Form NPORT-P LORD ABBETT TRUST I For: Apr 30

  
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      LORD ABBETT TRUST I
      811-10371
      0001139819
      549300XXOBNDWQ1JMK89
      90 HUDSON STREET
      JERSEY CITY
      
      07302
      201-827-2000
      Lord Abbett Emerging Markets Equity Fund
      S000073854
      5493008P7LK1FLGLWR83
      2022-07-31
      2022-04-30
      N
    
    
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        LVMH Moet Hennessy Louis Vuitton SE
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        LONGi Green Energy Technology Co Ltd
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        000000000
        
          
        
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        20285.94000000
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        Contemporary Amperex Technology Co Ltd
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        000000000
        
          
        
        826.00000000
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        50496.71000000
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        EC
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        Grupo Aeroportuario del Pacifico SAB de CV
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        Kweichow Moutai Co Ltd
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        Wuliangye Yibin Co Ltd
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        000000000
        
          
        
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        ASML Holding NV
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        Pinduoduo Inc
        5493000573DS7005T657
        
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        Shell PLC
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        Apollo Hospitals Enterprise Ltd
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        Sea Ltd
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        81141R100
        
          
        
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        Samsung Electronics Co Ltd
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        United Spirits Ltd
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        000000000
        
          
        
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        Sibanye Stillwater Ltd
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        000000000
        
          
        
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        Capstone Copper Corp
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        14071L108
        
          
        
        10468.00000000
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        47668.86000000
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        1
        
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        Bank of Nova Scotia/The
        L3I9ZG2KFGXZ61BMYR72
        
        064149107
        
          
        
        657.00000000
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        41604.29000000
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        1
        
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        Reliance Industries Ltd
        5493003UOETFYRONLG31
        
        000000000
        
          
        
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        124494.61000000
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        Globant SA
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        000000000
        
          
        
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        Telkom Indonesia Persero Tbk PT
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        000000000
        
          
        
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        Divi's Laboratories Ltd
        335800C1DHFG1C9T1M03
        
        000000000
        
          
        
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        Gentera SAB de CV
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        000000000
        
          
        
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        China Longyuan Power Group Corp Ltd
        5299008UYLF3O6V9T464
        
        000000000
        
          
        
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        WuXi AppTec Co Ltd
        254900OEPQLZSPLN9175
        
        000000000
        
          
        
        900.00000000
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        12241.61000000
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        Wal-Mart de Mexico SAB de CV
        N/A
        
        000000000
        
          
        
        12961.00000000
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        45831.76000000
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        EC
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        Infosys Ltd
        335800TYLGG93MM7PR89
        
        456788108
        
          
        
        4095.00000000
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        Absa Group Ltd
        2138006IPPRD4N6XLT30
        
        000000000
        
          
        
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        ESR Cayman Ltd
        549300C81AR42BZUFZ09
        
        000000000
        
          
        
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        64961.98000000
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        Y
        
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        State Bank of India
        5493001JZ37UBBZF6L49
        
        000000000
        
          
        
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        Wuxi Biologics Cayman Inc
        5493001TD2TH6VDTJU11
        
        000000000
        
          
        
        2000.00000000
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        14761.62000000
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        Y
        
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        Hapvida Participacoes e Investimentos SA
        N/A
        
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        10448.00000000
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        18533.55000000
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        LG Energy Solution
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        000000000
        
          
        
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        Industrial & Commercial Bank of China Ltd
        5493002ERZU2K9PZDL40
        
        000000000
        
          
        
        86687.00000000
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        52255.47000000
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        Bank Mandiri Persero Tbk PT
        549300RSKQN4Z5ZSGH94
        
        000000000
        
          
        
        145452.00000000
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        89312.58000000
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        BB Seguridade Participacoes SA
        N/A
        
        000000000
        
          
        
        18318.00000000
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        94221.57000000
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        Maruti Suzuki India Ltd
        335800D27PBEESKKD357
        
        000000000
        
          
        
        328.00000000
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          N
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        NetEase Inc
        5299004AF4DSJDB0PA32
        
        000000000
        
          
        
        5073.00000000
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        97174.68000000
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        N
        
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        Samsung Biologics Co Ltd
        N/A
        
        000000000
        
          
        
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        ANTA Sports Products Ltd
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        000000000
        
          
        
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        Long
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        N
        
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          N
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        Grupo Financiero Banorte SAB de CV
        N/A
        
        000000000
        
          
        
        14470.00000000
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        95521.22000000
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        1
        
          N
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        Equatorial Energia SA
        N/A
        
        000000000
        
          
        
        7600.00000000
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        39414.64000000
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        Bharti Airtel Ltd
        335800KQ1FPKOQ84OR26
        
        000000000
        
          
        
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        111031.37000000
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        Abu Dhabi Commercial Bank PJSC
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        000000000
        
          
        
        19823.00000000
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        54797.31000000
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        JD.com Inc
        549300HVTWB0GJZ16V92
        
        000000000
        
          
        
        2907.00000000
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        90636.00000000
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        N
        
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        WEG SA
        N/A
        
        000000000
        
          
        
        7426.00000000
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        45211.34000000
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        Long
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        N
        
        1
        
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        Jubilant Foodworks Ltd
        9845000D3B99893F5B14
        
        000000000
        
          
        
        6925.00000000
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        48902.75000000
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        CP ALL PCL
        894500LSBZLM09TY1A91
        
        000000000
        
          
        
        25100.00000000
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        47635.04000000
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        State Street Bank & Trust Co.
        571474TGEMMWANRLN572
        
        000000000
        
          
        
        1.00000000
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        11.38000000
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        N/A
        DFE
        
        US
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        2
        
          
            
              State Street Bank & Trust Co.
              571474TGEMMWANRLN572
            
            188158001.00000000
            IDR
            12990.48000000
            USD
            2022-05-09
            11.38000000
          
        
        
          N
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        Silergy Corp
        N/A
        
        000000000
        
          
        
        509.00000000
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        45317.51000000
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        CORP
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        N
        
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        BHP Group Ltd
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        000000000
        
          
        
        2412.00000000
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        80598.00000000
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        N
        
        2
        
          N
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        Lasertec Corp
        N/A
        
        000000000
        
          
        
        170.00000000
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        22712.23000000
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        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
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          N
        
      
      
        UTI Asset Management Co Ltd
        335800IDIB9I5HRFZP97
        
        000000000
        
          
        
        2271.00000000
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        23342.48000000
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        Commercial International Bank Egypt SAE
        213800FIIXJAMEVRIH48
        
        000000000
        
          
        
        14576.00000000
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        35192.83000000
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        Long
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        EG
        N
        
        2
        
          N
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        Intercorp Financial Services Inc
        5299004181WFTEWB1398
        
        000000000
        
          
        
        1109.00000000
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        USD
        30308.97000000
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        N
        
        1
        
          N
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        Petroleo Brasileiro SA
        5493000J801JZRCMFE49
        
        71654V408
        
          
        
        6972.00000000
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        USD
        94610.04000000
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        N
        
        1
        
          N
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          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        
        000000000
        
          
        
        8206.00000000
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        100094.14000000
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        Long
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        CORP
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        N
        
        2
        
          N
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        SK Hynix Inc
        988400XAIK6XISWQV045
        
        000000000
        
          
        
        654.00000000
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        57308.77000000
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        Long
        EC
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        N
        
        2
        
          N
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        United Overseas Bank Ltd
        IO66REGK3RCBAMA8HR66
        
        000000000
        
          
        
        4289.00000000
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        91811.36000000
        1.909773116552
        Long
        EC
        CORP
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        N
        
        2
        
          N
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        Asian Paints Ltd
        335800HEHXGYRUNERD75
        
        000000000
        
          
        
        905.00000000
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        38147.73000000
        0.793513016379
        Long
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        CORP
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        N
        
        2
        
          N
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        Clicks Group Ltd
        378900E967958A677472
        
        000000000
        
          
        
        3237.00000000
        NS
        
        63709.00000000
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        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        Haier Smart Home Co Ltd
        3003002BYTNGNJTWSH07
        
        000000000
        
          
        
        8100.00000000
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        28615.63000000
        0.595235283381
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Erste Group Bank AG
        PQOH26KWDF7CG10L6792
        
        000000000
        
          
        
        1390.00000000
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        43278.70000000
        0.900242603740
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        China Resources Cement Holdings Ltd
        529900E0EOYXYJ0GHY66
        
        000000000
        
          
        
        30000.00000000
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        24892.09000000
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        Long
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        CORP
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        N
        
        2
        
          N
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        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        
        000000000
        
          
        
        11737.00000000
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        212236.00000000
        4.414732634008
        Long
        EC
        CORP
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        N
        
        2
        
          N
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        Saudi National Bank/The
        5586006ZEFQ542K7CY16
        
        000000000
        
          
        
        1998.00000000
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        41877.70000000
        0.871100326180
        Long
        EC
        CORP
        SA
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        
        874039100
        
          
        
        1670.00000000
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        155193.10000000
        3.228180153898
        Long
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        CORP
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        N
        
        1
        
          N
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          N
        
      
      
        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        
        58733R102
        
          
        
        47.00000000
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        USD
        45760.61000000
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        Long
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        CORP
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        N
        
        1
        
          N
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          N
        
      
      
        ICICI Bank Ltd
        R7RX8ER1V4666J8D1I38
        
        45104G104
        
          
        
        5638.00000000
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        USD
        107347.52000000
        2.232941629713
        Long
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        N
        
        1
        
          N
          N
          N
        
      
      
        CP ALL PCL
        894500LSBZLM09TY1A91
        
        000000000
        
          
        
        2204.00000000
        NS
        
        4155.50000000
        0.086438782584
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        
        000000000
        
          
        
        4000.00000000
        NS
        
        39295.03000000
        0.817378066375
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        
        000000000
        
          
        
        4989.00000000
        NS
        
        235106.05000000
        4.890453793832
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Phoenix Mills Ltd/The
        33580037PCXCE5PNQU51
        
        000000000
        
          
        
        2886.00000000
        NS
        
        40731.75000000
        0.847263357607
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Voltronic Power Technology Corp
        N/A
        
        000000000
        
          
        
        750.00000000
        NS
        
        32813.15000000
        0.682548126282
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American PLC
        549300S9XF92D1X8ME43
        
        000000000
        
          
        
        1635.00000000
        NS
        
        72415.74000000
        1.506323765025
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Meituan
        21380033K525E5JLIA77
        
        000000000
        
          
        
        3141.00000000
        NS
        
        67300.31000000
        1.399917426053
        Long
        EC
        CORP
        KY
        
        Y
        
        2
        
          N
          N
          N
        
      
      
        Federal Bank Ltd
        335800J8VWGE2HGWF417
        
        000000000
        
          
        
        21425.00000000
        NS
        
        26594.01000000
        0.553183455286
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        BYD Co Ltd
        5299005557VL7ULJ7A69
        
        000000000
        
          
        
        4654.00000000
        NS
        
        135439.42000000
        2.817282776744
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Construction Bank Corp
        5493001KQW6DM7KEDR62
        
        000000000
        
          
        
        70800.00000000
        NS
        
        50437.85000000
        1.049160474114
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-27
      LORD ABBETT TRUST I
      Michael Hebert
      Michael Hebert
      Chief Financial Officer
    
  
  XXXX

Schedule of Investments (unaudited)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
LONG-TERM INVESTMENTS 93.54%
ASSET-BACKED SECURITIES 2.34%
Automobiles 0.96%
Tesla Auto Lease Trust 2019-A C†		2.68%		1/20/2023		$	125,000			$	124,990
Tesla Auto Lease Trust 2021-A B†		1.02%		3/20/2025			100,000				95,949
Total											220,939
Other 1.38%
Aqua Finance Trust 2021-A C†		3.14%		7/17/2046			110,000				96,809
GoodLeap Sustainable Home Solutions Trust 2022-1GS A†		2.70%		1/20/2049			145,159				132,884
Sunrun Demeter Issuer 2021-2A A†		2.27%		1/30/2057			99,266				88,415
Total											318,108
Total Asset-Backed Securities (cost $581,031)											539,047
CONVERTIBLE BONDS 0.78%
Auto Manufacturers 0.18%
Lucid Group, Inc.†		1.25%		12/15/2026			12,000				8,340
NIO, Inc. (China)(a)		0.50%		2/1/2027			8,000				6,280
Tesla, Inc.		2.00%		5/15/2024			2,000				28,035
Total											42,655
Energy-Alternate Sources 0.53%
Enphase Energy, Inc.		Zero Coupon		3/1/2026			30,000				28,380
NextEra Energy Partners LP†		Zero Coupon		6/15/2024			14,000				13,041
Plug Power, Inc.		3.75%		6/1/2025			3,000				12,635
SolarEdge Technologies, Inc. (Israel)(a)		Zero Coupon		9/15/2025			23,000				26,852
SunPower Corp.		4.00%		1/15/2023			16,000				16,960
Sunrun, Inc.		Zero Coupon		2/1/2026			30,000				23,100
Total											120,968
Internet 0.07%
RealReal, Inc. (The)		1.00%		3/1/2028			28,000				16,814
Total Convertible Bonds (cost $214,176)											180,437
		Dividend Rate				Shares
CONVERTIBLE PREFERRED STOCKS 0.07%
Electric: Utilities
Algonquin Power & Utilities Corp. (Canada)(a) (cost $16,000)		7.75%					320				15,078

 

See Notes to Schedule of Investments.

