industries, Inc.* (cost $4,781)	$114.76	12/3/2025		3		4,781	⁽ⁿ⁾
Total Long-Term Investments (cost $2,884,360,846)						2,972,500,368

			Principal Amount (000)
SHORT-TERM INVESTMENTS 0.62%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $18,793,600 of U.S. Treasury Note at 0.125% due 01/15/2024; value: $18,746,433; proceeds: $18,378,791 (cost $18,378,791)			$	18,379		18,378,791
Total Investments in Securities 101.21% (cost $2,902,739,637)						2,990,879,159
Liabilities in Excess of Cash, Foreign Cash and Other Assets^(o)(1.21%)						(35,754,095	)
Net Assets 100.00%					$	2,955,125,064

See Notes to Financial Statements.

179

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

CAD		Canadian dollar.
EUR		Euro.
CMT		Constant Maturity Rate.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
PO		Principal Only.
SOFR		Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $970,930,094, which represents 32.86% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
*		Non-income producing security.
^(a)		Securities purchased on a when-issued basis. See Note 2(i).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Investment in non-U.S. dollar denominated securities.
^(d)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Security is perpetual in nature and has no stated maturity.
^(g)		Defaulted (non-income producing security).
^(h)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
⁽ⁱ⁾		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(j)		Interest rate to be determined.
^(k)		Amount is less than $1,000.
^(l)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(m)		IOettes. These securities represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s, however, a nominal amount of principal is assigned to an IOette. This amount is very small in relation to the interest flow that constitutes almost all of the IOette cash flow. The stated price and coupon are linked to that small principal amount and therefore appear unusually large.
⁽ⁿ⁾		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(o)		Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

180	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Centrally Cleared Credit Default Swaps on Indexes – Buy Protection at May 31, 2021⁽¹⁾:

Referenced Index		Central Clearing party		Fund Receives (Quarterly)				Termination Date		Notional Amount				Notional Value				Payments Upfront⁽²⁾			Unrealized Depreciation⁽³⁾
Markit.CDX. NA.HY.35⁽⁴⁾⁽⁵⁾		Credit Suisse			1.00	%		6/20/2026			$22,000,000				$(21,365,409	)			$759,207				$(124,616	)


⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $124,616.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

Credit Default Swaps on Indexes – Sell Protection at May 31, 2021⁽¹⁾:

Referenced Index*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation⁽³⁾			Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.BBB.9	Citibank	3.00%	8/17/2061	$	2,950,000	$	2,767,964	$	(244,754	)		$	62,718		$	(182,036	)
Markit CMBX. NA.BBB.9	Goldman	3.00%	8/17/2061		2,950,000		2,767,965		(262,625	)			80,590			(182,035	)
Markit CMBX. NA.BBB.9	Goldman	3.00%	8/17/2061		2,950,000		2,767,965		(244,753	)			62,718			(182,035	)
Markit CMBX. NA.BBB.9	Morgan Stanley	3.00%	8/17/2061		3,000,000		2,814,879		(243,111	)			57,990			(185,121	)
Markit CMBX. NA.BBB.9	Morgan Stanley	3.00%	8/17/2061		5,900,000		5,535,929		(489,212	)			125,141			(364,071	)
Markit CMBX. NA.BBB.10	Morgan Stanley	3.00%	8/17/2061		14,750,000		13,839,823		(1,205,814	)			295,637			(910,177	)
								$	(2,690,269	)		$	684,794		$	(2,005,475	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage- backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $684,794. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Includes upfront payments received.

See Notes to Financial Statements.

181

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Euro	Buy	Bank of America	6/4/2021		243,000	$	295,339	$	297,164		$	1,825

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date		Foreign Currency	U.S. $ Cost on Origination Date			U.S. $ Current Value	Unrealized Depreciation
Canadian dollar	Sell	State Street Bank and Trust	7/20/2021		7,782,000	$	6,209,466	$	6,446,973		$	(237,507)
Euro	Sell	Bank of America	6/4/2021		27,720,000	$	33,583,334	$	33,898,660		$	(315,326)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(552,833)

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
U.S. 2-Year Treasury Note	September 2021	953	Long	$	210,323,202	$	210,359,860			$36,658

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
Euro-Bobl	June 2021	89	Short	EUR	(11,974,797)	EUR	(11,990,080)		$	(18,637)
U.S. 10-Year Ultra Treasury Bond	September 2021	352	Long	$	51,041,909	$	51,023,500			(18,409)
U.S. 5-Year Treasury Note	September 2021	1,035	Long		128,196,259		128,186,368			(9,891)
U.S. Long Bond	September 2021	104	Long		16,315,189		16,279,250			(35,939)
U.S. Ultra Treasury Bond	September 2021	217	Long		40,274,250		40,199,250			(75,000)
Total Unrealized Depreciation on Open Futures Contracts									$	(157,876)

182	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INCOME FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities
Other	$	–		$	222,556,921		$	3,835,482	$	226,392,403
Remaining Industries		–			61,788,406			–		61,788,406
Common Stocks
Miscellaneous		–			308,616			–		308,616
Remaining Industries		5,169,242			–			–		5,169,242
Corporate Bonds		–			1,895,266,735			–		1,895,266,735
Floating Rate Loans
Automotive		–			–			3,290,054		3,290,054
Business Services		–			17,685,529			12,424,635		30,110,164
Containers		–			–			9,895,585		9,895,585
Entertainment		–			10,133,281			6,351,948		16,485,229
Environmental Services		–			–			840,333		840,333
Lodging		–			19,175,570			1,071,188		20,246,758
Oil		–			–			4,987,500		4,987,500
Technology		–			–			6,298,903		6,298,903
Remaining Industries		–			173,618,872			–		173,618,872
Foreign Government Obligations		–			5,197,600			–		5,197,600
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			253,975			–		253,975
Municipal Bonds		–			21,697,322			–		21,697,322
Non-Agency Commercial Mortgage-Backed Securities		–			123,612,262			–		123,612,262
U.S. Treasury Obligations		–			367,035,628			–		367,035,628
Warrants		–			–			4,781		4,781
Short-Term Investments
Repurchase Agreements		–			18,378,791			–		18,378,791
Total	$	5,169,242		$	2,936,709,508		$	49,000,409	$	2,990,879,159
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(124,616	)		–		(124,616	)
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(2,005,474	)		–		(2,005,474	)
Forward Foreign Currency Exchange Contracts
Assets		–			1,825			–		1,825
Liabilities		–			(552,833	)		–		(552,833	)
Futures Contracts
Assets		36,658			–			–		36,658
Liabilities		(157,876	)		–			–		(157,876	)
Total	$	(121,218	)	$	(2,681,098	)	$	–	$	(2,802,316	)


⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

See Notes to Financial Statements.

183

Schedule of Investments (unaudited)(concluded)

INCOME FUND May 31, 2021

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

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Asset-Backed Securities			Common Stocks			Floating Rate Loans			Warrants
Balance as of December 1, 2020	$	6,014,990		$	7,764		$	10,782,574		$	–
Accrued Discounts (Premiums)		–			–			22,491			–
Realized Gain (Loss)		–			(1,837,859	)		18,835			–
Change in Unrealized Appreciation (Depreciation)		24,482			1,830,095			41,666			–
Purchases		3,811,000			–			36,454,299			4,781
Sales		–			–			(2,159,719	)		–
Transfers into Level 3		–			–			–			–
Transfers out of Level 3		(6,014,990	)		–			–			–
Balance as of May 31, 2021	$	3,835,482		$	–		$	45,160,146		$	4,781
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	24,482		$	–		$	42,705		$	–

184	See Notes to Financial Statements.

Schedule of Investments (unaudited)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 96.11%

ASSET-BACKED SECURITIES 17.58%

Automobiles 6.61%
ACC Trust 2019-1 A^†	3.75%	5/20/2022	$	14	$	13,807
Ally Auto Receivables Trust 2019-3 A3	1.93%	5/15/2024		5,643		5,708,956
American Credit Acceptance Receivables Trust 2020-3 A^†	0.62%	10/13/2023		4,298		4,301,170
AmeriCredit Automobile Receivables Trust 2020-1 B	1.48%	1/21/2025		583		592,798
ARI Fleet Lease Trust 2020-A A2^†	1.77%	8/15/2028		346		348,459
Arivo Acceptance Auto Loan Receivables Trust 2019-1 A^†	2.99%	7/15/2024		299		302,987
Avis Budget Rental Car Funding AESOP LLC 2019-2A A^†	3.35%	9/22/2025		5,000		5,392,904
Bank of The West Auto Trust 2017-1 A4^†	2.33%	9/15/2023		506		510,585
CarMax Auto Owner Trust 2017-3 B	2.44%	2/15/2023		373		375,240
CarMax Auto Owner Trust 2020-2 A3	1.70%	11/15/2024		200		202,904
Carvana Auto Receivables Trust 2019-2A C^†	3.00%	6/17/2024		591		604,811
Carvana Auto Receivables Trust 2021-N1 A	0.70%	1/10/2028		855		855,819
CPS Auto Receivables Trust 2017-D^†	3.73%	9/15/2023		171		173,155
CPS Auto Receivables Trust 2018-B C^†	3.58%	3/15/2023		64		63,750
CPS Auto Receivables Trust 2019-C^†	2.84%	6/16/2025		181		183,576
CPS Auto Receivables Trust 2019-C D^†	3.17%	6/16/2025		281		289,947
CPS Auto Receivables Trust 2019-D B^†	2.35%	11/15/2023		411		412,771
CPS Auto Receivables Trust 2019-D C^†	2.54%	8/15/2024		667		678,067
CPS Auto Receivables Trust 2020-B E^†	5.75%	12/15/2023		500		508,274
CPS Auto Receivables Trust 2020-C B^†	1.01%	1/15/2025		5,500		5,530,459
Credit Acceptance Auto Loan Trust 2021-3A A^†	1.00%	5/15/2030		1,325		1,329,240
Donlen Fleet Lease Funding 2 LLC 2021-2 A2^†	0.56%	12/11/2034		6,225		6,237,393
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		834		840,737
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		701		721,015
Drive Auto Receivables Trust 2019-2 B	3.17%	11/15/2023		105		104,658
Drive Auto Receivables Trust 2019-2 C	3.42%	6/16/2025		1,238		1,259,080
Drive Auto Receivables Trust 2019-2 D	3.69%	8/17/2026		717		747,724
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		1,289		1,310,373
Drive Auto Receivables Trust 2019-4 D	2.70%	2/16/2027		1,030		1,064,450
Drive Auto Receivables Trust 2020-2 D	3.05%	5/15/2028		1,800		1,893,321
Drive Auto Receivables Trust 2021-1 C	1.02%	6/15/2027		875		880,250
Drive Auto Receivables Trust 2021-1 D	1.45%	1/16/2029		830		836,468

See Notes to Financial Statements.

185

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Exeter Automobile Receivables Trust 2019-4A B^†	2.30%	12/15/2023	$	549	$	550,992
Exeter Automobile Receivables Trust 2021-2A A2^(a)	0.27%	1/16/2024		1,415		1,416,072
Exeter Automobile Receivables Trust 2021-2A C^(a)	0.98%	6/15/2026		960		961,011
Exeter Automobile Receivables Trust 2021-2A D^(a)	1.40%	4/15/2027		1,675		1,677,933
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		1,856		1,856,705
Ford Credit Auto Lease Trust 2021-A A3	0.26%	2/15/2024		1,403		1,403,933
Ford Credit Auto Lease Trust 2021-A A4	0.30%	4/15/2024		2,369		2,370,294
Ford Credit Auto Owner Trust 2016-2 A^†	2.03%	12/15/2027		1,082		1,082,909
Ford Credit Auto Owner Trust 2017-2 A^†	2.36%	3/15/2029		1,417		1,456,872
Ford Credit Auto Owner Trust 2019-REV1 A^†	3.52%	7/15/2030		1,143		1,234,863
Ford Credit Auto Owner Trust 2020-C A3	0.41%	7/15/2025		921		923,000
Ford Credit Auto Owner Trust 2021-A A2	0.17%	10/15/2023		2,600		2,600,782
Ford Credit Auto Owner Trust REV1 2018-1 A^†	3.19%	7/15/2031		4,225		4,594,721
Ford Credit Auto Owner Trust REV1 2021-1 A^†	1.37%	10/17/2033		1,650		1,672,470
Foursight Capital Automobile Receivables Trust 2020-1 A3^†	2.05%	10/15/2024		193		195,305
GM Financial Automobile Leasing Trust 2020-2 A3	0.80%	7/20/2023		570		573,922
GM Financial Consumer Automobile Receivables Trust 2019-1 B	3.37%	8/16/2024		416		432,205
GM Financial Consumer Automobile Receivables Trust 2020-4 A3	0.38%	8/18/2025		1,187		1,189,409
GM Financial Consumer Automobile Receivables Trust 2021-1 A2	0.23%	11/16/2023		1,029		1,029,380
GM Financial Consumer Automobile Receivables Trust 2021-1 A3	0.35%	10/16/2025		823		824,775
GM Financial Leasing Trust 2021-1 A2	0.17%	4/20/2023		2,955		2,955,533
GM Financial Leasing Trust 2021-1 A3	0.26%	2/20/2024		2,017		2,019,208
Honda Auto Receivables Owner Trust 2020-2 A3	0.82%	7/15/2024		510		513,834
Honda Auto Receivables Owner Trust 2021-1 A2	0.16%	7/21/2023		1,895		1,895,224
Honda Auto Receivables Owner Trust 2021-2 A2	0.17%	11/15/2023		4,380		4,381,606
Hyundai Auto Lease Securitization Trust 2021-A A2^†	0.25%	4/17/2023		784		784,367
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%	3/15/2023		850		850,252
Mercedes-Benz Auto Lease Trust 2021-A A3	0.25%	1/16/2024		934		934,387
Santander Drive Auto Receivables Trust 2018-4 C	3.56%	7/15/2024		423		426,222
Santander Drive Auto Receivables Trust 2019-3 C	2.49%	10/15/2025		1,483		1,506,291
Santander Drive Auto Receivables Trust 2020-4 D	1.48%	1/15/2027		6,325		6,404,403
Santander Drive Auto Receivables Trust 2021-1 C	0.75%	2/17/2026		806		807,542
Santander Drive Auto Receivables Trust 2021-2 A2	0.28%	4/15/2024		3,475		3,476,002
Santander Drive Auto Receivables Trust 2021-2 C	0.90%	6/15/2026		8,860		8,901,852

186	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust 2021-2 D	1.35%		7/15/2027	$	2,140	$	2,145,738
Santander Retail Auto Lease Trust 2019-B D^†	3.31%		6/20/2024		989		1,022,146
Santander Retail Auto Lease Trust 2021-A A3^†	0.51%		7/22/2024		2,915		2,925,761
TCF Auto Receivables Owner Trust 2016-1A C^†	2.51%		9/15/2022		14		14,198
Toyota Auto Receivables Owner Trust 2020-D A2	0.23%		5/15/2023		861		860,841
Toyota Auto Receivables Owner Trust 2020-D A3	0.35%		1/15/2025		978		979,544
Volkswagen Auto Loan Enhanced Trust 2020-1 A3	0.98%		11/20/2024		988		997,814
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%		11/15/2024		1,216		1,257,664
Westlake Automobile Receivables Trust 2019-3A B^†	2.41%		10/15/2024		1,145		1,156,279
Westlake Automobile Receivables Trust 2019-3A C^†	2.49%		10/15/2024		1,114		1,135,297
Westlake Automobile Receivables Trust 2020-2A A2A^†	0.93%		2/15/2024		5,366		5,382,768
Westlake Automobile Receivables Trust 2021-1A C^†	0.95%		3/16/2026		4,175		4,184,663
World Omni Automobile Lease Securitization Trust 2020-B A3	0.45%		2/15/2024		554		556,226
World Omni Select Auto Trust 2018-1A B^†	3.68%		7/15/2023		47		47,503
World Omni Select Auto Trust 2018-1A D^†	4.13%		1/15/2025		1,190		1,218,802
World Omni Select Auto Trust 2019-A C	2.38%		12/15/2025		226		232,999
World Omni Select Auto Trust 2019-A D	2.59%		12/15/2025		572		587,155
Total							132,884,822

Credit Cards 0.97%
Capital One Multi-Asset Execution Trust 2016-A5 A5	1.66%		6/17/2024		6,600		6,621,730
Capital One Multi-Asset Execution Trust 2017-A6	2.29%		7/15/2025		1,107		1,137,146
Capital One Multi-Asset Execution Trust 2019-A2	1.72%		8/15/2024		289		294,526
Master Credit Card Trust II Series 2018-1A A^†	0.587% (1 Mo. LIBOR + .49%	)^#	7/21/2024		1,254		1,261,459
Perimeter Master Note Business Trust 2019-1A A^†	4.31%		12/15/2022		2,543		2,549,229
Perimeter Master Note Business Trust 2019-1A B^†	6.02%		12/15/2022		500		500,928
Synchrony Card Issuance Trust 2018-A1 A	3.38%		9/15/2024		3,203		3,232,951
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		999		1,032,122
World Financial Network Credit Card Master Trust 2018-C M	3.95%		8/15/2025		743		751,172
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		939		958,798
World Financial Network Credit Card Master Trust 2019-B A	2.49%		4/15/2026		76		77,848
World Financial Network Credit Card Master Trust 2019-C A	2.21%		7/15/2026		1,051		1,078,299
Total							19,496,208

See Notes to Financial Statements.

187

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Home Equity 0.00%

New Century Home Equity Loan Trust 2005-A A6

4.70%

8/25/2035

21,550

Other 10.00%

AMMC CLO Ltd. 2016-19A CR^†

2.734%
(3 Mo. LIBOR + 2.55%

)^#

10/16/2028

750

754,010

Amur Equipment Finance Receivables VI LLC 2018-2A A2^†

3.89%

7/20/2022

523

530,547

Amur Equipment Finance Receivables VII LLC 2019-1A A2^†

2.63%

6/20/2024

774

786,444

Anchorage Capital CLO 3-R Ltd. 2014-3RA A^†

1.234%
(3 Mo. LIBOR + 1.05%

)^#

1/28/2031

970

970,301

Anchorage Capital CLO 4-R Ltd. 2014-4RA A^†

1.234%
(3 Mo. LIBOR + 1.05%

)^#

1/28/2031

1,212

1,212,605

Apidos CLO XXIV 2016-24A A1AL^†

1.138%
(3 Mo. LIBOR + 0.95%

)^#

10/20/2030

510

509,372

Apidos CLO XXXI 2019-31A A1R^†

Zero Coupon

^#(b)

4/15/2031

5,000

5,001,492

Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 A^†

1.20%
(1 Mo. LIBOR + 1.10%

)^#

5/15/2036

1,980

1,982,475

Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

6/15/2028

1,020

1,021,275

Arbor Realty Commercial Real Estate Notes Ltd. 2019-FL1 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2037

955

956,192

Avery Point V CLO Ltd. 2014-5A AR^†

1.17%
(3 Mo. LIBOR + 0.98%

)^#

7/17/2026

37,924

Bain Capital Credit CLO Ltd. 2017-1A A1R^†

Zero Coupon

^#(b)

7/20/2030

6,000

6,000,000

Bain Capital Credit CLO Ltd. 2017-2A AR^†

1.426%
(3 Mo. LIBOR + 1.25%

)^#

7/25/2030

390

390,663

Barings CLO Ltd. 2019-3A A1R^†

1.192%
(3 Mo. LIBOR + 1.07%

)^#

4/20/2031

3,020

3,020,188

BDS Ltd. 2021-FL7 A^†

1.18%
(1 Mo. LIBOR + 1.07%

)^#

6/16/2036

5,210

5,223,483

Benefit Street Partners CLO ILtd. 2013-IIIA A1R2^†

1.188%
(3 Mo. LIBOR + 1.00%

)^#

7/20/2029

4,000

4,002,850

BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†

1.168%
(3 Mo. LIBOR + .98%

)^#

7/20/2029

1,190

1,189,040

Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3^†

Zero Coupon

^#(b)

7/20/2031

2,160

2,152,488

Carlyle US Clo Ltd. 2017-2A A1R^†

Zero Coupon

^#(b)

7/20/2031

4,000

4,000,872

Carlyle US CLO Ltd. 2017-3A A1AR^†

1.088%
(3 Mo. LIBOR + .90%

)^#

7/20/2029

830

829,548

Cedar Funding CLO Ltd. 2017-8A A1^†

1.44%
(3 Mo. LIBOR + 1.25%

)^#

10/17/2030

2,500

2,502,413

Cedar Funding Ltd. 2021-14A A^†(a)

Zero Coupon

^#(b)

7/15/2033

2,340

2,340,000

188	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Cedar Funding XI Clo Ltd. 2019-11A A1R^†(a)

Zero Coupon

^#(b)

5/29/2032

3,220

3,220,000

CF Hippolyta LLC 2021-1A B1^†

1.98%

3/15/2061

4,900

4,947,567

CIFC Funding II Ltd. 2013-2A A1L2^†

Zero Coupon

^#(b)

10/18/2030

4,000

3,987,474

Colombia Cent CLO Ltd. 2018-27A A2A^†

1.776%
(3 Mo. LIBOR + 1.60%

)^#

10/25/2028

281

281,197

Diamond Resorts Owner Trust 2018-1 A^†

3.70%

1/21/2031

876

915,457

Diamond Resorts Owner Trust 2018-1 B^†

4.19%

1/21/2031

524

547,923

DRB Prime Student Loan Trust 2015-D A2^†

3.20%

1/25/2040

13,695

Dryden CLO Ltd. 2019 72A AR^†

Zero Coupon

^#(b)

5/15/2032

6,000

6,000,025

Dryden Senior Loan Fund 2017-47A A1R^†

Zero Coupon

^#(b)

4/15/2028

6,000

5,988,115

Galaxy XIX CLO Ltd. 2015-19A A1RR^†

1.126%
(3 Mo. LIBOR + .95%

)^#

7/24/2030

950

949,788

Grand Avenue CRE 2019-FL1 A^†

1.221%
(1 Mo. LIBOR + 1.12%

)^#

6/15/2037

4,145

4,149,935

Grand Avenue CRE 2019-FL1 AS^†

1.601%
(1 Mo. LIBOR + 1.50%

)^#

6/15/2037

2,540

2,543,184

Greystone Commercial Real Estate Notes Ltd. 2018-HC1 A^†

1.651%
(1 Mo. LIBOR + 1.55%

)^#

9/15/2028

2,199

2,199,284

Greystone Commercial Real Estate Notes Ltd. 2018-HC1 AS^†

2.251%
(1 Mo. LIBOR + 2.15%

)^#

9/15/2028

824

814,269

Halcyon Loan Advisors Funding Ltd. 2015-2A AR^†

1.256%
(3 Mo. LIBOR + 1.08%

)^#

7/25/2027

217

217,342

Halcyon Loan Advisors Funding Ltd. 2015-2A BR^†

1.826%

(3 Mo. LIBOR + 1.65%

)^#

7/25/2027

667

667,850

HPEFS Equipment Trust 2020-1A A2^†

1.73%

2/20/2030

316

317,662

HPEFS Equipment Trust 2020-1A A3^†

1.76%

2/20/2030

522

528,331

HPEFS Equipment Trust 2020-1A B^†

1.89%

2/20/2030

157

159,784

Hyundai Floorplan Master Owner Trust 2019-1 A^†

2.68%

4/15/2024

2,664

2,720,089

JFIN CLO Ltd. 2013-1A A1NR^†

1.578%
(3 Mo. LIBOR + 1.39%

)^#

1/20/2030

1,380

1,390,588

JFIN CLO Ltd. 2013-1A A2R^†

2.388%
(3 Mo. LIBOR + 2.20%

)^#

1/20/2030

690

692,862

LFT CRE Ltd. 2021-FL1 A^†(a)

1.27%
(1 Mo. LIBOR + 1.17%

)^#

6/15/2039

2,230

2,237,825

^(c)

LFT CRE Ltd. 2021-FL1 B^†(a)

1.85%
(1 Mo. LIBOR + 1.75%

)^#

6/15/2039

3,520

3,532,352

^(c)

Madison Park Funding Ltd. 2015-16A A2R^†

2.088%
(3 Mo. LIBOR + 1.90%

)^#

4/20/2026

340

340,589

Madison Park Funding XI Ltd. 2013-11A AR2^†

1.073%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

3,000

3,001,125

Magnetite Ltd. 2021-29A A^†

1.094%
(3 Mo. LIBOR + .99%

)^#

1/15/2034

1,110

1,110,076

See Notes to Financial Statements.

189

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Magnetite XXII Ltd. 2019-22A AR^†	1.209% (3 Mo. LIBOR + 1.06%	)^#	4/15/2031	$	4,000	$	4,000,881
Mercedes-Benz Master Owner Trust 2019-BA A^†	2.61%		5/15/2024		2,181		2,231,799
Mountain View CLO X Ltd. 2015-10A AR^†	1.008% (3 Mo. LIBOR + .82%	)^#	10/13/2027		387		386,697
MVW Owner Trust 2017-1A A^†	2.42%		12/20/2034		93		95,342
N-Star REL CDO VIII Ltd. 2006-8A B^†	0.53% (1 Mo. LIBOR + .42%	)^#	2/1/2041		984		969,697	^(c)
Navient Private Education Refi Loan Trust 2020-FA A^†	1.22%		7/15/2069		1,074		1,084,459
Navient Private Education Refi Loan Trust 2021-CA A^†	1.06%		10/15/2069		5,175		5,192,745
Nelnet Student Loan Trust 2021-A APT1^†	1.36%		4/20/2062		1,975		1,986,123
Newark BSL CLO 2 Ltd. 2017-1A A1R^†	1.146% (3 Mo. LIBOR + .97%	)^#	7/25/2030		3,000		3,005,190
NextGear Floorplan Master Owner Trust 2018-2A A2^†	3.69%		10/15/2023		1,846		1,870,413
NextGear Floorplan Master Owner Trust 2018-2A B^†	4.01%		10/15/2023		736		746,325
NextGear Floorplan Master Owner Trust 2019-2A A2^†	2.07%		10/15/2024		3,554		3,640,180
Oaktree CLO 2014-1A A1R^†	1.45% (3 Mo. LIBOR + 1.29%	)^#	5/13/2029		700		701,168
Oaktree CLO Ltd. 2015-1A A1R^†	1.058% (3 Mo. LIBOR + .87%	)^#	10/20/2027		369		368,772
OCP CLO Ltd. 2015-10A A2AR^†	1.476% (3 Mo. LIBOR + 1.30%	)^#	10/26/2027		645		645,912
OCP CLO Ltd. 2016-12A A1R^†	1.31% (3 Mo. LIBOR + 1.12%	)^#	10/18/2028		1,940		1,942,966
OCP CLO Ltd. 2016-12A A2R^†	1.79% (3 Mo. LIBOR + 1.60%	)^#	10/18/2028		1,103		1,104,182
Octagon Investment Partners 32 Ltd. 2017-1A A1R^†	1.134% (3 Mo. LIBOR + .95%	)^#	7/15/2029		5,000		5,000,124
Octagon Investment Partners XIV Ltd. 2012-1A AARR^†	1.134% (3 Mo. LIBOR + .95%	)^#	7/15/2029		720		719,962
Octagon Investment Partners XXI Ltd. 2014-1A AAR3^†	1.154% (3 Mo. LIBOR + 1.00%	)^#	2/14/2031		1,390		1,393,044
Octane Receivables Trust 2021-1A A^†	0.93%		3/22/2027		1,225		1,227,546
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		210		222,348
OneMain Financial Issuance Trust 2019-2A A^†	3.14%		10/14/2036		3,060		3,312,270
Orange Lake Timeshare Trust 2019-A^†	3.06%		4/9/2038		256		265,776
Orec Ltd. 2018-CRE1 A^†	1.281% (1 Mo. LIBOR + 1.18%	)^#	6/15/2036		1,183		1,184,115

190	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
OZLM VIII Ltd. 2014-8A A1RR^†	1.36% (3 Mo. LIBOR + 1.17%	)^#	10/17/2029	$	712	$	712,926
PFS Financing Corp. 2018-F A^†	3.52%		10/15/2023		6,900		6,984,433
PFS Financing Corp. 2020-E A^†	1.00%		10/15/2025		904		914,631
PFS Financing Corp. 2020-G A^†	0.97%		2/15/2026		647		652,820
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		639		670,960
Prima Capital CRE Securitization 2015-5A C^†	4.50%		12/24/2050		740		748,347
Prima Capital CRE Securitization Ltd. 2013-3A A^†	2.214%		10/24/2035		68		67,797	^(c)
Regatta Funding LP 2013-2A A1R3^†	1.034% (3 Mo. LIBOR + .85%	)^#	1/15/2029		3,635		3,632,425
SCF Equipment Leasing LLC 2019-1A A2^†	3.23%		10/20/2024		628		629,466
SCF Equipment Leasing LLC 2019-2A A1^†	2.22%		6/20/2024		426		428,876
SCF Equipment Leasing LLC 2019-2A A2^†	2.47%		4/20/2026		2,107		2,162,238
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026		2,350		2,447,372
SCF Equipment Leasing LLC 2021-1A A3^†	0.83%		8/21/2028		1,800		1,795,060
SCF Equipment Leasing LLC 2021-1A B^†	1.37%		8/20/2029		1,000		997,704
SMB Private Education Loan Trust 2021-A A1^†	0.601% (1 Mo. LIBOR + .50%	)^#	1/15/2053		321		322,074
TCI-Flatiron Clo Ltd. 2017-1A AR^†	1.116% (3 Mo. LIBOR + .96%	)^#	11/18/2030		4,000		3,996,444
TCI-Flatiron CLO Ltd. 2018-1A ANR^†	1.237% (3 Mo. LIBOR + 1.06%	)^#	1/29/2032		500		501,126
THL Credit Wind River CLO Ltd. 2013-2A AR^†	1.42% (3 Mo. LIBOR + 1.23%	)^#	10/18/2030		1,115		1,115,659
Towd Point Asset Trust 2018-SL1 A^†	0.692% (1 Mo. LIBOR + .60%	)^#	1/25/2046		1,029		1,023,527
Upstart Securitization Trust 2021-2 A^†	0.91%		6/20/2031		2,150		2,153,638
Venture CLO Ltd. 2018-33A A1LR^†	1.244% (3 Mo. LIBOR + 1.06%	)^#	7/15/2031		3,500		3,499,438
Verizon Owner Trust 2020-B A	0.47%		2/20/2025		827		830,564
Verizon Owner Trust 2020-C A	0.41%		4/21/2025		1,220		1,224,140
Voya CLO Ltd. 2018-4A A1AR^†(a)	Zero Coupon	^#(b)	1/15/2032		8,000		8,000,000
WhiteHorse VIII Ltd. 2014-1A BR^†	1.626% (3 Mo. LIBOR + 1.45%	)^#	5/1/2026		694		695,333
Wind River CLO Ltd. 2013-1A A1R^†	1.438% (3 Mo. LIBOR + 1.25%	)^#	7/20/2030		1,369		1,369,873
Wind River CLO Ltd. 2013-1A A1RR^†(a)	Zero Coupon	^#	7/20/2030		10,000		10,000,000
York CLO Ltd. 2015-1A AR^†	1.334% (3 Mo. LIBOR + 1.15%	)^#	1/22/2031		1,320		1,321,065
Total							201,084,542
Total Asset-Backed Securities (cost $352,093,135)							353,487,122

See Notes to Financial Statements.

191

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments			Shares (000)			Fair Value
COMMON STOCKS 0.12%

Miscellaneous 0.00%
UTEX Industries, Inc.				–	^(d)	$	4,662

Oil 0.12%
Oasis Petroleum, Inc.				28			2,477,801
Total Common Stocks (cost $2,532,798)							2,482,463

	Interest Rate	Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 0.04%

Technology
Weibo Corp. (China)^(e) (cost $782,335)	1.25%	11/15/2022	$	798			780,544

CORPORATE BONDS 42.94%

Aerospace/Defense 0.98%
Boeing Co. (The)	2.196%	2/4/2026		1,200			1,205,330
Boeing Co. (The)	2.30%	8/1/2021		360			361,196
Boeing Co. (The)	4.508%	5/1/2023		8,467			9,046,988
Boeing Co. (The)	4.875%	5/1/2025		3,640			4,091,261
Howmet Aerospace, Inc.	5.125%	10/1/2024		728			797,196
Howmet Aerospace, Inc.	6.875%	5/1/2025		2,965			3,436,435
Kratos Defense & Security Solutions, Inc.^†	6.50%	11/30/2025		615			644,686
Total							19,583,092

Air Transportation 0.19%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)^†(e)	3.875%	3/15/2023		230			231,726
Air Canada 2015-2 Class B Pass-Through Trust (Canada)^†(e)	5.00%	12/15/2023		129			130,769
American Airlines 2014-1 Class B Pass-Through Trust	4.375%	10/1/2022		815			814,071
American Airlines Group, Inc.^†	3.75%	3/1/2025		738			667,030
Hawaiian Airlines 2013-1 Class B Pass-Through Certificates	4.95%	1/15/2022		519			518,189
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%	9/20/2025		653			741,032
United Airlines 2014-1 Class B Pass-Through Trust	4.75%	4/11/2022		126			128,900
US Airways 2012-2 Class B Pass-Through Trust	6.75%	6/3/2021		23			22,537
US Airways 2013-1 Class B Pass-Through Trust	5.375%	11/15/2021		517			519,162
Total							3,773,416

192	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Apparel 0.57%
PVH Corp.	4.625%		7/10/2025	$	5,561	$	6,248,933
Tapestry, Inc.	4.25%		4/1/2025		2,950		3,210,255
William Carter Co. (The)^†	5.50%		5/15/2025		1,826		1,926,612
Total							11,385,800

Auto Parts: Original Equipment 0.31%
IHO Verwaltungs GmbH PIK 5.50% (Germany)^†(e)	4.75%		9/15/2026		2,273		2,333,402
ZF North America Capital, Inc.^†	4.50%		4/29/2022		300		307,385
ZF North America Capital, Inc.^†	4.75%		4/29/2025		3,325		3,606,095
Total							6,246,882

Automobiles 3.24%
Daimler Finance North America LLC^†	0.846% (3 Mo. LIBOR + .67%	)^#	11/5/2021		1,000		1,002,735
Daimler Finance North America LLC^†	3.65%		2/22/2024		2,775		2,995,767
Ford Motor Credit Co. LLC	1.256% (3 Mo. LIBOR + 1.08%	)^#	8/3/2022		200		199,223
Ford Motor Credit Co. LLC	2.979%		8/3/2022		300		305,012
Ford Motor Credit Co. LLC	3.087%		1/9/2023		468		477,362
Ford Motor Credit Co. LLC	3.219%		1/9/2022		475		480,724
Ford Motor Credit Co. LLC	3.813%		10/12/2021		1,887		1,909,655
Ford Motor Credit Co. LLC	5.584%		3/18/2024		10,325		11,286,877
Ford Motor Credit Co. LLC	5.875%		8/2/2021		3,943		3,967,644
General Motors Co.	5.40%		10/2/2023		7,017		7,764,415
General Motors Co.	6.125%		10/1/2025		1,167		1,388,132
General Motors Financial Co., Inc.	2.75%		6/20/2025		1,378		1,457,004
General Motors Financial Co., Inc.	3.15%		6/30/2022		166		170,402
General Motors Financial Co., Inc.	3.20%		7/6/2021		3,527		3,528,119
General Motors Financial Co., Inc.	3.70%		5/9/2023		557		586,916
General Motors Financial Co., Inc.	3.95%		4/13/2024		1,117		1,209,820
General Motors Financial Co., Inc.	4.25%		5/15/2023		280		299,181
General Motors Financial Co., Inc.	5.10%		1/17/2024		4,201		4,650,810
General Motors Financial Co., Inc.	5.20%		3/20/2023		346		374,179
Hyundai Capital America^†	0.80%		1/8/2024		994		992,522
Hyundai Capital America^†	1.25%		9/18/2023		1,272		1,285,201
Hyundai Capital America^†	1.30%		1/8/2026		503		498,883
Hyundai Capital America^†	3.00%		6/20/2022		213		218,330
Hyundai Capital America	3.40%		6/20/2024		1,181		1,265,374
Hyundai Capital America^†	5.875%		4/7/2025		960		1,118,802
Kia Corp. (South Korea)^†(e)	1.75%		10/16/2026		2,024		2,040,059

See Notes to Financial Statements.

193

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Kia Corp. (South Korea)^†(e)	3.00%		4/25/2023	$	5,000	$	5,185,023
Navistar International Corp.^†	6.625%		11/1/2025		111		114,924
Stellantis N.V. (Netherlands)^(e)	5.25%		4/15/2023		4,459		4,829,833
Tesla, Inc.^†	5.30%		8/15/2025		1,637		1,699,173
Volkswagen Group of America Finance LLC^†	2.90%		5/13/2022		861		881,782
Volkswagen Group of America Finance LLC^†	3.125%		5/12/2023		745		784,236
Volkswagen Group of America Finance LLC^†	3.35%		5/13/2025		212		229,736
Total							65,197,855

Banks: Regional 9.23%
ABN AMRO Bank NV (Netherlands)^†(e)	4.75%		7/28/2025		3,435		3,871,382
ABN AMRO Bank NV (Netherlands)^(e)	6.25%		4/27/2022		2,533		2,663,206
AIB Group plc (Ireland)^†(e)	4.263% (3 Mo. LIBOR + 1.87%	)^#	4/10/2025		6,313		6,874,955
AIB Group plc (Ireland)^†(e)	4.75%		10/12/2023		4,165		4,546,094
Akbank T.A.S. (Turkey)^†(e)	5.00%		10/24/2022		600		616,490
ASB Bank Ltd. (New Zealand)^†(e)	3.75%		6/14/2023		1,018		1,085,548
Associated Bank NA	3.50%		8/13/2021		995		998,775
Australia & New Zealand Banking Group Ltd. (Australia)^†(e)	4.40%		5/19/2026		2,317		2,624,041
Australia & New Zealand Banking Group Ltd. (Australia)^†(e)	4.50%		3/19/2024		2,516		2,770,344
Banco de Credito del Peru (Peru)^†(e)	2.70%		1/11/2025		261		267,982
Bancolombia SA (Colombia)^(e)	3.00%		1/29/2025		407		417,077
Bank of America Corp.	1.197% (SOFR + 1.01%	)^#	10/24/2026		4,724		4,715,355
Bank of America Corp.	1.319% (SOFR + 1.15%	)^#	6/19/2026		605		609,669
Bank of America Corp.	2.015% (3 Mo. LIBOR + 0.64%	)^#	2/13/2026		1,708		1,773,416
Bank of America Corp.	3.366% (3 Mo. LIBOR + 0.81%	)^#	1/23/2026		787		854,757
Bank of America Corp.	3.95%		4/21/2025		1,157		1,277,843
Bank of Ireland Group plc (Ireland)^†(e)	4.50%		11/25/2023		3,142		3,408,353
BankUnited, Inc.	4.875%		11/17/2025		1,804		2,057,757
Barclays Bank plc (United Kingdom)^†(e)	10.179%		6/12/2021		2,148		2,153,792
Barclays plc (United Kingdom)^(e)	4.61% (3 Mo. LIBOR + 1.40%	)^#	2/15/2023		4,976		5,122,587
BNP Paribas SA (France)^†(e)	1.323% (SOFR + 1.00%	)^#	1/13/2027		246		243,652
CIT Group, Inc.	3.929% (SOFR + 3.83%	)^#	6/19/2024		266		282,427
CIT Group, Inc.	4.75%		2/16/2024		408		444,910
CIT Group, Inc.	5.00%		8/15/2022		1,054		1,108,018
CIT Group, Inc.	5.00%		8/1/2023		2,843		3,091,763
Citigroup, Inc.	1.678% (SOFR + 1.67%	)^#	5/15/2024		668		684,632

194	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Citigroup, Inc.	3.106% (SOFR + 2.84%	)^#	4/8/2026	$	8,551	$	9,181,515
Citigroup, Inc.	3.875%		3/26/2025		2,023		2,230,388
Citigroup, Inc.	4.40%		6/10/2025		1,854		2,080,930
Commonwealth Bank of Australia (Australia)^(e)	3.375% (3 Mo. LIBOR + 2.09%	)^#	10/20/2026		1,070		1,080,240
Credit Suisse AG/New York NY	3.625%		9/9/2024		4,111		4,495,558
Credit Suisse Group AG (Switzerland)^†(e)	1.305% (SOFR + 0.98%	)^#	2/2/2027		436		427,344
Credit Suisse Group AG (Switzerland)^†(e)	2.193% (SOFR + 2.04%	)^#	6/5/2026		529		543,007
Credit Suisse Group AG (Switzerland)^†(e)	2.997% (3 Mo. LIBOR + 1.20%	)^#	12/14/2023		5,000		5,176,188
Credit Suisse Group AG (Switzerland)^†(e)	3.574%		1/9/2023		1,201		1,222,708
Danske Bank A/S (Denmark)^†(e)	1.171% (1 Yr Treasury CMT + 1.03%	)^#	12/8/2023		5,059		5,086,927
Danske Bank A/S (Denmark)^†(e)	1.226%		6/22/2024		3,037		3,075,909
Danske Bank A/S (Denmark)^†(e)	1.621% (1 Yr Treasury CMT + 1.35%	)^#	9/11/2026		608		608,929
Danske Bank A/S (Denmark)^†(e)	3.001% (3 Mo. LIBOR + 1.25%	)^#	9/20/2022		718		723,109
Danske Bank A/S (Denmark)^†(e)	3.244% (3 Mo. LIBOR + 1.59%	)^#	12/20/2025		2,858		3,063,668
Danske Bank A/S (Denmark)^†(e)	5.00%		1/12/2022		909		933,697
Danske Bank A/S (Denmark)^†(e)	5.00% (1 Yr Treasury CMT + 1.73%	)^#	1/12/2023		200		205,201
Danske Bank A/S (Denmark)^†(e)	5.375%		1/12/2024		6,719		7,492,488
Emirates NBD Bank PJSC (United Arab Emirates)^(e)	3.25%		11/14/2022		1,725		1,790,291
FNB Corp.	2.20%		2/24/2023		510		519,485
Goldman Sachs Group, Inc. (The)	0.966% (3 Mo. LIBOR + .78%	)^#	10/31/2022		691		692,881
Goldman Sachs Group, Inc. (The)	1.176% (3 Mo. LIBOR + 1.00%	)^#	7/24/2023		424		427,549
Goldman Sachs Group, Inc. (The)	3.272% (3 Mo. LIBOR + 1.20%	)^#	9/29/2025		320		345,226
Goldman Sachs Group, Inc. (The)	3.50%		4/1/2025		453		494,126
HSBC Holdings plc (United Kingdom)^(e)	0.976% (SOFR + .71%	)^#	5/24/2025		679		682,160
Intesa Sanpaolo SpA (Italy)^†(e)	3.125%		7/14/2022		888		913,373
Intesa Sanpaolo SpA (Italy)^†(e)	3.25%		9/23/2024		3,928		4,194,340
Intesa Sanpaolo SpA (Italy)^†(e)	3.375%		1/12/2023		1,966		2,051,748
Intesa Sanpaolo SpA (Italy)^†(e)	5.017%		6/26/2024		8,728		9,520,672

See Notes to Financial Statements.

195

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banks: Regional (continued)
JPMorgan Chase & Co.^(a)	0.824% (SOFR + .54%	)^#	6/1/2025		$	2,899	$	2,904,162
JPMorgan Chase & Co.	3.875%		9/10/2024			1,015		1,112,866
Lloyds Banking Group plc (United Kingdom)^(e)	1.326% (1 Yr Treasury CMT + 1.10%	)^#	6/15/2023			200		201,899
Lloyds Banking Group plc (United Kingdom)^(e)	4.582%		12/10/2025			200		225,871
Macquarie Group Ltd. (Australia)^†(e)	1.34% (SOFR + 1.07%	)^#	1/12/2027			403		399,482
Macquarie Group Ltd. (Australia)^†(e)	3.189% (3 Mo. LIBOR + 1.02%	)^#	11/28/2023			871		905,300
Morgan Stanley	0.79% (SOFR + .53%	)^#	5/30/2025			2,968		2,967,927
Morgan Stanley	4.10%		5/22/2023			769		822,973
Morgan Stanley	5.00%		11/24/2025			500		580,448
Natwest Group plc (United Kingdom)^(e)	0.563% (6 Mo. LIBOR + .25%	)^#	–	^(f)		2,100		2,098,599
Natwest Group Plc (United Kingdom)^(e)	3.498% (3 Mo. LIBOR + 1.48%	)^#	5/15/2023			622		640,279
Natwest Group Plc (United Kingdom)^(e)	3.875%		9/12/2023			1,000		1,073,933
Natwest Group plc (United Kingdom)^(e)	5.125%		5/28/2024			2,528		2,829,151
NatWest Markets plc (United Kingdom)^†(e)	0.80%		8/12/2024			613		613,989
Nordea Bank Abp (Finland)^†(e)	4.25%		9/21/2022			505		529,985
Popular, Inc.	6.125%		9/14/2023			504		542,178
Santander Holdings USA, Inc.	3.40%		1/18/2023			1,229		1,281,194
Santander Holdings USA, Inc.	3.45%		6/2/2025			901		972,042
Santander UK Group Holdings plc (United Kingdom)^(e)	3.373% (3 Mo. LIBOR + 1.08%	)^#	1/5/2024			698		729,518
Standard Chartered plc (United Kingdom)^†(e)	0.991% (1 Yr Treasury CMT + 0.78%	)^#	1/12/2025			1,193		1,193,060
Standard Chartered plc (United Kingdom)^†(e)	1.214% (1 Yr Treasury CMT + 0.88%	)^#	3/23/2025			200		201,746
Standard Chartered plc (United Kingdom)^†(e)	1.319% (1 Yr Treasury CMT + 1.17%	)^#	10/14/2023			284		286,681
Standard Chartered plc (United Kingdom)^†(e)	2.819% (3 Mo. LIBOR + 1.21%	)^#	1/30/2026			2,530		2,664,455
Standard Chartered plc (United Kingdom)^†(e)	3.20%		4/17/2025			3,246		3,474,477
Standard Chartered plc (United Kingdom)^†(e)	3.785% (3 Mo. LIBOR + 1.56%	)^#	5/21/2025			1,940		2,096,158
Standard Chartered plc (United Kingdom)^†(e)	4.247% (3 Mo. LIBOR + 1.15%	)^#	1/20/2023			3,568		3,652,730
Standard Chartered plc (United Kingdom)^†(e)	5.20%		1/26/2024			2,559		2,820,955
Swedbank AB (Sweden)^†(e)	1.30%		6/2/2023			793		806,623
Swedbank AB (Sweden)^†(e)	2.80%		3/14/2022			837		854,208
Synovus Bank/Columbus G	2.289% (SOFR + 0.95%	)^#	2/10/2023			250		252,233

196	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Synovus Financial Corp.	3.125%		11/1/2022	$	2,497	$	2,575,154
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)	5.625%		5/30/2022		1,267		1,298,225
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)	5.75%		1/30/2023		364		374,251
UBS AG	7.625%		8/17/2022		4,406		4,779,011
UBS AG (Switzerland)^(e)	5.125%		5/15/2024		8,374		9,263,612
UBS Group AG (Switzerland)^†(e)	1.008% (1 Yr Treasury CMT + .83%	)^#	7/30/2024		521		525,850
UBS Group AG (Switzerland)^†(e)	1.37% (3 Mo. LIBOR + 1.22%	)^#	5/23/2023		1,085		1,096,272
Wells Fargo & Co.	2.188% (SOFR + 2.00%	)^#	4/30/2026		2,018		2,105,023
Total							185,577,002

Biotechnology Research & Production 0.01%
Royalty Pharma plc^†	1.20%		9/2/2025		137		136,001

Building Materials 0.02%
Forterra Finance LLC/FRTA Finance Corp.^†	6.50%		7/15/2025		55		59,389
PGT Innovations, Inc.^†	6.75%		8/1/2026		144		152,550
Summit Materials LLC/Summit Materials Finance Corp.^†	5.125%		6/1/2025		214		217,455
Total							429,394

Business Services 0.69%
Adani Ports & Special Economic Zone Ltd. (India)^†(e)	3.375%		7/24/2024		1,400		1,470,632
Equifax, Inc.	1.026% (3 Mo. LIBOR + .87%	)^#	8/15/2021		672		672,972
IHS Markit Ltd. (United Kingdom)^(e)	4.125%		8/1/2023		1,523		1,630,440
Laureate Education, Inc.^†	8.25%		5/1/2025		80		83,346
Nielsen Co. Luxembourg S.a.r.l. (The) (Luxembourg)^†(e)	5.00%		2/1/2025		500		514,375
Sabre GLBL, Inc.^†	7.375%		9/1/2025		1,239		1,336,571
Service Corp. International/US	8.00%		11/15/2021		1,560		1,613,430
Square, Inc.^†	2.75%		6/1/2026		605		610,657
Triton Container International Ltd.^†(a)	1.15%		6/7/2024		518		518,362
United Rentals North America, Inc.	3.875%		11/15/2027		5,150		5,420,555
Total							13,871,340

Chemicals 0.24%
International Flavors & Fragrances, Inc.^†	1.23%		10/1/2025		1,583		1,579,329
Orbia Advance Corp. SAB de CV (Mexico)^†(e)	1.875%		5/11/2026		710		715,183
Tronox, Inc.^†	6.50%		5/1/2025		2,263		2,414,904
Total							4,709,416

See Notes to Financial Statements.

197

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 0.96%
Banff Merger Sub, Inc.^†	9.75%		9/1/2026	$	1,941	$	2,057,460
Dell International LLC/EMC Corp.^†	4.00%		7/15/2024		1,725		1,877,734
Dell International LLC/EMC Corp.^†	5.45%		6/15/2023		10,288		11,199,521
Dell International LLC/EMC Corp.^†	5.85%		7/15/2025		1,634		1,915,642
Dell International LLC/EMC Corp.^†	6.02%		6/15/2026		1,850		2,206,498
Total							19,256,855

Computer Software 0.21%
Boxer Parent Co., Inc.^†	9.125%		3/1/2026		708		746,597
BY Crown Parent LLC^†	7.375%		10/15/2024		477		487,654
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.^†	5.75%		3/1/2025		925		942,427
Solera LLC/Solera Finance, Inc.^†	10.50%		3/1/2024		1,130		1,162,911
Veritas US, Inc./Veritas Bermuda Ltd.^†	10.50%		2/1/2024		915		941,466
Total							4,281,055

Construction/Homebuilding 0.72%
Century Communities, Inc.	5.875%		7/15/2025		1,954		2,024,950
D.R. Horton, Inc.	2.60%		10/15/2025		565		597,939
D.R. Horton, Inc.	4.375%		9/15/2022		330		343,252
D.R. Horton, Inc.	4.75%		2/15/2023		152		161,379
D.R. Horton, Inc.	5.75%		8/15/2023		1,592		1,749,599
Lennar Corp.	4.50%		4/30/2024		1,610		1,765,784
Lennar Corp.	4.75%		11/15/2022		813		855,349
Lennar Corp.	4.75%		5/30/2025		187		210,127
Lennar Corp.	4.875%		12/15/2023		69		75,397
Lennar Corp.	5.875%		11/15/2024		4,800		5,493,984
LGI Homes, Inc.^†	6.875%		7/15/2026		900		938,025
M/I Homes, Inc.	5.625%		8/1/2025		185		191,687
Total							14,407,472

Diversified 0.01%
KOC Holding AS (Turkey)^†(e)	5.25%		3/15/2023		212		218,803

Drugs 0.83%
Bausch Health Cos., Inc.^†	5.50%		11/1/2025		269		276,478
Bausch Health Cos., Inc.^†	6.125%		4/15/2025		1,318		1,349,619
Bausch Health Cos., Inc.^†	7.00%		3/15/2024		865		884,160
Bayer US Finance II LLC^†	0.831% (3 Mo. LIBOR + 0.63%	)^#	6/25/2021		200		200,085
Bayer US Finance II LLC^†	1.194% (3 Mo. LIBOR + 1.01%	)^#	12/15/2023		1,325		1,345,259
Bayer US Finance II LLC^†	3.375%		7/15/2024		3,000		3,208,591

198	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Drugs (continued)
Bayer US Finance II LLC^†	3.875%	12/15/2023	$	4,207	$	4,527,933
Bayer US Finance II LLC^†	4.25%	12/15/2025		3,750		4,207,041
Cardinal Health, Inc.	3.079%	6/15/2024		660		703,368
Total						16,702,534

Electric: Power 3.10%
AES Corp. (The)^†	3.30%	7/15/2025		1,067		1,139,577
Alexander Funding Trust^†	1.841%	11/15/2023		2,465		2,504,395
American Transmission Systems, Inc.^†	5.25%	1/15/2022		915		940,308
Ausgrid Finance Pty Ltd. (Australia)^†(e)	3.85%	5/1/2023		2,235		2,340,501
Calpine Corp.^†	5.25%	6/1/2026		2,720		2,803,042
Cemig Geracao e Transmissao SA (Brazil)^†(e)	9.25%	12/5/2024		600		693,285
Cleco Corporate Holdings LLC	3.743%	5/1/2026		2,500		2,748,282
Cleveland Electric Illuminating Co. (The)	5.50%	8/15/2024		2,650		3,018,932
Comision Federal de Electricidad (Mexico)^†(e)	4.875%	1/15/2024		2,497		2,735,826
Duquesne Light Holdings, Inc.^†	5.90%	12/1/2021		353		361,915
Emera US Finance LP^†(a)	0.833%	6/15/2024		462		462,780
Enel Finance International NV (Netherlands)^†(e)	2.65%	9/10/2024		5,664		5,965,657
Enel Finance International NV (Netherlands)^†(e)	2.75%	4/6/2023		585		608,222
Enel Finance International NV (Netherlands)^†(e)	4.25%	9/14/2023		1,797		1,942,742
Enel Finance International NV (Netherlands)^†(e)	4.625%	9/14/2025		2,000		2,273,715
FirstEnergy Corp.	3.35%	7/15/2022		1,917		1,960,547
FirstEnergy Transmission LLC^†	4.35%	1/15/2025		750		816,413
Jersey Central Power & Light Co.^†	4.70%	4/1/2024		865		942,680
NRG Energy, Inc.^†	3.75%	6/15/2024		1,197		1,279,893
NRG Energy, Inc.	6.625%	1/15/2027		848		881,110
OGE Energy Corp.	0.703%	5/26/2023		295		295,179
Origin Energy Finance Ltd. (Australia)^†(e)	5.45%	10/14/2021		2,207		2,247,330
Pacific Gas and Electric Co.	1.367%	3/10/2023		4,016		4,019,479
Pacific Gas and Electric Co.	3.15%	1/1/2026		4,375		4,534,026
Pacific Gas and Electric Co.	3.25%	6/15/2023		1,352		1,399,818
Pacific Gas and Electric Co.	3.40%	8/15/2024		973		1,024,375
Pacific Gas and Electric Co.	3.75%	2/15/2024		1,742		1,834,176
Puget Energy, Inc.	3.65%	5/15/2025		3,000		3,242,454
Puget Energy, Inc.	5.625%	7/15/2022		703		735,728
San Diego Gas & Electric Co.	1.914%	2/1/2022		78		78,001
Sempra Energy	4.05%	12/1/2023		465		501,236
TransAlta Corp. (Canada)^(e)	4.50%	11/15/2022		1,861		1,937,980
Vistra Operations Co. LLC^†	3.55%	7/15/2024		3,863		4,063,660
Total						62,333,264

See Notes to Financial Statements.

199

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electrical Equipment 1.34%
Broadcom, Inc.	3.15%	11/15/2025	$	2,955	$	3,177,382
Broadcom, Inc.	4.25%	4/15/2026		1,453		1,628,711
Broadcom, Inc.	4.70%	4/15/2025		520		586,453
Microchip Technology, Inc.^†	0.972%	2/15/2024		5,640		5,652,902
Microchip Technology, Inc.^†	2.67%	9/1/2023		1,525		1,590,323
Microchip Technology, Inc.	3.922%	6/1/2021		408		408,000
Microchip Technology, Inc.^†	4.25%	9/1/2025		579		608,346
Microchip Technology, Inc.	4.333%	6/1/2023		4,111		4,405,431
NXP BV/NXP Funding LLC (Netherlands)^†(e)	3.875%	9/1/2022		1,952		2,030,832
SK Hynix, Inc. (South Korea)^†(e)	1.00%	1/19/2024		1,090		1,089,595
SK Hynix, Inc. (South Korea)^†(e)	1.50%	1/19/2026		716		712,675
Skyworks Solutions, Inc.	0.90%	6/1/2023		2,673		2,682,925
Skyworks Solutions, Inc.	1.80%	6/1/2026		2,377		2,395,709
Total						26,969,284

Electronics 0.06%
Flex Ltd.	3.75%	2/1/2026		1,009		1,100,966

Energy Equipment & Services 0.09%
Enviva Partners LP/Enviva Partners Finance Corp.^†	6.50%	1/15/2026		472		495,307
Greenko Dutch BV (Netherlands)^†(e)	3.85%	3/29/2026		618		632,610
Greenko Mauritius Ltd. (India)^†(e)	6.25%	2/21/2023		695		718,453
Total						1,846,370

Engineering & Contracting Services 0.02%
Fluor Corp.	3.50%	12/15/2024		358		377,654

Entertainment 0.45%
Caesars Entertainment, Inc.^†	6.25%	7/1/2025		838		884,232
Caesars Resort Collection LLC/CRC Finco, Inc.^†	5.75%	7/1/2025		135		141,753
International Game Technology plc^†	4.125%	4/15/2026		1,729		1,787,466
International Game Technology plc^†	6.50%	2/15/2025		404		448,085
Live Nation Entertainment, Inc.^†	4.875%	11/1/2024		2,144		2,185,808
Scientific Games International, Inc.^†	8.625%	7/1/2025		2,552		2,785,891
Vail Resorts, Inc.^†	6.25%	5/15/2025		775		824,476
Total						9,057,711

Financial Services 3.71%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	3.15%	2/15/2024		1,224		1,284,860
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	2.875%	8/14/2024		435		455,276

200	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.50%	9/15/2023	$	1,392	$	1,495,989
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.875%	1/16/2024		1,664		1,816,227
Air Lease Corp.	1.875%	8/15/2026		1,211		1,207,968
Air Lease Corp.	3.00%	9/15/2023		2,000		2,095,125
Air Lease Corp.	4.25%	2/1/2024		527		572,896
Aircastle Ltd.	4.40%	9/25/2023		2,715		2,911,249
Aircastle Ltd.	5.00%	4/1/2023		1,840		1,971,335
Aircastle Ltd.	5.50%	2/15/2022		658		680,217
Alliance Data Systems Corp.^†	4.75%	12/15/2024		1,616		1,666,500
Alliance Data Systems Corp.^†	7.00%	1/15/2026		2,203		2,368,258
Ally Financial, Inc.	1.45%	10/2/2023		4,223		4,291,090
Ally Financial, Inc.	3.875%	5/21/2024		1,186		1,285,877
Ally Financial, Inc.	4.625%	3/30/2025		402		452,909
Ally Financial, Inc.	5.125%	9/30/2024		1,504		1,703,445
Ally Financial, Inc.	5.75%	11/20/2025		5,200		5,986,325
Aviation Capital Group LLC^†	1.95%	1/30/2026		346		343,904
Aviation Capital Group LLC^†	2.875%	1/20/2022		899		909,844
Aviation Capital Group LLC^†	3.875%	5/1/2023		1,956		2,051,289
Aviation Capital Group LLC^†	5.50%	12/15/2024		668		753,433
Avolon Holdings Funding Ltd. (Ireland)^†(e)	3.625%	5/1/2022		170		174,209
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.25%	4/15/2026		247		265,867
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.375%	5/1/2026		1,000		1,079,081
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.125%	10/1/2023		6,298		6,798,215
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.25%	5/15/2024		740		813,110
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%	9/15/2024		829		819,730
Jefferies Financial Group, Inc.	5.50%	10/18/2023		1,837		1,982,166
Jefferies Group LLC	5.125%	1/20/2023		288		309,314
Muthoot Finance Ltd. (India)^†(e)	4.40%	9/2/2023		416		425,526
Muthoot Finance Ltd. (India)^†(e)	6.125%	10/31/2022		500		520,287
Navient Corp.	5.50%	1/25/2023		249		260,827
Navient Corp.	5.875%	10/25/2024		1,085		1,155,552
Navient Corp.	6.125%	3/25/2024		499		535,484
Navient Corp.	6.50%	6/15/2022		1,600		1,676,000
Navient Corp.	7.25%	1/25/2022		4,524		4,693,650
OneMain Finance Corp.	5.625%	3/15/2023		211		223,660
OneMain Finance Corp.	6.125%	5/15/2022		177		184,461
OneMain Finance Corp.	6.125%	3/15/2024		845		911,544

See Notes to Financial Statements.

201

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
OneMain Finance Corp.	8.25%	10/1/2023	$	1,927	$	2,186,018
OneMain Finance Corp.	8.875%	6/1/2025		660		728,429
Park Aerospace Holdings Ltd. (Ireland)^†(e)	4.50%	3/15/2023		2,776		2,913,411
Park Aerospace Holdings Ltd. (Ireland)^†(e)	5.50%	2/15/2024		8,742		9,613,102
Total						74,573,659

Food 0.17%
Albertsons Cos., Inc./Safeway, Inc./Albertsons LP/Albertsons LLC	5.75%	3/15/2025		97		99,741
Chobani LLC/Chobani Finance Corp., Inc.^†	7.50%	4/15/2025		907		944,908
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)^†(e)	5.625%	8/15/2026		1,971		2,033,974
Fresh Market, Inc. (The)^†	9.75%	5/1/2023		2		2,060
Ingles Markets, Inc.	5.75%	6/15/2023		262		263,563
Kraft Heinz Foods Co.	3.00%	6/1/2026		117		123,597
Total						3,467,843

Health Care Services 1.19%
Centene Corp.^†	5.375%	6/1/2026		3,070		3,201,856
Centene Corp.^†	5.375%	8/15/2026		4,489		4,702,362
CommonSpirit Health	1.547%	10/1/2025		286		289,428
Fresenius Medical Care US Finance II, Inc.^†	5.875%	1/31/2022		3,051		3,156,295
Fresenius Medical Care US Finance III, Inc.^†	1.875%	12/1/2026		1,477		1,485,468
HCA, Inc.	5.00%	3/15/2024		2,724		3,038,737
HCA, Inc.	5.25%	4/15/2025		3,416		3,936,825
HCA, Inc.	5.25%	6/15/2026		2,453		2,853,903
HCA, Inc.	8.36%	4/15/2024		275		325,188
Molina Healthcare, Inc.	5.375%	11/15/2022		527		552,032
Select Medical Corp.^†	6.25%	8/15/2026		405		427,909
Total						23,970,003

Household Equipment/Products 0.05%
Newell Brands, Inc.	4.35%	4/1/2023		926		975,166

Insurance 0.28%
Assurant, Inc.	4.20%	9/27/2023		988		1,065,791
Brighthouse Financial Global Funding^†	1.55%	5/24/2026		479		481,466
CNO Financial Group, Inc.	5.25%	5/30/2025		2,103		2,388,554
GA Global Funding Trust^†	1.625%	1/15/2026		266		269,513
Kemper Corp.	4.35%	2/15/2025		460		505,125

202	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Insurance (continued)
Peachtree Corners Funding Trust^†	3.976%	2/15/2025	$	442	$	486,081
USI Inc/NY^†	6.875%	5/1/2025		475		483,469
Total						5,679,999

Leisure 0.43%
Carnival Corp.^†	11.50%	4/1/2023		2,758		3,159,206
NCL Corp. Ltd.^†	5.875%	3/15/2026		2,333		2,435,080
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025		2,573		2,981,670
Total						8,575,956

Lodging 0.28%
Las Vegas Sands Corp.	3.20%	8/8/2024		1,178		1,239,181
Marriott International, Inc.	5.75%	5/1/2025		924		1,072,480
MGM Resorts International	6.00%	3/15/2023		74		79,088
MGM Resorts International	6.75%	5/1/2025		550		590,345
Travel + Leisure Co.	6.60%	10/1/2025		550		621,011
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	4.25%	5/30/2023		965		993,226
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%	3/1/2025		1,019		1,088,059
Total						5,683,390

Machinery: Agricultural 0.63%
BAT Capital Corp.	3.222%	8/15/2024		4,457		4,748,404
BAT International Finance plc (United Kingdom)^(e)	1.668%	3/25/2026		1,000		998,431
Imperial Brands Finance plc (United Kingdom)^†(e)	3.125%	7/26/2024		1,871		1,985,441
Reynolds American, Inc.	4.45%	6/12/2025		1,850		2,057,795
Viterra Finance BV (Netherlands)^†(e)	2.00%	4/21/2026		2,809		2,802,663
Total						12,592,734

Machinery: Industrial/Specialty 0.36%
CNH Industrial NV (United Kingdom)^(e)	4.50%	8/15/2023		1,303		1,412,399
Flowserve Corp.	4.00%	11/15/2023		313		332,686
Nvent Finance S.a.r.l. (Luxembourg)^(e)	3.95%	4/15/2023		1,308		1,372,056
Wabtec Corp.	4.375%	8/15/2023		1,937		2,065,929
Westinghouse Air Brake Technologies Corp.	3.20%	6/15/2025		113		120,715
Westinghouse Air Brake Technologies Corp.	4.40%	3/15/2024		1,819		1,984,375
Total						7,288,160

Media 1.00%
Altice Financing SA (Luxembourg)^†(e)	7.50%	5/15/2026		1,810		1,887,323
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.50%	5/1/2026		94		97,285
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.75%	2/15/2026		2,712		2,807,598

See Notes to Financial Statements.

203

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Media (continued)
Clear Channel Worldwide Holdings, Inc.	9.25%		2/15/2024	$	2,939	$	3,088,154
DISH DBS Corp.	5.875%		7/15/2022		2,400		2,499,000
DISH DBS Corp.	6.75%		6/1/2021		6,212		6,212,000
iHeartCommunications, Inc.	6.375%		5/1/2026		440		470,545
Sirius XM Radio, Inc.^†	3.875%		8/1/2022		1,343		1,350,575
Sirius XM Radio, Inc.^†	5.375%		7/15/2026		1,069		1,103,882
Virgin Media Secured Finance plc (United Kingdom)^†(e)	5.50%		8/15/2026		609		632,294
Total							20,148,656

Metal Fabricating 0.01%
Hillman Group, Inc. (The)^†	6.375%		7/15/2022		242		242,290

Metals & Minerals: Miscellaneous 1.39%
Alcoa Nederland Holding BV (Netherlands)^†(e)	5.50%		12/15/2027		1,002		1,087,135
Anglo American Capital plc (United Kingdom)^†(e)	4.875%		5/14/2025		3,135		3,555,560
Anglo American Capital plc (United Kingdom)^†(e)	5.375%		4/1/2025		4,250		4,877,514
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	5.125%		5/15/2024		724		790,441
Freeport-McMoRan, Inc.	3.875%		3/15/2023		117		121,458
Freeport-McMoRan, Inc.	4.55%		11/14/2024		858		932,063
Glencore Finance Canada Ltd. (Canada)^†(e)	4.25%		10/25/2022		450		472,802
Glencore Funding LLC^†	1.625%		4/27/2026		670		670,423
Glencore Funding LLC^†	4.00%		4/16/2025		1,567		1,715,131
Glencore Funding LLC^†	4.125%		5/30/2023		4,134		4,406,167
Glencore Funding LLC^†	4.125%		3/12/2024		1,800		1,949,837
Glencore Funding LLC^†	4.625%		4/29/2024		5,553		6,133,265
Kinross Gold Corp. (Canada)^(e)	5.95%		3/15/2024		1,044		1,176,468
Novelis Corp.^†	5.875%		9/30/2026		12		12,533
Total							27,900,797

Natural Gas 0.55%
Atmos Energy Corp.	0.625%		3/9/2023		519		519,510
National Fuel Gas Co.	3.75%		3/1/2023		515		538,870
National Fuel Gas Co.	5.50%		1/15/2026		1,183		1,374,574
ONE Gas, Inc.	0.787% (3 Mo. LIBOR + .61%	)^#	3/11/2023		5,237		5,240,123
ONE Gas, Inc.	0.85%		3/11/2023		1,127		1,128,349
ONE Gas, Inc.	1.10%		3/11/2024		2,162		2,164,321
Total							10,965,747

204	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil 4.47%
Callon Petroleum Co.	6.25%		4/15/2023	$	2,360	$	2,235,392
Cenovus Energy, Inc. (Canada)^(e)	3.00%		8/15/2022		7,220		7,382,346
Cenovus Energy, Inc. (Canada)^(e)	3.95%		4/15/2022		1,842		1,879,512
Cenovus Energy, Inc. (Canada)^(e)	4.00%		4/15/2024		1,002		1,076,426
Cenovus Energy, Inc. (Canada)^(e)	5.375%		7/15/2025		1,024		1,169,262
Cimarex Energy Co.	4.375%		6/1/2024		1,878		2,054,085
Comstock Resources, Inc.	9.75%		8/15/2026		1,616		1,756,527
Continental Resources, Inc.	3.80%		6/1/2024		1,275		1,340,433
Continental Resources, Inc.	4.50%		4/15/2023		872		911,493
CrownRock LP/CrownRock Finance, Inc.^†	5.625%		10/15/2025		2,089		2,159,796
Diamondback Energy, Inc.	0.90%		3/24/2023		1,554		1,554,936
Diamondback Energy, Inc.	2.875%		12/1/2024		1,828		1,944,852
Diamondback Energy, Inc.	4.75%		5/31/2025		321		363,681
Diamondback Energy, Inc.	5.375%		5/31/2025		3,698		3,801,819
Eni SpA (Italy)^†(e)	4.00%		9/12/2023		660		708,318
EQT Corp.^†	3.125%		5/15/2026		486		496,194
Harvest Operations Corp. (Canada)^†(e)	1.00%		4/26/2024		570		570,344
Harvest Operations Corp. (Canada)^(e)	1.00%		4/26/2024		1,675		1,676,011
Helmerich & Payne, Inc.	4.65%		3/15/2025		887		979,648
Hess Corp.	3.50%		7/15/2024		1,046		1,114,192
Laredo Petroleum, Inc.	9.50%		1/15/2025		1,729		1,815,770
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.^†	6.00%		8/1/2026		1,750		1,808,809
Matador Resources Co.	5.875%		9/15/2026		1,832		1,841,160
MEG Energy Corp. (Canada)^†(e)	6.50%		1/15/2025		4,129		4,277,809
Murphy Oil Corp.	6.875%		8/15/2024		783		802,837
Newfield Exploration Co.	5.625%		7/1/2024		554		616,619
Occidental Petroleum Corp.	1.606% (3 Mo. LIBOR + 1.45%	)^#	8/15/2022		1,175		1,166,556
Occidental Petroleum Corp.	2.90%		8/15/2024		6,124		6,116,345
Occidental Petroleum Corp.	6.95%		7/1/2024		913		1,016,397
OGX Austria GmbH (Brazil)^†(g)(e)	8.50%		6/1/2018		225		4
Parsley Energy LLC/Parsley Finance Corp.^†	4.125%		2/15/2028		1,580		1,664,688
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%		10/15/2027		3,081		3,331,177
PDC Energy, Inc.	5.75%		5/15/2026		2,749		2,872,732
PDC Energy, Inc.	6.125%		9/15/2024		482		493,447
Petroleos Mexicanos (Mexico)^(e)	3.827% (3 Mo. LIBOR + 3.65%	)^#	3/11/2022		976		992,953
Petroleos Mexicanos (Mexico)^(e)	4.25%		1/15/2025		809		836,433

See Notes to Financial Statements.

205

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Petroleos Mexicanos (Mexico)^(e)	5.375%		3/13/2022	$	252	$	259,752
Petroleos Mexicanos (Mexico)^†(e)	6.875%		10/16/2025		500		559,075
Precision Drilling Corp. (Canada)^(e)	7.75%		12/15/2023		277		280,255
PT Pertamina Persero (Indonesia)^†(e)	4.875%		5/3/2022		1,375		1,429,312
Range Resources Corp.	9.25%		2/1/2026		2,095		2,313,404
Reliance Industries Ltd. (India)^†(e)	5.40%		2/14/2022		1,350		1,393,248
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	1.625%		11/24/2025		400		407,039
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	2.875%		4/16/2024		425		450,762
SM Energy Co.	6.125%		11/15/2022		701		699,686
SM Energy Co.^†	10.00%		1/15/2025		1,916		2,173,894
Suncor Energy, Inc. (Canada)^(e)	7.875%		6/15/2026		1,213		1,549,931
Suncor Energy, Inc. (Canada)^(e)	9.25%		10/15/2021		2,000		2,066,268
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(e)	2.625%		8/15/2025		1,200		1,227,054
Valero Energy Corp.	1.20%		3/15/2024		545		551,419
Valero Energy Corp.	2.70%		4/15/2023		4,399		4,577,416
Valero Energy Corp.	2.85%		4/15/2025		355		376,959
Viper Energy Partners LP^†	5.375%		11/1/2027		719		748,659
WPX Energy, Inc.	5.25%		9/15/2024		2,711		3,010,796
WPX Energy, Inc.	5.25%		10/15/2027		148		158,582
WPX Energy, Inc.	5.75%		6/1/2026		299		312,319
WPX Energy, Inc.	8.25%		8/1/2023		488		559,841
Total							89,934,674

Oil: Crude Producers 1.60%
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		6,180		7,103,286
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		3,102		3,566,624
Energy Transfer Operating LP	4.25%		3/15/2023		506		532,952
Energy Transfer Operating LP	5.875%		1/15/2024		1,193		1,327,709
Florida Gas Transmission Co. LLC^†	3.875%		7/15/2022		440		451,678
Midwest Connector Capital Co. LLC^†	3.625%		4/1/2022		473		480,779
MPLX LP	1.285% (3 Mo. LIBOR + 1.10%	)^#	9/9/2022		950		950,592
MPLX LP	4.875%		12/1/2024		2,387		2,695,595
NGPL PipeCo LLC^†	4.375%		8/15/2022		1,773		1,836,915
NOVA Gas Transmission Ltd. (Canada)^(e)	7.875%		4/1/2023		500		563,981
ONEOK, Inc.	7.50%		9/1/2023		672		762,867
Sabine Pass Liquefaction LLC	5.625%		4/15/2023		5,665		6,114,003
Sabine Pass Liquefaction LLC	5.75%		5/15/2024		3,694		4,172,977
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		750		890,265

206	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil: Crude Producers (continued)
Texas Eastern Transmission LP^†	2.80%		10/15/2022	$	223	$	228,440
Western Midstream Operating LP	2.288% (3 Mo. LIBOR + 2.10%	)^#	1/13/2023		493		491,894
Total							32,170,557

Oil: Integrated Domestic 0.10%
Oceaneering International, Inc.	4.65%		11/15/2024		2,076		2,086,193

Paper & Forest Products 0.06%
Suzano Austria GmbH (Brazil)^†(e)	5.75%		7/14/2026		275		323,537
West Fraser Timber Co., Ltd. (Canada)^†(e)	4.35%		10/15/2024		871		937,910
Total							1,261,447

Real Estate Investment Trusts 1.35%
Brixmor Operating Partnership LP	3.65%		6/15/2024		424		457,775
Country Garden Holdings Co. Ltd. (China)^(e)	7.125%		1/27/2022		365		378,322
EPR Properties	4.75%		12/15/2026		1,125		1,186,541
EPR Properties	5.25%		7/15/2023		500		524,287
Equinix, Inc.	5.375%		5/15/2027		5,894		6,321,401
ESH Hospitality, Inc.^†	5.25%		5/1/2025		619		631,380
GLP Capital LP/GLP Financing II, Inc.	5.25%		6/1/2025		1,275		1,444,314
HAT Holdings I LLC/HAT Holdings II LLC^†	5.25%		7/15/2024		1,480		1,526,405
HAT Holdings I LLC/HAT Holdings II LLC^†	6.00%		4/15/2025		1,207		1,274,894
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	5.25%		3/15/2022		5,381		5,434,810
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	5.25%		10/1/2025		1,135		1,156,281
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	7.50%		6/1/2025		811		878,232
SITE Centers Corp.	3.625%		2/1/2025		60		63,124
SL Green Realty Corp.	4.50%		12/1/2022		1,530		1,599,310
Tanger Properties LP	3.875%		12/1/2023		300		318,455
VEREIT Operating Partnership LP	4.625%		11/1/2025		800		909,815
Vornado Realty LP	2.15%		6/1/2026		278		280,575
Vornado Realty LP	3.50%		1/15/2025		2,565		2,739,436
Total							27,125,357

Retail 0.33%
Arcos Dorados Holdings, Inc. (Uruguay)^†(e)	5.875%		4/4/2027		300		316,953
Arcos Dorados Holdings, Inc. (Uruguay)^†(e)	6.625%		9/27/2023		2,640		2,876,848
Brinker International, Inc.^†	5.00%		10/1/2024		775		811,328

See Notes to Financial Statements.

207

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Retail (continued)
IRB Holding Corp.^†	6.75%	2/15/2026	$	466	$	482,312
L Brands, Inc.^†	9.375%	7/1/2025		769		980,902
Macy’s Retail Holdings LLC	3.625%	6/1/2024		1,215		1,245,375
Total						6,713,718

Savings & Loan 0.02%
People’s United Financial, Inc.	3.65%	12/6/2022		370		384,613

Steel 0.18%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)^†(e)	8.75%	7/15/2026		1,705		1,801,247
CSN Resources SA (Brazil)^†(e)	7.625%	2/13/2023		475		494,836
CSN Resources SA (Brazil)^†(e)	7.625%	4/17/2026		864		931,185
POSCO (South Korea)^†(e)	2.375%	11/12/2022		450		460,122
Total						3,687,390

Technology 1.05%
Baidu, Inc. (China)^(e)	3.075%	4/7/2025		200		211,483
Baidu, Inc. (China)^(e)	3.875%	9/29/2023		2,248		2,397,022
Baidu, Inc. (China)^(e)	4.375%	5/14/2024		3,200		3,504,942
Expedia Group, Inc.^†	6.25%	5/1/2025		4,161		4,852,784
Meituan (China)^†(e)	2.125%	10/28/2025		900		892,626
Netflix, Inc.^†	3.625%	6/15/2025		1,025		1,100,358
Netflix, Inc.	4.375%	11/15/2026		267		301,479
Uber Technologies, Inc.^†	7.50%	5/15/2025		562		607,382
Uber Technologies, Inc.^†	8.00%	11/1/2026		739		799,306
VeriSign, Inc.	4.625%	5/1/2023		930		933,241
VeriSign, Inc.	4.75%	7/15/2027		3,517		3,746,977
VeriSign, Inc.	5.25%	4/1/2025		646		735,817
Weibo Corp. (China)^(e)	3.50%	7/5/2024		1,000		1,054,598
Total						21,138,015

Telecommunications 0.14%
Altice France SA (France)^†(e)	7.375%	5/1/2026		747		777,754
CommScope, Inc.^†	5.50%	3/1/2024		344		354,303
T-Mobile USA, Inc.	4.50%	2/1/2026		1,643		1,686,720
Total						2,818,777

Toys 0.11%
Hasbro, Inc.	3.00%	11/19/2024		188		200,735
Hasbro, Inc.	3.55%	11/19/2026		135		148,018

208	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Toys (continued)
Mattel, Inc.		3.15%		3/15/2023	$	1,250	$	1,281,625
Mattel, Inc.^†		3.375%		4/1/2026		341		353,896
Mattel, Inc.^†		6.75%		12/31/2025		158		166,676
Total								2,150,950

Transportation: Miscellaneous 0.12%
Pelabuhan Indonesia III Persero PT (Indonesia)^†(e)		4.50%		5/2/2023		1,220		1,297,195
Rumo Luxembourg S.a.r.l. (Luxembourg)^†(e)		5.875%		1/18/2025		275		289,713
XPO Logistics, Inc.^†		6.25%		5/1/2025		750		802,927
Total								2,389,835

Wholesale 0.09%
Core & Main Holdings LP PIK 9.375%^†		8.625%		9/15/2024		182		185,935
Core & Main LP^†		6.125%		8/15/2025		1,550		1,584,875
Total								1,770,810
Total Corporate Bonds (cost $853,346,811)								863,158,902

FLOATING RATE LOANS^(h)6.20%

Aerospace/Defense 0.35%
Boeing Company The Delayed Draw Term Loan		1.434% (3 Mo. LIBOR + 1.25%	)	2/7/2022		7,096		7,099,089
Air Transportation 0.13%
AAdvantage Loyalty IP Ltd. 2021 Term Loan^(e)		5.50% (3 Mo. LIBOR + 4.75%	)	4/20/2028		820		846,653
American Airlines, Inc. 2017 Incremental Term Loan	2.101% (1 Mo. LIBOR + 2.00%		)	12/15/2023		282		273,169
American Airlines, Inc. 2018 Term Loan B		1.84% (1 Mo. LIBOR + 1.75%	)	6/27/2025		383		355,514
American Airlines, Inc. Repriced TL B due 2023		2.093% (1 Mo. LIBOR + 2.00%	)	4/28/2023		1,129		1,095,342
Total								2,570,678

Automobiles 0.06%
Ford Motor Company Unsecured Term Loan		1.85% (1 Mo. LIBOR + 1.75%	)	12/31/2022		1,194		1,185,198	⁽ⁱ⁾
Building Materials 0.02%
Forterra Finance, LLC 2017 Term Loan B		4.00% (1 Mo. LIBOR + 3.00%	)	10/25/2023		373		373,139


	See Notes to Financial Statements.	209

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Business Services 0.19%
Global Payments Inc. 2019 Term Loan	2.022% (3 Mo. LIBOR + 1.88%	)	7/9/2024	$	2,495	$	2,482,375	⁽ⁱ⁾
Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan	1.426% (3 Mo. LIBOR + 1.25%	)	1/17/2023		496		495,379	⁽ⁱ⁾
Nutrition & Biosciences, Inc. 5 Year Delayed Draw Term Loan	1.801% (3 Mo. LIBOR + 1.63%	)	1/17/2025		878		877,334	⁽ⁱ⁾
Total							3,855,088

Chemicals 0.10%
Axalta Coating Systems US Holdings Inc. USD Term Loan B3	1.953% (3 Mo. LIBOR + 1.75%	)	6/1/2024		2,101		2,093,310

Computer Hardware 0.17%
Dell International LLC 2021 Term Loan B	2.00% (1 Mo. LIBOR + 1.75%	)	9/19/2025		3,362		3,366,124

Computer Software 0.11%
Salesforce.com, inc. Delayed Draw Term Loan^(j)	–	^(k)	12/23/2023		2,172		2,169,416	⁽ⁱ⁾

Containers 0.00%
BWAY Holding Company 2017 Term Loan B	3.385% (3 Mo. LIBOR + 3.25%	)	4/3/2024		76		74,241

Drugs 0.32%
Alphabet Holding Company, Inc. 2017 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	9/26/2024		1,454		1,453,904
Change Healthcare Holdings LLC 2017 Term Loan B	3.50% (1 Mo. LIBOR + 2.50%) (3 Mo. LIBOR + 2.50%	)	3/1/2024		3,987		3,989,081
NVA Holdings, Inc. 2019 Term Loan A3	2.375% - 2.38% (1 Mo. LIBOR + 2.25%	)	2/20/2023		1,050		1,044,750	⁽ⁱ⁾
Total							6,487,735

Electronics 0.07%
Tech Data Corporation ABL Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	6/30/2025		1,430		1,435,772

Energy Equipment & Services 0.12%
Cheniere Corpus Christi Holdings, LLC Delayed Draw Term Loan Tranche 2	1.843%		6/30/2024		2,471		2,471,508

Entertainment 0.02%
Scientific Games International, Inc. 2018 Term Loan B5	2.843% (1 Mo. LIBOR + 2.75%	)	8/14/2024		400		396,474


210	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial Services 0.20%
Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(e)	1.953% (3 Mo. LIBOR + 1.75%	)	10/6/2023	$	3,929	$	3,929,596

Food 0.19%
US Foods, Inc. 2016 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	6/27/2023		3,801		3,773,572

Government 0.10%
Seminole Tribe of Florida 2018 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	7/8/2024		2,026		2,027,920

Health Care Services 0.35%
DaVita, Inc. 2020 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	8/12/2026		997		994,268
Gentiva Health Services, Inc. 2020 Term Loan	2.875% (1 Mo. LIBOR + 2.75%	)	7/2/2025		3,379		3,375,527
PPD, Inc. Initial Term Loan	2.75% (1 Mo. LIBOR + 2.25%	)	1/13/2028		2,613		2,612,423
Total							6,982,218

Insurance 0.23%
Asurion LLC 2018 Term Loan B6	3.093% (1 Mo. LIBOR + 3.00%	)	11/3/2023		4,581		4,574,530

Leasing 0.01%
Avolon TLB Borrower 1 (US) LLC 2020 Term Loan B5	3.25% (1 Mo. LIBOR + 2.50%	)	12/1/2027		139		139,752

Leisure 0.14%
Carnival Corporation USD Term Loan B (Panama)^(e)	8.50% (1 Mo. LIBOR + 7.50%	)	6/30/2025		2,786		2,800,023

Lodging 0.45%
Boyd Gaming Corporation Term Loan B3	2.312% (1 Wk. LIBOR + 2.25%	)	9/15/2023		2,041		2,041,435
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B	2.843% (1 Mo. LIBOR + 2.75%	)	12/23/2024		1,149		1,141,287
Diamond Resorts Corporation 2018 Term Loan B	4.75% (1 Mo. LIBOR + 3.75%	)	9/2/2023		1,981		1,985,229
Hilton Worldwide Finance, LLC 2019 Term Loan B2	1.842% (1 Mo. LIBOR + 1.75%	)	6/22/2026		4,000		3,972,320
Total							9,140,271

Machinery: Industrial/Specialty 0.14%
Welbilt, Inc. 2018 Term Loan B	2.593% (1 Mo. LIBOR + 2.50%	)	10/23/2025		2,741		2,717,210	⁽ⁱ⁾


	See Notes to Financial Statements.	211

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Media 0.53%
Nexstar Broadcasting, Inc. 2018 Term Loan A4	–	^(k)	10/26/2023	$	1,247	$	1,243,438
Nexstar Broadcasting, Inc. 2018 Term Loan B3	2.341%		1/17/2024		4,347		4,340,932
Nexstar Broadcasting, Inc. Term Loan A5	–	^(k)	9/19/2024		296		294,889
Nielsen Finance LLC USD Term Loan B4	2.095% (1 Mo. LIBOR + 2.00%	)	10/4/2023		4,746		4,749,599
Total							10,628,858

Miscellaneous 0.68%
Charter Communications Operating, LLC 2017 Term Loan A2	1.60% (1 Mo. LIBOR + 1.50%	)	3/31/2023		2,658		2,657,653	⁽ⁱ⁾
Charter Communications Operating, LLC 2019 Term Loan B1	1.85% (1 Mo. LIBOR + 1.75%	)	4/30/2025		4,522		4,522,374
ESH Hospitality, Inc. 2019 Term Loan B	2.093% (1 Mo. LIBOR + 2.00%	)	9/18/2026		1,473		1,469,148
Reynolds Group Holdings Inc. USD 2017 Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	2/5/2023		5,096		5,090,396
Total							13,739,571

Oil 0.20%
Hess Corporation Term Loan	2.872% (3 Mo. LIBOR + 2.73%	)	3/16/2023		4,033		4,023,337	⁽ⁱ⁾

Oil: Crude Producers 0.15%
Buckeye Partners, L.P. 2021 Term Loan B	2.36% (1 Mo. LIBOR + 2.25%	)	11/1/2026		3,085		3,072,600

Real Estate 0.35%
Invitation Homes Operating Partnership LP 2020 Term Loan A	1.095% (1 Mo. LIBOR + 1.00%	)	1/31/2025		2,246		2,223,115
VICI Properties 1 LLC Replacement Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	12/20/2024		4,765		4,727,015
Total							6,950,130

Retail 0.34%
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan	2.094% (1 Mo. LIBOR + 2.00%	)	2/3/2024		2,605		2,608,372
Panera Bread Company Term Loan A	2.375% (1 Mo. LIBOR + 2.25%	)	7/18/2022		2,327		2,285,083
SRS Distribution Inc. 2018 1st Lien Term Loan	–	^(k)	5/23/2025		1,960		1,959,399
Total							6,852,854

Technology 0.04%
ProQuest LLC 2019 Term Loan	–	^(k)	10/23/2026		844		845,332


212	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Telecommunications 0.16%
CenturyLink, Inc. 2020 Term Loan A	2.093% (1 Mo. LIBOR + 2.00%	)	1/31/2025	$	2,244	$	2,234,519
Colorado Buyer Inc 2nd Lien Term Loan	8.25% (3 Mo. LIBOR + 7.25%	)	5/1/2025		922		915,713
Total							3,150,232

Transportation: Miscellaneous 0.25%
XPO Logistics, Inc. 2018 Term Loan B	1.858% (1 Mo. LIBOR + 1.75%	)	2/24/2025		5,148		5,130,469

Wholesale 0.03%
Core & Main LP 2017 Term Loan B	3.75% (3 Mo. LIBOR + 2.75%	)	8/1/2024		592		591,693
Total Floating Rate Loans (cost $124,803,418)							124,647,940

FOREIGN GOVERNMENT OBLIGATIONS^(e)0.40%

Egypt 0.09%
Republic of Egypt	6.125%		1/31/2022		375		385,902
Republic of Egypt^†	6.125%		1/31/2022		1,340		1,378,958
Total							1,764,860

Indonesia 0.05%
Perusahaan Penerbit SBSN^†	3.75%		3/1/2023		405		427,698
Perusahaan Penerbit SBSN^†	4.325%		5/28/2025		607		677,734
Total							1,105,432

Kenya 0.14%
Republic of Kenya^†	6.875%		6/24/2024		2,440		2,715,354

Malaysia 0.08%
Morocco Government International Bond^†	4.25%		12/11/2022		1,500		1,577,775

Romania 0.04%
Republic of Romania^†	4.875%		1/22/2024		700		775,273
Total Foreign Government Obligations (cost $7,836,801)							7,938,694

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.05%
Federal Home Loan Mortgage Corp. K061 X1 IO	0.175%	^#(l)	11/25/2026		15,171		146,669
Federal Home Loan Mortgage Corp. Q001 XA IO	2.145%	^#(l)	2/25/2032		1,312		150,288
Government National Mortgage Assoc. 2013-171 IO	0.815%	^#(l)	6/16/2054		998		60,939


	See Notes to Financial Statements.	213

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)

Government National Mortgage Assoc. 2013-193 IO

0.422%

^#(l)

1/16/2055

162

14,629

Government National Mortgage Assoc. 2014-112 A

3.00%

^#(l)

1/16/2048

187

196,104

Government National Mortgage Assoc. 2014-15 IO

0.392%

^#(l)

8/16/2054

1,169

37,887

Government National Mortgage Assoc. 2014-64 IO

1.018%

^#(l)

12/16/2054

6,161

310,561

Government National Mortgage Assoc. 2015-19 AD

2.90%

10/16/2055

41,536

Government National Mortgage Assoc. 2015-41 AD

2.90%

^#(l)

8/16/2055

44,493

Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $1,917,254)

1,003,106

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.14%

Federal Home Loan Mortgage Corp.

2.029%
(12 Mo. LIBOR + 1.66%

)^#

2/1/2038

132

139,518

Federal Home Loan Mortgage Corp.

2.14%
(12 Mo. LIBOR + 1.64%

)^#

11/1/2043

320

335,404

Federal Home Loan Mortgage Corp.

2.195%
(12 Mo. LIBOR + 1.72%

)^#

4/1/2037

35,918

Federal Home Loan Mortgage Corp.

2.221%
(12 Mo. LIBOR + 1.79%

)^#

5/1/2036

34,749

Federal Home Loan Mortgage Corp.

2.281%
(12 Mo. LIBOR + 1.78%

)^#

10/1/2038

27,105

Federal Home Loan Mortgage Corp.

2.361%
(12 Mo. LIBOR + 1.78%

)^#

12/1/2036

101,100

Federal Home Loan Mortgage Corp.

2.386%

9/1/2036 - 2/1/2037

182

194,715

Federal National Mortgage Assoc.

1.624%
(12 Mo. LIBOR + 1.14%

)^#

6/1/2038

112

116,351

Federal National Mortgage Assoc.

1.97%
(12 Mo. LIBOR + 1.52%

)^#

3/1/2039

64,137

Federal National Mortgage Assoc.

2.075%
(12 Mo. LIBOR + 1.61%

)^#

8/1/2037

8,616

Federal National Mortgage Assoc.

2.188%
(12 Mo. LIBOR + 1.51%

)^#

10/1/2035

104,524

Federal National Mortgage Assoc.

2.214%
(12 Mo. LIBOR + 1.82%

)^#

4/1/2040

42,899

Federal National Mortgage Assoc.

2.232%
(12 Mo. LIBOR + 1.87%

)^#

12/1/2038

35,790

Federal National Mortgage Assoc.

2.266%
(12 Mo. LIBOR + 1.65%

)^#

8/1/2038

21,004

Federal National Mortgage Assoc.

2.301%
(12 Mo. LIBOR + 1.63%

)^#

9/1/2038

75,121

Federal National Mortgage Assoc.

2.316%
(12 Mo. LIBOR + 1.81%

)^#

12/1/2040

40,759


214	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal National Mortgage Assoc.	2.337% (12 Mo. LIBOR + 1.80%	)^#	12/1/2040	$	80	$	84,510
Federal National Mortgage Assoc.	2.382% (12 Mo. LIBOR + 1.80%	)^#	10/1/2040		25		25,970
Federal National Mortgage Assoc.	2.387% (12 Mo. LIBOR + 1.79%	)^#	3/1/2042		429		454,140
Federal National Mortgage Assoc.	2.407% (1 Yr Treasury CMT + 2.19%	)^#	3/1/2038		13		14,316
Federal National Mortgage Assoc.	2.408% (1 Yr Treasury CMT + 2.20%	)^#	1/1/2038		58		61,880
Federal National Mortgage Assoc.	2.703% (12 Mo. LIBOR + 1.60%	)^#	12/1/2045		140		147,608
Federal National Mortgage Assoc.	2.721% (12 Mo. LIBOR + 1.60%	)^#	12/1/2045		432		454,045
Federal National Mortgage Assoc.	2.788% (12 Mo. LIBOR + 1.60%	)^#	10/1/2045		159		166,832
Total Government Sponsored Enterprises Pass-Throughs (cost $2,745,622)							2,787,011

MUNICIPAL BONDS 0.08%

Miscellaneous
New York Transportation Development Corp.	1.36%		12/1/2021		110		110,519
New York Transportation Development Corp.	1.61%		12/1/2022		110		111,708
State of Illinois	4.95%		6/1/2023		815		843,074
State of Illinois	6.125%		7/1/2021		385		386,410
State of Illinois	6.20%		7/1/2021		100		100,373
Total Municipal Bonds (cost $1,535,791)							1,552,084

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.51%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(l)	12/25/2059		317		319,871
Angel Oak Mortgage Trust 2020-6 A1^†	1.261%	^#(l)	5/25/2065		370		371,339
AOA Mortgage Trust 2015-1177 A^†	2.957%		12/13/2029		310		310,498
Atrium Hotel Portfolio Trust 2017-ATRM B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	12/15/2036		842		842,779
Atrium Hotel Portfolio Trust 2018-ATRM B^†	1.531% (1 Mo. LIBOR + 1.43%	)^#	6/15/2035		907		907,445
Atrium Hotel Portfolio Trust 2018-ATRM C^†	1.751% (1 Mo. LIBOR + 1.65%	)^#	6/15/2035		288		287,091
BB-UBS Trust 2012-TFT B^†	3.468%	^#(l)	6/5/2030		2,149		1,807,110
BB-UBS Trust 2012-TFT C^†	3.468%	^#(l)	6/5/2030		3,000		2,398,529
BBCMS Mortgage Trust 2018-TALL A^†	0.823% (1 Mo. LIBOR + .72%	)^#	3/15/2037		3,400		3,387,356


	See Notes to Financial Statements.	215

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BBCMS Mortgage Trust 2018-TALL C^†	1.222% (1 Mo. LIBOR + 1.12%	)^#	3/15/2037	$	3,350	$	3,263,553
BBCMS Trust 2013-TYSN C^†	3.821%		9/5/2032		260		259,767
BBCMS Trust 2015-VFM A1^†	2.466%		3/10/2036		271		277,776
BBCMS Trust 2015-VFM X IO^†	0.367%	^#(l)	3/12/2036		86,744		1,028,781
BBCMS Trust 2018-BXH A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	10/15/2037		1,492		1,497,167
Benchmark Mortgage Trust 2021 B23 A2	1.62%		2/15/2054		400		407,306
BFLD 2019-DPLO E^†	2.341% (1 Mo. LIBOR + 2.24%	)^#	10/15/2034		3,100		3,082,851
BHMS 2018-ATLS A^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	7/15/2035		2,640		2,644,144
BWAY Mortgage Trust 2013-1515 XB IO^†	0.403%	^#(l)	3/10/2033		47,800		692,589
BWAY Mortgage Trust 2015-1740 C^†	3.342%		1/10/2035		3,350		3,367,642
BX 2021-MFM1 A^†	0.801% (1 Mo. LIBOR + .70%	)^#	1/15/2034		140		140,210
BX Commercial Mortgage Trust 2019-IMC A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	4/15/2034		5,881		5,877,661
BX Commercial Mortgage Trust 2019-XL D^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	10/15/2036		5,827		5,838,442
BX Trust 2017-SLCT D^†	2.151% (1 Mo. LIBOR + 2.05%	)^#	7/15/2034		853		855,662
BX Trust 2017-SLCT F^†	4.351% (1 Mo. LIBOR + 4.25%	)^#	7/15/2034		1,939		1,948,655
BX Trust 2018-GW A^†	0.901% (1 Mo. LIBOR + .80%	)^#	5/15/2035		2,200		2,205,097
CFCRE Commercial Mortgage Trust 2011-C2 AJ^†	5.748%	^#(l)	12/15/2047		204		204,261
CFCRE Commercial Mortgage Trust 2016-C4 XA IO	1.639%	^#(l)	5/10/2058		946		61,881
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.104%	^#(l)	11/10/2049		2,659		131,873
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.689%	^#(l)	12/10/2054		3,605		121,021
CFCRE Commercial Mortgage Trust 2018-TAN A^†	4.236%		2/15/2033		3,500		3,648,963
CGRBS Commercial Mortgage Trust 2013-VN05 A^†	3.369%		3/13/2035		1,000		1,039,424
CHT Mortgage Trust 2017-CSMO B^†	1.501% (1 Mo. LIBOR + 1.40%	)^#	11/15/2036		1,888		1,892,923
Citigroup Commercial Mortgage Trust 2013-375P A IO	0.364%	^#(l)	6/10/2048		5,755		77,138
Citigroup Commercial Mortgage Trust 2014-GC23 XB IO	0.212%	^#(l)	7/10/2047		3,452		23,690
COMM CCRE1 Mortgage Trust 2012-CR1 B	4.612%		5/15/2045		4,600		4,666,367
COMM Mortgage Trust 2015-LC21 A4	3.708%		7/10/2048		207		227,575
COMM Mortgage Trust 2020-SBX A^†	1.67%		1/10/2038		255		258,925
Commercial Mortgage Pass-Through Certificates 2010-C1 C^†	5.657%	^#(l)	7/10/2046		16		15,803
Commercial Mortgage Pass-Through Certificates 2012-CR3 B^†	3.922%		10/15/2045		617		617,205
Commercial Mortgage Pass-Through Certificates 2012-CR4 XA IO	1.683%	^#(l)	10/15/2045		4,266		82,239


216	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2012-LTRT A1^†	2.15%		10/5/2030	$	240	$	239,777
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2^†	3.40%		10/5/2030		1,080		1,079,129
Commercial Mortgage Pass-Through Certificates 2013-CR7 XA IO	1.20%	^#(l)	3/10/2046		4,458		78,055
Commercial Mortgage Pass-Through Certificates 2013-CR8 XA IO	0.34%	^#(l)	6/10/2046		11,230		61,573
Commercial Mortgage Pass-Through Certificates 2013-GAM A2^†	3.367%		2/10/2028		93		92,661
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†	1.873%		4/12/2035		216		216,902
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	0.969%	^#(l)	8/10/2047		2,349		58,200
Commercial Mortgage Pass-Through Certificates 2016-GCT C IO	1.392%	^#(l)	8/10/2049		856		49,891
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A IO^†	0.54%	^#(l)	9/15/2037		39,135		808,820
Credit Suisse Mortgage Capital Certificates 2016-NXSR XB IO	0.105%	^#(l)	12/15/2049		20,135		268,337
Credit Suisse Mortgage Capital Certificates 2017-MOON B^†	3.197%	^#(l)	7/10/2034		200		203,568
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(l)	2/25/2050		799		811,852
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		501		504,384
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A^†	1.051% (1 Mo. LIBOR + .95%	)^#	12/15/2030		502		499,194
CSAIL Commercial Mortgage Trust 2015-C2 XB IO^†	Zero Coupon	^#(l)	6/15/2057		82,732		164,637
CSAIL Commercial Mortgage Trust 2015-C4 A2 IO	1.462%	^#(l)	8/10/2049		9,553		592,760
CSAIL Commercial Mortgage Trust 2016-C7 XA IO	0.952%	^#(l)	11/15/2049		4,298		174,209
CSMC 2021-NQM1 A1^†	0.809%	^#(l)	5/25/2065		5,079		5,080,153
CSMC 2021-NQM3 A1^†	1.015%	^#(l)	4/25/2066		1,500		1,512,387	^(c)
CSMC Trust 2021-AFC1 A1^†	0.83%	^#(l)	3/25/2056		841		842,035	^(c)
DBGS Mortgage Trust 2018 5BP A^†	0.746% (1 Mo. LIBOR + .65%	)^#	6/15/2033		1,120		1,121,534
DBGS Mortgage Trust 2018-BIOD A^†	0.904% (1 Mo. LIBOR + .80%	)^#	5/15/2035		1,259		1,261,412


	See Notes to Financial Statements.	217

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
DBWF Mortgage Trust 2015-LCM A1^†	2.998%		6/10/2034	$	297	$	303,473
DBWF Mortgage Trust 2015-LCM XA IO^†	0.423%	^#(l)	6/10/2034		594		6,972
DBWF Mortgage Trust 2016-85T XA IO^†	0.014%	^#(l)	12/10/2036		61,529		168,589
DBWF Mortgage Trust 2018-AMXP B^†	3.996%	^#(l)	5/5/2035		1,500		1,518,726
DBWF Mortgage Trust 2018-AMXP C^†	3.83%	^#(l)	5/5/2035		1,000		1,004,925
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		704		705,571
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(l)	1/25/2060		476		482,004
Ellington Financial Mortgage Trust 2021-1 A1^†	0.797%	^#(l)	2/25/2066		223		222,874
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		761		803,514
Fontainebleau Miami Beach Trust 2019-FBLU B^†	3.447%		12/10/2036		335		352,730
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		336		341,069
Great Wolf Trust 2019-WOLF B^†	1.435% (1 Mo. LIBOR + 1.33%	)^#	12/15/2036		320		319,859
Great Wolf Trust 2019-WOLF C^†	1.734% (1 Mo. LIBOR + 1.63%	)^#	12/15/2036		2,945		2,938,492
Great Wolf Trust 2019-WOLF E^†	2.833% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036		2,620		2,571,511
GS Mortgage Securities Corp. II 2012-TMSQ A^†	3.007%		12/10/2030		1,300		1,331,120
GS Mortgage Securities Corp. II 2021-ROSS A^†	1.30% (1 Mo. LIBOR + 1.15%	)^#	5/15/2026		5,000		5,010,731
GS Mortgage Securities Corp. II 2021-ROSS H^†	6.05% (1 Mo. LIBOR + 5.90%	)^#	5/15/2026		560		565,275
GS Mortgage Securities Corp. Trust 2017-GPTX A^†	2.856%		5/10/2034		1,159		1,156,196
GS Mortgage Securities Corp. Trust 2017-GPTX B^†	3.104%		5/10/2034		1,060		1,036,796
GS Mortgage Securities Corp. Trust 2017-SLP A^†	3.419%		10/10/2032		1,300		1,328,325
GS Mortgage Securities Corp. Trust 2017-STAY A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	7/15/2032		888		888,897
GS Mortgage Securities Corp. Trust 2017-STAY B^†	1.451% (1 Mo. LIBOR + 1.35%	)^#	7/15/2032		313		313,434
GS Mortgage Securities Corp. Trust 2017-STAY C^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	7/15/2032		225		224,839
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		2,356		2,357,929
GS Mortgage Securities Corp. Trust 2019-70P A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	10/15/2036		1,000		1,000,895
GS Mortgage Securities Corp. Trust 2019-70P B^†	1.421% (1 Mo. LIBOR + 1.32%	)^#	10/15/2036		657		654,531
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		259		266,734
GS Mortgage Securities Trust 2012-GCJ9 XA IO	1.924%	^#(l)	11/10/2045		1,335		25,527


218	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust 2013-G1 A2^†	3.557%	^#(l)	4/10/2031	$	2,584	$	2,523,997
GS Mortgage Securities Trust 2013-GC12 B	3.777%	^#(l)	6/10/2046		3,450		3,609,122
GS Mortgage Securities Trust 2013-GC12 XA IO	1.401%	^#(l)	6/10/2046		17,880		381,349
GS Mortgage Securities Trust 2015-GS1 XA IO	0.761%	^#(l)	11/10/2048		1,041		30,812
HMH Trust 2017-NSS A^†	3.062%		7/5/2031		974		975,281
HMH Trust 2017-NSS B^†	3.343%		7/5/2031		629		607,741
HMH Trust 2017-NSS C^†	3.787%		7/5/2031		469		454,281
HMH Trust 2017-NSS D^†	4.723%		7/5/2031		618		602,571
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		1,200		1,054,651
Hudsons Bay Simon JV Trust 2015-HB7 D7^†	5.159%	^#(l)	8/5/2034		559		392,713
Hudsons Bay Simon JV Trust 2015-HBFL CFL^†	2.907% (1 Mo. LIBOR + 2.80%	)^#	8/5/2034		1,961		1,623,404
Irvine Core Office Trust 2013-IRV A2^†	3.173%	^#(l)	5/15/2048		1,532		1,605,656
JPMorgan Chase Commercial Mortgage Securities Corp. 2018 AON XA IO^†	0.485%	^#(l)	7/5/2031		129,394		1,318,525
JPMorgan Chase Commercial Mortgage Securities Corp. 2018 AON XB IO^†	0.154%	^#(l)	7/5/2031		50,413		201,304
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	^#(l)	5/15/2045		253		258,913
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C8 A3	2.829%		10/15/2045		878		898,851
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A^†	3.905%		5/5/2030		5,706		4,932,247
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN B^†	4.342%	^#(l)	5/5/2030		1,254		817,264	^(c)
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10 XA IO	0.948%	^#(l)	12/15/2047		7,917		98,823
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C12 XA IO	0.463%	^#(l)	7/15/2045		4,507		31,219
JPMorgan Chase Commercial Mortgage Securities Trust 2013-LC11 XA IO	1.242%	^#(l)	4/15/2046		1,281		23,553
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 XA IO	0.909%	^#(l)	11/15/2047		2,536		58,908
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A^†	3.429%		6/10/2027		5,000		3,616,115
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO^†	0.376%	^#(l)	6/10/2027		2,906		174
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO^†	0.034%	^#(l)	6/10/2027		1,292		26
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C28 A2 IO	0.675%	^#(l)	12/15/2049		3,729		89,247

See Notes to Financial Statements.

219

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA IO		0.651%	^#(l)	5/15/2048	$	1,844	$	41,300
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C IO^†		0.657%	^#(l)	10/5/2031		1,432		902
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D IO		1.047%	^#(l)	9/15/2050		8,205		392,154
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XA IO^†		1.211%	^#(l)	10/5/2031		2,367		2,533
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B^†		3.795%		6/5/2032		608		608,533
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C^†		4.036%	^#(l)	6/5/2032		452		447,959
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK X IO^†		0.527%	^#(l)	6/5/2032		32,692		140,049
JPMorgan Chase Commercial Mortgage Securities Trust 2018 WPT XBFX IO^†		0.377%	^#(l)	7/5/2033		95,152		774,537
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%		)^#	6/15/2032		998		1,000,288
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C^†	1.701% (1 Mo. LIBOR + 1.60%		)^#	6/15/2032		804		805,893
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A^†	1.551% (1 Mo. LIBOR + 1.45%		)^#	4/15/2031		658		648,518
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B^†	2.251% (1 Mo. LIBOR + 2.15%		)^#	4/15/2031		449		443,843
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C^†	2.651% (1 Mo. LIBOR + 2.55%		)^#	4/15/2031		332		328,797
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†		1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033		901		903,384
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL^†		1.757% (1 Mo. LIBOR + 1.65%	)^#	7/5/2033		323		324,346
KKR Industrial Portfolio Trust 2021-KDIP A^†		0.651% (1 Mo. LIBOR + .55%	)^#	12/15/2037		700		700,426
Life 2021-BMR Mortgage Trust 2021-BMR A^†		0.801% (1 Mo. LIBOR + .70%	)^#	3/15/2038		5,400		5,411,631
LSTAR Commercial Mortgage Trust 2016-4 XA IO^†		1.768%	^#(l)	3/10/2049		1,216		55,266
LSTAR Commercial Mortgage Trust 2016-4 XB IO^†		0.634%	^#(l)	3/10/2049		19,753		559,207
LSTAR Commercial Mortgage Trust 2017-5 A2^†		2.776%		3/10/2050		745		750,023

220	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
LSTAR Commercial Mortgage Trust 2017-5 A3^†		4.50%		3/10/2050	$	2,100	$	2,220,488
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2^†		3.277%		10/15/2030		2,090		2,081,088
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2 IO		0.563%	^#(l)	7/15/2050		5,630		112,641
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4 IO		1.329%	^#(l)	11/15/2049		4,556		240,988
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 B		3.559%	^#(l)	12/15/2048		1,000		1,035,620
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 A4		3.325%		5/15/2049		1,000		1,086,953
Morgan Stanley Capital Barclays Bank Trust 2016-MART C^†		2.817%		9/13/2031		500		498,156
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO^†		Zero Coupon	^#(l)	9/13/2031		188,074		1,881
Morgan Stanley Capital I Trust 2012-C4 XA IO^†		2.055%	^#(l)	3/15/2045		12,066		59,244
Morgan Stanley Capital I Trust 2012-STAR A1^†		2.084%		8/5/2034		235		235,248
Morgan Stanley Capital I Trust 2016-UB11 XA IO		1.499%	^#(l)	8/15/2049		4,046		230,234
Motel 6 Trust 2017-MTL6 F^†		4.351% (1 Mo. LIBOR + 4.25%	)^#	8/15/2034		2,070		2,087,466
MRA Issuance Trust 2021-8 A1Y^†		1.26% (1 Mo. LIBOR + 1.15%	)^#	10/15/2021		9,400		9,409,216
MSCG Trust 2015-ALDR A1^†		2.612%		6/7/2035		296		301,937
New Residential Mortgage Loan Trust 2020-NQM1 A1^†		2.464%	^#(l)	1/26/2060		324		329,945
One New York Plaza Trust 2020-1NYP A^†		1.051% (1 Mo. LIBOR + .95%	)^#	1/15/2026		3,140		3,160,725
One New York Plaza Trust 2020-1NYP AJ^†		1.351% (1 Mo. LIBOR + 1.25%	)^#	1/15/2026		3,250		3,275,726
One New York Plaza Trust 2020-1NYP B^†		1.601% (1 Mo. LIBOR + 1.50%	)^#	1/15/2026		1,990		2,008,520
PFP 2021-7 Ltd. 2021-7 A^†	0.951% (1 Mo. LIBOR + .85%		)^#	4/14/2038		4,500		4,494,600
PFP Ltd. 2019-6 A^†	1.148% (1 Mo. LIBOR + 1.05%		)^#	4/14/2037		778		773,399
RBS Commercial Funding, Inc. Trust 2013-GSP A^†		3.834%	^#(l)	1/15/2032		592		631,337
ReadyCap Commercial Mortgage Trust 2018-4 A^†		3.39%		2/27/2051		831		860,947
ReadyCap Commercial Mortgage Trust 2019-6 A^†		2.833%		10/25/2052		889		907,388
Residential Mortgage Loan Trust 2020-1 A1^†		2.376%	^#(l)	2/25/2024		219		223,043
RETL 2019-RVP C^†	2.201% (1 Mo. LIBOR + 2.10%		)^#	3/15/2036		373		372,890

See Notes to Financial Statements.

