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Lord Abbett
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
Total Return Fund
Ultra Short Bond Fund
F
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Schedules of Investments (Item 7)
1
Convertible Fund
7
Core Fixed Income Fund
28
Core Plus Bond Fund
61
Floating Rate Fund
95
High Yield Fund
129
Income Fund
159
Inflation Focused Fund
190
Short Duration Core Bond Fund
214
Short Duration Income Fund
269
Total Return Fund
296
Ultra Short Bond Fund
322
Statements of Assets and Liabilities (Item 7)
330
Statements of Operations (Item 7)
336
Statements of Changes in Net Assets (Item 7)
344
Financial Highlights (Item 7)
388
Notes to Financial Statements (Item 7)
443
Report of Independent Registered Public Accounting Firm (Item 7)
444
Changes in and Disagreements with Accountants (Item 8)
444
Proxy Disclosures (Item 9)
444
Remuneration Paid to Trustees, Officers, and Others (Item 10)
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t
e
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1
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CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Fair
Investments
Shares
Value
LONG-TERM INVESTMENTS 96.54%
COMMON STOCKS 0.95%
Information Technology Services 0.23%
GDS Holdings Ltd. ADR*
69,000
$ 1,358,610
Software 0.72%
CyberArk Software Ltd. (Israel)*
(a)
13,267
4,292,007
Total Common Stocks
(cost $5,481,824)
5,650,617
Interest Maturity Principal
Rate
Date Amount
‡
CONVERTIBLE BONDS 85.69%
Aerospace/Defense 0.77%
Rheinmetall AG
2.25%
2/7/2030
EUR
2,100,000
4,584,896
Airlines 3.51%
Southwest Airlines Co.
1.25%
5/1/2025 $20,400,000
20,802,900
Auto Manufacturers 0.42%
Rivian Automotive, Inc.
3.625%
10/15/2030 2,850,000
2,495,674
Biotechnology 1.89%
Insmed, Inc.
0.75%
6/1/2028 1,932,000
4,538,881
Sarepta Therapeutics, Inc.
1.25%
9/15/2027 5,750,000
6,655,386
Total
11,194,267
Commercial Services 2.74%
Shift4 Payments, Inc.
0.50%
8/1/2027 9,400,000
10,734,407
Stride, Inc.
1.125%
9/1/2027 2,700,000
5,534,652
Total
16,269,059
Computers 5.86%
Lumentum Holdings, Inc.
0.50%
12/15/2026 9,470,000
10,639,545
Lumentum Holdings, Inc.
1.50%
12/15/2029 1,940,000
2,781,960
Parsons Corp.
†
2.625%
3/1/2029 6,300,000
7,542,411
Seagate HDD Cayman (Cayman Islands)
(a)
3.50%
6/1/2028 1,604,000
2,152,888
Varonis Systems, Inc.
†
1.00%
9/15/2029 8,247,000
8,285,275
Western Digital Corp.
3.00%
11/15/2028 2,166,000
3,347,999
Total
34,750,078
2
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Diversified Financial Services 4.53%
Coinbase Global, Inc.
0.50%
6/1/2026 $12,635,000
$ 14,201,740
SoFi Technologies, Inc.
†
1.25%
3/15/2029 4,415,000
8,268,412
Upstart Holdings, Inc.
†
1.00%
11/15/2030 4,000,000
4,400,760
Total
26,870,912
Electric 4.67%
Duke Energy Corp.
4.125%
4/15/2026 6,415,000
6,845,354
NRG Energy, Inc.
2.75%
6/1/2048 2,505,000
6,208,355
PPL Capital Funding, Inc.
2.875%
3/15/2028 5,170,000
5,639,510
Southern Co.
†
4.50%
6/15/2027 8,315,000
9,019,518
Total
27,712,737
Electronics 1.36%
Itron, Inc.
Zero Coupon
3/15/2026 7,400,000
8,048,968
Engineering & Construction 1.53%
Granite Construction, Inc.
†
3.25%
6/15/2030 6,330,000
9,095,153
Entertainment 1.12%
Live Nation Entertainment, Inc.
3.125%
1/15/2029 4,625,000
6,614,444
Health Care-Products 4.00%
Insulet Corp.