1

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
CORPORATE BONDS 63.66%
Agriculture 0.29%
Darling Ingredients, Inc.†		5.25%		4/15/2027		$	67,000			$	67,083
Apparel 0.43%
Chanel Ceres plc(b)		0.50%		7/31/2026		EUR	100,000				99,379
Auto Manufacturers 0.91%
Ford Motor Co.		3.25%		2/12/2032		$	35,000				28,502
Hyundai Capital Services, Inc. (South Korea)(a)		1.25%		2/8/2026			200,000				180,345
Total											208,847
Auto Parts & Equipment 0.68%
Aptiv plc (Ireland)(a)		4.35%		3/15/2029			35,000				34,286
BorgWarner, Inc.		3.375%		3/15/2025			65,000				64,482
Dana, Inc.		4.25%		9/1/2030			68,000				58,406
Total											157,174
Banks 9.26%
ABN AMRO Bank NV (Netherlands)†(a)		2.47% (1 Yr. Treasury CMT + 1.10%	)#	12/13/2029			200,000				175,724
AIB Group plc(b)		2.875% (5 Yr. EUSA + 3.30%	)#	5/30/2031		EUR	100,000				101,043
Bank Hapoalim BM (Israel)†(a)		3.255% (5 Yr. Treasury CMT + 2.16%	)#	1/21/2032		$	200,000				182,000
Bank of Ireland Group plc(b)		0.375% (1 Yr. EUSA + .77%	)#	5/10/2027		EUR	100,000				96,309
Bank of Nova Scotia (The) (Canada)(a)		0.65%		7/31/2024		$	125,000				117,242
Bank of Nova Scotia (The) (Canada)(a)		2.375%		1/18/2023			80,000				79,980
Barclays plc(b)		1.70% (5 Yr. GUKG + 1.75%	)#	11/3/2026		GBP	100,000				118,045
CaixaBank SA(b)		1.25% (5 Yr. EUSA + 1.63%	)#	6/18/2031		EUR	100,000				96,872
Citigroup, Inc.		1.678% (SOFR + 1.67%	)#	5/15/2024		$	125,000				123,190
Danske Bank A/S(b)		0.75% (1 Yr. EUAMDB + .88%	)#	6/9/2029		EUR	100,000				94,262
Industrial & Commercial Bank of China Ltd. (Luxembourg)(a)		2.875%		10/12/2022		$	200,000				200,016
Intesa Sanpaolo SpA(b)		0.75%		3/16/2028		EUR	100,000				94,996

 

2	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Banks (continued)
JPMorgan Chase & Co.		0.768% (SOFR + .49%	)#	8/9/2025		$	111,000			$	103,974
Kreditanstalt fuer Wiederaufbau (Germany)(a)		0.75%		9/30/2030			150,000				125,071
Kreditanstalt fuer Wiederaufbau (Germany)(a)		2.00%		10/4/2022			112,000				112,244
Landesbank Baden-Wuerttemberg(b)		1.50%		2/3/2025		GBP	100,000				119,945
Standard Chartered plc (United Kingdom)†(a)		1.214% (1 Yr. Treasury CMT + .88%	)#	3/23/2025		$	200,000				189,500
Total											2,130,413
Beverages 0.18%
PepsiCo, Inc.		2.875%		10/15/2049			50,000				40,698
Biotechnology 0.23%
Amgen, Inc.		3.00%		2/22/2029			56,000				52,599
Building Materials 0.59%
Eco Material Technologies, Inc.†		7.875%		1/31/2027			45,000				43,624
Johnson Controls International plc/Tyco Fire & Security Finance SCA		1.75%		9/15/2030			46,000				38,537
Owens Corning, Inc.		3.95%		8/15/2029			55,000				53,888
Total											136,049
Chemicals 0.67%
Sociedad Quimica y Minera de Chile SA (Chile)†(a)		3.50%		9/10/2051			200,000				153,559
Commercial Services 1.16%
Global Payments, Inc.		3.20%		8/15/2029			75,000				68,369
Global Payments, Inc.		3.75%		6/1/2023			30,000				30,148
Massachusetts Institute of Technology		3.959%		7/1/2038			75,000				76,781
Techem Verwaltungsgesellschaft 674 mbH(b)		6.00%		7/30/2026		EUR	87,920				91,516
Total											266,814
Computers 0.36%
Apple, Inc.		3.00%		6/20/2027		$	85,000				83,604
Distribution/Wholesale 0.42%
Rexel SA(b)		2.125%		6/15/2028		EUR	100,000				96,947
Diversified Financial Services 1.43%
CDP Financial, Inc. (Canada)(a)		1.00%		5/26/2026		$	250,000				230,257
LeasePlan Corp. NV(b)		0.25%		2/23/2026		EUR	100,000				98,848
Total											329,105

 

See Notes to Schedule of Investments.

3

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Electric 10.98%
Audax Renovables SA(b)		4.20%		12/18/2027		EUR	100,000			$	82,126
Clearway Energy Operating LLC†		3.75%		2/15/2031		$	70,000				60,307
Drax Finco plc(b)		2.625%		11/1/2025		EUR	100,000				103,675
E.ON SE(b)		0.35%		2/28/2030		EUR	100,000				93,296
EDP - Energias de Portugal SA(b)		1.875% (5 Yr. EUSA + 2.08%	)#	3/14/2082		EUR	100,000				84,929
Enel Finance International NV (Netherlands)†(a)		2.25%		7/12/2031		$	200,000				165,919
Energia Group NI FinanceCo plc/Energia Group ROI Holdings DAC(b)		4.00%		9/15/2025		EUR	100,000				99,818
Engie SA(b)		0.375%		6/21/2027		EUR	100,000				97,637
JSW Hydro Energy Ltd. (India)†(a)		4.125%		5/18/2031		$	193,000				168,271
Korea East-West Power Co. Ltd.†(c)		3.60%		5/6/2025			200,000				199,876
Leeward Renewable Energy Operations LLC†		4.25%		7/1/2029			102,000				91,630
Liberty Utilities Finance GP 1†		2.05%		9/15/2030			75,000				62,466
MidAmerican Energy Co.		3.95%		8/1/2047			65,000				60,305
NextEra Energy Capital Holdings, Inc.		1.90%		6/15/2028			111,000				98,405
NextEra Energy Operating Partners LP†		4.50%		9/15/2027			55,000				52,168
Northern States Power Co/MN		2.60%		6/1/2051			50,000				37,351
Orsted A/S(b)		1.50%		11/26/2029		EUR	100,000				102,068
Pattern Energy Operations LP/Pattern Energy Operations, Inc.†		4.50%		8/15/2028		$	79,000				73,969
Ren Finance BV(b)		0.50%		4/16/2029		EUR	100,000				93,633
Scottish Hydro Electric Transmission plc(b)		1.50%		3/24/2028		GBP	200,000				230,368
Solar Star Funding LLC†		5.375%		6/30/2035		$	82,549				88,225
Southwestern Public Service Co.		3.75%		6/15/2049			50,000				44,604
Statnett SF(b)		0.518%		6/30/2023		SEK	2,000,000				201,213
TenneT Holding BV(b)		0.125%		11/30/2032		EUR	100,000				85,677
Tucson Electric Power Co.		1.50%		8/1/2030		$	60,000				48,657
Total											2,526,593
Electrical Components & Equipment 0.93%
Schneider Electric SE(b)		1.841%		10/13/2025		EUR	100,000				107,245
Signify NV(b)		2.375%		5/11/2027		EUR	100,000				105,927
Total											213,172

 

4	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Electronics 0.28%
Hubbell, Inc.		3.50%		2/15/2028		$	65,000			$	63,331
Energy-Alternate Sources 5.98%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energ (India)†(a)		6.25%		12/10/2024			200,000				203,040
Alerion Cleanpower SpA(b)		3.125%		12/19/2025		EUR	75,000				79,865
Cullinan Holdco Scsp†(b)		4.625%		10/15/2026		EUR	100,000				96,509
EEW Energy from Waste GmbH(b)		0.361%		6/30/2026		EUR	100,000				97,822
Enviva Partners LP/Enviva Partners Finance Corp.†		6.50%		1/15/2026		$	70,000				71,407
ERG SpA(b)		1.875%		4/11/2025		EUR	100,000				105,239
Greenko Dutch BV (Netherlands)†(a)		3.85%		3/29/2026		$	194,000				177,103
Renewable Energy Group, Inc.†		5.875%		6/1/2028			59,000				62,552
Scatec ASA†(b)		1.971% (3 Mo. EURIBOR + 2.50%	)#	8/19/2025		EUR	100,000				98,638
Sunnova Energy Corp.†		5.875%		9/1/2026		$	73,000				66,893
Sweihan PV Power Co. PJSC (United Arab Emirates)†(a)		3.625%		1/31/2049			200,000				175,215
TerraForm Power Operating LLC†		4.75%		1/15/2030			80,000				72,149
Topaz Solar Farms LLC†		5.75%		9/30/2039			69,067				70,274
Total											1,376,706
Engineering & Construction 0.20%
IEA Energy Services LLC†		6.625%		8/15/2029			49,000				44,897
Environmental Control 1.48%
FCC Servicios Medio Ambiente Holding SAU(b)		1.661%		12/4/2026		EUR	100,000				101,394
Madison IAQ LLC†		5.875%		6/30/2029		$	58,000				47,343
Paprec Holding SA†(b)		3.50%		7/1/2028		EUR	100,000				98,219
Seche Environnement SA(b)		2.25%		11/15/2028		EUR	100,000				94,391
Total											341,347
Food 0.66%
Co-Operative Group Ltd.(b)		5.125%		5/17/2024		GBP	100,000				122,023
Sysco Corp.		2.40%		2/15/2030		$	35,000				30,759
Total											152,782
Forest Products & Paper 0.17%
Suzano Austria GmbH (Brazil)(a)		3.125%		1/15/2032			49,000				39,642

 

See Notes to Schedule of Investments.

5

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Health Care-Services 0.28%
Kaiser Foundation Hospitals		3.15%		5/1/2027		$	67,000			$	65,172
Insurance 0.44%
PartnerRe Ireland Finance DAC(b)		1.25%		9/15/2026		EUR	100,000				102,259
Investment Companies 0.39%
CBRE Global Investors Open-Ended Fund SCA SICAV-SIF Pan European Core Fund(b)		0.90%		10/12/2029		EUR	100,000				89,852
Machinery-Diversified 0.72%
Mueller Water Products, Inc.†		4.00%		6/15/2029		$	56,000				50,198
nVent Finance Sarl (Luxembourg)(a)		2.75%		11/15/2031			42,000				36,218
Xylem Inc/NY		2.25%		1/30/2031			90,000				78,050
Total											164,466
Metal Fabricate-Hardware 0.38%
Advanced Drainage Systems, Inc.†		5.00%		9/30/2027			90,000				87,077
Mining 0.41%
Novelis Sheet Ingot GmbH†(b)		3.375%		4/15/2029		EUR	100,000				95,392
Miscellaneous Manufacturing 1.59%
Alstom SA(b)		0.25%		10/14/2026		EUR	100,000				98,015
Pentair Finance Sarl (Luxembourg)(a)		3.15%		9/15/2022		$	110,000				110,031
Pentair Finance Sarl (Luxembourg)(a)		4.50%		7/1/2029			60,000				59,966
Wabtec Transportation Netherlands BV(b)		1.25%		12/3/2027		EUR	100,000				97,949
Total											365,961
Multi-National 8.87%
Asian Development Bank(b)		2.45%		1/17/2024		AUD	105,000				73,708
Asian Development Bank (Philippines)(a)		3.125%		9/26/2028		$	135,000				135,662
Asian Infrastructure Investment Bank (The)(b)		0.20%		12/15/2025		GBP	30,000				35,245
Asian Infrastructure Investment Bank (The) (China)(a)		0.50%		5/28/2025		$	150,000				138,559
European Bank for Reconstruction & Development (United Kingdom)(a)		1.625%		9/27/2024			230,000				223,257
European Investment Bank (Luxembourg)(a)		2.125%		4/13/2026			200,000				194,030
European Investment Bank (Luxembourg)(a)		2.375%		5/24/2027			75,000				72,874
European Union(b)		1.25%		2/4/2043		EUR	100,000				96,868
Inter-American Development Bank		0.58% (SOFR + 2.80%	)#	4/12/2027		$	200,000				200,111
Inter-American Investment Corp.		2.625%		4/22/2025			75,000				74,056

 

6	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Multi-National (continued)
International Bank for Reconstruction & Development		0.441% (SOFR + .18%	)#	6/15/2026		$	200,000			$	200,054
International Bank for Reconstruction & Development		0.495% (SOFR + .29%	)#	11/22/2028			220,000				220,166
International Finance Corp.		0.372% (SOFR + .09%	)#	6/30/2023			50,000				49,971
International Finance Corp.		0.372% (SOFR + .09%	)#	4/3/2024			230,000				229,911
International Finance Corp.		2.00%		10/24/2022			97,000				97,165
Total											2,041,637
Municipal 1.07%
Transport for London(b)		2.125%		4/24/2025		GBP	200,000				246,761
Packaging & Containers 0.82%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance plc†(b)		3.00%		9/1/2029		EUR	100,000				86,450
OI European Group BV(b)		2.875%		2/15/2025		EUR	100,000				102,434
Total											188,884
Pharmaceuticals 0.69%
Eli Lilly & Co.(b)		0.50%		9/14/2033		EUR	100,000				89,299
Pfizer, Inc.		2.625%		4/1/2030		$	75,000				68,915
Total											158,214
Real Estate 1.31%
Blackstone Property Partners Europe Holdings Sarl(b)		1.625%		4/20/2030		EUR	100,000				88,640
Canary Wharf Group Investment Holdings plc†(b)		2.625%		4/23/2025		GBP	100,000				120,003
Signa Development Finance SCS†(b)		5.50%		7/23/2026		EUR	100,000				93,741
Total											302,384
REITS 2.07%
Alexandria Real Estate Equities, Inc.		2.00%		5/18/2032		$	22,000				18,077
Digital Dutch Finco BV(b)		1.00%		1/15/2032		EUR	100,000				83,506
Equinix, Inc.(b)		1.00%		3/15/2033		EUR	100,000				84,716
Equinix, Inc.		1.55%		3/15/2028		$	50,000				42,683
Goodman U.S. Finance Five LLC†(c)		4.625%		5/4/2032			28,000				28,009	(d)
HAT Holdings I LLC/HAT Holdings II LLC†		3.75%		9/15/2030			71,000				61,346

 

See Notes to Schedule of Investments.

