# EDGAR Filing Document

**Accession Number:** 0000911507
**File Stem:** 0000930413-26-000338
**Filing Date:** 2026-2
**Character Count:** 2920012
**Document Hash:** 80e1bcbf66d3c1d66cdcc1db359b65d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000338.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0000930413-26-000338

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 153

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000911507

**ORGANIZATION NAME:**
- **EIN:** 133731507
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07988
- **FILM NUMBER:** 26597264

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Convertible Fund (Series ID: S000007276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019975 | Class A      | LACFX           |
| C000019977 | Class C      | LACCX           |
| C000019978 | Class P      | LCFPX           |
| C000019979 | Class I      | LCFYX           |
| C000054882 | Class F      | LBFFX           |
| C000054883 | Class R2     | LBCQX           |
| C000054884 | Class R3     | LCFRX           |
| C000156617 | Class R4     | LCFSX           |
| C000156618 | Class R5     | LCFTX           |
| C000156619 | Class R6     | LCFVX           |
| C000188232 | Class F3     | LOCFX           |

### Lord Abbett Core Fixed Income Fund (Series ID: S000007277)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019980 | Class A      | LCRAX           |
| C000019982 | Class C      | LCRCX           |
| C000019984 | Class I      | LCRYX           |
| C000054885 | Class F      | LCRFX           |
| C000054886 | Class R2     | LCRQX           |
| C000054887 | Class R3     | LCRRX           |
| C000156620 | Class R4     | LCRSX           |
| C000156621 | Class R5     | LCRTX           |
| C000156622 | Class R6     | LCRVX           |
| C000188234 | Class F3     | LCROX           |

### Lord Abbett High Yield Fund (Series ID: S000007278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019985 | Class A      | LHYAX           |
| C000019987 | Class C      | LHYCX           |
| C000019989 | Class I      | LAHYX           |
| C000054888 | Class F      | LHYFX           |
| C000054889 | Class R2     | LHYQX           |
| C000054890 | Class R3     | LHYRX           |
| C000156623 | Class R4     | LHYSX           |
| C000156624 | Class R5     | LHYTX           |
| C000156625 | Class R6     | LHYVX           |
| C000188236 | Class F3     | LHYOX           |

### Lord Abbett Short Duration Income Fund (Series ID: S000007279)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019991 | Class I      | LLDYX           |
| C000019992 | Class A      | LALDX           |
| C000019994 | Class C      | LDLAX           |
| C000054891 | Class F      | LDLFX           |
| C000054892 | Class R2     | LDLQX           |
| C000054893 | Class R3     | LDLRX           |
| C000156626 | Class R4     | LDLKX           |
| C000156627 | Class R5     | LDLTX           |
| C000156628 | Class R6     | LDLVX           |
| C000188238 | Class F3     | LOLDX           |

### Lord Abbett Total Return Fund (Series ID: S000007280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019995 | Class A      | LTRAX           |
| C000019997 | Class C      | LTRCX           |
| C000019998 | Class P      | LTRPX           |
| C000019999 | Class I      | LTRYX           |
| C000054894 | Class F      | LTRFX           |
| C000054895 | Class R2     | LTRQX           |
| C000054896 | Class R3     | LTRRX           |
| C000156629 | Class R4     | LTRKX           |
| C000156630 | Class R5     | LTRTX           |
| C000156631 | Class R6     | LTRHX           |
| C000188241 | Class F3     | LTROX           |

### Lord Abbett Income Fund (Series ID: S000007281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020001 | Class I      | LAUYX           |
| C000020002 | Class A      | LAGVX           |
| C000020004 | Class C      | LAUSX           |
| C000054897 | Class F      | LAUFX           |
| C000054898 | Class R2     | LAUQX           |
| C000054899 | Class R3     | LAURX           |
| C000156632 | Class R4     | LAUKX           |
| C000156633 | Class R5     | LAUTX           |
| C000156634 | Class R6     | LAUVX           |
| C000188242 | Class F3     | LOGVX           |

### Lord Abbett Multi-Asset Balanced Opportunity Fund (Series ID: S000007282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020005 | Class I      | LABYX           |
| C000020006 | Class A      | LABFX           |
| C000020008 | Class C      | BFLAX           |
| C000020009 | Class P      | LABPX           |
| C000054900 | Class F      | BLAFX           |
| C000054901 | Class R2     | BLAQX           |
| C000054902 | Class R3     | BLARX           |
| C000156635 | Class R4     | BLASX           |
| C000156636 | Class R5     | BLATX           |
| C000156637 | Class R6     | BLAVX           |
| C000188244 | Class F3     | LOBFX           |

### Lord Abbett Multi-Asset Income Fund (Series ID: S000007283)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020010 | Class A      | ISFAX           |
| C000020012 | Class C      | ISFCX           |
| C000020014 | Class I      | ISFYX           |
| C000054903 | Class F      | LIGFX           |
| C000054904 | Class R2     | LIGQX           |
| C000054905 | Class R3     | LIXRX           |
| C000156638 | Class R4     | LIXSX           |
| C000156639 | Class R5     | LIXTX           |
| C000156640 | Class R6     | LIXVX           |
| C000188246 | Class F3     | ISFOX           |

### Lord Abbett Floating Rate Fund (Series ID: S000019792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000055470 | Class A      | LFRAX           |
| C000055472 | Class C      | LARCX           |
| C000055473 | Class F      | LFRFX           |
| C000055474 | Class I      | LFRIX           |
| C000055475 | Class R2     | LFRRX           |
| C000055476 | Class R3     | LRRRX           |
| C000156647 | Class R4     | LRRKX           |
| C000156648 | Class R5     | LRRTX           |
| C000156649 | Class R6     | LRRVX           |
| C000188252 | Class F3     | LFROX           |

### Lord Abbett Inflation Focused Fund (Series ID: S000031962)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099493 | Class A      | LIFAX           |
| C000099494 | Class C      | LIFCX           |
| C000099495 | Class F      | LIFFX           |
| C000099496 | Class I      | LIFIX           |
| C000099497 | Class R2     | LIFQX           |
| C000099498 | Class R3     | LIFRX           |
| C000156650 | Class R4     | LIFKX           |
| C000156651 | Class R5     | LIFTX           |
| C000156652 | Class R6     | LIFVX           |
| C000188254 | Class F3     | LIFOX           |

### Lord Abbett Core Plus Bond Fund (Series ID: S000051773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000162898 | Class A      | LAPLX           |
| C000162899 | Class C      | LAPCX           |
| C000162900 | Class F      | LPLFX           |
| C000162901 | Class I      | LAPIX           |
| C000162903 | Class R3     | LAPQX           |
| C000162904 | Class R4     | LAPUX           |
| C000162905 | Class R5     | LAPVX           |
| C000162906 | Class R6     | LAPWX           |
| C000188256 | Class F3     | LOPLX           |

### Lord Abbett Ultra Short Bond Fund (Series ID: S000055282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173880 | Class A      | LUBAX           |
| C000173881 | Class F      | LUBFX           |
| C000173882 | Class I      | LUBYX           |
| C000173883 | Class R5     | LUBVX           |
| C000173884 | Class R6     | LUBWX           |
| C000188258 | Class F3     | LUBOX           |
| C000213736 | Class A1     | LUSNX           |

### Lord Abbett Short Duration Core Bond Fund (Series ID: S000056809)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000180461 | Class A      | LDCAX           |
| C000180462 | Class C      | LDCCX           |
| C000180463 | Class F      | LDCFX           |
| C000180464 | Class F3     | LSCOX           |
| C000180465 | Class I      | LSCIX           |
| C000180467 | Class R3     | LDCRX           |
| C000180468 | Class R4     | LSCSX           |
| C000180469 | Class R5     | LSCUX           |
| C000180470 | Class R6     | LDCVX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-07988

**LORD ABBETT INVESTMENT TRUST**

(Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Name and address of agent for service)

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

Date of fiscal year end: 11/30

Date of reporting period: 11/30/2025

Item 1: Report(s) to Shareholders.

![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LACFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $120 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.08%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i22d14704ed777db9aba8244d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9772 | $10000 | $10000 |
| **12/31/2015** | $9537 | $9799 | $9968 |
| **1/31/2016** | $8919 | $9195 | $10105 |
| **2/29/2016** | $8919 | $9219 | $10177 |
| **3/31/2016** | $9398 | $9646 | $10270 |
| **4/30/2016** | $9506 | $9787 | $10309 |
| **5/31/2016** | $9650 | $9954 | $10312 |
| **6/30/2016** | $9707 | $9997 | $10497 |
| **7/31/2016** | $10214 | $10451 | $10564 |
| **8/31/2016** | $10296 | $10481 | $10552 |
| **9/30/2016** | $10469 | $10599 | $10545 |
| **10/31/2016** | $10232 | $10423 | $10465 |
| **11/30/2016** | $10615 | $10661 | $10217 |
| **12/31/2016** | $10725 | $10821 | $10232 |
| **1/31/2017** | $11105 | $11110 | $10252 |
| **2/28/2017** | $11291 | $11322 | $10321 |
| **3/31/2017** | $11416 | $11394 | $10315 |
| **4/30/2017** | $11510 | $11521 | $10395 |
| **5/31/2017** | $11631 | $11601 | $10475 |
| **6/30/2017** | $11723 | $11675 | $10464 |
| **7/31/2017** | $11948 | $11911 | $10509 |
| **8/31/2017** | $12032 | $11954 | $10603 |
| **9/30/2017** | $12200 | $12115 | $10553 |
| **10/31/2017** | $12463 | $12313 | $10559 |
| **11/30/2017** | $12510 | $12328 | $10546 |
| **12/31/2017** | $12500 | $12304 | $10594 |
| **1/31/2018** | $12890 | $12685 | $10472 |
| **2/28/2018** | $12643 | $12541 | $10373 |
| **3/31/2018** | $12657 | $12599 | $10439 |
| **4/30/2018** | $12610 | $12573 | $10362 |
| **5/31/2018** | $13030 | $13019 | $10435 |
| **6/30/2018** | $12978 | $13074 | $10423 |
| **7/31/2018** | $12940 | $13158 | $10425 |
| **8/31/2018** | $13562 | $13621 | $10492 |
| **9/30/2018** | $13625 | $13588 | $10425 |
| **10/31/2018** | $12560 | $12765 | $10342 |
| **11/30/2018** | $12627 | $12928 | $10404 |
| **12/31/2018** | $12058 | $12322 | $10595 |
| **1/31/2019** | $12885 | $13180 | $10708 |
| **2/28/2019** | $13365 | $13587 | $10701 |
| **3/31/2019** | $13420 | $13586 | $10907 |
| **4/30/2019** | $13799 | $13951 | $10910 |
| **5/31/2019** | $13348 | $13494 | $11103 |
| **6/30/2019** | $14050 | $14110 | $11243 |
| **7/31/2019** | $14308 | $14350 | $11268 |
| **8/31/2019** | $14297 | $14173 | $11560 |
| **9/30/2019** | $13993 | $14132 | $11498 |
| **10/31/2019** | $14220 | $14355 | $11533 |
| **11/30/2019** | $14623 | $14807 | $11527 |
| **12/31/2019** | $15044 | $15175 | $11519 |
| **1/31/2020** | $15647 | $15602 | $11740 |
| **2/29/2020** | $15591 | $15162 | $11952 |
| **3/31/2020** | $13859 | $13108 | $11881 |
| **4/30/2020** | $15370 | $14562 | $12093 |
| **5/31/2020** | $16635 | $15546 | $12149 |
| **6/30/2020** | $17618 | $16275 | $12225 |
| **7/31/2020** | $19031 | $17455 | $12408 |
| **8/31/2020** | $20848 | $18950 | $12308 |
| **9/30/2020** | $20472 | $18541 | $12301 |
| **10/31/2020** | $20405 | $18389 | $12246 |
| **11/30/2020** | $23056 | $20728 | $12366 |
| **12/31/2020** | $24664 | $22189 | $12383 |
| **1/31/2021** | $25430 | $22863 | $12295 |
| **2/28/2021** | $26314 | $23566 | $12117 |
| **3/31/2021** | $25022 | $22825 | $11966 |
| **4/30/2021** | $25425 | $23414 | $12060 |
| **5/31/2021** | $24788 | $23020 | $12100 |
| **6/30/2021** | $24943 | $23720 | $12185 |
| **7/31/2021** | $24864 | $23568 | $12321 |
| **8/31/2021** | $25281 | $24005 | $12297 |
| **9/30/2021** | $24974 | $23604 | $12191 |
| **10/31/2021** | $25796 | $24449 | $12188 |
| **11/30/2021** | $25091 | $23581 | $12224 |
| **12/31/2021** | $24899 | $23597 | $12192 |
| **1/31/2022** | $22833 | $22051 | $11930 |
| **2/28/2022** | $22664 | $22057 | $11797 |
| **3/31/2022** | $22981 | $22321 | $11469 |
| **4/30/2022** | $21003 | $20737 | $11034 |
| **5/31/2022** | $20261 | $20067 | $11105 |
| **6/30/2022** | $19270 | $18827 | $10931 |
| **7/31/2022** | $20355 | $19903 | $11198 |
| **8/31/2022** | $20479 | $20087 | $10881 |
| **9/30/2022** | $19213 | $18893 | $10411 |
| **10/31/2022** | $19447 | $19510 | $10276 |
| **11/30/2022** | $19696 | $19821 | $10654 |
| **12/31/2022** | $19083 | $19201 | $10606 |
| **1/31/2023** | $19778 | $20318 | $10932 |
| **2/28/2023** | $19477 | $20056 | $10650 |
| **3/31/2023** | $19470 | $19927 | $10920 |
| **4/30/2023** | $19169 | $19655 | $10987 |
| **5/31/2023** | $19216 | $19830 | $10867 |
| **6/30/2023** | $19862 | $20865 | $10828 |
| **7/31/2023** | $20021 | $21437 | $10821 |
| **8/31/2023** | $19494 | $20885 | $10751 |
| **9/30/2023** | $19307 | $20345 | $10478 |
| **10/31/2023** | $18379 | $19451 | $10313 |
| **11/30/2023** | $19499 | $20466 | $10780 |
| **12/31/2023** | $20419 | $21708 | $11193 |
| **1/31/2024** | $20500 | $21458 | $11162 |
| **2/29/2024** | $20822 | $21717 | $11004 |
| **3/31/2024** | $21372 | $22223 | $11106 |
| **4/30/2024** | $20855 | $21454 | $10825 |
| **5/31/2024** | $21291 | $21978 | $11009 |
| **6/30/2024** | $21430 | $22185 | $11113 |
| **7/31/2024** | $21560 | $22615 | $11373 |
| **8/31/2024** | $21885 | $22914 | $11536 |
| **9/30/2024** | $22363 | $23361 | $11690 |
| **10/31/2024** | $22347 | $23560 | $11401 |
| **11/30/2024** | $24125 | $25157 | $11521 |
| **12/31/2024** | $23224 | $24162 | $11332 |
| **1/31/2025** | $24146 | $24809 | $11393 |
| **2/28/2025** | $23619 | $24316 | $11643 |
| **3/31/2025** | $22873 | $23653 | $11648 |
| **4/30/2025** | $23319 | $23977 | $11693 |
| **5/31/2025** | $24194 | $24761 | $11610 |
| **6/30/2025** | $25574 | $25766 | $11788 |
| **7/31/2025** | $26021 | $26486 | $11757 |
| **8/31/2025** | $26519 | $26950 | $11898 |
| **9/30/2025** | $27505 | $27990 | $12028 |
| **10/31/2025** | $28969 | $28868 | $12103 |
| **11/30/2025** | $28486 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 18.08% | 4.32% | 11.29% |
| Class A with sales charge | 15.43% | 3.85% | 11.04% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LACFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1404-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LACCX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $186 | 1.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 17.37%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ica00f6964be2fd29a1c20d87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9750 | $9799 | $9968 |
| **1/31/2016** | $9115 | $9195 | $10105 |
| **2/29/2016** | $9115 | $9219 | $10177 |
| **3/31/2016** | $9592 | $9646 | $10270 |
| **4/30/2016** | $9703 | $9787 | $10309 |
| **5/31/2016** | $9842 | $9954 | $10312 |
| **6/30/2016** | $9894 | $9997 | $10497 |
| **7/31/2016** | $10414 | $10451 | $10564 |
| **8/31/2016** | $10488 | $10481 | $10552 |
| **9/30/2016** | $10657 | $10599 | $10545 |
| **10/31/2016** | $10406 | $10423 | $10465 |
| **11/30/2016** | $10788 | $10661 | $10217 |
| **12/31/2016** | $10902 | $10821 | $10232 |
| **1/31/2017** | $11281 | $11110 | $10252 |
| **2/28/2017** | $11471 | $11322 | $10321 |
| **3/31/2017** | $11583 | $11394 | $10315 |
| **4/30/2017** | $11678 | $11521 | $10395 |
| **5/31/2017** | $11792 | $11601 | $10475 |
| **6/30/2017** | $11875 | $11675 | $10464 |
| **7/31/2017** | $12104 | $11911 | $10509 |
| **8/31/2017** | $12180 | $11954 | $10603 |
| **9/30/2017** | $12343 | $12115 | $10553 |
| **10/31/2017** | $12601 | $12313 | $10559 |
| **11/30/2017** | $12649 | $12328 | $10546 |
| **12/31/2017** | $12629 | $12304 | $10594 |
| **1/31/2018** | $13015 | $12685 | $10472 |
| **2/28/2018** | $12764 | $12541 | $10373 |
| **3/31/2018** | $12767 | $12599 | $10439 |
| **4/30/2018** | $12709 | $12573 | $10362 |
| **5/31/2018** | $13125 | $13019 | $10435 |
| **6/30/2018** | $13068 | $13074 | $10423 |
| **7/31/2018** | $13019 | $13158 | $10425 |
| **8/31/2018** | $13639 | $13621 | $10492 |
| **9/30/2018** | $13702 | $13588 | $10425 |
| **10/31/2018** | $12616 | $12765 | $10342 |
| **11/30/2018** | $12683 | $12928 | $10404 |
| **12/31/2018** | $12099 | $12322 | $10595 |
| **1/31/2019** | $12923 | $13180 | $10708 |
| **2/28/2019** | $13397 | $13587 | $10701 |
| **3/31/2019** | $13452 | $13586 | $10907 |
| **4/30/2019** | $13824 | $13951 | $10910 |
| **5/31/2019** | $13369 | $13494 | $11103 |
| **6/30/2019** | $14054 | $14110 | $11243 |
| **7/31/2019** | $14303 | $14350 | $11268 |
| **8/31/2019** | $14293 | $14173 | $11560 |
| **9/30/2019** | $13973 | $14132 | $11498 |
| **10/31/2019** | $14191 | $14355 | $11533 |
| **11/30/2019** | $14586 | $14807 | $11527 |
| **12/31/2019** | $14997 | $15175 | $11519 |
| **1/31/2020** | $15591 | $15602 | $11740 |
| **2/29/2020** | $15523 | $15162 | $11952 |
| **3/31/2020** | $13804 | $13108 | $11881 |
| **4/30/2020** | $15295 | $14562 | $12093 |
| **5/31/2020** | $16540 | $15546 | $12149 |
| **6/30/2020** | $17510 | $16275 | $12225 |
| **7/31/2020** | $18901 | $17455 | $12408 |
| **8/31/2020** | $20707 | $18950 | $12308 |
| **9/30/2020** | $20324 | $18541 | $12301 |
| **10/31/2020** | $20234 | $18389 | $12246 |
| **11/30/2020** | $22860 | $20728 | $12366 |
| **12/31/2020** | $24434 | $22189 | $12383 |
| **1/31/2021** | $25187 | $22863 | $12295 |
| **2/28/2021** | $26043 | $23566 | $12117 |
| **3/31/2021** | $24759 | $22825 | $11966 |
| **4/30/2021** | $25148 | $23414 | $12060 |
| **5/31/2021** | $24499 | $23020 | $12100 |
| **6/30/2021** | $24642 | $23720 | $12185 |
| **7/31/2021** | $24538 | $23568 | $12321 |
| **8/31/2021** | $24940 | $24005 | $12297 |
| **9/30/2021** | $24629 | $23604 | $12191 |
| **10/31/2021** | $25420 | $24449 | $12188 |
| **11/30/2021** | $24707 | $23581 | $12224 |
| **12/31/2021** | $24505 | $23597 | $12192 |
| **1/31/2022** | $22464 | $22051 | $11930 |
| **2/28/2022** | $22280 | $22057 | $11797 |
| **3/31/2022** | $22585 | $22321 | $11469 |
| **4/30/2022** | $20635 | $20737 | $11034 |
| **5/31/2022** | $19883 | $20067 | $11105 |
| **6/30/2022** | $18909 | $18827 | $10931 |
| **7/31/2022** | $19955 | $19903 | $11198 |
| **8/31/2022** | $20078 | $20087 | $10881 |
| **9/30/2022** | $18820 | $18893 | $10411 |
| **10/31/2022** | $19036 | $19510 | $10276 |
| **11/30/2022** | $19282 | $19821 | $10654 |
| **12/31/2022** | $18660 | $19201 | $10606 |
| **1/31/2023** | $19331 | $20318 | $10932 |
| **2/28/2023** | $19019 | $20056 | $10650 |
| **3/31/2023** | $19011 | $19927 | $10920 |
| **4/30/2023** | $18714 | $19655 | $10987 |
| **5/31/2023** | $18745 | $19830 | $10867 |
| **6/30/2023** | $19366 | $20865 | $10828 |
| **7/31/2023** | $19492 | $21437 | $10821 |
| **8/31/2023** | $18989 | $20885 | $10751 |
| **9/30/2023** | $18789 | $20345 | $10478 |
| **10/31/2023** | $17891 | $19451 | $10313 |
| **11/30/2023** | $18962 | $20466 | $10780 |
| **12/31/2023** | $19853 | $21708 | $11193 |
| **1/31/2024** | $19916 | $21458 | $11162 |
| **2/29/2024** | $20217 | $21717 | $11004 |
| **3/31/2024** | $20725 | $22223 | $11106 |
| **4/30/2024** | $20234 | $21454 | $10825 |
| **5/31/2024** | $20630 | $21978 | $11009 |
| **6/30/2024** | $20765 | $22185 | $11113 |
| **7/31/2024** | $20877 | $22615 | $11373 |
| **8/31/2024** | $21179 | $22914 | $11536 |
| **9/30/2024** | $21630 | $23361 | $11690 |
| **10/31/2024** | $21614 | $23560 | $11401 |
| **11/30/2024** | $23305 | $25157 | $11521 |
| **12/31/2024** | $22435 | $24162 | $11332 |
| **1/31/2025** | $23303 | $24809 | $11393 |
| **2/28/2025** | $22789 | $24316 | $11643 |
| **3/31/2025** | $22057 | $23653 | $11648 |
| **4/30/2025** | $22476 | $23977 | $11693 |
| **5/31/2025** | $23313 | $24761 | $11610 |
| **6/30/2025** | $24623 | $25766 | $11788 |
| **7/31/2025** | $25043 | $26486 | $11757 |
| **8/31/2025** | $25511 | $26950 | $11898 |
| **9/30/2025** | $26448 | $27990 | $12028 |
| **10/31/2025** | $27839 | $28868 | $12103 |
| **11/30/2025** | $27354 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 17.37% | 3.65% | 10.59% |
| Class C with sales charge | 16.37% | 3.65% | 10.59% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LACCX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1406-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LBFFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $109 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.17%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i296cd7b098301a29102552b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9762 | $9799 | $9968 |
| **1/31/2016** | $9130 | $9195 | $10105 |
| **2/29/2016** | $9130 | $9219 | $10177 |
| **3/31/2016** | $9613 | $9646 | $10270 |
| **4/30/2016** | $9733 | $9787 | $10309 |
| **5/31/2016** | $9881 | $9954 | $10312 |
| **6/30/2016** | $9941 | $9997 | $10497 |
| **7/31/2016** | $10461 | $10451 | $10564 |
| **8/31/2016** | $10544 | $10481 | $10552 |
| **9/30/2016** | $10725 | $10599 | $10545 |
| **10/31/2016** | $10482 | $10423 | $10465 |
| **11/30/2016** | $10874 | $10661 | $10217 |
| **12/31/2016** | $10989 | $10821 | $10232 |
| **1/31/2017** | $11379 | $11110 | $10252 |
| **2/28/2017** | $11570 | $11322 | $10321 |
| **3/31/2017** | $11702 | $11394 | $10315 |
| **4/30/2017** | $11797 | $11521 | $10395 |
| **5/31/2017** | $11921 | $11601 | $10475 |
| **6/30/2017** | $12017 | $11675 | $10464 |
| **7/31/2017** | $12248 | $11911 | $10509 |
| **8/31/2017** | $12334 | $11954 | $10603 |
| **9/30/2017** | $12510 | $12115 | $10553 |
| **10/31/2017** | $12780 | $12313 | $10559 |
| **11/30/2017** | $12838 | $12328 | $10546 |
| **12/31/2017** | $12821 | $12304 | $10594 |
| **1/31/2018** | $13221 | $12685 | $10472 |
| **2/28/2018** | $12977 | $12541 | $10373 |
| **3/31/2018** | $12985 | $12599 | $10439 |
| **4/30/2018** | $12936 | $12573 | $10362 |
| **5/31/2018** | $13367 | $13019 | $10435 |
| **6/30/2018** | $13318 | $13074 | $10423 |
| **7/31/2018** | $13278 | $13158 | $10425 |
| **8/31/2018** | $13917 | $13621 | $10492 |
| **9/30/2018** | $13994 | $13588 | $10425 |
| **10/31/2018** | $12891 | $12765 | $10342 |
| **11/30/2018** | $12960 | $12928 | $10404 |
| **12/31/2018** | $12379 | $12322 | $10595 |
| **1/31/2019** | $13238 | $13180 | $10708 |
| **2/28/2019** | $13720 | $13587 | $10701 |
| **3/31/2019** | $13780 | $13586 | $10907 |
| **4/30/2019** | $14169 | $13951 | $10910 |
| **5/31/2019** | $13716 | $13494 | $11103 |
| **6/30/2019** | $14430 | $14110 | $11243 |
| **7/31/2019** | $14695 | $14350 | $11268 |
| **8/31/2019** | $14695 | $14173 | $11560 |
| **9/30/2019** | $14375 | $14132 | $11498 |
| **10/31/2019** | $14609 | $14355 | $11533 |
| **11/30/2019** | $15023 | $14807 | $11527 |
| **12/31/2019** | $15458 | $15175 | $11519 |
| **1/31/2020** | $16078 | $15602 | $11740 |
| **2/29/2020** | $16021 | $15162 | $11952 |
| **3/31/2020** | $14245 | $13108 | $11881 |
| **4/30/2020** | $15799 | $14562 | $12093 |
| **5/31/2020** | $17099 | $15546 | $12149 |
| **6/30/2020** | $18114 | $16275 | $12225 |
| **7/31/2020** | $19567 | $17455 | $12408 |
| **8/31/2020** | $21446 | $18950 | $12308 |
| **9/30/2020** | $21053 | $18541 | $12301 |
| **10/31/2020** | $20984 | $18389 | $12246 |
| **11/30/2020** | $23711 | $20728 | $12366 |
| **12/31/2020** | $25368 | $22189 | $12383 |
| **1/31/2021** | $26156 | $22863 | $12295 |
| **2/28/2021** | $27065 | $23566 | $12117 |
| **3/31/2021** | $25756 | $22825 | $11966 |
| **4/30/2021** | $26171 | $23414 | $12060 |
| **5/31/2021** | $25516 | $23020 | $12100 |
| **6/30/2021** | $25681 | $23720 | $12185 |
| **7/31/2021** | $25600 | $23568 | $12321 |
| **8/31/2021** | $26029 | $24005 | $12297 |
| **9/30/2021** | $25719 | $23604 | $12191 |
| **10/31/2021** | $26565 | $24449 | $12188 |
| **11/30/2021** | $25840 | $23581 | $12224 |
| **12/31/2021** | $25649 | $23597 | $12192 |
| **1/31/2022** | $23522 | $22051 | $11930 |
| **2/28/2022** | $23347 | $22057 | $11797 |
| **3/31/2022** | $23679 | $22321 | $11469 |
| **4/30/2022** | $21642 | $20737 | $11034 |
| **5/31/2022** | $20862 | $20067 | $11105 |
| **6/30/2022** | $19860 | $18827 | $10931 |
| **7/31/2022** | $20977 | $19903 | $11198 |
| **8/31/2022** | $21121 | $20087 | $10881 |
| **9/30/2022** | $19805 | $18893 | $10411 |
| **10/31/2022** | $20046 | $19510 | $10276 |
| **11/30/2022** | $20303 | $19821 | $10654 |
| **12/31/2022** | $19676 | $19201 | $10606 |
| **1/31/2023** | $20392 | $20318 | $10932 |
| **2/28/2023** | $20083 | $20056 | $10650 |
| **3/31/2023** | $20093 | $19927 | $10920 |
| **4/30/2023** | $19783 | $19655 | $10987 |
| **5/31/2023** | $19815 | $19830 | $10867 |
| **6/30/2023** | $20502 | $20865 | $10828 |
| **7/31/2023** | $20650 | $21437 | $10821 |
| **8/31/2023** | $20123 | $20885 | $10751 |
| **9/30/2023** | $19918 | $20345 | $10478 |
| **10/31/2023** | $18977 | $19451 | $10313 |
| **11/30/2023** | $20116 | $20466 | $10780 |
| **12/31/2023** | $21084 | $21708 | $11193 |
| **1/31/2024** | $21151 | $21458 | $11162 |
| **2/29/2024** | $21500 | $21717 | $11004 |
| **3/31/2024** | $22055 | $22223 | $11106 |
| **4/30/2024** | $21539 | $21454 | $10825 |
| **5/31/2024** | $21972 | $21978 | $11009 |
| **6/30/2024** | $22137 | $22185 | $11113 |
| **7/31/2024** | $22271 | $22615 | $11373 |
| **8/31/2024** | $22606 | $22914 | $11536 |
| **9/30/2024** | $23088 | $23361 | $11690 |
| **10/31/2024** | $23088 | $23560 | $11401 |
| **11/30/2024** | $24922 | $25157 | $11521 |
| **12/31/2024** | $23999 | $24162 | $11332 |
| **1/31/2025** | $24933 | $24809 | $11393 |
| **2/28/2025** | $24407 | $24316 | $11643 |
| **3/31/2025** | $23643 | $23653 | $11648 |
| **4/30/2025** | $24103 | $23977 | $11693 |
| **5/31/2025** | $25007 | $24761 | $11610 |
| **6/30/2025** | $26437 | $25766 | $11788 |
| **7/31/2025** | $26899 | $26486 | $11757 |
| **8/31/2025** | $27412 | $26950 | $11898 |
| **9/30/2025** | $28437 | $27990 | $12028 |
| **10/31/2025** | $29949 | $28868 | $12103 |
| **11/30/2025** | $29450 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 18.17% | 4.43% | 11.41% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LBFFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1008-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LOCFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $88 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.45%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i10dad0381f8d1804ba31ad68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10114 | $10127 | $10051 |
| **5/31/2017** | $10220 | $10198 | $10128 |
| **6/30/2017** | $10304 | $10262 | $10118 |
| **7/31/2017** | $10501 | $10470 | $10162 |
| **8/31/2017** | $10575 | $10508 | $10253 |
| **9/30/2017** | $10727 | $10650 | $10204 |
| **10/31/2017** | $10957 | $10824 | $10210 |
| **11/30/2017** | $11006 | $10837 | $10197 |
| **12/31/2017** | $11003 | $10815 | $10244 |
| **1/31/2018** | $11344 | $11151 | $10126 |
| **2/28/2018** | $11128 | $11024 | $10030 |
| **3/31/2018** | $11137 | $11075 | $10094 |
| **4/30/2018** | $11096 | $11052 | $10019 |
| **5/31/2018** | $11472 | $11444 | $10091 |
| **6/30/2018** | $11432 | $11492 | $10078 |
| **7/31/2018** | $11399 | $11566 | $10080 |
| **8/31/2018** | $11952 | $11974 | $10145 |
| **9/30/2018** | $12013 | $11944 | $10080 |
| **10/31/2018** | $11071 | $11221 | $10000 |
| **11/30/2018** | $11130 | $11364 | $10060 |
| **12/31/2018** | $10629 | $10832 | $10245 |
| **1/31/2019** | $11371 | $11586 | $10354 |
| **2/28/2019** | $11792 | $11943 | $10348 |
| **3/31/2019** | $11836 | $11943 | $10546 |
| **4/30/2019** | $12178 | $12264 | $10549 |
| **5/31/2019** | $11782 | $11862 | $10736 |
| **6/30/2019** | $12404 | $12403 | $10871 |
| **7/31/2019** | $12630 | $12614 | $10895 |
| **8/31/2019** | $12630 | $12459 | $11177 |
| **9/30/2019** | $12360 | $12422 | $11118 |
| **10/31/2019** | $12569 | $12619 | $11151 |
| **11/30/2019** | $12913 | $13016 | $11146 |
| **12/31/2019** | $13288 | $13339 | $11138 |
| **1/31/2020** | $13827 | $13715 | $11352 |
| **2/29/2020** | $13788 | $13328 | $11557 |
| **3/31/2020** | $12256 | $11523 | $11489 |
| **4/30/2020** | $13592 | $12801 | $11693 |
| **5/31/2020** | $14722 | $13665 | $11747 |
| **6/30/2020** | $15593 | $14306 | $11821 |
| **7/31/2020** | $16844 | $15344 | $11998 |
| **8/31/2020** | $18459 | $16658 | $11901 |
| **9/30/2020** | $18127 | $16299 | $11894 |
| **10/31/2020** | $18068 | $16165 | $11841 |
| **11/30/2020** | $20418 | $18221 | $11958 |
| **12/31/2020** | $21848 | $19505 | $11974 |
| **1/31/2021** | $22533 | $20097 | $11888 |
| **2/28/2021** | $23320 | $20716 | $11716 |
| **3/31/2021** | $22185 | $20064 | $11570 |
| **4/30/2021** | $22551 | $20582 | $11662 |
| **5/31/2021** | $21991 | $20235 | $11700 |
| **6/30/2021** | $22138 | $20851 | $11782 |
| **7/31/2021** | $22069 | $20717 | $11914 |
| **8/31/2021** | $22447 | $21102 | $11891 |
| **9/30/2021** | $22177 | $20749 | $11788 |
| **10/31/2021** | $22923 | $21492 | $11785 |
| **11/30/2021** | $22292 | $20729 | $11820 |
| **12/31/2021** | $22121 | $20742 | $11789 |
| **1/31/2022** | $20293 | $19383 | $11535 |
| **2/28/2022** | $20158 | $19389 | $11407 |
| **3/31/2022** | $20447 | $19621 | $11090 |
| **4/30/2022** | $18696 | $18228 | $10669 |
| **5/31/2022** | $18031 | $17640 | $10738 |
| **6/30/2022** | $17156 | $16550 | $10569 |
| **7/31/2022** | $18124 | $17495 | $10828 |
| **8/31/2022** | $18247 | $17657 | $10522 |
| **9/30/2022** | $17102 | $16608 | $10067 |
| **10/31/2022** | $17321 | $17150 | $9937 |
| **11/30/2022** | $17554 | $17423 | $10302 |
| **12/31/2022** | $17010 | $16879 | $10256 |
| **1/31/2023** | $17622 | $17860 | $10571 |
| **2/28/2023** | $17358 | $17630 | $10298 |
| **3/31/2023** | $17375 | $17516 | $10559 |
| **4/30/2023** | $17109 | $17277 | $10623 |
| **5/31/2023** | $17137 | $17431 | $10508 |
| **6/30/2023** | $17728 | $18341 | $10470 |
| **7/31/2023** | $17869 | $18844 | $10463 |
| **8/31/2023** | $17405 | $18358 | $10396 |
| **9/30/2023** | $17235 | $17884 | $10132 |
| **10/31/2023** | $16417 | $17098 | $9972 |
| **11/30/2023** | $17418 | $17990 | $10424 |
| **12/31/2023** | $18251 | $19082 | $10823 |
| **1/31/2024** | $18322 | $18862 | $10793 |
| **2/29/2024** | $18620 | $19090 | $10640 |
| **3/31/2024** | $19115 | $19535 | $10739 |
| **4/30/2024** | $18659 | $18859 | $10467 |
| **5/31/2024** | $19043 | $19319 | $10645 |
| **6/30/2024** | $19190 | $19502 | $10746 |
| **7/31/2024** | $19304 | $19880 | $10997 |
| **8/31/2024** | $19591 | $20142 | $11155 |
| **9/30/2024** | $20022 | $20535 | $11304 |
| **10/31/2024** | $20022 | $20710 | $11024 |
| **11/30/2024** | $21606 | $22114 | $11140 |
| **12/31/2024** | $20807 | $21239 | $10958 |
| **1/31/2025** | $21635 | $21808 | $11016 |
| **2/28/2025** | $21185 | $21374 | $11258 |
| **3/31/2025** | $20522 | $20792 | $11263 |
| **4/30/2025** | $20916 | $21076 | $11307 |
| **5/31/2025** | $21718 | $21766 | $11226 |
| **6/30/2025** | $22962 | $22649 | $11399 |
| **7/31/2025** | $23357 | $23282 | $11368 |
| **8/31/2025** | $23811 | $23690 | $11504 |
| **9/30/2025** | $24694 | $24604 | $11630 |
| **10/31/2025** | $26018 | $25376 | $11703 |
| **11/30/2025** | $25591 | $25200 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 18.45% | 4.62% | 11.46% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.27% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LOCFX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8964-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LCFYX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $98 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.34%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i86f1f296849ecd6c33c6ebed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9766 | $9799 | $9968 |
| **1/31/2016** | $9136 | $9195 | $10105 |
| **2/29/2016** | $9145 | $9219 | $10177 |
| **3/31/2016** | $9629 | $9646 | $10270 |
| **4/30/2016** | $9739 | $9787 | $10309 |
| **5/31/2016** | $9886 | $9954 | $10312 |
| **6/30/2016** | $9950 | $9997 | $10497 |
| **7/31/2016** | $10477 | $10451 | $10564 |
| **8/31/2016** | $10560 | $10481 | $10552 |
| **9/30/2016** | $10742 | $10599 | $10545 |
| **10/31/2016** | $10491 | $10423 | $10465 |
| **11/30/2016** | $10891 | $10661 | $10217 |
| **12/31/2016** | $11008 | $10821 | $10232 |
| **1/31/2017** | $11397 | $11110 | $10252 |
| **2/28/2017** | $11596 | $11322 | $10321 |
| **3/31/2017** | $11720 | $11394 | $10315 |
| **4/30/2017** | $11815 | $11521 | $10395 |
| **5/31/2017** | $11949 | $11601 | $10475 |
| **6/30/2017** | $12038 | $11675 | $10464 |
| **7/31/2017** | $12277 | $11911 | $10509 |
| **8/31/2017** | $12363 | $11954 | $10603 |
| **9/30/2017** | $12532 | $12115 | $10553 |
| **10/31/2017** | $12810 | $12313 | $10559 |
| **11/30/2017** | $12868 | $12328 | $10546 |
| **12/31/2017** | $12855 | $12304 | $10594 |
| **1/31/2018** | $13263 | $12685 | $10472 |
| **2/28/2018** | $13010 | $12541 | $10373 |
| **3/31/2018** | $13021 | $12599 | $10439 |
| **4/30/2018** | $12972 | $12573 | $10362 |
| **5/31/2018** | $13412 | $13019 | $10435 |
| **6/30/2018** | $13356 | $13074 | $10423 |
| **7/31/2018** | $13317 | $13158 | $10425 |
| **8/31/2018** | $13964 | $13621 | $10492 |
| **9/30/2018** | $14034 | $13588 | $10425 |
| **10/31/2018** | $12934 | $12765 | $10342 |
| **11/30/2018** | $13012 | $12928 | $10404 |
| **12/31/2018** | $12426 | $12322 | $10595 |
| **1/31/2019** | $13284 | $13180 | $10708 |
| **2/28/2019** | $13775 | $13587 | $10701 |
| **3/31/2019** | $13838 | $13586 | $10907 |
| **4/30/2019** | $14227 | $13951 | $10910 |
| **5/31/2019** | $13764 | $13494 | $11103 |
| **6/30/2019** | $14491 | $14110 | $11243 |
| **7/31/2019** | $14755 | $14350 | $11268 |
| **8/31/2019** | $14755 | $14173 | $11560 |
| **9/30/2019** | $14440 | $14132 | $11498 |
| **10/31/2019** | $14673 | $14355 | $11533 |
| **11/30/2019** | $15086 | $14807 | $11527 |
| **12/31/2019** | $15524 | $15175 | $11519 |
| **1/31/2020** | $16154 | $15602 | $11740 |
| **2/29/2020** | $16097 | $15162 | $11952 |
| **3/31/2020** | $14317 | $13108 | $11881 |
| **4/30/2020** | $15880 | $14562 | $12093 |
| **5/31/2020** | $17189 | $15546 | $12149 |
| **6/30/2020** | $18207 | $16275 | $12225 |
| **7/31/2020** | $19669 | $17455 | $12408 |
| **8/31/2020** | $21558 | $18950 | $12308 |
| **9/30/2020** | $21170 | $18541 | $12301 |
| **10/31/2020** | $21101 | $18389 | $12246 |
| **11/30/2020** | $23848 | $20728 | $12366 |
| **12/31/2020** | $25508 | $22189 | $12383 |
| **1/31/2021** | $26308 | $22863 | $12295 |
| **2/28/2021** | $27229 | $23566 | $12117 |
| **3/31/2021** | $25902 | $22825 | $11966 |
| **4/30/2021** | $26329 | $23414 | $12060 |
| **5/31/2021** | $25661 | $23020 | $12100 |
| **6/30/2021** | $25833 | $23720 | $12185 |
| **7/31/2021** | $25752 | $23568 | $12321 |
| **8/31/2021** | $26194 | $24005 | $12297 |
| **9/30/2021** | $25878 | $23604 | $12191 |
| **10/31/2021** | $26736 | $24449 | $12188 |
| **11/30/2021** | $25999 | $23581 | $12224 |
| **12/31/2021** | $25812 | $23597 | $12192 |
| **1/31/2022** | $23674 | $22051 | $11930 |
| **2/28/2022** | $23500 | $22057 | $11797 |
| **3/31/2022** | $23838 | $22321 | $11469 |
| **4/30/2022** | $21789 | $20737 | $11034 |
| **5/31/2022** | $21011 | $20067 | $11105 |
| **6/30/2022** | $20004 | $18827 | $10931 |
| **7/31/2022** | $21120 | $19903 | $11198 |
| **8/31/2022** | $21263 | $20087 | $10881 |
| **9/30/2022** | $19940 | $18893 | $10411 |
| **10/31/2022** | $20197 | $19510 | $10276 |
| **11/30/2022** | $20453 | $19821 | $10654 |
| **12/31/2022** | $19817 | $19201 | $10606 |
| **1/31/2023** | $20548 | $20318 | $10932 |
| **2/28/2023** | $20223 | $20056 | $10650 |
| **3/31/2023** | $20243 | $19927 | $10920 |
| **4/30/2023** | $19932 | $19655 | $10987 |
| **5/31/2023** | $19965 | $19830 | $10867 |
| **6/30/2023** | $20656 | $20865 | $10828 |
| **7/31/2023** | $20804 | $21437 | $10821 |
| **8/31/2023** | $20278 | $20885 | $10751 |
| **9/30/2023** | $20079 | $20345 | $10478 |
| **10/31/2023** | $19122 | $19451 | $10313 |
| **11/30/2023** | $20294 | $20466 | $10780 |
| **12/31/2023** | $21251 | $21708 | $11193 |
| **1/31/2024** | $21334 | $21458 | $11162 |
| **2/29/2024** | $21683 | $21717 | $11004 |
| **3/31/2024** | $22245 | $22223 | $11106 |
| **4/30/2024** | $21728 | $21454 | $10825 |
| **5/31/2024** | $22161 | $21978 | $11009 |
| **6/30/2024** | $22333 | $22185 | $11113 |
| **7/31/2024** | $22467 | $22615 | $11373 |
| **8/31/2024** | $22802 | $22914 | $11536 |
| **9/30/2024** | $23307 | $23361 | $11690 |
| **10/31/2024** | $23290 | $23560 | $11401 |
| **11/30/2024** | $25142 | $25157 | $11521 |
| **12/31/2024** | $24208 | $24162 | $11332 |
| **1/31/2025** | $25177 | $24809 | $11393 |
| **2/28/2025** | $24633 | $24316 | $11643 |
| **3/31/2025** | $23858 | $23653 | $11648 |
| **4/30/2025** | $24335 | $23977 | $11693 |
| **5/31/2025** | $25257 | $24761 | $11610 |
| **6/30/2025** | $26695 | $25766 | $11788 |
| **7/31/2025** | $27158 | $26486 | $11757 |
| **8/31/2025** | $27689 | $26950 | $11898 |
| **9/30/2025** | $28722 | $27990 | $12028 |
| **10/31/2025** | $30253 | $28868 | $12103 |
| **11/30/2025** | $29754 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 18.34% | 4.53% | 11.52% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LCFYX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1408-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class P