0.375%
9/1/2026 6,165,000
7,884,525
NuVasive, Inc.
0.375%
3/15/2025 16,055,000
15,856,721
Total
23,741,246
Internet 20.46%
Alibaba Group Holding Ltd. (China)
†(a)
0.50%
6/1/2031 3,400,000
3,685,830
Booking Holdings, Inc.
0.75%
5/1/2025 1,280,000
3,540,061
MakeMyTrip Ltd. (India)
(a)
Zero Coupon
2/15/2028
990,000
2,964,465
Match Group Financeco 2, Inc.
†
0.875%
6/15/2026 21,450,000
20,087,925
Okta, Inc.
0.125%
9/1/2025 12,130,000
11,717,580
Palo Alto Networks, Inc.
0.375%
6/1/2025 1,102,000
4,302,077
Q2 Holdings, Inc.
0.75%
6/1/2026 4,900,000
6,239,660
Sea Ltd. (Singapore)
(a)
2.375%
12/1/2025 5,000,000
6,675,121
Shopify, Inc. (Canada)
(a)
0.125%
11/1/2025 18,828,000
19,454,125
Spotify USA, Inc.
Zero Coupon
3/15/2026 6,495,000
7,091,241
Trip.com Group Ltd. (China)
†(a)
0.75%
6/15/2029 5,000,000
5,905,020
Uber Technologies, Inc.
Zero Coupon
12/15/2025 7,766,000
8,315,347
Wayfair, Inc.
1.00%
8/15/2026 4,275,000
3,962,284
Wayfair, Inc.
3.25%
9/15/2027 3,100,000
3,403,080
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c
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n
t
i
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u
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d
)
CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
‡
Value
S
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N
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t
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3
Internet (continued)
Wix.com Ltd. (Israel)
(a)
Zero Coupon
8/15/2025 $10,000,000
$ 9,675,000
Zillow Group, Inc.
2.75%
5/15/2025 3,345,000
4,328,430
Total
121,347,246
Leisure Time 2.14%
Carnival Corp.
5.75%
12/1/2027 1,210,000
2,484,607
NCL Corp. Ltd.
1.125%
2/15/2027 5,500,000
5,830,962
Royal Caribbean Cruises Ltd.
6.00%
8/15/2025
885,000
4,341,886
Total
12,657,455
Machinery: Construction & Mining 0.83%
Siemens Energy Finance BV
5.625%
9/14/2025
EUR
1,400,000
4,890,350
Miscellaneous Manufacturing 1.55%
Axon Enterprise, Inc.
0.50%
12/15/2027 $3,250,000
9,216,361
REITS 4.41%
COPT Defense Properties LP
†
5.25%
9/15/2028 5,482,000
6,634,783
Digital Realty Trust LP
†
1.875%
11/15/2029 7,000,000
7,532,901
Welltower OP LLC
†
3.125%
7/15/2029 9,900,000
11,958,374
Total
26,126,058
Retail 1.00%
Freshpet, Inc.
3.00%
4/1/2028 2,600,000
5,943,735
Semiconductors 1.03%
Nova Ltd. (Israel)
(a)
Zero Coupon
10/15/2025
875,000
2,016,328
ON Semiconductor Corp.
0.50%
3/1/2029 4,136,000
4,098,455
Total
6,114,783
Software 21.87%
Bill Holdings, Inc.
Zero Coupon
4/1/2027 27,320,000
24,144,050
Box, Inc.
†
1.50%
9/15/2029 6,600,000
6,791,400
Datadog, Inc.
0.125%
6/15/2025 4,500,000
7,483,584
Five9, Inc.
0.50%
6/1/2025 7,894,000
7,683,230
Guidewire Software, Inc.
†
1.25%
11/1/2029 10,825,000
11,467,241
MicroStrategy, Inc.
†
Zero Coupon
12/1/2029 24,000,000
22,814,656
MicroStrategy, Inc.
†
0.625%
9/15/2028 2,190,000
5,089,366
Pegasystems, Inc.
0.75%
3/1/2025 3,000,000
2,978,307
RingCentral, Inc.
Zero Coupon
3/15/2026 22,900,000
21,205,400
Snowflake, Inc.