7

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
REITS (continued)
Kilroy Realty LP		4.75%		12/15/2028		$	45,000			$	45,741
Piedmont Operating Partnership LP		3.15%		8/15/2030			75,000				65,863
Weyerhaeuser Co.		6.875%		12/15/2033			40,000				46,477
Total											476,418
Retail 0.45%
Walmart, Inc.		1.80%		9/22/2031			122,000				104,126
Semiconductors 0.63%
Analog Devices, Inc.		2.95%		4/1/2025			63,000				62,234
Micron Technology, Inc.		2.703%		4/15/2032			34,000				28,312
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands)†(a)		3.40%		5/1/2030			60,000				54,786
Total											145,332
Software 0.38%
Fiserv, Inc.		3.20%		7/1/2026			90,000				87,238
Telecommunications 1.05%
Switch Ltd.†		3.75%		9/15/2028			83,000				77,929
Verizon Communications, Inc.		3.875%		2/8/2029			55,000				54,305
Vmed O2 UK Financing I plc†(b)		4.50%		7/15/2031		GBP	100,000				109,012
Total											241,246
Transportation 2.12%
Central Japan Railway Co. (Japan)(a)		2.20%		10/2/2024		$	200,000				195,174
Ferrovie dello Stato Italiane SpA(b)		0.375%		3/25/2028		EUR	100,000				95,543
Getlink SE(b)		3.50%		10/30/2025		EUR	100,000				104,824
Hamburger Hochbahn AG(b)		0.125%		2/24/2031		EUR	100,000				91,238
Total											486,779
Water 2.70%
Aegea Finance Sarl†(c)		6.75%		5/20/2029		$	200,000				196,977
American Water Capital Corp.		2.80%		5/1/2030			100,000				91,476
Bazalgette Finance plc(b)		2.75%		3/10/2034		GBP	100,000				119,197
Canal de Isabel II Gestion SA(b)		1.68%		2/26/2025		EUR	100,000				105,393
Essential Utilities, Inc.		2.40%		5/1/2031		$	60,000				51,431
United Utilities plc (United Kingdom)(a)		6.875%		8/15/2028			50,000				57,202
Total											621,676
Total Corporate Bonds (cost $16,449,668)											14,651,615

 

8	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
FLOATING RATE LOANS(e) 2.32%
Building & Construction 0.34%
Refficiency Holdings LLC 2021 Term Loan		4.514% (1 Mo. LIBOR + 3.75%	)	12/16/2027		$	33,130			$	32,909
Refficiency Holdings LLC 2021 Delayed Draw Term Loan(f)		3.75% - 4.51% (1 Mo. LIBOR + 3.75%	)	12/16/2027			6,451				6,408
Thermostat Purchaser III, Inc. Delayed Draw Term Loan(f)		4.50% (3 Mo. LIBOR + 4.50%	)	8/31/2028			5,985				5,940
Thermostat Purchaser III, Inc. Term Loan		5.25% (3 Mo. LIBOR + 4.50%	)	8/31/2028			33,933				33,679
Total											78,936
Building Materials 0.07%
Zurn Holdings, Inc. 2021 Term Loan B		3.014% (1 Mo. LIBOR + 2.25%	)	10/4/2028			16,997				16,970
Electric: Generation 0.13%
ExGen Renewables IV, LLC 2020 Term Loan		3.50% (3 Mo. LIBOR + 2.50%	)	12/15/2027			31,280				31,236
Environmental 0.60%
Bingo Industries Ltd Term Loan (Australia)(a)		4.00% (3 Mo. LIBOR + 3.50%	)	7/8/2028			29,850				29,365
Denali Water Solutions Term Loan B		5.256% (3 Mo. LIBOR + 4.25%	)	3/25/2028			61,630				59,319
EWT Holdings III Corp. 2021 Term Loan		3.313% (1 Mo. LIBOR + 2.50%	)	4/1/2028			49,625				49,491
Total											138,175
Integrated Energy 0.17%
Esdec Solar Group B.V. Term Loan B (Netherlands)(a)		6.50% (6 Mo. LIBOR + 5.00%	)	8/30/2028			40,392				39,685

 

See Notes to Schedule of Investments.

9

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Machinery 0.41%
Array Technologies, Inc. Term Loan B		3.75% (3 Mo. LIBOR + 3.25%	)	10/14/2027		$	57,783			$	56,266
Generac Power Systems, Inc. 2019 Term Loan B		2.55% (1 Mo. LIBOR + 1.75%	)	12/13/2026			37,590				37,581
Total											93,847
Multi-Line Insurance 0.13%
Filtration Group Corporation 2018 1st Lien Term Loan		3.764% (1 Mo. LIBOR + 3.00%	)	3/29/2025			29,442				29,062
Personal & Household Products 0.27%
AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B		4.545% (1 Mo. SOFR + 3.75%	)	7/31/2028			62,500				61,667
Support: Services 0.20%
Element Materials Technology Group US Holdings Inc. 2022 USD Delayed Draw Term Loan B(f)		–	(g)	6/30/2029			9,790				9,774
Element Materials Technology Group US Holdings Inc. 2022 USD Term Loan		–	(g)	4/12/2029			35,762				35,702
Total											45,476
Total Floating Rate Loans (cost $539,300)											535,054
FOREIGN GOVERNMENT OBLIGATIONS 16.15%
Canada 1.23%
Province of Ontario Canada(b)		1.55%		11/1/2029		CAD	89,000				60,607
Province of Ontario Canada(b)		1.85%		2/1/2027		CAD	145,000				106,250
Province of Quebec Canada(b)		1.85%		2/13/2027		CAD	158,000				115,936
Total											282,793
France 1.47%
Action Logement Services(b)		0.50%		10/30/2034		EUR	200,000				178,312
French Republic Government Bond OAT†(b)		0.50%		6/25/2044		EUR	95,000				76,532
Societe Du Grand Paris EPIC(b)		0.30%		9/2/2036		EUR	100,000				84,130
Total											338,974

 

10	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Germany 2.65%
Bundesrepublik Deutschland Bundesanleihe(b)		Zero Coupon		8/15/2030		EUR	394,000			$	389,014
Bundesrepublik Deutschland Bundesanleihe(b)		Zero Coupon		8/15/2050		EUR	281,258				222,029
Total											611,043
Italy 0.15%
Italy Buoni Poliennali Del Tesoro†(b)		1.50%		4/30/2045		EUR	45,000				35,355
Japan 2.49%
Development Bank of Japan, Inc.†(a)		1.75%		2/18/2025		$	200,000				193,296
Japan Bank for International Cooperation(a)		1.625%		1/20/2027			200,000				186,893
Japan Finance Organization for Municipalities†(a)		1.50%		1/27/2025			200,000				192,464
Total											572,653
Netherlands 1.61%
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV(a)		2.75%		2/20/2024			200,000				199,993
Nederlandse Waterschapsbank NV(a)		1.00%		5/28/2030			200,000				169,877
Total											369,870
Norway 0.85%
Kommunalbanken AS(a)		2.125%		2/11/2025			200,000				195,684
South Korea 1.70%
Industrial Bank of Korea†(a)		0.625%		9/17/2024			200,000				188,543
Korea Water Resources Corp.(a)		3.875%		5/15/2023			200,000				202,028
Total											390,571
Spain 1.27%
Adif Alta Velocidad(b)		0.55%		4/30/2030		EUR	100,000				96,085
Autonomous Community of Madrid Spain(b)		0.419%		4/30/2030		EUR	150,000				142,689
Spain Government Bond†(b)		1.00%		7/30/2042		EUR	66,000				54,978
Total											293,752
Sweden 2.47%
Kommuninvest I Sverige AB(a)		0.375%		6/19/2024		$	200,000				189,913
Kommuninvest I Sverige AB†(a)		1.625%		4/24/2023			200,000				198,929
Sweden Government International Bond†(b)		0.125%		9/9/2030		SEK	1,000,000				89,625	(d)
Sweden Government International Bond(b)		0.125%		9/9/2030		SEK	1,000,000				89,626
Total											568,093

 

See Notes to Schedule of Investments.

11

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
United Kingdom 0.26%
United Kingdom Gilt(b)		0.875%		7/31/2033		GBP	53,000			$	59,276
Total Foreign Government Obligations (cost $4,290,596)											3,718,064
MUNICIPAL BONDS 2.50%
Government Guaranteed 0.08%
Metropolitan Government of Nashville & Davidson Co		2.611%		7/1/2036			20,000				17,496
Revenue - Utilities - Other 0.19%
City of Corpus Christi TX Utility System Revenue		1.966%		7/15/2030			50,000				43,705
Sales Tax 0.16%
Dallas Area Rapid Transit A		2.534%		12/1/2036			45,000				36,998
Tax Revenue 0.09%
Regional Transportation District Sales Tax Revenue		2.337%		11/1/2036			25,000				20,097
Taxable Revenue - Water & Sewer 1.77%
City of Aurora CO Water Revenue		2.348%		8/1/2036			30,000				24,422
City of Dallas TX Waterworks & Sewer System Revenu		2.772%		10/1/2040			75,000				63,365
City of Los Angeles CA Wastewater System Revenue		5.713%		6/1/2039			50,000				58,109
City of Philadelphia PA Water & Wastewater Revenue		1.734%		11/1/2028			40,000				35,315
City of San Francisco CA Public Utilities Commissi		6.00%		11/1/2040			100,000				116,012
New York City Municipal Water Finance Authority		5.75%		6/15/2041			50,000				61,102
San Diego County Water Authority		1.951%		5/1/2034			60,000				49,416
Total											407,741
Transportation 0.21%
Metropolitan Transportation Authority		5.175%		11/15/2049			45,000				48,484
Total Municipal Bonds (cost $685,753)											574,521

 

12	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 1.51%
JPMorgan Chase Commercial Mortgage Securities Trust 2021-1440 B†		2.304% (1 Mo. LIBOR + 1.75%	)#	3/15/2036		$	110,000			$	107,474
NYO Commercial Mortgage Trust 2021-1290 A†		1.65% (1 Mo. LIBOR + 1.10%	)#	11/15/2038			50,000				49,061
One Bryant Park Trust 2019-OBP A†		2.516%		9/15/2054			100,000				89,676
VNDO Mortgage Trust 2012-6AVE C†		3.448%	#(h)	11/15/2030			100,000				100,315
Total Non-Agency Commercial Mortgage-Backed Securities (cost $362,903)											346,526
U.S. TREASURY OBLIGATIONS 4.21%
U.S. Treasury Bond		2.25%		2/15/2052			75,000				64,418
U.S. Treasury Note		1.875%		2/15/2032			460,000				420,110
U.S. Treasury Note		2.50%		3/31/2027			495,000				485,119
Total U.S. Treasury Obligations (cost $1,021,561)											969,647
Total Long-Term Investments (cost $24,160,988)											21,529,989
SHORT-TERM INVESTMENTS 3.23%
Repurchase Agreements 3.23%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $773,900 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $757,852; proceeds: $742,975 (cost $742,975)							742,975				742,975
Total Investments in Securities 96.77% (cost $24,903,963)											22,272,964
Less Unfunded Loan Commitments (0.09%) (cost $22,072)											(21,948	)
Net Investments in Securities 96.68% (cost $24,881,891)											22,251,016
Other Assets and Liabilities – Net(i) 3.32%											765,258
Net Assets 100.00%										$	23,016,274

AUD		Australian Dollar.
CAD		Canadian Dollar.
EUR		Euro.
GBP		British Pound.
SEK		Swedish Krona.
CMT		Constant Maturity Rate.
EUAMDB		EUR Mid-Market Swap Rate.
EURIBOR		Euro Interbank Offered Rate.
EUSA		Euro Swap Rate.
GUKG		UK Generic government yield.
LIBOR		London Interbank Offered Rate.
REITS		Real Estate Investment Trusts.
SOFR		Secured Over Night Financing Rate.

 

See Notes to Schedule of Investments.