221

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
SFO Commerical Mortgage Trust
2021 555 A^†	1.251% (1 Mo. LIBOR + 1.15%		)^#	5/15/2038	$	2,750	$	2,759,376
SLIDE 2018-FUN A^†	1.001% (1 Mo. LIBOR + .90%		)^#	6/15/2031		3,234		3,237,435
SLIDE 2018-FUN B^†	1.351% (1 Mo. LIBOR + 1.25%		)^#	6/15/2031		313		312,887
SLIDE 2018-FUN C^†	1.651% (1 Mo. LIBOR + 1.55%		)^#	6/15/2031		254		252,737
SLIDE 2018-FUN XCP IO^†		Zero Coupon	^#(l)	12/15/2020		33,680		337	^(c)
Starwood Mortgage Residential Trust 2020-1 A1^†		2.275%	^#(l)	2/25/2050		443		449,353
Starwood Mortgage Residential Trust 2021-2 A1^†		0.943%	^#(l)	5/25/2065		3,718		3,724,903
Structured Asset Securities Corp. 2006-3H 1A3		5.75%		12/25/2035		39		40,002	^(c)
UBS-BAMLL Trust 2012-WRM A^†		3.663%		6/10/2030		1,250		1,260,693
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4		3.525%		5/10/2063		305		311,801
UBS-Barclays Commercial Mortgage Trust 2012-C3 A4 IO^†		0.91%	^#(l)	3/10/2046		8,534		93,053
UBS-Barclays Commercial Mortgage Trust 2013-C5 B^†		3.649%	^#(l)	3/10/2046		635		647,082
UBS-Barclays Commercial Mortgage Trust 2013-C6 XA IO^†		1.10%	^#(l)	4/10/2046		16,560		243,998
VASA Trust 2021-VASA B^†		1.351% (1 Mo. LIBOR + 1.25%	)^#	7/15/2039		6,000		6,012,749
Verus Securitization Trust 2020-1 A1^†		2.417%		1/25/2060		489		497,276
Verus Securitization Trust 2020-4 A1^†		1.502%		5/25/2065		450		455,504
Verus Securitization Trust 2020-5 A1^†		1.218%		5/25/2065		341		342,580
Verus Securitization Trust 2021-1 A1^†		0.815%	^#(l)	1/25/2066		700		699,248
Verus Securitization Trust 2021-R2 A1^†		0.918%	^#(l)	2/25/2064		1,302		1,307,855
Verus Securitization Trust 2021-R3 A1^†		1.02%	^#(l)	4/25/2064		2,290		2,299,279	^(c)
Waikiki Beach Hotel Trust 2019-WBM D^†		2.131% (1 Mo. LIBOR + 2.03%	)^#	12/15/2033		1,100		1,089,048
Wells Fargo Commercial Mortgage Trust 2010-C1 C IO		0.011%	^#(l)	6/15/2048		58,000		107,520
Wells Fargo Commercial Mortgage Trust 2015-C29 XA IO		0.612%	^#(l)	6/15/2048		3,523		76,297
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A IO		1.727%	^#(l)	8/15/2049		1,670		120,696
Wells Fargo Commercial Mortgage Trust 2016-C32 A4		3.56%		1/15/2059		1,000		1,102,726
Wells Fargo Commercial Mortgage Trust 2016-LC24 XB IO		1.002%	^#(l)	10/15/2049		7,057		338,211
Wells Fargo Commercial Mortgage Trust 2018-C44 A2		4.178%		5/15/2051		675		715,789

222	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
West Town Mall Trust 2017-KNOX B^†		4.322%		7/5/2030	$	679		$	683,036
West Town Mall Trust 2017-KNOX B IO^†		0.372%	^#(l)	7/5/2030		34,088			89,887
West Town Mall Trust 2017-KNOX C^†		4.346%	^#(l)	7/5/2030		500			496,324
West Town Mall Trust 2017-KNOX D^†		4.346%	^#(l)	7/5/2030		625			615,684
WF-RBS Commercial Mortgage Trust 2011-C2 A4 IO^†		1.297%	^#(l)	6/15/2045		9,865			61,170
WF-RBS Commercial Mortgage Trust 2012-C7 A2		3.431%		6/15/2045		790			805,235
WF-RBS Commercial Mortgage Trust 2012-C7 B		4.738%	^#(l)	6/15/2045		300			279,814
WF-RBS Commercial Mortgage Trust 2012-C9 A3		2.87%		11/15/2045		176			180,668
WF-RBS Commercial Mortgage Trust 2013-C11 AS		3.311%		3/15/2045		1,166			1,207,445
WF-RBS Commercial Mortgage Trust 2013-C13 XA IO^†		1.182%	^#(l)	5/15/2045		9,166			164,726
WF-RBS Commercial Mortgage Trust 2014-C21 XB IO		0.642%	^#(l)	8/15/2047		15,000			294,129
Total Non-Agency Commercial Mortgage-Backed Securities (cost $215,704,100)									211,274,186

U.S. TREASURY OBLIGATIONS 18.05%
U.S. Treasury Bill	Zero Coupon			7/29/2021		64,305			64,304,481
U.S. Treasury Note		0.125%		1/31/2023		17,009			17,010,329
U.S. Treasury Note		0.125%		3/31/2023		220,082			220,064,807
U.S. Treasury Note		0.75%		3/31/2026		61,558			61,509,908
Total U.S. Treasury Obligations (cost $362,712,386)									362,889,525

		Exercise Price		Expiration Date	Shares (000)

WARRANTS 0.00%

Miscellaneous
Sable Permian Resources*		$ –	^(m)	2/1/2024		–	^(d)		2,388	^(c)
UTEX Industries, Inc.*		114.76		12/3/2025		–	^(d)		417	⁽ⁿ⁾
Total Warrants (cost $2,805)									2,805
Total Long-Term Investments (cost $1,926,013,256)									1,932,004,382

See Notes to Financial Statements.

223

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENTS 3.96%

COMMERCIAL PAPER 2.15%

Automobiles 0.50%
General Motors Finance Co., Inc.	0.264%	6/1/2021	$	9,959	$	9,959,000

Chemicals 0.92%
Dow Chemical Co. (The)	0.142%	6/1/2021		10,338		10,338,000
Dow Chemical Co. (The)	0.152%	6/1/2021		4,920		4,920,000
FMC Corp.	0.507%	6/22/2021		3,341		3,340,025
Total						18,598,025

Retail 0.73%
AutoNation, Inc.	0.203%	6/1/2021		4,093		4,093,000
Walgreens Boots Alliance, Inc.	0.152%	6/3/2021		10,586		10,585,912
Total						14,678,912
Total Commercial Paper (cost $43,235,937)						43,235,937

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $35,009,700 of U.S. Treasury Note at 2.125% due 07/31/2024; value: $37,204,391; proceeds: $36,474,822 (cost $36,474,822)				36,475		36,474,822
Total Short-Term Investments (cost $79,710,759)						79,710,759
Total Investments in Securities 100.07% (cost $2,005,724,015)						2,011,715,141
Less Unfunded Loan Commitments^(o)(0.11)% (cost $2,169,416)						(2,169,416	)
Net Investments 99.96% (cost $2,003,554,599)						2,009,545,725
Cash and Other Assets in Excess of Liabilities^(p)0.04%						717,285
Net Assets 100.00%					$	2,010,263,010

224	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

CMT		Constant Maturity Rate.
CPI		Consumer Price Index: Rate fluctuate based on CPI.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $851,955,055, which represents 42.38% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $851,146,707, which represents 42.38% of net assets.
*		Non-income producing security.
^(a)		Securities purchased on a when-issued basis (See Note 2(i)).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(d)		Amount represents less than 1,000 shares.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Security is perpetual in nature and has no stated maturity.
^(g)		Defaulted (non-income producing security).
^(h)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
⁽ⁱ⁾		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(j)		Security is partially/fully unfunded. See Note 2(o).
^(k)		Interest rate to be determined.
^(l)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(m)		Cashless strike price.
⁽ⁿ⁾		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(o)		See Note 2(o).
^(p)		Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps - Sell Protection at May 31, 2021⁽¹⁾:

Referenced Index/Issuer	Central Clearing party	Fund Receives (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾				Unrealized Appreciation⁽³⁾
Markit CDX. NA.HY.35⁽⁴⁾⁽⁵⁾	Credit Suisse	5.00%	12/20/2025	$	1,150,000	$	1,262,243		$	97,573			$	14,670
Petroleos Mexicanos⁽⁴⁾⁽⁶⁾	Credit Suisse	1.00%	6/20/2021		1,319,604		1,319,447			(759	)			602
									$	96,814			$	15,272

See Notes to Financial Statements.

225

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Index/Issuer amounted to $15,272. Total unrealized depreciation on Credit Default Swaps on Index/Issuer amounted to $0.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.
⁽⁶⁾		Moody’s Credit Rating: Baa3.

Centrally Cleared Interest Rate Swap Contracts at May 31, 2021:

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)	Periodic Payments to be Received By The Fund (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation
Credit Suisse⁽¹⁾	.17314%	3-Month USD SOFR Index	10/21/2025	$	162,874	$	165,637		$	–		$	2,763
Credit Suisse⁽¹⁾	6-Month USD LIBOR Index	.1841%	3/12/2025		25,000,000		25,043,710			13,000			30,710
Unrealized Appreciation on Centrally Cleared Interest Rate Swap Contracts												$	33,473

⁽¹⁾	Central clearinghouse: Chicago Mercantile Exchange (CME).
⁽²⁾	Upfront payments received are presented net of amortization.

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)	Periodic Payments to be Received By The Fund (Quarterly)	Termination Date	Notional Amount		Notional Value		Unrealized Depreciation
Credit Suisse⁽¹⁾	3-Month USD FedFunds Index	.05112%	10/21/2022		$593,263		$592,903		$	(360	)
Credit Suisse⁽¹⁾	3-Month USD FedFunds Index	.04929%	10/21/2022		593,263		593,219			(44	)
Credit Suisse⁽¹⁾	3-Month USD FedFunds Index	.1835%	10/21/2025		165,637		162,743			(2,894	)
Unrealized Depreciation on Centrally Cleared Interest Rate Swap Contracts									$	(3,298	)

⁽¹⁾	Central clearinghouse: Chicago Mercantile Exchange (CME).

Open Consumer Price Index (“CPI”) Centrally Cleared Swaps at May 31, 2021:

Swap Counterparty	Payments to be Made by The Fund at Termination Date	Payments to be Received by The Fund at Termination Date	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation
Bank of America	0.400%	CPI Urban Consumer NSA	3/25/2025		$20,000,000		$22,262,473		$	2,262,473
Bank of America	0.690%	CPI Urban Consumer NSA	4/1/2025		20,000,000		21,970,591			1,970,591
Bank of America	0.760%	CPI Urban Consumer NSA	3/31/2025		15,000,000		16,424,851			1,424,851
Bank of America	0.9025%	CPI Urban Consumer NSA	4/7/2025		15,000,000		16,319,554			1,319,554
Bank of America	1.675%	CPI Urban Consumer NSA	1/13/2022		20,000,000		20,380,348			380,348

226	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Swap Counterparty	Payments to be Made By The Fund at Termination Date	Payments to be Received By The Fund at Termination Date	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation
Bank of America	1.7315%	CPI Urban Consumer NSA	8/24/2026	$	10,000,000	$	10,759,140		$	759,140
Bank of America	1.756%	CPI Urban Consumer NSA	11/15/2024		10,000,000		10,448,938			448,938
Bank of America	1.8875%	CPI Urban Consumer NSA	10/2/2029		5,000,000		5,381,675			381,675
Bank of America	1.9175%	CPI Urban Consumer NSA	6/14/2029		10,000,000		10,636,794			636,794
Bank of America	1.935%	CPI Urban Consumer NSA	9/1/2029		5,000,000		5,382,731			382,731
Bank of America	1.9525%	CPI Urban Consumer NSA	10/15/2029		7,000,000		7,485,592			485,592
Bank of America	1.964%	CPI Urban Consumer NSA	11/27/2029		5,000,000		5,336,593			336,593
Bank of America	1.976%	CPI Urban Consumer NSA	12/2/2028		10,000,000		10,614,665			614,665
Bank of America	1.9795%	CPI Urban Consumer NSA	10/14/2029		5,000,000		5,334,312			334,312
Bank of America	2.030%	CPI Urban Consumer NSA	5/3/2022		15,000,000		15,248,701			248,701
Bank of America	2.085%	CPI Urban Consumer NSA	12/10/2028		10,000,000		10,521,879			521,879
Bank of America	2.107%	CPI Urban Consumer NSA	12/23/2027		5,000,000		5,232,522			232,522
Bank of America	2.107%	CPI Urban Consumer NSA	2/21/2031		5,000,000		5,254,491			254,491
Bank of America	2.108%	CPI Urban Consumer NSA	12/18/2027		10,000,000		10,464,260			464,260
Bank of America	2.112%	CPI Urban Consumer NSA	12/8/2029		5,000,000		5,265,884			265,884
Bank of America	2.1125%	CPI Urban Consumer NSA	12/29/2027		5,000,000		5,228,933			228,933
Bank of America	2.119%	CPI Urban Consumer NSA	4/12/2022		25,000,000		25,263,422			263,422
Bank of America	2.119%	CPI Urban Consumer NSA	12/21/2027		5,000,000		5,227,501			227,501
Bank of America	2.119%	CPI Urban Consumer NSA	2/11/2031		15,000,000		15,719,626			719,626
Bank of America	2.1438%	CPI Urban Consumer NSA	12/14/2026		10,000,000		10,307,818			307,818
Bank of America	2.207%	CPI Urban Consumer NSA	1/8/2027		10,000,000		10,247,951			247,951
Bank of America	2.2288%	CPI Urban Consumer NSA	1/6/2033		5,000,000		5,248,814			248,814
Bank of America	2.269%	CPI Urban Consumer NSA	10/30/2030		10,000,000		10,245,982			245,982
Bank of America	2.285%	CPI Urban Consumer NSA	5/31/2028		10,000,000		10,181,536			181,536
Bank of America	2.295%	CPI Urban Consumer NSA	1/15/2046		5,000,000		5,297,019			297,019
Bank of America	2.3015%	CPI Urban Consumer NSA	1/11/2033		5,000,000		5,200,542			200,542

See Notes to Financial Statements.

227

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Swap Counterparty	Payments to be Made By The Fund at Termination Date	Payments to be Received By The Fund at Termination Date	Termination Date	Notional Amount		Fair Value		Unrealized Appreciation
Bank of America	2.309%	CPI Urban Consumer NSA	1/19/2033	$	5,000,000	$	5,196,454		$	196,454
Bank of America	2.310%	CPI Urban Consumer NSA	6/1/2028		10,000,000		10,153,787			153,787
Bank of America	2.335%	CPI Urban Consumer NSA	11/17/2036		8,000,000		8,179,064			179,064
Bank of America	2.335%	CPI Urban Consumer NSA	11/21/2036		10,000,000		10,222,233			222,233
Bank of America	2.340%	CPI Urban Consumer NSA	3/23/2032		5,000,000		5,064,548			64,548
Bank of America	2.341%	CPI Urban Consumer NSA	8/27/2028		10,000,000		10,100,346			100,346
Bank of America	2.3425%	CPI Urban Consumer NSA	9/11/2028		10,000,000		10,103,561			103,561
Bank of America	2.344%	CPI Urban Consumer NSA	3/15/2029		5,000,000		5,044,484			44,484
Bank of America	2.345%	CPI Urban Consumer NSA	8/14/2028		10,000,000		10,094,300			94,300
Bank of America	2.3525%	CPI Urban Consumer NSA	6/6/2028		10,000,000		10,105,259			105,259
Bank of America	2.354%	CPI Urban Consumer NSA	3/6/2032		5,000,000		5,060,804			60,804
Bank of America	2.355%	CPI Urban Consumer NSA	3/8/2032		10,000,000		10,115,211			115,211
Bank of America	2.358%	CPI Urban Consumer NSA	7/25/2028		10,000,000		10,081,788			81,788
Bank of America	2.3625%	CPI Urban Consumer NSA	3/21/2032		5,000,000		5,046,094			46,094
Bank of America	2.3625%	CPI Urban Consumer NSA	1/23/2033		5,000,000		5,073,416			73,416
Bank of America	2.3625%	CPI Urban Consumer NSA	1/25/2033		5,000,000		5,073,259			73,259
Bank of America	2.365%	CPI Urban Consumer NSA	1/30/2038		10,000,000		10,163,218			163,218
Bank of America	2.370%	CPI Urban Consumer NSA	4/18/2030		25,000,000		25,182,795			182,795
Bank of America	2.370%	CPI Urban Consumer NSA	2/28/2038		5,000,000		5,077,862			77,862
Bank of America	2.3745%	CPI Urban Consumer NSA	8/9/2028		10,000,000		10,060,291			60,291
Bank of America	2.379%	CPI Urban Consumer NSA	9/21/2028		15,000,000		15,099,937			99,937
Bank of America	2.380%	CPI Urban Consumer NSA	7/6/2028		10,000,000		10,067,718			67,718
Bank of America	2.380%	CPI Urban Consumer NSA	7/17/2028		15,000,000		15,091,911			91,911
Bank of America	2.384%	CPI Urban Consumer NSA	10/1/2028		10,000,000		10,066,111			66,111
Bank of America	2.3845%	CPI Urban Consumer NSA	8/6/2028		25,000,000		25,123,311			123,311
Bank of America	2.390%	CPI Urban Consumer NSA	6/14/2028		45,000,000		45,273,347			273,347

228	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional			Fair			Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount			Value			Appreciation
Bank of America	2.390%	CPI Urban Consumer NSA	8/3/2028		$	10,000,000		$	10,041,844		$	41,844
Bank of America	2.393%	CPI Urban Consumer NSA	5/11/2028			10,000,000			10,042,132			42,132
Bank of America	2.3963%	CPI Urban Consumer NSA	10/9/2028			10,000,000			10,055,009			55,009
Bank of America	2.400%	CPI Urban Consumer NSA	4/26/2030			10,000,000			10,028,976			28,976
Bank of America	2.4075%	CPI Urban Consumer NSA	5/21/2028			5,000,000			5,017,472			17,472
Bank of America	2.410%	CPI Urban Consumer NSA	3/15/2031			5,000,000			5,115,038			115,038
Bank of America	2.410%	CPI Urban Consumer NSA	4/12/2036			5,000,000			5,117,553			117,553
Bank of America	2.420%	CPI Urban Consumer NSA	4/23/2041			10,000,000			10,190,581			190,581
Bank of America	2.425%	CPI Urban Consumer NSA	3/16/2031			20,000,000			20,428,582			428,582
Bank of America	2.434%	CPI Urban Consumer NSA	3/23/2031			10,000,000			10,203,349			203,349
Bank of America	2.439%	CPI Urban Consumer NSA	4/13/2033			10,000,000			10,193,502			193,502
Bank of America	2.440%	CPI Urban Consumer NSA	3/18/2033			15,000,000			15,302,659			302,659
Bank of America	2.4425%	CPI Urban Consumer NSA	4/14/2033			10,000,000			10,188,365			188,365
Bank of America	2.4425%	CPI Urban Consumer NSA	3/26/2036			10,000,000			10,187,886			187,886
Bank of America	2.4463%	CPI Urban Consumer NSA	4/6/2041			5,000,000			5,072,501			72,501
Bank of America	2.4525%	CPI Urban Consumer NSA	4/19/2036			10,000,000			10,160,003			160,003
Bank of America	2.457%	CPI Urban Consumer NSA	4/9/2031			10,000,000			10,171,218			171,218
Bank of America	2.459%	CPI Urban Consumer NSA	3/29/2033			10,000,000			10,173,383			173,383
Bank of America	2.463%	CPI Urban Consumer NSA	4/16/2031			10,000,000			10,160,595			160,595
Bank of America	2.468%	CPI Urban Consumer NSA	4/28/2031			10,000,000			10,148,177			148,177
Bank of America	2.468%	CPI Urban Consumer NSA	4/7/2033			10,000,000			10,158,774			158,774
Bank of America	2.470%	CPI Urban Consumer NSA	4/7/2033			10,000,000			10,156,146			156,146
Bank of America	2.4725%	CPI Urban Consumer NSA	4/15/2031			15,000,000			15,226,236			226,236
Bank of America	2.4738%	CPI Urban Consumer NSA	3/22/2031			10,000,000			10,160,810			160,810
Bank of America	2.475%	CPI Urban Consumer NSA	3/19/2031			10,000,000			10,158,644			158,644
Bank of America	2.475%	CPI Urban Consumer NSA	4/21/2036			20,000,000			20,240,307			240,307

See Notes to Financial Statements.

229

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Appreciation
Bank of America	2.476%	CPI Urban Consumer NSA	4/27/2031	$	15,000,000	$	15,211,148		$	211,148
Bank of America	2.480%	CPI Urban Consumer NSA	4/1/2033		5,000,000		5,073,369			73,369
Bank of America	2.483%	CPI Urban Consumer NSA	4/26/2031		10,000,000		10,134,434			134,434
Bank of America	2.4835%	CPI Urban Consumer NSA	4/6/2033		15,000,000		15,208,407			208,407
Bank of America	2.496%	CPI Urban Consumer NSA	3/30/2033		10,000,000		10,124,479			124,479
Bank of America	2.4963%	CPI Urban Consumer NSA	3/31/2031		15,000,000		15,197,975			197,975
Bank of America	2.520%	CPI Urban Consumer NSA	4/29/2031		15,000,000		15,136,260			136,260
Bank of America	2.5215%	CPI Urban Consumer NSA	5/28/2036		15,000,000		15,014,073			14,073
Bank of America	2.5338%	CPI Urban Consumer NSA	5/5/2032		10,000,000		10,063,284			63,284
Bank of America	2.536%	CPI Urban Consumer NSA	5/5/2032		10,000,000		10,060,566			60,566
Bank of America	2.559%	CPI Urban Consumer NSA	6/1/2030		20,000,000		20,054,168			54,168
Bank of America	2.560%	CPI Urban Consumer NSA	4/30/2031		15,000,000		15,069,644			69,644
Bank of America	2.560%	CPI Urban Consumer NSA	6/2/2031		20,000,000		20,000,000			–
Bank of America	2.565%	CPI Urban Consumer NSA	5/6/2031		10,000,000		10,035,078			35,078
Bank of America	2.566%	CPI Urban Consumer NSA	5/28/2031		15,000,000		15,020,937			20,937
Bank of America	2.581%	CPI Urban Consumer NSA	5/4/2031		25,000,000		25,052,704			52,704
Unrealized Appreciation on CPI Centrally Cleared Swaps									$	25,372,515

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Depreciation
Bank of America	2.507%	CPI Urban Consumer NSA	5/10/2041	$	10,000,000	$	9,980,732		$	(19,268	)
Bank of America	2.5213%	CPI Urban Consumer NSA	5/21/2046		13,000,000		12,856,748			(143,252	)
Bank of America	2.585%	CPI Urban Consumer NSA	5/12/2036		15,000,000		14,879,342			(120,658	)
Bank of America	2.5925%	CPI Urban Consumer NSA	5/17/2036		10,000,000		9,904,120			(95,880	)
Bank of America	2.6225%	CPI Urban Consumer NSA	5/11/2031		10,000,000		9,968,310			(31,690	)
Bank of America	2.633%	CPI Urban Consumer NSA	5/18/2031		25,000,000		24,876,539			(123,461	)
Bank of America	2.640%	CPI Urban Consumer NSA	5/13/2031		30,000,000		29,839,052			(160,948	)

230	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Depreciation
Bank of America	2.6445%	CPI Urban Consumer NSA	5/14/2031	$	15,000,000	$	14,910,761		$	(89,239	)
Bank of America	2.6525%	CPI Urban Consumer NSA	5/17/2031		25,000,000		24,827,056			(172,944	)
Bank of America	2.6595%	CPI Urban Consumer NSA	5/20/2031		30,000,000		29,756,130			(243,870	)
Bank of America	2.6675%	CPI Urban Consumer NSA	5/19/2031		25,000,000		24,776,811			(223,189	)
Bank of America	2.7875%	CPI Urban Consumer NSA	6/8/2026		5,000,000		4,240,387			(759,613	)
Bank of America	CPI Urban Consumer NSA	1.405%	10/9/2021		25,000,000		24,396,398			(603,602	)
Bank of America	CPI Urban Consumer NSA	1.6675%	6/30/2026		7,000,000		6,397,966			(602,034	)
Bank of America	CPI Urban Consumer NSA	1.790%	4/27/2024		30,000,000		28,301,972			(1,698,028	)
Bank of America	CPI Urban Consumer NSA	1.817%	1/4/2026		25,000,000		23,799,943			(1,200,057	)
Bank of America	CPI Urban Consumer NSA	1.8175%	8/28/2022		60,000,000		57,725,192			(2,274,808	)
Bank of America	CPI Urban Consumer NSA	1.8425%	1/4/2026		10,000,000		9,539,333			(460,667	)
Bank of America	CPI Urban Consumer NSA	1.847%	1/3/2026		25,000,000		23,859,991			(1,140,009	)
Bank of America	CPI Urban Consumer NSA	1.8475%	1/7/2026		10,000,000		9,539,995			(460,005	)
Bank of America	CPI Urban Consumer NSA	1.8755%	12/28/2025		15,000,000		14,349,051			(650,949	)
Bank of America	CPI Urban Consumer NSA	1.8913%	12/27/2025		15,000,000		14,366,063			(633,937	)
Bank of America	CPI Urban Consumer NSA	1.918%	12/19/2024		20,000,000		19,315,395			(684,605	)
Bank of America	CPI Urban Consumer NSA	1.924%	4/10/2022		10,000,000		9,775,713			(224,287	)
Bank of America	CPI Urban Consumer NSA	1.9351%	6/9/2022		10,000,000		9,739,600			(260,400	)
Bank of America	CPI Urban Consumer NSA	1.936%	12/19/2024		20,000,000		19,338,838			(661,162	)
Bank of America	CPI Urban Consumer NSA	1.9525%	12/21/2025		15,000,000		14,431,071			(568,929	)
Bank of America	CPI Urban Consumer NSA	1.9975%	12/13/2024		20,000,000		19,412,134			(587,866	)
Bank of America	CPI Urban Consumer NSA	2.032%	11/30/2023		30,000,000		29,321,256			(678,744	)
Bank of America	CPI Urban Consumer NSA	2.0363%	11/21/2022		10,000,000		9,777,119			(222,881	)
Bank of America	CPI Urban Consumer NSA	2.050%	12/11/2024		30,000,000		29,217,796			(782,204	)
Bank of America	CPI Urban Consumer NSA	2.054%	12/5/2022		10,000,000		9,798,291			(201,709	)
Bank of America	CPI Urban Consumer NSA	2.092%	12/6/2024		15,000,000		14,645,885			(354,115	)
Bank of America	CPI Urban Consumer NSA	2.275%	4/18/2024		50,000,000		49,610,752			(389,248	)
Unrealized Depreciation on CPI Centrally Cleared Swaps									$	(17,524,258	)

See Notes to Financial Statements.

231

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Open Consumer Price Index (“CPI”) OTC Swaps at May 31, 2021:

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Appreciation
Bank of America	1.676%	CPI Urban Consumer NSA	8/4/2026	$	15,000,000	$	16,250,207		$	1,250,207
Bank of America	1.7465%	CPI Urban Consumer NSA	8/22/2026		20,000,000		21,489,841			1,489,841
Bank of America	2.080%	CPI Urban Consumer NSA	4/22/2025		10,000,000		10,236,022			236,022
Bank of America	2.100%	CPI Urban Consumer NSA	4/26/2025		10,000,000		10,256,030			256,030
Bank of America	2.1438%	CPI Urban Consumer NSA	7/24/2029		10,000,000		10,428,308			428,308
Bank of America	2.1475%	CPI Urban Consumer NSA	7/31/2029		10,000,000		10,427,394			427,394
Bank of America	2.213%	CPI Urban Consumer NSA	10/25/2032		5,000,000		5,224,448			224,448
Bank of America	2.275%	CPI Urban Consumer NSA	1/6/2026		20,000,000		20,267,956			267,956
Bank of America	2.2975%	CPI Urban Consumer NSA	4/5/2029		5,000,000		5,071,190			71,190
Bank of America	2.3013%	CPI Urban Consumer NSA	3/28/2029		5,000,000		5,069,543			69,543
Bank of America	2.345%	CPI Urban Consumer NSA	2/13/2029		30,000,000		30,320,019			320,019
Bank of America	2.3475%	CPI Urban Consumer NSA	3/10/2032		5,000,000		5,063,168			63,168
Bank of America	2.360%	CPI Urban Consumer NSA	2/8/2029		10,000,000		10,086,222			86,222
Bank of America	2.360%	CPI Urban Consumer NSA	2/15/2029		10,000,000		10,085,108			85,108
Bank of America	2.3625%	CPI Urban Consumer NSA	2/1/2038		5,000,000		5,083,380			83,380
Bank of America	2.370%	CPI Urban Consumer NSA	1/26/2029		5,000,000		5,036,206			36,206
Bank of America	2.370%	CPI Urban Consumer NSA	2/27/2029		10,000,000		10,069,030			69,030
Bank of America	2.3763%	CPI Urban Consumer NSA	2/26/2038		5,000,000		5,069,688			69,688
Bank of America	2.380%	CPI Urban Consumer NSA	1/13/2029		10,000,000		10,053,233			53,233
Bank of America	2.380%	CPI Urban Consumer NSA	1/18/2029		10,000,000		10,055,696			55,696
Bank of America	2.3975%	CPI Urban Consumer NSA	1/24/2029		10,000,000		10,032,658			32,658
Bank of America	2.3975%	CPI Urban Consumer NSA	2/12/2033		5,000,000		5,042,266			42,266
Barclays Bank plc	1.874%	CPI Urban Consumer NSA	4/11/2026		10,000,000		10,618,338			618,338
Barclays Bank plc	1.944%	CPI Urban Consumer NSA	3/22/2041		5,000,000		5,678,103			678,103
Barclays Bank plc	1.960%	CPI Urban Consumer NSA	2/5/2025		10,000,000		10,221,170			221,170
Barclays Bank plc	2.0325%	CPI Urban Consumer NSA	11/14/2021		35,000,000		35,555,318			555,318

232	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Appreciation
Barclays Bank plc	2.1275%	CPI Urban Consumer NSA	6/22/2025	$	10,000,000	$	10,173,381		$	173,381
Barclays Bank plc	2.1575%	CPI Urban Consumer NSA	12/2/2024		10,000,000		10,225,435			225,435
Barclays Bank plc	2.159%	CPI Urban Consumer NSA	11/25/2024		15,000,000		15,338,937			338,937
Barclays Bank plc	2.205%	CPI Urban Consumer NSA	12/9/2024		15,000,000		15,270,171			270,171
Barclays Bank plc	2.207%	CPI Urban Consumer NSA	1/11/2025		20,000,000		20,346,715			346,715
Barclays Bank plc	2.2225%	CPI Urban Consumer NSA	12/30/2023		30,000,000		30,378,879			378,879
Barclays Bank plc	2.2275%	CPI Urban Consumer NSA	12/5/2024		15,000,000		15,241,556			241,556
Barclays Bank plc	2.354%	CPI Urban Consumer NSA	12/23/2031		10,000,000		10,124,754			124,754
Barclays Bank plc	2.3925%	CPI Urban Consumer NSA	12/13/2031		5,000,000		5,030,103			30,103
Barclays Bank plc	2.4095%	CPI Urban Consumer NSA	2/1/2032		10,000,000		10,032,563			32,563
Deutsche Bank AG	1.6975%	CPI Urban Consumer NSA	9/2/2022		10,000,000		10,352,373			352,373
Deutsche Bank AG	2.059%	CPI Urban Consumer NSA	5/21/2025		20,000,000		20,494,159			494,159
Goldman Sachs	1.5675%	CPI Urban Consumer NSA	3/2/2024		8,000,000		8,567,469			567,469
Goldman Sachs	1.649%	CPI Urban Consumer NSA	3/4/2024		5,000,000		5,317,833			317,833
Goldman Sachs	2.183%	CPI Urban Consumer NSA	3/20/2022		20,000,000		20,150,300			150,300
Goldman Sachs	2.230%	CPI Urban Consumer NSA	12/14/2024		10,000,000		10,155,272			155,272
Goldman Sachs	2.317%	CPI Urban Consumer NSA	3/16/2029		5,000,000		5,063,018			63,018
Goldman Sachs	2.350%	CPI Urban Consumer NSA	12/16/2036		10,000,000		10,175,827			175,827
Goldman Sachs	2.363%	CPI Urban Consumer NSA	6/21/2027		20,000,000		20,157,269			157,269
Goldman Sachs	2.370%	CPI Urban Consumer NSA	5/16/2028		10,000,000		10,072,353			72,353
Goldman Sachs	2.372%	CPI Urban Consumer NSA	5/3/2030		5,000,000		5,033,686			33,686
Goldman Sachs	2.3775%	CPI Urban Consumer NSA	4/17/2030		5,000,000		5,031,402			31,402
Goldman Sachs	2.380%	CPI Urban Consumer NSA	12/8/2031		10,000,000		10,084,526			84,526
Goldman Sachs	2.390%	CPI Urban Consumer NSA	2/7/2032		5,000,000		5,032,988			32,988
Goldman Sachs	CPI Urban Consumer NSA	2.3125%	9/30/2024		30,000,000		31,058,724			1,058,724
J.P. Morgan	1.950%	CPI Urban Consumer NSA	10/14/2026		10,000,000		10,545,519			545,519
Unrealized Appreciation on CPI OTC Swaps									$	14,245,754

See Notes to Financial Statements.

233

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Open Consumer Price Index (“CPI”) OTC Swaps at May 31, 2021:

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Depreciation
Bank of America	2.445%	CPI Urban Consumer NSA	4/24/2023	$	40,000,000	$	38,006,340		$	(1,993,660	)
Bank of America	2.590%	CPI Urban Consumer NSA	6/26/2023		40,000,000		37,285,982			(2,714,018	)
Bank of America	2.6713%	CPI Urban Consumer NSA	4/11/2022		30,000,000		27,374,134			(2,625,866	)
Bank of America	2.864%	CPI Urban Consumer NSA	3/22/2032		8,000,000		6,444,498			(1,555,502	)
Bank of America	CPI Urban Consumer NSA	1.540%	8/20/2021		20,000,000		19,324,337			(675,663	)
Bank of America	CPI Urban Consumer NSA	1.645%	10/1/2025		15,000,000		13,946,940			(1,053,060	)
Bank of America	CPI Urban Consumer NSA	1.813%	3/31/2026		5,000,000		4,664,234			(335,766	)
Bank of America	CPI Urban Consumer NSA	1.936%	5/22/2022		10,000,000		9,755,749			(244,251	)
Bank of America	CPI Urban Consumer NSA	2.0688%	11/10/2022		15,000,000		14,668,375			(331,625	)
Bank of America	CPI Urban Consumer NSA	2.140%	2/10/2022		30,000,000		29,673,471			(326,529	)
Bank of America	CPI Urban Consumer NSA	2.194%	1/19/2022		30,000,000		29,789,585			(210,415	)
Bank of America	CPI Urban Consumer NSA	2.195%	2/24/2022		25,000,000		24,795,018			(204,982	)
Barclays Bank plc	2.529%	CPI Urban Consumer NSA	7/8/2022		30,000,000		28,242,934			(1,757,066	)
Barclays Bank plc	2.945%	CPI Urban Consumer NSA	3/5/2038		15,000,000		11,314,779			(3,685,221	)
Barclays Bank plc	CPI Urban Consumer NSA	1.500%	7/29/2021		15,000,000		14,372,595			(627,405	)
Barclays Bank plc	CPI Urban Consumer NSA	1.562%	10/22/2022		10,000,000		9,502,864			(497,136	)
Barclays Bank plc	CPI Urban Consumer NSA	2.150%	2/10/2023		30,000,000		29,528,636			(471,364	)
Barclays Bank plc	CPI Urban Consumer NSA	2.193%	1/19/2022		40,000,000		39,717,266			(282,734	)
Deutsche Bank AG	2.4375%	CPI Urban Consumer NSA	6/7/2021		20,000,000		18,551,382			(1,448,618	)
Deutsche Bank AG	2.465%	CPI Urban Consumer NSA	11/30/2031		5,000,000		4,558,396			(441,604	)
Deutsche Bank AG	2.500%	CPI Urban Consumer NSA	9/4/2021		10,000,000		9,261,867			(738,133	)
Deutsche Bank AG	2.505%	CPI Urban Consumer NSA	12/7/2031		5,000,000		4,508,326			(491,674	)
Deutsche Bank AG	2.5175%	CPI Urban Consumer NSA	4/17/2026		15,000,000		14,058,827			(941,173	)
Deutsche Bank AG	2.695%	CPI Urban Consumer NSA	10/29/2021		9,000,000		8,130,968			(869,032	)
Deutsche Bank AG	2.730%	CPI Urban Consumer NSA	10/25/2021		15,000,000		13,501,803			(1,498,197	)
Deutsche Bank AG	2.745%	CPI Urban Consumer NSA	3/20/2022		30,000,000		27,164,425			(2,835,575	)

234	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

	Payments to be	Payments to be
	Made By	Received By
Swap	The Fund at	The Fund at	Termination	Notional		Fair		Unrealized
Counterparty	Termination Date	Termination Date	Date	Amount		Value		Depreciation
Deutsche Bank AG	2.7475%	CPI Urban Consumer NSA	2/26/2022	$	30,000,000	$	27,128,253		$	(2,871,747	)
Deutsche Bank AG	2.750%	CPI Urban Consumer NSA	3/30/2032		6,000,000		5,030,017			(969,983	)
Deutsche Bank AG	2.7525%	CPI Urban Consumer NSA	8/2/2021		8,000,000		7,024,031			(975,969	)
Deutsche Bank AG	2.779%	CPI Urban Consumer NSA	3/12/2022		25,000,000		22,537,965			(2,462,035	)
Deutsche Bank AG	3.010%	CPI Urban Consumer NSA	2/15/2033		15,000,000		11,632,355			(3,367,645	)
Deutsche Bank AG	CPI Urban Consumer NSA	1.618%	8/25/2023		15,000,000		14,224,759			(775,241	)
Deutsche Bank AG	CPI Urban Consumer NSA	1.650%	1/20/2026		10,000,000		9,208,524			(791,476	)
Deutsche Bank AG	CPI Urban Consumer NSA	1.667%	4/20/2023		20,000,000		18,859,293			(1,140,707	)
Deutsche Bank AG	CPI Urban Consumer NSA	1.6725%	4/20/2023		20,000,000		18,867,776			(1,132,224	)
Deutsche Bank AG	CPI Urban Consumer NSA	2.105%	7/10/2025		10,000,000		9,803,682			(196,318	)
Goldman Sachs	2.4475%	CPI Urban Consumer NSA	4/24/2023		30,000,000		28,496,586			(1,503,414	)
Goldman Sachs	2.7725%	CPI Urban Consumer NSA	4/3/2023		20,000,000		17,936,242			(2,063,758	)
Goldman Sachs	2.945%	CPI Urban Consumer NSA	1/16/2038		15,000,000		11,218,551			(3,781,449	)
Goldman Sachs	2.980%	CPI Urban Consumer NSA	2/7/2033		10,000,000		7,831,799			(2,168,201	)
Goldman Sachs	CPI Urban Consumer NSA	1.988%	5/25/2023		10,000,000		9,726,207			(273,793	)
Goldman Sachs	CPI Urban Consumer NSA	2.0625%	12/8/2024		15,000,000		14,988,741			(11,259	)
J.P. Morgan	2.074%	CPI Urban Consumer NSA	11/21/2023		35,000,000		34,776,957			(223,043	)
J.P. Morgan	2.730%	CPI Urban Consumer NSA	9/20/2021		15,000,000		13,536,251			(1,463,749	)
J.P. Morgan	2.7563%	CPI Urban Consumer NSA	3/25/2022		30,000,000		27,127,995			(2,872,005	)
J.P. Morgan	2.815%	CPI Urban Consumer NSA	4/5/2032		5,000,000		4,097,542			(902,458	)
J.P. Morgan	2.955%	CPI Urban Consumer NSA	7/15/2026		5,000,000		4,047,161			(952,839	)
J.P. Morgan	CPI Urban Consumer NSA	1.645%	8/27/2023		5,000,000		4,755,970			(244,030	)
Merrill Lynch International Bank Ltd.	2.825%	CPI Urban Consumer NSA	7/22/2023		5,000,000		4,286,711			(713,289	)
Wells Fargo	2.410%	CPI Urban Consumer NSA	6/20/2021		10,000,000		9,197,639			(802,361	)
Wells Fargo	2.745%	CPI Urban Consumer NSA	2/21/2022		25,000,000		22,594,062			(2,405,938	)
Unrealized Depreciation on CPI OTC Swaps									$	(63,921,200	)

See Notes to Financial Statements.

235

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Appreciation

Canadian dollar

Buy

Goldman Sachs

7/20/2021

864,000

$686,362

$715,778

29,416

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Depreciation

Canadian dollar

Sell

Toronto Dominion Bank

7/20/2021

864,000

$692,258

$715,778

(23,520

)

Open Futures Contracts at May 31, 2021:

				Notional			Notional			Unrealized
Type	Expiration	Contracts	Position	Amount			Value			Appreciation
U.S. 2-Year Treasury Note	September 2021	2,132	Long	$	470,534,590		$	470,605,690			$	71,100
U.S. 5-Year Treasury Note	September 2021	1,505	Short		(186,397,681	)		(186,396,602	)			1,079
Total Unrealized Appreciation on Open Futures Contracts											$	72,179

236	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INFLATION FOCUSED FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3			Total
Long-Term Investments
Asset-Backed Securities
Other	$	–	$	194,276,871	$	6,807,671		$	201,084,542
Remaining Industries		–		152,402,580		–			152,402,580
Common Stocks
Miscellaneous		–		4,662		–			4,662
Remaining Industries		2,477,801		–		–			2,477,801
Convertible Bonds		–		780,544		–			780,544
Corporate Bonds		–		863,158,902		–			863,158,902
Floating Rate Loans
Automobile		–		–		1,185,198			1,185,198
Business Services		–		–		3,855,088			3,855,088
Computer Software		–		–		2,169,416			2,169,416
Drugs		–		5,442,625		1,044,750			6,487,375
Machinery: Industrial/Specialty		–		–		2,717,210			2,717,210
Miscellaneous		–		11,081,918		2,657,653			13,739,571
Oil		–		–		4,023,337			4,023,337
Remaining Industries		–		90,470,745		–			90,470,745
Less Unfunded Commitments		–		–		(2,169,416	)		(2,169,416	)
Foreign Government Obligations		–		7,938,694		–			7,938,694
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		1,003,106		–			1,003,106
Government Sponsored Enterprises Pass-Throughs		–		2,787,011		–			2,787,011
Municipal Bonds		–		1,552,084		–			1,552,084
Non-Agency Commercial Mortgage-Backed Securities		–		206,604,917		4,669,269			211,274,186
U.S. Treasury Obligations		–		362,889,525		–			362,889,525
Warrants		–		–		2,805			2,805
Short-Term Investments
Commercial Paper		–		43,235,937		–			43,235,937
Repurchase Agreements		–		36,474,822		–			36,474,822
Total	$	2,477,801	$	1,980,104,943	$	26,962,981		$	2,009,545,725

See Notes to Financial Statements.

237

Schedule of Investments (unaudited)(concluded)

INFLATION FOCUSED FUND May 31, 2021

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Centrally Cleared Credit Default Swap Contracts
Assets	$	–	$	15,272		$	–	$	15,272
Liabilities		–		–			–		–
Centrally Cleared Interest Rate Swap Contracts
Assets		–		33,473			–		33,473
Liabilities		–		(3,298	)		–		(3,298	)
Centrally Cleared CPI Swap Contracts
Assets		–		25,372,515			–		25,372,515
Liabilities		–		(17,524,258	)		–		(17,524,258	)
OTC CPI Swap Contracts
Assets		–		14,245,754			–		14,245,754
Liabilities		–		(63,921,200	)		–		(63,921,200	)
Forward Foreign Currency Exchange Contracts
Assets		–		29,416			–		29,416
Liabilities		–		(23,520	)		–		(23,520	)
Futures Contracts
Assets		72,179		–			–		72,179
Liabilities		–		–			–		–
Total	$	72,179	$	(41,775,846	)	$	–	$	(41,703,667	)

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

											Non–Agency
											Commercial
								Floating			Mortgage-
	Asset-Backed				Common			Rate			Backed				Preferred
Investment Type	Securities				Stock			Loans			Securities				Stock				Warrants
Balance as of December 1, 2020		$	1,865,602		$	825		$	4,570,990			$	649,590			$	–			$	–
Accrued Discounts (Premiums)			3,210			–			8,587				(47,549	)			–				–
Realized Gain (Loss)			61,973			(103,114	)		345				42				(140,791	)			–
Change in Unrealized Appreciation (Depreciation)			(31,447	)		102,289			(3,778	)			31,144				140,791				–
Purchases			5,750,000			–			11,917,660				3,789,976				–				2,805
Sales			(841,667	)		–			(1,010,568	)			(3,503	)			–				–
Transfers into Level 3			–			–			–				841,314				–				–
Transfers out of Level 3			–			–			–				(591,745	)			–				–
Balance as of May 31, 2021		$	6,807,671		$	–		$	15,483,236			$	4,669,269			$	–			$	2,805
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021		$	(6,309	)	$	–		$	(1,524	)		$	31,144			$	–			$	–

238	See Notes to Financial Statements.

Schedule of Investments (unaudited)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 97.57%

ASSET-BACKED SECURITIES 24.81%

Automobiles 8.84%
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023	$	61	$	61,489
Arivo Acceptance Auto Loan Receivables Trust 2019-1 A^†	2.99%	7/15/2024		30		30,299
Avid Automobile Receivables Trust 2019-1 A^†	2.62%	2/15/2024		23		22,683
Avid Automobile Receivables Trust 2019-1 B^†	2.82%	7/15/2026		500		510,747
Avis Budget Rental Car Funding AESOP LLC 2018-2A A^†	4.00%	3/20/2025		700		761,243
Bank of The West Auto Trust 2017-1 A3^†	2.11%	1/15/2023		5		4,893
California Republic Auto Receivables Trust 2017-1 B	2.91%	12/15/2022		23		22,903
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		2		2,209
CarMax Auto Owner Trust 2019-4 B	2.32%	7/15/2025		750		781,360
CarMax Auto Owner Trust 2020-1 C	2.34%	11/17/2025		195		202,209
CarMax Auto Owner Trust 2020-1 D	2.64%	7/15/2026		125		129,516
Carvana Auto Receivables Trust 2019-2A C^†	3.00%	6/17/2024		103		105,407
Carvana Auto Receivables Trust 2020-P1 C	1.32%	11/9/2026		400		401,224
CPS Auto Receivables Trust 2017-C D^†	3.79%	6/15/2023		88		88,915
CPS Auto Receivables Trust 2018-B D^†	4.26%	3/15/2024		185		189,415
CPS Auto Receivables Trust 2019-D B^†	2.35%	11/15/2023		199		200,018
CPS Auto Receivables Trust 2019-D C^†	2.54%	8/15/2024		267		271,430
CPS Auto Trust 2017-A D^†	4.61%	12/15/2022		95		95,656
Credit Acceptance Auto Loan Trust 2021-3A A^†	1.00%	5/15/2030		825		827,640
Drive Auto Receivables Trust 2017-1 D	3.84%	3/15/2023		17		17,290
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		228		234,510
Drive Auto Receivables Trust 2018-5 D	4.30%	4/15/2026		234		245,206
Drive Auto Receivables Trust 2019-1 D	4.09%	6/15/2026		237		246,862
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		75		76,244
Drive Auto Receivables Trust 2020-2 C	2.28%	8/17/2026		875		900,884
Exeter Automobile Receivables Trust 2019-4A B^†	2.30%	12/15/2023		164		164,986
First Investors Auto Owner Trust 2019-1A A^†	2.89%	3/15/2024		27		27,422
First Investors Auto Owner Trust 2019-2A A^†	2.21%	9/16/2024		30		30,728
Flagship Credit Auto Trust 2018-3 B^†	3.59%	12/16/2024		25		25,262
Flagship Credit Auto Trust 2021-2 C^†	1.27%	6/15/2027		825		826,975
Ford Credit Auto Owner Trust 2019-C A2A	1.88%	7/15/2022		9		8,736

See Notes to Financial Statements.

239

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Automobiles (continued)
Ford Credit Auto Owner Trust REV1 2021-1 C^†	1.91%		10/17/2033	$	600		$	604,978
Foursight Capital Automobile Receivables Trust 2018-1 B^†	3.53%		4/17/2023		17			17,481
Foursight Capital Automobile Receivables Trust 2018-1 C^†	3.68%		8/15/2023		500			505,697
Foursight Capital Automobile Receivables Trust 2018-1 E^†	5.56%		1/16/2024		100			102,693
GLS Auto Receivables Issuer Trust 2021-1A B^†	0.82%		4/15/2025		650			651,261
GLS Auto Receivables Issuer Trust 2021-1A C^†	1.20%		1/15/2027		650			654,514
GM Financial Automobile Leasing Trust 2019-2 A3	2.67%		3/21/2022		1			1,150
Hyundai Auto Lease Securitization Trust 2020-B A3^†	0.51%		9/15/2023		489			491,165
Hyundai Auto Receivables Trust 2019-B	2.40%		6/15/2026		388			404,365
Hyundai Auto Receivables Trust 2019-B A2	1.93%		7/15/2022		–	^(a)		439
Mercedes-Benz Auto Lease Trust 2019-B A3	2.00%		10/17/2022		89			89,764
Prestige Auto Receivables Trust 2017-1A D^†	3.61%		10/16/2023		290			293,246
Santander Consumer Auto Receivables Trust 2020-B^†	1.29%		4/15/2026		681			689,879
Santander Drive Auto Receivables Trust 2018-1 D	3.32%		3/15/2024		302			306,062
Santander Drive Auto Receivables Trust 2018-4 C	3.56%		7/15/2024		107			107,785
Santander Drive Auto Receivables Trust 2019-3 C	2.49%		10/15/2025		450			457,067
TCF Auto Receivables Owner Trust 2016-1A D^†	3.50%		7/17/2023		52			52,079
TCF Auto Receivables Owner Trust 2016-PT1A D^†	4.20%		4/15/2024		52			52,081
Toyota Auto Loan Extended Note Trust 2020-1^†	1.35%		5/25/2033		732			748,305
Volkswagen Auto Loan Enhanced Trust 2020-1 A4	1.26%		8/20/2026		351			357,928
Westlake Automobile Receivables Trust 2019-1A C^†	3.45%		3/15/2024		200			201,638
Westlake Automobile Receivables Trust 2019-2A A2A^†	2.57%		2/15/2023		–	^(a)		489
Westlake Automobile Receivables Trust 2019-3A A2^†	2.15%		2/15/2023		43			43,482
Westlake Automobile Receivables Trust 2019-3A B^†	2.41%		10/15/2024		254			256,502
Westlake Automobile Receivables Trust 2019-3A C^†	2.49%		10/15/2024		454			462,680
Total								15,067,091

Credit Cards 1.14%
American Express Credit Account Master Trust 2019-1 B	3.07%		10/15/2024		142			145,171
Continental Finance Credit Card ABS Master Trust 2020-1A A^†	2.24%		12/15/2028		600			607,399
Newday Funding Master Issuer plc 2021-1A A2^†	1.11% (SOFR + 1.10%	)^#	3/15/2029		400			400,509
Perimeter Master Note Business Trust 2019-1A A^†	4.31%		12/15/2022		100			100,245

240	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025	$	48	$	48,041
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		217		221,575
World Financial Network Credit Card Master Trust 2019-C A	2.21%		7/15/2026		406		416,546
Total							1,939,486

Other 14.83%
AMMC CLO 19 Ltd. 2016-19A AR^†	1.324% (3 Mo. LIBOR + 1.14%	)^#	10/16/2028		197		196,996
Amur Equipment Finance Receivables IX LLC 2021-1A D^†	2.30%		11/22/2027		675		678,292
Amur Equipment Finance Receivables VII LLC 2019-1A C^†	3.09%		3/20/2025		100		102,384
Apidos CLO XXIV 2016-24A A1AL^†	1.138% (3 Mo. LIBOR + 0.95%	)^#	10/20/2030		250		249,692
Bain Capital Credit CLO Ltd. 2017-2A AR^†	1.426% (3 Mo. LIBOR + 1.25%	)^#	7/25/2030		250		250,157
BDS Ltd. 2021-FL7 A^†	1.18% (1 Mo. LIBOR + 1.07%	)^#	6/16/2036		500		501,294
BlueMountain CLO Ltd. 2015-2A A1R^†	1.12% (3 Mo. LIBOR + .93%	)^#	7/18/2027		172		172,418
BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†	1.168% (3 Mo. LIBOR + .98%	)^#	7/20/2029		250		249,798
Carlyle US CLO Ltd. 2017-3A A1AR^†	1.088% (3 Mo. LIBOR + .90%	)^#	7/20/2029		250		249,864
CIFC Funding I Ltd. 2021-1A A1^†	1.246% (3 Mo. LIBOR + 1.11%	)^#	4/25/2033		570		570,836
CIFC Funding II Ltd. 2013-2A A2L2^†	Zero Coupon	^#(b)	10/18/2030		850		849,239
Diamond Resorts Owner Trust 2018-1 B^†	4.19%		1/21/2031		103		107,138
Dryden 53 CLO Ltd. 2017-53A A^†	1.304% (3 Mo. LIBOR + 1.12%	)^#	1/15/2031		400		400,241
Dryden Senior Loan Fund 2017-47A CR^†	Zero Coupon	^#(b)	4/15/2028		850		851,322
Dryden XXVI Senior Loan Fund 2013-26A AR^†	1.084% (3 Mo. LIBOR + .90%	)^#	4/15/2029		270		269,610
Elmwood CLO VI Ltd. 2020-3A A^†	1.504% (3 Mo. LIBOR + 1.32%	)^#	10/15/2031		250		250,476
Encina Equipment Finance LLC 2021-1A B^†	1.21%		2/15/2027		800		803,113

See Notes to Financial Statements.

241

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Galaxy XIX CLO Ltd. 2015-19A A1RR^†

1.126%
(3 Mo. LIBOR + .95%

)^#

7/24/2030

170

169,962

Greystone Commercial Real Estate Notes Ltd. 2018-HC1 A^†

1.651% (1 Mo. LIBOR + 1.55%

)^#

9/15/2028

450

450,058

Greystone Commercial Real Estate Notes Ltd. 2018-HC1 AS^†

2.251% (1 Mo. LIBOR + 2.15%

)^#

9/15/2028

500

494,095

HGI CRE CLO Ltd. 2021-FL1 A^†

1.16%
(1 Mo. LIBOR + 1.05%

)^#

6/16/2036

200

200,419

HGI CRE CLO Ltd. 2021-FL1 AS^†

1.51%
(1 Mo. LIBOR + 1.40%

)^#

6/16/2036

100

100,221

HGI CRE CLO Ltd. 2021-FL1 B^†

1.71%
(1 Mo. LIBOR + 1.60%

)^#

6/16/2036

100

100,220

Kayne CLO II Ltd. 2018 2A AR^†

1.264%
(3 Mo. LIBOR + 1.08%

)^#

10/15/2031

270

270,514

Kayne CLO III Ltd. 2019-3A BR^†

1.656%
(3 Mo. LIBOR + 1.55%

)^#

4/15/2032

610

610,000

KKR CLO Ltd-29A A^†

1.341% (3 Mo. LIBOR + 1.20%

)^#

1/15/2032

250

250,311

LCM XXII Ltd. 22A A1R^†

1.348% (3 Mo. LIBOR + 1.16%

)^#

10/20/2028

250

250,378

LMREC LLC 2021-CRE4 A^†

1.16% (1 Mo. LIBOR + 1.05%

)^#

4/22/2037

820

821,222

LoanCore Issuer Ltd. 2019-CRE2 C^†

2.101%
(1 Mo. LIBOR + 2.00%

)^#

5/15/2036

630

626,261

Madison Park Funding XI Ltd. 2013-11A AR2^†

1.073%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

250

250,094

Magnetite Ltd. 2021-29A A^†

1.094%
(3 Mo. LIBOR + .99%

)^#

1/15/2034

250

250,017

Marlette Funding Trust 2021-1A B^†

1.00%

6/16/2031

1,300

1,304,758

Massachusetts Educational Financing Authority 2008-1 A1

1.126% (3 Mo. LIBOR + .95%

)^#

4/25/2038

81,334

ME Funding LLC 2019-1 A2^†

6.448%

7/30/2049

488

512,029

Mountain View CLO LLC 2017-1A AR^†

1.274%
(3 Mo. LIBOR + 1.09%

)^#

10/16/2029

250

249,997

MVW Owner Trust 2017-1A A^†

2.42%

12/20/2034

283

289,614

Navient Private Education Refi Loan Trust 2020-FA A^†

1.22%

7/15/2069

425

429,205

Nelnet Student Loan Trust 2021-A APT1^†

1.36%

4/20/2062

500

502,816

Newark BSL CLO 1 Ltd. 2016-1A A1R^†

1.281%
(3 Mo. LIBOR + 1.10%

)^#

12/21/2029

500

500,136

NextGear Floorplan Master Owner Trust 2018-2A A2^†

3.69%

10/15/2023

100

101,323

Oaktree EIF III Series I Ltd. 2016-IIIA B^†

2.188%
(3 Mo. LIBOR + 2.00%

)^#

10/20/2027

250

250,773

242	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Octagon Investment Partners 30 Ltd. 2017-1A A1R^†	1.188% (3 Mo. LIBOR + 1.00%	)^#	3/17/2030	$	750	$	750,550
Octagon Investment Partners 49 Ltd. 2020-5A A1^†	1.43% (3 Mo. LIBOR + 1.22%	)^#	1/15/2033		400		400,480
Octagon Investment Partners XIV Ltd. 2012-1A AARR^†	1.134% (3 Mo. LIBOR + .95%	)^#	7/15/2029		250		249,987
Octane Receivables Trust 2021-1A A^†	0.93%		3/22/2027		700		701,455
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		301		318,698
OneMain Financial Issuance Trust 2019-1A B^†	3.79%		2/14/2031		100		100,506
OneMain Financial Issuance Trust 2020-2A C^†	2.76%		9/14/2035		300		312,975
Orange Lake Timeshare Trust 2015-AA A^†	2.88%		9/8/2027		6		6,199
Orec Ltd. 2018-CRE1 A^†	1.281% (1 Mo. LIBOR + 1.18%	)^#	6/15/2036		247		247,427
OZLM VIII Ltd. 2014-8A A1RR^†	1.36% (3 Mo. LIBOR + 1.17%	)^#	10/17/2029		397		397,173
Pagaya AI Debt Selection Trust 2021-1 A^†	1.18%		11/15/2027		525		526,241
Palmer Square Loan Funding Ltd. 2018-5A A1^†	1.038% (3 Mo. LIBOR + .85%	)^#	1/20/2027		118		118,379
PFS Financing Corp. 2020-F A^†	0.93%		8/15/2024		100		100,603
Regatta Funding LP 2013-2A A1R3^†	1.034% (3 Mo. LIBOR + .85%	)^#	1/15/2029		364		363,243
SCF Equipment Leasing LLC 2019-1A C^†	3.92%		11/20/2026		100		100,716
SCF Equipment Leasing LLC 2019-2A A1^†	2.22%		6/20/2024		29		29,275
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026		500		520,718
SCF Equipment Leasing LLC 2020-1A B^†	2.02%		3/20/2028		547		553,787
SCF Equipment Leasing LLC 2021-1A A3^†	0.83%		8/21/2028		500		498,628
SCF Equipment Leasing LLC 2021-1A B^†	1.37%		8/20/2029		1,000		997,704
Sound Point CLO III-R Ltd. 2013-2RA B^†	1.634% (3 Mo. LIBOR + 1.45%	)^#	4/15/2029		250		247,213
TCW CLO AMR Ltd. 2019-1A A^†	1.13% (3 Mo. LIBOR + .97%	)^#	2/15/2029		660		660,744
Towd Point Asset Trust 2018-SL1 A^†	0.692% (1 Mo. LIBOR + .60%	)^#	1/25/2046		38		38,021
TRP LLC 2021-1 A^†(c)	2.07%		6/19/2051		350		351,780
Upstart Securitization Trust 2021-2 A^†	0.91%		6/20/2031		875		876,480
Total							25,287,609
Total Asset-Backed Securities (cost $42,050,279)							42,294,186

See Notes to Financial Statements.

243

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CORPORATE BONDS 33.62%

Aerospace/Defense 0.83%
Boeing Co. (The)	4.508%		5/1/2023	$	800	$	854,800
Boeing Co. (The)	4.875%		5/1/2025		500		561,986
Total							1,416,786

Apparel 0.35%
PVH Corp.	7.75%		11/15/2023		186		214,807
Tapestry, Inc.	4.25%		4/1/2025		350		380,878
Total							595,685

Automotive 2.30%
Daimler Finance North America LLC^†	3.40%		2/22/2022		175		178,870
Daimler Finance North America LLC^†	3.875%		9/15/2021		600		606,115
General Motors Financial Co., Inc.	2.75%		6/20/2025		294		310,856
General Motors Financial Co., Inc.	3.15%		6/30/2022		88		90,334
General Motors Financial Co., Inc.	3.20%		7/6/2021		418		418,133
General Motors Financial Co., Inc.	5.10%		1/17/2024		1,103		1,221,100
Stellantis N.V. (Netherlands)^(d)	5.25%		4/15/2023		575		622,820
Volkswagen Group of America Finance LLC^†	2.90%		5/13/2022		200		204,827
Volkswagen Group of America Finance LLC^†	3.125%		5/12/2023		253		266,325
Total							3,919,380

Banks: Regional 7.72%
ABN AMRO Bank NV (Netherlands)^(d)	6.25%		4/27/2022		600		630,842
AIB Group plc (Ireland)^†(d)	4.75%		10/12/2023		500		545,749
Associated Bank NA	3.50%		8/13/2021		7		7,027
Banco de Credito del Peru (Peru)^†(d)	2.70%		1/11/2025		157		161,200
Bank of Ireland Group plc (Ireland)^†(d)	4.50%		11/25/2023		488		529,369
Barclays Bank plc (United Kingdom)^†(d)	10.179%		6/12/2021		80		80,216
Barclays plc (United Kingdom)^(d)	4.61% (3 Mo. LIBOR + 1.40%	)^#	2/15/2023		727		748,416
BBVA Bancomer SA^†	4.375%		4/10/2024		200		218,844
Danske Bank A/S (Denmark)^†(d)	1.171% (1 Yr Treasury CMT + 1.03%	)^#	12/8/2023		200		201,104
Danske Bank A/S (Denmark)^†(d)	1.226%		6/22/2024		230		232,947
Danske Bank A/S (Denmark)^†(d)	3.001% (3 Mo. LIBOR + 1.25%	)^#	9/20/2022		200		201,423
Danske Bank A/S (Denmark)^†(d)	5.00%		1/12/2022		983		1,009,708
Danske Bank A/S (Denmark)^†(d)	5.375%		1/12/2024		746		831,879

244	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Emirates NBD Bank PJSC (United Arab Emirates)^(d)	3.25%		11/14/2022	$	500	$	518,925
Goldman Sachs Group, Inc. (The)	2.876% (3 Mo. LIBOR +.82%	)^#	10/31/2022		700		707,366
HSBC Holdings plc (United Kingdom)^(d)	0.976% (SOFR + .71%	)^#	5/24/2025		200		200,931
HSBC USA, Inc.	9.30%		6/1/2021		27		27,000
Intesa Sanpaolo SpA (Italy)^†(d)	3.375%		1/12/2023		1,250		1,304,520
JPMorgan Chase & Co.^(c)	0.824% (SOFR + .54%	)^#	6/1/2025		258		258,459
Morgan Stanley^(c)	0.79% (SOFR + .53%	)^#	5/30/2025		257		256,994
Santander Holdings USA, Inc.	3.50%		6/7/2024		450		483,319
Standard Chartered plc (United Kingdom)^†(d)	0.991% (1 Yr Treasury CMT + 0.78%	)^#	1/12/2025		200		200,010
Standard Chartered plc (United Kingdom)^†(d)	1.214% (1 Yr Treasury CMT + 0.88%	)^#	3/23/2025		200		201,746
Standard Chartered plc (United Kingdom)^†(d)	2.819% (3 Mo. LIBOR + 1.21%	)^#	1/30/2026		461		485,499
UBS AG	7.625%		8/17/2022		1,286		1,394,873
UBS AG (Switzerland)^(d)	5.125%		5/15/2024		724		800,914
UBS AG (United Kingdom)^†(d)	1.75%		4/21/2022		555		562,071
UniCredit SpA (Italy)^†(d)	6.572%		1/14/2022		350		362,567
Total							13,163,918

Business Services 0.66%
Equifax, Inc.	1.026% (3 Mo. LIBOR + .87%	)^#	8/15/2021		10		10,014
IHS Markit Ltd. (United Kingdom)^†(d)	5.00%		11/1/2022		250		262,703
Triton Container International Ltd.^†(c)	1.15%		6/7/2024		45		45,031
United Rentals North America, Inc.	3.875%		11/15/2027		775		815,715
Total							1,133,463

Chemicals 0.61%
Celanese US Holdings LLC	5.875%		6/15/2021		4		4,008
International Flavors & Fragrances, Inc.^†	0.697%		9/15/2022		311		311,764
International Flavors & Fragrances, Inc.^†	1.23%		10/1/2025		227		226,474
LYB International Finance III LLC	1.202% (3 Mo. LIBOR + 1.00%	)^#	10/1/2023		500		501,067
Total							1,043,313

Computer Hardware 0.97%
Dell International LLC/EMC Corp.^†	5.45%		6/15/2023		1,380		1,502,269
Hewlett Packard Enterprise Co.	0.914% (3 Mo. LIBOR + .72%	)^#	10/5/2021		150		150,025
Total							1,652,294

See Notes to Financial Statements.

245

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Construction/Homebuilding 0.77%
Lennar Corp.	4.875%	12/15/2023	$	500	$	546,355
Lennar Corp.	5.375%	10/1/2022		500		529,450
Lennar Corp.	5.875%	11/15/2024		200		228,916
Total						1,304,721

Drugs 0.44%
Bayer US Finance II LLC^†	3.875%	12/15/2023		700		753,400

Electric: Power 3.48%
AES Corp. (The)^†	3.30%	7/15/2025		189		201,856
American Transmission Systems, Inc.^†	5.25%	1/15/2022		403		414,147
Ausgrid Finance Pty Ltd. (Australia)^†(d)	3.85%	5/1/2023		56		58,643
Cleco Corporate Holdings LLC	3.743%	5/1/2026		250		274,828
Cleveland Electric Illuminating Co. (The)	5.50%	8/15/2024		225		256,324
Comision Federal de Electricidad (Mexico)^†(d)	4.875%	1/15/2024		700		766,952
Emera US Finance LP^†(c)	0.833%	6/15/2024		41		41,069
Emera US Finance LP	2.70%	6/15/2021		350		350,273
Enel Finance International NV (Netherlands)^†(d)	2.75%	4/6/2023		200		207,939
Enel Finance International NV (Netherlands)^†(d)	2.875%	5/25/2022		400		409,696
Enel Finance International NV (Netherlands)^†(d)	4.25%	9/14/2023		600		648,662
FirstEnergy Corp.	3.35%	7/15/2022		170		173,862
Jersey Central Power & Light Co.^†	4.70%	4/1/2024		200		217,961
NRG Energy, Inc.^†	3.75%	6/15/2024		600		641,550
OGE Energy Corp.	0.703%	5/26/2023		26		26,016
Pacific Gas and Electric Co.	1.367%	3/10/2023		177		177,153
Pacific Gas and Electric Co.	3.15%	1/1/2026		482		500,008
Pacific Gas and Electric Co.	3.75%	2/15/2024		150		157,937
Puget Energy, Inc.	5.625%	7/15/2022		70		73,259
San Diego Gas & Electric Co.	1.914%	2/1/2022		5		5,028
TransAlta Corp. (Canada)^(d)	4.50%	11/15/2022		2		2,083
Vistra Operations Co. LLC^†	3.55%	7/15/2024		309		325,051
Total						5,930,297

Electrical Equipment 1.20%
Broadcom, Inc.	3.15%	11/15/2025		260		279,567
Microchip Technology, Inc.^†	0.972%	2/15/2024		542		543,240
Microchip Technology, Inc.^†	2.67%	9/1/2023		400		417,134
Skyworks Solutions, Inc.	0.90%	6/1/2023		800		802,970
Total						2,042,911

246	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electronic Entertainment 0.28%
Broadcom, Inc.	4.25%		4/15/2026	$	425	$	476,395

Financial Services 2.71%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	4.625%		7/1/2022		500		521,609
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	4.875%		1/16/2024		900		982,334
Air Lease Corp.	0.854% (3 Mo. LIBOR + .67%	)^#	6/3/2021		1,000		1,000,004
Aircastle Ltd.	4.40%		9/25/2023		232		248,770
Aircastle Ltd.	5.00%		4/1/2023		40		42,855
Aviation Capital Group LLC^†	3.875%		5/1/2023		100		104,872
Avolon Holdings Funding Ltd. (Ireland)^†(d)	3.625%		5/1/2022		280		286,932
Avolon Holdings Funding Ltd. (Ireland)^†(d)	4.25%		4/15/2026		150		161,458
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.125%		10/1/2023		260		280,650
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.25%		5/15/2024		665		730,700
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.50%		1/15/2026		60		67,484
Park Aerospace Holdings Ltd. (Ireland)^†(d)	4.50%		3/15/2023		187		196,256
Total							4,623,924

Food 0.22%
Land O’Lakes, Inc.^†	6.00%		11/15/2022		345		366,895

Health Care Services 0.65%
Centene Corp.^†	5.375%		6/1/2026		171		178,345
Centene Corp.^†	5.375%		8/15/2026		129		135,131
CommonSpirit Health	1.547%		10/1/2025		18		18,216
HCA, Inc.	5.25%		4/15/2025		680		783,677
Total							1,115,369

Insurance 0.50%
CNO Financial Group, Inc.	5.25%		5/30/2025		300		340,735
Jackson National Life Global Funding^†	0.657% (3 Mo. LIBOR + .48%	)^#	6/11/2021		120		120,016
Trinity Acquisition plc (United Kingdom)^(d)	3.50%		9/15/2021		396		398,460
Total							859,211

Lodging 0.08%
Las Vegas Sands Corp.	3.20%		8/8/2024		131		137,804

See Notes to Financial Statements.

247

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Machinery: Agricultural 1.05%
BAT Capital Corp.	2.789%		9/6/2024	$	322	$	339,477
BAT Capital Corp.	3.222%		8/15/2024		354		377,145
Imperial Brands Finance plc (United Kingdom)^†(d)	3.125%		7/26/2024		200		212,233
Reynolds American, Inc.	4.45%		6/12/2025		410		456,052
Viterra Finance BV (Netherlands)^†(d)	2.00%		4/21/2026		400		399,098
Total							1,784,005

Machinery: Industrial/Specialty 0.31%
Otis Worldwide Corp.	0.644% (3 Mo. LIBOR + .45%	)^#	4/5/2023		425		425,023
Westinghouse Air Brake Technologies Corp.	4.40%		3/15/2024		100		109,092
Total							534,115

Manufacturing 0.03%
Pentair Finance Sarl (Luxembourg)^(d)	3.15%		9/15/2022		45		45,735

Metals & Minerals: Miscellaneous 2.00%
Anglo American Capital plc (United Kingdom)^†(d)	3.625%		9/11/2024		1,400		1,520,038
Anglo American Capital plc (United Kingdom)^†(d)	4.125%		9/27/2022		200		209,007
Glencore Finance Canada Ltd. (Canada)^†(d)	4.95%		11/15/2021		361		368,896
Glencore Funding LLC^†	1.625%		4/27/2026		83		83,052
Glencore Funding LLC^†	4.125%		5/30/2023		357		380,504
Glencore Funding LLC^†	4.625%		4/29/2024		764		843,835
Total							3,405,332

Natural Gas 0.40%
Atmos Energy Corp.	0.625%		3/9/2023		92		92,090
ONE Gas, Inc.	0.787% (3 Mo. LIBOR + .61%	)^#	3/11/2023		360		360,215
ONE Gas, Inc.	0.85%		3/11/2023		115		115,138
ONE Gas, Inc.	1.10%		3/11/2024		115		115,123
Total							682,566

Oil 2.48%
Cenovus Energy, Inc. (Canada)^(d)	3.95%		4/15/2022		158		161,218
Cenovus Energy, Inc. (Canada)^(d)	5.375%		7/15/2025		150		171,279
Continental Resources, Inc.	4.50%		4/15/2023		229		239,371
Diamondback Energy, Inc.	0.90%		3/24/2023		417		417,251
Diamondback Energy, Inc.	4.75%		5/31/2025		136		154,083
Diamondback Energy, Inc.	5.375%		5/31/2025		594		610,676
Harvest Operations Corp. (Canada)^†(d)	1.00%		4/26/2024		200		200,121
Helmerich & Payne, Inc.	4.65%		3/15/2025		300		331,335

248	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%		10/15/2027	$	346	$	374,095
Petroleos Mexicanos (Mexico)^(d)	3.827% (3 Mo. LIBOR + 3.65%	)^#	3/11/2022		300		305,211
Phillips 66	0.776% (3 Mo. LIBOR + .62%	)^#	2/15/2024		250		250,398
Tengizchevroil Finance Co. International Ltd.(Kazakhstan)^†(d)	2.625%		8/15/2025		200		204,509
Viper Energy Partners LP^†	5.375%		11/1/2027		300		312,375
WPX Energy, Inc.	5.25%		10/15/2027		458		490,747
Total							4,222,669

Oil: Crude Producers 0.96%
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		289		332,176
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		275		316,190
Midwest Connector Capital Co. LLC^†	3.625%		4/1/2022		15		15,247
MPLX LP	1.285% (3 Mo. LIBOR + 1.10%	)^#	9/9/2022		343		343,214
MPLX LP	3.50%		12/1/2022		50		52,072
NGPL PipeCo LLC^†	4.375%		8/15/2022		225		233,111
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		250		296,755
Texas Eastern Transmission LP^†	2.80%		10/15/2022		50		51,220
Total							1,639,985

Real Estate Investment Trusts 1.18%
Brixmor Operating Partnership LP	1.226% (3 Mo. LIBOR + 1.05%	)^#	2/1/2022		25		25,095
EPR Properties	4.75%		12/15/2026		225		237,308
Equinix, Inc.	5.375%		5/15/2027		1,116		1,196,926
GLP Capital LP/GLP Financing II, Inc.	5.25%		6/1/2025		350		396,478
VEREIT Operating Partnership LP	4.625%		11/1/2025		144		163,767
Total							2,019,574

Steel 0.24%
POSCO (South Korea)^†(d)	2.375%		11/12/2022		400		408,997

Technology 0.73%
Baidu, Inc. (China)^(d)	3.075%		4/7/2025		400		422,966
E*TRADE Financial Corp.	2.95%		8/24/2022		5		5,152
Tencent Holdings Ltd. (China)^†(d)	2.985%		1/19/2023		200		207,341
VeriSign, Inc.	4.625%		5/1/2023		600		602,091
Total							1,237,550

See Notes to Financial Statements.

249

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Transportation: Miscellaneous 0.14%
Huntington Ingalls Industries, Inc.	3.844%		5/1/2025	$	223	$	245,047

Transportation: Miscellaneous 0.33%
Canadian Pacific Railway Co. (Canada)^(d)	9.45%		8/1/2021		35		35,528
Pelabuhan Indonesia III Persero PT (Indonesia)^†(d)	4.50%		5/2/2023		500		531,637
Total							567,165
Total Corporate Bonds (cost $56,903,213)							57,328,506

FLOATING RATE LOANS^(e)0.12%

Media
Nielsen Finance LLC USD Term Loan B4 (cost $213,727)	2.095% (1 Mo. LIBOR + 2.00%	)	10/4/2023		214		213,871

FOREIGN GOVERNMENT OBLIGATIONS 1.35%

Bermuda 0.12%
Government of Bermuda^†	4.138%		1/3/2023		200		211,729

Indonesia 0.16%
Republic of Indonesia^(d)	4.45%		2/11/2024		250		274,355

Japan 0.51%
Japan Finance Organization for Municipalities^(d)	2.00%		4/21/2022		850		863,845

Qatar 0.16%
Qatar Government International Bond^†(d)	3.875%		4/23/2023		250		266,587

Romania 0.13%
Republic of Romania^†(d)	4.875%		1/22/2024		194		214,861

Saudi Arabia 0.15%
Saudi Government International Bond^†(d)	2.875%		3/4/2023		250		260,188

United Arab Emirates 0.12%
Abu Dhabi Government International Bond^†(d)	2.125%		9/30/2024		200		210,094
Total Foreign Government Obligations (cost $2,292,747)							2,301,659

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%
Government National Mortgage Assoc. 2014-112 A (cost $11,319)	3.00%	^#(f)	1/16/2048		11		11,766


250	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.75%

Federal National Mortgage Assoc.^(g)
(cost $4,704,289)

3.00%

TBA

4,460

4,698,452

MUNICIPAL BONDS 0.12%

Miscellaneous

State of Illinois
(cost $201,577)

4.95%

6/1/2023

196

202,514

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 14.18%

Angel Oak Mortgage Trust 2020-6 A1^†

1.261%

^#(f)

5/25/2065

196

197,081

AOA Mortgage Trust 2015-1177 A^†

2.957%

12/13/2029

100

100,161

Atrium Hotel Portfolio Trust 2017-ATRM A^†

1.031%
(1 Mo. LIBOR + .93%

)^#

12/15/2036

350

350,434

Atrium Hotel Portfolio Trust 2018-ATRM A^†

1.051%
(1 Mo. LIBOR + .95%

)^#

6/15/2035

450

450,637

BAMLL Commercial Mortgage Securities Trust 2013-WBRK A^†

3.652%

^#(f)

3/10/2037

230

245,348

Bancorp Commercial Mortgage Trust 2019-CRE6 A^†

1.151%
(1 Mo. LIBOR + 1.05%

)^#

9/15/2036

145

144,584

BB-UBS Trust 2012-SHOW A^†

3.43%

11/5/2036

300

319,677

BBCMS Mortgage Trust 2018-TALL A^†

0.823%
(1 Mo. LIBOR + .72%

)^#

3/15/2037

500

498,141

BBCMS Mortgage Trust 2018-TALL C^†

1.222%
(1 Mo. LIBOR + 1.12%

)^#

3/15/2037

340

331,226

BBCMS Mortgage Trust 2020-C7

2.021%

4/15/2053

250

257,431

Benchmark Mortgage Trust 2021 B23 A2

1.62%

2/15/2054

220

224,018

BFLD 2019-DPLO E^†

2.341% (1 Mo. LIBOR + 2.24%

)^#

10/15/2034

520

517,123

BHMS 2018-ATLS A^†

1.351% (1 Mo. LIBOR + 1.25%

)^#

7/15/2035

340

340,546

BX 2021-MFM1 A^†

0.801% (1 Mo. LIBOR + .70%

)^#

1/15/2034

250

250,375

BX Commercial Mortgage Trust 2019-IMC A^†

1.101%
(1 Mo. LIBOR + 1.00%

)^#

4/15/2034

600

599,670

BX Commercial Mortgage Trust 2019-XL A^†

1.021%
(1 Mo. LIBOR + .92%

)^#

10/15/2036

187

187,788

BX Commercial Mortgage Trust 2019-XL B^†

1.181%
(1 Mo. LIBOR + 1.08%

)^#

10/15/2036

93,924

BX Commercial Mortgage Trust 2019-XL C^†

1.351%
(1 Mo. LIBOR + 1.25%

)^#

10/15/2036

93,859

BX Commercial Mortgage Trust 2019-XL D^†

1.551%
(1 Mo. LIBOR + 1.45%

)^#

10/15/2036

852

854,177

BX Commercial Mortgage Trust 2019-XL E^†

1.901%
(1 Mo. LIBOR + 1.80%

)^#

10/15/2036

93,883


	See Notes to Financial Statements.	251

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BX Trust 2017-SLCT D^†	2.151% (1 Mo. LIBOR + 2.05%	)^#	7/15/2034	$	8	$	8,037
BX Trust 2018-GW A^†	0.901% (1 Mo. LIBOR + .80%	)^#	5/15/2035		773		774,791
Cantor Commercial Real Estate Lending 2019-CF1 65A^†	4.411%	^#(f)	5/15/2052		50		52,364
CFCRE Commercial Mortgage Trust 2018-TAN A^†	4.236%		2/15/2033		78		81,320
CHT Mortgage Trust 2017-CSMO B^†	1.501% (1 Mo. LIBOR + 1.40%	)^#	11/15/2036		530		531,382
CHT Mortgage Trust 2017-CSMO C^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	11/15/2036		300		300,796
Citigroup Commercial Mortgage Trust 2012-GC8 A4	3.024%		9/10/2045		132		133,881
Citigroup Commercial Mortgage Trust 2013-375P C^†	3.518%	^#(f)	5/10/2035		275		281,598
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		7		7,487
Citigroup Commercial Mortgage Trust 2016-GC36	3.616%		2/10/2049		100		110,246
Citigroup Commercial Mortgage Trust 2016-GC37	3.314%		4/10/2049		225		245,232
Citigroup Commercial Mortgage Trust 2018-B2 A2	3.788%		3/10/2051		6		6,260
COMM CCRE1 Mortgage Trust 2012-CR1 B	4.612%		5/15/2045		608		616,772
COMM Mortgage Trust 2015-LC21 A4	3.708%		7/10/2048		219		240,918
COMM Mortgage Trust 2020-SBX A^†	1.67%		1/10/2038		185		187,847
Commercial Mortgage Pass-Through Certificates 2014-277P A^†	3.611%	^#(f)	8/10/2049		100		107,263
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4	3.819%		6/10/2047		107		116,045
Commercial Mortgage Pass-Through Certificates 2014-UBS6 A5	3.644%		12/10/2047		17		18,925
Commercial Mortgage Pass-Through Certificates 2015-DC1 A4	3.078%		2/10/2048		280		293,460
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.321%	^#(f)	7/10/2050		10		10,961
Credit Suisse Mortgage Capital Certificates 2020-NQMI A1^†	1.208%		5/25/2065		243		244,613
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		113		113,737
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		380		380,848
Deephaven Residential Mortgage Trust 2020-2 A1^†	1.692%		5/25/2065		87		87,654


252	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Ellington Financial Mortgage Trust 2020-1 A1^†	2.006%	^#(f)	5/25/2065	$	90	$	90,938
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		500		527,654
GCAT Trust 2020-NQM2 A1^†	1.555%		4/25/2065		124		124,912
Great Wolf Trust 2019-WOLF B^†	1.435% (1 Mo. LIBOR + 1.33%	)^#	12/15/2036		290		289,873
Great Wolf Trust 2019-WOLF C^†	1.734% (1 Mo. LIBOR + 1.63%	)^#	12/15/2036		400		399,116
GS Mortgage Securities Corp. II 2012-TMSQ A^†	3.007%		12/10/2030		100		102,394
GS Mortgage Securities Corp. II 2021-ROSS A^†	1.30% (1 Mo. LIBOR + 1.15%	)^#	5/15/2026		140		140,300
GS Mortgage Securities Corp. Trust 2012-ALOH A^†	3.551%		4/10/2034		160		162,282
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		774		774,320
GS Mortgage Securities Corp.Trust 2019-70P XCP IO^†	Zero Coupon	^#(f)	10/15/2036		21,863		437
GS Mortgage Securities Corp.Trust 2019-BOCA B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	6/15/2038		100		100,210
GS Mortgage Securities Corp.Trust 2019-SMP A^†	1.251% (1 Mo. LIBOR + 1.15%	)^#	8/15/2032		385		385,463
GS Mortgage Securities Corp. Trust 2019-SMP B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	8/15/2032		185		185,601
GS Mortgage Securities Corp. Trust 2019-SMP XCP IO^†	Zero Coupon	^#(f)	8/15/2032		10,131		216
GS Mortgage Securities Trust 2013-GC14 A5	4.243%		8/10/2046		339		363,453
GS Mortgage Securities Trust 2015-GC34 A4	3.506%		10/10/2048		225		246,409
GS Mortgage Securities Trust 2016-GS2	3.05%		5/10/2049		425		458,240
HMH Trust 2017-NSS C^†	3.787%		7/5/2031		28		27,121
Houston Galleria Mall Trust 2015-HGLR A1A2^†	3.087%		3/5/2037		500		523,959
HPLY Trust 2019-HIT A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	11/15/2036		151		150,684
Hudsons Bay Simon JV Trust 2015-HB7 A7^†	3.914%		8/5/2034		100		91,880
Irvine Core Office Trust 2013-IRV A2^†	3.173%	^#(f)	5/15/2048		300		314,423
JPMorgan Chase Commercial Mortgage Securities Corp. 2018-AON A^†	4.128%		7/5/2031		225		239,474
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A^†	2.798%		10/5/2031		66		66,153
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C^†	3.554%		10/5/2031		239		239,087
JPMorgan Chase Commercial Mortgage Securities Trust 2017-FL11 D^†	2.241% (1 Mo. LIBOR + 2.14%	)^#	10/15/2032		34		32,879


	See Notes to Financial Statements.	253

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032	$	8	$	8,015
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	6/15/2032		146		146,745
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN^†	2.02% (1 Mo. LIBOR + 1.02%	)^#	11/15/2035		48		48,177
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B^†	2.35% (1 Mo. LIBOR + 1.35%	)^#	11/15/2035		12		11,349
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN C^†	2.70% (1 Mo. LIBOR + 1.70%	)^#	11/15/2035		12		11,169
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033		10		9,703
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFX^†	4.248%		7/5/2033		19		20,088
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX^†	4.549%		7/5/2033		10		10,558
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL^†	1.757% (1 Mo. LIBOR + 1.65%	)^#	7/5/2033		12		12,050
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†	4.95%		7/5/2033		14		14,780
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON A^†	3.884%		1/5/2034		368		388,069
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON C^†	4.536%		1/5/2034		33		32,807	^(h)
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†	3.287%		1/10/2037		300		315,297
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†	3.64%		1/10/2037		60		62,128
KKR Industrial Portfolio Trust 2021-KDIP A^†	0.651% (1 Mo. LIBOR + .55%	)^#	12/15/2037		150		150,091
Life 2021-BMR Mortgage Trust 2021-BMR A^†	0.801% (1 Mo. LIBOR + .70%	)^#	3/15/2038		500		501,077
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2^†	3.277%		10/15/2030		100		99,574
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4	2.918%		2/15/2046		29		29,882
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 A4	3.325%		5/15/2049		60		65,217
Morgan Stanley Capital Barclays Bank Trust 2016-MART A^†	2.20%		9/13/2031		206		206,108
Morgan Stanley Capital I Trust 2011-C2 A4^†	4.661%		6/15/2044		10		9,988


254	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust 2012-C4 AS	3.773%		3/15/2045	$	25	$	25,509
Morgan Stanley Capital I Trust 2012-STAR A2^†	3.201%		8/5/2034		500		508,439
MSCG Trust 2015-ALDR A1^†	2.612%		6/7/2035		32		33,089
Natixis Commercial Mortgage Securities Trust 2018-285M A^†	3.79%	^#(f)	11/15/2032		33		34,245
One New York Plaza Trust 2020-1NYP A^†	1.051% (1 Mo. LIBOR + .95%	)^#	1/15/2026		350		352,310
One New York Plaza Trust 2020-1NYP AJ^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	1/15/2026		290		292,296
ReadyCap Commercial Mortgage Trust 2018-4 A^†	3.39%		2/27/2051		14		15,014
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		16		16,667
RETL 2019-RVP C^†	2.201% (1 Mo. LIBOR + 2.10%	)^#	3/15/2036		34		33,899
SFO Commerical Mortgage Trust 2021 555 A^†	1.251% (1 Mo. LIBOR + 1.15%	)^#	5/15/2038		320		321,091
SLIDE 2018-FUN A^†	1.001% (1 Mo. LIBOR + .90%	)^#	6/15/2031		239		239,671
SLIDE 2018-FUN B^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	6/15/2031		9		9,340
SLIDE 2018-FUN C^†	1.651% (1 Mo. LIBOR + 1.55%	)^#	6/15/2031		9		9,292
SLIDE 2018-FUN XCP IO^†	Zero Coupon	^#(f)	12/15/2020		5,601		56	^(h)
Starwood Mortgage Residential Trust 2020-3 A1^†	1.486%	^#(f)	4/25/2065		162		163,481
UBS-BAMLL Trust 2012-WRM A^†	3.663%		6/10/2030		100		100,855
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4	3.525%		5/10/2063		45		46,383
UBS-Barclays Commercial Mortgage Trust 2013 C6 A4	3.244%		4/10/2046		242		251,906
UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3	3.595%		1/10/2045		9		8,824
Verus Securitization Trust 2020-4 A1^†	1.502%		5/25/2065		130		131,003
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		221		221,781
Verus Securitization Trust 2020-INV1 A1^†	1.977%	^#(f)	3/25/2060		96		97,393
Vista Point Securitization Trust 2020-1 A1^†	1.763%	^#(f)	3/25/2065		149		150,941
Vista Point Securitization Trust 2020-2 A1^†	1.475%	^#(f)	4/25/2065		101		102,008
VMC Finance LLC 2019-FL3 A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	9/15/2036		315		314,843
VNDO Mortgage Trust 2012-6AVE A^†	2.996%		11/15/2030		86		88,593
VNDO Mortgage Trust 2012-6AVE C^†	3.337%	^#(f)	11/15/2030		309		318,717
Waikiki Beach Hotel Trust 2019-WBM D^†	2.131% (1 Mo. LIBOR + 2.03%	)^#	12/15/2033		200		198,009
Wells Fargo Commercial Mortgage Trust 2014 LC16 A4	3.548%		8/15/2050		21		22,087


	See Notes to Financial Statements.	255

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust 2015-C26 AS	3.58%		2/15/2048	$	40	$	42,688
Wells Fargo Commercial Mortgage Trust 2015-NXS3 A3	3.354%		9/15/2057		24		26,202
Wells Fargo Commercial Mortgage Trust 2016-C32 A4	3.56%		1/15/2059		60		66,164
Wells Fargo Commercial Mortgage Trust 2018-C48 A2	4.224%		1/15/2052		25		26,765
West Town Mall Trust 2017-KNOX C^†	4.346%	^#(f)	7/5/2030		15		14,890
West Town Mall Trust 2017-KNOX D^†	4.346%	^#(f)	7/5/2030		15		14,776
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.738%	^#(f)	6/15/2045		25		23,318
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		22		22,360
WF-RBS Commercial Mortgage Trust 2014-C19 A5	4.101%		3/15/2047		87		94,521
WF-RBS Commercial Mortgage Trust 2014-C22 A4	3.995%		5/15/2047		140		151,771
WFLD Mortgage Trust 2014-MONT A^†	3.755%	^#(f)	8/10/2031		275		290,817
Total Non-Agency Commercial Mortgage-Backed Securities (cost $24,055,691)							24,174,884

U.S. TREASURY OBLIGATIONS 20.61%
U.S. Treasury Bill	Zero Coupon		10/21/2021		8,650		8,649,573
U.S. Treasury Note	0.125%		1/31/2023		2,717		2,717,212
U.S. Treasury Note	0.125%		3/31/2023		22,108		22,106,273
U.S. Treasury Note	0.75%		3/31/2026		1,663		1,661,701
Total U.S. Treasury Obligations (cost $35,128,725)							35,134,759
Total Long-Term Investments (cost $165,561,567)							166,360,597

SHORT-TERM INVESTMENTS 5.58%

COMMERCIAL PAPER 1.92%

Automotive 0.50%
General Motors Finance Co., Inc.	0.264%		6/1/2021		303		303,000
General Motors Finance Co., Inc.	0.264%		6/1/2021		549		549,000
Total							852,000

Chemicals 0.68%
Dow Chemical Co.	0.152%		6/1/2021		850		850,000
FMC Corp.	0.507%		6/22/2021		300		299,913
Total							1,149,913


256	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Retail 0.74%
AutoNation, Inc.	0.203%	6/1/2021	$	353	$	353,000
Walgreens Boots Alliance, Inc.	0.152%	6/3/2021		914		913,992
Total						1,266,992
Total Commercial Paper (cost $3,268,905)						3,268,905

REPURCHASE AGREEMENTS 3.66%
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $6,051,800 of U.S. Treasury Note at 1.75% due 12/31/2024; value: $6,371,212; proceeds: $6,246,221 (cost $6,246,221)				6,246		6,246,221
Total Short-Term Investments (cost $9,515,126)						9,515,126
Total Investments in Securities 103.15% (cost $175,076,693)						175,875,723
Liabilities in Excess of Cash and Other Assets⁽ⁱ⁾(3.15%)						(5,374,591	)
Net Assets 100.00%					$	170,501,132


CMT	Constant Maturity Rate.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $82,975,910, which represents 48.67% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^(a)		Amount is less than $1,000.
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Securities purchased on a when-issued basis (See Note 2(i)).
^(d)		Foreign security traded in U.S. dollars.
^(e)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(f)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(g)		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
^(h)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
⁽ⁱ⁾		Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:


	See Notes to Financial Statements.	257

Schedule of Investments (unaudited)(continued)

SHORT DURATION CORE BOND FUND May 31, 2021

Credit Default Swaps on Indexes - Sell Protection at May 31, 2021⁽¹⁾:

Referenced
Index*

Swap
Counterparty

Fund
Receives
(Quarterly)

Termination
Date

Notional
Amount

Notional
Value

Payments
Upfront⁽²⁾

Unrealized
Appreciation⁽³⁾

Credit
Default Swap
Agreements
Receivable at
Fair Value⁽⁴⁾

Markit CMBX. NA.AA.9

Morgan Stanley

1.50%

9/17/2058

$500,000

$503,709

$2,448

$1,261

$3,709


*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage- backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $1,260. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Includes upfront payments received.

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward
Foreign
Currency
Exchange
Contracts

Transaction
Type

Counterparty

Expiration
Date

Foreign
Currency

U.S. $
Cost on
Origination
Date

U.S. $
Current
Value

Unrealized
Appreciation

Canadian dollar

Buy

Goldman Sachs

7/20/2021

146,000

$115,982

$120,953

$4,971

Forward
Foreign
Currency
Exchange
Contracts

Transaction
Type

Counterparty

Expiration
Date

Foreign
Currency

U.S. $
Cost on
Origination
Date

U.S. $
Current
Value

Unrealized
Depreciation

Canadian dollar

Sell

Toronto
Dominion Bank

7/20/2021

146,000

$116,978

$120,953

$(3,975

)

Open Futures Contracts at May 31, 2021:

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Appreciation

U.S. 5-Year Treasury Note

September 2021

Short

$(8,545,807)

$(8,545,758)

$49


258	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION CORE BOND FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–	$	42,294,186		$	–	$	42,294,186
Corporate Bonds		–		57,328,506			–		57,328,506
Floating Rate Loans		–		213,871			–		213,871
Foreign Government Obligations		–		2,301,659			–		2,301,659
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		11,766			–		11,766
Government Sponsored Enterprises Pass-Throughs		–		4,698,452			–		4,698,452
Municipal Bonds		–		202,514			–		202,514
Non-Agency Commercial Mortgage-Backed Securities		–		24,142,021			32,863		24,174,884
U.S. Treasury Obligations		–		35,134,759			–		35,134,759
Short-Term Investments
Commercial Paper		–		3,268,905			–		3,268,905
Repurchase Agreements		–		6,246,221			–		6,246,221
Total	$	–	$	175,842,860		$	32,863	$	175,875,723
Other Financial Instruments
Credit Default Swap Contracts
Assets	$	–	$	3,709		$	–	$	3,709
Liabilities		–		–			–		–
Forward Foreign Currency Exchange Contracts
Assets		–		4,971			–		4,971
Liabilities		–		(3,975	)		–		(3,975	)
Futures Contracts
Assets		49		–			–		49
Liabilities		–		–			–		–
Total	$	49	$	4,705		$	–	$	4,754


	⁽¹⁾	Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

See Notes to Financial Statements.

259

Schedule of Investments (unaudited)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 99.50%

ASSET-BACKED SECURITIES 22.64%

Automobiles 8.20%
ACC Trust 2019-1 A^†	3.75%	5/20/2022	$	469	$	469,946
Ally Auto Receivables Trust 2019-3 A3	1.93%	5/15/2024		49,714		50,296,160
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023		21,629		21,740,400
AmeriCredit Automobile Receivables Trust 2019-1 B	3.13%	2/18/2025		28,000		28,680,621
AmeriCredit Automobile Receivables Trust 2019-1 C	3.36%	2/18/2025		36,750		38,311,353
AmeriCredit Automobile Receivables Trust 2020-1 B	1.48%	1/21/2025		36,007		36,612,119
ARI Fleet Lease Trust 2020-A A2^†	1.77%	8/15/2028		20,438		20,591,701
Arivo Acceptance Auto Loan Receivables Trust 2019-1 A^†	2.99%	7/15/2024		13,295		13,452,603
Avis Budget Rental Car Funding AESOP LLC 2018-2A A^†	4.00%	3/20/2025		22,004		23,929,117
Avis Budget Rental Car Funding AESOP LLC 2020-2A A^†	2.02%	2/20/2027		22,560		23,362,847
Bank of The West Auto Trust 2017-1 A3^†	2.11%	1/15/2023		3,489		3,493,863
Bank of The West Auto Trust 2017-1 A4^†	2.33%	9/15/2023		18,282		18,447,668
Capital One Prime Auto Receivables Trust 2020-1 A2	1.64%	6/15/2023		38,770		38,885,967
CarMax Auto Owner Trust 2017-3 B	2.44%	2/15/2023		12,944		13,021,724
CarMax Auto Owner Trust 2017-4 A3	2.11%	10/17/2022		349		348,993
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		4,594		4,598,151
CarMax Auto Owner Trust 2020-2 A3	1.70%	11/15/2024		15,037		15,255,315
CarMax Auto Owner Trust 2020-2 A4	2.05%	5/15/2025		35,731		36,982,614
Carvana Auto Receivables Trust 2019-2A C^†	3.00%	6/17/2024		23,649		24,201,665
Carvana Auto Receivables Trust 2021-N1 A	0.70%	1/10/2028		45,732		45,777,586
Chesapeake Funding II LLC 2019-1A A1^†	2.94%	4/15/2031		9,495		9,646,056
CPS Auto Receivables Trust 2016-B D^†	6.58%	3/15/2022		2,551		2,565,515
CPS Auto Receivables Trust 2017-D^†	3.73%	9/15/2023		6,237		6,309,940
CPS Auto Receivables Trust 2018-B C^†	3.58%	3/15/2023		2,025		2,030,009
CPS Auto Receivables Trust 2019-B E^†	5.00%	3/17/2025		3,500		3,659,011
CPS Auto Receivables Trust 2019-C^†	2.84%	6/16/2025		7,419		7,524,601
CPS Auto Receivables Trust 2019-C D^†	3.17%	6/16/2025		7,669		7,913,172
CPS Auto Receivables Trust 2019-D B^†	2.35%	11/15/2023		19,898		19,994,303
CPS Auto Receivables Trust 2019-D C^†	2.54%	8/15/2024		32,337		32,873,529
CPS Auto Receivables Trust 2020-A E^†	4.09%	12/15/2025		11,448		11,879,246
CPS Auto Receivables Trust 2020-B E^†	5.75%	12/15/2023		16,011		16,275,940
Credit Acceptance Auto Loan Trust 2021-3A A^†	1.00%	5/15/2030		48,200		48,354,240


260	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2017-1 D	3.84%	3/15/2023	$	533	$	535,997
Drive Auto Receivables Trust 2017-1 E	5.17%	9/16/2024		16,422		16,702,644
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		29,069		29,299,907
Drive Auto Receivables Trust 2017-AA D^†	4.16%	5/15/2024		5,604		5,612,910
Drive Auto Receivables Trust 2018-4 C	3.66%	11/15/2024		5,618		5,630,210
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		45,962		47,274,321
Drive Auto Receivables Trust 2018-5 C	3.99%	1/15/2025		31,034		31,569,786
Drive Auto Receivables Trust 2019-2 B	3.17%	11/15/2023		2,634		2,637,661
Drive Auto Receivables Trust 2019-2 C	3.42%	6/16/2025		43,447		44,186,807
Drive Auto Receivables Trust 2019-2 D	3.69%	8/17/2026		27,026		28,184,086
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		60,471		61,473,664
Drive Auto Receivables Trust 2019-4 D	2.70%	2/16/2027		46,783		48,347,723
Drive Auto Receivables Trust 2020-2 A3	0.83%	5/15/2024		13,000		13,039,283
Drive Auto Receivables Trust 2020-2 B	1.42%	3/17/2025		9,000		9,103,727
Drive Auto Receivables Trust 2021-1 C	1.02%	6/15/2027		39,725		39,963,366
Drive Auto Receivables Trust 2021-1 D	1.45%	1/16/2029		37,120		37,409,269
Enterprise Fleet Financing LLC 2017-3 A3^†	2.36%	5/20/2023		12,894		12,942,427
Enterprise Fleet Financing LLC 2020-2 A2^†	0.61%	7/20/2026		91,648		92,026,167
Exeter Automobile Receivables Trust 2019-4A B^†	2.30%	12/15/2023		26,533		26,631,269
Exeter Automobile Receivables Trust 2021-2A A2^(a)	0.27%	1/16/2024		44,135		44,168,440
Exeter Automobile Receivables Trust 2021-2A C^(a)	0.98%	6/15/2026		29,900		29,931,492
Exeter Automobile Receivables Trust 2021-2A D^(a)	1.40%	4/15/2027		52,180		52,271,369
Fifth Third Auto Trust 2019-1 A4	2.69%	11/16/2026		28,013		29,003,383
Flagship Credit Auto Trust 2019-1 A^†	3.11%	8/15/2023		6,380		6,426,157
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		141,671		141,724,778
Ford Credit Auto Lease Trust 2021-A A3	0.26%	2/15/2024		107,486		107,557,500
Ford Credit Auto Owner Trust 2016-2 A^†	2.03%	12/15/2027		39,189		39,221,911
Ford Credit Auto Owner Trust 2017-2 A^†	2.36%	3/15/2029		38,244		39,320,133
Ford Credit Auto Owner Trust 2018-2 A^†	3.47%	1/15/2030		97,245		103,710,062
Ford Credit Auto Owner Trust 2019-REV1 A^†	3.52%	7/15/2030		89,401		96,586,176
Ford Credit Auto Owner Trust 2020-C A3	0.41%	7/15/2025		80,663		80,838,168
Ford Credit Auto Owner Trust 2021-A A2	0.17%	10/15/2023		180,450		180,504,243
Ford Credit Auto Owner Trust REV1 2018-1 A^†	3.19%	7/15/2031		48,939		53,221,554
Ford Credit Auto Owner Trust REV1 2021-1 A^†	1.37%	10/17/2033		76,875		77,921,884
Foursight Capital Automobile Receivables Trust 2020-1 A3^†	2.05%	10/15/2024		11,175		11,308,463
GM Financial Automobile Leasing Trust 2019-2 A3	2.67%	3/21/2022		2,900		2,906,290
GM Financial Automobile Leasing Trust 2020-2 A3	0.80%	7/20/2023		38,356		38,619,885


	See Notes to Financial Statements.	261

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
GM Financial Consumer Automobile Receivables Trust 2019-1 B	3.37%	8/16/2024	$	13,545	$	14,072,654
GM Financial Consumer Automobile Receivables Trust 2020-4 A3	0.38%	8/18/2025		103,164		103,373,340
GM Financial Consumer Automobile Receivables Trust 2021-1 A2	0.23%	11/16/2023		81,258		81,308,332
GM Financial Consumer Automobile Receivables Trust 2021-1 A3	0.35%	10/16/2025		65,136		65,276,485
GM Financial Leasing Trust 2021-1 A2	0.17%	4/20/2023		204,900		204,936,943
GM Financial Leasing Trust 2021-1 A3	0.26%	2/20/2024		139,892		140,045,126
Honda Auto Receivables Owner Trust 2019-1 A4	2.90%	6/18/2024		11,000		11,322,673
Honda Auto Receivables Owner Trust 2020-2 A3	0.82%	7/15/2024		38,483		38,772,307
Honda Auto Receivables Owner Trust 2020-3 A3	0.37%	10/18/2024		81,372		81,606,848
Honda Auto Receivables Owner Trust 2021-1 A2	0.16%	7/21/2023		131,440		131,455,523
Honda Auto Receivables Owner Trust 2021-2 A2	0.17%	11/15/2023		144,530		144,582,985
Hyundai Auto Lease Securitization Trust 2021-A A2^†	0.25%	4/17/2023		62,043		62,072,017
Hyundai Auto Receivables Trust 2019-B A2	1.93%	7/15/2022		388		388,062
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%	3/15/2023		65,398		65,417,404
Mercedes-Benz Auto Lease Trust 2021-A A3	0.25%	1/16/2024		71,069		71,098,465
Nissan Auto Lease Trust 2020-B A3	0.43%	10/16/2023		93,172		93,450,491
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		26,457		26,598,806
Santander Drive Auto Receivables Trust 2018-4 C	3.56%	7/15/2024		12,758		12,847,928
Santander Drive Auto Receivables Trust 2018-5 C	3.81%	12/16/2024		11,074		11,125,557
Santander Drive Auto Receivables Trust 2019-3 C	2.49%	10/15/2025		66,714		67,761,783
Santander Drive Auto Receivables Trust 2021-1 C	0.75%	2/17/2026		58,188		58,299,302
Santander Drive Auto Receivables Trust 2021-2 A2	0.28%	4/15/2024		116,375		116,408,563
Santander Drive Auto Receivables Trust 2021-2 D	1.35%	7/15/2027		71,680		71,872,203
Santander Retail Auto Lease Trust 2019-B D^†	3.31%	6/20/2024		39,672		41,001,611
Santander Retail Auto Lease Trust 2021-A A3^†	0.51%	7/22/2024		159,370		159,958,330
TCF Auto Receivables Owner Trust 2016-1A C^†	2.51%	9/15/2022		490		490,574
Toyota Auto Loan Extended Note Trust 2020-1^†	1.35%	5/25/2033		183,389		187,473,880
Toyota Auto Receivables Owner Trust 2020-D A2	0.23%	5/15/2023		74,740		74,766,845
Toyota Auto Receivables Owner Trust 2020-D A3	0.35%	1/15/2025		84,958		85,092,166
Volkswagen Auto Loan Enhanced Trust 2020-1 A3	0.98%	11/20/2024		73,643		74,374,481
Westlake Automobile Receivables Trust 2019-1A C^†	3.45%	3/15/2024		11,096		11,190,932
Westlake Automobile Receivables Trust 2019-2A A2A^†	2.57%	2/15/2023		1,210		1,211,193
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%	11/15/2024		47,426		49,050,976
Westlake Automobile Receivables Trust 2019-3A B^†	2.41%	10/15/2024		54,700		55,238,844
Westlake Automobile Receivables Trust 2019-3A C^†	2.49%	10/15/2024		61,941		63,125,188


262	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
World Omni Automobile Lease Securitization Trust 2020-B A3	0.45%		2/15/2024	$	48,093	$	48,286,204
World Omni Select Auto Trust 2018-1A B^†	3.68%		7/15/2023		1,419		1,421,028
World Omni Select Auto Trust 2018-1A D^†	4.13%		1/15/2025		29,174		29,880,104
World Omni Select Auto Trust 2019-A C	2.38%		12/15/2025		8,886		9,161,199
World Omni Select Auto Trust 2019-A D	2.59%		12/15/2025		25,464		26,138,669
Total							4,907,255,108

Credit Cards 1.82%
American Express Credit Account Master Trust 2019-1 B	3.07%		10/15/2024		32,109		32,826,020
American Express Credit Account Master Trust 2019-3 B	2.20%		4/15/2025		12,714		13,031,491
Barclays Dryrock Issuance Trust 2018-1 A	0.431% (1 Mo. LIBOR + .33%	)^#	7/15/2024		24,804		24,827,078
Capital One Multi-Asset Execution Trust 2019-A2	1.72%		8/15/2024		21,237		21,643,096
Discover Card Execution Note Trust 2018-A2	0.431% (1 Mo. LIBOR + 0.33%	)^#	8/15/2025		5,100		5,123,495
Golden Credit Card Trust 2018-4A A^†	3.44%		8/15/2025		53,161		56,799,238
Master Credit Card Trust II 2020-1A A^†	1.99%		9/21/2024		12,223		12,610,498
Master Credit Card Trust II Series 2018-1A A^†	0.587% (1 Mo. LIBOR + .49%	)^#	7/21/2024		149,340		150,228,274
Newday Funding Master Issuer plc 2021-1A A2^†	1.11% (SOFR + 1.10%	)^#	3/15/2029		19,600		19,624,943
Perimeter Master Note Business Trust 2019-1A A^†	4.31%		12/15/2022		99,892		100,136,700
Perimeter Master Note Business Trust 2019-1A B^†	6.02%		12/15/2022		14,959		14,986,752
Perimeter Master Note Business Trust 2019-2A A^†	4.23%		5/15/2024		31,250		32,520,938
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		36,807		38,027,358
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		193,189		193,354,524
World Financial Network Credit Card Master Trust 2018-C A	3.55%		8/15/2025		95,554		96,760,226
World Financial Network Credit Card Master Trust 2018-C M	3.95%		8/15/2025		19,966		20,185,594
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		132,435		135,227,339
World Financial Network Credit Card Master Trust 2019-A M	3.61%		12/15/2025		29,519		30,068,334
World Financial Network Credit Card Master Trust 2019-B A	2.49%		4/15/2026		4,451		4,559,251


	See Notes to Financial Statements.	263

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Credit Cards (continued)

World Financial Network Credit Card Master Trust 2019-C A

2.21%

7/15/2026

81,668

83,789,245

Total

1,086,330,394

Home Equity 0.00%

Meritage Mortgage Loan Trust 2004-2 M3

1.067%
(1 Mo. LIBOR + .98%

)^#

1/25/2035

39,217

Other 12.62%

A10 Bridge Asset Financing LLC 2019-B A1^†

3.085%

8/15/2040

60,729

61,617,641

ACAM Ltd. 2019-FL1 A^†

1.501%
(1 Mo. LIBOR + 1.40%

)^#

11/17/2034

94,772

95,125,604

ACAM Ltd. 2019-FL1 AS^†

1.851%
(1 Mo. LIBOR + 1.75%

)^#

11/17/2034

25,000

25,173,705

AIMCO CLO Series 2018-BA AR^†

1.266%
(3 Mo. LIBOR + 1.10%

)^#

1/15/2032

69,000

69,098,256

AMMC CLO 19 Ltd. 2016-19A AR^†

1.324%
(3 Mo. LIBOR + 1.14%

)^#

10/16/2028

65,599

65,656,359

AMMC CLO Ltd. 2016-19A BR^†

1.984%
(3 Mo. LIBOR + 1.80%

)^#

10/16/2028

29,854

29,947,649

AMMC CLO Ltd. 2016-19A CR^†

2.734%
(3 Mo. LIBOR + 2.55%

)^#

10/16/2028

13,000

13,069,507

Amur Equipment Finance Receivables VI LLC 2018-2A A2^†

3.89%

7/20/2022

13,700

13,895,945

Amur Equipment Finance Receivables VII LLC 2019-1A A2^†

2.63%

6/20/2024

32,339

32,857,850

Anchorage Capital CLO 3-R Ltd. 2014-3RA A^†

1.234%
(3 Mo. LIBOR + 1.05%

)^#

1/28/2031

31,258

31,267,696

Anchorage Capital CLO 4-R Ltd. 2014-4RA A^†

1.234%
(3 Mo. LIBOR + 1.05%

)^#

1/28/2031

40,886

40,906,398

Apidos CLO 2015-22A A1R^†

1.248%
(3 Mo. LIBOR + 1.06%

)^#

4/20/2031

80,936

81,166,198

Apidos CLO 2017 27A A1^†

1.40%
(3 Mo. LIBOR + 1.21%

)^#

7/17/2030

5,400

5,406,783

Apidos CLO XXIV 2016-24A A1AL^†

1.138%
(3 Mo. LIBOR + 0.95%

)^#

10/20/2030

32,680

32,639,784

Apidos CLO XXXI 2019-31A A1R^†

Zero Coupon

^#(b)

4/15/2031

86,400

86,425,773

Aqua Finance Trust 2019-A 2019-A A^†

3.14%

7/16/2040

42,057

43,196,260

Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 A^†(a)

1.20% (1 Mo. LIBOR + 1.10%

)^#

5/15/2036

60,530

60,605,663


264	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A^†

1.251% (1 Mo. LIBOR + 1.15%

)^#

6/15/2028

35,293

35,337,099

Arbor Realty Commercial Real Estate Notes Ltd. 2019-FL1 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2037

55,365

55,434,129

Avery Point V CLO Ltd. 2014-5A AR^†

1.17%
(3 Mo. LIBOR + 0.98%

)^#

7/17/2026

3,693

3,693,633

Bain Capital Credit CLO Ltd. 2017-1A A1R^†

Zero Coupon

^#(b)

