UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-10371

LORD ABBETT TRUST I

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, New Jersey 07302-3973

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.

Vice President, Secretary, and Chief Legal Officer

90 Hudson Street, Jersey City, New Jersey 07302-3973

(Name and address of agent for service)

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

Date of fiscal year end: 7/31

Date of reporting period: 1/31/2023

Item 1: Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Climate Focused Bond Fund

Emerging Markets Equity Fund

International Growth Fund

Short Duration High Yield Fund

For the six-month period ended January 31, 2023

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
	Schedules of Investments:
11	Climate Focused Bond Fund
26	Emerging Markets Equity Fund
31	International Growth Fund
36	Short Duration High Yield Fund
68	Statements of Assets and Liabilities
72	Statements of Operations
74	Statements of Changes in Net Assets
78	Financial Highlights
92	Notes to Financial Statements
116	Supplemental Information to Shareholders

Lord Abbett Trust I
Lord Abbett Climate Focused Bond Fund, Lord Abbett Emerging Markets Equity Fund, Lord Abbett International Growth Fund, and Lord Abbett Short Duration High Yield Fund Semiannual Report

For the six-month period ended January 31, 2023

  From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg, Trustee, President and Chief Executive Officer of the Lord Abbett Funds. Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the six-month period ended January 31, 2023. On this page and the following pages, we discuss the major factors that influenced period performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you can also access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards, Douglas B. Sieg
Trustee, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2022 through January 31, 2023).

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 8/1/22 – 1/31/23” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

Climate Focused Bond Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	8/1/22		1/31/23		8/1/22 - 1/31/23
Class A
Actual	$	1,000.00	$	974.40	$	3.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.93	$	3.31
Class C
Actual	$	1,000.00	$	971.90	$	6.26
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.85	$	6.41
Class F
Actual	$	1,000.00	$	975.80	$	2.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.29
Class F3*
Actual	$	1,000.00	$	976.00	$	2.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.14	$	2.09
Class I
Actual	$	1,000.00	$	975.80	$	2.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.29
Class R3
Actual	$	1,000.00	$	973.40	$	4.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84
Class R4
Actual	$	1,000.00	$	974.70	$	3.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57
Class R5
Actual	$	1,000.00	$	975.90	$	2.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.29
Class R6*
Actual	$	1,000.00	$	976.00	$	2.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.14	$	2.09

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.65% for Class A, 1.26% for Class C, 0.45% for Class F, 0.41% for Class F3, 0.45% for Class I, 0.95% for Class R3, 0.70% for Class R4, 0.45% for Class R5 and 0.41% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.44% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$2.19	$2.24
Class R6	$2.19	$2.24

3

Portfolio Holdings Presented by Sector

January 31, 2023

Sector*	%**
Asset Backed Securities		0.50	%
Basic Materials		1.94	%
Communication Services		3.24	%
Consumer, Cyclical		2.37	%
Consumer, Non-cyclical		4.68	%
Energy		6.19	%
Financials		18.18	%
Foreign Government		22.99	%
Industrials		11.31	%
Mortgage-Backed Securities		1.73	%
Municipal		4.22	%
Technology		1.56	%
U.S. Government		0.59	%
Utilities		17.36	%
Repurchase Agreement		3.14	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments, which excludes derivatives.

4

Emerging Markets Equity Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	8/1/22		1/31/23		8/1/22 - 1/31/23
Class A*
Actual	$	1,000.00	$	1,077.60	$	6.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16
Class C*
Actual	$	1,000.00	$	1,073.70	$	10.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.32	$	9.96
Class F*
Actual	$	1,000.00	$	1,079.70	$	5.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class F3*
Actual	$	1,000.00	$	1,079.30	$	4.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48
Class I*
Actual	$	1,000.00	$	1,079.30	$	5.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class R6*
Actual	$	1,000.00	$	1,079.30	$	4.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.21% for Class A, 1.96% for Class C, 0.96% for Class F, 0.88% for Class F3, 0.96% for Class I and 0.88% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 1.15% for Class A, 1.90% for Class C, 0.90% for Class F, 0.82% for Class F3, 0.90% for Class I and 0.82% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$6.02	$5.85
Class C	$9.93	$9.65
Class F	$4.72	$4.58
Class F3	$4.30	$4.18
Class I	$4.72	$4.58
Class R6	$4.30	$4.18

5

Portfolio Holdings Presented by Sector

January 31, 2023

Sector*	%**
Communication Services		10.24	%
Consumer Discretionary		17.58	%
Consumer Staples		6.46	%
Energy		4.79	%
Financials		22.98	%
Health Care		4.03	%
Industrials		4.70	%
Information Technology		20.26	%
Materials		5.80	%
Real Estate		2.05	%
Utilities		1.11	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments, which excludes derivatives.

6

International Growth Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	8/1/22		1/31/23		8/1/22 - 1/31/23
Class A*
Actual	$	1,000.00	$	1,045.00	$	5.31
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class C*
Actual	$	1,000.00	$	1,040.00	$	9.15
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.23	$	9.05
Class F*
Actual	$	1,000.00	$	1,046.00	$	3.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.92
Class F3*
Actual	$	1,000.00	$	1,046.50	$	3.87
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.82
Class I*
Actual	$	1,000.00	$	1,046.20	$	4.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13
Class R3*
Actual	$	1,000.00	$	1,043.60	$	6.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.06	$	6.21
Class R4*
Actual	$	1,000.00	$	1,044.50	$	5.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.94
Class R5*
Actual	$	1,000.00	$	1,046.20	$	3.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.37	$	3.87
Class R6*
Actual	$	1,000.00	$	1,045.60	$	3.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.78	$	3.47

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.03% for Class A, 1.78% for Class C, 0.77% for Class F, 0.75% for Class F3, 0.81% for Class I, 1.22% for Class R3, 0.97% for Class R4, 0.76% for Class R5 and 0.68% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.95% for Class A, 1.70% for Class C, 0.70% for Class F, 0.57% for Class F3, 0.70% for Class I, 1.20% for Class R3 0.95% for Class R4, 0.70% for Class R5, and 0.57% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.90	$4.84
Class C	$8.74	$8.64
Class F	$3.61	$3.57
Class F3	$2.94	$2.91
Class I	$3.61	$3.57
Class R3	$6.18	$6.11
Class R4	$4.90	$4.84
Class R5	$4.18	$3.57
Class R6	$2.94	$2.91

7

Portfolio Holdings Presented by Sector

January 31, 2023

Sector*	%**
Communication Services		4.91	%
Consumer Discretionary		18.56	%
Consumer Staples		9.62	%
Energy		1.59	%
Financials		9.51	%
Health Care		15.46	%
Industrials		14.92	%
Information Technology		21.06	%
Materials		4.37	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments, which excludes derivatives.

8

Short Duration High Yield Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	8/1/22		1/31/23		8/1/22 - 1/31/23
Class A*
Actual	$	1,000.00	$	1,025.30	$	3.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.78	$	3.47
Class C*
Actual	$	1,000.00	$	1,020.80	$	6.77
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50	$	6.77
Class F*
Actual	$	1,000.00	$	1,025.20	$	2.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.84	$	2.40
Class F3*
Actual	$	1,000.00	$	1,026.50	$	2.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.84	$	2.40
Class I*
Actual	$	1,000.00	$	1,025.20	$	2.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.29
Class R3*
Actual	$	1,000.00	$	1,023.70	$	5.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35
Class R4*
Actual	$	1,000.00	$	1,025.00	$	3.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.53	$	3.72
Class R5*
Actual	$	1,000.00	$	1,026.30	$	2.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.74	$	2.50
Class R6*
Actual	$	1,000.00	$	1,026.50	$	2.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.94	$	2.29

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.68% for Class A, 1.33% for Class C, 0.47% for Class F, 0.47% for Class F3, 0.45% for Class I, 1.05% for Class R3, 0.73% for Class R4, 0.49% for Class R5 and 0.45% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.65% for Class A, 1.45% for Class C, 0.45% for Class F, 0.42% for Class F3, 0.45% for Class I, 0.95% for Class R3, 0.70% for Class R4, 0.45% for Class R5, and 0.42% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$3.32	$3.31
Class C	$7.39	$7.37
Class F	$2.30	$2.29
Class F3	$2.15	$2.14
Class I	$2.30	$2.29
Class R3	$4.85	$4.84
Class R4	$3.57	$3.57
Class R5	$2.30	$2.29
Class R6	$2.15	$2.14

9

Portfolio Holdings Presented by Sector

January 31, 2023

Sector*	%**
Asset Backed Securities		1.96	%
Basic Materials		5.72	%
Communications		8.63	%
Consumer, Cyclical		20.53	%
Consumer, Non-cyclical		11.97	%
Diversified		0.33	%
Energy		17.99	%
Financial		7.92	%
Industrial		11.66	%
Mortgage-Backed Securities		0.00	%(a)
Technology		2.45	%
Utilities		3.22	%
Repurchase Agreements		7.62	%
Total		100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments, which excludes derivatives.
(a)	Amount less than 0.1%.

10

Schedule of Investments (unaudited)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 92.96%
ASSET-BACKED SECURITIES 0.49%
Automobiles
Tesla Auto Lease Trust 2021-A B† (cost $100,233)	1.02%	3/20/2025	$	100,000	$	96,215
CONVERTIBLE BONDS 0.76%
Auto Manufacturers 0.07%
Lucid Group, Inc.†	1.25%	12/15/2026		12,000		7,823
NIO, Inc. (China)(a)	0.50%	2/1/2027		8,000		6,740
Total						14,563
Electric 0.12%
Ormat Technologies, Inc.†	2.50%	7/15/2027		20,000		24,440
Energy-Alternate Sources 0.49%
Array Technologies, Inc.	1.00%	12/1/2028		18,000		20,363
Enphase Energy, Inc.	Zero Coupon	3/1/2026		19,000		20,102
NextEra Energy Partners LP†	Zero Coupon	6/15/2024		14,000		13,391
Plug Power, Inc.	3.75%	6/1/2025		3,000		10,238
SolarEdge Technologies, Inc. (Israel)(a)	Zero Coupon	9/15/2025		14,000		18,865
Sunrun, Inc.	Zero Coupon	2/1/2026		20,000		14,430
Total						97,389
REITS 0.08%
HAT Holdings I LLC/HAT Holdings II LLC†	Zero Coupon	5/1/2025		15,000		14,737
Total Convertible Bonds (cost $174,351)						151,129
CORPORATE BONDS 66.26%
Agriculture 0.18%
Darling Ingredients, Inc.†	6.00%	6/15/2030		36,000		35,866
Auto Manufacturers 0.70%
Ford Motor Co.	3.25%	2/12/2032		50,000		39,748
Volvo Car AB(b)	2.50%	10/7/2027	EUR	100,000		98,996
Total						138,744
Auto Parts & Equipment 0.69%
Aptiv plc (Ireland)(a)	4.35%	3/15/2029	$	35,000		33,748
BorgWarner, Inc.	3.375%	3/15/2025		65,000		62,823
Dana, Inc.	4.25%	9/1/2030		48,000		40,681
Total						137,252

See Notes to Financial Statements. 11

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Banks 10.15%
ABN AMRO Bank NV(b)		3.00%		6/1/2032	EUR	100,000	$	101,883
AIB Group plc(b)		0.50% (1 Yr. EUSA + .75%	)#	11/17/2027	EUR	100,000		94,517
Bank of America Corp.		2.456% (3 Mo. LIBOR + .87%	)#	10/22/2025	$	210,000		200,839
Bank of Ireland Group plc(b)		0.375% (1 Yr. EUSA + .77%	)#	5/10/2027	EUR	100,000		96,030
Bank of Nova Scotia (The) (Canada)(a)		0.65%		7/31/2024	$	125,000		117,482
BNP Paribas SA(b)		1.125%		8/28/2024	EUR	200,000		210,609
BNP Paribas SA (France)†(a)		1.675% (SOFR + .91%	)#	6/30/2027	$	200,000		177,872
CaixaBank SA(b)		1.25% (5 Yr. EUSA + 1.63%	)#	6/18/2031	EUR	100,000		95,772
Citigroup, Inc.		1.678% (SOFR + 1.67%	)#	5/15/2024	$	125,000		123,773
Danske Bank A/S(b)		0.75% (1 Yr. EUAMDB + .88%	)#	6/9/2029	EUR	100,000		90,360
Development Bank of Japan, Inc. (Japan)†(a)		4.375%		9/22/2025	$	200,000		199,151
ING Groep NV(b)	0.875% (5 Yr. EUAMDB + 1.15%		)#	6/9/2032	EUR	100,000		94,043
JPMorgan Chase & Co.		0.768% (SOFR + .49%	)#	8/9/2025	$	221,000		205,934
Landesbank Baden-Wuerttemberg(b)		1.50%		2/3/2025	GBP	100,000		115,926
Royal Bank of Canada (Canada)(a)		1.15%		7/14/2026	$	100,000		89,399
Total								2,013,590
Biotechnology 0.26%
Amgen, Inc.		3.00%		2/22/2029		56,000		51,465
Building Materials 0.68%
Eco Material Technologies, Inc.†		7.875%		1/31/2027		45,000		43,353
Johnson Controls International plc/Tyco Fire & Security Finance SCA		1.75%		9/15/2030		47,000		38,962
Owens Corning, Inc.		3.95%		8/15/2029		55,000		52,203
Total								134,518
Chemicals 1.18%
Air Liquide Finance SA(b)		0.375%		5/27/2031	EUR	100,000		88,596
Sociedad Quimica y Minera de Chile SA (Chile)†(a)		3.50%		9/10/2051	$	200,000		146,324
Total								234,920

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Commercial Services 2.03%
Bureau Veritas SA(b)	1.875%		1/6/2025		EUR	100,000	$	104,266
Global Payments, Inc.	3.20%		8/15/2029		$	50,000		44,451
Global Payments, Inc.	3.75%		6/1/2023			30,000		29,845
Massachusetts Institute of Technology	3.959%		7/1/2038			75,000		71,253
Quanta Services, Inc.	2.35%		1/15/2032			75,000		60,079
Techem Verwaltungsgesellschaft 674 mbH(b)	6.00%		7/30/2026		EUR	87,920		91,840
Total								401,734
Computers 0.41%
Apple, Inc.	3.00%		6/20/2027		$	85,000		81,529
Distribution/Wholesale 0.48%
Rexel SA(b)	2.125%		6/15/2028		EUR	100,000		94,682
Diversified Financial Services 1.63%
CDP Financial, Inc. (Canada)(a)	1.00%		5/26/2026		$	250,000		225,293
LeasePlan Corp. NV(b)	0.25%		2/23/2026		EUR	100,000		97,506
Total								322,799
Electric 13.99%
AES Corp. (The)	2.45%		1/15/2031		$	60,000		49,654
Atlantica Sustainable Infrastructure plc (United Kingdom)†(a)	4.125%		6/15/2028			200,000		178,245
Clearway Energy Operating LLC†	3.75%		2/15/2031			50,000		42,308
Drax Finco plc(b)	2.625%		11/1/2025		EUR	100,000		104,019
EDP Finance BV (Netherlands)†(a)	6.30%		10/11/2027		$	200,000		210,194
Electricite de France SA(b)	1.00%		11/29/2033		EUR	100,000		78,732
Electricite de France SA(b)	7.50%	#(c)	–	(d)	EUR	200,000		223,283
Enel Finance International NV (Netherlands)†(a)	2.25%		7/12/2031		$	200,000		156,262
Engie SA(b)	0.375%		6/21/2027		EUR	100,000		95,628
Greenko Investment Co. (India)†(a)	4.875%		8/16/2023		$	200,000		197,000
Iberdrola Finanzas SA(b)	1.375%		3/11/2032		EUR	100,000		93,381
Ignitis Grupe AB(b)	2.00%		5/21/2030		EUR	100,000		90,849
Leeward Renewable Energy Operations LLC†	4.25%		7/1/2029		$	102,000		89,900
Liberty Utilities Finance GP 1†	2.05%		9/15/2030			100,000		79,184
MidAmerican Energy Co.	3.95%		8/1/2047			65,000		57,435
NextEra Energy Capital Holdings, Inc.	1.90%		6/15/2028			86,000		75,373
NextEra Energy Operating Partners LP†	4.50%		9/15/2027			35,000		32,987
Northern States Power Co/MN	2.60%		6/1/2051			50,000		34,303
Orsted A/S(b)	1.50%		11/26/2029		EUR	100,000		96,279

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments		Interest Rate		Maturity Date		Principal Amount		Fair Value
Electric (continued)
Pattern Energy Operations LP/Pattern Energy Operations, Inc.†		4.50%		8/15/2028		$	44,000	$	40,427
Ren Finance BV(b)		0.50%		4/16/2029		EUR	100,000		89,206
Solar Star Funding LLC†		5.375%		6/30/2035		$	78,666		78,861
Southwestern Public Service Co.		3.75%		6/15/2049			50,000		40,945
Statnett SF(b)		0.518%		6/30/2023		SEK	2,000,000		189,084
TenneT Holding BV(b)		0.125%		11/30/2032		EUR	100,000		77,325
TenneT Holding BV(b)		0.875%		–	(d)	EUR	100,000		77,702
TransAlta Corp. (Canada)(a)		7.75%		11/15/2029		$	48,000		49,418
Tucson Electric Power Co.		1.50%		8/1/2030			60,000		47,793
Vattenfall AB(b)		0.50%		6/24/2026		EUR	100,000		99,028
Total									2,774,805
Electrical Components & Equipment 1.07%
Schneider Electric SE(b)		1.841%		10/13/2025		EUR	100,000		105,299
Signify NV(b)		2.00%		5/11/2024		EUR	100,000		106,354
Total									211,653
Electronics 0.60%
Amphenol Corp.		2.80%		2/15/2030		$	75,000		66,447
Hubbell, Inc.		3.50%		2/15/2028			55,000		52,022
Total									118,469
Energy-Alternate Sources 4.07%
Continental Wind LLC†		6.00%		2/28/2033			55,881		57,250
Cullinan Holdco Scsp†(b)		4.625%		10/15/2026		EUR	100,000		97,786
EEW Energy from Waste GmbH(b)		0.361%		6/30/2026		EUR	100,000		95,169
Enviva Partners LP/Enviva Partners Finance Corp.†		6.50%		1/15/2026		$	39,000		36,447
Scatec ASA†(b)	4.302% (3 Mo. EURIBOR + 2.50%		)#	8/19/2025		EUR	100,000		99,474
Sunnova Energy Corp.†		5.875%		9/1/2026		$	57,000		51,381
Sweihan PV Power Co. PJSC (United Arab Emirates)†(a)		3.625%		1/31/2049			194,716		163,492
TerraForm Power Operating LLC†		4.75%		1/15/2030			55,000		49,562
Topaz Solar Farms LLC†		5.75%		9/30/2039			66,392		63,868
Vestas Wind Systems Finance BV(b)		2.00%		6/15/2034		EUR	100,000		91,651
Total									806,080

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Environmental Control 2.85%
Clean Harbors, Inc.†	6.375%	2/1/2031	$	43,000	$	43,854
Derichebourg SA(b)	2.25%	7/15/2028	EUR	100,000		93,070
FCC Servicios Medio Ambiente Holding SAU(b)	1.661%	12/4/2026	EUR	100,000		98,352
Madison IAQ LLC†	5.875%	6/30/2029	$	54,000		42,925
Paprec Holding SA†(b)	3.50%	7/1/2028	EUR	100,000		94,638
Seche Environnement SA(b)	2.25%	11/15/2028	EUR	100,000		93,824
Verde Bidco SpA(b)	4.625%	10/1/2026	EUR	100,000		98,207
Total						564,870
Food 0.44%
Kerry Group Financial Services Unltd Co.(b)	0.875%	12/1/2031	EUR	100,000		86,600
Forest Products & Paper 0.20%
Suzano Austria GmbH (Brazil)(a)	3.125%	1/15/2032	$	49,000		39,018
Health Care-Services 0.51%
Kaiser Foundation Hospitals	3.15%	5/1/2027		67,000		64,170
Seattle Children’s Hospital	2.719%	10/1/2050		55,000		37,263
Total						101,433
Insurance 0.50%
PartnerRe Ireland Finance DAC(b)	1.25%	9/15/2026	EUR	100,000		99,043
Machinery-Diversified 0.72%
Mueller Water Products, Inc.†	4.00%	6/15/2029	$	51,000		45,295
nVent Finance Sarl (Luxembourg)(a)	2.75%	11/15/2031		67,000		54,826
Xylem Inc/NY	2.25%	1/30/2031		50,000		42,026
Total						142,147
Media 0.86%
VZ Secured Financing BV (Netherlands)†(a)	5.00%	1/15/2032		200,000		171,498
Metal Fabricate-Hardware 0.24%
Advanced Drainage Systems, Inc.†	5.00%	9/30/2027		50,000		47,689
Mining 0.48%
Novelis Sheet Ingot GmbH†(b)	3.375%	4/15/2029	EUR	100,000		95,064
Miscellaneous Manufacturing 1.56%
Alstom SA(b)	0.25%	10/14/2026	EUR	100,000		98,708
Eaton Corp.	4.15%	3/15/2033	$	62,000		60,023
Pentair Finance Sarl (Luxembourg)(a)	4.50%	7/1/2029		60,000		56,939
Wabtec Transportation Netherlands BV(b)	1.25%	12/3/2027	EUR	100,000		94,441
Total						310,111

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Multi-National 6.00%
Asian Development Bank (Philippines)(a)	3.125%		9/26/2028	$	135,000	$	130,348
Asian Infrastructure Investment Bank (The) (China)(a)	0.50%		5/28/2025		150,000		137,354
Inter-American Development Bank	4.604% (SOFR + .28%	)#	4/12/2027		200,000		200,092
Inter-American Investment Corp.	2.625%		4/22/2025		75,000		72,328
International Bank for Reconstruction & Development	4.449% (SOFR Index + .29%	)#	11/22/2028		220,000		218,123
International Bank for Reconstruction & Development	4.465% (SOFR Index + .18%	)#	6/15/2026		100,000		99,369
International Finance Corp.	4.414% (SOFR Index + .09%	)#	6/30/2023		50,000		49,991
International Finance Corp.	4.415% (SOFR + .09%	)#	4/3/2024		230,000		229,847
Nordic Investment Bank(b)	0.125%		6/10/2024	EUR	50,000		52,183
Total							1,189,635
Municipal 1.17%
Transport for London(b)	2.125%		4/24/2025	GBP	200,000		232,935
Pharmaceuticals 0.63%
Eli Lilly & Co.(b)	0.50%		9/14/2033	EUR	100,000		83,557
Pfizer, Inc.	2.625%		4/1/2030	$	45,000		40,778
Total							124,335
Real Estate 0.53%
Canary Wharf Group Investment Holdings plc†(b)	2.625%		4/23/2025	GBP	100,000		105,894
REITS 1.68%
Digital Dutch Finco BV(b)	1.00%		1/15/2032	EUR	100,000		81,080
Equinix, Inc.(b)	1.00%		3/15/2033	EUR	100,000		83,500
Equinix, Inc.	1.55%		3/15/2028	$	50,000		42,626
Goodman U.S. Finance Five LLC†	4.625%		5/4/2032		28,000		26,532
HAT Holdings I LLC/HAT Holdings II LLC†	3.75%		9/15/2030		71,000		54,362
Weyerhaeuser Co.	6.875%		12/15/2033		40,000		45,216
Total							333,316

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Retail 0.26%
Walmart, Inc.	1.80%	9/22/2031	$	62,000	$	52,210
Semiconductors 0.90%
Infineon Technologies AG(b)	1.625%	6/24/2029	EUR	100,000		97,205
Micron Technology, Inc.	2.703%	4/15/2032	$	34,000		27,159
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands)(a)	3.40%	5/1/2030		60,000		53,738
Total						178,102
Software 0.19%
Fiserv, Inc.	3.20%	7/1/2026		40,000		38,039
Sovereign 1.50%
European Union(b)	1.25%	2/4/2043	EUR	380,000		296,572
Telecommunications 2.24%
NTT Finance Corp. (Japan)†(a)	4.372%	7/27/2027	$	200,000		200,086
Swisscom Finance BV(b)	0.375%	11/14/2028	EUR	100,000		92,545
Verizon Communications, Inc.	3.875%	2/8/2029	$	55,000		52,992
Vmed O2 UK Financing I plc†(b)	4.50%	7/15/2031	GBP	100,000		98,958
Total						444,581
Transportation 2.30%
Central Japan Railway Co. (Japan)(a)	2.20%	10/2/2024	$	200,000		191,230
Ferrovie dello Stato Italiane SpA(b)	0.375%	3/25/2028	EUR	100,000		90,194
Hamburger Hochbahn AG(b)	0.125%	2/24/2031	EUR	100,000		86,255
Ile-de-France Mobilites(b)	0.40%	5/28/2031	EUR	100,000		88,083
Total						455,762
Water 2.38%
American Water Capital Corp.	2.80%	5/1/2030	$	75,000		67,138
Bazalgette Finance plc(b)	2.75%	3/10/2034	GBP	100,000		101,544
Canal de Isabel II Gestion SA(b)	1.68%	2/26/2025	EUR	100,000		104,285
Essential Utilities, Inc.	2.40%	5/1/2031	$	60,000		49,984
Suez SACA(b)	2.875%	5/24/2034	EUR	100,000		95,137
United Utilities plc (United Kingdom)(a)	6.875%	8/15/2028	$	50,000		54,702
Total						472,790
Total Corporate Bonds (cost $14,509,165)						13,139,750

