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Convertible Fund
Core Fixed Income Fund
Core Plus Bond Fund
Corporate Bond Fund
Floating Rate Fund
High Yield Fund
Income Fund
Inflation Focused Fund
Multi-Asset Balanced Opportunity Fund
Multi-Asset Income Fund
Short Duration Core Bond Fund
Short Duration Income Fund
Total Return Fund
Ultra Short Bond Fund
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LONG-TERM INVESTMENTS 95.57%
COMMON STOCKS 0.28%
Pharmaceuticals
Canopy Growth Corp. (Canada)*
(
a)
(cost $4,835,551)
495,344 $ 1,629,683
Interest Maturity
Principal
Rate
Date
Amount
‡
CONVERTIBLE BONDS 89.23%
Aerospace/Defense 1.03%
Safran SA
Zero Coupon
4/1/2028 EUR 2,677,100
6,026,564
Biotechnology 6.81%
Apellis Pharmaceuticals, Inc.
3.50%
9/15/2026
$ 1,135,000
1,923,761
BioMarin Pharmaceutical, Inc.
0.599%
8/1/2024
20,734,000
20,421,347
Bridgebio Pharma, Inc.
2.25%
2/1/2029
9,948,000
8,246,892
Guardant Health, Inc.
Zero Coupon 11/15/2027
7,963,000
5,409,703
Insmed, Inc.
0.75%
6/1/2028
3,422,000
3,729,980
Total
39,731,683
Commercial Services 3.76%
Euronet Worldwide, Inc.
0.75%
3/15/2049
22,695,000
21,957,412
Computers 10.36%
CyberArk Software Ltd. (Israel)
(a)
Zero Coupon 11/15/2024
4,268,000
7,251,332
Lumentum Holdings, Inc.
0.25%
3/15/2024
20,143,000
20,098,685
Seagate HDD Cayman (Cayman Islands)
†(a)
3.50%
6/1/2028
8,969,000
11,281,780
Super Micro Computer, Inc.
†
Zero Coupon
3/1/2029
7,463,000
7,625,250
Western Digital Corp.
†
3.00% 11/15/2028
7,906,000
10,455,685
Zscaler, Inc.
0.125%
7/1/2025
2,300,000
3,788,100
Total
60,500,832
Diversified Financial Services 0.44%
Coinbase Global, Inc.
0.50%
6/1/2026
2,585,000
2,574,660
Electric 1.79%
CenterPoint Energy, Inc.
†
4.25%
8/15/2026
5,235,000
5,187,885
Duke Energy Corp.
†
4.125%
4/15/2026
5,325,000
5,237,138
Total
10,425,023
Electronics 0.81%
Advanced Energy Industries, Inc.
†
2.50%
9/15/2028 $
4,643,000 $ 4,734,612
Energy-Alternate Sources 1.47%
Enphase Energy, Inc.
Zero Coupon
3/1/2028
9,810,000
8,558,400
Engineering & Construction 1.53%
Fluor Corp.
†
1.125%
8/15/2029
4,225,000
4,373,931
Granite Construction, Inc.
†
3.75%
5/15/2028
3,570,000
4,546,395
Total
8,920,326
Entertainment 2.65%
DraftKings Holdings, Inc.
Zero Coupon 3/15/2028
4,320,000
3,687,120
Live Nation Entertainment, Inc.
2.00%
2/15/2025
10,955,000
11,805,284
Total
15,492,404
Environmental Control 1.19%
Tetra Tech, Inc.
†
2.25%
8/15/2028
6,460,000
6,918,505
Health Care-Products 7.40%
Glaukos Corp.
2.75%
6/15/2027
4,034,000
6,803,341
Natera, Inc.
2.25%
5/1/2027
3,160,000
7,187,025
NuVasive, Inc.
0.375%
3/15/2025
12,295,000
11,600,332
Repligen Corp.
†
1.00% 12/15/2028
4,650,000
5,429,193
Shockwave Medical, Inc.
†
1.00%
8/15/2028
5,365,000
6,057,085
TransMedics Group, Inc.
†
1.50%
6/1/2028
5,475,000
6,146,600
Total
43,223,576
Internet 22.43%
Airbnb, Inc.