7/20/2030

102,650

102,650,000

Bain Capital Credit CLO Ltd. 2017-2A AR^†

1.426%
(3 Mo. LIBOR + 1.25%

)^#

7/25/2030

29,812

29,843,520

Bain Capital Credit CLO Ltd. 2020-5A A1^†

1.492%
(3 Mo. LIBOR + 1.22%

)^#

1/20/2032

72,770

72,876,739

Barings CLO Ltd. 2019-3A A1R^†

1.192%
(3 Mo. LIBOR + 1.07%

)^#

4/20/2031

117,460

117,467,330

BDS Ltd. 2019-FL3 A^†

1.501%
(1 Mo. LIBOR + 1.40%

)^#

12/15/2035

27,024

27,057,373

BDS Ltd. 2021-FL7 A^†

1.18%
(1 Mo. LIBOR + 1.07%

)^#

6/16/2036

104,240

104,509,763

Benefit Street Partners CLO IV Ltd. 2014-IVA ARRR^†

1.368%
(3 Mo. LIBOR + 1.18%

)^#

1/20/2032

77,740

77,951,678

BlueMountain CLO Ltd. 2013-1A A1R2^†

1.418%
(3 Mo. LIBOR + 1.23%

)^#

1/20/2029

51,644

51,670,018

BlueMountain CLO Ltd. 2013-1A A2R2^†

1.938%
(3 Mo. LIBOR + 1.75%

)^#

1/20/2029

27,442

27,454,184

BlueMountain CLO Ltd. 2015-2A A1R^†

1.12%
(3 Mo. LIBOR + .93%

)^#

7/18/2027

9,811

9,811,840

BlueMountain CLO Ltd. 2016-2A A1R^†

1.465%
(3 Mo. LIBOR + 1.31%

)^#

8/20/2032

26,500

26,526,150

BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†

1.168%
(3 Mo. LIBOR + .98%

)^#

7/20/2029

71,340

71,282,443

BSPRT Issuer, Ltd. 2019 FL5 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2029

48,248

48,279,520

Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3^†

Zero Coupon

^#(b)

7/20/2031

80,570

80,289,802

Carlyle US Clo Ltd. 2017-2A A1R^†

Zero Coupon

^#(b)

7/20/2031

90,210

90,229,657

Carlyle US CLO Ltd. 2017-3A A1AR^†

1.088%
(3 Mo. LIBOR + .90%

)^#

7/20/2029

56,190

56,159,382

Cedar Funding CLO Ltd. 2017-8A A1^†

1.44%
(3 Mo. LIBOR + 1.25%

)^#

10/17/2030

8,243

8,250,456

Cedar Funding Ltd. 2021-14A A^†(a)

Zero Coupon

^#(b)

7/15/2033

96,630

96,630,000

CF Hippolyta LLC 2021-1A A1^†

1.53%

3/15/2061

80,000

80,849,704

CIFC Funding II Ltd. 2013-2A A1L2^†

Zero Coupon

^#(b)

10/18/2030

38,450

38,329,598


	See Notes to Financial Statements.	265

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
CIFC Funding III Ltd. 2020-3A A1^†	1.538% (3 Mo. LIBOR + 1.35%	)^#	10/20/2031	$	64,891	$	65,032,513
CIFC Funding Ltd. 2021-4A A^†(a)	Zero Coupon	^#(b)	7/15/2033		83,100		83,100,000
Colombia Cent CLO Ltd. 2018-27A A2A^†	1.776% (3 Mo. LIBOR + 1.60%	)^#	10/25/2028		5,608		5,611,927
Diamond Resorts Owner Trust 2018-1 A^†	3.70%		1/21/2031		23,609		24,677,980
Diamond Resorts Owner Trust 2018-1 B^†	4.19%		1/21/2031		14,155		14,792,601
DLL LLC 2018-1 A4^†	3.27%		4/17/2026		42,445		42,892,088
DLL Securitization Trust 2017-A A4^†	2.43%		11/17/2025		12,326		12,372,125
DRB Prime Student Loan Trust 2015-D A2^†	3.20%		1/25/2040		716		717,570
Dryden CLO Ltd. 2018-55A A1^†	1.204% (3 Mo. LIBOR + 1.02%	)^#	4/15/2031		20,170		20,180,246
Dryden CLO Ltd. 2019 72A AR^†	Zero Coupon	^#(b)	5/15/2032		86,500		86,500,363
Dryden Senior Loan Fund 2017-47A A1R^†	Zero Coupon	^#(b)	4/15/2028		95,300		95,111,230
Elmwood CLO VI Ltd. 2020-3A A^†	1.504% (3 Mo. LIBOR + 1.32%	)^#	10/15/2031		69,849		69,981,582
Fairstone Financial Issuance Trust I 2020-1A A^†(c)	2.509%		10/20/2039	CAD	25,300		21,175,559
Ford Credit Floorplan Master Owner Trust 2019-1 A	2.84%		3/15/2024	$	137,580		140,497,755
Ford Credit Floorplan Master Owner Trust 2019-2 A	3.06%		4/15/2026		87,098		93,484,200
Galaxy XIX CLO Ltd. 2015-19A A1RR^†	1.126% (3 Mo. LIBOR + .95%	)^#	7/24/2030		60,580		60,566,509
GPMT Ltd. 2019-FL2 A^†	1.397% (1 Mo. LIBOR + 1.30%	)^#	2/22/2036		33,333		33,374,365
Gracie Point International Funding 2020-B A^†	1.51% (1 Mo. LIBOR + 1.40%	)^#	5/2/2023		74,997		75,794,000
Grand Avenue CRE 2019-FL1 A^†	1.221% (1 Mo. LIBOR + 1.12%	)^#	6/15/2037		46,831		46,889,378
Grand Avenue CRE 2019-FL1 AS^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	6/15/2037		23,119		23,147,977
GreatAmerica Leasing Receivables Funding LLC Series 2019-1^†	3.21%		2/18/2025		17,040		17,652,162
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 A^†	1.651% (1 Mo. LIBOR + 1.55%	)^#	9/15/2028		52,464		52,470,773
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 AS^†	2.251% (1 Mo. LIBOR + 2.15%	)^#	9/15/2028		22,123		21,861,745
Greywolf CLO VII Ltd. 2018-2A A1^†	1.368% (3 Mo. LIBOR + 1.18%	)^#	10/20/2031		37,250		37,268,532


266	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Halcyon Loan Advisors Funding Ltd. 2015-2A AR^†

1.256%
(3 Mo. LIBOR + 1.08%

)^#

7/25/2027

4,014

4,018,369

Halcyon Loan Advisors Funding Ltd. 2015-2A BR^†

1.826%
(3 Mo. LIBOR + 1.65%

)^#

7/25/2027

15,727

15,747,049

Halcyon Loan Advisors Funding Ltd. 2017-2A A2^†

1.89%
(3 Mo. LIBOR + 1.70%

)^#

1/17/2030

23,027

23,041,261

HPEFS Equipment Trust 2020-1A A2^†

1.73%

2/20/2030

18,467

18,547,328

HPEFS Equipment Trust 2020-1A A3^†

1.76%

2/20/2030

30,701

31,073,329

HPEFS Equipment Trust 2020-1A B^†

1.89%

2/20/2030

9,003

9,162,657

HPS Loan Management Ltd. 10-2016 A1R^†

1.328%
(3 Mo. LIBOR + 1.14%

)^#

1/20/2028

13,178

13,197,077

HPS Loan Management Ltd. 10-2016 A2R^†

1.938%
(3 Mo. LIBOR + 1.75%

)^#

1/20/2028

38,834

38,888,523

Hyundai Floorplan Master Owner Trust 2019-1 A^†

2.68%

4/15/2024

104,527

106,727,774

Jamestown CLO IX Ltd. 2016-9A A1AR^†

1.358%
(3 Mo. LIBOR + 1.17%

)^#

10/20/2028

18,775

18,795,666

Jamestown CLO IX Ltd. 2016-9A A2R^†

2.038%
(3 Mo. LIBOR + 1.85%

)^#

10/20/2028

24,250

24,315,315

JFIN CLO Ltd. 2013-1A A1NR^†

1.578%
(3 Mo. LIBOR + 1.39%

)^#

1/20/2030

72,557

73,105,950

JFIN CLO Ltd. 2013-1A A2R^†

2.388%
(3 Mo. LIBOR + 2.20%

)^#

1/20/2030

37,291

37,429,173

JFIN CLO Ltd. 2014-1A B1R^†

1.638%
(3 Mo. LIBOR + 1.45%

)^#

4/21/2025

2,351

2,356,836

Kayne CLO 5 Ltd. 2019-5A A^†

1.526%
(3 Mo. LIBOR + 1.35%

)^#

7/24/2032

55,397

55,466,428

Kayne CLO II Ltd. 2018 2A AR^†

1.264%
(3 Mo. LIBOR + 1.08%

)^#

10/15/2031

100,220

100,410,628

KKR CLO Ltd. 16 A2R^†

1.988%
(3 Mo. LIBOR + 1.80%

)^#

1/20/2029

22,750

22,782,844

KKR CLO Ltd. 30A A1^†

1.69%
(3 Mo. LIBOR + 1.50%

)^#

10/17/2031

28,750

28,830,227

LCM XXII Ltd. 22A A1R^†

1.348%
(3 Mo. LIBOR + 1.16%

)^#

10/20/2028

11,750

11,767,787

LMREC, Inc. 2019-CRE3 A^†

1.493%
(1 Mo. LIBOR + 1.40%

)^#

12/22/2035

65,000

65,144,053

LoanCore Issuer Ltd. 2019-CRE2 A^†

1.231%
(1 Mo. LIBOR + 1.13%

)^#

5/15/2036

84,624

84,649,430

M360 LLC 2019-CRE2 A^†

1.501%
(1 Mo. LIBOR + 1.40%

)^#

9/15/2034

62,879

63,017,185

M360 LLC 2019-CRE2 B^†

2.351%
(1 Mo. LIBOR + 2.25%

)^#

9/15/2034

10,311

10,326,199


	See Notes to Financial Statements.	267

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Madison Park Funding Ltd. 2015-16A A2R^†

2.088%
(3 Mo. LIBOR + 1.90%

)^#

4/20/2026

13,623

13,646,610

Madison Park Funding Ltd. 2015-17A AR2^†

1.186%
(3 Mo. LIBOR + 1.00%

)^#

7/21/2030

29,600

29,618,897

Madison Park Funding Ltd. 2015-17A BR2^†

1.686%
(3 Mo. LIBOR + 1.50%

)^#

7/21/2030

10,000

10,014,405

Madison Park Funding XI Ltd. 2013-11A AR2^†

1.073%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

61,560

61,583,085

Madison Park Funding XXV Ltd. 2017-25A A1R^†

1.063%
(3 Mo. LIBOR + .97%

)^#

4/25/2029

53,500

53,516,050

Magnetite Ltd. 2021-29A A^†

1.094%
(3 Mo. LIBOR + .99%

)^#

1/15/2034

81,230

81,235,589

Magnetite XXII Ltd. 2019-22A AR^†

1.209%
(3 Mo. LIBOR + 1.06%

)^#

4/15/2031

47,750

47,760,515

Marble Point CLO XV Ltd. 2019-1A A1^†

1.593%
(3 Mo. LIBOR + 1.42%

)^#

7/23/2032

16,000

16,027,870

Mercedes-Benz Master Owner Trust 2019-BA A^†

2.61%

5/15/2024

83,702

85,651,570

Mercer Field II CLO Ltd. 2017-1A A1^†

1.514%
(3 Mo. LIBOR + 1.33%

)^#

4/15/2029

13,146

13,166,838

Mountain View CLO 2017-1A BR^†

1.934%
(3 Mo. LIBOR + 1.75%

)^#

10/16/2029

36,502

36,602,926

Mountain View CLO LLC 2017-1A AR^†

1.274%
(3 Mo. LIBOR + 1.09%

)^#

10/16/2029

40,527

40,526,799

MVW Owner Trust 2017-1A A^†

2.42%

12/20/2034

5,244

5,370,672

Navient Private Education Refi Loan Trust 2020-FA A^†

1.22%

7/15/2069

83,916

84,702,834

Navient Private Education Refi Loan Trust 2021-CA A^†

1.06%

10/15/2069

171,000

171,586,359

Nelnet Student Loan Trust 2021-A APT1^†

1.36%

4/20/2062

68,625

69,011,496

Newark BSL CLO 1 Ltd. 2016-1A A1R^†

1.281%
(3 Mo. LIBOR + 1.10%

)^#

12/21/2029

67,407

67,425,570

Newark BSL CLO 2 Ltd. 2017-1A A1R^†

1.146%
(3 Mo. LIBOR + .97%

)^#

7/25/2030

48,300

48,383,559

NextGear Floorplan Master Owner Trust 2018-2A A2^†

3.69%

10/15/2023

48,111

48,747,268

NextGear Floorplan Master Owner Trust 2018-2A B^†

4.01%

10/15/2023

19,277

19,547,437

Nissan Master Owner Trust Receivables 2019-A A

0.661%
(1 Mo. LIBOR + .56%

)^#

2/15/2024

84,750

85,084,017

Oaktree CLO 2014-1A A1R^†

1.45%
(3 Mo. LIBOR + 1.29%

)^#

5/13/2029

26,023

26,069,998

Oaktree CLO 2014-1A A2R^†

2.01%
(3 Mo. LIBOR + 1.85%

)^#

5/13/2029

17,750

17,797,833


268	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Oaktree CLO Ltd. 2015-1A A1R^†	1.058% (3 Mo. LIBOR + .87%	)^#	10/20/2027	$	16,752	$	16,747,217
OCP CLO Ltd. 2015-10A A2AR^†	1.476% (3 Mo. LIBOR + 1.30%	)^#	10/26/2027		24,351		24,385,442
OCP CLO Ltd. 2015-9A A2R^†	1.534% (3 Mo. LIBOR + 1.35%	)^#	7/15/2027		25,719		25,726,147
OCP CLO Ltd. 2016-12A A1R^†	1.31% (3 Mo. LIBOR + 1.12%	)^#	10/18/2028		30,396		30,434,946
OCP CLO Ltd. 2016-12A A2R^†	1.79% (3 Mo. LIBOR + 1.60%	)^#	10/18/2028		26,201		26,229,069
Octagon Investment Partners 30 Ltd. 2017-1A A1R^†	1.188% (3 Mo. LIBOR + 1.00%	)^#	3/17/2030		34,550		34,575,311
Octagon Investment Partners 32 Ltd. 2017-1A A1R^†	1.134% (3 Mo. LIBOR + .95%	)^#	7/15/2029		122,420		122,423,024
Octagon Investment Partners 49 Ltd. 2020-5A A1^†	1.43% (3 Mo. LIBOR + 1.22%	)^#	1/15/2033		79,600		79,695,552
Octagon Investment Partners XIV Ltd. 2012-1A AARR^†	1.134% (3 Mo. LIBOR + .95%	)^#	7/15/2029		45,910		45,907,590
Octagon Investment Partners XXI Ltd. 2014-1A AAR3^†	1.154% (3 Mo. LIBOR + 1.00%	)^#	2/14/2031		97,680		97,893,919
Octane Receivables Trust 2021-1A A^†	0.93%		3/22/2027		49,125		49,227,101
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		7,689		8,141,095
OneMain Financial Issuance Trust 2019-1A A^†	3.48%		2/14/2031		59,358		59,462,601
OneMain Financial Issuance Trust 2019-1A B^†	3.79%		2/14/2031		18,443		18,536,390
OneMain Financial Issuance Trust 2019-2A A^†	3.14%		10/14/2036		47,402		51,309,878
OneMain Financial Issuance Trust 2020-2A A^†	1.75%		9/14/2035		20,800		21,273,225
OneMain Financial Issuance Trust 2020-2A C^†	2.76%		9/14/2035		9,000		9,389,242
Orange Lake Timeshare Trust 2019-A^†	3.06%		4/9/2038		9,873		10,264,138
Orec Ltd. 2018-CRE1 A^†	1.281% (1 Mo. LIBOR + 1.18%	)^#	6/15/2036		49,846		49,911,670
OZLM VIII Ltd. 2014-8A A1RR^†	1.36% (3 Mo. LIBOR + 1.17%	)^#	10/17/2029		32,900		32,924,677
OZLM XVII Ltd. 2017 17A A1^†	1.438% (3 Mo. LIBOR + 1.25%	)^#	7/20/2030		14,087		14,097,862
Palmer Square Loan Funding Ltd. 2018-4A A1^†	1.056% (3 Mo. LIBOR + .90%	)^#	11/15/2026		5,001		5,002,445
Palmer Square Loan Funding Ltd. 2018-5A A1^†	1.038% (3 Mo. LIBOR + .85%	)^#	1/20/2027		21,619		21,630,500
Parallel Ltd. 2015-1A AR^†	1.038% (3 Mo. LIBOR + .85%	)^#	7/20/2027		10,033		10,033,827
PFS Financing Corp. 2020-E A^†	1.00%		10/15/2025		71,520		72,361,061


	See Notes to Financial Statements.	269

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
PFS Financing Corp. 2020-G A^†	0.97%		2/15/2026	$	55,841	$	56,343,295
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		26,038		27,356,472
Prima Capital CRE Securitization 2015-5A C^†	4.50%		12/24/2050		25,118		25,399,142
Prima Capital CRE Securitization Ltd. 2013-3A A^†	2.214%		10/24/2035		2,050		2,050,849	^(d)
Prima Capital CRE Securitization Ltd. 2013-3A C^†	5.00%		10/24/2035		35,011		35,054,792
Prima Capital CRE Securitization Ltd. 2015-4A MR-A^†	2.55%		8/24/2049		5,572		5,573,505
Regatta Funding LP 2013-2A A1R3^†	1.034% (3 Mo. LIBOR + .85%	)^#	1/15/2029		7,707		7,700,741
SCF Equipment Leasing LLC 2019-1A A2^†	3.23%		10/20/2024		23,082		23,145,324
SCF Equipment Leasing LLC 2019-2A A1^†	2.22%		6/20/2024		20,466		20,598,642
SCF Equipment Leasing LLC 2019-2A A2^†	2.47%		4/20/2026		101,195		103,847,989
SCF Equipment Leasing LLC 2021-1A A3^†	0.83%		8/21/2028		136,635		136,259,978
SCF Equipment Leasing LLC 2021-1A B^†	1.37%		8/20/2029		14,900		14,865,790
Shackleton CLO Ltd. 2016-9A B^†	2.088% (3 Mo. LIBOR + 1.90%	)^#	10/20/2028		13,250		13,270,887
Signal Peak CLO 8 Ltd. 2020-8A A^†	1.458% (3 Mo. LIBOR + 1.27%	)^#	4/20/2033		38,000		38,136,492
SLC Student Loan Trust 2008-1 A4A	1.784% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		20,232		20,807,258
SMB Private Education Loan Trust 2021-A A1^†	0.601% (1 Mo. LIBOR + .50%	)^#	1/15/2053		22,581		22,626,197
Sound Point CLO III-R Ltd. 2013-2RA B^†	1.634% (3 Mo. LIBOR + 1.45%	)^#	4/15/2029		10,000		9,888,523
Sound Point CLO XI Ltd. 2016-1A AR^†	1.288% (3 Mo. LIBOR + 1.10%	)^#	7/20/2028		31,787		31,833,791
TCI-Flatiron CLO Ltd. 2016-1A AR2^†	1.34% (3 Mo. LIBOR + 1.15%	)^#	1/17/2032		16,330		16,371,140
TCI-Flatiron Clo Ltd. 2017-1A AR^†	1.116% (3 Mo. LIBOR + .96%	)^#	11/18/2030		62,190		62,134,719
TCI-Flatiron CLO Ltd. 2018-1A ANR^†	1.237% (3 Mo. LIBOR + 1.06%	)^#	1/29/2032		35,050		35,128,964
TCW CLO AMR Ltd. 2019-1A A^†	1.13% (3 Mo. LIBOR + .97%	)^#	2/15/2029		46,825		46,842,345
Towd Point Asset Trust 2018-SL1 A^†	0.692% (1 Mo. LIBOR + .60%	)^#	1/25/2046		40,250		40,027,046
TPG Real Estate Finance Issuer Ltd. 2018-FL2 A^†	1.231% (1 Mo. LIBOR + 1.13%	)^#	11/15/2037		37,185		37,220,594
TRTX Issuer Ltd. 2019-FL3 A^†	1.251% (1 Mo. LIBOR + 1.15%	)^#	10/15/2034		14,225		14,227,134
Upstart Securitization Trust 2021-2 A^†	0.91%		6/20/2031		82,925		83,065,301

270	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
Venture CLO Ltd. 2018-33A A1LR^†	1.244% (3 Mo. LIBOR + 1.06%	)^#	7/15/2031	$	68,200	$	68,189,040
VERDE CLO Ltd. 2019-1A AR^†	1.284% (3 Mo. LIBOR + 1.10%	)^#	4/15/2032		34,355		34,355,869
Verizon Owner Trust 2020-B A	0.47%		2/20/2025		77,688		78,022,750
Verizon Owner Trust 2020-C A	0.41%		4/21/2025		106,612		106,973,820
WhiteHorse VIII Ltd. 2014-1A BR^†	1.626% (3 Mo. LIBOR + 1.45%	)^#	5/1/2026		25,691		25,746,320
Wind River CLO Ltd. 2013-1A A1RR^†(a)	Zero Coupon	^#(b)	7/20/2030		133,930		133,930,000
Total							7,552,252,192
Total Asset-Backed Securities (cost $13,452,048,927)							13,545,876,911

				Shares (000)

COMMON STOCKS 0.16%

Miscellaneous 0.01%
UTEX Industries, Inc.					84		3,534,594

Oil 0.15%
Oasis Petroleum, Inc.					1,054		93,365,344
Total Common Stocks (cost $98,155,407)							96,899,938

				Principal Amount (000)

CONVERTIBLE BONDS 0.11%

Technology
Weibo Corp. (China)^(e)
(cost $64,737,074)	1.25%		11/15/2022	$	66,436		64,982,713

CORPORATE BONDS 42.58%

Aerospace/Defense 0.78%
Boeing Co. (The)	2.196%		2/4/2026		71,250		71,566,465
Boeing Co. (The)	4.508%		5/1/2023		137,925		147,372,839
Boeing Co. (The)	4.875%		5/1/2025		164,892		185,334,126
Howmet Aerospace, Inc.	5.125%		10/1/2024		35,293		38,647,600
Howmet Aerospace, Inc.	6.875%		5/1/2025		14,000		16,226,000
Kratos Defense & Security Solutions, Inc.^†	6.50%		11/30/2025		9,093		9,531,919
Total							468,678,949

See Notes to Financial Statements.

271

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Air Transportation 0.17%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)^†(e)	3.875%		9/15/2024	$	7,600	$	7,650,496
Air Canada 2015-2 Class B Pass-Through Trust (Canada)^†(e)	5.00%		6/15/2025		4,374		4,422,095
American Airlines 2014-1 Class B Pass-Through Trust	4.375%		4/1/2024		11,349		11,335,089
American Airlines Group, Inc.^†	3.75%		3/1/2025		51,959		46,962,363
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%		9/20/2025		15,343		17,414,253
United Airlines 2014-1 Class B Pass-Through Trust	4.75%		10/11/2023		4,264		4,351,423
United Airlines, Inc.	6.636%		1/2/2024		4,091		4,264,843
US Airways 2012-2 Class B Pass-Through Trust	6.75%		12/3/2022		6,763		6,764,794
Total							103,165,356

Apparel 0.09%
PVH Corp.	4.625%		7/10/2025		19,872		22,330,299
William Carter Co. (The)^†	5.50%		5/15/2025		32,256		34,033,306
Total							56,363,605

Auto Parts: Original Equipment 0.30%
IHO Verwaltungs GmbH PIK 5.50% (Germany)^†(e)	4.75%		9/15/2026		34,149		35,051,956
ZF North America Capital, Inc.^†	4.50%		4/29/2022		33,091		33,905,535
ZF North America Capital, Inc.^†	4.75%		4/29/2025		104,914		113,783,429
Total							182,740,920

Automotive 3.35%
Daimler Finance North America LLC^†	0.846% (3 Mo. LIBOR + .67%	)^#	11/5/2021		17,975		18,024,161
Daimler Finance North America LLC^†	1.016% (3 Mo. LIBOR + .84%	)^#	5/4/2023		7,070		7,149,608
Daimler Finance North America LLC^†	1.03% (3 Mo. LIBOR + .88%	)^#	2/22/2022		12,862		12,936,544
Daimler Finance North America LLC^†	1.056% (3 Mo. LIBOR + .90%	)^#	2/15/2022		64,499		64,842,328
Daimler Finance North America LLC^†	1.75%		3/10/2023		82,973		84,898,738
Daimler Finance North America LLC^†	2.20%		10/30/2021		13,773		13,890,217
Daimler Finance North America LLC^†	2.70%		6/14/2024		14,000		14,786,700
Daimler Finance North America LLC^†	3.35%		2/22/2023		3,850		4,037,992
Daimler Finance North America LLC^†	3.65%		2/22/2024		22,690		24,495,117
Daimler Finance North America LLC^†	3.75%		11/5/2021		3,400		3,448,826
Ford Motor Co.	8.50%		4/21/2023		13,807		15,430,358

272	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automotive (continued)
Ford Motor Credit Co. LLC	1.256% (3 Mo. LIBOR + 1.08%	)^#	8/3/2022	$	43,730	$	43,560,138
Ford Motor Credit Co. LLC	2.979%		8/3/2022		20,011		20,345,284
Ford Motor Credit Co. LLC	3.087%		1/9/2023		25,234		25,738,806
Ford Motor Credit Co. LLC	3.096%		5/4/2023		6,483		6,626,274
Ford Motor Credit Co. LLC	3.219%		1/9/2022		15,768		15,958,004
Ford Motor Credit Co. LLC	3.339%		3/28/2022		44,221		44,884,315
Ford Motor Credit Co. LLC	3.37%		11/17/2023		41,316		42,710,415
Ford Motor Credit Co. LLC	3.81%		1/9/2024		20,000		20,817,600
Ford Motor Credit Co. LLC	3.813%		10/12/2021		67,437		68,246,642
Ford Motor Credit Co. LLC	4.25%		9/20/2022		8,835		9,127,880
Ford Motor Credit Co. LLC	5.125%		6/16/2025		41,304		45,253,695
Ford Motor Credit Co. LLC	5.584%		3/18/2024		153,325		167,608,757
Ford Motor Credit Co. LLC	5.596%		1/7/2022		17,541		18,001,451
Ford Motor Credit Co. LLC	5.875%		8/2/2021		77,886		78,372,788
General Motors Co.	5.40%		10/2/2023		24,769		27,407,267
General Motors Co.	6.125%		10/1/2025		13,029		15,497,836
General Motors Financial Co., Inc.	1.184% (3 Mo. LIBOR + .99%	)^#	1/5/2023		4,991		5,040,931
General Motors Financial Co., Inc.	2.75%		6/20/2025		74,459		78,727,887
General Motors Financial Co., Inc.	2.90%		2/26/2025		30,070		31,827,890
General Motors Financial Co., Inc.	3.15%		6/30/2022		55,795		57,274,678
General Motors Financial Co., Inc.	3.70%		5/9/2023		27,654		29,139,262
General Motors Financial Co., Inc.	3.95%		4/13/2024		31,702		34,336,371
General Motors Financial Co., Inc.	4.25%		5/15/2023		13,087		13,983,527
General Motors Financial Co., Inc.	4.375%		9/25/2021		7,713		7,811,507
General Motors Financial Co., Inc.	5.10%		1/17/2024		96,319		106,632,080
General Motors Financial Co., Inc.	5.20%		3/20/2023		25,856		27,961,739
Hyundai Capital America^†	0.80%		1/8/2024		83,330		83,206,106
Hyundai Capital America^†	1.25%		9/18/2023		98,674		99,698,080
Hyundai Capital America^†	1.30%		1/8/2026		42,197		41,851,637
Hyundai Capital America^†	1.80%		10/15/2025		10,345		10,485,226
Hyundai Capital America^†	3.00%		6/20/2022		8,435		8,646,058
Hyundai Capital America^†	3.25%		9/20/2022		32,832		33,948,395
Hyundai Capital America^†	5.875%		4/7/2025		13,781		16,060,630
Hyundai Capital Services, Inc. (South Korea)^†(e)	3.00%		8/29/2022		38,997		40,127,201
Navistar International Corp.^†	6.625%		11/1/2025		9,681		10,023,223
Nissan Motor Acceptance Corp.^†	0.838% (3 Mo. LIBOR + .65%	)^#	7/13/2022		36,745		36,802,972

See Notes to Financial Statements.

273

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automotive (continued)
Stellantis N.V. (Netherlands)^(e)	5.25%		4/15/2023	$	8,030	$	8,697,815
Tesla, Inc.^†	5.30%		8/15/2025		133,431		138,498,709
Volkswagen Group of America Finance LLC^†	1.051% (3 Mo. LIBOR + .86%	)^#	9/24/2021		1,000		1,002,639
Volkswagen Group of America Finance LLC^†	1.108% (3 Mo. LIBOR + .94%	)^#	11/12/2021		8,200		8,233,343
Volkswagen Group of America Finance LLC^†	2.90%		5/13/2022		64,408		65,962,612
Volkswagen Group of America Finance LLC^†	3.125%		5/12/2023		54,741		57,624,008
Volkswagen Group of America Finance LLC^†	3.35%		5/13/2025		17,003		18,425,487
Volkswagen Group of America Finance LLC^†	4.25%		11/13/2023		14,585		15,849,013
Total							2,001,976,767

Banks: Regional 9.22%
ABN AMRO Bank NV (Netherlands)^†(e)	4.75%		7/28/2025		58,007		65,376,209
ABN AMRO Bank NV (Netherlands)^(e)	6.25%		4/27/2022		64,981		68,321,283
AIB Group plc (Ireland)^†(e)	4.263% (3 Mo. LIBOR + 1.87%	)^#	4/10/2025		85,702		93,330,813
AIB Group plc (Ireland)^†(e)	4.75%		10/12/2023		70,222		76,647,248
Akbank T.A.S. (Turkey)^†(e)	5.00%		10/24/2022		20,150		20,703,803
ASB Bank Ltd. (New Zealand)^†(e)	3.75%		6/14/2023		31,956		34,076,381
Associated Bank NA	3.50%		8/13/2021		27,007		27,109,467
Australia & New Zealand Banking Group Ltd. (Australia)^†(e)	4.40%		5/19/2026		10,873		12,313,855
Australia & New Zealand Banking Group Ltd. (Australia)^†(e)	4.50%		3/19/2024		12,844		14,142,409
Banco de Credito del Peru (Peru)^†(e)	2.70%		1/11/2025		9,419		9,670,958
Bancolombia SA (Colombia)^(e)	3.00%		1/29/2025		24,254		24,854,529
Bank of America Corp.	0.981% (SOFR + 0.91%	)^#	9/25/2025		19,293		19,417,613
Bank of America Corp.	1.197% (SOFR + 1.01%	)^#	10/24/2026		91,258		91,090,997
Bank of America Corp.	1.319% (SOFR + 1.15%	)^#	6/19/2026		81,286		81,913,259
Bank of America Corp.	1.366% (3 Mo. LIBOR + 1.18%	)^#	10/21/2022		9,347		9,388,516
Bank of America Corp.	2.015% (3 Mo. LIBOR + 0.64%	)^#	2/13/2026		17,756		18,436,047
Bank of America Corp.	3.093% (3 Mo. LIBOR + 1.09%	)^#	10/1/2025		45,485		48,811,631
Bank of America Corp.	3.366% (3 Mo. LIBOR + 0.81%	)^#	1/23/2026		69,356		75,327,225
Bank of America Corp.	3.95%		4/21/2025		85,101		93,989,415

274	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Bank of America Corp.	4.00%		1/22/2025	$	27,949	$	30,846,319
Bank of America Corp.	4.20%		8/26/2024		72,321		80,005,112
Bank of Ireland Group plc (Ireland)^†(e)	4.50%		11/25/2023		35,213		38,198,064
BankUnited, Inc.	4.875%		11/17/2025		44,521		50,783,473
Barclays Bank plc (United Kingdom)^(e)	1.70%		5/12/2022		32,243		32,668,377
Barclays Bank plc (United Kingdom)^†(e)	10.179%		6/12/2021		86,593		86,826,484
BBVA Bancomer SA^†	4.375%		4/10/2024		48,455		53,020,430
BBVA Bancomer SA^†	6.75%		9/30/2022		47,751		50,914,504
BNP Paribas SA (France)^†(e)	1.323% (SOFR + 1.00%	)^#	1/13/2027		20,584		20,387,549
Capital One NA	1.336% (3 Mo. LIBOR + 1.15%	)^#	1/30/2023		4,797		4,825,600
CIT Group, Inc.	3.929% (SOFR + 3.83%	)^#	6/19/2024		21,437		22,760,842
CIT Group, Inc.	4.75%		2/16/2024		27,174		29,632,296
CIT Group, Inc.	5.00%		8/15/2022		15,745		16,551,931
CIT Group, Inc.	5.00%		8/1/2023		24,755		26,921,063
Citigroup, Inc.	0.871% (3 Mo. LIBOR + 0.69%	)^#	10/27/2022		65,915		66,382,857
Citigroup, Inc.	1.126% (3 Mo. LIBOR + 0.95%	)^#	7/24/2023		6,489		6,543,248
Citigroup, Inc.	1.136% (3 Mo. LIBOR + 0.96%	)^#	4/25/2022		37,059		37,331,552
Citigroup, Inc.	1.678% (SOFR + 1.67%	)^#	5/15/2024		49,728		50,966,163
Citigroup, Inc.	2.876% (3 Mo. LIBOR + 0.95%	)^#	7/24/2023		70,699		72,783,914
Citigroup, Inc.	3.106% (SOFR + 2.84%	)^#	4/8/2026		241,086		258,862,667
Citigroup, Inc.	3.142% (3 Mo. LIBOR + 0.72%	)^#	1/24/2023		51,246		52,175,453
Citigroup, Inc.	3.352% (3 Mo. LIBOR + 0.90%	)^#	4/24/2025		67,287		72,305,177
Citigroup, Inc.	3.70%		1/12/2026		17,120		19,010,010
Citigroup, Inc.	3.875%		3/26/2025		10,661		11,753,915
Citigroup, Inc.	4.05%		7/30/2022		30,628		31,949,754
Citigroup, Inc.	4.40%		6/10/2025		135,546		152,136,845
Citigroup, Inc.	5.50%		9/13/2025		30,131		35,466,460
Citizens Bank NA/Providence RI	0.874% (3 Mo. LIBOR + 0.72%	)^#	2/14/2022		14,985		15,045,330

See Notes to Financial Statements.

275

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Citizens Bank NA/Providence RI		0.951% (3 Mo. LIBOR + 0.81%	)^#	5/26/2022	$	16,325	$	16,435,489
Citizens Bank NA/Providence RI		1.143% (3 Mo. LIBOR + 0.95%	)^#	3/29/2023		22,245		22,519,000
Credit Suisse AG/New York NY		3.625%		9/9/2024		14,875		16,266,462
Credit Suisse Group AG (Switzerland)^†(e)		1.305% (SOFR + 0.98%	)^#	2/2/2027		32,933		32,279,168
Credit Suisse Group AG (Switzerland)^†(e)		2.193% (SOFR + 2.04%	)^#	6/5/2026		42,530		43,656,151
Credit Suisse Group AG (Switzerland)^(e)		3.80%		6/9/2023		7,578		8,051,734
Credit Suisse Group Funding Guernsey Ltd. (Guernsey)^(e)		3.80%		9/15/2022		21,574		22,505,972
Danske Bank A/S (Denmark)^†(e)	1.171% (1 Yr Treasury CMT + 1.03%		)^#	12/8/2023		145,875		146,680,280
Danske Bank A/S (Denmark)^†(e)		1.226%		6/22/2024		51,642		52,303,625
Danske Bank A/S (Denmark)^†(e)	1.621% (1 Yr Treasury CMT + 1.35%		)^#	9/11/2026		46,515		46,586,089
Danske Bank A/S (Denmark)^†(e)	3.001% (3 Mo. LIBOR + 1.25%		)^#	9/20/2022		33,730		33,970,017
Danske Bank A/S (Denmark)^†(e)		3.244% (3 Mo. LIBOR + 1.59%	)^#	12/20/2025		109,898		117,806,507
Danske Bank A/S (Denmark)^†(e)		5.00%		1/12/2022		58,835		60,433,527
Danske Bank A/S (Denmark)^†(e)	5.00% (1 Yr Treasury CMT + 1.73%		)^#	1/12/2023		11,928		12,238,203
Danske Bank A/S (Denmark)^†(e)		5.375%		1/12/2024		66,319		73,953,615
Discover Bank		2.45%		9/12/2024		7,940		8,353,212
FNB Corp.		2.20%		2/24/2023		30,110		30,669,961
Goldman Sachs Group, Inc. (The)		0.90% (3 Mo. LIBOR + .75%	)^#	2/23/2023		47,398		47,843,178
Goldman Sachs Group, Inc. (The)		0.966% (3 Mo. LIBOR + .78%	)^#	10/31/2022		120,886		121,214,985
Goldman Sachs Group, Inc. (The)		1.176% (3 Mo. LIBOR + 1.00%	)^#	7/24/2023		45,327		45,706,435
Goldman Sachs Group, Inc. (The)		3.272% (3 Mo. LIBOR + 1.20%	)^#	9/29/2025		34,934		37,687,894
Goldman Sachs Group, Inc. (The)		3.50%		1/23/2025		19,494		21,175,013
Goldman Sachs Group, Inc. (The)		3.50%		4/1/2025		79,656		86,887,595
Goldman Sachs Group, Inc. (The)		4.25%		10/21/2025		31,174		35,068,045
HSBC Holdings plc (United Kingdom)^(e)		0.976% (SOFR + .71%	)^#	5/24/2025		22,757		22,862,892
HSBC Holdings plc (United Kingdom)^(e)		4.25%		3/14/2024		32,390		35,377,309

276	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
ING Groep NV (Netherlands)^(e)	1.343% (3 Mo. LIBOR + 1.15%	)^#	3/29/2022	$	4,050	$	4,084,066
Intesa Sanpaolo SpA (Italy)^†(e)	3.125%		7/14/2022		7,031		7,231,902
Intesa Sanpaolo SpA (Italy)^†(e)	3.25%		9/23/2024		20,481		21,869,724
Intesa Sanpaolo SpA (Italy)^†(e)	5.017%		6/26/2024		105,370		114,939,647
Intesa Sanpaolo SpA (Italy)^†(e)	5.71%		1/15/2026		41,888		47,426,077
Itau Unibanco Holding SA^†	2.90%		1/24/2023		41,840		42,902,108
JPMorgan Chase & Co.^(a)	0.824% (SOFR + .54%	)^#	6/1/2025		91,927		92,090,672
JPMorgan Chase & Co.	3.875%		9/10/2024		45,147		49,500,080
Lloyds Banking Group plc (United Kingdom)^(e)	1.326% (1 Yr Treasury CMT + 1.10%	)^#	6/15/2023		15,825		15,975,264
Lloyds Banking Group plc (United Kingdom)^(e)	4.582%		12/10/2025		9,250		10,446,522
M&T Bank Corp.	0.856% (3 Mo. LIBOR + 0.68%	)^#	7/26/2023		9,134		9,236,067
Macquarie Bank Ltd. (Australia)^†(e)	4.875%		6/10/2025		32,811		36,819,868
Macquarie Group Ltd. (Australia)^†(e)	1.34% (SOFR + 1.07%	)^#	1/12/2027		33,697		33,402,814
Macquarie Group Ltd. (Australia)^†(e)	3.189% (3 Mo. LIBOR + 1.02%	)^#	11/28/2023		39,372		40,922,451
Macquarie Group Ltd. (Australia)^†(e)	4.15% (3 Mo. LIBOR + 1.33%	)^#	3/27/2024		45,740		48,641,041
Morgan Stanley^(a)	0.79% (SOFR + .53%	)^#	5/30/2025		90,799		90,796,759
Morgan Stanley	1.576% (3 Mo. LIBOR + 1.40%	)^#	10/24/2023		56,465		57,427,637
Morgan Stanley	4.10%		5/22/2023		47,121		50,428,210
Morgan Stanley	5.00%		11/24/2025		26,920		31,251,304
Natwest Group plc (United Kingdom)^(e)	5.125%		5/28/2024		18,213		20,382,646
NatWest Markets plc (United Kingdom)^†(e)	0.80%		8/12/2024		23,409		23,446,752
Nordea Bank Abp (Finland)^†(e)	3.75%		8/30/2023		42,252		45,269,727
Nordea Bank Abp (Finland)^†(e)	4.25%		9/21/2022		18,035		18,927,286
People’s United Bank NA	4.00%		7/15/2024		5,725		6,202,999
Popular, Inc.	6.125%		9/14/2023		13,517		14,540,913
Santander Holdings USA, Inc.	3.45%		6/2/2025		5,000		5,394,242
Santander Holdings USA, Inc.	3.50%		6/7/2024		38,764		41,634,145
Santander UK Group Holdings plc (United Kingdom)^(e)	3.373% (3 Mo. LIBOR + 1.08%	)^#	1/5/2024		19,792		20,685,701
Standard Chartered plc (United Kingdom)^†(e)	0.991% (1 Yr Treasury CMT + 0.78%	)^#	1/12/2025		76,494		76,497,831

See Notes to Financial Statements.

277

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Standard Chartered plc (United Kingdom)^†(e)	1.214% (1 Yr Treasury CMT + 0.88%	)^#	3/23/2025	$	10,244	$	10,333,445
Standard Chartered plc (United Kingdom)^†(e)	1.319% (1 Yr Treasury CMT + 1.17%	)^#	10/14/2023		24,696		24,929,130
Standard Chartered plc (United Kingdom)^†(e)	2.819% (3 Mo. LIBOR + 1.21%	)^#	1/30/2026		8,168		8,602,081
Standard Chartered plc (United Kingdom)^†(e)	4.247% (3 Mo. LIBOR + 1.15%	)^#	1/20/2023		41,630		42,618,595
Standard Chartered plc (United Kingdom)^†(e)	5.20%		1/26/2024		3,929		4,331,197
SunTrust Bank/Atlanta GA	0.766% (3 Mo. LIBOR + 0.59%	)^#	8/2/2022		4,916		4,921,629
SVB Financial Group	3.50%		1/29/2025		6,009		6,520,592
Swedbank AB (Sweden)^†(e)	0.884% (3 Mo. LIBOR + 0.70%	)^#	3/14/2022		1,300		1,306,021
Swedbank AB (Sweden)^†(e)	1.30%		6/2/2023		63,916		65,014,023
Swedbank AB (Sweden)^†(e)	2.80%		3/14/2022		30,591		31,219,908
Synovus Bank/Columbus G	2.289% (SOFR + 0.95%	)^#	2/10/2023		24,638		24,858,062
Synovus Financial Corp.	3.125%		11/1/2022		1,981		2,043,003
Truist Bank	0.746% (3 Mo. LIBOR + 0.59%	)^#	5/17/2022		260		261,472
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)	5.625%		5/30/2022		34,279		35,123,806
Turkiye Vakiflar Bankasi TAO (Turkey)^†(e)	5.75%		1/30/2023		17,943		18,448,311
UBS AG	7.625%		8/17/2022		153,627		166,633,039
UBS AG (Switzerland)^(e)	5.125%		5/15/2024		73,892		81,741,917
UBS AG (United Kingdom)^†(e)	1.75%		4/21/2022		28,736		29,102,129
UBS Group AG (Switzerland)^†(e)	1.008% (1 Yr Treasury CMT + .83%	)^#	7/30/2024		41,646		42,033,699
UBS Group AG (Switzerland)^†(e)	1.37% (3 Mo. LIBOR + 1.22%	)^#	5/23/2023		83,148		84,011,826
UBS Group Funding Switzerland AG (Switzerland)^†(e)	2.859% (3 Mo. LIBOR + .95%	)^#	8/15/2023		10,282		10,580,535
Wells Fargo & Co.	1.416% (3 Mo. LIBOR + 1.23%	)^#	10/31/2023		38,415		38,989,940
Wells Fargo & Co.	2.188% (SOFR + 2.00%	)^#	4/30/2026		106,044		110,616,997
Wells Fargo & Co.	3.00%		2/19/2025		24,618		26,497,655
Wells Fargo & Co.	3.55%		9/29/2025		12,924		14,269,492
Wells Fargo & Co.	3.75%		1/24/2024		8,705		9,414,499
Zions Bancorp N.A.	3.35%		3/4/2022		36,198		36,912,237
Total							5,520,219,100

278	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages 0.01%
Bacardi Ltd.^†	4.45%	5/15/2025	$	2,400	$	2,679,264
Pernod Ricard SA (France)^†(e)	4.25%	7/15/2022		4,722		4,922,120
Total						7,601,384

Biotechnology Research & Production 0.03%
Royalty Pharma plc^†	1.20%	9/2/2025		16,764		16,641,791

Building Materials 0.06%
Forterra Finance LLC/FRTA Finance Corp.^†	6.50%	7/15/2025		3,623		3,912,134
PGT Innovations, Inc.^†	6.75%	8/1/2026		11,039		11,694,385
Summit Materials LLC/Summit Materials
Finance Corp.^†	5.125%	6/1/2025		20,237		20,563,726
Total						36,170,245

Business Services 0.28%
Adani Ports & Special Economic Zone Ltd. (India)^†(e)	3.375%	7/24/2024		30,600		32,143,812
IHS Markit Ltd. (United Kingdom)^(e)	4.125%	8/1/2023		30,011		32,128,126
IHS Markit Ltd. (United Kingdom)^†(e)	5.00%	11/1/2022		18,588		19,532,486
Laureate Education, Inc.^†	8.25%	5/1/2025		3,147		3,278,623
Nielsen Co. Luxembourg S.a.r.l. (The) (Luxembourg)^†(e)	5.00%	2/1/2025		3,930		4,042,988
Sabre GLBL, Inc.^†	7.375%	9/1/2025		31,081		33,528,629
Square, Inc.^†	2.75%	6/1/2026		19,952		20,138,551
Triton Container International Ltd.^†(a)	1.15%	6/7/2024		20,833		20,847,561
Total						165,640,776

Chemicals 0.47%
Celanese US Holdings LLC	4.625%	11/15/2022		13,876		14,679,105
Celanese US Holdings LLC	5.875%	6/15/2021		48,314		48,405,539
International Flavors & Fragrances, Inc.^†	1.23%	10/1/2025		149,760		149,412,758
Mosaic Co. (The)	3.25%	11/15/2022		7,543		7,830,763
Mosaic Co. (The)	3.75%	11/15/2021		8,984		9,047,054
Orbia Advance Corp. SAB de CV (Mexico)^†(e)	1.875%	5/11/2026		26,739		26,934,195
Tronox, Inc.^†	6.50%	5/1/2025		21,610		23,060,571
Total						279,369,985

Computer Hardware 0.86%
Banff Merger Sub, Inc.^†	9.75%	9/1/2026		82,870		87,842,200
Dell International LLC/EMC Corp.^†	4.00%	7/15/2024		11,901		12,954,730
Dell International LLC/EMC Corp.^†	5.45%	6/15/2023		240,594		261,910,715
Dell International LLC/EMC Corp.^†	5.85%	7/15/2025		37,892		44,423,207

See Notes to Financial Statements.

279

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware (continued)
Dell International LLC/EMC Corp.^†	6.02%		6/15/2026	$	21,362	$	25,478,492
Hewlett Packard Enterprise Co.	0.914% (3 Mo. LIBOR + .72%	)^#	10/5/2021		80,154		80,167,551
Total							512,776,895

Computer Software 0.29%
Boxer Parent Co., Inc.^†	9.125%		3/1/2026		13,476		14,210,644
BY Crown Parent LLC^†	7.375%		10/15/2024		16,607		16,977,917
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.^†	5.75%		3/1/2025		60,969		62,117,656
Solera LLC/Solera Finance, Inc.^†	10.50%		3/1/2024		77,891		80,159,576
Total							173,465,793

Construction/Homebuilding 0.37%
Century Communities, Inc.	5.875%		7/15/2025		18,445		19,114,738
D.R. Horton, Inc.	2.60%		10/15/2025		26,543		28,090,458
D.R. Horton, Inc.	4.375%		9/15/2022		9,256		9,627,698
D.R. Horton, Inc.	4.75%		2/15/2023		4,041		4,290,349
D.R. Horton, Inc.	5.75%		8/15/2023		25,989		28,561,768
Lennar Corp.	4.50%		4/30/2024		33,705		36,966,296
Lennar Corp.	4.75%		5/30/2025		17,145		19,265,408
Lennar Corp.	4.875%		12/15/2023		16,083		17,574,055
Lennar Corp.	5.25%		6/1/2026		13,975		16,190,038
LGI Homes, Inc.^†	6.875%		7/15/2026		26,177		27,282,978
M/I Homes, Inc.	5.625%		8/1/2025		13,625		14,117,476
Total							221,081,262

Diversified 0.02%
KOC Holding AS (Turkey)^†(e)	5.25%		3/15/2023		14,301		14,759,905

Drugs 1.38%
AbbVie, Inc.	0.61% (3 Mo. LIBOR + 0.46%	)^#	11/19/2021		13,581		13,603,273
AbbVie, Inc.	2.30%		11/21/2022		11,903		12,249,988
Bausch Health Cos., Inc.^†	5.50%		11/1/2025		34,978		35,950,388
Bausch Health Cos., Inc.^†	6.125%		4/15/2025		47,069		48,198,185
Bausch Health Cos., Inc.^†	7.00%		3/15/2024		75,373		77,042,512
Bayer US Finance II LLC^†	0.831% (3 Mo. LIBOR + 0.63%	)^#	6/25/2021		90,398		90,436,306
Bayer US Finance II LLC^†	1.194% (3 Mo. LIBOR + 1.01%	)^#	12/15/2023		125,880		127,804,705

280	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Drugs (continued)
Bayer US Finance II LLC^†	3.875%		12/15/2023	$	138,894	$	149,489,593
Bayer US Finance II LLC^†	4.25%		12/15/2025		92,758		104,063,133
Becton Dickinson & Co.	1.206% (3 Mo. LIBOR + 1.03%	)^#	6/6/2022		51,169		51,625,240
Cardinal Health, Inc.	0.954% (3 Mo. LIBOR + 0.77%	)^#	6/15/2022		44,609		44,883,245
Cardinal Health, Inc.	3.079%		6/15/2024		21,883		23,320,908
Cigna Corp.	1.074% (3 Mo. LIBOR + 0.89%	)^#	7/15/2023		43,170		43,777,243
Zoetis, Inc.	0.595% (3 Mo. LIBOR + 0.44%	)^#	8/20/2021		1,422		1,423,240
Total							823,867,959

Electric: Power 3.31%
AES Corp. (The)^†	3.30%		7/15/2025		66,888		71,437,722
Alexander Funding Trust^†	1.841%		11/15/2023		84,786		86,141,040
American Transmission Systems, Inc.^†	5.25%		1/15/2022		9,608		9,873,752
Ausgrid Finance Pty Ltd. (Australia)^†(e)	3.85%		5/1/2023		74,470		77,985,269
Calpine Corp.^†	5.25%		6/1/2026		76,096		78,419,211
Cemig Geracao e Transmissao SA (Brazil)^†(e)	9.25%		12/5/2024		18,598		21,489,524
Cleco Corporate Holdings LLC	3.743%		5/1/2026		2,819		3,098,963
Cleveland Electric Illuminating Co. (The)	5.50%		8/15/2024		10,475		11,933,327
Comision Federal de Electricidad (Mexico)^†(e)	4.875%		1/15/2024		64,830		71,030,665
DTE Energy Co.	3.30%		6/15/2022		1,008		1,034,386
DTE Energy Co.	3.50%		6/1/2024		4,437		4,757,825
Duquesne Light Holdings, Inc.^†	5.90%		12/1/2021		45,591		46,742,445
Emera US Finance LP^†(a)	0.833%		6/15/2024		14,388		14,412,281
Enel Finance International NV (Netherlands)^†(e)	2.65%		9/10/2024		49,598		52,239,518
Enel Finance International NV (Netherlands)^†(e)	2.75%		4/6/2023		123,255		128,147,673
Enel Finance International NV (Netherlands)^†(e)	2.875%		5/25/2022		90,077		92,260,560
Enel Finance International NV (Netherlands)^†(e)	4.25%		9/14/2023		90,795		98,158,758
Enel Finance International NV (Netherlands)^†(e)	4.625%		9/14/2025		36,880		41,927,309
FirstEnergy Corp.	1.60%		1/15/2026		18,065		17,542,418
FirstEnergy Corp.	2.05%		3/1/2025		71,006		71,614,070
FirstEnergy Corp.	4.75%		3/15/2023		77,704		82,062,729
FirstEnergy Transmission LLC^†	4.35%		1/15/2025		55,034		59,907,323
IPALCO Enterprises, Inc.	3.70%		9/1/2024		1,089		1,177,809
Jersey Central Power & Light Co.^†	4.70%		4/1/2024		50,436		54,965,347
NextEra Energy Capital Holdings, Inc.	0.867% (3 Mo. LIBOR + .72%	)^#	2/25/2022		8,011		8,044,788

See Notes to Financial Statements.

281

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
NRG Energy, Inc.^†	3.75%	6/15/2024	$	90,412	$	96,673,067
NRG Energy, Inc.	6.625%	1/15/2027		32,655		33,930,014
OGE Energy Corp.	0.703%	5/26/2023		9,350		9,355,665
Origin Energy Finance Ltd. (Australia)^†(e)	5.45%	10/14/2021		18,130		18,461,299
Pacific Gas and Electric Co.	1.367%	3/10/2023		79,231		79,299,633
Pacific Gas and Electric Co.	3.15%	1/1/2026		196,591		203,749,585
Pacific Gas and Electric Co.	3.25%	6/15/2023		9,548		9,885,693
Pacific Gas and Electric Co.	3.75%	2/15/2024		41,386		43,575,890
PPL Capital Funding, Inc.	3.40%	6/1/2023		13,761		14,443,322
PPL Capital Funding, Inc.	3.95%	3/15/2024		21,165		22,908,670
PSEG Power LLC	4.15%	9/15/2021		1,163		1,164,607
Puget Energy, Inc.	5.625%	7/15/2022		19,415		20,318,858
Puget Energy, Inc.	6.00%	9/1/2021		40,811		41,380,495
TransAlta Corp. (Canada)^(e)	4.50%	11/15/2022		23,370		24,336,700
Vistra Operations Co. LLC^†	3.55%	7/15/2024		145,238		152,782,262
Total						1,978,670,472

Electrical Equipment 1.21%
Broadcom, Inc.	3.15%	11/15/2025		138,325		148,734,828
Broadcom, Inc.	4.25%	4/15/2026		4,782		5,360,285
Broadcom, Inc.	4.70%	4/15/2025		20,464		23,079,166
Microchip Technology, Inc.^†	0.972%	2/15/2024		153,581		153,932,327
Microchip Technology, Inc.^†	2.67%	9/1/2023		126,267		131,675,583
Microchip Technology, Inc.	3.922%	6/1/2021		33,669		33,669,000
Microchip Technology, Inc.^†	4.25%	9/1/2025		21,622		22,717,906
Microchip Technology, Inc.	4.333%	6/1/2023		64,279		68,882,681
NXP BV/NXP Funding LLC (Netherlands)^†(e)	3.875%	9/1/2022		71,533		74,421,897
SK Hynix, Inc. (South Korea)^†(e)	1.00%	1/19/2024		28,477		28,466,411
SK Hynix, Inc. (South Korea)^†(e)	1.50%	1/19/2026		34,161		34,002,350
Total						724,942,434

Electronics 0.12%
Flex Ltd.	3.75%	2/1/2026		65,970		71,982,867

Energy Equipment & Services 0.14%
Enviva Partners LP/Enviva Partners Finance Corp.^†	6.50%	1/15/2026		17,776		18,653,779
Greenko Dutch BV (Netherlands)^†(e)	3.85%	3/29/2026		32,348		33,112,707
Greenko Mauritius Ltd. (India)^†(e)	6.25%	2/21/2023		30,255		31,275,963
Total						83,042,449

282	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Entertainment 0.20%
Caesars Entertainment, Inc.^†	6.25%	7/1/2025	$	58,933	$	62,184,334
Caesars Resort Collection LLC/CRC Finco, Inc.^†	5.75%	7/1/2025		10,798		11,338,116
International Game Technology plc^†	4.125%	4/15/2026		17,293		17,877,763
International Game Technology plc^†	6.50%	2/15/2025		13,074		14,500,635
Scientific Games International, Inc.^†	8.625%	7/1/2025		8,113		8,856,556
Vail Resorts, Inc.^†	6.25%	5/15/2025		5,000		5,319,200
Total						120,076,604

Financial Services 3.53%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	2.875%	8/14/2024		30,354		31,768,866
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	3.50%	1/15/2025		22,804		24,145,880
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.625%	7/1/2022		4,500		4,694,478
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.875%	1/16/2024		18,092		19,747,099
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	6.50%	7/15/2025		23,021		26,986,097
Air Lease Corp.	1.875%	8/15/2026		40,588		40,486,396
Air Lease Corp.	4.25%	2/1/2024		24,197		26,304,281
Aircastle Ltd.	4.125%	5/1/2024		3,461		3,684,326
Aircastle Ltd.	4.40%	9/25/2023		51,354		55,066,029
Aircastle Ltd.	5.00%	4/1/2023		39,893		42,740,477
Aircastle Ltd.	5.50%	2/15/2022		37,960		39,241,688
Alliance Data Systems Corp.^†	4.75%	12/15/2024		77,126		79,536,188
Alliance Data Systems Corp.^†	7.00%	1/15/2026		54,232		58,300,213
Ally Financial, Inc.	1.45%	10/2/2023		11,837		12,027,854
Ally Financial, Inc.	3.875%	5/21/2024		79,117		85,779,712
Ally Financial, Inc.	4.125%	2/13/2022		9,982		10,240,973
Ally Financial, Inc.	4.625%	3/30/2025		31,811		35,839,543
Ally Financial, Inc.	5.125%	9/30/2024		91,001		103,068,633
Ally Financial, Inc.	5.75%	11/20/2025		133,544		153,738,032
Aviation Capital Group LLC^†	1.95%	1/30/2026		27,395		27,229,008
Aviation Capital Group LLC^†	2.875%	1/20/2022		9,356		9,468,857
Aviation Capital Group LLC^†	3.875%	5/1/2023		42,516		44,587,211
Aviation Capital Group LLC^†	5.50%	12/15/2024		56,550		63,782,388
Avolon Holdings Funding Ltd. (Ireland)^†(e)	2.125%	2/21/2026		23,024		22,772,204
Avolon Holdings Funding Ltd. (Ireland)^†(e)	3.625%	5/1/2022		26,356		27,008,467
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.25%	4/15/2026		22,567		24,290,791

See Notes to Financial Statements.

283

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
Avolon Holdings Funding Ltd. (Ireland)^†(e)	4.375%		5/1/2026	$	19,759	$	21,321,560
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.125%		10/1/2023		112,721		121,673,797
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.25%		5/15/2024		45,566		50,067,798
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.50%		1/15/2023		27,137		28,807,507
Avolon Holdings Funding Ltd. (Ireland)^†(e)	5.50%		1/15/2026		20,268		22,796,202
Capital One Financial Corp.	0.906% (3 Mo. LIBOR + .72%	)^#	1/30/2023		23,854		24,065,651
Capital One Financial Corp.	1.135% (3 Mo. LIBOR + .95%	)^#	3/9/2022		21,996		22,133,503
Discover Financial Services	5.20%		4/27/2022		35,582		37,099,218
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%		9/15/2024		42,755		42,254,672
Jefferies Financial Group, Inc.	5.50%		10/18/2023		52,803		56,975,684
Jefferies Group LLC	5.125%		1/20/2023		21,992		23,619,544
Muthoot Finance Ltd. (India)^†(e)	4.40%		9/2/2023		24,876		25,445,660
Muthoot Finance Ltd. (India)^†(e)	6.125%		10/31/2022		25,282		26,307,817
Navient Corp.	5.50%		1/25/2023		49,868		52,236,730
Navient Corp.	5.875%		10/25/2024		77,407		82,440,390
Navient Corp.	6.125%		3/25/2024		30,465		32,692,448
Navient Corp.	6.50%		6/15/2022		11,898		12,463,155
Navient Corp.	7.25%		1/25/2022		14,897		15,455,638
Navient Corp.	7.25%		9/25/2023		8,000		8,790,600
Nuveen Finance LLC^†	4.125%		11/1/2024		622		689,330
OneMain Finance Corp.	5.625%		3/15/2023		14,711		15,593,660
OneMain Finance Corp.	6.125%		5/15/2022		14,919		15,547,836
OneMain Finance Corp.	6.125%		3/15/2024		42,165		45,485,494
OneMain Finance Corp.	8.25%		10/1/2023		35,967		40,801,504
OneMain Finance Corp.	8.875%		6/1/2025		5,393		5,952,146
Park Aerospace Holdings Ltd. (Ireland)^†(e)	4.50%		3/15/2023		54,041		56,716,015
Park Aerospace Holdings Ltd. (Ireland)^†(e)	5.25%		8/15/2022		23,209		24,406,285
Park Aerospace Holdings Ltd. (Ireland)^†(e)	5.50%		2/15/2024		116,071		127,636,962
Total							2,112,012,497

Food 0.17%
Albertsons Cos., Inc./Safeway, Inc./Albertsons LP/ Albertsons LLC	5.75%		3/15/2025		3,194		3,284,262
Chobani LLC/Chobani Finance Corp., Inc.^†	7.50%		4/15/2025		35,850		37,348,351
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)^†(e)	5.625%		8/15/2026		37,082		38,266,770
Fresh Market, Inc. (The)^†	9.75%		5/1/2023		76		78,290
Ingles Markets, Inc.	5.75%		6/15/2023		14,653		14,740,405

284	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Food (continued)
Kraft Heinz Foods Co.	3.00%		6/1/2026	$	8,397	$	8,870,488
Total							102,588,566

Health Care Services 1.17%
Centene Corp.^†	5.375%		6/1/2026		74,677		77,884,377
Centene Corp.^†	5.375%		8/15/2026		45,807		47,984,207
CommonSpirit Health	1.547%		10/1/2025		23,055		23,331,302
Fresenius Medical Care US Finance II, Inc.^†	4.75%		10/15/2024		14,720		16,415,402
Fresenius Medical Care US Finance II, Inc.^†	5.875%		1/31/2022		35,647		36,877,234
Fresenius Medical Care US Finance III, Inc.^†	1.875%		12/1/2026		51,868		52,165,387
HCA, Inc.	5.00%		3/15/2024		36,593		40,821,035
HCA, Inc.	5.25%		4/15/2025		193,688		223,218,885
HCA, Inc.	5.25%		6/15/2026		80,304		93,428,384
HCA, Inc.	8.36%		4/15/2024		24,106		28,505,345
Molina Healthcare, Inc.	5.375%		11/15/2022		33,078		34,649,205
Select Medical Corp.^†	6.25%		8/15/2026		20,500		21,659,582
Universal Health Services, Inc.^†	5.00%		6/1/2026		997		1,025,813
Total							697,966,158

Household Equipment/Products 0.34%
Newell Brands, Inc.	4.35%		4/1/2023		56,481		59,479,859
Newell Brands, Inc.	4.875%		6/1/2025		10,464		11,664,064
Reckitt Benckiser Treasury Services plc (United Kingdom)^†(e)	0.751% (3 Mo. LIBOR + .56%	)^#	6/24/2022		130,130		130,824,079
Total							201,968,002

Household Furnishings 0.00%
Leggett & Platt, Inc.	3.40%		8/15/2022		1,394		1,429,177

Insurance 0.57%
Allstate Corp. (The)	0.823% (3 Mo. LIBOR + .63%	)^#	3/29/2023		7,774		7,842,731
Assurant, Inc.	4.20%		9/27/2023		27,407		29,564,915
Brighthouse Financial Global Funding^†	1.55%		5/24/2026		16,060		16,142,674
CNA Financial Corp.	7.25%		11/15/2023		3,983		4,628,825
CNO Financial Group, Inc.	5.25%		5/30/2025		90,846		103,181,451
Fidelity & Guaranty Life Holdings, Inc.^†	5.50%		5/1/2025		49,979		57,757,227
Fidelity National Financial, Inc.	5.50%		9/1/2022		1,132		1,201,088
GA Global Funding Trust^†	1.625%		1/15/2026		21,055		21,333,080
Jackson National Life Global Funding^†	0.923% (3 Mo. LIBOR + .73%	)^#	6/27/2022		9,982		10,047,555
Kemper Corp.	4.35%		2/15/2025		25,199		27,670,968

See Notes to Financial Statements.

285

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Insurance (continued)
Old Republic International Corp.	4.875%		10/1/2024	$	2,540	$	2,847,672
Peachtree Corners Funding Trust^†	3.976%		2/15/2025		21,890		24,073,090
Protective Life Global Funding^†	1.17%		7/15/2025		17,813		17,814,837
Unum Group	4.00%		3/15/2024		1,158		1,256,414
USI Inc/NY^†	6.875%		5/1/2025		16,308		16,598,772
Total							341,961,299

Leasing 0.04%
GATX Corp.	0.896% (3 Mo. LIBOR + .72%	)^#	11/5/2021		1,098		1,100,434
GATX Corp.	4.35%		2/15/2024		17,527		19,182,962
Penske Truck Leasing Co., LP/PTL Finance Corp.^†	3.375%		2/1/2022		4,991		5,066,417
Total							25,349,813

Leisure 0.52%
Carnival Corp.^†	11.50%		4/1/2023		170,040		194,775,719
NCL Corp. Ltd.^†	5.875%		3/15/2026		28,637		29,890,012
Royal Caribbean Cruises Ltd.^†	11.50%		6/1/2025		75,654		87,670,125
Total							312,335,856

Lodging 0.35%
Diamond Resorts International, Inc.^†	7.75%		9/1/2023		8,325		8,668,448
Diamond Resorts International, Inc.^†	10.75%		9/1/2024		2,775		2,910,697
Las Vegas Sands Corp.	3.20%		8/8/2024		84,628		89,023,268
Marriott International, Inc.	5.75%		5/1/2025		46,654		54,150,979
MGM Resorts International	6.00%		3/15/2023		6,413		6,853,894
MGM Resorts International	6.75%		5/1/2025		14,690		15,767,585
Travel + Leisure Co.	6.60%		10/1/2025		5,006		5,652,324
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	4.25%		5/30/2023		8,311		8,554,097
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%		3/1/2025		15,581		16,632,215
Total							208,213,507

Machinery: Agricultural 0.97%
BAT Capital Corp.	1.036% (3 Mo. LIBOR + .88%	)^#	8/15/2022		14,546		14,649,418
BAT Capital Corp.	2.789%		9/6/2024		27,255		28,734,305
BAT Capital Corp.	3.222%		8/15/2024		166,397		177,276,249
BAT International Finance plc (United Kingdom)^(e)	1.668%		3/25/2026		42,795		42,727,847
BAT International Finance plc (United Kingdom)^†(e)	3.95%		6/15/2025		19,560		21,582,198
Imperial Brands Finance plc (United Kingdom)^†(e)	3.125%		7/26/2024		166,275		176,445,358
Imperial Brands Finance plc (United Kingdom)^†(e)	3.50%		2/11/2023		16,877		17,504,307
Imperial Brands Finance plc (United Kingdom)^†(e)	3.75%		7/21/2022		12,867		13,240,701

286	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Machinery: Agricultural (continued)
Reynolds American, Inc.	4.45%		6/12/2025	$	41,974	$	46,688,587
Viterra Finance BV (Netherlands)^†(e)	2.00%		4/21/2026		44,780		44,678,972
Total							583,527,942

Machinery: Industrial/Specialty 0.52%
CNH Industrial Capital LLC	4.375%		4/5/2022		49,589		51,251,544
CNH Industrial NV (United Kingdom)^(e)	4.50%		8/15/2023		82,516		89,443,958
Flowserve Corp.	4.00%		11/15/2023		6,798		7,225,558
Nvent Finance S.a.r.l. (Luxembourg)^(e)	3.95%		4/15/2023		42,259		44,328,540
Otis Worldwide Corp.	0.644% (3 Mo. LIBOR + .45%	)^#	4/5/2023		4,836		4,836,264
Wabtec Corp.	4.375%		8/15/2023		25,687		27,396,762
Welbilt, Inc.	9.50%		2/15/2024		1,050		1,103,813
Westinghouse Air Brake Technologies Corp.	3.20%		6/15/2025		9,811		10,480,792
Westinghouse Air Brake Technologies Corp.	4.40%		3/15/2024		66,622		72,678,962
Total							308,746,193

Media 0.69%
Altice Financing SA (Luxembourg)^†(e)	7.50%		5/15/2026		85,330		88,975,298
CCO Holdings LLC / CCO Holdings Capital Corp.^†	5.50%		5/1/2026		23,037		23,842,143
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.75%		2/15/2026		9,577		9,914,589
Clear Channel Worldwide Holdings, Inc.	9.25%		2/15/2024		4,357		4,578,118
CSC Holdings LLC	6.75%		11/15/2021		15,692		16,097,010
DISH DBS Corp.	5.875%		7/15/2022		46,125		48,027,656
DISH DBS Corp.	6.75%		6/1/2021		104,066		104,066,000
iHeartCommunications, Inc.	6.375%		5/1/2026		25,796		27,587,022
Sirius XM Radio, Inc.^†	3.875%		8/1/2022		9,248		9,300,159
Sirius XM Radio, Inc.^†	5.375%		7/15/2026		70,544		72,845,851
Virgin Media Secured Finance plc (United Kingdom)^†(e)	5.50%		8/15/2026		7,000		7,267,750
Total							412,501,596

Metal Fabricating 0.03%
Hillman Group, Inc. (The)^†	6.375%		7/15/2022		17,670		17,691,204

Metals & Minerals: Miscellaneous 1.32%
Alcoa Nederland Holding BV (Netherlands)^†(e)	5.50%		12/15/2027		33,223		36,045,792
Anglo American Capital plc (United Kingdom)^†(e)	3.625%		9/11/2024		108,828		118,159,104
Anglo American Capital plc (United Kingdom)^†(e)	4.875%		5/14/2025		90,188		102,286,717
Anglo American Capital plc (United Kingdom)^†(e)	5.375%		4/1/2025		89,004		102,145,462
FMG Resources August 2006 Pty Ltd. (Australia)^†(e)	5.125%		5/15/2024		9,885		10,792,146
Freeport-McMoRan, Inc.	3.875%		3/15/2023		28,124		29,195,665

See Notes to Financial Statements.

287

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Fair Value
Metals & Minerals: Miscellaneous (continued)
Freeport-McMoRan, Inc.	4.55%	11/14/2024	$	55,328	$	60,103,913
Glencore Finance Canada Ltd. (Canada)^†(e)	4.25%	10/25/2022		76,066		79,920,352
Glencore Funding LLC^†	1.625%	4/27/2026		28,258		28,275,821
Glencore Funding LLC^†	4.125%	5/30/2023		54,511		58,099,802
Glencore Funding LLC^†	4.125%	3/12/2024		62,745		67,968,066
Glencore Funding LLC^†	4.625%	4/29/2024		41,770		46,134,788
Kinross Gold Corp. (Canada)^(e)	5.95%	3/15/2024		42,328		47,698,792
Novelis Corp.^†	5.875%	9/30/2026		1,015		1,060,081
Total						787,886,501

Natural Gas 0.41%
Atmos Energy Corp.	0.625%	3/9/2023		32,511		32,542,950
Eastern Energy Gas Holdings LLC	3.60%	12/15/2024		497		544,130
National Fuel Gas Co.	3.75%	3/1/2023		19,487		20,390,218
National Fuel Gas Co.	5.50%	1/15/2026		90,555		105,219,428
National Fuel Gas Co.	7.395%	3/30/2023		3,993		4,347,428
ONE Gas, Inc.	0.85%	3/11/2023		40,594		40,642,590
ONE Gas, Inc.	1.10%	3/11/2024		40,594		40,637,574
Total						244,324,318

Oil 4.13%
Callon Petroleum Co.	6.25%	4/15/2023		67,099		63,556,173
Cenovus Energy, Inc. (Canada)^(e)	3.80%	9/15/2023		4,968		5,249,422
Cenovus Energy, Inc. (Canada)^(e)	4.00%	4/15/2024		44,593		47,905,255
Cenovus Energy, Inc. (Canada)^(e)	5.375%	7/15/2025		62,602		71,482,573
Cimarex Energy Co.	4.375%	6/1/2024		93,364		102,118,000
Comstock Resources, Inc.^†	7.50%	5/15/2025		6,048		6,280,878
Comstock Resources, Inc.	9.75%	8/15/2026		45,178		49,106,679
Continental Resources, Inc.	3.80%	6/1/2024		85,280		89,656,570
Continental Resources, Inc.	4.50%	4/15/2023		14,959		15,636,493
CrownRock LP/CrownRock Finance, Inc.^†	5.625%	10/15/2025		68,667		70,994,125
Diamondback Energy, Inc.	0.90%	3/24/2023		53,659		53,691,334
Diamondback Energy, Inc.	2.875%	12/1/2024		76,994		81,915,724
Diamondback Energy, Inc.	4.75%	5/31/2025		33,609		38,077,720
Diamondback Energy, Inc.	5.375%	5/31/2025		216,625		222,706,623
Eni SpA (Italy)^†(e)	4.00%	9/12/2023		29,551		31,714,390
EQT Corp.^†	3.125%	5/15/2026		17,876		18,250,949
Equinor ASA (Norway)^†(e)	7.875%	12/9/2022		7,000		7,801,777
Harvest Operations Corp. (Canada)^†(e)	1.00%	4/26/2024		23,800		23,814,362

288	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Oil (continued)
Harvest Operations Corp. (Canada)^†(e)	4.20%		6/1/2023	$	8,450	$	9,039,995
Helmerich & Payne, Inc.	4.65%		3/15/2025		32,383		35,765,427
Hess Corp.	3.50%		7/15/2024		9,413		10,026,663
Laredo Petroleum, Inc.	9.50%		1/15/2025		38,716		40,658,962
Marathon Petroleum Corp.	5.125%		4/1/2024		8,415		8,495,086
Matador Resources Co.	5.875%		9/15/2026		89,646		90,094,230
MEG Energy Corp. (Canada)^†(e)	6.50%		1/15/2025		101,102		104,745,716
Murphy Oil Corp.	6.875%		8/15/2024		59,047		60,542,956
Occidental Petroleum Corp.	1.606% (3 Mo. LIBOR + 1.45%	)^#	8/15/2022		114,113		113,292,910
Occidental Petroleum Corp.	2.90%		8/15/2024		77,903		77,805,621
Occidental Petroleum Corp.	3.45%		7/15/2024		4,092		4,118,496
Occidental Petroleum Corp.	6.95%		7/1/2024		48,261		53,726,558
OGX Austria GmbH (Brazil)^†(f)(e)	8.50%		6/1/2018		31,150		623
Parsley Energy LLC/Parsley Finance Corp.^†	4.125%		2/15/2028		26,480		27,899,328
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%		10/15/2027		7,976		8,623,651
PDC Energy, Inc.	5.75%		5/15/2026		30,422		31,791,294
PDC Energy, Inc.	6.125%		9/15/2024		10,887		11,145,566
Petroleos Mexicanos (Mexico)^(e)	3.827% (3 Mo. LIBOR + 3.65%	)^#	3/11/2022		23,850		24,264,274
Petroleos Mexicanos (Mexico)^(e)	4.25%		1/15/2025		43,137		44,599,776
Petroleos Mexicanos (Mexico)^(e)	5.375%		3/13/2022		27,589		28,437,638
Petroleos Mexicanos (Mexico)^†(e)	6.875%		10/16/2025		13,845		15,480,787
Precision Drilling Corp. (Canada)^(e)	7.75%		12/15/2023		20,877		21,122,305
Range Resources Corp.	9.25%		2/1/2026		30,161		33,305,284
Reliance Industries Ltd. (India)^†(e)	5.40%		2/14/2022		78,805		81,329,557
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	1.625%		11/24/2025		12,509		12,729,113
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	2.875%		4/16/2024		26,491		28,096,766
SM Energy Co.	6.125%		11/15/2022		57,934		57,825,374
SM Energy Co.^†	10.00%		1/15/2025		42,243		47,928,908
Suncor Energy Ventures Corp. (Canada)^†(e)	4.50%		4/1/2022		17,525		17,971,250
Suncor Energy, Inc. (Canada)^(e)	7.875%		6/15/2026		14,077		17,987,122
Suncor Energy, Inc. (Canada)^(e)	9.25%		10/15/2021		23,330		24,103,011
Tengizchevroil Finance Co. International Ltd.(Kazakhstan)^†(e)	2.625%		8/15/2025		48,251		49,338,819
Valero Energy Corp.	1.20%		3/15/2024		38,501		38,954,454
Valero Energy Corp.	2.70%		4/15/2023		41,560		43,245,603
Valero Energy Corp.	2.85%		4/15/2025		44,259		46,996,665
Valero Energy Corp.	3.65%		3/15/2025		14,003		15,252,005

See Notes to Financial Statements.

289

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Viper Energy Partners LP^†	5.375%		11/1/2027	$	23,448	$	24,415,230
WPX Energy, Inc.	5.25%		9/15/2024		57,512		63,871,964
WPX Energy, Inc.	5.25%		10/15/2027		17,999		19,285,928
WPX Energy, Inc.	5.75%		6/1/2026		28,235		29,492,728
Total							2,473,766,690

Oil: Crude Producers 2.17%
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		170,595		196,081,712
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		140,358		161,381,096
Energy Transfer Operating LP	4.25%		3/15/2023		44,674		47,053,555
Energy Transfer Operating LP	5.875%		1/15/2024		104,792		116,624,710
Florida Gas Transmission Co. LLC^†	3.875%		7/15/2022		3,623		3,719,160
Kinder Morgan Inc	1.464% (3 Mo. LIBOR + 1.28%	)^#	1/15/2023		11,775		11,949,764
Midwest Connector Capital Co. LLC^†	3.625%		4/1/2022		23,460		23,845,832
MPLX LP	1.285% (3 Mo. LIBOR + 1.10%	)^#	9/9/2022		184,195		184,309,790
MPLX LP	3.50%		12/1/2022		2,009		2,092,279
MPLX LP	4.00%		2/15/2025		6,987		7,675,599
NGPL PipeCo LLC^†	4.375%		8/15/2022		98,810		102,372,017
NOVA Gas Transmission Ltd. (Canada)^(e)	7.875%		4/1/2023		9,276		10,462,971
ONEOK Partners LP	4.90%		3/15/2025		22,345		25,029,124
ONEOK Partners LP	5.00%		9/15/2023		5,106		5,545,259
ONEOK, Inc.	7.50%		9/1/2023		28,775		32,665,935
Sabine Pass Liquefaction LLC	5.625%		4/15/2023		126,720		136,763,711
Sabine Pass Liquefaction LLC	5.75%		5/15/2024		154,737		174,800,724
Texas Eastern Transmission LP^†	2.80%		10/15/2022		15,598		15,978,527
Western Midstream Operating LP	2.288% (3 Mo. LIBOR + 2.10%	)^#	1/13/2023		38,049		37,963,670
Total							1,296,315,435

Oil: Integrated Domestic 0.05%
Oceaneering International, Inc.	4.65%		11/15/2024		28,225		28,363,585

Paper & Forest Products 0.00%
Suzano Austria GmbH (Brazil)^†(e)	5.75%		7/14/2026		1,525		1,794,162

Real Estate Investment Trusts 1.28%
Brixmor Operating Partnership LP	1.226% (3 Mo. LIBOR + 1.05%	)^#	2/1/2022		1,112		1,116,215
Brixmor Operating Partnership LP	3.65%		6/15/2024		39,260		42,387,418
Country Garden Holdings Co. Ltd. (China)^(e)	7.125%		1/27/2022		21,656		22,446,444
EPR Properties	4.75%		12/15/2026		7,915		8,347,973
Equinix, Inc.	5.375%		5/15/2027		257,532		276,206,843

290	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Fair Value
Real Estate Investment Trusts (continued)
ESH Hospitality, Inc.^†	5.25%	5/1/2025	$	32,619	$	33,271,380
GLP Capital LP/GLP Financing II, Inc.	5.25%	6/1/2025		25,105		28,438,819
HAT Holdings I LLC/HAT Holdings II LLC^†	5.25%	7/15/2024		37,835		39,021,316
HAT Holdings I LLC/HAT Holdings II LLC^†	6.00%	4/15/2025		31,191		32,945,494
Host Hotels & Resorts LP	3.75%	10/15/2023		3,928		4,150,681
Kilroy Realty LP	3.45%	12/15/2024		25,693		27,568,492
Kilroy Realty LP	4.375%	10/1/2025		11,879		13,208,994
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	5.25%	3/15/2022		38,016		38,396,160
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	7.50%	6/1/2025		4,147		4,490,786
SITE Centers Corp.	3.625%	2/1/2025		3,454		3,633,814
SL Green Operating Partnership LP	3.25%	10/15/2022		40,027		41,341,443
SL Green Realty Corp.	4.50%	12/1/2022		45,876		47,954,199
VEREIT Operating Partnership LP	4.625%	11/1/2025		24,210		27,533,263
Vornado Realty LP	2.15%	6/1/2026		9,669		9,758,559
Vornado Realty LP	3.50%	1/15/2025		6,491		6,932,429
WEA Finance LLC/Westfield UK & Europe Finance plc^†	3.75%	9/17/2024		48,489		51,801,476
Weyerhaeuser Co.	8.50%	1/15/2025		4,378		5,495,382
Total						766,447,580

Retail 0.08%
Arcos Dorados Holdings, Inc. (Uruguay)^†(e)	5.875%	4/4/2027		30,684		32,417,953
IRB Holding Corp.^†	6.75%	2/15/2026		4,887		5,058,069
L Brands, Inc.^†	9.375%	7/1/2025		8,720		11,122,840
Total						48,598,862

Savings & Loan 0.06%
People’s United Financial, Inc.	3.65%	12/6/2022		34,188		35,538,250

Steel 0.24%
CSN Resources SA (Brazil)^†(e)	7.625%	2/13/2023		23,571		24,555,325
CSN Resources SA (Brazil)^(e)	7.625%	2/13/2023		29,225		30,445,436
CSN Resources SA (Brazil)^†(e)	7.625%	4/17/2026		3,886		4,188,175
POSCO (South Korea)^†(e)	2.375%	11/12/2022		27,050		27,658,456
Steel Dynamics, Inc.	5.00%	12/15/2026		52,105		54,558,807
Total						141,406,199

Technology 0.85%
Baidu, Inc. (China)^(e)	3.075%	4/7/2025		6,600		6,978,946
Baidu, Inc. (China)^(e)	3.875%	9/29/2023		104,889		111,842,164

See Notes to Financial Statements.

291

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Technology (continued)
Baidu, Inc. (China)^(e)	4.375%		5/14/2024	$	118,484	$	129,774,857
E*TRADE Financial Corp.	2.95%		8/24/2022		24,738		25,488,992
eBay, Inc.	1.056% (3 Mo. LIBOR + .87%	)^#	1/30/2023		9,131		9,229,040
Meituan (China)^†(e)	2.125%		10/28/2025		21,199		21,025,319
Netflix, Inc.^†	3.625%		6/15/2025		37,758		40,533,968
Netflix, Inc.	4.375%		11/15/2026		8,434		9,523,125
Uber Technologies, Inc.^†	7.50%		5/15/2025		36,413		39,353,350
Uber Technologies, Inc.^†	8.00%		11/1/2026		48,853		52,839,649
VeriSign, Inc.	4.625%		5/1/2023		16,048		16,103,927
VeriSign, Inc.	5.25%		4/1/2025		10,000		11,390,350
Weibo Corp. (China)^(e)	3.50%		7/5/2024		30,217		31,866,797
Total							505,950,484

Telecommunications 0.13%
Altice France SA (France)^†(e)	7.375%		5/1/2026		58,405		60,809,534
CommScope, Inc.^†	5.50%		3/1/2024		11,644		11,992,738
T-Mobile USA, Inc.	4.50%		2/1/2026		8,000		8,212,880
Total							81,015,152

Toys 0.13%
Hasbro, Inc.	3.00%		11/19/2024		25,290		27,003,114
Hasbro, Inc.	3.55%		11/19/2026		8,130		8,913,964
Mattel, Inc.	3.15%		3/15/2023		12,637		12,956,716
Mattel, Inc.^†	3.375%		4/1/2026		20,534		21,310,596
Mattel, Inc.^†	6.75%		12/31/2025		7,427		7,834,817
Total							78,019,207

Transportation: Miscellaneous 0.14%
Huntington Ingalls Industries, Inc.	3.844%		5/1/2025		26,743		29,386,973
Pelabuhan Indonesia III Persero PT (Indonesia)^†(e)	4.50%		5/2/2023		20,485		21,781,189
Rumo Luxembourg S.a.r.l. (Luxembourg)^†(e)	5.875%		1/18/2025		20,600		21,702,100
XPO Logistics, Inc.^†	6.25%		5/1/2025		12,083		12,935,697
Total							85,805,959

Wholesale 0.03%
Core & Main Holdings LP PIK 9.375%^†	8.625%		9/15/2024		8,150		8,326,203
Core & Main LP^†	6.125%		8/15/2025		8,188		8,372,230
Total							16,698,433
Total Corporate Bonds (cost $24,888,876,768)							25,481,458,145

292	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
FLOATING RATE LOANS^(g)8.42%

Aerospace/Defense 0.74%
Boeing Company The Delayed Draw Term Loan	1.434% (3 Mo. LIBOR + 1.25%	)	2/7/2022	$	442,931	$	443,152,760
Air Transportation 0.34%
AAdvantage Loyalty IP Ltd. 2021 Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	4/20/2028		49,388		50,973,459
Air Canada 2019 Term Loan (Canada)^(e)	1.848% (1 Mo. LIBOR + 1.75%	)	10/6/2023		3,893		3,834,228
American Airlines, Inc. 2017 Incremental Term Loan	2.101% (1 Mo. LIBOR + 2.00%	)	12/15/2023		63,843		61,911,589
American Airlines, Inc. 2018 Term Loan B	1.84% (1 Mo. LIBOR + 1.75%	)	6/27/2025		22,726		21,104,533
American Airlines, Inc. Repriced TL B due 2023	2.093% (1 Mo. LIBOR + 2.00%	)	4/28/2023		70,056		67,965,522
Total							205,789,331

Auto Parts: Original Equipment 0.12%
Tenneco, Inc. 2018 Term Loan B	3.093% (1 Mo. LIBOR + 3.00%	)	10/1/2025		71,682		70,723,241

Automotive 0.15%
Ford Motor Company Unsecured Term Loan	1.85% (1 Mo. LIBOR + 1.75%	)	12/31/2022		90,994		90,311,289	^(h)

Building Materials 0.04%
Forterra Finance, LLC 2017 Term Loan B	4.00% (1 Mo. LIBOR + 3.00%	)	10/25/2023		22,624		22,657,857

Business Services 0.35%
Global Payments Inc. 2019 Term Loan	2.022% (3 Mo. LIBOR + 1.88%	)	7/9/2024		109,813		109,264,022	^(h)
Nutrition & Biosciences, Inc. 3 Year Delayed Draw Term Loan	1.426% (3 Mo. LIBOR + 1.25%	)	1/17/2023		36,437		36,413,886	^(h)
Nutrition & Biosciences, Inc. 5 Year Delayed Draw Term Loan	1.801% (3 Mo. LIBOR + 1.63%	)	1/17/2025		64,282		64,241,743	^(h)
Total							209,919,651

See Notes to Financial Statements.

293

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Chemicals 0.11%
Axalta Coating Systems US Holdings Inc. USD Term Loan B3	1.953% (3 Mo. LIBOR + 1.75%	)	6/1/2024	$	39,593	$	39,444,761
LyondellBasell Industries N.V. 3 Year Term Loan (Netherlands)^(e)	1.351% (1 Mo. LIBOR + 1.25%	)	3/29/2022		27,822		27,404,245	^(h)
Total							66,849,006

Computer Hardware 0.20%
Dell International LLC 2021 Term Loan B	2.00% (1 Mo. LIBOR + 1.75%	)	9/19/2025		85,009		85,111,909
Dell International LLC Term Loan A6	1.85% (1 Mo. LIBOR + 1.75%	)	3/13/2024		25,870		25,914,432
Science Applications International Corporation 2020 Incremental Term Loan B	1.968% (1 Mo. LIBOR + 1.88%	)	3/12/2027		5,984		5,974,665
Total							117,001,006

Computer Software 0.27%
IQVIA, Inc. 2020 Term Loan A2	2.75% (3 Mo. LIBOR + 1.75%	)	6/13/2023		80,235		80,168,348
Salesforce.com, inc. Delayed Draw Term Loan	–	⁽ⁱ⁾	12/23/2023		79,944		79,844,379	^(h)
Total							160,012,727

Containers 0.07%
BWAY Holding Company 2017 Term Loan B	3.385% (3 Mo. LIBOR + 3.25%	)	4/3/2024		40,190		39,276,759

Drugs 0.41%
Alphabet Holding Company, Inc. 2017 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	9/26/2024		75,333		75,327,305
Change Healthcare Holdings LLC 2017 Term Loan B	3.50% (1 Mo. LIBOR + 2.50%	)	3/1/2024		94,118		94,165,753
NVA Holdings, Inc. 2019 Term Loan A3	2.375% (1 Mo. LIBOR + 2.25%	)	2/20/2023		60,749		60,445,383	^(h)
NVA Holdings, Inc. 2020 Term Loan A5	2.625% (1 Mo. LIBOR + 2.50%	)	2/19/2025		18,066		17,840,357	^(h)
Total							247,778,798

Electrical Equipment 0.00%
Analog Devices, Inc. 2019 Term Loan	1.11% (3 Mo. LIBOR + 1.00%	)	3/10/2022		2,780		2,773,050	^(h)

294	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Electronics 0.04%
Tech Data Corporation ABL Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	6/30/2025	$	24,639	$	24,730,961

Energy Equipment & Services 0.18%
Cheniere Corpus Christi Holdings, LLC Delayed Draw Term Loan Tranche 2	1.843% (1 Mo. LIBOR + 1.75%	)	6/30/2024		109,472		109,473,018

Entertainment 0.25%
Scientific Games International, Inc. 2018 Term Loan B5	2.843% (1 Mo. LIBOR + 2.75%	)	8/14/2024		99,409		98,601,271
Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan (Netherlands)^(e)	3.703% (3 Mo. LIBOR + 3.50%	)	7/10/2025		48,147		48,373,209
Total							146,974,480

Environmental Services 0.01%
Stericycle Inc 2017 Term Loan	1.468% - 1.73% (1 Mo. LIBOR + 1.38% (1 Mo. LIBOR + 1.63%	) )	11/17/2022		3,849		3,820,107	^(h)

Financial Services 0.10%
Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(e)	1.953% (3 Mo. LIBOR + 1.75%	)	10/6/2023		57,116		57,125,900

Food 0.18%
US Foods, Inc. 2016 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	6/27/2023		107,872		107,082,396

Government 0.09%
Seminole Tribe of Florida 2018 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	7/8/2024		56,600		56,653,258

Health Care Services 0.30%
DaVita, Inc. 2019 Delayed Draw Term Loan A	1.593% (1 Mo. LIBOR + 1.50%	)	8/12/2024		15,589		15,530,453
DaVita, Inc. 2020 Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	8/12/2026		49,098		48,939,700
Gentiva Health Services, Inc. 2020 Term Loan	2.875% (1 Mo. LIBOR + 2.75%	)	7/2/2025		33,239		33,204,528
PPD, Inc. Initial Term Loan	2.75% (1 Mo. LIBOR + 2.25%	)	1/13/2028		83,386		83,363,563
Total							181,038,244

See Notes to Financial Statements.

295

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Insurance 0.18%
Asurion LLC 2018 Term Loan B6	3.093% (1 Mo. LIBOR + 3.00%	)	11/3/2023	$	109,102	$	108,954,580

Leasing 0.01%
Avolon TLB Borrower 1 (US) LLC 2020 Term Loan B5	3.25% (1 Mo. LIBOR + 2.50%	)	12/1/2027		8,726		8,754,013

Leisure 0.22%
Carnival Corporation USD Term Loan B (Panama)^(e)	8.50% (1 Mo. LIBOR + 7.50%	)	6/30/2025		130,961		131,642,389

Lodging 0.44%
Boyd Gaming Corporation Term Loan B3	2.312% (1 Wk. LIBOR + 2.25%	)	9/15/2023		58,718		58,732,363
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B	2.843% (1 Mo. LIBOR + 2.75%	)	12/23/2024		47,980		47,671,496
Diamond Resorts Corporation 2018 Term Loan B	4.75% (1 Mo. LIBOR + 3.75%	)	9/2/2023		96,377		96,580,301
Hilton Grand Vacations Borrower LLC Term Loan	3.75% (1 Mo. LIBOR + 3.50%	)	11/28/2023		9,625		9,456,563	^(h)
Hilton Worldwide Finance, LLC 2019 Term Loan B2	1.842% (1 Mo. LIBOR + 1.75%	)	6/22/2026		24,614		24,444,012
Resorts World Las Vegas LLC Term Loan A	1.60% (1 Mo. LIBOR + 1.50%	)	4/16/2024		25,375		24,994,375	^(h)
Total							261,879,110

Machinery: Industrial/Specialty 0.09%
Welbilt, Inc. 2018 Term Loan B	2.593% (1 Mo. LIBOR + 2.50%	)	10/23/2025		56,814		56,316,573	^(h)

Media 0.33%
Nexstar Broadcasting, Inc. 2018 Term Loan A4	–	⁽ⁱ⁾	10/26/2023		11,370		11,336,859
Nexstar Broadcasting, Inc. 2018 Term Loan B3	–	⁽ⁱ⁾	1/17/2024		16,899		16,876,892
Nexstar Broadcasting, Inc. Term Loan A5	–	⁽ⁱ⁾	9/19/2024		14,372		14,326,926
Nielsen Finance LLC USD Term Loan B4	2.095% (1 Mo. LIBOR + 2.00%	)	10/4/2023		135,900		136,004,276
Univision Communications, Inc. 2020 Replacement Term Loan	4.75% (1 Mo. LIBOR + 3.75%	)	3/15/2026		8,471		8,511,298
Univision Communications, Inc. Term Loan C5	3.75% (1 Mo. LIBOR + 2.75%	)	3/15/2024		8,894		8,899,091
Total							195,955,342

296	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)	Fair Value
Miscellaneous 0.60%
Charter Communications Operating, LLC 2017 Term Loan A2	1.60% (1 Mo. LIBOR + 1.50%	)	3/31/2023	$ 87,181	$ 87,181,136	^(h)
Charter Communications Operating, LLC 2019 Term Loan B1	1.85% (1 Mo. LIBOR + 1.75%	)	4/30/2025	99,436	99,436,146
ESH Hospitality, Inc. 2019 Term Loan B	2.093% (1 Mo. LIBOR + 2.00%	)	9/18/2026	33,014	32,936,426
Reynolds Group Holdings Inc. USD 2017 Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	2/5/2023	138,120	137,976,287
UTEX Industries Inc. 2020 First Out Exit Term Loan A	8.50% (1 Mo. LIBOR + 7.00%	)	12/3/2025	817	822,873
UTEX Industries Inc. 2020 Second Out Term Loan PIK 5.75%	5.25% - 5.75% (1 Mo. LIBOR + 5.25%	)	12/3/2025	522	509,020
Total					358,861,888

Oil 0.31%
Hess Corporation Term Loan	2.872% (3 Mo. LIBOR + 2.73%	)	3/16/2023	184,954	184,491,801	^(h)

Oil: Crude Producers 0.32%
Buckeye Partners, L.P. 2021 Term Loan B	2.36% (1 Mo. LIBOR + 2.25%	)	11/1/2026	89,774	89,405,337
Energy Transfer Operating, L.P. Term Loan	1.093% (1 Mo. LIBOR + 1.00%	)	10/17/2022	103,000	103,193,125	^(h)
Total					192,598,462

Real Estate Investment Trusts 0.66%
Crown Castle International Corporation 2016 Term Loan A	1.215% (3 Mo. LIBOR + 1.13%	)	6/21/2024	40,789	40,750,495
Invitation Homes Operating Partnership LP 2020 Term Loan A	1.095% (1 Mo. LIBOR + 1.00%	)	1/31/2025	250,806	248,298,124
SL Green Realty Corp. Term Loan A	1.206% (1 Wk. LIBOR + 1.10%	)	3/31/2023	12,677	12,549,929	^(h)
VICI Properties 1 LLC Replacement Term Loan B	1.843% (1 Mo. LIBOR + 1.75%	)	12/20/2024	95,193	94,443,024
Total					396,041,572

See Notes to Financial Statements.

297

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Retail 0.41%
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan	2.094% (1 Mo. LIBOR + 2.00%	)	2/3/2024	$	4,672	$	4,678,011
CWGS Group, LLC 2016 Term Loan	3.50% (1 Mo. LIBOR + 2.75%	)	11/8/2023		56,297		56,103,293
Hillman Group, Inc. (The) 2018 Term Loan B	4.093% (1 Mo. LIBOR + 4.00%	)	5/31/2025		33,040		33,043,728
Panera Bread Company Term Loan A	2.375% (1 Mo. LIBOR + 2.25%	)	7/18/2022		149,696		147,014,239
SRS Distribution Inc. 2018 1st Lien Term Loan	–	⁽ⁱ⁾	5/23/2025		4,901		4,898,498
Total							245,737,769

Technology 0.51%
Comcast Hulu Holdings, LLC Term Loan A	0.968% (1 Mo. LIBOR + 0.88%	)	3/15/2024		276,174		274,793,324	^(h)
ProQuest LLC 2019 Term Loan	–	⁽ⁱ⁾	10/23/2026		27,348		27,385,532
Total							302,178,856

Telecommunications 0.24%
CenturyLink, Inc. 2020 Term Loan A	2.093% (1 Mo. LIBOR + 2.00%	)	1/31/2025		103,797		103,355,900
Colorado Buyer Inc 2nd Lien Term Loan	8.25% (3 Mo. LIBOR + 7.25%	)	5/1/2025		42,331		42,040,160
Total							145,396,060

Transportation: Miscellaneous 0.10%
XPO Logistics, Inc. 2018 Term Loan B	1.858% (1 Mo. LIBOR + 1.75%	)	2/24/2025		59,671		59,464,086

Wholesale 0.05%
Core & Main LP 2017 Term Loan B	3.75% (3 Mo. LIBOR + 2.75%	)	8/1/2024		28,309		28,313,685
Total Floating Rate Loans (cost $5,048,020,663)							5,039,730,025

FOREIGN GOVERNMENT OBLIGATIONS 1.00%

Egypt 0.11%
Republic of Egypt^(e)	6.125%		1/31/2022		12,921		13,296,652
Republic of Egypt^†(e)	6.125%		1/31/2022		50,329		51,792,215
Total							65,088,867

298	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Indonesia 0.14%
Perusahaan Penerbit SBSN^†(e)	3.75%		3/1/2023	$	13,995	$	14,779,350
Perusahaan Penerbit SBSN^†(e)	4.325%		5/28/2025		17,807		19,882,050
Perusahaan Penerbit SBSN^†(e)	4.55%		3/29/2026		9,000		10,247,130
Republic of Indonesia^†(e)	3.75%		4/25/2022		12,100		12,468,021
Republic of Indonesia^(e)	4.45%		2/11/2024		24,800		27,216,048
Total							84,592,599

Japan 0.38%
Japan Treasury Discount Bill^(c)	Zero Coupon		6/7/2021	JPY	24,761,350		225,445,710

Kenya 0.17%
Republic of Kenya^†(e)	6.875%		6/24/2024	$	88,229		98,185,643

Malaysia 0.10%
Morocco Government International Bond^†(e)	4.25%		12/11/2022		56,058		58,964,607

Romania 0.04%
Republic of Romania^†(e)	4.875%		1/22/2024		23,652		26,195,347

South Korea 0.06%
Export-Import Bank of Korea^(e)	0.726% (3 Mo. LIBOR + .53%	)^#	6/25/2022		12,500		12,547,602
Korea National Oil Corp.^†(e)	2.875%		3/27/2022		25,000		25,504,300
Total							38,051,902
Total Foreign Government Obligations (cost $592,101,118)							596,524,675

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.06%
Federal Home Loan Mortgage Corp. K061 X1 IO	0.175%	^#(j)	11/25/2026		563,271		5,445,478
Federal Home Loan Mortgage Corp. K722 X1 IO	1.307%	^#(j)	3/25/2023		176,578		2,978,331
Government National Mortgage Assoc. 2013-171 IO	0.815%	^#(j)	6/16/2054		5,990		365,634
Government National Mortgage Assoc. 2013-193 IO	0.422%	^#(j)	1/16/2055		5,941		537,230
Government National Mortgage Assoc. 2014-112 A	3.00%	^#(j)	1/16/2048		10,626		11,166,145
Government National Mortgage Assoc. 2014-15 IO	0.392%	^#(j)	8/16/2054		8,771		284,156
Government National Mortgage Assoc. 2014-186 AP	2.80%		4/16/2050		10,242		10,621,243
Government National Mortgage Assoc. 2014-64 IO	1.018%	^#(j)	12/16/2054		7,855		395,965
Government National Mortgage Assoc. 2014-78 IO	0.075%	^#(j)	3/16/2056		15,261		173,013

See Notes to Financial Statements.

299

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)

Government National Mortgage Assoc. 2015-19 AD

2.90%

10/16/2055

4,038

4,112,081

Government National Mortgage Assoc. 2015-41 AD

2.90%

^#(j)

8/16/2055

3,478

3,541,752

Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $43,260,626)

39,621,028

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.33%

Federal Home Loan Mortgage Corp.

2.03%
(12 Mo. LIBOR + 1.66%

)^#

2/1/2038

2,819

2,981,379

Federal Home Loan Mortgage Corp.

2.14%
(12 Mo. LIBOR + 1.64%

)^#

11/1/2043

872

913,080

Federal Home Loan Mortgage Corp.

2.195%
(12 Mo. LIBOR + 1.72%

)^#

4/1/2037

4,590

4,874,927

Federal Home Loan Mortgage Corp.

2.221%
(12 Mo. LIBOR + 1.79%

)^#

5/1/2036

2,707

2,874,257

Federal Home Loan Mortgage Corp.

2.279%
(12 Mo. LIBOR + 1.76%

)^#

5/1/2037

2,354

2,502,792

Federal Home Loan Mortgage Corp.

2.281%
(12 Mo. LIBOR + 1.78%

)^#

10/1/2038

3,003

3,192,859

Federal Home Loan Mortgage Corp.

2.331%
(12 Mo. LIBOR + 1.84%

)^#

6/1/2042

4,879

5,174,784

Federal Home Loan Mortgage Corp.

2.361%
(12 Mo. LIBOR + 1.78%

)^#

12/1/2036

7,192

7,643,080

Federal Home Loan Mortgage Corp.

2.369%
(12 Mo. LIBOR + 1.89%

)^#

12/1/2040

2,957

3,142,665

Federal Home Loan Mortgage Corp.

2.377%

12/1/2040 - 6/1/2041

2,751

2,925,401

Federal Home Loan Mortgage Corp.

2.386%
(12 Mo. LIBOR + 1.96%

)^#

2/1/2037

3,598

3,848,804

Federal Home Loan Mortgage Corp.

2.43%
(12 Mo. LIBOR + 1.88%

)^#

9/1/2035

2,322

2,469,764

Federal Home Loan Mortgage Corp.

2.503%
(12 Mo. LIBOR + 1.92%

)^#

9/1/2036

7,066

7,529,309

Federal Home Loan Mortgage Corp.

2.721%
(1 Yr Treasury CMT + 2.50%

)^#

12/1/2035

3,780

4,066,934

Federal National Mortgage Assoc.

1.624%
(12 Mo. LIBOR + 1.14%

)^#

6/1/2038

1,399

1,452,079

Federal National Mortgage Assoc.

1.912%
(12 Mo. LIBOR + 1.47%

)^#

12/1/2035

7,481

7,873,616

Federal National Mortgage Assoc.

1.97%
(12 Mo. LIBOR + 1.52%

)^#

3/1/2039

3,095

3,262,521

300

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)

Federal National Mortgage Assoc.

2.001%
(12 Mo. LIBOR + 1.51%

)^#

2/1/2036

3,269

3,446,845

Federal National Mortgage Assoc.

2.02%
(12 Mo. LIBOR + 1.57%

)^#

3/1/2038

3,725

3,940,192

Federal National Mortgage Assoc.

2.075%
(12 Mo. LIBOR + 1.61%

)^#

8/1/2037

4,403

4,638,885

Federal National Mortgage Assoc.

2.117%
(12 Mo. LIBOR + 1.61%

)^#

1/1/2038

1,831

1,937,389

Federal National Mortgage Assoc.

2.153%
(12 Mo. LIBOR + 1.61%

)^#

4/1/2038

3,753

3,970,986

Federal National Mortgage Assoc.

2.157%
(12 Mo. LIBOR + 1.65%

)^#

12/1/2036

2,564

2,711,203

Federal National Mortgage Assoc.

2.188%
(12 Mo. LIBOR + 1.51%

)^#

10/1/2035

4,996

5,265,607

Federal National Mortgage Assoc.

2.197%
(12 Mo. LIBOR + 1.65%

)^#

9/1/2036

2,467

2,602,223

Federal National Mortgage Assoc.

2.201%
(12 Mo. LIBOR + 1.84%

)^#

7/1/2040

711

746,679

Federal National Mortgage Assoc.

2.213%
(12 Mo. LIBOR + 1.80%

)^#

1/1/2041

2,045

2,164,903

^(d)

Federal National Mortgage Assoc.

2.214%
(12 Mo. LIBOR + 1.82%

)^#

4/1/2040

1,455

1,543,563

Federal National Mortgage Assoc.

2.226%

8/1/2034 - 11/1/2038

10,682

11,288,281

Federal National Mortgage Assoc.

2.232%
(12 Mo. LIBOR + 1.87%

)^#

12/1/2038

2,011

2,145,549

Federal National Mortgage Assoc.

2.266%
(12 Mo. LIBOR + 1.65%

)^#

8/1/2038

1,470

1,555,507

Federal National Mortgage Assoc.

2.278%
(12 Mo. LIBOR + 1.54%

)^#

11/1/2036

1,103

1,163,735

Federal National Mortgage Assoc.

2.286%
(12 Mo. LIBOR + 1.78%

)^#

10/1/2036

2,763

2,938,295

Federal National Mortgage Assoc.

2.29%
(12 Mo. LIBOR + 1.79%

)^#

1/1/2041

6,658

7,052,855

Federal National Mortgage Assoc.

2.301%
(12 Mo. LIBOR + 1.63%

)^#

9/1/2038

2,924

3,093,726

Federal National Mortgage Assoc.

2.309%
(12 Mo. LIBOR + 1.73%

)^#

10/1/2036

3,340

3,546,131

Federal National Mortgage Assoc.

2.316%
(12 Mo. LIBOR + 1.81%

)^#

12/1/2040

1,684

1,785,243

Federal National Mortgage Assoc.

2.337%
(12 Mo. LIBOR + 1.80%

)^#

12/1/2040

3,614

3,828,583

See Notes to Financial Statements.

301

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)

Federal National Mortgage Assoc.

2.382%
(12 Mo. LIBOR + 1.80%

)^#

10/1/2040

1,037

1,098,714

Federal National Mortgage Assoc.

2.387%
(12 Mo. LIBOR + 1.79%

)^#

3/1/2042

3,668

3,883,834

Federal National Mortgage Assoc.

2.407%
(1 Yr Treasury CMT + 2.19%

)^#

3/1/2038

987

1,056,087

Federal National Mortgage Assoc.

2.408%
(1 Yr Treasury CMT + 2.20%

)^#

1/1/2038

1,569

1,673,602

Federal National Mortgage Assoc.

2.417%
(12 Mo. LIBOR + 1.82%

)^#

8/1/2041

2,558

2,711,793

Federal National Mortgage Assoc.

2.418%
(12 Mo. LIBOR + 1.80%

)^#

11/1/2040

6,635

7,033,711

Federal National Mortgage Assoc.

2.703%
(12 Mo. LIBOR + 1.60%

)^#

12/1/2045

6,628

6,972,049

Federal National Mortgage Assoc.

2.721%
(12 Mo. LIBOR + 1.60%

)^#

12/1/2045

5,256

5,528,536

Federal National Mortgage Assoc.

2.788%
(12 Mo. LIBOR + 1.60%

)^#

10/1/2045

7,378

7,757,800

Federal National Mortgage Assoc.

2.94%
(12 Mo. LIBOR + 1.75%

)^#

5/1/2042

9,241

9,822,692

Federal National Mortgage Assoc.

2.949%
(12 Mo. LIBOR + 1.72%

)^#

6/1/2042

4,331

4,610,404

Federal National Mortgage Assoc.

3.688%
(12 Mo. LIBOR + 1.82%

)^#

1/1/2042

6,460

6,856,059

Total Government Sponsored Enterprises Pass-Throughs (cost $194,209,697)

197,099,912

MUNICIPAL BONDS 0.10%

Miscellaneous

IL State GO

6.20%

7/1/2021

58,216

State of Illinois

4.95%

6/1/2023

52,011

53,819,510

State of Illinois

6.125%

7/1/2021

4,518

4,534,046

Total Municipal Bonds (cost $57,604,532)

58,411,772

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 15.46%

1211 Avenue of the Americas Trust 2015-1211 XA IO^†

0.242%

^#(j)

8/10/2035

214,200

2,278,831

AD Mortgage Trust 2017-330M A^†

3.188%

^#(j)

8/15/2034

3,060

3,161,754

Angel Oak Mortgage Trust 2020-1 A1^†

2.466%

^#(j)

12/25/2059

18,111

18,281,173

Angel Oak Mortgage Trust 2020-6 A1^†

1.261%

^#(j)

5/25/2065

28,144

28,274,566

AOA Mortgage Trust 2015-1177 A^†

2.957%

12/13/2029

24,596

24,635,516

302

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Atrium Hotel Portfolio Trust 2017-ATRM A^†	1.031% (1 Mo. LIBOR + .93%	)^#	12/15/2036	$	19,170	$	19,193,759
Atrium Hotel Portfolio Trust 2017-ATRM B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	12/15/2036		30,936		30,964,634
Atrium Hotel Portfolio Trust 2018-ATRM B^†	1.531% (1 Mo. LIBOR + 1.43%	)^#	6/15/2035		28,355		28,368,900
Atrium Hotel Portfolio Trust 2018-ATRM C^†	1.751% (1 Mo. LIBOR + 1.65%	)^#	6/15/2035		9,012		8,983,545
BAMLL Commercial Mortgage Securities Trust 2019-AHT B^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	3/15/2034		10,221		10,197,934
Banc of America Commercial Mortgage Trust 2016-UB10 XA IO	1.872%	^#(j)	7/15/2049		76,332		4,915,151
Bancorp Commercial Mortgage Trust 2019-CRE5 A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	3/15/2036		7,728		7,733,378
Bancorp Commercial Mortgage Trust 2019-CRE6 A^†	1.151% (1 Mo. LIBOR + 1.05%	)^#	9/15/2036		13,297		13,301,185
BB-UBS Trust 2012-SHOW A^†	3.43%		11/5/2036		39,264		41,839,279
BB-UBS Trust 2012-TFT A^†	2.892%		6/5/2030		71,213		71,219,423
BB-UBS Trust 2012-TFT B^†	3.468%	^#(j)	6/5/2030		7,850		6,601,122
BB-UBS Trust 2012-TFT C^†	3.468%	^#(j)	6/5/2030		14,354		11,476,164
BBCMS Mortgage Trust 2018-TALL A^†	0.823% (1 Mo. LIBOR + .72%	)^#	3/15/2037		35,484		35,352,042
BBCMS Mortgage Trust 2018-TALL E^†	2.538% (1 Mo. LIBOR + 2.44%	)^#	3/15/2037		36,419		35,115,320
BBCMS Mortgage Trust 2019-BWAY A^†	1.057% (1 Mo. LIBOR + .96%	)^#	11/15/2034		57,710		57,612,303
BBCMS Mortgage Trust 2019-BWAY B^†	1.411% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		26,023		25,881,539
BBCMS Mortgage Trust 2019-BWAY C^†	1.711% (1 Mo. LIBOR + 1.61%	)^#	11/15/2034		10,000		9,862,159
BBCMS Mortgage Trust 2020-C7	2.021%		4/15/2053		13,250		13,643,843
BBCMS Trust 2013-TYSN C^†	3.821%		9/5/2032		5,475		5,470,093
BBCMS Trust 2015-MSQ A^†	3.593%		9/15/2032		19,174		19,599,049
BBCMS Trust 2015-VFM A1^†	2.466%		3/10/2036		20,665		21,149,325
BBCMS Trust 2018-BXH A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	10/15/2037		12,519		12,560,124
Benchmark Mortgage Trust 2018-B3 A3	3.746%		4/10/2051		5,000		5,403,498
Benchmark Mortgage Trust 2021 B23 A2	1.62%		2/15/2054		28,550		29,071,449

See Notes to Financial Statements.