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
FLOATING RATE LOANS(e) 1.06%
Building & Construction 0.16%
Legence Holdings LLC 2021 Delayed Draw Term Loan		8.134% - 8.48% (3 Mo. LIBOR + 3.75%	)	12/16/2027	$	1,071	$	1,063
Legence Holdings LLC 2021 Term Loan		8.32% (1 Mo. LIBOR + 3.75%	)	12/16/2027		18,381		18,243
Thermostat Purchaser III, Inc. Term Loan		9.235% (3 Mo. LIBOR + 4.50%	)	8/31/2028		13,827		13,049
Total								32,355
Building Materials 0.08%
Zurn Holdings, Inc. 2021 Term Loan B		6.57% (1 Mo. LIBOR + 2.00%	)	10/4/2028		16,870		16,889
Electric: Generation 0.29%
ExGen Renewables IV, LLC 2020 Term Loan		7.24% (3 Mo. LIBOR + 2.50%	)	12/15/2027		29,519		29,521
TerraForm Power Operating, LLC 2022 Term Loan B	7.43% (3 Mo. Term SOFR + 2.75%		)	5/21/2029		27,850		27,898
Total								57,419
Environmental 0.27%
Bingo Industries Ltd Term Loan (Australia)(a)		8.23% (3 Mo. LIBOR + 3.50%	)	7/14/2028		29,625		28,514
EWT Holdings III Corp. 2021 Term Loan		6.875% (1 Mo. LIBOR + 2.25%	)	4/1/2028		24,439		24,450
Total								52,964
Integrated Energy 0.10%
Esdec Solar Group B.V. Term Loan B (Netherlands)(a)		8.92% (3 Mo. LIBOR + 4.75%	)	8/30/2028		19,358		19,310

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Machinery 0.16%
Array Technologies, Inc. Term Loan B	7.942% (3 Mo. LIBOR + 3.25%	)	10/14/2027		32,026	$	31,376
Total Floating Rate Loans (cost $211,709)							210,313
FOREIGN GOVERNMENT OBLIGATIONS 19.29%
Canada 0.30%
Province of Ontario Canada(b)	1.55%		11/1/2029	CAD	89,000		59,212
Finland 0.49%
Nordic Investment Bank(b)	Zero Coupon		4/30/2027	EUR	100,000		96,616
France 3.21%
Action Logement Services(b)	0.50%		10/30/2034	EUR	200,000		158,126
French Republic Government Bond OAT†(b)	0.50%		6/25/2044	EUR	95,000		62,869
French Republic Government Bond OAT†(b)	1.75%		6/25/2039	EUR	100,000		91,715
SNCF Reseau(b)	0.75%		5/25/2036	EUR	100,000		78,765
Societe Du Grand Paris EPIC(b)	0.30%		9/2/2036	EUR	100,000		72,448
Societe Du Grand Paris EPIC(b)	1.125%		5/25/2034	EUR	200,000		173,059
Total							636,982
Germany 3.94%
Bundesrepublik Deutschland Bundesanleihe(b)	Zero Coupon		8/15/2030	EUR	684,000		632,716
Bundesrepublik Deutschland Bundesanleihe(b)	Zero Coupon		8/15/2050	EUR	212,258		128,664
Bundesrepublik Deutschland Bundesanleihe(b)	Zero Coupon		8/15/2052	EUR	33,000		19,138
Total							780,518
Hong Kong 1.03%
Hong Kong Government International Bond†(a)	4.50%		1/11/2028	$	200,000		204,185
Italy 0.25%
Italy Buoni Poliennali Del Tesoro†(b)	1.50%		4/30/2045	EUR	74,000		48,688
Japan 1.85%
Japan Bank for International Cooperation(a)	1.625%		1/20/2027	$	200,000		181,523
Japan Finance Organization for Municipalities(b)	0.01%		2/2/2028	EUR	200,000		185,603
Total							367,126

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Netherlands 1.93%
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV(b)	3.00%		10/25/2027	EUR	200,000	$	219,199
Nederlandse Waterschapsbank NV(a)	1.00%		5/28/2030	$	200,000		163,454
Total							382,653
Norway 0.96%
Kommunalbanken AS(a)	2.125%		2/11/2025		200,000		191,305
South Korea 1.95%
Industrial Bank of Korea†(a)	0.625%		9/17/2024		200,000		187,027
Korea Water Resources Corp.(a)	3.875%		5/15/2023		200,000		199,444
Total							386,471
Spain 1.01%
Adif Alta Velocidad(b)	0.55%		4/30/2030	EUR	100,000		88,724
Autonomous Community of Madrid Spain(b)	0.419%		4/30/2030	EUR	75,000		66,554
Spain Government Bond†(b)	1.00%		7/30/2042	EUR	66,000		45,948
Total							201,226
Sweden 2.37%
Kommuninvest I Sverige AB(a)	0.375%		6/19/2024	$	200,000		188,687
Kommuninvest I Sverige AB†(a)	1.625%		4/24/2023		200,000		198,528
Sweden Government International Bond(b)	0.125%		9/9/2030	SEK	1,000,000		82,771
Total							469,986
Total Foreign Government Obligations (cost $4,299,625)							3,824,968
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.47%
Freddie Mac Multifamily Structured Pass Through Certificates A2 (Cost $89,702)	3.123%	#(f)	8/25/2032	$	100,000		92,708
MUNICIPAL BONDS 2.88%
Government Guaranteed 0.08%
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue TN	2.611%		7/1/2036		20,000		15,924
Revenue - Utilities - Other 0.21%
City of Corpus Christi Utility System Revenue TX	1.966%		7/15/2030		50,000		42,213
Sales Tax 0.32%
Dallas Area Rapid Transit TX	2.534%		12/1/2036		80,000		63,241

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Tax Revenue 0.10%
Regional Transportation District Sales Tax Revenue CO	2.337%		11/1/2036	$	25,000	$	19,470
Taxable Revenue - Water & Sewer 1.96%
City of Aurora Water Revenue CO	2.348%		8/1/2036		30,000		23,146
City of Dallas Waterworks & Sewer System Revenue TX	2.772%		10/1/2040		75,000		58,153
City of Los Angeles Wastewater System Revenue CA	5.713%		6/1/2039		50,000		56,314
City of Philadelphia Water & Wastewater Revenue PA	1.734%		11/1/2028		40,000		34,120
City of San Francisco Public Utilities Commission Water Revenue CA	6.00%		11/1/2040		100,000		111,731
New York City Municipal Water Finance Authority NY	5.75%		6/15/2041		50,000		57,622
San Diego County Water Authority CA	1.951%		5/1/2034		60,000		46,573
Total							387,659
Transportation 0.21%
Metropolitan Transportation Authority NY	5.175%		11/15/2049		45,000		41,679
Total Municipal Bonds (cost $711,853)							570,186
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 1.19%
JPMorgan Chase Commercial Mortgage Securities Trust 2021-1440 B†	6.209% (1 Mo. LIBOR + 1.75%	)#	3/15/2036		110,000		105,198
NYO Commercial Mortgage Trust 2021-1290 A†	5.555% (1 Mo. LIBOR + 1.10%	)#	11/15/2038		50,000		45,975
One Bryant Park Trust 2019-OBP A†	2.516%		9/15/2054		100,000		84,952
Total Non-Agency Commercial Mortgage-Backed Securities (cost $261,858)							236,125
U.S. TREASURY OBLIGATIONS 0.56%
U.S. Treasury Note (cost $110,672)	4.125%		11/15/2032		106,000		111,532
Total Long-Term Investments (cost $20,469,168)							18,432,926

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 3.01%
REPURCHASE AGREEMENTS 3.01%
Repurchase Agreement dated 1/31/2023, 2.050% due 2/1/2023 with Fixed Income Clearing Corp. collateralized by $502,500 of U.S. Treasury Inflation Indexed Note at 0.250% due 1/15/2025; value: $608,958; proceeds: $596,957 (cost $596,923)	$	596,923	$	596,923
Total Investments in Securities 95.97% (cost $21,066,091)				19,029,849
Other Assets and Liabilities – Net(g) 4.03%				799,399
Net Assets 100.00%			$	19,829,248

CAD	Canadian Dollar.
EUR	Euro.
GBP	British Pound.
SEK	Swedish Krona.
EUAMDB	EUR Mid-Market Swap Rate.
EURIBOR	Euro Interbank Offered Rate.
EUSA	Euro Swap Rate.
LIBOR	London Interbank Offered Rate.
REITS	Real Estate Investment Trusts.
SOFR	Secured Overnight 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 January 31, 2023, the total value of Rule 144A securities was $4,585,680, which represents 23.13% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at January 31, 2023.
(a)	Foreign security traded in U.S. dollars.
(b)	Investment in non-U.S. dollar denominated securities.
(c)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(d)	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 January 31, 2023.
(f)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(g)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Forward Foreign Currency Exchange Contracts at January 31, 2023:

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	Buy	Morgan Stanley	2/27/2023	104,000	$	69,966	$	73,483		$	3,517
British pound	Buy	Morgan Stanley	3/8/2023	6,000		7,314		7,403			89
Canadian dollar	Buy	Bank of America	4/20/2023	84,000		63,158		63,172			14
Euro	Buy	Bank of America	3/13/2023	89,000		94,582		96,999			2,417
Euro	Buy	Bank of America	3/13/2023	192,000		205,635		209,256			3,621
Euro	Buy	Bank of America	3/13/2023	98,000		105,368		106,808			1,440
Euro	Buy	Bank of America	3/13/2023	30,000		32,138		32,696			558
Euro	Buy	Bank of America	3/13/2023	38,000		40,760		41,415			655
Euro	Buy	Bank of America	3/13/2023	182,000		198,275		198,357			82
Euro	Buy	Morgan Stanley	3/13/2023	199,000		212,464		216,885			4,421
Euro	Buy	State Street Bank and Trust	3/13/2023	64,000		68,279		69,752			1,473
Euro	Buy	State Street Bank and Trust	3/13/2023	55,000		58,754		59,943			1,189
Euro	Buy	State Street Bank and Trust	3/13/2023	49,000		52,915		53,404			489
Swedish krona	Buy	Morgan Stanley	5/5/2023	908,000		87,190		87,261			71
British pound	Sell	State Street Bank and Trust	3/8/2023	11,000		13,650		13,572			78
Swedish krona	Sell	Bank of America	5/5/2023	3,744,000		365,217		359,807			5,410
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	25,524

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

CLIMATE FOCUSED BOND FUND January 31, 2023

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Australian dollar	Sell	Morgan Stanley	2/27/2023	104,000	$	69,327	$	73,482		$	(4,155	)
British pound	Sell	Toronto Dominion Bank	3/8/2023	537,000		653,341		662,536			(9,195	)
Canadian dollar	Sell	State Street Bank and Trust	4/20/2023	164,000		121,896		123,336			(1,440	)
Euro	Sell	Bank of America	3/13/2023	20,000		21,128		21,798			(670	)
Euro	Sell	Bank of America	3/13/2023	48,000		52,289		52,314			(25	)
Euro	Sell	Bank of America	3/13/2023	83,000		90,196		90,460			(264	)
Euro	Sell	Morgan Stanley	3/13/2023	52,000		56,041		56,673			(632	)
Euro	Sell	State Street Bank and Trust	3/13/2023	6,604,000		7,016,129		7,197,524			(181,395	)
Euro	Sell	State Street Bank and Trust	3/13/2023	920,000		980,191		1,002,684			(22,493	)
Euro	Sell	State Street Bank and Trust	3/13/2023	178,000		193,489		193,998			(509	)
Euro	Sell	Toronto Dominion Bank	3/13/2023	77,000		83,395		83,921			(526	)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(221,304	)

Futures Contracts at January 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Ultra Treasury Bond	March 2023	3	Long		$407,164			$425,250				$18,086
Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
Euro-Bobl	March 2023	2	Long	EUR	238,523		EUR	234,600			$	(4,265	)
Euro-Bund	March 2023	2	Long		281,683			273,640				(8,744	)
Euro-Buxl	March 2023	2	Long		323,023			288,000				(38,075	)
U.S. 10-Year Ultra Treasury Note	March 2023	7	Short	$	(833,739	)	$	(848,422	)			(14,683	)
U.S. 5-Year Treasury Note	March 2023	21	Short		(2,278,113	)		(2,294,086	)			(15,973	)
U.S. Treasury Bond	March 2023	1	Short		(126,526	)		(129,875	)			(3,349	)
Total Unrealized Depreciation on Futures Contracts											$	(85,089	)

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

CLIMATE FOCUSED BOND FUND January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 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	$	–		$	96,215		$	–	$	96,215
Convertible Bonds		–			151,129			–		151,129
Corporate Bonds		–			13,139,750			–		13,139,750
Floating Rate Loans		–			210,313			–		210,313
Foreign Government Obligations		–			3,824,968			–		3,824,968
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			92,708			–		92,708
Municipal Bonds		–			570,186			–		570,186
Non-Agency Commercial Mortgage-Backed Securities		–			236,125			–		236,125
U.S. Treasury Obligations		–			111,532			–		111,532
Short-Term Investments
Repurchase Agreements		–			596,923			–		596,923
Total	$	–		$	19,029,849		$	–	$	19,029,849
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	25,524		$	–	$	25,524
Liabilities		–			(221,304	)		–		(221,304	)
Futures Contracts
Assets		18,086			–			–		18,086
Liabilities		(85,089	)		–			–		(85,089	)
Total	$	(67,003	)	$	(195,780	)	$	–	$	(262,783	)

(1)

Refer to Note 2(p) 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.

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)

EMERGING MARKETS EQUITY FUND January 31, 2023

			U.S. $
Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 95.23%
COMMON STOCKS 94.43%
Australia 1.71%
Metals & Mining
BHP Group Ltd.		2,383	$	83,458
Austria 1.28%
Banks
Erste Group Bank AG		1,655		62,797
Brazil 4.38%
Insurance 2.44%
BB Seguridade Participacoes SA		16,018		119,213
Internet & Direct Marketing Retail 0.63%
MercadoLibre, Inc.*		26		30,724
Metals & Mining 0.79%
Vale SA		2,089		38,893
Pharmaceuticals 0.52%
Hypera SA		2,808		25,666
Total Brazil				214,496
Canada 0.70%
Metals & Mining
Capstone Copper Corp.*		7,016		34,433
China 33.94%
Automobiles 2.19%
BYD Co. Ltd. Class H		2,894		91,646
Sinotruk Hong Kong Ltd.		9,000		15,561
				107,207

			U.S. $
Investments	Shares		Fair Value
China (continued)
Banks 2.79%
China Construction Bank Corp. Class H		122,043	$	78,997
Industrial & Commercial Bank of China Ltd. Class H		107,779		57,653
				136,650
Beverages 3.29%
China Resources Beer Holdings Co. Ltd.		5,400		40,653
Kweichow Moutai Co. Ltd. Class A		200		54,834
Wuliangye Yibin Co. Ltd. Class A		2,100		65,345
				160,832
Electrical Equipment 0.75%
Contemporary Amperex Technology Co. Ltd. Class A		526		36,486
Electronic Equipment, Instruments & Components 0.93%
Sunny Optical Technology Group Co. Ltd.		3,360		45,350
Entertainment 0.81%
NetEase, Inc.		2,232		39,600
Food & Staples Retailing 0.78%
China Tourism Group Duty Free Corp. Ltd. Class A		1,200		37,996
Gas Utilities 1.06%
ENN Energy Holdings Ltd.		3,435		51,754
Hotels, Restaurants & Leisure 1.02%
Yum China Holdings, Inc.		823		49,864
Insurance 2.17%
Ping An Insurance Group Co. of China Ltd. Class H		13,656		106,076

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS EQUITY FUND January 31, 2023

			U.S. $
Investments	Shares		Fair Value
China (continued)
Interactive Media & Services 5.77%
Tencent Holdings Ltd.		5,790	$	282,140
Internet & Direct Marketing Retail 9.06%
Alibaba Group Holding Ltd.*		13,154		180,850
JD.com, Inc. Class A		2,706		80,350
Kanzhun Ltd. ADR*		2,905		70,563
Kuaishou Technology†*		1,300		11,438
Meituan Class B†*		1,992		44,533
Pinduoduo, Inc. ADR*		570		55,849
				443,583
Life Sciences Tools & Services 1.04%
Wuxi Biologics Cayman, Inc.†*		6,127		51,163
Real Estate Management & Development 1.00%
China Resources Land Ltd.		7,000		33,548
KE Holdings, Inc. ADR*		847		15,534
				49,082
Textiles, Apparel & Luxury Goods 1.28%
ANTA Sports Products Ltd.		4,137		62,753
Total China				1,660,536
France 1.37%
Oil, Gas & Consumable Fuels 0.58%
TotalEnergies SE		462		28,561
Textiles, Apparel & Luxury Goods 0.79%
LVMH Moet Hennessy Louis Vuitton SE		44		38,411
Total France				66,972
Germany 1.02%
Semiconductors & Semiconductor Equipment
Infineon Technologies AG		1,390		50,054
Greece 0.68%
Banks
National Bank of Greece SA*		6,986		33,216

			U.S. $
Investments	Shares		Fair Value
Hong Kong 1.59%
Capital Markets 0.67%
Hong Kong Exchanges & Clearing Ltd.		725	$	32,609
Insurance 0.92%
AIA Group Ltd.		4,000		45,230
Total Hong Kong				77,839
India 13.03%
Automobiles 0.96%
Maruti Suzuki India Ltd.		432		47,093
Banks 3.37%
Axis Bank Ltd.		6,598		70,518
Federal Bank Ltd.		21,112		34,837
ICICI Bank Ltd. ADR		2,865		59,678
				165,033
Beverages 0.46%
United Spirits Ltd.*		2,388		22,492
Chemicals 0.59%
Asian Paints Ltd.		862		28,786
Electrical Equipment 0.71%
KPIT Technologies Ltd.		3,682		34,545
Health Care Providers & Services 0.72%
Apollo Hospitals Enterprise Ltd.		675		35,225
Information Technology Services 0.47%
Infosys Ltd. ADR		1,233		23,180
Insurance 0.46%
ICICI Prudential Life Insurance Co. Ltd.†		4,044		22,410
Oil, Gas & Consumable Fuels 1.75%
Reliance Industries Ltd.		2,963		85,475
Personal Products 1.36%
Hindustan Unilever Ltd.		2,115		66,729

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS EQUITY FUND January 31, 2023

			U.S. $
Investments	Shares		Fair Value
India (continued)
Pharmaceuticals 0.64%
Torrent Pharmaceuticals Ltd.		1,683	$	31,343
Real Estate Management & Development 0.50%
Phoenix Mills Ltd. (The)		1,449		24,293
Wireless Telecommunication Services 1.04%
Bharti Airtel Ltd.		5,427		51,137
Total India				637,741
Indonesia 2.42%
Banks 1.51%
Bank Negara Indonesia Persero Tbk PT		120,974		74,156
Diversified Telecommunication Services 0.46%
Telkom Indonesia Persero Tbk PT		86,749		22,419
Real Estate Management & Development 0.45%
Pakuwon Jati Tbk PT		734,227		21,961
Total Indonesia				118,536
Macau 1.32%
Hotels, Restaurants & Leisure
Galaxy Entertainment Group Ltd.		4,783		33,296
Sands China Ltd.*		8,380		31,426
				64,722
Mexico 4.21%
Banks 1.54%
Grupo Financiero Banorte SAB de CV Class O		9,060		75,148
Food & Staples Retailing 1.04%
Wal-Mart de Mexico SAB de CV		12,948		50,718

			U.S. $
Investments	Shares		Fair Value
Mexico (continued)
Transportation Infrastructure 1.63%
Grupo Aeroportuario del Pacifico SAB de CV Class B		4,634	$	80,002
Total Mexico				205,868
Netherlands 2.23%
Oil, Gas & Consumable Fuels
Shell plc		3,715		109,064
Peru 1.33%
Banks
Credicorp Ltd.		157		21,085
Intercorp Financial Services, Inc.		1,827		43,830
				64,915
South Africa 0.40%
Metals & Mining
Anglo American plc		450		19,409
South Korea 11.32%
Aerospace & Defense 0.68%
LIG Nex1 Co. Ltd.*		507		33,385
Banks 0.50%
Shinhan Financial Group Co. Ltd.		717		24,245
Chemicals 1.34%
LG Chem Ltd.		116		65,471
Electrical Equipment 0.78%
LG Energy Solution Ltd.*		90		38,281
Life Sciences Tools & Services 0.91%
Samsung Biologics Co. Ltd.†*		69		44,552
Semiconductors & Semiconductor Equipment 1.21%
SK Hynix, Inc.		821		59,394

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

EMERGING MARKETS EQUITY FUND January 31, 2023

			U.S. $
Investments	Shares		Fair Value
South Korea (continued)
Technology Hardware, Storage & Peripherals 5.90%
Samsung Electronics Co. Ltd.		5,797	$	288,750
Total South Korea				554,078
Switzerland 0.70%
Textiles, Apparel & Luxury Goods
Cie Financiere Richemont SA Class A		222		34,223
Taiwan 9.36%
Electrical Equipment 0.31%
Voltronic Power Technology Corp.		300		15,181
Electronic Equipment, Instruments & Components 1.09%
Delta Electronics, Inc.		5,500		53,336
Semiconductors & Semiconductor Equipment 7.96%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		677		62,778
Taiwan Semiconductor Manufacturing Co. Ltd.		18,522		326,854
				389,632
Total Taiwan				458,149

			U.S. $
Investments	Shares		Fair Value
United Arab Emirates 1.44%
Banks
Abu Dhabi Commercial Bank PJSC		30,824	$	70,399
Total Common Stocks (cost $4,368,374)				4,620,905
PREFERRED STOCKS 0.80%
Brazil 0.80%
Banks
Banco Bradesco SA (cost $51,206)		14,081		38,890
Total Investments in Securities 95.23% (cost $4,419,580)				4,659,795
Other Assets and Liabilities – Net 4.77%				233,439
Net Assets 100.00%			$	4,893,234

ADR	American Depositary Receipt.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At January 31, 2023, the total value of Rule 144A securities was $174,096, which represents 3.56% of net assets.

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(concluded)

EMERGING MARKETS EQUITY FUND January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 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	$	214,496	$	–	$	–	$	214,496
Canada		34,433		–		–		34,433
China		141,946		1,518,590		–		1,660,536
India		82,858		554,883		–		637,741
Mexico		205,868		–		–		205,868
Peru		64,915		–		–		64,915
Taiwan		62,778		395,371		–		458,149
Remaining Countries		–		1,344,767		–		1,344,767
Preferred Stocks		38,890		–		–		38,890
Total	$	846,184	$	3,813,611	$	–	$	4,659,795

(1)

Refer to Note 2(p) 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 issuer 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.