13

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

†		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 April 30, 2022, the total value of Rule 144A securities was $6,056,156, which represents 26.31% of net assets.
#		Variable rate security. The interest rate represents the rate in effect at April 30, 2022.
(a)		Foreign security traded in U.S. dollars.
(b)		Investment in non-U.S. dollar denominated securities.
(c)		Securities purchased on a when-issued basis.
(d)		Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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)		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 April 30, 2022.
(f)		Security partially/fully unfunded.
(g)		Interest rate to be determined.
(h)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(i)		Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

 

Open Forward Foreign Currency Exchange Contracts at April 30, 2022:

 

Forward Foreign Currency Exchange Contracts		Transaction Type		Counterparty		Expiration Date		Foreign Currency		U.S. $ Cost on Origination Date				U.S. $ Current Value			Unrealized Appreciation
Australian dollar		Sell		Toronto Dominion Bank		5/25/2022		107,000		$	77,482			$	75,630			$	1,852
British pound		Sell		State Street Bank and Trust		6/7/2022		100,000			131,001				125,743				5,258
British pound		Sell		Toronto Dominion Bank		6/7/2022		1,040,000			1,387,007				1,307,729				79,278
Canadian dollar		Sell		Bank of America		7/20/2022		368,000			291,466				286,376				5,090
Euro		Sell		Bank of America		6/10/2022		12,000			13,223				12,681				542
Euro		Sell		Bank of America		6/10/2022		78,000			85,192				82,426				2,766
Euro		Sell		Bank of America		6/10/2022		89,000			94,136				94,049				87
Euro		Sell		Morgan Stanley		6/10/2022		5,339,000			5,855,175				5,641,910				213,265
Euro		Sell		Morgan Stanley		6/10/2022		108,000			118,781				114,127				4,654
Euro		Sell		State Street Bank and Trust		6/10/2022		80,000			86,462				84,539				1,923
Euro		Sell		Toronto Dominion Bank		6/10/2022		204,000			223,179				215,574				7,605
Swedish krona		Sell		State Street Bank and Trust		7/21/2022		3,784,000			397,703				386,274				11,429
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts																		$	333,749

 

14	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

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		Buy		Bank of America		6/7/2022		13,000		$	16,361			$	16,347			$	(14	)
British pound		Buy		Morgan Stanley		6/7/2022		20,000			26,038				25,149				(889	)
British pound		Buy		State Street Bank and Trust		6/7/2022		72,000			94,911				90,535				(4,376	)
British pound		Buy		State Street Bank and Trust		6/7/2022		8,000			10,399				10,060				(339	)
Euro		Buy		Bank of America		6/10/2022		40,000			44,068				42,269				(1,799	)
Euro		Buy		Morgan Stanley		6/10/2022		26,000			29,069				27,475				(1,594	)
Euro		Buy		Morgan Stanley		6/10/2022		70,000			77,503				73,972				(3,531	)
Euro		Buy		State Street Bank and Trust		6/10/2022		132,000			145,023				139,489				(5,534	)
Euro		Buy		State Street Bank and Trust		6/10/2022		94,000			102,515				99,333				(3,182	)
Euro		Buy		State Street Bank and Trust		6/10/2022		103,000			111,777				108,844				(2,933	)
Euro		Buy		State Street Bank and Trust		6/10/2022		57,000			61,582				60,234				(1,348	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts																		$	(25,539	)

 

Open Futures Contracts at April 30, 2022:

 

Type		Expiration		Contracts		Position		Notional Amount				Notional Value				Unrealized Appreciation
Euro-Bund		June 2022		2		Short		EUR	(335,916	)		EUR	(307,180	)		$	30,315
U.S. 10-Year Ultra Treasury Note		June 2022		8		Short		$	(1,114,545	)		$	(1,032,000	)			82,545
U.S. 2-Year Treasury Note		June 2022		1		Short			(214,514	)			(210,813	)			3,701
U.S. 5-Year Treasury Note		June 2022		14		Short			(1,643,770	)			(1,577,406	)			66,364
Total Unrealized Appreciation on Open Futures Contracts																$	182,925

 

Type		Expiration		Contracts		Position		Notional Amount				Notional Value				Unrealized Depreciation
Euro-Bobl		June 2022		2		Long		EUR	267,224			EUR	254,360			$	(13,571	)
Euro-Buxl		June 2022		1		Long			207,422				170,980				(38,444	)
U.S. Ultra Treasury Bond		June 2022		3		Long		$	552,498			$	481,313				(71,185	)
Total Unrealized Depreciation on Open Futures Contracts																$	(123,200	)

 

See Notes to Schedule of Investments.

15

Schedule of Investments (unaudited)(concluded)

CLIMATE FOCUSED BOND FUND April 30, 2022

 

The following is a summary of the inputs used as of April 30, 2022 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		$	–			$	539,047			$	–			$	539,047
Convertible Bonds			–				180,437				–				180,437
Convertible Preferred Stocks			–				15,078				–				15,078
Corporate Bonds
REITS			–				448,409				28,009				476,418
Remaining Industries			–				14,175,197				–				14,175,197
Floating Rate Loans			–				535,054				–				535,054
Less Unfunded Commitments			–				(21,948	)			–				(21,948	)
Foreign Government Obligations			–				3,628,439				89,625				3,718,064
Municipal Bonds			–				574,521				–				574,521
Non-Agency Commercial
Mortgage-Backed Securities			–				346,526				–				346,526
U.S. Treasury Obligations			–				969,647				–				969,647
Short-Term Investments
Repurchase Agreements			–				742,975				–				742,975
Total		$	–			$	22,133,382			$	117,634			$	22,251,016
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets		$	–			$	333,749			$	–			$	333,749
Liabilities			–				(25,539	)			–				(25,539	)
Futures Contracts
Assets			182,925				–				–				182,925
Liabilities			(123,200	)			–				–				(123,200	)
Total		$	59,725			$	308,210			$	–			$	367,935

 

(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.

 

16	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

EMERGING MARKETS EQUITY FUND April 30, 2022

 

 

See Notes to Schedule of Investments.

17

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS EQUITY FUND April 30, 2022

 

 

18	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS EQUITY FUND April 30, 2022

 

 

See Notes to Schedule of Investments.

19

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS EQUITY FUND April 30, 2022

 

Open Forward Foreign Currency Exchange Contracts at April 30, 2022:

 

Forward Foreign Currency Exchange Contracts

Transaction Type

Counterparty

Expiration Date

Foreign Currency

U.S. $ Cost on Origination Date

U.S. $ Current Value

Unrealized Appreciation

Indonesian rupiah

Sell

State Street Bank and Trust

5/9/2022

188,158,001

$

12,990

$

12,979

$

11

 

The following is a summary of the inputs used as of April 30, 2022 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
Brazil		$	337,752			$	–			$	–			$	337,752
Canada			89,273				–				–				89,273
China			37,833				1,224,149				–				1,261,982
India			188,715				647,539				–				836,254
Indonesia			69,482				89,313				–				158,795
Mexico			288,970				–				–				288,970
Peru			30,309				–				–				30,309
South Africa			63,709				139,434				–				203,143
South Korea			24,900				304,275				–				329,175
Taiwan			173,400				245,049				–				418,449
United States			30,455				–				–				30,455
Remaining Countries			–				653,162				–				653,162
Total		$	1,334,798			$	3,302,921			$	–			$	4,637,719
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets		$	–			$	11			$	–			$	11
Liabilities			–				–				–				–
Total		$	–			$	11			$	–			$	11

(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.

 

20	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

INTERNATIONAL GROWTH FUND April 30, 2022

 

 

See Notes to Schedule of Investments.

21

Schedule of Investments (unaudited)(continued)

INTERNATIONAL GROWTH FUND April 30, 2022

 

 

22	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL GROWTH FUND April 30, 2022

 

 

See Notes to Schedule of Investments.

23

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL GROWTH FUND April 30, 2022

 

Open Forward Foreign Currency Exchange Contracts at April 30, 2022:

 

Forward Foreign Currency Exchange Contracts

Transaction Type

Counterparty

Expiration Date

Foreign Currency

U.S. $ Cost on Origination Date

U.S. $ Current Value

Unrealized Appreciation

Indonesian rupiah

Sell

State Street Bank and Trust

5/9/2022

30,406,796

$

2,099

$

2,097

$2

 

The following is a summary of the inputs used as of April 30, 2022 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
Canada		$	76,091			$	–			$	–			$	76,091
India			38,490				55,330				–				93,820
Switzerland			15,282				183,563				–				198,845
Taiwan			25,835				45,098				–				70,933
Remaining Countries			–				1,209,090				–				1,209,090
Total		$	155,698			$	1,493,081			$	–			$	1,648,779
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets		$	–			$	2			$	–			$	2
Liabilities			–				–				–				–
Total		$	–			$	2			$	–			$	2

 

(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.

 

24	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)

MID CAP INNOVATION GROWTH FUND April 30, 2022

 

 

See Notes to Schedule of Investments.

25

Schedule of Investments (unaudited)(continued)

MID CAP INNOVATION GROWTH FUND April 30, 2022

 

 

26	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(concluded)

MID CAP INNOVATION GROWTH FUND April 30, 2022

 

 

The following is a summary of the inputs used as of April 30, 2022 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
Technology Hardware, Storage & Peripherals		$	–			$	118,226			$	–			$	118,226
Remaining Industries			7,356,020				–				–				7,356,020
Total		$	7,356,020			$	118,226			$	–			$	7,474,246

 

(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. 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.

 

See Notes to Schedule of Investments.

27

Schedule of Investments (unaudited)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
LONG-TERM INVESTMENTS 100.05%
ASSET-BACKED SECURITIES 3.92%
Other
AMMC CLO Ltd. 2021 24A E†		7.633% (3 Mo. LIBOR + 6.57%	)#	1/20/2035		$	250,000			$	243,579	(a)
Carlyle US CLO Ltd. 2019-3A CR†		4.263% (3 Mo. LIBOR + 3.20%	)#	10/20/2032			250,000				244,489	(a)
CIFC Funding Ltd. 2013-4A DRR†		4.025% (3 Mo. LIBOR + 2.80%	)#	4/27/2031			250,000				245,000	(a)
Neuberger Berman Loan CLO Ltd. 2020 36A ER†		7.813% (3 Mo. LIBOR + 6.75%	)#	4/20/2033			350,000				344,458	(a)
Total Asset-Backed Securities (cost $1,089,068)											1,077,526
CONVERTIBLE BONDS 0.92%
Airlines 0.10%
American Airlines Group, Inc.		6.50%		7/1/2025			20,000				27,990
Commercial Services 0.13%
Chegg, Inc.		Zero Coupon		9/1/2026			45,000				35,145
Media 0.20%
Liberty Media Corp-Liberty Formula One		1.00%		1/30/2023			16,000				27,142
World Wrestling Entertainment, Inc.		3.375%		12/15/2023			12,000				28,614
Total											55,756
Oil & Gas 0.49%
Antero Resources Corp.		4.25%		9/1/2026			9,000				73,110
Pioneer Natural Resources Co.		0.25%		5/15/2025			28,000				61,768
Total											134,878
Total Convertible Bonds (cost $212,397)											253,769
CORPORATE BONDS 83.31%
Advertising 0.71%
Clear Channel Worldwide Holdings, Inc.†		5.125%		8/15/2027			85,000				79,987
National CineMedia LLC†		5.875%		4/15/2028			40,000				34,447
Outfront Media Capital LLC/Outfront Media Capital Corp.†		6.25%		6/15/2025			80,000				81,105
Total											195,539

 

28	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Aerospace/Defense 2.25%
Bombardier, Inc. (Canada)†(b)		7.125%		6/15/2026		$	59,000			$	54,351
Howmet Aerospace, Inc.		6.875%		5/1/2025			80,000				84,706
Spirit AeroSystems, Inc.†		5.50%		1/15/2025			35,000				34,694
TransDigm, Inc.		5.50%		11/15/2027			452,000				415,058
Triumph Group, Inc.†		8.875%		6/1/2024			28,000				29,010
Total											617,819
Agriculture 0.39%
Kernel Holding SA (Ukraine)†(b)		6.50%		10/17/2024			200,000				108,250
Airlines 2.45%
Air Canada (Canada)†(b)		3.875%		8/15/2026			65,000				60,175
American Airlines Group, Inc.†		3.75%		3/1/2025			38,000				33,971
American Airlines Inc/AAdvantage Loyalty IP Ltd.†		5.50%		4/20/2026			41,000				40,689
American Airlines, Inc.†		11.75%		7/15/2025			199,000				229,234
Delta Air Lines, Inc.		4.375%		4/19/2028			45,000				42,174
Hawaiian Airlines 2013-1 Class A Pass Through Certificates		3.90%		1/15/2026			68,363				62,746
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.†		5.75%		1/20/2026			66,817				65,255
United Airlines, Inc.†		4.375%		4/15/2026			145,000				140,143
Total											674,387
Apparel 0.13%
Under Armour, Inc.		3.25%		6/15/2026			40,000				36,861
Auto Manufacturers 2.45%
Ford Motor Co.		4.346%		12/8/2026			240,000				230,670
Ford Motor Co.		6.625%		10/1/2028			185,000				191,972
Ford Motor Credit Co. LLC		3.815%		11/2/2027			200,000				182,243
JB Poindexter & Co., Inc.†		7.125%		4/15/2026			69,000				69,216
Total											674,101
Auto Parts & Equipment 0.05%
Clarios Global LP†		6.75%		5/15/2025			13,000				13,277
Banks 0.93%
Bank of Ireland Group plc(c)		0.375% (1 Yr. EUSA + .77%	)#	5/10/2027		EUR	100,000				96,309
Citigroup, Inc.		3.875% (5 Yr. Treasury CMT + 3.42%	)#	–	(d)	$	45,000				40,762
Citigroup, Inc.		5.95% (3 Mo. LIBOR + 4.07%	)#	–	(d)		27,000				27,068

 

See Notes to Schedule of Investments.