†
Zero Coupon
10/1/2027 5,080,000
6,522,437
S
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m
e
n
t
s
(
c
o
n
t
i
n
u
e
d
)
CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
‡
Value
4
S
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N
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.
Software (continued)
Tyler Technologies, Inc.
0.25%
3/15/2026 $ 4,425,000
$ 5,800,219
Vertex, Inc.
†
0.75%
5/1/2029 4,785,000
7,700,555
Total
129,680,445
Total Convertible Bonds
(cost $455,949,418)
508,156,767
Dividend
Rate
Shares
CONVERTIBLE PREFERRED STOCKS 9.90%
Capital Markets 1.68%
Ares Management Corp.
6.75%
178,950
9,953,199
Commercial Banks 3.71%
Bank of America Corp.
7.25%
17,654
22,014,538
Electric: Utilities 2.45%
NextEra Energy, Inc.
7.299%
278,000
14,518,550
Financial Services 1.34%
Apollo Global Management, Inc.
6.75%
85,905
7,902,817
Technology Hardware, Storage & Peripherals 0.72%
Hewlett Packard Enterprise Co.
7.625%
70,000
4,285,202
Total Convertible Preferred Stocks
(cost $56,595,082)
58,674,306
Total Long-Term Investments
(cost $518,026,324)
572,481,690
Principal
Amount
‡
OPTIONS PURCHASED 1.48%
(cost $8,196,691)
8,799,529
SHORT-TERM INVESTMENTS 1.79%
REPURCHASE AGREEMENTS 1.79%
Repurchase Agreement dated 11/29/2024, 2.200% due 12/2/2024
with Fixed Income Clearing Corp. collateralized by $10,644,900
of U.S. Treasury Note at 4.250% due 12/31/2025; value: $10,815,170;
proceeds: $10,604,977 (cost $10,603,033)
$10,603,033
10,603,033
Total Investments in Securities 99.81%
(
cost $536,826,048)
591,884,252
Other Assets and Liabilities – Net
(b)
0.19%
1,116,141
Net Assets 100.00%
$593,000,393
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(
c
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i
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u
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d
)
CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
‡
Value
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(
c
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t
i
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u
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d
)
CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
EUR Euro.
A
DR American Depositary Receipt.
R
EITS Real Estate Investment Trusts.
*
Non-income producing security.
‡
Principal Amount is denominated in U.S. dollars unless otherwise noted.
†
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such
Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2024, the
total value of Rule 144A securities was $162,802,017, which represents 27.45% of net assets.
(a)
Foreign security traded in U.S. dollars.
(b)
Other Assets and Liabilities – Net include net unrealized appreciation on forward foreign currency exchange contracts
and options purchased as follows:
Options Purchased at November 30, 2024:
Number of Expiration
Exercise Notional
Description
Counterparty Contracts
Date
Price
Amount
Value
Affirm Holdings, Inc. Call
UBS AG
125,000
3/21/2025
$ 80.00
$125,000 $1,088,025
Core Scientific, Inc. Call
J.P. Morgan
500,000
1/17/2025
19.00
500,000
776,970
GDS Holdings LTD. ADR, Call
Morgan Stanley
300,000
3/21/2025
25.00
300,000
467,900
MongoDB, Inc. Call
J.P. Morgan
24,500
3/21/2025
360.00
24,500
757,412
Palo Alto Networks, Inc. Call
Morgan Stanley
30,500
3/21/2025
400.00
30,500
838,886
Rocket Lab USA, Inc. Call
Morgan Stanley
550,000
4/17/2025
27.00
550,000
3,860,425
Royal Caribbean Cruises Ltd. Call Morgan Stanley
55,000
3/21/2025
250.00
55,000
1,009,911
Total OTC Options Purchased
$8,799,529
Forward Foreign Currency Exchange Contracts at November 30, 2024:
Forward
Foreign
U.S. $
Currency
Cost on
U.S. $
Exchange Transaction
Expiration
Foreign Origination
Current Unrealized
Contracts
Type
Counterparty
Date Currency
Date
Value Appreciation
Euro
Sell
State Street
Bank and Trust 2/20/2025 5,879,000 $6,256,755 $6,235,037
$ 21,718
Euro
Sell
State Street
Bank and Trust 2/20/2025 2,350,000
2,499,929 2,492,318
7,611
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts
$29,329
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.