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL GROWTH FUND January 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 94.61%
COMMON STOCKS 94.61%
Australia 2.49%
Metals & Mining 1.32%
BHP Group Ltd.		847	$	29,664
Software 1.17%
WiseTech Global Ltd.		609		26,406
Total Australia				56,070
Austria 0.78%
Banks
Erste Group Bank AG		460		17,454
Brazil 1.21%
Internet & Direct Marketing Retail
MercadoLibre, Inc.*		23		27,179
Canada 2.80%
Information Technology Services 1.33%
Shopify, Inc. Class A*		608		29,956
Oil, Gas & Consumable Fuels 0.53%
Pembina Pipeline Corp.		338		11,993
Transportation Infrastructure 0.94%
Canadian Pacific Railway Ltd.		266		20,995
Total Canada				62,944
China 8.27%
Automobiles 0.90%
BYD Co. Ltd. Class H		635		20,109
Beverages 0.69%
Wuliangye Yibin Co. Ltd. Class A		500		15,559
Hotels, Restaurants & Leisure 0.47%
Yum China Holdings, Inc.		174		10,542

Investments	Shares		U.S. $ Fair Value
China (continued)
Interactive Media & Services 2.50%
Tencent Holdings Ltd.		1,154	$	56,233
Internet & Direct Marketing Retail 2.92%
Alibaba Group Holding Ltd.*		1,550		21,310
JD.com, Inc. Class A		874		25,952
Kanzhun Ltd. ADR*		655		15,910
Meituan Class B†*		111		2,482
				65,654
Life Sciences Tools & Services 0.79%
Wuxi Biologics Cayman, Inc.†*		2,129		17,778
Total China				185,875
Denmark 5.53%
Air Freight & Logistics 0.97%
DSV AS		132		21,837
Biotechnology 0.80%
Genmab A/S*		46		18,027
Pharmaceuticals 3.76%
Novo Nordisk A/S Class B		611		84,556
Total Denmark				124,420
Egypt 0.46%
Oil, Gas & Consumable Fuels
Energean plc		720		10,341
Finland 0.57%
Machinery
Kone Oyj Class B		237		12,925
France 17.79%
Aerospace & Defense 0.88%
Airbus SE		157		19,683
Beverages 1.11%
Pernod Ricard SA		121		25,051

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(continued)

INTERNATIONAL GROWTH FUND January 31, 2023

Investments	Shares		U.S. $ Fair Value
France (continued)
Chemicals 1.53%
Air Liquide SA		216	$	34,393
Electrical Equipment 2.11%
Schneider Electric SE		292		47,367
Hotels, Restaurants & Leisure 0.80%
Accor SA*		551		17,884
Information Technology Services 0.78%
Capgemini SE		92		17,460
Life Sciences Tools & Services 0.88%
Sartorius Stedim Biotech		57		19,883
Personal Products 2.07%
L’Oreal SA		113		46,659
Professional Services 0.79%
Teleperformance		64		17,791
Software 0.94%
Dassault Systemes SE		567		21,087
Textiles, Apparel & Luxury Goods 5.90%
Hermes International		21		39,302
LVMH Moet Hennessy Louis Vuitton SE		107		93,408
				132,710
Total France				399,968
Germany 3.27%
Insurance 1.14%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		71		25,646
Pharmaceuticals 0.60%
Merck KGaA		65		13,567

Investments	Shares		U.S. $ Fair Value
Germany (continued)
Semiconductors & Semiconductor Equipment 1.53%
Aixtron SE		398	$	11,859
Infineon Technologies AG		622		22,398
				34,257
Total Germany				73,470
Hong Kong 3.22%
Beverages 0.57%
China Resources Beer Holdings Co. Ltd.		1,692		12,738
Insurance 2.65%
AIA Group Ltd.		3,768		42,607
Prudential plc		1,030		17,114
				59,721
Total Hong Kong				72,459
India 3.61%
Automobiles 0.47%
Maruti Suzuki India Ltd.		96		10,465
Banks 1.90%
Axis Bank Ltd.		1,054		11,265
Federal Bank Ltd.		8,570		14,142
ICICI Bank Ltd. ADR		827		17,226
				42,633
Oil, Gas & Consumable Fuels 0.51%
Reliance Industries Ltd.		400		11,539
Personal Products 0.73%
Hindustan Unilever Ltd.		521		16,438
Total India				81,075
Indonesia 0.84%
Banks
Bank Negara Indonesia Persero Tbk PT		30,952		18,973

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL GROWTH FUND January 31, 2023

Investments	Shares		U.S. $ Fair Value
Ireland 0.90%
Banks
Bank of Ireland Group plc		1,884	$	20,128
Japan 12.70%
Banks 0.79%
Resona Holdings, Inc.		3,200		17,708
Building Products 0.64%
Daikin Industries Ltd.		83		14,417
Electrical Equipment 0.67%
Fuji Electric Co. Ltd.		372		15,058
Electronic Equipment, Instruments & Components 1.72%
Keyence Corp.		84		38,671
Health Care Equipment & Supplies 1.07%
Hoya Corp.		218		23,974
Household Durables 2.00%
Sony Group Corp.		504		45,033
Information Technology Services 0.71%
Obic Co. Ltd.		100		16,033
Machinery 0.64%
Ebara Corp.		339		14,394
Personal Products 0.69%
Shiseido Co. Ltd.		300		15,593
Pharmaceuticals 2.35%
Daiichi Sankyo Co. Ltd.		1,284		40,326
Gap, Inc.		200		12,374
				52,700
Semiconductors & Semiconductor Equipment 0.48%
Lasertec Corp.		57		10,791

Investments	Shares		U.S. $ Fair Value
Japan (continued)
Trading Companies & Distributors 0.94%
ITOCHU Corp.		654	$	21,138
Total Japan				285,510
Macau 0.62%
Hotels, Restaurants & Leisure
Galaxy Entertainment Group Ltd.		2,000		13,923
Netherlands 4.84%
Entertainment 0.64%
Universal Music Group NV		564		14,417
Information Technology Services 0.87%
Adyen NV†*		13		19,655
Semiconductors & Semiconductor Equipment 3.33%
ASML Holding NV		113		74,766
Total Netherlands				108,838
South Korea 1.95%
Electrical Equipment 0.55%
LG Energy Solution Ltd.*		29		12,335
Life Sciences Tools & Services 0.49%
Samsung Biologics Co. Ltd.†*		17		10,976
Technology Hardware, Storage & Peripherals 0.91%
Samsung Electronics Co. Ltd.		413		20,572
Total South Korea				43,883
Spain 1.10%
Textiles, Apparel & Luxury Goods
Industria de Diseno Textil SA		795		24,821
Sweden 3.09%
Electronic Equipment, Instruments & Components 0.97%
Hexagon AB Class B		1,897		21,746

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERNATIONAL GROWTH FUND January 31, 2023

Investments	Shares		U.S. $ Fair Value
Sweden (continued)
Machinery 2.12%
Atlas Copco AB Class A		2,156	$	25,583
Epiroc AB Class A		1,135		22,084
				47,667
Total Sweden				69,413
Switzerland 5.72%
Chemicals 1.29%
Sika AG Registered Shares		102		28,983
Health Care Equipment & Supplies 0.78%
Alcon, Inc.		234		17,658
Life Sciences Tools & Services 0.76%
Lonza Group AG Registered Shares		30		17,113
Semiconductors & Semiconductor Equipment 1.00%
STMicroelectronics NV		476		22,414
Textiles, Apparel & Luxury Goods 1.89%
Cie Financiere Richemont SA Class A		275		42,393
Total Switzerland				128,561
Taiwan 4.63%
Electrical Equipment 0.45%
Voltronic Power Technology Corp.		198		10,019
Semiconductors & Semiconductor Equipment 4.18%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		413		38,298
Taiwan Semiconductor Manufacturing Co. Ltd.		3,159		55,746
				94,044
Total Taiwan				104,063

Investments	Shares		U.S. $ Fair Value
United Kingdom 5.63%
Beverages 1.43%
Diageo plc		734	$	32,095
Commercial Services & Supplies 0.74%
Rentokil Initial plc		2,755		16,705
Pharmaceuticals 2.34%
AstraZeneca plc		402		52,667
Trading Companies & Distributors 1.12%
Ashtead Group plc		380		25,030
Total United Kingdom				126,497
United States 2.59%
Food Products 1.79%
Nestle SA Registered Shares		331		40,385
Wireless Telecommunication Services 0.80%
T-Mobile US, Inc.*		120		17,917
Total United States				58,302
Total Common Stocks 94.61% (cost $2,026,640)				2,127,092
Other Assets and Liabilities – Net 5.39%				121,186
Net Assets 100.00%			$	2,248,278

ADR	American Depositary Receipt.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At January 31, 2023, the total value of Rule 144A securities was $50,891, which represents 2.26% of net assets.

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL GROWTH FUND January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 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	$	27,179	$	–	$	–	$	27,179
Canada		62,944		–		–		62,944
China		15,910		169,965		–		185,875
Egypt		10,341		–		–		10,341
India		17,226		63,849		–		81,075
Taiwan		38,298		65,765		–		104,063
United States		17,917		40,385		–		58,302
Remaining Countries		–		1,597,313		–		1,597,313
Total	$	189,815	$	1,937,277	$	–	$	2,127,092

(1)

Refer to Note 2(p) 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.

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 97.52%
ASSET-BACKED SECURITIES 2.07%
Other
Anchorage Capital CLO Ltd. 2014-4RA C†	6.652% (3 Mo. LIBOR + 1.85%	)#	1/28/2031	$	2,000,000	$	1,912,500
Bain Capital Credit CLO Ltd. 2020-4A B†	6.758% (3 Mo. LIBOR + 1.95%	)#	10/20/2033		370,000		361,321
Bain Capital Credit CLO Ltd. 2020-5A B1†	6.358% (3 Mo. LIBOR + 1.55%	)#	1/20/2032		250,000		243,954
Barings CLO Ltd. 2019-3A BR†	6.408% (3 Mo. LIBOR + 1.60%	)#	4/20/2031		250,000		244,690
Burnham Park CLO Ltd. 2016-1A BR†	6.308% (3 Mo. LIBOR + 1.50%	)#	10/20/2029		250,000		236,637
Dryden Senior Loan Fund 2017-47A BR†	6.262% (3 Mo. LIBOR + 1.47%	)#	4/15/2028		250,000		245,890
Harbor Park CLO Ltd. 2018-1A B1†	6.508% (3 Mo. LIBOR + 1.70%	)#	1/20/2031		250,000		245,313
KKR CLO 33 Ltd. 33A C†	6.808% (3 Mo. LIBOR + 2.00%	)#	7/20/2034		2,000,000		1,897,500
Lendmark Funding Trust 2022-1A B†	5.62%		7/20/2032		300,000		293,755
Niagara Park CLO Ltd. 2019-1A BR†	6.392% (3 Mo. LIBOR + 1.60%	)#	7/17/2032		250,000		243,791
SEB Funding LLC 2021-1A A2†	4.969%		1/30/2052		997,500		889,472
THL Credit Wind River CLO Ltd. 2019-3A CR†	6.992% (3 Mo. LIBOR + 2.20%	)#	4/15/2031		1,000,000		950,000
Total Asset-Backed Securities (cost $7,716,315)							7,764,823
CONVERTIBLE BONDS 2.04%
Apparel 0.09%
Under Armour, Inc.	1.50%		6/1/2024		275,000		339,453
Biotechnology 0.05%
Guardant Health, Inc.	Zero Coupon		11/15/2027		275,000		184,773
Commercial Services 0.09%
Block, Inc.	0.125%		3/1/2025		325,000		331,500

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Health Care-Products 0.10%
Exact Sciences Corp.	1.00%	1/15/2025	$	300,000	$	354,450
Internet 0.85%
Booking Holdings, Inc.	0.75%	5/1/2025		375,000		535,800
Etsy, Inc.	0.125%	10/1/2026		193,000		331,671
Fiverr International Ltd. (Israel)(a)	Zero Coupon	11/1/2025		575,000		489,497
iQIYI, Inc. (China)(a)	2.00%	4/1/2025		654,000		643,863
Pinduoduo, Inc. (China)(a)	Zero Coupon	10/1/2024		195,000		449,475
Shopify, Inc. (Canada)(a)	0.125%	11/1/2025		837,000		737,815
Total						3,188,121
Leisure Time 0.12%
Peloton Interactive, Inc.	Zero Coupon	2/15/2026		601,000		465,791
Pharmaceuticals 0.06%
Neurocrine Biosciences, Inc.	2.25%	5/15/2024		161,000		237,395
REITS 0.03%
Starwood Property Trust, Inc.	4.375%	4/1/2023		125,000		124,766
Retail 0.20%
Cheesecake Factory, Inc.	0.375%	6/15/2026		472,000		412,705
Guess?, Inc.	2.00%	4/15/2024		300,000		335,062
Total						747,767
Software 0.30%
Ceridian HCM Holding, Inc.	0.25%	3/15/2026		896,000		817,600
Guidewire Software, Inc.	1.25%	3/15/2025		335,000		323,107
Total						1,140,707
Telecommunications 0.15%
GDS Holdings Ltd. (China)(a)	2.00%	6/1/2025		553,000		551,894
Total Convertible Bonds (cost $7,398,692)						7,666,617
CORPORATE BONDS 79.68%
Aerospace/Defense 2.99%
Bombardier, Inc. (Canada)†(a)	6.00%	2/15/2028		275,000		261,173
Bombardier, Inc. (Canada)†(a)	7.50%	2/1/2029		1,000,000		1,000,140
Bombardier, Inc. (Canada)†(a)	7.875%	4/15/2027		2,410,000		2,411,152
BWX Technologies, Inc.†	4.125%	4/15/2029		970,000		869,250
Hexcel Corp.	4.20%	2/15/2027		500,000		479,566
Rolls-Royce plc (United Kingdom)†(a)	5.75%	10/15/2027		879,000		855,979

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Aerospace/Defense (continued)
Spirit AeroSystems, Inc.†	7.50%	4/15/2025	$	840,000	$	843,881
Spirit AeroSystems, Inc.†	9.375%	11/30/2029		104,000		113,154
TransDigm, Inc.	5.50%	11/15/2027		3,277,000		3,133,110
Triumph Group, Inc.†	6.25%	9/15/2024		858,000		829,420
Triumph Group, Inc.	7.75%	8/15/2025		486,000		413,469
Total						11,210,294
Agriculture 0.66%
Imperial Brands Finance plc (United Kingdom)†(a)	6.125%	7/27/2027		625,000		642,181
Kernel Holding SA (Ukraine)†(a)	6.50%	10/17/2024		700,000		332,500
MHP SE (Ukraine)†(a)	7.75%	5/10/2024		400,000		203,376
Vector Group Ltd.†	10.50%	11/1/2026		425,000		428,362
Viterra Finance BV (Netherlands)†(a)	2.00%	4/21/2026		350,000		308,775
Viterra Finance BV (Netherlands)†(a)	4.90%	4/21/2027		600,000		577,215
Total						2,492,409
Airlines 2.01%
Air Canada (Canada)†(a)	3.875%	8/15/2026		918,000		850,396
Allegiant Travel Co.†	7.25%	8/15/2027		562,000		550,160
American Airlines Group, Inc.†	3.75%	3/1/2025		323,000		302,938
American Airlines, Inc.†	11.75%	7/15/2025		979,000		1,090,758
American Airlines, Inc./AAdvantage Loyalty IP Ltd.†	5.50%	4/20/2026		1,541,000		1,512,430
American Airlines, Inc./AAdvantage Loyalty IP Ltd.†	5.75%	4/20/2029		145,000		140,445
Delta Air Lines, Inc.	4.375%	4/19/2028		855,000		795,556
Delta Air Lines, Inc.†	7.00%	5/1/2025		215,000		221,359
Hawaiian Airlines 2013-1 Class A Pass Through Certificates Class A	3.90%	7/15/2027		60,725		54,459
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd.†	5.75%	1/20/2026		991,817		948,420
International Consolidated Airlines Group SA(b)	2.75%	3/25/2025	EUR	500,000		511,138
United Airlines, Inc.†	4.375%	4/15/2026	$	590,000		560,810
Total						7,538,869
Apparel 0.20%
William Carter Co. (The)†	5.625%	3/15/2027		750,000		730,530

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Auto Manufacturers 3.00%
Allison Transmission, Inc.†	4.75%		10/1/2027		$	710,000	$	674,099
Aston Martin Capital Holdings Ltd. (Jersey)†(a)	10.50%		11/30/2025			461,000		450,997
Ford Motor Co.	6.625%		10/1/2028			360,000		375,408
Ford Motor Credit Co. LLC(b)	3.25%		9/15/2025		EUR	3,440,000		3,613,422
Ford Motor Credit Co. LLC	3.37%		11/17/2023		$	599,000		585,492
Ford Motor Credit Co. LLC	3.815%		11/2/2027			1,550,000		1,400,782
Ford Motor Credit Co. LLC	7.35%		11/4/2027			2,825,000		2,969,781
Jaguar Land Rover Automotive plc(b)	4.50%		1/15/2026		EUR	400,000		402,300
JB Poindexter & Co., Inc.†	7.125%		4/15/2026		$	779,000		770,345
Total								11,242,626
Auto Parts & Equipment 1.03%
American Axle & Manufacturing, Inc.	6.50%		4/1/2027			875,000		808,246
IHO Verwaltungs GmbH PIK 5.50% (Germany)†(a)	4.75%		9/15/2026			1,650,000		1,510,914
Titan International, Inc.	7.00%		4/30/2028			1,077,000		1,038,804
ZF Finance GmbH(b)	3.00%		9/21/2025		EUR	500,000		517,491
Total								3,875,455
Banks 1.34%
Banco de Sabadell SA(b)	5.625%		5/6/2026		EUR	200,000		220,405
Citigroup, Inc.	3.875% (5 Yr. Treasury CMT + 3.42%	)#	–	(c)	$	240,000		219,696
Danske Bank AS (Denmark)(a)	4.375% (5 Yr. Treasury CMT + 3.39%	)#	–	(c)		510,000		449,853
Goldman Sachs Group, Inc. (The)	3.65% (5 Yr. Treasury CMT + 2.92%	)#	–	(c)		715,000		623,551
Intesa Sanpaolo SpA (Italy)†(a)	5.71%		1/15/2026			1,425,000		1,401,024
JPMorgan Chase & Co.	4.00% (SOFR + 2.75%	)#	–	(c)		1,150,000		1,054,865
Morgan Stanley	5.30% (3 Mo. LIBOR + 3.16%	)#	–	(c)		448,000		448,770
Texas Capital Bancshares, Inc.	4.00% (5 Yr. Treasury CMT + 3.15%	)#	5/6/2031			25,000		22,773
UBS Group AG (Switzerland)(a)	5.125% (5 Yr. Treasury CMT + 4.86%	)#	–	(c)		630,000		599,322
Total								5,040,259
Biotechnology 0.35%
CDW LLC/CDW Finance Corp.	4.25%		4/1/2028			470,000		436,982
Grifols Escrow Issuer SA (Spain)†(a)	4.75%		10/15/2028			1,000,000		871,010
Total								1,307,992

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Building Materials 1.47%
Eco Material Technologies, Inc.†	7.875%	1/31/2027	$	1,015,000	$	977,856
Griffon Corp.	5.75%	3/1/2028		460,000		435,889
JELD-WEN, Inc.†	4.875%	12/15/2027		866,000		708,734
Koppers, Inc.†	6.00%	2/15/2025		740,000		729,640
Patrick Industries, Inc.†	7.50%	10/15/2027		400,000		396,390
Smyrna Ready Mix Concrete LLC†	6.00%	11/1/2028		500,000		457,143
Standard Industries, Inc.(b)	2.25%	11/21/2026	EUR	300,000		284,260
Standard Industries, Inc.†	5.00%	2/15/2027	$	940,000		892,006
West China Cement Ltd. (China)(a)	4.95%	7/8/2026		700,000		623,945
Total						5,505,863
Chemicals 1.71%
ASP Unifrax Holdings, Inc.†	5.25%	9/30/2028		921,000		790,199
CVR Partners LP/CVR Nitrogen Finance Corp.†	6.125%	6/15/2028		540,000		489,528
INEOS Quattro Finance 2 plc(b)	2.50%	1/15/2026	EUR	485,000		472,234
Ingevity Corp.†	3.875%	11/1/2028	$	570,000		500,311
Iris Holding, Inc.†	10.00%	12/15/2028		455,000		366,387
Kobe US Midco 2, Inc. PIK 10.0%†	9.25%	11/1/2026		720,000		551,023
NOVA Chemicals Corp. (Canada)†(a)	5.25%	6/1/2027		750,000		698,520
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%	4/1/2025		1,020,000		960,750
SCIH Salt Holdings, Inc.†	4.875%	5/1/2028		535,000		471,493
SCIL IV LLC/SCIL USA Holdings LLC†	5.375%	11/1/2026		489,000		448,819
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (Luxembourg)†(a)	5.375%	9/1/2025		750,000		657,139
Total						6,406,403
Coal 0.99%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.†	7.50%	5/1/2025		1,025,000		1,019,578
CONSOL Energy, Inc.†	11.00%	11/15/2025		171,000		175,685
Coronado Finance Pty Ltd. (Australia)†(a)	10.75%	5/15/2026		563,000		581,923
Indika Energy Capital IV Pte Ltd. (Singapore)(a)	8.25%	10/22/2025		550,000		552,407
SunCoke Energy, Inc.†	4.875%	6/30/2029		565,000		497,819
Warrior Met Coal, Inc.†	7.875%	12/1/2028		887,000		875,021
Total						3,702,433
Commercial Services 4.60%
AA Bond Co. Ltd.(b)	4.875%	7/31/2043	GBP	400,000		484,032
AA Bond Co. Ltd.(b)	6.50%	1/31/2026	GBP	445,000		461,449
Adani Ports & Special Economic Zone Ltd. (India)(a)	4.00%	7/30/2027	$	550,000		442,734

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Commercial Services (continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp.†	6.625%	7/15/2026	$	805,000	$	776,016
Allied Universal Holdco LLC/Allied Universal Finance Corp.†	9.75%	7/15/2027		1,019,000		974,495
Alta Equipment Group, Inc.†	5.625%	4/15/2026		1,113,000		1,044,790
AMN Healthcare, Inc.†	4.625%	10/1/2027		525,000		487,615
Brink’s Co. (The)†	4.625%	10/15/2027		925,000		864,091
Garda World Security Corp. (Canada)†(a)	7.75%	2/15/2028		792,000		804,003
Herc Holdings, Inc.†	5.50%	7/15/2027		1,454,000		1,394,022
Hertz Corp. (The)	5.50%	10/15/2024		22,000		660
Hertz Corp. (The)	6.25%	10/15/2022		2,000		60
IPD 3 BV(b)	5.50%	12/1/2025	EUR	445,000		471,737
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.†	5.00%	2/1/2026	$	873,000		805,718
Loxam SAS(b)	3.25%	1/14/2025	EUR	515,000		539,335
NESCO Holdings II, Inc.†	5.50%	4/15/2029	$	1,120,000		1,007,367
PeopleCert Wisdom Issuer plc†(b)	5.75%	9/15/2026	EUR	395,000		406,216
Prime Security Services Borrower LLC/Prime Finance, Inc.†	3.375%	8/31/2027	$	390,000		346,613
Prime Security Services Borrower LLC/Prime Finance, Inc.†	5.75%	4/15/2026		500,000		490,642
Sabre GLBL, Inc.†	7.375%	9/1/2025		309,000		303,502
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.†	4.625%	11/1/2026		818,000		775,701
Sotheby’s†	7.375%	10/15/2027		1,210,000		1,164,108
Verisure Holding AB(b)	3.875%	7/15/2026	EUR	460,000		464,638
Verscend Escrow Corp.†	9.75%	8/15/2026	$	670,000		673,141
WASH Multifamily Acquisition, Inc.†	5.75%	4/15/2026		1,207,000		1,115,290
Williams Scotsman International, Inc.†	4.625%	8/15/2028		1,038,000		963,025
Total						17,261,000
Computers 0.28%
NCR Corp.†	5.00%	10/1/2028		400,000		352,832
Science Applications International Corp.†	4.875%	4/1/2028		725,000		680,557
Total						1,033,389
Cosmetics/Personal Care 0.26%
Coty, Inc.†	5.00%	4/15/2026		368,000		352,741
Coty, Inc.†	6.50%	4/15/2026		635,000		626,748
Total						979,489

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Distribution/Wholesale 0.36%
American Builders & Contractors Supply Co., Inc.†	4.00%		1/15/2028		$	596,000	$	543,650
H&E Equipment Services, Inc.†	3.875%		12/15/2028			915,000		806,495
Total								1,350,145
Diversified Financial Services 3.85%
Advisor Group Holdings, Inc.†	10.75%		8/1/2027			615,000		635,327
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)(a)	4.625%		10/15/2027			855,000		827,249
AG TTMT Escrow Issuer LLC†	8.625%		9/30/2027			539,000		556,819
Armor Holdco, Inc.†	8.50%		11/15/2029			500,000		427,105
Avolon Holdings Funding Ltd. (Ireland)†(a)	5.50%		1/15/2026			1,105,000		1,086,809
Bread Financial Holdings, Inc.†	4.75%		12/15/2024			757,000		688,060
Bread Financial Holdings, Inc.†	7.00%		1/15/2026			375,000		346,391
Global Aircraft Leasing Co. Ltd. (Cayman Islands)†(a)	6.50%		9/15/2024			1,025,000		934,898
Jefferson Capital Holdings LLC†	6.00%		8/15/2026			828,000		692,369
Midcap Financial Issuer Trust†	6.50%		5/1/2028			600,000		528,732
Navient Corp.	4.875%		3/15/2028			509,000		450,658
Navient Corp.	5.50%		3/15/2029			348,000		308,372
Navient Corp.	5.875%		10/25/2024			645,000		638,586
OneMain Finance Corp.	4.00%		9/15/2030			408,000		325,878
OneMain Finance Corp.	6.125%		3/15/2024			965,000		957,956
OneMain Finance Corp.	6.625%		1/15/2028			2,309,000		2,252,360
PRA Group, Inc.(d)	8.375%		2/1/2028			750,000		754,272
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.†	2.875%		10/15/2026			700,000		625,023
VistaJet Malta Finance plc/XO Management Holding, Inc. (Malta)†(a)	7.875%		5/1/2027			1,464,000		1,421,917
Total								14,458,781
Electric 2.58%
Atlantica Sustainable Infrastructure plc (United Kingdom)†(a)	4.125%		6/15/2028			258,000		229,936
Calpine Corp.†	5.125%		3/15/2028			1,005,000		911,194
Cikarang Listrindo Tbk PT (Indonesia)†(a)	4.95%		9/14/2026			635,000		601,595
DPL, Inc.	4.35%		4/15/2029			930,000		850,478
Electricite de France SA (France)†(a)	5.625% (10 Yr. Swap rate + 3.04%	)#	–	(c)		1,295,000		1,261,330
Elwood Energy LLC	8.159%		7/5/2026			8,373		7,410

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Electric (continued)
Emera, Inc. (Canada)(a)	6.75% (3 Mo. LIBOR + 5.44%	)#	6/15/2076		$	690,000	$	680,259
Leeward Renewable Energy Operations LLC†	4.25%		7/1/2029			941,000		829,372
NextEra Energy Operating Partners LP†	4.50%		9/15/2027			1,185,000		1,116,845
Pampa Energia SA (Argentina)(a)	7.50%		1/24/2027			150,000		141,628
Pike Corp.†	5.50%		9/1/2028			491,000		433,998
Talen Energy Supply LLC(e)	6.50%		6/21/2023			111,000		72,150
TransAlta Corp. (Canada)(a)	7.75%		11/15/2029			472,000		485,947
Vistra Corp.†	7.00% (5 Yr. Treasury CMT + 5.74%	)#	–	(c)		1,362,000		1,275,288
Vistra Corp.†	8.00% (5 Yr. Treasury CMT + 6.93%	)#	–	(c)		35,000		34,354
Vistra Operations Co. LLC†	5.50%		9/1/2026			225,000		219,414
Vistra Operations Co. LLC†	5.625%		2/15/2027			557,000		538,612
Total								9,689,810
Electrical Components & Equipment 0.29%
Energizer Holdings, Inc.†	4.75%		6/15/2028			600,000		537,735
EnerSys†	4.375%		12/15/2027			600,000		554,880
Total								1,092,615
Electronics 0.10%
Imola Merger Corp.†	4.75%		5/15/2029			431,000		375,591
Energy-Alternate Sources 1.10%
Cullinan Holdco Scsp(b)	4.625%		10/15/2026		EUR	275,000		268,911
Cullinan Holdco Scsp†(b)	4.625%		10/15/2026		EUR	700,000		684,500
Empresa Generadora de Electricidad Haina SA (Dominican Republic)†(a)	5.625%		11/8/2028		$	605,000		547,162
Enviva Partners LP/Enviva Partners Finance Corp.†	6.50%		1/15/2026			659,000		615,868
Sunnova Energy Corp.†	5.875%		9/1/2026			1,088,000		980,740
TerraForm Power Operating LLC†	5.00%		1/31/2028			965,000		907,657
YPF Energia Electrica SA (Argentina)†(a)	10.00%		7/25/2026			142,000		132,825
Total								4,137,663
Engineering & Construction 0.36%
AECOM	5.125%		3/15/2027			364,000		358,030
Fluor Corp.	4.25%		9/15/2028			580,000		541,639
Weekley Homes LLC/Weekley Finance Corp.†	4.875%		9/15/2028			535,000		466,314
Total								1,365,983