Zero Coupon 3/15/2026
6,675,000
6,120,711
Booking Holdings, Inc.
0.75%
5/1/2025
2,065,000
3,817,772
Lyft, Inc.
†
0.625%
3/1/2029
2,985,000
3,074,550
MakeMyTrip Ltd. (India)
(a)
Zero Coupon 2/15/2028
1,875,000
3,095,625
Match Group Financeco 2, Inc.
†
0.875%
6/15/2026
8,000,000
7,281,751
Okta, Inc.
0.125%
9/1/2025
30,320,000
29,329,208
Palo Alto Networks, Inc.
0.375%
6/1/2025
3,172,000
9,917,258
PDD Holdings, Inc. (Ireland)
(a)
Zero Coupon 12/1/2025
6,485,000
6,339,694
Shopify, Inc. (Canada)
(a)
0.125%
11/1/2025
16,528,000
15,701,600
Spotify USA, Inc.
Zero Coupon 3/15/2026
6,495,000
5,881,222
Uber Technologies, Inc.
Zero Coupon 12/15/2025
16,106,000
18,418,033
Wayfair, Inc.
1.00%
8/15/2026
4,275,000
3,832,877
Wayfair, Inc.
3.25%
9/15/2027
4,050,000
4,911,550
Zillow Group, Inc.
2.75%
5/15/2025
11,930,000
13,180,370
Total
130,902,221
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
2
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Leisure Time 2.65%
Carnival Corp.
5.75%
12/1/2027 $
2,200,000 $ 3,256,000
Royal Caribbean Cruises Ltd.
6.00%
8/15/2025
4,815,000
12,232,507
Total
15,488,507
Miscellaneous Manufacturing 0.61%
Axon Enterprise, Inc.
0.50% 12/15/2027
2,500,000
3,586,250
Oil & Gas 0.53%
Pioneer Natural Resources Co.
0.25%
5/15/2025
1,210,000
3,077,152
Pharmaceuticals 2.53%
Dexcom, Inc.
†
0.375%
5/15/2028
10,408,000
10,158,208
Neurocrine Biosciences, Inc.
2.25%
5/15/2024
2,690,000
4,624,110
Total
14,782,318
REITS 4.01%
COPT Defense Properties LP
†
5.25%
9/15/2028
14,007,000
14,476,235
HAT Holdings I LLC/HAT Holdings II LLC
†
Zero Coupon
5/1/2025
8,753,000
8,942,610
Total
23,418,845
Retail 2.78%
ANLLIAN Capital Ltd.
Zero Coupon
2/5/2025 EUR 7,800,000
8,463,957
Freshpet, Inc.
†
3.00%
4/1/2028
$ 4,400,000
7,751,700
Total
16,215,657
Semiconductors 1.01%
ON Semiconductor Corp.
†
0.50%
3/1/2029
5,791,000
5,872,074
Software 13.44%
Akamai Technologies, Inc.
0.125%
5/1/2025
3,736,000
4,487,188
Bill Holdings, Inc.
Zero Coupon
4/1/2027
24,670,000
20,587,115
Datadog, Inc.
0.125%
6/15/2025
5,154,000
7,684,614
Five9, Inc.
0.50%
6/1/2025
7,894,000
7,403,793
Five9, Inc.
†
1.00%
3/15/2029
6,000,000
6,162,000
Guidewire Software, Inc.
1.25%
3/15/2025
5,575,000
6,503,238
HubSpot, Inc.
0.375%
6/1/2025
2,505,000
5,527,283
MicroStrategy, Inc.
0.75% 12/15/2025
800,000
2,076,400
MongoDB, Inc.
0.25%
1/15/2026
4,508,000
9,680,930
RingCentral, Inc.
Zero Coupon 3/15/2026
9,250,000
8,313,437
Total
78,425,998
Total Convertible Bonds
(cost $479,985,623)
520,833,019
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
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CONVERTIBLE PREFERRED STOCKS 5.84%
Commercial Banks 3.65%
Bank of America Corp.
7.25%
17,954 $
21,302,959
Financial Services 1.92%
Apollo Global Management, Inc.
Zero Coupon
175,125
11,199,244
Machinery 0.27%
Chart Industries, Inc.