5
6
S
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N
o
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a
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i
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t
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m
e
n
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s
.
The following is a summary of the inputs used as of November 30, 2024 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
$5,650,617 $ – $
– $
5,650,617
Convertible Bonds
–
508,156,767
–
508,156,767
Convertible Preferred Stocks
–
58,674,306
–
58,674,306
Options Purchased
–
8,799,529
–
8,799,529
Short-Term Investments
Repurchase Agreements
–
10,603,033
–
10,603,033
Total
$5,650,617 $
586,233,635 $
– $
591,884,252
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets
$– $
29,329 $
– $
29,329
Liabilities
– –
– –
Total
$– $
29,329 $
– $
29,329
(1)
Refer to Note 2(u) 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. When applicable, each
Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3
investments at the beginning or end of the year in relation to the Fund’s net assets.
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d
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CONVERTIBLE FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
S
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N
o
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F
i
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7
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CORE FIXED INCOME FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
LONG-TERM INVESTMENTS 120.26%
ASSET-BACKED SECURITIES 16.06%
Automobiles 5.75%
Ally Auto Receivables Trust Series 2023-1
Class A3
5.46%
5/15/2028 $19,705,000 $
19,909,711
Bank of America Auto Trust Series 2023-1A
Class A3
†
5.53%
2/15/2028 15,645,000
15,795,974
BMW Vehicle Lease Trust Series 2023-2 Class A3
5.99%
9/25/2026 14,790,000
14,897,911
BofA Auto Trust Series 2024-1A Class A3
†
5.35%
11/15/2028 7,250,000
7,351,974
Chase Auto Owner Trust Series 2024-1A Class A3
†
5.13%
5/25/2029 16,070,000
16,250,021
Citizens Auto Receivables Trust Series 2023-1
Class A3
†
5.84%
1/18/2028 10,960,000
11,076,621
Citizens Auto Receivables Trust Series 2023-2
Class A3
†
5.83%
2/15/2028 17,924,000
18,157,433
Citizens Auto Receivables Trust Series 2024-2
Class A4
†
5.26%
4/15/2031 9,945,000
10,094,688
Exeter Automobile Receivables Trust Series
2023-3A Class D
6.68%
4/16/2029 7,080,000
7,246,761
Exeter Automobile Receivables Trust Series
2024-4A Class B
5.29%
8/15/2030 10,058,000
10,125,107
Exeter Automobile Receivables Trust Series
2024-5A Class B
4.48%
4/16/2029 9,675,000
9,624,747
Flagship Credit Auto Trust Series 2022-3
Class A3
†
4.55%
4/15/2027 4,427,820
4,425,693
Flagship Credit Auto Trust Series 2023-1
Class A3
†
5.01%
8/16/2027 6,510,000
6,514,941
Ford Credit Auto Owner Trust Series 2018-1
Class A
†
3.19%
7/15/2031 15,365,000
15,334,179
GM Financial Automobile Leasing Trust Series
2023-1 Class B
5.51%
1/20/2027 3,580,000
3,595,416
GM Financial Automobile Leasing Trust Series
2023-2 Class B
5.54%
5/20/2027 9,700,000
9,760,524
NextGear Floorplan Master Owner Trust Series
2022-1A Class A2
†
2.80%
3/15/2027 8,473,000
8,423,610
Octane Receivables Trust Series 2022-2A Class A
†
5.11%
2/22/2028
675,512
675,818
Octane Receivables Trust Series 2023-3A Class A2
†
6.44%
3/20/2029 5,637,971
5,707,573
PenFed Auto Receivables Owner Trust Series
2024-A Class A4
†
4.75%
3/15/2030 6,320,000
6,324,362
Santander Consumer Auto Receivables Trust Series
2020-BA Class F
†
7.03%
8/15/2028 5,049,000
5,081,287
Santander Drive Auto Receivables Trust Series
2022-5 Class B
4.43%
3/15/2027 4,106,795
4,103,678
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
Value
8
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s
.