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Entertainment 2.29%
Banijay Entertainment SASU(b)	3.50%	3/1/2025	EUR	450,000	$	474,055
Boyne USA, Inc.†	4.75%	5/15/2029	$	489,000		443,770
Caesars Entertainment, Inc.†	6.25%	7/1/2025		434,000		432,762
Caesars Entertainment, Inc.†	8.125%	7/1/2027		1,045,000		1,061,809
CCM Merger, Inc.†	6.375%	5/1/2026		739,000		715,795
Churchill Downs, Inc.†	5.50%	4/1/2027		435,000		422,416
Cinemark USA, Inc.†	5.25%	7/15/2028		50,000		41,045
Cinemark USA, Inc.†	5.875%	3/15/2026		410,000		368,744
CPUK Finance Ltd.(b)	4.875%	2/28/2047	GBP	385,000		453,393
Empire Resorts, Inc.†	7.75%	11/1/2026	$	700,000		568,692
Inter Media and Communication SpA(b)	6.75%	2/9/2027	EUR	760,000		787,257
International Game Technology plc(b)	3.50%	6/15/2026	EUR	1,130,000		1,164,906
Juventus Football Club SpA(b)	3.375%	2/19/2024	EUR	210,000		219,447
Mohegan Tribal Gaming Authority†	8.00%	2/1/2026	$	411,000		390,982
Penn Entertainment, Inc.†	5.625%	1/15/2027		595,000		559,895
Resorts World Las Vegas LLC/RWLV Capital, Inc.†	4.625%	4/16/2029		400,000		327,453
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.†	7.75%	4/15/2025		150,000		150,813
Total						8,583,234
Environmental Control 0.33%
Clean Harbors, Inc.†	4.875%	7/15/2027		850,000		821,125
Madison IAQ LLC†	4.125%	6/30/2028		455,000		401,042
Total						1,222,167
Food 1.31%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC†	4.625%	1/15/2027		985,000		935,267
Chobani LLC/hobani Finance Corp., Inc.†	4.625%	11/15/2028		1,145,000		1,045,958
Lamb Weston Holdings, Inc.†	4.875%	5/15/2028		210,000		203,372
Nathan’s Famous, Inc.†	6.625%	11/1/2025		18,000		17,839
Performance Food Group, Inc.†	5.50%	10/15/2027		710,000		684,270
Picard Bondco SA(b)	5.375%	7/1/2027	EUR	400,000		375,354
Post Holdings, Inc.†	5.625%	1/15/2028	$	727,000		700,617
SEG Holding LLC/SEG Finance Corp.†	5.625%	10/15/2028		990,000		936,943
Total						4,899,620

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Forest Products & Paper 0.17%
Ahlstrom-Munksjo Holding 3 Oy (Finland)†(a)	4.875%	2/4/2028	$	326,000	$	282,095
Mercer International, Inc. (Canada)(a)	5.50%	1/15/2026		380,000		368,041
Total						650,136
Health Care-Services 2.36%
Acadia Healthcare Co., Inc.†	5.50%	7/1/2028		505,000		487,012
Hadrian Merger Sub, Inc.†	8.50%	5/1/2026		456,000		379,396
Legacy LifePoint Health LLC†	6.75%	4/15/2025		1,000,000		976,400
ModivCare, Inc.†	5.875%	11/15/2025		829,000		802,364
Molina Healthcare, Inc.†	4.375%	6/15/2028		869,000		803,773
Select Medical Corp.†	6.25%	8/15/2026		1,452,000		1,419,962
Tenet Healthcare Corp.	5.125%	11/1/2027		400,000		385,444
Tenet Healthcare Corp.	6.125%	10/1/2028		1,470,000		1,376,214
Tenet Healthcare Corp.	6.25%	2/1/2027		1,225,000		1,202,135
US Acute Care Solutions LLC†	6.375%	3/1/2026		1,145,000		1,037,427
Total						8,870,127
Holding Companies-Diversified 0.35%
Stena International SA (Luxembourg)†(a)	5.75%	3/1/2024		975,000		969,532
Stena International SA (Luxembourg)†(a)	6.125%	2/1/2025		350,000		332,709
Total						1,302,241
Home Builders 0.94%
Century Communities, Inc.	6.75%	6/1/2027		500,000		493,672
Forestar Group, Inc.†	3.85%	5/15/2026		1,161,000		1,036,094
M/I Homes, Inc.	4.95%	2/1/2028		590,000		544,965
Meritage Homes Corp.	5.125%	6/6/2027		535,000		513,346
Taylor Morrison Communities, Inc.†	5.875%	6/15/2027		520,000		511,664
Tri Pointe Homes, Inc.	5.25%	6/1/2027		443,000		417,262
Total						3,517,003
Housewares 0.23%
Newell Brands, Inc.	6.375%	9/15/2027		825,000		830,235
Scotts Miracle-Gro Co. (The)	5.25%	12/15/2026		16,000		15,718
Total						845,953
Insurance 0.83%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer†	4.25%	10/15/2027		425,000		389,937
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer†	6.75%	10/15/2027		209,000		195,808

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest		Maturity	Principal		Fair
Investments	Rate		Date	Amount		Value
Insurance (continued)
Global Atlantic Fin Co.†	4.70% (5 Yr. Treasury CMT + 3.80%	)#	10/15/2051	$	385,000	$	331,976
GTCR AP Finance, Inc.†	8.00%		5/15/2027		225,000		221,277
HUB International Ltd.†	7.00%		5/1/2026		150,000		148,699
Jones Deslauriers Insurance Management, Inc.	10.50%		12/15/2030		554,000		563,249
Liberty Mutual Group, Inc.(b)	3.625% (5 Yr. EUSA + 3.70%	)#	5/23/2059	EUR	500,000		507,031
Liberty Mutual Group, Inc.†	4.125% (5 Yr. Treasury CMT + 3.32%	)#	12/15/2051	$	310,000		265,744
Prudential Financial, Inc.	5.375% (3 Mo. LIBOR + 3.03%	)#	5/15/2045		500,000		490,853
Total							3,114,574
Internet 0.67%
Cablevision Lightpath LLC†	3.875%		9/15/2027		665,000		565,902
Gen Digital, Inc.†	6.75%		9/30/2027		646,000		655,722
Go Daddy Operating Co. LLC/GD Finance Co., Inc.†	5.25%		12/1/2027		477,000		462,232
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.†	4.75%		4/30/2027		681,000		618,737
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.†	10.75%		6/1/2028		235,000		220,740
Total							2,523,333
Investment Companies 0.17%
Compass Group Diversified Holdings LLC†	5.25%		4/15/2029		725,000		653,326
Iron-Steel 0.80%
ArcelorMittal SA (Luxembourg)(a)	6.55%		11/29/2027		794,000		829,896
ATI, Inc.	5.875%		12/1/2027		1,025,000		990,132
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)†(a)	8.75%		7/15/2026		496,000		482,491
United States Steel Corp.	6.875%		3/1/2029		696,000		704,157
Total							3,006,676
Leisure Time 2.19%
Carnival Corp.†	9.875%		8/1/2027		552,000		567,955
Carnival Holdings Bermuda Ltd.†	10.375%		5/1/2028		276,000		298,487
Life Time, Inc.†	5.75%		1/15/2026		890,000		856,483
Lindblad Expeditions LLC†	6.75%		2/15/2027		1,102,000		1,082,092
NCL Corp. Ltd.†	5.875%		3/15/2026		330,000		285,859

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Leisure Time (continued)
NCL Corp. Ltd.†	5.875%	2/15/2027	$	914,000	$	851,048
NCL Corp. Ltd.†(d)	8.375%	2/1/2028		176,000		179,061
Pinnacle Bidco plc(b)	5.50%	2/15/2025	EUR	760,000		759,545
Royal Caribbean Cruises Ltd.†	4.25%	7/1/2026	$	218,000		189,421
Royal Caribbean Cruises Ltd.†	8.25%	1/15/2029		930,000		972,878
Royal Caribbean Cruises Ltd.†	11.625%	8/15/2027		2,058,000		2,186,625
Total						8,229,454
Lodging 2.73%
Full House Resorts, Inc.†	8.25%	2/15/2028		1,156,000		1,079,357
Genting New York LLC/GENNY Capital, Inc.†	3.30%	2/15/2026		450,000		402,966
Las Vegas Sands Corp.	3.50%	8/18/2026		1,170,000		1,090,746
Marriott Ownership Resorts, Inc.	4.75%	1/15/2028		870,000		786,045
MGM China Holdings Ltd. (Macau)†(a)	5.875%	5/15/2026		900,000		852,601
MGM Resorts International	4.75%	10/15/2028		312,000		283,301
MGM Resorts International	5.50%	4/15/2027		1,721,000		1,662,006
Studio City Co. Ltd. (Macau)†(a)	7.00%	2/15/2027		875,000		844,234
Travel and Leisure Co.†	6.625%	7/31/2026		639,000		635,027
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†	5.25%	5/15/2027		1,265,000		1,196,652
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†	5.50%	3/1/2025		527,000		512,746
Wynn Macau Ltd. (Macau)†(a)	5.50%	10/1/2027		991,000		888,308
Total						10,233,989
Machinery-Diversified 1.08%
ATS Corp. (Canada)†(a)	4.125%	12/15/2028		1,163,000		1,043,321
Granite US Holdings Corp.†	11.00%	10/1/2027		266,000		281,396
Husky III Holding Ltd. (Canada)†(a)	13.00%	2/15/2025		1,047,000		972,977
TK Elevator Midco GmbH(b)	4.375%	7/15/2027	EUR	1,770,000		1,746,867
Total						4,044,561
Media 3.81%
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.125%	5/1/2027	$	700,000		667,947
CCO Holdings LLC/CCO Holdings Capital Corp.†	6.375%	9/1/2029		600,000		579,687
Cengage Learning, Inc.†	9.50%	6/15/2024		689,000		671,103
CSC Holdings LLC	5.25%	6/1/2024		450,000		441,000
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.†	5.875%	8/15/2027		695,000		630,560
DISH DBS Corp.	5.875%	11/15/2024		856,000		808,920

See Notes to Financial Statements. 47

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Media (continued)
DISH Network Corp.†	11.75%	11/15/2027	$	2,300,000	$	2,393,415
Gray Television, Inc.†	7.00%	5/15/2027		1,445,000		1,316,561
LCPR Senior Secured Financing DAC (Ireland)†(a)	6.75%	10/15/2027		1,100,000		1,073,193
Nexstar Media, Inc.†	4.75%	11/1/2028		634,000		573,107
Nexstar Media, Inc.†	5.625%	7/15/2027		520,000		496,070
Sirius XM Radio, Inc.†	5.00%	8/1/2027		1,325,000		1,255,636
Univision Communications, Inc.†	5.125%	2/15/2025		580,000		565,758
UPC Holding BV (Netherlands)†(a)	5.50%	1/15/2028		500,000		456,925
Urban One, Inc.†	7.375%	2/1/2028		611,000		556,520
Virgin Media Secured Finance plc(b)	5.00%	4/15/2027	GBP	500,000		567,881
Virgin Media Vendor Financing Notes III DAC(b)	4.875%	7/15/2028	GBP	300,000		311,120
Ziggo Bond Co. BV (Netherlands)†(a)	6.00%	1/15/2027	$	975,000		923,208
Total						14,288,611
Metal Fabricate-Hardware 0.59%
Advanced Drainage Systems, Inc.†	5.00%	9/30/2027		755,000		720,107
Cleveland-Cliffs, Inc.	5.875%	6/1/2027		1,520,000		1,496,721
Total						2,216,828
Mining 2.42%
Bukit Makmur Mandiri Utama PT (Indonesia)(a)	7.75%	2/10/2026		400,000		367,180
Coeur Mining, Inc.†	5.125%	2/15/2029		975,000		786,273
Compass Minerals International, Inc.†	4.875%	7/15/2024		292,000		283,262
Compass Minerals International, Inc.†	6.75%	12/1/2027		259,000		252,996
First Quantum Minerals Ltd. (Canada)†(a)	6.875%	3/1/2026		850,000		827,619
FMG Resources August 2006 Pty Ltd. (Australia)†(a)	4.50%	9/15/2027		1,869,000		1,786,484
Hecla Mining Co.	7.25%	2/15/2028		698,000		696,770
Hudbay Minerals, Inc. (Canada)†(a)	4.50%	4/1/2026		421,000		388,423
Kaiser Aluminum Corp.†	4.625%	3/1/2028		600,000		548,400
New Gold, Inc. (Canada)†(a)	7.50%	7/15/2027		325,000		302,068
Novelis Corp.†	3.25%	11/15/2026		576,000		522,239
Taseko Mines Ltd. (Canada)†(a)	7.00%	2/15/2026		1,196,000		1,134,938
Vedanta Resources Ltd. (India)(a)	6.125%	8/9/2024		650,000		492,466
Yamana Gold, Inc. (Canada)(a)	4.625%	12/15/2027		735,000		703,063
Total						9,092,181
Miscellaneous Manufacturing 0.40%
Amsted Industries, Inc.†	5.625%	7/1/2027		1,045,000		1,028,019
LSB Industries, Inc.†	6.25%	10/15/2028		536,000		483,633
Total						1,511,652

48 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Oil & Gas 12.42%
Aethon United BR LP/Aethon United Finance Corp.†	8.25%	2/15/2026	$	973,000	$	969,439
Ascent Resources Utica Holdings LLC/ARU Finance Corp.†	7.00%	11/1/2026		700,000		668,120
Baytex Energy Corp. (Canada)†(a)	8.75%	4/1/2027		1,066,000		1,104,477
Berry Petroleum Co. LLC†	7.00%	2/15/2026		1,457,000		1,396,999
California Resources Corp.†	7.125%	2/1/2026		1,649,000		1,607,528
Callon Petroleum Co.	6.375%	7/1/2026		429,000		413,621
Callon Petroleum Co.†	8.00%	8/1/2028		825,000		826,019
Calumet Specialty Products Partners LP/Calumet Finance Corp.†	8.125%	1/15/2027		755,000		729,381
Chesapeake Energy Corp.†	5.50%	2/1/2026		535,000		519,245
Chord Energy Corp.†	6.375%	6/1/2026		1,160,000		1,144,009
Citgo Holding, Inc.†	9.25%	8/1/2024		425,000		427,641
CITGO Petroleum Corp.†	6.375%	6/15/2026		460,000		451,301
Civitas Resources, Inc.†	5.00%	10/15/2026		1,362,000		1,271,815
CNX Resources Corp.†	7.25%	3/14/2027		572,000		569,961
Comstock Resources, Inc.†	6.75%	3/1/2029		510,000		471,158
Crescent Energy Finance LLC†	7.25%	5/1/2026		913,000		877,731
Crescent Energy Finance LLC	9.25%	2/15/2028		835,000		834,808
Earthstone Energy Holdings LLC†	8.00%	4/15/2027		1,878,000		1,833,642
Encino Acquisition Partners Holdings LLC†	8.50%	5/1/2028		425,000		396,901
EnQuest plc (United Kingdom)†(a)	11.625%	11/1/2027		650,000		639,629
Geopark Ltd. (Colombia)†(a)	5.50%	1/17/2027		600,000		533,306
Gulfport Energy Corp.†	8.00%	5/17/2026		1,124,731		1,116,026
Hilcorp Energy I LP/Hilcorp Finance Co.†	6.25%	11/1/2028		790,000		759,755
Kosmos Energy Ltd.†	7.125%	4/4/2026		1,000,000		905,740
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.†	6.00%	8/1/2026		1,692,000		1,638,719
Matador Resources Co.	5.875%	9/15/2026		1,112,000		1,094,972
Medco Oak Tree Pte. Ltd. (Singapore)(a)	7.375%	5/14/2026		850,000		851,913
MEG Energy Corp. (Canada)†(a)	5.875%	2/1/2029		675,000		645,432
Murphy Oil Corp.	6.375%	7/15/2028		401,000		397,007
Nabors Industries Ltd.†	7.50%	1/15/2028		725,000		692,179
Nabors Industries, Inc.†	7.375%	5/15/2027		444,000		445,168
Nabors Industries, Inc.†	9.00%	2/1/2025		75,000		76,511
Occidental Petroleum Corp.	8.50%	7/15/2027		875,000		969,054
Patterson-UTI Energy, Inc.	3.95%	2/1/2028		550,000		498,688
PBF Holding Co. LLC/PBF Finance Corp.	6.00%	2/15/2028		350,000		330,475

See Notes to Financial Statements. 49

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Oil & Gas (continued)
PBF Holding Co. LLC/PBF Finance Corp.	7.25%	6/15/2025	$	698,000	$	696,311
PDC Energy, Inc.	5.75%	5/15/2026		1,702,000		1,648,234
Permian Resources Operating LLC†	5.375%	1/15/2026		167,000		158,061
Permian Resources Operating LLC†	5.875%	7/1/2029		300,000		281,588
Permian Resources Operating LLC†	7.75%	2/15/2026		1,265,000		1,266,202
Petroleos Mexicanos(b)	3.625%	11/24/2025	EUR	225,000		230,060
Petroleos Mexicanos (Mexico)(a)	6.49%	1/23/2027	$	1,085,000		1,020,334
Precision Drilling Corp. (Canada)†(a)	6.875%	1/15/2029		485,000		467,722
Precision Drilling Corp. (Canada)†(a)	7.125%	1/15/2026		788,000		781,354
Range Resources Corp.	4.875%	5/15/2025		1,187,000		1,146,514
ROCC Holdings LLC†	9.25%	8/15/2026		1,254,000		1,272,810
Rockcliff Energy II LLC†	5.50%	10/15/2029		420,000		400,107
SierraCol Energy Andina LLC†	6.00%	6/15/2028		1,300,000		1,074,196
SM Energy Co.	6.625%	1/15/2027		1,550,000		1,508,106
SM Energy Co.	6.75%	9/15/2026		125,000		123,214
Southwestern Energy Co.	5.375%	2/1/2029		305,000		286,984
Tap Rock Resources LLC†	7.00%	10/1/2026		1,605,000		1,521,532
Tullow Oil plc (United Kingdom)(a)	7.00%	3/1/2025		400,000		284,851
Tullow Oil plc (United Kingdom)†(a)	10.25%	5/15/2026		750,000		647,873
Vermilion Energy, Inc. (Canada)†(a)	5.625%	3/15/2025		620,000		604,556
Viper Energy Partners LP†	5.375%	11/1/2027		620,000		600,761
Vital Energy, Inc.	9.50%	1/15/2025		220,000		222,270
Vital Energy, Inc.	10.125%	1/15/2028		1,475,000		1,469,520
W&T Offshore, Inc.†	9.75%	11/1/2023		435,000		435,442
W&T Offshore, Inc.	11.75%	2/1/2026		327,000		331,556
Total						46,588,528
Oil & Gas Services 1.19%
Bristow Group, Inc.†	6.875%	3/1/2028		483,000		460,852
CSI Compressco LP/CSI Compressco Finance, Inc.†	7.50%	4/1/2025		470,000		444,004
Enerflex Ltd. (Canada)†(a)	9.00%	10/15/2027		870,000		887,278
Nine Energy Service, Inc.	13.00%	2/1/2028		670,000		690,874
Oceaneering International, Inc.	4.65%	11/15/2024		277,000		269,007
Oceaneering International, Inc.	6.00%	2/1/2028		735,000		703,794
USA Compression Partners LP/USA Compression Finance Corp.	6.875%	4/1/2026		384,000		377,391
USA Compression Partners LP/USA Compression Finance Corp.	6.875%	9/1/2027		183,000		177,762

50 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest		Maturity	Principal		Fair
Investments	Rate		Date	Amount		Value
Oil & Gas Services (continued)
Weatherford International Ltd.†	11.00%		12/1/2024	$	42,000	$	43,320
Welltec International ApS (Denmark)†(a)	8.25%		10/15/2026		400,000		404,077
Total							4,458,359
Packaging & Containers 1.70%
Ball Corp.	6.875%		3/15/2028		139,000		143,536
DISH DBS Corp.	7.75%		7/1/2026		1,400,000		1,138,865
Graphic Packaging International LLC†	4.75%		7/15/2027		520,000		501,030
LABL, Inc.†	6.75%		7/15/2026		1,033,000		1,003,136
Mauser Packaging Solutions Holding Co.†	5.50%		4/15/2024		880,000		880,405
Mauser Packaging Solutions Holding Co.†	7.25%		4/15/2025		1,026,000		1,002,946
Mauser Packaging Solutions Holding Co.(d)	7.875%		8/15/2026		1,431,000		1,445,310
Sealed Air Corp.†	6.125%		2/1/2028		256,000		258,534
Total							6,373,762
Pharmaceuticals 0.63%
Grifols SA(b)	2.25%		11/15/2027	EUR	425,000		404,101
Option Care Health, Inc.†	4.375%		10/31/2029	$	446,000		385,867
Organon & Co./Organon Foreign Debt Co-Issuer BV†	4.125%		4/30/2028		600,000		543,420
Teva Pharmaceutical Finance Netherlands II BV(b)	4.50%		3/1/2025	EUR	280,000		299,297
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)(a)	3.15%		10/1/2026	$	825,000		741,213
Total							2,373,898
Pipelines 1.74%
Antero Midstream Partners LP/Antero Midstream Finance Corp.†	5.75%		3/1/2027		1,100,000		1,068,380
Buckeye Partners LP	3.95%		12/1/2026		321,000		294,195
Buckeye Partners LP	4.125%		12/1/2027		750,000		679,346
Buckeye Partners LP	8.835% (3 Mo. LIBOR + 4.02%	)#	1/22/2078		53,000		44,650
Delek Logistics Partners LP/Delek Logistics Finance Corp.†	7.125%		6/1/2028		866,000		795,530
EnLink Midstream LLC†	5.625%		1/15/2028		545,000		533,337
EQM Midstream Partners LP†	6.00%		7/1/2025		605,000		596,285
EQM Midstream Partners LP†	7.50%		6/1/2027		300,000		300,362
Holly Energy Partners LP/Holly Energy Finance Corp.†	6.375%		4/15/2027		900,000		890,888

See Notes to Financial Statements. 51

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Pipelines (continued)
Northriver Midstream Finance LP (Canada)†(a)	5.625%	2/15/2026	$	503,000	$	483,715
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.†	6.00%	3/1/2027		890,000		845,222
Total						6,531,910
Real Estate 0.51%
Agile Group Holdings Ltd. (China)(a)	5.75%	1/2/2025		500,000		315,085
Country Garden Holdings Co. Ltd. (China)(a)	7.25%	4/8/2026		600,000		460,500
Country Garden Holdings Co. Ltd. (China)(a)	8.00%	1/27/2024		400,000		351,881
Longfor Group Holdings Ltd. (China)(a)	3.375%	4/13/2027		450,000		396,524
Wanda Properties Global Co. Ltd.	11.00%	1/20/2025		400,000		395,177
Total						1,919,167
REITS 1.23%
HAT Holdings I LLC/HAT Holdings II LLC†	3.375%	6/15/2026		368,000		327,067
HAT Holdings I LLC/HAT Holdings II LLC†	6.00%	4/15/2025		1,179,000		1,153,705
Iron Mountain, Inc.†	4.875%	9/15/2027		565,000		532,688
Service Properties Trust	4.65%	3/15/2024		655,000		638,576
Service Properties Trust	7.50%	9/15/2025		1,661,000		1,635,329
Starwood Property Trust, Inc.†	3.75%	12/31/2024		324,000		308,104
Total						4,595,469
Retail 3.37%
1011778 BC ULC/New Red Finance, Inc. (Canada)†(a)	4.375%	1/15/2028		420,000		387,018
Asbury Automotive Group, Inc.	4.50%	3/1/2028		715,000		647,144
Bath & Body Works, Inc.	6.694%	1/15/2027		855,000		861,170
Brinker International, Inc.†	5.00%	10/1/2024		1,420,000		1,391,089
CEC Entertainment LLC†	6.75%	5/1/2026		491,000		454,803
Dave & Buster’s, Inc.†	7.625%	11/1/2025		436,000		443,652
Douglas GmbH(b)	6.00%	4/8/2026	EUR	400,000		377,622
Dufry One BV(b)	3.375%	4/15/2028	EUR	736,000		696,124
Dufry One BV(b)	3.625%	4/15/2026	CHF	400,000		404,383
Evergreen Acqco 1 LP/TVI, Inc.(d)	9.75%	4/26/2028	$	575,000		566,628
FirstCash, Inc.†	4.625%	9/1/2028		900,000		809,775
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.†	7.00%	8/15/2028		220,000		136,698
Lithia Motors, Inc.†	4.625%	12/15/2027		410,000		381,778
Macy’s Retail Holdings LLC†	5.875%	4/1/2029		840,000		782,199
Marks & Spencer plc(b)	4.50%	7/10/2027	GBP	400,000		453,317