303

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

BHP Trust 2019-BXHP A^†

1.076%
(1 Mo. LIBOR + .98%

)^#

8/15/2036

75,429

75,490,357

BHP Trust 2019-BXHP B^†

1.424%
(1 Mo. LIBOR + 1.32%

)^#

8/15/2036

8,168

8,176,137

BWAY Mortgage Trust 2013-1515 A1^†

2.809%

3/10/2033

6,226

6,472,810

BWAY Mortgage Trust 2013-1515 XB IO^†

0.403%

^#(j)

3/10/2033

103,040

1,492,977

BX 2021-MFM1 A^†

0.801%
(1 Mo. LIBOR + .70%

)^#

1/15/2034

11,340

11,357,017

BX Commercial Mortgage Trust 2018-BIOA A^†

0.772%
(1 Mo. LIBOR + .67%

)^#

3/15/2037

54,186

54,333,532

BX Commercial Mortgage Trust 2019-XL A^†

1.021%
(1 Mo. LIBOR + .92%

)^#

10/15/2036

193,383

193,823,147

BX Commercial Mortgage Trust 2019-XL B^†

1.181%
(1 Mo. LIBOR + 1.08%

)^#

10/15/2036

11,991

12,022,268

BX Trust 2017-SLCT D^†

2.151%
(1 Mo. LIBOR + 2.05%

)^#

7/15/2034

46,936

47,099,475

BX Trust 2018-BILT A^†

0.901%
(1 Mo. LIBOR + .80%

)^#

5/15/2030

21,628

21,671,330

BX Trust 2019-OC11 XA IO^†

0.742%

^#(j)

12/9/2041

561,200

30,923,355

BX Trust 2019-RP B^†

1.596%
(1 Mo. LIBOR + 1.50%

)^#

6/15/2034

21,850

20,810,880

BXMT Ltd. 2021-FL4 A^†

1.151%
(1 Mo. LIBOR + 1.05%

)^#

5/15/2038

57,000

57,048,268

BXP Trust 2017-CQHP A^†

0.951%
(1 Mo. LIBOR + .85%

)^#

11/15/2034

41,359

40,884,161

Cantor Commercial Real Estate Lending 2019-CF1 65A^†

4.411%

^#(j)

5/15/2052

5,498

5,757,901

CF Trust 2019-BOSS A1^†

4.75%
(1 Mo. LIBOR + 3.25%

)^#

12/15/2021

63,488

57,967,464

^(d)

CF Trust 2019-MF1 A^†

2.05%
(1 Mo. LIBOR + 1.05%

)^#

8/21/2032

31,851

31,838,112

CF Trust 2019-MF1 B^†

2.35%
(1 Mo. LIBOR + 1.35%

)^#

8/21/2032

9,204

9,128,639

CF Trust 2019-MF1 C^†

2.65%
(1 Mo. LIBOR + 1.65%

)^#

8/21/2032

12,746

12,675,699

CFCRE Commercial Mortgage Trust 2011-C2 AJ^†

5.748%

^#(j)

12/15/2047

8,307

8,317,641

CFCRE Commercial Mortgage Trust 2016-C4 XA IO

1.639%

^#(j)

5/10/2058

64,944

4,249,988

CFCRE Commercial Mortgage Trust 2016-C6 XA IO

1.104%

^#(j)

11/10/2049

149,555

7,417,756

304

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.689%	^#(j)	12/10/2054	$	143,146	$	4,805,854
CFCRE Commercial Mortgage Trust 2018-TAN A^†	4.236%		2/15/2033		9,907		10,328,650
CHT Mortgage Trust 2017-CSMO A^†	1.031% (1 Mo. LIBOR + .93%	)^#	11/15/2036		24,230		24,280,573
Citigroup Commercial Mortgage Trust 2012-GC8 XB IO^†	0.174%	^#(j)	9/10/2045		207,654		417,820
Citigroup Commercial Mortgage Trust 2013-375P A IO	0.364%	^#(j)	6/10/2048		237,311		3,180,866
Citigroup Commercial Mortgage Trust 2013-GC11 XA IO	1.361%	^#(j)	4/10/2046		342,242		6,697,336
Citigroup Commercial Mortgage Trust 2014-GC19 A3	3.753%		3/10/2047		4,573		4,881,762
Citigroup Commercial Mortgage Trust 2014-GC21 XA IO	1.159%	^#(j)	5/10/2047		171,876		5,013,506
Citigroup Commercial Mortgage Trust 2014-GC23 XB IO	0.212%	^#(j)	7/10/2047		120,131		824,423
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		6,621		6,877,686
Citigroup Commercial Mortgage Trust 2015-GC27 XA IO	1.337%	^#(j)	2/10/2048		110,500		4,476,956
Citigroup Commercial Mortgage Trust 2015-GC35 XA IO	0.777%	^#(j)	11/10/2048		161,440		4,254,049
Citigroup Commercial Mortgage Trust 2016-GC36	3.616%		2/10/2049		16,900		18,631,599
Citigroup Commercial Mortgage Trust 2016-GC36 XA IO	1.22%	^#(j)	2/10/2049		94,670		4,447,131
Citigroup Commercial Mortgage Trust 2016-GC37	3.314%		4/10/2049		46,275		50,436,099
Citigroup Commercial Mortgage Trust 2016-GC37 XA IO	1.691%	^#(j)	4/10/2049		60,520		4,088,379
Citigroup Commercial Mortgage Trust 2018-B2 A2	3.788%		3/10/2051		5,605		5,847,499
COMM Mortgage Trust 2015-LC21 A4	3.708%		7/10/2048		17,723		19,484,638
COMM Mortgage Trust 2014-CCRE21 A3	3.528%		12/10/2047		4,569		4,889,498
COMM Mortgage Trust 2014-UBS3 A3	3.546%		6/10/2047		5,798		6,190,373
COMM Mortgage Trust 2015-DC1 A5	3.35%		2/10/2048		33,734		36,451,334
COMM Mortgage Trust 2020-SBX A^†	1.67%		1/10/2038		20,927		21,249,104
Commercial Mortgage Pass-Through Certificates 2010-C1 C^†	5.657%	^#(j)	7/10/2046		2,804		2,838,403

See Notes to Financial Statements.

305

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2010-C1 D^†	5.792%	^#(j)	7/10/2046	$	12,446	$	12,710,711
Commercial Mortgage Pass-Through Certificates 2012-CR3 AM^†	3.416%		10/15/2045		7,449		7,521,904
Commercial Mortgage Pass-Through Certificates 2012-CR4 XA IO	1.683%	^#(j)	10/15/2045		202,602		3,906,030
Commercial Mortgage Pass-Through Certificates 2012-CR5 AM^†	3.223%		12/10/2045		22,028		22,743,261
Commercial Mortgage Pass-Through Certificates 2012-LC4 XA IO^†	2.094%	^#(j)	12/10/2044		59,027		253,999
Commercial Mortgage Pass-Through Certificates 2012-LTRT A1^†	2.15%		10/5/2030		7,608		7,597,876
Commercial Mortgage Pass-Through Certificates 2013-CR12 A3	3.765%		10/10/2046		16,558		17,164,276
Commercial Mortgage Pass-Through Certificates 2013-CR6 A4	3.101%		3/10/2046		4,850		4,998,681
Commercial Mortgage Pass-Through Certificates 2013-CR7 XA IO	1.20%	^#(j)	3/10/2046		132,051		2,312,211
Commercial Mortgage Pass-Through Certificates 2013-CR8 XA IO	0.34%	^#(j)	6/10/2046		350,300		1,920,624
Commercial Mortgage Pass-Through Certificates 2013-GAM A2^†	3.367%		2/10/2028		14,304		14,281,782
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†	1.873%		4/12/2035		8,584		8,632,224
Commercial Mortgage Pass-Through Certificates 2013-WWP XB IO^†	0.256%	^#(j)	3/10/2031		265,903		1,236,715
Commercial Mortgage Pass-Through Certificates 2014-CR17 A5	3.977%		5/10/2047		7,751		8,419,039
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4	3.532%		8/10/2047		14,201		15,226,906
Commercial Mortgage Pass-Through Certificates 2014-CR19 A5	3.796%		8/10/2047		10,150		11,064,202
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	0.969%	^#(j)	8/10/2047		76,258		1,889,202
Commercial Mortgage Pass-Through Certificates 2014-CR21 XA IO	0.857%	^#(j)	12/10/2047		102,995		2,618,380
Commercial Mortgage Pass-Through Certificates 2014-LC15 A3 IO^†	0.471%	^#(j)	7/10/2050		145,921		1,956,791
Commercial Mortgage Pass-Through Certificates 2014-LC17 XA IO	0.72%	^#(j)	10/10/2047		99,692		1,952,064
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4	3.819%		6/10/2047		13,342		14,469,869

306

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2014-UBS5 A4	3.838%		9/10/2047	$	25,610	$	27,928,791
Commercial Mortgage Pass-Through Certificates 2014-UBS5 XA IO	0.855%	^#(j)	9/10/2047		197,130		4,400,120
Commercial Mortgage Pass-Through Certificates 2014-UBS6 A5	3.644%		12/10/2047		16,942		18,422,349
Commercial Mortgage Pass-Through Certificates 2015-PC1 A5	3.902%		7/10/2050		45,504		50,270,153
Commercial Mortgage Pass-Through Certificates 2016-DC2 ASB	3.55%		2/10/2049		4,829		5,137,014
Commercial Mortgage Pass-Through Certificates 2016-GCT C IO	1.392%	^#(j)	8/10/2049		106,948		6,234,297
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	1/15/2034		7,800		7,839,547
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A IO^†	0.54%	^#(j)	9/15/2037		113,022		2,335,852
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ B^†	2.001% (1 Mo. LIBOR + 1.90%	)^#	1/15/2034		33,700		33,464,605
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ C^†	2.851% (1 Mo. LIBOR + 2.75%	)^#	1/15/2034		21,900		21,741,808
Credit Suisse Mortgage Capital Certificates 2017-MOON A^†	3.197%		7/10/2034		22,524		22,965,033
Credit Suisse Mortgage Capital Certificates 2017-MOON B^†	3.197%	^#(j)	7/10/2034		8,000		8,142,714
Credit Suisse Mortgage Capital Certificates 2019-ICE4 A^†	1.081% (1 Mo. LIBOR + .98%	)^#	5/15/2036		47,265		47,415,369
Credit Suisse Mortgage Capital Certificates 2019-ICE4 C IO	1.914%	^#(j)	1/15/2049		141,858		10,228,663
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(j)	2/25/2050		47,121		47,901,348
Credit Suisse Mortgage Capital Certificates 2020-NQMI A1^†	1.208%		5/25/2065		39,965		40,243,047
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		42,687		42,960,562
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A^†	1.051% (1 Mo. LIBOR + .95%	)^#	12/15/2030		18,561		18,457,237
CSAIL Commercial Mortgage Trust 2015-C4 A2 IO	1.462%	^#(j)	8/10/2049		190,918		11,846,552

See Notes to Financial Statements.

307

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CSAIL Commercial Mortgage Trust 2016-C7 A5	3.502%		11/15/2049	$	26,778	$	29,465,888
CSAIL Commercial Mortgage Trust 2016-C7 XA IO	0.952%	^#(j)	11/15/2049		211,938		8,590,503
CSAIL Commercial Mortgage Trust 2018-C14 A2	4.261%		11/15/2051		46,301		49,591,677
CSMC 2021-NQM1 A1^†	0.809%	^#(j)	5/25/2065		33,225		33,231,473
CSMC 2021-NQM3 A1^†	1.015%	^#(j)	4/25/2066		48,180		48,577,870	^(d)
CSMC OA LLC 2014-USA A1^†	3.304%		9/15/2037		10,717		11,265,553
CSMC Trust 2021-AFC1 A1^†	0.83%	^#(j)	3/25/2056		33,739		33,765,995
DBGS Mortgage Trust 2018 5BP A^†	0.746% (1 Mo. LIBOR + .65%	)^#	6/15/2033		38,755		38,808,094
DBGS Mortgage Trust 2018-BIOD A^†	0.904% (1 Mo. LIBOR + .80%	)^#	5/15/2035		24,942		24,998,476
DBUBS Mortgage Trust 2011-LC3A PM4^†	5.098%	^#(j)	5/10/2044		9,200		7,388,198	^(d)
DBWF Mortgage Trust 2015-LCM A1^†	2.998%		6/10/2034		12,330		12,600,616
DBWF Mortgage Trust 2015-LCM XA IO^†	0.423%	^#(j)	6/10/2034		24,364		286,039
DBWF Mortgage Trust 2018-AMXP A^†	3.747%	^#(j)	5/5/2035		268,200		273,432,206
DBWF Mortgage Trust 2018-AMXP B^†	3.996%	^#(j)	5/5/2035		53,868		54,540,488
DBWF Mortgage Trust 2018-AMXP C^†	3.83%	^#(j)	5/5/2035		49,438		49,681,482
DBWF Mortgage Trust 2018-AMXP D^†	3.791%	^#(j)	5/5/2035		6,780		6,843,670
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		24,067		24,120,916
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(j)	1/25/2060		27,988		28,369,184
Eleven Madison Mortgage Trust 2015-11MD A^†	3.555%	^#(j)	9/10/2035		22,689		24,745,304
Ellington Financial Mortgage Trust 2020-2 A1^†	1.178%	^#(j)	10/25/2065		27,049		27,108,992
Ellington Financial Mortgage Trust 2021-1 A1^†	0.797%	^#(j)	2/25/2066		12,302		12,318,717
Fontainebleau Miami Beach Trust 2019-FBLU A^†	3.144%		12/10/2036		53,309		56,256,992
Fontainebleau Miami Beach Trust 2019-FBLU B^†	3.447%		12/10/2036		16,564		17,422,709
Fontainebleau Miami Beach Trust 2019-FBLU XA IO^†	0.642%	^#(j)	12/10/2036		367,400		8,006,197
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		19,917		20,247,047
Great Wolf Trust 2019-WOLF B^†	1.435% (1 Mo. LIBOR + 1.33%	)^#	12/15/2036		38,043		38,026,291
Great Wolf Trust 2019-WOLF C^†	1.734% (1 Mo. LIBOR + 1.63%	)^#	12/15/2036		66,196		66,049,659
Great Wolf Trust 2019-WOLF D^†	2.034% (1 Mo. LIBOR + 1.93%	)^#	12/15/2036		11,248		11,163,732
Great Wolf Trust 2019-WOLF E^†	2.833% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036		13,667		13,414,062
GS Mortgage Securities Corp. II 2012-BWTR A^†	2.954%		11/5/2034		9,225		9,424,083
GS Mortgage Securities Corp. II 2012-TMSQ A^†	3.007%		12/10/2030		43,122		44,154,263
GS Mortgage Securities Corp. II 2012-TMSQ C^†	3.458%	^#(j)	12/10/2030		14,494		14,135,778

308

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II 2021-ROSS A^†	1.30% (1 Mo. LIBOR + 1.15%	)^#	5/15/2026	$	47,760	$	47,862,502
GS Mortgage Securities Corp. II 2021-ROSS G^†	4.80% (1 Mo. LIBOR + 4.65%	)^#	5/15/2026		15,000		15,091,623
GS Mortgage Securities Corp. II 2021-ROSS H^†	6.05% (1 Mo. LIBOR + 5.90%	)^#	5/15/2026		19,706		19,891,615
GS Mortgage Securities Corp. Trust 2017-GPTX A^†	2.856%		5/10/2034		42,391		42,288,162
GS Mortgage Securities Corp. Trust 2017-GPTX B^†	3.104%		5/10/2034		31,044		30,364,428
GS Mortgage Securities Corp. Trust 2017-SLP A^†	3.419%		10/10/2032		12,601		12,875,561
GS Mortgage Securities Corp. Trust 2017-STAY A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	7/15/2032		35,859		35,895,548
GS Mortgage Securities Corp. Trust 2017-STAY B^†	1.451% (1 Mo. LIBOR + 1.35%	)^#	7/15/2032		16,811		16,834,310
GS Mortgage Securities Corp. Trust 2017-STAY C^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	7/15/2032		15,228		15,217,121
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		47,601		47,641,157
GS Mortgage Securities Corp. Trust 2019-70P A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	10/15/2036		78,294		78,364,014
GS Mortgage Securities Corp. Trust 2019-70P B^†	1.421% (1 Mo. LIBOR + 1.32%	)^#	10/15/2036		31,298		31,203,290
GS Mortgage Securities Corp. Trust 2019-BOCA B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	6/15/2038		18,625		18,664,185
GS Mortgage Securities Corp. Trust 2019-SMP A^†	1.251% (1 Mo. LIBOR + 1.15%	)^#	8/15/2032		22,000		22,026,486
GS Mortgage Securities Trust 2011-GC5 B^†	5.298%	^#(j)	8/10/2044		39,535		39,488,224
GS Mortgage Securities Trust 2012-GC6 B^†	5.658%	^#(j)	1/10/2045		14,562		14,781,781
GS Mortgage Securities Trust 2012-GC6 XA IO^†	1.912%	^#(j)	1/10/2045		134,020		444,987
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		11,331		11,669,375
GS Mortgage Securities Trust 2012-GCJ9 XA IO	1.924%	^#(j)	11/10/2045		83,068		1,588,941
GS Mortgage Securities Trust 2012-GCJ9 XB IO^†	0.362%	^#(j)	11/10/2045		89,303		383,779
GS Mortgage Securities Trust 2013-G1 A1^†	2.059%		4/10/2031		4,423		4,457,251
GS Mortgage Securities Trust 2013-GC12 B	3.777%	^#(j)	6/10/2046		5,809		6,077,197
GS Mortgage Securities Trust 2013-GC12 XA IO	1.401%	^#(j)	6/10/2046		416,114		8,875,120
GS Mortgage Securities Trust 2013-GC14 A5	4.243%		8/10/2046		10,000		10,721,316
GS Mortgage Securities Trust 2014-GC18 A4	4.074%		1/10/2047		13,252		14,260,253
GS Mortgage Securities Trust 2014-GC26 XA IO	0.957%	^#(j)	11/10/2047		86,147		2,366,370
GS Mortgage Securities Trust 2015-GC34 A4	3.506%		10/10/2048		36,577		40,057,305
GS Mortgage Securities Trust 2015-GS1 XA IO	0.761%	^#(j)	11/10/2048		91,702		2,715,285
GS Mortgage Securities Trust 2016-GS2	3.05%		5/10/2049		28,917		31,178,656

See Notes to Financial Statements.

309

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust 2016-GS2 XA IO	1.746%	^#(j)	5/10/2049	$	165,463	$	11,770,310
GS Mortgage Securities Trust 2020-GC45 A2	2.898%		2/13/2053		15,000		15,915,870
Hawaii Hotel Trust 2019-MAUI B^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	5/15/2038		35,079		35,151,638
Hilton USA Trust 2016-SFP B^†	3.323%		11/5/2035		4,745		4,761,079
HMH Trust 2017-NSS A^†	3.062%		7/5/2031		33,687		33,731,312
HMH Trust 2017-NSS B^†	3.343%		7/5/2031		21,685		20,952,090
HMH Trust 2017-NSS C^†	3.787%		7/5/2031		16,116		15,610,214
HMH Trust 2017-NSS D^†	4.723%		7/5/2031		21,309		20,776,987
Houston Galleria Mall Trust 2015-HGLR A1A2^†	3.087%		3/5/2037		54,825		57,452,126
Hudsons Bay Simon JV Trust 2015-HB10 XA10 IO^†	1.293%	^#(j)	8/5/2034		150,785		7,721,700
Hudsons Bay Simon JV Trust 2015-HB7 A7^†	3.914%		8/5/2034		65,851		60,503,774
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		5,000		4,394,380
Hudsons Bay Simon JV Trust 2015-HB7 D7^†	5.159%	^#(j)	8/5/2034		5,000		3,512,637
Hudsons Bay Simon JV Trust 2015-HB7 XA7 IO^†	1.245%	^#(j)	8/5/2034		171,661		2,235,026
IMT Trust 2017-APTS AFX^†	3.478%		6/15/2034		1,380		1,466,954
Irvine Core Office Trust 2013-IRV A1^†	2.068%		5/15/2048		15,604		15,849,952
Irvine Core Office Trust 2013-IRV A2^†	3.173%	^#(j)	5/15/2048		40,462		42,407,621
Irvine Core Office Trust 2013-IRV XA IO^†	1.105%	^#(j)	5/15/2048		31,796		344,456
JPMDB Commercial Mortgage Securities Trust 2020-COR7 A2	2.215%		5/13/2053		14,750		15,357,293
JPMorgan Chase Commercial Mortgage Securities Corp.^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	3/15/2036		35,000		35,063,822
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2019-MARG A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	5/15/2034		23,269		23,170,714
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2019-MARG B^†	1.501% (1 Mo. LIBOR + 1.40%	)^#	5/15/2034		11,000		10,002,630
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2019-MARG C^†	1.811% (1 Mo. LIBOR + 1.71%	)^#	5/15/2034		7,900		7,077,610	^(d)
JPMorgan Chase Commercial Mortgage Securities Trust	1.865%		9/15/2029		57,862		56,805,170
JPMorgan Chase Commercial Mortgage Securities Trust	2.765%		9/15/2029		15,299		14,956,824
JPMorgan Chase Commercial Mortgage Securities Trust	3.465%		9/15/2029		11,384		11,051,078
JPMorgan Chase Commercial Mortgage Securities Trust	4.465%		9/15/2029		14,048		13,551,256

310

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust	5.465%		9/15/2029	$	8,338	$	8,033,501
JPMorgan Chase Commercial Mortgage Securities Trust 2010-C2 B^†	5.075%	^#(j)	11/15/2043		1,710		1,700,842
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	^#(j)	5/15/2045		9,466		9,687,236
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A^†	3.905%		5/5/2030		70,764		61,172,051
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C10 XA IO	0.948%	^#(j)	12/15/2047		245,412		3,063,522
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C12 XA IO	0.463%	^#(j)	7/15/2045		132,931		920,786
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C14 A4 IO	0.961%	^#(j)	1/15/2048		148,283		4,192,293
JPMorgan Chase Commercial Mortgage Securities Trust 2013-LC11 XA IO	1.242%	^#(j)	4/15/2046		92,954		1,709,742
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C24 XA IO	0.909%	^#(j)	11/15/2047		96,491		2,241,517
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C25 XA IO	0.839%	^#(j)	11/15/2047		162,238		4,049,655
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A^†	3.429%		6/10/2027		163,798		118,462,553
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY B^†	3.771%		6/10/2027		20,772		9,052,114
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY C^†	3.805%	^#(j)	6/10/2027		14,352		4,044,473
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY D^†	3.805%	^#(j)	6/10/2027		25,795		4,538,826
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XA IO^†	0.376%	^#(j)	6/10/2027		102,274		6,136
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY XB IO^†	0.034%	^#(j)	6/10/2027		45,476		910
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C28 A2 IO	0.675%	^#(j)	12/15/2049		157,286		3,764,095
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C29 XA IO	0.651%	^#(j)	5/15/2048		66,525		1,490,187
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 XA IO	0.504%	^#(j)	7/15/2048		125,539		2,283,823
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A^†	2.798%		10/5/2031		60,038		60,176,952
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C IO^†	0.657%	^#(j)	10/5/2031		77,997		49,138

See Notes to Financial Statements.

311

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D IO	1.047%	^#(j)	9/15/2050	$	288,699	$	13,797,843
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI XA IO^†	1.211%	^#(j)	10/5/2031		131,129		140,308
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 A3	3.379%		9/15/2050		10,000		10,582,504
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A^†	3.392%		6/5/2032		25,713		25,986,684
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B^†	3.795%		6/5/2032		21,137		21,155,514
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C^†	4.036%	^#(j)	6/5/2032		15,721		15,580,461
JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A^†	3.735%		1/5/2031		27,681		28,809,887
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	6/15/2032		43,766		43,857,850
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		29,388		29,443,567
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C^†	1.701% (1 Mo. LIBOR + 1.60%	)^#	6/15/2032		22,978		23,031,694
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN^†	2.02% (1 Mo. LIBOR + 1.02%	)^#	11/15/2035		13,730		13,780,732
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN B^†	2.35% (1 Mo. LIBOR + 1.35%	)^#	11/15/2035		10,053		9,507,776
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN C^†	2.70% (1 Mo. LIBOR + 1.70%	)^#	11/15/2035		8,746		8,140,646
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	4/15/2031		25,048		24,687,046
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B^†	2.251% (1 Mo. LIBOR + 2.15%	)^#	4/15/2031		14,359		14,194,080
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C^†	2.651% (1 Mo. LIBOR + 2.55%	)^#	4/15/2031		10,408		10,307,572

312

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033	$	31,273	$	31,351,583
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFX^†	4.248%		7/5/2033		102,017		107,860,717
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL^†	1.757% (1 Mo. LIBOR + 1.65%	)^#	7/5/2033		9,118		9,156,002
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†	4.95%		7/5/2033		31,569		33,327,526
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT XAFX IO^†	1.116%	^#(j)	7/5/2033		155,900		3,330,024
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON A^†	3.884%		1/5/2034		32,965		34,762,723
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON B^†	4.235%		1/5/2034		13,737		13,736,863	^(d)
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON C^†	4.536%		1/5/2034		12,800		12,725,120	^(d)
JPMorgan Chase Commercial Mortgage Securities Trust 2019-UES A^†	3.81%		5/5/2032		6,460		6,586,099	^(d)
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†	3.287%		1/10/2037		136,320		143,270,820
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†	3.64%		1/10/2037		29,970		31,032,772
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE C^†	3.694%	^#(j)	1/10/2037		10,000		9,676,248
Key Commercial Mortgage Securities Trust 2019-S2 A1^†	2.656%		6/15/2052		14,810		15,399,457
Key Commercial Mortgage Securities Trust 2019-S2 X IO^†	1.544%	^#(j)	6/15/2052		130,013		10,805,990
KKR Industrial Portfolio Trust 2021-KDIP A^†	0.651% (1 Mo. LIBOR + .55%	)^#	12/15/2037		54,350		54,383,067
Ladder Capital Commercial Mortgage Trust 2013-GCP A1^†	3.575%		2/15/2036		6,942		7,465,327
Life 2021-BMR Mortgage Trust 2021-BMR A^†	0.801% (1 Mo. LIBOR + .70%	)^#	3/15/2038		78,200		78,368,427
LoanCore Issuer Ltd. 2019-CRE3 A^†	1.151% (1 Mo. LIBOR + 1.05%	)^#	4/15/2034		63,197		63,215,767
LoanCore Issuer Ltd. 2019-CRE3 AS^†	1.471% (1 Mo. LIBOR + 1.37%	)^#	4/15/2034		21,868		21,814,820
LSTAR Commercial Mortgage Trust 2016-4 XA IO^†	1.768%	^#(j)	3/10/2049		84,689		3,850,595
LSTAR Commercial Mortgage Trust 2017-5 A2^†	2.776%		3/10/2050		26,067		26,250,799

See Notes to Financial Statements.

313

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
LSTAR Commercial Mortgage Trust 2017-5 A3^†	4.50%		3/10/2050	$	72,650	$	76,818,294
MHC Commercial Mortgage Trust 2021-MHC A^†	0.902% (1 Mo. LIBOR + .80%	)^#	4/15/2038		29,500		29,567,525
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1^†	2.117%		10/15/2030		4,715		4,716,738
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2^†	3.277%		10/15/2030		15,315		15,249,692
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4	2.918%		2/15/2046		5,280		5,440,591
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4 IO	1.329%	^#(j)	11/15/2049		255,626		13,519,854
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 A4	3.134%		12/15/2048		9,470		9,807,672
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 XA IO	1.021%	^#(j)	5/15/2046		189,834		2,798,813
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9 XB IO^†	0.302%	^#(j)	5/15/2046		107,177		721,303
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 A4	3.443%		8/15/2047		11,485		11,940,775
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C19 XA IO	0.999%	^#(j)	12/15/2047		108,606		3,114,744
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 A4	3.325%		5/15/2049		18,050		19,619,496
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29 XA IO	1.562%	^#(j)	5/15/2049		123,239		7,170,624
Morgan Stanley Capital Barclays Bank Trust 2016-MART A^†	2.20%		9/13/2031		9,371		9,375,908
Morgan Stanley Capital Barclays Bank Trust 2016-MART B^†	2.48%		9/13/2031		11,590		11,554,795
Morgan Stanley Capital Barclays Bank Trust 2016-MART C^†	2.817%		9/13/2031		24,800		24,708,515
Morgan Stanley Capital I Trust 2011-C2 A4^†	4.661%		6/15/2044		753		752,810
Morgan Stanley Capital I Trust 2012-C4 AS	3.773%		3/15/2045		11,384		11,615,424
Morgan Stanley Capital I Trust 2012-C4 XA IO^†	2.055%	^#(j)	3/15/2045		164,941		809,875
Morgan Stanley Capital I Trust 2012-STAR A1^†	2.084%		8/5/2034		6,818		6,836,884
Morgan Stanley Capital I Trust 2012-STAR A2^†	3.201%		8/5/2034		11,276		11,466,321
Morgan Stanley Capital I Trust 2012-STAR B^†	3.451%		8/5/2034		1,267		1,272,305
Morgan Stanley Capital I Trust 2014-CPT A IO	0.917%	^#(j)	8/15/2049		121,223		5,308,673
Morgan Stanley Capital I Trust 2015-420 A^†	3.727%		10/12/2050		23,890		25,575,987
Morgan Stanley Capital I Trust 2015-UBS8 ASB	3.626%		12/15/2048		8,539		9,043,063
Morgan Stanley Capital I Trust 2016-UB11 XA IO	1.499%	^#(j)	8/15/2049		78,936		4,492,118

314

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Motel 6 Trust 2017-MTL6 D^†

2.251%
(1 Mo. LIBOR + 2.15%

)^#

8/15/2034

55,153

55,313,418

Motel 6 Trust 2017-MTL6 E^†

3.351%
(1 Mo. LIBOR + 3.25%

)^#

8/15/2034

102,611

103,060,878

MRA Issuance Trust 2020-13 A^†

1.61%
(1 Mo. LIBOR + 1.50%

)^#

7/15/2021

100,000

100,000,000

^(d)

MRA Issuance Trust 2021-4 A^†

1.39%
(1 Mo. LIBOR + 1.28%

)^#

8/2/2021

399,126

399,126,210

^(d)

MRA Issuance Trust 2021-4 A2^†

1.39%
(1 Mo. LIBOR + 1.28%

)^#

8/2/2021

350,000

352,306,500

^(d)

MRA Issuance Trust 2021-8 A1X^†

1.26%
(1 Mo. LIBOR + 1.15%

)^#

10/15/2021

20,000

20,019,608

MRA Issuance Trust 2021-8 A1Y^†

1.26%
(1 Mo. LIBOR + 1.15%

)^#

10/15/2021

60,500

60,559,314

MSCG Trust 2015-ALDR A1^†

2.612%

6/7/2035

14,610

14,918,553

Natixis Commercial Mortgage Securities Trust 2018-285M A^†

3.79%

^#(j)

11/15/2032

47,581

49,078,831

Natixis Commercial Mortgage Securities Trust 2018-285M B^†

3.79%

^#(j)

11/15/2032

17,029

17,552,809

New Orleans Hotel Trust 2019-HNLA A^†

1.09%
(1 Mo. LIBOR + .99%

)^#

4/15/2032

41,812

41,699,513

New Residential Mortgage Loan Trust 2020-NQM1 A1^†

2.464%

^#(j)

1/26/2060

17,295

17,621,705

One New York Plaza Trust 2020-1NYP A^†

1.051%
(1 Mo. LIBOR + .95%

)^#

1/15/2026

107,235

107,942,772

One New York Plaza Trust 2020-1NYP AJ^†

1.351%
(1 Mo. LIBOR + 1.25%

)^#

1/15/2026

59,595

60,066,742

Palisades Center Trust 2016-PLSD A^†

2.713%

4/13/2033

6,735

6,251,835

Palisades Center Trust 2016-PLSD C^†

3.998%

4/13/2033

40,040

22,022,000

Palisades Center Trust 2016-PLSD D^†

4.737%

4/13/2033

34,072

16,354,524

PFP 2019-6 Ltd. 2019-6 AS^†

1.548%
(1 Mo. LIBOR + 1.45%

)^#

4/14/2037

35,400

35,400,000

PFP Ltd. 2019-5 A^†

1.068%
(1 Mo. LIBOR + .97%

)^#

4/14/2036

9,136

9,139,237

PFP Ltd. 2019-6 A^†

1.148%
(1 Mo. LIBOR + 1.05%

)^#

4/14/2037

21,671

21,555,815

PFP Ltd. 2019-6 B^†

1.798%
(1 Mo. LIBOR + 1.70%

)^#

4/14/2037

36,005

36,028,509

Prima Capital CRE Securitization Ltd. 2019-7A A^†

2.25%

12/25/2050

76,210

75,809,150

^(d)

RBS Commercial Funding, Inc. Trust 2013-SMV A^†

3.26%

3/11/2031

57,896

59,420,344

See Notes to Financial Statements.

315

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Ready Capital Mortgage Financing LLC 2019-FL3 A^†	1.092% (1 Mo. LIBOR + 1.00%	)^#	3/25/2034	$	43,617	$	43,384,248
Ready Capital Mortgage Trust 2019-5 A^†	3.777%		2/25/2052		7,518		7,742,969
ReadyCap Commercial Mortgage Trust 2018-4 A^†	3.39%		2/27/2051		12,900		13,364,191
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		43,009		43,913,013
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(j)	2/25/2024		12,847		13,065,176
RETL 2019-RVP C^†	2.201% (1 Mo. LIBOR + 2.10%	)^#	3/15/2036		13,450		13,444,383
SFO Commerical Mortgage Trust 2021 555 A^†	1.251% (1 Mo. LIBOR + 1.15%	)^#	5/15/2038		107,890		108,257,840
Shelter Growth CRE Issuer Ltd. 2019-FL2 A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	5/15/2036		22,025		22,079,763
Shelter Growth CRE Issuer Ltd. 2019-FL2 AS^†	1.551% (1 Mo. LIBOR + 1.45%	)^#	5/15/2036		19,522		19,505,183
Shops at Crystals Trust 2016-CSTL XA IO^†	0.606%	^#(j)	7/5/2036		112,000		3,159,520
SLIDE 2018-FUN A^†	1.001% (1 Mo. LIBOR + .90%	)^#	6/15/2031		43,996		44,040,535
SLIDE 2018-FUN B^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	6/15/2031		8,418		8,406,849
SLIDE 2018-FUN C^†	1.651% (1 Mo. LIBOR + 1.55%	)^#	6/15/2031		6,649		6,605,543
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(j)	2/25/2050		26,175		26,551,601
Starwood Mortgage Residential Trust 2021-2 A1^†	0.943%	^#(j)	5/25/2065		21,638		21,680,847
Structured Asset Securities Corp. 2006-3H 1A2	5.75%		12/25/2035		4,212		4,367,662
Structured Asset Securities Corp. 2006-3H 1A3	5.75%		12/25/2035		2,548		2,645,337	^(d)
UBS Commercial Mortgage Trust 2017-C6 XA IO	1.008%	^#(j)	12/15/2050		370,979		19,641,091
UBS-BAMLL Trust 2012-WRM D^†	4.238%	^#(j)	6/10/2030		6,900		4,364,470
UBS-Barclays Commercial Mortgage Trust 2012-C2 A4	3.525%		5/10/2063		26,327		26,913,917
UBS-Barclays Commercial Mortgage Trust 2012-C2 BEC^†	4.815%	^#(j)	5/10/2063		8,100		7,613,094	^(d)
UBS-Barclays Commercial Mortgage Trust 2012-C2 XA IO^†	1.28%	^#(j)	5/10/2063		79,237		811,507
UBS-Barclays Commercial Mortgage Trust 2012-C3 A4 IO^†	0.91%	^#(j)	3/10/2046		288,351		3,144,033
UBS-Barclays Commercial Mortgage Trust 2012-C4 A4	2.792%		12/10/2045		34,991		35,477,011
UBS-Barclays Commercial Mortgage Trust 2012-C4 A5	2.85%		12/10/2045		15,487		15,929,676

316

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
UBS-Barclays Commercial Mortgage Trust 2013-C5 A4	3.185%		3/10/2046	$	23,329	$	24,140,964
UBS-Barclays Commercial Mortgage Trust 2013-C5 AS^†	3.347%		3/10/2046		23,805		24,638,206
UBS-Barclays Commercial Mortgage Trust 2013-C5 B^†	3.649%	^#(j)	3/10/2046		12,000		12,225,605
UBS-Barclays Commercial Mortgage Trust 2013-C6 XA IO^†	1.10%	^#(j)	4/10/2046		392,054		5,776,641
UBS-Citigroup Commercial Mortgage Trust 2011-C1 AS^†	5.154%		1/10/2045		4,900		4,969,205
VASA Trust 2021-VASA B^†	1.351% (1 Mo. LIBOR + 1.25%	)^#	7/15/2039		12,542		12,568,649
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		28,165		28,620,656
Verus Securitization Trust 2020-4 A1^†	1.502%		5/25/2065		35,637		36,049,411
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		30,383		30,533,662
Verus Securitization Trust 2021-1 A1^†	0.815%	^#(j)	1/25/2066		52,286		52,235,170
Verus Securitization Trust 2021-R2 A1^†	0.918%	^#(j)	2/25/2064		20,334		20,418,038
Verus Securitization Trust 2021-R3 A1^†	1.02%	^#(j)	4/25/2064		74,145		74,445,436	^(d)
VMC Finance LLC 2019-FL3 A^†	1.201% (1 Mo. LIBOR + 1.10%	)^#	9/15/2036		110,318		110,385,492
VNDO Mortgage Trust 2012-6AVE A^†	2.996%		11/15/2030		13,900		14,319,171
Waikiki Beach Hotel Trust 2019-WBM A^†	1.151% (1 Mo. LIBOR + 1.05%	)^#	12/15/2033		49,800		49,851,991
Waikiki Beach Hotel Trust 2019-WBM B^†	1.331% (1 Mo. LIBOR + 1.23%	)^#	12/15/2033		31,700		31,561,103
Waikiki Beach Hotel Trust 2019-WBM C^†	1.581% (1 Mo. LIBOR + 1.48%	)^#	12/15/2033		22,200		22,022,595
Waikiki Beach Hotel Trust 2019-WBM D^†	2.131% (1 Mo. LIBOR + 2.03%	)^#	12/15/2033		14,900		14,751,650
WaMu Mortgage Pass-Through Certificates Trust 2005-AR18 1A1	2.814%	^#(j)	1/25/2036		2,008		2,043,125
Wells Fargo Commercial Mortgage Trust 2014-LC16 A5	3.817%		8/15/2050		13,277		14,385,390
Wells Fargo Commercial Mortgage Trust 2015-C29 XA IO	0.612%	^#(j)	6/15/2048		137,813		2,984,816
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A IO	1.727%	^#(j)	8/15/2049		189,883		13,723,502
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.674%	^#(j)	9/15/2048		152,456		3,677,918
Wells Fargo Commercial Mortgage Trust 2016-C32 A4	3.56%		1/15/2059		18,500		20,400,433

See Notes to Financial Statements.

317

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust 2016-C34 XA IO	2.117%	^#(j)	6/15/2049	$	143,171	$	9,702,412
Wells Fargo Commercial Mortgage Trust 2017-SMP B^†	1.226% (1 Mo. LIBOR + 1.13%	)^#	12/15/2034		16,322		16,262,639
Wells Fargo Commercial Mortgage Trust 2018-C44 A2	4.178%		5/15/2051		25,197		26,719,589
Wells Fargo Commercial Mortgage Trust 2018-C47 A2	4.361%		9/15/2061		22,988		24,480,363
Wells Fargo Commercial Mortgage Trust 2018-C48 A2	4.224%		1/15/2052		15,302		16,382,410
West Town Mall Trust 2017-KNOX A^†	3.823%		7/5/2030		26,487		26,600,070
West Town Mall Trust 2017-KNOX B^†	4.322%		7/5/2030		23,788		23,929,403
West Town Mall Trust 2017-KNOX C^†	4.346%	^#(j)	7/5/2030		17,640		17,510,312
West Town Mall Trust 2017-KNOX D^†	4.346%	^#(j)	7/5/2030		21,720		21,396,242
WF-RBS Commercial Mortgage Trust 2011-C2 A4 IO^†	1.297%	^#(j)	6/15/2045		305,729		1,895,735
WF-RBS Commercial Mortgage Trust 2012-C10 XA IO^†	1.516%	^#(j)	12/15/2045		50,178		975,524
WF-RBS Commercial Mortgage Trust 2012-C6 AS	3.835%		4/15/2045		5,000		5,090,044
WF-RBS Commercial Mortgage Trust 2012-C7 A2	3.431%		6/15/2045		5,393		5,497,004
WF-RBS Commercial Mortgage Trust 2012-C7 A2 IO^†	1.78%	^#(j)	8/15/2045		45,643		520,869
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.738%	^#(j)	6/15/2045		17,378		16,208,699
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		17,064		17,487,215
WF-RBS Commercial Mortgage Trust 2012-C9 C	4.543%	^#(j)	11/15/2045		9,180		9,193,993
WF-RBS Commercial Mortgage Trust 2013-C11 AS	3.311%		3/15/2045		5,000		5,177,722
WF-RBS Commercial Mortgage Trust 2013-C12 AS	3.56%		3/15/2048		26,191		27,393,649
WF-RBS Commercial Mortgage Trust 2013-C13 XA IO^†	1.182%	^#(j)	5/15/2045		228,984		4,114,975
WF-RBS Commercial Mortgage Trust 2013-C15 A3	3.881%		8/15/2046		2,660		2,803,851
WF-RBS Commercial Mortgage Trust 2014-C19 A4	3.829%		3/15/2047		18,050		19,259,491
WF-RBS Commercial Mortgage Trust 2014-C19 A5	4.101%		3/15/2047		25,388		27,583,179
WF-RBS Commercial Mortgage Trust 2014-C21 XB IO	0.642%	^#(j)	8/15/2047		77,369		1,517,088
WF-RBS Commercial Mortgage Trust 2014-C22 A4	3.995%		5/15/2047		9,160		9,930,138
WF-RBS Commercial Mortgage Trust 2014-C22 XA IO	0.801%	^#(j)	9/15/2057		82,683		1,738,886
WF-RBS Commercial Mortgage Trust 2014-C22 XB IO	0.45%	^#(j)	9/15/2057		37,769		503,232
WFLD Mortgage Trust 2014-MONT A^†	3.755%	^#(j)	8/10/2031		7,750		8,195,749

318

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
WFRBS Commercial Mortgage Trust 2014-C21 A4	3.41%		8/15/2047	$	16,810	$	17,707,111
Total Non-Agency Commercial Mortgage-Backed Securities (cost $9,395,171,033)							9,250,602,047

U.S. TREASURY OBLIGATIONS 8.64%
U.S. Treasury Bill	Zero Coupon		7/29/2021		1,023,339		1,023,330,752
U.S. Treasury Note	0.125%		1/31/2023		1,671,443		1,671,573,573
U.S. Treasury Note	0.125%		3/31/2023		1,393,517		1,393,408,139
U.S. Treasury Note	0.375%		4/15/2024		867,382		869,685,983
U.S. Treasury Note	0.75%		3/31/2026		212,193		212,027,223
Total U.S. Treasury Obligations (cost $5,166,070,639)							5,170,025,670

	Exercise Price		Expiration Date		Shares (000)

WARRANTS 0.00%

Miscellaneous
Sable Permian Resources*	$ –	^(k)	2/1/2024		19		112,170	^(d)
UTEX Industries, Inc.*	114.76		12/3/2025		10		14,768	^(l)
Total Warrants (cost $126,938)							126,938
Total Long-Term Investments (cost $59,000,383,422)							59,541,359,774

Investments	Interest Rate		Maturity Date	Principal Amount (000)
SHORT-TERM INVESTMENTS 1.62%

COMMERCIAL PAPER 0.19%

Automotive 0.10%
General Motors Finance Co., Inc.	0.264%		6/1/2021	$	58,410		58,410,000

Chemicals 0.04%
Dow Chemical Co. (The)	0.152%		6/1/2021		26,702		26,702,000

Retail 0.05%
AutoNation, Inc.	0.203%		6/1/2021		30,000		30,000,000
Total Commercial Paper (cost $115,112,000)							115,112,000

See Notes to Financial Statements.

319

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

	Principal
	Amount		Fair
Investments	(000)		Value
REPURCHASE AGREEMENTS 1.43%
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $75,000,000 of U.S. Treasury Note at 2.125% due 3/31/2024; $400,000,000 of U.S. Treasury Note at 0.375% due 4/15/2024; $151,729,800 of U.S. Treasury Note at 0.25% due 5/15/2024; $150,000,000 of U.S. Treasury Inflation Indexed Note at 0.5% due 4/15/2024; $69,866,500 of U.S. Treasury Note at 0.125% due 1/15/2024; value: $872,820,159; proceeds: $855,706,006 (cost $855,706,006)	$	855,706	$	855,706,006
Total Short-Term Investments (cost $970,818,006)				970,818,006
Total Investments in Securities 101.12% (cost $59,971,201,428)				60,512,177,780
Less Unfunded Loan Commitments (0.13%) (cost $79,844,380)				(79,844,380	)
Net Investments 100.99% (cost $59,891,357,048)				60,432,333,400
Liabilities in Excess of Foreign Cash and Other Assets^(m)(0.99%)				(593,929,286	)
Net Assets 100.00%			$	59,838,404,114

CAD		Canadian dollar.
JPY		Japanese yen.
CMT		Constant Maturity Rate.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $28,474,034,480, which represents 47.58% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^*		Non-income producing security.
^(a)		Securities purchased on a when- issued basis (See Note 2(i)).
^(b)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(c)		Investment in non-U.S. dollar denominated securities.
^(d)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Defaulted (non-income producing security).
^(g)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(h)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
⁽ⁱ⁾		Interest rate to be determined.
^(j)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(k)		Cashless strike price.
^(l)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security fair valued by the Pricing Committee.

320

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Centrally Cleared Credit Default Swaps on Index/Issuer - Sell Protection at May 31, 2021⁽¹⁾:

	Central	Fund
Referenced	Clearing	Receives		Termination	Notional		Notional		Payments			Unrealized
Index/Issuer	party	(Quarterly)		Date	Amount		Value		Upfront⁽²⁾			Appreciation⁽³⁾
Petroleos Mexicanos⁽⁴⁾⁽⁵⁾	Credit Suisse		1.00%	6/20/2021	$	91,515,146	$	91,504,307	$	(52,613	)		$	41,774
Markit.CDX. NA.HY.35⁽⁴⁾⁽⁶⁾	Credit Suisse		5.00%	12/20/2025		140,750,000		154,487,611		11,942,127				1,795,484
									$	11,889,514			$	1,837,258

⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $1,837,258. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.
⁽⁶⁾		Moody’s Credit Rating: Baa3.

See Notes to Financial Statements.

321

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Credit Default Swaps on Indexes – Sell Protection at May 31, 2021⁽¹⁾:

Referenced Index*	Swap Counter- party	Fund Receives (Quarterly)		Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation/ Depreciation⁽³⁾			Credit Default Swap Agreements Receivable/ Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.A.6	Deutsche Bank		2.00%	5/11/2063	$	91,143,000	$	83,094,293	$	(2,035,818	)	$	(6,012,889	)	$	(8,048,707	)
Markit CMBX. NA.AA.7	Citibank		1.50%	1/17/2047		25,000,000		24,634,079		(463,648	)		97,727			(365,921	)
Markit CMBX. NA.AA.9	Morgan Stanley		1.50%	9/17/2058		49,500,000		49,867,126		242,337			124,789			367,126
Markit CMBX. NA.AA.7	Citibank		1.50%	1/17/2047		20,000,000		19,707,263		(327,680	)		34,943			(292,737	)
Markit CMBX. NA.AA.7	Citibank		1.50%	1/17/2047		35,000,000		34,487,710		(562,858	)		50,568			(512,290	)
Markit CMBX. NA.AA.8	Morgan Stanley		1.50%	10/17/2057		25,000,000		25,113,060		(69,940	)		183,000			113,060
Markit CMBX. NA.AA.8	Citibank		1.50%	10/17/2057		35,000,000		35,158,284		(86,866	)		245,150			158,284
Markit CMBX. NA.A.6	Citibank		1.50%	5/11/2063		40,000,000		39,580,332		(399,609	)		(20,059	)		(419,668	)
Markit CMBX. NA.A.6	Morgan Stanley		1.50%	5/11/2063		30,000,000		29,685,249		(262,260	)		(52,491	)		(314,751	)
									$	(3,966,342	)	$	(5,349,262	)	$	(9,315,604	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $736,177. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $6,085,439.
⁽⁴⁾		Includes upfront payments received.

322

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Appreciation

Canadian dollar

Buy

Goldman Sachs

7/20/2021

49,400,000

39,243,378

40,925,271

1,681,893

Japanese yen

Sell

State Street Bank and Trust

6/7/2021

24,761,350,000

232,140,195

226,159,154

5,981,041

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

7,662,934

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Depreciation

Canadian dollar

Sell

State Street Bank and Trust

7/20/2021

25,022,000

19,965,724

20,729,395

(763,671

)

Canadian dollar

Sell

Toronto Dominion Bank

7/20/2021

50,000,000

40,061,214

41,422,340

(1,361,126

)

Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

(2,124,797

)

Open Futures Contracts at May 31, 2021:

					Notional			Notional			Unrealized
Type	Expiration	Contracts		Position	Amount			Value			Appreciation
U.S. 2-Year Treasury Note	September 2021		96,982	Long	$	21,403,528,988		$	21,407,261,253		$	3,732,265
U.S. 5-Year Treasury Note	September 2021		43,671	Short		(5,408,752,920	)		(5,408,721,608	)		31,312
Total Unrealized Appreciation on Open Futures Contracts											$	3,763,577

See Notes to Financial Statements.

323

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾		Level 1		Level 2		Level 3			Total
Long-Term Investments
Asset-Backed Securities
Other	$	–	$	7,550,201,343	$	2,050,849		$	7,552,252,192
Remaining Industries		–		5,993,624,719		–			5,993,624,719
Common Stocks
Miscellaneous		–		3,534,594		–			3,534,594
Remaining Industries		93,365,344		–		–			93,365,344
Convertible Bonds		–		64,982,713		–			64,982,713
Corporate Bonds		–		25,481,458,145		–			25,481,458,145
Floating Rate Loans
Automotive		–		–		90,311,289			90,311,289
Business Services		–		–		209,919,651			209,919,651
Chemicals		–		39,444,761		27,404,245			66,849,006
Computer Software		–		80,168,348		79,844,379			160,012,727
Drugs		–		169,493,058		78,285,740			247,778,798
Electrical Equipment		–		–		2,773,050			2,773,050
Environmental Services		–		–		3,820,107			3,820,107
Lodging		–		227,428,172		34,450,938			261,879,110
Machinery: Industrial/Specialty		–		–		56,316,573			56,316,573
Miscellaneous		–		271,680,752		87,181,136			358,861,888
Oil		–		–		184,491,801			184,491,801
Oil: Crude Producers		–		89,405,337		103,193,125			192,598,462
Real Estate Investment Trusts		–		383,491,643		12,549,929			396,041,572
Technology		–		27,385,532		274,793,324			302,178,856
Remaining Industries		–		2,505,897,135		–			2,505,897,135
Less Unfunded Commitments		–		–		(79,844,380	)		(79,844,380)
Foreign Government Obligations		–		596,524,675		–			596,524,675
Government Sponsored Enterprises Collateralized Mortgage Obligations		–		39,621,028		–			39,621,028
Government Sponsored Enterprises Pass-Throughs		–		194,935,009		2,164,903			197,099,912
Municipal Bonds		–		58,411,772		–			58,411,772
Non-Agency Commercial Mortgage-Backed Securities		–		8,084,597,096		1,166,004,951			9,250,602,047
U.S. Treasury Obligations		–		5,170,025,670		–			5,170,025,670
Warrants		–		–		126,938			126,938
Short-Term Investments
Commercial Paper		–		115,112,000		–			115,112,000
Repurchase Agreements		–		855,706,006		–			855,706,006
Total	$	93,365,344	$	58,003,129,508	$	2,335,838,548		$	60,432,333,400

324

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION INCOME FUND May 31, 2021

Investment Type⁽²⁾	Level 1		Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–	$	1,837,258		$	–	$	1,837,258
Liabilities		–		–			–		–
Credit Default Swap Contracts
Assets		–		638,470			–		638,470
Liabilities		–		(9,954,074	)		–		(9,954,074	)
Forward Foreign Currency Exchange Contracts
Assets		–		7,662,934			–		7,662,934
Liabilities		–		(2,124,797	)		–		(2,124,797	)
Futures Contracts
Assets		3,763,577		–			–		3,763,577
Liabilities		–		–			–		–
Total	$	3,763,577	$	(1,940,209	)	$		$	1,823,368

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements.

325

Schedule of Investments (unaudited)(concluded)

SHORT DURATION INCOME FUND May 31, 2021

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

										Government			Non-Agency
										Sponsored			Commercial
	Asset-						Floating			Enterprises			Mortgage-
	Backed			Common			Rate			Pass-			Backed			Preferred
Investment Type	Securities			Stocks			Loans			Throughs			Securities			Stocks			Warrants
Balance as of December 1, 2020	$	146,599,548		$	14,212		$	718,509,949		$	–		$	334,585,399		$	1		$	–
Accrued Discounts (Premiums)		–			–			854,193			(1,604	)		(28,801	)		–			–
Realized Gain (Loss)		1,589,487			(1,776,469	)		324,982			(23,591	)		4,867			(4,795,110	)		–
Change in Unrealized Appreciation (Depreciation)		(891,237	)		1,762,257			3,133,417			35,706			(584,592	)		4,795,109			–
Purchases		–			–			567,966,022			–			972,324,213			–			126,938
Sales		(25,474,736	)		–			(137,847,585	)		(429,508	)		(5,307,783	)		–			–
Transfers into Level 3		–			–			12,549,929			2,583,900			22,312,691			–			–
Transfers out of Level 3		(119,772,213	)		–			–			–			(157,301,043	)		–			–
Balance as of May 31, 2021	$	2,050,849		$	–		$	1,165,490,907		$	2,164,903		$	1,166,004,951		$	–		$	126,938
Change in unrealized appreciation/ depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021	$	(4,444	)	$	–		$	3,201,961		$	35,706		$	(584,592	)	$	–		$	–

326

See Notes to Financial Statements.

Schedule of Investments (unaudited)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 105.57%

ASSET-BACKED SECURITIES 20.16%

Automobiles 7.91%
ACC Trust 2019-1 B^†	4.47%	10/20/2022	$	3,041	$	3,072,917
Avid Automobile Receivables Trust 2019-1 A^†	2.62%	2/15/2024		1,400		1,408,141
Avid Automobile Receivables Trust 2019-1 B^†	2.82%	7/15/2026		1,747		1,784,549
Avid Automobile Receivables Trust 2019-1 C^†	3.14%	7/15/2026		760		779,710
California Republic Auto Receivables Trust 2017-1 B	2.91%	12/15/2022		1,006		1,007,719
Capital Auto Receivables Asset Trust 2018-2 C^†	3.69%	12/20/2023		3,648		3,663,090
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		144		144,365
CarMax Auto Owner Trust 2019-4 A2A	2.01%	3/15/2023		2,364		2,370,958
Carmax Auto Owner Trust 2021-1 A2A	0.22%	2/15/2024		31,000		31,020,559
Carvana Auto Receivables Trust 2019-3A E^†	4.60%	7/15/2026		4,236		4,474,640
Carvana Auto Receivables Trust 2020-P1^†	2.84%	9/8/2027		1,844		1,847,244
Carvana Auto Receivables Trust 2021-P1^†	2.16%	12/10/2027		4,561		4,562,293
Carvana Auto Receivables Trust NP1 2020-N1A E^†	5.20%	7/15/2027		9,077		9,803,576
CPS Auto Receivables Trust 2016-B D^†	6.58%	3/15/2022		182		183,003
CPS Auto Receivables Trust 2018-B D^†	4.26%	3/15/2024		2,879		2,947,707
CPS Auto Receivables Trust 2019-B E^†	5.00%	3/17/2025		1,585		1,657,009
CPS Auto Receivables Trust 2020-A E^†	4.09%	12/15/2025		812		842,588
CPS Auto Receivables Trust 2020-C^†	1.71%	8/17/2026		5,096		5,191,162
Drive Auto Receivables Trust 2017-1 E	5.17%	9/16/2024		5,859		5,959,127
Drive Auto Receivables Trust 2017-AA D^†	4.16%	5/15/2024		1,114		1,116,255
Exeter Automobile Receivables Trust 2020-2A A^†	1.13%	8/15/2023		918		919,406
Exeter Automobile Receivables Trust 2020-3A E^†	3.44%	8/17/2026		10,847		11,227,493
Flagship Credit Auto Trust 2018-3 B^†	3.59%	12/16/2024		3,413		3,439,993
Flagship Credit Auto Trust 2020-2 A^†	1.49%	7/15/2024		1,326		1,333,669
Flagship Credit Auto Trust 2021-1 A^†	0.31%	6/16/2025		11,164		11,164,225
Ford Credit Auto Lease Trust 2021-A A2	0.19%	7/15/2023		32,000		32,012,147
Ford Credit Auto Owner Trust 2019-C A2A	1.88%	7/15/2022		567		567,257
Ford Credit Auto Owner Trust 2020-A A2	1.03%	10/15/2022		560		560,806
Ford Credit Auto Owner Trust 2020-B A2	0.50%	2/15/2023		8,463		8,472,003
Foursight Capital Automobile Receivables Trust 2018-1 B^†	3.53%	4/17/2023		307		307,323
Foursight Capital Automobile Receivables Trust 2018-1 C^†	3.68%	8/15/2023		3,277		3,314,340
Honda Auto Receivables Owner Trust 2020-2 A2	0.74%	11/15/2022		2,853		2,857,526
Hyundai Auto Receivables Trust 2019-B A2	1.93%	7/15/2022		29		28,715
Mercedes-Benz Auto Lease Trust 2021-A A2	0.18%	3/15/2023		32,000		32,009,494

See Notes to Financial Statements.

327

Schedule of Investments (unaudited)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust 2021-1 A2	0.29%		11/15/2023	$	26,131	$	26,144,435
Santander Retail Auto Lease Trust 2019-B A2A^†	2.29%		4/20/2022		102		101,638
Toyota Auto Receivables Owner Trust 2021-A A2	0.16%		7/17/2023		43,750		43,765,523
Westlake Automobile Receivables Trust 2020-2A A2A^†	0.93%		2/15/2024		14,637		14,682,723
Westlake Automobile Receivables Trust 2020-3A E^†	3.34%		6/15/2026		8,700		9,012,153
Westlake Automobile Receivables Trust 2021-1A E^†	2.33%		8/17/2026		11,045		11,070,348
World Omni Auto Receivables Trust 2021-A A2	0.17%		2/15/2024		31,700		31,707,735
Total							328,535,564

Credit Cards 1.50%
Genesis Sales Finance Master Trust 2020-AA A^†	1.65%		9/22/2025		15,000		15,131,304
Genesis Sales Finance Master Trust 2020-AA D^†	4.71%		9/22/2025		2,300		2,330,218
Genesis Sales Finance Master Trust 2021-AA B^†	1.45%		12/21/2026		7,410		7,426,495
Genesis Sales Finance Master Trust 2021-AA D^†	2.09%		12/21/2026		4,000		4,014,616
Perimeter Master Note Business Trust 2019-1A A^†	4.31%		12/15/2022		8,007		8,026,614
Perimeter Master Note Business Trust 2019-1A B^†	6.02%		12/15/2022		1,199		1,201,224
Perimeter Master Note Business Trust 2019-1A C^†	8.06%		12/15/2022		2,250		2,255,521
Perimeter Master Note Business Trust 2019-2A A^†	4.23%		5/15/2024		15,000		15,610,050
World Financial Network Credit Card Master Trust 2018-B A	3.46%		7/15/2025		6,072		6,129,406
Total							62,125,448

Home Equity 0.00%
New Century Home Equity Loan Trust 2005-A A6	4.70%		8/25/2035		121		121,009

Other 10.75%
ALM VII Ltd. 2012-7A A2R2^†	2.034% (3 Mo. LIBOR +1.85%)	^#	7/15/2029		9,692		9,708,686
ALM VII Ltd. 2012-7A CR2^†	3.734% (3 Mo. LIBOR + 3.55%)	^#	7/15/2029		2,325		2,326,264
AMMC CLO XIII Ltd. 2013-13A A2LR^†	1.876% (3 Mo. LIBOR + 1.70%)	^#	7/24/2029		810		811,166
Apidos CLO XXXV 2021-35A A^†	1.249% (3 Mo. LIBOR + 1.05%)	^#	4/20/2034		4,660		4,660,039
Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 D^†(a)	2.60% (1 Mo. LIBOR + 2.50%)	^#	5/15/2036		7,800		7,809,750
Arbor Realty Collateralized Loan Obligation Ltd. 2021-FL2 E^†(a)	3.05% (1 Mo. LIBOR + 2.95%)	^#	5/15/2036		1,930		1,932,413
Avery Point IV CLO Ltd. 2014-1A BR^†	1.776% (3 Mo. LIBOR + 1.60%)	^#	4/25/2026		885		885,220

328	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Barings CLO Ltd. 2018-3A D^†

3.088%
(3 Mo. LIBOR + 2.90%)

7/20/2029

4,518

4,473,252

Barings CLO Ltd. 2019-3A BR^†

1.722%
(3 Mo. LIBOR + 1.60%)

4/20/2031

6,590

6,590,429

Carlyle US CLO Ltd. 2021-1A A1^†

1.331%
(3 Mo. LIBOR + 1.14%)

4/15/2034

17,670

17,723,985

Cedar Funding XIV CLO Ltd. 2021-14A B^†(a)

Zero Coupon

7/15/2033

12,020

12,020,000

CIFC Funding I Ltd. 2021-1A A1^†

1.246%
(3 Mo. LIBOR + 1.11%)

4/25/2033

16,720

16,744,518

Consumer Loan Underlying Bond CLUB Credit Trust 2019-P2 C^†

4.41%

10/15/2026

7,928

8,135,828

Diamond Resorts Owner Trust 2017-1A B^†

4.11%

10/22/2029

1,196

1,215,930

DRB Prime Student Loan Trust 2015-D A2^†

3.20%

1/25/2040

1,409

1,412,192

Dryden 61 CLO Ltd. 2018-61A A1R^†

1.18%
(3 Mo. LIBOR + .99%)

1/17/2032

10,720

10,719,127

Dryden Senior Loan Fund 2017-47A BR^†

Zero Coupon

4/15/2028

12,670

12,644,123

Dryden Senior Loan Fund 2017-47A CR^†

Zero Coupon

4/15/2028

11,500

11,517,885

Elmwood CLO III Ltd. 2019 3A D^†

4.034%
(3 Mo. LIBOR + 3.85%)

10/15/2032

4,000

4,025,000

Elmwood CLO VIII Ltd. 2021 1A B1^†

1.666%
(3 Mo. LIBOR + 1.55%)

1/20/2034

10,000

10,000,990

Fairstone Financial Issuance Trust I 2020-1A C^†(b)

5.162%

10/20/2039

CAD

11,479

9,479,181

Fairstone Financial Issuance Trust I 2020-1A D^†(b)

6.873%

10/20/2039

CAD

2,649

2,173,169

Galaxy XXI CLO Ltd. 2015-21A AR^†

1.208%
(3 Mo. LIBOR + 1.02%)

4/20/2031

1,970

1,971,530

Gracie Point International Funding 2020 B^†

2.51%
(1 Mo. LIBOR + 2.40%)

5/2/2023

7,161

7,231,841

Greywolf CLO VII Ltd. 2018-2A A1^†

1.368%
(3 Mo. LIBOR + 1.18%)

10/20/2031

3,800

3,801,891

Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†

2.326%
(3 Mo. LIBOR + 2.15%)

7/25/2027

1,496

1,474,117

Halcyon Loan Advisors Funding Ltd. 2015-3A A1R^†

1.09%
(3 Mo. LIBOR + .90%)

10/18/2027

2,251

2,249,989

Hardee’s Funding LLC 2018-1A A23^†

5.71%

6/20/2048

3,426

3,855,208

Hardee’s Funding LLC 2018-1A A2II^†

4.959%

6/20/2048

6,907

7,390,724

HGI CRE CLO Ltd. 2021-FL1 C^†

1.81%
(1 Mo. LIBOR + 1.70%)

6/16/2036

2,350

2,355,182

HGI CRE CLO Ltd. 2021-FL1 D^†

2.46%
(1 Mo. LIBOR + 2.35%)

6/16/2036

3,590

3,597,887

JFIN CLO Ltd. 2014-1A B1R^†

1.638%
(3 Mo. LIBOR + 1.45%)

4/21/2025

1,085

1,087,771

See Notes to Financial Statements.

329

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Kayne CLO 5 Ltd. 2019-5A A^†

1.526%
(3 Mo. LIBOR + 1.35%)

7/24/2032

8,700

8,710,857

Kayne CLO III Ltd. 2019-3A BR^†

1.656%
(3 Mo. LIBOR + 1.55%)

4/15/2032

9,700

9,700,000

Kayne CLO Ltd. 2020-7A A1^†

1.39%
(3 Mo. LIBOR + 1.20%)

4/17/2033

11,511

11,549,796

Kayne CLO Ltd. 2021-10A A^†

Zero Coupon

4/23/2034

13,740

13,740,283

KKR CLO Ltd-29A D^†

3.541%
(3 Mo. LIBOR + 3.40%)

1/15/2032

7,000

7,001,252

KKR CLO Ltd. 18 A^†

1.46%
(3 Mo. LIBOR + 1.27%)

7/18/2030

5,697

5,703,396

KKR CLO Ltd. 18 D^†

3.79%
(3 Mo. LIBOR + 3.60%)

7/18/2030

918

919,272

Lending Funding Trust 2020-2A A^†

2.32%

4/21/2031

11,751

12,067,149

Lendmark Funding Trust 2021-1A A^†

1.90%

11/20/2031

8,300

8,371,646

Logan CLO I Ltd. 2021-1A A^†(a)

Zero Coupon

^#(c)

7/20/2034

5,530

5,530,000

Longtrain Leasing III LLC 2015-1A A2^†

4.06%

1/15/2045

4,876

4,969,384

Marble Point CLO XVII Ltd. 2020-1A A^†

1.488%
(3 Mo. LIBOR + 1.30%)

4/20/2033

7,154

7,160,893

Massachusetts Educational Financing Authority 2008-1 A1

1.126%
(3 Mo. LIBOR + .95%)

4/25/2038

2,081

2,092,321

ME Funding LLC 2019-1 A2^†

6.448%

7/30/2049

13,361

14,030,622

Mountain View CLO LLC 2017-1A AR^†

1.274%
(3 Mo. LIBOR + 1.09%)

10/16/2029

6,610

6,609,828

Mountain View CLO X Ltd. 2015-10A BR^†

1.538%
(3 Mo. LIBOR + 1.35%)

10/13/2027

4,300

4,295,034

Mountain View Clo XIV Ltd. 2019-1A D^†

3.968%
(3 Mo. LIBOR + 3.79%)

4/15/2029

8,000

8,029,388

Navient Private Education Refi Loan Trust 2018-DA A2A^†

4.00%

12/15/2059

3,069

3,233,438

Newark BSL CLO 1 Ltd. 2016-1A CR^†

3.181%
(3 Mo. LIBOR + 3.00%)

12/21/2029

4,440

4,431,335

Octagon Investment Partners 29 Ltd. 2016-1A AR^†

1.356%
(3 Mo. LIBOR + 1.18%)

1/24/2033

6,493

6,515,719

Octagon Investment Partners 48 Ltd. 2020-3A A^†

1.688%
(3 Mo. LIBOR + 1.50%)

10/20/2031

7,650

7,678,821

Octagon Investment Partners XV Ltd. 2013-1A A1B2^†

1.24%
(3 Mo. LIBOR + 1.05%)

7/19/2030

10,700

10,706,614

Palmer Square CLO Ltd. 2021-2A A^†

Zero Coupon

^#(c)

7/15/2034

11,020

11,030,331

330	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Parallel Ltd. 2017-1A A1R^†	1.218% (3 Mo. LIBOR + 1.03%)	^#	7/20/2029	$	2,570	$	2,573,309
Pennsylvania Higher Education Assistance Agency 2006-1 B	0.446% (3 Mo. LIBOR + .27%)	^#	4/25/2038		1,164		1,110,885
Planet Fitness Master Issuer LLC 2019-1A A2^†	3.858%		12/5/2049		3,278		3,285,515
Race Point IX CLO Ltd. 2015-9A CR^†	3.384% (3 Mo. LIBOR + 3.20%)	^#	10/15/2030		6,090		5,846,219
SCF Equipment Leasing LLC 2019-1A A2^†	3.23%		10/20/2024		1,086		1,089,269
SCF Equipment Leasing LLC 2019-1A C^†	3.92%		11/20/2026		13,901		14,000,591
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026		9,263		9,646,812
SCF Equipment Leasing LLC 2021-1A D^†	1.93%		9/20/2030		8,430		8,432,741
Shackleton CLO Ltd. 2016-9A B^†	2.088% (3 Mo. LIBOR + 1.90%)	^#	10/20/2028		3,333		3,338,254
Shackleton CLO Ltd. 2019-14A A2^†	2.088% (3 Mo. LIBOR + 1.90%)	^#	7/20/2030		11,147		11,154,654
Signal Peak CLO 2 LLC 2015-1A DR2^†	3.038% (3 Mo. LIBOR + 2.85%)	^#	4/20/2029		6,000		5,909,717
SLC Student Loan Trust 2008-1 A4A	1.784% (3 Mo. LIBOR + 1.60%)	^#	12/15/2032		6,422		6,604,379
Sound Point CLO XI Ltd. 2016-1A AR^†	1.288% (3 Mo. LIBOR + 1.10%)	^#	7/20/2028		2,769		2,772,883
Towd Point Asset Trust 2018-SL1 A^†	0.692% (1 Mo. LIBOR + .60%)	^#	1/25/2046		3,059		3,042,065
Westgate Resorts LLC 2018-1A A^†	3.38%		12/20/2031		1,116		1,131,449
Total							446,041,408
Total Asset-Backed Securities (cost $832,266,796)							836,823,429

CORPORATE BONDS 37.39%

Advertising 0.10%
Clear Channel Outdoor Holdings, Inc.^†	7.75%		4/15/2028		4,129		4,235,115

Aerospace/Defense 1.09%
Boeing Co. (The)	4.875%		5/1/2025		19,562		21,987,156
Boeing Co. (The)	5.04%		5/1/2027		12,863		14,839,814
Signature Aviation US Holdings, Inc.^†	4.00%		3/1/2028		4,289		4,309,115
TransDigm, Inc.	6.375%		6/15/2026		3,913		4,055,042
Total							45,191,127

See Notes to Financial Statements.

331

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Air Transportation 0.81%
American Airlines Group, Inc.^†	3.75%		3/1/2025	$	4,678	$	4,228,140
American Airlines, Inc.^†	11.75%		7/15/2025		3,839		4,828,617
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)^†(d)	4.25%		11/15/2032		3,714		3,974,876
Delta Air Lines, Inc.^†	7.00%		5/1/2025		8,298		9,654,921
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.50%		10/20/2025		3,691		3,987,159
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%		10/20/2028		3,739		4,084,376
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.^†	8.00%		9/20/2025		2,323		2,636,150
Total							33,394,239

Apparel 0.21%
Levi Strauss & Co.^†	3.50%		3/1/2031		6,207		6,120,847
PVH Corp.	7.75%		11/15/2023		2,290		2,644,672
Total							8,765,519

Auto Parts: Original Equipment 0.17%
American Axle & Manufacturing, Inc.	6.50%		4/1/2027		4,147		4,407,483
Clarios Global LP/Clarios US Finance Co.^†	8.50%		5/15/2027		2,228		2,425,735
Total							6,833,218

Automobiles 1.11%
Ford Motor Co.	7.45%		7/16/2031		9,819		12,410,872
General Motors Financial Co., Inc.	2.40%		4/10/2028		13,738		13,905,042
General Motors Financial Co., Inc.	3.60%		6/21/2030		14,538		15,586,502
Tesla, Inc.^†	5.30%		8/15/2025		4,112		4,268,174
Total							46,170,590

Banks: Regional 4.84%
Akbank T.A.S. (Turkey)^†(d)	5.00%		10/24/2022		2,455		2,522,473
Bank of America Corp.	2.687% (SOFR + 1.32%)	^#	4/22/2032		13,448		13,644,286
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%)	^#	7/21/2028		10,476		11,550,832
Bank of America Corp.	3.95%		4/21/2025		2,775		3,064,836
Bank of America Corp.	3.97% (3 Mo. LIBOR + 1.07%)	^#	3/5/2029		5,597		6,266,055
Bank of America Corp.	4.00%		1/22/2025		4,554		5,026,088
Bank of America Corp.	4.45%		3/3/2026		2,000		2,281,678
BankUnited, Inc.	5.125%		6/11/2030		6,768		7,797,292
Citigroup, Inc.	2.561% (SOFR + 1.17%)	^#	5/1/2032		5,193		5,209,022
Citigroup, Inc.	2.666% (SOFR + 1.15%)	^#	1/29/2031		4,013		4,091,234

332	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banks: Regional (continued)
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%)	^#	1/10/2028		$	13,692	$	15,286,543
Citigroup, Inc.	3.98% (3 Mo. LIBOR + 1.34%)	^#	3/20/2030			8,361		9,411,879
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%)	^#	5/1/2028			3,733		4,117,413
JPMorgan Chase & Co.	3.782% (3 Mo. LIBOR + 1.34%)	^#	2/1/2028			5,679		6,327,455
JPMorgan Chase & Co.	4.60% (SOFR + 3.13%)	^#	–	^(e)		5,345		5,458,581
Macquarie Bank Ltd. (Australia)^†(d)	3.624%		6/3/2030			2,821		2,937,940
Macquarie Group Ltd. (Australia)^†(d)	4.654% (3 Mo. LIBOR + 1.73%)	^#	3/27/2029			9,640		11,032,704
Morgan Stanley	3.625%		1/20/2027			7,496		8,355,700
Morgan Stanley	4.431% (3 Mo. LIBOR + 1.63%)	^#	1/23/2030			12,517		14,545,842
National Australia Bank Ltd. (Australia)^†(d)	2.99%		5/21/2031			3,132		3,150,102
Popular, Inc.	6.125%		9/14/2023			683		734,737
UBS AG (Switzerland)^(d)	5.125%		5/15/2024			9,363		10,357,678
Wells Fargo & Co.	2.393% (SOFR + 2.10%)	^#	6/2/2028			20,155		20,957,788
Westpac Banking Corp. (Australia)^(d)	2.894% (5 Yr Treasury CMT + 1.35%)	^#	2/4/2030			6,432		6,690,502
Westpac Banking Corp. (Australia)^(d)	4.322% (5 Yr Swap rate + 2.24%)	^#	11/23/2031			17,998		20,086,286
Total								200,904,946

Biotechnology Research & Production 0.71%
Biogen, Inc.	2.25%		5/1/2030			20,039		19,780,061
Regeneron Pharmaceuticals, Inc.	1.75%		9/15/2030			10,452		9,804,397
Total								29,584,458

Building Materials 0.20%
Cemex SAB de CV (Mexico)^†(d)	5.45%		11/19/2029			3,880		4,265,090
Griffon Corp.	5.75%		3/1/2028			3,679		3,885,944
Total								8,151,034

Business Services 0.50%
Adani Ports & Special Economic Zone Ltd. (India)^†(d)	4.00%		7/30/2027			2,055		2,169,775
CoStar Group, Inc.^†	2.80%		7/15/2030			2,525		2,519,260
Garda World Security Corp. (Canada)^†(d)	4.625%		2/15/2027			4,192		4,186,823
Global Payments, Inc.	3.20%		8/15/2029			3,217		3,392,608
Rent-A-Center, Inc.^†	6.375%		2/15/2029			4,068		4,364,700

See Notes to Financial Statements.

333

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Business Services (continued)
United Rentals North America, Inc.	4.00%	7/15/2030	$	4,045	$	4,125,859
Total						20,759,025

Chemicals 0.51%
Braskem Netherlands Finance BV (Netherlands)^†(d)	4.50%	1/31/2030		5,931		6,178,619
CF Industries, Inc.	4.95%	6/1/2043		3,388		3,838,197
Phosagro OAO Via Phosagro Bond Funding DAC (Ireland)^†(d)	3.949%	4/24/2023		6,720		7,013,846
Tronox, Inc.^†	4.625%	3/15/2029		4,040		4,143,222
Total						21,173,884

Coal 0.09%
Warrior Met Coal, Inc.^†	8.00%	11/1/2024		3,800		3,878,964

Computer Hardware 0.35%
Dell International LLC/EMC Corp.^†	5.45%	6/15/2023		1,752		1,907,228
Dell International LLC/EMC Corp.^†	6.02%	6/15/2026		863		1,029,301
Dell International LLC/EMC Corp.^†	8.35%	7/15/2046		7,347		11,548,719
Total						14,485,248

Computer Software 0.77%
Oracle Corp.	2.875%	3/25/2031		5,164		5,294,371
Oracle Corp.	2.95%	4/1/2030		11,336		11,811,926
VMware, Inc.	3.90%	8/21/2027		4,958		5,511,157
VMware, Inc.	4.70%	5/15/2030		7,937		9,229,794
Total						31,847,248

Construction/Homebuilding 0.59%
Century Communities, Inc.	6.75%	6/1/2027		3,686		3,980,898
NVR, Inc.	3.00%	5/15/2030		11,256		11,762,909
Toll Brothers Finance Corp.	4.35%	2/15/2028		3,884		4,236,745
Tri Pointe Homes, Inc.	5.25%	6/1/2027		4,097		4,386,084
Total						24,366,636

Containers 0.13%
Ball Corp.	2.875%	8/15/2030		5,836		5,580,675

Drugs 0.21%
Bayer Corp.^†	6.65%	2/15/2028		2,173		2,735,728
Bayer US Finance II LLC^†	3.875%	12/15/2023		5,573		5,998,139
Total						8,733,867

334	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power 2.68%
AES Corp. (The)^†	3.95%	7/15/2030	$	6,812	$	7,372,219
Ausgrid Finance Pty Ltd. (Australia)^†(d)	4.35%	8/1/2028		7,038		7,862,310
Calpine Corp.^†	5.00%	2/1/2031		4,293		4,169,362
Cikarang Listrindo Tbk PT (Indonesia)^†(d)	4.95%	9/14/2026		6,150		6,329,888
Emera US Finance LP	3.55%	6/15/2026		26,765		29,281,316
Eskom Holdings SOC Ltd. (South Africa)^†(d)	6.75%	8/6/2023		6,000		6,333,030
FirstEnergy Corp.	4.40%	7/15/2027		8,370		9,134,788
Liberty Utilities Finance GP 1^†	2.05%	9/15/2030		4,565		4,371,014
Minejesa Capital BV (Netherlands)^†(d)	4.625%	8/10/2030		1,800		1,877,400
NRG Energy, Inc.^†	2.45%	12/2/2027		4,183		4,210,716
NRG Energy, Inc.	5.75%	1/15/2028		3,821		4,054,769
Pennsylvania Electric Co.^†	3.60%	6/1/2029		3,906		4,128,353
PG&E Corp.	5.00%	7/1/2028		4,028		4,012,895
PSEG Power LLC	8.625%	4/15/2031		5,064		7,683,938
Vistra Operations Co. LLC^†	3.55%	7/15/2024		9,911		10,425,818
Total						111,247,816

Electrical Equipment 0.17%
SK Hynix, Inc. (South Korea)^†(d)	2.375%	1/19/2031		3,600		3,474,092
Skyworks Solutions, Inc.	3.00%	6/1/2031		3,519		3,567,979
Total						7,042,071

Energy Equipment & Services 0.10%
Greenko Solar Mauritius Ltd. (Mauritius)^†(d)	5.95%	7/29/2026		3,880		4,187,218

Entertainment 0.54%
Caesars Entertainment, Inc.^†	8.125%	7/1/2027		4,009		4,454,741
Cedar Fair LP	5.25%	7/15/2029		4,190		4,273,276
Live Nation Entertainment, Inc.^†	3.75%	1/15/2028		1,214		1,213,624
Live Nation Entertainment, Inc.^†	4.75%	10/15/2027		4,211		4,305,979
Penn National Gaming, Inc.^†	5.625%	1/15/2027		3,891		4,047,730
Scientific Games International, Inc.^†	7.25%	11/15/2029		3,853		4,272,206
Total						22,567,556

Financial Services 2.57%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	3.50%	1/15/2025		10,075		10,667,854
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	3.875%	1/23/2028		6,006		6,352,845
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(d)	4.875%	1/16/2024		2,348		2,562,801

See Notes to Financial Statements.

335

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Financial Services (continued)
Ally Financial, Inc.	4.70% (5 Yr Treasury CMT + 3.87%)	^#	–	^(e)	$	4,022	$	4,142,660
Ally Financial, Inc.	8.00%		11/1/2031			7,429		10,509,323
Aviation Capital Group LLC^†	1.95%		1/30/2026			4,918		4,888,201
Aviation Capital Group LLC^†	5.50%		12/15/2024			11,453		12,917,766
Avolon Holdings Funding Ltd. (Ireland)^†(d)	4.25%		4/15/2026			8,427		9,070,700
Brightsphere Investment Group, Inc.	4.80%		7/27/2026			3,066		3,331,041
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%		9/15/2024			6,139		6,066,920
International Lease Finance Corp.	5.875%		8/15/2022			1,071		1,137,436
Nationstar Mortgage Holdings, Inc.^†	5.50%		8/15/2028			4,065		4,034,330
Navient Corp.	5.00%		3/15/2027			6,793		6,920,369
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%		3/15/2027			3,612		4,045,001
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045			4,780		5,321,151
OneMain Finance Corp.	5.375%		11/15/2029			8,701		9,275,875
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^†	3.625%		3/1/2029			4,198		4,100,921
SURA Asset Management SA (Colombia)^†(d)	4.375%		4/11/2027			1,026		1,111,938
Total								106,457,132

Food 0.38%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	4.875%		2/15/2030			3,763		3,926,860
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.^†	6.50%		4/15/2029			3,667		4,110,285
Kraft Heinz Foods Co.	4.375%		6/1/2046			3,967		4,260,784
Minerva Luxembourg SA (Luxembourg)^†(d)	5.875%		1/19/2028			3,261		3,468,074
Total								15,766,003

Health Care Products 0.35%
Alcon Finance Corp.^†	2.60%		5/27/2030			14,205		14,384,204

Health Care Services 1.40%
Centene Corp.	3.375%		2/15/2030			3,950		3,994,753
CommonSpirit Health	3.347%		10/1/2029			2,565		2,752,161
DaVita, Inc.^†	3.75%		2/15/2031			4,196		4,028,475
HCA, Inc.	4.125%		6/15/2029			12,892		14,443,832
HCA, Inc.	4.50%		2/15/2027			5,323		6,044,518
HCA, Inc.	5.25%		6/15/2026			6,002		6,982,929
Legacy LifePoint Health LLC^†	4.375%		2/15/2027			4,070		4,060,130
New York and Presbyterian Hospital (The)	3.954%		8/1/2119			1,054		1,176,495
Radiology Partners, Inc.^†	9.25%		2/1/2028			4,152		4,563,774

336	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Health Care Services (continued)
Surgery Center Holdings, Inc.^†	10.00%		4/15/2027		$	3,684	$	4,035,325
Tenet Healthcare Corp.^†	4.875%		1/1/2026			4,000		4,136,960
Tenet Healthcare Corp.^†	6.25%		2/1/2027			1,883		1,965,391
Total								58,184,743

Household Equipment/Products 0.06%
Newell Brands, Inc.	5.875%		4/1/2036			1,886		2,349,682

Investment Management Companies 0.05%
Temasek Financial I Ltd. (Singapore)^†(d)	2.50%		10/6/2070			2,460		2,266,883
Leisure 0.37%
Carnival Corp.^†	7.625%		3/1/2026			2,521		2,763,646
Carnival Corp.^†	11.50%		4/1/2023			5,591		6,404,323
Royal Caribbean Cruises Ltd.^†	11.50%		6/1/2025			3,566		4,132,388
Viking Cruises Ltd.^†	13.00%		5/15/2025			1,859		2,174,918
Total								15,475,275

Lodging 0.29%
Boyd Gaming Corp.	4.75%		12/1/2027			2,038		2,086,290
Boyd Gaming Corp.^†(a)	4.75%		6/15/2031			3,292		3,334,138
Boyd Gaming Corp.	6.00%		8/15/2026			2,445		2,544,389
Hilton Domestic Operating Co., Inc.	4.875%		1/15/2030			3,852		4,103,728
Total								12,068,545

Machinery: Agricultural 0.69%
BAT Capital Corp.	4.70%		4/2/2027			3,153		3,553,193
BAT Capital Corp.	4.906%		4/2/2030			13,082		14,828,791
MHP Lux SA (Luxembourg)^†(d)	6.25%		9/19/2029			7,870		7,786,578
MHP Lux SA (Luxembourg)^†(d)	6.95%		4/3/2026			2,460		2,568,904
Total								28,737,466

Machinery: Industrial/Specialty 0.53%
nVent Finance Sarl (Luxembourg)^(d)	4.55%		4/15/2028			13,974		15,095,129
TK Elevator Midco GmbH^†(b)	4.375%		7/15/2027		EUR	1,744		2,230,398
Vertical US Newco, Inc.^†	5.25%		7/15/2027		$	4,654		4,845,978
Total								22,171,505

Manufacturing 0.36%
General Electric Co.	3.514% (3 Mo. LIBOR + 3.33%)	^#	–	^(e)		15,401		14,831,933

See Notes to Financial Statements.

337

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media 1.11%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%	3/1/2030	$	1,900	$	1,973,031
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.00%	2/1/2028		1,951		2,043,712
Cox Communications, Inc.^†	8.375%	3/1/2039		5,800		9,471,744
CSC Holdings LLC^†	5.50%	4/15/2027		3,800		3,994,750
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%	8/15/2026		5,154		3,820,351
DISH DBS Corp.	7.75%	7/1/2026		3,853		4,381,632
Globo Comunicacao e Participacoes SA (Brazil)^†(d)	4.875%	1/22/2030		6,120		6,235,515
Scripps Escrow, Inc.^†	5.875%	7/15/2027		3,962		4,095,856
Time Warner Cable LLC	7.30%	7/1/2038		2,682		3,801,904
Time Warner Entertainment Co. LP	8.375%	7/15/2033		4,078		6,091,006
Total						45,909,501

Metals & Minerals: Miscellaneous 1.80%
Anglo American Capital plc (United Kingdom)^†(d)	4.00%	9/11/2027		10,010		11,138,747
Anglo American Capital plc (United Kingdom)^†(d)	4.75%	4/10/2027		10,543		12,164,156
Antofagasta plc (Chile)^†(d)	2.375%	10/14/2030		4,210		4,043,474
FMG Resources August 2006 Pty Ltd. (Australia)^†(d)	4.375%	4/1/2031		3,984		4,167,463
FMG Resources August 2006 Pty Ltd. (Australia)^†(d)	4.50%	9/15/2027		3,962		4,310,537
Freeport-McMoRan, Inc.	4.125%	3/1/2028		4,247		4,438,115
Freeport-McMoRan, Inc.	4.25%	3/1/2030		3,995		4,305,072
Glencore Funding LLC^†	2.85%	4/27/2031		6,534		6,521,780
Glencore Funding LLC^†	4.875%	3/12/2029		18,042		20,720,018
Hecla Mining Co.	7.25%	2/15/2028		2,712		2,979,851
Total						74,789,213

Natural Gas 0.20%
National Fuel Gas Co.	5.50%	1/15/2026		7,186		8,349,697

Oil 3.55%
Apache Corp.	4.375%	10/15/2028		2,230		2,290,768
Apache Corp.	4.625%	11/15/2025		2,966		3,151,375
California Resources Corp.^†	7.125%	2/1/2026		2,119		2,195,814
Continental Resources, Inc.	3.80%	6/1/2024		4,298		4,518,573
Continental Resources, Inc.^†	5.75%	1/15/2031		5,617		6,599,357
Diamondback Energy, Inc.	3.50%	12/1/2029		14,958		15,867,131
Diamondback Energy, Inc.	4.75%	5/31/2025		3,788		4,291,660
Empresa Nacional del Petroleo (Chile)^†(d)	3.75%	8/5/2026		4,700		4,938,892
Equinor ASA (Norway)^(d)	7.15%	11/15/2025		4,060		5,098,099
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		3,576		3,675,770

338	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%		11/1/2028	$	4,412	$	4,638,115
Laredo Petroleum, Inc.	9.50%		1/15/2025		9,357		9,826,581
MEG Energy Corp. (Canada)^†(d)	5.875%		2/1/2029		2,270		2,366,918
MEG Energy Corp. (Canada)^†(d)	7.125%		2/1/2027		7,431		7,979,111
Murphy Oil Corp.	5.875%		12/1/2027		4,044		4,186,106
Occidental Petroleum Corp.	6.125%		1/1/2031		6,743		7,487,967
OGX Austria GmbH (Brazil)^†(f)(d)	8.50%		6/1/2018		1,730		35
Ovintiv, Inc.	6.50%		2/1/2038		3,359		4,404,408
Petroleos Mexicanos (Mexico)^(d)	4.50%		1/23/2026		6,372		6,537,353
Petroleos Mexicanos (Mexico)^(d)	5.35%		2/12/2028		18,010		17,886,631
Saudi Arabian Oil Co. (Saudi Arabia)^†(d)	2.875%		4/16/2024		6,400		6,787,939
SM Energy Co.	5.625%		6/1/2025		1,886		1,808,768
SM Energy Co.	6.75%		9/15/2026		3,462		3,459,404
Southwestern Energy Co.	7.75%		10/1/2027		3,797		4,127,529
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(d)	3.25%		8/15/2030		2,900		2,962,321
Transocean Guardian Ltd.^†	5.875%		1/15/2024		8,776		8,172,766
Viper Energy Partners LP^†	5.375%		11/1/2027		2,028		2,111,655
Total							147,371,046

Oil: Crude Producers 1.47%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)^†(d)	4.60%		11/2/2047		2,240		2,606,979
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		5,092		4,240,210
Cheniere Corpus Christi Holdings LLC	3.70%		11/15/2029		5,602		6,022,539
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(d)	3.25%		9/30/2040		9,000		8,881,187
NGPL PipeCo LLC^†	3.25%		7/15/2031		8,174		8,292,756
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		17,298		20,533,072
Western Midstream Operating LP	5.30%		2/1/2030		9,358		10,328,893
Total							60,905,636

Oil: Integrated Domestic 0.25%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.	3.337%		12/15/2027		9,547		10,474,140

Paper & Forest Products 0.13%
Suzano Austria GmbH (Brazil)^(d)	3.75%		1/15/2031		5,329		5,538,749

See Notes to Financial Statements.

339

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Real Estate Investment Trusts 1.67%
Country Garden Holdings Co. Ltd. (China)^(d)	4.75%	1/17/2023	$	1,483	$	1,516,338
Country Garden Holdings Co. Ltd. (China)^(d)	4.75%	9/28/2023		6,712		6,848,445
EPR Properties	4.95%	4/15/2028		6,790		7,119,069
Equinix, Inc.	1.55%	3/15/2028		12,072		11,765,828
Equinix, Inc.	2.625%	11/18/2024		5,956		6,306,197
Kaisa Group Holdings Ltd. (China)^†(d)	11.95%	10/22/2022		2,460		2,594,378
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		4,105		4,387,219
Sunac China Holdings Ltd. (China)^(d)	5.95%	4/26/2024		1,210		1,234,358
VEREIT Operating Partnership LP	4.875%	6/1/2026		8,845		10,218,870
WEA Finance LLC^†	2.875%	1/15/2027		9,099		9,354,933
Yuzhou Group Holdings Co. Ltd. (China)^(d)	6.00%	10/25/2023		1,700		1,602,250
Zhenro Properties Group Ltd. (China)^(d)	8.65%	1/21/2023		6,200		6,405,112
Total						69,352,997

Retail 1.39%
Carvana Co.^†	5.875%	10/1/2028		3,892		4,087,495
Gap, Inc. (The)^†	8.625%	5/15/2025		3,600		3,984,210
IRB Holding Corp.^†	7.00%	6/15/2025		3,974		4,298,477
Kohl’s Corp.	5.55%	7/17/2045		7,145		8,401,737
L Brands, Inc.	6.875%	11/1/2035		7,337		8,850,880
Nordstrom, Inc.	4.375%	4/1/2030		6,325		6,497,507
Party City Holdings, Inc.^†	8.75%	2/15/2026		4,136		4,384,160
Penske Automotive Group, Inc.	3.50%	9/1/2025		4,227		4,360,024
PetSmart, Inc./PetSmart Finance Corp.^†	4.75%	2/15/2028		4,581		4,750,268
Rite Aid Corp.^†	8.00%	11/15/2026		7,908		8,227,839
Total						57,842,597

Steel 0.40%
Cleveland-Cliffs, Inc.^†	4.625%	3/1/2029		3,506		3,613,407
Cleveland-Cliffs, Inc.	5.875%	6/1/2027		4,108		4,308,265
GUSAP III LP^†	4.25%	1/21/2030		4,000		4,335,080
U.S. Steel Corp.	6.875%	3/1/2029		3,936		4,128,726
Total						16,385,478

Technology 1.37%
Baidu, Inc. (China)^(d)	2.375%	10/9/2030		3,220		3,174,411
GrubHub Holdings, Inc.^†	5.50%	7/1/2027		3,740		3,941,100
JD.com, Inc. (China)^(d)	3.375%	1/14/2030		10,030		10,565,476
Match Group Holdings II LLC^†	5.00%	12/15/2027		1,980		2,078,624

340

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Technology (continued)
Match Group Holdings II LLC^†	5.625%		2/15/2029	$	1,858	$	1,998,056
Meituan (China)^†(d)	3.05%		10/28/2030		4,700		4,564,231
Netflix, Inc.^†	4.875%		6/15/2030		3,591		4,143,116
Netflix, Inc.	6.375%		5/15/2029		5,169		6,467,013
Prosus NV (Netherlands)^†(d)	3.832%		2/8/2051		7,000		6,488,848
Prosus NV (Netherlands)^†(d)	5.50%		7/21/2025		5,300		6,081,750
Uber Technologies, Inc.^†	8.00%		11/1/2026		3,839		4,152,282
VeriSign, Inc.^(a)	2.70%		6/15/2031		3,010		3,021,438
Total							56,676,345

Telecommunications 0.92%
AT&T, Inc.	4.30%		2/15/2030		11,631		13,251,202
CommScope, Inc.^†	7.125%		7/1/2028		3,793		4,063,043
Connect Finco SARL/Connect US Finco LLC (Luxembourg)^†(d)	6.75%		10/1/2026		3,783		3,915,518
Frontier Communications Holdings LLC^†	5.00%		5/1/2028		4,819		4,945,499
LogMeIn, Inc.^†	5.50%		9/1/2027		4,083		4,214,820
Sprint Capital Corp.	6.875%		11/15/2028		3,140		3,932,552
Zayo Group Holdings, Inc.^†	4.00%		3/1/2027		4,063		3,976,661
Total							38,299,295

Transportation: Miscellaneous 0.10%
Watco Cos LLC/Watco Finance Corp.^†	6.50%		6/15/2027		3,844		4,075,716

Utilities 0.10%
Aegea Finance Sarl (Luxembourg)^†(d)	5.75%		10/10/2024		3,936		4,095,723
Total Corporate Bonds (cost $1,494,178,957)							1,551,859,958

FLOATING RATE LOANS^(g)2.00%

Aerospace/Defense 0.10%
WP CPP Holdings, LLC 2018 Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	4/30/2025		4,190		4,087,084

Air Transportation 0.29%
AAdvantage Loyalty IP Ltd. 2021 Term Loan	5.50% (3 Mo. LIBOR + 4.75%	)	4/20/2028		11,614		11,987,121

Automotive 0.10%
American Trailer World Corp. Term Loan B	4.50% (1 Mo. LIBOR + 3.75%	)	3/3/2028		4,100		4,101,292

See Notes to Financial Statements.

341

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Business Services 0.21%
KUEHG Corp. 2018 Incremental Term Loan	4.75% (3 Mo. LIBOR + 3.75%	)	2/21/2025	$	4,395	$	4,338,305
Learning Care Group, Inc. 2018 1st Lien Term Loan	4.25% (3 Mo. LIBOR + 3.25%	)	3/13/2025		4,434		4,368,210
Total							8,706,515

Entertainment 0.21%
Playtika Holding Corp 2021 Term Loan	2.843% (1 Mo. LIBOR + 2.75%	)	3/13/2028		8,787		8,765,091

Financial Services 0.10%
SSH Group Holdings, Inc. 2018 1st Lien Term Loan	4.453% (3 Mo. LIBOR + 4.25%	)	7/30/2025		4,440		4,301,464

Health Care Services 0.21%
Heartland Dental, LLC 2018 1st Lien Term Loan	3.593% (1 Mo. LIBOR + 3.50%	)	4/30/2025		4,387		4,339,284
MED ParentCo LP 1st Lien Term Loan	4.343% (1 Mo. LIBOR + 4.25%	)	8/31/2026		4,371		4,374,955
Total							8,714,239

Leisure 0.10%
Amer Sports Oyj EUR Term Loan B^(b)	4.50% (3 Mo. EURIBOR + 4.50%	)	3/30/2026	EUR	3,538		4,316,276

Lodging 0.10%
Playa Resorts Holding B.V. 2017 Term Loan B (Netherlands)^(d)	3.75% (1 Mo. LIBOR + 2.75%	)	4/29/2024	$	4,189		4,024,903

Media 0.10%
A-L Parent LLC 2016 1st Lien Term Loan	4.25% (1 Mo. LIBOR + 3.25%	)	12/1/2023		4,239		3,954,881

Miscellaneous 0.21%
Cvent, Inc. 1st Lien Term Loan	3.843% (1 Mo. LIBOR + 3.75%	)	11/29/2024		4,189		4,080,800
MND Holdings III Corp 2018 1st Lien Term Loan	4.50% (3 Mo. LIBOR + 3.50%	)	6/19/2024		4,831		4,686,264
Total							8,767,064

Oil 0.11%
Brazos Delaware II, LLC Term Loan B	4.10% (1 Mo. LIBOR + 4.00%	)	5/21/2025		4,572		4,467,347

342

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil: Integrated Domestic 0.16%
BCP Raptor II, LLC 1st Lien Term Loan	4.843% (1 Mo. LIBOR + 4.75%	)	11/3/2025	$	6,832	$	6,710,984
Total Floating Rate Loans (cost $81,205,695)							82,904,261

FOREIGN GOVERNMENT OBLIGATIONS^(d)1.77%

Dominican Republic 0.11%
Dominican Republic^†	4.875%		9/23/2032		4,492		4,658,204

Egypt 0.35%
Republic of Egypt^†	4.55%		11/20/2023		635		659,939
Republic of Egypt^†	6.125%		1/31/2022		1,065		1,095,963
Republic of Egypt^†	6.588%		2/21/2028		3,800		4,092,980
Republic of Egypt^†	7.60%		3/1/2029		6,500		7,262,450
Republic of Egypt^†	7.903%		2/21/2048		1,560		1,581,918
Total							14,693,250

Ghana 0.23%
Republic of Ghana^†	6.375%		2/11/2027		9,500		9,598,249

Nigeria 0.32%
Republic of Nigeria^†	6.375%		7/12/2023		3,720		4,002,690
Republic of Nigeria^†	7.143%		2/23/2030		8,475		9,038,079
Total							13,040,769

Qatar 0.22%
State of Qatar^†	3.25%		6/2/2026		5,701		6,242,179
State of Qatar^†	5.103%		4/23/2048		2,100		2,732,243
Total							8,974,422

Sri Lanka 0.18%
Republic of Sri Lanka^†	5.875%		7/25/2022		8,500		7,565,000

Turkey 0.31%
Republic of Turkey	4.25%		4/14/2026		5,200		4,962,360
Republic of Turkey	5.25%		3/13/2030		2,532		2,364,984
Republic of Turkey	5.75%		3/22/2024		2,625		2,713,720
Turkiye Ihracat Kredi Bankasi AS^†	8.25%		1/24/2024		2,650		2,869,550
Total							12,910,614

Ukraine 0.05%
Ukraine Government International Bond^†	7.75%		9/1/2024		1,952		2,153,339
Total Foreign Government Obligations (cost $68,381,681)							73,593,847

See Notes to Financial Statements.

343

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.06%
Federal Home Loan Mortgage Corp. Q001 XA IO	2.145%	^#(h)	2/25/2032	$	16,329	$	1,869,984
Government National Mortgage Assoc. 2015-73 AC	2.90%	^#(h)	2/16/2053		552		573,853
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $2,427,719)							2,443,837

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 9.49%
Federal National Mortgage Assoc.⁽ⁱ⁾	2.50%		TBA		58,018		60,067,906
Federal National Mortgage Assoc.⁽ⁱ⁾	3.00%		TBA		49,000		51,178,921
Federal National Mortgage Assoc.	3.50%		9/1/2047 - 3/1/2050		50,775		54,341,100
Federal National Mortgage Assoc.⁽ⁱ⁾	3.50%		TBA		137,750		145,398,843
Government National Mortgage Assoc.⁽ⁱ⁾	2.50%		TBA		80,000		82,849,782
Total Government Sponsored Enterprises Pass-Throughs (cost $391,993,106)							393,836,552

MUNICIPAL BONDS 0.50%

Miscellaneous
County of Miami-Dade FL	2.786%		10/1/2037		1,340		1,321,648
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		4,092		4,271,193
New Jersey Transportation Trust Fund Authority	4.081%		6/15/2039		1,055		1,161,555
New Jersey Transportation Trust Fund Authority	4.131%		6/15/2042		7,170		7,813,007
New York City Transitional Finance Authority Futur	1.95%		8/1/2034		4,200		4,009,858
Regents of the University of California Medical Center	3.006%		5/15/2050		2,380		2,337,878
Total Municipal Bonds (cost $21,139,095)							20,915,139

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.03%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(h)	12/25/2059		1,324		1,336,916
Atrium Hotel Portfolio Trust 2018-ATRM A^†	1.051% (1 Mo. LIBOR + .95%	)^#	6/15/2035		6,700		6,709,487
BBCMS Mortgage Trust 2019-BWAY A^†	1.057% (1 Mo. LIBOR + .96%	)^#	11/15/2034		4,168		4,160,944
BBCMS Mortgage Trust 2019-BWAY B^†	1.411% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		1,832		1,822,041
Benchmark Mortgage Trust 2018-B5 C	4.61%	^#(h)	7/15/2051		5,200		5,872,550
BHMS 2018-ATLS C^†	2.001% (1 Mo. LIBOR + 1.90%	)^#	7/15/2035		3,965		3,964,795
BX Trust 2018-GW A^†	0.901% (1 Mo. LIBOR + .80%	)^#	5/15/2035		10,503		10,527,333
BX Trust 2019-OC11 A^†	3.202%		12/9/2041		7,941		8,505,562
CF Trust 2019-BOSS A1^†	4.75% (1 Mo. LIBOR + 3.25%	)^#	12/15/2021		4,660		4,254,794	^(j)

344

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust 2014-GC25 XB IO	0.163%	^#(h)	10/10/2047	$	50,626	$	347,482
Citigroup Commercial Mortgage Trust 2016-GC36 D^†	2.85%		2/10/2049		8,100		6,160,476
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	0.969%	^#(h)	8/10/2047		3,564		88,301
Commercial Mortgage Pass-Through Certificates 2014-UBS4 D^†	4.712%	^#(h)	8/10/2047		12,450		11,064,283
Commercial Mortgage Pass-Through Certificates 2015-DC1 D^†	4.307%	^#(h)	2/10/2048		10,552		7,741,042
Commercial Mortgage Pass-Through Certificates 2015-PC1 AM	4.29%	^#(h)	7/10/2050		3,400		3,761,493
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.321%	^#(h)	7/10/2050		1,570		1,720,931
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.321%	^#(h)	7/10/2050		4,369		4,494,645
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.321%	^#(h)	7/10/2050		7,822		6,750,519
Credit Suisse Mortgage Capital Certificates 2014-USA E^†	4.373%		9/15/2037		3,000		2,621,360
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1^†	2.24%	^#(h)	2/25/2050		3,418		3,474,393
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†	1.616%		4/25/2065		6,233		6,272,836
CSAIL Commercial Mortgage Trust 2016-C7 D^†	4.389%	^#(h)	11/15/2049		4,890		3,675,377
CSAIL Commercial Mortgage Trust 2019-C18 AS	3.321%		12/15/2052		4,507		4,869,562
CSMC Series 2019-UVIL A^†	3.16%		12/15/2041		3,895		4,080,895
DBWF Mortgage Trust 2018-GLKS A^†	1.127% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		6,500		6,514,503
Deephaven Residential Mortgage Trust 2019-4A A1^†	2.791%	^#(h)	10/25/2059		2,260		2,285,182
Deephaven Residential Mortgage Trust 2020-1 A1^†	2.339%	^#(h)	1/25/2060		2,030		2,057,170
Freddie Mac STACR REMIC Trust 2021-DNA3 M2^†	2.11% (SOFR30A + 2.10%	)^#	10/25/2033		7,725		7,863,329
GCAT Trust 2020-NQM1 A1^†	2.247%		1/25/2060		1,443		1,467,260
Great Wolf Trust 2019-WOLF A^†	1.135% (1 Mo. LIBOR + 1.03%	)^#	12/15/2036		12,751		12,782,892
GS Mortgage Securities Corp. II 2021-ROSS G^†	4.80% (1 Mo. LIBOR + 4.65%	)^#	5/15/2026		7,288		7,332,517
GS Mortgage Securities Corp. Trust 2018-RIVR A^†	1.051% (1 Mo. LIBOR + .95%	)^#	7/15/2035		4,372		4,376,156

See Notes to Financial Statements.

345

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust 2014-GC26 C	4.51%	^#(h)	11/10/2047	$	135	$	136,100
GS Mortgage Securities Trust 2015-GC32 C	4.422%	^#(h)	7/10/2048		1,230		1,327,065
Hudsons Bay Simon JV Trust 2015-HB10 XB10 IO^†	0.541%	^#(h)	8/5/2034		19,156		440,205
Hudsons Bay Simon JV Trust 2015-HB7 B7^†	4.666%		8/5/2034		4,226		3,714,130
Hudsons Bay Simon JV Trust 2015-HB7 D7^†	5.159%	^#(h)	8/5/2034		3,741		2,627,804
Hudsons Bay Simon JV Trust 2015-HB7 XB7 IO^†	0.493%	^#(h)	8/5/2034		22,024		123,775
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.267%	^#(h)	7/15/2048		2,500		2,660,322
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D^†	4.009%	^#(h)	10/5/2031		2,860		2,829,919
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A^†	1.101% (1 Mo. LIBOR + 1.00%	)^#	6/15/2032		3,290		3,297,198
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B^†	1.401% (1 Mo. LIBOR + 1.30%	)^#	6/15/2032		6,336		6,347,980
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN^†	2.02% (1 Mo. LIBOR + 1.02%	)^#	11/15/2035		3,436		3,448,696
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	1.057% (1 Mo. LIBOR + .95%	)^#	7/5/2033		2,393		2,398,673
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL^†	1.357% (1 Mo. LIBOR + 1.25%	)^#	7/5/2033		7,410		7,437,034
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX^†	4.549%		7/5/2033		2,228		2,352,253
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†	4.95%		7/5/2033		2,968		3,133,330
Life Mortgage Trust 2021-BMR E^†	1.851% (1 Mo. LIBOR + 1.75%	)^#	3/15/2038		4,000		4,018,335
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1	6.25%		10/25/2036		481		317,401
New Residential Mortgage Loan Trust 2020-NQM1 A1^†	2.464%	^#(h)	1/26/2060		1,262		1,286,132
One New York Plaza Trust 2020-1NYP B^†	1.601% (1 Mo. LIBOR + 1.50%	)^#	1/15/2026		10,480		10,577,533
PFP Ltd. 2019-6 A^†	1.148% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		2,817		2,802,285
ReadyCap Commercial Mortgage Trust 2019-6 A^†	2.833%		10/25/2052		3,186		3,252,898
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(h)	2/25/2024		932		948,150

346

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
SFAVE Commercial Mortgage Securities Trust 2015-5AVE A1^†	3.872%	^#(h)	1/5/2043	$	695	$	762,959
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(h)	2/25/2050		1,895		1,922,754
Starwood Mortgage Residential Trust 2020-3 A1^†	1.486%	^#(h)	4/25/2065		8,821		8,927,640
UBS-BAMLL Trust 2012-WRM E^†	4.238%	^#(h)	6/10/2030		3,905		1,719,824
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		4,132		4,198,739
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		8,143		8,183,052
Verus Securitization Trust 2021-2 A1^†	1.031%	^#(h)	2/25/2066		11,817		11,838,205
Vista Point Securitization Trust 2020-2 A1^†	1.475%	^#(h)	4/25/2065		5,604		5,639,808
Wells Fargo Commercial Mortgage Trust 2013-LC12 D^†	4.309%	^#(h)	7/15/2046		5,195		2,862,738
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.094%	^#(h)	5/15/2048		7,460		7,310,326
Wells Fargo Commercial Mortgage Trust 2015-SG1 B	4.462%	^#(h)	9/15/2048		4,020		4,112,187
Wells Fargo Commercial Mortgage Trust 2016-C35 C	4.176%	^#(h)	7/15/2048		2,642		2,752,663
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E^†	4.985%	^#(h)	1/15/2059		2,748		2,689,399
Wells Fargo Commercial Mortgage Trust 2017-C41 AS	3.785%	^#(h)	11/15/2050		3,197		3,504,702
WF-RBS Commercial Mortgage Trust 2014-C23 XA IO	0.562%	^#(h)	10/15/2057		56,920		914,777
Total Non-Agency Commercial Mortgage-Backed Securities (cost $293,409,126)							291,774,017

U.S. TREASURY OBLIGATIONS 27.17%
U.S. Treasury Bill	Zero Coupon		7/29/2021		483,776		483,772,101
U.S. Treasury Bill	Zero Coupon		11/18/2021		41,500		41,496,081
U.S. Treasury Bond	1.125%		5/15/2040		82,722		69,034,094
U.S. Treasury Bond	1.375%		8/15/2050		22,522		18,057,629
U.S. Treasury Bond	1.625%		11/15/2050		58,424		49,934,263
U.S. Treasury Note	0.125%		3/31/2023		83,829		83,822,451
U.S. Treasury Note	0.375%		4/15/2024		119,641		119,958,796
U.S. Treasury Note	0.625%		8/15/2030		152,397		140,258,817
U.S. Treasury Note	0.75%		3/31/2026		59,777		59,730,299
U.S. Treasury Note	1.125%		2/29/2028		61,745		61,414,568
Total U.S. Treasury Obligations (cost $1,135,086,015)							1,127,479,099
Total Long-Term Investments (cost $4,320,088,190)							4,381,630,139

See Notes to Financial Statements.

347

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Investments	Principal Amount (000)		Fair Value
SHORT-TERM INVESTMENT 3.08%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $63,942,600 of U.S. Treasury Note at 2.125% due 7/31/2024; $51,508,700 of U.S. Treasury Inflation Indexed Note at 0.125% due 7/15/2024; value: $ 62,439,722; proceeds: $127,834,010 (cost $127,834,010)	$	127,834	$	127,834,010
Total Investments in Securities 108.65% (cost $4,447,922,200)				4,509,464,149
Liabilities in Excess of Cash, Foreign Cash and Other Assets^(k)(8.65%)				(359,084,462	)
Net Assets 100.00%			$	4,150,379,687

CAD	Canadian dollar.
EUR	Euro.
CMT	Constant Maturity Rate.
EURIBOR	Euro Interbank Offered Rate.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the total value of Rule 144A securities was $1,548,302,154, which represents 37.31% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^(a)		Securities purchased on a when-issued basis (See Note 2(i)).
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(d)		Foreign security traded in U.S. dollars.
^(e)		Security is perpetual in nature and has no stated maturity.
^(f)		Defaulted (non-income producing security).
^(g)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically redetermined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(h)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
⁽ⁱ⁾		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
^(j)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(k)		Liabilities in Excess of Cash, Foreign Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

348

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced Index	Central Clearing party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Notional Value			Payments Upfront⁽²⁾			Unrealized Depreciation⁽³⁾
Markit CDX. NA.HY.33⁽⁴⁾⁽⁵⁾	Credit Suisse	1.00%	6/20/2026	$	38,000,000	$	(36,903,888	)	$	1,311,357		$	(215,245	)
Markit CDX. NA.HY.33⁽⁴⁾⁽⁵⁾	Credit Suisse	5.00%	6/20/2026		37,906,000		(41,588,077	)		(3,511,901	)		(170,176	)
Markit CDX. NA.HY.33⁽⁴⁾⁽⁵⁾	Credit Suisse	1.00%	6/20/2026		171,200,000		(175,380,972	)		(3,553,994	)		(626,978	)
Total									$	(5,754,538	)	$	(1,012,399	)

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $1,012,400.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

Credit Default Swaps on Indexes - Sell Protection at May 31, 2021⁽¹⁾:

Referenced Index*	Swap Counter- party	Fund Receives (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation/ Depreciation⁽³⁾			Credit Default Swap Agreements Receivable/ Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.A.6	Morgan Stanley	3.00%	8/17/2061	$	8,600,000	$	8,069,320	$	(483,928	)	$	(46,752	)		$	(530,680	)
Markit CMBX. NA.A.6	Citibank	1.50%	10/17/2057		5,000,000		5,022,612		25,455			(2,843	)			22,612
Markit CMBX. NA.A.6	Citibank	3.00%	9/17/2058		5,000,000		4,506,054		(537,891	)		43,945				(493,946	)
Total								$	(996,364	)	$	(5,650	)		$	(1,002,014	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $43,944. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $49,594.
⁽⁴⁾		Includes upfront payments received.