# LCFPX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $146 | 1.34% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 17.78%, reflecting performance at the net asset value (NAV) of Class P shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifd13eb42426a1e4c199b3bb9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9761 | $9799 | $9968 |
| **1/31/2016** | $9129 | $9195 | $10105 |
| **2/29/2016** | $9129 | $9219 | $10177 |
| **3/31/2016** | $9611 | $9646 | $10270 |
| **4/30/2016** | $9730 | $9787 | $10309 |
| **5/31/2016** | $9875 | $9954 | $10312 |
| **6/30/2016** | $9929 | $9997 | $10497 |
| **7/31/2016** | $10450 | $10451 | $10564 |
| **8/31/2016** | $10533 | $10481 | $10552 |
| **9/30/2016** | $10710 | $10599 | $10545 |
| **10/31/2016** | $10462 | $10423 | $10465 |
| **11/30/2016** | $10848 | $10661 | $10217 |
| **12/31/2016** | $10961 | $10821 | $10232 |
| **1/31/2017** | $11345 | $11110 | $10252 |
| **2/28/2017** | $11532 | $11322 | $10321 |
| **3/31/2017** | $11660 | $11394 | $10315 |
| **4/30/2017** | $11754 | $11521 | $10395 |
| **5/31/2017** | $11876 | $11601 | $10475 |
| **6/30/2017** | $11970 | $11675 | $10464 |
| **7/31/2017** | $12196 | $11911 | $10509 |
| **8/31/2017** | $12271 | $11954 | $10603 |
| **9/30/2017** | $12442 | $12115 | $10553 |
| **10/31/2017** | $12707 | $12313 | $10559 |
| **11/30/2017** | $12763 | $12328 | $10546 |
| **12/31/2017** | $12747 | $12304 | $10594 |
| **1/31/2018** | $13139 | $12685 | $10472 |
| **2/28/2018** | $12891 | $12541 | $10373 |
| **3/31/2018** | $12897 | $12599 | $10439 |
| **4/30/2018** | $12839 | $12573 | $10362 |
| **5/31/2018** | $13270 | $13019 | $10435 |
| **6/30/2018** | $13220 | $13074 | $10423 |
| **7/31/2018** | $13172 | $13158 | $10425 |
| **8/31/2018** | $13806 | $13621 | $10492 |
| **9/30/2018** | $13870 | $13588 | $10425 |
| **10/31/2018** | $12783 | $12765 | $10342 |
| **11/30/2018** | $12850 | $12928 | $10404 |
| **12/31/2018** | $12262 | $12322 | $10595 |
| **1/31/2019** | $13111 | $13180 | $10708 |
| **2/28/2019** | $13591 | $13587 | $10701 |
| **3/31/2019** | $13637 | $13586 | $10907 |
| **4/30/2019** | $14027 | $13951 | $10910 |
| **5/31/2019** | $13565 | $13494 | $11103 |
| **6/30/2019** | $14269 | $14110 | $11243 |
| **7/31/2019** | $14527 | $14350 | $11268 |
| **8/31/2019** | $14516 | $14173 | $11560 |
| **9/30/2019** | $14213 | $14132 | $11498 |
| **10/31/2019** | $14440 | $14355 | $11533 |
| **11/30/2019** | $14832 | $14807 | $11527 |
| **12/31/2019** | $15254 | $15175 | $11519 |
| **1/31/2020** | $15866 | $15602 | $11740 |
| **2/29/2020** | $15811 | $15162 | $11952 |
| **3/31/2020** | $14055 | $13108 | $11881 |
| **4/30/2020** | $15583 | $14562 | $12093 |
| **5/31/2020** | $16866 | $15546 | $12149 |
| **6/30/2020** | $17848 | $16275 | $12225 |
| **7/31/2020** | $19277 | $17455 | $12408 |
| **8/31/2020** | $21119 | $18950 | $12308 |
| **9/30/2020** | $20732 | $18541 | $12301 |
| **10/31/2020** | $20654 | $18389 | $12246 |
| **11/30/2020** | $23336 | $20728 | $12366 |
| **12/31/2020** | $24954 | $22189 | $12383 |
| **1/31/2021** | $25727 | $22863 | $12295 |
| **2/28/2021** | $26616 | $23566 | $12117 |
| **3/31/2021** | $25315 | $22825 | $11966 |
| **4/30/2021** | $25715 | $23414 | $12060 |
| **5/31/2021** | $25058 | $23020 | $12100 |
| **6/30/2021** | $25221 | $23720 | $12185 |
| **7/31/2021** | $25130 | $23568 | $12321 |
| **8/31/2021** | $25556 | $24005 | $12297 |
| **9/30/2021** | $25234 | $23604 | $12191 |
| **10/31/2021** | $26059 | $24449 | $12188 |
| **11/30/2021** | $25337 | $23581 | $12224 |
| **12/31/2021** | $25134 | $23597 | $12192 |
| **1/31/2022** | $23054 | $22051 | $11930 |
| **2/28/2022** | $22887 | $22057 | $11797 |
| **3/31/2022** | $23201 | $22321 | $11469 |
| **4/30/2022** | $21194 | $20737 | $11034 |
| **5/31/2022** | $20434 | $20067 | $11105 |
| **6/30/2022** | $19446 | $18827 | $10931 |
| **7/31/2022** | $20529 | $19903 | $11198 |
| **8/31/2022** | $20650 | $20087 | $10881 |
| **9/30/2022** | $19362 | $18893 | $10411 |
| **10/31/2022** | $19607 | $19510 | $10276 |
| **11/30/2022** | $19852 | $19821 | $10654 |
| **12/31/2022** | $19222 | $19201 | $10606 |
| **1/31/2023** | $19920 | $20318 | $10932 |
| **2/28/2023** | $19610 | $20056 | $10650 |
| **3/31/2023** | $19606 | $19927 | $10920 |
| **4/30/2023** | $19294 | $19655 | $10987 |
| **5/31/2023** | $19326 | $19830 | $10867 |
| **6/30/2023** | $19993 | $20865 | $10828 |
| **7/31/2023** | $20134 | $21437 | $10821 |
| **8/31/2023** | $19602 | $20885 | $10751 |
| **9/30/2023** | $19407 | $20345 | $10478 |
| **10/31/2023** | $18482 | $19451 | $10313 |
| **11/30/2023** | $19595 | $20466 | $10780 |
| **12/31/2023** | $20532 | $21708 | $11193 |
| **1/31/2024** | $20595 | $21458 | $11162 |
| **2/29/2024** | $20910 | $21717 | $11004 |
| **3/31/2024** | $21452 | $22223 | $11106 |
| **4/30/2024** | $20946 | $21454 | $10825 |
| **5/31/2024** | $21357 | $21978 | $11009 |
| **6/30/2024** | $21511 | $22185 | $11113 |
| **7/31/2024** | $21638 | $22615 | $11373 |
| **8/31/2024** | $21956 | $22914 | $11536 |
| **9/30/2024** | $22426 | $23361 | $11690 |
| **10/31/2024** | $22410 | $23560 | $11401 |
| **11/30/2024** | $24178 | $25157 | $11521 |
| **12/31/2024** | $23280 | $24162 | $11332 |
| **1/31/2025** | $24195 | $24809 | $11393 |
| **2/28/2025** | $23665 | $24316 | $11643 |
| **3/31/2025** | $22924 | $23653 | $11648 |
| **4/30/2025** | $23359 | $23977 | $11693 |
| **5/31/2025** | $24228 | $24761 | $11610 |
| **6/30/2025** | $25607 | $25766 | $11788 |
| **7/31/2025** | $26043 | $26486 | $11757 |
| **8/31/2025** | $26527 | $26950 | $11898 |
| **9/30/2025** | $27504 | $27990 | $12028 |
| **10/31/2025** | $28978 | $28868 | $12103 |
| **11/30/2025** | $28476 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class P at NAV | 17.78% | 4.06% | 11.03% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class P

# LCFPX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1407-P

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LBCQX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $163 | 1.50% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 17.62%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1eb22b2247a82fc55b8f9db6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R2** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9752 | $9799 | $9968 |
| **1/31/2016** | $9119 | $9195 | $10105 |
| **2/29/2016** | $9119 | $9219 | $10177 |
| **3/31/2016** | $9594 | $9646 | $10270 |
| **4/30/2016** | $9712 | $9787 | $10309 |
| **5/31/2016** | $9848 | $9954 | $10312 |
| **6/30/2016** | $9905 | $9997 | $10497 |
| **7/31/2016** | $10425 | $10451 | $10564 |
| **8/31/2016** | $10498 | $10481 | $10552 |
| **9/30/2016** | $10670 | $10599 | $10545 |
| **10/31/2016** | $10422 | $10423 | $10465 |
| **11/30/2016** | $10807 | $10661 | $10217 |
| **12/31/2016** | $10917 | $10821 | $10232 |
| **1/31/2017** | $11309 | $11110 | $10252 |
| **2/28/2017** | $11496 | $11322 | $10321 |
| **3/31/2017** | $11619 | $11394 | $10315 |
| **4/30/2017** | $11704 | $11521 | $10395 |
| **5/31/2017** | $11825 | $11601 | $10475 |
| **6/30/2017** | $11910 | $11675 | $10464 |
| **7/31/2017** | $12145 | $11911 | $10509 |
| **8/31/2017** | $12220 | $11954 | $10603 |
| **9/30/2017** | $12387 | $12115 | $10553 |
| **10/31/2017** | $12650 | $12313 | $10559 |
| **11/30/2017** | $12697 | $12328 | $10546 |
| **12/31/2017** | $12684 | $12304 | $10594 |
| **1/31/2018** | $13074 | $12685 | $10472 |
| **2/28/2018** | $12827 | $12541 | $10373 |
| **3/31/2018** | $12825 | $12599 | $10439 |
| **4/30/2018** | $12768 | $12573 | $10362 |
| **5/31/2018** | $13197 | $13019 | $10435 |
| **6/30/2018** | $13142 | $13074 | $10423 |
| **7/31/2018** | $13094 | $13158 | $10425 |
| **8/31/2018** | $13725 | $13621 | $10492 |
| **9/30/2018** | $13784 | $13588 | $10425 |
| **10/31/2018** | $12703 | $12765 | $10342 |
| **11/30/2018** | $12770 | $12928 | $10404 |
| **12/31/2018** | $12180 | $12322 | $10595 |
| **1/31/2019** | $13023 | $13180 | $10708 |
| **2/28/2019** | $13500 | $13587 | $10701 |
| **3/31/2019** | $13551 | $13586 | $10907 |
| **4/30/2019** | $13929 | $13951 | $10910 |
| **5/31/2019** | $13470 | $13494 | $11103 |
| **6/30/2019** | $14173 | $14110 | $11243 |
| **7/31/2019** | $14418 | $14350 | $11268 |
| **8/31/2019** | $14408 | $14173 | $11560 |
| **9/30/2019** | $14105 | $14132 | $11498 |
| **10/31/2019** | $14320 | $14355 | $11533 |
| **11/30/2019** | $14720 | $14807 | $11527 |
| **12/31/2019** | $15133 | $15175 | $11519 |
| **1/31/2020** | $15741 | $15602 | $11740 |
| **2/29/2020** | $15686 | $15162 | $11952 |
| **3/31/2020** | $13934 | $13108 | $11881 |
| **4/30/2020** | $15449 | $14562 | $12093 |
| **5/31/2020** | $16710 | $15546 | $12149 |
| **6/30/2020** | $17699 | $16275 | $12225 |
| **7/31/2020** | $19104 | $17455 | $12408 |
| **8/31/2020** | $20929 | $18950 | $12308 |
| **9/30/2020** | $20550 | $18541 | $12301 |
| **10/31/2020** | $20461 | $18389 | $12246 |
| **11/30/2020** | $23118 | $20728 | $12366 |
| **12/31/2020** | $24714 | $22189 | $12383 |
| **1/31/2021** | $25479 | $22863 | $12295 |
| **2/28/2021** | $26360 | $23566 | $12117 |
| **3/31/2021** | $25069 | $22825 | $11966 |
| **4/30/2021** | $25464 | $23414 | $12060 |
| **5/31/2021** | $24814 | $23020 | $12100 |
| **6/30/2021** | $24954 | $23720 | $12185 |
| **7/31/2021** | $24865 | $23568 | $12321 |
| **8/31/2021** | $25286 | $24005 | $12297 |
| **9/30/2021** | $24965 | $23604 | $12191 |
| **10/31/2021** | $25782 | $24449 | $12188 |
| **11/30/2021** | $25067 | $23581 | $12224 |
| **12/31/2021** | $24869 | $23597 | $12192 |
| **1/31/2022** | $22796 | $22051 | $11930 |
| **2/28/2022** | $22630 | $22057 | $11797 |
| **3/31/2022** | $22932 | $22321 | $11469 |
| **4/30/2022** | $20946 | $20737 | $11034 |
| **5/31/2022** | $20193 | $20067 | $11105 |
| **6/30/2022** | $19209 | $18827 | $10931 |
| **7/31/2022** | $20280 | $19903 | $11198 |
| **8/31/2022** | $20400 | $20087 | $10881 |
| **9/30/2022** | $19119 | $18893 | $10411 |
| **10/31/2022** | $19361 | $19510 | $10276 |
| **11/30/2022** | $19603 | $19821 | $10654 |
| **12/31/2022** | $18988 | $19201 | $10606 |
| **1/31/2023** | $19663 | $20318 | $10932 |
| **2/28/2023** | $19356 | $20056 | $10650 |
| **3/31/2023** | $19360 | $19927 | $10920 |
| **4/30/2023** | $19053 | $19655 | $10987 |
| **5/31/2023** | $19083 | $19830 | $10867 |
| **6/30/2023** | $19721 | $20865 | $10828 |
| **7/31/2023** | $19860 | $21437 | $10821 |
| **8/31/2023** | $19350 | $20885 | $10751 |
| **9/30/2023** | $19134 | $20345 | $10478 |
| **10/31/2023** | $18220 | $19451 | $10313 |
| **11/30/2023** | $19320 | $20466 | $10780 |
| **12/31/2023** | $20237 | $21708 | $11193 |
| **1/31/2024** | $20299 | $21458 | $11162 |
| **2/29/2024** | $20626 | $21717 | $11004 |
| **3/31/2024** | $21154 | $22223 | $11106 |
| **4/30/2024** | $20639 | $21454 | $10825 |
| **5/31/2024** | $21045 | $21978 | $11009 |
| **6/30/2024** | $21190 | $22185 | $11113 |
| **7/31/2024** | $21315 | $22615 | $11373 |
| **8/31/2024** | $21628 | $22914 | $11536 |
| **9/30/2024** | $22083 | $23361 | $11690 |
| **10/31/2024** | $22068 | $23560 | $11401 |
| **11/30/2024** | $23811 | $25157 | $11521 |
| **12/31/2024** | $22921 | $24162 | $11332 |
| **1/31/2025** | $23807 | $24809 | $11393 |
| **2/28/2025** | $23301 | $24316 | $11643 |
| **3/31/2025** | $22561 | $23653 | $11648 |
| **4/30/2025** | $22989 | $23977 | $11693 |
| **5/31/2025** | $23846 | $24761 | $11610 |
| **6/30/2025** | $25193 | $25766 | $11788 |
| **7/31/2025** | $25622 | $26486 | $11757 |
| **8/31/2025** | $26099 | $26950 | $11898 |
| **9/30/2025** | $27049 | $27990 | $12028 |
| **10/31/2025** | $28484 | $28868 | $12103 |
| **11/30/2025** | $28006 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 17.62% | 3.91% | 10.85% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LBCQX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1046-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LCFRX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $152 | 1.40% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 17.75%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i420e502abf74391de3df50b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9752 | $9799 | $9968 |
| **1/31/2016** | $9118 | $9195 | $10105 |
| **2/29/2016** | $9127 | $9219 | $10177 |
| **3/31/2016** | $9603 | $9646 | $10270 |
| **4/30/2016** | $9714 | $9787 | $10309 |
| **5/31/2016** | $9862 | $9954 | $10312 |
| **6/30/2016** | $9913 | $9997 | $10497 |
| **7/31/2016** | $10433 | $10451 | $10564 |
| **8/31/2016** | $10517 | $10481 | $10552 |
| **9/30/2016** | $10686 | $10599 | $10545 |
| **10/31/2016** | $10434 | $10423 | $10465 |
| **11/30/2016** | $10826 | $10661 | $10217 |
| **12/31/2016** | $10941 | $10821 | $10232 |
| **1/31/2017** | $11321 | $11110 | $10252 |
| **2/28/2017** | $11511 | $11322 | $10321 |
| **3/31/2017** | $11641 | $11394 | $10315 |
| **4/30/2017** | $11727 | $11521 | $10395 |
| **5/31/2017** | $11851 | $11601 | $10475 |
| **6/30/2017** | $11937 | $11675 | $10464 |
| **7/31/2017** | $12176 | $11911 | $10509 |
| **8/31/2017** | $12243 | $11954 | $10603 |
| **9/30/2017** | $12417 | $12115 | $10553 |
| **10/31/2017** | $12676 | $12313 | $10559 |
| **11/30/2017** | $12733 | $12328 | $10546 |
| **12/31/2017** | $12714 | $12304 | $10594 |
| **1/31/2018** | $13112 | $12685 | $10472 |
| **2/28/2018** | $12860 | $12541 | $10373 |
| **3/31/2018** | $12864 | $12599 | $10439 |
| **4/30/2018** | $12815 | $12573 | $10362 |
| **5/31/2018** | $13243 | $13019 | $10435 |
| **6/30/2018** | $13182 | $13074 | $10423 |
| **7/31/2018** | $13143 | $13158 | $10425 |
| **8/31/2018** | $13768 | $13621 | $10492 |
| **9/30/2018** | $13833 | $13588 | $10425 |
| **10/31/2018** | $12748 | $12765 | $10342 |
| **11/30/2018** | $12816 | $12928 | $10404 |
| **12/31/2018** | $12228 | $12322 | $10595 |
| **1/31/2019** | $13071 | $13180 | $10708 |
| **2/28/2019** | $13549 | $13587 | $10701 |
| **3/31/2019** | $13605 | $13586 | $10907 |
| **4/30/2019** | $13981 | $13951 | $10910 |
| **5/31/2019** | $13521 | $13494 | $11103 |
| **6/30/2019** | $14226 | $14110 | $11243 |
| **7/31/2019** | $14488 | $14350 | $11268 |
| **8/31/2019** | $14477 | $14173 | $11560 |
| **9/30/2019** | $14167 | $14132 | $11498 |
| **10/31/2019** | $14387 | $14355 | $11533 |
| **11/30/2019** | $14786 | $14807 | $11527 |
| **12/31/2019** | $15203 | $15175 | $11519 |
| **1/31/2020** | $15816 | $15602 | $11740 |
| **2/29/2020** | $15759 | $15162 | $11952 |
| **3/31/2020** | $14012 | $13108 | $11881 |
| **4/30/2020** | $15523 | $14562 | $12093 |
| **5/31/2020** | $16807 | $15546 | $12149 |
| **6/30/2020** | $17794 | $16275 | $12225 |
| **7/31/2020** | $19217 | $17455 | $12408 |
| **8/31/2020** | $21037 | $18950 | $12308 |
| **9/30/2020** | $20665 | $18541 | $12301 |
| **10/31/2020** | $20585 | $18389 | $12246 |
| **11/30/2020** | $23251 | $20728 | $12366 |
| **12/31/2020** | $24866 | $22189 | $12383 |
| **1/31/2021** | $25630 | $22863 | $12295 |
| **2/28/2021** | $26513 | $23566 | $12117 |
| **3/31/2021** | $25213 | $22825 | $11966 |
| **4/30/2021** | $25621 | $23414 | $12060 |
| **5/31/2021** | $24962 | $23020 | $12100 |
| **6/30/2021** | $25114 | $23720 | $12185 |
| **7/31/2021** | $25022 | $23568 | $12321 |
| **8/31/2021** | $25444 | $24005 | $12297 |
| **9/30/2021** | $25127 | $23604 | $12191 |
| **10/31/2021** | $25959 | $24449 | $12188 |
| **11/30/2021** | $25233 | $23581 | $12224 |
| **12/31/2021** | $25036 | $23597 | $12192 |
| **1/31/2022** | $22960 | $22051 | $11930 |
| **2/28/2022** | $22773 | $22057 | $11797 |
| **3/31/2022** | $23091 | $22321 | $11469 |
| **4/30/2022** | $21106 | $20737 | $11034 |
| **5/31/2022** | $20340 | $20067 | $11105 |
| **6/30/2022** | $19352 | $18827 | $10931 |
| **7/31/2022** | $20433 | $19903 | $11198 |
| **8/31/2022** | $20559 | $20087 | $10881 |
| **9/30/2022** | $19263 | $18893 | $10411 |
| **10/31/2022** | $19515 | $19510 | $10276 |
| **11/30/2022** | $19751 | $19821 | $10654 |
| **12/31/2022** | $19132 | $19201 | $10606 |
| **1/31/2023** | $19818 | $20318 | $10932 |
| **2/28/2023** | $19515 | $20056 | $10650 |
| **3/31/2023** | $19509 | $19927 | $10920 |
| **4/30/2023** | $19205 | $19655 | $10987 |
| **5/31/2023** | $19237 | $19830 | $10867 |
| **6/30/2023** | $19889 | $20865 | $10828 |
| **7/31/2023** | $20034 | $21437 | $10821 |
| **8/31/2023** | $19503 | $20885 | $10751 |
| **9/30/2023** | $19300 | $20345 | $10478 |
| **10/31/2023** | $18381 | $19451 | $10313 |
| **11/30/2023** | $19493 | $20466 | $10780 |
| **12/31/2023** | $20406 | $21708 | $11193 |
| **1/31/2024** | $20487 | $21458 | $11162 |
| **2/29/2024** | $20811 | $21717 | $11004 |
| **3/31/2024** | $21333 | $22223 | $11106 |
| **4/30/2024** | $20830 | $21454 | $10825 |
| **5/31/2024** | $21252 | $21978 | $11009 |
| **6/30/2024** | $21392 | $22185 | $11113 |
| **7/31/2024** | $21506 | $22615 | $11373 |
| **8/31/2024** | $21833 | $22914 | $11536 |
| **9/30/2024** | $22298 | $23361 | $11690 |
| **10/31/2024** | $22281 | $23560 | $11401 |
| **11/30/2024** | $24034 | $25157 | $11521 |
| **12/31/2024** | $23145 | $24162 | $11332 |
| **1/31/2025** | $24037 | $24809 | $11393 |
| **2/28/2025** | $23525 | $24316 | $11643 |
| **3/31/2025** | $22776 | $23653 | $11648 |
| **4/30/2025** | $23223 | $23977 | $11693 |
| **5/31/2025** | $24085 | $24761 | $11610 |
| **6/30/2025** | $25451 | $25766 | $11788 |
| **7/31/2025** | $25883 | $26486 | $11757 |
| **8/31/2025** | $26365 | $26950 | $11898 |
| **9/30/2025** | $27334 | $27990 | $12028 |
| **10/31/2025** | $28784 | $28868 | $12103 |
| **11/30/2025** | $28300 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 17.75% | 4.01% | 10.96% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LCFRX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2052-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LCFSX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $125 | 1.15% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.01%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib02753cd4b91ce5e694b3cdf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9759 | $9799 | $9968 |
| **1/31/2016** | $9127 | $9195 | $10105 |
| **2/29/2016** | $9136 | $9219 | $10177 |
| **3/31/2016** | $9616 | $9646 | $10270 |
| **4/30/2016** | $9727 | $9787 | $10309 |
| **5/31/2016** | $9874 | $9954 | $10312 |
| **6/30/2016** | $9932 | $9997 | $10497 |
| **7/31/2016** | $10451 | $10451 | $10564 |
| **8/31/2016** | $10535 | $10481 | $10552 |
| **9/30/2016** | $10713 | $10599 | $10545 |
| **10/31/2016** | $10462 | $10423 | $10465 |
| **11/30/2016** | $10853 | $10661 | $10217 |
| **12/31/2016** | $10964 | $10821 | $10232 |
| **1/31/2017** | $11363 | $11110 | $10252 |
| **2/28/2017** | $11553 | $11322 | $10321 |
| **3/31/2017** | $11680 | $11394 | $10315 |
| **4/30/2017** | $11776 | $11521 | $10395 |
| **5/31/2017** | $11890 | $11601 | $10475 |
| **6/30/2017** | $11991 | $11675 | $10464 |
| **7/31/2017** | $12221 | $11911 | $10509 |
| **8/31/2017** | $12298 | $11954 | $10603 |
| **9/30/2017** | $12469 | $12115 | $10553 |
| **10/31/2017** | $12738 | $12313 | $10559 |
| **11/30/2017** | $12796 | $12328 | $10546 |
| **12/31/2017** | $12784 | $12304 | $10594 |
| **1/31/2018** | $13183 | $12685 | $10472 |
| **2/28/2018** | $12930 | $12541 | $10373 |
| **3/31/2018** | $12943 | $12599 | $10439 |
| **4/30/2018** | $12884 | $12573 | $10362 |
| **5/31/2018** | $13323 | $13019 | $10435 |
| **6/30/2018** | $13269 | $13074 | $10423 |
| **7/31/2018** | $13220 | $13158 | $10425 |
| **8/31/2018** | $13866 | $13621 | $10492 |
| **9/30/2018** | $13929 | $13588 | $10425 |
| **10/31/2018** | $12840 | $12765 | $10342 |
| **11/30/2018** | $12908 | $12928 | $10404 |
| **12/31/2018** | $12326 | $12322 | $10595 |
| **1/31/2019** | $13171 | $13180 | $10708 |
| **2/28/2019** | $13662 | $13587 | $10701 |
| **3/31/2019** | $13716 | $13586 | $10907 |
| **4/30/2019** | $14104 | $13951 | $10910 |
| **5/31/2019** | $13643 | $13494 | $11103 |
| **6/30/2019** | $14359 | $14110 | $11243 |
| **7/31/2019** | $14611 | $14350 | $11268 |
| **8/31/2019** | $14611 | $14173 | $11560 |
| **9/30/2019** | $14298 | $14132 | $11498 |
| **10/31/2019** | $14531 | $14355 | $11533 |
| **11/30/2019** | $14932 | $14807 | $11527 |
| **12/31/2019** | $15360 | $15175 | $11519 |
| **1/31/2020** | $15976 | $15602 | $11740 |
| **2/29/2020** | $15919 | $15162 | $11952 |
| **3/31/2020** | $14156 | $13108 | $11881 |
| **4/30/2020** | $15699 | $14562 | $12093 |
| **5/31/2020** | $16991 | $15546 | $12149 |
| **6/30/2020** | $17992 | $16275 | $12225 |
| **7/31/2020** | $19435 | $17455 | $12408 |
| **8/31/2020** | $21290 | $18950 | $12308 |
| **9/30/2020** | $20904 | $18541 | $12301 |
| **10/31/2020** | $20835 | $18389 | $12246 |
| **11/30/2020** | $23543 | $20728 | $12366 |
| **12/31/2020** | $25173 | $22189 | $12383 |
| **1/31/2021** | $25956 | $22863 | $12295 |
| **2/28/2021** | $26859 | $23566 | $12117 |
| **3/31/2021** | $25549 | $22825 | $11966 |
| **4/30/2021** | $25961 | $23414 | $12060 |
| **5/31/2021** | $25310 | $23020 | $12100 |
| **6/30/2021** | $25466 | $23720 | $12185 |
| **7/31/2021** | $25386 | $23568 | $12321 |
| **8/31/2021** | $25811 | $24005 | $12297 |
| **9/30/2021** | $25496 | $23604 | $12191 |
| **10/31/2021** | $26335 | $24449 | $12188 |
| **11/30/2021** | $25616 | $23581 | $12224 |
| **12/31/2021** | $25420 | $23597 | $12192 |
| **1/31/2022** | $23311 | $22051 | $11930 |
| **2/28/2022** | $23138 | $22057 | $11797 |
| **3/31/2022** | $23459 | $22321 | $11469 |
| **4/30/2022** | $21440 | $20737 | $11034 |
| **5/31/2022** | $20667 | $20067 | $11105 |
| **6/30/2022** | $19669 | $18827 | $10931 |
| **7/31/2022** | $20776 | $19903 | $11198 |
| **8/31/2022** | $20903 | $20087 | $10881 |
| **9/30/2022** | $19606 | $18893 | $10411 |
| **10/31/2022** | $19844 | $19510 | $10276 |
| **11/30/2022** | $20099 | $19821 | $10654 |
| **12/31/2022** | $19470 | $19201 | $10606 |
| **1/31/2023** | $20179 | $20318 | $10932 |
| **2/28/2023** | $19873 | $20056 | $10650 |
| **3/31/2023** | $19879 | $19927 | $10920 |
| **4/30/2023** | $19571 | $19655 | $10987 |
| **5/31/2023** | $19603 | $19830 | $10867 |
| **6/30/2023** | $20260 | $20865 | $10828 |
| **7/31/2023** | $20423 | $21437 | $10821 |
| **8/31/2023** | $19885 | $20885 | $10751 |
| **9/30/2023** | $19693 | $20345 | $10478 |
| **10/31/2023** | $18746 | $19451 | $10313 |
| **11/30/2023** | $19889 | $20466 | $10780 |
| **12/31/2023** | $20825 | $21708 | $11193 |
| **1/31/2024** | $20907 | $21458 | $11162 |
| **2/29/2024** | $21236 | $21717 | $11004 |
| **3/31/2024** | $21792 | $22223 | $11106 |
| **4/30/2024** | $21264 | $21454 | $10825 |
| **5/31/2024** | $21709 | $21978 | $11009 |
| **6/30/2024** | $21865 | $22185 | $11113 |
| **7/31/2024** | $21981 | $22615 | $11373 |
| **8/31/2024** | $22312 | $22914 | $11536 |
| **9/30/2024** | $22797 | $23361 | $11690 |
| **10/31/2024** | $22780 | $23560 | $11401 |
| **11/30/2024** | $24593 | $25157 | $11521 |
| **12/31/2024** | $23671 | $24162 | $11332 |
| **1/31/2025** | $24610 | $24809 | $11393 |
| **2/28/2025** | $24073 | $24316 | $11643 |
| **3/31/2025** | $23325 | $23653 | $11648 |
| **4/30/2025** | $23779 | $23977 | $11693 |
| **5/31/2025** | $24671 | $24761 | $11610 |
| **6/30/2025** | $26074 | $25766 | $11788 |
| **7/31/2025** | $26530 | $26486 | $11757 |
| **8/31/2025** | $27020 | $26950 | $11898 |
| **9/30/2025** | $28021 | $27990 | $12028 |
| **10/31/2025** | $29513 | $28868 | $12103 |
| **11/30/2025** | $29022 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 18.01% | 4.27% | 11.24% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LCFSX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8704-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LCFTX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $98 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.28%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i38cd8afc00bb78e0d592b189.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9766 | $9799 | $9968 |
| **1/31/2016** | $9136 | $9195 | $10105 |
| **2/29/2016** | $9136 | $9219 | $10177 |
| **3/31/2016** | $9621 | $9646 | $10270 |
| **4/30/2016** | $9740 | $9787 | $10309 |
| **5/31/2016** | $9887 | $9954 | $10312 |
| **6/30/2016** | $9950 | $9997 | $10497 |
| **7/31/2016** | $10468 | $10451 | $10564 |
| **8/31/2016** | $10561 | $10481 | $10552 |
| **9/30/2016** | $10733 | $10599 | $10545 |
| **10/31/2016** | $10492 | $10423 | $10465 |
| **11/30/2016** | $10882 | $10661 | $10217 |
| **12/31/2016** | $11000 | $10821 | $10232 |
| **1/31/2017** | $11398 | $11110 | $10252 |
| **2/28/2017** | $11588 | $11322 | $10321 |
| **3/31/2017** | $11722 | $11394 | $10315 |
| **4/30/2017** | $11817 | $11521 | $10395 |
| **5/31/2017** | $11941 | $11601 | $10475 |
| **6/30/2017** | $12039 | $11675 | $10464 |
| **7/31/2017** | $12279 | $11911 | $10509 |
| **8/31/2017** | $12355 | $11954 | $10603 |
| **9/30/2017** | $12533 | $12115 | $10553 |
| **10/31/2017** | $12803 | $12313 | $10559 |
| **11/30/2017** | $12860 | $12328 | $10546 |
| **12/31/2017** | $12856 | $12304 | $10594 |
| **1/31/2018** | $13255 | $12685 | $10472 |
| **2/28/2018** | $13002 | $12541 | $10373 |
| **3/31/2018** | $13013 | $12599 | $10439 |
| **4/30/2018** | $12964 | $12573 | $10362 |
| **5/31/2018** | $13404 | $13019 | $10435 |
| **6/30/2018** | $13356 | $13074 | $10423 |
| **7/31/2018** | $13316 | $13158 | $10425 |
| **8/31/2018** | $13963 | $13621 | $10492 |
| **9/30/2018** | $14034 | $13588 | $10425 |
| **10/31/2018** | $12933 | $12765 | $10342 |
| **11/30/2018** | $13002 | $12928 | $10404 |
| **12/31/2018** | $12416 | $12322 | $10595 |
| **1/31/2019** | $13274 | $13180 | $10708 |
| **2/28/2019** | $13776 | $13587 | $10701 |
| **3/31/2019** | $13828 | $13586 | $10907 |
| **4/30/2019** | $14227 | $13951 | $10910 |
| **5/31/2019** | $13765 | $13494 | $11103 |
| **6/30/2019** | $14481 | $14110 | $11243 |
| **7/31/2019** | $14756 | $14350 | $11268 |
| **8/31/2019** | $14745 | $14173 | $11560 |
| **9/30/2019** | $14440 | $14132 | $11498 |
| **10/31/2019** | $14673 | $14355 | $11533 |
| **11/30/2019** | $15087 | $14807 | $11527 |
| **12/31/2019** | $15525 | $15175 | $11519 |
| **1/31/2020** | $16144 | $15602 | $11740 |
| **2/29/2020** | $16098 | $15162 | $11952 |
| **3/31/2020** | $14318 | $13108 | $11881 |
| **4/30/2020** | $15870 | $14562 | $12093 |
| **5/31/2020** | $17191 | $15546 | $12149 |
| **6/30/2020** | $18197 | $16275 | $12225 |
| **7/31/2020** | $19659 | $17455 | $12408 |
| **8/31/2020** | $21548 | $18950 | $12308 |
| **9/30/2020** | $21160 | $18541 | $12301 |
| **10/31/2020** | $21091 | $18389 | $12246 |
| **11/30/2020** | $23838 | $20728 | $12366 |
| **12/31/2020** | $25499 | $22189 | $12383 |
| **1/31/2021** | $26300 | $22863 | $12295 |
| **2/28/2021** | $27220 | $23566 | $12117 |
| **3/31/2021** | $25893 | $22825 | $11966 |
| **4/30/2021** | $26320 | $23414 | $12060 |
| **5/31/2021** | $25652 | $23020 | $12100 |
| **6/30/2021** | $25824 | $23720 | $12185 |
| **7/31/2021** | $25744 | $23568 | $12321 |
| **8/31/2021** | $26185 | $24005 | $12297 |
| **9/30/2021** | $25869 | $23604 | $12191 |
| **10/31/2021** | $26727 | $24449 | $12188 |
| **11/30/2021** | $26003 | $23581 | $12224 |
| **12/31/2021** | $25803 | $23597 | $12192 |
| **1/31/2022** | $23665 | $22051 | $11930 |
| **2/28/2022** | $23506 | $22057 | $11797 |
| **3/31/2022** | $23844 | $22321 | $11469 |
| **4/30/2022** | $21795 | $20737 | $11034 |
| **5/31/2022** | $21017 | $20067 | $11105 |
| **6/30/2022** | $19993 | $18827 | $10931 |
| **7/31/2022** | $21125 | $19903 | $11198 |
| **8/31/2022** | $21269 | $20087 | $10881 |
| **9/30/2022** | $19946 | $18893 | $10411 |
| **10/31/2022** | $20202 | $19510 | $10276 |
| **11/30/2022** | $20459 | $19821 | $10654 |
| **12/31/2022** | $19822 | $19201 | $10606 |
| **1/31/2023** | $20537 | $20318 | $10932 |
| **2/28/2023** | $20228 | $20056 | $10650 |
| **3/31/2023** | $20232 | $19927 | $10920 |
| **4/30/2023** | $19921 | $19655 | $10987 |
| **5/31/2023** | $19970 | $19830 | $10867 |
| **6/30/2023** | $20645 | $20865 | $10828 |
| **7/31/2023** | $20810 | $21437 | $10821 |
| **8/31/2023** | $20283 | $20885 | $10751 |
| **9/30/2023** | $20068 | $20345 | $10478 |
| **10/31/2023** | $19127 | $19451 | $10313 |
| **11/30/2023** | $20283 | $20466 | $10780 |
| **12/31/2023** | $21257 | $21708 | $11193 |
| **1/31/2024** | $21340 | $21458 | $11162 |
| **2/29/2024** | $21673 | $21717 | $11004 |
| **3/31/2024** | $22251 | $22223 | $11106 |
| **4/30/2024** | $21717 | $21454 | $10825 |
| **5/31/2024** | $22167 | $21978 | $11009 |
| **6/30/2024** | $22322 | $22185 | $11113 |
| **7/31/2024** | $22456 | $22615 | $11373 |
| **8/31/2024** | $22808 | $22914 | $11536 |
| **9/30/2024** | $23296 | $23361 | $11690 |
| **10/31/2024** | $23296 | $23560 | $11401 |
| **11/30/2024** | $25149 | $25157 | $11521 |
| **12/31/2024** | $24214 | $24162 | $11332 |
| **1/31/2025** | $25167 | $24809 | $11393 |
| **2/28/2025** | $24640 | $24316 | $11643 |
| **3/31/2025** | $23864 | $23653 | $11648 |
| **4/30/2025** | $24325 | $23977 | $11693 |
| **5/31/2025** | $25247 | $24761 | $11610 |
| **6/30/2025** | $26703 | $25766 | $11788 |
| **7/31/2025** | $27165 | $26486 | $11757 |
| **8/31/2025** | $27679 | $26950 | $11898 |
| **9/30/2025** | $28713 | $27990 | $12028 |
| **10/31/2025** | $30245 | $28868 | $12103 |
| **11/30/2025** | $29745 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 18.28% | 4.53% | 11.52% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LCFTX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8736-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LCFVX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $88 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 18.43%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 13.95% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA All US Convertibles Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Information Technology sector contributed to relative performance, led by an overweight allocation to Lumentum Holdings, Inc. Security selection within the Health Care sector also contributed to relative performance, led by an overweight allocation to Celcuity, Inc.