Automobiles (continued)
Santander Drive Auto Receivables Trust Series
2022-6 Class B
4.72%
6/15/2027 $ 11,743,051 $
11,740,173
Santander Drive Auto Receivables Trust Series
2024-1 Class A3
5.25%
4/17/2028 19,578,000
19,649,503
Santander Drive Auto Receivables Trust Series
2024-2 Class D
6.28%
8/15/2031 9,905,000
10,202,291
Westlake Automobile Receivables Trust Series
2023-1A Class A3
†
5.21%
1/18/2028 8,024,325
8,031,218
Total
260,101,214
Credit Card 2.42%
American Express Credit Account Master
Trust Series 2024-2 Class A
5.24%
4/15/2031 5,235,000
5,413,744
Capital One Multi-Asset Execution Trust Series
2005-B3 Class B3
5.468%
(3 mo. USD Term SOFR + 0.81%)
#
5/15/2028 9,093,000
9,089,151
Capital One Multi-Asset Execution Trust Series
2022-A1 Class A1
2.80%
3/15/2027 38,640,000
38,435,652
Capital One Multi-Asset Execution Trust Series
2022-A2 Class A
3.49%
5/15/2027 29,855,000
29,697,766
First National Master Note Trust Series 2024-1
Class A
5.34%
5/15/2030 14,980,000
15,177,388
World Financial Network Credit Card Master
Trust Series 2023-A Class A
5.02%
3/15/2030 11,265,000
11,330,932
Total
109,144,633
Other 7.89%
ACRES Commercial Realty Ltd. Series 2021-FL2
Class A
†
6.125%
(1 mo. USD Term SOFR + 1.51%)
#
1/15/2037 4,396,707
4,383,001
Affirm Asset Securitization Trust Series 2023-A
Class 1A
†
6.61%
1/18/2028 9,415,000
9,433,440
Affirm Asset Securitization Trust Series 2023-B
Class A
†
6.82%
9/15/2028 7,825,000
7,930,710
Affirm Asset Securitization Trust Series 2024-A
Class 1A
†
5.61%
2/15/2029 8,695,000
8,756,333
Affirm Asset Securitization Trust Series 2024-A
Class A
†
5.61%
2/15/2029 2,885,000
2,905,350
Affirm Asset Securitization Trust Series 2024-B
Class A
†
4.62%
9/15/2029 8,400,000
8,369,262
AIMCO CLO Series 2018-AA Class AR
†(a)
–
(b)
10/17/2037 27,270,000
27,270,000
S
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c
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u
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d
)
CORE FIXED INCOME FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
Value
S
e
e
N
o
t
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s
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9
Other (continued)
Arbor Realty Commercial Real Estate Notes Ltd.
Series 2021-FL4 Class A
†
6.074%
(1 mo. USD Term SOFR + 1.46%)
#
11/15/2036 $ 5,018,001 $
5,025,064
Avant Loans Funding Trust Series 2022-REV1
Class A
†
6.54%
9/15/2031
80,252
80,281
Avant Loans Funding Trust Series 2024-REV1
Class A
†
5.92%
10/15/2033 9,795,000
9,855,807
Bain Capital Credit CLO Ltd. Series 2023-4A
Class C
†
7.517%
(3 mo. USD Term SOFR + 2.90%)
#
10/21/2036 4,090,000
4,141,323
Ballyrock CLO 22 Ltd. Series 2024-22A
Class A1A
†
6.196%
(3 mo. USD Term SOFR + 1.54%)
#
4/15/2037 12,450,000
12,509,159
Ballyrock CLO 27 Ltd. Series 2024-27A
Class A1A
†
6.212%
(3 mo. USD Term SOFR + 1.35%)
#
10/25/2037 11,510,000
11,524,291
Benefit Street Partners CLO XXXIII Ltd.