52 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest	Maturity	Principal		Fair
Investments	Rate	Date	Amount		Value
Retail (continued)
Michaels Cos., Inc. (The)†	7.875%	5/1/2029	$	403,000	$	306,784
Murphy Oil USA, Inc.	5.625%	5/1/2027		1,000,000		983,110
NMG Holding Co., Inc./Neiman Marcus Group LLC†	7.125%	4/1/2026		495,000		473,376
Nordstrom, Inc.	4.00%	3/15/2027		558,000		482,639
SRS Distribution, Inc.†	4.625%	7/1/2028		564,000		515,919
Stonegate Pub Co. Financing 2019 plc(b)	8.25%	7/31/2025	GBP	425,000		488,396
White Cap Buyer LLC†	6.875%	10/15/2028	$	240,000		218,851
White Cap Parent LLC†	8.25%	3/15/2026		425,000		388,384
Total						12,650,859
Semiconductors 0.08%
Entegris, Inc.†	4.375%	4/15/2028		345,000		312,570
Software 0.71%
Boxer Parent Co., Inc.†	7.125%	10/2/2025		490,000		485,850
Cloud Software Group Holdings, Inc.†	6.50%	3/31/2029		204,000		179,301
Open Text Corp. (Canada)†(a)	6.90%	12/1/2027		526,000		539,058
SS&C Technologies, Inc.†	5.50%	9/30/2027		654,000		629,756
Twilio, Inc.	3.625%	3/15/2029		500,000		425,170
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.†	3.875%	2/1/2029		472,000		407,730
Total						2,666,865
Telecommunications 1.89%
Altice France Holding SA (Luxembourg)†(a)	10.50%	5/15/2027		800,000		688,324
Altice France SA (France)†(a)	8.125%	2/1/2027		1,600,000		1,501,952
CommScope, Inc.†	6.00%	3/1/2026		1,060,000		1,016,195
Connect Finco Sarl/Connect U.S. Finco LLC (Luxembourg)†(a)	6.75%	10/1/2026		1,300,000		1,244,724
Frontier Communications Holdings LLC†	5.00%	5/1/2028		313,000		285,018
Iliad Holding SASU(b)	5.125%	10/15/2026	EUR	975,000		1,013,047
Maxar Technologies, Inc.†	7.75%	6/15/2027	$	198,000		207,283
PLT VII Finance Sarl(b)	4.625%	1/5/2026	EUR	470,000		488,638
Sprint Capital Corp.	6.875%	11/15/2028	$	600,000		642,691
Total						7,087,872

See Notes to Financial Statements. 53

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest		Maturity	Principal		Fair
Investments	Rate		Date	Amount		Value
Total Trucking & Leasing 0.68%
AerCap Global Aviation Trust (Ireland)†(a)	6.50% (3 Mo. LIBOR + 4.30%	)#	6/15/2045	$	500,000	$	489,423
Fortress Transportation and Infrastructure Investors LLC†	5.50%		5/1/2028		1,395,000		1,229,551
Fortress Transportation and Infrastructure Investors LLC†	6.50%		10/1/2025		841,000		815,139
Total							2,534,113
Transportation 0.11%
Carriage Purchaser, Inc.†	7.875%		10/15/2029		15,000		10,925
Watco Cos. LLC/Watco Finance Corp.†	6.50%		6/15/2027		435,000		411,373
Total							422,298
Water 0.22%
Solaris Midstream Holdings LLC†	7.625%		4/1/2026		805,000		805,966
Total Corporate Bonds (cost $295,008,110)							298,924,901
FLOATING RATE LOANS(f) 13.72%
Aerospace 0.75%
American Airlines, Inc. 2021 Term Loan	9.558% (3 Mo. LIBOR + 4.75%	)	4/20/2028		1,025,000		1,054,146
Atlas CC Acquisition Corp Term Loan B	–	(g)	5/25/2028		457,042		402,768
Atlas CC Acquisition Corp Term Loan C	–	(g)	5/25/2028		92,958		81,919
Jazz Acquisition, Inc. 2019 1st Lien Term Loan	8.661% (1 Mo. LIBOR + 4.00%	)	6/19/2026		274,291		269,283
United Airlines, Inc. 2021 Term Loan B	8.568% (3 Mo. LIBOR + 3.75%	)	4/21/2028		998,223		1,000,085
Total							2,808,201
Aerospace/Defense 0.52%
Spirit Aerosystems, Inc. 2022 Term Loan	–	(g)	1/15/2027		813,963		816,506	(h)
TransDigm, Inc. 2022 Term Loan H	7.83% (3 Mo.Term SOFR + 3.25%	)	2/22/2027		750,000		752,344
Vertex Aerospace Services Corp. 2021 First Lien Term Loan	8.07% (1 Mo. LIBOR + 3.50%	)	12/6/2028		398,995		398,147
Total							1,966,997

54 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

	Interest		Maturity	Principal		Fair
Investments	Rate		Date	Amount		Value
Auto Parts & Equipment 0.26%
Chassix Inc. 2017 1st Lien Term Loan	12.00% (3 Mo. PRIME + 4.50%	)	11/15/2023	$	93,590	$	79,692
Clarios Global LP 2021 USD Term Loan B (Canada)(a)	7.82% (1 Mo. LIBOR + 3.25%	)	4/30/2026		377,000		376,563
DexKo Global Inc. 2021 USD Term Loan B	8.48% (3 Mo. LIBOR + 3.75%	)	10/4/2028		549,749		509,826
Total							966,081
Building & Construction 0.00%
USIC Holdings, Inc. 2021 2nd Lien Term Loan	11.07% (1 Mo. LIBOR + 6.50%	)	5/14/2029		16,454		15,585
Building Materials 0.27%
ACProducts, Inc. 2021 Term Loan B	8.98% (6 Mo. LIBOR + 4.25%	)	5/17/2028		489,757		398,623
Icebox Holdco III, Inc. 2021 1st Lien Term Loan	8.23% (3 Mo. LIBOR + 3.50%	)	12/22/2028		6,840		6,600
Summit Materials LLC Term Loan B	7.608% (3 Mo. Term SOFR + 3.00%	)	12/14/2027		600,000		602,376
Total							1,007,599
Cable & Satellite Television 0.44%
DirecTV Financing, LLC Term Loan	9.57% (1 Mo. LIBOR + 5.00%	)	8/2/2027		1,686,470		1,662,320
Chemicals 0.54%
Axalta Coating Systems Dutch Holding B B.V 2022 USD Term Loan B (Netherlands)(a)	7.506% (3 Mo. Term SOFR + 3.00%	)	12/20/2029		500,000		502,813
LSF11 A5 Holdco LLC 2023 Incremental Term Loan B	–	(g)	10/15/2028		1,000,000		977,500	(h)
LSF11 A5 Holdco LLC Term Loan	–	(g)	10/15/2028		274,309		266,652
PMHC II, Inc. 2022 Term Loan B	9.076% (3 Mo. Term SOFR + 4.25%	)	4/23/2029		299,250		263,410
Total							2,010,375

See Notes to Financial Statements. 55

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Commercial Services 0.23%
R1 RCM, Inc. 2022 Term Loan B	7.553% (1 Mo.Term SOFR + 3.00%	)	6/21/2029	$	399,000	$	399,249
TruGreen Limited Partnership 2020 Term Loan	–	(g)	11/2/2027		500,000		464,875
Total							864,124
Consumer Durables 0.18%
Griffon Corporation Term Loan B	7.009% (3 Mo. Term SOFR + 2.50%	)	1/24/2029		697,177		695,347
Consumer Non-Durables 0.10%
Coty Inc. 2018 USD Term Loan B	6.645% (1 Mo. LIBOR + 2.25%	)	4/7/2025		384,910		384,669
Containers 0.13%
Imprivata, Inc Term Loan	–	(g)	12/1/2027		500,000		490,358
Containers & Packaging 0.06%
Mauser Packaging Solutions Holding Company Term Loan B	–	(g)	8/31/2026		209,666		208,094	(h)
Diversified Capital Goods 0.36%
Grinding Media Inc. 2021 Term Loan B	7.70% - 8.77% (3 Mo. LIBOR + 4.00%	)	10/12/2028		870,511		855,277
Tank Holding Corp. 2022 Term Loan	10.41% (1 Mo.Term SOFR + 4.75%	)	3/31/2028		20,199		19,265
Tiger Acquisition, LLC 2021 Term Loan	7.82% (1 Mo. LIBOR + 3.25%	)	6/1/2028		498,734		485,682
Total							1,360,224
Electric: Generation 0.44%
Astoria Energy LLC 2020 Term Loan B	8.07% (1 Mo. LIBOR + 3.50%	)	12/10/2027		284,475		283,306
CPV Shore Holdings, LLC Term Loan	8.32% (1 Mo. LIBOR + 3.75%	)	12/29/2025		98,237		91,660
EFS Cogen Holdings I LLC 2020 Term Loan B	8.23% - 8.24% (3 Mo. LIBOR + 3.50%	)	10/1/2027		81,977		81,516
ExGen Renewables IV, LLC 2020 Term Loan	7.24% (3 Mo. LIBOR + 2.50%	)	12/15/2027		575,000		575,046
TerraForm Power Operating, LLC 2022 Term Loan B	7.43% (3 Mo. Term SOFR + 2.75%	)	5/21/2029		623,434		624,506
Total							1,656,034

56 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Electric: Integrated 0.31%
Compass Power Generation LLC 2022 Term Loan B2	8.925% (1 Mo.Term SOFR + 4.25%	)	4/14/2029	$	484,688	$	485,464
Helix Gen Funding, LLC Term Loan B	8.32% (1 Mo. LIBOR + 3.75%	)	6/3/2024		680,313		678,751
Total							1,164,215
Energy 0.37%
NorthRiver Midstream Finance LP 2018 Term Loan B (Canada)(a)	8.004% (3 Mo. LIBOR + 3.25%	)	10/1/2025		673,242		673,663
Oryx Midstream Services Permian Basin LLC Term Loan B	7.924% (3 Mo. LIBOR + 3.25%	)	10/5/2028		723,141		722,085
Total							1,395,748
Energy: Exploration & Production 0.04%
Kestrel Acquisition, LLC 2018 Term Loan B	8.82% (1 Mo. LIBOR + 4.25%	)	6/2/2025		138,173		135,022
Entertainment 0.13%
Formula One Holdings Limited. Term Loan B (United Kingdom)(a)	7.811% (1 Mo.Term SOFR + 3.25%	)	1/15/2030		500,000		502,552
Financial 0.20%
AssuredPartners, Inc. 2020 Term Loan B	–	(g)	2/12/2027		500,000		495,520
Hub International Limited 2022 Term Loan B	–	(g)	11/10/2029		250,000		250,195
Total							745,715
Gaming/Leisure 0.85%
City Football Group Limited Term Loan (United Kingdom)(a)	7.508% (1 Mo. LIBOR + 3.00%	)	7/21/2028		850,000		823,437
Motion Finco Sarl Delayed Draw Term Loan B2 (Luxembourg)(a)	7.98% (3 Mo. LIBOR + 3.25%	)	11/12/2026		93,456		92,297
Motion Finco Sarl USD Term Loan B1 (Luxembourg)(a)	7.98% (3 Mo. LIBOR + 3.25%	)	11/12/2026		655,544		647,419
NASCAR Holdings, Inc Term Loan B	7.07% (1 Mo. LIBOR + 2.50%	)	10/19/2026		532,029		532,915

See Notes to Financial Statements. 57

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Gaming/Leisure (continued)
Scientific Games Holdings LP 2022 USD Term Loan B	–	(g)	4/4/2029	$	600,000	$	591,171
Scientific Games International, Inc. 2022 USD Term Loan	7.578% (1 Mo.Term SOFR + 3.00%	)	4/14/2029		500,000		500,178
Total							3,187,417
Gas Distribution 0.41%
CQP Holdco LP 2021 Term Loan B	8.48% (3 Mo. LIBOR + 3.75%	)	6/5/2028		917,482		920,294
Freeport LNG Investments, LLLP Term Loan B	8.308% (3 Mo. LIBOR + 3.50%	)	12/21/2028		619,075		602,387
Total							1,522,681
Healthcare 0.55%
Gainwell Acquisition Corp. Term Loan B	–	(g)	10/1/2027		650,000		636,025
Medline Borrower, LP USD Term Loan B	7.82% (1 Mo. LIBOR + 3.25%	)	10/23/2028		723,995		704,335
Select Medical Corporation 2017 Term Loan B	7.07% (1 Mo. LIBOR + 2.50%	)	3/6/2025		725,000		722,734
Total							2,063,094
Housing 0.48%
Cornerstone Building Brands, Inc. 2021 Term Loan B	7.709% (1 Mo. LIBOR + 3.25%	)	4/12/2028		149,619		140,474
Oscar AcquisitionCo, LLC Term Loan B	–	(g)	4/29/2029		700,000		679,777
Quikrete Holdings, Inc. 2016 1st Lien Term Loan	–	(g)	2/1/2027		723,972		721,076
White Cap Buyer LLC Term Loan B	–	(g)	10/19/2027		274,307		272,593
Total							1,813,920
Information Technology 0.58%
MKS Instruments, Inc. 2022 USD Term Loan B	7.362% (1 Mo.Term SOFR + 2.75%	)	8/17/2029		733,163		733,489
Open Text Corporation 2022 Term Loan B (Canada)(a)	–	(g)	11/16/2029		700,000		700,000
SS&C Technologies Inc. 2022 Term Loan B6	–	(g)	3/22/2029		291,211		291,104
SS&C Technologies Inc. 2022 Term Loan B7	–	(g)	3/22/2029		438,789		438,626
Total							2,163,219

58 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Integrated Energy 0.21%
Esdec Solar Group B.V. Term Loan B (Canada)(a)	8.92% (3 Mo. LIBOR + 4.75%	)	8/30/2028	$	394,737	$	393,750
Oregon Clean Energy, LLC Term Loan	8.43% (1 Mo. LIBOR + 3.75%	)	3/1/2026		398,937		389,961
Total							783,711
Investments & Miscellaneous Financial Services 0.18%
Jane Street Group, LLC 2021 Term Loan	7.32% (1 Mo. LIBOR + 2.75%	)	1/26/2028		673,282		672,074
Leisure 0.01%
Vue International Bidco p.l.c. 2023 EUR PIK Term Loan(b)	–	(g)	12/31/2027	EUR	38,582		28,837
Machinery 0.24%
Chart Industries, Inc. 2022 Term Loan B	–	(g)	12/7/2029	$	875,000		878,281	(h)
CMBF LLC Term Loan	10.459% (1 Mo. LIBOR + 6.00%	)	8/2/2028		16,366		14,975
Total							893,256
Manufacturing 1.17%
Frontier Communications Corp. 2021 1st Lien Term Loan	–	(g)	5/1/2028		1,000,000		982,890
Harsco Corporation 2021 Term Loan	6.926% (1 Mo.Term SOFR + 2.25%	)	3/10/2028		728,230		698,904
Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B (Luxembourg)(a)	–	(g)	2/1/2029		500,000		493,090
Madison IAQ LLC Term Loan	7.988% (3 Mo. LIBOR + 3.25%	)	6/21/2028		775,000		743,314
SPX Flow, Inc. 2022 Term Loan	–	(g)	4/5/2029		873,597		842,864
Virgin Media Bristol LLC USD Term Loan N	6.959% (1 Mo. LIBOR + 2.50%	)	1/31/2028		625,000		622,660
Total							4,383,722
Media: Content 0.01%
NEP/NCP Holdco, Inc. 2018 2nd Lien Term Loan	11.57% (1 Mo. LIBOR + 7.00%	)	10/19/2026		50,000		37,650

See Notes to Financial Statements. 59

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Medical Products 0.00%
Athenahealth, Inc. 2022 Delayed Draw Term loan(i)	3.50%		2/15/2029	$	1,501	$	1,427
Athenahealth, Inc. 2022 Term Loan B	8.012% (1 Mo.Term SOFR + 3.50%	)	2/15/2029		12,251		11,644
Total							13,071
Metals/Minerals 0.20%
Zekelman Industries, Inc. 2020 Term Loan	–	(g)	1/24/2027		775,000		770,517
Oil & Gas 0.11%
Parkway Generation, LLC Term Loan B	9.426% (1 Mo.Term SOFR + 4.75%	)	2/18/2029		369,126		365,434
Parkway Generation, LLC Term Loan C	9.426% (1 Mo.Term SOFR + 4.75%	)	2/18/2029		46,114		45,561
Total							410,995
Oil Field Equipment & Services 0.20%
Ulterra Drilling Technologies, LP Term Loan B	9.82% (1 Mo. LIBOR + 5.25%	)	11/26/2025		758,852		733,719
Pharmaceuticals 0.62%
Covetrus, Inc. Term Loan	9.58% (3 Mo. Term SOFR + 5.00%	)	10/13/2029		193,072		184,947
Jazz Financing Lux S.a.r.l. USD Term Loan	8.07% (1 Mo. LIBOR + 3.50%	)	5/5/2028		1,022,965		1,023,124
Option Care Health, Inc. 2021 Term Loan B	7.32% (1 Mo. LIBOR + 2.75%	)	10/27/2028		473,804		474,514
Organon & Co USD Term Loan	7.75% (3 Mo. LIBOR + 3.00%	)	6/2/2028		650,000		650,201
Total							2,332,786
Pipelines 0.07%
Oryx Midstream Services Permian Basin LLC 2023 Incremental Term Loan	–	(g)	10/5/2028		259,470		259,091
Printing & Publishing 0.14%
Cengage Learning, Inc. 2021 Term Loan B	9.88% (3 Mo. LIBOR + 4.75%	)	7/14/2026		534,420		510,906

60 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Recreation & Travel 0.00%
Bulldog Purchaser Inc. 2018 Term Loan	8.411% (1 Mo.Term SOFR + 3.75%	)	9/5/2025	$	15,608	$	14,350
Restaurants 0.08%
IRB Holding Corp 2020 Term Loan B	7.32% (1 Mo. LIBOR + 2.75%	)	2/5/2025		284,254		284,210
Retail 0.49%
Birkenstock GmbH & Co. KG USD Term Loan B (Germany)(a)	7.69% (3 Mo. LIBOR + 3.25%	)	4/28/2028		434,253		433,778
Crocs, Inc. Term Loan B	–	(g)	2/20/2029		936,076		931,540
Miller’s Ale House, Inc. 2018 Term Loan	9.33% (3 Mo. LIBOR + 4.75%	)	5/30/2025		500,000		489,250
Total							1,854,568
Service 0.61%
APi Group DE, Inc. 2021 Incremental Term Loan B	–	(g)	1/3/2029		544,699		545,383
Instructure Holdings, Inc. 2021 Term Loan B	7.852% (3 Mo. LIBOR + 2.75%	)	10/30/2028		274,309		274,310
KUEHG Corp. 2018 Incremental Term Loan	–	(g)	2/21/2025		500,000		487,470
Prime Security Services Borrower, LLC 2021 Term Loan	7.517% (3 Mo. LIBOR + 2.75%	)	9/23/2026		473,794		474,091
SSH Group Holdings, Inc. 2018 1st Lien Term Loan	–	(g)	7/30/2025		500,000		494,532
Total							2,275,786
Software 0.07%
ECL Entertainment, LLC Term Loan	–	(g)	5/1/2028		249,367		249,913
Software/Services 0.26%
Cloud Software Group, Inc. 2022 USD Term Loan	9.18% (3 Mo. Term SOFR + 4.50%	)	3/30/2029		485,000		448,928
NortonLifeLock Inc. 2022 Term Loan B	6.661% (1 Mo.Term SOFR + 2.00%	)	9/12/2029		522,060		521,569
Total							970,497

See Notes to Financial Statements. 61

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Specialty Retail 0.25%
PetSmart, Inc. 2021 Term Loan B	8.411% (1 Mo. LIBOR + 3.75%	)	2/11/2028	$	957,343	$	952,159
Support: Services 0.36%
Aramark Services, Inc. 2018 Term Loan B3	6.32% (1 Mo. LIBOR + 1.75%	)	3/11/2025		430,000		429,058
AVSC Holding Corp. 2020 Term Loan B1	7.685% - 8.04% (3 Mo. LIBOR + 3.50%	)	3/3/2025		70		66
Sabre GLBL Inc. 2021 Term Loan B1	8.07% (1 Mo. LIBOR + 3.50%	)	12/17/2027		21,095		19,513
Sabre GLBL Inc. 2021 Term Loan B2	8.07% (1 Mo. LIBOR + 3.50%	)	12/17/2027		33,627		31,105
Sabre GLBL Inc. 2022 1st Lien Term Loan B	9.661% (1 Mo.Term SOFR + 5.00%	)	6/30/2028		907,233		870,096
Total							1,349,838
Theaters & Entertainment 0.00%
Vue International Bidco p.l.c. 2022 EUR Term Loan(b)	9.766% (3 Mo. EURIBOR + 8.00%	)	6/30/2027	EUR	6,827		6,606
Transportation: Infrastructure/Services 0.15%
Uber Technologies, Inc. 2021 1st Lien Term Loan B	8.235% (3 Mo. LIBOR + 3.50%	)	4/4/2025	$	548,564		549,598
Utility 0.09%
USIC Holdings, Inc. 2021 Term Loan	8.07% (1 Mo. LIBOR + 3.50%	)	5/12/2028		349,116		340,063
Total Floating Rate Loans (cost $51,113,866)							51,467,514
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.00%
Great Wolf Trust 2019-WOLF B† (cost $13,129)	5.927% (1 Mo. Term SOFR + 1.45%	)#	12/15/2036		15,000		14,642

62 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Investments	Dividend Rate		Shares		Fair Value
PREFERRED STOCKS 0.01%
Commercial Banks
Synovus Financial Corp.(cost $31,620)	6.30% (3 Mo. LIBOR + 3.35%	)#		1,200	$	29,880
Total Long-Term Investments (cost $361,281,732)						365,868,377
			Principal Amount
SHORT-TERM INVESTMENTS 8.05%
REPURCHASE AGREEMENTS 8.05%
Repurchase Agreement dated 01/31/2023, 2.050% due 02/01/2023 with Fixed Income Clearing Corp. collateralized by $10,296,900 of U.S. Treasury Note at 4.500% due 11/30/2024; value: $10,396,336; proceeds: $10,192,972 (cost $10,192,391)			$	10,192,391		10,192,391
Repurchase Agreement dated 01/31/2023, 4.330% due 02/01/2023 with TD Securities USA LLC collateralized by $22,572,000 of U.S. Treasury Note at 0.50% due 02/28/2026; value: $20,399,445; proceeds: $20,001,947 (cost $19,999,542)				19,999,542		19,999,542
Total Short-Term Investments (cost $30,191,933)						30,191,933
Total Investments in Securities 105.57% (cost $391,473,665)						396,060,310
Less Unfunded Loan Commitments (0.00%) (cost $1,343)						(1,427	)
Net Investments in Securities 105.57% (cost $391,472,322)						396,058,883
Other Assets and Liabilities – Net(j) (5.57)%						(20,881,454	)
Net Assets 100.00%					$	375,177,429

CHF	Swiss Franc.
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.
REITS	Real Estate Investment Trusts.
SOFR	Secured Overnight 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 January 31, 2023, the total value of Rule 144A securities was $209,962,585, which represents 55.96% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at January 31, 2023.

See Notes to Financial Statements. 63

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

(a)	Foreign security traded in U.S. dollars.
(b)	Investment in non-U.S. dollar denominated securities.
(c)	Security is perpetual in nature and has no stated maturity.
(d)	Securities purchased on a when-issued basis (See Note 2(k)).
(e)	Defaulted (non-income producing security).
(f)	Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at January 31, 2023.
(g)	Interest Rate to be determined.
(h)	Level 3 Investment as described in Note 2(p) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
(i)	Security partially/fully unfunded.
(j)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swap contracts as follows:

Centrally Cleared Credit Default Swap Contracts on Indexes - Sell Protection at January 31, 2023⁽¹⁾:

Referenced Indexes	Central Clearing Party	Fund Receives (Quarterly)	Termination Date	Notional Amount		Payments Upfront(2)		Value		Unrealized Appreciation(3)
Markit CDX.NA.HY.S39(4)(5)		5.00%	12/20/2027		$35,447,000		$662,744		$978,125		$315,381

(1)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contract agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contract 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 contract less the recovery value of the referenced obligation or underlying securities.
(2)	Upfront payments paid (received) by Central Clearing Party are presented net of amortization (See Note 2(i)).
(3)	Total unrealized appreciation on Credit Default Swaps contracts on Indexes amounted to $315,381. Total unrealized depreciation on Credit Default Swap contracts on Indexes amounted to $0.
(4)	Central Clearinghouse: Intercontinental Exchange (ICE).
(5)	The Referenced Index is for the Centrally Cleared Credit Default Swap contracts on Indexes, which is comprised of a basket of high yield securities.