6.75%
27,471
1,589,620
Total Convertible Preferred Stocks
(cost $33,407,150)
34,091,823
OPTIONS PURCHASED 0.23%
(cost $1,331,756)
1,314,194
Total Long-Term Investments
(cost $519,560,080)
557,869,439
Principal
Amount
‡
SHORT-TERM INVESTMENTS 1.27%
REPURCHASE AGREEMENTS 1.27%
Repurchase Agreement dated 2/29/2024,
2.800% due 3/1/2024 with Fixed Income
Clearing Corp. collateralized by $8,687,700
of U.S. Treasury Note at 1.000% due 7/31/2028;
value: $7,544,859; proceeds: $7,397,466
(cost $7,396,891)
$ 7,396,891
7,396,891
Total Investments in Securities 96.84%
(cost $526,956,971)
565,265,610
Other Assets and Liabilities – Net
(b)
3.16%
18,443,975
Net Assets 100.00%
$583,709,585
EUR Euro.
REITS Real Estate Investment Trusts.
‡
Principal amount in denominated in U.S dollars unless otherwise noted.
*
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 February 29, 2024,
the total value of Rule 144A securities was $141,713,187, which represents 24.28% of net assets.
(a)
Foreign security traded in U.S. dollars.
(b)
Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency
exchange contracts as follows:
4
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.
OTC Options Purchased at February 29, 2024:
Number of
Expiration
Exercise
Notional
D
escription
Counterparty
Contracts
Date
Price
Amount
Value
Draft King Inc. Call Goldman Sachs
25,000
5/17/2024
$ 55.00
$ 25,000 $ 24,688
Draft King Inc. Call
UBS AG
314,000
8/16/2024
55.00
314,000
734,006
S
potify Call
UBS AG
55,000
7/19/2024
300.00
55,000
555,500
T
o
tal OTC Options Purchased
$1,314,194
Forward Foreign Currency Exchange Contracts at February 29, 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
Morgan Stanley
5/22/2024 14,546,000
$15,773,997 $15,771,960
$2,037
Forward
Foreign
U.S. $
Currency
Cost on
U.S. $
Exchange
Transaction
Expiration
Foreign
Origination
Current
Unrealized
Contracts
Type
Counterparty
Date
Currency
Date
Value
Depreciation
Euro
Buy
Morgan Stanley
5/22/2024 1,962,000
$2,130,436 $2,127,360
$(3,076)
The following is a summary of the inputs used as of February 29, 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
$1,629,683
$ –
$ –
$ 1,629,683
Convertible Bonds
–
520,833,019 –
520,833,019
Convertible Preferred Stocks
–
34,091,823 –
34,091,823
OTC Options Purchased
–
1,314,194 –
1,314,194
Short-Term Investments
Repurchase Agreements
–
7,396,891 –
7,396,891
Total
$1,629,683
$563,635,927
$ –
$565,265,610
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets
$ –
$ 2,037
$ –
$ 2,037
Liabilities
–
(3,076) –
(3,076)
Total
$ –
$ (1,039)
$ –
$ (1,039)
(1)
Refer to Note 2(b) 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 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.
S
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.