See Notes to Financial Statements.

349

Schedule of Investments (unaudited)(continued)

TOTAL RETURN FUND May 31, 2021

Open Forward Foreign Currency Exchange Contracts at May 31, 2021:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Canadian dollar	Buy	Goldman Sachs	7/20/2021		4,117,000	$	3,270,546	$	3,410,715		$	140,169

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Sell	State Street Bank and Trust	7/20/2021		14,045,000	$	11,206,882	$	11,635,535		$	(428,653	)
Canadian dollar	Sell	Toronto Dominion Bank	7/20/2021		4,117,000		3,298,640		3,410,715			(112,075	)
Euro	Sell	Bank of America	6/4/2021		1,829,000		2,215,870		2,236,676			(20,806	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(561,534	)

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	September 2021	2,369	Short	$	(343,614,163	)	$	(343,393,953	)		$	220,210
U.S. 2-Year Treasury Note	September 2021	3,700	Long		816,574,832			816,717,191				142,359
Total Unrealized Appreciation on Open Futures Contracts											$	362,569

Type	Expiration	Contracts	Position		Notional Amount			Notional Value		Unrealized Depreciation
U.S. 10-Year Treasury Note	September 2021	1,168	Long	$	154,296,678		$	154,103,000			$	(193,678	)
U.S. 5-Year Treasury Note	September 2021	730	Long		90,418,618			90,411,641				(6,977	)
U.S. Long Bond	September 2021	2,203	Long		345,599,634			344,838,344				(761,290	)
U.S. Ultra Treasury Bond	September 2021	705	Long		130,844,912			130,601,250				(243,662	)
Total Unrealized Depreciation on Open Futures Contracts											$	(1,205,607	)

350

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

TOTAL RETURN FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Long-Term Investments
Asset-Backed Securities	$	–		$	836,823,429		$	–	$	836,823,429
Corporate Bonds		–			1,551,859,958			–		1,551,859,958
Floating Rate Loans		–			82,904,261			–		82,904,261
Foreign Government Obligations		–			73,593,847			–		73,593,847
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			2,443,837			–		2,443,837
Government Sponsored Enterprises Pass–Throughs		–			393,836,552			–		393,836,552
Municipal Bonds		–			20,915,139			–		20,915,139
Non-Agency Commercial Mortgage-Backed Securities		–			287,519,223			4,254,794		291,774,017
U.S. Treasury Obligations		–			1,127,479,099			–		1,127,479,099
Short-Term Investments
Repurchase Agreements		–			127,834,010			–		127,834,010
Total	$	–		$	4,505,209,355		$	4,254,794	$	4,509,464,149
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(1,012,399	)		–		(1,012,399	)
Credit Default Swap Contracts
Assets		–			22,612			–		22,612
Liabilities		–			(1,024,626	)		–		(1,024,626	)
Forward Foreign Currency Exchange Contracts
Assets		–			140,169			–		140,169
Liabilities		–			(561,534	)		–		(561,534	)
Futures Contracts
Assets		362,569			–			–		362,569
Liabilities		(1,205,607	)		–			–		(1,205,607	)
Total	$	(843,038	)	$	(2,435,778	)	$	–	$	(3,278,816	)

	⁽¹⁾	Refer to Note 2(t) for a description of fair value measurements and the three-tier hierarchy of inputs.
	⁽²⁾	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments were not considered to be material to the Fund’s net assets at the beginning or end of the period.

See Notes to Financial Statements.

351

Schedule of Investments (unaudited)

ULTRA SHORT BOND FUND May 31, 2021

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
LONG-TERM INVESTMENTS 93.63%

ASSET-BACKED SECURITIES 26.64%

Automobiles 13.61%
ACC Trust 2019-1 A^†	3.75%		5/20/2022	$	332	$	332,777
American Credit Acceptance Receivables Trust 2020-2 A^†	1.65%		12/13/2023		5,257		5,274,221
American Credit Acceptance Receivables Trust 2020-3 A^†	0.62%		10/13/2023		24,224		24,244,439
AmeriCredit Automobile Receivables Trust 2020-2 A2A	0.60%		12/18/2023		10,273		10,291,270
ARI Fleet Lease Trust 2020-A A2^†	1.77%		8/15/2028		7,894		7,953,215
Arivo Acceptance Auto Loan Receivables Trust 2021-1A A^†	1.19%		1/15/2027		17,306		17,360,455
BMW Vehicle Lease Trust 2021-1 A3	0.29%		1/25/2024		97,234		97,339,402
Capital Auto Receivables Asset Trust 2018-2 C^†	3.69%		12/20/2023		3,452		3,465,846
Capital One Prime Auto Receivables Trust 2020-1 A2	1.64%		6/15/2023		14,974		15,018,482
CarMax Auto Owner Trust 2018-3 A3	3.13%		6/15/2023		6,197		6,272,686
CarMax Auto Owner Trust 2019-1 A3	3.05%		3/15/2024		9,662		9,828,845
Carmax Auto Owner Trust 2019-2 A3	2.68%		3/15/2024		37,431		38,167,496
CarMax Auto Owner Trust 2020-2 A3	1.70%		11/15/2024		5,680		5,762,465
Carvana Auto Receivables Trust 2020-P1 A2	0.28%		11/8/2023		13,325		13,331,879
Carvana Auto Receivables Trust 2020-P1 A3	0.44%		6/9/2025		16,043		16,093,866
Carvana Auto Receivables Trust 2021-N1 B	1.09%		1/10/2028		41,645		41,717,188
Chesapeake Funding II LLC 2018-3A A2^†	0.581% (1 Mo. LIBOR + .48%	)^#	1/15/2031		35,005		35,037,435
CPS Auto Receivables Trust 2020-C A^†	0.63%		3/15/2024		9,186		9,196,572
CPS Auto Receivables Trust 2020-C B^†	1.01%		1/15/2025		3,880		3,901,487
Donlen Fleet Lease Funding 2 LLC 2021-2 A2^†	0.56%		12/11/2034		88,275		88,450,738
Drive Auto Receivables Trust 2017-3 D^†	3.53%		12/15/2023		1,615		1,632,218
Drive Auto Receivables Trust 2017-AA D^†	4.16%		5/15/2024		6,313		6,323,939
Drive Auto Receivables Trust 2018-4 C	3.66%		11/15/2024		1,630		1,633,840
Drive Auto Receivables Trust 2018-4 D	4.09%		1/15/2026		1,390		1,429,688
Drive Auto Receivables Trust 2019-3 C	2.90%		8/15/2025		5,000		5,106,828
Drive Auto Receivables Trust 2019-4 B	2.23%		1/16/2024		45,825		46,001,433
Drive Auto Receivables Trust 2020-2 A2A	0.85%		7/17/2023		10,813		10,821,867
Drive Auto Receivables Trust 2021-1 A3	0.44%		11/15/2024		27,730		27,775,183
Enterprise Fleet Financing LLC 2017-3 A3^†	2.36%		5/20/2023		5,018		5,036,340
Enterprise Fleet Financing LLC 2018-1 A3^†	3.10%		10/20/2023		8,838		8,874,362

352	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Automobiles (continued)
Exeter Automobile Receivables Trust 2020-2A A^†	1.13%	8/15/2023	$	4,326	$	4,332,864
First Investors Auto Owner Trust 2019-1A A^†	2.89%	3/15/2024		6,313		6,349,744
First Investors Auto Owner Trust 2019-2A A^†	2.21%	9/16/2024		14,218		14,333,681
Flagship Credit Auto Trust 2020-2 A^†	1.49%	7/15/2024		6,094		6,129,472
Flagship Credit Auto Trust 2021-2 B^†	0.93%	6/15/2027		10,000		10,020,562
Ford Credit Auto Lease Trust 2020-A A2	1.80%	7/15/2022		8,458		8,467,179
Ford Credit Auto Lease Trust 2020-B A2A	0.50%	12/15/2022		28,099		28,128,279
Ford Credit Auto Owner Trust 2017-1 A^†	2.62%	8/15/2028		20,898		21,257,044
Ford Credit Auto Owner Trust 2018-B A3	3.24%	4/15/2023		7,753		7,829,924
Ford Credit Auto Owner Trust 2020-A A2	1.03%	10/15/2022		2,554		2,557,920
Ford Credit Auto Owner Trust 2020-B A2	0.50%	2/15/2023		40,025		40,068,793
Ford Credit Auto Owner Trust 2020-C A2	0.25%	9/15/2023		93,598		93,652,136
Foursight Capital Automobile Receivables Trust 2020-1 A2^†	1.97%	9/15/2023		4,833		4,848,688
GLS Auto Receivables Issuer Trust 2020-3A A^†	0.69%	10/16/2023		11,512		11,531,237
GLS Auto Receivables Issuer Trust 2021-1A B^†	0.82%	4/15/2025		15,400		15,429,867
GLS Auto Receivables Issuer Trust 2021-1A C^†	1.20%	1/15/2027		14,600		14,701,403
GM Financial Automobile Leasing Trust 2019-2 A3	2.67%	3/21/2022		1,048		1,050,658
GM Financial Automobile Leasing Trust 2020-1 A2A	1.67%	4/20/2022		4,950		4,957,801
GM Financial Automobile Leasing Trust 2020-2 A2A	0.71%	10/20/2022		17,821		17,862,517
GM Financial Automobile Leasing Trust 2020-3 A2A	0.35%	11/21/2022		66,195		66,245,342
GM Financial Automobile Leasing Trust 2020-3 A3	0.45%	8/21/2023		28,464		28,550,428
GM Financial Consumer Automobile Receivables Trust 2017-3A A4^†	2.13%	3/16/2023		1,850		1,854,943
GM Financial Consumer Automobile Receivables Trust 2019-2 A3	2.65%	2/16/2024		27,996		28,359,344
GM Financial Consumer Automobile Receivables Trust 2020-1 A2	1.83%	1/17/2023		1,527		1,528,286
GM Financial Consumer Automobile Receivables Trust 2020-4 A2	0.26%	11/16/2023		113,193		113,262,186
GM Financial Consumer Automobile Receivables Trust 2021-1 A2	0.23%	11/16/2023		30,710		30,729,047
Honda Auto Receivables Owner Trust 2020-2 A2	0.74%	11/15/2022		13,111		13,131,499
Honda Auto Receivables Owner Trust 2020-3 A2	0.27%	2/21/2023		134,429		134,506,996
Honda Auto Receivables Owner Trust 2020-3 A3	0.37%	10/18/2024		46,416		46,549,961
Hyundai Auto Lease Securitization Trust 2020-B A2^†	0.36%	1/17/2023		49,384		49,432,723
Hyundai Auto Lease Securitization Trust 2020-B A3^†	0.51%	9/15/2023		27,857		27,980,317
Hyundai Auto Lease Securitization Trust 2021-A A2^†	0.25%	4/17/2023		21,392		21,402,005
Hyundai Auto Lease Securitization Trust 2021-A A3^†	0.33%	1/16/2024		61,940		62,045,707

See Notes to Financial Statements.

353

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Automobiles (continued)
Hyundai Auto Receivables Trust 2020-B A2	0.38%	3/15/2023	$	15,385	$	15,396,539
Mercedes-Benz Auto Lease Trust 2019-B A3	2.00%	10/17/2022		6,252		6,304,992
Mercedes-Benz Auto Receivables Trust 2020-1 A2	0.46%	3/15/2023		30,338		30,368,022
Nissan Auto Lease Trust 2020-B A2	0.34%	12/15/2022		119,778		119,898,122
Nissan Auto Receivables Owner Trust 2019-A A3	2.90%	10/16/2023		23,068		23,389,019
Prestige Auto Receivables Trust 2019-1A A3^†	2.45%	5/15/2023		14,211		14,268,011
Santander Consumer Auto Receivables Trust 2020-BA A3^†	0.46%	8/15/2024		25,276		25,327,947
Santander Consumer Auto Receivables Trust 2021-AA A2^†	0.23%	11/15/2023		30,494		30,504,746
Santander Consumer Auto Receivables Trust 2021-AA A3^†	0.33%	10/15/2025		26,527		26,545,033
Santander Drive Auto Receivables Trust 2018-2 C	3.35%	7/17/2023		5,643		5,657,365
Santander Drive Auto Receivables Trust 2018-3 C	3.51%	8/15/2023		6,379		6,396,639
Santander Drive Auto Receivables Trust 2020-2 A2A	0.62%	5/15/2023		5,250		5,251,772
Santander Drive Auto Receivables Trust 2021-2 C	0.90%	6/15/2026		15,410		15,482,792
Santander Retail Auto Lease Trust 2019-B A2A^†	2.29%	4/20/2022		527		527,837
Santander Retail Auto Lease Trust 2021-A B^†	0.92%	3/20/2026		24,305		24,358,612
Tesla Auto Lease Trust 2018-B A^†	3.71%	8/20/2021		444		445,008
Tesla Auto Lease Trust 2019-A A3^†	2.16%	10/20/2022		49,529		50,298,998
Tesla Auto Lease Trust 2020-A A2^†	0.55%	5/22/2023		10,572		10,590,537
Tesla Auto Lease Trust 2021-A A3^†	0.56%	3/20/2025		40,000		40,161,888
Tesla Auto Lease Trust 2021-A B^†	1.02%	3/20/2025		21,725		21,799,434
Toyota Auto Receivables Owner Trust 2018-D A3	3.18%	3/15/2023		6,097		6,166,410
Toyota Auto Receivables Owner Trust 2019-A A3	2.91%	7/17/2023		10,921		11,079,718
Toyota Auto Receivables Owner Trust 2020-C A2	0.36%	2/15/2023		29,314		29,334,578
Toyota Auto Receivables Owner Trust 2020-D A2	0.23%	5/15/2023		125,872		125,916,664
Volkswagen Auto Lease Trust 2020-A A2	0.27%	4/20/2023		90,367		90,461,099
Volkswagen Auto Lease Trust 2020-A A3	0.39%	1/22/2024		44,001		44,145,913
Volkswagen Auto Loan Enhanced Trust 2018-2 A3	3.25%	4/20/2023		6,321		6,392,609
Volkswagen Auto Loan Enhanced Trust 2020-1 A2A	0.93%	12/20/2022		17,360		17,387,896
Westlake Automobile Receivables Trust 2019-2A A2A^†	2.57%	2/15/2023		482		482,980
Westlake Automobile Receivables Trust 2019-3A A2^†	2.15%	2/15/2023		16,141		16,206,140
Westlake Automobile Receivables Trust 2020-2A A2A^†	0.93%	2/15/2024		67,851		68,062,654
Westlake Automobile Receivables Trust 2021-1A C^†	0.95%	3/16/2026		87,800		88,003,222
World Omni Auto Receivables Trust 2019-B A3	2.59%	7/15/2024		5,481		5,552,187

354	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Automobiles (continued)
World Omni Automobile Lease Securitization Trust 2019-A A3	2.94%		5/16/2022	$	7,789	$	7,816,723
World Omni Automobile Lease Securitization Trust 2020-B A2	0.32%		9/15/2023		47,844		47,909,059
Total							2,540,656,180

Credit Cards 2.75%
American Express Credit Account
Master Trust 2017-2 A	0.551% (1 Mo. LIBOR + .45%	)^#	9/16/2024		4,415		4,429,465
American Express Credit Account Master Trust 2019-1 B	3.07%		10/15/2024		9,000		9,200,977
BA Credit Card Trust 2018-A3	3.10%		12/15/2023		28,475		28,584,264
Barclays Dryrock Issuance Trust 2018-1 A	0.431% (1 Mo. LIBOR + .33%	)^#	7/15/2024		8,533		8,540,939
Capital One Multi-Asset Execution Trust 2016-A7	0.611% (1 Mo. LIBOR + .51%	)^#	9/16/2024		13,141		13,189,695
Capital One Multi-Asset Execution Trust 2019-A1	2.84%		12/15/2024		10,500		10,705,611
Discover Card Execution Note Trust 2018-A4	3.11%		1/16/2024		11,380		11,421,375
Discover Card Execution Note Trust 2018-A5	3.32%		3/15/2024		13,370		13,492,638
Discover Card Execution Note Trust 2019-A1	3.04%		7/15/2024		13,936		14,195,785
Discover Card Execution Note Trust 2019-A2 A	0.371% (1 Mo. LIBOR + .27%	)^#	12/15/2023		5,339		5,346,234
First National Master Note Trust 2018-1 A	0.561% (1 Mo. LIBOR + .46%	)^#	10/15/2024		32,938		32,986,129
Synchrony Card Funding LLC 2019-A1 A	2.95%		3/15/2025		97,011		99,168,709
Synchrony Card Issuance Trust 2018-A1 A	3.38%		9/15/2024		74,175		74,868,603
World Financial Network Credit Card Master Trust 2018-B A	3.46%		7/15/2025		29,864		30,146,340
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		48,860		49,890,194
World Financial Network Credit Card Master Trust 2019-C A	2.21%		7/15/2026		104,350		107,060,387
Total							513,227,345

Other 10.28%
Affirm Asset Securitization Trust 2021-A^†	0.88%		8/15/2025		58,000		58,135,824
Amur Equipment Finance Receivables VI LLC 2018-2A A2^†	3.89%		7/20/2022		3,561		3,612,102
Amur Equipment Finance Receivables VII LLC 2019-1A A2^†	2.63%		6/20/2024		11,233		11,412,841

See Notes to Financial Statements.

355

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Other (continued)

Apidos CLO XXIV 2016-24A A1AL^†

1.138%
(3 Mo. LIBOR + 0.95%

)^#

10/20/2030

60,000

59,926,164

Apidos CLO XXXI 2019-31A A1R^†

Zero Coupon
(3 Mo. LIBOR + 1.10%

)^#

4/15/2031

30,000

30,008,949

Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

6/15/2028

26,901

26,934,613

Arbor Realty Commercial Real Estate Notes Ltd. 2019-FL1 A^†

1.251%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2037

14,350

14,367,917

Atrium IX-9A AR2^†

1.125%
(3 Mo. LIBOR + .99%

)^#

5/28/2030

40,630

40,660,056

Avery Point VI CLO Ltd. 2015-6A AR2^†

1.076%
(3 Mo. LIBOR + .90%

)^#

8/5/2027

18,925

18,911,197

Bain Capital Credit CLO Ltd. 2016-2A ARR^†

1.154%
(3 Mo. LIBOR + .97%

)^#

1/15/2029

48,765

48,815,320

Barings CLO Ltd. 2019-3A A1R^†

1.192%
(3 Mo. LIBOR + 1.07%

)^#

4/20/2031

38,370

38,372,394

BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†

1.168%
(3 Mo. LIBOR + .98%

)^#

7/20/2029

60,000

59,951,592

Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3^†

Zero Coupon
(3 Mo. LIBOR + .98%

)^#

7/20/2031

26,090

25,999,267

Cedar Funding XI Clo Ltd. 2019-11A A1R^†(a)

Zero Coupon
(3 Mo. LIBOR + 1.05%

)^#

5/29/2032

36,290

36,290,000

CIFC Funding Ltd. 2021-4A A^†(a)

Zero Coupon
(3 Mo. LIBOR + 1.05%

)^#

7/15/2033

24,750

24,750,000

Dell Equipment Finance Trust 2020-2 A2^†

0.47%

10/24/2022

35,598

35,651,041

Dell Equipment Finance Trust 2020-2 A3^†

0.57%

10/23/2023

49,519

49,769,239

Encina Equipment Finance LLC 2021-1A A1^†

0.50%

9/15/2025

38,325

38,426,446

Encina Equipment Finance LLC 2021-1A A2^†

0.74%

12/15/2026

23,365

23,430,983

Flatiron Clo 17 Ltd. Flat 2017 1A AR^†

1.136%
(3 Mo. LIBOR + .98%

)^#

5/15/2030

17,000

17,023,574

Freed ABS Trust 2020-1CP 2021-1CP A^†

0.66%

3/20/2028

15,263

15,272,536

FS RIALTO 2021-FL2 A^†

1.401%
(1 Mo. LIBOR + 1.30%

)^#

4/16/2028

18,000

18,030,299

Galaxy CLO Ltd. 2017-23 AR^†

1.046%
(3 Mo. LIBOR + 0.87%

)^#

4/24/2029

57,830

57,744,574

Galaxy XIX CLO Ltd. 2015-19A A1RR^†

1.126%
(3 Mo. LIBOR + .95%

)^#

7/24/2030

50,000

49,988,865

HGI CRE CLO Ltd. 2021-FL1 A^†

1.16%
(1 Mo. LIBOR + 1.05%

)^#

6/16/2036

21,570

21,615,133

356	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Other (continued)

HGI CRE CLO Ltd. 2021-FL1 AS^†

1.51%
(1 Mo. LIBOR + 1.40%

)^#

6/16/2036

6,177

6,190,618

HGI CRE CLO Ltd. 2021-FL1 B^†

1.71%
(1 Mo. LIBOR + 1.60%

)^#

6/16/2036

6,990

7,005,379

HPEFS Equipment Trust 2020-1A A2^†

1.73%

2/20/2030

7,173

7,204,026

HPEFS Equipment Trust 2020-2A A2^†

0.65%

7/22/2030

37,131

37,188,095

KAYNE CLO 2018-1AR^†

1.164%
(3 Mo. LIBOR + 0.98%

)^#

7/15/2031

28,370

28,435,923

KKR CLO Ltd. 18 A^†

1.46%
(3 Mo. LIBOR + 1.27%

)^#

7/18/2030

7,879

7,887,529

LFT CRE Ltd. 2021-FL1 A^†(a)

1.27%
(1 Mo. LIBOR + 1.17%

)^#

6/15/2039

53,040

53,226,117

^(b)

LFT CRE Ltd. 2021-FL1 B^†(a)

1.85%
(1 Mo. LIBOR + 1.75%

)^#

6/15/2039

41,120

41,264,290

^(b)

LMREC LLC 2021-CRE4 A^†

1.16%
(1 Mo. LIBOR + 1.05%

)^#

4/22/2037

38,000

38,056,620

Madison Park Funding Ltd. 2015-17A AR2^†

1.186%
(3 Mo. LIBOR + 1.00%

)^#

7/21/2030

40,000

40,025,536

Madison Park Funding X Ltd. 2012-10A AR3^†

1.198%
(3 Mo. LIBOR + 1.01%

)^#

1/20/2029

67,309

67,350,058

Madison Park Funding XI Ltd. 2013-11A AR2^†

1.073%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

60,000

60,022,500

Madison Park Funding XXXV Ltd. 2019-35A A1R^†

1.178%
(3 Mo. LIBOR + .99%

)^#

4/20/2032

49,080

49,089,148

Marlette Funding Trust 2021-1A A^†

0.60%

6/16/2031

21,925

21,950,468

Marlette Funding Trust 2021-1A B^†

1.00%

6/16/2031

9,175

9,208,577

NextGear Floorplan Master Owner Trust 2018-2A A1^†

0.701%
(1 Mo. LIBOR + .60%

)^#

10/15/2023

13,616

13,643,257

Octagon Investment Partners 30 Ltd. 2017-1A A1R^†

1.188%
(3 Mo. LIBOR + 1.00%

)^#

3/17/2030

68,340

68,390,066

Octagon Investment Partners 31 LLC 2017-1A AR^†

1.238%
(3 Mo. LIBOR + 1.05%

)^#

7/20/2030

50,000

50,065,015

Octagon Investment Partners XIV Ltd. 2012-1A AARR^†

1.134%
(3 Mo. LIBOR + .95%

)^#

7/15/2029

60,000

59,996,850

Pagaya AI Debt Selection Trust 2021-1 A^†

1.18%

11/15/2027

67,525

67,684,656

PFS Financing Corp. 2020-F A^†

0.93%

8/15/2024

24,175

24,320,882

Regatta Funding LP 2013-2A A1R3^†

1.034%
(3 Mo. LIBOR + .85%

)^#

1/15/2029

68,164

68,107,972

SCF Equipment Leasing 2021-1 LLC 2021-1A A2^†

0.42%

8/20/2026

143,050

143,145,715

See Notes to Financial Statements.

357

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Other (continued)

SCF Equipment Leasing LLC 2019-2A A1^†

2.22%

6/20/2024

7,430

7,478,546

TCI-Flatiron Clo Ltd. 2017-1A AR^†

1.116%
(3 Mo. LIBOR + .96%

)^#

11/18/2030

50,000

49,955,555

TCW CLO AMR Ltd. 2019-1A A^†

1.13%
(3 Mo. LIBOR + .97%

)^#

2/15/2029

64,535

64,559,094

Westgate Resorts LLC 2018-1A A^†

3.38%

12/20/2031

1,226

1,243,001

Total

1,917,796,419

Total Asset-Backed Securities (cost $4,970,592,832)

4,971,679,944

CORPORATE BONDS 56.88%

Aerospace/Defense 0.97%

Boeing Co. (The)

1.167%

2/4/2023

39,426

39,614,165

L3Harris Technologies, Inc.

0.933%
(3 Mo. LIBOR + .75%

)^#

3/10/2023

81,249

81,843,274

Raytheon Technologies Corp.

2.80%

3/15/2022

58,054

59,097,851

Total

180,555,290

Apparel 0.18%

Tapestry, Inc.

3.00%

7/15/2022

32,902

33,588,678

Automotive 5.35%

American Honda Finance Corp.

0.527%
(3 Mo. LIBOR + .35%

)^#

6/11/2021

22,654

22,656,863

American Honda Finance Corp.

0.733%
(3 Mo. LIBOR + .54%

)^#

6/27/2022

68,107

68,492,756

BMW Finance NV (Netherlands)^†(c)

0.958%
(3 Mo. LIBOR + .79%

)^#

8/12/2022

45,212

45,576,144

BMW US Capital LLC^†

0.66%
(3 Mo. LIBOR + .50%

)^#

8/13/2021

55,393

55,452,492

BMW US Capital LLC^†

0.716%
(3 Mo. LIBOR + .53%

)^#

4/14/2022

48,220

48,409,421

BMW US Capital LLC^†

0.834%
(3 Mo. LIBOR + .64%

)^#

4/6/2022

9,101

9,142,264

Daimler Finance North America LLC^†

0.846%
(3 Mo. LIBOR + .67%

)^#

11/5/2021

98,305

98,573,862

Daimler Finance North America LLC^†

1.03%
(3 Mo. LIBOR + .88%

)^#

2/22/2022

16,045

16,137,992

Daimler Finance North America LLC^†

1.056%
(3 Mo. LIBOR + .90%

)^#

2/15/2022

67,089

67,446,115

Daimler Finance North America LLC^†

2.85%

1/6/2022

5,870

5,960,316

Daimler Finance North America LLC^†

3.40%

2/22/2022

18,181

18,583,068

358	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Automotive (continued)
Ford Motor Credit Co. LLC	1.068% (3 Mo. LIBOR + .88%	)^#	10/12/2021	$	32,743	$	32,677,516
General Motors Co.	4.875%		10/2/2023		54,469		59,582,703
General Motors Co.	5.40%		10/2/2023		2,000		2,213,030
General Motors Financial Co., Inc.	1.184% (3 Mo. LIBOR + .99%	)^#	1/5/2023		2,989		3,018,903
General Motors Financial Co., Inc.	1.509% (3 Mo. LIBOR + 1.31%	)^#	6/30/2022		15,191		15,363,047
General Motors Financial Co., Inc.	1.736% (3 Mo. LIBOR + 1.55%	)^#	1/14/2022		9,237		9,313,101
General Motors Financial Co., Inc.	3.20%		7/6/2021		39,105		39,117,410
General Motors Financial Co., Inc.	3.70%		5/9/2023		4,587		4,833,362
General Motors Financial Co., Inc.	4.20%		11/6/2021		28,698		29,175,213
General Motors Financial Co., Inc.	4.375%		9/25/2021		10,836		10,974,393
General Motors Financial Co., Inc.	5.10%		1/17/2024		36,347		40,238,750
General Motors Financial Co., Inc.	5.20%		3/20/2023		18,347		19,841,198
Hyundai Capital America^†	0.80%		1/8/2024		40,527		40,466,745
Hyundai Capital America^†	2.375%		2/10/2023		8,357		8,591,659
Hyundai Capital America^†	3.25%		9/20/2022		18,805		19,444,431
Stellantis N.V. (Netherlands)^(c)	5.25%		4/15/2023		29,362		31,803,891
Toyota Motor Credit Corp.	1.15%		5/26/2022		91,057		91,967,943
Volkswagen Group of America Finance LLC^†	0.75%		11/23/2022		34,858		35,038,903
Volkswagen Group of America Finance LLC^†	1.051% (3 Mo. LIBOR + .86%	)^#	9/24/2021		34,299		34,389,503
Volkswagen Group of America Finance LLC^†	1.108% (3 Mo. LIBOR + .94%	)^#	11/12/2021		3,115		3,127,666
Volkswagen Group of America Finance LLC^†	2.90%		5/13/2022		10,339		10,588,552
Total							998,199,212

Banks: Regional 32.79%
ABN AMRO Bank NV (Netherlands)^†(c)	0.709% (3 Mo. LIBOR + .57%	)^#	8/27/2021		28,061		28,102,375
ABN AMRO Bank NV (Netherlands)^(c)	6.25%		4/27/2022		4,534		4,767,066
AIB Group plc (Ireland)^†(c)	4.75%		10/12/2023		77,826		84,947,007
Australia & New Zealand Banking Group Ltd. (Australia)^†(c)	0.639%(3 Mo. LIBOR + .49%	)^#	11/21/2022		30,679		30,893,294
Banco BBVA Peru SA (Peru)^(c)	5.00%		8/26/2022		1,602		1,666,537
Bank of America Corp.	0.851% (3 Mo. LIBOR + .65%	)^#	6/25/2022		36,085		36,101,767
Bank of America Corp.	1.366% (3 Mo. LIBOR + 1.18%	)^#	10/21/2022		20,602		20,693,507

See Notes to Financial Statements.

359

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Banks: Regional (continued)

Bank of America Corp.

3.124%
(3 Mo. LIBOR + 1.16%

)^#

1/20/2023

4,944

5,033,872

Bank of America Corp.

3.30%

1/11/2023

29,143

30,570,103

Bank of Ireland Group plc (Ireland)^†(c)

4.50%

11/25/2023

39,191

42,513,286

Bank of Montreal (Canada)^(c)

0.583%
(3 Mo. LIBOR + .40%

)^#

9/10/2021

45,316

45,369,655

Bank of Montreal (Canada)^(c)

0.69%
(SOFR + .68%

)^#

3/10/2023

107,269

108,317,901

Bank of Nova Scotia (The) (Canada)^(c)

0.56%
(SOFR + .55%

)^#

9/15/2023

67,842

68,351,364

Barclays Bank plc (United Kingdom)^(c)

1.70%

5/12/2022

25,762

26,101,874

Barclays Bank plc (United Kingdom)^†(c)

10.179%

6/12/2021

65,863

66,040,589

Barclays plc (United Kingdom)^(c)

1.813%
(3 Mo. LIBOR + 1.63%

)^#

1/10/2023

4,955

4,995,600

Barclays plc (United Kingdom)^(c)

3.684%

1/10/2023

26,347

26,867,927

Barclays plc (United Kingdom)^(c)

4.61%
(3 Mo. LIBOR + 1.40%

)^#

2/15/2023

92,899

95,635,689

BBVA Bancomer SA^†

4.375%

4/10/2024

5,535

6,056,508

BPCE SA (France)^†(c)

1.424%
(3 Mo. LIBOR + 1.24%

)^#

9/12/2023

18,134

18,511,216

Canadian Imperial Bank of Commerce (Canada)^(c)

0.81%
(SOFR + .80%

)^#

3/17/2023

137,844

139,070,335

Capital One NA

1.336%
(3 Mo. LIBOR + 1.15%

)^#

1/30/2023

1,730

1,740,315

Capital One NA

2.15%

9/6/2022

5,493

5,614,776

CIT Group, Inc.

3.929%
(SOFR + 3.83%

)^#

6/19/2024

9,200

9,768,146

CIT Group, Inc.

4.75%

2/16/2024

23,207

25,306,421

Citigroup, Inc.

0.871%
(3 Mo. LIBOR + 0.69%

)^#

10/27/2022

6,182

6,225,879

Citigroup, Inc.

0.88%
(SOFR + .87%

)^#

11/4/2022

30,236

30,340,448

Citigroup, Inc.

1.136%
(3 Mo. LIBOR + 0.96%

)^#

4/25/2022

46,057

46,395,728

Citigroup, Inc.

1.246%
(3 Mo. LIBOR + 1.07%

)^#

12/8/2021

20,970

21,063,714

Citigroup, Inc.

1.366%
(3 Mo. LIBOR + 1.19%

)^#

8/2/2021

32,186

32,251,839

Citigroup, Inc.

1.565%
(3 Mo. LIBOR + 1.43%

)^#

9/1/2023

2,992

3,037,377

360	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Banks: Regional (continued)

Citigroup, Inc.

2.312%
(SOFR + .87%

)^#

11/4/2022

19,438

19,608,459

Citigroup, Inc.

2.70%

10/27/2022

6,024

6,216,859

Citigroup, Inc.

3.142%
(3 Mo. LIBOR + 0.72%

)^#

1/24/2023

26,258

26,734,244

Citizens Bank NA/Providence RI

0.874%
(3 Mo. LIBOR + 0.72%

)^#

2/14/2022

31,773

31,900,919

Citizens Bank NA/Providence RI

0.951%
(3 Mo. LIBOR + 0.81%

)^#

5/26/2022

2,778

2,796,802

Citizens Bank NA/Providence RI

1.143%
(3 Mo. LIBOR + 0.95%

)^#

3/29/2023

14,500

14,678,602

Cooperatieve Rabobank UA (Netherlands)^(c)

4.625%

12/1/2023

4,425

4,862,692

Credit Suisse AG

0.46%
(SOFR + .45%

)^#

2/4/2022

5,092

5,099,449

Credit Suisse AG

2.80%

4/8/2022

35,048

35,833,022

Credit Suisse Group AG (Switzerland)^†(c)

2.997%
(3 Mo. LIBOR + 1.20%

)^#

12/14/2023

20,157

20,867,283

Credit Suisse Group AG (Switzerland)^†(c)

3.574%

1/9/2023

28,342

28,854,277

Credit Suisse Group AG (Switzerland)^†(c)

4.207%
(3 Mo. LIBOR + 1.24%

)^#

6/12/2024

23,000

24,590,988

Danske Bank A/S (Denmark)^†(c)

1.171%
(1 Yr Treasury CMT + 1.03%

)^#

12/8/2023

31,766

31,941,359

Danske Bank A/S (Denmark)^†(c)

1.226%

6/22/2024

11,630

11,779,001

Danske Bank A/S (Denmark)^†(c)

1.244%
(3 Mo. LIBOR + 1.06%

)^#

9/12/2023

2,800

2,834,305

Danske Bank A/S (Denmark)^†(c)

3.001%
(3 Mo. LIBOR + 1.25%

)^#

9/20/2022

79,840

80,408,129

Danske Bank A/S (Denmark)^†(c)

5.00%

1/12/2022

86,990

89,353,489

Danske Bank A/S (Denmark)^†(c)

5.00%
(1 Yr Treasury CMT + 1.73%

)^#

1/12/2023

2,840

2,913,858

Danske Bank A/S (Denmark)^†(c)

5.375%

1/12/2024

21,400

23,863,559

DNB Bank ASA (Norway)^†(c)

0.751%
(3 Mo. LIBOR + .62%

)^#

12/2/2022

45,058

45,406,803

Fifth Third Bank NA

0.616%
(3 Mo. LIBOR + .44%

)^#

7/26/2021

25,506

25,513,821

Fifth Third Bank NA

0.816%
(3 Mo. LIBOR + .64%

)^#

2/1/2022

1,505

1,511,451

First Abu Dhabi Bank PJSC (United Arab Emirates)^(c)

1.134%
(3 Mo. LIBOR + .95%

)^#

4/16/2022

18,310

18,406,402

Goldman Sachs Group, Inc. (The)

0.481%

1/27/2023

72,132

72,206,222

See Notes to Financial Statements.

361

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Banks: Regional (continued)

Goldman Sachs Group, Inc. (The)

0.55%
(SOFR + .54%

)^#

11/17/2023

53,778

53,817,175

Goldman Sachs Group, Inc. (The)

0.90%
(3 Mo. LIBOR + .75%

)^#

2/23/2023

133,230

134,481,340

Goldman Sachs Group, Inc. (The)

0.966%
(3 Mo. LIBOR + .78%

)^#

10/31/2022

204,365

204,921,169

Goldman Sachs Group, Inc. (The)

2.876%
(3 Mo. LIBOR +.82%

)^#

10/31/2022

82,039

82,902,313

Goldman Sachs Group, Inc. (The)

5.75%

1/24/2022

25,337

26,244,292

ING Groep NV (Netherlands)^(c)

1.343%
(3 Mo. LIBOR + 1.15%

)^#

3/29/2022

55,235

55,699,595

Intesa Sanpaolo SpA (Italy)^†(c)

3.125%

7/14/2022

15,951

16,406,780

Intesa Sanpaolo SpA (Italy)^†(c)

3.375%

1/12/2023

6,927

7,229,126

Intesa Sanpaolo SpA (Italy)^(c)

5.25%

1/12/2024

27,000

29,978,060

JPMorgan Chase & Co.

1.076%
(3 Mo. LIBOR + .90%

)^#

4/25/2023

1,332

1,341,752

JPMorgan Chase & Co.

1.184%
(3 Mo. LIBOR + 1.00%

)^#

1/15/2023

28,100

28,272,434

JPMorgan Chase & Co.

1.406%
(3 Mo. LIBOR + 1.23%

)^#

10/24/2023

31,990

32,471,941

JPMorgan Chase & Co.

2.776%
(3 Mo. LIBOR + .94%

)^#

4/25/2023

48,566

49,659,048

KeyBank NA

0.836%
(3 Mo. LIBOR + .66%

)^#

2/1/2022

61,863

62,134,069

KeyBank NA

0.96%
(3 Mo. LIBOR + .81%

)^#

11/22/2021

4,428

4,444,187

Lloyds Banking Group plc (United Kingdom)^(c)

0.987%
(3 Mo. LIBOR + .80%

)^#

6/21/2021

9,292

9,296,200

Macquarie Bank Ltd. (Australia)^†(c)

0.441%

12/16/2022

96,940

97,092,874

Macquarie Bank Ltd. (Australia)^†(c)

0.60%
(3 Mo. LIBOR + .45%

)^#

11/24/2021

90,256

90,445,698

Macquarie Bank Ltd. (Australia)^†(c)

0.625%
(3 Mo. LIBOR + .45%

)^#

8/6/2021

67,882

67,935,602

Macquarie Group Ltd. (Australia)^†(c)

1.155%
(3 Mo. LIBOR + 1.02%

)^#

11/28/2023

25,873

26,151,264

Macquarie Group Ltd. (Australia)^†(c)

4.15%
(3 Mo. LIBOR + 1.33%

)^#

3/27/2024

16,446

17,489,081

Mitsubishi UFJ Financial Group, Inc. (Japan)^(c)

0.826%
(3 Mo. LIBOR + .65%

)^#

7/26/2021

18,913

18,931,873

Mitsubishi UFJ Financial Group, Inc. (Japan)^(c)

2.623%

7/18/2022

84,765

87,021,493

Mitsubishi UFJ Financial Group, Inc. (Japan)^(c)

3.218%

3/7/2022

12,059

12,336,796

362	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Principal

Interest

Maturity

Amount

Fair

Investments

Rate

Date

(000)

Value

Banks: Regional (continued)

Morgan Stanley

0.529%
(SOFR + .46%

)^#

1/25/2024

71,792

71,961,191

Morgan Stanley

0.71%
(SOFR + .70%

)^#

1/20/2023

288,988

289,884,415

Morgan Stanley

0.84%
(SOFR + .83%

)^#

6/10/2022

11,971

11,972,868

Morgan Stanley

1.114%
(3 Mo. LIBOR + .93%

)^#

7/22/2022

189,236

189,472,378

Morgan Stanley

1.576%
(3 Mo. LIBOR + 1.40%

)^#

10/24/2023

22,625

23,010,720

Morgan Stanley

4.875%

11/1/2022

17,185

18,254,024

Morgan Stanley

5.50%

7/28/2021

52,952

53,386,428

MUFG Union Bank NA

0.776%
(3 Mo. LIBOR + .60%

)^#

3/7/2022

46,286

46,457,298

National Australia Bank Ltd. (Australia)^†(c)

0.594%
(3 Mo. LIBOR + .41%

)^#

12/13/2022

71,318

71,643,318

National Australia Bank Ltd. (Australia)^†(c)

0.767%
(3 Mo. LIBOR + .58%

)^#

9/20/2021

4,611

4,619,160

National Bank of Canada (Canada)^†(c)

2.15%

10/7/2022

8,695

8,912,159

Natwest Group Plc (United Kingdom)^(c)

1.626%
(3 Mo. LIBOR + 1.47%

)^#

5/15/2023

52,890

53,483,603

Natwest Group Plc (United Kingdom)^(c)

3.498%
(3 Mo. LIBOR + 1.48%

)^#

5/15/2023

79,307

81,637,665

Natwest Group Plc (United Kingdom)^(c)

3.875%

9/12/2023

13,204

14,180,211

Natwest Group plc (United Kingdom)^(c)

5.125%

5/28/2024

5,962

6,672,231

NatWest Markets plc (United Kingdom)^†(c)

0.54%
(SOFR + .53%

)^#

8/12/2024

22,842

22,922,983

Nordea Bank Abp (Finland)^†(c)

4.25%

9/21/2022

51,819

54,382,757

PNC Bank NA

0.475%
(3 Mo. LIBOR + .33%

)^#

2/24/2023

90,201

90,415,871

PNC Bank NA

0.615%
(3 Mo. LIBOR + .43%

)^#

12/9/2022

67,643

67,789,615

PNC Bank NA

0.634%
(3 Mo. LIBOR + .45%

)^#

7/22/2022

134,043

134,127,770

PNC Bank NA

2.232%
(3 Mo. LIBOR + .44%

)^#

7/22/2022

6,427

6,445,767

Royal Bank of Canada (Canada)^(c)

0.31%
(SOFR + .30%

)^#

1/19/2024

25,797

25,803,449

Royal Bank of Canada (Canada)^(c)

0.46%
(SOFR + .45%

)^#

10/26/2023

85,107

85,572,121

See Notes to Financial Statements.

363

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Banks: Regional (continued)
Royal Bank of Canada (Canada)^(c)	0.547% (3 Mo. LIBOR + .35%	)^#	7/8/2021	$	45,423	$	45,441,330
Royal Bank of Canada (Canada)^(c)	0.55% (3 Mo. LIBOR + .36%	)^#	1/17/2023		95,792		96,275,926
Santander UK plc (United Kingdom)^(c)	0.811% (3 Mo. LIBOR + .62%	)^#	6/1/2021		14,040		14,040,000
Skandinaviska Enskilda Banken AB (Sweden)^†(c)	0.829% (3 Mo. LIBOR + .65%	)^#	12/12/2022		56,713		57,179,381
Standard Chartered plc (United Kingdom)^†(c)	1.26% (SOFR + 1.25%	)^#	10/14/2023		32,098		32,410,502
Standard Chartered plc (United Kingdom)^†(c)	1.338% (3 Mo. LIBOR + 1.15%	)^#	1/20/2023		63,599		63,959,485
Standard Chartered plc (United Kingdom)^†(c)	1.383% (3 Mo. LIBOR + 1.20%	)^#	9/10/2022		55,965		56,124,042
Standard Chartered plc (United Kingdom)^†(c)	3.95%		1/11/2023		25,619		26,833,771
Standard Chartered plc (United Kingdom)^†(c)	4.247% (3 Mo. LIBOR + 1.15%	)^#	1/20/2023		62,306		63,785,591
Standard Chartered plc (United Kingdom)^(c)	5.70%		1/25/2022		16,931		17,493,668
Sumitomo Mitsui Financial Group, Inc. (Japan)^(c)	0.968% (3 Mo. LIBOR + .78%	)^#	7/12/2022		17,448		17,579,716
Sumitomo Mitsui Financial Group, Inc. (Japan)^(c)	2.784%		7/12/2022		45,752		47,041,208
Sumitomo Mitsui Financial Group, Inc. (Japan)^(c)	2.846%		1/11/2022		21,765		22,122,666
Swedbank AB (Sweden)^†(c)	2.80%		3/14/2022		46,374		47,327,384
Synovus Bank/Columbus G	2.289% (SOFR + 0.95%	)^#	2/10/2023		24,678		24,898,419
Toronto-Dominion Bank (The) (Canada)^(c)	0.486% (3 Mo. LIBOR + .30%	)^#	7/30/2021		67,430		67,465,019
Toronto-Dominion Bank (The) (Canada)^(c)	0.665% (3 Mo. LIBOR + .53%	)^#	12/1/2022		59,538		59,988,375
Truist Bank	0.741% (SOFR + .73%	)^#	3/9/2023		22,403		22,611,677
Truist Bank	0.746% (3 Mo. LIBOR + 0.59%	)^#	5/17/2022		56,695		57,016,077
UBS AG	7.625%		8/17/2022		158,927		172,381,736
UBS AG (United Kingdom)^†(c)	1.75%		4/21/2022		82,793		83,847,876
UBS Group AG (Switzerland)^†(c)	1.106% (3 Mo. LIBOR + .95%	)^#	8/15/2023		8,123		8,198,562
UBS Group AG (Switzerland)^†(c)	1.706% (3 Mo. LIBOR + 1.53%	)^#	2/1/2022		36,422		36,801,512
UBS Group Funding Switzerland AG (Switzerland)^†(c)	2.65%		2/1/2022		45,651		46,399,622
UniCredit SpA (Italy)^†(c)	6.572%		1/14/2022		16,724		17,324,478
UniCredit SpA (Italy)^†(c)	7.83%		12/4/2023		69,639		81,094,242

364	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
US Bank NA/Cincinnati OH	0.585% (3 Mo. LIBOR + .40%	)^#	12/9/2022	$	90,307	$	90,801,765
Wells Fargo & Co.	1.201% (3 Mo. LIBOR + 1.03%	)^#	7/26/2021		52,172		52,251,029
Wells Fargo & Co.	1.286% (3 Mo. LIBOR + 1.11%	)^#	1/24/2023		19,862		19,991,166
Wells Fargo & Co.	2.10%		7/26/2021		40,433		40,550,607
Wells Fargo & Co.	2.625%		7/22/2022		64,642		66,404,111
Wells Fargo & Co.	3.50%		3/8/2022		40,517		41,549,710
Wells Fargo Bank NA	0.845% (3 Mo. LIBOR + .66%	)^#	9/9/2022		132,077		132,301,297
Westpac Banking Corp. (Australia)^(c)	0.578% (3 Mo. LIBOR + .39%	)^#	1/13/2023		41,123		41,329,829
Total							6,121,068,053

Beverages 0.16%
Diageo Investment Corp.	8.00%		9/15/2022		26,863		29,497,714

Biotechnology Research & Production 0.22%
Gilead Sciences, Inc.	0.713% (3 Mo. LIBOR + .52%	)^#	9/29/2023		40,477		40,523,513

Business Services 0.12%
IHS Markit Ltd. (United Kingdom)^†(c)	5.00%		11/1/2022		21,303		22,385,440

Chemicals 0.44%
International Flavors & Fragrances, Inc.^†	0.697%		9/15/2022		9,654		9,677,733
LYB International Finance III LLC	1.202% (3 Mo. LIBOR + 1.00%	)^#	10/1/2023		72,415		72,569,606
Total							82,247,339

Computer Hardware 0.55%
Dell International LLC/EMC Corp.^†	5.45%		6/15/2023		93,716		102,019,271

Computer Software 0.05%
Roper Technologies, Inc.	0.45%		8/15/2022		9,136		9,153,962

Construction/Homebuilding 0.68%
Lennar Corp.	4.125%		1/15/2022		5,000		5,062,025
Lennar Corp.	4.50%		4/30/2024		22,772		24,975,419
Lennar Corp.	4.75%		11/15/2022		25,208		26,521,085
Lennar Corp.	5.375%		10/1/2022		16,807		17,796,932
Lennar Corp.	5.875%		11/15/2024		32,309		36,980,235

See Notes to Financial Statements.

365

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Construction/Homebuilding (continued)
NVR, Inc.	3.95%		9/15/2022	$	15,097	$	15,634,966
Total							126,970,662

Drugs 2.16%
AbbVie, Inc.	0.61% (3 Mo. LIBOR + 0.46%	)^#	11/19/2021		93,719		93,872,702
AbbVie, Inc.	0.799% (3 Mo. LIBOR + .65%	)^#	11/21/2022		74,727		75,271,874
AbbVie, Inc.	3.45%		3/15/2022		84,373		86,051,953
AstraZeneca plc (United Kingdom)^(c)	0.803% (3 Mo. LIBOR + .62%	)^#	6/10/2022		9,023		9,072,581
AstraZeneca plc (United Kingdom)^(c)	0.821% (3 Mo. LIBOR + .67%	)^#	8/17/2023		7,157		7,229,762
AstraZeneca plc (United Kingdom)^(c)	2.375%		6/12/2022		8,677		8,852,784
Bayer US Finance II LLC^†	0.831% (3 Mo. LIBOR + 0.63%	)^#	6/25/2021		25,126		25,136,647
Becton Dickinson & Co.	1.206% (3 Mo. LIBOR + 1.03%	)^#	6/6/2022		53,604		54,081,951
Cigna Corp.	1.074% (3 Mo. LIBOR + 0.89%	)^#	7/15/2023		30,112		30,535,565
Upjohn, Inc.^†	1.125%		6/22/2022		13,655		13,750,712
Total							403,856,531

Electric: Power 2.46%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates)^†(c)	3.625%		1/12/2023		5,690		5,983,490
American Electric Power Co., Inc.	0.656% (3 Mo. LIBOR + .48%	)^#	11/1/2023		26,874		26,905,258
CenterPoint Energy, Inc.	0.66% (SOFR + .65%	)^#	5/13/2024		26,348		26,390,420
Dominion Energy, Inc.	0.714% (3 Mo. LIBOR + .53%	)^#	9/15/2023		31,659		31,683,681
Dominion Energy, Inc.	2.715%		8/15/2021		17,332		17,418,000
DTE Energy Co.	0.55%		11/1/2022		67,590		67,792,245
Duke Energy Progress LLC	0.335% (3 Mo. LIBOR + .18%	)^#	2/18/2022		36,540		36,540,551
Emera US Finance LP	2.70%		6/15/2021		22,744		22,761,764
Enel Finance International NV (Netherlands)^†(c)	2.75%		4/6/2023		4,767		4,956,229
Enel Finance International NV (Netherlands)^†(c)	2.875%		5/25/2022		59,399		60,838,893
Exelon Corp.	3.497%		6/1/2022		3,695		3,802,052
Florida Power & Light Co.	0.564% (3 Mo. LIBOR + .38%	)^#	7/28/2023		58,978		58,981,072

366	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
NextEra Energy Capital Holdings, Inc.	0.55% (SOFR + .54%	)^#	3/1/2023	$	17,877	$	17,938,332
NextEra Energy Capital Holdings, Inc.	0.685% (3 Mo. LIBOR + .55%	)^#	8/28/2021		46,767		46,783,007
OGE Energy Corp.	0.703%		5/26/2023		2,934		2,935,778
Pacific Gas and Electric Co.	1.367%		3/10/2023		21,677		21,695,777
Saudi Electricity Global Sukuk Co. 3 (Saudi Arabia)^†(c)	4.00%		4/8/2024		5,106		5,553,286
Total							458,959,835

Electrical Equipment 0.11%
NXP BV/NXP Funding LLC (Netherlands)^†(c)	3.875%		9/1/2022		9,999		10,402,815
Skyworks Solutions, Inc.	0.90%		6/1/2023		10,000		10,037,131
Total							20,439,946

Electronics 0.12%
Honeywell International, Inc.	0.532% (3 Mo. LIBOR + .37%	)^#	8/8/2022		21,630		21,714,372

Financial Services 3.85%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(c)	4.50%		9/15/2023		24,000		25,792,911
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(c)	4.875%		1/16/2024		45,000		49,116,705
Air Lease Corp.	3.00%		9/15/2023		11,000		11,523,187
Air Lease Corp.	3.375%		6/1/2021		17,952		17,952,000
Air Lease Corp.	3.75%		2/1/2022		48,029		48,820,491
Aircastle Ltd.	4.40%		9/25/2023		8,000		8,578,265
Aircastle Ltd.	5.50%		2/15/2022		45,209		46,735,444
Ally Financial, Inc.	4.125%		2/13/2022		5,764		5,913,541
Ally Financial, Inc.	4.625%		5/19/2022		20,584		21,422,116
American Express Co.	0.775% (3 Mo. LIBOR + .62%	)^#	5/20/2022		44,541		44,777,037
American Express Co.	0.776% (3 Mo. LIBOR + .60%	)^#	11/5/2021		70,973		71,120,962
American Express Co.	0.789% (3 Mo. LIBOR + .65%	)^#	2/27/2023		5,961		6,011,234
American Express Co.	2.50%		8/1/2022		76,365		78,227,560
American Express Co.	2.75%		5/20/2022		70,377		71,975,638
Aviation Capital Group LLC^†	0.856% (3 Mo. LIBOR + .67%	)^#	7/30/2021		9,917		9,914,736

See Notes to Financial Statements.

367

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
Aviation Capital Group LLC^†	1.141% (3 Mo. LIBOR + .95%	)^#	6/1/2021	$	9,459	$	9,459,000
Aviation Capital Group LLC^†	3.875%		5/1/2023		8,003		8,392,875
Aviation Capital Group LLC^†	4.375%		1/30/2024		3,412		3,668,262
Avolon Holdings Funding Ltd. (Ireland)^†(c)	5.25%		5/15/2024		12,500		13,734,966
Capital One Financial Corp.	1.135% (3 Mo. LIBOR + .95%	)^#	3/9/2022		16,296		16,397,871
Intercontinental Exchange, Inc.	0.834% (3 Mo. LIBOR + .65%	)^#	6/15/2023		108,204		108,295,541
Intercontinental Exchange, Inc.	2.35%		9/15/2022		19,142		19,626,111
Nasdaq, Inc.	0.445%		12/21/2022		21,504		21,514,565
Total							718,971,018

Food 0.20%
Mondelez International, Inc.	0.625%		7/1/2022		36,433		36,583,977

Household Equipment/Products 0.28%
Reckitt Benckiser Treasury Services plc (United Kingdom)^†(c)	0.751% (3 Mo. LIBOR + .56%	)^#	6/24/2022		51,458		51,732,464

Insurance 1.48%
Brighthouse Financial Global Funding^†	0.77% (SOFR + .76%	)^#	4/12/2024		19,741		19,882,168
Jackson National Life Global Funding^†	0.657% (3 Mo. LIBOR + .48%	)^#	6/11/2021		2,353		2,353,309
Jackson National Life Global Funding^†	0.923% (3 Mo. LIBOR + .73%	)^#	6/27/2022		13,794		13,884,590
Met Tower Global Funding^†	0.55%		7/13/2022		95,604		95,946,774
Metropolitan Life Global Funding I^†	0.58% (SOFR + .57%	)^#	1/13/2023		70,611		71,116,388
New York Life Global Funding^†	0.628% (3 Mo. LIBOR + .44%	)^#	7/12/2022		36,246		36,421,820
Protective Life Global Funding^†	0.713% (3 Mo. LIBOR + .52%	)^#	6/28/2021		36,472		36,488,103
Total							276,093,152

Investment Management Companies 0.03%
MDGH-GMTN BV (Netherlands)^†(c)	5.50%		3/1/2022		5,515		5,737,062

Leasing 0.11%
GATX Corp.	0.896% (3 Mo. LIBOR + .72%	)^#	11/5/2021		21,234		21,281,078

368	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Machinery: Agricultural 0.52%
BAT Capital Corp.	1.036% (3 Mo. LIBOR + .88%	)^#	8/15/2022	$	80,408	$	80,979,678
Imperial Brands Finance plc (United Kingdom)^†(c)	3.50%		2/11/2023		16,229		16,832,221
Total							97,811,899

Machinery: Industrial/Specialty 0.41%
John Deere Capital Corp.	0.576% (3 Mo. LIBOR + .40%	)^#	6/7/2021		18,150		18,151,145
John Deere Capital Corp.	0.674% (3 Mo. LIBOR + .49%	)^#	6/13/2022		22,613		22,719,007
Otis Worldwide Corp.	0.644% (3 Mo. LIBOR + .45%	)^#	4/5/2023		36,097		36,098,971
Total							76,969,123

Machinery: Oil Well Equipment & Services 0.39%
Caterpillar Financial Services Corp.	0.368% (3 Mo. LIBOR + .20%	)^#	11/12/2021		49,698		49,764,951
Caterpillar Financial Services Corp.	0.414% (3 Mo. LIBOR + .22%	)^#	1/6/2022		22,762		22,790,887
Total							72,555,838

Manufacturing 0.41%
Textron, Inc.	5.95%		9/21/2021		76,382		76,604,986

Media 0.12%
Time Warner Cable LLC	4.00%		9/1/2021		22,731		22,790,961

Metals & Minerals: Miscellaneous 0.51%
Glencore Finance Canada Ltd. (Canada)^†(c)	4.25%		10/25/2022		19,435		20,419,794
Glencore Finance Canada Ltd. (Canada)^†(c)	4.95%		11/15/2021		4,930		5,037,832
Glencore Funding LLC^†	4.125%		3/12/2024		30,931		33,505,781
Glencore Funding LLC^†	4.625%		4/29/2024		30,737		33,948,886
Indonesia Asahan Aluminium Persero PT
(Indonesia)^(c)	5.71%		11/15/2023		2,000		2,209,640
Total							95,121,933

Metals/Mining (Excluding Steel) 0.04%
Glencore Funding LLC^†	4.125%		5/30/2023		8,019		8,546,941

Natural Gas 0.76%
Atmos Energy Corp.	0.565% (3 Mo. LIBOR + .38%	)^#	3/9/2023		27,228		27,236,305

See Notes to Financial Statements.

369

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Natural Gas (continued)
British Transco International Finance BV (Netherlands)^(c)	Zero Coupon		11/4/2021	$	17,990	$	17,958,202
Dominion Energy Gas Holdings LLC	0.784% (3 Mo. LIBOR + .60%	)^#	6/15/2021		52,058		52,069,819
ONE Gas, Inc.	0.787% (3 Mo. LIBOR + .61%	)^#	3/11/2023		45,242		45,268,974
Total							142,533,300

Oil 0.51%
BP Capital Markets plc (United Kingdom)^(c)	2.50%		11/6/2022		21,671		22,365,572
Diamondback Energy, Inc.	0.90%		3/24/2023		16,572		16,581,986
Harvest Operations Corp. (Canada)^†(c)	1.00%		4/26/2024		8,000		8,004,827
PT Pertamina Persero (Indonesia)^†(c)	4.875%		5/3/2022		16,000		16,632,000
Saudi Arabian Oil Co. (Saudi Arabia)^†(c)	2.875%		4/16/2024		30,000		31,818,466
Total							95,402,851

Oil: Crude Producers 0.02%
NGPL PipeCo LLC^†	4.375%		8/15/2022		2,948		3,054,273

Real Estate Investment Trusts 0.11%
SL Green Operating Partnership LP	1.136% (3 Mo. LIBOR + .98%	)^#	8/16/2021		20,349		20,349,738

Retail 0.42%
7-Eleven, Inc.^†	0.612% (3 Mo. LIBOR + .45%	)^#	8/10/2022		35,741		35,772,408
McDonald’s Corp.	0.614% (3 Mo. LIBOR + .43%	)^#	10/28/2021		41,920		41,989,682
Total							77,762,090

Technology 0.12%
TD Ameritrade Holding Corp.	0.606% (3 Mo. LIBOR + .43%	)^#	11/1/2021		23,136		23,173,234

Telecommunications 0.23%
AT&T, Inc.	0.65% (SOFR + .64%	)^#	3/25/2024		26,988		27,051,602
Ooredoo International Finance Ltd.^†	3.25%		2/21/2023		15,894		16,601,760
Total							43,653,362
Total Corporate Bonds (cost $10,580,920,021)							10,617,909,098

370	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

FLOATING RATE LOANS^(d)2.50%

Aerospace/Defense 0.87%

Boeing Company The Delayed Draw Term Loan

1.434%
(3 Mo. LIBOR + 1.25%)

2/7/2022

162,042

162,122,634

Business Services 0.31%

Nutrition & Biosciences, Inc. 3 Year

Delayed Draw Term Loan

1.426%
(3 Mo. LIBOR + 1.25%)

1/17/2023

58,398

58,361,755

^(e)

Computer Software 0.14%

Salesforce.com, inc.

–

^(f)

12/23/2023

25,805

25,772,451

^(e)

Financial Services 0.32%

Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(c)

1.953%
(3 Mo. LIBOR + 1.75%)

10/6/2023

60,698

60,708,963

Oil 0.23%

Hess Corporation Term Loan

2.872%
(3 Mo. LIBOR + 2.73%)

3/16/2023

43,365

43,256,335

^(e)

Real Estate 0.20%

Welltower Inc Term Loan

1.309%
(3 Mo. LIBOR + 1.20%)

4/1/2022

36,927

36,949,579

^(e)

Technology 0.43%

Comcast Hulu Holdings, LLC Term Loan A

0.968%
(1 Mo. LIBOR + 0.88%)

3/15/2024

80,000

79,600,000

^(e)

Total Floating Rate Loans (cost $466,749,323)

466,771,717

FOREIGN GOVERNMENT OBLIGATIONS 0.94%

Bermuda 0.01%

Bermuda Government International Bond

4.854%

2/6/2024

1,382

1,525,251

Indonesia 0.12%

Republic of Indonesia^(c)

4.45%

2/11/2024

19,690

21,608,225

Kuwait 0.04%

Kuwait International Government Bond^†(c)

2.75%

3/20/2022

6,750

6,886,438

Peru 0.03%

Fondo MIVIVIENDA SA^†(c)

3.50%

1/31/2023

5,616

5,812,026

See Notes to Financial Statements.

371

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Saudi Arabia 0.74%

Saudi Government International Bond^†(c)

2.375%

10/26/2021

138,000

139,171,620

Total Foreign Government Obligations (cost $174,774,154)

175,003,560

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.36%

BBCMS Mortgage Trust 2017-DELC A^†

0.951%
(1 Mo. LIBOR + .85%

)^#

8/15/2036

10,660

10,674,898

BFLD 2019-DPLO A^†

1.191%
(1 Mo. USD-LIBOR-BBA + 1.09%

)^#

10/15/2034

11,780

11,813,981

BX Commercial Mortgage Trust 2020-VKNG A^†

1.031%
(1 Mo. USD-LIBOR-BBA + .93%

)^#

10/15/2037

5,390

5,411,551

BX Commercial Mortgage Trust 2021-VINO A^†

0.762%
(1 Mo. USD-LIBOR-BBA + .65%

)^#

5/15/2038

43,630

43,658,106

BXMT Ltd. 2020-FL2 A^†

1.001%
(1 Mo. USD-LIBOR-BBA + .90%

)^#

2/15/2038

51,270

51,223,857

BXMT Ltd. 2021-FL4 A^†

1.151%
(1 Mo. USD-LIBOR-BBA + 1.05%

)^#

5/15/2038

49,175

49,216,641

DBCG BBG Mortgage Trust 2017-BBG A^†

0.801%
(1 Mo. LIBOR + .70%

)^#

6/15/2034

18,900

18,918,917

Freddie Mac STACR REMIC Trust 2021-DNA3 M1^†

0.76%
(SOFR30A + .75%

)^#

10/25/2033

16,993

17,029,736

Freddie Mac STACR REMIC Trust 2021-HQA1 M1^†

0.71%
(SOFR30A + .70%

)^#

8/25/2033

30,000

30,014,391

Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M1^†

0.81%
(SOFR30A + .80%

)^#

8/25/2033

33,750

33,791,216

Great Wolf Trust 2019-WOLF A^†

1.135%
(1 Mo. LIBOR + 1.03%

)^#

12/15/2036

14,400

14,436,016

GS Mortgage Securities Corp. II 2021-ROSS A^†

1.30%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2026

40,000

40,085,848

GS Mortgage Securities Corp. Trust 2018-HULA A^†

1.021%
(1 Mo. LIBOR + .92%

)^#

7/15/2025

15,433

15,464,340

GS Mortgage Securities Corp. Trust 2021-RENT A^†

0.797%
(1 Mo. LIBOR + .70%

)^#

11/21/2035

24,750

24,782,091

Hilton Orlando Trust 2018-ORL A^†

1.021%
(1 Mo. LIBOR + .92%

)^#

12/15/2034

36,955

37,011,098

Life 2021-BMR Mortgage Trust 2021-BMR A^†

0.801%
(1 Mo. LIBOR + .70%

)^#

3/15/2038

41,700

41,789,813

Mortgage Repurchase Agreement Financing Trust 2021-1 A1^†

0.595%
(1 Mo. LIBOR + .50%

)^#

3/10/2022

40,000

40,043,168

372	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
ONE PARK Mortgage Trust 2021-PARK A^†	0.801% (1 Mo. LIBOR + .70%	)^#	3/15/2036	$	49,520	$	49,539,427
PFP 2021-7 Ltd. 2021-7 A^†	0.951% (1 Mo. LIBOR + .85%	)^#	4/14/2038		104,900		104,774,120
Ready Capital Mortgage Financing LLC 2021-FL5 A^†	1.092% (1 Mo. LIBOR + 1.00%	)^#	4/25/2038		47,000		47,027,260
VASA Trust 2021-VASA A^†	1.001% (1 Mo. LIBOR + .90%	)^#	7/15/2039		55,250		55,358,765
VNDO Mortgage Trust 2012-6AVE A^†	2.996%		11/15/2030		16,870		17,378,735
WF-RBS Commercial Mortgage Trust 2012-C7 A2 3.431%			6/15/2045		52,704		53,720,397
Total Non-Agency Commercial Mortgage-Backed Securities (cost $812,706,226)							813,164,372

U.S. TREASURY OBLIGATIONS 2.31%
U.S. Treasury Bill (cost $431,303,627)	Zero Coupon		7/29/2021		431,321		431,317,523
Total Long-Term Investments (cost $17,437,046,183)							17,475,846,214
SHORT-TERM INVESTMENTS 6.45%

COMMERCIAL PAPER 6.20%

Automotive 1.18%
General Motors Finance Co., Inc.	0.264%		6/1/2021		55,000		55,000,000
General Motors Finance Co., Inc.	0.365%		6/2/2021		8,069		8,068,919
Volkswagen Group Amer Finance LLC	0.53%		11/8/2021		157,025		156,674,486
Total							219,743,405

Banks: Regional 0.95%
Danske Bank A/S	0.428%		8/6/2021		68,493		68,478,617
HSBC USA, Inc.	0.407%		10/1/2021		20,937		20,918,753
Toronto Dominion Bank	0.041%		6/3/2021		87,000		86,999,807
Total							176,397,177

Chemicals 0.57%
Dow Chemical Co. (The)	0.142%		6/1/2021		60,000		60,000,000
Dow Chemical Co. (The)	0.152%		6/1/2021		46,674		46,674,000
Total							106,674,000

Electric: Power 0.23%
Enel Finance America	0.458%		2/4/2022		28,327		28,272,272
Hawaiian Electric Co.	0.355%		6/1/2021		15,413		15,413,000
Total							43,685,272

See Notes to Financial Statements.

373

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Environmental Services 0.07%
Waste Management, Inc.	0.458%	9/10/2021	$	13,200	$	13,193,070

Financial Services 0.33%
IntercontinentalExchange Group, Inc.	0.427%	6/22/2021		17,306		17,301,760
IntercontinentalExchange Group, Inc.	0.458%	9/23/2021		44,975		44,942,573
Total						62,244,333

Health Care Services 0.29%
Catholic Health Initiatives	0.609%	6/9/2021		53,429		53,421,876

Machinery: Agricultural 0.07%
BAT International Finance plc	0.152%	6/3/2021		14,000		13,999,884

Real Estate Investment Trusts 0.43%
Alexandria Real Estate	0.132%	6/2/2021		79,358		79,357,714

Retail 0.77%
AutoNation, Inc.	0.203%	6/1/2021		38,833		38,833,000
AutoNation, Inc.	0.223%	6/2/2021		3,911		3,910,976
AutoNation, Inc.	0.223%	6/3/2021		8,971		8,970,890
Walgreens Boots	0.152%	6/2/2021		45,000		44,999,812
Walgreens Boots Alliance, Inc.	0.152%	6/3/2021		46,755		46,754,611
Total						143,469,289

Telecommunications 1.31%
AT&T, Inc.	0.407%	12/14/2021		63,766		63,693,377
AT&T, Inc.	0.407%	12/14/2021		87,972		87,871,810
AT&T, Inc.	0.407%	12/16/2021		73,896		73,810,999
Rogers Communications Inc.	0.407%	8/26/2021		12,400		12,393,645
Rogers Communications Inc.	0.458%	8/25/2021		7,455		7,451,240
Total						245,221,071
Total Commercial Paper (cost $1,157,026,864)						1,157,407,091

374	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

Investments	Principal Amount (000)		Fair Value
REPURCHASE AGREEMENTS 0.25%

Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $46,889,300 of U.S. Treasury Note at 2.00% due 7/31/2022; value: $48,245,577; proceeds: $47,299,545 (cost $47,299,545)		47,300	$	47,299,545
Total Short-Term Investments (cost $1,204,326,409)				1,204,706,636
Total Investments in Securities 100.08% (cost $18,641,372,592)				18,680,552,850
Less Unfunded Loan Commitments (0.14%) (cost $25,772,451)^(g)				(25,772,451	)
Net Investments 99.94% (cost $18,615,600,141)				18,654,780,399
Other Assets in Excess of Liabilities 0.06%				11,804,330
Net Assets 100.00%			$	18,666,584,729

CMT		Constant Maturity Rate.
LIBOR		London Interbank Offered Rate.
SOFR		Secured Over Night Financing Rate.
SOFR30A		Secured Over Night Financing Rate 30 day compounded average.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2021, the Total value of Rule 144A securities was $6,868,363,757, which represents 36.79% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at May 31, 2021.
^(a)		Securities purchased on a when-issued basis (See Note 2(i)).
^(b)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(c)		Foreign security traded in U.S. dollars.
^(d)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2021.
^(e)		Level 3 Investment as described in Note 2(t) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(f)		Interest rate to be determined.
^(g)		Security partially/fully unfunded. See Note (2(o)).

See Notes to Financial Statements.

375

Schedule of Investments (unaudited)(continued)

ULTRA SHORT BOND FUND May 31, 2021

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)			Total (000)
Long-Term Investments
Asset-Backed Securities
Other	$	–	$	1,823,306,012	$	94,490,407		$	1,917,796,419
Remaining Industries		–		3,053,883,525		–			3,053,883,525
Corporate Bonds		–		10,617,909,098		–			10,617,909,098
Floating Rate Loans
Business Services		–		–		58,361,755			58,361,755
Computer Software		–		–		25,772,451			25,772,451
Oil		–		–		43,256,335			43,256,335
Real Estate		–		–		36,949,579			36,949,579
Technology		–		–		79,600,000			79,600,000
Remaining Industries		–		222,831,597		–			222,831,597
Less Unfunded Commitments		–		–		(25,772,451	)		(25,772,451	)
Foreign Government Obligations		–		175,003,560		–			175,003,560
Non-Agency Commercial Mortgage-Backed Securities		–		813,164,372		–			813,164,372
U.S. Treasury Obligations		–		431,317,523		–			431,317,523
Short–Term Investments
Commercial Paper		–		1,157,407,091		–			1,157,407,091
Repurchase Agreements		–		47,299,545		–			47,299,545
Total	$	–	$	18,342,122,323	$	312,658,076		$	18,654,780,399

⁽¹⁾		Refer to Note 2(t) for a description of fair value measurements and the three–tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three–tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

376	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

ULTRA SHORT BOND FUND May 31, 2021

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Asset-Backed Securities			Floating Rate Loans
Balance as of December 1, 2020		$	–		$	–
Accrued Discounts (Premiums)			–			17,943
Realized Gain (Loss)			–			(26	)
Change in Unrealized Appreciation (Depreciation)			330,407			(251,272	)
Purchases			94,160,000			219,056,524
Sales			–			(655,500	)
Transfers into Level 3			–			–
Transfers out of Level 3			–			–
Balance as of May 31, 2021		$	94,490,407		$	218,167,669
Change in unrealized appreciation/depreciation for the period ended May 31, 2021, related to Level 3 investments held at May 31, 2021		$	330,407		$	(251,272	)

See Notes to Financial Statements.

377

Statements of Assets and Liabilities (unaudited)

May 31, 2021

	Convertible			Core Fixed			Core Plus
	Fund			Income Fund			Bond Fund
ASSETS:
Investments in securities, at cost		$	1,506,304,608		$	2,234,941,950		$	276,105,543
Investments in securities, at fair value including $0, $0, $0, $0, $0, $264,500, $0 and $0, respectively, of securities loaned		$	1,659,828,593		$	2,251,844,818		$	279,486,208
Cash			2,604,950			–			–
Deposits with brokers for futures collateral			–			4,449,114			526,430
Deposits with brokers for forwards and swaps collateral			–			2,210,070			489,257
Foreign cash, at value (cost $106,239, $0, $7,266, $0, $0, $86,273, $182,713 and $0, respectively)			106,474			–			7,596
Receivables:
Investment securities sold			7,487,158			60,614,671			2,681,882
Interest and dividends			4,775,878			6,787,814			2,054,324
Capital shares sold			5,139,734			5,631,408			3,962,033
Securities lending income receivable			–			–			–
Variation margin for futures contracts			–			369,358			34,384
From advisor (See Note 3)			–			16,629			15,193
Variation margin for centrally cleared credit default swap agreements			–			–			–
Total return swap, at fair value			–			–			–
Unrealized appreciation on forward foreign currency exchange contracts			–			–			4,732
Unrealized appreciation on CPI swaps			–			–			–
Unrealized appreciation on unfunded commitments			–			–			–
Prepaid expenses and other assets			1,856,564			137,317			75,371
Total assets			1,681,799,351			2,332,061,199			289,337,410
LIABILITIES:
Payables:
Investment securities purchased			10,286,085			312,622,656			12,832,852
Payable for collateral due to broker for securities lending			–			–			–
Capital shares reacquired			4,087,934			2,749,569			334,946
To bank			–			752,285			496,992
Management fee			946,565			385,951			63,989
12b-1 distribution plan			160,000			195,489			31,127
Trustees’ fees			111,004			181,229			12,159
Variation margin on futures contracts			–			–			–
Fund administration			57,442			68,697			9,141
Variation margin for centrally cleared credit default swap agreements			–			14,711			4,937
Variation margin on centrally cleared interest rate swaps			–			–			–
Unrealized depreciation on forward foreign currency exchange contracts			1,852,532			–			28,832
Unrealized depreciation on CPI swaps			–			–			–
Credit default swap agreements payable, at fair value (including upfront payments of $0, $1,862,642, $0, $0, $0, $26,156,190, $2,690,269 and $0, respectively)			–			1,388,406			–

378	See Notes to Financial Statements.

Corporate		Floating Rate		High Yield				Inflation
Bond Fund		Fund		Fund		Income Fund		Focused Fund

$	11,441,430	$	6,558,306,125	$	7,151,345,985	$	2,902,739,637	$	2,003,554,599

$	11,589,767	$	6,609,643,925	$	7,516,120,714	$	2,990,879,159	$	2,009,545,725
	10,396		5,544,174		10,353,377		–		8,053,262
	10,807		4,107,800		12,825,642		3,800,000		775,064

	–		1,179,550		43,939,923		3,069,727		106,186,421
	–		–		14,482		186,067		–

	6,725		192,952,241		56,889,549		5,253,446		10,290,908
	108,667		36,876,884		102,818,004		25,146,324		11,185,218
	15,637		39,704,182		55,650,751		14,098,688		51,774,134
	–		–		261		–		–
	–		–		–		337,177		–
	18,618		–		–		–		–

	–		–		–		17,895		3,533,646
	–		2,097,197		–		–		–

	–		55,793		1,015,425		1,825		29,416
	–		–		–		–		14,245,754
	–		30,777		–		–		–
	95,215		303,972		109,828		118,455		268,970
	11,855,832		6,892,496,495		7,799,737,956		3,042,908,763		2,215,888,518


	267,014		526,819,728		211,970,978		58,913,991		135,573,157

	–		–		300,000		–		–
	4,336		10,151,584		20,478,772		6,408,481		1,553,833
	–		–		–		9,492,378		–
	3,853		2,422,103		3,602,680		948,474		439,945
	1,510		1,641,549		750,142		435,444		220,373
	653		1,017,494		735,348		459,509		110,639
	435		374,669		1,171,867		–		50,575
	385		211,523		278,023		99,839		58,659

	–		–		2,335,858		–		–

	–		134,792		–		–		–

	–		1,402,541		6,218,763		552,833		23,520
	–		–		–		–		63,921,200

	–		–		18,155,684		2,005,475		–

See Notes to Financial Statements.

379

Statements of Assets and Liabilities (unaudited)(continued)

May 31, 2021

	Convertible			Core Fixed				Core Plus
	Fund			Income Fund				Bond Fund
LIABILITIES:
Foreign currency overdraft		$	–		$	–			$	–
Distributions payable			–			2,590,596				684,326
Accrued expenses			78,081			360,539				123,604
Total liabilities			17,579,643			321,310,128				14,622,905
Commitments and contingent liabilities
NET ASSETS		$	1,664,219,708		$	2,010,751,071			$	274,714,505
COMPOSITION OF NET ASSETS:
Paid-in capital		$	1,269,987,719		$	2,011,064,547			$	275,388,375
Total distributable earnings (loss)			394,231,989			(313,476	)			(673,870	)
Net Assets		$	1,664,219,708		$	2,010,751,071			$	274,714,505
Net assets by class:
Class A Shares		$	371,905,636		$	658,399,173			$	67,531,358
Class C Shares		$	80,946,322		$	37,176,779			$	5,619,865
Class F Shares		$	862,308,323		$	348,622,185			$	166,656,292
Class F3 Shares		$	40,455,150		$	422,222,358			$	17,780,688
Class I Shares		$	249,772,665		$	487,471,348			$	15,639,543
Class P Shares		$	75,178			–				–
Class R2 Shares		$	75,289		$	854,465				–
Class R3 Shares		$	34,985,230		$	10,964,660			$	147,257
Class R4 Shares		$	533,581		$	10,780,144			$	288,303
Class R5 Shares		$	1,753,258		$	1,148,183			$	11,339
Class R6 Shares		$	21,409,076		$	33,111,776			$	1,039,860
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			19,514,790			59,335,753				4,385,498
Class C Shares			4,288,485			3,365,768				364,866
Class F Shares			45,227,774			31,423,682				10,832,199
Class F3 Shares			2,102,023			38,052,928				1,154,839
Class I Shares			13,001,838			43,954,543				1,015,927
Class P Shares			3,865			–				–
Class R2 Shares			3,873			76,978				–
Class R3 Shares			1,847,174			987,911				9,567
Class R4 Shares			28,002			971,731				18,727
Class R5 Shares			91,299			103,464				736.41
Class R6 Shares			1,112,126			2,985,290				67,530
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$19.06			$11.10				$15.40
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)			$19.50			$11.36				$15.75
Class C Shares-Net asset value			$18.88			$11.05				$15.40
Class F Shares-Net asset value			$19.07			$11.09				$15.39
Class F3 Shares-Net asset value			$19.25			$11.10				$15.40
Class I Shares-Net asset value			$19.21			$11.09				$15.39
Class P Shares-Net asset value			$19.45			–				–
Class R2 Shares-Net asset value			$19.44			$11.10				–
Class R3 Shares-Net asset value			$18.94			$11.10				$15.39
Class R4 Shares-Net asset value			$19.06			$11.09				$15.40
Class R5 Shares-Net asset value			$19.20			$11.10				$15.40
Class R6 Shares-Net asset value			$19.25			$11.09				$15.40

380	See Notes to Financial Statements.

Corporate		Floating Rate				High Yield				Inflation
Bond Fund		Fund				Fund		Income Fund		Focused Fund

$	–		$	10,013,922		$	–	$	–	$	–
	29,798			21,194,291			33,517,911		7,789,420		3,474,780
	59,603			1,751,615			1,716,035		677,855		198,827
	367,587			577,135,811			301,232,061		87,783,699		205,625,508

$	11,488,245		$	6,315,360,684		$	7,498,505,895	$	2,955,125,064	$	2,010,263,010

$	11,388,013		$	7,802,389,385		$	7,273,730,593	$	2,886,825,251	$	2,261,161,901
	100,232			(1,487,028,701	)		224,775,302		68,299,813		(250,898,891	)
$	11,488,245		$	6,315,360,684		$	7,498,505,895	$	2,955,125,064	$	2,010,263,010

$	2,724,299		$	1,878,784,434		$	1,181,516,482	$	1,249,001,390	$	295,184,926
$	806,232		$	552,758,642		$	273,982,733	$	90,319,446	$	40,475,564
$	4,135,875		$	2,587,855,841		$	2,208,098,332	$	544,514,343	$	911,844,473
$	1,751,720		$	114,437,029		$	788,253,090	$	814,879,031	$	68,915,274
$	143,638		$	1,016,936,904		$	1,902,215,421	$	129,332,971	$	676,031,800
	–			–		$	42,785		–		–
$	28,624		$	940,846		$	6,000,671	$	1,317,553	$	29,311
$	57,906		$	46,608,737		$	112,047,073	$	55,094,173	$	287,326
$	28,903		$	2,703,355		$	106,055,869	$	4,835,486	$	2,039,148
$	29,125		$	3,489,815		$	255,354,591	$	6,098,915	$	209,444
$	1,781,923		$	110,845,081		$	664,938,848	$	59,731,756	$	15,245,744

	265,098			223,299,349			157,110,319		420,205,139		24,189,565
	78,477			65,644,960			36,625,724		30,262,593		3,313,068
	401,768			307,878,401			293,957,457		183,167,053		74,597,278
	170,450			13,579,947			104,322,043		274,184,928		5,643,262
	13,983			120,784,617			251,828,961		43,480,841		55,405,986
	–			–			5,609		–		–
	2,785			111,715			793,309		440,209		2,408
	5,635			5,536,912			14,815,118		18,476,608		23,563
	2,812			321,321			14,104,929		1,626,264		167,190
	2,834			414,187			33,822,287		2,050,405		17,187
	173,390			13,159,519			87,994,206		20,101,573		1,250,163

	$10.28			$8.41			$7.52		$2.97		$12.20
	$10.52			$8.60			$7.69		$3.04		$12.48
	$10.27			$8.42			$7.48		$2.98		$12.22
	$10.29			$8.41			$7.51		$2.97		$12.22
	$10.28			$8.43			$7.56		$2.97		$12.21
	$10.27			$8.42			$7.55		$2.97		$12.20
	–			–			$7.63		–		–
	$10.28			$8.42			$7.56		$2.99		$12.17
	$10.28			$8.42			$7.56		$2.98		$12.19
	$10.28			$8.41			$7.52		$2.97		$12.20
	$10.28			$8.43			$7.55		$2.97		$12.19
	$10.28			$8.42			$7.56		$2.97		$12.20

See Notes to Financial Statements.

381

Statements of Assets and Liabilities (unaudited)(continued)

May 31, 2021

	Short Duration				Short Duration
	Core Bond Fund				Income Fund
ASSETS:
Investments in securities, at cost		$	175,076,693			$	59,891,357,048
Investments in securities, at fair value		$	175,875,723			$	60,432,333,400
Cash			11,000				–
Deposits with brokers for futures collateral			55,200				34,307,566
Deposits with brokers for forwards and swaps collateral			–				99,206,559
Foreign cash, at value (cost $0, $85,802, $104,677 and $0, respectively)			–				87,576
Receivables:
Capital shares sold			1,055,013				326,323,071
Investment securities sold			5,713,125				258,747,548
Interest and dividends			657,557				322,976,968
Variation margin for futures contracts			–				58,059
From advisor (See Note 3)			22,998				–
Variation margin for centrally cleared credit default swap agreements			–				1,490,579
Unrealized appreciation on forward foreign currency exchange contracts			4,971				7,662,934
Credit default swap agreements receivable, at fair value (including upfront payments of $2,448, $0, $0 and $0, respectively)			3,709				–
Prepaid expenses and other assets			105,335				1,090,058
Total assets			183,504,631				61,484,284,318
LIABILITIES:
Payables:
Investment securities purchased			12,495,421				1,192,534,721
Capital shares reacquired			157,457				115,817,302
To bank			–				166,364,581
Management fee			42,646				12,715,666
12b-1 distribution plan			19,796				10,708,954
Trustee’s fees			4,300				5,238,595
Fund administration			5,686				2,014,123
Variation margin on futures contracts			4,172				–
Variation margin for centrally cleared credit default swap agreements			–				–
Unrealized depreciation on forward foreign currency exchange contracts			3,975				2,124,797
Credit default swap agreements payable, at fair value (including upfront payments of $0, $3,966,341, $996,364 and $0, respectively)			–				9,315,604
Distributions payable			214,287				120,619,240
Accrued expenses			55,759				8,426,621
Total liabilities			13,003,499				1,645,880,204
Commitments and contingent liabilities
NET ASSETS		$	170,501,132			$	59,838,404,114
COMPOSITION OF NET ASSETS:
Paid-in capital		$	170,667,602			$	63,247,593,720
Total distributable earnings (loss)			(166,470	)			(3,409,189,606	)
Net Assets		$	170,501,132			$	59,838,404,114

382	See Notes to Financial Statements.

Total		Ultra Short
Return Fund		Bond Fund

$	4,447,922,200	$	18,615,600,141
$	4,509,464,149	$	18,654,780,399
	–		80,089,732
	12,117,446		–
	6,959,848		–

	106,841		–

	14,765,765		151,380,731
	83,792,197		91,382,990
	23,314,745		53,978,117
	774,418		–
	13,464		–
	–		–
	140,169		–

	–		–
	136,028		865,465
	4,651,585,070		19,032,477,434

	476,928,049		266,115,653
	5,223,721		84,809,081
	6,483,410		–
	983,343		2,734,224
	407,112		1,843,217
	412,436		1,147,665
	140,831		643,347
	–		–
	96,744		–
	561,534		–
	1,002,014		–

	8,021,989		6,135,743
	944,200		2,463,775
	501,205,383		365,892,705

$	4,150,379,687	$	18,666,584,729

$	4,138,246,279	$	18,674,524,076
	12,133,408		(7,939,347	)
$	4,150,379,687	$	18,666,584,729

See Notes to Financial Statements.

383

Statements of Assets and Liabilities (unaudited)(concluded)

May 31, 2021

	Short Duration			Short Duration
	Core Bond Fund			Income Fund
Net assets by class:
Class A Shares		$	43,255,923		$	13,310,984,799
Class A1 Shares			–			–
Class C Shares		$	4,630,828		$	3,690,657,591
Class F Shares		$	100,854,944		$	25,290,911,670
Class F3 Shares		$	514,509		$	4,872,099,312
Class I Shares		$	20,282,177		$	11,037,184,323
Class P Shares			–			–
Class R2 Shares			–		$	11,308,450
Class R3 Shares		$	52,360		$	402,612,893
Class R4 Shares		$	12,242		$	160,157,341
Class R5 Shares		$	12,242		$	66,122,200
Class R6 Shares		$	885,907		$	996,365,535
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			4,378,856			3,161,037,219
Class A1 Shares			–			–
Class C Shares			468,998			871,100,950
Class F Shares			10,215,891			6,009,807,232
Class F3 Shares			52,129			1,155,562,912
Class I Shares			2,053,920			2,623,294,726
Class P Shares			–			–
Class R2 Shares			–			2,684,212
Class R3 Shares			5,303			95,515,063
Class R4 Shares			1,240			37,962,495
Class R5 Shares			1,240			15,730,039
Class R6 Shares			89,736			236,740,422
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$9.88			$4.21
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)*			$10.11			$4.31
Class A1 Shares-Net asset value			–			–
Class A1 Shares-Maximum offering price (Net asset value plus sales charge of 1.50%)			–			–
Class C Shares-Net asset value			$9.87			$4.24
Class F Shares-Net asset value			$9.87			$4.21
Class F3 Shares-Net asset value			$9.87			$4.22
Class I Shares-Net asset value			$9.87			$4.21
Class P Shares-Net asset value			–			–
Class R2 Shares-Net asset value			–			$4.21
Class R3 Shares-Net asset value			$9.87			$4.22
Class R4 Shares-Net asset value			$9.87			$4.22
Class R5 Shares-Net asset value			$9.87			$4.20
Class R6 Shares-Net asset value			$9.87			$4.21

* Sales charge not applicable to Ultra Short Bond Fund.

384	See Notes to Financial Statements.

Total		Ultra Short
Return Fund		Bond Fund

$	1,377,073,764	$	10,901,707,493
	–	$	15,298,550
$	71,240,140		–
$	1,013,633,672	$	5,828,082,933
$	826,612,981	$	596,062,335
$	394,751,022	$	1,238,466,986
$	641,367		–
$	2,213,283		–
$	57,889,120		–
$	48,946,217		–
$	87,411,104	$	728,899
$	269,967,017	$	86,237,533

	130,748,910		1,086,506,301
	–		1,524,112
	6,769,555		–
	96,247,121		580,729,552
	78,448,939		59,403,062
	37,409,117		123,452,860
	60,604		–
	210,191		–
	5,497,870		–
	4,647,405		–
	8,296,556		72,635
	25,609,491		8,591,954

	$10.53		$10.03

	$10.77		–
	–		$10.04
			–
	–		$10.19
	$10.52		–
	$10.53		$10.04
	$10.54		$10.03
	$10.55		$10.03
	$10.58		–
	$10.53		–
	$10.53		–
	$10.53		–
	$10.54		$10.04
	$10.54		$10.04

See Notes to Financial Statements.

385

Statements of Operations (unaudited)

For the Six Months Ended May 31, 2021

	Convertible Fund			Core Fixed Income Fund			Core Plus Bond Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $0, $0, $0, $2,657, $0 and $0, respectively)	$	2,920,474		$	–		$	–
Securities lending net income		–			–			–
Interest and other (net of foreign withholding taxes of $0, $0, $0, $0, $0, $107,930, $0 and $0, respectively)		9,481,232			16,601,802			4,265,621
Interest earned from Interfund Lending (See Note 12)		–			247			–
Total investment income		12,401,706			16,602,049			4,265,621
Expenses:
Management fee		5,516,055			2,272,679			396,889
12b-1 distribution plan-Class A		353,214			663,297			63,413
12b-1 distribution plan-Class C		334,733			186,327			25,060
12b-1 distribution plan-Class F		418,761			180,923			83,926
12b-1 distribution plan-Class P		178			–			–
12b-1 distribution plan-Class R2		271			1,656			–
12b-1 distribution plan-Class R3		79,019			27,315			348
12b-1 distribution plan-Class R4		616			13,356			351
Shareholder servicing		498,129			619,094			149,868
Fund administration		334,495			404,681			56,698
Registration		139,016			122,548			101,904
Reports to shareholders		44,758			88,161			13,479
Trustees’ fees		29,371			39,150			5,460
Professional		32,280			35,841			29,471
Custody		7,196			15,699			9,996
Interest paid from Interfund Lending (See Note 12)		1,406			–			–
Other		67,565			73,651			24,911
Gross expenses		7,857,063			4,744,378			961,774
Expense reductions (See Note 10)		(786	)		(698	)		(137	)
Fees waived and expenses reimbursed (See Note 3)		(7,196	)		(15,699	)		(114,422	)
Shareholder servicing reimbursed-Class I (See Note 3)		–			(97,439	)		–
Net expenses		7,849,081			4,630,542			847,215
Net investment income		4,552,625			11,971,507			3,418,406
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		244,160,266			4,530,925			603,434
Net realized gain (loss) on futures contracts		–			(10,266,424	)		(1,521,932	)
Net realized gain (loss) on forward foreign currency exchange contracts		(2,383,222	)		184,157			(10,700	)
Net realized gain (loss) on swap contracts		–			21,699			(37,123	)
Net realized gain (loss) on foreign currency related transactions		325,331			–			526
Net change in unrealized appreciation/depreciation on investments		(158,616,865	)		(32,709,083	)		(2,293,611	)
Net change in unrealized appreciation/depreciation on futures contracts		–			(619,339	)		(96,585	)

386

See Notes to Financial Statements.

Corporate Bond Fund			Floating Rate Fund			High Yield Fund			Income Fund			Inflation Focused Fund

$	–		$	1,556,735		$	939,954		$	43,753		$	20,972
	–			–			20,997			–			–

	159,407			135,472,952			229,517,359			48,973,657			10,994,846
	–			–			–			–			–
	159,407			137,029,687			230,478,310			49,017,410			11,015,818

	22,772			13,462,334			21,842,890			5,568,709			1,561,706
	2,782			1,783,343			1,173,450			1,238,863			163,351
	3,480			2,381,838			1,173,251			415,116			100,044
	1,967			1,179,668			1,081,141			278,224			199,059
	–			–			112			–			–
	87			2,967			18,978			4,458			134
	144			111,422			282,094			133,544			668
	37			3,511			137,080			9,364			2,326
	2,849			2,095,060			2,980,160			974,165			248,873
	2,277			1,174,491			1,687,596			586,180			208,227
	73,947			145,699			217,379			116,412			111,709
	1,422			180,777			288,230			138,500			16,324
	230			112,598			161,850			56,291			16,280
	31,853			63,731			69,278			50,001			45,031
	3,086			49,040			57,763			29,446			24,559
	–			–			961			–			–
	4,543			208,400			152,435			68,690			51,209
	151,476			22,954,879			31,324,648			9,667,963			2,749,500
	(4	)		(2,826	)		(2,680	)		(1,075	)		(418	)
	(116,242	)		(49,040	)		(57,763	)		(29,446	)		(24,559	)
	–			–			–			–			–
	35,230			22,903,013			31,264,205			9,637,442			2,724,523
	124,177			114,126,674			199,214,105			39,379,968			8,291,295

	57,978			28,120,925			302,708,521			42,202,618			550,131
	30,669			135,835			28,846,815			(5,902,438	)		(3,822,074	)

	–			(1,778,531	)		(5,379,580	)		(218,764	)		(32,447	)
	–			3,428,927			6,670,028			5,590,589			(46,527,394	)

	–			(935,429	)		(1,538,868	)		(235,998	)		(2,017	)

	(404,811	)		119,653,943			(81,876,983	)		(64,725,563	)		9,017,788

	894			204,892			532,323			(536,705	)		(204,673	)

See Notes to Financial Statements.

387

Statements of Operations (unaudited)(continued)

For the Six Months Ended May 31, 2021

	Convertible Fund			Core Fixed Income Fund			Core Plus Bond Fund
Net realized and unrealized gain (loss):
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts	$	(1,468,178	)	$	123,919		$	2,461
Net change in unrealized appreciation/depreciation on swap contracts		–			363,790			(54,118	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		2,861			232			176
Net change in unrealized appreciation/depreciation on unfunded commitments		–			–			–
Net realized and unrealized gain (loss)		82,020,193			(38,370,124	)		(3,407,472	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	86,572,818		$	(26,398,617	)	$	10,934

388

See Notes to Financial Statements.

Corporate Bond Fund			Floating Rate Fund			High Yield Fund			Income Fund			Inflation Focused Fund

$	–		$	(747,775	)	$	(3,384,568	)	$	(408,524	)	$	9,171

	–			2,191,074			2,862,420			(4,222,960	)		111,999,035

	1			173,832			47,637			(6,195	)		(70	)

	–			167,694			(21,954	)		–			–
	(315,269	)		150,615,387			249,465,791			(28,463,940	)		70,987,450

$	(191,092	)	$	264,742,061		$	448,679,896		$	10,916,028		$	79,278,745

See Notes to Financial Statements.

389

Statements of Operations (unaudited)(concluded)

For the Six Months Ended May 31, 2021

	Short Duration Core Bond Fund			Short Duration Income Fund
Investment income:
Dividends	$	–		$	790,250
Interest and other		1,035,417			637,002,184
Interest earned from Interfund Lending (See Note 12)		–			745
Total investment income		1,035,417			637,793,179
Expenses:
Management fee		233,596			72,410,095
12b-1 distribution plan-Class A		45,321			12,924,552
12b-1 distribution plan-Class A1		–			–
12b-1 distribution plan-Class C		19,603			16,277,080
12b-1 distribution plan-Class F		47,664			12,112,325
12b-1 distribution plan-Class P		–			–
12b-1 distribution plan-Class R2		–			38,019
12b-1 distribution plan-Class R3		123			988,968
12b-1 distribution plan-Class R4		15			200,959
Shareholder servicing		46,715			18,698,321
Fund administration		31,146			11,465,944
Reports to shareholders		3,309			1,579,467
Registration		83,601			915,268
Trustees’ fees		2,749			1,093,912
Custody		4,359			271,862
Professional		31,956			225,464
Other		9,757			406,330
Gross expenses		559,914			149,608,566
Expense reductions (See Note 10)		(80	)		(26,398	)
Fees waived and expenses reimbursed (See Note 3)		(136,034	)		(271,862	)
Shareholder servicing reimbursed-Class I (See Note 3)		–			–
Net expenses		423,800			149,310,306
Net investment income		611,617			488,482,873
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		450,083			145,649,684
Net realized gain (loss) on futures contracts		76,789			56,123,872
Net realized gain (loss) on forward foreign currency exchange contracts		(6,542	)		5,273,103
Net realized gain (loss) on swap contracts		(72,911	)		23,424,598
Net realized gain (loss) on foreign currency related transactions		(257	)		3,000
Net change in unrealized appreciation/depreciation on investments		(120,344	)		197,250,627
Net change in unrealized appreciation/depreciation on futures contracts		4,028			1,029,867
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		2,634			6,774,412
Net change in unrealized appreciation/depreciation on swap contracts		113,685			(12,620,402	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		25			(2,245	)
Net realized and unrealized gain (loss)		447,190			422,906,516
Net Increase (Decrease) in Net Assets Resulting From Operations	$	1,058,807		$	911,389,389

390

See Notes to Financial Statements.

Total Return Fund			Ultra Short Bond Fund

$	–		$	–
	51,914,814			75,847,468
	212			200
	51,915,026			75,847,668

	5,842,721			17,289,475
	1,392,071			8,820,441
	–			21,524
	327,834			–
	503,625			3,267,850
	1,443			–
	7,143			–
	172,198			–
	69,808			–
	1,676,837			5,473,543
	837,510			4,068,112
	191,356			328,907
	137,430			905,458
	81,077			404,152
	44,199			100,703
	44,734			91,152
	73,504			206,653
	11,403,490			40,977,970
	(1,584	)		(9,955	)
	(44,199	)		(101,668	)
	(81,745	)		–
	11,275,962			40,866,347
	40,639,064			34,981,321

	16,267,577			1,954,399
	(32,163,886	)		–
	(331,171	)		–
	(934,029	)		–
	8,116			–
	(35,647,453	)		(8,926,208	)
	(2,539,392	)		–

	16,298			–
	(426,169	)		–

	(78,444	)		–
	(55,828,553	)		(6,971,809	)
$	(15,189,489	)	$	28,009,512

See Notes to Financial Statements.

391

Statements of Changes in Net Assets (unaudited)

	Convertible Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020
Operations:
Net investment income		$	4,552,625			$	8,280,966
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts, swaps and foreign currency related transactions			242,102,375				197,625,004
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(160,082,182	)			248,550,714
Net increase (decrease) in net assets resulting from operations			86,572,818				454,456,684
Distributions to shareholders:
Class A			(43,439,227	)			(12,026,469	)
Class C			(9,636,964	)			(3,152,590	)
Class F			(95,919,556	)			(15,483,914	)
Class F3			(3,644,082	)			(703,791	)
Class I			(43,624,118	)			(23,687,385	)
Class P			(10,633	)			(5,567	)
Class R2			(6,612	)			(4,234	)
Class R3			(3,733,931	)			(848,067	)
Class R4			(60,898	)			(6,762	)
Class R5			(201,496	)			(72,154	)
Class R6			(855,458	)			(407,738	)
Total distributions to shareholders			(201,132,975	)			(56,398,671	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			849,437,451				753,471,200
Reinvestment of distributions			180,453,576				51,918,546
Cost of shares reacquired			(628,393,302	)			(516,629,223	)
Net increase (decrease) in net assets resulting from capital share transactions			401,497,725				288,760,523
Net increase (decrease) in net assets			286,937,568				686,818,536
NET ASSETS:
Beginning of period		$	1,377,282,140			$	690,463,604
End of period		$	1,664,219,708			$	1,377,282,140

392	See Notes to Financial Statements.

Core Fixed Income Fund								Core Plus Bond Fund
For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020				For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020

	$	11,971,507			$	31,744,335			$	3,418,406			$	6,619,390

		(5,529,643	)			79,393,615				(965,795	)			4,457,156

		(32,840,481	)			17,515,377				(2,441,677	)			3,490,588

		(26,398,617	)			128,653,327				10,934				14,567,134

		(25,737,970	)			(11,268,416	)			(1,585,854	)			(1,564,863	)
		(1,706,293	)			(660,646	)			(131,973	)			(155,580	)
		(14,030,409	)			(6,168,214	)			(4,531,882	)			(6,963,737	)
		(15,918,118	)			(7,652,850	)			(308,279	)			(202,841	)
		(19,194,545	)			(10,497,468	)			(902,479	)			(992,480	)
		–				–				–				–
		(15,745	)			(8,902	)			–				–
		(412,346	)			(187,241	)			(3,270	)			(6,167	)
		(397,969	)			(180,145	)			(6,994	)			(4,551	)
		(41,823	)			(27,049	)			(306	)			(919	)
		(1,323,632	)			(835,176	)			(25,808	)			(27,450	)
		(78,778,850	)			(37,486,107	)			(7,496,845	)			(9,918,588	)

		321,453,256				1,175,119,050				106,293,335				228,820,166
		78,252,253				37,271,368				7,489,313				9,922,011
		(332,793,695	)			(740,809,797	)			(121,887,918	)			(153,506,555	)

		66,911,814				471,580,621				(8,105,270	)			85,235,622
		(38,265,653	)			562,747,841				(15,591,181	)			89,884,168

	$	2,049,016,724			$	1,486,268,883			$	290,305,686			$	200,421,518
	$	2,010,751,071			$	2,049,016,724			$	274,714,505			$	290,305,686

See Notes to Financial Statements.

393

Statements of Changes in Net Assets (unaudited)(continued)

	Corporate Bond Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020
Operations:
Net investment income		$	124,177			$	263,442
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts, swaps and foreign currency related transactions			88,647				402,389
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies			(403,916	)			172,350
Net increase (decrease) in net assets resulting from operations			(191,092	)			838,181
Distributions to shareholders:
Class A			(80,080	)			(40,744	)
Class C			(23,483	)			(16,679	)
Class F			(127,788	)			(141,022	)
Class F3			(59,215	)			(63,015	)
Class I			(4,485	)			(5,550	)
Class P			–				–
Class R2			(875	)			(847	)
Class R3			(1,760	)			(1,701	)
Class R4			(935	)			(957	)
Class R5			(979	)			(1,037	)
Class R6			(60,112	)			(63,702	)
Return of capital
Class A			–				–
Class C			–				–
Class F			–				–
Class F3			–				–
Class I			–				–
Class R2			–				–
Class R3			–				–
Class R4			–				–
Class R5			–				–
Class R6			–				–
Total distributions to shareholders			(359,712	)			(335,254	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			2,440,278				7,415,917
Reinvestment of distributions			187,163				229,109
Cost of shares reacquired			(1,511,705	)			(5,100,194	)
Net increase (decrease) in net assets resulting from capital share transactions			1,115,736				2,544,832
Net increase (decrease) in net assets			564,932				3,047,759
NET ASSETS:
Beginning of period		$	10,923,313			$	7,875,554
End of period		$	11,488,245			$	10,923,313

394	See Notes to Financial Statements.

Floating Rate Fund								High Yield Fund
For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020				For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020

	$	114,126,674			$	333,650,171			$	199,214,105			$	383,295,703

		28,971,727				(918,115,780	)			331,306,916				(171,817,109	)

		121,643,660				161,355,097				(81,841,125	)			332,891,348

		264,742,061				(423,110,512	)			448,679,896				544,369,942

		(34,478,120	)			(77,880,628	)			(27,909,769	)			(59,430,642	)
		(9,443,157	)			(29,550,397	)			(5,835,241	)			(15,701,003	)
		(46,581,144	)			(118,552,436	)			(52,435,578	)			(114,217,234	)
		(2,022,353	)			(4,748,546	)			(48,559,448	)			(71,956,776	)
		(17,939,609	)			(46,185,206	)			(43,505,396	)			(83,792,385	)
		–				–				(1,128	)			(2,942	)
		(17,193	)			(45,528	)			(137,645	)			(460,759	)
		(796,301	)			(1,700,200	)			(2,516,402	)			(5,800,041	)
		(53,752	)			(157,132	)			(2,582,347	)			(6,144,453	)
		(81,513	)			(291,452	)			(6,093,069	)			(14,865,606	)
		(2,355,886	)			(4,971,555	)			(16,508,183	)			(34,047,152	)

		–				(13,936,988	)			–				–
		–				(5,288,138	)			–				–
		–				(21,215,339	)			–				–
		–				(849,768	)			–				–
		–				(8,264,991	)			–				–
		–				(8,147	)			–				–
		–				(304,257	)			–				–
		–				(28,119	)			–				–
		–				(52,156	)			–				–
		–				(889,676	)			–				–
		(113,769,028	)			(334,920,659	)			(206,084,206	)			(406,418,993	)

		1,632,731,678				2,769,549,859				1,337,684,274				4,557,701,200
		95,954,944				277,197,863				192,866,010				378,696,214
		(1,326,143,243	)			(5,936,645,921	)			(2,577,145,838	)			(3,827,045,203	)

		402,543,379				(2,889,898,199	)			(1,046,595,554	)			1,109,352,211
		553,516,412				(3,647,929,370	)			(803,999,864	)			1,247,303,160

	$	5,761,844,272			$	9,409,773,642			$	8,302,505,759			$	7,055,202,599
	$	6,315,360,684			$	5,761,844,272			$	7,498,505,895			$	8,302,505,759

See Notes to Financial Statements.

395

Statements of Changes in Net Assets (unaudited)(continued)

	Income Fund
INCREASE IN NET ASSETS	For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020
Operations:
Net investment income		$	39,379,968			$	87,432,612
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts, swaps and foreign currency related transactions			41,436,007				21,948,574
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies			(69,899,947	)			79,976,299
Net increase in net assets resulting from operations			10,916,028				189,357,485
Distributions to shareholders:
Class A			(19,301,020	)			(40,039,344	)
Class C			(1,231,859	)			(4,336,200	)
Class F			(8,935,608	)			(22,016,457	)
Class F3			(12,937,504	)			(25,058,866	)
Class I			(2,404,143	)			(5,984,763	)
Class R2			(20,147	)			(50,895	)
Class R3			(752,893	)			(1,800,809	)
Class R4			(114,514	)			(325,479	)
Class R5			(105,212	)			(236,503	)
Class R6			(985,024	)			(2,235,220	)
Total distributions to shareholders			(46,787,924	)			(102,084,536	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			429,600,495				974,203,120
Reinvestment of distributions			43,316,971				92,724,686
Cost of shares reacquired			(395,685,534	)			(944,205,546	)
Net increase (decrease) in net assets resulting from capital share transactions			77,231,932				122,722,260
Net increase (decrease) in net assets			41,360,036				209,995,209
NET ASSETS:
Beginning of period		$	2,913,765,028			$	2,703,769,819
End of period		$	2,955,125,064			$	2,913,765,028

396	See Notes to Financial Statements.

Inflation Focused Fund								Short Duration Core Bond Fund
For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020				For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020

	$	8,291,295			$	19,519,379			$	611,617			$	1,144,019

		(49,833,801	)			(6,988,431	)			447,162				173,966

		120,821,251				(4,179,790	)			28				524,598

		79,278,745				8,351,158				1,058,807				1,842,583

		(2,336,366	)			(3,367,740	)			(382,989	)			(407,452	)
		(276,832	)			(699,044	)			(23,239	)			(47,544	)
		(5,712,703	)			(7,922,723	)			(849,661	)			(1,175,567	)
		(305,503	)			(342,816	)			(3,923	)			(5,050	)
		(6,500,443	)			(16,633,850	)			(83,329	)			(60,914	)
		(587	)			(1,217	)			–				(298	)
		(3,622	)			(6,093	)			(343	)			(1,680	)
		(27,669	)			(95,602	)			(102	)			(476	)
		(2,803	)			(10,385	)			(116	)			(525	)
		(252,952	)			(1,270,570	)			(8,822	)			(23,329	)
		(15,419,480	)			(30,350,040	)			(1,352,524	)			(1,722,835	)

		1,404,085,980				283,087,556				113,560,848				170,629,856
		14,431,647				27,038,763				1,272,397				1,670,767
		(112,413,436	)			(751,918,774	)			(68,793,402	)			(92,491,819	)

		1,306,104,191				(441,792,455	)			46,039,843				79,808,804
		1,369,963,456				(463,791,337	)			45,746,126				79,928,552

	$	640,299,554			$	1,104,090,891			$	124,755,006			$	44,826,454
	$	2,010,263,010			$	640,299,554			$	170,501,132			$	124,755,006

See Notes to Financial Statements.

397

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

	Short Duration Income Fund
INCREASE IN NET ASSETS	For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020
Operations:
Net investment income		$	488,482,873			$	1,237,223,645
Net realized gain (loss) on investments, futures contracts, forward currency exchange contracts, swaps and foreign currency related transactions			230,474,257				(56,963,808	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies			192,432,259				36,380,905
Net increase (decrease) in net assets resulting from operations			911,389,389				1,216,640,742
Distributions to shareholders:
Class A			(159,300,888	)			(350,586,053	)
Class A1			–				–
Class C			(34,496,588	)			(106,276,101	)
Class F			(310,124,707	)			(688,006,004	)
Class F3			(61,940,471	)			(138,292,416	)
Class I			(136,310,656	)			(305,139,040	)
Class P			–				–
Class R2			(131,020	)			(365,608	)
Class R3			(4,294,411	)			(9,763,395	)
Class R4			(1,996,167	)			(4,531,989	)
Class R5			(893,959	)			(2,374,136	)
Class R6			(12,840,685	)			(27,870,793	)
Total distributions to shareholders			(722,329,552	)			(1,633,205,535	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			13,778,630,860				26,023,360,331
Reinvestment of distributions			626,974,139				1,411,722,115
Cost of shares reacquired			(10,671,868,784	)			(26,669,111,863	)
Net increase (decrease) in net assets resulting from capital share transactions			3,733,736,215				765,970,583
Net increase (decrease) in net assets			3,922,796,052				349,405,790
NET ASSETS:
Beginning of period		$	55,915,608,062			$	55,566,202,272
End of period		$	59,838,404,114			$	55,915,608,062

398	See Notes to Financial Statements.

Total Return Fund								Ultra Short Bond Fund
For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020				For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020

	$	40,639,064			$	95,432,675			$	34,981,321			$	237,124,012

		(17,153,393	)			164,923,469				1,954,399				(49,993,084	)

		(38,675,160	)			5,727,695				(8,926,208	)			12,662,427

		(15,189,489	)			266,083,839				28,009,512				199,793,355

		(43,255,820	)			(33,261,179	)			(19,573,469	)			(139,495,939	)
		–				–				(20,956	)			(80,421	)
		(2,285,773	)			(2,032,803	)			–				–
		(31,703,508	)			(25,171,768	)			(12,467,811	)			(76,898,925	)
		(25,353,123	)			(19,710,469	)			(1,902,340	)			(4,398,887	)
		(13,125,803	)			(11,283,291	)			(2,974,528	)			(18,442,515	)
		(19,279	)			(13,487	)			–				–
		(71,436	)			(61,337	)			–				–
		(2,308,128	)			(1,974,852	)			–				–
		(1,769,348	)			(1,631,622	)			–				–
		(3,261,414	)			(3,077,974	)			(1,829	)			(27,977	)
		(9,322,288	)			(9,775,103	)			(176,507	)			(573,211	)
		(132,475,920	)			(107,993,885	)			(37,117,440	)			(239,917,875	)

		535,256,112				1,231,781,820				6,536,024,539				21,872,176,858
		122,382,753				99,416,854				34,689,411				228,044,541
		(616,110,463	)			(1,314,339,885	)			(9,452,560,751	)			(21,082,406,048	)

		41,528,402				16,858,789				(2,881,846,801	)			1,017,815,351
		(106,137,007	)			174,948,743				(2,890,954,729	)			977,690,831

	$	4,256,516,694			$	4,081,567,951			$	21,557,539,458			$	20,579,848,627
	$	4,150,379,687			$	4,256,516,694			$	18,666,584,729			$	21,557,539,458

See Notes to Financial Statements.