29

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Banks (continued)
Goldman Sachs Group, Inc. (The)		4.125% (5 Yr. Treasury CMT + 2.95%	)#	–	(d)	$	75,000			$	67,355
Texas Capital Bancshares, Inc.		4.00% (5 Yr. Treasury CMT + 3.15%	)#	5/6/2031			25,000				23,971
Total											255,465
Building Materials 0.68%
Eco Material Technologies, Inc.†		7.875%		1/31/2027			70,000				67,860
SRM Escrow Issuer LLC†		6.00%		11/1/2028			35,000				33,658
Standard Industries Inc/NJ†		5.00%		2/15/2027			90,000				85,380
Total											186,898
Chemicals 1.33%
ASP Unifrax Holdings, Inc.†		5.25%		9/30/2028			45,000				39,746
CVR Partners LP/CVR Nitrogen Finance Corp.†		6.125%		6/15/2028			55,000				53,978
Rain CII Carbon LLC/CII Carbon Corp.†		7.25%		4/1/2025			61,000				58,798
SCIH Salt Holdings, Inc.†		4.875%		5/1/2028			25,000				21,641
Tianqi Finco Co. Ltd.		3.75%		11/28/2022			200,000				191,000
Total											365,163
Coal 1.24%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.†		7.50%		5/1/2025			100,000				100,397
Coronado Finance Pty Ltd. (Australia)†(b)		10.75%		5/15/2026			71,000				76,329
Natural Resource Partners LP/NRP Finance Corp.†		9.125%		6/30/2025			79,000				80,766
Peabody Energy Corp.†		6.375%		3/31/2025			35,000				34,350
Warrior Met Coal, Inc.†		7.875%		12/1/2028			47,000				49,243
Total											341,085
Commercial Services 3.29%
AA Bond Co. Ltd.(c)		6.50%		1/31/2026		GBP	100,000				122,630
Ahern Rentals, Inc.†		7.375%		5/15/2023		$	24,000				22,680
Alta Equipment Group, Inc.†		5.625%		4/15/2026			60,000				55,854
AMN Healthcare, Inc.†		4.625%		10/1/2027			18,000				17,304
Block, Inc.†		2.75%		6/1/2026			85,000				77,618
Hertz Corp. (The)†		4.625%		12/1/2026			59,000				53,858
Hertz Corp. (The)†		5.50%		10/15/2024			22,000				330
Hertz Corp. (The)		6.25%		10/15/2022			2,000				30
IPD 3 BV(c)		5.50%		12/1/2025		EUR	100,000				103,853

 

30	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Commercial Services (continued)
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.†		5.00%		2/1/2026		$	63,000			$	59,201
PeopleCert Wisdom Issuer plc†(c)		5.75%		9/15/2026		EUR	100,000				102,794
Prime Security Services Borrower LLC/Prime Finance, Inc.†		5.75%		4/15/2026		$	60,000				57,629
Sabre GLBL, Inc.†		7.375%		9/1/2025			14,000				14,188
Sabre GLBL, Inc.†		9.25%		4/15/2025			33,000				35,263
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.†		4.625%		11/1/2026			65,000				62,312
WASH Multifamily Acquisition, Inc.†		5.75%		4/15/2026			122,000				118,801
Total											904,345
Computers 0.43%
Booz Allen Hamilton, Inc.†		3.875%		9/1/2028			23,000				21,216
Booz Allen Hamilton, Inc.†		4.00%		7/1/2029			14,000				12,932
Dell International LLC/EMC Corp.		6.02%		6/15/2026			35,000				37,000
Science Applications International Corp.†		4.875%		4/1/2028			50,000				47,879
Total											119,027
Cosmetics/Personal Care 0.12%
Coty, Inc.†		5.00%		4/15/2026			18,000				17,121
Coty, Inc.†		6.50%		4/15/2026			15,000				14,606
Total											31,727
Distribution/Wholesale 0.59%
American Builders & Contractors Supply Co., Inc.†		4.00%		1/15/2028			76,000				70,977
Avient Corp.†		5.75%		5/15/2025			12,000				12,135
H&E Equipment Services, Inc.†		3.875%		12/15/2028			90,000				78,501
Total											161,613
Diversified Financial Services 3.11%
Alliance Data Systems Corp.†		4.75%		12/15/2024			22,000				21,370
Alliance Data Systems Corp.†		7.00%		1/15/2026			50,000				50,823
Ally Financial, Inc.		5.75%		11/20/2025			25,000				25,709
Enova International, Inc.†		8.50%		9/15/2025			30,000				29,890
Global Aircraft Leasing Co. Ltd. PIK 7.25% (Cayman Islands)†(b)		6.50%		9/15/2024			23,517				20,113
Jefferson Capital Holdings LLC†		6.00%		8/15/2026			68,000				63,511
Kane Bidco Ltd.(c)		6.50%		2/15/2027		GBP	100,000				116,947
Navient Corp.		5.875%		10/25/2024		$	50,000				49,688
Navient Corp.		6.75%		6/25/2025			120,000				119,936

 

See Notes to Schedule of Investments.

31

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount					Fair Value
Diversified Financial Services (continued)
Navient Corp.		6.75%		6/15/2026		$	60,000			$	59,064
OneMain Finance Corp.		3.50%		1/15/2027			100,000				87,988
OneMain Finance Corp.		8.25%		10/1/2023			88,000				91,323
OneMain Finance Corp.		8.875%		6/1/2025			88,000				92,411
PRA Group, Inc.†		7.375%		9/1/2025			26,000				26,934
Total											855,707
Electric 1.95%
Calpine Corp.†		5.125%		3/15/2028			50,000				45,481
DPL, Inc.		4.35%		4/15/2029			40,000				36,656
Elwood Energy LLC		8.159%		7/5/2026			13,765				13,991
FirstEnergy Corp.		2.05%		3/1/2025			75,000				71,019
NextEra Energy Operating Partners LP†		3.875%		10/15/2026			35,000				33,074
NextEra Energy Operating Partners LP†		4.50%		9/15/2027			40,000				37,940
NRG Energy, Inc.†		3.75%		6/15/2024			75,000				74,408
Talen Energy Supply LLC		6.50%		6/1/2025			111,000				41,233
Vistra Corp.†		7.00% (5 Yr. Treasury CMT + 5.74%	)#	–	(d)		29,000				28,258
Vistra Corp.†		8.00% (5 Yr. Treasury CMT + 6.93%	)#	–	(d)		35,000				35,284
Vistra Operations Co. LLC†		5.50%		9/1/2026			120,000				119,700
Total											537,044
Electrical Components & Equipment 0.38%
EnerSys†		4.375%		12/15/2027			35,000				32,540
WESCO Distribution, Inc.†		7.125%		6/15/2025			70,000				72,801
Total											105,341
Electronics 0.36%
Imola Merger Corp.†		4.75%		5/15/2029			31,000				28,870
Sensata Technologies BV†		5.00%		10/1/2025			70,000				69,564
Total											98,434
Energy-Alternate Sources 0.72%
Cullinan Holdco Scsp†(c)		4.625%		10/15/2026		EUR	100,000				96,509
Enviva Partners LP/Enviva Partners Finance Corp.†		6.50%		1/15/2026		$	23,000				23,462
TerraForm Power Operating LLC†		5.00%		1/31/2028			60,000				56,149
YPF Energia Electrica SA (Argentina)†(b)		10.00%		7/25/2026			23,000				21,548
Total											197,668

 

32	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Engineering & Construction 0.36%
Brundage-Bone Concrete Pumping Holdings, Inc.†		6.00%		2/1/2026		$	72,000			$	67,414
Weekley Homes LLC/Weekley Finance Corp.†		4.875%		9/15/2028			35,000				30,976
Total											98,390
Entertainment 2.57%
Affinity Gaming†		6.875%		12/15/2027			55,000				51,588
Banijay Entertainment SASU(c)		3.50%		3/1/2025		EUR	100,000				101,220
Boyne USA, Inc.†		4.75%		5/15/2029		$	29,000				26,937
Buena Vista Gaming Authority†		13.00%		4/1/2023			20,000				21,348
Caesars Entertainment, Inc.†		6.25%		7/1/2025			84,000				85,021
Caesars Resort Collection LLC/CRC Finco, Inc.†		5.75%		7/1/2025			13,000				13,290
International Game Technology plc†		4.125%		4/15/2026			200,000				188,820
Mohegan Gaming & Entertainment†		8.00%		2/1/2026			38,000				33,787
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In†		8.50%		11/15/2027			25,000				27,438
Pinewood Finance Co. Ltd.†(c)		3.625%		11/15/2027		GBP	100,000				115,460
Scientific Games International, Inc.†		8.625%		7/1/2025		$	16,000				16,781
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.†		7.75%		4/15/2025			25,000				25,800
Total											707,490
Food 1.34%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC†		3.25%		3/15/2026			179,000				163,548
Lamb Weston Holdings, Inc.†		4.875%		5/15/2028			50,000				48,700
Nathan’s Famous, Inc.†		6.625%		11/1/2025			18,000				18,042
Performance Food Group, Inc.†		5.50%		10/15/2027			55,000				53,442
Post Holdings, Inc.†		5.625%		1/15/2028			58,000				54,933
SEG Holding LLC/SEG Finance Corp.†		5.625%		10/15/2028			30,000				29,358
Total											368,023
Forest Products & Paper 0.22%
Resolute Forest Products, Inc. (Canada)†(b)		4.875%		3/1/2026			64,000				61,128
Health Care-Products 0.38%
Avantor Funding, Inc.(c)		2.625%		11/1/2025		EUR	100,000				103,071
Health Care-Services 4.66%
Acadia Healthcare Co., Inc.†		5.50%		7/1/2028		$	80,000				78,033
Air Methods Corp.†		8.00%		5/15/2025			70,000				57,329
Centene Corp.		2.45%		7/15/2028			140,000				122,319
CHS/Community Health Systems, Inc.†		5.625%		3/15/2027			155,000				147,930

 

See Notes to Schedule of Investments.

33

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Health Care-Services (continued)
Global Medical Response, Inc.†		6.50%		10/1/2025		$	52,000			$	50,443
Hadrian Merger Sub, Inc.†		8.50%		5/1/2026			46,000				45,577
HCA, Inc.†		3.125%		3/15/2027			75,000				70,625
HCA, Inc.		5.375%		9/1/2026			235,000				240,793
ModivCare, Inc.†		5.875%		11/15/2025			85,000				83,403
Molina Healthcare, Inc.†		4.375%		6/15/2028			89,000				83,309
Tenet Healthcare Corp.†		4.875%		1/1/2026			205,000				200,952
Tenet Healthcare Corp.†		6.125%		10/1/2028			80,000				76,937
US Acute Care Solutions LLC†		6.375%		3/1/2026			25,000				24,311
Total											1,281,961
Home Builders 1.35%
Century Communities, Inc.		6.75%		6/1/2027			30,000				30,365
Forestar Group, Inc.†		3.85%		5/15/2026			111,000				100,104
Meritage Homes Corp.		5.125%		6/6/2027			25,000				24,531
Meritage Homes Corp.		6.00%		6/1/2025			17,000				17,319
New Home Co., Inc. (The)†		7.25%		10/15/2025			51,000				48,291
Picasso Finance Sub, Inc.†		6.125%		6/15/2025			11,000				11,219
Shea Homes LP/Shea Homes Funding Corp.†		4.75%		2/15/2028			60,000				53,780
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		5.875%		6/15/2024			50,000				50,833
Tri Pointe Homes, Inc.		5.25%		6/1/2027			35,000				33,861
Total											370,303
Insurance 0.30%
Global Atlantic Fin Co.†		4.70% (5 Yr. Treasury CMT + 3.80%	)#	10/15/2051			20,000				18,187
Radian Group, Inc.		4.875%		3/15/2027			65,000				62,808
Total											80,995
Internet 0.27%
Cogent Communications Group, Inc.†		3.50%		5/1/2026			45,000				42,541
Millennium Escrow Corp.†		6.625%		8/1/2026			20,000				18,507
Uber Technologies, Inc.†		7.50%		5/15/2025			12,000				12,406
Total											73,454
Iron-Steel 0.51%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)†(b)		8.75%		7/15/2026			20,000				20,351
Cleveland-Cliffs, Inc.†		6.75%		3/15/2026			70,000				73,456
United States Steel Corp.		6.875%		3/1/2029			45,000				45,836
Total											139,643

 

34	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Leisure Time 2.03%
Carnival Corp.†		4.00%		8/1/2028		$	30,000			$	27,045
Carnival Corp.†		10.50%		2/1/2026			110,000				121,135
CWT Travel Group, Inc.†		8.50%		11/19/2026			48,980				48,613
Life Time, Inc.†		5.75%		1/15/2026			34,000				33,036
Lindblad Expeditions LLC†		6.75%		2/15/2027			46,000				45,198
Royal Caribbean Cruises Ltd.†		5.375%		7/15/2027			148,000				136,209
Royal Caribbean Cruises Ltd.†		5.50%		4/1/2028			64,000				58,509
Royal Caribbean Cruises Ltd.†		9.125%		6/15/2023			56,000				57,884
Royal Caribbean Cruises Ltd.†		11.50%		6/1/2025			27,000				29,385
Total											557,014
Lodging 2.17%
Boyd Gaming Corp.		4.75%		12/1/2027			65,000				61,511
Full House Resorts, Inc.†		8.25%		2/15/2028			51,000				50,566
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc†		5.00%		6/1/2029			35,000				31,642
Marriott Ownership Resorts, Inc.		4.75%		1/15/2028			90,000				82,924
MGM Resorts International		4.75%		10/15/2028			60,000				55,194
MGM Resorts International		5.50%		4/15/2027			71,000				69,243
MGM Resorts International		5.75%		6/15/2025			15,000				14,920
Travel and Leisure Co.†		6.625%		7/31/2026			110,000				112,752
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†		4.25%		5/30/2023			14,000				13,739
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†		5.25%		5/15/2027			95,000				87,503
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†		5.50%		3/1/2025			17,000				16,471
Total											596,465
Machinery: Construction & Mining 0.23%
Manitowoc Co., Inc. (The)†		9.00%		4/1/2026			62,000				64,239
Machinery-Diversified 0.34%
Clark Equipment Co.†		5.875%		6/1/2025			53,000				53,783
Granite US Holdings Corp.†		11.00%		10/1/2027			39,000				40,322
Total											94,105
Media 3.53%
AMC Networks, Inc.		4.75%		8/1/2025			60,000				58,010
CCO Holdings LLC/CCO Holdings Capital Corp.†		5.375%		6/1/2029			115,000				109,114
Diamond Sports Group LLC/Diamond Sports Finance Co.†		5.375%		8/15/2026			30,000				11,137
DISH DBS Corp.		5.875%		11/15/2024			50,000				48,562
DISH DBS Corp.		7.75%		7/1/2026			78,000				73,467

 

See Notes to Schedule of Investments.