**Top detractors from performance:** Security selection within the Communication Services sector detracted from relative performance, led by an overweight allocation to Sea, Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7d4f2b83ac7667dd73bcfacc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA All US Convertibles Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9766 | $9799 | $9968 |
| **1/31/2016** | $9136 | $9195 | $10105 |
| **2/29/2016** | $9136 | $9219 | $10177 |
| **3/31/2016** | $9621 | $9646 | $10270 |
| **4/30/2016** | $9740 | $9787 | $10309 |
| **5/31/2016** | $9887 | $9954 | $10312 |
| **6/30/2016** | $9950 | $9997 | $10497 |
| **7/31/2016** | $10478 | $10451 | $10564 |
| **8/31/2016** | $10561 | $10481 | $10552 |
| **9/30/2016** | $10743 | $10599 | $10545 |
| **10/31/2016** | $10492 | $10423 | $10465 |
| **11/30/2016** | $10892 | $10661 | $10217 |
| **12/31/2016** | $11010 | $10821 | $10232 |
| **1/31/2017** | $11398 | $11110 | $10252 |
| **2/28/2017** | $11597 | $11322 | $10321 |
| **3/31/2017** | $11732 | $11394 | $10315 |
| **4/30/2017** | $11827 | $11521 | $10395 |
| **5/31/2017** | $11951 | $11601 | $10475 |
| **6/30/2017** | $12049 | $11675 | $10464 |
| **7/31/2017** | $12289 | $11911 | $10509 |
| **8/31/2017** | $12365 | $11954 | $10603 |
| **9/30/2017** | $12543 | $12115 | $10553 |
| **10/31/2017** | $12813 | $12313 | $10559 |
| **11/30/2017** | $12870 | $12328 | $10546 |
| **12/31/2017** | $12866 | $12304 | $10594 |
| **1/31/2018** | $13266 | $12685 | $10472 |
| **2/28/2018** | $13012 | $12541 | $10373 |
| **3/31/2018** | $13033 | $12599 | $10439 |
| **4/30/2018** | $12984 | $12573 | $10362 |
| **5/31/2018** | $13424 | $13019 | $10435 |
| **6/30/2018** | $13368 | $13074 | $10423 |
| **7/31/2018** | $13329 | $13158 | $10425 |
| **8/31/2018** | $13976 | $13621 | $10492 |
| **9/30/2018** | $14047 | $13588 | $10425 |
| **10/31/2018** | $12946 | $12765 | $10342 |
| **11/30/2018** | $13025 | $12928 | $10404 |
| **12/31/2018** | $12438 | $12322 | $10595 |
| **1/31/2019** | $13296 | $13180 | $10708 |
| **2/28/2019** | $13788 | $13587 | $10701 |
| **3/31/2019** | $13851 | $13586 | $10907 |
| **4/30/2019** | $14250 | $13951 | $10910 |
| **5/31/2019** | $13787 | $13494 | $11103 |
| **6/30/2019** | $14504 | $14110 | $11243 |
| **7/31/2019** | $14778 | $14350 | $11268 |
| **8/31/2019** | $14778 | $14173 | $11560 |
| **9/30/2019** | $14463 | $14132 | $11498 |
| **10/31/2019** | $14696 | $14355 | $11533 |
| **11/30/2019** | $15110 | $14807 | $11527 |
| **12/31/2019** | $15549 | $15175 | $11519 |
| **1/31/2020** | $16167 | $15602 | $11740 |
| **2/29/2020** | $16122 | $15162 | $11952 |
| **3/31/2020** | $14342 | $13108 | $11881 |
| **4/30/2020** | $15904 | $14562 | $12093 |
| **5/31/2020** | $17215 | $15546 | $12149 |
| **6/30/2020** | $18232 | $16275 | $12225 |
| **7/31/2020** | $19695 | $17455 | $12408 |
| **8/31/2020** | $21584 | $18950 | $12308 |
| **9/30/2020** | $21207 | $18541 | $12301 |
| **10/31/2020** | $21138 | $18389 | $12246 |
| **11/30/2020** | $23886 | $20728 | $12366 |
| **12/31/2020** | $25558 | $22189 | $12383 |
| **1/31/2021** | $26359 | $22863 | $12295 |
| **2/28/2021** | $27279 | $23566 | $12117 |
| **3/31/2021** | $25952 | $22825 | $11966 |
| **4/30/2021** | $26380 | $23414 | $12060 |
| **5/31/2021** | $25712 | $23020 | $12100 |
| **6/30/2021** | $25884 | $23720 | $12185 |
| **7/31/2021** | $25803 | $23568 | $12321 |
| **8/31/2021** | $26245 | $24005 | $12297 |
| **9/30/2021** | $25930 | $23604 | $12191 |
| **10/31/2021** | $26801 | $24449 | $12188 |
| **11/30/2021** | $26064 | $23581 | $12224 |
| **12/31/2021** | $25877 | $23597 | $12192 |
| **1/31/2022** | $23740 | $22051 | $11930 |
| **2/28/2022** | $23566 | $22057 | $11797 |
| **3/31/2022** | $23905 | $22321 | $11469 |
| **4/30/2022** | $21857 | $20737 | $11034 |
| **5/31/2022** | $21079 | $20067 | $11105 |
| **6/30/2022** | $20057 | $18827 | $10931 |
| **7/31/2022** | $21188 | $19903 | $11198 |
| **8/31/2022** | $21332 | $20087 | $10881 |
| **9/30/2022** | $20010 | $18893 | $10411 |
| **10/31/2022** | $20266 | $19510 | $10276 |
| **11/30/2022** | $20522 | $19821 | $10654 |
| **12/31/2022** | $19886 | $19201 | $10606 |
| **1/31/2023** | $20617 | $20318 | $10932 |
| **2/28/2023** | $20308 | $20056 | $10650 |
| **3/31/2023** | $20312 | $19927 | $10920 |
| **4/30/2023** | $20002 | $19655 | $10987 |
| **5/31/2023** | $20051 | $19830 | $10867 |
| **6/30/2023** | $20742 | $20865 | $10828 |
| **7/31/2023** | $20890 | $21437 | $10821 |
| **8/31/2023** | $20364 | $20885 | $10751 |
| **9/30/2023** | $20149 | $20345 | $10478 |
| **10/31/2023** | $19209 | $19451 | $10313 |
| **11/30/2023** | $20380 | $20466 | $10780 |
| **12/31/2023** | $21354 | $21708 | $11193 |
| **1/31/2024** | $21437 | $21458 | $11162 |
| **2/29/2024** | $21785 | $21717 | $11004 |
| **3/31/2024** | $22346 | $22223 | $11106 |
| **4/30/2024** | $21830 | $21454 | $10825 |
| **5/31/2024** | $22279 | $21978 | $11009 |
| **6/30/2024** | $22434 | $22185 | $11113 |
| **7/31/2024** | $22568 | $22615 | $11373 |
| **8/31/2024** | $22919 | $22914 | $11536 |
| **9/30/2024** | $23424 | $23361 | $11690 |
| **10/31/2024** | $23407 | $23560 | $11401 |
| **11/30/2024** | $25275 | $25157 | $11521 |
| **12/31/2024** | $24341 | $24162 | $11332 |
| **1/31/2025** | $25309 | $24809 | $11393 |
| **2/28/2025** | $24766 | $24316 | $11643 |
| **3/31/2025** | $23991 | $23653 | $11648 |
| **4/30/2025** | $24469 | $23977 | $11693 |
| **5/31/2025** | $25390 | $24761 | $11610 |
| **6/30/2025** | $26844 | $25766 | $11788 |
| **7/31/2025** | $27323 | $26486 | $11757 |
| **8/31/2025** | $27836 | $26950 | $11898 |
| **9/30/2025** | $28886 | $27990 | $12028 |
| **10/31/2025** | $30433 | $28868 | $12103 |
| **11/30/2025** | $29934 | $28668 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 18.43% | 4.62% | 11.59% |
| ICE BofA All US Convertibles Index | 13.95% | 6.70% | 11.11% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $649683819 |
| # of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 151% |
| Total Advisory Fees Paid | $4147526 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.65% |
| Convertible Bonds | 86.88% |
| Convertible Preferred Stocks | 9.44% |
| Options Purchased | 1.39% |
| Repurchase Agreements | 1.64% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LCFVX