399

Financial Highlights (unaudited)

CONVERTIBLE FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- bution
Class A
5/31/2021^(c)	$	20.52	$	0.05		$	1.48			$1.53			$(0.13	)	$	(2.86	)	$	(2.99	)
11/30/2020		14.15		0.14			7.40			7.54			(0.21	)		(0.96	)		(1.17	)
11/30/2019		13.16		0.21			1.70			1.91			(0.53	)		(0.39	)		(0.92	)
11/30/2018		13.31		0.16			(0.03	)		0.13			(0.28	)		–			(0.28	)
11/30/2017		11.65		0.20			1.83			2.03			(0.37	)		–			(0.37	)
11/30/2016		11.13		0.26			0.67			0.93			(0.41	)		–			(0.41	)
Class C
5/31/2021^(c)		20.37		(0.02	)		1.48			1.46			(0.09	)		(2.86	)		(2.95	)
11/30/2020		14.05		0.03			7.36			7.39			(0.11	)		(0.96	)		(1.07	)
11/30/2019		13.08		0.12			1.69			1.81			(0.45	)		(0.39	)		(0.84	)
11/30/2018		13.23		0.07			(0.03	)		0.04			(0.19	)		–			(0.19	)
11/30/2017		11.57		0.13			1.83			1.96			(0.30	)		–			(0.30	)
11/30/2016		11.07		0.19			0.65			0.84			(0.34	)		–			(0.34	)
Class F
5/31/2021^(c)		20.52		0.06			1.49			1.55			(0.14	)		(2.86	)		(3.00	)
11/30/2020		14.15		0.16			7.39			7.55			(0.22	)		(0.96	)		(1.18	)
11/30/2019		13.17		0.22			1.69			1.91			(0.54	)		(0.39	)		(0.93	)
11/30/2018		13.32		0.18			(0.04	)		0.14			(0.29	)		–			(0.29	)
11/30/2017		11.65		0.22			1.84			2.06			(0.39	)		–			(0.39	)
11/30/2016		11.13		0.27			0.67			0.94			(0.42	)		–			(0.42	)
Class F3
5/31/2021^(c)		20.68		0.07			1.51			1.58			(0.15	)		(2.86	)		(3.01	)
11/30/2020		14.24		0.18			7.46			7.64			(0.24	)		(0.96	)		(1.20	)
11/30/2019		13.25		0.24			1.70			1.94			(0.56	)		(0.39	)		(0.95	)
11/30/2018		13.39		0.20			(0.04	)		0.16			(0.30	)		–			(0.30	)
4/4/2017 to 11/30/2017^(f)		17.35		0.16			(4.01	)		(3.85	)		(0.11	)		–			(0.11	)
Class I
5/31/2021^(c)		20.66		0.07			1.49			1.56			(0.15	)		(2.86	)		(3.01	)
11/30/2020		14.23		0.17			7.46			7.63			(0.24	)		(0.96	)		(1.20	)
11/30/2019		13.24		0.24			1.70			1.94			(0.56	)		(0.39	)		(0.95	)
11/30/2018		13.39		0.19			(0.04	)		0.15			(0.30	)		–			(0.30	)
11/30/2017		11.71		0.23			1.85			2.08			(0.40	)		–			(0.40	)
11/30/2016		11.19		0.29			0.66			0.95			(0.43	)		–			(0.43	)
Class P
5/31/2021^(c)		20.88		0.03			1.51			1.54			(0.11	)		(2.86	)		(2.97	)
11/30/2020		14.37		0.09			7.55			7.64			(0.17	)		(0.96	)		(1.13	)
11/30/2019		13.36		0.18			1.72			1.90			(0.50	)		(0.39	)		(0.89	)
11/30/2018		13.51		0.13			(0.04	)		0.09			(0.24	)		–			(0.24	)
11/30/2017		11.81		0.18			1.86			2.04			(0.34	)		–			(0.34	)
11/30/2016		11.28		0.27			0.66			0.93			(0.40	)		–			(0.40	)


400	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	19.06		7.51	^(d)		1.00	^(e)		1.00	^(e)		0.46	^(e)	$	371,906		78	^(d)
	20.52		57.67			1.06			1.06			0.86			290,469		138
	14.15		15.80			1.06			1.06			1.59			143,294		161
	13.16		0.94			1.04			1.04			1.21			133,181		213
	13.31		17.86			1.03			1.04			1.63			116,819		224
	11.65		8.63			1.06			1.14			2.45			75,091		241

	18.88		7.17	^(d)		1.66	^(e)		1.66	^(e)		(0.16	)^(e)		80,946		78	^(d)
	20.37		56.72			1.70			1.70			0.21			64,570		138
	14.05		15.00			1.70			1.70			0.94			41,278		161
	13.08		0.27			1.69			1.69			0.56			38,615		213
	13.23		17.25			1.65			1.66			1.06			42,574		224
	11.57		7.88			1.69			1.77			1.82			36,351		241

	19.07		7.61	^(d)		0.90	^(e)		0.90	^(e)		0.59	^(e)		862,308		78	^(d)
	20.52		57.83			0.96			0.96			0.96			625,813		138
	14.15		15.92			0.96			0.96			1.69			173,878		161
	13.17		0.95			0.94			0.94			1.32			201,325		213
	13.32		18.06			0.93			0.93			1.71			148,917		224
	11.65		8.74			0.96			1.04			2.50			80,847		241

	19.25		7.71	^(d)		0.75	^(e)		0.75	^(e)		0.75	^(e)		40,455		78	^(d)
	20.68		58.11			0.80			0.80			1.12			23,424		138
	14.24		16.02			0.83			0.83			1.81			8,030		161
	13.25		1.12			0.81			0.81			1.47			6,635		213
	13.39		10.06	^(d)		0.81	^(e)		0.82	^(e)		1.84	^(e)		3,884		224

	19.21		7.61	^(d)		0.80	^(e)		0.80	^(e)		0.68	^(e)		249,773		78	^(d)
	20.66		58.08			0.86			0.86			1.05			340,178		138
	14.23		15.94			0.86			0.86			1.82			307,308		161
	13.24		1.12			0.84			0.84			1.40			469,350		213
	13.39		18.16			0.83			0.84			1.84			553,681		224
	11.71		8.91			0.86			0.94			2.66			373,793		241

	19.45		7.38	^(d)		1.25	^(e)		1.25	^(e)		0.25	^(e)		75		78	^(d)
	20.88		57.33			1.31			1.31			0.60			74		138
	14.37		15.43			1.31			1.31			1.33			70		161
	13.36		0.68			1.29			1.29			0.96			59		213
	13.51		17.66			1.27			1.28			1.43			56		224
	11.81		8.48			1.18			1.25			2.44			32		241


	See Notes to Financial Statements.	401

Financial Highlights (unaudited)(continued)

CONVERTIBLE FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- bution
Class R2
5/31/2021^(c)	$	20.88	$	0.01	$	1.52		$	1.53		$(0.11	)	$	(2.86	)	$	(2.97	)
11/30/2020		14.37		0.07		7.54			7.61		(0.14	)		(0.96	)		(1.10	)
11/30/2019		13.35		0.17		1.71			1.88		(0.47	)		(0.39	)		(0.86	)
11/30/2018		13.49		0.11		(0.03	)		0.08		(0.22	)		–			(0.22	)
11/30/2017		11.79		0.17		1.85			2.02		(0.32	)		–			(0.32	)
11/30/2016		11.26		0.22		0.66			0.88		(0.35	)		–			(0.35	)
Class R3
5/31/2021^(c)		20.41		0.02		1.48			1.50		(0.11	)		(2.86	)		(2.97	)
11/30/2020		14.08		0.09		7.37			7.46		(0.17	)		(0.96	)		(1.13	)
11/30/2019		13.11		0.17		1.68			1.85		(0.49	)		(0.39	)		(0.88	)
11/30/2018		13.26		0.13		(0.04	)		0.09		(0.24	)		–			(0.24	)
11/30/2017		11.60		0.17		1.83			2.00		(0.34	)		–			(0.34	)
11/30/2016		11.09		0.23		0.66			0.89		(0.38	)		–			(0.38	)
Class R4
5/31/2021^(c)		20.52		0.04		1.49			1.53		(0.13	)		(2.86	)		(2.99	)
11/30/2020		14.14		0.14		7.40			7.54		(0.20	)		(0.96	)		(1.16	)
11/30/2019		13.16		0.20		1.70			1.90		(0.53	)		(0.39	)		(0.92	)
11/30/2018		13.31		0.16		(0.04	)		0.12		(0.27	)		–			(0.27	)
11/30/2017		11.64		0.20		1.84			2.04		(0.37	)		–			(0.37	)
11/30/2016		11.14		0.25		0.66			0.91		(0.41	)		–			(0.41	)
Class R5
5/31/2021^(c)		20.65		0.07		1.49			1.56		(0.15	)		(2.86	)		(3.01	)
11/30/2020		14.23		0.17		7.45			7.62		(0.24	)		(0.96	)		(1.20	)
11/30/2019		13.24		0.23		1.71			1.94		(0.56	)		(0.39	)		(0.95	)
11/30/2018		13.38		0.19		(0.03	)		0.16		(0.30	)		–			(0.30	)
11/30/2017		11.70		0.21		1.87			2.08		(0.40	)		–			(0.40	)
11/30/2016		11.19		0.29		0.65			0.94		(0.43	)		–			(0.43	)
Class R6
5/31/2021^(c)		20.69		0.08		1.49			1.57		(0.15	)		(2.86	)		(3.01	)
11/30/2020		14.25		0.17		7.47			7.64		(0.24	)		(0.96	)		(1.20	)
11/30/2019		13.25		0.24		1.71			1.95		(0.56	)		(0.39	)		(0.95	)
11/30/2018		13.39		0.19		(0.03	)		0.16		(0.30	)		–			(0.30	)
11/30/2017		11.71		0.23		1.85			2.08		(0.40	)		–			(0.40	)
11/30/2016		11.19		0.33		0.62			0.95		(0.43	)		–			(0.43	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 4, 2017.


402	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	19.44		7.33	^(d)		1.39	^(e)		1.39	^(e)		0.11	^(e)	$	75		78	^(d)
	20.88		57.05			1.46			1.46			0.45			46		138
	14.37		15.27			1.45			1.45			1.23			56		161
	13.35		0.57			1.44			1.44			0.79			70		213
	13.49		17.49			1.43			1.44			1.32			119		224
	11.79		8.07			1.47			1.54			2.03			125		241

	18.94		7.36	^(d)		1.30	^(e)		1.30	^(e)		0.20	^(e)		34,985		78	^(d)
	20.41		57.25			1.36			1.36			0.56			25,311		138
	14.08		15.37			1.36			1.36			1.28			10,420		161
	13.11		0.65			1.34			1.34			0.94			8,548		213
	13.26		17.61			1.32			1.32			1.34			5,577		224
	11.60		8.26			1.35			1.43			2.15			2,939		241

	19.06		7.51	^(d)		1.05	^(e)		1.05	^(e)		0.45	^(e)		534		78	^(d)
	20.52		57.67			1.13			1.13			0.86			418		138
	14.14		15.68			1.11			1.11			1.53			88		161
	13.16		0.88			1.09			1.09			1.17			64		213
	13.31		17.90			1.08			1.08			1.61			59		224
	11.64		8.53			1.09			1.16			2.21			47		241

	19.20		7.61	^(d)		0.80	^(e)		0.80	^(e)		0.71	^(e)		1,753		78	^(d)
	20.65		58.01			0.86			0.86			1.05			1,314		138
	14.23		16.03			0.86			0.87			1.70			843		161
	13.24		1.10			0.83			0.83			1.43			150		213
	13.38		18.18			0.83			0.83			1.63			139		224
	11.70		8.82			0.87			0.92			2.67			10		241

	19.25		7.65	^(d)		0.75	^(e)		0.75	^(e)		0.79	^(e)		21,409		78	^(d)
	20.69		58.08			0.80			0.80			1.11			5,665		138
	14.25		16.01			0.83			0.83			1.77			5,198		161
	13.25		1.20			0.81			0.81			1.39			4,558		213
	13.39		18.16			0.81			0.81			1.77			2,573		224
	11.71		8.92			0.83			0.85			2.96			115		241


	See Notes to Financial Statements.	403

Financial Highlights (unaudited)(continued)

CORE FIXED INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- bution
Class A
5/31/2021^(c)	$	11.69	$	0.06	$	(0.21	)		$(0.15	)		$(0.07	)	$	(0.37	)	$	(0.44	)
11/30/2020		11.10		0.19		0.62			0.81			(0.22	)		–			(0.22	)
11/30/2019		10.38		0.25		0.76			1.01			(0.29	)		–			(0.29	)
11/30/2018		10.87		0.25		(0.43	)		(0.18	)		(0.31	)		–			(0.31	)
11/30/2017		10.80		0.18		0.14			0.32			(0.25	)		–			(0.25	)
11/30/2016		10.86		0.18		0.04			0.22			(0.26	)		(0.02	)		(0.28	)
Class C
5/31/2021^(c)		11.63		0.02		(0.20	)		(0.18	)		(0.03	)		(0.37	)		(0.40	)
11/30/2020		11.05		0.12		0.61			0.73			(0.15	)		–			(0.15	)
11/30/2019		10.34		0.18		0.75			0.93			(0.22	)		–			(0.22	)
11/30/2018		10.82		0.18		(0.41	)		(0.23	)		(0.25	)		–			(0.25	)
11/30/2017		10.75		0.12		0.13			0.25			(0.18	)		–			(0.18	)
11/30/2016		10.81		0.11		0.04			0.15			(0.19	)		(0.02	)		(0.21	)
Class F
5/31/2021^(c)		11.68		0.06		(0.21	)		(0.15	)		(0.07	)		(0.37	)		(0.44	)
11/30/2020		11.10		0.19		0.62			0.81			(0.23	)		–			(0.23	)
11/30/2019		10.38		0.26		0.76			1.02			(0.30	)		–			(0.30	)
11/30/2018		10.87		0.26		(0.43	)		(0.17	)		(0.32	)		–			(0.32	)
11/30/2017		10.80		0.19		0.14			0.33			(0.26	)		–			(0.26	)
11/30/2016		10.86		0.19		0.04			0.23			(0.27	)		(0.02	)		(0.29	)
Class F3
5/31/2021^(c)		11.69		0.07		(0.21	)		(0.14	)		(0.08	)		(0.37	)		(0.45	)
11/30/2020		11.10		0.22		0.62			0.84			(0.25	)		–			(0.25	)
11/30/2019		10.38		0.28		0.76			1.04			(0.32	)		–			(0.32	)
11/30/2018		10.87		0.28		(0.43	)		(0.15	)		(0.34	)		–			(0.34	)
4/4/2017 to 11/30/2017^(f)		10.84		0.15		0.06			0.21			(0.18	)		–			(0.18	)
Class I
5/31/2021^(c)		11.68		0.07		(0.21	)		(0.14	)		(0.08	)		(0.37	)		(0.45	)
11/30/2020		11.10		0.21		0.62			0.83			(0.25	)		–			(0.25	)
11/30/2019		10.38		0.27		0.76			1.03			(0.31	)		–			(0.31	)
11/30/2018		10.86		0.28		(0.42	)		(0.14	)		(0.34	)		–			(0.34	)
11/30/2017		10.80		0.21		0.12			0.33			(0.27	)		–			(0.27	)
11/30/2016		10.86		0.21		0.03			0.24			(0.28	)		(0.02	)		(0.30	)
Class R2
5/31/2021^(c)		11.69		0.04		(0.21	)		(0.17	)		(0.05	)		(0.37	)		(0.42	)
11/30/2020		11.10		0.14		0.63			0.77			(0.18	)		–			(0.18	)
11/30/2019		10.38		0.21		0.75			0.96			(0.24	)		–			(0.24	)
11/30/2018		10.87		0.21		(0.43	)		(0.22	)		(0.27	)		–			(0.27	)
11/30/2017		10.80		0.14		0.13			0.27			(0.20	)		–			(0.20	)
11/30/2016		10.86		0.13		0.04			0.17			(0.21	)		(0.02	)		(0.23	)


404	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	11.10		(1.32	)^(d)		0.58	^(e)		0.58	^(e)		1.07	^(e)	$	658,399		280	^(d)
	11.69		7.40			0.60			0.60			1.63			677,401		589
	11.10		9.79			0.64			0.64			2.30			492,702		836
	10.38		(1.64	)		0.62			0.69			2.36			405,998		615
	10.87		2.96			0.66			0.86			1.70			460,291		466
	10.80		2.00			0.66			0.86			1.65			478,353		556

	11.05		(1.57	)^(d)		1.23	^(e)		1.23	^(e)		0.43	^(e)		37,177		280	^(d)
	11.63		6.66			1.22			1.22			1.01			49,939		589
	11.05		9.05			1.25			1.25			1.70			42,376		836
	10.34		(2.18	)		1.25			1.32			1.72			41,820		615
	10.82		2.33			1.28			1.48			1.07			66,387		466
	10.75		1.36			1.28			1.48			1.03			86,326		556

	11.09		(1.28	)^(d)		0.48	^(e)		0.48	^(e)		1.16	^(e)		348,622		280	^(d)
	11.68		7.41			0.49			0.49			1.70			371,706		589
	11.10		9.89			0.54			0.54			2.37			214,720		836
	10.38		(1.54	)		0.52			0.60			2.43			128,716		615
	10.87		3.07			0.55			0.75			1.78			196,037		466
	10.80		2.09			0.55			0.75			1.76			381,062		556

	11.10		(1.19	)^(d)		0.31	^(e)		0.31	^(e)		1.33	^(e)		422,222		280	^(d)
	11.69		7.69			0.32			0.32			1.90			399,915		589
	11.10		10.09			0.35			0.35			2.58			307,972		836
	10.38		(1.38	)		0.34			0.41			2.63			237,638		615
	10.87		1.99	^(d)		0.35	^(e)		0.55	^(e)		2.14	^(e)		300,983		466

	11.09		(1.21	)^(d)		0.34	^(e)		0.38	^(e)		1.31	^(e)		487,471		280	^(d)
	11.68		7.56			0.35			0.39			1.87			493,395		589
	11.10		10.04			0.40			0.44			2.50			364,812		836
	10.38		(1.33	)		0.39			0.48			2.60			194,836		615
	10.86		3.07			0.46			0.66			1.90			190,063		466
	10.80		2.20			0.46			0.66			1.88			152,207		556

	11.10		(1.52	)^(d)		0.98	^(e)		0.98	^(e)		0.66	^(e)		854		280	^(d)
	11.69		6.97			1.00			1.00			1.26			445		589
	11.10		9.35			1.04			1.04			1.93			532		836
	10.38		(2.03	)		1.02			1.10			1.95			632		615
	10.87		2.56			1.06			1.26			1.28			951		466
	10.80		1.59			1.05			1.25			1.22			655		556


	See Notes to Financial Statements.	405

Financial Highlights (unaudited)(continued)

CORE FIXED INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- bution
Class R3
5/31/2021^(c)	$	11.69	$	0.04	$	(0.21	)	$	(0.17	)	$	(0.05	)	$	(0.37	)	$	(0.42	)
11/30/2020		11.10		0.15		0.63			0.78			(0.19	)		–			(0.19	)
11/30/2019		10.38		0.22		0.75			0.97			(0.25	)		–			(0.25	)
11/30/2018		10.87		0.22		(0.43	)		(0.21	)		(0.28	)		–			(0.28	)
11/30/2017		10.80		0.15		0.14			0.29			(0.22	)		–			(0.22	)
11/30/2016		10.86		0.15		0.03			0.18			(0.22	)		(0.02	)		(0.24	)
Class R4
5/31/2021^(c)		11.68		0.06		(0.21	)		(0.15	)		(0.07	)		(0.37	)		(0.44	)
11/30/2020		11.10		0.18		0.62			0.80			(0.22	)		–			(0.22	)
11/30/2019		10.38		0.24		0.76			1.00			(0.28	)		–			(0.28	)
11/30/2018		10.87		0.25		(0.43	)		(0.18	)		(0.31	)		–			(0.31	)
11/30/2017		10.80		0.18		0.13			0.31			(0.24	)		–			(0.24	)
11/30/2016		10.86		0.17		0.04			0.21			(0.25	)		(0.02	)		(0.27	)
Class R5
5/31/2021^(c)		11.69		0.07		(0.21	)		(0.14	)		(0.08	)		(0.37	)		(0.45	)
11/30/2020		11.10		0.21		0.63			0.84			(0.25	)		–			(0.25	)
11/30/2019		10.38		0.27		0.76			1.03			(0.31	)		–			(0.31	)
11/30/2018		10.87		0.27		(0.43	)		(0.16	)		(0.33	)		–			(0.33	)
11/30/2017		10.80		0.21		0.13			0.34			(0.27	)		–			(0.27	)
11/30/2016		10.86		0.20		0.04			0.24			(0.28	)		(0.02	)		(0.30	)
Class R6
5/31/2021^(c)		11.68		0.07		(0.21	)		(0.14	)		(0.08	)		(0.37	)		(0.45	)
11/30/2020		11.10		0.22		0.62			0.84			(0.26	)		–			(0.26	)
11/30/2019		10.38		0.28		0.76			1.04			(0.32	)		–			(0.32	)
11/30/2018		10.86		0.28		(0.42	)		(0.14	)		(0.34	)		–			(0.34	)
11/30/2017		10.80		0.22		0.12			0.34			(0.28	)		–			(0.28	)
11/30/2016		10.85		0.22		0.04			0.26			(0.29	)		(0.02	)		(0.31	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 4, 2017.


406	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	11.10		(1.47	)^(d)		0.88	^(e)		0.88	^(e)		0.77	^(e)	$	10,965		280	^(d)
	11.69		7.08			0.90			0.90			1.35			11,473		589
	11.10		9.46			0.94			0.94			2.02			11,736		836
	10.38		(1.94	)		0.92			0.99			2.05			11,965		615
	10.87		2.67			0.94			1.15			1.38			15,555		466
	10.80		1.70			0.95			1.15			1.36			21,240		556

	11.09		(1.35	)^(d)		0.63	^(e)		0.63	^(e)		1.02	^(e)		10,780		280	^(d)
	11.68		7.26			0.65			0.65			1.58			10,750		589
	11.10		9.73			0.69			0.69			2.25			7,553		836
	10.38		(1.69	)		0.67			0.73			2.34			8,196		615
	10.87		2.92			0.72			0.92			1.65			6,544		466
	10.80		1.97			0.71			0.91			1.52			815		556

	11.10		(1.22	)^(d)		0.38	^(e)		0.38	^(e)		1.26	^(e)		1,148		280	^(d)
	11.69		7.61			0.40			0.40			1.86			1,053		589
	11.10		10.01			0.44			0.44			2.50			1,370		836
	10.38		(1.44	)		0.42			0.48			2.58			811		615
	10.87		3.17			0.46			0.66			1.88			802		466
	10.80		2.24			0.45			0.65			1.78			327		556

	11.09		(1.19	)^(d)		0.31	^(e)		0.31	^(e)		1.33	^(e)		33,112		280	^(d)
	11.68		7.60			0.32			0.32			1.95			32,940		589
	11.10		10.10			0.35			0.35			2.60			42,495		836
	10.38		(1.28	)		0.34			0.41			2.65			42,302		615
	10.86		3.19			0.34			0.54			1.99			41,952		466
	10.80		2.42			0.34			0.54			1.97			34,585		556


	See Notes to Financial Statements.	407

Financial Highlights (unaudited)(continued)

CORE PLUS BOND FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- bution
Class A
5/31/2021^(c)	$	15.78	$	0.18	$	(0.16	)	$	0.02			$(0.23	)	$	(0.17	)	$	(0.40	)
11/30/2020		15.39		0.38		0.61			0.99			(0.50	)		(0.10	)		(0.60	)
11/30/2019		14.41		0.42		1.06			1.48			(0.50	)		–			(0.50	)
11/30/2018		15.14		0.47		(0.64	)		(0.17	)		(0.56	)		–			(0.56	)
11/30/2017		15.03		0.40		0.30			0.70			(0.49	)		(0.10	)		(0.59	)
12/2/2015 to 11/30/2016^(f)		15.00		0.43		0.14			0.57			(0.54	)		–			(0.54	)
Class C
5/31/2021^(c)		15.78		0.13		(0.16	)		(0.03	)		(0.18	)		(0.17	)		(0.35	)
11/30/2020		15.39		0.27		0.61			0.88			(0.39	)		(0.10	)		(0.49	)
11/30/2019		14.42		0.31		1.06			1.37			(0.40	)		–			(0.40	)
11/30/2018		15.15		0.37		(0.64	)		(0.27	)		(0.46	)		–			(0.46	)
11/30/2017		15.04		0.30		0.29			0.59			(0.38	)		(0.10	)		(0.48	)
12/2/2015 to 11/30/2016^(f)		15.00		0.31		0.15			0.46			(0.42	)		–			(0.42	)
Class F
5/31/2021^(c)		15.76		0.19		(0.15	)		0.04			(0.24	)		(0.17	)		(0.41	)
11/30/2020		15.38		0.39		0.60			0.99			(0.51	)		(0.10	)		(0.61	)
11/30/2019		14.41		0.41		1.07			1.48			(0.51	)		–			(0.51	)
11/30/2018		15.14		0.48		(0.64	)		(0.16	)		(0.57	)		–			(0.57	)
11/30/2017		15.03		0.42		0.30			0.72			(0.51	)		(0.10	)		(0.61	)
12/2/2015 to 11/30/2016^(f)		15.00		0.45		0.13			0.58			(0.55	)		–			(0.55	)
Class F3
5/31/2021^(c)		15.77		0.20		(0.15	)		0.05			(0.25	)		(0.17	)		(0.42	)
11/30/2020		15.40		0.42		0.59			1.01			(0.54	)		(0.10	)		(0.64	)
11/30/2019		14.42		0.47		1.04			1.51			(0.53	)		–			(0.53	)
11/30/2018		15.15		0.52		(0.65	)		(0.13	)		(0.60	)		–			(0.60	)
4/4/2017 to 11/30/2017^(g)		15.08		0.30		0.12			0.42			(0.35	)		–			(0.35	)
Class I
5/31/2021^(c)		15.77		0.19		(0.16	)		0.03			(0.24	)		(0.17	)		(0.41	)
11/30/2020		15.39		0.41		0.60			1.01			(0.53	)		(0.10	)		(0.63	)
11/30/2019		14.41		0.40		1.11			1.51			(0.53	)		–			(0.53	)
11/30/2018		15.14		0.50		(0.64	)		(0.14	)		(0.59	)		–			(0.59	)
11/30/2017		15.03		0.43		0.30			0.73			(0.52	)		(0.10	)		(0.62	)
12/2/2015 to 11/30/2016^(f)		15.00		0.46		0.14			0.60			(0.57	)		–			(0.57	)
Class R3
5/31/2021^(c)		15.77		0.16		(0.16	)		–			(0.21	)		(0.17	)		(0.38	)
11/30/2020		15.39		0.34		0.59			0.93			(0.45	)		(0.10	)		(0.55	)
11/30/2019		14.41		0.37		1.07			1.44			(0.46	)		–			(0.46	)
11/30/2018		15.13		0.43		(0.64	)		(0.21	)		(0.51	)		–			(0.51	)
11/30/2017		15.03		0.36		0.29			0.65			(0.45	)		(0.10	)		(0.55	)
12/2/2015 to 11/30/2016^(f)		15.00		0.39		0.13			0.52			(0.49	)		–			(0.49	)


408	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	15.40		0.12	^(d)		0.68	^(e)		0.76	^(e)		2.34	^(e)	$	67,531		158	^(d)
	15.78		6.57			0.68			0.80			2.46			57,837		443
	15.39		10.39			0.68			1.12			2.74			24,429		598
	14.41		(1.16	)		0.68			2.45			3.18			6,283		468
	15.14		4.73			0.68			2.68			2.66			6,390		396
	15.03		3.81	^(d)		0.68	^(e)		2.25	^(e)		2.88	^(e)		5,366		390

	15.40		(0.20	)^(d)		1.34	^(e)		1.43	^(e)		1.68	^(e)		5,620		158	^(d)
	15.78		5.83			1.38			1.50			1.77			5,846		443
	15.39		9.63			1.32			1.70			2.03			3,992		598
	14.42		(1.83	)		1.36			3.12			2.51			603		468
	15.15		3.98			1.40			3.41			1.95			613		396
	15.04		3.09	^(d)		1.46	^(e)		3.08	^(e)		2.07	^(e)		259		390

	15.39		0.24	^(d)		0.58	^(e)		0.66	^(e)		2.43	^(e)		166,656		158	^(d)
	15.76		6.61			0.58			0.70			2.56			181,474		443
	15.38		10.41			0.58			0.89			2.71			157,901		598
	14.41		(1.07	)		0.58			2.35			3.28			5,774		468
	15.14		4.83			0.58			2.58			2.76			6,010		396
	15.03		3.92	^(d)		0.58	^(e)		2.15	^(e)		2.97	^(e)		5,119		390

	15.40		0.33	^(d)		0.39	^(e)		0.46	^(e)		2.62	^(e)		17,781		158	^(d)
	15.77		6.69			0.39			0.50			2.74			8,558		443
	15.40		10.63			0.46			0.98			3.11			11		598
	14.42		(0.83	)		0.43			2.12			3.46			10		468
	15.15		2.71	^(d)		0.39	^(e)		2.66	^(e)		3.01	^(e)		10		396

	15.39		0.22	^(d)		0.48	^(e)		0.56	^(e)		2.52	^(e)		15,640		158	^(d)
	15.77		6.71			0.48			0.61			2.66			35,271		443
	15.39		10.61			0.47			0.70			2.62			13,782		598
	14.41		(0.95	)		0.47			2.25			3.40			108		468
	15.14		4.94			0.48			2.48			2.86			109		396
	15.03		4.02	^(d)		0.48	^(e)		2.05	^(e)		3.08	^(e)		104		390

	15.39		(0.02	)^(d)		0.98	^(e)		1.06	^(e)		2.05	^(e)		147		158	^(d)
	15.77		6.19			0.98			1.09			2.19			124		443
	15.39		10.09			0.95			1.47			2.43			188		598
	14.41		(1.45	)		0.97			2.75			2.88			27		468
	15.13		4.42			0.98			2.97			2.35			27		396
	15.03		3.51	^(d)		0.97	^(e)		2.53	^(e)		2.57	^(e)		26		390


	See Notes to Financial Statements.	409

Financial Highlights (unaudited)(continued)

CORE PLUS BOND FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net			Net			Total
	beginning		ment		gain			opera-			investment			realized			distri-
	of period		income^(a)		(loss)			tions			income			gain			bution
Class R4
5/31/2021^(c)		$15.77		$0.18		$ (0.15	)	$	0.03			$(0.23	)	$	(0.17	)	$	(0.40	)
11/30/2020		15.39		0.37		0.60			0.97			(0.49	)		(0.10	)		(0.59	)
11/30/2019		14.41		0.43		1.04			1.47			(0.49	)		–			(0.49	)
11/30/2018		15.14		0.46		(0.64	)		(0.18	)		(0.55	)		–			(0.55	)
11/30/2017		15.03		0.40		0.29			0.69			(0.48	)		(0.10	)		(0.58	)
12/2/2015 to 11/30/2016^(f)		15.00		0.42		0.14			0.56			(0.53	)		–			(0.53	)
Class R5
5/31/2021^(c)		15.77		0.20		(0.16	)		0.04			(0.24	)		(0.17	)		(0.41	)
11/30/2020		15.39		0.41		0.60			1.01			(0.53	)		(0.10	)		(0.63	)
11/30/2019		14.41		0.47		1.04			1.51			(0.53	)		–			(0.53	)
11/30/2018		15.14		0.50		(0.64	)		(0.14	)		(0.59	)		–			(0.59	)
11/30/2017		15.03		0.43		0.30			0.73			(0.52	)		(0.10	)		(0.62	)
12/2/2015 to 11/30/2016^(f)		15.00		0.46		0.14			0.60			(0.57	)		–			(0.57	)
Class R6
5/31/2021^(c)		15.78		0.20		(0.16	)		0.04			(0.25	)		(0.17	)		(0.42	)
11/30/2020		15.39		0.43		0.60			1.03			(0.54	)		(0.10	)		(0.64	)
11/30/2019		14.41		0.47		1.04			1.51			(0.53	)		–			(0.53	)
11/30/2018		15.14		0.50		(0.64	)		(0.14	)		(0.59	)		–			(0.59	)
11/30/2017		15.03		0.45		0.30			0.75			(0.54	)		(0.10	)		(0.64	)
12/2/2015 to 11/30/2016^(f)		15.00		0.48		0.14			0.62			(0.59	)		–			(0.59	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on December 2, 2015.
^(g)	Commenced on April 4, 2017.

410	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	15.40		0.17	^(d)		0.73	^(e)		0.81	^(e)		2.30	^(e)	$	288		158	^(d)
	15.77		6.45			0.73			0.86			2.39			266		443
	15.39		10.35			0.73			1.31			2.84			30		598
	14.41		(1.21	)		0.72			2.50			3.13			27		468
	15.14		4.68			0.74			2.73			2.58			27		396
	15.03		3.76	^(d)		0.73	^(e)		2.29	^(e)		2.81	^(e)		26		390

	15.40		0.29	^(d)		0.48	^(e)		0.51	^(e)		2.55	^(e)		11		158	^(d)
	15.77		6.72			0.48			0.57			2.69			12		443
	15.39		10.63			0.48			1.06			3.10			30		598
	14.41		(0.97	)		0.47			2.25			3.38			27		468
	15.14		4.94			0.48			2.48			2.84			27		396
	15.03		4.01	^(d)		0.49	^(e)		2.05	^(e)		3.06	^(e)		26		390

	15.40		0.27	^(d)		0.39	^(e)		0.46	^(e)		2.65	^(e)		1,040		158	^(d)
	15.78		6.86			0.39			0.51			2.78			918		443
	15.39		10.65			0.46			1.00			3.11			30		598
	14.41		(0.93	)		0.44			2.24			3.42			27		468
	15.14		5.05			0.37			2.47			2.95			27		396
	15.03		4.17	^(d)		0.33	^(e)		1.96	^(e)		3.22	^(e)		26		390

See Notes to Financial Statements.

411

Financial Highlights (unaudited)(continued)

CORPORATE BOND FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net			Net			Total
	beginning		ment		gain			opera-			investment			realized			distri-
	of period		income		(loss)^(a)			tions			income			gain			bution
Class A
5/31/2021^(c)	$	10.78	$	0.11	$	(0.27	)	$	(0.16	)	$	(0.16	)	$	(0.18	)	$	(0.34	)
11/30/2020		10.23		0.26		0.64			0.90			(0.35	)		–			(0.35	)
11/30/2019		9.32		0.31		0.99			1.30			(0.39	)		–			(0.39	)
11/30/2018		10.06		0.31		(0.64	)		(0.33	)		(0.40	)		(0.01	)		(0.41	)
4/19/2017 to 11/30/2017^(f)		10.00		0.17		0.13			0.30			(0.24	)		–			(0.24	)
Class C
5/31/2021^(c)		10.77		0.08		(0.27	)		(0.19	)		(0.13	)		(0.18	)		(0.31	)
11/30/2020		10.23		0.20		0.62			0.82			(0.28	)		–			(0.28	)
11/30/2019		9.32		0.24		0.99			1.23			(0.32	)		–			(0.32	)
11/30/2018		10.06		0.23		(0.63	)		(0.40	)		(0.33	)		(0.01	)		(0.34	)
4/19/2017 to 11/30/2017^(f)		10.00		0.13		0.12			0.25			(0.19	)		–			(0.19	)
Class F
5/31/2021^(c)		10.79		0.12		(0.28	)		(0.16	)		(0.16	)		(0.18	)		(0.34	)
11/30/2020		10.25		0.27		0.63			0.90			(0.36	)		–			(0.36	)
11/30/2019		9.34		0.32		0.99			1.31			(0.40	)		–			(0.40	)
11/30/2018		10.08		0.31		(0.63	)		(0.32	)		(0.41	)		(0.01	)		(0.42	)
4/19/2017 to 11/30/2017^(f)		10.00		0.18		0.14			0.32			(0.24	)		–			(0.24	)
Class F3
5/31/2021^(c)		10.78		0.12		(0.27	)		(0.15	)		(0.17	)		(0.18	)		(0.35	)
11/30/2020		10.23		0.30		0.62			0.92			(0.37	)		–			(0.37	)
11/30/2019		9.32		0.34		0.98			1.32			(0.41	)		–			(0.41	)
11/30/2018		10.06		0.34		(0.64	)		(0.30	)		(0.43	)		(0.01	)		(0.44	)
4/19/2017 to 11/30/2017^(f)		10.00		0.19		0.13			0.32			(0.26	)		–			(0.26	)
Class I
5/31/2021^(c)		10.77		0.12		(0.27	)		(0.15	)		(0.17	)		(0.18	)		(0.35	)
11/30/2020		10.23		0.30		0.61			0.91			(0.37	)		–			(0.37	)
11/30/2019		9.32		0.33		0.98			1.31			(0.40	)		–			(0.40	)
11/30/2018		10.06		0.32		(0.63	)		(0.31	)		(0.42	)		(0.01	)		(0.43	)
4/19/2017 to 11/30/2017^(f)		10.00		0.19		0.12			0.31			(0.25	)		–			(0.25	)
Class R2
5/31/2021^(c)		10.77		0.09		(0.26	)		(0.17	)		(0.14	)		(0.18	)		(0.32	)
11/30/2020		10.23		0.23		0.62			0.85			(0.31	)		–			(0.31	)
11/30/2019		9.32		0.27		0.99			1.26			(0.35	)		–			(0.35	)
11/30/2018		10.06		0.27		(0.64	)		(0.37	)		(0.36	)		(0.01	)		(0.37	)
4/19/2017 to 11/30/2017^(f)		10.00		0.15		0.12			0.27			(0.21	)		–			(0.21	)

412	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	10.28		(1.57	)^(d)		0.68	^(e)		2.70	^(e)		2.10	^(e)	$	2,724		59	^(d)
	10.78		8.95			0.68			3.24			2.53			2,157		119
	10.23		14.12			0.68			4.25			3.12			769		54
	9.32		(3.36	)		0.68			4.54			3.17			368		109
	10.06		3.01	^(d)		0.68	^(e)		3.99	^(e)		2.80	^(e)		311		88

	10.27		(1.88	)^(d)		1.33	^(e)		3.39	^(e)		1.47	^(e)		806		59	^(d)
	10.77		8.12			1.36			4.13			1.96			791		119
	10.23		13.38			1.33			4.78			2.43			597		54
	9.32		(4.07	)		1.43			5.17			2.39			71		109
	10.06		2.52	^(d)		1.48	^(e)		4.75	^(e)		2.02	^(e)		102		88

	10.29		(1.51	)^(d)		0.58	^(e)		2.64	^(e)		2.22	^(e)		4,136		59	^(d)
	10.79		8.95			0.58			3.17			2.64			3,991		119
	10.25		14.20			0.58			4.20			3.22			2,764		54
	9.34		(3.26	)		0.58			4.20			3.21			1,501		109
	10.08		3.27	^(d)		0.58	^(e)		3.82	^(e)		2.89	^(e)		2,614		88

	10.28		(1.44	)^(d)		0.45	^(e)		2.48	^(e)		2.36	^(e)		1,752		59	^(d)
	10.78		9.22			0.45			3.21			2.88			1,837		119
	10.23		14.42			0.41			4.15			3.42			1,718		54
	9.32		(3.07	)		0.37			4.28			3.46			1,501		109
	10.06		3.20	^(d)		0.38	^(e)		3.67	^(e)		3.10	^(e)		1,548		88

	10.27		(1.47	)^(d)		0.48	^(e)		2.53	^(e)		2.33	^(e)		144		59	^(d)
	10.77		9.08			0.48			3.33			2.88			134		119
	10.23		14.34			0.48			4.17			3.35			171		54
	9.32		(3.19	)		0.48			4.16			3.30			144		109
	10.06		3.13	^(d)		0.48	^(e)		3.78	^(e)		3.00	^(e)		52		88

	10.28		(1.66	)^(d)		1.08	^(e)		3.15	^(e)		1.71	^(e)		29		59	^(d)
	10.77		8.43			1.08			3.84			2.24			30		119
	10.23		13.66			1.08			4.78			2.74			28		54
	9.32		(3.75	)		1.08			4.92			2.76			25		109
	10.06		2.76	^(d)		1.08	^(e)		4.38	^(e)		2.40	^(e)		26		88

See Notes to Financial Statements.

413

Financial Highlights (unaudited)(continued)

CORPORATE BOND FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net			Net			Total
	beginning		ment		gain			opera-			investment			realized			distri-
	of period		income		(loss)^(a)			tions			income			gain			bution
Class R3
5/31/2021^(c)	$	10.77	$	0.09	$	(0.26	)	$	(0.17	)	$	(0.14	)	$	(0.18	)	$	(0.32	)
11/30/2020		10.23		0.24		0.62			0.86			(0.32	)		–			(0.32	)
11/30/2019		9.32		0.28		0.99			1.27			(0.36	)		–			(0.36	)
11/30/2018		10.06		0.28		(0.64	)		(0.36	)		(0.37	)		(0.01	)		(0.38	)
4/19/2017 to 11/30/2017^(f)		10.00		0.15		0.13			0.28			(0.22	)		–			(0.22	)
Class R4
5/31/2021^(c)		10.78		0.11		(0.27	)		(0.16	)		(0.16	)		(0.18	)		(0.34	)
11/30/2020		10.23		0.27		0.62			0.89			(0.34	)		–			(0.34	)
11/30/2019		9.32		0.30		0.99			1.29			(0.38	)		–			(0.38	)
11/30/2018		10.06		0.30		(0.63	)		(0.33	)		(0.40	)		(0.01	)		(0.41	)
4/19/2017 to 11/30/2017^(f)		10.00		0.17		0.13			0.30			(0.24	)		–			(0.24	)
Class R5
5/31/2021^(c)		10.78		0.12		(0.27	)		(0.15	)		(0.17	)		(0.18	)		(0.35	)
11/30/2020		10.24		0.29		0.62			0.91			(0.37	)		–			(0.37	)
11/30/2019		9.32		0.33		0.99			1.32			(0.40	)		–			(0.40	)
11/30/2018		10.06		0.33		(0.64	)		(0.31	)		(0.42	)		(0.01	)		(0.43	)
4/19/2017 to 11/30/2017^(f)		10.00		0.19		0.12			0.31			(0.25	)		–			(0.25	)
Class R6
5/31/2021^(c)		10.78		0.12		(0.27	)		(0.15	)		(0.17	)		(0.18	)		(0.35	)
11/30/2020		10.23		0.30		0.62			0.92			(0.37	)		–			(0.37	)
11/30/2019		9.32		0.34		0.98			1.32			(0.41	)		–			(0.41	)
11/30/2018		10.06		0.34		(0.64	)		(0.30	)		(0.43	)		(0.01	)		(0.44	)
4/19/2017 to 11/30/2017^(f)		10.00		0.19		0.13			0.32			(0.26	)		–			(0.26	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 19, 2017.

414	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	10.28		(1.61	)^(d)		0.98	^(e)		3.03	^(e)		1.83	^(e)	$	58		59	^(d)
	10.77		8.54			0.98			3.75			2.34			59		119
	10.23		13.77			0.98			4.68			2.85			54		54
	9.32		(3.65	)		0.98			4.87			2.87			47		109
	10.06		2.82	^(d)		0.97	^(e)		4.20	^(e)		2.49	^(e)		39		88

	10.28		(1.58	)^(d)		0.73	^(e)		2.80	^(e)		2.06	^(e)		29		59	^(d)
	10.78		8.91			0.73			3.49			2.59			30		119
	10.23		14.06			0.73			4.42			3.09			28		54
	9.32		(3.41	)		0.73			4.56			3.11			25		109
	10.06		2.98	^(d)		0.73	^(e)		4.00	^(e)		2.74	^(e)		26		88

	10.28		(1.46	)^(d)		0.48	^(e)		2.55	^(e)		2.32	^(e)		29		59	^(d)
	10.78		9.07			0.48			3.25			2.84			31		119
	10.24		14.45			0.48			4.17			3.34			29		54
	9.32		(3.17	)		0.48			4.32			3.36			25		109
	10.06		3.14	^(d)		0.48	^(e)		3.79	^(e)		2.99	^(e)		26		88

	10.28		(1.44	)^(d)		0.45	^(e)		2.48	^(e)		2.36	^(e)		1,782		59	^(d)
	10.78		9.22			0.45			3.21			2.88			1,864		119
	10.23		14.42			0.41			4.15			3.42			1,718		54
	9.32		(3.07	)		0.37			4.28			3.46			1,501		109
	10.06		3.20	^(d)		0.38	^(e)		3.67	^(e)		3.10	^(e)		1,548		88

See Notes to Financial Statements.

415

Financial Highlights (unaudited)(continued)

FLOATING RATE FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net						Total
	beginning		ment		gain			opera-			investment			Return of			distri-
	of period		income^(a)		(loss)			tions			income			capital			bution
Class A
5/31/2021^(c)	$	8.20	$	0.16	$	0.21		$	0.37		$	(0.16	)	$	–		$	(0.16	)
11/30/2020		8.73		0.38		(0.53	)		(0.15	)		(0.32	)		(0.06	)		(0.38	)
11/30/2019		8.97		0.49		(0.24	)		0.25			(0.49	)		–			(0.49	)
11/30/2018		9.18		0.46		(0.21	)		0.25			(0.46	)		–			(0.46	)
11/30/2017		9.17		0.41		0.01			0.42			(0.41	)		–			(0.41	)
11/30/2016		8.89		0.41		0.28			0.69			(0.41	)		–			(0.41	)
Class C
5/31/2021^(c)		8.20		0.14		0.22			0.36			(0.14	)		–			(0.14	)
11/30/2020		8.74		0.33		(0.54	)		(0.21	)		(0.27	)		(0.06	)		(0.33	)
11/30/2019		8.98		0.44		(0.24	)		0.20			(0.44	)		–			(0.44	)
11/30/2018		9.18		0.40		(0.20	)		0.20			(0.40	)		–			(0.40	)
11/30/2017		9.17		0.35		0.01			0.36			(0.35	)		–			(0.35	)
11/30/2016		8.89		0.35		0.28			0.63			(0.35	)		–			(0.35	)
Class F
5/31/2021^(c)		8.19		0.16		0.23			0.39			(0.17	)		–			(0.17	)
11/30/2020		8.72		0.39		(0.54	)		(0.15	)		(0.32	)		(0.06	)		(0.38	)
11/30/2019		8.96		0.50		(0.24	)		0.26			(0.50	)		–			(0.50	)
11/30/2018		9.17		0.47		(0.21	)		0.26			(0.47	)		–			(0.47	)
11/30/2017		9.16		0.42		0.01			0.43			(0.42	)		–			(0.42	)
11/30/2016		8.88		0.42		0.28			0.70			(0.42	)		–			(0.42	)
Class F3
5/31/2021^(c)		8.21		0.17		0.22			0.39			(0.17	)		–			(0.17	)
11/30/2020		8.75		0.40		(0.54	)		(0.14	)		(0.34	)		(0.06	)		(0.40	)
11/30/2019		8.98		0.52		(0.23	)		0.29			(0.52	)		–			(0.52	)
11/30/2018		9.19		0.49		(0.22	)		0.27			(0.48	)		–			(0.48	)
4/4/2017 to 11/30/2017^(f)		9.23		0.28		(0.04	)		0.24			(0.28	)		–			(0.28	)
Class I
5/31/2021^(c)		8.20		0.17		0.22			0.39			(0.17	)		–			(0.17	)
11/30/2020		8.74		0.40		(0.55	)		(0.15	)		(0.33	)		(0.06	)		(0.39	)
11/30/2019		8.97		0.51		(0.23	)		0.28			(0.51	)		–			(0.51	)
11/30/2018		9.18		0.48		(0.21	)		0.27			(0.48	)		–			(0.48	)
11/30/2017		9.17		0.42		0.02			0.44			(0.43	)		–			(0.43	)
11/30/2016		8.89		0.43		0.28			0.71			(0.43	)		–			(0.43	)
Class R2
5/31/2021^(c)		8.20		0.15		0.21			0.36			(0.14	)		–			(0.14	)
11/30/2020		8.74		0.35		(0.54	)		(0.19	)		(0.29	)		(0.06	)		(0.35	)
11/30/2019		8.98		0.46		(0.24	)		0.22			(0.46	)		–			(0.46	)
11/30/2018		9.19		0.43		(0.22	)		0.21			(0.42	)		–			(0.42	)
11/30/2017		9.18		0.37		0.01			0.38			(0.37	)		–			(0.37	)
11/30/2016		8.90		0.37		0.28			0.65			(0.37	)		–			(0.37	)

416	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	8.41		4.55	^(d)		0.80	^(e)		0.80	^(e)		3.88	^(e)	$	1,878,784		46	^(d)
	8.20		(1.58	)		0.80			0.80			4.65			1,790,285		92
	8.73		2.90			0.81			0.81			5.56			2,462,684		58
	8.97		2.74			0.79			0.79			5.05			3,653,385		68
	9.18		4.65			0.79			0.79			4.43			3,530,233		81
	9.17		7.95			0.80			0.80			4.56			3,003,142		78

	8.42		4.36	^(d)		1.42	^(e)		1.42	^(e)		3.27	^(e)		552,759		46	^(d)
	8.20		(2.31	)		1.42			1.42			4.08			616,741		92
	8.74		2.37			1.45			1.45			4.93			1,141,085		58
	8.98		2.10			1.43			1.43			4.42			1,627,126		68
	9.18		3.98			1.44			1.44			3.80			1,587,964		81
	9.17		7.29			1.43			1.43			3.95			1,547,969		78

	8.41		4.73	^(d)		0.70	^(e)		0.70	^(e)		3.96	^(e)		2,587,856		46	^(d)
	8.19		(1.50	)		0.70			0.70			4.79			2,231,780		92
	8.72		3.00			0.71			0.71			5.65			4,007,181		58
	8.96		2.84			0.69			0.69			5.17			6,725,819		68
	9.17		4.75			0.69			0.69			4.52			4,877,793		81
	9.16		8.06			0.70			0.70			4.64			3,564,772		78

	8.43		4.81	^(d)		0.53	^(e)		0.53	^(e)		4.13	^(e)		114,437		46	^(d)
	8.21		(1.32	)		0.54			0.54			4.92			91,251		92
	8.75		3.17			0.54			0.54			5.83			147,359		58
	8.98		3.00			0.53			0.53			5.29			277,822		68
	9.19		2.67	^(d)		0.54	^(e)		0.54	^(e)		4.68	^(e)		203,910		81

	8.42		4.78	^(d)		0.60	^(e)		0.60	^(e)		4.06	^(e)		1,016,937		46	^(d)
	8.20		(1.50	)		0.60			0.60			4.92			855,140		92
	8.74		3.22			0.61			0.61			5.75			1,475,395		58
	8.97		2.94			0.59			0.59			5.27			2,462,923		68
	9.18		4.85			0.60			0.60			4.61			1,744,687		81
	9.17		8.16			0.60			0.60			4.75			605,018		78

	8.42		4.47	^(d)		1.20	^(e)		1.20	^(e)		3.49	^(e)		941		46	^(d)
	8.20		(2.09	)		1.20			1.20			4.26			1,026		92
	8.74		2.50			1.21			1.21			5.16			1,471		58
	8.98		2.35			1.19			1.19			4.68			1,579		68
	9.19		4.24			1.20			1.20			4.04			1,254		81
	9.18		7.53			1.20			1.20			4.16			751		78

See Notes to Financial Statements.

417

Financial Highlights (unaudited)(continued)

FLOATING RATE FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net						Total
	beginning		ment		gain			opera-			investment			Return of			distri-
	of period		income^(a)		(loss)			tions			income			capital			bution
Class R3
5/31/2021^(c)	$	8.20	$	0.15	$	0.22		$	0.37		$	(0.15	)	$	–		$	(0.15	)
11/30/2020		8.74		0.35		(0.54	)		(0.19	)		(0.29	)		(0.06	)		(0.35	)
11/30/2019		8.97		0.47		(0.23	)		0.24			(0.47	)		–			(0.47	)
11/30/2018		9.18		0.44		(0.22	)		0.22			(0.43	)		–			(0.43	)
11/30/2017		9.17		0.38		0.01			0.39			(0.38	)		–			(0.38	)
11/30/2016		8.89		0.38		0.28			0.66			(0.38	)		–			(0.38	)
Class R4
5/31/2021^(c)		8.20		0.16		0.21			0.37			(0.16	)		–			(0.16	)
11/30/2020		8.73		0.38		(0.54	)		(0.16	)		(0.31	)		(0.06	)		(0.37	)
11/30/2019		8.97		0.49		(0.24	)		0.25			(0.49	)		–			(0.49	)
11/30/2018		9.18		0.47		(0.22	)		0.25			(0.46	)		–			(0.46	)
11/30/2017		9.17		0.40		0.01			0.41			(0.40	)		–			(0.40	)
11/30/2016		8.89		0.41		0.28			0.69			(0.41	)		–			(0.41	)
Class R5
5/31/2021^(c)		8.21		0.17		0.22			0.39			(0.17	)		–			(0.17	)
11/30/2020		8.75		0.40		(0.55	)		(0.15	)		(0.33	)		(0.06	)		(0.39	)
11/30/2019		8.98		0.51		(0.23	)		0.28			(0.51	)		–			(0.51	)
11/30/2018		9.19		0.51		(0.24	)		0.27			(0.48	)		–			(0.48	)
11/30/2017		9.18		0.43		0.01			0.44			(0.43	)		–			(0.43	)
11/30/2016		8.90		0.43		0.28			0.71			(0.43	)		–			(0.43	)
Class R6
5/31/2021^(c)		8.20		0.17		0.22			0.39			(0.17	)		–			(0.17	)
11/30/2020		8.74		0.40		(0.54	)		(0.14	)		(0.34	)		(0.06	)		(0.40	)
11/30/2019		8.98		0.51		(0.23	)		0.28			(0.52	)		–			(0.52	)
11/30/2018		9.19		0.49		(0.22	)		0.27			(0.48	)		–			(0.48	)
11/30/2017		9.18		0.43		0.01			0.44			(0.43	)		–			(0.43	)
11/30/2016		8.90		0.44		0.27			0.71			(0.43	)		–			(0.43	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 4, 2017.

418	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	8.42		4.53	^(d)		1.10	^(e)		1.10	^(e)		3.58	^(e)	$	46,609		46	^(d)
	8.20		(1.99	)		1.10			1.10			4.35			43,458		92
	8.74		2.71			1.12			1.12			5.26			52,957		58
	8.97		2.45			1.09			1.09			4.78			52,978		68
	9.18		4.35			1.10			1.10			4.15			43,115		81
	9.17		7.64			1.10			1.10			4.28			34,215		78

	8.41		4.53	^(d)		0.85	^(e)		0.85	^(e)		3.84	^(e)		2,703		46	^(d)
	8.20		(1.63	)		0.85			0.85			4.64			2,953		92
	8.73		2.85			0.86			0.86			5.54			5,240		58
	8.97		2.70			0.85			0.85			5.16			21,747		68
	9.18		4.60			0.84			0.84			4.37			5,134		81
	9.17		7.90			0.85			0.85			4.45			2,302		78

	8.43		4.78	^(d)		0.60	^(e)		0.60	^(e)		4.09	^(e)		3,490		46	^(d)
	8.21		(1.49	)		0.60			0.60			4.93			5,019		92
	8.75		3.23			0.62			0.62			5.79			6,661		58
	8.98		2.96			0.60			0.60			5.62			44,385		68
	9.19		4.87			0.60			0.60			4.65			2,542		81
	9.18		8.18			0.60			0.60			4.77			303		78

	8.42		4.82	^(d)		0.54	^(e)		0.54	^(e)		4.15	^(e)		110,845		46	^(d)
	8.20		(1.44	)		0.54			0.54			4.89			124,190		92
	8.74		3.16			0.55			0.55			5.77			109,741		58
	8.98		3.01			0.53			0.53			5.35			63,275		68
	9.19		4.93			0.54			0.54			4.70			36,295		81
	9.18		8.24			0.54			0.54			4.84			12,047		78

See Notes to Financial Statements.

419

Financial Highlights (unaudited)(continued)

HIGH YIELD FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net asset value, end of period		Total return^(b) (%)
Class A
5/31/2021^(c)	$	7.30	$	0.17	$	0.23		$	0.40		$	(0.18	)	$	7.52		5.48	^(d)
11/30/2020		7.37		0.36		(0.05	)^(f)		0.31			(0.38	)		7.30		4.65
11/30/2019		7.13		0.40		0.25			0.65			(0.41	)		7.37		9.37
11/30/2018		7.71		0.41		(0.56	)		(0.15	)		(0.43	)		7.13		(2.03	)
11/30/2017		7.41		0.42		0.32			0.74			(0.44	)		7.71		10.13
11/30/2016		7.10		0.42		0.33			0.75			(0.44	)		7.41		10.93
Class C
5/31/2021^(c)		7.27		0.15		0.21			0.36			(0.15	)		7.48		5.03	^(d)
11/30/2020		7.33		0.32		(0.04	)^(f)		0.28			(0.34	)		7.27		4.14
11/30/2019		7.09		0.35		0.26			0.61			(0.37	)		7.33		8.72
11/30/2018		7.67		0.36		(0.56	)		(0.20	)		(0.38	)		7.09		(2.70	)
11/30/2017		7.38		0.37		0.30			0.67			(0.38	)		7.67		9.28
11/30/2016		7.07		0.37		0.33			0.70			(0.39	)		7.38		10.24
Class F
5/31/2021^(c)		7.30		0.17		0.22			0.39			(0.18	)		7.51		5.39	^(d)
11/30/2020		7.36		0.37		(0.04	)^(f)		0.33			(0.39	)		7.30		4.89
11/30/2019		7.12		0.40		0.26			0.66			(0.42	)		7.36		9.48
11/30/2018		7.70		0.42		(0.56	)		(0.14	)		(0.44	)		7.12		(1.95	)
11/30/2017		7.41		0.42		0.31			0.73			(0.44	)		7.70		10.09
11/30/2016		7.09		0.43		0.33			0.76			(0.44	)		7.41		11.19
Class F3
5/31/2021^(c)		7.34		0.18		0.23			0.41			(0.19	)		7.56		5.62	^(d)
11/30/2020		7.41		0.37		(0.03	)^(f)		0.34			(0.41	)		7.34		4.97
11/30/2019		7.16		0.42		0.27			0.69			(0.44	)		7.41		9.82
11/30/2018		7.75		0.43		(0.56	)		(0.13	)		(0.46	)		7.16		(1.85	)
4/4/2017 to 11/30/2017^(g)		7.65		0.28		0.12			0.40			(0.30	)		7.75		5.28	^(d)
Class I
5/31/2021^(c)		7.34		0.18		0.22			0.40			(0.19	)		7.55		5.43	^(d)
11/30/2020		7.40		0.37		(0.03	)^(f)		0.34			(0.40	)		7.34		5.00
11/30/2019		7.16		0.41		0.26			0.67			(0.43	)		7.40		9.57
11/30/2018		7.74		0.43		(0.56	)		(0.13	)		(0.45	)		7.16		(1.82	)
11/30/2017		7.45		0.44		0.30			0.74			(0.45	)		7.74		10.19
11/30/2016		7.13		0.44		0.33			0.77			(0.45	)		7.45		11.29
Class P
5/31/2021^(c)		7.41		0.16		0.23			0.39			(0.17	)		7.63		5.31	^(d)
11/30/2020		7.48		0.35		(0.05	)^(f)		0.30			(0.37	)		7.41		4.42
11/30/2019		7.23		0.39		0.26			0.65			(0.40	)		7.48		9.20
11/30/2018		7.82		0.40		(0.57	)		(0.17	)		(0.42	)		7.23		(2.29	)
11/30/2017		7.52		0.40		0.32			0.72			(0.42	)		7.82		9.81
11/30/2016		7.20		0.41		0.34			0.75			(0.43	)		7.52		10.76

420	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.88	^(e)		0.88	^(e)		4.59	^(e)	$	1,181,516		59	^(d)
	0.90			0.90			5.15			1,134,235		126
	0.91			0.91			5.42			1,218,731		86
	0.90			0.90			5.48			1,126,386		107
	0.89			0.89			5.48			1,576,504		93
	0.92			0.92			5.88			1,580,591		104

	1.51	^(e)		1.51	^(e)		3.97	^(e)		273,983		59	^(d)
	1.53			1.53			4.55			287,145		126
	1.53			1.53			4.81			376,682		86
	1.55			1.55			4.84			410,469		107
	1.57			1.57			4.81			515,964		93
	1.57			1.57			5.25			463,517		104

	0.78	^(e)		0.78	^(e)		4.69	^(e)		2,208,098		59	^(d)
	0.80			0.80			5.24			2,097,727		126
	0.81			0.81			5.52			2,144,680		86
	0.80			0.80			5.58			2,082,549		107
	0.79			0.79			5.54			2,011,192		93
	0.81			0.81			5.96			1,571,281		104

	0.59	^(e)		0.59	^(e)		4.88	^(e)		788,253		59	^(d)
	0.60			0.60			5.31			1,984,689		126
	0.62			0.62			5.72			555,795		86
	0.60			0.60			5.77			507,646		107
	0.62	^(e)		0.62	^(e)		5.45	^(e)		449,538		93

	0.68	^(e)		0.68	^(e)		4.78	^(e)		1,902,215		59	^(d)
	0.70			0.70			5.30			1,664,193		126
	0.71			0.71			5.61			1,610,253		86
	0.70			0.70			5.66			1,412,203		107
	0.69			0.69			5.70			1,725,003		93
	0.72			0.72			6.11			1,707,793		104

	1.13	^(e)		1.13	^(e)		4.35	^(e)		43		59	^(d)
	1.15			1.15			4.97			54		126
	1.15			1.15			5.36			51		86
	1.15			1.15			5.24			333		107
	1.15			1.15			5.16			478		93
	1.17			1.17			5.71			47		104

See Notes to Financial Statements.

421

Financial Highlights (unaudited)(continued)

HIGH YIELD FUND

			Per Share Operating Performance:
											Distributions to
											shareholders
			Investment operations:								from:
					Net			Total
	Net				realized			from						Net
	asset		Net		and			invest-						asset
	value,		invest-		unrealized			ment			Net			value,		Total
	beginning		ment		gain			opera-			investment			end of		return^(b)
	of period		income^(a)		(loss)			tions			income			period		(%)
Class R2
5/31/2021^(c)	$	7.35	$	0.16	$	0.21		$	0.37		$	(0.16	)	$	7.56		5.25	^(d)
11/30/2020		7.41		0.34		(0.04	)^(f)		0.30			(0.36	)		7.35		4.39
11/30/2019		7.17		0.37		0.26			0.63			(0.39	)		7.41		8.93
11/30/2018		7.76		0.38		(0.57	)		(0.19	)		(0.40	)		7.17		(2.50	)
11/30/2017		7.46		0.39		0.32			0.71			(0.41	)		7.76		9.68
11/30/2016		7.15		0.40		0.32			0.72			(0.41	)		7.46		10.49
Class R3
5/31/2021^(c)		7.35		0.16		0.22			0.38			(0.17	)		7.56		5.17	^(d)
11/30/2020		7.41		0.34		(0.04	)^(f)		0.30			(0.36	)		7.35		4.49
11/30/2019		7.17		0.38		0.25			0.63			(0.39	)		7.41		9.03
11/30/2018		7.75		0.39		(0.56	)		(0.17	)		(0.41	)		7.17		(2.28	)
11/30/2017		7.46		0.40		0.31			0.71			(0.42	)		7.75		9.64
11/30/2016		7.14		0.41		0.33			0.74			(0.42	)		7.46		10.75
Class R4
5/31/2021^(c)		7.30		0.17		0.23			0.40			(0.18	)		7.52		5.46	^(d)
11/30/2020		7.37		0.36		(0.05	)^(f)		0.31			(0.38	)		7.30		4.61
11/30/2019		7.12		0.39		0.27			0.66			(0.41	)		7.37		9.48
11/30/2018		7.71		0.41		(0.57	)		(0.16	)		(0.43	)		7.12		(2.21	)
11/30/2017		7.41		0.41		0.32			0.73			(0.43	)		7.71		10.09
11/30/2016		7.10		0.43		0.32			0.75			(0.44	)		7.41		10.91
Class R5
5/31/2021^(c)		7.33		0.18		0.23			0.41			(0.19	)		7.55		5.57	^(d)
11/30/2020		7.40		0.38		(0.05	)^(f)		0.33			(0.40	)		7.33		4.87
11/30/2019		7.15		0.41		0.27			0.68			(0.43	)		7.40		9.73
11/30/2018		7.74		0.43		(0.57	)		(0.14	)		(0.45	)		7.15		(1.94	)
11/30/2017		7.44		0.43		0.32			0.75			(0.45	)		7.74		10.34
11/30/2016		7.13		0.45		0.32			0.77			(0.46	)		7.44		11.16
Class R6
5/31/2021^(c)		7.34		0.18		0.23			0.41			(0.19	)		7.56		5.62	^(d)
11/30/2020		7.41		0.38		(0.04	)^(f)		0.34			(0.41	)		7.34		4.97
11/30/2019		7.16		0.42		0.27			0.69			(0.44	)		7.41		9.82
11/30/2018		7.75		0.43		(0.56	)		(0.13	)		(0.46	)		7.16		(1.84	)
11/30/2017		7.45		0.44		0.32			0.76			(0.46	)		7.75		10.42
11/30/2016		7.13		0.45		0.33			0.78			(0.46	)		7.45		11.26


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
^(g)	Commenced on April 4, 2017.

422	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total
expenses
after
waivers						Net			Net
and/or						invest-			assets,		Portfolio
reimburse-			Total			ment			end of		turnover
ments			expenses			income			period		rate
(%)			(%)			(%)			(000)		(%)

	1.28	^(e)		1.28	^(e)		4.19	^(e)	$	6,001		59	^(d)
	1.31			1.31			4.81			6,662		126
	1.30			1.30			5.05			11,284		86
	1.29			1.29			5.10			14,435		107
	1.29			1.29			5.09			14,837		93
	1.32			1.32			5.53			11,145		104

	1.18	^(e)		1.18	^(e)		4.30	^(e)		112,047		59	^(d)
	1.20			1.20			4.87			114,737		126
	1.21			1.21			5.14			117,517		86
	1.20			1.20			5.20			107,532		107
	1.19			1.19			5.18			91,021		93
	1.22			1.22			5.64			71,552		104

	0.93	^(e)		0.93	^(e)		4.55	^(e)		106,056		59	^(d)
	0.95			0.95			5.11			113,046		126
	0.96			0.96			5.38			109,351		86
	0.95			0.95			5.45			91,526		107
	0.95			0.95			5.38			67,741		93
	0.97			0.97			5.87			20,934		104

	0.68	^(e)		0.68	^(e)		4.80	^(e)		255,355		59	^(d)
	0.70			0.70			5.37			256,527		126
	0.71			0.71			5.64			289,988		86
	0.70			0.70			5.70			266,231		107
	0.71			0.71			5.56			264,638		93
	0.72			0.72			6.11			11,010		104

	0.59	^(e)		0.59	^(e)		4.89	^(e)		664,939		59	^(d)
	0.61			0.61			5.45			643,491		126
	0.62			0.62			5.71			620,871		86
	0.60			0.61			5.78			451,009		107
	0.61			0.61			5.67			381,440		93
	0.62			0.62			6.24			75,756		104

See Notes to Financial Statements.

423

Financial Highlights (unaudited)(continued)

INCOME FUND

			Per Share Operating Performance:
											Distributions to
											shareholders
			Investment operations:								from:
					Net			Total
	Net				realized			from						Net
	asset		Net		and			invest-						asset
	value,		invest-		unrealized			ment			Net			value,		Total
	beginning		ment		gain			opera-			investment			end of		return^(b)
	of period		income^(a)		(loss)			tions			income			period		(%)
Class A
5/31/2021^(c)	$	3.01	$	0.04	$	(0.03	)	$	0.01		$	(0.05	)	$	2.97		0.22	^(d)
11/30/2020		2.90		0.09		0.13			0.22			(0.11	)		3.01		7.65
11/30/2019		2.67		0.10		0.24			0.34			(0.11	)		2.90		13.02
11/30/2018		2.86		0.10		(0.18	)		(0.08	)		(0.11	)		2.67		(2.78	)
11/30/2017		2.76		0.09		0.11			0.20			(0.10	)		2.86		7.33
11/30/2016		2.71		0.10		0.07			0.17			(0.12	)		2.76		6.06
Class C
5/31/2021^(c)		3.02		0.03		(0.03	)		–			(0.04	)		2.98		(0.10	)^(d)
11/30/2020		2.92		0.07		0.12			0.19			(0.09	)		3.02		6.60
11/30/2019		2.69		0.08		0.25			0.33			(0.10	)		2.92		12.26
11/30/2018		2.87		0.08		(0.16	)		(0.08	)		(0.10	)		2.69		(3.00	)
11/30/2017		2.78		0.07		0.10			0.17			(0.08	)		2.87		6.28
11/30/2016		2.72		0.08		0.07			0.15			(0.09	)		2.78		5.77
Class F
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.26	^(d)
11/30/2020		2.91		0.09		0.12			0.21			(0.11	)		3.01		7.38
11/30/2019		2.67		0.10		0.26			0.36			(0.12	)		2.91		13.09
11/30/2018		2.86		0.10		(0.17	)		(0.07	)		(0.12	)		2.67		(2.33	)
11/30/2017		2.76		0.09		0.11			0.20			(0.10	)		2.86		7.43
11/30/2016		2.71		0.10		0.06			0.16			(0.11	)		2.76		6.16
Class F3
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.35	^(d)
11/30/2020		2.90		0.10		0.12			0.22			(0.11	)		3.01		7.95
11/30/2019		2.67		0.11		0.24			0.35			(0.12	)		2.90		13.33
11/30/2018		2.86		0.10		(0.17	)		(0.07	)		(0.12	)		2.67		(2.51	)
4/4/2017 to 11/30/2017^(f)		2.82		0.06		0.05			0.11			(0.07	)		2.86		3.99	^(d)
Class I
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.32	^(d)
11/30/2020		2.91		0.10		0.11			0.21			(0.11	)		3.01		7.49
11/30/2019		2.67		0.10		0.26			0.36			(0.12	)		2.91		13.63
11/30/2018		2.86		0.10		(0.17	)		(0.07	)		(0.12	)		2.67		(2.59	)
11/30/2017		2.76		0.09		0.12			0.21			(0.11	)		2.86		7.54
11/30/2016		2.71		0.10		0.07			0.17			(0.12	)		2.76		6.27

424	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total
expenses
after
waivers						Net			Net
and/or						invest-			assets,		Portfolio
reimburse-			Total			ment			end of		turnover
ments			expenses			income			period		rate
(%)			(%)			(%)			(000)		(%)

	0.74	^(e)		0.74	^(e)		2.61	^(e)	$	1,249,001		57	^(d)
	0.76			0.76			3.11			1,229,762		112
	0.77			0.77			3.53			1,054,889		108
	0.77			0.81			3.46			836,525		117
	0.78			0.89			3.03			918,917		205
	0.78			0.90			3.56			907,733		192

	1.38	^(e)		1.38	^(e)		1.98	^(e)		90,319		57	^(d)
	1.38			1.38			2.53			107,888		112
	1.38			1.38			2.93			162,000		108
	1.39			1.43			2.82			166,762		117
	1.40			1.51			2.42			230,293		205
	1.41			1.53			2.94			253,848		192

	0.64	^(e)		0.64	^(e)		2.71	^(e)		544,514		57	^(d)
	0.66			0.66			3.20			570,685		112
	0.67			0.67			3.61			591,492		108
	0.67			0.71			3.55			434,593		117
	0.68			0.79			3.10			454,740		205
	0.68			0.80			3.64			413,167		192

	0.46	^(e)		0.46	^(e)		2.88	^(e)		814,879		57	^(d)
	0.47			0.47			3.38			722,882		112
	0.49			0.49			3.79			586,822		108
	0.47			0.51			3.75			394,646		117
	0.46	^(e)		0.60	^(e)		3.25	^(e)		274,355		205

	0.54	^(e)		0.54	^(e)		2.81	^(e)		129,333		57	^(d)
	0.56			0.56			3.33			155,970		112
	0.57			0.57			3.73			184,515		108
	0.57			0.60			3.66			165,736		117
	0.58			0.69			3.22			166,989		205
	0.58			0.70			3.75			92,523		192

See Notes to Financial Statements.

425

Financial Highlights (unaudited)(continued)

INCOME FUND

			Per Share Operating Performance:
											Distributions to
											shareholders
			Investment operations:								from:
					Net			Total
	Net				realized			from						Net
	asset		Net		and			invest-						asset
	value,		invest-		unrealized			ment			Net			value,		Total
	beginning		ment		gain			opera-			investment			end of		return^(b)
	of period		income^(a)		(loss)			tions			income			period		(%)
Class R2
5/31/2021^(c)	$	3.03	$	0.03	$	(0.03	)	$	–		$	(0.04	)	$	2.99		0.02	^(d)
11/30/2020		2.93		0.08		0.11			0.19			(0.09	)		3.03		6.83
11/30/2019		2.70		0.09		0.24			0.33			(0.10	)		2.93		12.47
11/30/2018		2.88		0.09		(0.17	)		(0.08	)		(0.10	)		2.70		(2.76	)
11/30/2017		2.79		0.08		0.10			0.18			(0.09	)		2.88		6.49
11/30/2016		2.73		0.09		0.07			0.16			(0.10	)		2.79		5.99
Class R3
5/31/2021^(c)		3.02		0.03		(0.03	)		–			(0.04	)		2.98		0.07	^(d)
11/30/2020		2.91		0.08		0.13			0.21			(0.10	)		3.02		7.32
11/30/2019		2.68		0.09		0.24			0.33			(0.10	)		2.91		12.65
11/30/2018		2.87		0.09		(0.18	)		(0.09	)		(0.10	)		2.68		(3.05	)
11/30/2017		2.77		0.08		0.11			0.19			(0.09	)		2.87		7.00
11/30/2016		2.72		0.09		0.06			0.15			(0.10	)		2.77		5.73
Class R4
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.19	^(d)
11/30/2020		2.90		0.09		0.12			0.21			(0.10	)		3.01		7.60
11/30/2019		2.67		0.10		0.24			0.34			(0.11	)		2.90		12.97
11/30/2018		2.86		0.10		(0.18	)		(0.08	)		(0.11	)		2.67		(2.83	)
11/30/2017		2.77		0.08		0.11			0.19			(0.10	)		2.86		6.89
11/30/2016		2.71		0.09		0.08			0.17			(0.11	)		2.77		6.39
Class R5
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.32	^(d)
11/30/2020		2.91		0.10		0.11			0.21			(0.11	)		3.01		7.50
11/30/2019		2.68		0.11		0.24			0.35			(0.12	)		2.91		13.21
11/30/2018		2.86		0.10		(0.16	)		(0.06	)		(0.12	)		2.68		(2.23	)
11/30/2017		2.76		0.09		0.12			0.21			(0.11	)		2.86		7.55
11/30/2016		2.71		0.10		0.07			0.17			(0.12	)		2.76		6.28
Class R6
5/31/2021^(c)		3.01		0.04		(0.03	)		0.01			(0.05	)		2.97		0.36	^(d)
11/30/2020		2.90		0.10		0.12			0.22			(0.11	)		3.01		7.95
11/30/2019		2.67		0.11		0.24			0.35			(0.12	)		2.90		13.34
11/30/2018		2.86		0.10		(0.17	)		(0.07	)		(0.12	)		2.67		(2.50	)
11/30/2017		2.76		0.09		0.12			0.21			(0.11	)		2.86		7.66
11/30/2016		2.71		0.11		0.06			0.17			(0.12	)		2.76		6.38


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 4, 2017.

426	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total
expenses
after
waivers						Net			Net
and/or						invest-			assets,		Portfolio
reimburse-			Total			ment			end of		turnover
ments			expenses			income			period		rate
(%)			(%)			(%)			(000)		(%)

	1.14	^(e)		1.14	^(e)		2.21	^(e)	$	1,318		57	^(d)
	1.16			1.16			2.73			1,730		112
	1.17			1.17			3.17			1,285		108
	1.17			1.21			3.05			1,667		117
	1.18			1.29			2.64			2,008		205
	1.19			1.31			3.23			2,202		192

	1.04	^(e)		1.04	^(e)		2.31	^(e)		55,094		57	^(d)
	1.06			1.06			2.83			53,114		112
	1.07			1.07			3.24			55,317		108
	1.07			1.11			3.16			50,016		117
	1.08			1.19			2.74			53,025		205
	1.08			1.20			3.27			54,918		192

	0.79	^(e)		0.79	^(e)		2.56	^(e)		4,835		57	^(d)
	0.81			0.81			3.07			9,205		112
	0.82			0.82			3.46			9,218		108
	0.82			0.85			3.44			5,363		117
	0.83			0.94			2.98			3,117		205
	0.83			0.94			3.25			1,459		192

	0.54	^(e)		0.54	^(e)		2.81	^(e)		6,099		57	^(d)
	0.56			0.56			3.32			6,548		112
	0.57			0.57			3.73			6,099		108
	0.58			0.62			3.54			4,048		117
	0.57			0.70			3.21			15,926		205
	0.58			0.69			3.51			198		192

	0.46	^(e)		0.46	^(e)		2.89	^(e)		59,732		57	^(d)
	0.48			0.48			3.40			55,981		112
	0.49			0.49			3.81			52,133		108
	0.47			0.51			3.77			33,975		117
	0.47			0.59			3.31			19,714		205
	0.47			0.59			3.90			3,457		192

See Notes to Financial Statements.

427

Financial Highlights (unaudited)(continued)

INFLATION FOCUSED FUND

			Per Share Operating Performance:
										Distributions to
										shareholders
			Investment operations:							from:
					Net			Total
	Net				realized			from					Net
	asset		Net		and			invest-					asset
	value,		invest-		unrealized			ment		Net			value,
	beginning		ment		gain			opera-		investment			end of
	of period		income^(a)		(loss)			tions		income			period
Class A
5/31/2021^(c)	$	11.33	$	0.09	$	0.96		$	1.05	$	(0.18	)	$	12.20
11/30/2020		11.23		0.26		0.26	^(f)		0.52		(0.42	)		11.33
11/30/2019		11.55		0.34		(0.21	)		0.13		(0.45	)		11.23
11/30/2018		11.88		0.29		(0.17	)		0.12		(0.45	)		11.55
11/30/2017		12.18		0.24		(0.09	)		0.15		(0.45	)		11.88
11/30/2016		12.27		0.29		0.14			0.43		(0.52	)		12.18
Class C
5/31/2021^(c)		11.35		0.05		0.96			1.01		(0.14	)		12.22
11/30/2020		11.25		0.20		0.25	^(f)		0.45		(0.35	)		11.35
11/30/2019		11.57		0.27		(0.21	)		0.06		(0.38	)		11.25
11/30/2018		11.90		0.22		(0.18	)		0.04		(0.37	)		11.57
11/30/2017		12.20		0.16		(0.08	)		0.08		(0.38	)		11.90
11/30/2016		12.29		0.22		0.14			0.36		(0.45	)		12.20
Class F
5/31/2021^(c)		11.35		0.09		0.96			1.05		(0.18	)		12.22
11/30/2020		11.24		0.27		0.27	^(f)		0.54		(0.43	)		11.35
11/30/2019		11.57		0.35		(0.21	)		0.14		(0.47	)		11.24
11/30/2018		11.89		0.31		(0.17	)		0.14		(0.46	)		11.57
11/30/2017		12.19		0.25		(0.09	)		0.16		(0.46	)		11.89
11/30/2016		12.28		0.30		0.14			0.44		(0.53	)		12.19
Class F3
5/31/2021^(c)		11.34		0.09		0.97			1.06		(0.19	)		12.21
11/30/2020		11.23		0.29		0.27	^(f)		0.56		(0.45	)		11.34
11/30/2019		11.55		0.37		(0.21	)		0.16		(0.48	)		11.23
11/30/2018		11.88		0.33		(0.18	)		0.15		(0.48	)		11.55
4/4/2017 to 11/30/2017^(g)		12.17		0.19		(0.15	)		0.04		(0.33	)		11.88
Class I
5/31/2021^(c)		11.34		0.10		0.95			1.05		(0.19	)		12.20
11/30/2020		11.24		0.28		0.26	^(f)		0.54		(0.44	)		11.34
11/30/2019		11.56		0.36		(0.20	)		0.16		(0.48	)		11.24
11/30/2018		11.89		0.32		(0.18	)		0.14		(0.47	)		11.56
11/30/2017		12.18		0.26		(0.07	)		0.19		(0.48	)		11.89
11/30/2016		12.27		0.30		0.15			0.45		(0.54	)		12.18
Class R2
5/31/2021^(c)		11.30		0.07		0.96			1.03		(0.16	)		12.17
11/30/2020		11.22		0.20		0.26	^(f)		0.46		(0.38	)		11.30
11/30/2019		11.55		0.30		(0.22	)		0.08		(0.41	)		11.22
11/30/2018		11.87		0.24		(0.16	)		0.08		(0.40	)		11.55
11/30/2017		12.17		0.19		(0.09	)		0.10		(0.40	)		11.87
11/30/2016		12.26		0.24		0.14			0.38		(0.47	)		12.17

428	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

			Total
			expenses
			after
			waivers						Net			Net
			and/or						invest-			assets,		Portfolio
Total			reimburse-			Total			ment			end of		turnover
return^(b)			ments			expenses			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	9.29	^(d)		0.63	^(e)		0.63	^(e)		1.47	^(e)	$	295,185		31	^(d)
	4.87			0.69			0.70			2.40			89,956		97
	1.19			0.69			0.69			2.97			109,626		43
	0.95			0.69			0.69			2.48			171,109		108
	1.27			0.75			0.81			1.98			179,371		64
	3.69			0.75			0.92			2.41			276,490		79

	8.95	^(d)		1.26	^(e)		1.26	^(e)		0.90	^(e)		40,476		31	^(d)
	4.23			1.30			1.31			1.81			17,716		97
	0.55			1.33			1.33			2.33			28,655		43
	0.30			1.34			1.35			1.84			49,435		108
	0.63			1.39			1.45			1.32			47,475		64
	3.06			1.37			1.54			1.81			45,158		79

	9.33	^(d)		0.53	^(e)		0.53	^(e)		1.50	^(e)		911,844		31	^(d)
	5.06			0.59			0.60			2.52			187,180		97
	1.20			0.59			0.59			3.06			285,297		43
	1.14			0.58			0.59			2.60			489,043		108
	1.36			0.65			0.70			2.04			328,360		64
	3.79			0.65			0.81			2.49			187,277		79

	9.41	^(d)		0.38	^(e)		0.38	^(e)		1.55	^(e)		68,915		31	^(d)
	5.24			0.42			0.43			2.68			8,595		97
	1.46			0.42			0.42			3.24			10,645		43
	1.25			0.39			0.43			2.80			22,597		108
	0.33	^(d)		0.38	^(e)		0.53	^(e)		2.47	^(e)		13,427		64

	9.31	^(d)		0.44	^(e)		0.44	^(e)		1.72	^(e)		676,032		31	^(d)
	5.08			0.49			0.50			2.63			320,045		97
	1.39			0.49			0.49			3.16			631,037		43
	1.16			0.48			0.49			2.71			661,340		108
	1.47			0.55			0.60			2.17			511,535		64
	3.98			0.55			0.69			2.56			349,882		79

	9.11	^(d)		1.10	^(e)		1.10	^(e)		1.21	^(e)		29		31	^(d)
	4.28			1.07			1.08			1.83			166		97
	0.70			1.08			1.08			2.59			51		43
	0.64			1.10			1.11			2.07			201		108
	0.87			1.15			1.20			1.55			286		64
	3.28			1.15			1.32			2.02			191		79

See Notes to Financial Statements.

429

Financial Highlights (unaudited)(continued)

INFLATION FOCUSED FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net asset value, end of period
Class R3
5/31/2021^(c)	$	11.34	$	0.08	$	0.93		$	1.01	$	(0.16	)	$	12.19
11/30/2020		11.23		0.22		0.28	^(f)		0.50		(0.39	)		11.34
11/30/2019		11.56		0.30		(0.21	)		0.09		(0.42	)		11.23
11/30/2018		11.88		0.26		(0.17	)		0.09		(0.41	)		11.56
11/30/2017		12.18		0.20		(0.08	)		0.12		(0.42	)		11.88
11/30/2016		12.27		0.25		0.14			0.39		(0.48	)		12.18
Class R4
5/31/2021^(c)		11.34		0.09		0.95			1.04		(0.18	)		12.20
11/30/2020		11.23		0.26		0.26	^(f)		0.52		(0.41	)		11.34
11/30/2019		11.56		0.33		(0.21	)		0.12		(0.45	)		11.23
11/30/2018		11.88		0.30		(0.18	)		0.12		(0.44	)		11.56
11/30/2017		12.18		0.24		(0.09	)		0.15		(0.45	)		11.88
11/30/2016		12.27		0.27		0.15			0.42		(0.51	)		12.18
Class R5
5/31/2021^(c)		11.33		0.11		0.94			1.05		(0.19	)		12.19
11/30/2020		11.23		0.28		0.26	^(f)		0.54		(0.44	)		11.33
11/30/2019		11.55		0.36		(0.20	)		0.16		(0.48	)		11.23
11/30/2018		11.88		0.33		(0.19	)		0.14		(0.47	)		11.55
11/30/2017		12.18		0.26		(0.08	)		0.18		(0.48	)		11.88
11/30/2016		12.27		0.31		0.14			0.45		(0.54	)		12.18
Class R6
5/31/2021^(c)		11.34		0.11		0.94			1.05		(0.19	)		12.20
11/30/2020		11.23		0.29		0.27	^(f)		0.56		(0.45	)		11.34
11/30/2019		11.56		0.37		(0.21	)		0.16		(0.49	)		11.23
11/30/2018		11.88		0.33		(0.17	)		0.16		(0.48	)		11.56
11/30/2017		12.18		0.28		(0.08	)		0.20		(0.50	)		11.88
11/30/2016		12.27		0.33		0.14			0.47		(0.56	)		12.18

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
^(g)	Commenced on April 4, 2017.

430	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	8.96	^(d)		0.95	^(e)		0.95	^(e)		1.31	^(e)	$	287		31	^(d)
	4.65			0.98			0.99			2.03			226		97
	0.80			0.99			0.99			2.66			104		43
	0.74			0.99			1.00			2.17			111		108
	0.97			1.05			1.11			1.65			175		64
	3.39			1.05			1.21			2.13			283		79

	9.18	^(d)		0.70	^(e)		0.70	^(e)		1.56	^(e)		2,039		31	^(d)
	4.91			0.74			0.75			2.35			1,706		97
	1.05			0.74			0.74			2.91			3,174		43
	1.00			0.73			0.73			2.52			2,006		108
	1.22			0.80			0.84			2.05			735		64
	3.63			0.78			0.91			2.23			110		79

	9.33	^(d)		0.45	^(e)		0.45	^(e)		1.79	^(e)		209		31	^(d)
	5.08			0.49			0.50			2.64			170		97
	1.39			0.49			0.49			3.17			334		43
	1.17			0.47			0.48			2.83			144		108
	1.48			0.55			0.59			2.19			33		64
	3.89			0.55			0.68			2.59			10		79

	9.34	^(d)		0.41	^(e)		0.41	^(e)		1.87	^(e)		15,246		31	^(d)
	5.24			0.42			0.43			2.70			14,541		97
	1.37			0.42			0.42			3.25			35,167		43
	1.34			0.39			0.43			2.81			54,549		108
	1.67			0.37			0.52			2.37			33,747		64
	4.09			0.37			0.52			2.78			10		79

See Notes to Financial Statements.

431

Financial Highlights (unaudited)(continued)

SHORT DURATION CORE BOND FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net asset value, end of period		Total return^(b) (%)
Class A
5/31/2021^(c)	$	9.89	$	0.04		$	0.03		$	0.07	$	(0.08	)	$	9.88		0.75	^(d)
11/30/2020		9.89		0.14			0.10			0.24		(0.24	)		9.89		2.46
11/30/2019		9.72		0.24			0.23			0.47		(0.30	)		9.89		4.87
11/30/2018		9.92		0.22			(0.12	)		0.10		(0.30	)		9.72		1.04
4/19/2017 to 11/30/2017^(f)		10.00		0.09			(0.02	)		0.07		(0.15	)		9.92		0.70	^(d)
Class C
5/31/2021^(c)		9.89		–	^(g)		0.03			0.03		(0.05	)		9.87		0.31	^(d)
11/30/2020		9.89		0.09			0.08			0.17		(0.17	)		9.89		1.76
11/30/2019		9.72		0.17			0.23			0.40		(0.23	)		9.89		4.15
11/30/2018		9.92		0.14			(0.11	)		0.03		(0.23	)		9.72		0.27
4/19/2017 to 11/30/2017^(f)		10.00		0.04			(0.02	)		0.02		(0.10	)		9.92		0.22	^(d)
Class F
5/31/2021^(c)		9.89		0.04			0.03			0.07		(0.09	)		9.87		0.70	^(d)
11/30/2020		9.89		0.16			0.09			0.25		(0.25	)		9.89		2.54
11/30/2019		9.72		0.24			0.24			0.48		(0.31	)		9.89		4.97
11/30/2018		9.92		0.23			(0.12	)		0.11		(0.31	)		9.72		1.14
4/19/2017 to 11/30/2017^(f)		10.00		0.09			(0.01	)		0.08		(0.16	)		9.92		0.77	^(d)
Class F3
5/31/2021^(c)		9.88		0.05			0.04			0.09		(0.10	)		9.87		0.91	^(d)
11/30/2020		9.89		0.37			(0.11	)		0.26		(0.27	)		9.88		2.65
11/30/2019		9.72		0.27			0.22			0.49		(0.32	)		9.89		5.13
11/30/2018		9.92		0.24			(0.11	)		0.13		(0.33	)		9.72		1.34
4/19/2017 to 11/30/2017^(f)		10.00		0.11			(0.02	)		0.09		(0.17	)		9.92		0.89	^(d)
Class I
5/31/2021^(c)		9.89		0.04			0.03			0.07		(0.09	)		9.87		0.74	^(d)
11/30/2020		9.89		0.16			0.10			0.26		(0.26	)		9.89		2.65
11/30/2019		9.71		0.24			0.26			0.50		(0.32	)		9.89		5.18
11/30/2018		9.92		0.24			(0.13	)		0.11		(0.32	)		9.71		1.14
4/19/2017 to 11/30/2017^(f)		10.00		0.10			(0.02	)		0.08		(0.16	)		9.92		0.83	^(d)
Class R3
5/31/2021^(c)		9.89		0.02			0.03			0.05		(0.07	)		9.87		0.50	^(d)
11/30/2020		9.89		0.13			0.08			0.21		(0.21	)		9.89		2.16
11/30/2019		9.72		0.21			0.23			0.44		(0.27	)		9.89		4.56
11/30/2018		9.92		0.19			(0.12	)		0.07		(0.27	)		9.72		0.75
4/19/2017 to 11/30/2017^(f)		10.00		0.07			(0.02	)		0.05		(0.13	)		9.92		0.53	^(d)

432	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.60	^(e)		0.77	^(e)		0.73	^(e)	$	43,256		129	^(d)
	0.60			1.00			1.47			32,022		351
	0.60			1.81			2.47			8,032		136
	0.60			3.11			2.21			3,844		177
	0.60	^(e)		3.42	^(e)		1.43	^(e)		1,775		216

	1.27	^(e)		1.45	^(e)		0.07	^(e)		4,631		129	^(d)
	1.28			1.71			0.90			4,334		351
	1.29			2.54			1.77			2,238		136
	1.39			3.88			1.42			1,083		177
	1.37	^(e)		4.11	^(e)		0.70	^(e)		806		216

	0.50	^(e)		0.67	^(e)		0.83	^(e)		100,855		129	^(d)
	0.50			0.91			1.58			82,951		351
	0.50			1.46			2.40			29,007		136
	0.50			3.00			2.32			4,212		177
	0.50	^(e)		3.37	^(e)		1.52	^(e)		1,894		216

	0.34	^(e)		0.52	^(e)		1.04	^(e)		515		129	^(d)
	0.36			1.06			3.78			12		351
	0.36			1.64			2.72			1,612		136
	0.32			2.87			2.47			1,533		177
	0.30	^(e)		3.25	^(e)		1.71	^(e)		1,513		216

	0.40	^(e)		0.57	^(e)		0.89	^(e)		20,282		129	^(d)
	0.40			0.80			1.63			4,402		351
	0.40			1.35			2.49			1,821		136
	0.40			2.88			2.42			127		177
	0.40	^(e)		3.35	^(e)		1.61	^(e)		50		216

	0.90	^(e)		1.09	^(e)		0.44	^(e)		52		129	^(d)
	0.90			1.34			1.32			98		351
	0.90			2.14			2.17			76		136
	0.90			3.42			1.92			49		177
	0.90	^(e)		3.84	^(e)		1.09	^(e)		25		216

See Notes to Financial Statements.

433

Financial Highlights (unaudited)(continued)

SHORT DURATION CORE BOND FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net asset value, end of period		Total return^(b) (%)
Class R4
5/31/2021^(c)	$	9.89	$	0.03	$	0.03		$	0.06	$	(0.08	)	$	9.87		0.63	^(d)
11/30/2020		9.89		0.18		0.05			0.23		(0.23	)		9.89		2.41
11/30/2019		9.72		0.24		0.22			0.46		(0.29	)		9.89		4.82
11/30/2018		9.92		0.21		(0.11	)		0.10		(0.30	)		9.72		1.00
4/19/2017 to 11/30/2017^(f)		10.00		0.08		(0.01	)		0.07		(0.15	)		9.92		0.68	^(d)
Class R5
5/31/2021^(c)		9.89		0.05		0.02			0.07		(0.09	)		9.87		0.75	^(d)
11/30/2020		9.89		0.20		0.06			0.26		(0.26	)		9.89		2.66
11/30/2019		9.72		0.26		0.23			0.49		(0.32	)		9.89		5.08
11/30/2018		9.92		0.23		(0.11	)		0.12		(0.32	)		9.72		1.25
4/19/2017 to 11/30/2017^(f)		10.00		0.10		(0.02	)		0.08		(0.16	)		9.92		0.83	^(d)
Class R6
5/31/2021^(c)		9.89		0.05		0.03			0.08		(0.10	)		9.87		0.78	^(d)
11/30/2020		9.89		0.21		0.06			0.27		(0.27	)		9.89		2.75
11/30/2019		9.72		0.27		0.22			0.49		(0.32	)		9.89		5.13
11/30/2018		9.92		0.24		(0.11	)		0.13		(0.33	)		9.72		1.34
4/19/2017 to 11/30/2017^(f)		10.00		0.11		(0.02	)		0.09		(0.17	)		9.92		0.89	^(d)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 19, 2017.
^(g)	Amount is less than $.005.

434	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.65	^(e)		0.77	^(e)		0.70	^(e)	$	12		129	^(d)
	0.65			1.11			1.81			12		351
	0.65			1.95			2.42			27		136
	0.65			3.13			2.14			25		177
	0.65	^(e)		3.56	^(e)		1.35	^(e)		25		216

	0.40	^(e)		0.52	^(e)		0.95	^(e)		12		129	^(d)
	0.40			0.87			2.06			12		351
	0.40			1.69			2.67			27		136
	0.40			2.88			2.39			26		177
	0.40	^(e)		3.34	^(e)		1.60	^(e)		25		216

	0.34	^(e)		0.53	^(e)		1.01	^(e)		886		129	^(d)
	0.36			0.81			2.17			911		351
	0.36			1.63			2.72			1,961		136
	0.32			2.87			2.48			1,653		177
	0.30	^(e)		3.25	^(e)		1.71	^(e)		1,513		216

See Notes to Financial Statements.

435

Financial Highlights (unaudited)(continued)

SHORT DURATION INCOME FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net asset value, end of period		Total return^(b) (%)
Class A
5/31/2021^(c)	$	4.20	$	0.03	$	0.03		$	0.06	$	(0.05	)	$	4.21		1.48	^(d)
11/30/2020		4.21		0.09		0.02	^(f)		0.11		(0.12	)		4.20		2.76
11/30/2019		4.14		0.12		0.10			0.22		(0.15	)		4.21		5.48
11/30/2018		4.26		0.11		(0.07	)		0.04		(0.16	)		4.14		0.96
11/30/2017		4.31		0.09		0.02			0.11		(0.16	)		4.26		2.55
11/30/2016		4.35		0.11		0.02			0.13		(0.17	)		4.31		3.06
Class C
5/31/2021^(c)		4.22		0.02		0.04			0.06		(0.04	)		4.24		1.39	^(d)
11/30/2020		4.23		0.07		0.02	^(f)		0.09		(0.10	)		4.22		2.10
11/30/2019		4.17		0.10		0.09			0.19		(0.13	)		4.23		4.57
11/30/2018		4.29		0.09		(0.08	)		0.01		(0.13	)		4.17		0.35
11/30/2017		4.34		0.07		0.01			0.08		(0.13	)		4.29		1.91
11/30/2016		4.38		0.08		0.02			0.10		(0.14	)		4.34		2.42
Class F
5/31/2021^(c)		4.19		0.04		0.03			0.07		(0.05	)		4.21		1.77	^(d)
11/30/2020		4.21		0.10		0.01	^(f)		0.11		(0.13	)		4.19		2.62
11/30/2019		4.14		0.13		0.10			0.23		(0.16	)		4.21		5.58
11/30/2018		4.26		0.12		(0.08	)		0.04		(0.16	)		4.14		1.06
11/30/2017		4.31		0.10		0.01			0.11		(0.16	)		4.26		2.65
11/30/2016		4.35		0.11		0.02			0.13		(0.17	)		4.31		3.15
Class F3
5/31/2021^(c)		4.20		0.04		0.04			0.08		(0.06	)		4.22		1.85	^(d)
11/30/2020		4.21		0.10		0.02	^(f)		0.12		(0.13	)		4.20		3.03
11/30/2019		4.14		0.13		0.10			0.23		(0.16	)		4.21		5.75
11/30/2018		4.26		0.12		(0.07	)		0.05		(0.17	)		4.14		1.22
4/4/2017 to 11/30/2017^(g)		4.30		0.07		–			0.07		(0.11	)		4.26		1.62	^(d)
Class I
5/31/2021^(c)		4.19		0.04		0.04			0.08		(0.06	)		4.21		1.82	^(d)
11/30/2020		4.21		0.10		0.01	^(f)		0.11		(0.13	)		4.19		2.97
11/30/2019		4.14		0.13		0.10			0.23		(0.16	)		4.21		5.44
11/30/2018		4.25		0.12		(0.06	)		0.06		(0.17	)		4.14		1.40
11/30/2017		4.31		0.10		0.01			0.11		(0.17	)		4.25		2.51
11/30/2016		4.35		0.12		0.02			0.14		(0.18	)		4.31		3.26
Class R2
5/31/2021^(c)		4.20		0.03		0.02			0.05		(0.04	)		4.21		1.28	^(d)
11/30/2020		4.21		0.08		0.02	^(f)		0.10		(0.11	)		4.20		2.36
11/30/2019		4.14		0.11		0.10			0.21		(0.14	)		4.21		5.07
11/30/2018		4.26		0.10		(0.08	)		0.02		(0.14	)		4.14		0.56
11/30/2017		4.31		0.08		0.01			0.09		(0.14	)		4.26		2.14
11/30/2016		4.35		0.09		0.02			0.11		(0.15	)		4.31		2.66

436

See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.58	^(e)		0.58	^(e)		1.65	^(e)	$	13,310,985		38	^(d)
	0.59			0.59			2.22			12,733,693		102
	0.60			0.60			2.92			11,693,022		57
	0.59			0.59			2.70			8,735,221		71
	0.59			0.59			2.19			10,697,423		67
	0.60			0.60			2.49			11,099,295		50

	1.24	^(e)		1.24	^(e)		1.00	^(e)		3,690,658		38	^(d)
	1.24			1.24			1.62			3,914,470		102
	1.22			1.22			2.31			4,914,970		57
	1.23			1.23			2.07			4,912,225		71
	1.23			1.23			1.55			6,129,077		67
	1.23			1.23			1.86			6,759,399		50

	0.48	^(e)		0.48	^(e)		1.74	^(e)		25,290,912		38	^(d)
	0.49			0.49			2.33			23,546,579		102
	0.50			0.50			3.02			23,128,477		57
	0.49			0.49			2.80			15,833,169		71
	0.49			0.49			2.28			14,906,190		67
	0.50			0.50			2.58			12,884,113		50

	0.32	^(e)		0.32	^(e)		1.91	^(e)		4,872,099		38	^(d)
	0.33			0.33			2.48			4,425,861		102
	0.34			0.34			3.19			4,087,351		57
	0.32			0.32			2.95			3,709,795		71
	0.33	^(e)		0.33	^(e)		2.55	^(e)		2,914,992		67

	0.38	^(e)		0.38	^(e)		1.84	^(e)		11,037,184		38	^(d)
	0.39			0.39			2.44			9,762,949		102
	0.40			0.40			3.12			10,281,839		57
	0.39			0.39			2.90			7,315,707		71
	0.39			0.39			2.37			7,091,069		67
	0.39			0.39			2.68			5,771,458		50

	0.98	^(e)		0.98	^(e)		1.26	^(e)		11,308		38	^(d)
	0.99			0.99			1.85			13,909		102
	1.00			1.00			2.55			18,031		57
	0.99			0.99			2.30			20,433		71
	0.99			0.99			1.79			27,492		67
	1.00			1.00			2.09			28,476		50

See Notes to Financial Statements.

437

Financial Highlights (unaudited)(continued)

SHORT DURATION INCOME FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions		Net investment income			Net asset value, end of period		Total return^(b) (%)
Class R3
5/31/2021^(c)	$	4.20	$	0.03	$	0.04		$	0.07	$	(0.05	)	$	4.22		1.57	^(d)
11/30/2020		4.21		0.08		0.02	^(f)		0.10		(0.11	)		4.20		2.46
11/30/2019		4.14		0.11		0.10			0.21		(0.14	)		4.21		5.17
11/30/2018		4.26		0.10		(0.07	)		0.03		(0.15	)		4.14		0.67
11/30/2017		4.31		0.08		0.02			0.10		(0.15	)		4.26		2.25
11/30/2016		4.35		0.10		0.02			0.12		(0.16	)		4.31		2.77
Class R4
5/31/2021^(c)		4.20		0.04		0.03			0.07		(0.05	)		4.22		1.73	^(d)
11/30/2020		4.22		0.09		0.01	^(f)		0.10		(0.12	)		4.20		2.47
11/30/2019		4.15		0.12		0.10			0.22		(0.15	)		4.22		5.43
11/30/2018		4.27		0.11		(0.07	)		0.04		(0.16	)		4.15		0.93
11/30/2017		4.32		0.09		0.02			0.11		(0.16	)		4.27		2.50
11/30/2016		4.36		0.10		0.03			0.13		(0.17	)		4.32		3.00
Class R5
5/31/2021^(c)		4.19		0.04		0.03			0.07		(0.06	)		4.20		1.61	^(d)
11/30/2020		4.20		0.10		0.02	^(f)		0.12		(0.13	)		4.19		2.97
11/30/2019		4.13		0.13		0.10			0.23		(0.16	)		4.20		5.70
11/30/2018		4.25		0.12		(0.07	)		0.05		(0.17	)		4.13		1.16
11/30/2017		4.30		0.10		0.02			0.12		(0.17	)		4.25		2.76
11/30/2016		4.35		0.11		0.02			0.13		(0.18	)		4.30		3.03
Class R6
5/31/2021^(c)		4.19		0.04		0.04			0.08		(0.06	)		4.21		1.85	^(d)
11/30/2020		4.21		0.10		0.01	^(f)		0.11		(0.13	)		4.19		2.79
11/30/2019		4.14		0.13		0.10			0.23		(0.16	)		4.21		5.76
11/30/2018		4.26		0.13		(0.08	)		0.05		(0.17	)		4.14		1.23
11/30/2017		4.31		0.11		0.01			0.12		(0.17	)		4.26		2.82
11/30/2016		4.35		0.12		0.02			0.14		(0.18	)		4.31		3.34

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
^(g)	Commenced on April 4, 2017.

438	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.88	^(e)		0.88	^(e)		1.35	^(e)	$	402,613		38	^(d)
	0.89			0.89			1.94			384,845		102
	0.90			0.90			2.64			367,328		57
	0.89			0.89			2.41			318,477		71
	0.89			0.89			1.90			311,784		67
	0.89			0.89			2.20			279,118		50

	0.56	^(e)		0.56	^(e)		1.67	^(e)		160,157		38	^(d)
	0.64			0.64			2.18			166,524		102
	0.65			0.65			2.88			147,772		57
	0.64			0.64			2.68			105,445		71
	0.64			0.64			2.15			76,006		67
	0.65			0.65			2.35			30,700		50

	0.31	^(e)		0.31	^(e)		1.92	^(e)		66,122		38	^(d)
	0.39			0.39			2.45			69,901		102
	0.40			0.40			3.14			70,274		57
	0.39			0.39			2.94			45,264		71
	0.30			0.39			2.39			24,140		67
	0.40			0.40			2.64			10,791		50

	0.32	^(e)		0.32	^(e)		1.91	^(e)		996,366		38	^(d)
	0.33			0.33			2.50			896,878		102
	0.34			0.34			3.19			857,139		57
	0.33			0.33			3.00			551,235		71
	0.33			0.33			2.46			289,557		67
	0.33			0.33			2.77			174,247		50

See Notes to Financial Statements.

439

Financial Highlights (unaudited)(continued)

TOTAL RETURN FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net			Net			Total
	beginning		ment		gain			opera-			investment			realized			distri-
	of period		income^(a)		(loss)			tions			income			gain			bution
Class A
5/31/2021^(c)	$	10.91	$	0.10	$	(0.15	)	$	(0.05	)	$	(0.10	)	$	(0.23	)	$	(0.33	)
11/30/2020		10.49		0.23		0.46			0.69			(0.27	)		–			(0.27	)
11/30/2019		9.86		0.28		0.66			0.94			(0.31	)		–			(0.31	)
11/30/2018		10.36		0.28		(0.46	)		(0.18	)		(0.32	)		–			(0.32	)
11/30/2017		10.29		0.22		0.15			0.37			(0.27	)		(0.03	)		(0.30	)
11/30/2016		10.29		0.23		0.08			0.31			(0.29	)		(0.02	)		(0.31	)
Class C
5/31/2021^(c)		10.90		0.06		(0.14	)		(0.08	)		(0.07	)		(0.23	)		(0.30	)
11/30/2020		10.48		0.17		0.45			0.62			(0.20	)		–			(0.20	)
11/30/2019		9.85		0.21		0.66			0.87			(0.24	)		–			(0.24	)
11/30/2018		10.35		0.21		(0.45	)		(0.24	)		(0.26	)		–			(0.26	)
11/30/2017		10.28		0.15		0.15			0.30			(0.20	)		(0.03	)		(0.23	)
11/30/2016		10.28		0.16		0.08			0.24			(0.22	)		(0.02	)		(0.24	)
Class F
5/31/2021^(c)		10.91		0.10		(0.14	)		(0.04	)		(0.11	)		(0.23	)		(0.34	)
11/30/2020		10.48		0.24		0.47			0.71			(0.28	)		–			(0.28	)
11/30/2019		9.86		0.29		0.65			0.94			(0.32	)		–			(0.32	)
11/30/2018		10.36		0.29		(0.46	)		(0.17	)		(0.33	)		–			(0.33	)
11/30/2017		10.29		0.23		0.15			0.38			(0.28	)		(0.03	)		(0.31	)
11/30/2016		10.29		0.24		0.08			0.32			(0.30	)		(0.02	)		(0.32	)
Class F3
5/31/2021^(c)		10.91		0.11		(0.13	)		(0.02	)		(0.12	)		(0.23	)		(0.35	)
11/30/2020		10.49		0.27		0.45			0.72			(0.30	)		–			(0.30	)
11/30/2019		9.87		0.31		0.65			0.96			(0.34	)		–			(0.34	)
11/30/2018		10.36		0.31		(0.44	)		(0.13	)		(0.36	)		–			(0.36	)
4/4/2017 to 11/30/2017^(f)		10.33		0.18		0.05			0.23			(0.20	)		–			(0.20	)
Class I
5/31/2021^(c)		10.93		0.11		(0.14	)		(0.03	)		(0.12	)		(0.23	)		(0.35	)
11/30/2020		10.50		0.26		0.46			0.72			(0.29	)		–			(0.29	)
11/30/2019		9.88		0.30		0.65			0.95			(0.33	)		–			(0.33	)
11/30/2018		10.38		0.30		(0.45	)		(0.15	)		(0.35	)		–			(0.35	)
11/30/2017		10.31		0.24		0.15			0.39			(0.29	)		(0.03	)		(0.32	)
11/30/2016		10.31		0.25		0.08			0.33			(0.31	)		(0.02	)		(0.33	)
Class P
5/31/2021^(c)		10.96		0.08		(0.14	)		(0.06	)		(0.09	)		(0.23	)		(0.32	)
11/30/2020		10.53		0.21		0.46			0.67			(0.24	)		–			(0.24	)
11/30/2019		9.91		0.25		0.65			0.90			(0.28	)		–			(0.28	)
11/30/2018		10.41		0.25		(0.45	)		(0.20	)		(0.30	)		–			(0.30	)
11/30/2017		10.34		0.19		0.15			0.34			(0.24	)		(0.03	)		(0.27	)
11/30/2016		10.34		0.20		0.09			0.29			(0.27	)		(0.02	)		(0.29	)

440	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	10.53		(0.45	)^(d)		0.65	^(e)		0.65	^(e)		1.83	^(e)	$	1,377,074		241	^(d)
	10.91		6.63			0.66			0.66			2.19			1,416,776		538
	10.49		9.62			0.68			0.68			2.68			1,275,715		736
	9.86		(1.71	)		0.68			0.72			2.74			1,150,292		643
	10.36		3.65			0.68			0.80			2.11			1,269,964		472
	10.29		3.02			0.68			0.81			2.19			1,341,883		443

	10.52		(0.77	)^(d)		1.29	^(e)		1.29	^(e)		1.20	^(e)		71,240		241	^(d)
	10.90		5.98			1.29			1.29			1.59			85,200		538
	10.48		8.95			1.30			1.30			2.08			118,447		736
	9.85		(2.32	)		1.30			1.35			2.10			123,735		643
	10.35		2.99			1.32			1.43			1.47			170,287		472
	10.28		2.36			1.33			1.46			1.55			210,158		443

	10.53		(0.40	)^(d)		0.55	^(e)		0.55	^(e)		1.93	^(e)		1,013,634		241	^(d)
	10.91		6.84			0.56			0.56			2.29			1,013,091		538
	10.48		9.62			0.58			0.58			2.78			960,498		736
	9.86		(1.61	)		0.58			0.62			2.83			822,274		643
	10.36		3.74			0.58			0.69			2.18			901,918		472
	10.29		3.12			0.58			0.71			2.26			851,069		443

	10.54		(0.22	)^(d)		0.36	^(e)		0.36	^(e)		2.12	^(e)		826,613		241	^(d)
	10.91		6.95			0.36			0.36			2.49			774,625		538
	10.49		9.83			0.38			0.38			2.98			664,783		736
	9.87		(1.31	)		0.37			0.40			3.05			632,109		643
	10.36		2.22	^(d)		0.35	^(e)		0.48	^(e)		2.58	^(e)		581,363		472

	10.55		(0.33	)^(d)		0.41	^(e)		0.45	^(e)		2.07	^(e)		394,751		241	^(d)
	10.93		6.98			0.43			0.47			2.44			414,220		538
	10.50		9.76			0.44			0.48			2.93			405,218		736
	9.88		(1.48	)		0.45			0.52			2.97			376,595		643
	10.38		3.85			0.48			0.60			2.31			380,442		472
	10.31		3.23			0.48			0.61			2.40			299,530		443

	10.58		(0.57	)^(d)		0.90	^(e)		0.90	^(e)		1.58	^(e)		641		241	^(d)
	10.96		6.45			0.91			0.91			1.94			659		538
	10.53		9.21			0.93			0.93			2.45			528		736
	9.91		(1.93	)		0.93			0.97			2.49			555		643
	10.41		3.38			0.93			1.05			1.85			650		472
	10.34		2.76			0.93			1.06			1.94			983		443

See Notes to Financial Statements.