35

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Media (continued)
Entercom Media Corp.†		6.50%		5/1/2027		$	45,000			$	38,758
Gray Television, Inc.†		7.00%		5/15/2027			50,000				51,750
Nexstar Media, Inc.†		5.625%		7/15/2027			115,000				112,033
Radiate Holdco LLC/Radiate Finance, Inc.†		4.50%		9/15/2026			70,000				64,562
Sirius XM Radio, Inc.†		3.125%		9/1/2026			115,000				106,074
Virgin Media Vendor Financing Notes III DAC(c)		4.875%		7/15/2028		GBP	100,000				114,664
Virgin Media Vendor Financing Notes IV DAC (Ireland)†(b)		5.00%		7/15/2028		$	200,000				181,963
Total											970,094
Mining 2.86%
Compass Minerals International, Inc.†		4.875%		7/15/2024			32,000				31,722
FMG Resources August 2006 Pty Ltd. (Australia)†(b)		4.50%		9/15/2027			114,000				108,156
FMG Resources August 2006 Pty Ltd. (Australia)†(b)		5.125%		5/15/2024			27,000				27,305
Freeport-McMoRan, Inc.		4.55%		11/14/2024			70,000				71,029
Hecla Mining Co.		7.25%		2/15/2028			73,000				73,827
Hudbay Minerals, Inc. (Canada)†(b)		4.50%		4/1/2026			115,000				106,463
Kaiser Aluminum Corp.†		4.625%		3/1/2028			56,000				51,471
New Gold, Inc. (Canada)†(b)		6.375%		5/15/2025			21,000				21,376
Novelis Corp.†		3.25%		11/15/2026			96,000				87,710
Taseko Mines Ltd. (Canada)†(b)		7.00%		2/15/2026			39,000				38,755
Vedanta Resources Ltd. (India)†(b)		6.125%		8/9/2024			200,000				167,897
Total											785,711
Miscellaneous Manufacturing 0.95%
FXI Holdings, Inc.†		7.875%		11/1/2024			59,000				58,239
General Electric Co.		4.156% (3 Mo. LIBOR + 3.33%	)#	–	(d)		97,000				92,016
LSB Industries, Inc.†		6.25%		10/15/2028			49,000				48,084
Trinity Industries, Inc.		4.55%		10/1/2024			62,000				61,695
Total											260,034
Oil & Gas 16.68%
Aethon United BR LP/Aethon United Finance Corp.†		8.25%		2/15/2026			118,000				121,762
Antero Resources Corp.†		8.375%		7/15/2026			16,000				17,261
Baytex Energy Corp. (Canada)†(b)		8.75%		4/1/2027			62,000				65,657
Berry Petroleum Co. LLC†		7.00%		2/15/2026			127,000				123,430
California Resources Corp.†		7.125%		2/1/2026			134,000				136,556
Callon Petroleum Co.		6.125%		10/1/2024			46,000				45,478
Callon Petroleum Co.		6.375%		7/1/2026			84,000				81,172

 

36	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Oil & Gas (continued)
Callon Petroleum Co.†		9.00%		4/1/2025		$	30,000			$	31,840
Centennial Resource Production LLC†		5.375%		1/15/2026			147,000				143,859
Centennial Resource Production LLC†		6.875%		4/1/2027			30,000				29,982
Chesapeake Energy Corp.†		5.50%		2/1/2026			50,000				49,635
Citgo Holding, Inc.†		9.25%		8/1/2024			75,000				74,628
CITGO Petroleum Corp.†		6.375%		6/15/2026			45,000				44,804
CITGO Petroleum Corp.†		7.00%		6/15/2025			65,000				64,670
Civitas Resources, Inc.†		5.00%		10/15/2026			137,000				130,332
Colgate Energy Partners III LLC†		7.75%		2/15/2026			119,000				124,807
Crescent Energy Finance LLC†		7.25%		5/1/2026			133,000				131,242
CrownRock LP/CrownRock Finance, Inc.†		5.625%		10/15/2025			47,000				47,058
Earthstone Energy Holdings LLC†		8.00%		4/15/2027			78,000				77,853
Encino Acquisition Partners Holdings LLC†		8.50%		5/1/2028			115,000				115,419
EQT Corp.†		3.125%		5/15/2026			45,000				42,477
EQT Corp.		6.625%		2/1/2025			70,000				72,946
Geopark Ltd. (Colombia)†(b)		5.50%		1/17/2027			200,000				180,523
Gulfport Energy Operating Corp.†		8.00%		5/17/2026			58,512				60,292
Laredo Petroleum, Inc.		9.50%		1/15/2025			150,000				153,962
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.†		6.00%		8/1/2026			62,000				62,072
Matador Resources Co.		5.875%		9/15/2026			187,000				183,835
MEG Energy Corp. (Canada)†(b)		7.125%		2/1/2027			150,000				152,602
Murphy Oil Corp.		6.375%		7/15/2028			35,000				35,642
Nabors Industries Ltd.†		7.25%		1/15/2026			56,000				54,804
Nabors Industries, Inc.		5.75%		2/1/2025			33,000				31,600
Nabors Industries, Inc.†		7.375%		5/15/2027			20,000				20,430
Nabors Industries, Inc.†		9.00%		2/1/2025			40,000				41,513
Oasis Petroleum, Inc.†		6.375%		6/1/2026			120,000				120,724
Occidental Petroleum Corp.		5.55%		3/15/2026			375,000				384,802
Occidental Petroleum Corp.		6.95%		7/1/2024			50,000				52,505
Occidental Petroleum Corp.		8.00%		7/15/2025			30,000				32,365
PBF Holding Co. LLC/PBF Finance Corp.		7.25%		6/15/2025			43,000				41,604
PBF Holding Co. LLC/PBF Finance Corp.†		9.25%		5/15/2025			134,000				139,168
PDC Energy, Inc.		5.75%		5/15/2026			110,000				107,166
Penn Virginia Holdings LLC†		9.25%		8/15/2026			109,000				111,861
Precision Drilling Corp. (Canada)†(b)		6.875%		1/15/2029			41,000				39,828
Precision Drilling Corp. (Canada)†(b)		7.125%		1/15/2026			82,000				82,351
Range Resources Corp.		4.875%		5/15/2025			147,000				145,716
SM Energy Co.		5.625%		6/1/2025			107,000				104,740

 

See Notes to Schedule of Investments.

37

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Oil & Gas (continued)
SM Energy Co.		6.625%		1/15/2027		$	25,000			$	24,905
SM Energy Co.		6.75%		9/15/2026			25,000				24,907
Southwestern Energy Co.		5.375%		2/1/2029			30,000				29,675
Southwestern Energy Co.		5.95%		1/23/2025			19,000				19,297
Tap Rock Resources LLC†		7.00%		10/1/2026			85,000				85,976
Turkiye Petrol Rafinerileri AS (Turkey)†(b)		4.50%		10/18/2024			200,000				190,780
W&T Offshore, Inc.†		9.75%		11/1/2023			95,000				94,491
Total											4,583,004
Oil & Gas Services 2.62%
Bristow Group, Inc.†		6.875%		3/1/2028			35,000				34,347
Exterran Energy Solutions LP/EES Finance Corp.		8.125%		5/1/2025			50,000				50,196
Oceaneering International, Inc.		4.65%		11/15/2024			104,000				100,744
TechnipFMC plc (United Kingdom)†(b)		6.50%		2/1/2026			84,000				87,034
USA Compression Partners LP/USA Compression Finance Corp.		6.875%		4/1/2026			59,000				57,898
USA Compression Partners LP/USA Compression Finance Corp.		6.875%		9/1/2027			38,000				37,189
Weatherford International Ltd.†		6.50%		9/15/2028			25,000				25,275
Weatherford International Ltd.†		11.00%		12/1/2024			120,000				123,772
Welltec International ApS (Denmark)†(b)		8.25%		10/15/2026			200,000				203,065
Total											719,520
Packaging & Containers 0.68%
Mauser Packaging Solutions Holding Co.†		5.50%		4/15/2024			50,000				48,881
Pactiv LLC		7.95%		12/15/2025			40,000				39,255
Sealed Air Corp.†		5.50%		9/15/2025			50,000				51,187
Silgan Holdings, Inc.		4.125%		2/1/2028			14,000				13,076
Trident TPI Holdings, Inc.†		9.25%		8/1/2024			36,000				35,423
Total											187,822
Pharmaceuticals 0.13%
Option Care Health, Inc.†		4.375%		10/31/2029			38,000				34,204
Pipelines 2.81%
Antero Midstream Partners LP/Antero Midstream Finance Corp.†		7.875%		5/15/2026			52,000				54,447
Buckeye Partners LP		3.95%		12/1/2026			41,000				38,796
Buckeye Partners LP†		4.125%		3/1/2025			12,000				11,520
Buckeye Partners LP		6.375% (3 Mo. LIBOR + 4.02%	)#	1/22/2078			85,000				70,486
Cheniere Energy Partners LP		4.50%		10/1/2029			40,000				38,354

 

38	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Pipelines (continued)
Delek Logistics Partners LP/Delek Logistics Finance Corp.†		7.125%		6/1/2028		$	45,000			$	43,100
Energy Transfer LP		6.50% (5 Yr. Treasury CMT + 5.69%	)#	–	(d)		74,000				70,493
Northriver Midstream Finance LP (Canada)†(b)		5.625%		2/15/2026			98,000				95,734
PBF Logistics LP/PBF Logistics Finance Corp.		6.875%		5/15/2023			65,000				64,930
Plains All American Pipeline LP		6.125% (3 Mo. LIBOR + 4.11%	)#	–	(d)		90,000				75,825
Rattler Midstream LP†		5.625%		7/15/2025			40,000				40,104
Venture Global Calcasieu Pass LLC†		3.875%		8/15/2029			35,000				31,983
Western Midstream Operating LP		3.95%		6/1/2025			141,000				136,178
Total											771,950
Real Estate 0.78%
Canary Wharf Group Investment Holdings plc(c)		3.375%		4/23/2028		GBP	100,000				117,416
Vivion Investments Sarl(c)		3.00%		8/8/2024		EUR	100,000				97,068
Total											214,484
REITS 4.42%
Blackstone Mortgage Trust, Inc.†		3.75%		1/15/2027		$	85,000				77,670
HAT Holdings I LLC/HAT Holdings II LLC†		3.375%		6/15/2026			68,000				62,538
HAT Holdings I LLC/HAT Holdings II LLC†		6.00%		4/15/2025			74,000				75,205
IIP Operating Partnership LP		5.50%		5/25/2026			50,000				49,983
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.†		4.25%		2/1/2027			70,000				64,431
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.†		5.25%		10/1/2025			58,000				57,056
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer†		5.875%		10/1/2028			90,000				87,422
SBA Communications Corp.		3.875%		2/15/2027			105,000				99,771
Service Properties Trust		4.35%		10/1/2024			147,000				136,401
Service Properties Trust		4.50%		6/15/2023			40,000				39,060
Service Properties Trust		4.50%		3/15/2025			28,000				25,381
Starwood Property Trust, Inc.†		3.75%		12/31/2024			84,000				80,939
Starwood Property Trust, Inc.†		4.375%		1/15/2027			65,000				60,706
VICI Properties LP/VICI Note Co., Inc.†		3.50%		2/15/2025			103,000				99,010
VICI Properties LP/VICI Note Co., Inc.†		3.75%		2/15/2027			35,000				32,312
VICI Properties LP/VICI Note Co., Inc.†		4.25%		12/1/2026			50,000				47,439
VICI Properties LP/VICI Note Co., Inc.†		4.625%		6/15/2025			8,000				8,000
VICI Properties LP/VICI Note Co., Inc.†		5.625%		5/1/2024			36,000				36,585
XHR LP†		6.375%		8/15/2025			75,000				75,994
Total											1,215,903

 

See Notes to Schedule of Investments.