# Lord Abbett Convertible Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8768-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LCRAX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.70%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia9b9a196031089a80a4221ba.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9775 | $10000 |
| **12/31/2015** | $9716 | $9968 |
| **1/31/2016** | $9818 | $10105 |
| **2/29/2016** | $9855 | $10177 |
| **3/31/2016** | $9974 | $10270 |
| **4/30/2016** | $10030 | $10309 |
| **5/31/2016** | $10029 | $10312 |
| **6/30/2016** | $10211 | $10497 |
| **7/31/2016** | $10293 | $10564 |
| **8/31/2016** | $10285 | $10552 |
| **9/30/2016** | $10287 | $10545 |
| **10/31/2016** | $10217 | $10465 |
| **11/30/2016** | $9970 | $10217 |
| **12/31/2016** | $9980 | $10232 |
| **1/31/2017** | $10008 | $10252 |
| **2/28/2017** | $10073 | $10321 |
| **3/31/2017** | $10065 | $10315 |
| **4/30/2017** | $10140 | $10395 |
| **5/31/2017** | $10206 | $10475 |
| **6/30/2017** | $10198 | $10464 |
| **7/31/2017** | $10245 | $10509 |
| **8/31/2017** | $10330 | $10603 |
| **9/30/2017** | $10274 | $10553 |
| **10/31/2017** | $10284 | $10559 |
| **11/30/2017** | $10266 | $10546 |
| **12/31/2017** | $10304 | $10594 |
| **1/31/2018** | $10192 | $10472 |
| **2/28/2018** | $10108 | $10373 |
| **3/31/2018** | $10161 | $10439 |
| **4/30/2018** | $10082 | $10362 |
| **5/31/2018** | $10128 | $10435 |
| **6/30/2018** | $10127 | $10423 |
| **7/31/2018** | $10135 | $10425 |
| **8/31/2018** | $10191 | $10492 |
| **9/30/2018** | $10130 | $10425 |
| **10/31/2018** | $10051 | $10342 |
| **11/30/2018** | $10097 | $10404 |
| **12/31/2018** | $10260 | $10595 |
| **1/31/2019** | $10363 | $10708 |
| **2/28/2019** | $10356 | $10701 |
| **3/31/2019** | $10551 | $10907 |
| **4/30/2019** | $10557 | $10910 |
| **5/31/2019** | $10731 | $11103 |
| **6/30/2019** | $10856 | $11243 |
| **7/31/2019** | $10888 | $11268 |
| **8/31/2019** | $11145 | $11560 |
| **9/30/2019** | $11077 | $11498 |
| **10/31/2019** | $11096 | $11533 |
| **11/30/2019** | $11085 | $11527 |
| **12/31/2019** | $11064 | $11519 |
| **1/31/2020** | $11303 | $11740 |
| **2/29/2020** | $11493 | $11952 |
| **3/31/2020** | $11244 | $11881 |
| **4/30/2020** | $11438 | $12093 |
| **5/31/2020** | $11519 | $12149 |
| **6/30/2020** | $11651 | $12225 |
| **7/31/2020** | $11893 | $12408 |
| **8/31/2020** | $11810 | $12308 |
| **9/30/2020** | $11806 | $12301 |
| **10/31/2020** | $11759 | $12246 |
| **11/30/2020** | $11905 | $12366 |
| **12/31/2020** | $11941 | $12383 |
| **1/31/2021** | $11900 | $12295 |
| **2/28/2021** | $11753 | $12117 |
| **3/31/2021** | $11617 | $11966 |
| **4/30/2021** | $11713 | $12060 |
| **5/31/2021** | $11748 | $12100 |
| **6/30/2021** | $11847 | $12185 |
| **7/31/2021** | $11955 | $12321 |
| **8/31/2021** | $11936 | $12297 |
| **9/30/2021** | $11843 | $12191 |
| **10/31/2021** | $11835 | $12188 |
| **11/30/2021** | $11869 | $12224 |
| **12/31/2021** | $11835 | $12192 |
| **1/31/2022** | $11614 | $11930 |
| **2/28/2022** | $11490 | $11797 |
| **3/31/2022** | $11144 | $11469 |
| **4/30/2022** | $10766 | $11034 |
| **5/31/2022** | $10767 | $11105 |
| **6/30/2022** | $10564 | $10931 |
| **7/31/2022** | $10798 | $11198 |
| **8/31/2022** | $10525 | $10881 |
| **9/30/2022** | $10054 | $10411 |
| **10/31/2022** | $9922 | $10276 |
| **11/30/2022** | $10262 | $10654 |
| **12/31/2022** | $10220 | $10606 |
| **1/31/2023** | $10552 | $10932 |
| **2/28/2023** | $10298 | $10650 |
| **3/31/2023** | $10525 | $10920 |
| **4/30/2023** | $10584 | $10987 |
| **5/31/2023** | $10454 | $10867 |
| **6/30/2023** | $10436 | $10828 |
| **7/31/2023** | $10440 | $10821 |
| **8/31/2023** | $10376 | $10751 |
| **9/30/2023** | $10132 | $10478 |
| **10/31/2023** | $9978 | $10313 |
| **11/30/2023** | $10418 | $10780 |
| **12/31/2023** | $10793 | $11193 |
| **1/31/2024** | $10788 | $11162 |
| **2/29/2024** | $10642 | $11004 |
| **3/31/2024** | $10741 | $11106 |
| **4/30/2024** | $10490 | $10825 |
| **5/31/2024** | $10672 | $11009 |
| **6/30/2024** | $10771 | $11113 |
| **7/31/2024** | $11013 | $11373 |
| **8/31/2024** | $11172 | $11536 |
| **9/30/2024** | $11319 | $11690 |
| **10/31/2024** | $11049 | $11401 |
| **11/30/2024** | $11173 | $11521 |
| **12/31/2024** | $11010 | $11332 |
| **1/31/2025** | $11075 | $11393 |
| **2/28/2025** | $11310 | $11643 |
| **3/31/2025** | $11305 | $11648 |
| **4/30/2025** | $11335 | $11693 |
| **5/31/2025** | $11255 | $11610 |
| **6/30/2025** | $11432 | $11788 |
| **7/31/2025** | $11402 | $11757 |
| **8/31/2025** | $11544 | $11898 |
| **9/30/2025** | $11674 | $12028 |
| **10/31/2025** | $11742 | $12103 |
| **11/30/2025** | $11809 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 5.70% | (0.16%) | 1.91% |
| Class A with sales charge | 3.37% | (0.62%) | 1.68% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LCRAX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-273-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LCRCX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $125 | 1.22% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.11%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if1373525488315445029e5d3.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9934 | $9968 |
| **1/31/2016** | $10033 | $10105 |
| **2/29/2016** | $10066 | $10177 |
| **3/31/2016** | $10183 | $10270 |
| **4/30/2016** | $10235 | $10309 |
| **5/31/2016** | $10228 | $10312 |
| **6/30/2016** | $10410 | $10497 |
| **7/31/2016** | $10488 | $10564 |
| **8/31/2016** | $10474 | $10552 |
| **9/30/2016** | $10471 | $10545 |
| **10/31/2016** | $10394 | $10465 |
| **11/30/2016** | $10136 | $10217 |
| **12/31/2016** | $10141 | $10232 |
| **1/31/2017** | $10173 | $10252 |
| **2/28/2017** | $10225 | $10321 |
| **3/31/2017** | $10212 | $10315 |
| **4/30/2017** | $10283 | $10395 |
| **5/31/2017** | $10344 | $10475 |
| **6/30/2017** | $10330 | $10464 |
| **7/31/2017** | $10373 | $10509 |
| **8/31/2017** | $10454 | $10603 |
| **9/30/2017** | $10392 | $10553 |
| **10/31/2017** | $10396 | $10559 |
| **11/30/2017** | $10372 | $10546 |
| **12/31/2017** | $10406 | $10594 |
| **1/31/2018** | $10296 | $10472 |
| **2/28/2018** | $10197 | $10373 |
| **3/31/2018** | $10245 | $10439 |
| **4/30/2018** | $10160 | $10362 |
| **5/31/2018** | $10210 | $10435 |
| **6/30/2018** | $10194 | $10423 |
| **7/31/2018** | $10196 | $10425 |
| **8/31/2018** | $10247 | $10492 |
| **9/30/2018** | $10191 | $10425 |
| **10/31/2018** | $10095 | $10342 |
| **11/30/2018** | $10147 | $10404 |
| **12/31/2018** | $10296 | $10595 |
| **1/31/2019** | $10394 | $10708 |
| **2/28/2019** | $10382 | $10701 |
| **3/31/2019** | $10573 | $10907 |
| **4/30/2019** | $10573 | $10910 |
| **5/31/2019** | $10743 | $11103 |
| **6/30/2019** | $10863 | $11243 |
| **7/31/2019** | $10890 | $11268 |
| **8/31/2019** | $11142 | $11560 |
| **9/30/2019** | $11068 | $11498 |
| **10/31/2019** | $11082 | $11533 |
| **11/30/2019** | $11065 | $11527 |
| **12/31/2019** | $11038 | $11519 |
| **1/31/2020** | $11271 | $11740 |
| **2/29/2020** | $11456 | $11952 |
| **3/31/2020** | $11201 | $11881 |
| **4/30/2020** | $11389 | $12093 |
| **5/31/2020** | $11464 | $12149 |
| **6/30/2020** | $11590 | $12225 |
| **7/31/2020** | $11825 | $12408 |
| **8/31/2020** | $11736 | $12308 |
| **9/30/2020** | $11726 | $12301 |
| **10/31/2020** | $11672 | $12246 |
| **11/30/2020** | $11802 | $12366 |
| **12/31/2020** | $11841 | $12383 |
| **1/31/2021** | $11794 | $12295 |
| **2/28/2021** | $11641 | $12117 |
| **3/31/2021** | $11499 | $11966 |
| **4/30/2021** | $11589 | $12060 |
| **5/31/2021** | $11617 | $12100 |
| **6/30/2021** | $11698 | $12185 |
| **7/31/2021** | $11810 | $12321 |
| **8/31/2021** | $11785 | $12297 |
| **9/30/2021** | $11687 | $12191 |
| **10/31/2021** | $11672 | $12188 |
| **11/30/2021** | $11689 | $12224 |
| **12/31/2021** | $11660 | $12192 |
| **1/31/2022** | $11435 | $11930 |
| **2/28/2022** | $11307 | $11797 |
| **3/31/2022** | $10969 | $11469 |
| **4/30/2022** | $10590 | $11034 |
| **5/31/2022** | $10575 | $11105 |
| **6/30/2022** | $10381 | $10931 |
| **7/31/2022** | $10605 | $11198 |
| **8/31/2022** | $10330 | $10881 |
| **9/30/2022** | $9861 | $10411 |
| **10/31/2022** | $9726 | $10276 |
| **11/30/2022** | $10056 | $10654 |
| **12/31/2022** | $9998 | $10606 |
| **1/31/2023** | $10319 | $10932 |
| **2/28/2023** | $10065 | $10650 |
| **3/31/2023** | $10293 | $10920 |
| **4/30/2023** | $10346 | $10987 |
| **5/31/2023** | $10213 | $10867 |
| **6/30/2023** | $10178 | $10828 |
| **7/31/2023** | $10188 | $10821 |
| **8/31/2023** | $10120 | $10751 |
| **9/30/2023** | $9875 | $10478 |
| **10/31/2023** | $9719 | $10313 |
| **11/30/2023** | $10145 | $10780 |
| **12/31/2023** | $10506 | $11193 |
| **1/31/2024** | $10495 | $11162 |
| **2/29/2024** | $10348 | $11004 |
| **3/31/2024** | $10439 | $11106 |
| **4/30/2024** | $10189 | $10825 |
| **5/31/2024** | $10348 | $11009 |
| **6/30/2024** | $10440 | $11113 |
| **7/31/2024** | $10670 | $11373 |
| **8/31/2024** | $10831 | $11536 |
| **9/30/2024** | $10968 | $11690 |
| **10/31/2024** | $10699 | $11401 |
| **11/30/2024** | $10802 | $11521 |
| **12/31/2024** | $10637 | $11332 |
| **1/31/2025** | $10706 | $11393 |
| **2/28/2025** | $10929 | $11643 |
| **3/31/2025** | $10917 | $11648 |
| **4/30/2025** | $10940 | $11693 |
| **5/31/2025** | $10857 | $11610 |
| **6/30/2025** | $11022 | $11788 |
| **7/31/2025** | $10986 | $11757 |
| **8/31/2025** | $11117 | $11898 |
| **9/30/2025** | $11224 | $12028 |
| **10/31/2025** | $11295 | $12103 |
| **11/30/2025** | $11354 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.11% | (0.77%) | 1.28% |
| Class C with sales charge | 4.11% | (0.77%) | 1.28% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LCRCX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-684-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LCRFX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $46 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.80%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i37b5ef89fb74f2caf3348f7a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9941 | $9968 |
| **1/31/2016** | $10045 | $10105 |
| **2/29/2016** | $10084 | $10177 |
| **3/31/2016** | $10207 | $10270 |
| **4/30/2016** | $10265 | $10309 |
| **5/31/2016** | $10265 | $10312 |
| **6/30/2016** | $10452 | $10497 |
| **7/31/2016** | $10537 | $10564 |
| **8/31/2016** | $10529 | $10552 |
| **9/30/2016** | $10533 | $10545 |
| **10/31/2016** | $10461 | $10465 |
| **11/30/2016** | $10209 | $10217 |
| **12/31/2016** | $10220 | $10232 |
| **1/31/2017** | $10250 | $10252 |
| **2/28/2017** | $10317 | $10321 |
| **3/31/2017** | $10310 | $10315 |
| **4/30/2017** | $10387 | $10395 |
| **5/31/2017** | $10456 | $10475 |
| **6/30/2017** | $10448 | $10464 |
| **7/31/2017** | $10498 | $10509 |
| **8/31/2017** | $10576 | $10603 |
| **9/30/2017** | $10529 | $10553 |
| **10/31/2017** | $10530 | $10559 |
| **11/30/2017** | $10523 | $10546 |
| **12/31/2017** | $10564 | $10594 |
| **1/31/2018** | $10449 | $10472 |
| **2/28/2018** | $10354 | $10373 |
| **3/31/2018** | $10410 | $10439 |
| **4/30/2018** | $10339 | $10362 |
| **5/31/2018** | $10387 | $10435 |
| **6/30/2018** | $10377 | $10423 |
| **7/31/2018** | $10386 | $10425 |
| **8/31/2018** | $10454 | $10492 |
| **9/30/2018** | $10392 | $10425 |
| **10/31/2018** | $10312 | $10342 |
| **11/30/2018** | $10360 | $10404 |
| **12/31/2018** | $10529 | $10595 |
| **1/31/2019** | $10634 | $10708 |
| **2/28/2019** | $10628 | $10701 |
| **3/31/2019** | $10819 | $10907 |
| **4/30/2019** | $10836 | $10910 |
| **5/31/2019** | $11016 | $11103 |
| **6/30/2019** | $11144 | $11243 |
| **7/31/2019** | $11168 | $11268 |
| **8/31/2019** | $11444 | $11560 |
| **9/30/2019** | $11375 | $11498 |
| **10/31/2019** | $11385 | $11533 |
| **11/30/2019** | $11385 | $11527 |
| **12/31/2019** | $11354 | $11519 |
| **1/31/2020** | $11600 | $11740 |
| **2/29/2020** | $11806 | $11952 |
| **3/31/2020** | $11551 | $11881 |
| **4/30/2020** | $11751 | $12093 |
| **5/31/2020** | $11836 | $12149 |
| **6/30/2020** | $11972 | $12225 |
| **7/31/2020** | $12222 | $12408 |
| **8/31/2020** | $12137 | $12308 |
| **9/30/2020** | $12134 | $12301 |
| **10/31/2020** | $12087 | $12246 |
| **11/30/2020** | $12228 | $12366 |
| **12/31/2020** | $12276 | $12383 |
| **1/31/2021** | $12235 | $12295 |
| **2/28/2021** | $12085 | $12117 |
| **3/31/2021** | $11945 | $11966 |
| **4/30/2021** | $12045 | $12060 |
| **5/31/2021** | $12071 | $12100 |
| **6/30/2021** | $12174 | $12185 |
| **7/31/2021** | $12297 | $12321 |
| **8/31/2021** | $12279 | $12297 |
| **9/30/2021** | $12173 | $12191 |
| **10/31/2021** | $12177 | $12188 |
| **11/30/2021** | $12202 | $12224 |
| **12/31/2021** | $12180 | $12192 |
| **1/31/2022** | $11953 | $11930 |
| **2/28/2022** | $11826 | $11797 |
| **3/31/2022** | $11471 | $11469 |
| **4/30/2022** | $11083 | $11034 |
| **5/31/2022** | $11085 | $11105 |
| **6/30/2022** | $10877 | $10931 |
| **7/31/2022** | $11118 | $11198 |
| **8/31/2022** | $10838 | $10881 |
| **9/30/2022** | $10354 | $10411 |
| **10/31/2022** | $10220 | $10276 |
| **11/30/2022** | $10570 | $10654 |
| **12/31/2022** | $10517 | $10606 |
| **1/31/2023** | $10870 | $10932 |
| **2/28/2023** | $10599 | $10650 |
| **3/31/2023** | $10844 | $10920 |
| **4/30/2023** | $10907 | $10987 |
| **5/31/2023** | $10774 | $10867 |
| **6/30/2023** | $10755 | $10828 |
| **7/31/2023** | $10760 | $10821 |
| **8/31/2023** | $10696 | $10751 |
| **9/30/2023** | $10445 | $10478 |
| **10/31/2023** | $10287 | $10313 |
| **11/30/2023** | $10741 | $10780 |
| **12/31/2023** | $11129 | $11193 |
| **1/31/2024** | $11125 | $11162 |
| **2/29/2024** | $10975 | $11004 |
| **3/31/2024** | $11078 | $11106 |
| **4/30/2024** | $10821 | $10825 |
| **5/31/2024** | $11008 | $11009 |
| **6/30/2024** | $11112 | $11113 |
| **7/31/2024** | $11362 | $11373 |
| **8/31/2024** | $11528 | $11536 |
| **9/30/2024** | $11680 | $11690 |
| **10/31/2024** | $11403 | $11401 |
| **11/30/2024** | $11531 | $11521 |
| **12/31/2024** | $11351 | $11332 |
| **1/31/2025** | $11432 | $11393 |
| **2/28/2025** | $11676 | $11643 |
| **3/31/2025** | $11671 | $11648 |
| **4/30/2025** | $11703 | $11693 |
| **5/31/2025** | $11622 | $11610 |
| **6/30/2025** | $11806 | $11788 |
| **7/31/2025** | $11789 | $11757 |
| **8/31/2025** | $11924 | $11898 |
| **9/30/2025** | $12058 | $12028 |
| **10/31/2025** | $12130 | $12103 |
| **11/30/2025** | $12200 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 5.80% | (0.04%) | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LCRFX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1009-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LCROX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $29 | 0.28% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.98%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic98776177d39d9e1fb7e722a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 |
| **4/30/2017** | $10055 | $10051 |
| **5/31/2017** | $10123 | $10128 |
| **6/30/2017** | $10117 | $10118 |
| **7/31/2017** | $10167 | $10162 |
| **8/31/2017** | $10255 | $10253 |
| **9/30/2017** | $10201 | $10204 |
| **10/31/2017** | $10204 | $10210 |
| **11/30/2017** | $10199 | $10197 |
| **12/31/2017** | $10240 | $10244 |
| **1/31/2018** | $10131 | $10126 |
| **2/28/2018** | $10051 | $10030 |
| **3/31/2018** | $10106 | $10094 |
| **4/30/2018** | $10030 | $10019 |
| **5/31/2018** | $10077 | $10091 |
| **6/30/2018** | $10078 | $10078 |
| **7/31/2018** | $10088 | $10080 |
| **8/31/2018** | $10146 | $10145 |
| **9/30/2018** | $10088 | $10080 |
| **10/31/2018** | $10010 | $10000 |
| **11/30/2018** | $10058 | $10060 |
| **12/31/2018** | $10223 | $10245 |
| **1/31/2019** | $10328 | $10354 |
| **2/28/2019** | $10324 | $10348 |
| **3/31/2019** | $10520 | $10546 |
| **4/30/2019** | $10529 | $10549 |
| **5/31/2019** | $10705 | $10736 |
| **6/30/2019** | $10832 | $10871 |
| **7/31/2019** | $10857 | $10895 |
| **8/31/2019** | $11126 | $11177 |
| **9/30/2019** | $11060 | $11118 |
| **10/31/2019** | $11082 | $11151 |
| **11/30/2019** | $11073 | $11146 |
| **12/31/2019** | $11055 | $11138 |
| **1/31/2020** | $11296 | $11352 |
| **2/29/2020** | $11488 | $11557 |
| **3/31/2020** | $11242 | $11489 |
| **4/30/2020** | $11438 | $11693 |
| **5/31/2020** | $11522 | $11747 |
| **6/30/2020** | $11657 | $11821 |
| **7/31/2020** | $11902 | $11998 |
| **8/31/2020** | $11821 | $11901 |
| **9/30/2020** | $11820 | $11894 |
| **10/31/2020** | $11775 | $11841 |
| **11/30/2020** | $11925 | $11958 |
| **12/31/2020** | $11963 | $11974 |
| **1/31/2021** | $11925 | $11888 |
| **2/28/2021** | $11780 | $11716 |
| **3/31/2021** | $11646 | $11570 |
| **4/30/2021** | $11745 | $11662 |
| **5/31/2021** | $11782 | $11700 |
| **6/30/2021** | $11874 | $11782 |
| **7/31/2021** | $11996 | $11914 |
| **8/31/2021** | $11980 | $11891 |
| **9/30/2021** | $11889 | $11788 |
| **10/31/2021** | $11884 | $11785 |
| **11/30/2021** | $11910 | $11820 |
| **12/31/2021** | $11890 | $11789 |
| **1/31/2022** | $11671 | $11535 |
| **2/28/2022** | $11548 | $11407 |
| **3/31/2022** | $11203 | $11090 |
| **4/30/2022** | $10826 | $10669 |
| **5/31/2022** | $10829 | $10738 |
| **6/30/2022** | $10628 | $10569 |
| **7/31/2022** | $10865 | $10828 |
| **8/31/2022** | $10593 | $10522 |
| **9/30/2022** | $10121 | $10067 |
| **10/31/2022** | $9991 | $9937 |
| **11/30/2022** | $10335 | $10302 |
| **12/31/2022** | $10295 | $10256 |
| **1/31/2023** | $10631 | $10571 |
| **2/28/2023** | $10366 | $10298 |
| **3/31/2023** | $10608 | $10559 |
| **4/30/2023** | $10670 | $10623 |
| **5/31/2023** | $10541 | $10508 |
| **6/30/2023** | $10525 | $10470 |
| **7/31/2023** | $10531 | $10463 |
| **8/31/2023** | $10470 | $10396 |
| **9/30/2023** | $10225 | $10132 |
| **10/31/2023** | $10072 | $9972 |
| **11/30/2023** | $10519 | $10424 |
| **12/31/2023** | $10900 | $10823 |
| **1/31/2024** | $10897 | $10793 |
| **2/29/2024** | $10752 | $10640 |
| **3/31/2024** | $10854 | $10739 |
| **4/30/2024** | $10603 | $10467 |
| **5/31/2024** | $10789 | $10645 |
| **6/30/2024** | $10892 | $10746 |
| **7/31/2024** | $11139 | $10997 |
| **8/31/2024** | $11303 | $11155 |
| **9/30/2024** | $11454 | $11304 |
| **10/31/2024** | $11183 | $11024 |
| **11/30/2024** | $11311 | $11140 |
| **12/31/2024** | $11148 | $10958 |
| **1/31/2025** | $11217 | $11016 |
| **2/28/2025** | $11457 | $11258 |
| **3/31/2025** | $11455 | $11263 |
| **4/30/2025** | $11488 | $11307 |
| **5/31/2025** | $11410 | $11226 |
| **6/30/2025** | $11592 | $11399 |
| **7/31/2025** | $11564 | $11368 |
| **8/31/2025** | $11711 | $11504 |
| **9/30/2025** | $11845 | $11630 |
| **10/31/2025** | $11916 | $11703 |
| **11/30/2025** | $11988 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 5.98% | 0.11% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LCROX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8965-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LCRYX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.06%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1382a99663eb7b0b98e9d040.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9942 | $9968 |
| **1/31/2016** | $10047 | $10105 |
| **2/29/2016** | $10087 | $10177 |
| **3/31/2016** | $10211 | $10270 |
| **4/30/2016** | $10269 | $10309 |
| **5/31/2016** | $10270 | $10312 |
| **6/30/2016** | $10458 | $10497 |
| **7/31/2016** | $10544 | $10564 |
| **8/31/2016** | $10537 | $10552 |
| **9/30/2016** | $10542 | $10545 |
| **10/31/2016** | $10472 | $10465 |
| **11/30/2016** | $10220 | $10217 |
| **12/31/2016** | $10232 | $10232 |
| **1/31/2017** | $10262 | $10252 |
| **2/28/2017** | $10331 | $10321 |
| **3/31/2017** | $10324 | $10315 |
| **4/30/2017** | $10403 | $10395 |
| **5/31/2017** | $10462 | $10475 |
| **6/30/2017** | $10465 | $10464 |
| **7/31/2017** | $10506 | $10509 |
| **8/31/2017** | $10596 | $10603 |
| **9/30/2017** | $10549 | $10553 |
| **10/31/2017** | $10551 | $10559 |
| **11/30/2017** | $10534 | $10546 |
| **12/31/2017** | $10585 | $10594 |
| **1/31/2018** | $10472 | $10472 |
| **2/28/2018** | $10378 | $10373 |
| **3/31/2018** | $10434 | $10439 |
| **4/30/2018** | $10364 | $10362 |
| **5/31/2018** | $10413 | $10435 |
| **6/30/2018** | $10405 | $10423 |
| **7/31/2018** | $10415 | $10425 |
| **8/31/2018** | $10475 | $10492 |
| **9/30/2018** | $10424 | $10425 |
| **10/31/2018** | $10345 | $10342 |
| **11/30/2018** | $10394 | $10404 |
| **12/31/2018** | $10555 | $10595 |
| **1/31/2019** | $10672 | $10708 |
| **2/28/2019** | $10657 | $10701 |
| **3/31/2019** | $10860 | $10907 |
| **4/30/2019** | $10868 | $10910 |
| **5/31/2019** | $11060 | $11103 |
| **6/30/2019** | $11190 | $11243 |
| **7/31/2019** | $11216 | $11268 |
| **8/31/2019** | $11493 | $11560 |
| **9/30/2019** | $11426 | $11498 |
| **10/31/2019** | $11437 | $11533 |
| **11/30/2019** | $11438 | $11527 |
| **12/31/2019** | $11409 | $11519 |
| **1/31/2020** | $11658 | $11740 |
| **2/29/2020** | $11855 | $11952 |
| **3/31/2020** | $11611 | $11881 |
| **4/30/2020** | $11813 | $12093 |
| **5/31/2020** | $11900 | $12149 |
| **6/30/2020** | $12038 | $12225 |
| **7/31/2020** | $12280 | $12408 |
| **8/31/2020** | $12197 | $12308 |
| **9/30/2020** | $12206 | $12301 |
| **10/31/2020** | $12159 | $12246 |
| **11/30/2020** | $12302 | $12366 |
| **12/31/2020** | $12342 | $12383 |
| **1/31/2021** | $12302 | $12295 |
| **2/28/2021** | $12163 | $12117 |
| **3/31/2021** | $12024 | $11966 |
| **4/30/2021** | $12115 | $12060 |
| **5/31/2021** | $12154 | $12100 |
| **6/30/2021** | $12259 | $12185 |
| **7/31/2021** | $12384 | $12321 |
| **8/31/2021** | $12368 | $12297 |
| **9/30/2021** | $12263 | $12191 |
| **10/31/2021** | $12257 | $12188 |
| **11/30/2021** | $12294 | $12224 |
| **12/31/2021** | $12262 | $12192 |
| **1/31/2022** | $12046 | $11930 |
| **2/28/2022** | $11908 | $11797 |
| **3/31/2022** | $11563 | $11469 |
| **4/30/2022** | $11173 | $11034 |
| **5/31/2022** | $11165 | $11105 |
| **6/30/2022** | $10968 | $10931 |
| **7/31/2022** | $11213 | $11198 |
| **8/31/2022** | $10920 | $10881 |
| **9/30/2022** | $10433 | $10411 |
| **10/31/2022** | $10299 | $10276 |
| **11/30/2022** | $10654 | $10654 |
| **12/31/2022** | $10612 | $10606 |
| **1/31/2023** | $10959 | $10932 |
| **2/28/2023** | $10697 | $10650 |
| **3/31/2023** | $10947 | $10920 |
| **4/30/2023** | $11011 | $10987 |
| **5/31/2023** | $10878 | $10867 |
| **6/30/2023** | $10849 | $10828 |
| **7/31/2023** | $10855 | $10821 |
| **8/31/2023** | $10803 | $10751 |
| **9/30/2023** | $10539 | $10478 |
| **10/31/2023** | $10380 | $10313 |
| **11/30/2023** | $10841 | $10780 |
| **12/31/2023** | $11246 | $11193 |
| **1/31/2024** | $11231 | $11162 |
| **2/29/2024** | $11093 | $11004 |
| **3/31/2024** | $11186 | $11106 |
| **4/30/2024** | $10939 | $10825 |
| **5/31/2024** | $11118 | $11009 |
| **6/30/2024** | $11224 | $11113 |
| **7/31/2024** | $11479 | $11373 |
| **8/31/2024** | $11647 | $11536 |
| **9/30/2024** | $11815 | $11690 |
| **10/31/2024** | $11523 | $11401 |
| **11/30/2024** | $11655 | $11521 |
| **12/31/2024** | $11486 | $11332 |
| **1/31/2025** | $11557 | $11393 |
| **2/28/2025** | $11805 | $11643 |
| **3/31/2025** | $11802 | $11648 |
| **4/30/2025** | $11836 | $11693 |
| **5/31/2025** | $11755 | $11610 |
| **6/30/2025** | $11942 | $11788 |
| **7/31/2025** | $11926 | $11757 |
| **8/31/2025** | $12077 | $11898 |
| **9/30/2025** | $12202 | $12028 |
| **10/31/2025** | $12275 | $12103 |
| **11/30/2025** | $12361 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 6.06% | 0.10% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LCRYX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-689-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LCRQX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.39%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia3cf148de5f1b2f3e2590cdd.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R2** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9937 | $9968 |
| **1/31/2016** | $10037 | $10105 |
| **2/29/2016** | $10072 | $10177 |
| **3/31/2016** | $10190 | $10270 |
| **4/30/2016** | $10244 | $10309 |
| **5/31/2016** | $10240 | $10312 |
| **6/30/2016** | $10422 | $10497 |
| **7/31/2016** | $10503 | $10564 |
| **8/31/2016** | $10500 | $10552 |
| **9/30/2016** | $10490 | $10545 |
| **10/31/2016** | $10415 | $10465 |
| **11/30/2016** | $10159 | $10217 |
| **12/31/2016** | $10166 | $10232 |
| **1/31/2017** | $10200 | $10252 |
| **2/28/2017** | $10264 | $10321 |
| **3/31/2017** | $10243 | $10315 |
| **4/30/2017** | $10316 | $10395 |
| **5/31/2017** | $10379 | $10475 |
| **6/30/2017** | $10377 | $10464 |
| **7/31/2017** | $10412 | $10509 |
| **8/31/2017** | $10495 | $10603 |
| **9/30/2017** | $10435 | $10553 |
| **10/31/2017** | $10441 | $10559 |
| **11/30/2017** | $10419 | $10546 |
| **12/31/2017** | $10455 | $10594 |
| **1/31/2018** | $10347 | $10472 |
| **2/28/2018** | $10249 | $10373 |
| **3/31/2018** | $10300 | $10439 |
| **4/30/2018** | $10216 | $10362 |
| **5/31/2018** | $10269 | $10435 |
| **6/30/2018** | $10255 | $10423 |
| **7/31/2018** | $10259 | $10425 |
| **8/31/2018** | $10312 | $10492 |
| **9/30/2018** | $10257 | $10425 |
| **10/31/2018** | $10164 | $10342 |
| **11/30/2018** | $10207 | $10404 |
| **12/31/2018** | $10369 | $10595 |
| **1/31/2019** | $10469 | $10708 |
| **2/28/2019** | $10459 | $10701 |
| **3/31/2019** | $10652 | $10907 |
| **4/30/2019** | $10654 | $10910 |
| **5/31/2019** | $10827 | $11103 |
| **6/30/2019** | $10949 | $11243 |
| **7/31/2019** | $10978 | $11268 |
| **8/31/2019** | $11234 | $11560 |
| **9/30/2019** | $11161 | $11498 |
| **10/31/2019** | $11177 | $11533 |
| **11/30/2019** | $11162 | $11527 |
| **12/31/2019** | $11137 | $11519 |
| **1/31/2020** | $11374 | $11740 |
| **2/29/2020** | $11561 | $11952 |
| **3/31/2020** | $11307 | $11881 |
| **4/30/2020** | $11498 | $12093 |
| **5/31/2020** | $11587 | $12149 |
| **6/30/2020** | $11705 | $12225 |
| **7/31/2020** | $11944 | $12408 |
| **8/31/2020** | $11856 | $12308 |
| **9/30/2020** | $11859 | $12301 |
| **10/31/2020** | $11807 | $12246 |
| **11/30/2020** | $11940 | $12366 |
| **12/31/2020** | $11971 | $12383 |
| **1/31/2021** | $11926 | $12295 |
| **2/28/2021** | $11786 | $12117 |
| **3/31/2021** | $11645 | $11966 |
| **4/30/2021** | $11727 | $12060 |
| **5/31/2021** | $11758 | $12100 |
| **6/30/2021** | $11853 | $12185 |
| **7/31/2021** | $11968 | $12321 |
| **8/31/2021** | $11935 | $12297 |
| **9/30/2021** | $11838 | $12191 |
| **10/31/2021** | $11826 | $12188 |
| **11/30/2021** | $11856 | $12224 |
| **12/31/2021** | $11819 | $12192 |
| **1/31/2022** | $11594 | $11930 |
| **2/28/2022** | $11467 | $11797 |
| **3/31/2022** | $11128 | $11469 |
| **4/30/2022** | $10748 | $11034 |
| **5/31/2022** | $10734 | $11105 |
| **6/30/2022** | $10540 | $10931 |
| **7/31/2022** | $10758 | $11198 |
| **8/31/2022** | $10482 | $10881 |
| **9/30/2022** | $10010 | $10411 |
| **10/31/2022** | $9876 | $10276 |
| **11/30/2022** | $10211 | $10654 |
| **12/31/2022** | $10165 | $10606 |
| **1/31/2023** | $10492 | $10932 |
| **2/28/2023** | $10236 | $10650 |
| **3/31/2023** | $10458 | $10920 |
| **4/30/2023** | $10514 | $10987 |
| **5/31/2023** | $10381 | $10867 |
| **6/30/2023** | $10359 | $10828 |
| **7/31/2023** | $10360 | $10821 |
| **8/31/2023** | $10305 | $10751 |
| **9/30/2023** | $10047 | $10478 |
| **10/31/2023** | $9891 | $10313 |
| **11/30/2023** | $10324 | $10780 |
| **12/31/2023** | $10704 | $11193 |
| **1/31/2024** | $10684 | $11162 |
| **2/29/2024** | $10548 | $11004 |
| **3/31/2024** | $10631 | $11106 |
| **4/30/2024** | $10390 | $10825 |
| **5/31/2024** | $10555 | $11009 |
| **6/30/2024** | $10649 | $11113 |
| **7/31/2024** | $10885 | $11373 |
| **8/31/2024** | $11039 | $11536 |
| **9/30/2024** | $11192 | $11690 |
| **10/31/2024** | $10910 | $11401 |
| **11/30/2024** | $11028 | $11521 |
| **12/31/2024** | $10864 | $11332 |
| **1/31/2025** | $10925 | $11393 |
| **2/28/2025** | $11153 | $11643 |
| **3/31/2025** | $11144 | $11648 |
| **4/30/2025** | $11170 | $11693 |
| **5/31/2025** | $11088 | $11610 |
| **6/30/2025** | $11259 | $11788 |
| **7/31/2025** | $11237 | $11757 |
| **8/31/2025** | $11361 | $11898 |
| **9/30/2025** | $11485 | $12028 |
| **10/31/2025** | $11548 | $12103 |
| **11/30/2025** | $11623 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.39% | (0.54%) | 1.52% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LCRQX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1079-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LCRRX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $87 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.38%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ieb73133cb9a5158f6473c1ee.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R3** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9938 | $9968 |
| **1/31/2016** | $10038 | $10105 |
| **2/29/2016** | $10074 | $10177 |
| **3/31/2016** | $10194 | $10270 |
| **4/30/2016** | $10248 | $10309 |
| **5/31/2016** | $10245 | $10312 |
| **6/30/2016** | $10428 | $10497 |
| **7/31/2016** | $10510 | $10564 |
| **8/31/2016** | $10508 | $10552 |
| **9/30/2016** | $10498 | $10545 |
| **10/31/2016** | $10424 | $10465 |
| **11/30/2016** | $10170 | $10217 |
| **12/31/2016** | $10177 | $10232 |
| **1/31/2017** | $10213 | $10252 |
| **2/28/2017** | $10267 | $10321 |
| **3/31/2017** | $10257 | $10315 |
| **4/30/2017** | $10331 | $10395 |
| **5/31/2017** | $10395 | $10475 |
| **6/30/2017** | $10394 | $10464 |
| **7/31/2017** | $10430 | $10509 |
| **8/31/2017** | $10515 | $10603 |
| **9/30/2017** | $10455 | $10553 |
| **10/31/2017** | $10462 | $10559 |
| **11/30/2017** | $10441 | $10546 |
| **12/31/2017** | $10478 | $10594 |
| **1/31/2018** | $10371 | $10472 |
| **2/28/2018** | $10274 | $10373 |
| **3/31/2018** | $10325 | $10439 |
| **4/30/2018** | $10242 | $10362 |
| **5/31/2018** | $10295 | $10435 |
| **6/30/2018** | $10283 | $10423 |
| **7/31/2018** | $10288 | $10425 |
| **8/31/2018** | $10342 | $10492 |
| **9/30/2018** | $10288 | $10425 |
| **10/31/2018** | $10195 | $10342 |
| **11/30/2018** | $10239 | $10404 |
| **12/31/2018** | $10402 | $10595 |
| **1/31/2019** | $10503 | $10708 |
| **2/28/2019** | $10494 | $10701 |
| **3/31/2019** | $10689 | $10907 |
| **4/30/2019** | $10692 | $10910 |
| **5/31/2019** | $10866 | $11103 |
| **6/30/2019** | $10990 | $11243 |
| **7/31/2019** | $11019 | $11268 |
| **8/31/2019** | $11277 | $11560 |
| **9/30/2019** | $11206 | $11498 |
| **10/31/2019** | $11222 | $11533 |
| **11/30/2019** | $11208 | $11527 |
| **12/31/2019** | $11184 | $11519 |
| **1/31/2020** | $11423 | $11740 |
| **2/29/2020** | $11612 | $11952 |
| **3/31/2020** | $11358 | $11881 |
| **4/30/2020** | $11550 | $12093 |
| **5/31/2020** | $11640 | $12149 |
| **6/30/2020** | $11760 | $12225 |
| **7/31/2020** | $12001 | $12408 |
| **8/31/2020** | $11914 | $12308 |
| **9/30/2020** | $11918 | $12301 |
| **10/31/2020** | $11857 | $12246 |
| **11/30/2020** | $12001 | $12366 |
| **12/31/2020** | $12034 | $12383 |
| **1/31/2021** | $11990 | $12295 |
| **2/28/2021** | $11850 | $12117 |
| **3/31/2021** | $11699 | $11966 |
| **4/30/2021** | $11793 | $12060 |
| **5/31/2021** | $11825 | $12100 |
| **6/30/2021** | $11921 | $12185 |
| **7/31/2021** | $12038 | $12321 |
| **8/31/2021** | $12006 | $12297 |
| **9/30/2021** | $11909 | $12191 |
| **10/31/2021** | $11898 | $12188 |
| **11/30/2021** | $11929 | $12224 |
| **12/31/2021** | $11892 | $12192 |
| **1/31/2022** | $11667 | $11930 |
| **2/28/2022** | $11540 | $11797 |
| **3/31/2022** | $11200 | $11469 |
| **4/30/2022** | $10807 | $11034 |
| **5/31/2022** | $10805 | $11105 |
| **6/30/2022** | $10599 | $10931 |
| **7/31/2022** | $10831 | $11198 |
| **8/31/2022** | $10554 | $10881 |
| **9/30/2022** | $10079 | $10411 |
| **10/31/2022** | $9945 | $10276 |
| **11/30/2022** | $10283 | $10654 |
| **12/31/2022** | $10238 | $10606 |
| **1/31/2023** | $10568 | $10932 |
| **2/28/2023** | $10311 | $10650 |
| **3/31/2023** | $10536 | $10920 |
| **4/30/2023** | $10593 | $10987 |
| **5/31/2023** | $10460 | $10867 |
| **6/30/2023** | $10439 | $10828 |
| **7/31/2023** | $10440 | $10821 |
| **8/31/2023** | $10374 | $10751 |
| **9/30/2023** | $10127 | $10478 |
| **10/31/2023** | $9971 | $10313 |
| **11/30/2023** | $10408 | $10780 |
| **12/31/2023** | $10780 | $11193 |
| **1/31/2024** | $10772 | $11162 |
| **2/29/2024** | $10624 | $11004 |
| **3/31/2024** | $10720 | $11106 |
| **4/30/2024** | $10467 | $10825 |
| **5/31/2024** | $10645 | $11009 |
| **6/30/2024** | $10742 | $11113 |
| **7/31/2024** | $10980 | $11373 |
| **8/31/2024** | $11137 | $11536 |
| **9/30/2024** | $11280 | $11690 |
| **10/31/2024** | $11008 | $11401 |
| **11/30/2024** | $11129 | $11521 |
| **12/31/2024** | $10963 | $11332 |
| **1/31/2025** | $11026 | $11393 |
| **2/28/2025** | $11257 | $11643 |
| **3/31/2025** | $11249 | $11648 |
| **4/30/2025** | $11276 | $11693 |
| **5/31/2025** | $11194 | $11610 |
| **6/30/2025** | $11368 | $11788 |
| **7/31/2025** | $11347 | $11757 |
| **8/31/2025** | $11473 | $11898 |
| **9/30/2025** | $11599 | $12028 |
| **10/31/2025** | $11663 | $12103 |
| **11/30/2025** | $11728 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.38% | (0.46%) | 1.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LCRRX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2053-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LCRSX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $62 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.76%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2d30930673f7173700e528d0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R4** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9940 | $9968 |
| **1/31/2016** | $10043 | $10105 |
| **2/29/2016** | $10082 | $10177 |
| **3/31/2016** | $10204 | $10270 |
| **4/30/2016** | $10260 | $10309 |
| **5/31/2016** | $10259 | $10312 |
| **6/30/2016** | $10445 | $10497 |
| **7/31/2016** | $10529 | $10564 |
| **8/31/2016** | $10519 | $10552 |
| **9/30/2016** | $10522 | $10545 |
| **10/31/2016** | $10440 | $10465 |
| **11/30/2016** | $10197 | $10217 |
| **12/31/2016** | $10206 | $10232 |
| **1/31/2017** | $10234 | $10252 |
| **2/28/2017** | $10301 | $10321 |
| **3/31/2017** | $10292 | $10315 |
| **4/30/2017** | $10368 | $10395 |
| **5/31/2017** | $10435 | $10475 |
| **6/30/2017** | $10426 | $10464 |
| **7/31/2017** | $10465 | $10509 |
| **8/31/2017** | $10552 | $10603 |
| **9/30/2017** | $10504 | $10553 |
| **10/31/2017** | $10503 | $10559 |
| **11/30/2017** | $10494 | $10546 |
| **12/31/2017** | $10533 | $10594 |
| **1/31/2018** | $10418 | $10472 |
| **2/28/2018** | $10322 | $10373 |
| **3/31/2018** | $10376 | $10439 |
| **4/30/2018** | $10304 | $10362 |
| **5/31/2018** | $10351 | $10435 |
| **6/30/2018** | $10340 | $10423 |
| **7/31/2018** | $10347 | $10425 |
| **8/31/2018** | $10404 | $10492 |
| **9/30/2018** | $10351 | $10425 |
| **10/31/2018** | $10270 | $10342 |
| **11/30/2018** | $10317 | $10404 |
| **12/31/2018** | $10473 | $10595 |
| **1/31/2019** | $10587 | $10708 |
| **2/28/2019** | $10580 | $10701 |
| **3/31/2019** | $10768 | $10907 |
| **4/30/2019** | $10784 | $10910 |
| **5/31/2019** | $10962 | $11103 |
| **6/30/2019** | $11088 | $11243 |
| **7/31/2019** | $11111 | $11268 |
| **8/31/2019** | $11383 | $11560 |
| **9/30/2019** | $11313 | $11498 |
| **10/31/2019** | $11322 | $11533 |
| **11/30/2019** | $11321 | $11527 |
| **12/31/2019** | $11289 | $11519 |
| **1/31/2020** | $11532 | $11740 |
| **2/29/2020** | $11736 | $11952 |
| **3/31/2020** | $11481 | $11881 |
| **4/30/2020** | $11679 | $12093 |
| **5/31/2020** | $11761 | $12149 |
| **6/30/2020** | $11896 | $12225 |
| **7/31/2020** | $12142 | $12408 |
| **8/31/2020** | $12057 | $12308 |
| **9/30/2020** | $12052 | $12301 |
| **10/31/2020** | $12003 | $12246 |
| **11/30/2020** | $12142 | $12366 |
| **12/31/2020** | $12188 | $12383 |
| **1/31/2021** | $12135 | $12295 |
| **2/28/2021** | $11996 | $12117 |
| **3/31/2021** | $11856 | $11966 |
| **4/30/2021** | $11953 | $12060 |
| **5/31/2021** | $11978 | $12100 |
| **6/30/2021** | $12078 | $12185 |
| **7/31/2021** | $12199 | $12321 |
| **8/31/2021** | $12180 | $12297 |
| **9/30/2021** | $12073 | $12191 |
| **10/31/2021** | $12075 | $12188 |
| **11/30/2021** | $12099 | $12224 |
| **12/31/2021** | $12074 | $12192 |
| **1/31/2022** | $11848 | $11930 |
| **2/28/2022** | $11721 | $11797 |
| **3/31/2022** | $11368 | $11469 |
| **4/30/2022** | $10982 | $11034 |
| **5/31/2022** | $10971 | $11105 |
| **6/30/2022** | $10775 | $10931 |
| **7/31/2022** | $11013 | $11198 |
| **8/31/2022** | $10734 | $10881 |
| **9/30/2022** | $10253 | $10411 |
| **10/31/2022** | $10119 | $10276 |
| **11/30/2022** | $10465 | $10654 |
| **12/31/2022** | $10410 | $10606 |
| **1/31/2023** | $10759 | $10932 |
| **2/28/2023** | $10489 | $10650 |
| **3/31/2023** | $10731 | $10920 |
| **4/30/2023** | $10791 | $10987 |
| **5/31/2023** | $10658 | $10867 |
| **6/30/2023** | $10627 | $10828 |
| **7/31/2023** | $10642 | $10821 |
| **8/31/2023** | $10577 | $10751 |
| **9/30/2023** | $10316 | $10478 |
| **10/31/2023** | $10170 | $10313 |
| **11/30/2023** | $10618 | $10780 |
| **12/31/2023** | $11000 | $11193 |
| **1/31/2024** | $10994 | $11162 |
| **2/29/2024** | $10846 | $11004 |
| **3/31/2024** | $10946 | $11106 |
| **4/30/2024** | $10690 | $10825 |
| **5/31/2024** | $10874 | $11009 |
| **6/30/2024** | $10963 | $11113 |
| **7/31/2024** | $11221 | $11373 |
| **8/31/2024** | $11383 | $11536 |
| **9/30/2024** | $11532 | $11690 |
| **10/31/2024** | $11257 | $11401 |
| **11/30/2024** | $11370 | $11521 |
| **12/31/2024** | $11203 | $11332 |
| **1/31/2025** | $11282 | $11393 |
| **2/28/2025** | $11520 | $11643 |
| **3/31/2025** | $11515 | $11648 |
| **4/30/2025** | $11545 | $11693 |
| **5/31/2025** | $11463 | $11610 |
| **6/30/2025** | $11643 | $11788 |
| **7/31/2025** | $11612 | $11757 |
| **8/31/2025** | $11756 | $11898 |
| **9/30/2025** | $11888 | $12028 |
| **10/31/2025** | $11956 | $12103 |
| **11/30/2025** | $12024 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 5.76% | (0.19%) | 1.86% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LCRSX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8705-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LCRTX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.02%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9fea1fa349faf62ffd43db9f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9942 | $9968 |
| **1/31/2016** | $10048 | $10105 |
| **2/29/2016** | $10088 | $10177 |
| **3/31/2016** | $10213 | $10270 |
| **4/30/2016** | $10272 | $10309 |
| **5/31/2016** | $10273 | $10312 |
| **6/30/2016** | $10462 | $10497 |
| **7/31/2016** | $10548 | $10564 |
| **8/31/2016** | $10541 | $10552 |
| **9/30/2016** | $10546 | $10545 |
| **10/31/2016** | $10476 | $10465 |
| **11/30/2016** | $10224 | $10217 |
| **12/31/2016** | $10236 | $10232 |
| **1/31/2017** | $10266 | $10252 |
| **2/28/2017** | $10335 | $10321 |
| **3/31/2017** | $10328 | $10315 |
| **4/30/2017** | $10407 | $10395 |
| **5/31/2017** | $10476 | $10475 |
| **6/30/2017** | $10470 | $10464 |
| **7/31/2017** | $10520 | $10509 |
| **8/31/2017** | $10610 | $10603 |
| **9/30/2017** | $10554 | $10553 |
| **10/31/2017** | $10565 | $10559 |
| **11/30/2017** | $10548 | $10546 |
| **12/31/2017** | $10590 | $10594 |
| **1/31/2018** | $10476 | $10472 |
| **2/28/2018** | $10392 | $10373 |
| **3/31/2018** | $10448 | $10439 |
| **4/30/2018** | $10369 | $10362 |
| **5/31/2018** | $10417 | $10435 |
| **6/30/2018** | $10418 | $10423 |
| **7/31/2018** | $10418 | $10425 |
| **8/31/2018** | $10487 | $10492 |
| **9/30/2018** | $10427 | $10425 |
| **10/31/2018** | $10347 | $10342 |
| **11/30/2018** | $10396 | $10404 |
| **12/31/2018** | $10566 | $10595 |
| **1/31/2019** | $10673 | $10708 |
| **2/28/2019** | $10668 | $10701 |
| **3/31/2019** | $10871 | $10907 |
| **4/30/2019** | $10878 | $10910 |
| **5/31/2019** | $11060 | $11103 |
| **6/30/2019** | $11190 | $11243 |
| **7/31/2019** | $11225 | $11268 |
| **8/31/2019** | $11492 | $11560 |
| **9/30/2019** | $11424 | $11498 |
| **10/31/2019** | $11446 | $11533 |
| **11/30/2019** | $11436 | $11527 |
| **12/31/2019** | $11417 | $11519 |
| **1/31/2020** | $11665 | $11740 |
| **2/29/2020** | $11863 | $11952 |
| **3/31/2020** | $11608 | $11881 |
| **4/30/2020** | $11810 | $12093 |
| **5/31/2020** | $11896 | $12149 |
| **6/30/2020** | $12034 | $12225 |
| **7/31/2020** | $12287 | $12408 |
| **8/31/2020** | $12203 | $12308 |
| **9/30/2020** | $12211 | $12301 |
| **10/31/2020** | $12154 | $12246 |
| **11/30/2020** | $12307 | $12366 |
| **12/31/2020** | $12346 | $12383 |
| **1/31/2021** | $12306 | $12295 |
| **2/28/2021** | $12156 | $12117 |
| **3/31/2021** | $12017 | $11966 |
| **4/30/2021** | $12118 | $12060 |
| **5/31/2021** | $12156 | $12100 |
| **6/30/2021** | $12261 | $12185 |
| **7/31/2021** | $12386 | $12321 |
| **8/31/2021** | $12358 | $12297 |
| **9/30/2021** | $12264 | $12191 |
| **10/31/2021** | $12257 | $12188 |
| **11/30/2021** | $12294 | $12224 |
| **12/31/2021** | $12262 | $12192 |
| **1/31/2022** | $12035 | $11930 |
| **2/28/2022** | $11908 | $11797 |
| **3/31/2022** | $11562 | $11469 |
| **4/30/2022** | $11161 | $11034 |
| **5/31/2022** | $11164 | $11105 |
| **6/30/2022** | $10956 | $10931 |
| **7/31/2022** | $11200 | $11198 |
| **8/31/2022** | $10919 | $10881 |
| **9/30/2022** | $10432 | $10411 |
| **10/31/2022** | $10297 | $10276 |
| **11/30/2022** | $10652 | $10654 |
| **12/31/2022** | $10610 | $10606 |
| **1/31/2023** | $10956 | $10932 |
| **2/28/2023** | $10694 | $10650 |
| **3/31/2023** | $10932 | $10920 |
| **4/30/2023** | $10995 | $10987 |
| **5/31/2023** | $10862 | $10867 |
| **6/30/2023** | $10844 | $10828 |
| **7/31/2023** | $10850 | $10821 |
| **8/31/2023** | $10798 | $10751 |
| **9/30/2023** | $10534 | $10478 |
| **10/31/2023** | $10375 | $10313 |
| **11/30/2023** | $10835 | $10780 |
| **12/31/2023** | $11239 | $11193 |
| **1/31/2024** | $11223 | $11162 |
| **2/29/2024** | $11086 | $11004 |
| **3/31/2024** | $11178 | $11106 |
| **4/30/2024** | $10931 | $10825 |
| **5/31/2024** | $11110 | $11009 |
| **6/30/2024** | $11215 | $11113 |
| **7/31/2024** | $11469 | $11373 |
| **8/31/2024** | $11637 | $11536 |
| **9/30/2024** | $11804 | $11690 |
| **10/31/2024** | $11512 | $11401 |
| **11/30/2024** | $11643 | $11521 |
| **12/31/2024** | $11475 | $11332 |
| **1/31/2025** | $11545 | $11393 |
| **2/28/2025** | $11792 | $11643 |
| **3/31/2025** | $11789 | $11648 |
| **4/30/2025** | $11822 | $11693 |
| **5/31/2025** | $11741 | $11610 |
| **6/30/2025** | $11928 | $11788 |
| **7/31/2025** | $11911 | $11757 |
| **8/31/2025** | $12061 | $11898 |
| **9/30/2025** | $12186 | $12028 |
| **10/31/2025** | $12259 | $12103 |
| **11/30/2025** | $12344 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 6.02% | 0.06% | 2.13% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LCRTX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8737-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LCRVX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $29 | 0.28% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.10%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within agency residential mortgage-backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib6abea9d9ddd6f4f1d8dafb2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 |
| **12/31/2015** | $9952 | $9968 |
| **1/31/2016** | $10058 | $10105 |
| **2/29/2016** | $10090 | $10177 |
| **3/31/2016** | $10224 | $10270 |
| **4/30/2016** | $10284 | $10309 |
| **5/31/2016** | $10286 | $10312 |
| **6/30/2016** | $10466 | $10497 |
| **7/31/2016** | $10562 | $10564 |
| **8/31/2016** | $10556 | $10552 |
| **9/30/2016** | $10561 | $10545 |
| **10/31/2016** | $10483 | $10465 |
| **11/30/2016** | $10242 | $10217 |
| **12/31/2016** | $10254 | $10232 |
| **1/31/2017** | $10286 | $10252 |
| **2/28/2017** | $10355 | $10321 |
| **3/31/2017** | $10350 | $10315 |
| **4/30/2017** | $10420 | $10395 |
| **5/31/2017** | $10490 | $10475 |
| **6/30/2017** | $10494 | $10464 |
| **7/31/2017** | $10536 | $10509 |
| **8/31/2017** | $10626 | $10603 |
| **9/30/2017** | $10581 | $10553 |
| **10/31/2017** | $10584 | $10559 |
| **11/30/2017** | $10569 | $10546 |
| **12/31/2017** | $10622 | $10594 |
| **1/31/2018** | $10509 | $10472 |
| **2/28/2018** | $10416 | $10373 |
| **3/31/2018** | $10473 | $10439 |
| **4/30/2018** | $10403 | $10362 |
| **5/31/2018** | $10453 | $10435 |
| **6/30/2018** | $10444 | $10423 |
| **7/31/2018** | $10454 | $10425 |
| **8/31/2018** | $10514 | $10492 |
| **9/30/2018** | $10464 | $10425 |
| **10/31/2018** | $10384 | $10342 |
| **11/30/2018** | $10434 | $10404 |
| **12/31/2018** | $10595 | $10595 |
| **1/31/2019** | $10713 | $10708 |
| **2/28/2019** | $10699 | $10701 |
| **3/31/2019** | $10903 | $10907 |
| **4/30/2019** | $10911 | $10910 |
| **5/31/2019** | $11105 | $11103 |
| **6/30/2019** | $11236 | $11243 |
| **7/31/2019** | $11262 | $11268 |
| **8/31/2019** | $11541 | $11560 |
| **9/30/2019** | $11473 | $11498 |
| **10/31/2019** | $11485 | $11533 |
| **11/30/2019** | $11487 | $11527 |
| **12/31/2019** | $11458 | $11519 |
| **1/31/2020** | $11708 | $11740 |
| **2/29/2020** | $11907 | $11952 |
| **3/31/2020** | $11662 | $11881 |
| **4/30/2020** | $11866 | $12093 |
| **5/31/2020** | $11953 | $12149 |
| **6/30/2020** | $12093 | $12225 |
| **7/31/2020** | $12336 | $12408 |
| **8/31/2020** | $12253 | $12308 |
| **9/30/2020** | $12262 | $12301 |
| **10/31/2020** | $12216 | $12246 |
| **11/30/2020** | $12360 | $12366 |
| **12/31/2020** | $12411 | $12383 |
| **1/31/2021** | $12360 | $12295 |
| **2/28/2021** | $12221 | $12117 |
| **3/31/2021** | $12081 | $11966 |
| **4/30/2021** | $12173 | $12060 |
| **5/31/2021** | $12212 | $12100 |
| **6/30/2021** | $12318 | $12185 |
| **7/31/2021** | $12445 | $12321 |
| **8/31/2021** | $12428 | $12297 |
| **9/30/2021** | $12323 | $12191 |
| **10/31/2021** | $12317 | $12188 |
| **11/30/2021** | $12356 | $12224 |
| **12/31/2021** | $12323 | $12192 |
| **1/31/2022** | $12107 | $11930 |
| **2/28/2022** | $11969 | $11797 |
| **3/31/2022** | $11622 | $11469 |
| **4/30/2022** | $11230 | $11034 |
| **5/31/2022** | $11223 | $11105 |
| **6/30/2022** | $11025 | $10931 |
| **7/31/2022** | $11260 | $11198 |
| **8/31/2022** | $10977 | $10881 |
| **9/30/2022** | $10488 | $10411 |
| **10/31/2022** | $10353 | $10276 |
| **11/30/2022** | $10710 | $10654 |
| **12/31/2022** | $10668 | $10606 |
| **1/31/2023** | $11017 | $10932 |
| **2/28/2023** | $10754 | $10650 |
| **3/31/2023** | $11005 | $10920 |
| **4/30/2023** | $11069 | $10987 |
| **5/31/2023** | $10936 | $10867 |
| **6/30/2023** | $10907 | $10828 |
| **7/31/2023** | $10913 | $10821 |
| **8/31/2023** | $10861 | $10751 |
| **9/30/2023** | $10595 | $10478 |
| **10/31/2023** | $10437 | $10313 |
| **11/30/2023** | $10900 | $10780 |
| **12/31/2023** | $11308 | $11193 |
| **1/31/2024** | $11292 | $11162 |
| **2/29/2024** | $11154 | $11004 |
| **3/31/2024** | $11248 | $11106 |
| **4/30/2024** | $11000 | $10825 |
| **5/31/2024** | $11180 | $11009 |
| **6/30/2024** | $11287 | $11113 |
| **7/31/2024** | $11543 | $11373 |
| **8/31/2024** | $11713 | $11536 |
| **9/30/2024** | $11882 | $11690 |
| **10/31/2024** | $11589 | $11401 |
| **11/30/2024** | $11721 | $11521 |
| **12/31/2024** | $11552 | $11332 |
| **1/31/2025** | $11624 | $11393 |
| **2/28/2025** | $11873 | $11643 |
| **3/31/2025** | $11883 | $11648 |
| **4/30/2025** | $11905 | $11693 |
| **5/31/2025** | $11824 | $11610 |
| **6/30/2025** | $12013 | $11788 |
| **7/31/2025** | $11997 | $11757 |
| **8/31/2025** | $12149 | $11898 |
| **9/30/2025** | $12275 | $12028 |
| **10/31/2025** | $12349 | $12103 |
| **11/30/2025** | $12436 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 6.10% | 0.12% | 2.20% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5042839169 |
| # of Portfolio Holdings | 498 |
| Portfolio Turnover Rate | 453% |
| Total Advisory Fees Paid | $9770588 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.77% |
| Corporate Bonds | 27.84% |
| Floating Rate Loans | 1.36% |
| Foreign Government Obligations | 0.30% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 2.29% |
| Government Sponsored Enterprises Pass-Throughs | 23.39% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.74% |
| U.S. Treasury Obligations | 18.92% |
| Repurchase Agreements | 1.26% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.12% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LCRVX