441

Financial Highlights (unaudited)(continued)

TOTAL RETURN FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
					Net			Total
	Net				realized			from
	asset		Net		and			invest-
	value,		invest-		unrealized			ment			Net			Net			Total
	beginning		ment		gain			opera-			investment			realized			distri-
	of period		income^(a)		(loss)			tions			income			gain			bution
Class R2
5/31/2021^(c)	$	10.90	$	0.08	$	(0.14	)	$	(0.06	)	$	(0.08	)	$	(0.23	)	$	(0.31	)
11/30/2020		10.48		0.19		0.45			0.64			(0.22	)		–			(0.22	)
11/30/2019		9.86		0.24		0.65			0.89			(0.27	)		–			(0.27	)
11/30/2018		10.36		0.23		(0.45	)		(0.22	)		(0.28	)		–			(0.28	)
11/30/2017		10.29		0.18		0.15			0.33			(0.23	)		(0.03	)		(0.26	)
11/30/2016		10.29		0.19		0.08			0.27			(0.25	)		(0.02	)		(0.27	)
Class R3
5/31/2021^(c)		10.90		0.08		(0.13	)		(0.05	)		(0.09	)		(0.23	)		(0.32	)
11/30/2020		10.48		0.20		0.45			0.65			(0.23	)		–			(0.23	)
11/30/2019		9.86		0.25		0.65			0.90			(0.28	)		–			(0.28	)
11/30/2018		10.36		0.24		(0.45	)		(0.21	)		(0.29	)		–			(0.29	)
11/30/2017		10.29		0.19		0.15			0.34			(0.24	)		(0.03	)		(0.27	)
11/30/2016		10.29		0.20		0.08			0.28			(0.26	)		(0.02	)		(0.28	)
Class R4
5/31/2021^(c)		10.91		0.09		(0.14	)		(0.05	)		(0.10	)		(0.23	)		(0.33	)
11/30/2020		10.49		0.23		0.45			0.68			(0.26	)		–			(0.26	)
11/30/2019		9.86		0.27		0.66			0.93			(0.30	)		–			(0.30	)
11/30/2018		10.36		0.27		(0.45	)		(0.18	)		(0.32	)		–			(0.32	)
11/30/2017		10.29		0.22		0.14			0.36			(0.26	)		(0.03	)		(0.29	)
11/30/2016		10.29		0.21		0.10			0.31			(0.29	)		(0.02	)		(0.31	)
Class R5
5/31/2021^(c)		10.91		0.11		(0.13	)		(0.02	)		(0.12	)		(0.23	)		(0.35	)
11/30/2020		10.49		0.26		0.45			0.71			(0.29	)		–			(0.29	)
11/30/2019		9.86		0.30		0.66			0.96			(0.33	)		–			(0.33	)
11/30/2018		10.36		0.30		(0.46	)		(0.16	)		(0.34	)		–			(0.34	)
11/30/2017		10.29		0.24		0.15			0.39			(0.29	)		(0.03	)		(0.32	)
11/30/2016		10.30		0.24		0.08			0.32			(0.31	)		(0.02	)		(0.33	)
Class R6
5/31/2021^(c)		10.92		0.11		(0.14	)		(0.03	)		(0.12	)		(0.23	)		(0.35	)
11/30/2020		10.49		0.27		0.46			0.73			(0.30	)		–			(0.30	)
11/30/2019		9.87		0.31		0.65			0.96			(0.34	)		–			(0.34	)
11/30/2018		10.37		0.31		(0.45	)		(0.14	)		(0.36	)		–			(0.36	)
11/30/2017		10.30		0.25		0.15			0.40			(0.30	)		(0.03	)		(0.33	)
11/30/2016		10.30		0.26		0.09			0.35			(0.33	)		(0.02	)		(0.35	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on April 4, 2017.

442	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	10.53		(0.56	)^(d)		1.05	^(e)		1.05	^(e)		1.43	^(e)	$	2,213		241	^(d)
	10.90		6.21			1.06			1.06			1.81			2,579		538
	10.48		9.08			1.08			1.08			2.31			3,501		736
	9.86		(2.10	)		1.08			1.13			2.31			4,898		643
	10.36		3.24			1.08			1.20			1.69			8,150		472
	10.29		2.62			1.08			1.21			1.79			7,419		443

	10.53		(0.51	)^(d)		0.95	^(e)		0.95	^(e)		1.53	^(e)		57,889		241	^(d)
	10.90		6.32			0.96			0.96			1.90			85,403		538
	10.48		9.19			0.98			0.98			2.40			93,652		736
	9.86		(2.00	)		0.98			1.02			2.43			107,380		643
	10.36		3.34			0.98			1.09			1.79			133,227		472
	10.29		2.72			0.98			1.11			1.90			137,112		443

	10.53		(0.48	)^(d)		0.70	^(e)		0.70	^(e)		1.78	^(e)		48,946		241	^(d)
	10.91		6.58			0.71			0.71			2.16			58,811		538
	10.49		9.56			0.73			0.73			2.64			66,840		736
	9.86		(1.76	)		0.73			0.77			2.70			63,160		643
	10.36		3.60			0.73			0.84			2.05			68,972		472
	10.29		2.98			0.73			0.86			2.03			25,290		443

	10.54		(0.26	)^(d)		0.45	^(e)		0.45	^(e)		2.03	^(e)		87,411		241	^(d)
	10.91		6.85			0.46			0.46			2.40			110,056		538
	10.49		9.84			0.49			0.49			2.88			127,807		736
	9.86		(1.51	)		0.48			0.52			2.94			85,701		643
	10.36		3.87			0.48			0.60			2.32			91,931		472
	10.29		3.01			0.48			0.62			2.27			10,707		443

	10.54		(0.31	)^(d)		0.36	^(e)		0.36	^(e)		2.13	^(e)		269,967		241	^(d)
	10.92		7.05			0.36			0.36			2.51			295,096		538
	10.49		9.84			0.38			0.38			2.97			364,578		736
	9.87		(1.40	)		0.37			0.40			3.07			220,216		643
	10.37		3.98			0.36			0.48			2.45			161,412		472
	10.30		3.35			0.36			0.49			2.47			63,662		443

See Notes to Financial Statements.

443

Financial Highlights (unaudited)(continued)

ULTRA SHORT BOND FUND

			Per Share Operating Performance:
										Distributions to
										shareholders
			Investment operations:							from:
					Net			Total
	Net				realized			from					Net
	asset		Net		and			invest-					asset
	value,		invest-		unrealized			ment		Net			value,		Total
	beginning		ment		gain			opera-		investment			end of		return^(b)
	of period		income^(a)		(loss)			tions		income			period		(%)
Class A
5/31/2021^(c)	$	10.04	$	0.02	$	(0.01	)	$	0.01	$	(0.02	)	$	10.03		0.07	^(d)
11/30/2020		10.03		0.11		0.01	^(f)		0.12		(0.11	)		10.04		1.25
11/30/2019		10.00		0.24		0.03			0.27		(0.24	)		10.03		2.87
11/30/2018		10.01		0.21		(0.02	)		0.19		(0.20	)		10.00		1.84
11/30/2017		10.00		0.13		–			0.13		(0.12	)		10.01		1.30
10/12/2016 to 11/30/2016^(g)		10.00		0.01		0.01			0.02		(0.02	)		10.00		0.15	^(d)
Class A1
5/31/2021^(c)		10.04		0.01		–			0.01		(0.01	)		10.04		0.12	^(d)
11/30/2020		10.03		0.07		0.04	^(f)		0.11		(0.10	)		10.04		1.15
7/29/2019 to 11/30/2019^(h)		10.02		0.05		0.03			0.08		(0.07	)		10.03		0.79	^(d)
Class F
5/31/2021^(c)		10.04		0.02		–			0.02		(0.02	)		10.04		0.19	^(d)
11/30/2020		10.03		0.11		0.02	^(f)		0.13		(0.12	)		10.04		1.30
11/30/2019		10.00		0.25		0.03			0.28		(0.25	)		10.03		2.82
11/30/2018		10.01		0.22		(0.02	)		0.20		(0.21	)		10.00		1.98
11/30/2017		10.00		0.13		–			0.13		(0.12	)		10.01		1.34
10/12/2016 to 11/30/2016^(g)		10.00		0.01		0.01			0.02		(0.02	)		10.00		0.16	^(d)
Class F3
5/31/2021^(c)		10.04		0.03		(0.01	)		0.02		(0.03	)		10.03		0.16	^(d)
11/30/2020		10.03		0.11		0.03	^(f)		0.14		(0.13	)		10.04		1.45
11/30/2019		10.00		0.26		0.03			0.29		(0.26	)		10.03		2.97
11/30/2018		10.01		0.23		(0.02	)		0.21		(0.22	)		10.00		2.13
4/4/2017 to 11/30/2017⁽ⁱ⁾		10.01		0.10		–			0.10		(0.10	)		10.01		0.96	^(d)
Class I
5/31/2021^(c)		10.04		0.02		(0.01	)		0.01		(0.02	)		10.03		0.14	^(d)
11/30/2020		10.03		0.13		0.01	^(f)		0.14		(0.13	)		10.04		1.40
11/30/2019		9.99		0.26		0.04			0.30		(0.26	)		10.03		3.03
11/30/2018		10.01		0.23		(0.03	)		0.20		(0.22	)		9.99		1.99
11/30/2017		10.00		0.15		–			0.15		(0.14	)		10.01		1.46
10/12/2016 to 11/30/2016^(g)		10.00		0.01		0.01			0.02		(0.02	)		10.00		0.17	^(d)
Class R5
5/31/2021^(c)		10.04		0.02		–			0.02		(0.02	)		10.04		0.24	^(d)
11/30/2020		10.03		0.13		0.01	^(f)		0.14		(0.13	)		10.04		1.41
11/30/2019		10.00		0.26		0.03			0.29		(0.26	)		10.03		2.94
11/30/2018		10.01		0.23		(0.02	)		0.21		(0.22	)		10.00		2.11
11/30/2017		10.00		0.14		0.01			0.15		(0.14	)		10.01		1.48
10/12/2016 to 11/30/2016^(g)		10.00		0.01		0.01			0.02		(0.02	)		10.00		0.17	^(d)

444	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total
expenses
after
waivers						Net			Net
and/or						invest-			assets,		Portfolio
reimburse-			Total			ment			end of		turnover
ments			expenses			income			period		rate
(%)			(%)			(%)			(000)		(%)

	0.44	^(e)		0.44	^(e)		0.31	^(e)	$	10,901,707		39	^(d)
	0.42			0.45			1.14			12,300,460		93
	0.41			0.48			2.39			11,938,003		46
	0.40			0.49			2.11			6,688,131		23
	0.40			0.51			1.28			1,550,462		23
	0.40	^(e)		3.62	^(e)		0.82	^(e)		5,297		2

	0.52	^(e)		0.54	^(e)		0.22	^(e)		15,299		39	^(d)
	0.52			0.54			0.74			19,403		93
	0.48	^(e)		0.55	^(e)		1.56	^(e)		2,860		46

	0.39	^(e)		0.39	^(e)		0.36	^(e)		5,828,083		39	^(d)
	0.37			0.40			1.15			7,109,132		93
	0.36			0.43			2.47			6,539,665		46
	0.35			0.44			2.18			4,603,442		23
	0.35			0.44			1.32			552,335		23
	0.35	^(e)		3.57	^(e)		0.86	^(e)		250		2

	0.24	^(e)		0.24	^(e)		0.50	^(e)		596,062		39	^(d)
	0.25			0.26			1.13			804,537		93
	0.22			0.29			2.62			282,582		46
	0.22			0.30			2.27			271,727		23
	0.21	^(e)		0.34	^(e)		1.50	^(e)		50,096		23

	0.29	^(e)		0.29	^(e)		0.46	^(e)		1,238,467		39	^(d)
	0.27			0.30			1.35			1,258,215		93
	0.26			0.33			2.56			1,803,798		46
	0.25			0.35			2.32			1,291,802		23
	0.25			0.39			1.45			115,193		23
	0.25	^(e)		3.47	^(e)		0.96	^(e)		4,631		2

	0.29	^(e)		0.29	^(e)		0.46	^(e)		729		39	^(d)
	0.27			0.30			1.31			784		93
	0.26			0.33			2.63			1,369		46
	0.25			0.35			2.29			1,716		23
	0.25			0.53			1.35			292		23
	0.25	^(e)		3.47	^(e)		0.96	^(e)		250		2

See Notes to Financial Statements.

445

Financial Highlights (unaudited)(concluded)

ULTRA SHORT BOND FUND

			Per Share Operating Performance:
										Distributions to shareholders
			Investment operations:							from:
					Net			Total
	Net				realized			from					Net
	asset		Net		and			invest-					asset
	value,		invest-		unrealized			ment		Net			value,		Total
	beginning		ment		gain			opera-		investment			end of		return^(b)
	of period		income^(a)		(loss)			tions		income			period		(%)
Class R6
5/31/2021^(c)	$	10.04	$	0.03	$	–		$	0.03	$	(0.03	)	$	10.04		0.26	^(d)
11/30/2020		10.03		0.12		0.02	^(f)		0.14		(0.13	)		10.04		1.45
11/30/2019		10.00		0.26		0.03			0.29		(0.26	)		10.03		2.96
11/30/2018		10.01		0.24		(0.03	)		0.21		(0.22	)		10.00		2.13
11/30/2017		10.00		0.14		0.01			0.15		(0.14	)		10.01		1.53
10/12/2016 to 11/30/2016^(g)		10.00		0.01		0.01			0.02		(0.02	)		10.00		0.18	^(d)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and A1 does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
^(g)	Commenced on October 12, 2016.
^(h)	Commenced on July 31, 2019.
⁽ⁱ⁾	Commenced on April 4, 2017.

446	See Notes to Financial Statements.

Ratios to Average Net Assets:									Supplemental Data:

Total
expenses
after
waivers						Net			Net
and/or						invest-			assets,		Portfolio
reimburse-			Total			ment			end of		turnover
ments			expenses			income			period		rate
(%)			(%)			(%)			(000)		(%)

	0.24	^(e)		0.24	^(e)		0.51	^(e)	$	86,238		39	^(d)
	0.25			0.26			1.17			65,008		93
	0.22			0.29			2.55			11,572		46
	0.23			0.30			2.35			7,075		23
	0.20			0.50			1.41			314		23
	0.20	^(e)		3.44	^(e)		1.01	^(e)		250		2

See Notes to Financial Statements.

447

Notes to Financial Statements (unaudited)

ORGANIZATION

The Trust currently consists of fourteen funds as of May 31, 2021. This report covers the following twelve funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes at May 31, 2021:

Funds	Classes
Lord Abbett Convertible Fund (“Convertible Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5, and R6
Lord Abbett Core Fixed Income Fund (“Core Fixed Income Fund”)	A, C, F, F3 I, R2, R3, R4, R5, and R6
Lord Abbett Core Plus Bond Fund (“Core Plus Bond Fund”)	A, C, F, F3, I, R3, R4, R5, and R6
Lord Abbett Corporate Bond Fund (“Corporate Bond Fund”)	A, C, F, F3, I, R2, R3, R4, R5, and R6
Lord Abbett Floating Rate Fund (“Floating Rate Fund”)	A, C, F, F3, I, R2, R3, R4, R5, and R6
Lord Abbett High Yield Fund (“High Yield Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5, and R6
Lord Abbett Income Fund (“Income Fund”)	A, C, F, F3, I, R2, R3, R4, R5, and R6
Lord Abbett Inflation Focused Fund (“Inflation Focused Fund”)	A, C, F, F3, I, R2, R3, R4, R5, and R6
Lord Abbett Short Duration Core Bond Fund (“Short Duration Core Bond Fund”)	A, C, F, F3, I, R3, R4, R5, and R6
Lord Abbett Short Duration Income Fund (“Short Duration Income Fund”)	A, C, F, F3, I, R2, R3, R4, R5, and R6
Lord Abbett Total Return Fund (“Total Return Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5, and R6
Lord Abbett Ultra Short Bond Fund (“Ultra Short Bond Fund”)	A, A1, F, F3, I, R5, and R6

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

Convertible Fund’s investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return. Corporate Bond Fund’s investment objective is to seek current income. Each of Core Fixed Income Fund’s, Core Plus Bond Fund’s and Total Return Fund’s investment objective is to seek income and capital appreciation to produce a high total return. Floating Rate Fund’s investment objective is to seek a high level of current income. High Yield Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return. Each of Income Fund’s and Short Duration Income Fund’s investment objective is to seek a high level of income consistent with preservation of capital. Inflation Focused Fund’s primary investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle. As a secondary objective, the Fund seeks current income. Each of Short Duration Core Bond Fund’s and Ultra Short Bond Fund’s investment objective is to seek current income consistent with the preservation of capital.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A and A1 shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); Class A1 shares purchased without a sales charge and redeemed before the first day of the month in which the eighteenth month anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day

448

Notes to Financial Statements (unaudited)(continued)

is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. Each Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

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Notes to Financial Statements (unaudited)(continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2017 through November 30, 2020. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, A1, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Funds use foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–Each Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency

450

Notes to Financial Statements (unaudited)(continued)

	exchange rates on their foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund’s Statement of Operations.

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(j)	TBA Sale Commitments–Each Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by each Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, each Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

451

Notes to Financial Statements (unaudited)(continued)

(k)	Mortgage Dollar Rolls–Each Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(l)	Commercial Paper–Each Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes.

(m)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(n)	Reverse Repurchase Agreements–Each Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose a Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to a Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that a Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by a Fund may decline below the repurchase price.

(o)	Floating Rate Loans–Each Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

	The loans in which each Fund invests may be subject to some restrictions on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons

452

Notes to Financial Statements (unaudited)(continued)

	interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

	Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statements of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of May 31, 2021, the following Funds had unfunded loan commitments:

Floating Rate Fund

	Principal Amount		Market Value		Cost		Unrealized Appreciation/ Depreciation
Cano Health LLC Delayed Draw Term Loan	$	813,082	$	814,354	$	805,470	$	8,884
Constant Contact Inc Term Loan		3,039,724		3,039,724		3,024,972		14,752
HighTower Holdings LLC 2021 Delayed Draw Term Loan		2,514,275		2,526,846		2,512,824		14,023
LBM Acquisition LLC Delayed Draw Term Loan		3,251,852		3,250,958		3,220,323		30,635
Onedigital Borrower LLC 2020 Delayed Draw Term Loan		578,870		583,692		571,906		11,786
Priority Payment Systems Holdings, LLC 2021 Delayed Draw Term Loan, LLC		6,436,429		6,343,906		6,436,429		(92,524	)
Redstone Buyer LLC 2021 Delayed Draw Term Loan		3,306,836		3,286,185		3,296,362		(10,177	)
SCP Eye Care Services, LLC 2021 Delayed Draw Term Loan		1,492,684		1,496,416		1,492,684		3,732
Service Logic Acquisition, Inc Delayed Draw Term Loan		1,925,226		1,938,462		1,907,270		31,192
Southern Veterinary Partners LLC Delayed Draw Term Loan		1,641,660		1,647,816		1,641,660		6,156
team.blue Finco SARL EUR Delayed Draw Term Loan		496,921		604,331		596,421		7,910
Therma Intermediate LLC 2020 Delayed Draw Term Loan		2,344,447		2,348,855		2,344,447		4,408
Total	$	27,842,006	$	27,881,545	$	27,850,768	$	30,777

Inflation Focused Fund

Borrower		Principal Amount		Market Value		Cost	Unrealized Appreciation/ Depreciation
Salesforce.com, inc. Delayed Draw Term Loan	$	2,172,131	$	2,169,416	$	2,169,416	$	–

Short Duration Income Fund

Borrower		Principal Amount		Market Value		Cost	Unrealized Appreciation/ Depreciation
Salesforce.com, inc. Delayed Draw Term Loan	$	79,944,310	$	79,844,380	$	79,844,380	$	–

453

Notes to Financial Statements (unaudited)(continued)

Ultra Short Bond Fund

Borrower	Principal Amount		Market Value		Cost		Unrealized Appreciation/ Depreciation
Salesforce.com, inc. Delayed Draw Term Loan	$	25,804,707	$	25,772,451	$	25,772,451	$	–

(p)	Inflation-Linked Derivatives–Inflation Focused Fund may invest in inflation-linked derivatives, such as Consumer Price Index Swap Agreements (“CPI swaps”). A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap’s maturity date, at which point the payments are netted. The swaps are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on swaps in the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap is recorded in realized gain (loss) and is included in Net realized gain (loss) on swaps in the Fund’s Statement of Operations. Daily changes in valuation of centrally cleared CPI swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. For the centrally cleared CPI swaps, there was minimal counterparty risk to the Fund, since such CPI swaps entered into were traded through a central clearinghouse, which guarantees against default.

(q)	Credit Default Swaps–Each Fund may enter into credit default swap contracts. As a seller of a credit default swap contract (“seller of protection”), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract.

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

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

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

	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses.

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Notes to Financial Statements (unaudited)(continued)

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

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

(r)	Interest Rate Swaps–Each Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, a Fund either makes floating-rate payments to the counterparty (or Central counterparty clearing house (“CCP”) in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty (or in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

(s)	Total Return Swaps–Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

(t)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-

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Notes to Financial Statements (unaudited)(continued)

tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk-for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).


	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of May 31, 2021 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

The management fee is based on each Fund’s average daily net assets at the following annual rates:

Convertible Fund		Income Fund
First $1 billion	.70%	First $3 billion	.38%
Next $1 billion	.60%	Next $7 billion	.35%
Over $2 billion	.57%	Over $10 billion	.34%

Core Fixed Income Fund		Inflation Focused Fund
First $1 billion	.24%	First $2 billion	.30%
Next $1 billion	.21%	Next $3 billion	.28%
Over $2 billion	.20%	Over $5 billion	.26%

Core Plus Bond Fund		Short Duration Core Bond Fund
First $4 billion	.28%	First $1 billion	.30%
Next $11 billion	.26%	Next $1 billion	.25%
Over $15 billion	.25%	Over $2 billion	.20%

456

Notes to Financial Statements (unaudited)(continued)

Corporate Bond Fund		Short Duration Income Fund
First $2 billion	.40%	First $1 billion	.35%
Over $2 billion	.35%	Next $1 billion	.30%
		Over $2 billion	.25%

Floating Rate Fund		Total Return Fund
First $1 billion	.50%	First $4 billion	.28%
Over $1 billion	.45%	Next $11 billion	.26%
		Over $15 billion	.25%

High Yield Fund		Ultra Short Bond Fund	.17%*
First $1 billion	.60%
Next $1 billion	.55%
Over $2 billion	.50%

For the six months ended May 31, 2021, the effective management fee, net of waivers, was based on each Fund’s average daily net assets at the following annualized rates:

		Net Effective Management Fee
Convertible Fund		.66%
Core Fixed Income Fund		.22%
Core Plus Bond Fund		.21%
Corporate Bond Fund		.00%
Floating Rate Fund		.46%
High Yield Fund		.52%
Income Fund		.38%
Inflation Focused Fund		.30%
Short Duration Core Bond Fund		.13%
Short Duration Income Fund		.25%
Total Return Fund		.28%
Ultra Short Bond Fund		.17%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. Lord Abbett voluntarily waived the following fund administration fees during the six months ended May 31, 2021:

Fund		Fund Administration Fee
Convertible Fund		7,196
Core Fixed Income Fund		15,699
Core Plus Bond Fund		9,996
Corporate Bond Fund		3,086
Floating Rate Fund		49,040
High Yield Fund		57,763
Income Fund		29,446
Inflation Focused Fund		24,559
Short Duration Core Bond Fund		4,359
Short Duration Income Fund		271,862
Total Return Fund		44,199
Ultra Short Bond Fund		100,703

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Notes to Financial Statements (unaudited)(continued)

For the period ended May 31, 2021 and continuing through March 31, 2022, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees, to the following annual rates:

	Core Plus Bond Fund
	Effective	Prior to
Classes	April 1, 2021	April 1, 2021
A, C, F, I, R3, R4 and R5	0.48%	0.48%
F3 and R6	0.38%	0.39%

	Corporate Bond Fund
	Effective	Prior to
Classes	April 1, 2021	April 1, 2021
A, C, F, I, R3, R4 and R5	0.48%	0.48%
F3 and R6	0.44%	0.45%

	Short Duration Core Bond Fund
Classes
A, C, F, I, R3, R4 and R5		0.40%
F3 and R6		0.34%

		Ultra Short Bond Fund
	Effective	Prior to
Classes	April 1, 2021	April 1, 2021
A1	–	0.27%

For the period ended May 31, 2021 and continuing through March 31, 2022, Lord Abbett has contractually agreed to waive Core Fixed Income Fund’s and Total Return Fund’s Class I shareholder servicing expenses at an annual rate of 0.04% of the Fund’s average daily net assets.

All contractual management fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, A1, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A		Class A1		Class C⁽¹⁾	Class F⁽²⁾	Class P	Class R2	Class R3	Class R4
Service	.15%		25%	⁽⁴⁾	.25%	–	.25%	.25%	.25%	.25%
Distribution	.05%	⁽³⁾	–		.75%	.10%	.20%	.35%	.25%	–


*	The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
⁽¹⁾	The 12b-1 fees each Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of each Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of a Fund will bear 12b-1 fees at the same rate.
⁽²⁾	The Class F Share Rule 12b-1fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽³⁾	Distribution fees not applicable to Ultra Short Bond Fund.
⁽⁴⁾	Class A1 is only for Ultra Short Bond Fund.

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

458

Notes to Financial Statements (unaudited)(continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended May 31, 2021:

	Distributor Commissions		Dealers’ Concessions
Convertible Fund	$	45,097	$	297,290
Core Fixed Income Fund		45,297		269,327
Core Plus Bond Fund		12,771		76,217
Corporate Bond Fund		1,112		6,309
Floating Rate Fund		51,093		287,248
High Yield Fund		35,705		246,666
Income Fund		101,633		642,659
Inflation Focused Fund		47,136		284,306
Short Duration Core Bond Fund		3,146		15,235
Short Duration Income Fund		529,395		3,588,154
Total Return Fund		80,127		482,161
Ultra Short Bond Fund		–		3,975

Distributor received the following amount of CDSCs for the six months ended May 31, 2021:

Class A

Class A1

Class C

Convertible Fund

15,510

–

4,081

Core Fixed Income Fund

7,670

–

4,574

Core Plus Bond Fund

–

Corporate Bond Fund

–

Floating Rate Fund

13,798

–

16,973

High Yield Fund

17,093

–

6,730

Income Fund

13,014

–

3,280

Inflation Focused Fund

819

–

1,001

Short Duration Core Bond Fund

–

Short Duration Income Fund

691,429

–

267,238

Total Return Fund

8,780

–

4,271

Ultra Short Bond Fund

–

4,859

–

Other Related Parties

As of May 31, 2021, the percentages of Convertible Fund’s, Core Fixed Income Fund’s, Floating Rate Fund’s, High Yield Fund’s, Inflation Focused Fund’s and Short Duration Income Fund’s outstanding shares owned by each Fund that invests principally in affiliated mutual funds managed by Lord Abbett (“Fund of Funds”) were as follows:

					Underlying Funds
Fund of Funds	Convertible Fund	Core Fixed Income Fund	Floating Rate Fund	High Yield Fund	Inflation Focused Fund	Short Duration Income Fund
Lord Abbett Multi-Asset Balanced Opportunity Fund	2.52%	2.67%	0.92%	5.93%	5.90%	0.02%
Lord Abbett Multi-Asset Income Fund	0.73%	7.31%	0.67%	3.05%	4.33%	0.02%

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

459

Notes to Financial Statements (unaudited)(continued)

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended May 31, 2021 and fiscal year ended November 30, 2020 was as follows:

	Convertible Fund				Core Fixed Income Fund
	Period Ended		Year Ended		Period Ended		Year Ended
	5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	152,691,946	$	31,447,133	$	62,717,922	$	37,486,107
Net long-term capital gains		48,441,029		24,951,538		16,060,928		-
Total distributions paid	$	201,132,975	$	56,398,671	$	78,778,850	$	37,486,107

	Core Plus Bond Fund				Corporate Bond Fund
	Period Ended		Year Ended		Period Ended		Year Ended
		5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	6,060,003	$	9,591,221	$	298,598	$	335,254
Net long-term capital gains		1,436,842		327,367		61,114		-
Total distributions paid	$	7,496,845	$	9,918,588	$	359,712	$	335,254

	Floating Rate Fund				High Yield Fund
	Period Ended		Year Ended		Period Ended		Year Ended
		5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	113,769,028	$	284,083,080	$	206,084,206	$	406,418,993
Tax return of capital		-		50,837,579		-		-
Total distributions paid	$	113,769,028	$	334,920,659	$	206,084,206	$	406,418,993

	Income Fund				Inflation Focused Fund
	Period Ended		Year Ended		Period Ended		Year Ended
		5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	46,787,924	$	102,084,536	$	15,419,480	$	30,350,040
Total distributions paid	$	46,787,924	$	102,084,536	$	15,419,480	$	30,350,040

460

Notes to Financial Statements (unaudited)(continued)

	Short Duration Core Bond Fund				Short Duration Income Fund
	Period Ended		Year Ended		Period Ended		Year Ended
	5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	1,352,524	$	1,722,835	$	722,329,552	$	1,633,205,535
Total distributions paid	$	1,352,524	$	1,722,835	$	722,329,552	$	1,633,205,535

	Total Return Fund				Ultra Short Bond Fund
	Period Ended		Year Ended		Period Ended		Year Ended
	5/31/2021		11/30/2020		5/31/2021		11/30/2020
Distributions paid from:
Ordinary income	$	83,274,395	$	107,993,885	$	37,117,440	$	239,917,875
Net long-term capital gains		49,201,525		-		-		-
Total distributions paid	$	132,475,920	$	107,993,885	$	37,117,440	$	239,917,875

As of May 31, 2021, the following funds had capital losses, which will carry forward indefinitely:

	Indefinite
Floating Rate Fund	$1,526,610,719
High Yield Fund	412,655,732
Income Fund	22,292,689
Inflation Focused Fund	114,675,859
Short Duration Core Bond Fund	118,028
Short Duration Income Fund	2,702,450,408
Ultra Short Bond Fund	48,320,796

As of May 31, 2021, the aggregate unrealized security gains and losses based on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

				Core Fixed			Core Plus
	Convertible Fund			Income Fund			Bond Fund
Tax cost	$	1,507,340,084		$	2,246,045,167		$	278,148,189
Gross unrealized gain		176,357,132			19,838,427			3,339,264
Gross unrealized loss		(25,721,155	)		(13,896,021	)		(2,119,066	)
Net unrealized security gain (loss)	$	150,635,977		$	5,942,406		$	1,220,198

	Corporate			Floating			High
	Bond Fund			Rate Fund			Yield Fund
Tax cost	$	11,530,520		$	6,580,760,135		$	7,178,735,508
Gross unrealized gain		162,354			101,525,691			408,377,978
Gross unrealized loss		(101,421	)		(70,652,218	)		(71,177,528	)
Net unrealized security gain (loss)	$	60,933		$	30,873,473		$	337,200,450

				Inflation			Short Duration
	Income Fund			Focused Fund			Core Bond Fund
Tax cost	$	2,927,794,511		$	2,046,549,332		$	175,638,890
Gross unrealized gain		87,028,964			53,502,168			357,596
Gross unrealized loss		(24,056,364	)		(132,209,442	)		(118,457	)
Net unrealized security gain (loss)	$	62,972,600		$	(78,707,274	)	$	239,139

461

Notes to Financial Statements (unaudited)(continued)

	Short Duration			Total			Ultra Short
	Income Fund			Return Fund			Bond Fund
Tax cost	$	61,117,622,415		$	4,467,358,735		$	18,620,077,274
Gross unrealized gain		852,312,441			71,061,992			41,349,547
Gross unrealized loss		(1,531,811,746	)		(31,239,030	)		(6,646,422	)
Net unrealized security gain (loss)	$	(679,499,305	)	$	39,822,962		$	34,703,125

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2021 were as follows:

	U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
Convertible Fund	$	–	$	1,363,555,649	$	–	$	1,202,357,957
Core Fixed Income Fund		5,232,301,093		543,900,689		5,696,324,584		528,867,500
Core Plus Bond Fund		358,513,891		92,752,063		373,052,849		113,672,665
Corporate Bond Fund		3,028,469		5,028,187		2,198,585		4,461,234
Floating Rate Fund		–		2,982,171,065		–		2,562,475,473
High Yield Fund		–		4,849,796,054		–		5,836,829,508
Income Fund		651,131,863		1,207,117,359		482,396,758		1,165,437,719
Inflation Focused Fund		353,489,767		1,181,736,825		66,570,276		229,193,408
Short Duration Core Bond Fund		130,113,333		84,224,457		137,590,720		45,325,249
Short Duration Income Fund		5,582,312,229		18,209,986,079		5,605,013,649		14,901,980,480
Total Return Fund		8,837,939,980		1,168,754,604		9,543,703,605		1,133,674,870
Ultra Short Bond Fund		80,742,800		7,505,919,114		466,066,951		5,714,955,152

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended May 31, 2021, the following Funds engaged in cross-trades:

Fund	Purchases		Sales		Gain/(Loss)
Core Fixed Income	$	4,800,451	$	–	$	–
Core Plus Bond		976,170		814,456		15,415
Floating Rate Fund		4,050,761		28,704,246		1,588,359
High Yield Fund		6,265,901		269,865,119		27,059,173
Income Fund		8,927,488		15,504,007		439,967
Inflation Focused Fund		18,968,848		–		–
Short Duration Core Bond Fund		533,200		–		–
Short Duration Income Fund		376,702,424		–		–
Total Return Fund		3,757,203		11,288,813		426,858

462

Notes to Financial Statements (unaudited)(continued)

6.	REDEMPTION IN-KIND

During the six months ended May 31, 2021, a shareholder of Short Duration Income Fund and Ultra Short Bond Fund redeemed its Fund shares in exchange for portfolio securities “redemption in-kind.” As a result of the redemption in-kind, the Funds realized a net gain of $593,269 and $268,871, respectively.

7.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Each Fund except for Corporate Bond Fund, Short Duration Core Bond Fund and Ultra Short Bond Fund entered into forward foreign currency exchange contracts for the six months ended May 31, 2021 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

Each Fund except for Convertible Fund and Ultra Short Bond Fund entered into U.S. Treasury futures contracts for the six months ended May 31, 2021 (as described in note 2(h)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Inflation Focused Fund entered into CPI swaps for the six months ended May 31, 2021 (as described in note 2(p)) to speculate the rate of inflation in the U.S. economy. The Fund’s use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Fund’s returns could be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Fund since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Core Fixed Income Fund, Core Plus Bond Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund and Total Return Fund entered into credit default swaps for the six months ended May 31, 2021 (as described in note 2(q)) for investment purposes, to economically hedge credit risk or for speculative purposes. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on

463

Notes to Financial Statements (unaudited)(continued)

swap transactions in the Statements of Operations. Each Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Funds since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

Floating Rate Fund entered into total return swaps on indexes for the six months ended May 31, 2021 (as described in note 2(s)) to hedge credit risk. The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to their counterparty.

Floating Rate Fund and Inflation Focused Fund entered into interest rate swaps for the six months ended May 31, 2021 (as described in note 2(r)) in order to enhance returns or hedge against interest rate risk. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The interest rate swap agreement will normally be entered into on a zero coupon basis, meaning that the floating rate will be based on the cumulative of the variable rate, and the fixed rate will compound until the swap’s maturity date, at which point the payments would be netted.

As of May 31, 2021, each Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds’ use of derivative instruments:

Convertible Fund

Liability Derivatives

Foreign
Currency
Contracts

Forward Foreign Currency Exchange Contracts⁽¹⁾

1,852,532

Core Fixed Income Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Futures Contracts⁽²⁾

132,794

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

214,242

Credit Default Swap Contracts⁽⁴⁾

–

1,388,406

Futures Contracts⁽²⁾

250,033

–

464

Notes to Financial Statements (unaudited)(continued)

Core Plus Bond Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

4,732

–

Futures Contracts⁽²⁾

20,384

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

68,833

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

28,832

–

Futures Contracts⁽²⁾

45,272

–

Corporate Bond Fund

Asset Derivatives

Interest
Rate
Contracts

Futures Contracts⁽²⁾

2,536

Liability Derivatives

Futures Contracts⁽²⁾

850

Floating Rate Fund

Asset Derivatives

Equity
Contracts

Interest
Rate
Contracts

Foreign
Currency
Contracts

Centrally Cleared Interest Rate Swap Contracts⁽³⁾

–

1,357,487

–

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

55,793

Futures Contracts⁽²⁾

–

52,692

–

Total Return Swap Contracts⁽⁶⁾

2,097,197

–

Liability Derivatives

Centrally Cleared Interest Rate Swap Contracts⁽³⁾

–

170,945

–

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

1,402,541

High Yield Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

1,015,425

–

Futures Contracts⁽²⁾

1,132,538

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

3,742,229

Credit Default Swap Contracts⁽⁴⁾

–

18,155,684

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

6,218,763

–

Futures Contracts⁽²⁾

372,233

–

465

Notes to Financial Statements (unaudited)(continued)

Income Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

1,825

–

Futures Contracts⁽²⁾

36,658

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contract⁽³⁾

–

124,616

Credit Default Swap Contract⁽⁴⁾

–

2,005,475

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

552,833

–

Futures Contracts⁽²⁾

157,876

–

Inflation Focused Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Inflation
Linked
Contracts

Centrally Cleared Credit Default Swap Contract⁽³⁾

–

15,272

–

Centrally Cleared CPI Swap Contracts⁽³⁾

–

25,372,515

Centrally Cleared Interest Rate Contracts⁽³⁾

33,473

–

CPI Swap Contracts⁽⁷⁾

–

14,245,754

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

29,416

–

Futures Contracts⁽²⁾

72,179

–

Liability Derivatives

Centrally Cleared CPI Swap Contracts⁽³⁾

–

17,524,258

Centrally Cleared Interest Rate Contracts⁽³⁾

3,298

–

CPI Swap Contracts⁽⁸⁾

–

63,921,200

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

23,520

–

Short Duration Core Bond Fund

Asset Derivatives

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Credit Default Swap Contracts⁽⁴⁾

–

3,709

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

4,971

–

Futures Contracts⁽²⁾

–

Liability Derivatives

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

3,975

–

466

Notes to Financial Statements (unaudited)(continued)

Short Duration Income Fund

Interest

Foreign

Rate

Currency

Credit

Asset Derivatives

Contracts

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

1,837,258

Credit Default Swap Contracts⁽⁴⁾

–

638,470

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

7,662,934

–

Futures Contracts⁽²⁾

3,763,577

–

Liability Derivatives

Credit Default Swap Contracts⁽⁴⁾

–

9,954,074

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

2,124,797

–

Total Return Bond Fund

Interest

Foreign

Rate

Currency

Credit

Asset Derivatives

Contracts

Credit Default Swap Contracts⁽⁴⁾

–

22,612

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

140,169

–

Futures Contracts⁽²⁾

362,569

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

1,012,399

Credit Default Swap Contracts⁽⁴⁾

–

1,024,626

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

561,534

–

Futures Contracts⁽²⁾

1,205,607

–

	⁽¹⁾	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
	⁽²⁾	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
	⁽³⁾	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
	⁽⁴⁾	Statements of Assets and Liabilities location: Credit default swap agreements receivable/payable, at fair value.
	⁽⁵⁾	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
	⁽⁶⁾	Statements of Assets and Liabilities location: Total return swap, at fair value.
	⁽⁷⁾	Statements of Assets and Liabilities location: Unrealized appreciation on CPI swaps.
	⁽⁸⁾	Statements of Assets and Liabilities location: Unrealized depreciation on CPI swaps.

467

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative investments for the period ended May 31, 2021 were as follows:

Convertible Fund

	Foreign Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	(2,383,222	)
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts⁽²⁾	$	(1,468,178	)
Average Number of Contracts/Notional Amount*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	70,881,261

Core Fixed Income Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

21,699

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

184,157

–

Futures Contracts⁽⁵⁾

(10,266,424

)

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

363,790

Forward Foreign Currency Exchange Contracts⁽²⁾

–

123,919

–

Futures Contracts⁽⁷⁾

(619,339

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

66,428,571

Forward Foreign Currency Exchange Contracts⁽³⁾

–

17,212,807

–

Futures Contracts⁽⁸⁾

2,891

–

Core Plus Bond Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

(37,123

)

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(10,700

)

–

Futures Contracts⁽⁵⁾

(1,521,932

)

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

(54,118

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

2,461

–

Futures Contracts(7)

(96,585

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

7,340,286

Forward Foreign Currency Exchange Contracts⁽³⁾

–

3,373,517

–

Futures Contracts⁽⁸⁾

560

–

468

Notes to Financial Statements (unaudited)(continued)

Corporate Bond Fund

	Interest Rate Contracts
Net Realized Gain (Loss)
Futures Contracts⁽⁵⁾	$	30,669
Net Change in Unrealized Appreciation/Depreciation
Futures Contracts⁽⁷⁾	$	894
Average Number of Contracts/Notional Amounts
Futures Contracts⁽⁸⁾		32

Floating Rate Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Equity
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Forward Foreign Currency

Exchange Contracts⁽¹⁾

–

(1,778,531

)

–

Futures Contracts⁽⁵⁾

135,835

–

Interest Rate Swap Contracts⁽⁴⁾

2,420,397

–

Total Return Swap Contracts⁽⁴⁾

–

1,008,530

–

Net Change in Unrealized Appreciation/Depreciation

Forward Foreign Currency Exchange Contracts⁽²⁾

–

(747,775

)

–

Futures Contracts⁽⁷⁾

204,892

–

Interest Rate Swap Contracts⁽⁶⁾

1,386,967

–

Total Return Swap Contracts⁽⁶⁾

–

804,107

–

Average Number of Contracts/Notional Amounts*

Forward Foreign Currency Exchange Contracts⁽³⁾

–

118,082,663

–

Futures Contracts⁽⁸⁾

2,892

–

Interest Rate Swap Contracts⁽⁸⁾

111,804,001

–

Total Return Swap Contracts⁽⁸⁾

–

169,257,552

–

469

Notes to Financial Statements (unaudited)(continued)

High Yield Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Equity
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

6,670,028

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(5,379,580

)

–

Futures Contracts⁽⁵⁾

28,846,815

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

2,862,420

Forward Foreign Currency Exchange Contracts⁽²⁾

–

(3,384,568

)

–

Futures Contracts⁽⁷⁾

532,323

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

628,821,777

Forward Foreign Currency Exchange Contracts⁽³⁾

–

430,110,685

–

Futures Contracts⁽⁸⁾

20,376

–

Income Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

5,590,589

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(218,764

)

–

Futures Contracts⁽⁵⁾

(5,902,438

)

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

(4,222,960

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

(408,524

)

–

Futures Contracts⁽⁷⁾

(536,705

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

53,165,502

Forward Foreign Currency Exchange Contracts⁽³⁾

–

31,966,383

–

Futures Contracts⁽⁸⁾

3,566

–

470

Notes to Financial Statements (unaudited)(continued)

Inflation Focused Fund

Inflation Linked/
Interest Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

CPI/Interest Rate Swap Contracts⁽⁴⁾

(46,763,297

)

–

Credit Default Swap Contracts⁽⁴⁾

–

235,903

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(32,447

)

–

Futures Contracts⁽⁵⁾

(3,822,074

)

–

Net Change in Unrealized Appreciation/Depreciation

CPI/Interest Rate Swap Contracts ⁶⁾

112,179,614

–

Credit Default Swap Contracts⁽⁶⁾

–

(180,579

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

9,171

–

Futures Contracts⁽⁷⁾

(204,673

)

–

Average Number of Contracts/Notional Amounts*

CPI/Interest Rate Swap Contracts⁽⁸⁾

3,331,517,800

–

Credit Default Swap Contracts⁽⁸⁾

–

1,905,107

Forward Foreign Currency Exchange Contracts⁽³⁾

–

1,088,444

–

Futures Contracts⁽⁸⁾

2,523

–

Short Duration Core Bond Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

(72,911

)

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(6,542

)

–

Futures Contracts⁽⁵⁾

76,789

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

113,685

Forward Foreign Currency Exchange Contracts⁽²⁾

–

2,634

–

Futures Contracts⁽⁷⁾

4,028

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts(8)

–

775,571

Forward Foreign Currency Exchange Contracts⁽³⁾

–

165,290

–

Futures Contracts⁽⁸⁾

102

–

471

Notes to Financial Statements (unaudited)(continued)

Short Duration Income Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

23,424,598

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

5,273,103

–

Futures Contracts⁽⁵⁾

56,123,872

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

(12,620,402

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

6,774,412

–

Futures Contracts⁽⁷⁾

1,029,867

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

461,962,744

Forward Foreign Currency Exchange Contracts⁽³⁾

–

338,606,847

–

Futures Contracts⁽⁸⁾

137,891

–

Total Return Bond Fund

Interest
Rate
Contracts

Foreign
Currency
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽⁴⁾

–

(934,029

)

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

(331,171

)

–

Futures Contracts⁽⁵⁾

(32,163,886

)

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

(426,169

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

16,298

–

Futures Contracts⁽⁷⁾

(2,539,392

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁸⁾

–

213,858,000

Forward Foreign Currency Exchange Contracts⁽³⁾

–

54,764,576

–

Futures Contract⁽⁸⁾

11,285

–

Calculated based on the number of contracts or notional amounts for the fiscal year ended May 31, 2020.

⁽¹⁾

Statements of Operations location: Net realized gain(loss) on forward foreign currency exchange contracts.

⁽²⁾

Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.

⁽³⁾

Amount represents notional amounts in U.S. dollars.

⁽⁴⁾

Statements of Operations location: Net realized gain (loss) on swap contracts.

⁽⁵⁾

Statements of Operations location: Net realized gain(loss) on futures contracts.

⁽⁶⁾

Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.

⁽⁷⁾

Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.

⁽⁸⁾

Amount represents number of contracts.

8.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

472

Notes to Financial Statements (unaudited)(continued)

collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

	Convertible Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$48,577,282	$	–		$48,577,282
Total		$48,577,282	$	–		$48,577,282

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

$48,577,282

–

(48,577,282

)

–

Total

$48,577,282

–

(48,577,282

)

–


Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$1,852,532	$	–		$1,852,532
Total		$1,852,532	$	–		$1,852,532


	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement				Cash			Securities
	of Assets and		Financial		Collateral			Collateral		Net
Counterparty	Liabilities		Instruments		Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America		$ 671,194	$	–	$	(660,000	)	$	–	$	11,194
State Street Bank and Trust		1,181,338		–		(1,010,000	)		–		171,338
Total		$1,852,532	$	–	$	(1,670,000	)	$	–	$	182,532


	Core Fixed Income Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$81,738,577	$	–		$81,738,577
Total		$81,738,577	$	–		$81,738,577

473

Notes to Financial Statements (unaudited)(continued)

Core Fixed Income Fund

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

$81,738,577

–

(81,738,577

)

–

Total

$81,738,577

–

(81,738,577

)

–


Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts		$1,388,406	$	–		$1,388,406
Total		$1,388,406	$	–		$1,388,406

Net Amounts

of Liabilities

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Pledged^(a)

Amount^(c)

Citibank

$ 252,998

–

252,998

Goldman Sachs

632,496

–

(560,000

)

–

72,496

Merrill Lynch

123,414

–

123,414

Morgan Stanley

379,498

–

(379,498

)

–

Total

$1,388,406

–

(939,498

)

–

448,908


	Core Plus Bond Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	4,732	$	–	$	4,732
Repurchase Agreements		13,061,287		–		13,061,287
Total	$	13,066,019	$	–	$	13,066,019

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

$13,061,287

–

(13,061,287

)

–

Goldman Sachs

4,732

–

4,732

Total

$13,066,019

–

(13,061,287

)

4,732

474

Notes to Financial Statements (unaudited)(continued)

	Core Plus Bond Fund
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$28,832	$	–		$28,832
Total		$28,832	$	–		$28,832

Net Amounts

of Liabilities

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Pledged^(a)

Amount^(c)

Bank of America

1,365

–

1,365

State Street Bank and Trust

23,683

–

23,683

Toronto Dominion Bank

3,784

–

3,784

Total

28,832

–

28,832


	Floating Rate Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	55,793	$	–	$	55,793
Repurchase Agreements		532,859,842		–		532,859,842
Total Return Swap Contracts		2,097,197		–		2,097,197
Total	$	535,012,832	$	–	$	535,012,832


	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Barclays Bank plc	$	1,790,443	$	–		$	(1,631,000	)	$	–		$	160,443
Fixed Income Clearing Corp.		532,859,842		–			–			(532,859,842	)		–
Morgan Stanley		306,754		(101,291	)		(205,463	)		–			–
Standard Chartered Bank		43,899		–			–			–			43,899
State Street Bank and Trust		11,894		(11,894	)		–			–			–
Total	$	535,012,832	$	(113,185	)	$	(1,836,463	)	$	(532,859,842	)	$	204,342


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	1,402,541	$	–	$	1,402,541
Total	$	1,402,541	$	–	$	1,402,541

475

Notes to Financial Statements (unaudited)(continued)

									Floating Rate Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	702,282	$	–		$	(650,000	)	$	–	$	52,282
Morgan Stanley		101,291		(101,291	)		–			–		–
State Street Bank and Trust		575,237		(11,894	)		(400,000	)		–		163,343
Toronto Dominion Bank		23,731		–			–			–		23,731
Total	$	1,402,541	$	(113,185	)	$	(1,050,000	)	$	–	$	239,356


					High Yield Fund
			Gross Amounts			Net Amounts of
			Offset in the			Assets Presented
	Gross Amounts of		Statement of Assets			in the Statement of
Description	Recognized Assets		and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	1,015,425	$	–		$	1,015,425
Repurchase Agreements		63,903,692		–			63,903,692
Total	$	64,919,117	$	–		$	64,919,117


	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)			Amount^(b)
Bank of America	$	2,084	$	(2,084	)	$	–	$	–		$	–
Fixed Income Clearing Corp.		63,903,692		–			–		(63,903,692	)		–
Goldman Sachs		135,771		(135,771	)		–		–			–
J.P. Morgan Chase		47,636		(47,636	)		–		–			–
Morgan Stanley		418,493		(418,493	)		–		–			–
State Street Bank and Trust		411,441		(411,441	)		–		–			–
Total	$	64,919,117	$	(1,015,425	)	$	–	$	(63,903,692	)	$	–


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	18,155,684	$	–	$	18,155,684
Forward Foreign Currency Exchange Contracts		6,218,763		–		6,218,763
Total	$	24,374,447	$	–	$	24,374,447

476

Notes to Financial Statements (unaudited)(continued)

									High Yield Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	2,820,930	$	(2,084	)	$	(2,239,856	)	$	–	$	578,990
Citibank		2,210,411		–			(2,210,411	)		–		–
Goldman Sachs		2,376,697		(135,771	)		(2,204,926	)		–		36,000
J.P. Morgan Chase		1,481,839		(47,636	)		(1,434,203	)		–		–
Merrill Lynch		1,130,144		–			(1,130,144	)		–		–
Morgan Stanley		12,114,564		(418,493	)		(11,696,071	)		–		–
State Street Bank and Trust		2,233,116		(411,441	)		(1,810,000	)		–		11,675
Toronto Dominion Bank		6,746		–			–			–		6,746
Total	$	24,374,447	$	(1,015,425	)	$	(22,725,611	)	$	–	$	633,411

					Income Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	1,825	$	–	$	1,825
Repurchase Agreements		18,378,791		–		18,378,791
Total	$	18,380,616	$	–	$	18,380,616

	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)			Amount^(b)
Bank of America	$	1,825	$	(1,825	)	$	–	$	–		$	–
Fixed Income Clearing Corp.		18,378,791		–			–		(18,378,791	)		–
Total	$	18,380,616	$	(1,825	)	$	–	$	(18,378,791	)	$	–


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	2,005,475	$	–	$	2,005,475
Forward Foreign Currency Exchange Contracts		552,833		–		552,833
Total	$	2,558,308	$	–	$	2,558,308

477

Notes to Financial Statements (unaudited)(continued)

									Income Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	315,326	$	(1,825	)	$	(290,000	)	$	–	$	23,501
Citibank		182,036		–			–			–		182,036
Goldman Sachs		364,070		–			(364,070	)		–		–
Morgan Stanley		1,459,369		–			(1,459,369	)		–		–
State Street Bank and Trust		237,507		–			–			–		237,507
Total	$	2,558,308	$	(1,825	)	$	(2,113,439	)	$	–	$	443,044

			Inflation Focused Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Consumer Price Index (“CPI”) Swaps	$	14,245,754	$	–	$	14,245,754
Forward Foreign Currency Exchange Contracts		29,416		–		29,416
Repurchase Agreements		36,474,822		–		36,474,822
Total	$	50,749,992	$	–	$	50,749,992


	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)			Amount^(b)
Bank of America	$	5,717,613	$	(5,717,613	)	$	–	$	–		$	–
Barclays Bank plc		4,235,423		(4,235,423	)		–		–			–
Deutsche Bank AG		846,532		(846,532	)		–		–			–
Fixed Income Clearing Corp.		36,474,822		–			–		(36,474,822	)		–
Goldman Sachs		2,930,083		(2,930,083	)		–		–			–
J.P. Morgan Chase		545,519		(545,519	)		–		–			–
Total	$	50,749,992	$	(14,275,170	)	$	–	$	(36,474,822	)	$	–


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Consumer Price Index (“CPI”) Swaps	$	63,921,200	$	–	$	63,921,200
Forward Foreign Currency
Exchange Contracts		23,520		–		23,520
Total	$	63,944,720	$	–	$	63,944,720

478

Notes to Financial Statements (unaudited)(continued)

									Inflation Focused Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	12,271,337	$	(5,717,613	)	$	(3,900,000	)	$	–	$	2,653,724
Barclays Bank plc		7,320,926		(4,235,423	)		(3,085,503	)		–		–
Deutsche Bank AG		23,947,351		(846,532	)		(23,100,819	)		–		–
Goldman Sachs		9,801,874		(2,930,083	)		(6,100,000	)		–		771,791
J.P. Morgan Chase		6,658,124		(545,519	)		(6,020,000	)		–		92,605
Merrill Lynch International Bank Ltd.		713,289		–			–			–		713,289
Toronto Dominion Bank		23,520		–			–			–		23,520
Wells Fargo		3,208,299		–			(3,208,299	)		–		–
Total	$	63,944,720	$	(14,275,170	)	$	(45,414,621	)	$	–	$	4,254,929


			Short Duration Core Bond Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	3,709	$	–	$	3,709
Forward Foreign Currency Exchange Contracts		4,971		–		4,971
Repurchase Agreements		6,246,221		–		6,246,221
Total	$	6,254,901	$	–	$	6,254,901

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

6,246,221

–

(6,246,221

)

–

Goldman Sachs

4,971

–

4,971

Morgan Stanley

3,709

–

3,708

Total

6,254,901

–

(6,246,221

)

8,680

Gross Amounts

Net Amounts of

Offset in the

Liabilities Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Liabilities

and Liabilities

Assets and Liabilities

Forward Foreign Currency Exchange Contracts

$3,975

–

$3,975

Total

$3,975

–

$3,975

479

Notes to Financial Statements (unaudited)(continued)

Short Duration Core Bond Fund

Net Amounts

of Liabilities

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Pledged^(a)

Amount^(c)

Toronto Dominion Bank

3,975

–

3,975

Total

3,975

–

3,975

			Short Duration Income Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	638,470	$	–	$	638,470
Forward Foreign Currency Exchange Contracts	$	7,662,934	$	–	$	7,662,934
Repurchase Agreements		855,706,006		–		855,706,006
Total	$	864,007,410	$	–	$	864,007,410


	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)			Received^(a)			Amount^(b)
Citibank	$	158,284	$	(158,284	)	$	–		$	–		$	–
Fixed Income Clearing Corp.		855,706,006		–			–			(855,706,006	)		–
Goldman Sachs		1,681,893		–			(1,600,000	)		–			81,893
Morgan Stanley		480,186		(314,715	)		–			–			165,471
State Street Bank and Trust		5,981,041		(763,671	)		–			(5,160,982	)		–
Total	$	864,007,410	$	(1,236,670	)	$	(1,600,000	)	$	(860,866,988	)	$	247,294


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	9,954,074	$	–	$	9,954,074
Forward Foreign Currency Exchange Contracts		2,124,797		–		2,124,797
Total	$	12,078,871	$	–	$	12,078,871

480

Notes to Financial Statements (unaudited)(continued)

						Short Duration Income Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral			Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)			Amount^(c)
Citibank	$	1,590,616	$	(158,284	)	$	–		$	(1,329,000	)	$	103,332
Deutsche Bank		8,048,707		–			–			(7,940,000	)		108,707
Morgan Stanley		314,751		(314,751	)		–			–			–
State Street Bank and Trust		763,671		(763,671	)		–			–			–
Toronto Dominion Bank		1,361,126		–			–			(1,361,126	)		–
Total	$	12,078,871	$	(1,236,706	)	$	(7,940,000	)	$	(2,690,126	)	$	212,039


			Total Return Fund
			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Assets		and Liabilities		Assets and Liabilities
Credit Default Swaps Contracts	$	22,612	$	–	$	22,612
Forward Foreign Currency Exchange Contracts		140,169		–		140,169
Repurchase Agreements		127,834,010		–		127,834,010
Total	$	127,996,791	$	–	$	127,996,791


	Net Amounts
	of Assets		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash		Securities
	of Assets and		Financial			Collateral		Collateral			Net
Counterparty	Liabilities		Instruments			Received^(a)		Received^(a)			Amount^(b)
Citibank	$	22,612	$	(22,612	)	$	–	$	–		$	–
Fixed Income Clearing Corp.		127,834,010		–			–		(127,834,010	)		–
Goldman Sachs		140,169		–			–		–			140,169
Total	$	127,996,791	$	(22,612	)	$	–	$	(127,834,010	)	$	140,169


			Gross Amounts		Net Amounts of
			Offset in the		Liabilities Presented
	Gross Amounts of		Statement of Assets		in the Statement of
Description	Recognized Liabilities		and Liabilities		Assets and Liabilities
Credit Default Swap Contracts	$	1,024,626	$	–	$	1,024,626
Forward Foreign Currency Exchange Contracts		561,534		–		561,534
Total	$	1,586,160	$	–	$	1,586,160

481

Notes to Financial Statements (unaudited)(continued)

									Total Return Fund

	Net Amounts
	of Liabilities		Amounts Not Offset in the
	Presented in		Statement of Assets and Liabilities
	the Statement					Cash			Securities
	of Assets and		Financial			Collateral			Collateral		Net
Counterparty	Liabilities		Instruments			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	20,806	$	–		$	–		$	–	$	20,806
Citibank		493,946		(22,612	)		(471,334	)		–		–
Morgan Stanley		530,680		–			(480,000	)		–		50,680
State Street Bank and Trust		428,653		–			(330,000	)		–		98,653
Toronto Dominion Bank		112,075		–			–			–		112,075
Total	$	1,586,160	$	(22,612	)	$	(1,281,334	)	$	–	$	282,214

Ultra Short Bond Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreements

47,299,545

–

47,299,545

Total

47,299,545

–

47,299,545

Net Amounts

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

47,299,545

–

(47,299,545

)

–

Total

47,299,545

–

(47,299,545

)

–

	^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
	^(b)	Net amount represents the amount owed to the Fund by the counterparty as of May 31, 2021.
	^(c)	Net amount represents the amount owed by the Fund to the counterparty as of May 31, 2021.

TRUSTEES’ REMUNERATION

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

10.

EXPENSE REDUCTIONS

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

482

Notes to Financial Statements (unaudited)(continued)

11.

LINE OF CREDIT

For the period ended May 31, 2021, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the six months ended May 31, 2021, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions.

The High Yield Fund utilized the Facility on multiple dates for the period January 6, 2021 through January 18, 2021 with an average borrowing amount of $24,495,286. The average interest rate during the period was 1.38% and total interest paid amounted to $6,575.

12.

INTERFUND LENDING PROGRAM

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

During the six months ended May 31, 2021, the following Funds participated as lenders in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Fund	Average Loan	Average Interest Rate	Interest Income*
Core Fixed Income Fund	16,851,678	0.54%	247
Short Duration Income Fund	49,600,000	0.55%	745
Total Return Fund	14,069,000	0.55%	212
Ultra Short Bond Fund	13,398,000	0.55%	200

*	Statements of Operations location: Interest earned from Interfund Lending.

During the six months ended May 31, 2021, the following Funds participated as a borrower in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount borrowed, interest rate and interest expense were as follows:

Fund	Average Loan	Average Interest Rate	Interest Expense*
Convertible Fund	$ 31,552,226	0.54%	$ 1,406
High Yield Fund	21,362,000	0.55%	961

*	Statements of Operation location: Interest paid from Interfund Lending.

483

Notes to Financial Statements (unaudited)(continued)

13.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

14.

SECURITIES LENDING AGREEMENT

The Funds , except for Inflation Focused Fund, have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on the Statements of Operations.

The initial collateral received by the funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of May 31, 2021, the market value of securities loaned and collateral received for the Funds were as follows:

Funds		Market Value of Securities Loaned				Collateral Received⁽¹⁾
High Yield Fund		$	264,500			$	300,000

⁽¹⁾	Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

15.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with investing in fixed income securities and to the changing prospects of individual companies and/or sectors in which the Funds invest. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called “junk bonds”) in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increased liquidity risk, as well as additional risks.

484

Notes to Financial Statements (unaudited)(continued)

On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Funds or the LIBOR-based instruments in which the Funds invest cannot yet be determined. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior and/or subsequent to the end of 2021.

Because the Ultra Short Bond Fund invests a significant portion of its assets in securities issued by companies in the financial services industry, developments affecting this industry may have a disproportionate impact on the Fund. Interest rate risk, credit risk, and the risk of regulatory changes in the financial services industry, among other risks, may have a negative effect on companies in the financial services industry.

The values of equity holdings of Convertible Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of the individual companies and/or sectors in which the Fund invests.

Convertible Fund, High Yield Fund, Income Fund, Inflation Focused Fund, and Short Duration Income Fund are subject to the general risks and considerations associated with investing in convertible securities, which have both equity and fixed income risk characteristics including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Each Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. The cost of a Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

Each Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other in addition to the

485

Notes to Financial Statements (unaudited)(continued)

risks associated with investing in derivatives discussed above. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Funds.

The Funds are subject to the risks of investing in credit default swap contracts. The risks associated with the Funds’ investment in credit default swaps are greater than if the Funds invested directly in the reference obligation because they are subject to liquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels in addition to the risks associated with investing in derivatives discussed above.

Each Fund’s exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.

The Funds are subject to the risks of investing in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Income Fund and Total Return Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high- yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, Floating Rate Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral.

Each Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

Convertible Fund, Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund and Total Return Fund are subject to the risks of investing in asset backed securities and mortgage-related securities, including those of such Government sponsored enterprises as Fannie Mae and Freddie Mac. In addition, these Funds may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

486

Notes to Financial Statements (unaudited)(continued)

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

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

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

16.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Convertible Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		6,643,948		$	131,927,724			6,637,363		$	109,295,101
Converted from Class C*		73,112			1,441,469			493,755			8,073,778
Reinvestment of distributions		2,149,246			40,997,831			836,900			11,306,788
Shares reacquired		(3,507,802	)		(68,470,089	)		(3,941,324	)		(61,200,100	)
Increase		5,358,504		$	105,896,935			4,026,694		$	67,475,567

Class C Shares
Shares sold		1,197,656		$	23,600,298			1,360,311		$	22,258,038
Reinvestment of distributions		428,793			8,107,902			185,024			2,454,644
Shares reacquired		(434,802	)		(8,381,481	)		(815,551	)		(12,307,247	)
Converted to Class A*		(73,766	)		(1,441,469	)		(497,349	)		(8,073,778	)
Increase		1,117,881		$	21,885,250			232,435		$	4,331,657

Class F Shares
Shares sold		25,043,091		$	495,881,453			27,490,097		$	440,997,259
Reinvestment of distributions		4,178,879			79,751,677			935,772			12,768,009
Shares reacquired		(14,489,104	)		(279,401,594	)		(10,220,319	)		(162,869,227	)
Increase		14,732,866		$	296,231,536			18,205,550		$	290,896,041

487

Notes to Financial Statements (unaudited)(continued)

Convertible Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		1,117,242		$	22,447,082			701,872		$	12,008,995
Reinvestment of distributions		189,269			3,644,083			51,388			703,791
Shares reacquired		(336,924	)		(6,663,185	)		(184,551	)		(2,873,723	)
Increase		969,587		$	19,427,980			568,709		$	9,839,063

Class I Shares
Shares sold		7,320,497		$	146,856,509			9,787,817		$	152,687,276
Reinvestment of distributions		2,262,567			43,496,206			1,737,942			23,626,798
Shares reacquired		(13,049,794	)		(261,145,228	)		(16,648,304	)		(267,498,985	)
Decrease		(3,466,730	)	$	(70,792,513	)		(5,122,545	)	$	(91,184,911	)

Class P Shares
Shares sold		110		$	2,219			1,842		$	25,888
Reinvestment of distributions		546			10,633			409			5,568
Shares reacquired		(332	)		(6,513	)		(3,611	)		(52,312	)
Increase (decrease)		324		$	6,339			(1,360	)	$	(20,856	)

Class R2 Shares
Shares sold		5,010		$	103,772			93		$	1,345
Reinvestment of distributions		340			6,612			282			3,834
Shares reacquired		(3,686	)		(73,713	)		(2,048	)		(29,527	)
Increase (decrease)		1,664		$	36,671			(1,673	)	$	(24,348	)

Class R3 Shares
Shares sold		556,574		$	10,930,245			618,720		$	9,860,017
Reinvestment of distributions		196,967			3,733,931			63,228			848,066
Shares reacquired		(146,545	)		(2,840,409	)		(181,841	)		(2,822,070	)
Increase		606,996		$	11,823,767			500,107		$	7,886,013

Class R4 Shares
Shares sold		6,556		$	127,270			16,981		$	324,428
Reinvestment of distributions		3,193			60,899			504			6,761
Shares reacquired		(2,115	)		(41,020	)		(3,312	)		(42,900	)
Increase		7,634		$	147,149			14,173		$	288,289

Class R5 Shares
Shares sold		34,410		$	708,575			25,239		$	421,598
Reinvestment of distributions		10,487			201,496			5,305			72,154
Shares reacquired		(17,242	)		(344,237	)		(26,181	)		(428,250	)
Increase		27,655		$	565,834			4,363		$	65,502

Class R6 Shares
Shares sold		867,568		$	16,852,304			371,377		$	5,591,255
Reinvestment of distributions		22,960			442,306			8,928			122,133
Shares reacquired		(52,209	)		(1,025,833	)		(471,318	)		(6,504,882	)
Increase (decrease)		838,319		$	16,268,777			(91,013	)	$	(791,494	)

488

Notes to Financial Statements (unaudited)(continued)

Core Fixed Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		6,507,086		$	72,987,516			20,546,341		$	234,629,013
Converted from Class C*		203,357			2,261,495			1,354,236			15,754,138
Reinvestment of distributions		2,247,179			25,361,758			969,122			11,099,192
Shares reacquired		(7,585,200	)		(84,801,633	)		(9,291,661	)		(105,669,767	)
Increase		1,372,422		$	15,809,136			13,578,038		$	155,812,576

Class C Shares
Shares sold		205,453		$	2,306,752			2,901,692		$	32,881,776
Reinvestment of distributions		149,319			1,679,763			55,779			635,233
Shares reacquired		(1,076,890	)		(11,987,507	)		(1,139,736	)		(12,948,016	)
Converted to Class A*		(204,275	)		(2,261,495	)		(1,360,147	)		(15,754,138	)
Increase (decrease)		(926,393	)	$	(10,262,487	)		457,588		$	4,814,855

Class F Shares
Shares sold		8,724,369		$	97,682,264			29,817,069		$	339,579,009
Reinvestment of distributions		1,240,302			13,995,172			538,321			6,172,565
Shares reacquired		(10,352,994	)		(115,853,568	)		(17,890,591	)		(204,020,556	)
Increase (decrease)		(388,323	)	$	(4,176,132	)		12,464,799		$	141,731,018

Class F3 Shares
Shares sold		6,697,960		$	75,058,602			12,684,590		$	145,067,068
Reinvestment of distributions		1,411,430			15,921,059			669,309			7,663,163
Shares reacquired		(4,277,788	)		(47,795,211	)		(6,878,681	)		(77,902,398	)
Increase		3,831,602		$	43,184,450			6,475,218		$	74,827,833

Class I Shares
Shares sold		6,013,065		$	67,387,472			36,180,845		$	409,655,279
Reinvestment of distributions		1,702,582			19,191,721			918,152			10,506,684
Shares reacquired		(5,999,139	)		(67,343,539	)		(27,738,028	)		(315,696,001	)
Increase		1,716,508		$	19,235,654			9,360,969		$	104,465,962

Class P Shares
Shares sold		–		$	–			0.10		$	1
Reinvestment of distributions		–			–			0.23			3
Shares reacquired		–			–			(9.99	)		(118	)
Decrease		–		$	–			(9.66	)	$	(114	)

Class R2 Shares
Shares sold		44,787		$	495,636			31,496		$	351,390
Reinvestment of distributions		1,345			15,173			753			8,596
Shares reacquired		(7,259	)		(82,547	)		(42,056	)		(483,493	)
Increase (decrease)		38,873		$	428,262			(9,807	)	$	(123,507	)

Class R3 Shares
Shares sold		85,231		$	955,724			327,342		$	3,739,594
Reinvestment of distributions		36,516			412,327			16,320			186,587
Shares reacquired		(115,302	)		(1,301,780	)		(419,251	)		(4,750,686	)
Increase (decrease)		6,445		$	66,271			(75,589	)	$	(824,505	)

489

Notes to Financial Statements (unaudited)(continued)

Core Fixed Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		135,589		$	1,520,548			412,019		$	4,682,583
Reinvestment of distributions		29,930			337,758			13,390			153,374
Shares reacquired		(113,805	)		(1,282,859	)		(185,977	)		(2,125,935	)
Increase		51,714		$	575,447			239,432		$	2,710,022

Class R5 Shares
Shares sold		22,318		$	250,336			43,020		$	491,104
Reinvestment of distributions		3,527			39,787			2,267			25,915
Shares reacquired		(12,463	)		(138,281	)		(78,588	)		(900,555	)
Increase (decrease)		13,382		$	151,842			(33,301	)	$	(383,536	)

Class R6 Shares
Shares sold		247,509		$	2,808,406			355,149		$	4,042,233
Reinvestment of distributions		115,125			1,297,735			71,883			820,056
Shares reacquired		(196,949	)		(2,206,770	)		(1,437,189	)		(16,312,272	)
Increase (decrease)		165,685		$	1,899,371			(1,010,157	)	$	(11,449,983	)

Core Plus Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,310,017		$	20,321,592			2,829,761		$	43,514,916
Converted from Class C*		4,409			68,456			16,476			257,643
Reinvestment of distributions		101,798			1,581,106			100,794			1,550,976
Shares reacquired		(696,921	)		(10,770,053	)		(868,204	)		(13,153,532	)
Increase		719,303		$	11,201,101			2,078,827		$	32,170,003

Class C Shares
Shares sold		51,378		$	800,182			219,608		$	3,366,582
Reinvestment of distributions		8,467			131,692			10,110			155,302
Shares reacquired		(61,080	)		(944,333	)		(102,037	)		(1,540,326	)
Converted to Class A*		(4,408	)		(68,456	)		(16,473	)		(257,643	)
Increase (decrease)		(5,643	)	$	(80,915	)		111,208		$	1,723,915

Class F Shares
Shares sold		4,036,042		$	62,382,667			9,431,125		$	145,005,768
Reinvestment of distributions		292,238			4,537,972			454,786			6,978,005
Shares reacquired		(5,009,030	)		(77,335,827	)		(8,641,173	)		(130,297,839	)
Increase (decrease)		(680,750	)	$	(10,415,188	)		1,244,738		$	21,685,934

Class F3 Shares
Shares sold		741,466		$	11,475,646			667,865		$	10,303,076
Reinvestment of distributions		19,357			300,283			13,260			204,026
Shares reacquired		(148,510	)		(2,298,285	)		(139,331	)		(2,107,549	)
Increase		612,313		$	9,477,644			541,794		$	8,399,553

490

Notes to Financial Statements (unaudited)(continued)

Core Plus Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		713,816		$	11,121,610			1,661,328		$	25,140,249
Reinvestment of distributions		58,054			902,188			64,625			994,635
Shares reacquired		(1,992,121	)		(30,512,341	)		(385,394	)		(5,860,091	)
Increase (decrease)		(1,220,251	)	$	(18,488,543	)		1,340,559		$	20,274,793

Class R2 Shares
Reinvestment of distributions		–		$	–			35		$	528
Shares reacquired		–			–			(1,934	)		(29,414	)
Decrease		–		$	–			(1,899	)	$	(28,886	)

Class R3 Shares
Shares sold		1,516		$	23,717			1,199		$	18,396
Reinvestment of distributions		211			3,270			397			6,082
Shares reacquired		(17	)		(267	)		(5,945	)		(92,189	)
Increase (decrease)		1,710		$	26,720			(4,349	)	$	(67,711	)

Class R4 Shares
Shares sold		1,487		$	23,153			19,734		$	305,222
Reinvestment of distributions		450			6,994			291			4,482
Shares reacquired		(81	)		(1,235	)		(5,080	)		(77,126	)
Increase		1,856		$	28,912			14,945		$	232,578

Class R5 Shares
Shares sold		0.03		$	–			35.62		$	547
Reinvestment of distributions		–			–			41.28			627
Shares reacquired		–			–			(1,296.52	)		(19,738	)
Increase (decrease)		0.03		$	–			(1,219.62	)	$	(18,564	)

Class R6 Shares
Shares sold		9,329		$	144,768			75,761		$	1,165,410
Reinvestment of distributions		1,662			25,808			1,778			27,348
Shares reacquired		(1,654	)		(25,577	)		(21,304	)		(328,751	)
Increase		9,337		$	144,999			56,235		$	864,007

Corporate Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		166,715		$	1,749,715			277,124		$	2,887,701
Converted from Class C*		2,031			20,640			–			–
Reinvestment of distributions		7,413			77,617			3,767			39,161
Shares reacquired		(111,264	)		(1,140,244	)		(155,801	)		(1,586,634	)
Increase		64,895		$	707,728			125,090		$	1,340,228

491

Notes to Financial Statements (unaudited)(continued)

Corporate Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		13,363		$	141,228			38,465		$	406,664
Reinvestment of distributions		2,237			23,482			1,602			16,544
Shares reacquired		(8,528	)		(89,362	)		(24,973	)		(254,382	)
Converted to Class A*		(2,031	)		(20,640	)		–			–
Increase		5,041		$	54,708			15,094		$	168,826

Class F Shares
Shares sold		51,012		$	529,505			392,172		$	4,081,283
Reinvestment of distributions		7,601			79,814			10,735			111,561
Shares reacquired		(26,580	)		(278,500	)		(302,788	)		(3,196,227	)
Increase		32,033		$	330,819			100,119		$	996,617

Class F3 Shares
Reinvestment of distributions		–			–			2,633			26,701
Increase		–		$	–			2,633		$	26,701

Class I Shares
Shares sold		1,403		$	14,840			1,256		$	13,119
Reinvestment of distributions		428			4,486			519			5,351
Shares reacquired		(333	)		(3,493	)		(6,025	)		(61,392	)
Increase (decrease)		1,498		$	15,833			(4,250	)	$	(42,922	)

Class R2 Shares
Shares sold		2		$	26			–		$	–
Reinvestment of distributions		–			–			36			361
Increase		2		$	26			36		$	361

Class R3 Shares
Shares sold		111		$	1,160			164		$	1,693
Reinvestment of distributions		83			868			116			1,197
Shares reacquired		(3	)		(32	)		(143	)		(1,475	)
Increase		191		$	1,996			137		$	1,415

Class R4 Shares
Reinvestment of distributions		–			–			39			406
Increase		–		$	–			39		$	406

Class R5 Shares
Reinvestment of distributions		–			–			44			438
Increase		–		$	–			44		$	438

Class R6 Shares
Shares sold		368		$	3,804			2,434		$	25,457
Reinvestment of distributions		86			896			2,700			27,389
Shares reacquired		(7	)		(74	)		(8	)		(84	)
Increase		447		$	4,626			5,126		$	52,762

492

Notes to Financial Statements (unaudited)(continued)

Floating Rate Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		36,408,360		$	304,808,660			53,831,205		$	452,762,182
Converted from Class C*		4,394,176			36,781,434			22,537,440			179,070,970
Reinvestment of distributions		3,553,208			29,734,654			9,901,261			80,121,236
Shares reacquired		(39,485,635	)		(329,232,530	)		(149,805,123	)		(1,214,623,631	)
Increase (decrease)		4,870,109		$	42,092,218			(63,535,217	)	$	(502,669,243	)

Class C Shares
Shares sold		5,143,623		$	43,080,645			8,867,958		$	75,105,350
Reinvestment of distributions		1,018,819			8,527,594			3,650,995			29,534,503
Shares reacquired		(11,315,679	)		(94,529,178	)		(45,374,513	)		(365,881,174	)
Converted to Class A*		(4,390,016	)		(36,781,434	)		(22,511,427	)		(179,070,970	)
Decrease		(9,543,253	)	$	(79,702,373	)		(55,366,987	)	$	(440,312,291	)

Class F Shares
Shares sold		110,893,736		$	927,163,406			166,926,226		$	1,396,671,053
Reinvestment of distributions		4,222,020			35,301,168			12,916,068			104,660,547
Shares reacquired		(79,809,442	)		(665,655,801	)		(366,557,368	)		(2,953,733,180	)
Increase (decrease)		35,306,314		$	296,808,773			(186,715,074	)	$	(1,452,401,580	)

Class F3 Shares
Shares sold		4,049,477		$	33,956,814			6,871,886		$	56,249,498
Reinvestment of distributions		241,857			2,027,162			690,599			5,601,185
Shares reacquired		(1,827,039	)		(15,267,636	)		(13,297,322	)		(108,344,898	)
Increase (decrease)		2,464,295		$	20,716,340			(5,734,837	)	$	(46,494,215	)

Class I Shares
Shares sold		36,114,784		$	302,615,304			85,714,702		$	723,541,451
Reinvestment of distributions		2,044,165			17,113,001			6,039,384			49,012,324
Shares reacquired		(21,638,157	)		(180,472,872	)		(156,323,718	)		(1,234,486,155	)
Increase (decrease)		16,520,792		$	139,255,433			(64,569,632	)	$	(461,932,380	)

Class R2 Shares
Shares sold		33,051		$	277,007			31,492		$	264,429
Reinvestment of distributions		1,993			16,686			6,591			53,288
Shares reacquired		(48,401	)		(405,844	)		(81,318	)		(667,277	)
Decrease		(13,357	)	$	(112,151	)		(43,235	)	$	(349,560	)

Class R3 Shares
Shares sold		763,992		$	6,397,562			925,706		$	7,569,960
Reinvestment of distributions		94,978			795,004			248,085			2,003,318
Shares reacquired		(621,787	)		(5,199,146	)		(1,934,924	)		(15,597,118	)
Increase (decrease)		237,183		$	1,993,420			(761,133	)	$	(6,023,840	)

Class R4 Shares
Shares sold		25,980		$	217,125			151,743		$	1,270,633
Reinvestment of distributions		4,717			39,465			16,796			136,247
Shares reacquired		(69,739	)		(583,720	)		(408,195	)		(3,264,735	)
Decrease		(39,042	)	$	(327,130	)		(239,656	)	$	(1,857,855	)

493

Notes to Financial Statements (unaudited)(continued)

Floating Rate Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		250,969		$	2,107,430			762,766		$	6,459,182
Reinvestment of distributions		9,217			77,192			42,919			343,260
Shares reacquired		(457,606	)		(3,837,840	)		(955,644	)		(7,477,955	)
Decrease		(197,420	)	$	(1,653,218	)		(149,959	)	$	(675,513	)

Class R6 Shares
Shares sold		1,446,548		$	12,107,725			5,938,862		$	49,656,121
Reinvestment of distributions		277,333			2,323,018			711,490			5,731,955
Shares reacquired		(3,700,910	)		(30,958,676	)		(4,066,341	)		(32,569,798	)
Increase (decrease)		(1,977,029	)	$	(16,527,933	)		2,584,011		$	22,818,278

High Yield Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		21,463,880		$	160,341,130			62,049,030		$	429,250,059
Converted from Class C*		1,164,808			8,704,044			6,470,599			45,018,334
Reinvestment of distributions		3,361,705			25,135,197			7,733,237			53,823,441
Shares reacquired		(24,159,016	)		(180,417,572	)		(86,298,639	)		(594,557,897	)
Increase (decrease)		1,831,377		$	13,762,799			(10,045,773	)	$	(66,466,063	)

Class C Shares
Shares sold		2,230,186		$	16,578,845			6,947,239		$	47,589,029
Reinvestment of distributions		735,245			5,467,531			2,101,155			14,501,832
Shares reacquired		(4,688,225	)		(34,831,187	)		(14,394,667	)		(98,474,437	)
Converted to Class A*		(1,171,077	)		(8,704,044	)		(6,500,390	)		(45,018,334	)
Decrease		(2,893,871	)	$	(21,488,855	)		(11,846,663	)	$	(81,401,910	)

Class F Shares
Shares sold		60,153,868		$	448,924,418			174,926,941		$	1,178,345,632
Reinvestment of distributions		6,524,330			48,718,522			15,302,700			106,192,473
Shares reacquired		(60,237,070	)		(449,764,150	)		(194,022,847	)		(1,334,548,452	)
Increase (decrease)		6,441,128		$	47,878,790			(3,793,206	)	$	(50,010,347	)

Class F3 Shares
Shares sold		22,873,362		$	171,882,627			220,124,645		$	1,438,379,222
Reinvestment of distributions		6,420,532			48,213,083			10,245,541			71,758,712
Shares reacquired		(195,382,749	)		(1,471,563,381	)		(34,989,634	)		(243,036,010	)
Increase (decrease)		(166,088,855	)	$	(1,251,467,671	)		195,380,552		$	1,267,101,924

Class I Shares
Shares sold		50,285,904		$	377,296,387			157,436,477		$	1,084,994,455
Reinvestment of distributions		5,251,592			39,430,528			10,770,107			75,364,640
Shares reacquired		(30,528,143	)		(228,750,947	)		(158,897,614	)		(1,108,508,456	)
Increase		25,009,353		$	187,975,968			9,308,970		$	51,850,639

494

Notes to Financial Statements (unaudited)(continued)

High Yield Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class P Shares	Shares			Amount			Shares			Amount
Shares sold		215		$	1,639			2,285		$	17,112
Reinvestment of distributions		149			1,127			411			2,878
Shares reacquired		(2,034	)		(15,315	)		(2,192	)		(15,016	)
Increase (decrease)		(1,670	)	$	(12,549	)		504		$	4,974

Class R2 Shares
Shares sold		214,528		$	1,612,707			358,789		$	2,534,757
Reinvestment of distributions		16,432			123,555			55,034			383,282
Shares reacquired		(344,457	)		(2,586,452	)		(1,028,810	)		(7,203,411	)
Decrease		(113,497	)	$	(850,190	)		(614,987	)	$	(4,285,372	)

Class R3 Shares
Shares sold		1,502,198		$	11,285,587			4,311,006		$	30,022,516
Reinvestment of distributions		334,243			2,512,225			829,252			5,789,251
Shares reacquired		(2,640,176	)		(19,822,112	)		(5,372,182	)		(37,154,910	)
Decrease		(803,735	)	$	(6,024,300	)		(231,924	)	$	(1,343,143	)

Class R4 Shares
Shares sold		2,739,827		$	20,471,153			8,174,919		$	56,282,195
Reinvestment of distributions		267,537			2,000,043			684,442			4,748,489
Shares reacquired		(4,381,950	)		(32,733,422	)		(8,217,195	)		(57,188,882	)
Increase (decrease)		(1,374,586	)	$	(10,262,226	)		642,166		$	3,841,802

Class R5 Shares
Shares sold		3,388,608		$	25,474,068			6,928,944		$	46,782,369
Reinvestment of distributions		789,523			5,926,647			2,078,497			14,509,468
Shares reacquired		(5,338,734	)		(39,849,349	)		(13,208,442	)		(92,713,565	)
Decrease		(1,160,603	)	$	(8,448,634	)		(4,201,001	)	$	(31,421,728	)

Class R6 Shares
Shares sold		13,834,663		$	103,815,713			35,139,885		$	243,503,854
Reinvestment of distributions		2,041,342			15,337,552			4,531,498			31,621,748
Shares reacquired		(15,556,033	)		(116,811,951	)		(35,825,195	)		(253,644,167	)
Increase		319,972		$	2,341,314			3,846,188		$	21,481,435

Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		41,881,161		$	125,129,459			94,665,949		$	274,630,661
Converted from Class C*		3,284,359			9,812,296			17,404,978			51,097,060
Reinvestment of distributions		5,973,713			17,810,647			12,784,373			36,873,308
Shares reacquired		(39,774,176	)		(118,490,703	)		(79,232,188	)		(225,683,327	)
Increase		11,365,057		$	34,261,699			45,623,112		$	136,917,702

495

Notes to Financial Statements (unaudited)(continued)

Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		2,055,998		$	6,180,901			9,692,001		$	28,135,423
Reinvestment of distributions		396,241			1,186,640			1,377,497			3,978,104
Shares reacquired		(4,635,772	)		(13,881,779	)		(13,569,091	)		(38,740,295	)
Converted to Class A*		(3,273,401	)		(9,812,296	)		(17,298,443	)		(51,097,060	)
Decrease		(5,456,934	)	$	(16,326,534	)		(19,798,036	)	$	(57,723,828	)

Class F Shares
Shares sold		30,350,369		$	90,667,731			104,873,324		$	300,332,169
Reinvestment of distributions		2,577,596			7,685,548			6,239,824			17,981,009
Shares reacquired		(39,454,565	)		(117,615,028	)		(125,024,088	)		(357,555,687	)
Decrease		(6,526,600	)	$	(19,261,749	)		(13,910,940	)	$	(39,242,509	)

Class F3 Shares
Shares sold		54,705,170		$	163,197,232			83,849,617		$	243,023,663
Reinvestment of distributions		4,345,608			12,952,906			8,698,355			25,086,698
Shares reacquired		(25,223,879	)		(75,147,501	)		(54,268,142	)		(154,189,022	)
Increase		33,826,899		$	101,002,637			38,279,830		$	113,921,339

Class I Shares
Shares sold		8,115,064		$	24,250,651			28,201,911		$	81,560,116
Reinvestment of distributions		789,836			2,356,110			1,974,151			5,686,608
Shares reacquired		(17,258,599	)		(51,080,876	)		(41,854,035	)		(117,243,499	)
Decrease		(8,353,699	)	$	(24,474,115	)		(11,677,973	)	$	(29,996,775	)

Class R2 Shares
Shares sold		94,300		$	286,196			515,209		$	1,512,832
Reinvestment of distributions		6,602			19,856			16,159			46,734
Shares reacquired		(231,681	)		(702,276	)		(399,415	)		(1,164,039	)
Increase (decrease)		(130,779	)	$	(396,224	)		131,953		$	395,527

Class R3 Shares
Shares sold		2,322,350		$	6,954,960			3,917,042		$	11,291,709
Reinvestment of distributions		251,463			752,254			621,746			1,797,240
Shares reacquired		(1,699,805	)		(5,098,260	)		(5,923,830	)		(16,878,142	)
Increase (decrease)		874,008		$	2,608,954			(1,385,042	)	$	(3,789,193	)

Class R4 Shares
Shares sold		359,411		$	1,074,294			1,378,203		$	3,996,869
Reinvestment of distributions		12,831			38,362			42,255			121,694
Shares reacquired		(1,805,454	)		(5,368,218	)		(1,535,123	)		(4,424,900	)
Decrease		(1,433,212	)	$	(4,255,562	)		(114,665	)	$	(306,337	)

Class R5 Shares
Shares sold		328,208		$	979,626			1,090,790		$	3,153,798
Reinvestment of distributions		10,576			31,585			24,336			70,078
Shares reacquired		(463,832	)		(1,380,580	)		(1,038,776	)		(2,920,424	)
Increase (decrease)		(125,048	)	$	(369,369	)		76,350		$	303,452

496

Notes to Financial Statements (unaudited)(continued)

Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R6 Shares	Shares			Amount			Shares			Amount
Shares sold		3,643,155		$	10,879,445			9,171,658		$	26,565,880
Reinvestment of distributions		162,046			483,063			375,892			1,083,213
Shares reacquired		(2,319,988	)		(6,920,313	)		(8,886,672	)		(25,406,211	)
Increase		1,485,213		$	4,442,195			660,878		$	2,242,882

Inflation Focused Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		17,966,287		$	215,924,841			2,228,292		$	24,006,488
Converted from Class C*		243,788			2,902,798			491,415			5,326,517
Reinvestment of distributions		186,563			2,236,712			288,878			3,128,420
Shares reacquired		(2,145,178	)		(25,540,481	)		(4,831,005	)		(51,794,060	)
Increase (decrease)		16,251,460		$	195,523,870			(1,822,420	)	$	(19,332,635	)

Class C Shares
Shares sold		2,147,265		$	25,886,089			380,822		$	4,120,498
Reinvestment of distributions		20,155			241,456			52,379			566,345
Shares reacquired		(171,792	)		(2,037,643	)		(929,430	)		(9,995,212	)
Converted to Class A*		(243,461	)		(2,902,798	)		(490,888	)		(5,326,517	)
Increase (decrease)		1,752,167		$	21,187,104			(987,117	)	$	(10,634,886	)

Class F Shares
Shares sold		61,820,809		$	746,378,459			11,254,145		$	123,470,413
Reinvestment of distributions		412,152			4,965,409			497,392			5,395,961
Shares reacquired		(4,128,268	)		(49,548,571	)		(20,635,565	)		(217,457,111	)
Increase (decrease)		58,104,693		$	701,795,297			(8,884,028	)	$	(88,590,737	)

Class F3 Shares
Shares sold		4,999,344		$	60,573,774			224,394		$	2,470,489
Reinvestment of distributions		25,879			311,735			31,700			343,124
Shares reacquired		(140,162	)		(1,670,427	)		(445,942	)		(4,760,598	)
Increase (decrease)		4,885,061		$	59,215,082			(189,848	)	$	(1,946,985	)

Class I Shares
Shares sold		29,137,914		$	351,890,575			10,756,754		$	118,435,989
Reinvestment of distributions		541,258			6,476,736			1,521,500			16,454,079
Shares reacquired		(2,496,840	)		(29,702,559	)		(40,212,471	)		(434,303,762	)
Increase (decrease)		27,182,332		$	328,664,752			(27,934,217	)	$	(299,413,694	)

Class R2 Shares
Shares sold		82		$	994			17,751		$	194,417
Reinvestment of distributions		31			365			77			848
Shares reacquired		(12,391	)		(143,269	)		(7,702	)		(85,672	)
Increase (decrease)		(12,278	)	$	(141,910	)		10,126		$	109,593

497

Notes to Financial Statements (unaudited)(continued)

Inflation Focused Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		3,483		$	40,790			12,733		$	128,636
Reinvestment of distributions		304			3,624			560			6,078
Shares reacquired		(118	)		(1,403	)		(2,676	)		(29,554	)
Increase		3,669		$	43,011			10,617		$	105,160

Class R4 Shares
Shares sold		37,694		$	451,967			67,463		$	724,428
Reinvestment of distributions		1,119			13,347			2,688			29,084
Shares reacquired		(22,085	)		(265,777	)		(202,234	)		(2,241,111	)
Increase (decrease)		16,728		$	199,537			(132,083	)	$	(1,487,599	)

Class R5 Shares
Shares sold		4,711		$	56,510			10,530		$	112,984
Reinvestment of distributions		126			1,502			518			5,573
Shares reacquired		(2,630	)		(31,153	)		(25,852	)		(272,479	)
Increase (decrease)		2,207		$	26,859			(14,804	)	$	(153,922	)

Class R6 Shares
Shares sold		242,125		$	2,881,981			880,650		$	9,423,214
Reinvestment of distributions		15,154			180,761			103,221			1,109,251
Shares reacquired		(289,890	)		(3,472,153	)		(2,832,353	)		(30,979,215	)
Decrease		(32,611	)	$	(409,411	)		(1,848,482	)	$	(20,446,750	)

Short Duration Core Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,840,401		$	28,106,410			4,278,172		$	41,638,608
Converted from Class C*		3,336			33,077			14,889			146,807
Reinvestment of distributions		33,170			328,158			40,453			397,362
Shares reacquired		(1,735,344	)		(17,156,855	)		(1,908,246	)		(18,691,277	)
Increase		1,141,563		$	11,310,790			2,425,268		$	23,491,500

Class C Shares
Shares sold		113,001		$	1,117,699			307,268		$	3,017,646
Reinvestment of distributions		2,276			22,506			4,731			46,425
Shares reacquired		(81,161	)		(802,494	)		(85,254	)		(832,058	)
Converted to Class A*		(3,339	)		(33,077	)		(14,890	)		(146,807	)
Increase		30,777		$	304,634			211,855		$	2,085,206

Class F Shares
Shares sold		6,734,046		$	66,619,821			12,153,051		$	119,720,849
Reinvestment of distributions		84,460			834,878			118,766			1,166,295
Shares reacquired		(4,992,286	)		(49,349,114	)		(6,815,936	)		(66,583,974	)
Increase		1,826,220		$	18,105,585			5,455,881		$	54,303,170

498

Notes to Financial Statements (unaudited)(continued)

Short Duration Core Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		50,504		$	500,000			–		$	–
Reinvestment of distributions		385			3,799			469			4,634
Shares reacquired		–			–			(162,248	)		(1,602,664	)
Increase (decrease)		50,889		$	503,799			(161,779	)	$	(1,598,030	)

Class I Shares
Shares sold		1,741,022		$	17,190,453			563,251		$	5,526,071
Reinvestment of distributions		7,478			73,893			3,521			34,741
Shares reacquired		(139,627	)		(1,379,857	)		(305,748	)		(2,949,394	)
Increase		1,608,873		$	15,884,489			261,024		$	2,611,418

Class R2 Shares
Reinvestment of distributions		–		$	–			28		$	272
Shares reacquired		–			–			(2,698	)		(26,115	)
Decrease		–		$	–			(2,670	)	$	(25,843	)

Class R3 Shares
Shares sold		1,027		$	10,157			5,997		$	58,323
Reinvestment of distributions		34			341			165			1,615
Shares reacquired		(5,681	)		(56,176	)		(3,891	)		(38,421	)
Increase (decrease)		(4,620	)	$	(45,678	)		2,271		$	21,517

Class R4 Shares
Reinvestment of distributions		–			–			32			314
Shares reacquired		–			–			(1,486	)		(14,395	)
Decrease		–		$	–			(1,454	)	$	(14,081	)

Class R5 Shares
Reinvestment of distributions		–			–			35			343
Shares reacquired		–			–			(1,507	)		(14,593	)
Decrease		–		$	–			(1,472	)	$	(14,250	)

Class R6 Shares
Shares sold		1,649		$	16,308			68,192		$	668,359
Reinvestment of distributions		892			8,822			1,912			18,766
Shares reacquired		(4,940	)		(48,906	)		(176,244	)		(1,738,928	)
Decrease		(2,399	)	$	(23,776	)		(106,140	)	$	(1,051,803	)

Short Duration Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		531,357,258		$	2,237,624,937			1,158,120,409		$	4,821,271,180
Converted from Class C*		42,855,730			180,415,395			253,662,372			1,053,164,491
Reinvestment of distributions		33,177,854			139,623,632			74,377,463			308,555,392
Shares reacquired		(480,540,839	)		(2,023,446,605	)		(1,230,098,845	)		(5,070,939,033	)
Increase		126,850,003		$	534,217,359			256,061,399		$	1,112,052,030

499

Notes to Financial Statements (unaudited)(continued)

Short Duration Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		101,649,967		$	430,505,275			278,296,629		$	1,167,949,796
Reinvestment of distributions		7,428,466			31,472,064			22,484,326			93,778,077
Shares reacquired		(122,431,138	)		(518,528,380	)		(282,425,885	)		(1,173,740,029	)
Converted to Class A*		(42,606,697	)		(180,415,395	)		(251,881,670	)		(1,053,164,491	)
Decrease		(55,959,402	)	$	(236,966,436	)		(233,526,600	)	$	(965,176,647	)

Class F Shares
Shares sold		1,528,195,042		$	6,430,495,541			3,035,552,766		$	12,596,108,550
Reinvestment of distributions		60,812,376			255,918,533			136,436,045			565,509,706
Shares reacquired		(1,193,484,198	)		(5,021,878,851	)		(3,056,339,418	)		(12,567,323,766	)
Increase		395,523,220		$	1,664,535,223			115,649,393		$	594,294,490

Class F3 Shares
Shares sold		294,769,943		$	1,242,093,972			518,450,718		$	2,153,489,850
Reinvestment of distributions		13,190,814			55,620,689			30,927,038			128,407,325
Shares reacquired		(205,631,208	)		(866,311,596	)		(466,045,093	)		(1,930,278,874	)
Increase		102,329,549		$	431,403,065			83,332,663		$	351,618,301

Class I Shares
Shares sold		735,954,764		$	3,095,726,582			1,112,781,041		$	4,625,046,258
Reinvestment of distributions		29,988,956			126,203,373			66,276,022			274,745,146
Shares reacquired		(470,907,798	)		(1,980,736,895	)		(1,295,844,473	)		(5,305,745,470	)
Increase (decrease)		295,035,922		$	1,241,193,060			(116,787,410	)	$	(405,954,066	)

Class R2 Shares
Shares sold		321,104		$	1,353,503			1,787,709		$	7,404,215
Reinvestment of distributions		23,054			97,137			54,345			225,561
Shares reacquired		(972,598	)		(4,096,029	)		(2,811,655	)		(11,673,275	)
Decrease		(628,440	)	$	(2,645,389	)		(969,601	)	$	(4,043,499	)

Class R3 Shares
Shares sold		13,538,548		$	57,037,082			25,726,613		$	107,096,433
Reinvestment of distributions		1,017,829			4,290,099			2,350,858			9,754,764
Shares reacquired		(10,649,175	)		(44,866,572	)		(23,657,432	)		(97,577,432	)
Increase		3,907,202		$	16,460,609			4,420,039		$	19,273,765

Class R4 Shares
Shares sold		7,829,421		$	33,025,508			20,681,949		$	85,934,046
Reinvestment of distributions		341,470			1,440,453			820,825			3,409,155
Shares reacquired		(9,813,573	)		(41,396,077	)		(16,943,506	)		(70,145,375	)
Increase (decrease)		(1,642,682	)	$	(6,930,116	)		4,559,268		$	19,197,826

Class R5 Shares
Shares sold		3,674,189		$	15,440,010			12,178,982		$	50,679,769
Reinvestment of distributions		195,558			821,981			536,223			2,217,971
Shares reacquired		(4,824,493	)		(20,276,017	)		(12,757,332	)		(52,507,315	)
Increase (decrease)		(954,746	)	$	(4,014,026	)		(42,127	)	$	390,425

500

Notes to Financial Statements (unaudited)(continued)

Short Duration Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R6 Shares	Shares			Amount			Shares			Amount
Shares sold		55,919,716		$	235,328,450			98,338,489		$	408,380,234
Reinvestment of distributions		2,729,413			11,486,178			6,061,400			25,119,018
Shares reacquired		(35,725,009	)		(150,331,762	)		(94,331,056	)		(389,181,294	)
Increase		22,924,120		$	96,482,866			10,068,833		$	44,317,958

Total Return Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,357,741		$	110,089,098			28,211,327		$	300,688,840
Converted from Class C*		212,943			2,251,520			3,274,694			35,373,753
Reinvestment of distributions		3,688,664			39,313,621			2,819,877			30,060,626
Shares reacquired		(13,411,751	)		(142,217,655	)		(26,071,310	)		(276,263,441	)
Increase		847,597		$	9,436,584			8,234,588		$	89,859,778

Class C Shares
Shares sold		333,104		$	3,556,553			2,252,352		$	23,850,525
Reinvestment of distributions		194,162			2,071,279			160,883			1,710,386
Shares reacquired		(1,362,751	)		(14,436,088	)		(2,624,010	)		(27,745,914	)
Converted to Class A*		(213,145	)		(2,251,520	)		(3,277,729	)		(35,373,753	)
Decrease		(1,048,630	)	$	(11,059,776	)		(3,488,504	)	$	(37,558,756	)

Class F Shares
Shares sold		13,764,210		$	146,034,405			28,696,766		$	305,441,219
Reinvestment of distributions		2,658,865			28,330,877			2,119,074			22,584,710
Shares reacquired		(13,070,045	)		(138,633,689	)		(29,533,218	)		(312,506,883	)
Increase		3,353,030		$	35,731,593			1,282,622		$	15,519,046

Class F3 Shares
Shares sold		12,616,051		$	133,851,682			20,120,531		$	214,622,773
Reinvestment of distributions		2,379,128			25,362,382			1,849,422			19,725,545
Shares reacquired		(7,540,530	)		(79,877,229	)		(14,350,744	)		(151,748,323	)
Increase		7,454,649		$	79,336,835			7,619,209		$	82,599,995

Class I Shares
Shares sold		6,238,386		$	66,433,857			12,298,971		$	130,473,419
Reinvestment of distributions		1,153,413			12,313,607			985,523			10,523,779
Shares reacquired		(7,891,464	)		(83,684,183	)		(13,951,056	)		(147,609,560	)
Decrease		(499,665	)	$	(4,936,719	)		(666,562	)	$	(6,612,362	)

Class P Shares
Shares sold		2,684		$	28,577			20,212		$	212,341
Reinvestment of distributions		1,799			19,278			1,258			13,484
Shares reacquired		(4,064	)		(43,469	)		(11,409	)		(122,055	)
Increase		419		$	4,386			10,061		$	103,770

501

Notes to Financial Statements (unaudited)(continued)

Total Return Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		31,912		$	339,194			86,611		$	913,334
Reinvestment of distributions		4,593			48,982			3,626			38,620
Shares reacquired		(62,841	)		(667,474	)		(187,685	)		(1,980,901	)
Decrease		(26,336	)	$	(279,298	)		(97,448	)	$	(1,028,947	)

Class R3 Shares
Shares sold		795,033		$	8,465,965			3,441,825		$	36,808,856
Reinvestment of distributions		216,127			2,306,089			184,847			1,968,436
Shares reacquired		(3,346,183	)		(35,675,290	)		(4,728,184	)		(50,222,928	)
Decrease		(2,335,023	)	$	(24,903,236	)		(1,101,512	)	$	(11,445,636	)

Class R4 Shares
Shares sold		1,218,443		$	12,958,606			3,415,933		$	36,251,462
Reinvestment of distributions		82,867			883,397			68,472			729,102
Shares reacquired		(2,046,148	)		(21,576,640	)		(4,466,657	)		(47,272,837	)
Decrease		(744,838	)	$	(7,734,637	)		(982,252	)	$	(10,292,273	)

Class R5 Shares
Shares sold		991,367		$	10,564,904			2,854,410		$	30,264,005
Reinvestment of distributions		284,609			3,036,880			272,420			2,902,389
Shares reacquired		(3,067,817	)		(32,692,605	)		(5,225,045	)		(55,213,141	)
Decrease		(1,791,841	)	$	(19,090,821	)		(2,098,215	)	$	(22,046,747	)

Class R6 Shares
Shares sold		4,033,538		$	42,933,271			14,406,152		$	152,255,046
Reinvestment of distributions		815,490			8,696,361			859,492			9,159,777
Shares reacquired		(6,272,402	)		(66,606,141	)		(22,972,530	)		(243,653,902	)
Decrease		(1,423,374	)	$	(14,976,509	)		(7,706,886	)	$	(82,239,079	)

Ultra Short Bond Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		341,760,958		$	3,430,026,410			1,170,775,799		$	11,728,084,997
Reinvestment of distributions		1,939,849			19,466,004			13,857,706			138,526,354
Shares reacquired		(482,587,821	)		(4,842,942,257	)		(1,149,768,490	)		(11,471,918,155	)
Increase (decrease)		(138,887,014	)	$	(1,393,449,843	)		34,865,015		$	394,693,196

Class A1 Shares
Shares sold		191,074		$	1,918,011			2,357,324		$	23,644,104
Reinvestment of distributions		2,090			20,981			8,115			81,206
Shares reacquired		(601,392	)		(6,035,255	)		(718,248	)		(7,195,066	)
Increase (decrease)		(408,228	)	$	(4,096,263	)		1,647,191		$	16,530,244

502

Notes to Financial Statements (unaudited)(concluded)

Ultra Short Bond Fund				Six Months Ended May 31, 2021 (unaudited		)				Year Ended November 30, 2020
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		218,352,049		$	2,191,502,163			803,904,504		$	8,044,780,233
Reinvestment of distributions		1,128,351			11,324,816			7,059,688			70,584,503
Shares reacquired		(346,849,048	)		(3,480,970,035	)		(754,923,557	)		(7,541,778,990	)
Increase (decrease)		(127,368,648	)	$	(1,278,143,056	)		56,040,635		$	573,585,746

Class F3 Shares
Shares sold		34,272,418		$	343,957,143			83,992,528		$	841,881,724
Reinvestment of distributions		98,808			991,628			319,051			3,190,700
Shares reacquired		(55,103,666	)		(553,050,198	)		(32,349,945	)		(323,530,736	)
Increase (decrease)		(20,732,440	)	$	(208,101,427	)		51,961,634		$	521,541,688

Class I Shares
Shares sold		53,164,390		$	533,474,666			114,257,562		$	1,142,913,440
Reinvestment of distributions		269,770			2,707,087			1,506,844			15,067,553
Shares reacquired		(55,348,755	)		(555,428,448	)		(170,310,302	)		(1,699,293,306	)
Decrease		(1,914,595	)	$	(19,246,695	)		(54,545,896	)	$	(541,312,313	)

Class R5 Shares
Shares sold		553		$	5,550			644,235		$	6,410,557
Reinvestment of distributions		181			1,820			2,412			24,133
Shares reacquired		(6,188	)		(62,111	)		(705,042	)		(7,065,566	)
Decrease		(5,454	)	$	(54,741	)		(58,395	)	$	(630,876	)

Class R6 Shares
Shares sold		3,502,793		$	35,140,596			8,420,502		$	84,461,803
Reinvestment of distributions		17,643			177,075			57,022			570,092
Shares reacquired		(1,401,955	)		(14,072,447	)		(3,157,554	)		(31,624,229	)
Increase		2,118,481		$	21,245,224			5,319,970		$	53,407,666

Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Prior to June 30, 2020, conversion occurred following the tenth anniversary of the day on which the purchase was accepted.

503

Approval of Advisory Contract

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of one or more appropriate benchmarks. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund, information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund (for each Fund other than Corporate Bond Fund, Income Fund, and Inflation Focused Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

504

Approval of Advisory Contract (continued)

investment performance was above the median of the performance peer group for the one-, three-five-, and ten-year periods. As to Core Fixed Income Fund, Floating Rate Fund, Income Fund, and Total Return Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board also observed that Core Fixed Income Fund outperformed its benchmark for the five- and ten-year periods. As to Core Plus Bond Fund, Corporate Bond Fund, and Short Duration Core Bond Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one- and three-year periods. As to Ultra Short Bond Fund, the Board observed that the Fund’s investment performance was above the median of the performance group for the one-year period and equal to the median for the three-year period. As to High Yield Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods, but above the median of the performance peer group for the ten-year period. As to Short Duration Income Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-, five-, and ten-year periods, but below the median of the performance peer group for the one-year period. As to Inflation Focused Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five-year periods. The Board also observed that the Fund outperformed its benchmarks for the ten-year period. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to Convertible Fund, the Board observed that although the net total expense ratio of the Fund was above the median of the expense peer group, the Fund’s next expense ratio was within two basis points of the median. As to each other Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, each Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement on behalf of each Fund.

505

Approval of Advisory Contract (continued)

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. With respect to each of Convertible Fund, Corporate Bond Fund, Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund, and Total Return Fund, the Board concluded that the contractual breakpoint(s) in the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to Ultra Short Bond Fund, the Board concluded that the existing management fee schedule, which had been reduced effective April 1, 2020, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

506

Approval of Advisory Contract (concluded)

Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

507

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

508

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Investment Trust

Lord Abbett Convertible Fund

Lord Abbett Core Fixed Income Fund

Lord Abbett Core Plus Bond Fund

Lord Abbett Corporate Bond Fund

Lord Abbett Floating Rate Fund

Lord Abbett High Yield Fund

Lord Abbett Income Fund

Lord Abbett Inflation Focused Fund

Lord Abbett Short Duration Core Bond Fund

Lord Abbett Short Duration Income Fund

Lord Abbett Total Return Fund

Lord Abbett Ultra Short Bond Fund

LAIT-3
(07/21)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Multi-Asset Balanced Opportunity Fund

Multi-Asset Income Fund

For the six-month period ended May 31, 2021

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Portfolio Allocation

		Schedules of Investments:

7		Multi-Asset Balanced Opportunity Fund

11		Multi-Asset Income Fund

16		Statements of Assets and Liabilities

18		Statements of Operations

19		Statements of Changes in Net Assets

22		Financial Highlights

30		Notes to Financial Statements

51		Supplemental Information to Shareholders

Lord Abbett Investment Trust

Lord Abbett Multi-Asset Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund
Semiannual Report

For the six-month period ended May 31, 2021

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

Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended May 31, 2021. For additional information about the Funds, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

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

Best regards,

Douglas B. Sieg

Trustee, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2020 through May 31, 2021).

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period 12/1/20 – 5/31/21” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Multi-Asset Balanced Opportunity Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†#

	12/1/20		5/31/21		12/1/20 - 5/31/21
Class A
Actual	$	1,000.00	$	1,129.20	$	2.60
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.49	$	2.47
Class C
Actual	$	1,000.00	$	1,125.40	$	6.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.24
Class F
Actual	$	1,000.00	$	1,130.00	$	1.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.24	$	1.72
Class F3
Actual	$	1,000.00	$	1,131.20	$	0.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.08	$	0.86
Class I
Actual	$	1,000.00	$	1,131.50	$	1.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.73	$	1.21
Class P
Actual	$	1,000.00	$	1,128.70	$	3.66
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.49	$	3.48
Class R2
Actual	$	1,000.00	$	1,127.90	$	4.46
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.74	$	4.23
Class R3
Actual	$	1,000.00	$	1,128.00	$	3.93
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.24	$	3.73
Class R4
Actual	$	1,000.00	$	1,129.20	$	2.60
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.49	$	2.47
Class R5
Actual	$	1,000.00	$	1,131.20	$	1.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.73	$	1.21
Class R6
Actual	$	1,000.00	$	1,131.30	$	0.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.08	$	0.86


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.49% for Class A, 1.24% for Class C, 0.34% for Class F, 0.17% for Class F3, 0.24% for Class I, 0.69% for Class P, 0.84% for Class R2, 0.74% for Class R3, 0.49% for Class R4, 0.24% for Class R5 and 0.17% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).
^#	Does not include expenses of the Underlying Funds in which Multi-Asset Balanced Opportunity Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

May 31, 2021

Underlying Fund Name	%*
Lord Abbett Investment Trust-Convertible Fund-Class I		1.53	%
Lord Abbett Investment Trust-Core Fixed Income Fund-Class I		1.95	%
Lord Abbett Securities Trust-Durable Growth Fund-Class I		4.00	%
Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I		4.69	%
Lord Abbett Investment Trust-Floating Rate Fund-Class I		2.11	%
Lord Abbett Securities Trust-Focused Large Cap Value Fund-Class I		23.85	%
Lord Abbett Securities Trust-Focused Small Cap Value Fund-Class I		2.17	%
Lord Abbett Securities Trust-Fundamental Equity Fund-Class I		4.87	%
Lord Abbett Securities Trust-Growth Leaders Fund-Class I		11.51	%
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I		4.46	%
Lord Abbett Investment Trust-High Yield Fund-Class I		16.17	%
Lord Abbett Investment Trust-Inflation Focused Fund-Class I		4.30	%
Lord Abbett Securities Trust-International Equity Fund-Class I		3.98	%
Lord Abbett Securities Trust-International Value Fund-Class I		8.46	%
Lord Abbett Mid Cap Stock Fund, Inc.-Class I		5.06	%
Lord Abbett Investment Trust-Short Duration Income Fund-Class I		0.49	%
Repurchase Agreements		0.40	%
Total		100.00	%


*	Represents percent of total investments.