Centrally Cleared Consumer Price Index (“CPI”) Swap Contracts at January 31, 2023:

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)	Periodic Payments to be Received By The Fund (Quarterly)	Termination Date	Notional Amount		Payments Upfront				Value			Agreements Unrealized Appreciation
Bank of America	4.900%	CPI Urban Consumer NSA	1/15/2024	$	41,000,000		$	(69,786	)	$	(67,111	)		$	2,675
Bank of America	4.415%	CPI Urban Consumer NSA	6/1/2023		1,676,000			—			5,795				5,795
Bank of America	4.110%	CPI Urban Consumer NSA	7/1/2023		1,432,559			—			4,469				4,469
Bank of America	2.410%	CPI Urban Consumer NSA	9/30/2023		2,042,563			—			4,485				4,485
Unrealized Appreciation on CPI Centrally Cleared Swap Contracts							$	(69,786	)	$	(52,362	)		$	17,424

64 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Central Clearingparty	Periodic Payments to be Made By The Fund (Quarterly)	Periodic Payments to be Received By The Fund (Quarterly)	Termination Date	Notional Amount		Value/Unrealized Depreciation
Bank of America	4.900%	CPI Urban Consumer NSA	1/15/2024	$	2,137,000		$	(3,498	)
Bank of America	2.383%	CPI Urban Consumer NSA	1/30/2025		8,465,000			(13,704	)
Unrealized Depreciation on CPI Centrally Cleared Swap Contracts							$	(17,202	)

Forward Foreign Currency Exchange Contracts at January 31, 2023:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Euro	Buy	Bank of America	3/13/2023		110,000	$	117,506	$	119,886		$	2,380
Euro	Buy	Bank of America	3/13/2023		265,000		285,669		288,817			3,148
Euro	Buy	Bank of America	3/13/2023		632,000		688,241		688,800			559
Euro	Buy	Morgan Stanley	3/13/2023		434,000		463,036		473,005			9,969
Euro	Buy	Morgan Stanley	3/13/2023		550,000		593,953		599,430			5,477
Euro	Buy	State Street Bank and Trust	3/13/2023		157,000		167,822		171,110			3,288
Euro	Buy	Toronto Dominion Bank	3/13/2023		552,000		597,854		601,610			3,756
British pound	Sell	Morgan Stanley	3/8/2023		129,000		160,048		159,157			891
British pound	Sell	Morgan Stanley	3/8/2023		138,000		171,263		170,261			1,002
British pound	Sell	State Street Bank and Trust	3/8/2023		127,000		158,226		156,689			1,537
Euro	Sell	Toronto Dominion Bank	3/13/2023		986,000		1,074,905		1,074,615			290
Swiss franc	Sell	State Street Bank and Trust	5/23/2023		376,000		416,136		415,490			646
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	32,943

See Notes to Financial Statements. 65

Schedule of Investments (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND January 31, 2023

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	Bank of America	3/8/2023		90,000	$	110,688	$	111,040		$	(352	)
British pound	Sell	Bank of America	3/8/2023		97,000		118,005		119,676			(1,671	)
British pound	Sell	State Street Bank and Trust	3/8/2023		458,000		549,004		565,068			(16,064	)
British pound	Sell	State Street Bank and Trust	3/8/2023		292,000		356,131		360,262			(4,131	)
British pound	Sell	State Street Bank and Trust	3/8/2023		94,000		115,630		115,975			(345	)
British pound	Sell	Toronto Dominion Bank	3/8/2023		1,220,000		1,484,313		1,505,203			(20,890	)
Euro	Sell	Bank of America	3/13/2023		1,538,000		1,647,224		1,676,225			(29,001	)
Euro	Sell	Bank of America	3/13/2023		363,000		390,290		395,624			(5,334	)
Euro	Sell	Morgan Stanley	3/13/2023		338,000		360,868		368,377			(7,509	)
Euro	Sell	Morgan Stanley	3/13/2023		292,000		312,800		318,243			(5,443	)
Euro	Sell	State Street Bank and Trust	3/13/2023		11,879,000		12,620,321		12,946,606			(326,285	)
Euro	Sell	State Street Bank and Trust	3/13/2023		1,184,000		1,257,307		1,290,410			(33,103	)
Euro	Sell	State Street Bank and Trust	3/13/2023		261,000		276,856		284,457			(7,601	)
Euro	Sell	State Street Bank and Trust	3/13/2023		280,000		299,370		305,164			(5,794	)
Euro	Sell	State Street Bank and Trust	3/13/2023		309,000		329,835		336,771			(6,936	)
Euro	Sell	State Street Bank and Trust	3/13/2023		570,000		606,593		621,228			(14,635	)
Euro	Sell	State Street Bank and Trust	3/13/2023		882,000		942,401		961,268			(18,867	)
Euro	Sell	State Street Bank and Trust	3/13/2023		944,000		1,005,760		1,028,840			(23,080	)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(527,041	)

Futures Contracts at January 31, 2023:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
Euro-Bobl	March 2023	73	Short	EUR	(8,580,420	)	EUR	(8,562,900)			$	19,047
U.S. 10-Year Treasury Note	March 2023	46	Short	$	(5,267,808	)	$	(5,267,719	)			89
Total Unrealized Appreciation on Futures Contracts											$	19,136

Type	Expiration	Contracts	Position		Notional Amount		Notional Value	Unrealized Depreciation
U.S. 2-Year Treasury Note	March 2023	153	Long	$	31,525,087	$	31,464,211		$	(60,876	)

66 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

SHORT DURATION HIGH YIELD FUND January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 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	$	–		$	7,764,823		$	–	$	7,764,823
Convertible Bonds		–			7,666,617			–		7,666,617
Corporate Bonds		–			298,924,901			–		298,924,901
Floating Rate Loans
Aerospace/Defense		–			1,150,491			816,506		1,966,997
Chemicals		–			1,032,875			977,500		2,010,375
Containers & Packaging		–			–			208,094		208,094
Machinery		–			14,975			878,281		893,256
Remaining Industries		–			46,388,792			–		46,388,792
Less Unfunded Commitments		–			(1,427	)		–		(1,427	)
Non-Agency Commercial
Mortgage-Backed Securities		–			14,642			–		14,642
Preferred Stocks		29,880			–			–		29,880
Short-Term Investments
Repurchase Agreements		–			30,191,933			–		30,191,933
Total	$	29,880		$	393,148,622		$	2,880,381	$	396,058,883
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	978,125		$	–	$	978,125
Liabilities		–			–			–		–
Centrally Cleared CPI Swap Contracts
Assets		–			14,749			–		14,749
Liabilities		–			(84,313	)		–		(84,313	)
Forward Foreign Currency Exchange Contracts
Assets		–			32,943			–		32,943
Liabilities		–			(527,041	)		–		(527,041	)
Futures Contracts
Assets		19,136			–			–		19,136
Liabilities		(60,876	)		–			–		(60,876	)
Total	$	(41,740	)	$	414,463		$	–	$	372,723

(1)

Refer to Note 2(p) 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.

See Notes to Financial Statements. 67

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	Climate Focused Bond Fund			Emerging Markets Equity Fund
ASSETS:
Investments in securities, at cost	$	21,066,091		$	4,419,580
Investments in securities, at fair value	$	19,029,849		$	4,659,795
Cash		259			46,349
Deposits with brokers for futures collateral		73,458			–
Foreign cash, at value (cost $0 and $57,687, respectively)		–			46,673
Receivables:
Investment securities sold		583,086			118,361
Capital shares sold		291,059			43,600
Interest and dividends		132,931			17,308
From advisor (See Note 3)		16,004			8,346
Unrealized appreciation on forward foreign currency exchange contracts		25,524			–
Prepaid expenses		46,795			51,899
Total assets		20,198,965			4,992,331
LIABILITIES:
Payables:
Variation margin for futures contracts		6,831			–
Management fee		5,770			2,612
Investment securities purchased		2,121			88,670
12b-1 distribution plan		1,522			1,005
Capital shares reacquired		1,444			–
Fund administrative service fees		659			161
Trustees’ fees		469			173
Due to broker for forwards and swaps collateral		10,000			–
Foreign capital gains taxes deferred		–			1,193
Unrealized depreciation on forward foreign currency exchange contracts		221,304			–
Foreign currency overdraft (cost $2,523 and $0, respectively)		7,672			–
Distributions payable		45,856			–
Accrued expenses and other liabilities		66,069			5,283
Total liabilities		369,717			99,097
NET ASSETS	$	19,829,248		$	4,893,234
COMPOSITION OF NET ASSETS:
Paid-in capital	$	24,126,314		$	5,107,425
Total distributable earnings (loss)		(4,297,066	)		(214,191	)
Net Assets	$	19,829,248		$	4,893,234

68 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2023

	International Growth Fund			Short Duration High Yield Fund
ASSETS:
Investments in securities, at cost	$	2,026,640		$	391,472,322
Investments in securities, at fair value	$	2,127,092		$	396,058,883
Cash		33,695			1,518
Deposits with brokers for futures collateral		–			361,143
Deposits with brokers for forwards and swaps collateral		–			4,398,538
Foreign cash, at value (cost $30,994 and $16,389, respectively)		29,470			16,335
Receivables:
Investment securities sold		25,252			1,995,784
Capital shares sold		–			15,150,628
Interest and dividends		4,157			5,188,233
From advisor (See Note 3)		17,609			11,899
Variation margin for centrally cleared swap agreements		–			243,331
Variation margin for futures contracts		–			3,004
Unrealized appreciation on forward foreign currency exchange contracts		–			32,943
Unrealized appreciation on unfunded commitments		–			84
Prepaid expenses		61,034			107,068
Total assets		2,298,309			423,569,391
LIABILITIES:
Payables:
Management fee		821			89,679
Investment securities purchased		5,951			45,001,117
Custody		13,639			–
Professional		19,198			–
Reports to shareholders		8,234			–
12b-1 distribution plan		362			11,231
Capital shares reacquired		–			791,705
Fund administrative service fees		73			10,249
Trustees’ fees		621			287
Foreign capital gains taxes deferred		7			–
Unrealized depreciation on forward foreign currency exchange contracts		–			527,041
Distributions payable		–			1,929,066
Accrued expenses and other liabilities		1,125			31,587
Total liabilities		50,031			48,391,962
NET ASSETS	$	2,248,278		$	375,177,429
COMPOSITION OF NET ASSETS:
Paid-in capital	$	2,645,295		$	372,694,644
Total distributable earnings (loss)		(397,017	)		2,482,785
Net Assets	$	2,248,278		$	375,177,429

See Notes to Financial Statements. 69

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2023

	Climate Focused Bond Fund			Emerging Markets Equity Fund
Net Assets by class:
Class A Shares	$	4,503,573		$	2,976,210
Class C Shares	$	763,297		$	479,070
Class F Shares	$	3,735,034		$	23,964
Class F3 Shares	$	103,769		$	239,715
Class I Shares	$	10,140,722		$	455,131
Class R3 Shares	$	20,757		$	–
Class R4 Shares	$	27,255		$	–
Class R5 Shares	$	20,757		$	–
Class R6 Shares	$	514,084		$	719,144
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		542,506			207,343
Class C Shares		91,955			33,504
Class F Shares		449,890			1,667
Class F3 Shares		12,500			16,667
Class I Shares		1,221,373			31,667
Class R3 Shares		2,500			–
Class R4 Shares		3,283			–
Class R5 Shares		2,500			–
Class R6 Shares		61,943			50,000
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$	8.30		$	14.35
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25% and 5.75%, respectively)		$	8.49		$	15.23
Class C Shares-Net asset value		$	8.30		$	14.30
Class F Shares-Net asset value		$	8.30		$	14.38
Class F3 Shares-Net asset value		$	8.30		$	14.38
Class I Shares-Net asset value		$	8.30		$	14.37
Class R3 Shares-Net asset value		$	8.30		$	–
Class R4 Shares-Net asset value		$	8.30		$	–
Class R5 Shares-Net asset value		$	8.30		$	–
Class R6 Shares-Net asset value		$	8.30		$	14.38

70 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

January 31, 2023

	International Growth Fund			Short Duration High Yield Fund
Net Assets by class:
Class A Shares	$	1,320,537		$	33,100,846
Class C Shares	$	97,048		$	6,218,242
Class F Shares	$	80,359		$	62,012,745
Class F3 Shares	$	8,037		$	9,073
Class I Shares	$	8,027		$	273,423,024
Class R3 Shares	$	8,005		$	9,073
Class R4 Shares	$	8,016		$	9,073
Class R5 Shares	$	8,027		$	9,073
Class R6 Shares	$	710,222		$	386,280
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		109,873			3,400,034
Class C Shares		8,117			638,846
Class F Shares		6,667			6,373,544
Class F3 Shares		667			932
Class I Shares		667			28,135,503
Class R3 Shares		667			932
Class R4 Shares		667			932
Class R5 Shares		667			932
Class R6 Shares		58,920			39,675
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$	12.02		$	9.74
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75% and 2.25%, respectively)		$	12.75		$	9.96
Class C Shares-Net asset value*		$	11.95		$	9.73
Class F Shares-Net asset value		$	12.05		$	9.73
Class F3 Shares-Net asset value*		$	12.05		$	9.74
Class I Shares-Net asset value*		$	12.04		$	9.72
Class R3 Shares-Net asset value*		$	12.01		$	9.74
Class R4 Shares-Net asset value*		$	12.02		$	9.74
Class R5 Shares-Net asset value*		$	12.04		$	9.74
Class R6 Shares-Net asset value		$	12.05		$	9.74
*    Net asset value may not recalculate due to rounding of fractional shares.

See Notes to Financial Statements. 71

Statements of Operations (unaudited)

For the Six Months Ended January 31, 2023

	Climate Focused Bond Fund			Emerging Markets Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $4,188, respectively)	$	–		$	59,141
Interest and other		261,167			342
Total investment income		261,167			59,483
Expenses:
Management fee		34,765			16,793
12b-1 distribution plan-Class A		4,861			3,349
12b-1 distribution plan-Class C		3,269			2,209
12b-1 distribution plan-Class F		1,974			11
12b-1 distribution plan-Class R3		54			–
12b-1 distribution plan-Class R4		31			–
Registration		58,327			25,340
Professional		27,223			17,698
Reports to shareholders		6,993			573
Custody		6,188			7,305
Shareholder servicing		5,101			2,162
Fund administrative service fees		3,973			891
Trustees’ fees		289			239
Other		7,317			2,710
Gross expenses		160,365			79,280
Expense reductions (See Note 9)		(298	)		(55	)
Fees waived and expenses reimbursed (See Note 3)		(107,253	)		(52,589	)
Net expenses		52,814			26,636
Net investment income		208,353			32,847
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(883,318	)		(160,760	)
Net realized gain (loss) on futures contracts		45,071			–
Net realized gain (loss) on forward foreign currency exchange contracts		125,674			(78	)
Net realized gain (loss) on swap contracts		17,808			–
Net realized gain (loss) on foreign currency related transactions		61,940			(4,546	)
Net change in unrealized appreciation/depreciation on investments		446,763			492,107
Net change in unrealized appreciation/depreciation on futures contracts		(103,592	)		–
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		(482,743	)		–
Net change in unrealized appreciation/depreciation on swap contracts		9,074			–
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes		–			(2,073	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(3,021	)		(8,271	)
Net change in unrealized appreciation/depreciation on unfunded commitments		639			–
Net realized and unrealized gain (loss)		(765,705	)		316,379
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(557,352	)	$	349,226

72 See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended January 31, 2023

	International Growth Fund			Short Duration High Yield Fund
Investment income:
Dividends (net of foreign withholding taxes of $1,056 and $0, respectively)	$	11,227		$	3,516
Interest and other (net of foreign withholding taxes of $0 and $4,332, respectively)		8			4,339,227
Total investment income		11,235			4,342,743
Expenses:
Management fee		5,786			229,133
12b-1 distribution plan–Class A		1,497			18,123
12b-1 distribution plan–Class C		444			11,241
12b-1 distribution plan–Class F		37			15,940
12b-1 distribution plan–Class R3		19			23
12b-1 distribution plan–Class R4		9			11
Registration		68,581			60,891
Professional		23,690			28,827
Reports to shareholders		4,295			9,735
Custody		23,330			10,221
Shareholder servicing		243			17,922
Fund administrative service fees		394			23,918
Trustees’ fees		238			255
Other		5,348			6,490
Gross expenses		133,911			432,730
Expense reductions (See Note 9)		(22	)		(2,281	)
Fees waived and expenses reimbursed (See Note 3)		(124,567	)		(120,100	)
Net expenses		9,322			310,349
Net investment income		1,913			4,032,394
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(158,614	)		(651,453	)
Net realized gain (loss) on futures contracts		–			(36,469	)
Net realized gain (loss) on forward foreign currency exchange contracts		–			(228,223	)
Net realized gain (loss) on swap contracts		–			392,099
Net realized gain (loss) on foreign currency related transactions		1,916			(26,567	)
Net change in unrealized appreciation/depreciation on investments		251,753			5,743,434
Net change in unrealized appreciation/depreciation on futures contracts		–			(40,588	)
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		–			(585,189	)
Net change in unrealized appreciation/depreciation on swap contracts		–			285,483
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes		(7	)		–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(857	)		7,673
Net change in unrealized appreciation/depreciation on unfunded commitments		–			113
Net realized and unrealized gain (loss)		94,191			4,860,313
Net Increase in Net Assets Resulting From Operations	$	96,104		$	8,892,707

See Notes to Financial Statements. 73

Statements of Changes in Net Assets

For the Six Months Ended January 31, 2023

	Climate Focused Bond Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2023 (unaudited)			For the Year Ended July 31, 2022
Operations:
Net investment income	$	208,353		$	298,306
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swap contracts and foreign currency related transactions		(632,825	)		496,698
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swap contracts, deferred foreign capital gains taxes, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		(132,880	)		(2,851,871	)
Net increase (decrease) in net assets resulting from operations		(557,352	)		(2,056,867	)
Distributions to shareholders:
Class A		(326,826	)		(170,879	)
Class C		(54,268	)		(24,062	)
Class F		(279,135	)		(139,527	)
Class F3		(7,830	)		(4,520	)
Class I		(670,398	)		(434,586	)
Class R3		(1,508	)		(768	)
Class R4		(1,941	)		(829	)
Class R5		(1,562	)		(890	)
Class R6		(36,760	)		(16,360	)
Total distributions to shareholders		(1,380,228	)		(792,421	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		1,856,691			4,697,265
Reinvestment of distributions		707,167			377,603
Cost of shares reacquired		(1,784,636	)		(5,069,488	)
Net increase in net assets resulting from capital share transactions		779,222			5,380
Net increase (decrease) in net assets		(1,158,358	)		(2,843,908	)
NET ASSETS:
Beginning of period	$	20,987,606		$	23,831,514
End of period	$	19,829,248		$	20,987,606

^(a)  For the period March 2, 2022, commencement of operations, to July 31, 2022.

74 See Notes to Financial Statements.

Emerging Markets Equity Fund
For the Six Months Ended January 31, 2023 (unaudited)			For the Period Ended July 31, 2022(a)
$	32,847		$	56,807
	(165,384	)		(279,118	)
	481,763			(258,214	)
	349,226			(480,525	)
	(49,846	)		–
	(6,897	)		–
	(427	)		–
	(4,362	)		–
	(8,275	)		–
	–			–
	–			–
	–			–
	(13,085	)		–
	(82,892	)		–
	91,637			5,021,418
	307			–
	(201	)		(5,736	)
	91,743			5,015,682
	358,077			4,535,157
$	4,535,157		$	–
$	4,893,234		$	4,535,157

See Notes to Financial Statements. 75

Statements of Changes in Net Assets (concluded)

For the Six Months Ended January 31, 2023

	International Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended January 31, 2023 (unaudited)			For the Year Ended July 31, 2022
Operations:
Net investment income	$	1,913		$	10,409
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swap contracts and foreign currency related transactions		(156,698	)		(324,936	)
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swap contracts, deferred foreign capital gains taxes, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		250,889			(182,276	)
Net increase (decrease) in net assets resulting from operations		96,104			(496,803	)
Distributions to shareholders:
Class A		(8,008	)		–
Class C		–			–
Class F		(577	)		–
Class F3		(68	)		–
Class I		(65	)		–
Class R3		(26	)		–
Class R4		(46	)		–
Class R5		(65	)		–
Class R6		(5,097	)		–
Total distributions to shareholders		(13,952	)		–
Capital share transactions (See Note 15):
Net proceeds from sales of shares		129,590			465,388
Reinvestment of distributions		3,081			–
Cost of shares reacquired		(74	)		(2,780	)
Net increase in net assets resulting from capital share transactions		132,597			462,608
Net increase (decrease) in net assets		214,749			(34,195	)
NET ASSETS:
Beginning of period	$	2,033,529		$	2,067,724
End of period	$	2,248,278		$	2,033,529

76 See Notes to Financial Statements.

Short Duration High Yield Fund
For the Six Months Ended January 31, 2023 (unaudited)			For the Year Ended July 31, 2022
$	4,032,394		$	1,108,429
	(550,613	)		(645,748	)
	5,410,926			(1,526,898	)
	8,892,707			(1,064,217	)
	(627,830	)		(847,838	)
	(81,498	)		(91,058	)
	(1,135,054	)		(596,325	)
	(316	)		(736	)
	(2,499,133	)		(61,323	)
	(300	)		(693	)
	(303	)		(706	)
	(314	)		(732	)
	(9,133	)		(14,887	)
	(4,353,881	)		(1,614,298	)
	374,436,628			28,397,257
	4,151,330			1,210,031
	(38,902,740	)		(14,005,290	)
	339,685,218			15,601,998
	344,224,044			12,923,483
$	30,953,385		$	18,029,902
$	375,177,429		$	30,953,385

See Notes to Financial Statements. 77

Financial Highlights (unaudited)

CLIMATE FOCUSED BOND FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
1/31/2023(c)	$	9.16	$	0.09		$	(0.33	)	$	(0.24	)	$	(0.62	)	$	–		$	(0.62	)
7/31/2022		10.38		0.12			(1.00	)		(0.88	)		(0.24	)		(0.10	)		(0.34	)
7/31/2021		10.30		0.13			0.14			0.27			(0.19	)		–			(0.19	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)
Class C
1/31/2023(c)		9.16		0.06			(0.33	)		(0.27	)		(0.59	)		–			(0.59	)
7/31/2022		10.38		0.05			(0.99	)		(0.94	)		(0.18	)		(0.10	)		(0.28	)
7/31/2021		10.30		0.05			0.13			0.18			(0.10	)		–			(0.10	)
5/20/2020 to 7/31/2020(f)		10.00		0.01	(g)		0.31	(g)		0.32			(0.02	)		–			(0.02	)
Class F
1/31/2023(c)		9.16		0.10			(0.34	)		(0.24	)		(0.62	)		–			(0.62	)
7/31/2022		10.38		0.14			(1.00	)		(0.86	)		(0.26	)		(0.10	)		(0.36	)
7/31/2021		10.30		0.15			0.14			0.29			(0.21	)		–			(0.21	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)
Class F3
1/31/2023(c)		9.16		0.10			(0.33	)		(0.23	)		(0.63	)		–			(0.63	)
7/31/2022		10.38		0.14			(1.00	)		(0.86	)		(0.26	)		(0.10	)		(0.36	)
7/31/2021		10.30		0.16			0.13			0.29			(0.21	)		–			(0.21	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)
Class I
1/31/2023(c)		9.16		0.10			(0.34	)		(0.24	)		(0.62	)		–			(0.62	)
7/31/2022		10.38		0.14			(1.00	)		(0.86	)		(0.26	)		(0.10	)		(0.36	)
7/31/2021		10.30		0.14			0.15			0.29			(0.21	)		–			(0.21	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)
Class R3
1/31/2023(c)		9.16		0.07			(0.33	)		(0.26	)		(0.60	)		–			(0.60	)
7/31/2022		10.38		0.09			(1.00	)		(0.91	)		(0.21	)		(0.10	)		(0.31	)
7/31/2021		10.30		0.10			0.13			0.23			(0.15	)		–			(0.15	)
5/20/2020 to 7/31/2020(f)		10.00		0.02	(g)		0.31	(g)		0.33			(0.03	)		–			(0.03	)
Class R4
1/31/2023(c)		9.16		0.09			(0.34	)		(0.25	)		(0.61	)		–			(0.61	)
7/31/2022		10.38		0.11			(1.00	)		(0.89	)		(0.23	)		(0.10	)		(0.33	)
7/31/2021		10.30		0.12			0.14			0.26			(0.18	)		–			(0.18	)
5/20/2020 to 7/31/2020(f)		10.00		0.02	(g)		0.32	(g)		0.34			(0.04	)		–			(0.04	)

78 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	8.30		(2.56	)(d)		0.65	(e)		1.72	(e)		1.98	(e)	$	4,504		35	(d)
	9.16		(8.72	)		0.65			1.63			1.21			5,108		74
	10.38		2.60			0.65			2.05			1.25			4,366		69
	10.30		3.37	(d)(h)		0.65	(e)		3.04	(e)		1.28	(e)		3,521		17	(d)
	8.30		(2.81	)(d)		1.26	(e)		2.33	(e)		1.37	(e)		763		35	(d)
	9.16		(9.29	)		1.29			2.27			0.57			852		74
	10.38		1.79			1.45			2.84			0.46			901		69
	10.30		3.21	(d)(h)		1.45	(e)		3.84	(e)		0.49	(e)		622		17	(d)
	8.30		(2.42	)(d)		0.45	(e)		1.62	(e)		2.18	(e)		3,735		35	(d)
	9.16		(8.53	)		0.45			1.53			1.41			4,134		74
	10.38		2.81			0.45			1.95			1.45			3,866		69
	10.30		3.41	(d)(h)		0.45	(e)		2.93	(e)		1.46	(e)		3,089		17	(d)
	8.30		(2.40	)(d)		0.41	(e)		1.48	(e)		2.22	(e)		104		35	(d)
	9.16		(8.47	)		0.39			1.42			1.46			115		74
	10.38		2.88			0.38			1.81			1.53			130		69
	10.30		3.43	(d)(h)		0.38	(e)		2.63	(e)		1.53	(e)		129		17	(d)
	8.30		(2.42	)(d)		0.45	(e)		1.51	(e)		2.18	(e)		10,141		35	(d)
	9.16		(8.53	)		0.45			1.41			1.40			10,282		74
	10.38		2.80			0.45			1.72			1.40			14,042		69
	10.30		3.41	(d)(h)		0.45	(e)		2.85	(e)		1.46	(e)		3,089		17	(d)
	8.30		(2.66	)(d)		0.95	(e)		1.98	(e)		1.70	(e)		21		35	(d)
	9.16		(8.98	)		0.95			1.93			0.90			23		74
	10.38		2.29			0.95			2.37			0.95			26		69
	10.30		3.31	(d)(h)		0.95	(e)		3.33	(e)		0.98	(e)		26		17	(d)
	8.30		(2.53	)(d)		0.70	(e)		1.76	(e)		1.96	(e)		27		35	(d)
	9.16		(8.76	)		0.70			1.67			1.16			23		74
	10.38		2.54			0.70			2.12			1.20			26		69
	10.30		3.36	(d)(h)		0.70	(e)		3.08	(e)		1.24	(e)		26		17	(d)

See Notes to Financial Statements. 79

Financial Highlights (unaudited)(continued)

CLIMATE FOCUSED BOND FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R5
1/31/2023(c)	$	9.16	$	0.10		$	(0.33	)		(0.23	)	$	(0.63	)	$	–		$	(0.63	)
7/31/2022		10.38		0.14			(1.00	)		(0.86	)		(0.26	)		(0.10	)		(0.36	)
7/31/2021		10.30		0.15			0.14			0.29			(0.21	)		–			(0.21	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)
Class R6
1/31/2023(c)		9.16		0.10			(0.33	)		(0.23	)		(0.63	)		–			(0.63	)
7/31/2022		10.37		0.14			(0.99	)		(0.85	)		(0.26	)		(0.10	)		(0.36	)
7/31/2021		10.30		0.16			0.12			0.28			(0.21	)		–			(0.21	)
5/20/2020 to 7/31/2020(f)		10.00		0.03	(g)		0.31	(g)		0.34			(0.04	)		–			(0.04	)

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.
(f)	Commencement of operations was on 5/20/2020, SEC effective date and date shares first became available to the public was 5/28/2020.
(g)	Net investment income and net realized and unrealized gain (loss) amounted to less than $0.01 for the period 5/20/2020 through 5/28/2020.
(h)	Total return for the period 5/28/2020 through 7/31/2020 was 3.47% for Class A, 3.32% for Class C, 3.52% for Class F, 3.53% for Class F3, 3.52% for Class I, 3.41% for Class R3, 3.46% for Class R4, 3.51% for Class R5, and 3.53% for Class R6.