# Lord Abbett Core Fixed Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8769-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LAPLX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.00%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i64f42da55ecb149627e12422.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $9777 | $10000 | $10000 |
| **12/31/2015** | $9719 | $9966 | $9973 |
| **1/31/2016** | $9690 | $10076 | $10110 |
| **2/29/2016** | $9694 | $10147 | $10182 |
| **3/31/2016** | $9955 | $10272 | $10275 |
| **4/30/2016** | $10098 | $10342 | $10315 |
| **5/31/2016** | $10093 | $10350 | $10318 |
| **6/30/2016** | $10234 | $10532 | $10503 |
| **7/31/2016** | $10390 | $10619 | $10569 |
| **8/31/2016** | $10439 | $10630 | $10557 |
| **9/30/2016** | $10459 | $10633 | $10551 |
| **10/31/2016** | $10434 | $10562 | $10470 |
| **11/30/2016** | $10217 | $10325 | $10223 |
| **12/31/2016** | $10267 | $10355 | $10237 |
| **1/31/2017** | $10349 | $10392 | $10257 |
| **2/28/2017** | $10417 | $10472 | $10326 |
| **3/31/2017** | $10418 | $10469 | $10321 |
| **4/30/2017** | $10515 | $10555 | $10400 |
| **5/31/2017** | $10585 | $10637 | $10480 |
| **6/30/2017** | $10572 | $10628 | $10470 |
| **7/31/2017** | $10649 | $10681 | $10515 |
| **8/31/2017** | $10705 | $10773 | $10609 |
| **9/30/2017** | $10691 | $10735 | $10559 |
| **10/31/2017** | $10713 | $10748 | $10565 |
| **11/30/2017** | $10700 | $10732 | $10551 |
| **12/31/2017** | $10743 | $10779 | $10600 |
| **1/31/2018** | $10680 | $10675 | $10478 |
| **2/28/2018** | $10588 | $10574 | $10378 |
| **3/31/2018** | $10607 | $10627 | $10445 |
| **4/30/2018** | $10556 | $10556 | $10367 |
| **5/31/2018** | $10582 | $10614 | $10441 |
| **6/30/2018** | $10574 | $10599 | $10428 |
| **7/31/2018** | $10616 | $10621 | $10431 |
| **8/31/2018** | $10657 | $10673 | $10498 |
| **9/30/2018** | $10662 | $10627 | $10430 |
| **10/31/2018** | $10572 | $10538 | $10348 |
| **11/30/2018** | $10576 | $10586 | $10410 |
| **12/31/2018** | $10643 | $10751 | $10601 |
| **1/31/2019** | $10846 | $10900 | $10713 |
| **2/28/2019** | $10869 | $10911 | $10707 |
| **3/31/2019** | $11064 | $11109 | $10913 |
| **4/30/2019** | $11118 | $11124 | $10916 |
| **5/31/2019** | $11240 | $11295 | $11109 |
| **6/30/2019** | $11423 | $11454 | $11249 |
| **7/31/2019** | $11475 | $11488 | $11274 |
| **8/31/2019** | $11674 | $11748 | $11566 |
| **9/30/2019** | $11634 | $11697 | $11504 |
| **10/31/2019** | $11669 | $11735 | $11539 |
| **11/30/2019** | $11674 | $11733 | $11533 |
| **12/31/2019** | $11692 | $11750 | $11525 |
| **1/31/2020** | $11920 | $11961 | $11747 |
| **2/29/2020** | $12026 | $12140 | $11958 |
| **3/31/2020** | $11291 | $11903 | $11888 |
| **4/30/2020** | $11551 | $12142 | $12099 |
| **5/31/2020** | $11763 | $12255 | $12155 |
| **6/30/2020** | $11914 | $12357 | $12232 |
| **7/31/2020** | $12267 | $12574 | $12415 |
| **8/31/2020** | $12252 | $12502 | $12314 |
| **9/30/2020** | $12229 | $12479 | $12308 |
| **10/31/2020** | $12205 | $12435 | $12253 |
| **11/30/2020** | $12441 | $12597 | $12373 |
| **12/31/2020** | $12535 | $12641 | $12390 |
| **1/31/2021** | $12509 | $12561 | $12301 |
| **2/28/2021** | $12386 | $12399 | $12124 |
| **3/31/2021** | $12273 | $12255 | $11972 |
| **4/30/2021** | $12401 | $12358 | $12067 |
| **5/31/2021** | $12456 | $12405 | $12106 |
| **6/30/2021** | $12582 | $12495 | $12191 |
| **7/31/2021** | $12697 | $12621 | $12328 |
| **8/31/2021** | $12691 | $12612 | $12304 |
| **9/30/2021** | $12594 | $12505 | $12198 |
| **10/31/2021** | $12586 | $12494 | $12194 |
| **11/30/2021** | $12594 | $12510 | $12230 |
| **12/31/2021** | $12610 | $12501 | $12199 |
| **1/31/2022** | $12357 | $12227 | $11936 |
| **2/28/2022** | $12194 | $12060 | $11803 |
| **3/31/2022** | $11852 | $11737 | $11475 |
| **4/30/2022** | $11434 | $11299 | $11040 |
| **5/31/2022** | $11398 | $11361 | $11111 |
| **6/30/2022** | $11116 | $11134 | $10936 |
| **7/31/2022** | $11428 | $11414 | $11204 |
| **8/31/2022** | $11148 | $11117 | $10887 |
| **9/30/2022** | $10657 | $10638 | $10417 |
| **10/31/2022** | $10550 | $10522 | $10282 |
| **11/30/2022** | $10909 | $10914 | $10660 |
| **12/31/2022** | $10848 | $10877 | $10612 |
| **1/31/2023** | $11203 | $11214 | $10938 |
| **2/28/2023** | $10946 | $10939 | $10656 |
| **3/31/2023** | $11189 | $11195 | $10926 |
| **4/30/2023** | $11251 | $11264 | $10992 |
| **5/31/2023** | $11116 | $11147 | $10873 |
| **6/30/2023** | $11128 | $11130 | $10834 |
| **7/31/2023** | $11167 | $11141 | $10826 |
| **8/31/2023** | $11119 | $11074 | $10757 |
| **9/30/2023** | $10860 | $10810 | $10484 |
| **10/31/2023** | $10698 | $10647 | $10318 |
| **11/30/2023** | $11192 | $11126 | $10786 |
| **12/31/2023** | $11610 | $11548 | $11199 |
| **1/31/2024** | $11617 | $11521 | $11168 |
| **2/29/2024** | $11505 | $11383 | $11010 |
| **3/31/2024** | $11630 | $11494 | $11112 |
| **4/30/2024** | $11382 | $11226 | $10831 |
| **5/31/2024** | $11571 | $11412 | $11015 |
| **6/30/2024** | $11678 | $11516 | $11119 |
| **7/31/2024** | $11952 | $11778 | $11379 |
| **8/31/2024** | $12134 | $11951 | $11542 |
| **9/30/2024** | $12306 | $12115 | $11697 |
| **10/31/2024** | $12040 | $11840 | $11407 |
| **11/30/2024** | $12174 | $11964 | $11527 |
| **12/31/2024** | $12000 | $11784 | $11339 |
| **1/31/2025** | $12090 | $11855 | $11399 |
| **2/28/2025** | $12340 | $12100 | $11650 |
| **3/31/2025** | $12309 | $12097 | $11654 |
| **4/30/2025** | $12295 | $12140 | $11700 |
| **5/31/2025** | $12251 | $12078 | $11616 |
| **6/30/2025** | $12457 | $12266 | $11795 |
| **7/31/2025** | $12452 | $12249 | $11763 |
| **8/31/2025** | $12602 | $12396 | $11904 |
| **9/30/2025** | $12752 | $12527 | $12034 |
| **10/31/2025** | $12823 | $12610 | $12109 |
| **11/30/2025** | $12905 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class A at NAV | 6.00% | 0.73% | 2.82% |
| Class A with sales charge | 3.60% | 0.28% | 2.59% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LAPLX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8796-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LAPCX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $138 | 1.34% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.28%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8e153418ea6d5482331e9760.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9936 | $9966 | $9973 |
| **1/31/2016** | $9899 | $10076 | $10110 |
| **2/29/2016** | $9897 | $10147 | $10182 |
| **3/31/2016** | $10157 | $10272 | $10275 |
| **4/30/2016** | $10303 | $10342 | $10315 |
| **5/31/2016** | $10284 | $10350 | $10318 |
| **6/30/2016** | $10421 | $10532 | $10503 |
| **7/31/2016** | $10573 | $10619 | $10569 |
| **8/31/2016** | $10616 | $10630 | $10557 |
| **9/30/2016** | $10629 | $10633 | $10551 |
| **10/31/2016** | $10597 | $10562 | $10470 |
| **11/30/2016** | $10377 | $10325 | $10223 |
| **12/31/2016** | $10421 | $10355 | $10237 |
| **1/31/2017** | $10498 | $10392 | $10257 |
| **2/28/2017** | $10562 | $10472 | $10326 |
| **3/31/2017** | $10556 | $10469 | $10321 |
| **4/30/2017** | $10641 | $10555 | $10400 |
| **5/31/2017** | $10712 | $10637 | $10480 |
| **6/30/2017** | $10692 | $10628 | $10470 |
| **7/31/2017** | $10764 | $10681 | $10515 |
| **8/31/2017** | $10807 | $10773 | $10609 |
| **9/30/2017** | $10787 | $10735 | $10559 |
| **10/31/2017** | $10810 | $10748 | $10565 |
| **11/30/2017** | $10790 | $10732 | $10551 |
| **12/31/2017** | $10820 | $10779 | $10600 |
| **1/31/2018** | $10750 | $10675 | $10478 |
| **2/28/2018** | $10653 | $10574 | $10378 |
| **3/31/2018** | $10672 | $10627 | $10445 |
| **4/30/2018** | $10614 | $10556 | $10367 |
| **5/31/2018** | $10635 | $10614 | $10441 |
| **6/30/2018** | $10621 | $10599 | $10428 |
| **7/31/2018** | $10657 | $10621 | $10431 |
| **8/31/2018** | $10692 | $10673 | $10498 |
| **9/30/2018** | $10691 | $10627 | $10430 |
| **10/31/2018** | $10595 | $10538 | $10348 |
| **11/30/2018** | $10593 | $10586 | $10410 |
| **12/31/2018** | $10655 | $10751 | $10601 |
| **1/31/2019** | $10852 | $10900 | $10713 |
| **2/28/2019** | $10870 | $10911 | $10707 |
| **3/31/2019** | $11059 | $11109 | $10913 |
| **4/30/2019** | $11108 | $11124 | $10916 |
| **5/31/2019** | $11224 | $11295 | $11109 |
| **6/30/2019** | $11400 | $11454 | $11249 |
| **7/31/2019** | $11447 | $11488 | $11274 |
| **8/31/2019** | $11632 | $11748 | $11566 |
| **9/30/2019** | $11593 | $11697 | $11504 |
| **10/31/2019** | $11622 | $11735 | $11539 |
| **11/30/2019** | $11613 | $11733 | $11533 |
| **12/31/2019** | $11632 | $11750 | $11525 |
| **1/31/2020** | $11851 | $11961 | $11747 |
| **2/29/2020** | $11950 | $12140 | $11958 |
| **3/31/2020** | $11206 | $11903 | $11888 |
| **4/30/2020** | $11457 | $12142 | $12099 |
| **5/31/2020** | $11661 | $12255 | $12155 |
| **6/30/2020** | $11811 | $12357 | $12232 |
| **7/31/2020** | $12146 | $12574 | $12415 |
| **8/31/2020** | $12125 | $12502 | $12314 |
| **9/30/2020** | $12102 | $12479 | $12308 |
| **10/31/2020** | $12064 | $12435 | $12253 |
| **11/30/2020** | $12290 | $12597 | $12373 |
| **12/31/2020** | $12384 | $12641 | $12390 |
| **1/31/2021** | $12343 | $12561 | $12301 |
| **2/28/2021** | $12224 | $12399 | $12124 |
| **3/31/2021** | $12097 | $12255 | $11972 |
| **4/30/2021** | $12226 | $12358 | $12067 |
| **5/31/2021** | $12265 | $12405 | $12106 |
| **6/30/2021** | $12383 | $12495 | $12191 |
| **7/31/2021** | $12489 | $12621 | $12328 |
| **8/31/2021** | $12476 | $12612 | $12304 |
| **9/30/2021** | $12382 | $12505 | $12198 |
| **10/31/2021** | $12367 | $12494 | $12194 |
| **11/30/2021** | $12360 | $12510 | $12230 |
| **12/31/2021** | $12370 | $12501 | $12199 |
| **1/31/2022** | $12115 | $12227 | $11936 |
| **2/28/2022** | $11949 | $12060 | $11803 |
| **3/31/2022** | $11616 | $11737 | $11475 |
| **4/30/2022** | $11201 | $11299 | $11040 |
| **5/31/2022** | $11160 | $11361 | $11111 |
| **6/30/2022** | $10878 | $11134 | $10936 |
| **7/31/2022** | $11168 | $11414 | $11204 |
| **8/31/2022** | $10897 | $11117 | $10887 |
| **9/30/2022** | $10404 | $10638 | $10417 |
| **10/31/2022** | $10301 | $10522 | $10282 |
| **11/30/2022** | $10638 | $10914 | $10660 |
| **12/31/2022** | $10581 | $10877 | $10612 |
| **1/31/2023** | $10921 | $11214 | $10938 |
| **2/28/2023** | $10665 | $10939 | $10656 |
| **3/31/2023** | $10896 | $11195 | $10926 |
| **4/30/2023** | $10951 | $11264 | $10992 |
| **5/31/2023** | $10813 | $11147 | $10873 |
| **6/30/2023** | $10819 | $11130 | $10834 |
| **7/31/2023** | $10852 | $11141 | $10826 |
| **8/31/2023** | $10799 | $11074 | $10757 |
| **9/30/2023** | $10541 | $10810 | $10484 |
| **10/31/2023** | $10370 | $10647 | $10318 |
| **11/30/2023** | $10843 | $11126 | $10786 |
| **12/31/2023** | $11251 | $11548 | $11199 |
| **1/31/2024** | $11252 | $11521 | $11168 |
| **2/29/2024** | $11130 | $11383 | $11010 |
| **3/31/2024** | $11244 | $11494 | $11112 |
| **4/30/2024** | $11007 | $11226 | $10831 |
| **5/31/2024** | $11184 | $11412 | $11015 |
| **6/30/2024** | $11281 | $11516 | $11119 |
| **7/31/2024** | $11531 | $11778 | $11379 |
| **8/31/2024** | $11700 | $11951 | $11542 |
| **9/30/2024** | $11860 | $12115 | $11697 |
| **10/31/2024** | $11597 | $11840 | $11407 |
| **11/30/2024** | $11729 | $11964 | $11527 |
| **12/31/2024** | $11555 | $11784 | $11339 |
| **1/31/2025** | $11635 | $11855 | $11399 |
| **2/28/2025** | $11860 | $12100 | $11650 |
| **3/31/2025** | $11823 | $12097 | $11654 |
| **4/30/2025** | $11803 | $12140 | $11700 |
| **5/31/2025** | $11754 | $12078 | $11616 |
| **6/30/2025** | $11954 | $12266 | $11795 |
| **7/31/2025** | $11943 | $12249 | $11763 |
| **8/31/2025** | $12079 | $12396 | $11904 |
| **9/30/2025** | $12206 | $12527 | $12034 |
| **10/31/2025** | $12267 | $12610 | $12109 |
| **11/30/2025** | $12348 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class C at NAV | 5.28% | 0.09% | 2.14% |
| Class C with sales charge | 4.28% | 0.09% | 2.14% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LAPCX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8797-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LPLFX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.11%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia8f3889647511ec2b77e64c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9942 | $9966 | $9973 |
| **1/31/2016** | $9913 | $10076 | $10110 |
| **2/29/2016** | $9917 | $10147 | $10182 |
| **3/31/2016** | $10186 | $10272 | $10275 |
| **4/30/2016** | $10332 | $10342 | $10315 |
| **5/31/2016** | $10328 | $10350 | $10318 |
| **6/30/2016** | $10473 | $10532 | $10503 |
| **7/31/2016** | $10634 | $10619 | $10569 |
| **8/31/2016** | $10685 | $10630 | $10557 |
| **9/30/2016** | $10706 | $10633 | $10551 |
| **10/31/2016** | $10682 | $10562 | $10470 |
| **11/30/2016** | $10461 | $10325 | $10223 |
| **12/31/2016** | $10512 | $10355 | $10237 |
| **1/31/2017** | $10597 | $10392 | $10257 |
| **2/28/2017** | $10668 | $10472 | $10326 |
| **3/31/2017** | $10670 | $10469 | $10321 |
| **4/30/2017** | $10770 | $10555 | $10400 |
| **5/31/2017** | $10843 | $10637 | $10480 |
| **6/30/2017** | $10830 | $10628 | $10470 |
| **7/31/2017** | $10910 | $10681 | $10515 |
| **8/31/2017** | $10968 | $10773 | $10609 |
| **9/30/2017** | $10955 | $10735 | $10559 |
| **10/31/2017** | $10979 | $10748 | $10565 |
| **11/30/2017** | $10966 | $10732 | $10551 |
| **12/31/2017** | $11011 | $10779 | $10600 |
| **1/31/2018** | $10947 | $10675 | $10478 |
| **2/28/2018** | $10854 | $10574 | $10378 |
| **3/31/2018** | $10874 | $10627 | $10445 |
| **4/30/2018** | $10822 | $10556 | $10367 |
| **5/31/2018** | $10851 | $10614 | $10441 |
| **6/30/2018** | $10843 | $10599 | $10428 |
| **7/31/2018** | $10894 | $10621 | $10431 |
| **8/31/2018** | $10930 | $10673 | $10498 |
| **9/30/2018** | $10936 | $10627 | $10430 |
| **10/31/2018** | $10845 | $10538 | $10348 |
| **11/30/2018** | $10849 | $10586 | $10410 |
| **12/31/2018** | $10918 | $10751 | $10601 |
| **1/31/2019** | $11127 | $10900 | $10713 |
| **2/28/2019** | $11152 | $10911 | $10707 |
| **3/31/2019** | $11345 | $11109 | $10913 |
| **4/30/2019** | $11401 | $11124 | $10916 |
| **5/31/2019** | $11527 | $11295 | $11109 |
| **6/30/2019** | $11715 | $11454 | $11249 |
| **7/31/2019** | $11770 | $11488 | $11274 |
| **8/31/2019** | $11975 | $11748 | $11566 |
| **9/30/2019** | $11935 | $11697 | $11504 |
| **10/31/2019** | $11972 | $11735 | $11539 |
| **11/30/2019** | $11978 | $11733 | $11533 |
| **12/31/2019** | $11998 | $11750 | $11525 |
| **1/31/2020** | $12232 | $11961 | $11747 |
| **2/29/2020** | $12343 | $12140 | $11958 |
| **3/31/2020** | $11581 | $11903 | $11888 |
| **4/30/2020** | $11856 | $12142 | $12099 |
| **5/31/2020** | $12067 | $12255 | $12155 |
| **6/30/2020** | $12231 | $12357 | $12232 |
| **7/31/2020** | $12595 | $12574 | $12415 |
| **8/31/2020** | $12581 | $12502 | $12314 |
| **9/30/2020** | $12558 | $12479 | $12308 |
| **10/31/2020** | $12527 | $12435 | $12253 |
| **11/30/2020** | $12770 | $12597 | $12373 |
| **12/31/2020** | $12876 | $12641 | $12390 |
| **1/31/2021** | $12841 | $12561 | $12301 |
| **2/28/2021** | $12725 | $12399 | $12124 |
| **3/31/2021** | $12601 | $12255 | $11972 |
| **4/30/2021** | $12742 | $12358 | $12067 |
| **5/31/2021** | $12800 | $12405 | $12106 |
| **6/30/2021** | $12922 | $12495 | $12191 |
| **7/31/2021** | $13041 | $12621 | $12328 |
| **8/31/2021** | $13044 | $12612 | $12304 |
| **9/30/2021** | $12945 | $12505 | $12198 |
| **10/31/2021** | $12937 | $12494 | $12194 |
| **11/30/2021** | $12938 | $12510 | $12230 |
| **12/31/2021** | $12964 | $12501 | $12199 |
| **1/31/2022** | $12705 | $12227 | $11936 |
| **2/28/2022** | $12538 | $12060 | $11803 |
| **3/31/2022** | $12187 | $11737 | $11475 |
| **4/30/2022** | $11759 | $11299 | $11040 |
| **5/31/2022** | $11723 | $11361 | $11111 |
| **6/30/2022** | $11433 | $11134 | $10936 |
| **7/31/2022** | $11746 | $11414 | $11204 |
| **8/31/2022** | $11467 | $11117 | $10887 |
| **9/30/2022** | $10955 | $10638 | $10417 |
| **10/31/2022** | $10853 | $10522 | $10282 |
| **11/30/2022** | $11224 | $10914 | $10660 |
| **12/31/2022** | $11162 | $10877 | $10612 |
| **1/31/2023** | $11529 | $11214 | $10938 |
| **2/28/2023** | $11265 | $10939 | $10656 |
| **3/31/2023** | $11516 | $11195 | $10926 |
| **4/30/2023** | $11581 | $11264 | $10992 |
| **5/31/2023** | $11443 | $11147 | $10873 |
| **6/30/2023** | $11456 | $11130 | $10834 |
| **7/31/2023** | $11497 | $11141 | $10826 |
| **8/31/2023** | $11448 | $11074 | $10757 |
| **9/30/2023** | $11182 | $10810 | $10484 |
| **10/31/2023** | $11016 | $10647 | $10318 |
| **11/30/2023** | $11517 | $11126 | $10786 |
| **12/31/2023** | $11958 | $11548 | $11199 |
| **1/31/2024** | $11966 | $11521 | $11168 |
| **2/29/2024** | $11852 | $11383 | $11010 |
| **3/31/2024** | $11981 | $11494 | $11112 |
| **4/30/2024** | $11726 | $11226 | $10831 |
| **5/31/2024** | $11922 | $11412 | $11015 |
| **6/30/2024** | $12033 | $11516 | $11119 |
| **7/31/2024** | $12307 | $11778 | $11379 |
| **8/31/2024** | $12505 | $11951 | $11542 |
| **9/30/2024** | $12674 | $12115 | $11697 |
| **10/31/2024** | $12401 | $11840 | $11407 |
| **11/30/2024** | $12550 | $11964 | $11527 |
| **12/31/2024** | $12372 | $11784 | $11339 |
| **1/31/2025** | $12465 | $11855 | $11399 |
| **2/28/2025** | $12725 | $12100 | $11650 |
| **3/31/2025** | $12683 | $12097 | $11654 |
| **4/30/2025** | $12670 | $12140 | $11700 |
| **5/31/2025** | $12636 | $12078 | $11616 |
| **6/30/2025** | $12849 | $12266 | $11795 |
| **7/31/2025** | $12845 | $12249 | $11763 |
| **8/31/2025** | $13001 | $12396 | $11904 |
| **9/30/2025** | $13147 | $12527 | $12034 |
| **10/31/2025** | $13232 | $12610 | $12109 |
| **11/30/2025** | $13316 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class F at NAV | 6.11% | 0.84% | 2.91% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LPLFX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8798-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LOPLX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.32%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7c33d5eb51011396e8bc73cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10071 | $10059 | $10051 |
| **5/31/2017** | $10147 | $10137 | $10128 |
| **6/30/2017** | $10136 | $10128 | $10118 |
| **7/31/2017** | $10212 | $10178 | $10162 |
| **8/31/2017** | $10261 | $10266 | $10253 |
| **9/30/2017** | $10250 | $10230 | $10204 |
| **10/31/2017** | $10281 | $10242 | $10210 |
| **11/30/2017** | $10271 | $10227 | $10197 |
| **12/31/2017** | $10315 | $10272 | $10244 |
| **1/31/2018** | $10257 | $10173 | $10126 |
| **2/28/2018** | $10171 | $10077 | $10030 |
| **3/31/2018** | $10190 | $10127 | $10094 |
| **4/30/2018** | $10145 | $10060 | $10019 |
| **5/31/2018** | $10179 | $10115 | $10091 |
| **6/30/2018** | $10166 | $10100 | $10078 |
| **7/31/2018** | $10216 | $10121 | $10080 |
| **8/31/2018** | $10250 | $10171 | $10145 |
| **9/30/2018** | $10264 | $10127 | $10080 |
| **10/31/2018** | $10174 | $10043 | $10000 |
| **11/30/2018** | $10186 | $10088 | $10060 |
| **12/31/2018** | $10252 | $10246 | $10245 |
| **1/31/2019** | $10449 | $10387 | $10354 |
| **2/28/2019** | $10473 | $10398 | $10348 |
| **3/31/2019** | $10663 | $10586 | $10546 |
| **4/30/2019** | $10717 | $10601 | $10549 |
| **5/31/2019** | $10837 | $10763 | $10736 |
| **6/30/2019** | $11015 | $10916 | $10871 |
| **7/31/2019** | $11068 | $10948 | $10895 |
| **8/31/2019** | $11262 | $11196 | $11177 |
| **9/30/2019** | $11226 | $11147 | $11118 |
| **10/31/2019** | $11262 | $11183 | $11151 |
| **11/30/2019** | $11269 | $11181 | $11146 |
| **12/31/2019** | $11288 | $11198 | $11138 |
| **1/31/2020** | $11502 | $11399 | $11352 |
| **2/29/2020** | $11607 | $11569 | $11557 |
| **3/31/2020** | $10892 | $11343 | $11489 |
| **4/30/2020** | $11152 | $11571 | $11693 |
| **5/31/2020** | $11359 | $11679 | $11747 |
| **6/30/2020** | $11507 | $11776 | $11821 |
| **7/31/2020** | $11851 | $11983 | $11998 |
| **8/31/2020** | $11840 | $11914 | $11901 |
| **9/30/2020** | $11820 | $11892 | $11894 |
| **10/31/2020** | $11800 | $11850 | $11841 |
| **11/30/2020** | $12023 | $12005 | $11958 |
| **12/31/2020** | $12125 | $12046 | $11974 |
| **1/31/2021** | $12095 | $11970 | $11888 |
| **2/28/2021** | $11986 | $11816 | $11716 |
| **3/31/2021** | $11880 | $11678 | $11570 |
| **4/30/2021** | $12007 | $11777 | $11662 |
| **5/31/2021** | $12063 | $11821 | $11700 |
| **6/30/2021** | $12180 | $11908 | $11782 |
| **7/31/2021** | $12294 | $12027 | $11914 |
| **8/31/2021** | $12299 | $12019 | $11891 |
| **9/30/2021** | $12208 | $11917 | $11788 |
| **10/31/2021** | $12203 | $11907 | $11785 |
| **11/30/2021** | $12205 | $11921 | $11820 |
| **12/31/2021** | $12233 | $11913 | $11789 |
| **1/31/2022** | $11990 | $11652 | $11535 |
| **2/28/2022** | $11835 | $11493 | $11407 |
| **3/31/2022** | $11506 | $11185 | $11090 |
| **4/30/2022** | $11103 | $10768 | $10669 |
| **5/31/2022** | $11071 | $10827 | $10738 |
| **6/30/2022** | $10799 | $10610 | $10569 |
| **7/31/2022** | $11105 | $10877 | $10828 |
| **8/31/2022** | $10836 | $10594 | $10522 |
| **9/30/2022** | $10361 | $10138 | $10067 |
| **10/31/2022** | $10259 | $10027 | $9937 |
| **11/30/2022** | $10611 | $10401 | $10302 |
| **12/31/2022** | $10554 | $10365 | $10256 |
| **1/31/2023** | $10902 | $10687 | $10571 |
| **2/28/2023** | $10653 | $10424 | $10298 |
| **3/31/2023** | $10892 | $10669 | $10559 |
| **4/30/2023** | $10955 | $10734 | $10623 |
| **5/31/2023** | $10826 | $10623 | $10508 |
| **6/30/2023** | $10840 | $10606 | $10470 |
| **7/31/2023** | $10881 | $10617 | $10463 |
| **8/31/2023** | $10836 | $10553 | $10396 |
| **9/30/2023** | $10586 | $10301 | $10132 |
| **10/31/2023** | $10431 | $10146 | $9972 |
| **11/30/2023** | $10915 | $10603 | $10424 |
| **12/31/2023** | $11326 | $11005 | $10823 |
| **1/31/2024** | $11335 | $10979 | $10793 |
| **2/29/2024** | $11229 | $10847 | $10640 |
| **3/31/2024** | $11353 | $10954 | $10739 |
| **4/30/2024** | $11113 | $10698 | $10467 |
| **5/31/2024** | $11301 | $10875 | $10645 |
| **6/30/2024** | $11408 | $10975 | $10746 |
| **7/31/2024** | $11678 | $11224 | $10997 |
| **8/31/2024** | $11858 | $11389 | $11155 |
| **9/30/2024** | $12029 | $11545 | $11304 |
| **10/31/2024** | $11772 | $11283 | $11024 |
| **11/30/2024** | $11906 | $11402 | $11140 |
| **12/31/2024** | $11739 | $11230 | $10958 |
| **1/31/2025** | $11829 | $11297 | $11016 |
| **2/28/2025** | $12077 | $11531 | $11258 |
| **3/31/2025** | $12049 | $11528 | $11263 |
| **4/30/2025** | $12038 | $11569 | $11307 |
| **5/31/2025** | $11999 | $11510 | $11226 |
| **6/30/2025** | $12203 | $11689 | $11399 |
| **7/31/2025** | $12202 | $11673 | $11368 |
| **8/31/2025** | $12352 | $11813 | $11504 |
| **9/30/2025** | $12502 | $11938 | $11630 |
| **10/31/2025** | $12575 | $12017 | $11703 |
| **11/30/2025** | $12658 | $12089 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 6.32% | 1.03% | 2.76% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.22% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LOPLX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8966-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LAPIX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $46 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.21%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7cfb1feb282d42c4c425b7c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9943 | $9966 | $9973 |
| **1/31/2016** | $9914 | $10076 | $10110 |
| **2/29/2016** | $9920 | $10147 | $10182 |
| **3/31/2016** | $10189 | $10272 | $10275 |
| **4/30/2016** | $10336 | $10342 | $10315 |
| **5/31/2016** | $10333 | $10350 | $10318 |
| **6/30/2016** | $10479 | $10532 | $10503 |
| **7/31/2016** | $10641 | $10619 | $10569 |
| **8/31/2016** | $10693 | $10630 | $10557 |
| **9/30/2016** | $10715 | $10633 | $10551 |
| **10/31/2016** | $10691 | $10562 | $10470 |
| **11/30/2016** | $10471 | $10325 | $10223 |
| **12/31/2016** | $10523 | $10355 | $10237 |
| **1/31/2017** | $10609 | $10392 | $10257 |
| **2/28/2017** | $10681 | $10472 | $10326 |
| **3/31/2017** | $10684 | $10469 | $10321 |
| **4/30/2017** | $10785 | $10555 | $10400 |
| **5/31/2017** | $10859 | $10637 | $10480 |
| **6/30/2017** | $10847 | $10628 | $10470 |
| **7/31/2017** | $10928 | $10681 | $10515 |
| **8/31/2017** | $10988 | $10773 | $10609 |
| **9/30/2017** | $10975 | $10735 | $10559 |
| **10/31/2017** | $11000 | $10748 | $10565 |
| **11/30/2017** | $10988 | $10732 | $10551 |
| **12/31/2017** | $11034 | $10779 | $10600 |
| **1/31/2018** | $10971 | $10675 | $10478 |
| **2/28/2018** | $10879 | $10574 | $10378 |
| **3/31/2018** | $10900 | $10627 | $10445 |
| **4/30/2018** | $10849 | $10556 | $10367 |
| **5/31/2018** | $10878 | $10614 | $10441 |
| **6/30/2018** | $10871 | $10599 | $10428 |
| **7/31/2018** | $10917 | $10621 | $10431 |
| **8/31/2018** | $10961 | $10673 | $10498 |
| **9/30/2018** | $10969 | $10627 | $10430 |
| **10/31/2018** | $10878 | $10538 | $10348 |
| **11/30/2018** | $10883 | $10586 | $10410 |
| **12/31/2018** | $10954 | $10751 | $10601 |
| **1/31/2019** | $11164 | $10900 | $10713 |
| **2/28/2019** | $11190 | $10911 | $10707 |
| **3/31/2019** | $11394 | $11109 | $10913 |
| **4/30/2019** | $11452 | $11124 | $10916 |
| **5/31/2019** | $11580 | $11295 | $11109 |
| **6/30/2019** | $11770 | $11454 | $11249 |
| **7/31/2019** | $11826 | $11488 | $11274 |
| **8/31/2019** | $12033 | $11748 | $11566 |
| **9/30/2019** | $11993 | $11697 | $11504 |
| **10/31/2019** | $12031 | $11735 | $11539 |
| **11/30/2019** | $12038 | $11733 | $11533 |
| **12/31/2019** | $12058 | $11750 | $11525 |
| **1/31/2020** | $12295 | $11961 | $11747 |
| **2/29/2020** | $12407 | $12140 | $11958 |
| **3/31/2020** | $11643 | $11903 | $11888 |
| **4/30/2020** | $11920 | $12142 | $12099 |
| **5/31/2020** | $12133 | $12255 | $12155 |
| **6/30/2020** | $12299 | $12357 | $12232 |
| **7/31/2020** | $12657 | $12574 | $12415 |
| **8/31/2020** | $12652 | $12502 | $12314 |
| **9/30/2020** | $12630 | $12479 | $12308 |
| **10/31/2020** | $12600 | $12435 | $12253 |
| **11/30/2020** | $12845 | $12597 | $12373 |
| **12/31/2020** | $12953 | $12641 | $12390 |
| **1/31/2021** | $12920 | $12561 | $12301 |
| **2/28/2021** | $12803 | $12399 | $12124 |
| **3/31/2021** | $12680 | $12255 | $11972 |
| **4/30/2021** | $12823 | $12358 | $12067 |
| **5/31/2021** | $12874 | $12405 | $12106 |
| **6/30/2021** | $13006 | $12495 | $12191 |
| **7/31/2021** | $13127 | $12621 | $12328 |
| **8/31/2021** | $13131 | $12612 | $12304 |
| **9/30/2021** | $13034 | $12505 | $12198 |
| **10/31/2021** | $13027 | $12494 | $12194 |
| **11/30/2021** | $13028 | $12510 | $12230 |
| **12/31/2021** | $13056 | $12501 | $12199 |
| **1/31/2022** | $12796 | $12227 | $11936 |
| **2/28/2022** | $12621 | $12060 | $11803 |
| **3/31/2022** | $12277 | $11737 | $11475 |
| **4/30/2022** | $11847 | $11299 | $11040 |
| **5/31/2022** | $11803 | $11361 | $11111 |
| **6/30/2022** | $11521 | $11134 | $10936 |
| **7/31/2022** | $11837 | $11414 | $11204 |
| **8/31/2022** | $11558 | $11117 | $10887 |
| **9/30/2022** | $11042 | $10638 | $10417 |
| **10/31/2022** | $10941 | $10522 | $10282 |
| **11/30/2022** | $11307 | $10914 | $10660 |
| **12/31/2022** | $11245 | $10877 | $10612 |
| **1/31/2023** | $11616 | $11214 | $10938 |
| **2/28/2023** | $11351 | $10939 | $10656 |
| **3/31/2023** | $11605 | $11195 | $10926 |
| **4/30/2023** | $11672 | $11264 | $10992 |
| **5/31/2023** | $11533 | $11147 | $10873 |
| **6/30/2023** | $11548 | $11130 | $10834 |
| **7/31/2023** | $11590 | $11141 | $10826 |
| **8/31/2023** | $11542 | $11074 | $10757 |
| **9/30/2023** | $11274 | $10810 | $10484 |
| **10/31/2023** | $11108 | $10647 | $10318 |
| **11/30/2023** | $11614 | $11126 | $10786 |
| **12/31/2023** | $12060 | $11548 | $11199 |
| **1/31/2024** | $12068 | $11521 | $11168 |
| **2/29/2024** | $11955 | $11383 | $11010 |
| **3/31/2024** | $12086 | $11494 | $11112 |
| **4/30/2024** | $11830 | $11226 | $10831 |
| **5/31/2024** | $12029 | $11412 | $11015 |
| **6/30/2024** | $12142 | $11516 | $11119 |
| **7/31/2024** | $12429 | $11778 | $11379 |
| **8/31/2024** | $12620 | $11951 | $11542 |
| **9/30/2024** | $12801 | $12115 | $11697 |
| **10/31/2024** | $12517 | $11840 | $11407 |
| **11/30/2024** | $12669 | $11964 | $11527 |
| **12/31/2024** | $12490 | $11784 | $11339 |
| **1/31/2025** | $12585 | $11855 | $11399 |
| **2/28/2025** | $12848 | $12100 | $11650 |
| **3/31/2025** | $12817 | $12097 | $11654 |
| **4/30/2025** | $12805 | $12140 | $11700 |
| **5/31/2025** | $12762 | $12078 | $11616 |
| **6/30/2025** | $12978 | $12266 | $11795 |
| **7/31/2025** | $12975 | $12249 | $11763 |
| **8/31/2025** | $13134 | $12396 | $11904 |
| **9/30/2025** | $13292 | $12527 | $12034 |
| **10/31/2025** | $13369 | $12610 | $12109 |
| **11/30/2025** | $13455 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class I at NAV | 6.21% | 0.93% | 3.02% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LAPIX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8799-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LAPQX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.68%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id401a9dd46e0dce56ee0ba7a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9939 | $9966 | $9973 |
| **1/31/2016** | $9907 | $10076 | $10110 |
| **2/29/2016** | $9908 | $10147 | $10182 |
| **3/31/2016** | $10173 | $10272 | $10275 |
| **4/30/2016** | $10316 | $10342 | $10315 |
| **5/31/2016** | $10308 | $10350 | $10318 |
| **6/30/2016** | $10450 | $10532 | $10503 |
| **7/31/2016** | $10607 | $10619 | $10569 |
| **8/31/2016** | $10654 | $10630 | $10557 |
| **9/30/2016** | $10672 | $10633 | $10551 |
| **10/31/2016** | $10643 | $10562 | $10470 |
| **11/30/2016** | $10420 | $10325 | $10223 |
| **12/31/2016** | $10467 | $10355 | $10237 |
| **1/31/2017** | $10548 | $10392 | $10257 |
| **2/28/2017** | $10616 | $10472 | $10326 |
| **3/31/2017** | $10614 | $10469 | $10321 |
| **4/30/2017** | $10710 | $10555 | $10400 |
| **5/31/2017** | $10779 | $10637 | $10480 |
| **6/30/2017** | $10763 | $10628 | $10470 |
| **7/31/2017** | $10839 | $10681 | $10515 |
| **8/31/2017** | $10894 | $10773 | $10609 |
| **9/30/2017** | $10870 | $10735 | $10559 |
| **10/31/2017** | $10896 | $10748 | $10565 |
| **11/30/2017** | $10880 | $10732 | $10551 |
| **12/31/2017** | $10921 | $10779 | $10600 |
| **1/31/2018** | $10847 | $10675 | $10478 |
| **2/28/2018** | $10752 | $10574 | $10378 |
| **3/31/2018** | $10775 | $10627 | $10445 |
| **4/30/2018** | $10720 | $10556 | $10367 |
| **5/31/2018** | $10745 | $10614 | $10441 |
| **6/30/2018** | $10733 | $10599 | $10428 |
| **7/31/2018** | $10773 | $10621 | $10431 |
| **8/31/2018** | $10813 | $10673 | $10498 |
| **9/30/2018** | $10815 | $10627 | $10430 |
| **10/31/2018** | $10721 | $10538 | $10348 |
| **11/30/2018** | $10722 | $10586 | $10410 |
| **12/31/2018** | $10787 | $10751 | $10601 |
| **1/31/2019** | $10989 | $10900 | $10713 |
| **2/28/2019** | $11010 | $10911 | $10707 |
| **3/31/2019** | $11206 | $11109 | $10913 |
| **4/30/2019** | $11258 | $11124 | $10916 |
| **5/31/2019** | $11379 | $11295 | $11109 |
| **6/30/2019** | $11561 | $11454 | $11249 |
| **7/31/2019** | $11612 | $11488 | $11274 |
| **8/31/2019** | $11811 | $11748 | $11566 |
| **9/30/2019** | $11767 | $11697 | $11504 |
| **10/31/2019** | $11800 | $11735 | $11539 |
| **11/30/2019** | $11803 | $11733 | $11533 |
| **12/31/2019** | $11819 | $11750 | $11525 |
| **1/31/2020** | $12046 | $11961 | $11747 |
| **2/29/2020** | $12151 | $12140 | $11958 |
| **3/31/2020** | $11398 | $11903 | $11888 |
| **4/30/2020** | $11665 | $12142 | $12099 |
| **5/31/2020** | $11869 | $12255 | $12155 |
| **6/30/2020** | $12026 | $12357 | $12232 |
| **7/31/2020** | $12371 | $12574 | $12415 |
| **8/31/2020** | $12353 | $12502 | $12314 |
| **9/30/2020** | $12335 | $12479 | $12308 |
| **10/31/2020** | $12300 | $12435 | $12253 |
| **11/30/2020** | $12534 | $12597 | $12373 |
| **12/31/2020** | $12635 | $12641 | $12390 |
| **1/31/2021** | $12596 | $12561 | $12301 |
| **2/28/2021** | $12478 | $12399 | $12124 |
| **3/31/2021** | $12353 | $12255 | $11972 |
| **4/30/2021** | $12487 | $12358 | $12067 |
| **5/31/2021** | $12532 | $12405 | $12106 |
| **6/30/2021** | $12655 | $12495 | $12191 |
| **7/31/2021** | $12767 | $12621 | $12328 |
| **8/31/2021** | $12758 | $12612 | $12304 |
| **9/30/2021** | $12666 | $12505 | $12198 |
| **10/31/2021** | $12654 | $12494 | $12194 |
| **11/30/2021** | $12651 | $12510 | $12230 |
| **12/31/2021** | $12664 | $12501 | $12199 |
| **1/31/2022** | $12407 | $12227 | $11936 |
| **2/28/2022** | $12240 | $12060 | $11803 |
| **3/31/2022** | $11902 | $11737 | $11475 |
| **4/30/2022** | $11480 | $11299 | $11040 |
| **5/31/2022** | $11441 | $11361 | $11111 |
| **6/30/2022** | $11155 | $11134 | $10936 |
| **7/31/2022** | $11456 | $11414 | $11204 |
| **8/31/2022** | $11181 | $11117 | $10887 |
| **9/30/2022** | $10678 | $10638 | $10417 |
| **10/31/2022** | $10576 | $10522 | $10282 |
| **11/30/2022** | $10925 | $10914 | $10660 |
| **12/31/2022** | $10869 | $10877 | $10612 |
| **1/31/2023** | $11223 | $11214 | $10938 |
| **2/28/2023** | $10962 | $10939 | $10656 |
| **3/31/2023** | $11203 | $11195 | $10926 |
| **4/30/2023** | $11263 | $11264 | $10992 |
| **5/31/2023** | $11124 | $11147 | $10873 |
| **6/30/2023** | $11134 | $11130 | $10834 |
| **7/31/2023** | $11170 | $11141 | $10826 |
| **8/31/2023** | $11119 | $11074 | $10757 |
| **9/30/2023** | $10857 | $10810 | $10484 |
| **10/31/2023** | $10692 | $10647 | $10318 |
| **11/30/2023** | $11174 | $11126 | $10786 |
| **12/31/2023** | $11598 | $11548 | $11199 |
| **1/31/2024** | $11602 | $11521 | $11168 |
| **2/29/2024** | $11479 | $11383 | $11010 |
| **3/31/2024** | $11610 | $11494 | $11112 |
| **4/30/2024** | $11359 | $11226 | $10831 |
| **5/31/2024** | $11545 | $11412 | $11015 |
| **6/30/2024** | $11649 | $11516 | $11119 |
| **7/31/2024** | $11910 | $11778 | $11379 |
| **8/31/2024** | $12098 | $11951 | $11542 |
| **9/30/2024** | $12257 | $12115 | $11697 |
| **10/31/2024** | $11989 | $11840 | $11407 |
| **11/30/2024** | $12129 | $11964 | $11527 |
| **12/31/2024** | $11953 | $11784 | $11339 |
| **1/31/2025** | $12039 | $11855 | $11399 |
| **2/28/2025** | $12286 | $12100 | $11650 |
| **3/31/2025** | $12242 | $12097 | $11654 |
| **4/30/2025** | $12225 | $12140 | $11700 |
| **5/31/2025** | $12188 | $12078 | $11616 |
| **6/30/2025** | $12390 | $12266 | $11795 |
| **7/31/2025** | $12382 | $12249 | $11763 |
| **8/31/2025** | $12528 | $12396 | $11904 |
| **9/30/2025** | $12664 | $12527 | $12034 |
| **10/31/2025** | $12741 | $12610 | $12109 |
| **11/30/2025** | $12819 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class R3 at NAV | 5.68% | 0.45% | 2.52% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LAPQX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8801-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LAPUX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $72 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.95%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6baf5054553531c401a1962b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9941 | $9966 | $9973 |
| **1/31/2016** | $9911 | $10076 | $10110 |
| **2/29/2016** | $9914 | $10147 | $10182 |
| **3/31/2016** | $10181 | $10272 | $10275 |
| **4/30/2016** | $10326 | $10342 | $10315 |
| **5/31/2016** | $10321 | $10350 | $10318 |
| **6/30/2016** | $10464 | $10532 | $10503 |
| **7/31/2016** | $10624 | $10619 | $10569 |
| **8/31/2016** | $10673 | $10630 | $10557 |
| **9/30/2016** | $10693 | $10633 | $10551 |
| **10/31/2016** | $10667 | $10562 | $10470 |
| **11/30/2016** | $10445 | $10325 | $10223 |
| **12/31/2016** | $10495 | $10355 | $10237 |
| **1/31/2017** | $10578 | $10392 | $10257 |
| **2/28/2017** | $10648 | $10472 | $10326 |
| **3/31/2017** | $10648 | $10469 | $10321 |
| **4/30/2017** | $10747 | $10555 | $10400 |
| **5/31/2017** | $10818 | $10637 | $10480 |
| **6/30/2017** | $10805 | $10628 | $10470 |
| **7/31/2017** | $10883 | $10681 | $10515 |
| **8/31/2017** | $10940 | $10773 | $10609 |
| **9/30/2017** | $10926 | $10735 | $10559 |
| **10/31/2017** | $10947 | $10748 | $10565 |
| **11/30/2017** | $10933 | $10732 | $10551 |
| **12/31/2017** | $10977 | $10779 | $10600 |
| **1/31/2018** | $10904 | $10675 | $10478 |
| **2/28/2018** | $10818 | $10574 | $10378 |
| **3/31/2018** | $10837 | $10627 | $10445 |
| **4/30/2018** | $10784 | $10556 | $10367 |
| **5/31/2018** | $10811 | $10614 | $10441 |
| **6/30/2018** | $10801 | $10599 | $10428 |
| **7/31/2018** | $10844 | $10621 | $10431 |
| **8/31/2018** | $10886 | $10673 | $10498 |
| **9/30/2018** | $10891 | $10627 | $10430 |
| **10/31/2018** | $10798 | $10538 | $10348 |
| **11/30/2018** | $10801 | $10586 | $10410 |
| **12/31/2018** | $10869 | $10751 | $10601 |
| **1/31/2019** | $11075 | $10900 | $10713 |
| **2/28/2019** | $11099 | $10911 | $10707 |
| **3/31/2019** | $11298 | $11109 | $10913 |
| **4/30/2019** | $11353 | $11124 | $10916 |
| **5/31/2019** | $11478 | $11295 | $11109 |
| **6/30/2019** | $11664 | $11454 | $11249 |
| **7/31/2019** | $11717 | $11488 | $11274 |
| **8/31/2019** | $11920 | $11748 | $11566 |
| **9/30/2019** | $11879 | $11697 | $11504 |
| **10/31/2019** | $11915 | $11735 | $11539 |
| **11/30/2019** | $11920 | $11733 | $11533 |
| **12/31/2019** | $11937 | $11750 | $11525 |
| **1/31/2020** | $12170 | $11961 | $11747 |
| **2/29/2020** | $12270 | $12140 | $11958 |
| **3/31/2020** | $11519 | $11903 | $11888 |
| **4/30/2020** | $11783 | $12142 | $12099 |
| **5/31/2020** | $12000 | $12255 | $12155 |
| **6/30/2020** | $12161 | $12357 | $12232 |
| **7/31/2020** | $12513 | $12574 | $12415 |
| **8/31/2020** | $12505 | $12502 | $12314 |
| **9/30/2020** | $12481 | $12479 | $12308 |
| **10/31/2020** | $12448 | $12435 | $12253 |
| **11/30/2020** | $12688 | $12597 | $12373 |
| **12/31/2020** | $12792 | $12641 | $12390 |
| **1/31/2021** | $12756 | $12561 | $12301 |
| **2/28/2021** | $12639 | $12399 | $12124 |
| **3/31/2021** | $12514 | $12255 | $11972 |
| **4/30/2021** | $12654 | $12358 | $12067 |
| **5/31/2021** | $12709 | $12405 | $12106 |
| **6/30/2021** | $12829 | $12495 | $12191 |
| **7/31/2021** | $12945 | $12621 | $12328 |
| **8/31/2021** | $12947 | $12612 | $12304 |
| **9/30/2021** | $12848 | $12505 | $12198 |
| **10/31/2021** | $12838 | $12494 | $12194 |
| **11/30/2021** | $12838 | $12510 | $12230 |
| **12/31/2021** | $12863 | $12501 | $12199 |
| **1/31/2022** | $12604 | $12227 | $11936 |
| **2/28/2022** | $12429 | $12060 | $11803 |
| **3/31/2022** | $12088 | $11737 | $11475 |
| **4/30/2022** | $11662 | $11299 | $11040 |
| **5/31/2022** | $11624 | $11361 | $11111 |
| **6/30/2022** | $11336 | $11134 | $10936 |
| **7/31/2022** | $11653 | $11414 | $11204 |
| **8/31/2022** | $11368 | $11117 | $10887 |
| **9/30/2022** | $10867 | $10638 | $10417 |
| **10/31/2022** | $10756 | $10522 | $10282 |
| **11/30/2022** | $11122 | $10914 | $10660 |
| **12/31/2022** | $11060 | $10877 | $10612 |
| **1/31/2023** | $11422 | $11214 | $10938 |
| **2/28/2023** | $11158 | $10939 | $10656 |
| **3/31/2023** | $11406 | $11195 | $10926 |
| **4/30/2023** | $11478 | $11264 | $10992 |
| **5/31/2023** | $11339 | $11147 | $10873 |
| **6/30/2023** | $11343 | $11130 | $10834 |
| **7/31/2023** | $11391 | $11141 | $10826 |
| **8/31/2023** | $11332 | $11074 | $10757 |
| **9/30/2023** | $11067 | $10810 | $10484 |
| **10/31/2023** | $10902 | $10647 | $10318 |
| **11/30/2023** | $11405 | $11126 | $10786 |
| **12/31/2023** | $11831 | $11548 | $11199 |
| **1/31/2024** | $11837 | $11521 | $11168 |
| **2/29/2024** | $11723 | $11383 | $11010 |
| **3/31/2024** | $11849 | $11494 | $11112 |
| **4/30/2024** | $11596 | $11226 | $10831 |
| **5/31/2024** | $11788 | $11412 | $11015 |
| **6/30/2024** | $11897 | $11516 | $11119 |
| **7/31/2024** | $12175 | $11778 | $11379 |
| **8/31/2024** | $12360 | $11951 | $11542 |
| **9/30/2024** | $12535 | $12115 | $11697 |
| **10/31/2024** | $12254 | $11840 | $11407 |
| **11/30/2024** | $12400 | $11964 | $11527 |
| **12/31/2024** | $12222 | $11784 | $11339 |
| **1/31/2025** | $12313 | $11855 | $11399 |
| **2/28/2025** | $12568 | $12100 | $11650 |
| **3/31/2025** | $12535 | $12097 | $11654 |
| **4/30/2025** | $12521 | $12140 | $11700 |
| **5/31/2025** | $12476 | $12078 | $11616 |
| **6/30/2025** | $12684 | $12266 | $11795 |
| **7/31/2025** | $12679 | $12249 | $11763 |
| **8/31/2025** | $12831 | $12396 | $11904 |
| **9/30/2025** | $12983 | $12527 | $12034 |
| **10/31/2025** | $13055 | $12610 | $12109 |
| **11/30/2025** | $13137 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class R4 at NAV | 5.95% | 0.70% | 2.77% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LAPUX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8802-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LAPVX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.21%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3dc129914cd0f7e194adcc15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9943 | $9966 | $9973 |
| **1/31/2016** | $9914 | $10076 | $10110 |
| **2/29/2016** | $9920 | $10147 | $10182 |
| **3/31/2016** | $10189 | $10272 | $10275 |
| **4/30/2016** | $10336 | $10342 | $10315 |
| **5/31/2016** | $10333 | $10350 | $10318 |
| **6/30/2016** | $10479 | $10532 | $10503 |
| **7/31/2016** | $10641 | $10619 | $10569 |
| **8/31/2016** | $10692 | $10630 | $10557 |
| **9/30/2016** | $10715 | $10633 | $10551 |
| **10/31/2016** | $10691 | $10562 | $10470 |
| **11/30/2016** | $10470 | $10325 | $10223 |
| **12/31/2016** | $10523 | $10355 | $10237 |
| **1/31/2017** | $10609 | $10392 | $10257 |
| **2/28/2017** | $10681 | $10472 | $10326 |
| **3/31/2017** | $10683 | $10469 | $10321 |
| **4/30/2017** | $10785 | $10555 | $10400 |
| **5/31/2017** | $10858 | $10637 | $10480 |
| **6/30/2017** | $10847 | $10628 | $10470 |
| **7/31/2017** | $10928 | $10681 | $10515 |
| **8/31/2017** | $10987 | $10773 | $10609 |
| **9/30/2017** | $10975 | $10735 | $10559 |
| **10/31/2017** | $10999 | $10748 | $10565 |
| **11/30/2017** | $10988 | $10732 | $10551 |
| **12/31/2017** | $11033 | $10779 | $10600 |
| **1/31/2018** | $10963 | $10675 | $10478 |
| **2/28/2018** | $10878 | $10574 | $10378 |
| **3/31/2018** | $10899 | $10627 | $10445 |
| **4/30/2018** | $10848 | $10556 | $10367 |
| **5/31/2018** | $10878 | $10614 | $10441 |
| **6/30/2018** | $10870 | $10599 | $10428 |
| **7/31/2018** | $10916 | $10621 | $10431 |
| **8/31/2018** | $10960 | $10673 | $10498 |
| **9/30/2018** | $10967 | $10627 | $10430 |
| **10/31/2018** | $10876 | $10538 | $10348 |
| **11/30/2018** | $10881 | $10586 | $10410 |
| **12/31/2018** | $10952 | $10751 | $10601 |
| **1/31/2019** | $11162 | $10900 | $10713 |
| **2/28/2019** | $11188 | $10911 | $10707 |
| **3/31/2019** | $11391 | $11109 | $10913 |
| **4/30/2019** | $11449 | $11124 | $10916 |
| **5/31/2019** | $11577 | $11295 | $11109 |
| **6/30/2019** | $11767 | $11454 | $11249 |
| **7/31/2019** | $11823 | $11488 | $11274 |
| **8/31/2019** | $12031 | $11748 | $11566 |
| **9/30/2019** | $11992 | $11697 | $11504 |
| **10/31/2019** | $12030 | $11735 | $11539 |
| **11/30/2019** | $12038 | $11733 | $11533 |
| **12/31/2019** | $12058 | $11750 | $11525 |
| **1/31/2020** | $12296 | $11961 | $11747 |
| **2/29/2020** | $12407 | $12140 | $11958 |
| **3/31/2020** | $11644 | $11903 | $11888 |
| **4/30/2020** | $11921 | $12142 | $12099 |
| **5/31/2020** | $12142 | $12255 | $12155 |
| **6/30/2020** | $12300 | $12357 | $12232 |
| **7/31/2020** | $12666 | $12574 | $12415 |
| **8/31/2020** | $12654 | $12502 | $12314 |
| **9/30/2020** | $12632 | $12479 | $12308 |
| **10/31/2020** | $12601 | $12435 | $12253 |
| **11/30/2020** | $12847 | $12597 | $12373 |
| **12/31/2020** | $12955 | $12641 | $12390 |
| **1/31/2021** | $12930 | $12561 | $12301 |
| **2/28/2021** | $12805 | $12399 | $12124 |
| **3/31/2021** | $12690 | $12255 | $11972 |
| **4/30/2021** | $12825 | $12358 | $12067 |
| **5/31/2021** | $12884 | $12405 | $12106 |
| **6/30/2021** | $13016 | $12495 | $12191 |
| **7/31/2021** | $13128 | $12621 | $12328 |
| **8/31/2021** | $13133 | $12612 | $12304 |
| **9/30/2021** | $13034 | $12505 | $12198 |
| **10/31/2021** | $13028 | $12494 | $12194 |
| **11/30/2021** | $13038 | $12510 | $12230 |
| **12/31/2021** | $13057 | $12501 | $12199 |
| **1/31/2022** | $12797 | $12227 | $11936 |
| **2/28/2022** | $12631 | $12060 | $11803 |
| **3/31/2022** | $12279 | $11737 | $11475 |
| **4/30/2022** | $11848 | $11299 | $11040 |
| **5/31/2022** | $11813 | $11361 | $11111 |
| **6/30/2022** | $11522 | $11134 | $10936 |
| **7/31/2022** | $11848 | $11414 | $11204 |
| **8/31/2022** | $11560 | $11117 | $10887 |
| **9/30/2022** | $11054 | $10638 | $10417 |
| **10/31/2022** | $10944 | $10522 | $10282 |
| **11/30/2022** | $11319 | $10914 | $10660 |
| **12/31/2022** | $11257 | $10877 | $10612 |
| **1/31/2023** | $11637 | $11214 | $10938 |
| **2/28/2023** | $11363 | $10939 | $10656 |
| **3/31/2023** | $11617 | $11195 | $10926 |
| **4/30/2023** | $11693 | $11264 | $10992 |
| **5/31/2023** | $11554 | $11147 | $10873 |
| **6/30/2023** | $11560 | $11130 | $10834 |
| **7/31/2023** | $11612 | $11141 | $10826 |
| **8/31/2023** | $11554 | $11074 | $10757 |
| **9/30/2023** | $11287 | $10810 | $10484 |
| **10/31/2023** | $11121 | $10647 | $10318 |
| **11/30/2023** | $11636 | $11126 | $10786 |
| **12/31/2023** | $12073 | $11548 | $11199 |
| **1/31/2024** | $12091 | $11521 | $11168 |
| **2/29/2024** | $11968 | $11383 | $11010 |
| **3/31/2024** | $12100 | $11494 | $11112 |
| **4/30/2024** | $11853 | $11226 | $10831 |
| **5/31/2024** | $12043 | $11412 | $11015 |
| **6/30/2024** | $12165 | $11516 | $11119 |
| **7/31/2024** | $12443 | $11778 | $11379 |
| **8/31/2024** | $12634 | $11951 | $11542 |
| **9/30/2024** | $12816 | $12115 | $11697 |
| **10/31/2024** | $12541 | $11840 | $11407 |
| **11/30/2024** | $12683 | $11964 | $11527 |
| **12/31/2024** | $12504 | $11784 | $11339 |
| **1/31/2025** | $12600 | $11855 | $11399 |
| **2/28/2025** | $12863 | $12100 | $11650 |
| **3/31/2025** | $12832 | $12097 | $11654 |
| **4/30/2025** | $12820 | $12140 | $11700 |
| **5/31/2025** | $12776 | $12078 | $11616 |
| **6/30/2025** | $12993 | $12266 | $11795 |
| **7/31/2025** | $12990 | $12249 | $11763 |
| **8/31/2025** | $13149 | $12396 | $11904 |
| **9/30/2025** | $13307 | $12527 | $12034 |
| **10/31/2025** | $13384 | $12610 | $12109 |
| **11/30/2025** | $13471 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class R5 at NAV | 6.21% | 0.95% | 3.03% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LAPVX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8803-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LAPWX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.32%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance**: The Fund's overweight allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8822bac4eddcb44a7f13c23e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/8/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9944 | $9966 | $9973 |
| **1/31/2016** | $9917 | $10076 | $10110 |
| **2/29/2016** | $9923 | $10147 | $10182 |
| **3/31/2016** | $10194 | $10272 | $10275 |
| **4/30/2016** | $10343 | $10342 | $10315 |
| **5/31/2016** | $10340 | $10350 | $10318 |
| **6/30/2016** | $10488 | $10532 | $10503 |
| **7/31/2016** | $10651 | $10619 | $10569 |
| **8/31/2016** | $10704 | $10630 | $10557 |
| **9/30/2016** | $10728 | $10633 | $10551 |
| **10/31/2016** | $10705 | $10562 | $10470 |
| **11/30/2016** | $10486 | $10325 | $10223 |
| **12/31/2016** | $10539 | $10355 | $10237 |
| **1/31/2017** | $10627 | $10392 | $10257 |
| **2/28/2017** | $10700 | $10472 | $10326 |
| **3/31/2017** | $10704 | $10469 | $10321 |
| **4/30/2017** | $10807 | $10555 | $10400 |
| **5/31/2017** | $10881 | $10637 | $10480 |
| **6/30/2017** | $10870 | $10628 | $10470 |
| **7/31/2017** | $10953 | $10681 | $10515 |
| **8/31/2017** | $11013 | $10773 | $10609 |
| **9/30/2017** | $11001 | $10735 | $10559 |
| **10/31/2017** | $11027 | $10748 | $10565 |
| **11/30/2017** | $11016 | $10732 | $10551 |
| **12/31/2017** | $11062 | $10779 | $10600 |
| **1/31/2018** | $11000 | $10675 | $10478 |
| **2/28/2018** | $10909 | $10574 | $10378 |
| **3/31/2018** | $10928 | $10627 | $10445 |
| **4/30/2018** | $10879 | $10556 | $10367 |
| **5/31/2018** | $10909 | $10614 | $10441 |
| **6/30/2018** | $10902 | $10599 | $10428 |
| **7/31/2018** | $10947 | $10621 | $10431 |
| **8/31/2018** | $10992 | $10673 | $10498 |
| **9/30/2018** | $10999 | $10627 | $10430 |
| **10/31/2018** | $10908 | $10538 | $10348 |
| **11/30/2018** | $10913 | $10586 | $10410 |
| **12/31/2018** | $10984 | $10751 | $10601 |
| **1/31/2019** | $11195 | $10900 | $10713 |
| **2/28/2019** | $11221 | $10911 | $10707 |
| **3/31/2019** | $11424 | $11109 | $10913 |
| **4/30/2019** | $11483 | $11124 | $10916 |
| **5/31/2019** | $11611 | $11295 | $11109 |
| **6/30/2019** | $11802 | $11454 | $11249 |
| **7/31/2019** | $11859 | $11488 | $11274 |
| **8/31/2019** | $12067 | $11748 | $11566 |
| **9/30/2019** | $12028 | $11697 | $11504 |
| **10/31/2019** | $12067 | $11735 | $11539 |
| **11/30/2019** | $12075 | $11733 | $11533 |
| **12/31/2019** | $12096 | $11750 | $11525 |
| **1/31/2020** | $12342 | $11961 | $11747 |
| **2/29/2020** | $12446 | $12140 | $11958 |
| **3/31/2020** | $11688 | $11903 | $11888 |
| **4/30/2020** | $11960 | $12142 | $12099 |
| **5/31/2020** | $12182 | $12255 | $12155 |
| **6/30/2020** | $12350 | $12357 | $12232 |
| **7/31/2020** | $12710 | $12574 | $12415 |
| **8/31/2020** | $12699 | $12502 | $12314 |
| **9/30/2020** | $12686 | $12479 | $12308 |
| **10/31/2020** | $12656 | $12435 | $12253 |
| **11/30/2020** | $12904 | $12597 | $12373 |
| **12/31/2020** | $13005 | $12641 | $12390 |
| **1/31/2021** | $12980 | $12561 | $12301 |
| **2/28/2021** | $12856 | $12399 | $12124 |
| **3/31/2021** | $12742 | $12255 | $11972 |
| **4/30/2021** | $12878 | $12358 | $12067 |
| **5/31/2021** | $12939 | $12405 | $12106 |
| **6/30/2021** | $13073 | $12495 | $12191 |
| **7/31/2021** | $13187 | $12621 | $12328 |
| **8/31/2021** | $13193 | $12612 | $12304 |
| **9/30/2021** | $13096 | $12505 | $12198 |
| **10/31/2021** | $13090 | $12494 | $12194 |
| **11/30/2021** | $13101 | $12510 | $12230 |
| **12/31/2021** | $13122 | $12501 | $12199 |
| **1/31/2022** | $12861 | $12227 | $11936 |
| **2/28/2022** | $12695 | $12060 | $11803 |
| **3/31/2022** | $12342 | $11737 | $11475 |
| **4/30/2022** | $11919 | $11299 | $11040 |
| **5/31/2022** | $11876 | $11361 | $11111 |
| **6/30/2022** | $11593 | $11134 | $10936 |
| **7/31/2022** | $11912 | $11414 | $11204 |
| **8/31/2022** | $11632 | $11117 | $10887 |
| **9/30/2022** | $11114 | $10638 | $10417 |
| **10/31/2022** | $11014 | $10522 | $10282 |
| **11/30/2022** | $11382 | $10914 | $10660 |
| **12/31/2022** | $11321 | $10877 | $10612 |
| **1/31/2023** | $11703 | $11214 | $10938 |
| **2/28/2023** | $11427 | $10939 | $10656 |
| **3/31/2023** | $11693 | $11195 | $10926 |
| **4/30/2023** | $11760 | $11264 | $10992 |
| **5/31/2023** | $11621 | $11147 | $10873 |
| **6/30/2023** | $11628 | $11130 | $10834 |
| **7/31/2023** | $11681 | $11141 | $10826 |
| **8/31/2023** | $11623 | $11074 | $10757 |
| **9/30/2023** | $11355 | $10810 | $10484 |
| **10/31/2023** | $11189 | $10647 | $10318 |
| **11/30/2023** | $11709 | $11126 | $10786 |
| **12/31/2023** | $12159 | $11548 | $11199 |
| **1/31/2024** | $12168 | $11521 | $11168 |
| **2/29/2024** | $12045 | $11383 | $11010 |
| **3/31/2024** | $12178 | $11494 | $11112 |
| **4/30/2024** | $11921 | $11226 | $10831 |
| **5/31/2024** | $12122 | $11412 | $11015 |
| **6/30/2024** | $12237 | $11516 | $11119 |
| **7/31/2024** | $12527 | $11778 | $11379 |
| **8/31/2024** | $12720 | $11951 | $11542 |
| **9/30/2024** | $12903 | $12115 | $11697 |
| **10/31/2024** | $12627 | $11840 | $11407 |
| **11/30/2024** | $12771 | $11964 | $11527 |
| **12/31/2024** | $12592 | $11784 | $11339 |
| **1/31/2025** | $12689 | $11855 | $11399 |
| **2/28/2025** | $12954 | $12100 | $11650 |
| **3/31/2025** | $12924 | $12097 | $11654 |
| **4/30/2025** | $12913 | $12140 | $11700 |
| **5/31/2025** | $12871 | $12078 | $11616 |
| **6/30/2025** | $13090 | $12266 | $11795 |
| **7/31/2025** | $13088 | $12249 | $11763 |
| **8/31/2025** | $13249 | $12396 | $11904 |
| **9/30/2025** | $13410 | $12527 | $12034 |
| **10/31/2025** | $13489 | $12610 | $12109 |
| **11/30/2025** | $13578 | $12686 | $12184 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 12/8/15 |
| Class R6 at NAV | 6.32% | 1.02% | 3.11% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 2.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4431550565 |
| # of Portfolio Holdings | 672 |
| Portfolio Turnover Rate | 448% |
| Total Advisory Fees Paid | $10873365 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.15% |
| Common Stocks | 0.01% |
| Corporate Bonds | 39.00% |
| Floating Rate Loans | 1.56% |
| Foreign Government Obligations | 0.52% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.22% |
| Government Sponsored Enterprises Pass-Throughs | 20.28% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.34% |
| U.S. Treasury Obligations | 16.90% |
| Repurchase Agreements | 0.78% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LAPWX