Multi-Asset Income Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†#

	12/1/20		5/31/21		12/1/20 - 5/31/21
Class A
Actual	$	1,000.00	$	1,101.80	$	2.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class C
Actual	$	1,000.00	$	1,097.70	$	6.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.80	$	6.19
Class F
Actual	$	1,000.00	$	1,102.60	$	1.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.29	$	1.66
Class F3
Actual	$	1,000.00	$	1,103.70	$	0.94
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.03	$	0.91
Class I
Actual	$	1,000.00	$	1,103.20	$	1.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.78	$	1.16
Class R2
Actual	$	1,000.00	$	1,099.90	$	4.35
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.79	$	4.18
Class R3
Actual	$	1,000.00	$	1,100.40	$	3.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.29	$	3.68
Class R4
Actual	$	1,000.00	$	1,101.80	$	2.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.54	$	2.42
Class R5
Actual	$	1,000.00	$	1,103.80	$	1.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.78	$	1.16
Class R6
Actual	$	1,000.00	$	1,103.10	$	0.94
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.03	$	0.91


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.48% for Class A, 1.23% for Class C, 0.33% for Class F, 0.18% for Class F3, 0.23% for Class I, 0.83% for Class R2, 0.73% for Class R3, 0.48% for Class R4, 0.23% for Class R5 and 0.18% for Class R6) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).
^#	Does not include expenses of the Underlying Funds in which Multi-Asset Income Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

May 31, 2021

Underlying Fund Name	%*
Lord Abbett Investment Trust-Convertible Fund-Class I		0.94	%
Lord Abbett Investment Trust-Core Fixed Income Fund-Class I		11.20	%
Lord Abbett Securities Trust-Durable Growth Fund-Class I		2.90	%
Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I		4.97	%
Lord Abbett Investment Trust-Floating Rate Fund-Class I		3.22	%
Lord Abbett Securities Trust-Focused Large Cap Value Fund-Class I		16.38	%
Lord Abbett Securities Trust-Focused Small Cap Value Fund-Class I		1.24	%
Lord Abbett Securities Trust-Fundamental Equity Fund-Class I		3.54	%
Lord Abbett Securities Trust-Growth Leaders Fund-Class I		8.03	%
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I		2.59	%
Lord Abbett Investment Trust-High Yield Fund-Class I		17.48	%
Lord Abbett Investment Trust-Inflation Focused Fund-Class I		6.63	%
Lord Abbett Municipal Income Fund-Intermediate Tax-Free Fund-Class I		4.00	%
Lord Abbett Securities Trust-International Equity Fund-Class I		4.25	%
Lord Abbett Securities Trust-International Value Fund-Class I		7.52	%
Lord Abbett Mid Cap Stock Fund, Inc.-Class I		3.53	%
Lord Abbett Investment Trust-Short Duration Income Fund-Class I		1.14	%
Repurchase Agreements		0.44	%
Total		100.00	%


*	Represents percent of total investments.

Schedule of Investments (unaudited)

MULTI-ASSET BALANCED OPPORTUNITY FUND May 31, 2021

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.16%
Lord Abbett Investment Trust-Convertible Fund-Class I^(c)		2,199,763	$	42,257
Lord Abbett Investment Trust-Core Fixed Income Fund-Class I^(d)		4,844,635		53,727
Lord Abbett Securities Trust-Durable Growth Fund-Class I^(e)		4,883,480		110,367
Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I^(f)		25,213,509		129,345
Lord Abbett Investment Trust-Floating Rate Fund-Class I^(g)		6,906,232		58,150
Lord Abbett Securities Trust-Focused Large Cap Value Fund-Class I^(h)		34,899,871		657,514
Lord Abbett Securities Trust-Focused Small Cap Value Fund-Class I^(h)		1,766,605		59,817
Lord Abbett Securities Trust-Fundamental Equity Fund-Class I⁽ⁱ⁾		9,428,124		134,256
Lord Abbett Securities Trust-Growth Leaders Fund-Class I^(e)*		6,918,450		317,142
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I^(e)*		3,550,720		122,890
Lord Abbett Investment Trust-High Yield Fund-Class I^(j)		59,014,767		445,562
Lord Abbett Investment Trust-Inflation Focused Fund-Class I^(k)		9,708,677		118,446
Lord Abbett Securities Trust-International Equity Fund-Class I^(h)		6,204,672		109,575
Lord Abbett Securities Trust-International Value Fund-Class I^(l)		27,537,346		233,241
Lord Abbett Mid Cap Stock Fund, Inc.-Class I^(m)		3,997,101		139,539
Lord Abbett Investment Trust-Short Duration Income Fund-Class I⁽ⁿ⁾		3,180,489		13,390
Total Investments in Underlying Funds (cost $2,252,658,686)				2,745,218

OPTIONS PURCHASED 0.00% (cost $380,225)				6

	Principal Amount (000)
SHORT-TERM INVESTMENTS 0.40%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $10,531,000 of U.S. Treasury Note at 2.125% due 07/31/2024; value: $11,191,168; proceeds: $10,971,649 (cost $10,971,649)		$10,972		10,972
Total Investments in Securities 99.56% (cost $2,264,010,560)				2,756,196
Other Assets in Excess of Liabilities^(o)0.44%				12,228
Net Assets 100.00%			$	2,768,424


*		Non-income producing security.
^(a)		Affiliated issuers (See Note 11).
^(b)		These investments offer daily redemptions.
^(c)		Fund investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return.
^(d)		Fund investment objective is to seek income and capital appreciation to produce a high total return.
^(e)		Fund investment objective is to seek capital appreciation.
^(f)		Fund investment objective is to seek high total return.
^(g)		Fund investment objective is to seek a high level of current income.


	See Notes to Financial Statements.	7

Schedule of Investments (unaudited)(continued)

MULTI-ASSET BALANCED OPPORTUNITY FUND May 31, 2021

^(h)		Fund investment objective is long-term capital appreciation.
⁽ⁱ⁾		Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.
^(j)		Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.
^(k)		Fund investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle and to seek current income.
^(l)		Fund investment objective is to seek a high level of total return.
^(m)		Fund investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
⁽ⁿ⁾		Fund investment objective is to seek a high level of income consistent with preservation of capital.
^(o)		Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on futures contracts, purchased options and swaps as follows:

OTC Options Purchased at May 31, 2021:

Description	Counterparty	Number of Contracts	Expiration Date	Exercise Price	Notional Amount	Value (000	)
EUR vs USD, Call	Barclays Bank	83,750,000	6/6/2021	$1.18	$83,750,000	$6

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced Index	Central Clearing party	Fund Pays (Quarterly)	Termination Date	Notional Amount	Notional Value	Payments Upfront⁽²⁾	Unrealized Depreciation⁽³⁾
Markit CDX. NA.EM.35⁽⁴⁾⁽⁵⁾	Bank of America	1.00%	6/20/2026	$27,940,000	$27,134,069	$915,236	$(109,305)


⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $109,305.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging market securities.

Centrally Cleared Interest Rate Swap Contracts at May 31, 2021:

Central Clearingparty	Periodic Payments to be Made By the Fund (Quarterly)	Periodic Payments to be Received By the Fund (Quarterly)	Termination Date	Notional Amount	Notional Value	Unrealized Appreciation
Credit Suisse⁽¹⁾	2.86%	12-Month USD Consumer Price Index	11/30/2025	$275,000,000	$275,572,200	$572,200


⁽¹⁾		Central clearinghouse: Chicago Mercantile Exchange (CME).


8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MULTI-ASSET BALANCED OPPORTUNITY FUND May 31, 2021

Open Total Return Swap Contracts at May 31, 2021:

Swap Counterparty	Referenced Index		Referenced Spread	Units	Position	Termination Date	Notional Amount			Notional Value			Unrealized Appreciation
JPMorgan	JPLAVLL	⁽¹⁾	3 Mo. EURIBOR + 0.00% + 2days	1,497,439	Long	3/14/2022	EUR	45,198,998		EUR	48,907,331			$	4,522,125
JPMorgan	NAVLJN	⁽²⁾	3 Mo. LIBOR + 0.00% + 2days	863,325	Long	3/17/2022	JPY	2,914,585,200		JPY	2,929,877,276				139,228
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.03% + 2days	4,840	Short	9/22/2021	$	(53,595,541	)	$	(52,521,984	)			1,073,557
JPMorgan	RU20VATR	⁽⁷⁾	3 Mo. LIBOR + 0.08% + 2days	3,328	Long	9/22/2021		53,596,874			54,847,645				1,250,771
Goldman Sachs	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.27% + 2days	26,122	Long	9/22/2021		53,599,998			57,251,372				3,651,374
JPMorgan	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.30% + 2days	38,705	Long	11/22/2021		83,749,221			84,829,430				1,080,209
Total Unrealized Appreciation on Open Total Return Swap Contracts														$	11,717,264

Swap Counterparty	Referenced Index		Referenced Spread	Units	Position	Termination Date	Notional Amount			Notional Value			Unrealized Depreciation
JPMorgan	JPLAVLS	⁽³⁾	3 Mo. EURIBOR + 0.10% + 2days	1,008,397	Short	3/14/2022	EUR	(45,405,193)		EUR	(48,443,553)			$	(3,705,128	)
JPMorgan	DLGAJN	⁽⁴⁾	3 Mo. LIBOR + 0.17% + 2days	4,960,510	Short	3/17/2022	JPY	(2,917,226,326)		JPY	(2,930,044,284)				(116,702	)
JPMorgan	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.28% + 2days	49,149	Long	11/15/2021	$	107,998,784		$	107,719,459				(279,325	)
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.06% + 2days	2,572	Short	11/15/2021		(26,994,195	)		(27,910,443	)			(916,248	)
JPMorgan	RU10GRTR	⁽⁶⁾	3 Mo. LIBOR + 0.23% + 2days	31,976	Short	11/15/2021		(81,001,923	)		(82,389,876	)			(1,387,953	)
Goldman Sachs	RU10GRTR	⁽⁶⁾	3 Mo. LIBOR + 0.23% + 2days	22,416	Short	9/22/2021		(53,600,834	)		(57,757,426	)			(4,156,592	)
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.05% + 2days	7,982	Short	11/22/2021		(83,749,299	)		(86,617,867	)			(2,868,568	)
Total Unrealized Depreciation on Open Total Return Swap Contracts														$	(13,430,516	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MULTI-ASSET BALANCED OPPORTUNITY FUND May 31, 2021

⁽¹⁾		EU Value Long Index.
⁽²⁾		MSCI Japan Value Total Return Index.
⁽³⁾		EU Value Short Index.
⁽⁴⁾		MSCI Japan Growth Gross Total Return.
⁽⁵⁾		Russell 1000 Value Total Return Index.
⁽⁶⁾		Russell 1000 Growth Total Return Index.
⁽⁷⁾		Russell 2000 Value Total Return.
⁽⁸⁾		Russell 2000 Growth Total Return Index.

EURIBOR	Euro Interbank Offered Rate.
LIBOR	London Interbank Offered Rate.

Open Futures Contracts at May 31, 2021:

Type		Expiration		Contracts		Position		Notional Amount				Notional Value			Unrealized Appreciation
U.S. 5-Year Treasury Note		September 2021		2,437		Short		$	(301,828,006	)		$	(301,826,259	)			$1,747

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
E-Mini NASDAQ 100	June 2021	687	Short	$	(183,164,032	)	$	(188,052,510	)		$	(4,888,478	)
E-Mini S&P 500 Index	June 2021	350	Short		(68,825,873	)		(73,542,000	)			(4,716,127	)
Nikkei 225	June 2021	211	Long		30,685,365			30,616,100				(69,265	)
Total Unrealized Depreciation on Open Futures Contracts											$	(9,673,870	)

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)			Level 2 (000)			Level 3 (000)		Total (000)
Investments in Underlying Funds	$	2,745,218		$	–		$	–	$	2,745,218
OTC Options Purchased		–			6			–		6
Short-Term Investments
Repurchase Agreements		–			10,972			–		10,972
Total	$	2,745,218		$	10,978		$	–	$	2,756,196

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(109	)		–		(109	)
Centrally Cleared Interest Rate Swaps Contracts
Assets		–			572			–		572
Liabilities		–			–			–		–
Futures Contracts
Assets		2			–			–		2
Liabilities		(9,674	)		–			–		(9,674	)
Total Return Swap Contracts
Assets		–			11,717			–		11,717
Liabilities		–			(13,431	)		–		(13,431	)
Total	$	(9,672	)	$	(1,251	)	$	–	$	(10,923	)

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3

10	See Notes to Financial Statements.

Schedule of Investments (unaudited)

MULTI-ASSET INCOME FUND May 31, 2021

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.01%
Lord Abbett Investment Trust-Convertible Fund-Class I^(c)		638,763	$	12,271
Lord Abbett Investment Trust-Core Fixed Income Fund-Class I^(d)		13,250,140		146,944
Lord Abbett Securities Trust-Durable Growth Fund-Class I^(e)		1,680,598		37,982
Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I^(f)		12,700,664		65,154
Lord Abbett Investment Trust-Floating Rate Fund-Class I^(g)		5,020,377		42,272
Lord Abbett Securities Trust-Focused Large Cap Value Fund-Class I^(h)		11,400,672		214,789
Lord Abbett Securities Trust-Focused Small Cap Value Fund-Class I^(h)		478,452		16,200
Lord Abbett Securities Trust-Fundamental Equity Fund-Class I⁽ⁱ⁾		3,258,463		46,400
Lord Abbett Securities Trust-Growth Leaders Fund-Class I^(e)*		2,297,780		105,330
Lord Abbett Research Fund, Inc.-Growth Opportunities Fund-Class I^(e)*		980,703		33,942
Lord Abbett Investment Trust-High Yield Fund-Class I^(j)		30,370,861		229,300
Lord Abbett Investment Trust-Inflation Focused Fund-Class I^(k)		7,126,600		86,945
Lord Abbett Municipal Income Fund, Inc.-Intermediate Tax-Free Fund-Class I^(l)		4,588,567		52,401
Lord Abbett Securities Trust-International Equity Fund-Class I^(h)		3,154,784		55,713
Lord Abbett Securities Trust-International Value Fund-Class I^(m)		11,649,293		98,670
Lord Abbett Mid Cap Stock Fund, Inc.-Class I⁽ⁿ⁾		1,327,135		46,330
Lord Abbett Investment Trust-Short Duration Income Fund-Class I^(o)		3,551,122		14,950
Total Investments in Underlying Funds (cost $1,127,153,983)				1,305,593

OPTIONS PURCHASED 0.00% (cost $187,275)				3

	Principal Amount (000)
SHORT-TERM INVESTMENTS 0.44%

REPURCHASE AGREEMENTS
Repurchase Agreement dated 5/28/2021, 0.00% due 6/1/2021 with Fixed Income Clearing Corp. collateralized by $5,759,600 of U.S. Treasury Note at 1.50% due 11/30/2024; value: $6,013,572; proceeds: $5,895,645 (cost $5,895,645)		$5,896		5,896
Total Investments in Securities 99.45% (cost $1,133,236,903)				1,311,492
Foreign Cash and Other Assets in Excess of Liabilities^(p)0.55%				7,187
Net Assets 100.00%			$	1,318,679

*		Non-income producing security.
^(a)		Affiliated issuers (See Note 11).
^(b)		These investments offer daily redemptions.
^(c)		Fund investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return.
^(d)		Fund investment objective is to seek income and capital appreciation to produce a high total return.
^(e)		Fund investment objective is to seek capital appreciation.
^(f)		Fund investment objective is to seek high total return.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MULTI-ASSET INCOME FUND May 31, 2021

^(g)		Fund investment objective is to seek a high level of current income.
^(h)		Fund investment objective is to seek long-term capital appreciation.
⁽ⁱ⁾		Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.
^(j)		Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.
^(k)		Fund investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle and to seek current income.
^(l)		Fund investment objective is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk.
^(m)		Fund investment objective is to seek a high level of total return.
⁽ⁿ⁾		Fund investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
^(o)		Fund investment objective is to seek a high level of income consistent with preservation of capital.
^(p)		Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on futures contracts, purchased options, written options and swaps as follows:

OTC Options Purchased at May 31, 2021:

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount

Value
(000

)

EUR vs USD, Call

Barclays Bank

41,250,000

6/22/2021

$1.18

$41,250,000

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at May 31, 2021⁽¹⁾:

Referenced
Index

Central
Clearing party

Fund Pays
(Quarterly)

Termination
Date

Notional
Amount

Notional
Value

Payments
Upfront⁽²⁾

Unrealized
Depreciation⁽³⁾

Markit CDX. NA.EM.35⁽⁴⁾⁽⁵⁾

Bank of America

1.00%

6/20/2026

$13,198,000

$12,817,303

$432,329

$(51,632

)

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $51,632.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging market securities.

Centrally Cleared Interest Rate Swap Contracts at May 31, 2021:

Central
Clearingparty

Periodic
Payments
to be Made
By the Fund
(Quarterly)

Periodic
Payments
to be Received
By the Fund
(Quarterly)

Termination
Date

Notional
Amount

Notional
Value

Unrealized
Appreciation

Credit Suisse⁽¹⁾

2.86%

12-Month USD
Consumer Price Index

11/30/2025

$135,000,000

$135,280,898

$280,898

⁽¹⁾

Central clearinghouse: Chicago Mercantile Exchange (CME).

12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MULTI-ASSET INCOME FUND May 31, 2021

Open Total Return Swap Contracts at May 31, 2021:

Swap Counterparty	Referenced Index		Referenced Spread	Units	Position	Termination Date	Notional Amount			Notional Value			Unrealized Appreciation
JPMorgan	JPLAVLL	⁽¹⁾	3 Mo. EURIBOR + 0.00% + 2days	748,720	Long	3/14/2022	EUR	22,599,514		EUR	24,453,682			$	2,261,064
JPMorgan	NAVLJN	⁽²⁾	3 Mo. LIBOR + 0.00% + 2days	431,663	Long	3/17/2022	JPY	1,457,294,288		JPY	1,464,940,335				69,614
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.03% + 2days	2,384	Short	9/22/2021	$	(26,399,126	)	$	(25,870,333	)			528,793
JPMorgan	RU20VATR	⁽⁷⁾	3 Mo. LIBOR + 0.08% + 2days	1,639	Long	9/22/2021		26,395,816			27,011,806				615,990
Goldman Sachs	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.27% + 2days	12,866	Long	9/22/2021		26,399,877			28,198,307				1,798,430
JPMorgan	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.30% + 2days	19,064	Long	11/22/2021		41,250,359			41,782,412				532,053
Total Unrealized Appreciation on Open Total Return Swap Contracts														$	5,805,944

Swap Counterparty	Referenced Index		Referenced Spread	Units	Position	Termination Date	Notional Amount			Notional Value			Unrealized Depreciation
JPMorgan	JPLAVLS	⁽³⁾	3 Mo. EURIBOR + 0.10% + 2days	504,199	Short	3/14/2022	EUR	(22,702,619)		EUR	(24,221,801	)		$	(1,852,566	)
JPMorgan	DLGAJN	⁽⁴⁾	3 Mo. LIBOR + 0.17% + 2days	2,480,255	Short	3/17/2022	JPY	(1,458,613,162)		JPY	(1,465,022,142	)			(58,351	)
JPMorgan	RU10VATR	⁽⁵⁾	3 Mo. LIBOR + 0.28% + 2days	23,665	Long	11/15/2021	$	52,000,879		$	51,866,385				(134,494	)
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.06% + 2days	1,239	Short	11/15/2021		(13,003,813	)		(13,445,194	)			(441,381	)
JPMorgan	RU10GRTR	⁽⁶⁾	3 Mo. LIBOR + 0.23% + 2days	15,395	Short	11/15/2021		(38,998,768	)		(39,667,004	)			(668,236	)
Goldman Sachs	RU10GRTR	⁽⁶⁾	3 Mo. LIBOR + 0.23% + 2days	11,040	Short	9/22/2021		(26,398,698	)		(28,445,842	)			(2,047,144	)
JPMorgan	RU20GRTR	⁽⁸⁾	3 Mo. LIBOR + 0.05% + 2days	3,932	Short	11/22/2021		(41,255,606	)		(42,668,687	)			(1,413,081	)
Total Unrealized Depreciation on Open Total Return Swap Contracts														$	(6,615,253	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MULTI-ASSET INCOME FUND May 31, 2021

⁽¹⁾		EU Value Long Index.
⁽²⁾		MSCI Japan Value Total Return Index.
⁽³⁾		EU Value Short Index.
⁽⁴⁾		MSCI Japan Growth Gross Total Return.
⁽⁵⁾		Russell 1000 Value Total Return Index.
⁽⁶⁾		Russell 1000 Growth Total Return Index.
⁽⁷⁾		Russell 2000 Value Total Return.
⁽⁸⁾		Russell 2000 Growth Total Return Index.

EURIBOR	Euro Interbank Offered Rate.
LIBOR	London Interbank Offered Rate.

Open Futures Contracts at May 31, 2021:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 5-Year Treasury Note	September 2021	1,160	Short	$	(143,668,645	)	$	(143,667,813	)			$832

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
E-Mini NASDAQ 100	June 2021	372	Short	$	(99,672,439	)	$	(101,827,560	)		$	(2,155,121	)
E-Mini S&P 500 Index	June 2021	165	Short		(32,446,483	)		(34,669,800	)			(2,223,317	)
Nikkei 225	June 2021	66	Long		9,598,266			9,576,600				(21,666	)
Total Unrealized Depreciation on Open Futures Contracts											$	(4,400,104	)

The following is a summary of the inputs used as of May 31, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)			Level 2 (000)			Level 3 (000)		Total (000)
Investments in Underlying Funds	$	1,305,593		$	–		$	–	$	1,305,593
OTC Options Purchased		–			3			–		3
Short-Term Investments
Repurchase Agreements		–			5,896			–		5,896
Total	$	1,305,593		$	5,899		$	–	$	1,311,492

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(52	)		–		(52	)
Centrally Cleared Interest Rate Swaps Contracts
Assets		–			281			–		281
Liabilities		–			–			–		–
Futures Contracts
Assets		1			–			–		1
Liabilities		(4,400	)		–			–		(4,400	)
Total Return Swap Contracts
Assets		–			5,806			–		5,806
Liabilities		–			(6,615	)		–		(6,615	)
Total	$	(4,399	)	$	(580	)	$	–	$	(4,979	)

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

14	See Notes to Financial Statements.

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Statements of Assets and Liabilities (unaudited)

May 31, 2021

	Multi-Asset Balanced Opportunity Fund		Multi-Asset Income Fund
ASSETS:
Investments in securities, at cost	$	11,351,874	$	6,082,920
Investments in Underlying Funds, at cost		2,252,658,686		1,127,153,983
Investments in securities, at value	$	10,977,847	$	5,898,698
Investments in Underlying Funds, at value		2,745,218,168		1,305,593,589
Deposits with brokers for futures collateral		13,799,387		7,509,487
Deposits with brokers for options and swaps collateral		4,441,053		1,721,762
Foreign cash, at value (cost $2,599 and $2,176, respectively)		2,576		2,122
Receivables:
Capital shares sold		6,584,117		5,452,201
Interest and dividends		2,973,511		1,897,285
From affiliates (See Note 3)		3		–
Total return swap, at fair value		11,717,264		5,805,944
Prepaid expenses and other assets		76,862		96,919
Total assets		2,795,790,788		1,333,978,007
LIABILITIES:
Payables:
Capital shares reacquired		5,220,002		2,876,570
Investments in Underlying Funds purchased		4,504,089		3,284,361
12b-1 distribution plan		589,995		388,794
To bank		484,657		217,635
Variation margin for futures contracts		399,166		239,991
Trustees’ fees		402,893		174,504
Management fee		233,843		110,993
Fund administration		93,537		44,399
Variation margin for centrally cleared credit default swap agreements		327,479		160,756
Total return swap, at fair value		13,430,516		6,615,253
Distributions payable		1,218,491		949,364
Accrued expenses and other liabilities		462,294		236,261
Total liabilities		27,366,962		15,298,881
Commitments and contingent liabilities
NET ASSETS	$	2,768,423,826	$	1,318,679,126
COMPOSITION OF NET ASSETS:
Paid-in capital	$	2,267,000,316	$	1,252,442,163
Total distributable earnings (loss)		501,423,510		66,236,963
Net Assets	$	2,768,423,826	$	1,318,679,126


16	See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

May 31, 2021

	Multi-Asset Balanced Opportunity Fund		Multi-Asset Income Fund

Net assets by class:
Class A Shares	$	2,314,298,848	$	842,587,364
Class C Shares	$	252,313,079	$	227,264,780
Class F Shares	$	79,693,735	$	182,565,028
Class F3 Shares	$	58,209	$	1,758,693
Class I Shares	$	42,480,109	$	39,173,682
Class P Shares	$	800,961		–
Class R2 Shares	$	645,900	$	138,948
Class R3 Shares	$	50,590,483	$	20,563,616
Class R4 Shares	$	15,194,499	$	3,402,185
Class R5 Shares	$	198,989	$	52,189
Class R6 Shares	$	12,149,014	$	1,172,641
Outstanding shares by class (unlimited number of authorized shares of beneficial interest)
Class A Shares		163,539,860		47,627,312
Class C Shares		17,961,326		12,635,775
Class F Shares		5,631,791		10,320,611
Class F3 Shares		4,101		99,832
Class I Shares		3,002,315		2,228,180
Class P Shares		56,891		–
Class R2 Shares		44,519		7,626
Class R3 Shares		3,581,887		1,162,285
Class R4 Shares		1,073,658		192,321
Class R5 Shares		14,037		2,967
Class R6 Shares		856,827		66,570
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$14.15		$17.69
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$14.48		$18.10
Class C Shares-Net asset value		$14.05		$17.99
Class F Shares-Net asset value		$14.15		$17.69
Class F3 Shares-Net asset value		$14.19		$17.62
Class I Shares-Net asset value		$14.15		$17.58
Class P Shares-Net asset value		$14.08		–
Class R2 Shares-Net asset value		$14.51		$18.22
Class R3 Shares-Net asset value		$14.12		$17.69
Class R4 Shares-Net asset value		$14.15		$17.69
Class R5 Shares-Net asset value		$14.18		$17.59
Class R6 Shares-Net asset value		$14.18		$17.62


	See Notes to Financial Statements.	17

Statements of Operations (unaudited)

For the Six Months Ended May 31, 2021

	Multi-Asset Balanced Opportunity Fund			Multi-Asset Income Fund
Investment income:
Dividends received from underlying Funds	$	22,475,491		$	13,118,797
Total investment income		22,475,491			13,118,797
Expenses:
Management fee		1,335,898			633,532
12b-1 distribution plan-Class A		2,777,200			989,200
12b-1 distribution plan-Class C		1,287,101			1,190,848
12b-1 distribution plan-Class F		37,421			87,148
12b-1 distribution plan-Class P		1,720			–
12b-1 distribution plan-Class R2		1,882			398
12b-1 distribution plan-Class R3		123,047			48,535
12b-1 distribution plan-Class R4		18,410			4,066
Shareholder servicing		1,124,669			429,742
Fund administration		534,359			253,413
Registration		92,030			78,420
Reports to shareholders		54,163			24,724
Trustees’ fees		49,778			25,497
Professional		28,286			18,777
Custody		14,975			10,703
Other		16,184			11,163
Gross expenses		7,497,123			3,806,166
Expense reductions (See Note 9)		(1,343	)		(639	)
Fees waived and expenses reimbursed (See Note 3)		(14,975	)		(10,703	)
Net expenses		7,480,805			3,794,824
Net investment income		14,994,686			9,323,973
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		33,283,508			15,371,700
Net realized gain (loss) on Investments in Underlying Funds		82,167,977			23,780,589
Net realized gain (loss) on Investments		(60,503,563	)		(25,542,200	)
Net realized gain (loss) on futures contracts		(3,318,542	)		(4,240,638	)
Net realized gain (loss) on forward foreign currency exchange contracts		(857	)		(857	)
Net realized gain (loss) on OTC written options		31,934,829			14,328,361
Net realized gain (loss) on swap contracts		26,780,016			13,306,438
Net realized gain (loss) on foreign currency related transactions		2,619			1,171
Net change in unrealized appreciation/depreciation in Underlying Funds		192,272,896			73,264,339
Net change in unrealized appreciation/depreciation on Investments		45,900,356			19,796,708
Net change in unrealized appreciation/depreciation on futures contracts		(14,310,144	)		(5,440,155	)
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		851			851
Net change in unrealized appreciation/depreciation on OTC written options		(25,746,802	)		(11,760,042	)
Net change in unrealized appreciation/depreciation on swap contracts		(2,322,882	)		(1,108,286	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		166,179			166,188
Net realized and unrealized gain (loss)		306,306,441			111,924,167
Net Increase in Net Assets Resulting From Operations	$	321,301,127		$	121,248,140


18	See Notes to Financial Statements.

Statements of Changes in Net Assets

	Multi-Asset Balanced Opportunity Fund
	For the Six Months Ended May 31, 2021				For the Year Ended
INCREASE/(DECREASE) IN NET ASSETS		(unaudited)			November 30, 2020
Operations:
Net investment income		$	14,994,686			$	40,156,580
Capital gain distributions received from Underlying Funds			33,283,508				86,475,454
Net realized gain (loss) on Investments in Underlying Funds			82,167,977				9,512,911
Net realized gain (loss) on Investments			(60,503,563	)			(7,235,778	)
Net realized gain (loss) on futures contracts, OTC written options, forward foreign currency exchange contracts, swaps and foreign currency related transactions			55,398,065				(17,124,748	)
Net change in unrealized appreciation/depreciation on Investments in Underlying Funds			192,272,896				261,894,039
Net change in unrealized appreciation/depreciation on Investments			45,900,356				(46,274,383	)
Net change in unrealized appreciation/depreciation on futures contracts, OTC written options, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(42,212,798	)			32,822,992
Net increase in net assets resulting from operations			321,301,127				360,227,067
Distributions to shareholders:
Class A			(102,093,126	)			(63,141,333	)
Class C			(11,487,113	)			(8,012,384	)
Class F			(3,476,632	)			(2,348,286	)
Class F3			(6,770	)			(1,809	)
Class I			(1,875,517	)			(1,063,213	)
Class P			(35,135	)			(18,781	)
Class R2			(27,382	)			(21,299	)
Class R3			(2,241,015	)			(1,464,731	)
Class R4			(674,234	)			(403,633	)
Class R5			(8,718	)			(8,941	)
Class R6			(532,258	)			(496,087	)
Total distributions to shareholders			(122,457,900	)			(76,980,497	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			144,745,152				183,969,392
Reinvestment of distributions			118,994,914				75,069,227
Cost of shares reacquired			(218,507,300	)			(514,582,678	)
Net increase (decrease) in net assets resulting from capital share transactions			45,232,766				(255,544,059	)
Net increase in net assets			244,075,993				27,702,511
NET ASSETS:
Beginning of period		$	2,524,347,833			$	2,496,645,322
End of period		$	2,768,423,826			$	2,524,347,833


	See Notes to Financial Statements.	19

Statements of Changes in Net Assets (concluded)

	Multi-Asset Income Fund
INCREASE/(DECREASE) IN NET ASSETS	For the Six Months Ended May 31, 2021 (unaudited)				For the Year Ended November 30, 2020
Operations:
Net investment income		$	9,323,973			$	24,100,213
Capital gain distributions received from Underlying Funds			15,371,700				31,334,183
Net realized gain (loss) on Investments in Underlying Funds			23,780,589				(193,068	)
Net realized gain (loss) on Investments			(25,542,200	)			(7,235,778	)
Net realized gain (loss) on futures contracts, OTC written options, forward foreign currency exchange contracts, swaps and foreign currency related transactions			23,394,475				(10,652,546	)
Net change in unrealized appreciation/depreciation on Investments in Underlying Funds			73,264,339				96,241,032
Net change in unrealized appreciation/depreciation on Investments			19,796,708				(19,980,930	)
Net change in unrealized appreciation/depreciation on futures contracts, OTC written options, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies			(18,141,444	)			13,970,647
Net increase in net assets resulting from operations			121,248,140				127,583,753
Distributions to shareholders:
Class A			(19,517,685	)			(16,082,638	)
Class C			(5,111,331	)			(4,729,009	)
Class F			(4,442,125	)			(4,568,847	)
Class F3			(54,602	)			(58,861	)
Class I			(980,645	)			(1,015,424	)
Class R2			(2,932	)			(2,452	)
Class R3			(463,221	)			(423,860	)
Class R4			(78,730	)			(62,614	)
Class R5			(1,294	)			(1,074	)
Class R6			(28,780	)			(54,611	)
Total distributions to shareholders			(30,681,345	)			(26,999,390	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			99,307,528				117,383,469
Reinvestment of distributions			28,424,196				25,100,919
Cost of shares reacquired			(112,038,613	)			(323,495,816	)
Net increase (decrease) in net assets resulting from capital share transactions			15,693,111				(181,011,428	)
Net increase (decrease) in net assets			106,259,906				(80,427,065	)
NET ASSETS:
Beginning of period		$	1,212,419,220			$	1,292,846,285
End of period		$	1,318,679,126			$	1,212,419,220


20	See Notes to Financial Statements.

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Financial Highlights

MULTI-ASSET BALANCED OPPORTUNITY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(b)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
5/31/2021^(d)	$	13.15	$	0.08	$	1.56		$	1.64		$	(0.37	)	$	(0.27	)	$	(0.64	)
11/30/2020		11.60		0.21		1.66			1.87			(0.18	)		(0.14	)		(0.32	)
11/30/2019		11.28		0.24		0.80			1.04			(0.38	)		(0.34	)		(0.72	)
11/30/2018		12.19		0.25		(0.50	)		(0.25	)		(0.42	)		(0.24	)		(0.66	)
11/30/2017		11.23		0.33		0.97			1.30			(0.34	)		–			(0.34	)
11/30/2016		11.29		0.35		0.42			0.77			(0.38	)		(0.45	)		(0.83	)
Class C
5/31/2021^(d)		13.06		0.03		1.56			1.59			(0.33	)		(0.27	)		(0.60	)
11/30/2020		11.53		0.12		1.65			1.77			(0.10	)		(0.14	)		(0.24	)
11/30/2019		11.22		0.16		0.79			0.95			(0.30	)		(0.34	)		(0.64	)
11/30/2018		12.12		0.16		(0.49	)		(0.33	)		(0.33	)		(0.24	)		(0.57	)
11/30/2017		11.16		0.24		0.97			1.21			(0.25	)		–			(0.25	)
11/30/2016		11.23		0.27		0.41			0.68			(0.30	)		(0.45	)		(0.75	)
Class F
5/31/2021^(d)		13.15		0.09		1.56			1.65			(0.38	)		(0.27	)		(0.65	)
11/30/2020		11.60		0.23		1.66			1.89			(0.20	)		(0.14	)		(0.34	)
11/30/2019		11.28		0.26		0.80			1.06			(0.40	)		(0.34	)		(0.74	)
11/30/2018		12.18		0.27		(0.49	)		(0.22	)		(0.44	)		(0.24	)		(0.68	)
11/30/2017		11.22		0.33		0.99			1.32			(0.36	)		–			(0.36	)
11/30/2016		11.28		0.36		0.42			0.78			(0.39	)		(0.45	)		(0.84	)
Class F3
5/31/2021^(d)		13.18		0.08		1.59			1.67			(0.39	)		(0.27	)		(0.66	)
11/30/2020		11.62		0.26		1.65			1.91			(0.21	)		(0.14	)		(0.35	)
11/30/2019		11.29		0.27		0.81			1.08			(0.41	)		(0.34	)		(0.75	)
11/30/2018		12.19		0.28		(0.49	)		(0.21	)		(0.45	)		(0.24	)		(0.69	)
4/4/2017 to 11/30/2017^(g)		11.62		0.21		0.56			0.77			(0.20	)		–			(0.20	)
Class I
5/31/2021^(d)		13.15		0.10		1.56			1.66			(0.39	)		(0.27	)		(0.66	)
11/30/2020		11.60		0.24		1.66			1.90			(0.21	)		(0.14	)		(0.35	)
11/30/2019		11.28		0.28		0.79			1.07			(0.41	)		(0.34	)		(0.75	)
11/30/2018		12.19		0.28		(0.50	)		(0.22	)		(0.45	)		(0.24	)		(0.69	)
11/30/2017		11.22		0.45		0.89			1.34			(0.37	)		–			(0.37	)
11/30/2016		11.29		0.40		0.38			0.78			(0.40	)		(0.45	)		(0.85	)
Class P
5/31/2021^(d)		13.08		0.07		1.56			1.63			(0.36	)		(0.27	)		(0.63	)
11/30/2020		11.55		0.19		1.64			1.83			(0.16	)		(0.14	)		(0.30	)
11/30/2019		11.23		0.21		0.81			1.02			(0.36	)		(0.34	)		(0.70	)
11/30/2018		12.14		0.22		(0.49	)		(0.27	)		(0.40	)		(0.24	)		(0.64	)
11/30/2017		11.18		0.31		0.97			1.28			(0.32	)		–			(0.32	)
11/30/2016		11.25		0.33		0.41			0.74			(0.36	)		(0.45	)		(0.81	)

22	See Notes to Financial Statements.

					Ratios to Average Net Assets:^(a)
Net asset value, end of period		Total return^(c) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	14.15		12.92	^(e)		0.49	^(f)		0.49	^(f)		1.19	^(f)	$	2,314,219		21	^(e)
	13.15		17.09			0.52			0.52			1.81			2,087,948		60
	11.60		10.19			0.52			0.52			2.15			1,974,100		25
	11.28		(2.18	)		0.51			0.51			2.12			1,214,155		31
	12.19		11.73			0.50			0.51			2.82			1,398,075		47
	11.23		7.38			0.37			0.51			3.26			1,431,255		25

	14.05		12.54	^(e)		1.24	^(f)		1.24	^(f)		0.45	^(f)		252,313		21	^(e)
	13.06		16.17			1.27			1.27			1.03			254,523		60
	11.53		9.35			1.27			1.27			1.41			337,420		25
	11.22		(2.85	)		1.26			1.26			1.35			223,823		31
	12.12		10.96			1.24			1.26			2.08			318,697		47
	11.16		6.53			1.12			1.26			2.52			360,065		25

	14.15		13.00	^(e)		0.34	^(f)		0.34	^(f)		1.33	^(f)		79,694		21	^(e)
	13.15		17.26			0.37			0.37			1.97			70,406		60
	11.60		10.35			0.37			0.37			2.31			73,256		25
	11.28		(1.95	)		0.36			0.36			2.27			46,998		31
	12.18		11.91			0.35			0.36			2.84			63,871		47
	11.22		7.54			0.22			0.36			3.43			57,153		25

	14.19		13.12	^(e)		0.17	^(f)		0.17	^(f)		1.08	^(f)		58		21	^(e)
	13.18		17.47			0.18			0.18			2.23			75		60
	11.62		10.56			0.19			0.19			2.40			47		25
	11.29		(1.83	)		0.22			0.22			2.38			10		31
	12.19		6.72	^(e)		0.21	^(f)		0.21	^(f)		2.68	^(f)		11		47

	14.15		13.15	^(e)		0.24	^(f)		0.24	^(f)		1.43	^(f)		42,480		21	^(e)
	13.15		17.29			0.27			0.27			2.08			37,220		60
	11.60		10.45			0.26			0.26			2.47			29,487		25
	11.28		(1.93	)		0.26			0.26			2.38			14,440		31
	12.19		12.10			0.24			0.26			3.81			17,835		47
	11.22		7.55			0.12			0.26			3.76			10,925		25

	14.08		12.87	^(e)		0.69	^(f)		0.69	^(f)		0.99	^(f)		801		21	^(e)
	13.08		16.86			0.72			0.72			1.61			725		60
	11.55		9.93			0.72			0.72			1.93			588		25
	11.23		(2.38	)		0.71			0.71			1.85			512		31
	12.14		11.56			0.70			0.71			2.65			664		47
	11.18		7.10			0.57			0.71			3.08			839		25

See Notes to Financial Statements.

Financial Highlights (concluded)

MULTI-ASSET BALANCED OPPORTUNITY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(b)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
5/31/2021^(d)	$	13.46	$	0.06	$	1.61		$	1.67		$	(0.35	)	$	(0.27	)	$	(0.62	)
11/30/2020		11.87		0.17		1.70			1.87			(0.14	)		(0.14	)		(0.28	)
11/30/2019		11.52		0.20		0.83			1.03			(0.34	)		(0.34	)		(0.68	)
11/30/2018		12.43		0.22		(0.51	)		(0.29	)		(0.38	)		(0.24	)		(0.62	)
11/30/2017		11.44		0.29		0.99			1.28			(0.29	)		–			(0.29	)
11/30/2016		11.49		0.31		0.42			0.73			(0.33	)		(0.45	)		(0.78	)
Class R3
5/31/2021^(d)		13.12		0.06		1.56			1.62			(0.35	)		(0.27	)		(0.62	)
11/30/2020		11.58		0.18		1.65			1.83			(0.15	)		(0.14	)		(0.29	)
11/30/2019		11.26		0.21		0.80			1.01			(0.35	)		(0.34	)		(0.69	)
11/30/2018		12.16		0.22		(0.49	)		(0.27	)		(0.39	)		(0.24	)		(0.63	)
11/30/2017		11.20		0.31		0.96			1.27			(0.31	)		–			(0.31	)
11/30/2016		11.27		0.33		0.40			0.73			(0.35	)		(0.45	)		(0.80	)
Class R4
5/31/2021^(d)		13.15		0.08		1.56			1.64			(0.37	)		(0.27	)		(0.64	)
11/30/2020		11.60		0.21		1.66			1.87			(0.18	)		(0.14	)		(0.32	)
11/30/2019		11.29		0.24		0.79			1.03			(0.38	)		(0.34	)		(0.72	)
11/30/2018		12.19		0.24		(0.48	)		(0.24	)		(0.42	)		(0.24	)		(0.66	)
11/30/2017		11.23		0.32		0.98			1.30			(0.34	)		–			(0.34	)
11/30/2016		11.29		0.36		0.41			0.77			(0.38	)		(0.45	)		(0.83	)
Class R5
5/31/2021^(d)		13.17		0.10		1.57			1.67			(0.39	)		(0.27	)		(0.66	)
11/30/2020		11.62		0.20		1.70			1.90			(0.21	)		(0.14	)		(0.35	)
11/30/2019		11.30		0.27		0.80			1.07			(0.41	)		(0.34	)		(0.75	)
11/30/2018		12.20		0.29		(0.50	)		(0.21	)		(0.45	)		(0.24	)		(0.69	)
11/30/2017		11.24		0.33		1.00			1.33			(0.37	)		–			(0.37	)
11/30/2016		11.29		0.24		0.56			0.80			(0.40	)		(0.45	)		(0.85	)
Class R6
5/31/2021^(d)		13.17		0.10		1.57			1.67			(0.39	)		(0.27	)		(0.66	)
11/30/2020		11.61		0.24		1.67			1.91			(0.21	)		(0.14	)		(0.35	)
11/30/2019		11.29		0.30		0.77			1.07			(0.41	)		(0.34	)		(0.75	)
11/30/2018		12.19		0.24		(0.45	)		(0.21	)		(0.45	)		(0.24	)		(0.69	)
11/30/2017		11.22		0.33		1.01			1.34			(0.37	)		–			(0.37	)
11/30/2016		11.29		0.39		0.40			0.79			(0.41	)		(0.45	)		(0.86	)

^(a)		Does not include expenses of the Underlying Funds in which the Fund invests.
^(b)		Calculated using average shares outstanding during the period.
^(c)		Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(d)		Unaudited.
^(e)		Not annualized.
^(f)		Annualized.
^(g)		Commenced on April 4, 2017.

24	See Notes to Financial Statements.

					Ratios to Average Net Assets:^(a)
Net asset value, end of period		Total return^(c) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	14.51		12.79	^(e)		0.84	^(f)		0.84	^(f)		0.84	^(f)	$	646		21	^(e)
	13.46		16.58			0.87			0.87			1.44			594		60
	11.87		9.85			0.87			0.87			1.77			837		25
	11.52		(2.49	)		0.86			0.86			1.83			360		31
	12.43		11.37			0.85			0.86			2.44			465		47
	11.44		6.93			0.73			0.87			2.86			660		25

	14.12		12.80	^(e)		0.74	^(f)		0.74	^(f)		0.94	^(f)		50,590		21	^(e)
	13.12		16.74			0.77			0.77			1.56			48,308		60
	11.58		9.94			0.76			0.76			1.91			52,554		25
	11.26		(2.34	)		0.76			0.76			1.84			27,258		31
	12.16		11.49			0.73			0.74			2.63			33,772		47
	11.20		7.05			0.61			0.75			3.04			41,447		25

	14.15		12.92	^(e)		0.49	^(f)		0.49	^(f)		1.19	^(f)		15,194		21	^(e)
	13.15		17.09			0.52			0.52			1.79			13,893		60
	11.60		10.19			0.52			0.52			2.12			12,167		25
	11.29		(2.17	)		0.51			0.51			2.07			4,971		31
	12.19		11.77			0.49			0.49			2.73			2,474		47
	11.23		7.39			0.37			0.51			3.32			82		25

	14.18		13.12	^(e)		0.24	^(f)		0.24	^(f)		1.43	^(f)		199		21	^(e)
	13.17		17.34			0.28			0.28			1.79			178		60
	11.62		10.44			0.27			0.27			2.38			204		25
	11.30		(1.85	)		0.26			0.26			2.45			121		31
	12.20		11.99			0.24			0.25			2.77			102		47
	11.24		7.69			0.13			0.27			2.27			12		25

	14.18		13.13	^(e)		0.17	^(f)		0.17	^(f)		1.50	^(f)		12,149		21	^(e)
	13.17		17.48			0.19			0.19			2.13			10,480		60
	11.61		10.47			0.19			0.19			2.61			15,985		25
	11.29		(1.83	)		0.18			0.18			2.01			5,451		31
	12.19		12.13			0.18			0.18			2.77			5,587		47
	11.22		7.58			0.12			0.17			3.54			28		25

See Notes to Financial Statements.

Financial Highlights

MULTI-ASSET INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(b)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
5/31/2021^(d)	$	16.47	$	0.14	$	1.51		$	1.65		$	(0.43	)	$	–		$	(0.43	)
11/30/2020		15.02		0.33		1.43			1.76			(0.31	)		–			(0.31	)
11/30/2019		14.34		0.40		0.78			1.18			(0.50	)		–			(0.50	)
11/30/2018		15.08		0.36		(0.62	)		(0.26	)		(0.48	)		–			(0.48	)
11/30/2017		14.14		0.48		0.93			1.41			(0.47	)		–			(0.47	)
11/30/2016		14.24		0.56		0.25			0.81			(0.55	)		(0.36	)		(0.91	)
Class C
5/31/2021^(d)		16.74		0.07		1.54			1.61			(0.36	)		–			(0.36	)
11/30/2020		15.25		0.22		1.47			1.69			(0.20	)		–			(0.20	)
11/30/2019		14.55		0.30		0.79			1.09			(0.39	)		–			(0.39	)
11/30/2018		15.29		0.26		(0.63	)		(0.37	)		(0.37	)		–			(0.37	)
11/30/2017		14.34		0.38		0.93			1.31			(0.36	)		–			(0.36	)
11/30/2016		14.42		0.47		0.26			0.73			(0.45	)		(0.36	)		(0.81	)
Class F
5/31/2021^(d)		16.47		0.15		1.51			1.66			(0.44	)		–			(0.44	)
11/30/2020		15.02		0.35		1.43			1.78			(0.33	)		–			(0.33	)
11/30/2019		14.34		0.42		0.78			1.20			(0.52	)		–			(0.52	)
11/30/2018		15.08		0.38		(0.62	)		(0.24	)		(0.50	)		–			(0.50	)
11/30/2017		14.14		0.50		0.93			1.43			(0.49	)		–			(0.49	)
11/30/2016		14.23		0.59		0.25			0.84			(0.57	)		(0.36	)		(0.93	)
Class F3
5/31/2021^(d)		16.40		0.16		1.51			1.67			(0.45	)		–			(0.45	)
11/30/2020		14.95		0.39		1.40			1.79			(0.34	)		–			(0.34	)
11/30/2019		14.27		0.44		0.78			1.22			(0.54	)		–			(0.54	)
11/30/2018		15.00		0.40		(0.61	)		(0.21	)		(0.52	)		–			(0.52	)
4/4/2017 to 11/30/2017^(g)		14.42		0.29		0.56			0.85			(0.27	)		–			(0.27	)
Class I
5/31/2021^(d)		16.37		0.16		1.50			1.66			(0.45	)		–			(0.45	)
11/30/2020		14.93		0.36		1.42			1.78			(0.34	)		–			(0.34	)
11/30/2019		14.26		0.44		0.77			1.21			(0.54	)		–			(0.54	)
11/30/2018		14.99		0.40		(0.61	)		(0.21	)		(0.52	)		–			(0.52	)
11/30/2017		14.07		0.54		0.89			1.43			(0.51	)		–			(0.51	)
11/30/2016		14.17		0.59		0.26			0.85			(0.59	)		(0.36	)		(0.95	)
Class R2
5/31/2021^(d)		16.95		0.11		1.56			1.67			(0.40	)		–			(0.40	)
11/30/2020		15.44		0.29		1.47			1.76			(0.25	)		–			(0.25	)
11/30/2019		14.73		0.35		0.81			1.16			(0.45	)		–			(0.45	)
11/30/2018		15.47		0.32		(0.63	)		(0.31	)		(0.43	)		–			(0.43	)
11/30/2017		14.50		0.45		0.94			1.39			(0.42	)		–			(0.42	)
11/30/2016		14.57		0.55		0.24			0.79			(0.50	)		(0.36	)		(0.86	)

26	See Notes to Financial Statements.

					Ratios to Average Net Assets:^(a)
Net asset value, end of period		Total return^(c) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	17.69		10.18	^(e)		0.48	^(f)		0.48	^(f)		1.58	^(f)	$	842,587		18	^(e)
	16.47		12.33			0.50			0.50			2.19			745,462		75
	15.02		8.50			0.50			0.50			2.74			678,178		27
	14.34		(1.79	)		0.50			0.50			2.43			716,679		41
	15.08		10.15			0.48			0.49			3.30			799,727		55
	14.14		6.09			0.37			0.49			4.11			849,321		26

	17.99		9.77	^(e)		1.23	^(f)		1.23	^(f)		0.85	^(f)		227,265		18	^(e)
	16.74		11.46			1.25			1.25			1.44			240,404		75
	15.25		7.70			1.25			1.25			2.00			340,786		27
	14.55		(2.51	)		1.25			1.25			1.69			410,332		41
	15.29		9.25			1.23			1.24			2.57			518,727		55
	14.34		5.36			1.12			1.24			3.37			594,759		26

	17.69		10.26	^(e)		0.33	^(f)		0.33	^(f)		1.73	^(f)		182,565		18	^(e)
	16.47		12.49			0.35			0.35			2.35			165,707		75
	15.02		8.66			0.35			0.35			2.91			200,060		27
	14.34		(1.64	)		0.35			0.35			2.57			227,804		41
	15.08		10.32			0.33			0.34			3.39			259,296		55
	14.14		6.32			0.22			0.34			4.31			279,182		26

	17.62		10.37	^(e)		0.18	^(f)		0.18	^(f)		1.91	^(f)		1,759		18	^(e)
	16.40		12.68			0.18			0.18			2.61			2,013		75
	14.95		8.83			0.19			0.19			3.01			3,527		27
	14.27		(1.47	)		0.18			0.18			2.70			4,077		41
	15.00		5.96	^(e)		0.18	^(f)		0.18	^(f)		2.99	^(f)		3,519		55

	17.58		10.32	^(e)		0.23	^(f)		0.23	^(f)		1.84	^(f)		39,174		18	^(e)
	16.37		12.61			0.25			0.25			2.45			35,613		75
	14.93		8.75			0.25			0.25			3.03			43,319		27
	14.26		(1.48	)		0.25			0.25			2.70			54,171		41
	14.99		10.34			0.22			0.23			3.70			56,927		55
	14.07		6.39			0.12			0.24			4.35			11,508		26

	18.22		9.99	^(e)		0.83	^(f)		0.83	^(f)		1.23	^(f)		139		18	^(e)
	16.95		11.97			0.85			0.85			1.87			124		75
	15.44		8.10			0.85			0.85			2.36			138		27
	14.73		(2.09	)		0.84			0.84			2.08			122		41
	15.47		9.70			0.83			0.84			3.02			118		55
	14.50		5.76			0.72			0.84			4.04			155		26

See Notes to Financial Statements.

Financial Highlights (concluded)

MULTI-ASSET INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(b)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
5/31/2021^(d)	$	16.47	$	0.11	$	1.52		$	1.63		$	(0.41	)	$	–		$	(0.41	)
11/30/2020		15.02		0.29		1.43			1.72			(0.27	)		–			(0.27	)
11/30/2019		14.34		0.35		0.80			1.15			(0.47	)		–			(0.47	)
11/30/2018		15.08		0.33		(0.63	)		(0.30	)		(0.44	)		–			(0.44	)
11/30/2017		14.14		0.44		0.94			1.38			(0.44	)		–			(0.44	)
11/30/2016		14.24		0.53		0.25			0.78			(0.52	)		(0.36	)		(0.88	)
Class R4
5/31/2021^(d)		16.47		0.13		1.52			1.65			(0.43	)		–			(0.43	)
11/30/2020		15.02		0.33		1.43			1.76			(0.31	)		–			(0.31	)
11/30/2019		14.34		0.38		0.80			1.18			(0.50	)		–			(0.50	)
11/30/2018		15.08		0.34		(0.60	)		(0.26	)		(0.48	)		–			(0.48	)
11/30/2017		14.15		0.40		1.01			1.41			(0.48	)		–			(0.48	)
11/30/2016		14.24		0.56		0.26			0.82			(0.55	)		(0.36	)		(0.91	)
Class R5
5/31/2021^(d)		16.38		0.16		1.50			1.66			(0.45	)		–			(0.45	)
11/30/2020		14.93		0.36		1.43			1.79			(0.34	)		–			(0.34	)
11/30/2019		14.26		0.42		0.79			1.21			(0.54	)		–			(0.54	)
11/30/2018		14.99		0.39		(0.60	)		(0.21	)		(0.52	)		–			(0.52	)
11/30/2017		14.07		0.48		0.95			1.43			(0.51	)		–			(0.51	)
11/30/2016		14.16		0.59		0.26			0.85			(0.58	)		(0.36	)		(0.94	)
Class R6
5/31/2021^(d)		16.40		0.16		1.51			1.67			(0.45	)		–			(0.45	)
11/30/2020		14.95		0.38		1.41			1.79			(0.34	)		–			(0.34	)
11/30/2019		14.27		0.44		0.78			1.22			(0.54	)		–			(0.54	)
11/30/2018		15.00		0.38		(0.59	)		(0.21	)		(0.52	)		–			(0.52	)
11/30/2017		14.06		0.44		1.01			1.45			(0.51	)		–			(0.51	)
11/30/2016		14.16		0.59		0.26			0.85			(0.59	)		(0.36	)		(0.95	)

^(a)		Does not include expenses of the Underlying Funds in which the Fund invests.
^(b)		Calculated using average shares outstanding during the period.
^(c)		Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(d)		Unaudited.
^(e)		Not annualized.
^(f)		Annualized.
^(g)		Commenced on April 4, 2017.

28	See Notes to Financial Statements.

					Ratios to Average Net Assets:^(a)
Net asset value, end of period		Total return^(c) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	17.69		10.04	^(e)		0.73	^(f)		0.73	^(f)		1.34	^(f)	$	20,564		18	^(e)
	16.47		12.04			0.75			0.75			1.94			19,031		75
	15.02		8.24			0.75			0.75			2.41			21,508		27
	14.34		(2.03	)		0.74			0.74			2.20			18,400		41
	15.08		9.88			0.73			0.74			3.03			19,564		55
	14.14		5.84			0.62			0.74			3.84			18,982		26

	17.69		10.18	^(e)		0.48	^(f)		0.48	^(f)		1.57	^(f)		3,402		18	^(e)
	16.47		12.33			0.50			0.50			2.18			2,988		75
	15.02		8.50			0.50			0.50			2.62			2,421		27
	14.34		(1.77	)		0.49			0.49			2.31			1,756		41
	15.08		10.11			0.48			0.48			2.74			569		55
	14.15		6.18			0.38			0.50			4.08			35		26

	17.59		10.38	^(e)		0.23	^(f)		0.23	^(f)		1.84	^(f)		52		18	^(e)
	16.38		12.61			0.24			0.24			2.42			47		75
	14.93		8.75			0.24			0.24			2.89			36		27
	14.26		(1.55	)		0.24			0.24			2.64			28		41
	14.99		10.41			0.22			0.23			3.28			23		55
	14.07		6.46			0.12			0.25			4.33			10		26

	17.62		10.31	^(e)		0.18	^(f)		0.18	^(f)		1.88	^(f)		1,173		18	^(e)
	16.40		12.68			0.18			0.18			2.55			1,030		75
	14.95		8.83			0.19			0.19			3.02			2,873		27
	14.27		(1.47	)		0.18			0.18			2.58			2,807		41
	15.00		10.50			0.18			0.18			2.99			1,119		55
	14.06		6.42			0.13			0.17			4.23			38		26

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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

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

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

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

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord Abbett, the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Notes to Financial Statements (unaudited)(continued)

	Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time. Exchange traded futures contracts are valued at the last sales price in the market in which they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps (“swaptions”) are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income and capital gain distributions are recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other on the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2017 through November 30, 2020. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

Notes to Financial Statements (unaudited)(continued)

(f)	Forward Foreign Currency Exchange Contracts–Each Fund may enter into forward foreign currency exchange contracts in order to reduce its exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on foreign currency exchange contracts in each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on foreign currency exchange contracts in each Fund’s Statement of Operations.

(g)	Futures Contracts–Each Fund may purchase and sell futures contracts to manage cash, to adjust exposure to the direction of interest rates or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain is recorded equal to the difference between the opening and closing value of the contract.

(h)	Credit Default Swaps–Each Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract.

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

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

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. For a credit default swap sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund.

Notes to Financial Statements (unaudited)(continued)

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

	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based.

(i)	Options–Each Fund may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

	When a Fund writes (sells) an option, an amount equal to the premium received by a Fund is recorded as a liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, a Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by a Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

	Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that a Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and Change in Unrealized gains and losses on purchased options are included in realized and change in unrealized gains and losses on investments.

(j)	Total Return Swaps–Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange

Notes to Financial Statements (unaudited)(continued)

	for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

(k)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

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

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of May 31, 2021 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

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

Notes to Financial Statements (unaudited)(continued)

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

For the six months ended May 31, 2021, the effective management fee, net of waivers, was based on each Fund’s average daily net assets at the following annualized rates:

		Net Effective Management Fee
Multi-Asset Balanced Opportunity Fund		.10%
Multi-Asset Income Fund		.10%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Funds’ average daily net assets. Lord Abbett voluntarily waived the following Funds’ administration fees during the six months ended May 31, 2021:

Fund		Fund Administration Fee
Multi-Asset Balanced Opportunity Fund		$14,975
Multi-Asset Income Fund		10,703

12b-1 Distribution Plan

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

Fees*	Class A	Class C	Class F⁽¹⁾	Class P	Class R2	Class R3	Class R4
Service	.25%	.25%	–	.25%	.25%	.25%	.25%
Distribution	–	.75%	.10%	.20%	.35%	.25%	–

*	The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
⁽¹⁾	The Class F Share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.

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

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended May 31, 2021:

	Distributor Commissions		Dealers’ Concessions
Multi-Asset Balanced Opportunity Fund		$125,944		$817,433
Multi-Asset Income Fund		52,480		339,663

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended May 31, 2021:

	Class A	Class C
Multi-Asset Balanced Opportunity Fund	$1,267	$5,857
Multi-Asset Income Fund	2,099	1,735

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended May 31, 2021 and fiscal year ended November 30, 2020 were as follows:

Multi-Asset Balanced Opportunity Fund
	Six Months Ended 5/31/2021 (unaudited)		Year Ended 11/30/2020
Distributions paid from:
Tax-exempt income	$	–	$	783,207
Ordinary income		70,787,470		45,820,935
Net long-term capital gains		51,670,430		30,376,355
Total distributions paid	$	122,457,900	$	76,980,497

Multi-Asset Income Fund
	Six Months Ended 5/31/2021 (unaudited)		Year Ended 11/30/2020
Distributions paid from:
Tax-exempt income	$	–	$	1,133,710
Ordinary income		30,681,345		25,865,680
Net long-term capital gains		–		–
Total distributions paid	$	30,681,345	$	26,999,390

As of May 31, 2021, the following fund had capital losses, which will carryforward indefinitely:

Multi-Asset Balanced Opportunity Fund		$	10,114,643
Multi-Asset Income Fund			103,242,597

As of May 31, 2021, the aggregate unrealized security gains and losses based on investments and other financial instruments if any, based on cost for U.S. federal income tax purposes were as follows:

Notes to Financial Statements (unaudited)(continued)

	Multi-Asset Balanced Opportunity Fund			Multi-Asset Income Fund
Tax cost	$	2,329,103,363		$	1,165,571,756
Gross unrealized gain		441,833,601			155,104,856
Gross unrealized loss		(25,663,429	)		(14,163,640	)
Net unrealized security gain	$	416,170,172		$	140,941,216

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2021 were as follows:

	Purchases		Sales
Multi-Asset Balanced Opportunity Fund	$	553,655,487	$	599,663,088
Multi-Asset Income Fund		221,498,427		223,273,225

There were no purchases or sales of U.S. Government securities for the six months ended May 31, 2021.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Funds entered into forward foreign currency exchange contracts for the six months ended May 31, 2021 (as described in note 2(f)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

The Funds entered into domestic and foreign equity index futures contracts for the six months ended May 31, 2021 (as described in note 2(g)) to manage cash and economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Funds entered into swaptions and options on indexes and foreign currencies for the six months ended May 31, 2021 (as described in note 2(i)) to obtain exposure to an issuer (the Reference Entity). The Funds’ use of swaptions and options involves the risk that Lord Abbett will not accurately predict expectations of market value of the Reference Entity, and the Funds’ returns could be reduced as a result. The Funds’ risk of loss from counterparty credit risk is the notional value of the contract.

The Funds entered into total return swaps on indexes and foreign currencies for the six months ended May 31, 2021 (as described in note 2(j)) to hedge credit risk. A Fund may enter into total

Notes to Financial Statements (unaudited)(continued)

return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. A Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, a Fund also may be required to pay an amount equal to that decline in value to their counterparty.

The Funds entered into credit default swaps for the six months ended May 31, 2021 (as described in note 2(h)) for investment purposes, to economically hedge credit risk or for speculative purposes. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statements of Operations. Each Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Funds since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of May 31, 2021, the Funds had the following derivatives at fair value, grouped into risk categories that illustrate the Funds use of derivative instruments:

Multi-Asset Balanced Opportunity Fund

Asset Derivatives

Foreign
Currency
Contracts

Interest
Rate
Contract

Equity
Contracts

Credit
Contracts

Centrally Cleared Interest Rate Swap Contracts⁽¹⁾

–

572,200

–

Futures Contracts⁽²⁾

–

1,747

–

Purchased Options⁽³⁾

–

6,198

–

Total Return Swap Contracts⁽⁴⁾

–

11,717,264

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

–

$109,305

Futures Contracts⁽²⁾

–

9,673,870

–

Total Return Swap Contracts⁽⁴⁾

–

13,430,516

–

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Income Fund

Asset Derivatives

Foreign
Currency
Contracts

Interest
Rate
Contract

Equity
Contracts

Credit
Contracts

Centrally Cleared Interest Rate Swap Contracts⁽¹⁾

–

280,898

–

Futures Contracts⁽²⁾

–

832

–

Purchased Options⁽³⁾

–

3,053

–

Total Return Swap Contracts⁽⁴⁾

–

5,805,944

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

–

$51,632

Futures Contracts⁽²⁾

–

4,400,104

–

Total Return Swap Contracts⁽⁴⁾

–

6,615,253

–

⁽¹⁾		Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
⁽²⁾		Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin reported is within the Statements of Assets and Liabilities.
⁽³⁾		Statements of Assets and Liabilities location: included in Investments in securities.
⁽⁴⁾		Statements of Assets and Liabilities location: Total return swap, at fair value.

Transactions in derivative investments for the period ended May 31, 2021 were as follow:

Multi-Asset Balanced Opportunity Fund

	Foreign Currency Contracts			Interest Rate Contract			Equity Contracts			Credit Contracts
Net Realized Gain (Loss)
Credit Default Swap Contracts⁽¹⁾		–			–			–		$	104,746
Forward Foreign Currency Exchange Contracts⁽²⁾	$	(857	)		–			–			–
Futures Contracts⁽³⁾		–		$	(9,721,237	)	$	6,402,695			–
Options Purchased⁽⁴⁾	$	(6,285,011	)		–		$	(54,218,551	)		–
Total Return Swap Contracts⁽¹⁾		–		$	31,281,585		$	(4,606,315	)		–
OTC Written Options⁽⁵⁾	$	4,000,038			–		$	27,934,791			–
Net Change in Unrealized Appreciation/Depreciation
Credit Default Swap Contracts⁽⁶⁾		–			–			–		$	(109,305	)
Futures Contracts⁽⁷⁾		–		$	(603,056	)	$	(13,707,088	)		–
Forward Foreign Currency Exchange Contracts⁽⁸⁾	$	851			–			–			–
Interest Rate Swap Contracts⁽⁶⁾		–		$	572,201			–			–
Options Purchased⁽⁹⁾	$	5,264,307			–		$	40,636,049			–
Total Return Swap Contracts⁽⁶⁾	$	(11,965,865	)		–		$	9,180,087			–
OTC Written Options⁽¹⁰⁾	$	(3,992,359	)		–		$	(21,754,443	)		–

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Balanced Opportunity Fund

Foreign
Currency
Contracts

Interest
Rate
Contract

Equity
Contracts

Credit
Contracts

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽¹¹⁾

–

11,974,286

Forward Foreign Currency Exchange Contracts⁽¹²⁾

1,243,444

–

Futures Contracts⁽¹¹⁾

–

524

1,080

–

Interest Rate Swap Contracts⁽¹¹⁾

–

39,285,714

–

Options Purchased⁽¹¹⁾

62,500,000

–

225,276

–

Total Return Swap Contracts⁽¹¹⁾

–

216,309,177

–

OTC Written Options⁽¹¹⁾

62,500,000

–

225,276

–

Multi-Asset Income Fund

Foreign
Currency
Contracts

Interest
Rate
Contract

Equity
Contracts

Credit
Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽¹⁾

–

49,479

Forward Foreign Currency Exchange Contracts⁽²⁾

(857

)

–

Futures Contracts⁽³⁾

–

(4,758,476

)

517,838

–

Options Purchased⁽⁴⁾

(5,630,354

)

–

(19,911,846

)

–

Total Return Swap Contracts⁽¹⁾

(2,155,208

)

–

15,412,167

–

OTC Written Options⁽⁵⁾

4,000,038

–

10,328,323

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁶⁾

–

(51,633

)

Futures Contracts⁽⁷⁾

–

(5,440,155

)

–

Forward Foreign Currency Exchange Contracts⁽⁸⁾

851

–

Interest Rate Swap Contracts⁽⁶⁾

–

280,899

–

Options Purchased⁽⁹⁾

5,454,112

–

14,342,596

–

Total Return Swap Contracts⁽⁶⁾

(5,896,915

)

–

4,559,363

–

OTC Written Options⁽¹⁰⁾

(3,992,359

)

–

(7,767,683

)

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽¹¹⁾

–

5,656,286

Forward Foreign Currency Exchange Contracts⁽¹²⁾

1,243,444

–

Interest Rate Swap Contracts⁽¹¹⁾

–

19,285,714

–

Futures Contracts⁽¹¹⁾

–

252

466

–

Options Purchased⁽¹¹⁾

62,500,000

–

81,237

–

Total Return Swap Contracts⁽¹¹⁾

–

106,965,404

–

OTC Written Options⁽¹¹⁾

62,500,000

–

81,237

–

*	Calculated based on the number of contracts or notional amounts for the six months ended May 31, 2021.
⁽¹⁾	Statements of Operations location: Net realized gain(loss) on swap contracts.
⁽²⁾	Statements of Operations location: Net realized gain(loss) on forward foreign currency exchange contracts.
⁽³⁾	Statements of Operations location: Net realized gain(loss) on futures contracts.

Notes to Financial Statements (unaudited)(continued)

⁽⁴⁾	Statements of Operations location: Net realized gain(loss) on investments.
⁽⁵⁾	Statements of Operations location: Net realized gain(loss) on OTC written options.
⁽⁶⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁷⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁸⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁹⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on investments.
⁽¹⁰⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on OTC written options.
⁽¹¹⁾	Amount represents number of contracts.
⁽¹²⁾	Amount represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Multi-Asset Balanced Opportunity Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Options Purchased	$	6,198	$	–	$	6,198
Total Return Swap Contracts		11,717,264		–		11,717,264
Repurchase Agreements		10,971,649		–		10,971,649
Total	$	22,695,111	$	–	$	22,695111

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Barclays Bank	$	6,198	$	–		$	–	$	–		$	6,198
Goldman Sachs		3,651,374		(3,651,374	)		–		–			–
JPMorgan		8,065,890		(8,065,890	)		–		–			–
Fixed Income Clearing Corp.		10,971,649		–			–		(10,971,649	)		–
Total	$	22,695,111	$	(11,717,264	)	$	–	$	(10,971,649	)	$	6,198

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Balanced Opportunity Fund

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Total Return Swap Contracts	$	13,430,516	$	–	$	13,430,516
Total	$	13,430,516	$	–	$	13,430,516

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged^(a)			Cash Collateral Pledged^(a)		Net Amount^(c)
Goldman Sachs	$	4,156,592	$	(3,651,374	)	$	(420,000	)	$	–	$	85,218
JPMorgan		9,273,924		(8,065,890	)		(1,208,034	)		–		–
Total	$	13,430,516	$	(11,717,264	)	$	(1,628,034	)	$	–	$	85,218

Multi-Asset Income Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Options Purchased	$	3,053	$	–	$	3,053
Total Return Swap Contracts		5,805,944		–		5,805,944
Repurchase Agreements		5,895,645		–		5,895,645
Total	$	11,704,642	$	–	$	11,704,642

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Barclays Bank	$	3,053	$	–		$	–	$	–		$	3,053
Goldman Sachs		1,798,430		(1,798,430	)		–		–			–
JPMorgan		4,007,514		(4,007,514	)		–		–			–
Fixed Income Clearing Corp.		5,895,645		–			–		(5,895,645	)		–
Total	$	11,704,642	$	(5,805,944	)	$	–	$	(5,895,645	)	$	3,053

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Total Return Swap Contracts	$	6,615,253	$	–	$	6,615,253
Total	$	6,615,253	$	–	$	6,615,253

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged^(a)			Securities Collateral Pledged^(a)		Net Amount^(c)
Goldman Sachs	$	2,047,144	$	(1,798,430	)	$	(248,714	)	$	–	$	–
JPMorgan		4,568,109		(4,007,514	)		(560,595	)		–		–
Total	$	6,615,253	$	(5,805,944	)	$	(809,309	)	$	–	$	–

Notes to Financial Statements (unaudited)(continued)

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of May 31, 2021.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of May 31, 2021.

8.	TRUSTEES’ REMUNERATION

9.	EXPENSE REDUCTIONS

10.

INTERFUND LENDING PROGRAM

For the six months ended May 31, 2021, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

11.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the six months ended May 31, 2021:

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Balanced Opportunity Fund
Affiliated Issuer	Balance of Shares Held at 11/30/2020		Gross Additions		Gross Sales			Balance of Shares Held at 5/31/2021		Fair Value at 5/31/2021		Net Realized Gain (Loss) 12/1/2020 to 5/31/2021			Dividend Income 12/1/2020 to 5/31/2021		Net Change in Appreciation (Depreciation 12/1/2020 to 5/31/2021		)
Lord Abbett Investment Trust–Convertible Fund–Class I		4,849,827		758,414		(3,408,478	)		2,199,763	$	42,257,449	$	37,439,732	^(a)	$	523,408	$	(28,784,342	)
Lord Abbett Investment Trust–Core Fixed Income Fund–Class I		6,203,078		734,651		(2,093,094	)		4,844,635		53,727,002		2,095,393	^(b)		443,051		(3,298,618	)
Lord Abbett Securities Trust–Durable Growth Fund–Class I		6,753,316		–		(1,869,836	)		4,883,480		110,366,645		7,717,795			–		3,222,960
Lord Abbett Global Fund, Inc.–Emerging Markets Bond Fund–Class I		35,858,964		777,571		(11,423,026	)		25,213,509		129,345,302		(2,855,942	)		3,475,104		(1,127,563	)
Lord Abbett Investment Trust–Floating Rate Loan Fund–Class I		5,983,423		922,809		–			6,906,232		58,150,477		–			1,037,300		1,356,590
Lord Abbett Securities Trust–Focused Large Cap Value Fund–Class I		30,141,295		4,758,576		–			34,899,871		657,513,568		–			–		136,628,815
Lord Abbett Securities Trust-Focused Small Cap Value Fund–Class I		–		1,766,605		–			1,766,605		59,817,246		–			–		14,480,555
Lord Abbett Securities Trust–Fundamental Equity Fund–Class I		17,248,686		–		(7,820,562	)		9,428,124		134,256,486		5,936,459			–		26,616,728
Lord Abbett Securities Trust-Growth Leaders Fund-Class I		7,558,854		676,497		(1,316,901	)		6,918,450		317,141,747		28,442,882			–		(19,178,597	)
Lord Abbett Research Fund, Inc.–Growth Opportunities Fund–Class I		3,802,916		494,052		(746,248	)		3,550,720		122,890,418		27,260,261	^(c)		–		(19,358,743	)
Lord Abbett Investment Trust-High Yield Fund–Class I		48,656,396		12,523,409		(2,165,038	)		59,014,767		445,561,489		(479,842	)		9,693,612		11,117,254
Lord Abbett Investment Trust-Inflation Focused Fund–Class I		5,987,254		3,913,879		(192,456	)		9,708,677		118,445,855		14,308			1,377,033		5,768,756
Lord Abbett Municipal Income Fund, Inc. Intermediate Tax-Free Fund–Class I		3,468,744		102,497		(3,571,241	)		–		–		1,021,851			390,987		(838,163	)
Lord Abbett Securities Trust–International Equity Fund-Class I		8,744,081		118,630		(2,658,039	)		6,204,672		109,574,507		7,196,051			1,862,489		11,057,096
Lord Abbett Securities Trust-International Value Fund-Class I		19,874,753		10,203,003		(2,540,410	)		27,537,346		233,241,321		1,466,432			1,846,778		26,233,313
Lord Abbett Mid Cap Stock Fund, Inc.–Class I		4,060,558		59,092		(122,549	)		3,997,101		139,538,798		237,308			1,678,228		28,374,311
Lord Abbett Investment Trust–Short Duration Income Fund–Class I		–		26,891,616		(23,711,127	)		3,180,489		13,389,858		(41,203	)		147,501		2,544
Total										$	2,745,218,168	$	115,451,485		$	22,475,491	$	192,272,896

^(a)		Includes $13,883,116 of distributed capital gains.
^(b)		Includes $2,202,463 of distributed capital gains.
^(c)		Includes $17,197,929 of distributed capital gains.

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Income Fund
Affiliated Issuer	Balance of Shares Held at 11/30/2020		Gross Additions		Gross Sales			Balance of Shares Held at 5/31/2021		Fair Value at 5/31/2021		Net Realized Gain (Loss) 12/1/2020 to 5/31/2021			Dividend Income 12/1/2020 to 5/31/2021		Net Change in Appreciation (Depreciation 12/1/2020 to 5/31/2021		)
Lord Abbett Investment Trust–Convertible Fund–Class I		1,815,501		283,345		(1,460,083	)		638,763	$	12,270,632	$	14,365,222	^(a)	$	5,783	$	(10,761,493	)
Lord Abbett Investment Trust–Core Fixed Income Fund-Class I		12,901,486		1,106,673		(758,019	)		13,250,140		146,944,057		4,898,169	^(b)		1,095,931		(7,788,263	)
Lord Abbett Securities Trust–Durable Growth Fund–Class I		2,061,138		–		(380,540	)		1,680,598		37,981,524		1,720,053			–		1,959,817
Lord Abbett Global Fund, Inc.–Emerging Markets Bond Fund–Class I		16,438,509		318,852		(4,056,697	)		12,700,664		65,154,409		(1,341,133	)		1,645,965		(374,989	)
Lord Abbett Investment Trust–Floating Rate Fund–Class I		2,903,249		2,117,128		–			5,020,377		42,271,576		–			598,538		720,639
Lord Abbett Securities Trust–Focused Large Cap Value Fund–Class I		11,276,756		123,916		–			11,400,672		214,788,665		–			–		48,475,173
Lord Abbett Securities Trust–Focused Small Cap Value Fund–Class I		–		478,452		–			478,452		16,200,395		–			–		4,037,086
Lord Abbett Securities Trust–Fundamental Equity Fund–Class I		4,013,843		–		(755,380	)		3,258,463		46,400,509		237,187			–		8,076,532
Lord Abbett Securities Trust–Growth Leaders Fund–Class I		2,288,463		290,797		(281,480	)		2,297,780		105,330,246		4,129,483			–		(1,484,947	)
Lord Abbett Research Fund, Inc.–Growth Opportunities Fund–Class I		1,180,729		153,393		(353,419	)		980,703		33,942,125		9,179,382	^(c)		–		(6,613,562	)
Lord Abbett Investment Trust–High Yield Fund–Class I		25,319,619		5,842,996		(791,754	)		30,370,861		229,300,000		(186,145	)		5,048,377		5,719,331
Lord Abbett Investment Trust–Inflation Focused Fund–Class I		5,415,298		1,783,843		(72,541	)		7,126,600		86,944,520		2,258			1,121,385		4,850,849
Lord Abbett Municipal Income Fund, Inc. Intermediate Tax-Free Fund–Class I		8,476,939		102,243		(3,990,615	)		4,588,567		52,401,437		1,670,832			1,194,864		(692,367	)
Lord Abbett Securities Trust–International Equity Fund–Class I		4,354,249		57,929		(1,257,394	)		3,154,784		55,713,487		4,907,360			909,483		4,210,685
Lord Abbett Securities Trust–International Value Fund–Class I		9,593,320		3,396,194		(1,340,221	)		11,649,293		98,669,514		(408,169	)		872,738		13,599,596
Lord Abbett Mid Cap Stock Fund, Inc.–Class I		1,308,098		19,037		–			1,327,135		46,330,268		–			540,637		9,306,776
Lord Abbett Investment Trust–Short Duration Income Fund–Class I		–		13,151,903		(9,600,781	)		3,551,122		14,950,225		(22,210	)		85,096		23,476
Total										$	1,305,593,589	$	39,152,289		$	13,118,797	$	73,264,339

^(a)		Includes $5,197,052 of distributed capital gains.
^(b)		Includes $4,835,037 of distributed capital gains.
^(c)		Includes $5,339,611 of distributed capital gains.

Notes to Financial Statements (unaudited)(continued)

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

INVESTMENT RISKS

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

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

Each Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, a particular industry or sector, or to the changing prospects of individual companies in which the Underlying Funds invest. If an Underlying Fund’s assessment of market conditions or

Notes to Financial Statements (unaudited)(continued)

companies held in the Underlying Fund fails to produce the intended result, a Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Each Fund’s investment exposure to foreign (which may include emerging market) companies generally is subject to the risk that the value of securities issued by foreign companies may be adversely affected by political, economic and social volatility and subject to less government supervision, lack of transparency, or inadequate regulatory and accounting standards, inadequate exchange control regulations, foreign taxes, higher transaction and other costs, and delays in settlement. The cost of a Fund’s potential use of forward currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Underlying Fund’s investments in emerging market companies generally are subject to more risks than investments in developed market companies.

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

Each Fund may invest in derivatives, either directly or through its Underlying Funds. Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, heightened counterparty risk, credit risk, and volatility. Illiquid securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in

Notes to Financial Statements (unaudited)(continued)

global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

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

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Multi-Asset Balanced Opportunity Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		8,181,655		$	112,032,486			11,691,588		$	134,775,665
Converted from Class C*		945,545			12,902,245			5,206,781			61,124,085
Reinvestment of distributions		7,627,463			99,730,628			5,294,475			62,047,591
Shares reacquired		(12,022,686	)		(163,760,716	)		(33,568,230	)		(378,469,363	)
Increase (decrease)		4,731,977		$	60,904,643			(11,375,386	)	$	(120,522,022	)
Class C Shares
Shares sold		930,252		$	12,657,559			1,483,646		$	16,941,994
Reinvestment of distributions		881,751			11,415,954			668,460			7,795,530
Shares reacquired		(2,388,072	)		(32,385,725	)		(6,690,342	)		(75,546,252	)
Converted to Class A*		(952,768	)		(12,902,245	)		(5,245,720	)		(61,124,085	)
Decrease		(1,528,837	)	$	(21,214,457	)		(9,783,956	)	$	(111,932,813	)
Class F Shares
Shares sold		779,690		$	10,709,899			1,182,438		$	13,842,080
Reinvestment of distributions		260,819			3,412,377			197,262			2,308,512
Shares reacquired		(763,938	)		(10,409,020	)		(2,340,195	)		(26,277,009	)
Increase (decrease)		276,571		$	3,713,256			(960,495	)	$	(10,126,417	)
Class F3 Shares
Shares sold		137,518		$	1,887,594			1,560		$	19,006
Reinvestment of distributions		293			4,059			108			1,253
Shares reacquired		(139,370	)		(1,964,324	)		(11	)		(137	)
Increase (decrease)		(1,559	)	$	(72,671	)		1,657		$	20,122
Class I Shares
Shares sold		179,262		$	2,447,456			667,086		$	7,940,349
Reinvestment of distributions		91,535			1,196,065			58,255			680,608
Shares reacquired		(99,800	)		(1,346,220	)		(436,374	)		(4,871,749	)
Increase		170,997		$	2,297,301			288,967		$	3,749,208
Class P Shares
Shares sold		1,985		$	26,780			4,200		$	48,055
Reinvestment of distributions		2,702			35,135			1,605			18,781
Shares reacquired		(3,173	)		(42,300	)		(1,353	)		(13,627	)
Increase		1,514		$	19,615			4,452		$	53,209

Notes to Financial Statements (unaudited)(continued)

Multi-Asset Balanced Opportunity Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		1,385		$	19,316			3,160		$	36,787
Reinvestment of distributions		2,044			27,366			1,777			21,262
Shares reacquired		(3,042	)		(42,744	)		(31,360	)		(373,591	)
Increase (decrease)		387		$	3,938			(26,423	)	$	(315,542	)
Class R3 Shares
Shares sold		198,835		$	2,705,857			473,149		$	5,339,277
Reinvestment of distributions		171,779			2,240,148			125,156			1,464,205
Shares reacquired		(469,900	)		(6,369,646	)		(1,456,070	)		(16,551,665	)
Decrease		(99,286	)	$	(1,423,641	)		(857,765	)	$	(9,748,183	)
Class R4 Shares
Shares sold		113,053		$	1,538,131			294,189		$	3,378,470
Reinvestment of distributions		51,345			671,342			34,358			402,700
Shares reacquired		(147,402	)		(2,022,371	)		(320,713	)		(3,642,900	)
Increase		16,996		$	187,102			7,834		$	138,270
Class R5 Shares
Shares sold		785		$	10,460			31,373		$	376,697
Reinvestment of distributions		665			8,718			781			8,941
Shares reacquired		(948	)		(12,850	)		(36,186	)		(418,900	)
Increase (decrease)		502		$	6,328			(4,032	)	$	(33,262	)
Class R6 Shares
Shares sold		52,787		$	709,614			110,870		$	1,271,012
Reinvestment of distributions		19,291			253,122			27,549			319,844
Shares reacquired		(11,035	)		(151,384	)		(719,679	)		(8,417,485	)
Increase (decrease)		61,043		$	811,352			(581,260	)	$	(6,826,629	)

Multi-Asset Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,965,832		$	68,428,172			5,353,420		$	80,839,530
Converted from Class C*		992,151			17,089,438			3,913,724			59,706,716
Reinvestment of distributions		1,080,264			18,087,864			1,014,056			15,295,085
Shares reacquired		(3,670,479	)		(62,885,651	)		(10,174,760	)		(149,884,930	)
Increase		2,367,768		$	40,719,823			106,440		$	5,956,401
Class C Shares
Shares sold		481,879		$	8,430,158			656,960		$	9,967,968
Reinvestment of distributions		296,697			5,023,946			291,117			4,456,012
Shares reacquired		(1,530,983	)		(26,718,037	)		(5,074,397	)		(76,259,978	)
Converted to Class A*		(976,464	)		(17,089,438	)		(3,853,689	)		(59,706,716	)
Decrease		(1,728,871	)	$	(30,353,371	)		(7,980,009	)	$	(121,542,714	)

Notes to Financial Statements (unaudited)(concluded)

Multi-Asset Income Fund				Six Months Ended May 31, 2021 (unaudited)						Year Ended November 30, 2020
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		966,162		$	16,639,379			1,356,269		$	20,574,817
Reinvestment of distributions		222,151			3,721,385			252,352			3,789,872
Shares reacquired		(929,468	)		(15,930,155	)		(4,868,625	)		(71,842,526	)
Increase (decrease)		258,845		$	4,430,609			(3,260,004	)	$	(47,477,837	)
Class F3 Shares
Shares sold		–		$	–			1,338		$	18,115
Reinvestment of distributions		3,275			54,602			3,918			58,861
Shares reacquired		(26,197	)		(454,732	)		(118,480	)		(1,796,489	)
Decrease		(22,922	)	$	(400,130	)		(113,224	)	$	(1,719,513	)
Class I Shares
Shares sold		203,712		$	3,493,574			172,402		$	2,584,452
Reinvestment of distributions		58,000			966,068			64,257			960,922
Shares reacquired		(208,910	)		(3,558,538	)		(962,789	)		(14,080,418	)
Increase (decrease)		52,802		$	901,104			(726,130	)	$	(10,535,044	)
Class R2 Shares
Shares sold		139		$	2,449			186		$	2,808
Reinvestment of distributions		170			2,932			158			2,452
Shares reacquired		(2	)		(44	)		(1,963	)		(26,635	)
Increase (decrease)		307		$	5,337			(1,619	)	$	(21,375	)
Class R3 Shares
Shares sold		106,435		$	1,844,641			151,218		$	2,255,111
Reinvestment of distributions		27,702			463,221			28,104			423,592
Shares reacquired		(127,239	)		(2,166,796	)		(455,970	)		(6,663,135	)
Increase (decrease)		6,898		$	141,066			(276,648	)	$	(3,984,432	)
Class R4 Shares
Shares sold		24,417		$	418,371			63,570		$	927,308
Reinvestment of distributions		4,701			78,730			4,153			62,614
Shares reacquired		(18,201	)		(313,718	)		(47,528	)		(715,578	)
Increase		10,917		$	183,383			20,195		$	274,344
Class R5 Shares
Shares sold		76		$	1,294			399		$	5,998
Reinvestment of distributions		55			923			61			914
Shares reacquired		(10	)		(169	)		(29	)		(437	)
Increase		121		$	2,048			431		$	6,475
Class R6 Shares
Shares sold		2,918		$	49,490			14,011		$	207,362
Reinvestment of distributions		1,470			24,525			3,415			50,595
Shares reacquired		(619	)		(10,773	)		(146,850	)		(2,225,690	)
Increase (decrease)		3,769		$	63,242			(129,424	)	$	(1,967,733	)

Investments in Underlying Funds (unaudited)

The Funds invest in Underlying Funds managed by Lord Abbett. As of May 31, 2021, each Fund’s long-term investments were allocated among the Underlying Funds as follows:

Multi-Asset Balanced Opportunity Fund’s Investments:

Underlying Fund Name	% of Investments
Lord Abbett Investment Trust – Convertible Fund – Class I		1.54	%
Lord Abbett Investment Trust – Core Fixed Income Fund – Class I		1.96	%
Lord Abbett Securities Trust – Durable Growth Fund – Class I		4.02	%
Lord Abbett Global Fund, Inc. – Emerging Markets Bond Fund – Class I		4.71	%
Lord Abbett Investment Trust – Floating Rate Fund – Class I		2.12	%
Lord Abbett Securities Trust – Focused Large Cap Value Fund – Class I		23.95	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		2.18	%
Lord Abbett Securities Trust – Fundamental Equity Fund – Class I		4.89	%
Lord Abbett Securities Trust – Growth Leaders Fund – Class I		11.55	%
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		4.48	%
Lord Abbett Investment Trust – High Yield Fund – Class I		16.23	%
Lord Abbett Investment Trust – Inflation Focused Fund – Class I		4.31	%
Lord Abbett Securities Trust – International Equity Fund – Class I		3.99	%
Lord Abbett Securities Trust – International Value Fund – Class I		8.50	%
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		5.08	%
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		0.49	%

Multi-Asset Income Fund’s Investments:

Underlying Fund Name	% of Investments
Lord Abbett Investment Trust – Convertible Fund – Class I		0.94	%
Lord Abbett Investment Trust – Core Fixed Income Fund – Class I		11.25	%
Lord Abbett Securities Trust – Durable Growth Fund – Class I		2.91	%
Lord Abbett Global Fund, Inc. – Emerging Markets Bond Fund – Class I		4.99	%
Lord Abbett Investment Trust – Floating Rate Fund – Class I		3.24	%
Lord Abbett Securities Trust – Focused Large Cap Value Fund – Class I		16.45	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		1.24	%
Lord Abbett Securities Trust – Fundamental Equity Fund – Class I		3.55	%
Lord Abbett Securities Trust – Growth Leaders Fund – Class I		8.07	%
Lord Abbett Research Fund, Inc. – Growth Opportunities Fund – Class I		2.60	%
Lord Abbett Investment Trust – High Yield Fund – Class I		17.56	%
Lord Abbett Investment Trust – Inflation Focused Fund – Class I		6.66	%
Lord Abbett Municipal Income Fund, Inc. – Intermediate Tax-Free Fund – Class I		4.01	%
Lord Abbett Securities Trust – International Equity Fund – Class I		4.27	%
Lord Abbett Securities Trust – International Value Fund – Class I		7.56	%
Lord Abbett Mid Cap Stock Fund, Inc. – Class I		3.55	%
Lord Abbett Investment Trust – Short Duration Income Fund – Class I		1.15	%

The Ten Largest Holdings and the Holdings by Sector or Credit Rating, as of May 31, 2021, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the

Investments in Underlying Funds (unaudited)(continued)

most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

Lord Abbett Investment Trust – Convertible Fund

Ten Largest Holdings	% of Investments
Western Digital Corp., 1.50%, 02/01/2024		4.07	%
Weibo Corp., 1.25%, 11/15/2022		3.02	%
Broadcom, Inc., 8.00%, 09/30/2022		3.00	%
JetBlue Airways Corp., 0.50%, 04/01/2026		2.96	%
Danaher Corp., 4.75%, 04/15/2022		2.54	%
Scorpio Tankers, Inc., 3.00%, 05/15/2025		2.40	%
Live Nation Entertainment, Inc., 2.50%, 03/15/2023		2.34	%
NextEra Energy, Inc., 4.872%, 09/01/2022		2.27	%
Uber Technologies, Inc., Zero Coupon, 12/15/2025		2.20	%
Insulet Corp., 0.375%, 09/01/2026		2.19	%

Holding by Sector*	% of Investments
Automotive	1.98	%
Banking	1.13	%
Basic Industry	0.64	%
Capital Goods	4.52	%
Consumer Goods	1.02	%
Energy	0.82	%
Health Care	17.84	%
Leisure	9.38	%
Media	9.57	%
Real Estate	2.15	%
Retail	6.91	%
Services	2.54	%
Technology & Electronics	26.28	%
Telecommunications	1.27	%
Transportation	8.75	%
Utilities	2.27	%
Repurchase Agreements	2.93	%
Total	100.00	%

*	A sector may comprise several industries.

Lord Abbett Investment Trust – Core Fixed Income Fund

Ten Largest Holdings	% of Investments
U.S. Treasury Note, 0.75%, 03/31/2026		8.91	%
U.S. Treasury Note, 0.375%, 04/15/2024		8.44	%
U.S. Treasury Bill, Zero Coupon, 10/21/2021		7.10	%
U.S. Treasury Bill, Zero Coupon, 07/29/2021		5.72	%
Federal National Mortgage Assoc., 3.50%		5.02	%
U.S. Treasury Bond, 1.125%, 05/15/2040		2.88	%
Federal National Mortgage Assoc., 2.50%		2.05	%
U.S. Treasury Note, 0.625%, 08/15/2030		1.84	%
Government National Mortgage Assoc., 2.50%		1.78	%
U.S. Treasury Note, 1.125%, 02/29/2028		1.32	%

Investments in Underlying Funds (unaudited)(continued)

Holding by Sector*	% of Investments
Automotive		0.56	%
Basic Industry		0.27	%
Capital Goods		0.17	%
Consumer Discretionary		0.19	%
Consumer Services		0.75	%
Consumer Staples		1.00	%
Energy		3.12	%
Financial Services		29.44	%
Foreign Government		1.85	%
Health Care		2.61	%
Integrated Oils		0.50	%
Materials and Processing		1.35	%
Municipal		0.67	%
Producer Durables		0.85	%
Technology		2.58	%
Telecommunications		0.89	%
Transportation		0.09	%
U.S. Government		47.76	%
Utilities		1.72	%
Repurchase Agreements		3.63	%
Total		100.00	%

*	A sector may comprise several industries.

Lord Abbett Securities Trust – Durable Growth Fund

Ten Largest Holdings	% of Investments
Microsoft Corp.		8.45	%
Amazon.com, Inc.		7.93	%
Apple, Inc.		6.84	%
Alphabet, Inc. Class A		6.00	%
Facebook, Inc. Class A		5.05	%
NVIDIA Corp.		2.66	%
Mastercard, Inc. Class A		2.60	%
PayPal Holdings, Inc.		2.54	%
salesforce.com, Inc.		2.14	%
NIKE, Inc. Class B		1.66	%

Holding by Sector*	% of Investments
Communication Services	15.57	%
Consumer Discretionary	14.90	%
Consumer Staples	3.93	%
Financial Services	1.83	%
Health Care	12.96	%
Industrials	7.50	%
Information Technology	37.86	%
Materials	3.44	%
Real Estate	1.53	%
Repurchase Agreements	0.48	%
Total	100.00	%

*	A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
Oman Government International Bond, 4.75%, 6/15/2026		1.71	%
Republic of South Africa, 4.30%, 10/12/2028		1.68	%
Republic of Nigeria, 6.50%, 11/28/2027		1.59	%
Republic of Egypt, 3.875%, 2/16/2026		1.57	%
Petroleos Mexicanos (Mexico), 5.35%, 2/12/2028		1.54	%
State of Qatar, 3.25%, 6/2/2026		1.20	%
Republic of Angola, 8.25%, 5/9/2028		1.16	%
Republic of Kenya, 7.25%, 2/28/2028		1.13	%
Republic of Egypt, 6.588%, 2/21/2028		1.05	%
Petroleos Mexicanos (Mexico), 6.50%, 6/2/2041		0.99	%

Holding by Sector*	% of Investments
Automotive	0.40	%
Banking	4.77	%
Basic Industry	2.74	%
Consumer Goods	0.99	%
Energy	13.10	%
Financial Services	2.02	%
Foreign Sovereign	64.20	%
Media	0.83	%
Real Estate	0.53	%
Retail	0.88	%
Services	0.60	%
Technology & Electronics	0.57	%
Transportation	0.63	%
Utilities	5.01	%
Repurchase Agreements	2.73	%
Total	100.00	%

*	A sector may comprise several industries.

Lord Abbett Investment Trust – Floating Rate Fund

Ten Largest Holdings	% of Investments
United Airlines, Inc. 2021 Term Loan B, 4.50%, 4/21/2028		0.74	%
AAdvantage Loyalty IP Ltd. 2021 Term Loan, 5.50%, 4/20/2028		0.65	%
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B, 2.843%, 12/23/2024		0.58	%
Virgin Media Bristol LLC USD Term Loan N, 2.601%, 1/31/2028		0.53	%
Jazz Financing Lux S.a.r.l. USD Term Loan, 4.00%, 4/21/2028		0.51	%
Invesco Senior Loan ETF		0.51	%
Athenahealth, Inc. 2021 Term Loan B1, 4.410%, 2/11/2026		0.49	%
Gainwell Acquisition Corp. Term Loam B, 4.75%, 10/1/2027		0.47	%
CenturyLink, Inc. 2020 Term Loan B, 2.343%, 3/15/2027		0.46	%
Magenta Buyer LLC 2021 USD 1st Lien Term Loan, Zero Coupon, 05/03/2028		0.46	%

Investments in Underlying Funds (unaudited)(continued)

Holding by Sector*	% of Investments
Aerospace		4.50	%
Chemicals		1.88	%
Consumer Discretionary		0.40	%
Consumer Durables		0.35	%
Consumer Non-Durables		0.84	%
Energy		4.79	%
Financial Services		5.61	%
Food And Drug		0.09	%
Food/Tobacco		2.96	%
Forest Products		0.34	%
Gaming/Leisure		6.07	%
Health Care		12.94	%
Housing		2.07	%
Information Technology		14.48	%
Manufacturing		4.45	%
Media/Telecom		9.91	%
Metals/Minerals		0.95	%
Retail		5.41	%
Service		7.24	%
Transportation		4.59	%
Utilities		2.10	%
Repurchase Agreements		8.03	%
Total		100.00	%

*	A sector may comprise several industries.

Lord Abbett Securities Trust – Focused Large Cap Value Fund

Ten Largest Holdings	% of Investments
Caesars Entertainment, Inc.		3.97	%
CIT Group, Inc.		3.95	%
Citigroup, Inc.		3.69	%
Ameriprise Financial, Inc.		3.66	%
McAfee Corp. Class A		3.44	%
Facebook, Inc. Class A		3.41	%
Raytheon Technologies Corp.		3.37	%
Fidelity National Financial, Inc.		3.32	%
General Motors Co.		3.18	%
Euronet Worldwide, Inc.		3.12	%

Investments in Underlying Funds (unaudited)(continued)

Holding by Sector*	% of Investments
Communication Services		9.22%
Consumer Discretionary		12.54%
Consumer Staples		5.19%
Energy		6.13%
Financial Services		26.10%
Health Care		12.77%
Industrials		11.07%
Information Technology		10.62%
Materials		3.00%
Utilities		2.63%
Repurchase Agreements		0.73%
Total		100.00%

A sector may comprise several industries.

Lord Abbett Securities Trust – Focused Small Cap Value Fund

Ten Largest Holdings	% of Investments
International Money Express, Inc.		3.26%
Bancorp, Inc. (The)		3.14%
RR Donnelley & Sons Co.		2.94%
American Axle & Manufacturing Holdings, Inc.		2.74%
Caesars Entertainment, Inc.		2.41%
BankUnited, Inc.		2.36%
Masonite International Corp.		2.35%
GrafTech International Ltd.		2.31%
Western Alliance Bancorp		2.29%
Sally Beauty Holdings Inc.		2.28%

Holding by Sector*	% of Investments
Communication Services		7.38%
Consumer Discretionary		11.92%
Consumer Staples		2.27%
Energy		8.29%
Financial Services		28.26%
Health Care		1.47%
Industrials		16.99%
Information Technology		12.42%
Materials		3.50%
Real Estate		5.43%
Repurchase Agreements		2.07%
Total		100.00%

A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – Fundamental Equity Fund

Ten Largest Holdings	% of Investments
Alphabet, Inc. Class A		2.44%
Honeywell International, Inc.		2.34%
Comcast Corp. Class A		2.19%
Raytheon Technologies Corp.		2.18%
Citigroup, Inc.		2.18%
Morgan Stanley		2.17%
American Express Co.		2.14%
Wells Fargo & Co.		2.03%
Medtronic plc		2.01%
Bristol-Myers Squibb Co.		1.99%

Holding by Sector*	% of Investments
Communication Services		8.25%
Consumer Discretionary		8.54%
Consumer Staples		6.85%
Energy		5.53%
Financial Services		23.00%
Health Care		13.29%
Industrials		13.49%
Information Technology		10.74%
Materials		3.16%
Real Estate		2.76%
Utilities		3.95%
Repurchase Agreements		0.44%
Total		100.00%

A sector may comprise several industries.

Lord Abbett Securities Trust – Growth Leaders Fund

Ten Largest Holdings	% of Investments
Alphabet, Inc. Class A		9.05%
Microsoft Corp.		7.71%
Facebook, Inc. Class A		5.07%
Amazon.com, Inc.		4.81%
Apple, Inc.		4.45%
Mastercard, Inc. Class A		3.11%
Applied Materials, Inc.		2.69%
NVIDIA Corp.		2.54%
SVB Financial Group		2.46%
Align Technology, Inc.		2.34%

Investments in Underlying Funds (unaudited)(continued)

Holding by Sector*	% of Investments
Communication Services		22.10%
Consumer Discretionary		11.64%
Consumer Staples		2.79%
Financial Services		6.21%
Health Care		10.25%
Industrials		8.64%
Information Technology		36.31%
Materials		0.65%
Repurchase Agreements		1.41%
Total		100.00%

A sector may comprise several industries.

Lord Abbett Research Fund, Inc. – Growth Opportunities Fund

Ten Largest Holdings	% of Investments
Align Technology, Inc.		2.63%
Twilio, Inc. Class A		2.35%
Burlington Stores, Inc.		1.96%
TransDigm Group, Inc.		1.94%
RingCentral, Inc. Class A		1.88%
Old Dominion Freight Line, Inc.		1.80%
Veeva Systems, Inc. Class A		1.74%
DocuSign, Inc.		1.71%
Amphenol Corp. Class A		1.70%
Chipotle Mexican Grill, Inc.		1.68%

Holding by Sector*	% of Investments
Communication Services		6.25%
Consumer Discretionary		11.60%
Consumer Staples		3.89%
Financial Services		5.49%
Health Care		20.77%
Industrials		12.42%
Information Technology		32.23%
Materials		4.37%
Real Estate		1.59%
Repurchase Agreements		1.39%
Total		100.00%

A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust – High Yield Fund

Ten Largest Holdings	% of Investments
Sprint Capital Corp., 6.875%, 11/15/2028		1.14%
Ford Motor Co., 9.00%, 4/22/2025		0.96%
Occidental Petroleum Corp., 6.125%, 01/01/2031		0.68%
Netflix, Inc., 4.625%, 05/15/2029		0.64%
Kraft Heinz Foods Co., 4.375%, 06/01/2046		0.63%
Kraft Heinz Foods Co., 4.875%, 10/01/2049		0.54%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030		0.52%
TransDigm, Inc., 5.50%, 11/15/2027		0.50%
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/2027		0.49%
MEG Energy Corp., 7.125%, 02/01/2027		0.42%

Holding by Sector*	% of Investments
Agency		0.10%
Asset Backed		0.61%
Automotive		4.13%
Banking		2.07%
Basic Industry		10.64%
Capital Goods		4.28%
Consumer Cyclicals		0.02%
Consumer Discretionary		0.02%
Consumer Goods		4.51%
Energy		15.94%
Financial Services		3.51%
Foreign Sovereign		0.31%
Health Care		6.15%
Insurance		0.48%
Leisure		9.57%
Media		7.15%
Mortgage Backed		1.24%
Personal & Household Products		0.09%
Pharmaceuticals		0.00%
Real Estate		1.98%
Retail		7.66%
Services		4.53%
Technology & Electronics		5.45%
Telecommunications		2.22%
Transportation		3.64%
Utilities		2.85%
Money Market Fund		0.00%
Time Deposit		0.00%
Repurchase Agreements		0.85%
Total		100.00%

A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Investment Trust – Inflation Focused Fund

Ten Largest Holdings	% of Investments
U.S. Treasury Note, 0.125%, 03/31/2023		10.94%
U.S. Treasury Bill, Zero Coupon, 07/29/2021		3.20%
U.S. Treasury Note, 0.75%, 03/31/2026		3.06%
U.S. Treasury Note, 0.125%, 01/31/2023		0.85%
Dow Chemical Co. (The), 0.1521%, 06/01/2021		0.76%
Ford Motor Credit Co. LLC, 5.584%, 03/18/2024		0.56%
Dell International LLC/EMC Corp., 5.45%, 06/15/2023		0.56%
Walgreens Boots Alliance, Inc., 0.152%, 06/03/2021		0.53%
Wind River CLO Ltd. 2013-1A A1RR, Zero Coupon, 07/20/2030		0.50%
General Motors Finance Co., Inc., 0.2636%, 06/01/2021		0.50%

Holding by Sector*	% of Investments
Automotive		4.11%
Basic Industry		0.07%
Capital Goods		1.34%
Consumer Cyclicals		3.27%
Consumer Discretionary		0.74%
Consumer Services		1.53%
Consumer Staples		0.36%
Energy		7.31%
Financial Services		44.30%
Foreign Government		0.39%
Health Care		2.70%
Integrated Oils		0.10%
Materials and Processing		3.62%
Municipals		0.08%
Other		0.69%
Producer Durables		1.12%
Technology		4.03%
Telecommunications		0.30%
Transportation		0.70%
U.S. Government		18.33%
Utilities		3.10%
Repurchase Agreements		1.81%
Total		100.00%

A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Municipal Income Fund, Inc. – Intermediate Tax-Free Fund

Ten Largest Holdings	% of Investments
Buckeye Tabacco, 5.00%, 6/1/2055		0.97%
PEFA Gas-Goldman Sachs, 5.00%, 09/01/2049		0.62%
NJ Trans Trust Fund, 5.00%, 12/15/2033		0.51%
KY Public Energy Auth-Peak Energy, 4.00%, 02/01/2050		0.50%
San Francisco City & County Airport Comm-San Francisco International Airport REVENUE BONDS AMT-REF-SER A, 5.00%, 05/01/2032		0.49%
CA State GO, 4.00%, 3/1/2036		0.42%
PR Corp Sales Tax, 4.329%, 07/01/2040		0.41%
Atlanta Arpt-PFC AMT, 4.00%, 7/1/2034		0.39%
CT State GO, 4.00%, 1/15/2036		0.39%
VA Clg Bldg Auth, 4.00%, 02/01/2034		0.39%

Holding by Credit Rating	% of Investments
AAA		2.39%
AA+		4.03%
AA		10.51%
AA-		8.62%
A+		14.56%
A		11.17%
A-		8.72%
BBB+		10.45%
BBB		7.41%
BBB-		6.97%
BB+		1.83%
BB		1.80%
BB-		1.28%
B+		0.22%
B		0.60%
B-		0.79%
CCC		0.04%
D		0.16%
NR		8.45%
Total		100.00%

Lord Abbett Securities Trust – International Equity Fund

Ten Largest Holdings	% of Investments
Samsung Electronics Co., Ltd.		2.30%
Nestle SA Registered Shares		2.14%
LVMH Moet Hennessy Louis Vuitton SE		1.95%
ASML Holding NV		1.75%
Toyota Motor Corp.		1.69%
AIA Group Ltd.		1.68%
AstraZeneca plc		1.52%
BHP Group Ltd.		1.50%
Taiwan Semiconductor Manufacturing Co., Ltd.		1.49%
L’Oreal SA		1.48%

Investments in Underlying Funds (unaudited)(continued)

Holding by Sector*	% of Investments
Communication Services		3.42%
Consumer Discretionary		15.58%
Consumer Staples		7.76%
Energy		5.31%
Financial Services		20.05%
Health Care		8.55%
Industrials		16.33%
Information Technology		12.00%
Materials		7.75%
Real Estate		1.24%
Utilities		1.93%
Repurchase Agreements		0.08%
Total		100.00%

A sector may comprise several industries.

Lord Abbett Securities Trust – International Value Fund

Ten Largest Holdings	% of Investments
Sanofi		2.33%
UBS Group AG		2.19%
Credit Agricole SA		2.13%
Denso Corp.		2.05%
Royal Dutch Shell plc Class A ADR		2.01%
Allianz SE Registered Shares		1.98%
Anglo American plc		1.97%
Sumitomo Mitsui Financial Group, Inc.		1.93%
BHP Group Ltd.		1.92%
Samsung Electronics Co., Ltd.		1.91%

Holding by Sector*	% of Investments
Communication Services		1.81%
Consumer Discretionary		13.08%
Consumer Staples		5.06%
Energy		6.22%
Financial Services		25.58%
Health Care		5.49%
Industrials		19.07%
Information Technology		4.60%
Materials		6.78%
Real Estate		4.18%
Utilities		5.18%
Repurchase Agreements		2.95%
Total		100.00%

A sector may comprise several industries.

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Mid Cap Stock Fund, Inc.

Ten Largest Holdings	% of Investments
Ameriprise Financial, Inc.		2.09%
CIT Group, Inc.		2.02%
Discover Financial Services		1.93%
Citizens Financial Group, Inc.		1.80%
Valvoline, Inc.		1.80%
East West Bancorp, Inc.		1.78%
Euronet Worldwide, Inc.		1.75%
Caesars Entertainment, Inc.		1.74%
EMCOR Group, Inc.		1.74%
Pioneer Natural Resources Co.		1.73%

Holding by Sector*	% of Investments
Communication Services		3.01%
Consumer Discretionary		12.40%
Consumer Staples		4.88%
Energy		5.36%
Financial Services		18.88%
Health Care		8.39%
Industrials		16.60%
Information Technology		10.00%
Materials		5.99%
Real Estate		7.93%
Utilities		6.02%
Repurchase Agreements		0.54%
Total		100.00%

A sector may comprise several industries.

Lord Abbett Investment Trust – Short Duration Income Fund

Ten Largest Holdings	% of Investments
U.S. Treasury Note, 0.125%, 01/31/2023		2.76%
U.S. Treasury Note, 0.125%, 03/31/2023		2.30%
U.S. Treasury Bill, Zero Coupon, 07/29/2021		1.69%
U.S. Treasury Note, 0.375%, 04/15/2024		1.44%
Boeing Company The Delayed Draw Term Loan, 1.4338%, 02/07/2022		0.73%
MRA Issuance Trust 2021-4 A, 1.3901%, 08/02/2021		0.66%
MRA Issuance Trust 2021-4 A2, 1.3901%, 08/02/2021		0.58%
Equinix, Inc., 5.375%, 05/15/2027		0.46%
Comcast Hulu Holdings, LLC Term Loan A, 0.9675%, 03/15/2024		0.45%
DBWF Mortgage Trust 2018-AMXP A, 3.7468%, 05/05/2035		0.45%

Investments in Underlying Funds (unaudited)(concluded)

Holding by Sector*	% of Investments
Auto		3.97%
Basic Industry		0.07%
Capital Goods		1.20%
Consumer Cyclicals		2.14%
Consumer Discretionary		0.98%
Consumer Services		1.15%
Consumer Staples		0.36%
Energy		7.77%
Financial Services		53.73%
Foreign Government		0.94%
Health Care		3.25%
Integrated Oils		0.05%
Materials and Processing		2.65%
Municipal		0.10%
Other		0.48%
Producer Durables		1.57%
Technology		4.70%
Telecommunications		0.37%
Transportation		0.81%
U.S. Government		9.03%
Utilities		3.27%
Repurchase Agreements		1.41%
Total		100.00%

A sector may comprise several industries.

Approval of Advisory Contract

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund, information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds-of-funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2020. As to Multi-Asset Balanced Opportunity Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the three-, five-, and ten-year periods, but above the median of the performance peer group for

Approval of Advisory Contract (continued)

the one-year period. As to Multi-Asset Income Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three- and five-year periods, but above the median of the performance peer group for the ten-year period. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve fund performance, which would benefit the Funds through their investments in Lord Abbett funds. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that while the net total expense ratio of the Fund was above the median of the expense peer group, the Fund’s advisory fee (excluding underlying fund fees) was below the median of the expense group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, each Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement on behalf of each Fund.

Approval of Advisory Contract (concluded)

further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. With respect to each Fund, the Board concluded that the existing management fee schedule adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also considered that Lord Abbett accrues certain benefits from sponsoring funds that invest in other Lord Abbett Funds and the fees that Lord Abbett receives from the underlying Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

Householding

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

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

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

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Investment Trust

Lord Abbett Multi-Asset Balanced Opportunity Fund

Lord Abbett Multi-Asset Income Fund

LASAF-3
(07/21)

Item 2:	Code of Ethics.
	Not applicable.

Item 3:	Audit Committee Financial Expert.
	Not applicable.

Item 4:	Principal Accountant Fees and Services.
	Not applicable.

Item 5:	Audit Committee of Listed Registrants.
	Not applicable.

Item 6:	Investments.
	Not applicable.

Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.

Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.

Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.

Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.

Item 11:

Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable.

Item 13:

Exhibits.

(a)(1)

Code of Ethics. Not applicable.

(a)(2)

Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b)

Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LORD ABBETT INVESTMENT TRUST

	By:	/s/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: July 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: July 29, 2021

	By:	/s/Vito A. Fronda
		Vito A. Fronda
		Chief Financial Officer and Treasurer

Date: July 29, 2021