LONG-TERM INVESTMENTS 116.75%
ASSET-BACKED SECURITIES 16.27%
Automobiles 4.35%
Ally Auto Receivables Trust Series 2023-1
Class A3
5.46%
5/15/2028 $
7,970,000 $
8,014,595
AmeriCredit Automobile Receivables Trust Series
2022-2 Class A2A
4.20%
12/18/2025
1,685,126
1,682,237
BMW Vehicle Lease Trust Series 2023-2 Class A3
5.99%
9/25/2026
14,790,000
14,919,560
Capital One Prime Auto Receivables Trust Series
2022-1 Class A2
2.71%
6/16/2025
758,483
757,738
Citizens Auto Receivables Trust Series 2023-1
Class A3
†
5.84%
1/18/2028
7,990,000
8,072,626
Citizens Auto Receivables Trust Series 2023-2
Class A3
†
5.83%
2/15/2028
15,720,000
15,911,498
Donlen Fleet Lease Funding 2 LLC Series 2021-2
Class A2
†
0.56%
12/11/2034
655,967
651,547
Exeter Automobile Receivables Trust Series
2023-3A Class A2
6.11%
9/15/2025
7,065,448
7,070,101
Exeter Automobile Receivables Trust Series
2023-3A Class D
6.68%
4/16/2029
7,080,000
7,179,039
Flagship Credit Auto Trust Series 2022-3 Class A3
†
4.55%
4/15/2027
11,117,319
11,040,652
Flagship Credit Auto Trust Series 2023-1 Class A3
†
5.01%
8/16/2027
6,510,000
6,468,466
Ford Credit Auto Owner Trust Series 2018-1
Class A
†
3.19%
7/15/2031
15,365,000
15,071,802
GLS Auto Receivables Issuer Trust Series
2023-1A Class A2
†
5.98%
8/17/2026
3,973,990
3,976,583
GM Financial Automobile Leasing Trust Series
2023-2 Class B
5.54%
5/20/2027
7,300,000
7,282,658
Santander Consumer Auto Receivables Trust Series
2020-BA Class F
†
7.03%
8/15/2028
5,049,000
5,052,702
Santander Drive Auto Receivables Trust 2023-2
Class C
5.47%
12/16/2030
8,825,000
8,797,394
Santander Drive Auto Receivables Trust Series
2022-5 Class B
4.43%
3/15/2027
7,854,000
7,781,851
Santander Drive Auto Receivables Trust Series
2022-6 Class B
4.72%
6/15/2027
13,900,000
13,781,643
Santander Drive Auto Receivables Trust Series
2024-1 Class A3
5.25%
4/17/2028
12,735,000
12,736,156
Westlake Automobile Receivables Trust Series
2020-3A Class E
†
3.34%
6/15/2026
3,980,000
3,929,475
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
Value
S
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f
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F
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7
Automobiles (continued)
Westlake Automobile Receivables Trust Series
2023-1A Class A3
†
5.21%
1/18/2028 $ 8,310,000 $
8,285,366
Total
168,463,689
Credit Card 2.40%
Capital One Multi-Asset Execution Trust Series
2005-B3 Class B3
6.126% (3 mo.
USD Term SOFR + 0.81%)
#
5/15/2028
7,818,000
7,779,704
Capital One Multi-Asset Execution Trust Series
2022-A1 Class A1
2.80%
3/15/2027
38,640,000
37,696,577
Capital One Multi-Asset Execution Trust Series
2022-A2 Class A
3.49%
5/15/2027
29,855,000
29,254,601
Continental Finance Credit Card ABS Master
Trust Series 2020-1A Class A
†
2.24%
12/15/2028
7,046,945
6,955,425
World Financial Network Credit Card Master
Trust Series 2023-A Class A
5.02%
3/15/2030
11,265,000
11,199,372
Total
92,885,679
Home Equity 0.13%
Towd Point Mortgage Trust Series 2024-CES1
Class A1A
†
5.848%
#(a)
1/25/2064
4,807,214
4,836,456
Other 9.11%
ACRES Commercial Realty Ltd. Series 2021-FL2
Class A
†
6.836% (1 mo.
USD Term SOFR + 1.51%)
#
1/15/2037
7,585,590
7,538,180
Affirm Asset Securitization Trust Series 2022-A
Class A
†
4.30%
5/17/2027
9,545,000
9,473,865
Affirm Asset Securitization Trust Series 2023-A
Class 1A
†
6.61%
1/18/2028
9,415,000
9,475,489
Affirm Asset Securitization Trust Series 2023-B
Class A
†
6.82%
9/15/2028
4,490,000
4,557,460
Affirm Asset Securitization Trust Series 2024-A
Class A
†
5.61%
2/15/2029
2,885,000
2,881,717
Apidos CLO XII Series 2013-12A Class BR
†
6.976% (3 mo.
USD Term SOFR + 1.66%)
#
4/15/2031
4,490,000
4,476,248
Apidos CLO XXIV Series 2016-24A
Class A1AL
†
6.529% (3 mo.
USD Term SOFR + 1.21%)
#
10/20/2030
5,952,411
5,954,792
Arbor Realty Commercial Real Estate
Notes Ltd. Series 2021-FL2 Class A
†
6.532% (1 mo.
USD Term SOFR + 1.21%)
#
5/15/2036
6,225,880
6,209,303
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