# Lord Abbett Core Plus Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8804-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LFRAX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $83 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.75%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icb06ca6858e9e45278445cd6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9780 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9717 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9665 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9645 | $9779 | $9778 | $10177 |
| **3/31/2016** | $9883 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10066 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10150 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10157 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10299 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10387 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10459 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10520 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10558 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10678 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10741 | $10961 | $10941 | $10252 |
| **2/28/2017** | $10781 | $11016 | $11006 | $10321 |
| **3/31/2017** | $10775 | $11025 | $11014 | $10315 |
| **4/30/2017** | $10815 | $11073 | $11062 | $10395 |
| **5/31/2017** | $10843 | $11114 | $11104 | $10475 |
| **6/30/2017** | $10823 | $11109 | $11097 | $10464 |
| **7/31/2017** | $10911 | $11185 | $11184 | $10509 |
| **8/31/2017** | $10892 | $11180 | $11169 | $10603 |
| **9/30/2017** | $10944 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11021 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11049 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11090 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11206 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11211 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11220 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11279 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11290 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11301 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11375 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11425 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11499 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11463 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11352 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11065 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11274 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11463 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11442 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11636 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11588 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11629 | $12053 | $12097 | $11243 |
| **7/31/2019** | $11712 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11661 | $12117 | $12157 | $11560 |
| **9/30/2019** | $11700 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11607 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11681 | $12190 | $12216 | $11527 |
| **12/31/2019** | $11877 | $12384 | $12413 | $11519 |
| **1/31/2020** | $11900 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11676 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10006 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10283 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10679 | $11681 | $11666 | $12149 |
| **6/30/2020** | $10761 | $11814 | $11823 | $12225 |
| **7/31/2020** | $10966 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11132 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11168 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11192 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11497 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11675 | $12771 | $12758 | $12383 |
| **1/31/2021** | $11799 | $12923 | $12920 | $12295 |
| **2/28/2021** | $11879 | $12999 | $13007 | $12117 |
| **3/31/2021** | $11888 | $12999 | $13014 | $11966 |
| **4/30/2021** | $11937 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12020 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12102 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12070 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12138 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12220 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12245 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12195 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12274 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12295 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12226 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12263 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12241 | $13451 | $13457 | $11034 |
| **5/31/2022** | $11940 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11626 | $12823 | $12849 | $10931 |
| **7/31/2022** | $11869 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12027 | $13294 | $13290 | $10881 |
| **9/30/2022** | $11768 | $12991 | $13002 | $10411 |
| **10/31/2022** | $11893 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12035 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12048 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12324 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12390 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12407 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12520 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12500 | $13881 | $13837 | $10867 |
| **6/30/2023** | $12808 | $14196 | $14147 | $10828 |
| **7/31/2023** | $12962 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13106 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13198 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13164 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13357 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13571 | $15108 | $15040 | $11193 |
| **1/31/2024** | $13669 | $15210 | $15158 | $11162 |
| **2/29/2024** | $13796 | $15348 | $15293 | $11004 |
| **3/31/2024** | $13932 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14024 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14136 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14186 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14285 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14369 | $15978 | $15918 | $11536 |
| **9/30/2024** | $14467 | $16096 | $16035 | $11690 |
| **10/31/2024** | $14578 | $16234 | $16171 | $11401 |
| **11/30/2024** | $14707 | $16365 | $16306 | $11521 |
| **12/31/2024** | $14764 | $16461 | $16401 | $11332 |
| **1/31/2025** | $14853 | $16575 | $16520 | $11393 |
| **2/28/2025** | $14881 | $16592 | $16545 | $11643 |
| **3/31/2025** | $14824 | $16540 | $16502 | $11648 |
| **4/30/2025** | $14769 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15008 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15132 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15235 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15305 | $17140 | $17089 | $11898 |
| **9/30/2025** | $15395 | $17222 | $17171 | $12028 |
| **10/31/2025** | $15465 | $17260 | $17222 | $12103 |
| **11/30/2025** | $15552 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 5.75% | 6.23% | 4.75% |
| Class A with sales charge | 3.35% | 5.74% | 4.51% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LFRAX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2081-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LARCX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $147 | 1.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.22%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9d78c80a43023a7f59ce50cb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9941 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9883 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9858 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10096 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10277 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10358 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10359 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10487 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10571 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10651 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10695 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10729 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10856 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10903 | $10961 | $10941 | $10252 |
| **2/28/2017** | $10950 | $11016 | $11006 | $10321 |
| **3/31/2017** | $10939 | $11025 | $11014 | $10315 |
| **4/30/2017** | $10973 | $11073 | $11062 | $10395 |
| **5/31/2017** | $10995 | $11114 | $11104 | $10475 |
| **6/30/2017** | $10970 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11041 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11028 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11074 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11146 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11156 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11191 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11314 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11301 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11317 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11370 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11375 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11380 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11449 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11493 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11562 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11520 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11390 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11095 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11312 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11496 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11469 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11644 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11603 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11625 | $12053 | $12097 | $11243 |
| **7/31/2019** | $11714 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11645 | $12117 | $12157 | $11560 |
| **9/30/2019** | $11691 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11592 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11660 | $12190 | $12216 | $11527 |
| **12/31/2019** | $11835 | $12384 | $12413 | $11519 |
| **1/31/2020** | $11865 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11636 | $12289 | $12310 | $11952 |
| **3/31/2020** | $9968 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10239 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10627 | $11681 | $11666 | $12149 |
| **6/30/2020** | $10703 | $11814 | $11823 | $12225 |
| **7/31/2020** | $10888 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11046 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11091 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11109 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11391 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11562 | $12771 | $12758 | $12383 |
| **1/31/2021** | $11678 | $12923 | $12920 | $12295 |
| **2/28/2021** | $11752 | $12999 | $13007 | $12117 |
| **3/31/2021** | $11754 | $12999 | $13014 | $11966 |
| **4/30/2021** | $11811 | $13065 | $13081 | $12060 |
| **5/31/2021** | $11887 | $13141 | $13148 | $12100 |
| **6/30/2021** | $11948 | $13190 | $13202 | $12185 |
| **7/31/2021** | $11925 | $13188 | $13202 | $12321 |
| **8/31/2021** | $11972 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12061 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12064 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12009 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12096 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12109 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12036 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12066 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12023 | $13451 | $13457 | $11034 |
| **5/31/2022** | $11736 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11421 | $12823 | $12849 | $10931 |
| **7/31/2022** | $11654 | $13096 | $13089 | $11198 |
| **8/31/2022** | $11788 | $13294 | $13290 | $10881 |
| **9/30/2022** | $11543 | $12991 | $13002 | $10411 |
| **10/31/2022** | $11659 | $13120 | $13112 | $10276 |
| **11/30/2022** | $11777 | $13277 | $13258 | $10654 |
| **12/31/2022** | $11784 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12062 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12120 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12115 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12219 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12209 | $13881 | $13837 | $10867 |
| **6/30/2023** | $12487 | $14196 | $14147 | $10828 |
| **7/31/2023** | $12647 | $14378 | $14331 | $10821 |
| **8/31/2023** | $12765 | $14547 | $14496 | $10751 |
| **9/30/2023** | $12863 | $14687 | $14623 | $10478 |
| **10/31/2023** | $12823 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13005 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13206 | $15108 | $15040 | $11193 |
| **1/31/2024** | $13278 | $15210 | $15158 | $11162 |
| **2/29/2024** | $13396 | $15348 | $15293 | $11004 |
| **3/31/2024** | $13537 | $15479 | $15420 | $11106 |
| **4/30/2024** | $13603 | $15572 | $15525 | $10825 |
| **5/31/2024** | $13722 | $15718 | $15666 | $11009 |
| **6/30/2024** | $13746 | $15773 | $15709 | $11113 |
| **7/31/2024** | $13835 | $15881 | $15824 | $11373 |
| **8/31/2024** | $13910 | $15978 | $15918 | $11536 |
| **9/30/2024** | $13998 | $16096 | $16035 | $11690 |
| **10/31/2024** | $14115 | $16234 | $16171 | $11401 |
| **11/30/2024** | $14215 | $16365 | $16306 | $11521 |
| **12/31/2024** | $14280 | $16461 | $16401 | $11332 |
| **1/31/2025** | $14359 | $16575 | $16520 | $11393 |
| **2/28/2025** | $14379 | $16592 | $16545 | $11643 |
| **3/31/2025** | $14317 | $16540 | $16502 | $11648 |
| **4/30/2025** | $14238 | $16531 | $16491 | $11693 |
| **5/31/2025** | $14479 | $16784 | $16753 | $11610 |
| **6/30/2025** | $14592 | $16923 | $16887 | $11788 |
| **7/31/2025** | $14683 | $17071 | $17026 | $11757 |
| **8/31/2025** | $14743 | $17140 | $17089 | $11898 |
| **9/30/2025** | $14822 | $17222 | $17171 | $12028 |
| **10/31/2025** | $14863 | $17260 | $17222 | $12103 |
| **11/30/2025** | $14958 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.22% | 5.60% | 4.11% |
| Class C with sales charge | 4.24% | 5.60% | 4.11% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LARCX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2083-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LFRFX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.98%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i13d7ed6e42f01f0f6587cd1f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9936 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9883 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9875 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10109 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10296 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10384 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10391 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10537 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10628 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10703 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10766 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10806 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10929 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10995 | $10961 | $10941 | $10252 |
| **2/28/2017** | $11049 | $11016 | $11006 | $10321 |
| **3/31/2017** | $11032 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11073 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11102 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11083 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11175 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11156 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11210 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11290 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11319 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11362 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11482 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11488 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11498 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11559 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11572 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11583 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11660 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11713 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11790 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11754 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11641 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11346 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11562 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11757 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11736 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11937 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11888 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11931 | $12053 | $12097 | $11243 |
| **7/31/2019** | $12017 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11966 | $12117 | $12157 | $11560 |
| **9/30/2019** | $12007 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11912 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11989 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12192 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12216 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11986 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10271 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10557 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10964 | $11681 | $11666 | $12149 |
| **6/30/2020** | $11049 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11261 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11432 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11471 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11496 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11810 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11995 | $12771 | $12758 | $12383 |
| **1/31/2021** | $12123 | $12923 | $12920 | $12295 |
| **2/28/2021** | $12206 | $12999 | $13007 | $12117 |
| **3/31/2021** | $12216 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12268 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12369 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12439 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12422 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12479 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12564 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12590 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12539 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12637 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12644 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12574 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12614 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12592 | $13451 | $13457 | $11034 |
| **5/31/2022** | $12283 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11975 | $12823 | $12849 | $10931 |
| **7/31/2022** | $12227 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12375 | $13294 | $13290 | $10881 |
| **9/30/2022** | $12125 | $12991 | $13002 | $10411 |
| **10/31/2022** | $12255 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12386 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12401 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12702 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12770 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12773 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12891 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12887 | $13881 | $13837 | $10867 |
| **6/30/2023** | $13189 | $14196 | $14147 | $10828 |
| **7/31/2023** | $13350 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13500 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13595 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13561 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13779 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13983 | $15108 | $15040 | $11193 |
| **1/31/2024** | $14085 | $15210 | $15158 | $11162 |
| **2/29/2024** | $14217 | $15348 | $15293 | $11004 |
| **3/31/2024** | $14359 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14454 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14572 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14624 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14727 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14816 | $15978 | $15918 | $11536 |
| **9/30/2024** | $14918 | $16096 | $16035 | $11690 |
| **10/31/2024** | $15052 | $16234 | $16171 | $11401 |
| **11/30/2024** | $15168 | $16365 | $16306 | $11521 |
| **12/31/2024** | $15246 | $16461 | $16401 | $11332 |
| **1/31/2025** | $15340 | $16575 | $16520 | $11393 |
| **2/28/2025** | $15370 | $16592 | $16545 | $11643 |
| **3/31/2025** | $15293 | $16540 | $16502 | $11648 |
| **4/30/2025** | $15237 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15504 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15634 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15741 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15815 | $17140 | $17089 | $11898 |
| **9/30/2025** | $15909 | $17222 | $17171 | $12028 |
| **10/31/2025** | $15963 | $17260 | $17222 | $12103 |
| **11/30/2025** | $16074 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 5.98% | 6.36% | 4.86% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LFRFX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2085-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LFROX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $55 | 0.53% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.04%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib9935efa2edc2675afbbb11b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10034 | $10037 | $10036 | $10051 |
| **5/31/2017** | $10062 | $10074 | $10074 | $10128 |
| **6/30/2017** | $10056 | $10069 | $10068 | $10118 |
| **7/31/2017** | $10130 | $10139 | $10147 | $10162 |
| **8/31/2017** | $10126 | $10134 | $10133 | $10253 |
| **9/30/2017** | $10176 | $10174 | $10174 | $10204 |
| **10/31/2017** | $10239 | $10235 | $10241 | $10210 |
| **11/30/2017** | $10267 | $10246 | $10253 | $10197 |
| **12/31/2017** | $10307 | $10287 | $10293 | $10244 |
| **1/31/2018** | $10417 | $10386 | $10404 | $10126 |
| **2/28/2018** | $10423 | $10407 | $10423 | $10030 |
| **3/31/2018** | $10434 | $10436 | $10456 | $10094 |
| **4/30/2018** | $10491 | $10479 | $10507 | $10019 |
| **5/31/2018** | $10515 | $10497 | $10527 | $10091 |
| **6/30/2018** | $10516 | $10509 | $10538 | $10078 |
| **7/31/2018** | $10587 | $10587 | $10625 | $10080 |
| **8/31/2018** | $10636 | $10629 | $10669 | $10145 |
| **9/30/2018** | $10707 | $10702 | $10741 | $10080 |
| **10/31/2018** | $10676 | $10699 | $10742 | $10000 |
| **11/30/2018** | $10575 | $10602 | $10655 | $10060 |
| **12/31/2018** | $10310 | $10332 | $10411 | $10245 |
| **1/31/2019** | $10519 | $10596 | $10650 | $10354 |
| **2/28/2019** | $10686 | $10764 | $10817 | $10348 |
| **3/31/2019** | $10668 | $10745 | $10804 | $10546 |
| **4/30/2019** | $10852 | $10923 | $10975 | $10549 |
| **5/31/2019** | $10809 | $10899 | $10951 | $10736 |
| **6/30/2019** | $10850 | $10926 | $10975 | $10871 |
| **7/31/2019** | $10930 | $11013 | $11061 | $10895 |
| **8/31/2019** | $10885 | $10983 | $11029 | $11177 |
| **9/30/2019** | $10924 | $11034 | $11076 | $11118 |
| **10/31/2019** | $10839 | $10984 | $11022 | $11151 |
| **11/30/2019** | $10911 | $11049 | $11083 | $11146 |
| **12/31/2019** | $11096 | $11225 | $11262 | $11138 |
| **1/31/2020** | $11120 | $11288 | $11322 | $11352 |
| **2/29/2020** | $10913 | $11139 | $11168 | $11557 |
| **3/31/2020** | $9356 | $9761 | $9776 | $11489 |
| **4/30/2020** | $9617 | $10200 | $10196 | $11693 |
| **5/31/2020** | $10002 | $10588 | $10583 | $11747 |
| **6/30/2020** | $10067 | $10708 | $10726 | $11821 |
| **7/31/2020** | $10262 | $10918 | $10928 | $11998 |
| **8/31/2020** | $10419 | $11081 | $11092 | $11901 |
| **9/30/2020** | $10455 | $11151 | $11168 | $11894 |
| **10/31/2020** | $10493 | $11174 | $11188 | $11841 |
| **11/30/2020** | $10766 | $11422 | $11426 | $11958 |
| **12/31/2020** | $10936 | $11576 | $11575 | $11974 |
| **1/31/2021** | $11054 | $11714 | $11721 | $11888 |
| **2/28/2021** | $11132 | $11783 | $11800 | $11716 |
| **3/31/2021** | $11142 | $11782 | $11807 | $11570 |
| **4/30/2021** | $11191 | $11843 | $11867 | $11662 |
| **5/31/2021** | $11284 | $11912 | $11929 | $11700 |
| **6/30/2021** | $11350 | $11956 | $11977 | $11782 |
| **7/31/2021** | $11336 | $11954 | $11977 | $11914 |
| **8/31/2021** | $11389 | $12011 | $12035 | $11891 |
| **9/30/2021** | $11468 | $12088 | $12113 | $11788 |
| **10/31/2021** | $11494 | $12120 | $12142 | $11785 |
| **11/30/2021** | $11449 | $12101 | $12123 | $11820 |
| **12/31/2021** | $11541 | $12178 | $12199 | $11789 |
| **1/31/2022** | $11562 | $12223 | $12243 | $11535 |
| **2/28/2022** | $11486 | $12160 | $12182 | $11407 |
| **3/31/2022** | $11523 | $12166 | $12187 | $11090 |
| **4/30/2022** | $11505 | $12192 | $12208 | $10669 |
| **5/31/2022** | $11225 | $11880 | $11902 | $10738 |
| **6/30/2022** | $10932 | $11623 | $11657 | $10569 |
| **7/31/2022** | $11178 | $11871 | $11874 | $10828 |
| **8/31/2022** | $11315 | $12050 | $12057 | $10522 |
| **9/30/2022** | $11074 | $11775 | $11795 | $10067 |
| **10/31/2022** | $11209 | $11892 | $11896 | $9937 |
| **11/30/2022** | $11331 | $12035 | $12028 | $10302 |
| **12/31/2022** | $11346 | $12084 | $12071 | $10256 |
| **1/31/2023** | $11622 | $12407 | $12380 | $10571 |
| **2/28/2023** | $11672 | $12478 | $12458 | $10298 |
| **3/31/2023** | $11691 | $12474 | $12446 | $10559 |
| **4/30/2023** | $11801 | $12606 | $12564 | $10623 |
| **5/31/2023** | $11799 | $12582 | $12553 | $10508 |
| **6/30/2023** | $12077 | $12867 | $12834 | $10470 |
| **7/31/2023** | $12225 | $13033 | $13001 | $10463 |
| **8/31/2023** | $12364 | $13185 | $13151 | $10396 |
| **9/30/2023** | $12453 | $13312 | $13267 | $10132 |
| **10/31/2023** | $12423 | $13310 | $13271 | $9972 |
| **11/30/2023** | $12608 | $13472 | $13429 | $10424 |
| **12/31/2023** | $12813 | $13694 | $13645 | $10823 |
| **1/31/2024** | $12908 | $13787 | $13752 | $10793 |
| **2/29/2024** | $13031 | $13912 | $13874 | $10640 |
| **3/31/2024** | $13162 | $14030 | $13990 | $10739 |
| **4/30/2024** | $13252 | $14115 | $14084 | $10467 |
| **5/31/2024** | $13361 | $14247 | $14212 | $10645 |
| **6/30/2024** | $13411 | $14297 | $14251 | $10746 |
| **7/31/2024** | $13508 | $14395 | $14356 | $10997 |
| **8/31/2024** | $13591 | $14482 | $14441 | $11155 |
| **9/30/2024** | $13686 | $14589 | $14547 | $11304 |
| **10/31/2024** | $13811 | $14715 | $14670 | $11024 |
| **11/30/2024** | $13919 | $14833 | $14793 | $11140 |
| **12/31/2024** | $13994 | $14920 | $14880 | $10958 |
| **1/31/2025** | $14081 | $15024 | $14987 | $11016 |
| **2/28/2025** | $14093 | $15039 | $15010 | $11258 |
| **3/31/2025** | $14043 | $14992 | $14971 | $11263 |
| **4/30/2025** | $13994 | $14984 | $14961 | $11307 |
| **5/31/2025** | $14241 | $15214 | $15198 | $11226 |
| **6/30/2025** | $14345 | $15339 | $15320 | $11399 |
| **7/31/2025** | $14463 | $15474 | $15446 | $11368 |
| **8/31/2025** | $14533 | $15536 | $15504 | $11504 |
| **9/30/2025** | $14622 | $15611 | $15578 | $11630 |
| **10/31/2025** | $14674 | $15645 | $15624 | $11703 |
| **11/30/2025** | $14760 | $15695 | $15657 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 6.04% | 6.51% | 4.60% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.34% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.31% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LFROX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8969-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LFRIX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.09%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if4c7775242684bd1f7013a04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9948 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9897 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9878 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10123 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10312 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10400 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10408 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10544 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10635 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10711 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10776 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10816 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10952 | $10900 | $10883 | $10232 |
| **1/31/2017** | $11008 | $10961 | $10941 | $10252 |
| **2/28/2017** | $11062 | $11016 | $11006 | $10321 |
| **3/31/2017** | $11046 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11089 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11131 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11112 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11192 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11187 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11242 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11323 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11341 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11385 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11506 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11512 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11536 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11599 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11612 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11612 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11703 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11744 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11822 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11800 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11675 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11381 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11611 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11795 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11788 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11976 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11929 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11973 | $12053 | $12097 | $11243 |
| **7/31/2019** | $12060 | $12150 | $12192 | $11268 |
| **8/31/2019** | $12010 | $12117 | $12157 | $11560 |
| **9/30/2019** | $12066 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11972 | $12118 | $12149 | $11533 |
| **11/30/2019** | $12051 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12241 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12280 | $12453 | $12479 | $11740 |
| **2/29/2020** | $12037 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10331 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10619 | $11253 | $11238 | $12093 |
| **5/31/2020** | $11029 | $11681 | $11666 | $12149 |
| **6/30/2020** | $11101 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11315 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11487 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11541 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11568 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11870 | $12602 | $12595 | $12366 |
| **12/31/2020** | $12056 | $12771 | $12758 | $12383 |
| **1/31/2021** | $12186 | $12923 | $12920 | $12295 |
| **2/28/2021** | $12270 | $12999 | $13007 | $12117 |
| **3/31/2021** | $12281 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12334 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12437 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12509 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12493 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12551 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12652 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12665 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12615 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12715 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12738 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12669 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12710 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12673 | $13451 | $13457 | $11034 |
| **5/31/2022** | $12380 | $13107 | $13119 | $11105 |
| **6/30/2022** | $12056 | $12823 | $12849 | $10931 |
| **7/31/2022** | $12310 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12461 | $13294 | $13290 | $10881 |
| **9/30/2022** | $12210 | $12991 | $13002 | $10411 |
| **10/31/2022** | $12342 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12475 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12491 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12795 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12865 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12869 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12989 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12986 | $13881 | $13837 | $10867 |
| **6/30/2023** | $13292 | $14196 | $14147 | $10828 |
| **7/31/2023** | $13471 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13606 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13721 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13687 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13891 | $14863 | $14802 | $10780 |
| **12/31/2023** | $14115 | $15108 | $15040 | $11193 |
| **1/31/2024** | $14202 | $15210 | $15158 | $11162 |
| **2/29/2024** | $14336 | $15348 | $15293 | $11004 |
| **3/31/2024** | $14480 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14578 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14715 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14751 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14857 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14947 | $15978 | $15918 | $11536 |
| **9/30/2024** | $15052 | $16096 | $16035 | $11690 |
| **10/31/2024** | $15188 | $16234 | $16171 | $11401 |
| **11/30/2024** | $15306 | $16365 | $16306 | $11521 |
| **12/31/2024** | $15387 | $16461 | $16401 | $11332 |
| **1/31/2025** | $15483 | $16575 | $16520 | $11393 |
| **2/28/2025** | $15514 | $16592 | $16545 | $11643 |
| **3/31/2025** | $15438 | $16540 | $16502 | $11648 |
| **4/30/2025** | $15383 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15654 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15787 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15896 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15972 | $17140 | $17089 | $11898 |
| **9/30/2025** | $16068 | $17222 | $17171 | $12028 |
| **10/31/2025** | $16124 | $17260 | $17222 | $12103 |
| **11/30/2025** | $16238 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 6.09% | 6.47% | 4.97% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LFRIX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2084-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LFRRX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $124 | 1.21% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.33%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6ab1f77d61a41471368e3f6e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R2** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9932 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9876 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9853 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10092 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10276 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10358 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10361 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10503 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10589 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10659 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10718 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10753 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10871 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10932 | $10961 | $10941 | $10252 |
| **2/28/2017** | $10970 | $11016 | $11006 | $10321 |
| **3/31/2017** | $10960 | $11025 | $11014 | $10315 |
| **4/30/2017** | $10997 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11021 | $11114 | $11104 | $10475 |
| **6/30/2017** | $10998 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11084 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11061 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11110 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11184 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11209 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11246 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11361 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11362 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11367 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11423 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11431 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11438 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11510 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11556 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11628 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11588 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11472 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11165 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11385 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11573 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11547 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11727 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11687 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11725 | $12053 | $12097 | $11243 |
| **7/31/2019** | $11804 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11736 | $12117 | $12157 | $11560 |
| **9/30/2019** | $11785 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11687 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11758 | $12190 | $12216 | $11527 |
| **12/31/2019** | $11951 | $12384 | $12413 | $11519 |
| **1/31/2020** | $11970 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11741 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10060 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10336 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10730 | $11681 | $11666 | $12149 |
| **6/30/2020** | $10808 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11010 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11159 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11206 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11226 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11513 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11702 | $12771 | $12758 | $12383 |
| **1/31/2021** | $11822 | $12923 | $12920 | $12295 |
| **2/28/2021** | $11884 | $12999 | $13007 | $12117 |
| **3/31/2021** | $11889 | $12999 | $13014 | $11966 |
| **4/30/2021** | $11949 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12028 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12106 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12070 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12134 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12212 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12218 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12178 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12254 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12270 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12198 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12231 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12205 | $13451 | $13457 | $11034 |
| **5/31/2022** | $11901 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11584 | $12823 | $12849 | $10931 |
| **7/31/2022** | $11823 | $13096 | $13089 | $11198 |
| **8/31/2022** | $11976 | $13294 | $13290 | $10881 |
| **9/30/2022** | $11714 | $12991 | $13002 | $10411 |
| **10/31/2022** | $11835 | $13120 | $13112 | $10276 |
| **11/30/2022** | $11972 | $13277 | $13258 | $10654 |
| **12/31/2022** | $11981 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12251 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12312 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12325 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12434 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12410 | $13881 | $13837 | $10867 |
| **6/30/2023** | $12695 | $14196 | $14147 | $10828 |
| **7/31/2023** | $12860 | $14378 | $14331 | $10821 |
| **8/31/2023** | $12998 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13085 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13047 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13234 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13441 | $15108 | $15040 | $11193 |
| **1/31/2024** | $13517 | $15210 | $15158 | $11162 |
| **2/29/2024** | $13639 | $15348 | $15293 | $11004 |
| **3/31/2024** | $13785 | $15479 | $15420 | $11106 |
| **4/30/2024** | $13854 | $15572 | $15525 | $10825 |
| **5/31/2024** | $13978 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14005 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14116 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14194 | $15978 | $15918 | $11536 |
| **9/30/2024** | $14269 | $16096 | $16035 | $11690 |
| **10/31/2024** | $14391 | $16234 | $16171 | $11401 |
| **11/30/2024** | $14513 | $16365 | $16306 | $11521 |
| **12/31/2024** | $14565 | $16461 | $16401 | $11332 |
| **1/31/2025** | $14648 | $16575 | $16520 | $11393 |
| **2/28/2025** | $14671 | $16592 | $16545 | $11643 |
| **3/31/2025** | $14610 | $16540 | $16502 | $11648 |
| **4/30/2025** | $14551 | $16531 | $16491 | $11693 |
| **5/31/2025** | $14781 | $16784 | $16753 | $11610 |
| **6/30/2025** | $14899 | $16923 | $16887 | $11788 |
| **7/31/2025** | $14995 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15059 | $17140 | $17089 | $11898 |
| **9/30/2025** | $15142 | $17222 | $17171 | $12028 |
| **10/31/2025** | $15187 | $17260 | $17222 | $12103 |
| **11/30/2025** | $15287 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.33% | 5.83% | 4.34% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LFRRX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2086-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LRRRX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $114 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.56%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i656426ae1f80ee734441fc52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9944 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9877 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9866 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10107 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10291 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10375 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10379 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10510 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10597 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10668 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10728 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10764 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10895 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10946 | $10961 | $10941 | $10252 |
| **2/28/2017** | $10996 | $11016 | $11006 | $10321 |
| **3/31/2017** | $10976 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11014 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11051 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11028 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11103 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11093 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11143 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11219 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11232 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11271 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11386 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11388 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11407 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11452 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11473 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11468 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11541 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11589 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11661 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11635 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11507 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11213 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11434 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11611 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11586 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11780 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11728 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11767 | $12053 | $12097 | $11243 |
| **7/31/2019** | $11848 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11794 | $12117 | $12157 | $11560 |
| **9/30/2019** | $11844 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11734 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11819 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12001 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12034 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11791 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10102 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10380 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10791 | $11681 | $11666 | $12149 |
| **6/30/2020** | $10856 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11061 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11225 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11259 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11295 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11584 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11762 | $12771 | $12758 | $12383 |
| **1/31/2021** | $11883 | $12923 | $12920 | $12295 |
| **2/28/2021** | $11961 | $12999 | $13007 | $12117 |
| **3/31/2021** | $11967 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12014 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12109 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12174 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12153 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12204 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12298 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12305 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12252 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12344 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12361 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12274 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12309 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12283 | $13451 | $13457 | $11034 |
| **5/31/2022** | $11979 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11675 | $12823 | $12849 | $10931 |
| **7/31/2022** | $11916 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12057 | $13294 | $13290 | $10881 |
| **9/30/2022** | $11809 | $12991 | $13002 | $10411 |
| **10/31/2022** | $11932 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12055 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12066 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12354 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12417 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12416 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12526 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12518 | $13881 | $13837 | $10867 |
| **6/30/2023** | $12807 | $14196 | $14147 | $10828 |
| **7/31/2023** | $12959 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13100 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13188 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13167 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13357 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13551 | $15108 | $15040 | $11193 |
| **1/31/2024** | $13645 | $15210 | $15158 | $11162 |
| **2/29/2024** | $13769 | $15348 | $15293 | $11004 |
| **3/31/2024** | $13901 | $15479 | $15420 | $11106 |
| **4/30/2024** | $13989 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14098 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14144 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14239 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14319 | $15978 | $15918 | $11536 |
| **9/30/2024** | $14414 | $16096 | $16035 | $11690 |
| **10/31/2024** | $14538 | $16234 | $16171 | $11401 |
| **11/30/2024** | $14645 | $16365 | $16306 | $11521 |
| **12/31/2024** | $14716 | $16461 | $16401 | $11332 |
| **1/31/2025** | $14801 | $16575 | $16520 | $11393 |
| **2/28/2025** | $14826 | $16592 | $16545 | $11643 |
| **3/31/2025** | $14747 | $16540 | $16502 | $11648 |
| **4/30/2025** | $14688 | $16531 | $16491 | $11693 |
| **5/31/2025** | $14941 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15061 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15159 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15225 | $17140 | $17089 | $11898 |
| **9/30/2025** | $15310 | $17222 | $17171 | $12028 |
| **10/31/2025** | $15358 | $17260 | $17222 | $12103 |
| **11/30/2025** | $15459 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.56% | 5.94% | 4.45% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LRRRX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2087-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LRRKX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $88 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.69%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i197d0070e0fa6fa734350a2e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R4** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9935 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9881 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9861 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10104 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10291 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10376 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10382 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10527 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10617 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10690 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10752 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10790 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10924 | $10900 | $10883 | $10232 |
| **1/31/2017** | $10976 | $10961 | $10941 | $10252 |
| **2/28/2017** | $11029 | $11016 | $11006 | $10321 |
| **3/31/2017** | $11011 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11051 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11078 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11070 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11148 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11128 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11180 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11259 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11286 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11327 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11446 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11450 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11459 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11519 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11530 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11540 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11616 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11667 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11742 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11705 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11591 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11297 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11510 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11703 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11681 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11879 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11829 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11870 | $12053 | $12097 | $11243 |
| **7/31/2019** | $11954 | $12150 | $12192 | $11268 |
| **8/31/2019** | $11902 | $12117 | $12157 | $11560 |
| **9/30/2019** | $11942 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11846 | $12118 | $12149 | $11533 |
| **11/30/2019** | $11921 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12121 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12143 | $12453 | $12479 | $11740 |
| **2/29/2020** | $11914 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10209 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10492 | $11253 | $11238 | $12093 |
| **5/31/2020** | $10896 | $11681 | $11666 | $12149 |
| **6/30/2020** | $10978 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11188 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11356 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11393 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11417 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11727 | $12602 | $12595 | $12366 |
| **12/31/2020** | $11909 | $12771 | $12758 | $12383 |
| **1/31/2021** | $12034 | $12923 | $12920 | $12295 |
| **2/28/2021** | $12115 | $12999 | $13007 | $12117 |
| **3/31/2021** | $12124 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12174 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12258 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12341 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12308 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12377 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12460 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12470 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12433 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12514 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12534 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12464 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12501 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12478 | $13451 | $13457 | $11034 |
| **5/31/2022** | $12171 | $13107 | $13119 | $11105 |
| **6/30/2022** | $11850 | $12823 | $12849 | $10931 |
| **7/31/2022** | $12097 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12258 | $13294 | $13290 | $10881 |
| **9/30/2022** | $11993 | $12991 | $13002 | $10411 |
| **10/31/2022** | $12136 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12264 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12277 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12557 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12624 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12641 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12756 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12735 | $13881 | $13837 | $10867 |
| **6/30/2023** | $13048 | $14196 | $14147 | $10828 |
| **7/31/2023** | $13205 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13351 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13444 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13408 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13605 | $14863 | $14802 | $10780 |
| **12/31/2023** | $13822 | $15108 | $15040 | $11193 |
| **1/31/2024** | $13921 | $15210 | $15158 | $11162 |
| **2/29/2024** | $14050 | $15348 | $15293 | $11004 |
| **3/31/2024** | $14188 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14281 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14395 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14445 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14545 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14630 | $15978 | $15918 | $11536 |
| **9/30/2024** | $14730 | $16096 | $16035 | $11690 |
| **10/31/2024** | $14859 | $16234 | $16171 | $11401 |
| **11/30/2024** | $14972 | $16365 | $16306 | $11521 |
| **12/31/2024** | $15048 | $16461 | $16401 | $11332 |
| **1/31/2025** | $15138 | $16575 | $16520 | $11393 |
| **2/28/2025** | $15147 | $16592 | $16545 | $11643 |
| **3/31/2025** | $15089 | $16540 | $16502 | $11648 |
| **4/30/2025** | $15032 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15293 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15400 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15523 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15594 | $17140 | $17089 | $11898 |
| **9/30/2025** | $15665 | $17222 | $17171 | $12028 |
| **10/31/2025** | $15736 | $17260 | $17222 | $12103 |
| **11/30/2025** | $15824 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 5.69% | 6.18% | 4.70% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LRRKX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8724-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LRRTX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.09%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2b9dcb0a9f1c9a07a84c0eb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R5** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9937 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9886 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9879 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10113 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10302 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10390 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10398 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10545 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10637 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10713 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10777 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10818 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10955 | $10900 | $10883 | $10232 |
| **1/31/2017** | $11010 | $10961 | $10941 | $10252 |
| **2/28/2017** | $11065 | $11016 | $11006 | $10321 |
| **3/31/2017** | $11049 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11092 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11134 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11116 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11196 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11191 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11246 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11327 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11345 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11389 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11510 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11517 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11541 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11603 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11617 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11617 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11709 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11749 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11828 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11806 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11681 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11388 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11617 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11801 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11781 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11983 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11935 | $12024 | $12070 | $11103 |
| **6/30/2019** | $11980 | $12053 | $12097 | $11243 |
| **7/31/2019** | $12067 | $12150 | $12192 | $11268 |
| **8/31/2019** | $12017 | $12117 | $12157 | $11560 |
| **9/30/2019** | $12073 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11966 | $12118 | $12149 | $11533 |
| **11/30/2019** | $12058 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12248 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12274 | $12453 | $12479 | $11740 |
| **2/29/2020** | $12045 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10326 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10614 | $11253 | $11238 | $12093 |
| **5/31/2020** | $11024 | $11681 | $11666 | $12149 |
| **6/30/2020** | $11110 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11324 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11496 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11536 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11563 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11879 | $12602 | $12595 | $12366 |
| **12/31/2020** | $12065 | $12771 | $12758 | $12383 |
| **1/31/2021** | $12195 | $12923 | $12920 | $12295 |
| **2/28/2021** | $12279 | $12999 | $13007 | $12117 |
| **3/31/2021** | $12291 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12344 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12446 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12518 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12502 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12560 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12647 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12675 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12625 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12725 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12733 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12664 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12705 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12684 | $13451 | $13457 | $11034 |
| **5/31/2022** | $12375 | $13107 | $13119 | $11105 |
| **6/30/2022** | $12051 | $12823 | $12849 | $10931 |
| **7/31/2022** | $12321 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12471 | $13294 | $13290 | $10881 |
| **9/30/2022** | $12205 | $12991 | $13002 | $10411 |
| **10/31/2022** | $12352 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12485 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12502 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12805 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12860 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12880 | $13762 | $13719 | $10920 |
| **4/30/2023** | $12999 | $13907 | $13849 | $10987 |
| **5/31/2023** | $12997 | $13881 | $13837 | $10867 |
| **6/30/2023** | $13302 | $14196 | $14147 | $10828 |
| **7/31/2023** | $13465 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13617 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13715 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13681 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13885 | $14863 | $14802 | $10780 |
| **12/31/2023** | $14109 | $15108 | $15040 | $11193 |
| **1/31/2024** | $14213 | $15210 | $15158 | $11162 |
| **2/29/2024** | $14348 | $15348 | $15293 | $11004 |
| **3/31/2024** | $14492 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14589 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14709 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14763 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14869 | $15881 | $15824 | $11373 |
| **8/31/2024** | $14959 | $15978 | $15918 | $11536 |
| **9/30/2024** | $15064 | $16096 | $16035 | $11690 |
| **10/31/2024** | $15200 | $16234 | $16171 | $11401 |
| **11/30/2024** | $15318 | $16365 | $16306 | $11521 |
| **12/31/2024** | $15399 | $16461 | $16401 | $11332 |
| **1/31/2025** | $15495 | $16575 | $16520 | $11393 |
| **2/28/2025** | $15526 | $16592 | $16545 | $11643 |
| **3/31/2025** | $15450 | $16540 | $16502 | $11648 |
| **4/30/2025** | $15395 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15667 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15799 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15909 | $17071 | $17026 | $11757 |
| **8/31/2025** | $15984 | $17140 | $17089 | $11898 |
| **9/30/2025** | $16081 | $17222 | $17171 | $12028 |
| **10/31/2025** | $16137 | $17260 | $17222 | $12103 |
| **11/30/2025** | $16250 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 6.09% | 6.47% | 4.98% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LRRTX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8756-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LRRVX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $55 | 0.53% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.04%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 5.81% return of a securities market index with investment characteristics similar to those of the Fund, the Morningstar LSTA US Leveraged Loan Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance**: Security selection within CCC-rated loans was a contributor to relative performance. Security selection within Automobiles and Components and Capital Goods sectors were contributors to relative performance.