80 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	8.30		(2.41	)(d)		0.45	(e)		1.49	(e)		2.19	(e)	$	21		35	(d)
	9.16		(8.53	)		0.45			1.42			1.41			23		74
	10.38		2.80			0.45			1.86			1.45			26		69
	10.30		3.41	(d)(h)		0.45	(e)		2.83	(e)		1.49	(e)		26		17	(d)
	8.30		(2.40	)(d)		0.41	(e)		1.47	(e)		2.24	(e)		514		35	(d)
	9.16		(8.47	)		0.39			1.43			1.46			428		74
	10.37		2.88			0.38			1.79			1.52			449		69
	10.30		3.43	(d)(h)		0.38	(e)		2.63	(e)		1.53	(e)		309		17	(d)

See Notes to Financial Statements. 81

Financial Highlights (unaudited)(continued)

EMERGING MARKETS EQUITY FUND

	Per Share Operating Performance:
	Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net asset value, end of period
Class A
1/31/2023(e)	$	13.56	$	0.10		$	0.94		$	1.04		$	(0.25	)	$	14.35
3/2/2022 to 7/31/2022(f)		15.00		0.17	(g)		(1.61	)(g)		(1.44	)		—			13.56
Class C
1/31/2023(e)		13.52		0.05			0.94			0.99			(0.21	)		14.30
3/2/2022 to 7/31/2022(f)		15.00		0.13	(g)		(1.61	)(g)		(1.48	)		—			13.52
Class F
1/31/2023(e)		13.58		0.11			0.95			1.06			(0.26	)		14.38
3/2/2022 to 7/31/2022(f)		15.00		0.19	(g)		(1.61	)(g)		(1.42	)		—			13.58
Class F3
1/31/2023(e)		13.58		0.12			0.94			1.06			(0.26	)		14.38
3/2/2022 to 7/31/2022(f)		15.00		0.19	(g)		(1.61	)(g)		(1.42	)		—			13.58
Class I
1/31/2023(e)		13.58		0.11			0.94			1.05			(0.26	)		14.37
3/2/2022 to 7/31/2022(f)		15.00		0.19	(g)		(1.61	)(g)		(1.42	)		—			13.58
Class R6
1/31/2023(e)		13.58		0.12			0.94			1.06			(0.26	)		14.38
3/2/2022 to 7/31/2022(f)		15.00		0.19	(g)		(1.61	)(g)		(1.42	)		—			13.58

(a)	Calculated using average shares outstanding during the period.
(b)	Not annualized.
(c)	Total return for Class A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(d)	Annualized.
(e)	Unaudited.
(f)	Commencement of operations was on 3/2/2022, SEC effective date and date shares first became available to the public was 3/10/2022.
(g)	Net investment income and net realized and unrealized gain (loss) amounted to less than $0.01 for the period 3/2/2022 through 3/10/2022.
(h)	Total return for the period 3/10/2022 through 7/31/2022 was (9.41%) for Class A, (9.68%) for Class C, (9.35%) for Class F, (9.28%) for Class F3, (9.35%) for Class I, and (9.28%) for Class R6.

82 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)(c)			Total expenses after waivers and/or reim- bursements (%)(d)		Total expenses (%)(d)		Net invest- ment income (loss) (%)(d)		Net assets, end of period (000)		Portfolio turnover rate (%)(b)
	7.76			1.21		3.58		1.46	$	2,976		72
	(9.53	)(h)		1.24		3.77		2.86		2,727		56
	7.37			1.96		4.33		0.71		479		72
	(9.80	)(h)		1.99		4.52		2.11		451		56
	7.97			0.96		3.44		1.71		24		72
	(9.47	)(h)		0.99		3.62		3.11		23		56
	7.93			0.88		3.22		1.79		240		72
	(9.40	)(h)		0.91		3.41		3.20		226		56
	7.93			0.96		3.33		1.71		455		72
	(9.47	)(h)		0.99		3.52		3.11		430		56
	7.93			0.88		3.22		1.79		719		72
	(9.40	)(h)		0.91		3.41		3.19		679		56

See Notes to Financial Statements. 83

Financial Highlights (unaudited)(continued)

INTERNATIONAL GROWTH FUND

	Per Share Operating Performance:
	Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net asset value, end of period
Class A
1/31/2023(c)	$	11.58	$	0.01		$	0.50		$	0.51		$	(0.07	)	$	12.02
7/31/2022		15.12		0.06			(3.60	)		(3.54	)		–			11.58
6/18/2021 to 7/31/2021(f)		15.00		(0.01	)(g)		0.13	(g)		0.12			–			15.12
Class C
1/31/2023(c)		11.49		(0.03	)		0.49			0.46			–			11.95
7/31/2022		15.11		(0.04	)		(3.58	)		(3.62	)		–			11.49
6/18/2021 to 7/31/2021(f)		15.00		(0.02	)(g)		0.13	(g)		0.11			–			15.11
Class F
1/31/2023(c)		11.62		0.02			0.50			0.52			(0.09	)		12.05
7/31/2022		15.13		0.09			(3.60	)		(3.51	)		–			11.62
6/18/2021 to 7/31/2021(f)		15.00		–	(g)(i)		0.13	(g)		0.13			–			15.13
Class F3
1/31/2023(c)		11.63		0.02			0.50			0.52			(0.10	)		12.05
7/31/2022		15.12		0.10			(3.59	)		(3.49	)		–			11.63
6/18/2021 to 7/31/2021(f)		15.00		–	(g)(i)		0.12	(g)		0.12			–			15.12
Class I
1/31/2023(c)		11.62		0.02			0.50			0.52			(0.10	)		12.04
7/31/2022		15.12		0.09			(3.59	)		(3.50	)		–			11.62
6/18/2021 to 7/31/2021(f)		15.00		–	(g)(i)		0.12	(g)		0.12			–			15.12
Class R3
1/31/2023(c)		11.55		–	(i)		0.50			0.50			(0.04	)		12.01
7/31/2022		15.11		0.02			(3.58	)		(3.56	)		–			11.55
6/18/2021 to 7/31/2021(f)		15.00		(0.01	)(g)(i)		0.12	(g)		0.11			–			15.11
Class R4
1/31/2023(c)		11.58		0.01			0.50			0.51			(0.07	)		12.02
7/31/2022		15.12		0.06			(3.60	)		(3.54	)		–			11.58
6/18/2021 to 7/31/2021(f)		15.00		(0.01	)(g)		0.13	(g)		0.12			–			15.12

84 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	4.50	(d)		1.03	(e)		13.65	(e)		0.12	(e)	$	1,321		49	(d)
	(23.41	)		1.06			6.90			0.45			1,242		84
	0.80	(d)(h)		1.06	(e)		16.19	(e)		(0.38	)(e)		1,058		5	(d)
	4.00	(d)		1.78	(e)		14.40	(e)		(0.63	)(e)		97		49	(d)
	(23.96	)		1.81			7.51			(0.29	)		92		84
	0.73	(d)(h)		1.81	(e)		16.91	(e)		(1.13	)(e)		102		5	(d)
	4.60	(d)		0.77	(e)		13.50	(e)		0.37	(e)		80		49	(d)
	(23.27	)		0.81			6.51			0.68			77		84
	0.87	(d)(h)		0.81	(e)		16.02	(e)		(0.14	)(e)		101		5	(d)
	4.65	(d)		0.68	(e)		13.41	(e)		0.47	(e)		8		49	(d)
	(23.13	)		0.73			6.27			0.74			8		84
	0.87	(d)(h)		0.73	(e)		15.76	(e)		(0.15	)(e)		10		5	(d)
	4.62	(d)		0.81	(e)		13.46	(e)		0.35	(e)		8		49	(d)
	(23.27	)		0.81			6.43			0.67			8		84
	0.87	(d)(h)		0.81	(e)		15.85	(e)		(0.09	)(e)		10		5	(d)
	4.36	(d)		1.22	(e)		13.83	(e)		(0.08	)(e)		8		49	(d)
	(23.61	)		1.31			6.93			0.18			8		84
	0.80	(d)(h)		1.31	(e)		16.38	(e)		(0.62	)(e)		10		5	(d)
	4.45	(d)		0.97	(e)		13.60	(e)		0.16	(e)		8		49	(d)
	(23.41	)		1.06			6.68			0.41			8		84
	0.80	(d)(h)		1.06	(e)		16.12	(e)		(0.35	)(e)		10		5	(d)

See Notes to Financial Statements. 85

Financial Highlights (unaudited)(continued)

INTERNATIONAL GROWTH FUND

	Per Share Operating Performance:
	Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net asset value, end of period
Class R5
1/31/2023(c)	$	11.62	$	0.02		$	0.50		$	0.52		$	(0.10	)	$	12.04
7/31/2022		15.13		0.09			(3.60	)		(3.51	)		–			11.62
6/18/2021 to 7/31/2021(f)		15.00		–	(g)(i)		0.13	(g)		0.13			–			15.13
Class R6
1/31/2023(c)		11.63		0.02			0.50			0.52			(0.10	)		12.05
7/31/2022		15.13		0.10			(3.60	)		(3.50	)		–			11.63
6/18/2021 to 7/31/2021(f)		15.00		–	(g)(i)		0.13	(g)		0.13			–			15.13

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.
(f)	Commencement of operations was on 6/18/2021, SEC effective date and date shares first became available to the public was 6/28/2021.
(g)	Net investment income and net realized and unrealized gain (loss) amounted to less than $0.01 for the period 6/18/2021 through 6/28/2021.
(h)	Total return for the period 6/28/2021 through 7/31/2021 was (0.40%) for Class A, (0.46%) for Class C, (0.33%) for Class F, (0.33%) for Class F3, (0.33%) for Class I, (0.40%) for Class R3, (0.40%) for Class R4, (0.33%) for Class R5, and (0.33%) for Class R6.
(i)	Amount less than $0.01.

86 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	4.62	(d)		0.76	(e)		13.40	(e)		0.40	(e)	$	8		49	(d)
	(23.27	)		0.81			6.43			0.67			8		84
	0.87	(d)(h)		0.81	(e)		15.85	(e)		(0.09	)(e)		10		5	(d)
	4.56	(d)		0.68	(e)		13.36	(e)		0.45	(e)		710		49	(d)
	(23.13	)		0.73			6.28			0.76			584		84
	0.87	(d)(h)		0.73	(e)		15.78	(e)		(0.06	)(e)		756		5	(d)

See Notes to Financial Statements. 87

Financial Highlights (unaudited)(continued)

SHORT DURATION HIGH YIELD FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income  (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
1/31/2023(c)	$	9.83	$	0.31		$	(0.07	)(i)	$	0.24		$	(0.33	)	$	–		$	(0.33	)
7/31/2022		11.00		0.49			(0.92	)		(0.43	)		(0.59	)		(0.15	)		(0.74	)
7/31/2021		10.61		0.48			0.57			1.05			(0.59	)		(0.07	)		(0.66	)
4/22/2020 to 7/31/2020(f)		10.00		0.15	(g)		0.63	(g)		0.78			(0.17	)		–			(0.17	)
Class C
1/31/2023(c)		9.83		0.28			(0.08	)(i)		0.20			(0.30	)		–			(0.30	)
7/31/2022		11.00		0.42			(0.92	)		(0.50	)		(0.52	)		(0.15	)		(0.67	)
7/31/2021		10.61		0.42			0.55			0.97			(0.51	)		(0.07	)		(0.58	)
4/22/2020 to 7/31/2020(f)		10.00		0.13	(g)		0.62	(g)		0.75			(0.14	)		–			(0.14	)
Class F
1/31/2023(c)		9.83		0.32			(0.08	)(i)		0.24			(0.34	)		–			(0.34	)
7/31/2022		11.00		0.52			(0.92	)		(0.40	)		(0.62	)		(0.15	)		(0.77	)
7/31/2021		10.61		0.52			0.55			1.07			(0.61	)		(0.07	)		(0.68	)
4/22/2020 to 7/31/2020(f)		10.00		0.16	(g)		0.62	(g)		0.78			(0.17	)		–			(0.17	)
Class F3
1/31/2023(c)		9.83		0.32			(0.07	)(i)		0.25			(0.34	)		–			(0.34	)
7/31/2022		11.00		0.52			(0.92	)		(0.40	)		(0.62	)		(0.15	)		(0.77	)
7/31/2021		10.61		0.54			0.54			1.08			(0.62	)		(0.07	)		(0.69	)
4/22/2020 to 7/31/2020(f)		10.00		0.16	(g)		0.62	(g)		0.78			(0.17	)		–			(0.17	)
Class I
1/31/2023(c)		9.82		0.32			(0.08	)(i)		0.24			(0.34	)		–			(0.34	)
7/31/2022		11.00		0.52			(0.93	)		(0.41	)		(0.62	)		(0.15	)		(0.77	)
7/31/2021		10.61		0.54			0.53			1.07			(0.61	)		(0.07	)		(0.68	)
4/22/2020 to 7/31/2020(f)		10.00		0.16	(g)		0.62	(g)		0.78			(0.17	)		–			(0.17	)
Class R3
1/31/2023(c)		9.83		0.29			(0.07	)(i)		0.22			(0.31	)		–			(0.31	)
7/31/2022		11.00		0.46			(0.92	)		(0.46	)		(0.56	)		(0.15	)		(0.71	)
7/31/2021		10.62		0.48			0.53			1.01			(0.56	)		(0.07	)		(0.63	)
4/22/2020 to 7/31/2020(f)		10.00		0.15	(g)		0.63	(g)		0.78			(0.16	)		–			(0.16	)
Class R4
1/31/2023(c)		9.83		0.30			(0.06	)(i)		0.24			(0.33	)		–			(0.33	)
7/31/2022		11.00		0.48			(0.91	)		(0.43	)		(0.59	)		(0.15	)		(0.74	)
7/31/2021		10.62		0.51			0.53			1.04			(0.59	)		(0.07	)		(0.66	)
4/22/2020 to 7/31/2020(f)		10.00		0.15	(g)		0.63	(g)		0.78			(0.16	)		–			(0.16	)

88 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	9.74		2.53	(d)		0.68	(e)		1.01	(e)		6.43	(e)	$	33,101		37	(d)
	9.83		(4.04	)		0.71			1.70			4.69			11,090		123
	11.00		10.22			0.71			2.00			4.43			9,849		69
	10.61		7.81	(d)(h)		0.71	(e)		3.95	(e)		5.45	(e)		1,727		27	(d)
	9.73		2.08	(d)		1.33	(e)		1.64	(e)		5.76	(e)		6,218		37	(d)
	9.83		(4.71	)		1.42			2.41			4.00			1,399		123
	11.00		9.34			1.51			2.91			3.81			1,324		69
	10.61		7.58	(d)(h)		1.51	(e)		4.74	(e)		4.64	(e)		584		27	(d)
	9.73		2.52	(d)		0.47	(e)		0.83	(e)		6.54	(e)		62,013		37	(d)
	9.83		(3.85	)		0.51			1.61			5.12			16,197		123
	11.00		10.43			0.51			2.03			4.80			6,071		69
	10.61		7.87	(d)(h)		0.51	(e)		3.84	(e)		5.65	(e)		2,574		27	(d)
	9.74		2.65	(d)		0.47	(e)		0.89	(e)		6.58	(e)		9		37	(d)
	9.83		(3.79	)		0.47			1.48			4.92			9		123
	11.00		10.50			0.44			1.97			5.01			11		69
	10.61		7.89	(d)(h)		0.44	(e)		3.66	(e)		5.72	(e)		11		27	(d)
	9.72		2.52	(d)		0.45	(e)		0.53	(e)		6.67	(e)		273,423		37	(d)
	9.82		(3.94	)		0.51			1.54			5.14			2,061		123
	11.00		10.44			0.51			2.02			4.94			550		69
	10.61		7.87	(d)(h)		0.51	(e)		3.77	(e)		5.65	(e)		531		27	(d)
	9.74		2.37	(d)		0.99	(e)		1.44	(e)		6.26	(e)		9		37	(d)
	9.83		(4.31	)		1.01			2.02			4.38			10		123
	11.00		9.88			1.01			2.52			4.43			11		69
	10.62		7.72	(d)(h)		1.01	(e)		4.21	(e)		5.15	(e)		11		27	(d)
	9.74		2.50	(d)		0.73	(e)		1.17	(e)		6.29	(e)		9		37	(d)
	9.83		(4.08	)		0.76			1.75			4.61			9		123
	11.00		10.15			0.76			2.26			4.69			11		69
	10.62		7.79	(d)(h)		0.76	(e)		3.96	(e)		5.40	(e)		11		27	(d)

See Notes to Financial Statements. 89

Financial Highlights (unaudited)(concluded)

SHORT DURATION HIGH YIELD FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R5
1/31/2023(c)	$	9.83	$	0.32		$	(0.07	)(i)	$	0.25		$	(0.34	)	$	–		$	(0.34	)
7/31/2022		11.00		0.51			(0.91	)		(0.40	)		(0.62	)		(0.15	)		(0.77	)
7/31/2021		10.61		0.54			0.53			1.07			(0.61	)		(0.07	)		(0.68	)
4/22/2020 to 7/31/2020(f)		10.00		0.16	(g)		0.62	(g)		0.78			(0.17	)		–			(0.17	)
Class R6
1/31/2023(c)		9.83		0.32			(0.07	)(i)		0.25			(0.34	)		–			(0.34	)
7/31/2022		11.00		0.51			(0.91	)		(0.40	)		(0.62	)		(0.15	)		(0.77	)
7/31/2021		10.61		0.52			0.56			1.08			(0.62	)		(0.07	)		(0.69	)
4/22/2020 to 7/31/2020(f)		10.00		0.16	(g)		0.62	(g)		0.78			(0.17	)		–			(0.17	)

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Unaudited.
(d)	Not annualized.
(e)	Annualized.
(f)	Commencement of operations was on 4/22/2020, SEC effective date and date shares first became available to the public was 4/30/2020.
(g)	Net investment income and net realized and unrealized gain (loss) amounted to less than $0.01 for the period 4/22/2020 through 4/30/2020.
(h)	Total return for the period 4/30/2020 through 7/31/2020 was 7.56% for Class A, 7.34% for Class C, 7.61% for Class F, 7.63% for Class F3, 7.61% for Class I, 7.48% for Class R3, 7.54% for Class R4, 7.61% for Class R5, and 7.63% for Class R6.
(i)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the period ended January 31, 2023, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

90 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	9.74		2.63	(d)		0.49	(e)		0.93	(e)		6.56	(e)	$	9		37	(d)
	9.83		(3.83	)		0.51			1.49			4.86			9		123
	11.00		10.43			0.51			2.01			4.94			11		69
	10.61		7.86	(d)(h)		0.51	(e)		3.71	(e)		5.65	(e)		11		27	(d)
	9.74		2.65	(d)		0.45	(e)		0.81	(e)		6.61	(e)		386		37	(d)
	9.83		(3.80	)		0.47			1.48			4.90			169		123
	11.00		10.50			0.44			1.85			4.81			192		69
	10.61		7.89	(d)(h)		0.44	(e)		3.69	(e)		5.73	(e)		64		27	(d)

See Notes to Financial Statements. 91

Notes to Financial Statements

1. ORGANIZATION  

Lord Abbett Trust I (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was organized as a Delaware statutory Trust on May 1, 2001. The Trust currently consists of the following four funds (each a “Fund” and collectively, the “Funds”) and their respective active share classes:

Funds	Classes
Lord Abbett Climate Focused Bond Fund (“Climate Focused Bond Fund”)	A, C, F, F3, I, R3, R4, R5, and R6
Lord Abbett Emerging Markets Equity Fund (“Emerging Markets Equity Fund”)	A, C, F, F3, I and R6
Lord Abbett International Growth Fund (“International Growth Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Short Duration High Yield Fund (“Short Duration High Yield Fund”)	A, C, F, F3, I, R3, R4, R5 and R6

Each Fund other than the Emerging Markets Equity Fund is diversified within the meaning of the Act. Emerging Markets Equity Fund commenced operations on March 2, 2022.

Climate Focused Bond Fund’s investment objective is total return. Emerging Markets Equity Fund 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.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a) Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”), as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services.

92

Notes to Financial Statements (continued)

Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, 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 ask prices. 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 ask prices is used. 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. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as 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 periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the

93

Notes to Financial Statements (continued)

	Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on Climate Focused Bond Fund’s and Short Duration High Yield Fund’s U.S. tax returns remains open for the fiscal years ended July 31, 2020 through July 31, 2022. The statute of limitations on International Growth Fund’s U.S. federal tax returns remains open for the fiscal years ended July 31, 2021 through July 31, 2022. The statute of limitations on Emerging Markets Equity Fund’s U.S. federal tax returns remains open for the period ended July 31, 2022. The statutes of limitations on the state and local tax returns may remain open for an additional year depending upon the Funds’ jurisdiction.
(e)	Expenses–Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear their class-specific share of shareholder servicing expenses. Class A, C, F, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
	Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts in each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts in each Fund’s Statement of Operations.

94

Notes to Financial Statements (continued)

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(i)	Credit Default Swap Contracts–Each Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), a Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund receives from the counterparty a periodic stream of payments over the term of the contract.
	As a purchaser of a credit default swap contract (“buyer of protection”), a Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, a Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred.
	These credit default swap contracts may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market.
	Credit default swap contracts are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap contract sold by a Fund, payment of the agreed-upon amount made by a Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap contract purchased by a Fund, the agreed-upon amount received by a Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by a Fund.
	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap contract and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap contract agreement. The value and credit rating of each credit default swap contract where a Fund is the seller of protection, are both measures of the current payment/performance risk of the swap contract. As the value of the swap contract changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap contract agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront

95

Notes to Financial Statements (continued)

	payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap contract agreements entered into by a Fund for the same referenced entity or entities.
	Entering into credit default swap contracts involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap contract is based. For the centrally cleared credit default swap contracts, there was minimal counterparty risk to the Funds, since such credit default swap contracts entered into were traded through a central clearinghouse, which guarantees against default.
(j)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.
(k)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(l)	Floating Rate Loans–Each Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan

96

Notes to Financial Statements (continued)

Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. Each Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

The loans in which each Fund invests may be subject to some restrictions on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented, if any, on the Statements of Assets and Liabilities represents mark to market of the unfunded portion of each Fund’s floating rate notes.

As of January 31, 2023, the following Fund had unfunded loan commitments:

			Short Duration High Yield
Borrower	Principal Amount	Market Value	Cost	Unrealized Appreciation/ Depreciation
Athena Health Inc. 2022 Delayed Draw Term Loan	$1,501	$1,427	$1,343	$84

(m) Inflation-Linked Derivatives–Short Duration High Yield Fund may invest in inflation-linked derivatives, such as Consumer Price Index Swap Contract Agreements (“CPI swap contracts”). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract’s maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain (loss) is included in the Net change in unrealized appreciation/depreciation on swap contracts in the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain (loss) and is included in Net realized gain (loss) on swap contracts in the Fund’s Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Fund, since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default.

97

Notes to Financial Statements (continued)

(n)	Interest Rate Swap Contracts–Each Fund may enter into interest rate swap contract agreements. Pursuant to interest rate swap contract agreements, a Fund either makes floating-rate payments to the counterparty (or Central counterparty clearing house (“CCP”) in the case of centrally cleared swap contracts) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty or CCP in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. The value of the swap contract is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap contract counterparty. In the case of centrally cleared swap contracts, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.
(o)	Total Return Swap Contracts–Each Fund may enter into total return swap contract agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap contract. If the value of the asset underlying a total return swap contract declines over the term of the swap contract, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.
(p)	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).

98

Notes to Financial Statements (continued)

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of January 31, 2023 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund’s average daily net assets at the following annual rates:

Climate Focused Bond Fund
First $1 billion	.35%
Over $1 billion	.30%
Emerging Markets Equity Fund(1)
First $3 billion	.65%
Over $3 billion	.60%
International Growth Fund(2)
First $1 billion	.45%
Over $1 billion	.42%
Short Duration High Yield Fund(3)
First $1 billion	.35%
Over $1 billion	.31%

(1)	Prior to December 9, 2022, the management fee is based on the Fund’s average daily net assets at the following annual rates:
	First $1 billion	.80%
	Over $1 billion	.70%
(2)	Prior to December 9, 2022, the management fee is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.65%
Next $2 billion	.62%
Over $4 billion	.60%

(3)	Prior to December 9, 2022, the management fee is based on the Fund’s average daily net assets at the following annual rates:
	First $1 billion	.45%
	Over $1 billion	.40%

For the six months ended January 31, 2023, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Net Effective Management Fee
Climate Focused Bond Fund	.00%
Emerging Markets Equity Fund	.00%
International Growth Fund	.00%
Short Duration High Yield Fund	.23%

99

Notes to Financial Statements (continued)

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. The Funds’ administrative service fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administrative service fees for the six months ended January 31, 2023.