39

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Retail 4.59%
1011778 BC ULC/New Red Finance, Inc. (Canada)†(b)		3.50%		2/15/2029		$	54,000			$	47,756
Bath & Body Works, Inc.		6.694%		1/15/2027			40,000				41,379
Bath & Body Works, Inc.†		9.375%		7/1/2025			32,000				36,039
BCPE Ulysses Intermediate, Inc. PIK 8.50%†		7.75%		4/1/2027			55,000				47,094
Golden Goose SpA†(c)		4.875% (3 Mo. EURIBOR + 4.88%	)#	5/14/2027		EUR	100,000				102,976
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.†		7.00%		8/15/2028		$	60,000				45,682
Guitar Center, Inc.†		8.50%		1/15/2026			69,000				69,237
IRB Holding Corp.†		7.00%		6/15/2025			50,000				51,517
Ken Garff Automotive LLC†		4.875%		9/15/2028			28,000				25,517
Lithia Motors, Inc.†		4.625%		12/15/2027			80,000				76,295
Murphy Oil USA, Inc.		5.625%		5/1/2027			107,000				105,665
Nordstrom, Inc.		4.00%		3/15/2027			60,000				55,679
Party City Holdings, Inc.†		6.125%		8/15/2023			17,000				15,585
Party City Holdings, Inc.†		6.625%		8/1/2026			20,000				16,300
Party City Holdings, Inc.†		8.75%		2/15/2026			27,000				24,849
Penske Automotive Group, Inc.		3.50%		9/1/2025			75,000				72,472
PetSmart, Inc./PetSmart Finance Corp.†		4.75%		2/15/2028			250,000				232,851
Sally Holdings LLC/Sally Capital, Inc.†		8.75%		4/30/2025			50,000				52,502
Specialty Building Products Holdings LLC/SBP Finance Corp.†		6.375%		9/30/2026			48,000				46,856
Staples, Inc.†		7.50%		4/15/2026			78,000				74,614
Staples, Inc.†		10.75%		4/15/2027			24,000				21,295
Total											1,262,160
Software 0.34%
PTC, Inc.†		3.625%		2/15/2025			65,000				63,052
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.†		3.875%		2/1/2029			35,000				31,024
Total											94,076
Telecommunications 2.01%
Sprint Capital Corp.		6.875%		11/15/2028			100,000				109,911
Sprint Corp.		7.625%		2/15/2025			135,000				143,757
Sprint Corp.		7.625%		3/1/2026			70,000				76,103
Switch Ltd.†		3.75%		9/15/2028			57,000				53,518
T-Mobile USA, Inc.†		2.25%		2/15/2026			140,000				128,952
Vodafone Group plc (United Kingdom)(b)		3.25% (5 Yr. Treasury CMT + 2.45%	)#	6/4/2081			45,000				40,551
Total											552,792

 

40	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Total Trucking & Leasing 0.37%
Fly Leasing Ltd. (Ireland)†(b)		7.00%		10/15/2024		$	60,000			$	52,951
Fortress Transportation and Infrastructure Investors LLC†		6.50%		10/1/2025			52,000				49,629
Total											102,580
Toys/Games/Hobbies 0.08%
Mattel, Inc.†		3.375%		4/1/2026			21,000				20,445
Transportation 0.08%
Carriage Purchaser, Inc.†		7.875%		10/15/2029			25,000				21,970
Water 0.09%
Solaris Midstream Holdings LLC†		7.625%		4/1/2026			25,000				25,657
Total Corporate Bonds (cost $23,811,177)											22,898,438
FLOATING RATE LOANS(e) 11.03%
Aerospace/Defense 0.08%
Cobham Ultra SeniorCo S.a.r.l USD Term Loan B		–	(f)	11/17/2028			21,716				21,578
Auto Parts & Equipment 0.31%
Chassix Inc. 2017 1st Lien Term Loan		6.50% (3 Mo. LIBOR + 5.50% (6 Mo. LIBOR + 5.50%	) )	11/15/2023			94,329				85,074
Automakers 0.21%
Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan		7.739% (3 Mo. LIBOR + 6.75%	)	4/10/2026			57,998				57,636
Building & Construction 0.16%
Centuri Group, Inc Term Loan B		3.01% (3 Mo. LIBOR + 2.50%	)	8/27/2028			27,343				27,072
USIC Holdings, Inc. 2021 2nd Lien Term Loan		7.264% (1 Mo. LIBOR + 6.50%	)	5/14/2029			16,454				16,372
Total											43,444
Building Materials 0.10%
Oscar AcquisitionCo, LLC Term Loan B		–	(f)	4/29/2029			28,000				26,892
Cable & Satellite Television 0.09%
Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B (Luxembourg)(b)		–	(f)	2/1/2029			25,956				25,258

 

See Notes to Schedule of Investments.

41

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments

Interest Rate

Maturity Date

Principal Amount

Fair Value

Commercial Services 0.25%

Element Materials Technology Group US Holdings, Inc. 2022 USD Term Loan

–

(f)

4/12/2029

$

7,631

$

7,618

SSH Group Holdings, Inc. 2018 1st Lien Term Loan

5.256% (3 Mo. LIBOR + 4.25%

)

7/30/2025

42,736

41,187

Vaco Holdings, LLC 2022 Term Loan

–

(f)

1/21/2029

18,346

18,357

Total

67,162

Diversified Capital Goods 0.07%

Tank Holding Corp. 2022 Term Loan

6.842% (1 Mo. SOFR + 6.00%

)

3/31/2028

20,300

19,995

(g)

Diversified Financial Services 0.18%

Armor Holding II LLC 2021 Term Loan B

5.203% (3 Mo. LIBOR + 4.50%

)

12/11/2028

50,000

49,958

Electric: Generation 0.08%

Lightstone Holdco LLC 2018 Term Loan B

4.989% (3 Mo. LIBOR + 3.75%

)

1/30/2024

23,377

21,771

Electric: Integrated 0.23%

Helix Gen Funding, LLC Term Loan B

4.75% (1 Mo. LIBOR + 3.75%

)

6/3/2024

63,060

61,355

Lightstone Holdco LLC 2018 Term Loan C

4.989% (3 Mo. LIBOR + 3.75%

)

1/30/2024

1,318

1,227

Total

62,582

Electronics 0.07%

Altar Bidco, Inc. 2021 2nd Lien Term Loan

6.40% (1 Mo. LIBOR + 5.60%

)

2/1/2030

20,038

19,813

Energy: Exploration & Production 0.34%

Kestrel Acquisition, LLC 2018 Term Loan B

5.25% (1 Mo. LIBOR + 4.25%

)

6/2/2025

54,716

52,801

Parkway Generation, LLC Term Loan B

–

(f)

2/18/2029

35,088

35,022

Parkway Generation, LLC Term Loan C

–

(f)

2/18/2029

4,912

4,898

Total

92,721

Forestry/Paper 0.17%

Sylvamo Corporation Term Loan B

–

(f)

8/18/2028

46,951

46,188

 

42	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Gaming 0.16%
Alterra Mountain Company Term Loan B1		3.514% (1 Mo. LIBOR + 2.75%	)	7/31/2024		$	17,722			$	17,656
TopGolf International, Inc. Term Loan B		7.00% (1 Mo. LIBOR + 6.25%	)	2/9/2026			24,560				24,998
Total											42,654
Gas Distribution 0.48%
AL GCX Holdings, LLC Term Loan B		–	(f)	4/20/2029			21,500				21,480
Freeport LNG Investments, LLLP Term Loan B		–	(f)	12/21/2028			40,000				39,822
Lucid Energy Group II Borrower, LLC 2021 Term Loan		5.00% (1 Mo. LIBOR + 4.25%	)	11/24/2028			72,118				71,591
Total											132,893
Health Facilities 0.98%
EyeCare Partners, LLC 2021 Incremental Term Loan		4.756% (3 Mo. LIBOR + 3.75%	)	11/15/2028			50,000				49,394
Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan		4.506% (3 Mo. LIBOR + 3.50%	)	11/1/2028			17,882				17,748
Medical Solutions Holdings, Inc. 2021 Delayed Draw Term Loan(h)		3.50%		11/1/2028			3,406				3,380
NAPA Management Services Corporation Term Loan B		–	(f)	2/23/2029			35,833				35,549
SCP Eye Care Services, LLC 2021 Delayed Draw Term Loan(h)		4.50%		3/16/2028			5,934				5,916
SCP Eye Care Services, LLC 2021 Term Loan		6.00% (3 Mo. LIBOR + 4.50%	)	3/16/2028			33,980				33,874
Summit Behavioral Healthcare LLC 1st Lien Term Loan		5.50% (3 Mo. LIBOR + 4.75%	)	11/24/2028			25,000				24,563
Surgery Center Holdings, Inc. 2021 Term Loan		4.50% (1 Mo. LIBOR + 3.75%	)	8/31/2026			100,000				99,222
Total											269,646
Health Services 0.48%
Gainwell Acquisition Corp. Term Loan B		–	(f)	10/1/2027			40,000				39,950
Horizon Therapeutics USA Inc. 2021 Term Loan B2		–	(f)	3/15/2028			50,000				49,487

 

See Notes to Schedule of Investments.

43

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Health Services (continued)
National Mentor Holdings, Inc. 2021 Term Loan		4.50% (1 Mo. LIBOR + 3.75%	)	3/2/2028		$	41,763			$	40,232
National Mentor Holdings, Inc. 2021 Term Loan C		4.76% (3 Mo. LIBOR + 3.75%	)	3/2/2028			1,264				1,217
Total											130,886
Integrated Energy 0.17%
CPV Shore Holdings, LLC Term Loan		4.52% (1 Mo. LIBOR + 3.75%	)	12/29/2025			25,069				24,158
Oregon Clean Energy, LLC Term Loan		4.75% (1 Mo. LIBOR + 3.75%	)	3/1/2026			24,549				23,604
Total											47,762
Investments & Miscellaneous Financial Services 0.36%
Fender Musical Instruments Corporation 2021 Term Loan B		–	(f)	12/1/2028			60,342				60,040
Hudson River Trading LLC 2021 Term Loan		–	(f)	3/20/2028			39,899				39,438
Total											99,478
Machinery 0.06%
CMBF LLC Term Loan		6.50% (1 Mo. LIBOR + 6.00%	)	8/2/2028			16,490				16,036
Media: Content 0.64%
NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan		7.764% (1 Mo. LIBOR + 7.00%	)	10/19/2026			50,000				48,385
Playtika Holding Corp 2021 Term Loan		–	(f)	3/13/2028			40,000				39,638
Univision Communications, Inc. 2022 Term Loan B		–	(f)	1/31/2029			90,000				89,072
Total											177,095
Medical Products 0.68%
Athenahealth, Inc. 2022 Delayed Draw Term loan(h)		1.75%		2/15/2029			7,246				7,160
Athenahealth, Inc. 2022 Term Loan B		–	(f)	2/15/2029			42,754				42,246
MedAssets Software Intermediate Holdings, Inc. 2021 Term Loan		4.50% (3 Mo. LIBOR + 4.00%	)	12/18/2028			62,761				62,416
Physician Partners LLC Term Loan		4.80%		12/26/2028			74,960				74,460
Total											186,282

 

44	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Metals/Mining (Excluding Steel) 0.25%
Alpha Metallurgical Resources, Inc. 2019 Term Loan		10.00% (3 Mo. LIBOR + 8.00%	)	6/14/2024		$	22,063			$	22,118
Peabody Energy Corporation 2018 Term Loan		3.499% (1 Mo. LIBOR + 2.75%	)	3/31/2025			49,819				47,147
Total											69,265
Oil Field Equipment & Services 0.21%
Ulterra Drilling Technologies, LP Term Loan B		6.014% (1 Mo. LIBOR + 5.25%	)	11/26/2025			59,312				57,211
Personal & Household Products 0.44%
Gibson Brands Inc. 2021 Term Loan		5.75% (3 Mo. LIBOR + 5.00%	)	8/11/2028			40,425				39,566
MND Holdings III Corp 2018 1st Lien Term Loan		4.506% (3 Mo. LIBOR + 3.50%	)	6/19/2024			82,247				81,424
Total											120,990
Pharmaceuticals 0.28%
Canopy Growth Corporation Term Loan (Canada)(b)		7.00% (3 Mo. LIBOR + 6.00%	)	3/18/2026			12,464				12,378
Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B		–	(f)	11/15/2027			50,000				48,935
LSCS Holdings, Inc. 2021 1st Lien Term Loan		5.264% (1 Mo. LIBOR + 4.50%	)	12/16/2028			15,946				15,829
Total											77,142
Real Estate Investment Trusts 0.09%
Washington Prime Group, L.P. 2021 Take-back Exit Term Loan		6.75% (1 Mo. LIBOR + 6.00%	)	10/20/2025			24,442				24,595
Recreation & Travel 0.42%
Bulldog Purchaser Inc. 2018 Term Loan		4.258% (3 Mo. LIBOR + 3.75%	)	9/5/2025			15,765				15,157
Motion Finco Sarl USD Term Loan B1 (Luxembourg)(b)		4.256% (3 Mo. LIBOR + 3.25%	)	11/12/2026			26,967				26,470
Motion Finco Sarl Delayed Draw Term Loan B2 (Luxembourg)(b)		4.256% (3 Mo. LIBOR + 3.25%	)	11/12/2026			3,571				3,505

 

See Notes to Schedule of Investments.