**Top detractors from performance:** Security selection within the Consumer Discretionary Distribution and Retail and Transportation sectors were detractors from relative performance. An allocation to Cash and Cash Equivalents detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i42893e3525ee4393c5343fc0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Morningstar LSTA US Leveraged Loan Index** | **S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index)** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9938 | $9895 | $9905 | $9968 |
| **1/31/2016** | $9887 | $9830 | $9833 | $10105 |
| **2/29/2016** | $9869 | $9779 | $9778 | $10177 |
| **3/31/2016** | $10115 | $10048 | $10037 | $10270 |
| **4/30/2016** | $10304 | $10248 | $10227 | $10309 |
| **5/31/2016** | $10393 | $10339 | $10320 | $10312 |
| **6/30/2016** | $10401 | $10341 | $10324 | $10497 |
| **7/31/2016** | $10549 | $10489 | $10469 | $10564 |
| **8/31/2016** | $10641 | $10568 | $10551 | $10552 |
| **9/30/2016** | $10718 | $10659 | $10644 | $10545 |
| **10/31/2016** | $10783 | $10747 | $10725 | $10465 |
| **11/30/2016** | $10824 | $10775 | $10760 | $10217 |
| **12/31/2016** | $10949 | $10900 | $10883 | $10232 |
| **1/31/2017** | $11017 | $10961 | $10941 | $10252 |
| **2/28/2017** | $11060 | $11016 | $11006 | $10321 |
| **3/31/2017** | $11056 | $11025 | $11014 | $10315 |
| **4/30/2017** | $11099 | $11073 | $11062 | $10395 |
| **5/31/2017** | $11130 | $11114 | $11104 | $10475 |
| **6/30/2017** | $11112 | $11109 | $11097 | $10464 |
| **7/31/2017** | $11206 | $11185 | $11184 | $10509 |
| **8/31/2017** | $11189 | $11180 | $11169 | $10603 |
| **9/30/2017** | $11245 | $11224 | $11214 | $10553 |
| **10/31/2017** | $11326 | $11291 | $11288 | $10559 |
| **11/30/2017** | $11357 | $11304 | $11302 | $10546 |
| **12/31/2017** | $11402 | $11349 | $11346 | $10594 |
| **1/31/2018** | $11524 | $11458 | $11468 | $10472 |
| **2/28/2018** | $11531 | $11481 | $11489 | $10373 |
| **3/31/2018** | $11543 | $11513 | $11525 | $10439 |
| **4/30/2018** | $11606 | $11561 | $11581 | $10362 |
| **5/31/2018** | $11620 | $11580 | $11604 | $10435 |
| **6/30/2018** | $11633 | $11594 | $11615 | $10423 |
| **7/31/2018** | $11712 | $11679 | $11712 | $10425 |
| **8/31/2018** | $11766 | $11726 | $11760 | $10492 |
| **9/30/2018** | $11845 | $11807 | $11840 | $10425 |
| **10/31/2018** | $11811 | $11803 | $11841 | $10342 |
| **11/30/2018** | $11699 | $11697 | $11744 | $10404 |
| **12/31/2018** | $11406 | $11399 | $11475 | $10595 |
| **1/31/2019** | $11623 | $11689 | $11739 | $10708 |
| **2/28/2019** | $11821 | $11875 | $11923 | $10701 |
| **3/31/2019** | $11802 | $11855 | $11909 | $10907 |
| **4/30/2019** | $11991 | $12050 | $12098 | $10910 |
| **5/31/2019** | $11957 | $12024 | $12070 | $11103 |
| **6/30/2019** | $12002 | $12053 | $12097 | $11243 |
| **7/31/2019** | $12090 | $12150 | $12192 | $11268 |
| **8/31/2019** | $12040 | $12117 | $12157 | $11560 |
| **9/30/2019** | $12083 | $12173 | $12209 | $11498 |
| **10/31/2019** | $11990 | $12118 | $12149 | $11533 |
| **11/30/2019** | $12069 | $12190 | $12216 | $11527 |
| **12/31/2019** | $12273 | $12384 | $12413 | $11519 |
| **1/31/2020** | $12299 | $12453 | $12479 | $11740 |
| **2/29/2020** | $12070 | $12289 | $12310 | $11952 |
| **3/31/2020** | $10348 | $10769 | $10776 | $11881 |
| **4/30/2020** | $10638 | $11253 | $11238 | $12093 |
| **5/31/2020** | $11049 | $11681 | $11666 | $12149 |
| **6/30/2020** | $11136 | $11814 | $11823 | $12225 |
| **7/31/2020** | $11351 | $12045 | $12045 | $12408 |
| **8/31/2020** | $11524 | $12225 | $12226 | $12308 |
| **9/30/2020** | $11564 | $12302 | $12310 | $12301 |
| **10/31/2020** | $11592 | $12327 | $12332 | $12246 |
| **11/30/2020** | $11894 | $12602 | $12595 | $12366 |
| **12/31/2020** | $12097 | $12771 | $12758 | $12383 |
| **1/31/2021** | $12227 | $12923 | $12920 | $12295 |
| **2/28/2021** | $12313 | $12999 | $13007 | $12117 |
| **3/31/2021** | $12325 | $12999 | $13014 | $11966 |
| **4/30/2021** | $12378 | $13065 | $13081 | $12060 |
| **5/31/2021** | $12467 | $13141 | $13148 | $12100 |
| **6/30/2021** | $12555 | $13190 | $13202 | $12185 |
| **7/31/2021** | $12524 | $13188 | $13202 | $12321 |
| **8/31/2021** | $12598 | $13251 | $13266 | $12297 |
| **9/30/2021** | $12686 | $13336 | $13352 | $12191 |
| **10/31/2021** | $12699 | $13372 | $13383 | $12188 |
| **11/30/2021** | $12665 | $13350 | $13363 | $12224 |
| **12/31/2021** | $12751 | $13436 | $13447 | $12192 |
| **1/31/2022** | $12775 | $13484 | $13495 | $11930 |
| **2/28/2022** | $12706 | $13415 | $13428 | $11797 |
| **3/31/2022** | $12747 | $13422 | $13434 | $11469 |
| **4/30/2022** | $12727 | $13451 | $13457 | $11034 |
| **5/31/2022** | $12417 | $13107 | $13119 | $11105 |
| **6/30/2022** | $12093 | $12823 | $12849 | $10931 |
| **7/31/2022** | $12349 | $13096 | $13089 | $11198 |
| **8/31/2022** | $12516 | $13294 | $13290 | $10881 |
| **9/30/2022** | $12250 | $12991 | $13002 | $10411 |
| **10/31/2022** | $12384 | $13120 | $13112 | $10276 |
| **11/30/2022** | $12534 | $13277 | $13258 | $10654 |
| **12/31/2022** | $12551 | $13332 | $13305 | $10606 |
| **1/31/2023** | $12841 | $13688 | $13646 | $10932 |
| **2/28/2023** | $12912 | $13766 | $13732 | $10650 |
| **3/31/2023** | $12933 | $13762 | $13719 | $10920 |
| **4/30/2023** | $13054 | $13907 | $13849 | $10987 |
| **5/31/2023** | $13036 | $13881 | $13837 | $10867 |
| **6/30/2023** | $13343 | $14196 | $14147 | $10828 |
| **7/31/2023** | $13523 | $14378 | $14331 | $10821 |
| **8/31/2023** | $13677 | $14547 | $14496 | $10751 |
| **9/30/2023** | $13775 | $14687 | $14623 | $10478 |
| **10/31/2023** | $13742 | $14684 | $14628 | $10313 |
| **11/30/2023** | $13947 | $14863 | $14802 | $10780 |
| **12/31/2023** | $14173 | $15108 | $15040 | $11193 |
| **1/31/2024** | $14261 | $15210 | $15158 | $11162 |
| **2/29/2024** | $14415 | $15348 | $15293 | $11004 |
| **3/31/2024** | $14560 | $15479 | $15420 | $11106 |
| **4/30/2024** | $14641 | $15572 | $15525 | $10825 |
| **5/31/2024** | $14780 | $15718 | $15666 | $11009 |
| **6/30/2024** | $14817 | $15773 | $15709 | $11113 |
| **7/31/2024** | $14942 | $15881 | $15824 | $11373 |
| **8/31/2024** | $15034 | $15978 | $15918 | $11536 |
| **9/30/2024** | $15121 | $16096 | $16035 | $11690 |
| **10/31/2024** | $15259 | $16234 | $16171 | $11401 |
| **11/30/2024** | $15398 | $16365 | $16306 | $11521 |
| **12/31/2024** | $15461 | $16461 | $16401 | $11332 |
| **1/31/2025** | $15558 | $16575 | $16520 | $11393 |
| **2/28/2025** | $15590 | $16592 | $16545 | $11643 |
| **3/31/2025** | $15535 | $16540 | $16502 | $11648 |
| **4/30/2025** | $15480 | $16531 | $16491 | $11693 |
| **5/31/2025** | $15734 | $16784 | $16753 | $11610 |
| **6/30/2025** | $15869 | $16923 | $16887 | $11788 |
| **7/31/2025** | $15980 | $17071 | $17026 | $11757 |
| **8/31/2025** | $16057 | $17140 | $17089 | $11898 |
| **9/30/2025** | $16155 | $17222 | $17171 | $12028 |
| **10/31/2025** | $16233 | $17260 | $17222 | $12103 |
| **11/30/2025** | $16328 | $17315 | $17258 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 6.04% | 6.54% | 5.03% |
| Morningstar LSTA US Leveraged Loan Index<sup>Footnote Reference\*</sup> | 5.81% | 6.56% | 5.64% |
| S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) | 5.84% | 6.50% | 5.61% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund's securities market index with investment characteristics similar to those of the Fund changed from the S&P UBS Leveraged Loan Index (formerly, the Credit Suisse Leveraged Loan Index) to the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index more closely reflects the Fund's investment universe, as the publication, calculation and governance of the S&P UBS Leveraged Loan Index has changed. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4570815757 |
| # of Portfolio Holdings | 470 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $21895114 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.43% |
| Common Stocks | 0.56% |
| Corporate Bonds | 7.87% |
| Exchange-Traded Funds | 1.31% |
| Floating Rate Loans | 80.18% |
| Preferred Stocks | 0.58% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 6.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.89% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.10% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LRRVX