Series 2023-33A Class B
†
6.926%
(3 mo. USD Term SOFR + 2.30%)
#
1/25/2036 6,370,000
6,433,491
Bristol Park CLO Ltd. Series 2016-1A Class CR
†
6.868%
(3 mo. USD Term SOFR + 2.21%)
#
4/15/2029 6,460,000
6,486,196
BSPRT Issuer Ltd. Series 2022-FL8 Class A
†
6.306%
(30 day USD SOFR Average + 1.50%)
#
2/15/2037 2,156,278
2,153,608
CIFC Funding Ltd. Series 2024-1A Class A
†
6.132%
(3 mo. USD Term SOFR + 1.50%)
#
4/18/2037 12,750,000
12,812,984
Dell Equipment Finance Trust Series 2023-2
Class A2
†
5.84%
1/22/2029 2,010,805
2,013,480
Dell Equipment Finance Trust Series 2024-2
Class A3
†
4.59%
8/22/2030 11,520,000
11,535,453
Eaton Vance CLO Ltd. Series 2013-1A Class A13R
†
6.168%
(3 mo. USD Term SOFR + 1.51%)
#
1/15/2034 4,198,000
4,209,496
Elmwood CLO 16 Ltd. Series 2022-3A Class AR
†
6.147%
(3 mo. USD Term SOFR + 1.53%)
#
4/20/2037 11,750,000
11,853,767
Elmwood CLO 24 Ltd. Series 2023-3A Class B
†
6.998%
(3 mo. USD Term SOFR + 2.35%)
#
12/11/2033 6,310,000
6,331,543
Generate CLO 16 Ltd. Series 2024-16A Class A1
†
6.547%
(3 mo. USD Term SOFR + 1.54%)
#
7/20/2037 9,850,000
9,929,620
Kubota Credit Owner Trust Series 2024-2A
Class A3
†
5.26%
11/15/2028 10,775,000
10,958,529
Lending Funding Trust Series 2020-2A Class A
†
2.32%
4/21/2031 5,317,000
5,100,255
Lendmark Funding Trust Series 2021-1A Class C
†
3.41%
11/20/2031 2,095,000
1,940,491
Lendmark Funding Trust Series 2021-2A Class B
†
2.37%
4/20/2032 6,465,000
5,883,864
S
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s
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c
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t
i
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u
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d
)
CORE FIXED INCOME FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
Value
10
S
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N
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t
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Other (continued)
LoanCore Issuer Ltd. Series 2022-CRE7
Class A
†
6.348%
(30 day USD SOFR Average + 1.55%)
#
1/17/2037 $ 5,381,225 $
5,381,225
Magnetite XLII Ltd. Series 2024-42A
Class A1
†(a)
–
(b)
1/25/2038 16,120,000
16,120,000
Magnetite XXXIX Ltd. Series 2023-39A
Class B
†
6.776%
(3 mo. USD Term SOFR + 2.15%)
#
10/25/2033 9,250,000
9,280,027
Mariner Finance Issuance Trust Series 2021-AA
Class D
†
3.83%
3/20/2036 2,420,000
2,280,793
Marlette Funding Trust Series 2020-2A Class D
†
4.65%
9/16/2030
184,321
184,267
Marlette Funding Trust Series 2022-3A Class B
†
5.95%
11/15/2032 2,920,377
2,923,878
MF1 LLC Series 2022-FL9 Class A
†
6.756%
(1 mo. USD Term SOFR + 2.15%)
#
6/19/2037 4,258,631
4,265,345
Octagon Investment Partners XIV Ltd.