45

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Recreation & Travel (continued)
NASCAR Holdings, Inc Term Loan B		3.264% (1 Mo. LIBOR + 2.50%	)	10/19/2026		$	50,000			$	49,886
Travel Leaders Group, LLC 2018 Term Loan B		4.764% (1 Mo. LIBOR + 4.00%	)	1/25/2024			21,995				20,844
Total											115,862
Restaurants 0.17%
Miller’s Ale House, Inc. 2018 Term Loan		5.42% - 7.25% (Prime Rate + 3.75% (1 Mo. LIBOR + 4.75%	) )	5/30/2025			48,879				47,706
Software/Services 1.13%
Anastasia Parent, LLC 2018 Term Loan B		4.756% (3 Mo. LIBOR + 3.75%	)	8/11/2025			24,646				21,930
Applied Systems, Inc. 2021 2nd Lien Term Loan		6.506% (3 Mo. LIBOR + 5.50%	)	9/19/2025			24,117				24,160
Banff Merger Sub Inc 2021 USD 2nd Lien Term Loan		6.264% (1 Mo. LIBOR + 5.50%	)	2/27/2026			17,648				17,480
Imprivata, Inc. Term Loan		4.514% (1 Mo. LIBOR + 3.75%	)	12/1/2027			53,879				53,706
Magenta Buyer LLC 2021 USD 1st Lien Term Loan		6.23% (3 Mo. LIBOR + 5.00%	)	7/27/2028			59,762				59,015
Peraton Corp. Term Loan B		–	(f)	2/1/2028			60,000				59,677
Renaissance Holding Corp. 2018 1st Lien Term Loan		4.014% (1 Mo. LIBOR + 3.25%	)	5/30/2025			34,754				34,496
Riverbed Technology, Inc. 2021 PIK Exit Term Loan PIK 2.00%		7.00% (3 Mo. LIBOR + 6.00%	)	12/8/2026			51,911				40,876
Total											311,340
Specialty Retail 0.39%
Birkenstock GmbH & Co. KG USD Term Loan B (Germany)(b)		–	(f)	4/28/2028			60,000				58,387
Crocs Inc Term Loan B		3.50% (3 Mo. SOFR + 3.50%	)	2/20/2029			50,000				48,938
Total											107,325

 

46	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments		Interest Rate		Maturity Date		Principal Amount				Fair Value
Support: Services 0.75%
Aramark Services, Inc. 2018 Term Loan B3		2.514% (1 Mo. LIBOR + 1.75%	)	3/11/2025		$	40,000			$	39,471
AVSC Holding Corp. 2020 Term Loan B1		4.25% (3 Mo. LIBOR + 3.25%	)	3/3/2025			29,016				27,103
Kingpin Intermediate Holdings LLC 2018 Term Loan B		4.50% (1 Mo. LIBOR + 3.50%	)	7/3/2024			24,540				24,338
Sabre GLBL Inc. 2022 Term Loan B		–	(f)	6/30/2028			24,187				24,138
Stonepeak Taurus Lower Holdings LLC 2022 2nd Lien Term Loan		–	(f)	1/28/2030			26,167				25,644
Syniverse Holdings, Inc. 2018 1st Lien Term Loan		6.038% (3 Mo. LIBOR + 5.00%	)	3/9/2023			26,791				26,579
Verscend Holding Corp. 2021 Term Loan B		–	(f)	8/27/2025			39,920				39,874
Total											207,147
Theaters & Entertainment 0.46%
City Football Group Limited Term Loan (United Kingdom)(b)		4.598% (3 Mo. LIBOR + 3.50%	)	7/21/2028			56,355				55,017
Equinox Holdings, Inc. 2017 1st Lien Term Loan		4.006% (3 Mo. LIBOR + 3.00%	)	3/8/2024			13,857				13,158
Equinox Holdings, Inc. 2020 Term Loan B2		10.006% (3 Mo. LIBOR + 9.00%	)	3/8/2024			13,618				13,618
Vue International Bidco p.l.c. 2019 EUR Term Loan B (United Kingdom)(c)		4.75% (6 Mo. EURIBOR + 4.75%)		7/3/2026		EUR	51,659				45,298
Total											127,091
Transportation 0.02%
Echo Global Logistics, Inc. Term Loan		4.514% (1 Mo. LIBOR + 3.75%	)	11/23/2028		$	4,483				4,377
Trucking & Delivery 0.07%
Carriage Purchaser, Inc. 2021 Term Loan B		5.014% (1 Mo. LIBOR + 4.25%	)	9/30/2028			19,715				19,555
Total Floating Rate Loans (cost $3,038,545)											3,032,410

 

See Notes to Schedule of Investments.

47

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Investments

Interest Rate

Maturity Date

Principal Amount

Fair Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.76%

BFLD 2019-DPLO F†

3.094% (1 Mo. LIBOR + 2.54%

)#

10/15/2034

$

33,000

$

31,897

Great Wolf Trust 2019-WOLF B†

1.888% (1 Mo. LIBOR + 1.33%

)#

12/15/2036

15,000

14,719

Great Wolf Trust 2019-WOLF D†

2.487% (1 Mo. LIBOR + 1.93%

)#

12/15/2036

27,000

26,172

Great Wolf Trust 2019-WOLF E†

3.286% (1 Mo. LIBOR + 2.73%

)#

12/15/2036

17,000

16,351

JP Morgan Chase Commercial Mortgage Securities Trust 2021-1440 E†

4.404% (1 Mo. LIBOR + 3.85%

)#

3/15/2036

100,000

96,499

KKR Industrial Portfolio Trust 2021-KDIP D†

1.804% (1 Mo. LIBOR + 1.25%

)#

12/15/2037

7,500

7,297

KKR Industrial Portfolio Trust 2021-KDIP E†

2.104% (1 Mo. LIBOR + 1.55%

)#

12/15/2037

7,500

7,289

KKR Industrial Portfolio Trust 2021-KDIP F†

2.604% (1 Mo. LIBOR + 2.05%

)#

12/15/2037

7,500

7,255

Total Non-Agency Commercial Mortgage-Backed Securities (cost $210,853)

207,479

 

		Dividend Rate				Shares
PREFERRED STOCKS 0.11%
Commercial Banks
Synovus Financial Corp.(cost $31,620)		6.30% (3 Mo. LIBOR + 3.35%	)#				1,200				29,760
Total Long-Term Investments (cost $28,393,660)											27,499,382
							Principal Amount
SHORT-TERM INVESTMENTS 5.91%
Repurchase Agreements 5.91%
Repurchase Agreement dated 4/29/2022, 0.00% due 5/2/2022 with Fixed Income Clearing Corp. collateralized by $1,692,100 of U.S. Treasury Note at 2.375% due 5/15/2029; value: $1,657,011; proceeds: $1,624,492 (cost $1,624,492)						$	1,624,492				1,624,492
Total Investments in Securities 105.96% (cost $30,018,152)											29,123,874
Less Unfunded Loan Commitments (0.06%) (cost $16,422)											(16,457	)
Net Investments in Securities 105.90% (cost $30,001,730)											29,107,417
Other Assets and Liabilities – Net(i) (5.90)%											(1,622,332	)
Net Assets 100.00%										$	27,485,085

 

48	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

EUR		Euro.
GBP		British Pound.
CMT		Constant Maturity Rate.
EURIBOR		Euro Interbank Offered Rate.
EUSA		Euro Swap Rate.
LIBOR		London Interbank Offered Rate.
PIK		Payment-in-kind.
REIT		Real Estate Investment Trusts.
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 April 30, 2022, the total value of Rule 144A securities was $16,134,718, which represents 58.68% of net assets.
#		Variable rate security. The interest rate represents the rate in effect at April 30, 2022.
(a)		Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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)		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 April 30, 2022.
(f)		Interest rate to be determined.
(g)		Level 3 Investment as described in Note 2(b) in the Notes to Schedule of Investments. 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)		Security partially/fully unfunded.
(i)		Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

 

Credit Default Swaps on Indexes - Sell Protection at April 30, 2022⁽¹⁾:

Referenced Indexes*		Swap Counterparty		Fund Receives (Quarterly	)	Termination Date		Notional Amount		Payments Upfront	(2)	Unrealized Appreciation/ (Depreciation	)(3)	Credit Default Swap Agreements Payable at Fair Value	(4)
Markit CMBX.NA.A.6		Citigroup Global Markets Inc.		2.000%		5/11/2063		22,000		$(2,135)		$139		$(1,996)

 

*		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/paid are presented net of amortization.
(3)		Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $139. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
(4)		Includes upfront payments received.

 

See Notes to Schedule of Investments.

49

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

Open Forward Foreign Currency Exchange Contracts at April 30, 2022:

 

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		Sell		State Street Bank and Trust		6/7/2022			390,000			$	520,211			$	490,399			$	29,812
British pound		Sell		State Street Bank and Trust		6/7/2022			93,000				120,876				116,941				3,935
Euro		Sell		Bank of America		6/10/2022			103,000				110,525				108,844				1,681
Euro		Sell		Credit Agricole		6/10/2022			106,000				117,836				112,014				5,822
Euro		Sell		Morgan Stanley		6/10/2022			710,000				778,643				750,282				28,361
Euro		Sell		State Street Bank and Trust		6/10/2022			92,000				99,431				97,220				2,211
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts																				$	71,822

 

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		Buy		Bank of America		6/7/2022			7,000			$	8,810			$	8,802			$	(8	)
Euro		Buy		Bank of America		6/10/2022			97,000				107,713				102,503				(5,210	)
Euro		Buy		Morgan Stanley		6/10/2022			91,000				99,105				96,163				(2,942	)
Euro		Buy		Toronto Dominion Bank		6/10/2022			96,000				106,121				101,447				(4,674	)
Euro		Buy		Toronto Dominion Bank		6/10/2022			197,000				215,521				208,177				(7,344	)
Euro		Sell		Morgan Stanley		6/10/2022			92,000				97,199				97,220				(21	)
Euro		Sell		State Street Bank and Trust		6/10/2022			188,000				197,867				198,666				(799	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts																				$	(20,998	)

 

Open Futures Contracts at April 30, 2022:

Type		Expiration		Contracts		Position		Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note		June 2022		7		Short		$(1,474,721	)	$(1,475,688	)		$	(967	)
U.S. 5-Year Treasury Note		June 2022		1		Short		(112,475	)	(112,672	)			(197	)
Total Unrealized Depreciation on Open Futures Contracts													$	(1,164	)

 

50	See Notes to Schedule of Investments.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

The following is a summary of the inputs used as of April 30, 2022 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		$	–			$	–			$	1,077,526			$	1,077,526
Convertible Bonds			–				253,769				–				253,769
Corporate Bonds			–				22,898,438				–				22,898,438
Floating Rate Loans
Diversified Capital Goods			–				–				19,995				19,995
Remaining Industries			–				3,012,415				–				3,012,415
Less Unfunded Commitments			–				(16,457	)			–				(16,457	)
Non-Agency Commercial
Mortgage-Backed Securities			–				207,479				–				207,479
Preferred Stocks			29,760				–				–				29,760
Short-Term Investments
Repurchase Agreements			–				1,624,492				–				1,624,492
Total		$	29,760			$	27,980,136			$	1,097,521			$	29,107,417
Other Financial Instruments
Credit Default Swap Contracts
Assets		$	–			$	–			$	–			$	–
Liabilities			–				(1,996	)			–				(1,996	)
Forward Foreign Currency Exchange Contracts
Assets			–				71,822				–				71,822
Liabilities			–				(20,998	)			–				(20,998	)
Futures Contracts
Assets			–				–				–				–
Liabilities			(1,164	)			–				–				(1,164	)
Total		$	(1,164	)		$	48,828			$	–			$	47,664

 

(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.

 

See Notes to Schedule of Investments.

51

Schedule of Investments (unaudited)(concluded)

SHORT DURATION HIGH YIELD FUND April 30, 2022

 

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.

 

Investment Type		Asset- Backed Securities				Floating Rate Loans
Balance as of August 1, 2021		$	–			$	90,592
Accrued Discounts (Premiums)			31				2
Realized Gain (Loss)			–				(977	)
Change in Unrealized Appreciation (Depreciation)			(11,542	)			(131	)
Purchases			1,089,037				65,244
Sales			–				(99,639	)
Transfers into Level 3			–				–
Transfers out of Level 3			–				(35,096	)
Balance as of April 30, 2022		$	1,077,526			$	19,995
Change in unrealized appreciation/ depreciation for the period ended April 30, 2022, related to Level 3 investments held at April 30, 2022		$	(11,542	)		$	97

 

52	See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

 

1.	ORGANIZATION

 

Lord Abbett Trust I (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 January 30, 2020. The Trust’s predecessor corporation was organized on May 1, 2001. The Trust currently consists of the following five funds separately, a “Fund” and collectively, the “Funds”). Lord Abbett Climate Focused Bond Fund (“Climate Focused Bond Fund”) Lord Abbett Emerging Markets Equity Fund (“Emerging Markets Equity Fund) Lord Abbett International Growth Fund (“International Growth Fund”) Lord Abbett Mid Cap Innovation Growth Fund (“Mid Cap Innovation Growth Fund”) and Lord Abbett Short Duration High Yield Fund (“Short Duration High Yield Fund”). Emerging Markets Equity Fund commenced operations on March 2, 2022, International Growth Fund commenced operations on June 18, 2021 and the Innovation Growth Fund commenced operations on December 28, 2020. Climate Focused Bond Fund’s investment objective is total return. Mid Cap Innovation Growth Fund’s investment objective is to seek capital appreciation. Emerging Markets Equity Fund’s and International Growth Fund’s investment objective is to seek long-term capital appreciation. Short Duration 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.

 

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. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued 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. 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. Exchange traded options and futures contracts are valued at the last quoted 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.

 

53

Notes to Schedule of Investments (unaudited)(continued)

 

	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.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	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 April 30, 2022 and, if applicable, Level 3 rollforwards for the period 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.

 

54

Notes to Schedule of Investments (unaudited)(concluded)

 

3.	FEDERAL TAX INFORMATION

 

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 generally three years after the filing of the tax returns. The statutes of limitations on each Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.

 

4.	SECURITIES LENDING AGREEMENT

 

The Funds 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 becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

 

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 Funds continue 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 April 30, 2022 the funds did not loan any securities.

 

55

 

QPHR-TRI-3Q

(06/22)