Fund	Fund Administration Fee
Climate Focused Bond Fund		$  6,188
Emerging Markets Equity Fund		7,305
International Growth Fund		23,330
Short Duration High Yield Fund		10,221

For the six months ended January 31, 2023, and continuing through November 30, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding certain of the Funds’ expenses, to the following annual rates:

	Effective December 9, 2022		For the Period December 1, 2022 through December 8, 2022		Prior to December 1, 2022
	Classes		Classes		Classes
Fund	A, C, F, I, R3, R4 and R5	F3 and R6	A, C, F, I, R3, R4 and R5	F3 and R6	A, C, F, I, R3, R4 and R5	F3 and R6
Climate Focused Bond Fund	.45%	.44%	.45%	.44%	.45%	.40%
Emerging Markets Equity Fund	.90%	.82%	.99%	.91%	.99%	.91%
International Growth Fund	.70%	.57%	.81%	.68%	.81%	.73%
Short Duration High Yield Fund	.45%	.42%	.51%	.48%	.51%	.48%

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C, F, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class C(1)	Class F(2)	Class R3	Class R4
Service	.15%/.25%(3)	.25%	–	.25%	.25%
Distribution	.05%(4)	.75%	.10%	.25%	–

*	The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.
(1)	The 12b-1 fees for Climate Focused Bond Fund and Short Duration High Yield Fund pays on Class C shares is a blended rate calculated based on 1.00% of each Fund’s average daily net assets attributable to shares for shares held less than 1 year and 0.80% for of each Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of each Fund will bear 12b-1 fees at the same rate.
(2)	For the six months ended January 31, 2023, and continuing through November 30, 2023, Lord Abbett Distributor has contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Board.
(3)	The 12b-1 service fees on Class A shares on Climate Focused Bond Fund and Short Duration High Yield Bond Fund pays .15% and for Emerging Markets Equity Fund and International Growth Fund pays 0.25%.
(4)	Not applicable for Emerging Markets Equity Fund or International Growth Fund.

100

Notes to Financial Statements (continued)

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds , after concessions were paid to authorized dealers, for the six months ended January 31, 2023:

	Distributor Commissions		Dealers’ Concessions
Climate Focused Bond Fund	$	157	$	1,359
Emerging Markets Equity Fund		–		4
International Growth Fund		216		1,225
Short Duration High Yield Fund		7,405		53,719

Distributor received no CDSCs for the six months ended January 31, 2023.

One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared daily and paid monthly by the Climate Focused Bond Fund and Short Duration High Yield Fund. Dividends from net investment income, if any, are declared and distributed at least annually by the Emerging Markets Equity Fund and the International Growth Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profits for tax purposes are reported as a tax return of capital.

The tax character of distributions paid during the six months ended January 31, 2023 and the period ended July 31, 2022 was as follows:

	Climate Focused Bond Fund						Emerging Markets Equity Fund
	Six Months Ended 1/31/2023 (unaudited)			Year Ended 7/31/2022			Six Months Ended 1/31/2023 (unaudited)		Period Ended 7/31/2022
Distributions paid from:
Ordinary income		$	1,380,228		$	695,584		$82,892		$	–
Net long-term capital gains			–			96,837		–			–
Total distributions paid		$	1,380,228		$	792,421		$82,892		$	–
	International Growth Fund						Short Duration High Yield Fund
	Six Months Ended 1/31/2023 (unaudited)			Year Ended 7/31/2022			Six Months Ended 1/31/2023 (unaudited)		Year Ended 7/31/2022
Distributions paid from:
Ordinary income			$13,952		$	–		$4,353,881		$	1,509,380
Net long-term capital gains			–			–		–			104,918
Total distributions paid			$13,952		$	–		$4,353,881		$	1,614,298

101

Notes to Financial Statements (continued)

As of January 31, 2023, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

	Climate Focused Bond Fund				Emerging Markets Equity Fund
Tax cost		$	21,522,976			$	4,451,544
Gross unrealized gain			224,349				327,230
Gross unrealized loss			(2,980,259	)			(118,979	)
Net unrealized security gain/(loss)		$	(2,755,910	)		$	208,251

	International Growth Fund				Short Duration High Yield Fund
Tax cost		$	2,069,067			$	391,739,915
Gross unrealized gain			120,212				5,659,661
Gross unrealized loss			(62,187	)			(1,560,928	)
Net unrealized security gain/(loss)		$	58,025			$	4,098,733

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, other financial instruments, amortization of premium and wash sales.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2023 were as follows:

	U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
Climate Focused Bond Fund	$	807,503	$	5,596,433	$	1,062,691	$	6,205,242
Emerging Markets Equity Fund		–		3,024,050		–		3,087,717
International Growth Fund		–		1,015,117		–		893,853
Short Duration High Yield Fund		–		376,721,574		–		47,590,857

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (“Rule 17a-7”). Each cross-trade is executed at a fair market price in compliance with provisions of Rule 17a-7. For the six months ended January 31, 2023, the Funds did not engage in cross-trade transactions.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

Climate Focused Bond Fund, Emerging Markets Equity Fund and Short Duration High Yield Fund entered into forward foreign currency exchange contracts for the six months ended January 31, 2023 (as described in Note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

102

Notes to Financial Statements (continued)

Climate Focused Bond Fund and Short Duration High Yield Fund entered into futures contracts for the six months ended January 31, 2023 (as described in Note 2(h)) to manage cash. Each Fund bears the risk that the underlying index will move unexpectedly, in which case the Funds may realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Short Duration High Yield Fund entered into credit default swap contracts for the for the six months ended January 31, 2023, (as described in Note 2(i)) for investment purposes, to economically hedge credit risk or for speculative purposes. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap contract one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap contract’s notional amount is recorded as realized gain or loss on swap transactions in the Statements of Operations. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swap contracts, there is minimal counterparty credit risk to the Fund since these credit default swap contracts are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swap contracts, the clearinghouse guarantees credit default swap contracts against default.

Short Duration High Fund entered into CPI swap contracts for the six months ended January 31, 2023, (as described in Note (2m)) to speculate the rate of inflation in the U.S. economy. The Fund’s use of CPI swap contracts involves the risk Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Fund’s return can be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on CPI swap contracts. For centrally cleared CPI swap contracts there is minimal counterparty credit risk to the Fund since these CPI swap contracts are traded through a central clearinghouse, as a counteryparty to a centrally cleared CPI swap contracts, the clearinghouse guarantees CPI swap contracts against default.

Climate Focused Bond Fund entered into interest rate swap contracts for the six months ended January 31, 2023, (as described in Note (2n)) in order to enhance returns or hedge against interest rate risk. Interest rate swap contract agreements in which one party pays a stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The interest rate swap contract agreement will normally be entered into a zero coupon basis, meaning that the floating rate will be based on the cumulative of the variable rate, and the fixed rate will compound until the swaps maturity date, at which point the payment would be netted.

103

Notes to Financial Statements (continued)

As of January 31, 2023, the Funds had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

	Climate Focused Bond Fund
Asset Derivatives	Interest Rate Contracts		Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts(1)		–		$25,524
Futures Contracts(2)		$18,086		–
Liability Derivatives
Forward Foreign Currency Exchange Contracts(3)		–		$221,304
Futures Contracts(2)		$85,089		–

Short Duration High Yield Fund
Asset Derivatives	Inflation Linked/ Interest Rate Contracts		Foreign Currency Contracts		Credit Contracts
Centrally Cleared Credit Default Swap Contracts(4)		–		–		$978,125
Centrally Cleared CPI Swap Contracts(4)	$	14,749		–		–
Forward Foreign Currency Exchange Contracts(1)		–		$32,943		–
Futures Contracts(2)	$	19,136		–		–
Liability Derivatives
Centrally Cleared CPI Swap Contracts(4)	$	84,313		–		–
Forward Foreign Currency Exchange Contracts(3)		–		$527,041		–
Futures Contracts(2)	$	60,876		–		–

(1)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
(3)	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.
(4)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Transactions in derivative instruments for the period ended January 31, 2023, were as follows:

	Climate Focused Bond Fund
	Inflation Linked/ Interest Rate Contracts			Foreign Currency Contracts
Net Realized Gain (Loss)
CPI/Interest Rate Swap Contracts(1)	$	17,808			–
Forward Foreign Currency Exchange Contracts(2)		–		$	125,674
Futures Contracts(3)	$	45,071			–
Net Change in Unrealized Appreciation/ Depreciation
CPI/Interest Rate Swap Contracts(4)	$	9,074			–
Forward Foreign Currency Exchange Contracts(5)		–		$	(482,743	)
Futures Contracts(6)	$	(103,592	)		–
Average Number of Contracts/Notional Amounts*
CPI/Interest Rate Swap Contracts(7)	$	152,249			–
Forward Foreign Currency Exchange Contracts(7)		–		$	9,129,635
Futures Contracts(8)		32			–

104

Notes to Financial Statements (continued)

				Emerging Markets Equity
							Foreign Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts(2)								$(78	)
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(7)								–	(9)
Short Duration High Yield Fund
	Inflation Linked/ Interest Rate Contracts			Foreign Currency Contracts			Credit Contracts
Net Realized Gain (Loss)
CPI/Interest Rate Swap Contracts(1)	$	(80,843	)		–			–
Credit Default Swap Contracts(1)		–			–		$	472,942
Forward Foreign Currency Exchange Contracts(2)		–		$	(228,223	)		–
Futures Contract(3)	$	(36,469	)		–			–
Net Change in Unrealized Appreciation/ Depreciation
CPI/Interest Rate Swap Contracts(4)	$	11,031
Credit Default Swap Contracts(4)		–			–		$	274,452
Forward Foreign Currency Exchange Contracts(5)		–		$	(585,189	)		–
Futures Contracts(6)	$	(40,588	)		–			–
Average Number of Contracts/Notional Amounts
CPI/Interest Rate Swap Contracts(7)	$	13,182,044
Credit Default Swap Contracts(7)		–			–		$	7,188,017
Forward Foreign Currency Exchange Contracts(7)		–		$	10,609,477			–
Futures Contracts(8)		113			–			–

*	Calculated based on the number of contracts or notional amounts for the period ended January 31, 2023.
(1)	Statements of Operations location: Net realized gain (loss) on swap contracts.
(2)	Statements of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
(3)	Statements of Operations location: Net realized gain (loss) on futures contracts.
(4)	Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
(5)	Statements of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
(6)	Statements of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
(7)	Amount represents notional amounts in U.S. dollars.
(8)	Amount represents number of contracts.
(9)	Contract less than $1.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

105

Notes to Financial Statements (continued)

Climate Focused Bond Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	25,524		$	–		$	25,524
Repurchase Agreements			596,923			–			596,923
Total		$	622,447		$	–		$	622,447

	Net Amount of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Bank of America	$	14,197	$	(959	)	$	–		$	–		$	13,238
Morgan Stanley		8,098		(4,787	)		(3,311	)		–			–
State Street Bank and Trust		3,229		(3,229	)		–			–			–
Fixed Income Clearing Corp.		596,923		–			–			(596,923	)		–
Total	$	622,447	$	(8,975	)	$	(3,311	)	$	(596,923	)	$	13,238

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	221,304		$	–		$	221,304
Total		$	221,304		$	–		$	221,304

	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments			Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(c)
Bank of America		$	959	$	(959	)	$	–	$	–	$	–
Morgan Stanley			4,787		(4,787	)		–		–		–
State Street Bank and Trust			205,837		(3,229	)		–		–		202,608
Toronto Dominion Bank			9,721		–			–		–		9,721
Total		$	221,304	$	(8,975	)	$	–	$	–	$	212,329

Short Duration High Yield Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	32,943		$	–		$	32,943
Repurchase Agreements			30,191,933			–			30,191,933
Total		$	30,224,876		$	–		$	30,224,876

106

Notes to Financial Statements (continued)

Short Duration High Yield Fund
	Net Amount of Assets Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments			Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Bank of America		$	6,087	$	(6,087	)	$	–	$	–		$	–
Morgan Stanley			17,339		(12,952	)		–		–			4,387
State Street Bank and Trust			5,471		(5,471	)		–		–			–
Toronto Dominion Bank			4,046		(4,046	)		–		–			–
Fixed Income Clearing Corp.			10,192,391		–			–		(10,192,391	)		–
TD Securities USA LLC			19,999,542		–			–		(19,999,542	)		–
Total		$	30,224,876	$	(28,556	)	$	–	$	(30,191,933	)	$	4,387

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$527,041		$	–		$527,041
Total		$527,041		$	–		$527,041

	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments			Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(c)
Bank of America		$	36,358	$	(6,087	)	$	–	$	–	$	30,271
Morgan Stanley			12,952		(12,952	)		–		–		–
State Street Bank and Trust			456,841		(5,471	)		–		–		451,370
Toronto Dominion Bank			20,890		(4,046	)		–		–		16,844
Total		$	527,041	$	(28,556	)	$	–	$	–	$	498,485

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of January 31, 2023.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of January 31, 2023.

8. TRUSTEES’ REMUNERATION  

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds . Such amounts and earnings accrued thereon are included in Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

107

Notes to Financial Statements (continued)

9. EXPENSE REDUCTIONS  

The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

10. LINE OF CREDIT  

For the period ended August 3, 2022, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”, with the exception of Emerging Markets Equity Fund,) entered into a syndicated line of credit facility with various lenders for $1.275 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds, including Emerging Markets Equity Fund, entered into a syndicated line of credit facility with various lenders for $1.625 billion (the “New Syndicated Facility”) whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to the same graduated borrowing limits as under the Syndicated Facility.

For the period ended August 3, 2022, the Participating Funds, with the exception of Emerging Markets Equity Fund, were also party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds, including Emerging Markets Equity Fund, entered into an uncommitted line of credit facility with SSB for $330 million (the “New Bilateral Facility”). Under the New Bilateral Facility, the Participating Funds are subject to borrowing limits of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended January 31, 2023, the Funds did not utilize any of its available credit facilities.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the six months ended January 31, 2023, the Funds did not participate as a borrower or lender in the interfund lending program.

108

Notes to Financial Statements (continued)

12. CUSTODIAN AND ACCOUNTING AGENT  

SSB is the Funds’ custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

13. 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 the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on each Fund’s Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the 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 January 31, 2023, the Funds did not loan any securities.

14. INVESTMENT RISKS  

Each of the Climate Focused Bond Fund and Short Duration High Yield Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to a Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”), in which the Funds may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in the risk of default, may result in losses to the Funds. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds

109

Notes to Financial Statements (continued)

Invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market. Certain instruments in which the Funds may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority (FCA) and LIBOR’s administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

The Climate Focused Bond Fund is subject to the risk that its climate-focused investment strategy may select or exclude securities of certain issuers for reasons other than investment performance considerations and that the Fund may underperform funds that do not utilize a climate-focused investment strategy. Certain climate-focused investments may be dependent on government policies and subsidies, which are subject to change or elimination. There can be no assurance that the operations of a given issuer in which the Fund invests will in fact have a positive impact on the climate. Successful application of the Fund’s climate-focused investment strategy will depend on Lord Abbett’s skill in properly identifying and analyzing material climate-related issues and related business practices, and there can be no assurance that the strategy or techniques employed will be successful.

Large company stocks, in which the International Growth Fund may invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks.

Each Fund is subject to the risks of investing in foreign securities. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction costs. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market companies.

Each of the Climate Focused Bond Fund and Short Duration High Yield Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, a Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

The mortgage-related and asset-backed securities in which the Climate Focused Bond Fund and Short Duration High Yield Fund may invest may be particularly sensitive to changes in prevailing interest rates, and economic conditions, including delinquencies and/or defaults. These changes can

110

Notes to Financial Statements (continued)

affect the value, income, and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current market rates. Alternatively, rising interest rates may cause prepayments to occur at a slower-than expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security. In addition, a Fund may invest in non-agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises.

Each of the Emerging Markets Equity Fund and International Growth Fund is subject to the risks of investing in growth stocks. Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers.

Each of the Climate Focused Bond Fund and Short Duration High Yield Fund may invest in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities and the market for convertible securities may be less liquid than the markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund’s returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, the Fund’s performance could suffer. The Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

Each of the Climate Focused Bond Fund and Short Duration High Yield Fund may invest in loans, which include, among other things, loans to U.S. or foreign corporations, partnerships, other business entities, or to U.S. and non-U.S. governments. Each Fund may invest in fixed rate and variable rate loans and floating or adjustable rate loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. The loans in which the Short Duration High Yield Fund invests will usually be rated below investment grade or may also be unrated. Below investment grade loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. The Short Duration High Yield Fund may also invest in, or obtain exposure to, obligations

111

Notes to Financial Statements (continued)

that may be “covenant-lite,” which means such obligations lack certain financial maintenance covenants. Should a loan held by the Fund begin to deteriorate in quality, the Fund’s ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund’s ability to seek to recover its investment.

Emerging Markets Equity Fund is a non-diversified mutual fund under the Act. The value of the Fund’s investments may be more adversely affected by a single economic, political or regulatory event than the value of the investments of a diversified mutual fund.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund’s investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.

In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again, negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

The COVID-19 pandemic and its effects may last for an extended period of time. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. The foregoing could disrupt the operations of the Funds and their service providers, adversely affect the value and liquidity of the Funds’ investments, and negatively impact the Funds’ performance and your investment in a Fund.

These factors, and others, can affect each Fund’s performance.

15. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

Climate Focused Bond Fund	Six Months Ended January 31, 2023 (unaudited					)				Year Ended July 31, 2022
Class A Shares	Shares			Amount			Shares				Amount
Shares sold		33,164		$	285,019			134,567			$	1,336,378
Reinvestment of distributions		17,197			142,018			7,111				69,940
Shares reacquired		(65,253	)		(568,481	)		(5,017	)			(46,541	)
Increase (decrease)		(14,892	)	$	(141,444	)		136,661			$	1,359,777

112

Notes to Financial Statements (continued)

Climate Focused Bond Fund	Six Months Ended January 31, 2023 (unaudited					)	Year Ended July 31, 2022
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		79		$	680			6,040		$	57,245
Reinvestment of distributions		3,004			24,749			1,048			10,368
Shares reacquired		(4,087	)		(33,999	)		(986	)		(9,553	)
Increase (decrease)		(1,004	)	$	(8,570	)		6,102		$	58,060
Class F Shares
Shares sold		17,070		$	149,891			112,493		$	1,078,620
Reinvestment of distributions		10,897			89,988			3,263			31,873
Shares reacquired		(29,251	)		(250,449	)		(37,102	)		(342,931	)
Increase (decrease)		(1,284	)	$	(10,570	)		78,654		$	767,562
Class I Shares
Shares sold		153,141		$	1,281,572			229,167		$	2,190,056
Reinvestment of distributions		54,528			449,061			26,475			265,002
Shares reacquired		(108,342	)		(930,283	)		(486,486	)		(4,670,396	)
Increase (decrease)		99,327		$	800,350			(230,844	)	$	(2,215,338	)
Class R4 Shares
Shares sold		734		$	6,363			–		$	–
Reinvestment of distributions		49			406			–			–
Increase		783		$	6,769			–		$	–
Class R6 Shares
Shares sold		15,249		$	133,166			3,484		$	34,966
Reinvestment of distributions		115			945			43			420
Shares reacquired		(171	)		(1,424	)		(7	)		(67	)
Increase		15,193		$	132,687			3,520		$	35,319
Emerging Markets Equity Fund		Six Months Ended January 31, 2023 (unaudited				)		For the period ended July 31, 2022(a)
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		6,279		$	89,166			201,055		$	3,015,225
Reinvestment of distributions		24			307			–			–
Shares reacquired		(15	)		(201	)		–			–
Increase		6,288		$	89,272			201,055		$	3,015,225
Class C Shares
Shares sold		171		$	2,471			33,740		$	506,193
Shares reacquired		–			–			(407	)		(5,736	)
Increase		171		$	2,471			33,333		$	500,457
Class F Shares
Shares sold		–		$	–			1,667		$	25,000
Increase		–		$	–			1,667		$	25,000
Class F3 Shares
Shares sold		–		$	–			16,667		$	250,000
Increase		–		$	–			16,667		$	250,000

113

Notes to Financial Statements (continued)

Emerging Markets Equity Fund	Six Months Ended January 31, 2023 (unaudited					)	For the period ended July 31, 2022(a)
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		–		$	–			31,667		$	475,000
Increase		–		$	–			31,667		$	475,000
Class R6 Shares
Shares sold		–		$	–			50,000		$	750,000
Increase		–		$	–			50,000		$	750,000
International Growth Fund		Six Months Ended January 31, 2023 (unaudited				)		Year Ended July 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,420		$	28,362			37,197		$	441,185
Reinvestment of distributions		280			3,081			–			–
Shares reacquired		(7	)		(74	)		–			–
Increase		2,693		$	31,369			37,197		$	441,185
Class C Shares
Shares sold		98		$	1,061			1,485		$	21,208
Shares reacquired		–			–			(198	)		(2,780	)
Increase		98		$	1,061			1,287		$	18,428
Class R6 Shares
Shares sold		8,719		$	100,167			201		$	2,995
Increase		8,719		$	100,167			201		$	2,995
Short Duration High Yield Fund		Six Months Ended January 31, 2023 (unaudited				)		Year Ended July 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,611,340		$	25,066,331			947,062		$	10,072,545
Converted from Class C		1			7			–			–
Reinvestment of distributions		57,771			554,119			67,176			702,762
Shares reacquired		(397,122	)		(3,820,844	)		(781,568	)		(8,155,014	)
Increase		2,271,990		$	21,799,613			232,670		$	2,620,293
Class C Shares
Shares sold		499,698		$	4,819,643			53,743		$	566,144
Reinvestment of distributions		6,337			60,877			5,628			58,663
Shares reacquired		(9,536	)		(91,978	)		(37,357	)		(383,458	)
Converted to Class A		(1	)		(7	)		–			–
Increase		496,498		$	4,788,535			22,014		$	241,349
Class F Shares
Shares sold		6,944,458		$	66,504,309			1,470,522		$	15,035,137
Reinvestment of distributions		110,610			1,061,228			41,700			423,372
Shares reacquired		(2,329,835	)		(22,573,335	)		(415,917	)		(4,306,244	)
Increase		4,725,233		$	44,992,202			1,096,305		$	11,152,265

114

Notes to Financial Statements (concluded)

Short Duration High Yield Fund	Six Months Ended January 31, 2023 (unaudited					)	Year Ended July 31, 2022
Class F3 Shares	Shares			Amount			Shares			Amount
Shares reacquired		–		$	–			(69	)	$	(750	)
Decrease		–		$	–			(69	)	$	(750	)
Short Duration High Yield Fund		Six Months Ended January 31, 2023 (unaudited				)		Year Ended July 31, 2022
Class I Shares		Shares			Amount			Shares			Amount
Shares sold		28,960,480		$	277,830,539			264,973		$	2,607,885
Reinvestment of distributions		256,930			2,475,102			2,565			25,222
Shares reacquired		(1,291,714	)		(12,415,710	)		(107,758	)		(1,042,566	)
Increase		27,925,696		$	267,889,931			159,780		$	1,590,541
Class R3 Shares
Shares sold		6		$	59			86		$	861
Reinvestment of distributions		1			4			1			12
Shares reacquired		(93	)		(873	)		(69	)		(752	)
Increase (decrease)		(86	)	$	(810	)		18		$	121
Class R4 Shares
Shares reacquired		–		$	–			(69	)	$	(750	)
Decrease		–		$	–			(69	)	$	(750	)
Class R5 Shares
Shares reacquired		–		$	–			(68	)	$	(750	)
Decrease		–		$	–			(68	)	$	(750	)
Class R6 Shares
Shares sold		22,516		$	215,747			10,849		$	114,685
Shares reacquired		–			–			(11,108	)		(115,006	)
Increase (decrease)		22,516		$	215,747			(259	)	$	(321	)

^(a) For the period March 2, 2022 (commencement of operations) to July 31, 2022.

115

Approval of Advisory Contract

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Act (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund (other than Emerging Markets Equity Fund, which commenced operations in 2022), information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of an appropriate benchmark; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund (in the case of Climate Focused Bond Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. With respect to the Climate Focused Bond Fund, the Board considered information about the incorporation of environmental, social and governance factors into the Fund’s investment process. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance (other than Emerging Markets Equity Fund, which had commenced operations in late 2022 and therefore did

116

Approval of Advisory Contract (continued)

not yet have investment performance for a full calendar year) in relation to that of its performance peer group and an appropriate benchmark as of the one-year period ended June 30, 2022. As to each of the Climate Focused Bond Fund and International Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period. As to Short Duration High Yield Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period. The Board also reviewed investment performance for Emerging Markets Equity Fund in relation to that of an appropriate benchmark for the period since the Fund’s inception on March 10, 2022 through December 31, 2022 and observed that the Fund’s investment performance was below that of the benchmark for the period. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. The Board further considered that the management fee rates and the contractual expense waivers for the International Growth Fund, Emerging Markets Equity Fund, and Short Duration High Yield Fund were reduced effective December 9, 2022. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by each Fund were reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and

117

Approval of Advisory Contract (concluded)

retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule, with one contractual breakpoint in the level of management fee, and the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

118

Householding

The Trust has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Funds Service Center, P.O. Box 534489, Pittsburgh, PA 15253-4489 (regular mail) or 500 Ross Street 154-0520, Attention: 534489, Pittsburgh, PA (overnight mail).

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

119

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.   Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Trust I Climate Focused Bond Fund
Emerging Markets Equity Fund
International Growth Fund
Short Duration High Yield Fund TRUST-I-2
(03/23)

Item 2:	Code of Ethics.
	Not applicable.
Item 3:	Audit Committee Financial Expert.
	Not applicable.
Item 4:	Principal Accountant Fees and Services.
	Not applicable.
Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	Investments.
	The Schedule of Investments is included as part of the Reports to Shareholders under Item 1.
Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 11:	Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable.

Item 13: Exhibits.

(a)(1) Code of Ethics. Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT TRUST I

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: March 27, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

Date: March 27, 2023

By:	/s/ Michael J. Hebert
	Michael J. Hebert
	Chief Financial Officer and Treasurer

Date: March 27, 2023