Series 2012-1A Class AARR
†
5.868%
(3 mo. USD Term SOFR + 1.21%)
#
7/15/2029
115,493
115,612
OHA Credit Funding 17 Ltd. Series 2024-17A
Class C
†
6.917%
(3 mo. USD Term SOFR + 2.30%)
#
4/20/2037 7,350,000
7,431,005
OneMain Financial Issuance Trust Series 2022-3A
Class A
†
5.94%
5/15/2034 8,000,000
8,054,198
Palmer Square CLO Ltd. Series 2024-2A
Class A1
†
6.694%
(3 mo. USD Term SOFR + 1.40%)
#
7/20/2037 9,980,000
10,012,553
PEAC Solutions Receivables LLC Series 2024-2A
Class A3
†
4.65%
10/20/2031 9,885,000
9,780,274
Post CLO Ltd. Series 2023-1A Class B1
†
7.117%
(3 mo. USD Term SOFR + 2.50%)
#
4/20/2036 3,085,000
3,103,002
Post Road Equipment Finance Series 2022-1A
Class A2
†
4.88%
11/15/2028 3,702,216
3,701,861
Rad CLO 23 Ltd. Series 2024-23A Class B1
†
6.667%
(3 mo. USD Term SOFR + 2.05%)
#
4/20/2037 4,750,000
4,802,046
Ready Capital Mortgage Financing LLC
Series 2023-FL12 Class A
†
6.923%
(1 mo. USD Term SOFR + 2.34%)
#
5/25/2038 2,993,681
3,002,058
Sandstone Peak III Ltd. Series 2024-1A
Class A1
†
6.256%
(3 mo. USD Term SOFR + 1.63%)
#
4/25/2037 13,330,000
13,413,925
SCF Equipment Leasing LLC Series 2021-1A
Class C
†
1.54%
10/21/2030 4,570,000
4,505,412
SCF Equipment Leasing LLC Series 2024-1A
Class A3
†
5.52%
1/20/2032 26,965,000
27,550,124
Sunrun Demeter Issuer LLC Series 2021-2A
Class A
†
2.27%
1/30/2057
1,811,452
1,585,839
S
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(
c
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t
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u
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d
)
CORE FIXED INCOME FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
Value
S
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N
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11
Other (continued)
Texas Debt Capital CLO Ltd. Series 2024-1A
Class B
†
6.582%
(3 mo. USD Term SOFR + 1.95%)
#
4/22/2037 $ 9,520,000 $
9,571,821
Total
356,892,063
Total Asset-Backed Securities
(cost $722,001,906)
726,137,910
CORPORATE BONDS 34.35%
Aerospace/Defense 0.34%
Boeing Co.
†
6.388%
5/1/2031 8,952,000
9,433,463
L3Harris Technologies, Inc.
5.40%
7/31/2033 5,956,000
6,096,479
Total
15,529,942
Agriculture 1.52%
BAT Capital Corp.
5.834%
2/20/2031 3,658,000
3,811,900
BAT Capital Corp.
6.343%
8/2/2030 17,938,000
19,076,223
Imperial Brands Finance PLC (United Kingdom)
†
(c)
5.50%
2/1/2030 17,069,000
17,390,022
Imperial Brands Finance PLC (United Kingdom)
†
(c)
6.125%
7/27/2027 6,880,000
7,087,882
Philip Morris International, Inc.
5.625%
11/17/2029 6,254,000
6,511,547
Reynolds American, Inc.
4.45%
6/12/2025 9,194,000
9,177,529
Viterra Finance BV (Netherlands)
†(c)
4.90%
4/21/2027 5,719,000
5,687,746
Total
68,742,849
Auto Manufacturers 1.02%
Ford Motor Credit Co. LLC
2.70%
8/10/2026 9,056,000
8,679,284
Ford Motor Credit Co. LLC
6.125%
3/8/2034 7,977,000
8,048,511
General Motors Financial Co., Inc.
5.95%
4/4/2034 7,598,000
7,835,776
Hyundai Capital America
†
1.80%
10/15/2025 18,735,000
18,236,282
Hyundai Capital America
†
5.80%
6/26/2025 3,324,000
3,340,807
Total
46,140,660
Banks 9.80%
ABN AMRO Bank NV (Netherlands)
†(c)
3.324%
(5 yr. CMT + 1.90%)
#
3/13/2037 7,800,000
6,750,887
Bank of America Corp.
1.658%
(SOFR + 0.91%)
#
3/11/2027 4,902,000
4,711,976
Bank of America Corp.
3.593%
(3 mo. USD Term SOFR + 1.63%)
#
7/21/2028 14,259,000
13,845,114
Bank of America Corp.
3.97%
(3 mo. USD Term SOFR + 1.33%)
#
3/5/2029 18,874,000
18,399,065
Bank of New York Mellon Corp.
4.596%
(SOFR + 1.76%)
#
7/26/2030 4,099,000
4,093,660
S
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)
CORE FIXED INCOME FUND
N
o
v
e
m
b
e
r
3
0
,
2
0
2
4
Interest Maturity Principal
Fair
Investments
Rate
Date Amount
Value