# Lord Abbett Floating Rate Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8788-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LHYAX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $95 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.22%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ieb6669c595468d59f109dbfb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9780 | $10000 | $10000 |
| **12/31/2015** | $9539 | $9742 | $9968 |
| **1/31/2016** | $9338 | $9588 | $10105 |
| **2/29/2016** | $9372 | $9633 | $10177 |
| **3/31/2016** | $9730 | $10058 | $10270 |
| **4/30/2016** | $10063 | $10460 | $10309 |
| **5/31/2016** | $10158 | $10536 | $10312 |
| **6/30/2016** | $10267 | $10650 | $10497 |
| **7/31/2016** | $10548 | $10919 | $10564 |
| **8/31/2016** | $10759 | $11162 | $10552 |
| **9/30/2016** | $10827 | $11234 | $10545 |
| **10/31/2016** | $10852 | $11270 | $10465 |
| **11/30/2016** | $10849 | $11225 | $10217 |
| **12/31/2016** | $11050 | $11446 | $10232 |
| **1/31/2017** | $11236 | $11599 | $10252 |
| **2/28/2017** | $11395 | $11780 | $10321 |
| **3/31/2017** | $11362 | $11756 | $10315 |
| **4/30/2017** | $11506 | $11888 | $10395 |
| **5/31/2017** | $11577 | $11994 | $10475 |
| **6/30/2017** | $11586 | $12007 | $10464 |
| **7/31/2017** | $11746 | $12146 | $10509 |
| **8/31/2017** | $11740 | $12143 | $10603 |
| **9/30/2017** | $11870 | $12252 | $10553 |
| **10/31/2017** | $11940 | $12299 | $10559 |
| **11/30/2017** | $11948 | $12267 | $10546 |
| **12/31/2017** | $11988 | $12302 | $10594 |
| **1/31/2018** | $12060 | $12381 | $10472 |
| **2/28/2018** | $11928 | $12266 | $10373 |
| **3/31/2018** | $11860 | $12190 | $10439 |
| **4/30/2018** | $11869 | $12271 | $10362 |
| **5/31/2018** | $11847 | $12269 | $10435 |
| **6/30/2018** | $11855 | $12312 | $10423 |
| **7/31/2018** | $11961 | $12449 | $10425 |
| **8/31/2018** | $12100 | $12539 | $10492 |
| **9/30/2018** | $12157 | $12612 | $10425 |
| **10/31/2018** | $11858 | $12406 | $10342 |
| **11/30/2018** | $11705 | $12293 | $10404 |
| **12/31/2018** | $11371 | $12024 | $10595 |
| **1/31/2019** | $11909 | $12576 | $10708 |
| **2/28/2019** | $12116 | $12788 | $10701 |
| **3/31/2019** | $12224 | $12913 | $10907 |
| **4/30/2019** | $12449 | $13094 | $10910 |
| **5/31/2019** | $12322 | $12928 | $11103 |
| **6/30/2019** | $12685 | $13244 | $11243 |
| **7/31/2019** | $12777 | $13312 | $11268 |
| **8/31/2019** | $12714 | $13364 | $11560 |
| **9/30/2019** | $12721 | $13406 | $11498 |
| **10/31/2019** | $12727 | $13438 | $11533 |
| **11/30/2019** | $12802 | $13475 | $11527 |
| **12/31/2019** | $13084 | $13756 | $11519 |
| **1/31/2020** | $13074 | $13757 | $11740 |
| **2/29/2020** | $12869 | $13543 | $11952 |
| **3/31/2020** | $10906 | $11950 | $11881 |
| **4/30/2020** | $11372 | $12404 | $12093 |
| **5/31/2020** | $11964 | $12967 | $12149 |
| **6/30/2020** | $12075 | $13090 | $12225 |
| **7/31/2020** | $12689 | $13711 | $12408 |
| **8/31/2020** | $12924 | $13848 | $12308 |
| **9/30/2020** | $12762 | $13705 | $12301 |
| **10/31/2020** | $12849 | $13766 | $12246 |
| **11/30/2020** | $13397 | $14318 | $12366 |
| **12/31/2020** | $13672 | $14591 | $12383 |
| **1/31/2021** | $13762 | $14648 | $12295 |
| **2/28/2021** | $13927 | $14698 | $12117 |
| **3/31/2021** | $13907 | $14724 | $11966 |
| **4/30/2021** | $14075 | $14885 | $12060 |
| **5/31/2021** | $14132 | $14928 | $12100 |
| **6/30/2021** | $14339 | $15132 | $12185 |
| **7/31/2021** | $14358 | $15185 | $12321 |
| **8/31/2021** | $14432 | $15269 | $12297 |
| **9/30/2021** | $14430 | $15275 | $12191 |
| **10/31/2021** | $14487 | $15246 | $12188 |
| **11/30/2021** | $14301 | $15088 | $12224 |
| **12/31/2021** | $14512 | $15372 | $12192 |
| **1/31/2022** | $14086 | $14950 | $11930 |
| **2/28/2022** | $13875 | $14816 | $11797 |
| **3/31/2022** | $13724 | $14681 | $11469 |
| **4/30/2022** | $13236 | $14148 | $11034 |
| **5/31/2022** | $13200 | $14181 | $11105 |
| **6/30/2022** | $12253 | $13215 | $10931 |
| **7/31/2022** | $12911 | $14011 | $11198 |
| **8/31/2022** | $12614 | $13678 | $10881 |
| **9/30/2022** | $12072 | $13130 | $10411 |
| **10/31/2022** | $12393 | $13505 | $10276 |
| **11/30/2022** | $12638 | $13758 | $10654 |
| **12/31/2022** | $12517 | $13656 | $10606 |
| **1/31/2023** | $12907 | $14190 | $10932 |
| **2/28/2023** | $12685 | $14009 | $10650 |
| **3/31/2023** | $12853 | $14165 | $10920 |
| **4/30/2023** | $12964 | $14304 | $10987 |
| **5/31/2023** | $12804 | $14169 | $10867 |
| **6/30/2023** | $13000 | $14401 | $10828 |
| **7/31/2023** | $13178 | $14607 | $10821 |
| **8/31/2023** | $13125 | $14651 | $10751 |
| **9/30/2023** | $12943 | $14480 | $10478 |
| **10/31/2023** | $12760 | $14300 | $10313 |
| **11/30/2023** | $13333 | $14953 | $10780 |
| **12/31/2023** | $13826 | $15506 | $11193 |
| **1/31/2024** | $13861 | $15510 | $11162 |
| **2/29/2024** | $13902 | $15556 | $11004 |
| **3/31/2024** | $14087 | $15743 | $11106 |
| **4/30/2024** | $13950 | $15586 | $10825 |
| **5/31/2024** | $14149 | $15765 | $11009 |
| **6/30/2024** | $14257 | $15918 | $11113 |
| **7/31/2024** | $14502 | $16231 | $11373 |
| **8/31/2024** | $14727 | $16490 | $11536 |
| **9/30/2024** | $14952 | $16760 | $11690 |
| **10/31/2024** | $14879 | $16669 | $11401 |
| **11/30/2024** | $15061 | $16861 | $11521 |
| **12/31/2024** | $14986 | $16789 | $11332 |
| **1/31/2025** | $15166 | $17022 | $11393 |
| **2/28/2025** | $15249 | $17134 | $11643 |
| **3/31/2025** | $15032 | $16951 | $11648 |
| **4/30/2025** | $14885 | $16953 | $11693 |
| **5/31/2025** | $15167 | $17238 | $11610 |
| **6/30/2025** | $15453 | $17560 | $11788 |
| **7/31/2025** | $15544 | $17631 | $11757 |
| **8/31/2025** | $15737 | $17847 | $11898 |
| **9/30/2025** | $15882 | $17985 | $12028 |
| **10/31/2025** | $15903 | $18021 | $12103 |
| **11/30/2025** | $15998 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 6.22% | 3.61% | 5.04% |
| Class A with sales charge | 3.81% | 3.14% | 4.81% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LHYAX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-266-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LHYCX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $160 | 1.56% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.38%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie3dc970625b64728edbae747.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9733 | $9742 | $9968 |
| **1/31/2016** | $9535 | $9588 | $10105 |
| **2/29/2016** | $9566 | $9633 | $10177 |
| **3/31/2016** | $9927 | $10058 | $10270 |
| **4/30/2016** | $10248 | $10460 | $10309 |
| **5/31/2016** | $10339 | $10536 | $10312 |
| **6/30/2016** | $10445 | $10650 | $10497 |
| **7/31/2016** | $10727 | $10919 | $10564 |
| **8/31/2016** | $10936 | $11162 | $10552 |
| **9/30/2016** | $11000 | $11234 | $10545 |
| **10/31/2016** | $11019 | $11270 | $10465 |
| **11/30/2016** | $11024 | $11225 | $10217 |
| **12/31/2016** | $11208 | $11446 | $10232 |
| **1/31/2017** | $11391 | $11599 | $10252 |
| **2/28/2017** | $11546 | $11780 | $10321 |
| **3/31/2017** | $11506 | $11756 | $10315 |
| **4/30/2017** | $11647 | $11888 | $10395 |
| **5/31/2017** | $11711 | $11994 | $10475 |
| **6/30/2017** | $11714 | $12007 | $10464 |
| **7/31/2017** | $11870 | $12146 | $10509 |
| **8/31/2017** | $11857 | $12143 | $10603 |
| **9/30/2017** | $11982 | $12252 | $10553 |
| **10/31/2017** | $12046 | $12299 | $10559 |
| **11/30/2017** | $12047 | $12267 | $10546 |
| **12/31/2017** | $12082 | $12302 | $10594 |
| **1/31/2018** | $12147 | $12381 | $10472 |
| **2/28/2018** | $12008 | $12266 | $10373 |
| **3/31/2018** | $11932 | $12190 | $10439 |
| **4/30/2018** | $11934 | $12271 | $10362 |
| **5/31/2018** | $11905 | $12269 | $10435 |
| **6/30/2018** | $11907 | $12312 | $10423 |
| **7/31/2018** | $12006 | $12449 | $10425 |
| **8/31/2018** | $12140 | $12539 | $10492 |
| **9/30/2018** | $12191 | $12612 | $10425 |
| **10/31/2018** | $11883 | $12406 | $10342 |
| **11/30/2018** | $11722 | $12293 | $10404 |
| **12/31/2018** | $11396 | $12024 | $10595 |
| **1/31/2019** | $11930 | $12576 | $10708 |
| **2/28/2019** | $12116 | $12788 | $10701 |
| **3/31/2019** | $12218 | $12913 | $10907 |
| **4/30/2019** | $12437 | $13094 | $10910 |
| **5/31/2019** | $12303 | $12928 | $11103 |
| **6/30/2019** | $12661 | $13244 | $11243 |
| **7/31/2019** | $12746 | $13312 | $11268 |
| **8/31/2019** | $12676 | $13364 | $11560 |
| **9/30/2019** | $12676 | $13406 | $11498 |
| **10/31/2019** | $12676 | $13438 | $11533 |
| **11/30/2019** | $12743 | $13475 | $11527 |
| **12/31/2019** | $13019 | $13756 | $11519 |
| **1/31/2020** | $13002 | $13757 | $11740 |
| **2/29/2020** | $12790 | $13543 | $11952 |
| **3/31/2020** | $10822 | $11950 | $11881 |
| **4/30/2020** | $11282 | $12404 | $12093 |
| **5/31/2020** | $11883 | $12967 | $12149 |
| **6/30/2020** | $11988 | $13090 | $12225 |
| **7/31/2020** | $12575 | $13711 | $12408 |
| **8/31/2020** | $12803 | $13848 | $12308 |
| **9/30/2020** | $12634 | $13705 | $12301 |
| **10/31/2020** | $12714 | $13766 | $12246 |
| **11/30/2020** | $13271 | $14318 | $12366 |
| **12/31/2020** | $13518 | $14591 | $12383 |
| **1/31/2021** | $13600 | $14648 | $12295 |
| **2/28/2021** | $13758 | $14698 | $12117 |
| **3/31/2021** | $13730 | $14724 | $11966 |
| **4/30/2021** | $13889 | $14885 | $12060 |
| **5/31/2021** | $13938 | $14928 | $12100 |
| **6/30/2021** | $14136 | $15132 | $12185 |
| **7/31/2021** | $14146 | $15185 | $12321 |
| **8/31/2021** | $14212 | $15269 | $12297 |
| **9/30/2021** | $14203 | $15275 | $12191 |
| **10/31/2021** | $14251 | $15246 | $12188 |
| **11/30/2021** | $14059 | $15088 | $12224 |
| **12/31/2021** | $14261 | $15372 | $12192 |
| **1/31/2022** | $13833 | $14950 | $11930 |
| **2/28/2022** | $13637 | $14816 | $11797 |
| **3/31/2022** | $13460 | $14681 | $11469 |
| **4/30/2022** | $12973 | $14148 | $11034 |
| **5/31/2022** | $12930 | $14181 | $11105 |
| **6/30/2022** | $11989 | $13215 | $10931 |
| **7/31/2022** | $12631 | $14011 | $11198 |
| **8/31/2022** | $12332 | $13678 | $10881 |
| **9/30/2022** | $11812 | $13130 | $10411 |
| **10/31/2022** | $12121 | $13505 | $10276 |
| **11/30/2022** | $12355 | $13758 | $10654 |
| **12/31/2022** | $12209 | $13656 | $10606 |
| **1/31/2023** | $12605 | $14190 | $10932 |
| **2/28/2023** | $12382 | $14009 | $10650 |
| **3/31/2023** | $12539 | $14165 | $10920 |
| **4/30/2023** | $12641 | $14304 | $10987 |
| **5/31/2023** | $12477 | $14169 | $10867 |
| **6/30/2023** | $12663 | $14401 | $10828 |
| **7/31/2023** | $12809 | $14607 | $10821 |
| **8/31/2023** | $12771 | $14651 | $10751 |
| **9/30/2023** | $12587 | $14480 | $10478 |
| **10/31/2023** | $12401 | $14300 | $10313 |
| **11/30/2023** | $12954 | $14953 | $10780 |
| **12/31/2023** | $13428 | $15506 | $11193 |
| **1/31/2024** | $13455 | $15510 | $11162 |
| **2/29/2024** | $13488 | $15556 | $11004 |
| **3/31/2024** | $13661 | $15743 | $11106 |
| **4/30/2024** | $13499 | $15586 | $10825 |
| **5/31/2024** | $13685 | $15765 | $11009 |
| **6/30/2024** | $13805 | $15918 | $11113 |
| **7/31/2024** | $14035 | $16231 | $11373 |
| **8/31/2024** | $14224 | $16490 | $11536 |
| **9/30/2024** | $14457 | $16760 | $11690 |
| **10/31/2024** | $14379 | $16669 | $11401 |
| **11/30/2024** | $14548 | $16861 | $11521 |
| **12/31/2024** | $14467 | $16789 | $11332 |
| **1/31/2025** | $14611 | $17022 | $11393 |
| **2/28/2025** | $14683 | $17134 | $11643 |
| **3/31/2025** | $14488 | $16951 | $11648 |
| **4/30/2025** | $14338 | $16953 | $11693 |
| **5/31/2025** | $14603 | $17238 | $11610 |
| **6/30/2025** | $14871 | $17560 | $11788 |
| **7/31/2025** | $14927 | $17631 | $11757 |
| **8/31/2025** | $15129 | $17847 | $11898 |
| **9/30/2025** | $15260 | $17985 | $12028 |
| **10/31/2025** | $15247 | $18021 | $12103 |
| **11/30/2025** | $15331 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.38% | 2.93% | 4.37% |
| Class C with sales charge | 4.39% | 2.93% | 4.37% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LHYCX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-681-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LHYFX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $85 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.32%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic53d4ad5dc1a2951dab0a52d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9754 | $9742 | $9968 |
| **1/31/2016** | $9549 | $9588 | $10105 |
| **2/29/2016** | $9585 | $9633 | $10177 |
| **3/31/2016** | $9966 | $10058 | $10270 |
| **4/30/2016** | $10293 | $10460 | $10309 |
| **5/31/2016** | $10391 | $10536 | $10312 |
| **6/30/2016** | $10504 | $10650 | $10497 |
| **7/31/2016** | $10792 | $10919 | $10564 |
| **8/31/2016** | $11010 | $11162 | $10552 |
| **9/30/2016** | $11080 | $11234 | $10545 |
| **10/31/2016** | $11107 | $11270 | $10465 |
| **11/30/2016** | $11119 | $11225 | $10217 |
| **12/31/2016** | $11311 | $11446 | $10232 |
| **1/31/2017** | $11503 | $11599 | $10252 |
| **2/28/2017** | $11666 | $11780 | $10321 |
| **3/31/2017** | $11633 | $11756 | $10315 |
| **4/30/2017** | $11782 | $11888 | $10395 |
| **5/31/2017** | $11855 | $11994 | $10475 |
| **6/30/2017** | $11866 | $12007 | $10464 |
| **7/31/2017** | $12031 | $12146 | $10509 |
| **8/31/2017** | $12026 | $12143 | $10603 |
| **9/30/2017** | $12159 | $12252 | $10553 |
| **10/31/2017** | $12233 | $12299 | $10559 |
| **11/30/2017** | $12242 | $12267 | $10546 |
| **12/31/2017** | $12284 | $12302 | $10594 |
| **1/31/2018** | $12359 | $12381 | $10472 |
| **2/28/2018** | $12224 | $12266 | $10373 |
| **3/31/2018** | $12155 | $12190 | $10439 |
| **4/30/2018** | $12165 | $12271 | $10362 |
| **5/31/2018** | $12143 | $12269 | $10435 |
| **6/30/2018** | $12153 | $12312 | $10423 |
| **7/31/2018** | $12262 | $12449 | $10425 |
| **8/31/2018** | $12407 | $12539 | $10492 |
| **9/30/2018** | $12466 | $12612 | $10425 |
| **10/31/2018** | $12160 | $12406 | $10342 |
| **11/30/2018** | $12003 | $12293 | $10404 |
| **12/31/2018** | $11661 | $12024 | $10595 |
| **1/31/2019** | $12231 | $12576 | $10708 |
| **2/28/2019** | $12428 | $12788 | $10701 |
| **3/31/2019** | $12540 | $12913 | $10907 |
| **4/30/2019** | $12772 | $13094 | $10910 |
| **5/31/2019** | $12642 | $12928 | $11103 |
| **6/30/2019** | $13017 | $13244 | $11243 |
| **7/31/2019** | $13112 | $13312 | $11268 |
| **8/31/2019** | $13048 | $13364 | $11560 |
| **9/30/2019** | $13056 | $13406 | $11498 |
| **10/31/2019** | $13064 | $13438 | $11533 |
| **11/30/2019** | $13141 | $13475 | $11527 |
| **12/31/2019** | $13433 | $13756 | $11519 |
| **1/31/2020** | $13423 | $13757 | $11740 |
| **2/29/2020** | $13213 | $13543 | $11952 |
| **3/31/2020** | $11196 | $11950 | $11881 |
| **4/30/2020** | $11676 | $12404 | $12093 |
| **5/31/2020** | $12285 | $12967 | $12149 |
| **6/30/2020** | $12400 | $13090 | $12225 |
| **7/31/2020** | $13032 | $13711 | $12408 |
| **8/31/2020** | $13275 | $13848 | $12308 |
| **9/30/2020** | $13109 | $13705 | $12301 |
| **10/31/2020** | $13200 | $13766 | $12246 |
| **11/30/2020** | $13784 | $14318 | $12366 |
| **12/31/2020** | $14048 | $14591 | $12383 |
| **1/31/2021** | $14142 | $14648 | $12295 |
| **2/28/2021** | $14314 | $14698 | $12117 |
| **3/31/2021** | $14294 | $14724 | $11966 |
| **4/30/2021** | $14468 | $14885 | $12060 |
| **5/31/2021** | $14527 | $14928 | $12100 |
| **6/30/2021** | $14742 | $15132 | $12185 |
| **7/31/2021** | $14762 | $15185 | $12321 |
| **8/31/2021** | $14840 | $15269 | $12297 |
| **9/30/2021** | $14839 | $15275 | $12191 |
| **10/31/2021** | $14899 | $15246 | $12188 |
| **11/30/2021** | $14708 | $15088 | $12224 |
| **12/31/2021** | $14927 | $15372 | $12192 |
| **1/31/2022** | $14490 | $14950 | $11930 |
| **2/28/2022** | $14294 | $14816 | $11797 |
| **3/31/2022** | $14119 | $14681 | $11469 |
| **4/30/2022** | $13618 | $14148 | $11034 |
| **5/31/2022** | $13581 | $14181 | $11105 |
| **6/30/2022** | $12606 | $13215 | $10931 |
| **7/31/2022** | $13285 | $14011 | $11198 |
| **8/31/2022** | $12980 | $13678 | $10881 |
| **9/30/2022** | $12443 | $13130 | $10411 |
| **10/31/2022** | $12775 | $13505 | $10276 |
| **11/30/2022** | $13008 | $13758 | $10654 |
| **12/31/2022** | $12884 | $13656 | $10606 |
| **1/31/2023** | $13287 | $14190 | $10932 |
| **2/28/2023** | $13080 | $14009 | $10650 |
| **3/31/2023** | $13233 | $14165 | $10920 |
| **4/30/2023** | $13348 | $14304 | $10987 |
| **5/31/2023** | $13184 | $14169 | $10867 |
| **6/30/2023** | $13388 | $14401 | $10828 |
| **7/31/2023** | $13572 | $14607 | $10821 |
| **8/31/2023** | $13519 | $14651 | $10751 |
| **9/30/2023** | $13332 | $14480 | $10478 |
| **10/31/2023** | $13144 | $14300 | $10313 |
| **11/30/2023** | $13759 | $14953 | $10780 |
| **12/31/2023** | $14246 | $15506 | $11193 |
| **1/31/2024** | $14284 | $15510 | $11162 |
| **2/29/2024** | $14327 | $15556 | $11004 |
| **3/31/2024** | $14518 | $15743 | $11106 |
| **4/30/2024** | $14379 | $15586 | $10825 |
| **5/31/2024** | $14585 | $15765 | $11009 |
| **6/30/2024** | $14698 | $15918 | $11113 |
| **7/31/2024** | $14951 | $16231 | $11373 |
| **8/31/2024** | $15185 | $16490 | $11536 |
| **9/30/2024** | $15442 | $16760 | $11690 |
| **10/31/2024** | $15344 | $16669 | $11401 |
| **11/30/2024** | $15534 | $16861 | $11521 |
| **12/31/2024** | $15457 | $16789 | $11332 |
| **1/31/2025** | $15644 | $17022 | $11393 |
| **2/28/2025** | $15731 | $17134 | $11643 |
| **3/31/2025** | $15508 | $16951 | $11648 |
| **4/30/2025** | $15382 | $16953 | $11693 |
| **5/31/2025** | $15650 | $17238 | $11610 |
| **6/30/2025** | $15972 | $17560 | $11788 |
| **7/31/2025** | $16041 | $17631 | $11757 |
| **8/31/2025** | $16268 | $17847 | $11898 |
| **9/30/2025** | $16393 | $17985 | $12028 |
| **10/31/2025** | $16416 | $18021 | $12103 |
| **11/30/2025** | $16516 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 6.32% | 3.68% | 5.15% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LHYFX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1010-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LHYOX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $64 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.54%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7157e0c91f1c97fb448f14df.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10109 | $10111 | $10051 |
| **5/31/2017** | $10186 | $10201 | $10128 |
| **6/30/2017** | $10197 | $10212 | $10118 |
| **7/31/2017** | $10327 | $10330 | $10162 |
| **8/31/2017** | $10338 | $10328 | $10253 |
| **9/30/2017** | $10454 | $10420 | $10204 |
| **10/31/2017** | $10519 | $10461 | $10210 |
| **11/30/2017** | $10528 | $10433 | $10197 |
| **12/31/2017** | $10566 | $10463 | $10244 |
| **1/31/2018** | $10632 | $10531 | $10126 |
| **2/28/2018** | $10518 | $10432 | $10030 |
| **3/31/2018** | $10461 | $10368 | $10094 |
| **4/30/2018** | $10472 | $10437 | $10019 |
| **5/31/2018** | $10455 | $10435 | $10091 |
| **6/30/2018** | $10465 | $10471 | $10078 |
| **7/31/2018** | $10561 | $10588 | $10080 |
| **8/31/2018** | $10672 | $10665 | $10145 |
| **9/30/2018** | $10725 | $10727 | $10080 |
| **10/31/2018** | $10465 | $10551 | $10000 |
| **11/30/2018** | $10333 | $10456 | $10060 |
| **12/31/2018** | $10043 | $10226 | $10245 |
| **1/31/2019** | $10533 | $10696 | $10354 |
| **2/28/2019** | $10704 | $10877 | $10348 |
| **3/31/2019** | $10816 | $10983 | $10546 |
| **4/30/2019** | $11002 | $11137 | $10549 |
| **5/31/2019** | $10908 | $10995 | $10736 |
| **6/30/2019** | $11231 | $11265 | $10871 |
| **7/31/2019** | $11299 | $11323 | $10895 |
| **8/31/2019** | $11262 | $11367 | $11177 |
| **9/30/2019** | $11271 | $11403 | $11118 |
| **10/31/2019** | $11280 | $11429 | $11151 |
| **11/30/2019** | $11348 | $11461 | $11146 |
| **12/31/2019** | $11585 | $11700 | $11138 |
| **1/31/2020** | $11594 | $11701 | $11352 |
| **2/29/2020** | $11417 | $11519 | $11557 |
| **3/31/2020** | $9672 | $10164 | $11489 |
| **4/30/2020** | $10087 | $10550 | $11693 |
| **5/31/2020** | $10612 | $11029 | $11747 |
| **6/30/2020** | $10713 | $11133 | $11821 |
| **7/31/2020** | $11257 | $11662 | $11998 |
| **8/31/2020** | $11468 | $11778 | $11901 |
| **9/30/2020** | $11328 | $11656 | $11894 |
| **10/31/2020** | $11408 | $11709 | $11841 |
| **11/30/2020** | $11912 | $12178 | $11958 |
| **12/31/2020** | $12141 | $12411 | $11974 |
| **1/31/2021** | $12241 | $12458 | $11888 |
| **2/28/2021** | $12374 | $12502 | $11716 |
| **3/31/2021** | $12376 | $12524 | $11570 |
| **4/30/2021** | $12511 | $12661 | $11662 |
| **5/31/2021** | $12581 | $12697 | $11700 |
| **6/30/2021** | $12751 | $12870 | $11782 |
| **7/31/2021** | $12771 | $12915 | $11914 |
| **8/31/2021** | $12840 | $12987 | $11891 |
| **9/30/2021** | $12858 | $12992 | $11788 |
| **10/31/2021** | $12912 | $12967 | $11785 |
| **11/30/2021** | $12733 | $12833 | $11820 |
| **12/31/2021** | $12924 | $13074 | $11789 |
| **1/31/2022** | $12567 | $12716 | $11535 |
| **2/28/2022** | $12383 | $12602 | $11407 |
| **3/31/2022** | $12234 | $12486 | $11090 |
| **4/30/2022** | $11805 | $12033 | $10669 |
| **5/31/2022** | $11776 | $12062 | $10738 |
| **6/30/2022** | $10938 | $11240 | $10569 |
| **7/31/2022** | $11526 | $11917 | $10828 |
| **8/31/2022** | $11266 | $11634 | $10522 |
| **9/30/2022** | $10786 | $11167 | $10067 |
| **10/31/2022** | $11075 | $11486 | $9937 |
| **11/30/2022** | $11296 | $11702 | $10302 |
| **12/31/2022** | $11191 | $11615 | $10256 |
| **1/31/2023** | $11541 | $12069 | $10571 |
| **2/28/2023** | $11347 | $11915 | $10298 |
| **3/31/2023** | $11499 | $12048 | $10559 |
| **4/30/2023** | $11601 | $12166 | $10623 |
| **5/31/2023** | $11462 | $12051 | $10508 |
| **6/30/2023** | $11640 | $12248 | $10470 |
| **7/31/2023** | $11783 | $12424 | $10463 |
| **8/31/2023** | $11758 | $12461 | $10396 |
| **9/30/2023** | $11599 | $12316 | $10132 |
| **10/31/2023** | $11439 | $12163 | $9972 |
| **11/30/2023** | $11954 | $12718 | $10424 |
| **12/31/2023** | $12397 | $13189 | $10823 |
| **1/31/2024** | $12432 | $13192 | $10793 |
| **2/29/2024** | $12472 | $13231 | $10640 |
| **3/31/2024** | $12641 | $13390 | $10739 |
| **4/30/2024** | $12523 | $13257 | $10467 |
| **5/31/2024** | $12704 | $13408 | $10645 |
| **6/30/2024** | $12804 | $13539 | $10746 |
| **7/31/2024** | $13026 | $13805 | $10997 |
| **8/31/2024** | $13231 | $14025 | $11155 |
| **9/30/2024** | $13457 | $14255 | $11304 |
| **10/31/2024** | $13396 | $14178 | $11024 |
| **11/30/2024** | $13542 | $14341 | $11140 |
| **12/31/2024** | $13478 | $14280 | $10958 |
| **1/31/2025** | $13643 | $14478 | $11016 |
| **2/28/2025** | $13720 | $14573 | $11258 |
| **3/31/2025** | $13530 | $14418 | $11263 |
| **4/30/2025** | $13424 | $14419 | $11307 |
| **5/31/2025** | $13659 | $14662 | $11226 |
| **6/30/2025** | $13941 | $14935 | $11399 |
| **7/31/2025** | $14004 | $14996 | $11368 |
| **8/31/2025** | $14203 | $15180 | $11504 |
| **9/30/2025** | $14315 | $15297 | $11630 |
| **10/31/2025** | $14338 | $15328 | $11703 |
| **11/30/2025** | $14428 | $15405 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 6.54% | 3.91% | 4.32% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 5.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LHYOX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8972-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LAHYX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $74 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.44%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0a0593b9dbe0e58853d34fd1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9757 | $9742 | $9968 |
| **1/31/2016** | $9554 | $9588 | $10105 |
| **2/29/2016** | $9591 | $9633 | $10177 |
| **3/31/2016** | $9957 | $10058 | $10270 |
| **4/30/2016** | $10298 | $10460 | $10309 |
| **5/31/2016** | $10397 | $10536 | $10312 |
| **6/30/2016** | $10510 | $10650 | $10497 |
| **7/31/2016** | $10799 | $10919 | $10564 |
| **8/31/2016** | $11016 | $11162 | $10552 |
| **9/30/2016** | $11088 | $11234 | $10545 |
| **10/31/2016** | $11115 | $11270 | $10465 |
| **11/30/2016** | $11129 | $11225 | $10217 |
| **12/31/2016** | $11322 | $11446 | $10232 |
| **1/31/2017** | $11514 | $11599 | $10252 |
| **2/28/2017** | $11678 | $11780 | $10321 |
| **3/31/2017** | $11646 | $11756 | $10315 |
| **4/30/2017** | $11796 | $11888 | $10395 |
| **5/31/2017** | $11870 | $11994 | $10475 |
| **6/30/2017** | $11882 | $12007 | $10464 |
| **7/31/2017** | $12048 | $12146 | $10509 |
| **8/31/2017** | $12044 | $12143 | $10603 |
| **9/30/2017** | $12179 | $12252 | $10553 |
| **10/31/2017** | $12253 | $12299 | $10559 |
| **11/30/2017** | $12263 | $12267 | $10546 |
| **12/31/2017** | $12323 | $12302 | $10594 |
| **1/31/2018** | $12399 | $12381 | $10472 |
| **2/28/2018** | $12250 | $12266 | $10373 |
| **3/31/2018** | $12182 | $12190 | $10439 |
| **4/30/2018** | $12209 | $12271 | $10362 |
| **5/31/2018** | $12172 | $12269 | $10435 |
| **6/30/2018** | $12183 | $12312 | $10423 |
| **7/31/2018** | $12293 | $12449 | $10425 |
| **8/31/2018** | $12438 | $12539 | $10492 |
| **9/30/2018** | $12498 | $12612 | $10425 |
| **10/31/2018** | $12195 | $12406 | $10342 |
| **11/30/2018** | $12040 | $12293 | $10404 |
| **12/31/2018** | $11700 | $12024 | $10595 |
| **1/31/2019** | $12270 | $12576 | $10708 |
| **2/28/2019** | $12467 | $12788 | $10701 |
| **3/31/2019** | $12580 | $12913 | $10907 |
| **4/30/2019** | $12813 | $13094 | $10910 |
| **5/31/2019** | $12685 | $12928 | $11103 |
| **6/30/2019** | $13060 | $13244 | $11243 |
| **7/31/2019** | $13156 | $13312 | $11268 |
| **8/31/2019** | $13095 | $13364 | $11560 |
| **9/30/2019** | $13103 | $13406 | $11498 |
| **10/31/2019** | $13113 | $13438 | $11533 |
| **11/30/2019** | $13191 | $13475 | $11527 |
| **12/31/2019** | $13484 | $13756 | $11519 |
| **1/31/2020** | $13476 | $13757 | $11740 |
| **2/29/2020** | $13268 | $13543 | $11952 |
| **3/31/2020** | $11236 | $11950 | $11881 |
| **4/30/2020** | $11717 | $12404 | $12093 |
| **5/31/2020** | $12345 | $12967 | $12149 |
| **6/30/2020** | $12462 | $13090 | $12225 |
| **7/31/2020** | $13094 | $13711 | $12408 |
| **8/31/2020** | $13338 | $13848 | $12308 |
| **9/30/2020** | $13174 | $13705 | $12301 |
| **10/31/2020** | $13266 | $13766 | $12246 |
| **11/30/2020** | $13851 | $14318 | $12366 |
| **12/31/2020** | $14116 | $14591 | $12383 |
| **1/31/2021** | $14212 | $14648 | $12295 |
| **2/28/2021** | $14385 | $14698 | $12117 |
| **3/31/2021** | $14367 | $14724 | $11966 |
| **4/30/2021** | $14542 | $14885 | $12060 |
| **5/31/2021** | $14603 | $14928 | $12100 |
| **6/30/2021** | $14819 | $15132 | $12185 |
| **7/31/2021** | $14841 | $15185 | $12321 |
| **8/31/2021** | $14920 | $15269 | $12297 |
| **9/30/2021** | $14940 | $15275 | $12191 |
| **10/31/2021** | $15002 | $15246 | $12188 |
| **11/30/2021** | $14793 | $15088 | $12224 |
| **12/31/2021** | $15014 | $15372 | $12192 |
| **1/31/2022** | $14578 | $14950 | $11930 |
| **2/28/2022** | $14383 | $14816 | $11797 |
| **3/31/2022** | $14209 | $14681 | $11469 |
| **4/30/2022** | $13710 | $14148 | $11034 |
| **5/31/2022** | $13675 | $14181 | $11105 |
| **6/30/2022** | $12700 | $13215 | $10931 |
| **7/31/2022** | $13382 | $14011 | $11198 |
| **8/31/2022** | $13078 | $13678 | $10881 |
| **9/30/2022** | $12521 | $13130 | $10411 |
| **10/31/2022** | $12855 | $13505 | $10276 |
| **11/30/2022** | $13110 | $13758 | $10654 |
| **12/31/2022** | $12966 | $13656 | $10606 |
| **1/31/2023** | $13393 | $14190 | $10932 |
| **2/28/2023** | $13166 | $14009 | $10650 |
| **3/31/2023** | $13342 | $14165 | $10920 |
| **4/30/2023** | $13459 | $14304 | $10987 |
| **5/31/2023** | $13296 | $14169 | $10867 |
| **6/30/2023** | $13502 | $14401 | $10828 |
| **7/31/2023** | $13666 | $14607 | $10821 |
| **8/31/2023** | $13636 | $14651 | $10751 |
| **9/30/2023** | $13451 | $14480 | $10478 |
| **10/31/2023** | $13264 | $14300 | $10313 |
| **11/30/2023** | $13860 | $14953 | $10780 |
| **12/31/2023** | $14372 | $15506 | $11193 |
| **1/31/2024** | $14411 | $15510 | $11162 |
| **2/29/2024** | $14456 | $15556 | $11004 |
| **3/31/2024** | $14650 | $15743 | $11106 |
| **4/30/2024** | $14512 | $15586 | $10825 |
| **5/31/2024** | $14720 | $15765 | $11009 |
| **6/30/2024** | $14835 | $15918 | $11113 |
| **7/31/2024** | $15091 | $16231 | $11373 |
| **8/31/2024** | $15327 | $16490 | $11536 |
| **9/30/2024** | $15587 | $16760 | $11690 |
| **10/31/2024** | $15491 | $16669 | $11401 |
| **11/30/2024** | $15683 | $16861 | $11521 |
| **12/31/2024** | $15608 | $16789 | $11332 |
| **1/31/2025** | $15798 | $17022 | $11393 |
| **2/28/2025** | $15886 | $17134 | $11643 |
| **3/31/2025** | $15664 | $16951 | $11648 |
| **4/30/2025** | $15515 | $16953 | $11693 |
| **5/31/2025** | $15811 | $17238 | $11610 |
| **6/30/2025** | $16111 | $17560 | $11788 |
| **7/31/2025** | $16208 | $17631 | $11757 |
| **8/31/2025** | $16412 | $17847 | $11898 |
| **9/30/2025** | $16565 | $17985 | $12028 |
| **10/31/2025** | $16590 | $18021 | $12103 |
| **11/30/2025** | $16692 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 6.44% | 3.80% | 5.26% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LAHYX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-694-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LHYQX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $136 | 1.32% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.64%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i194de56dcb348eb8daf793f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R2** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9738 | $9742 | $9968 |
| **1/31/2016** | $9532 | $9588 | $10105 |
| **2/29/2016** | $9564 | $9633 | $10177 |
| **3/31/2016** | $9924 | $10058 | $10270 |
| **4/30/2016** | $10259 | $10460 | $10309 |
| **5/31/2016** | $10352 | $10536 | $10312 |
| **6/30/2016** | $10460 | $10650 | $10497 |
| **7/31/2016** | $10742 | $10919 | $10564 |
| **8/31/2016** | $10952 | $11162 | $10552 |
| **9/30/2016** | $11019 | $11234 | $10545 |
| **10/31/2016** | $11040 | $11270 | $10465 |
| **11/30/2016** | $11049 | $11225 | $10217 |
| **12/31/2016** | $11249 | $11446 | $10232 |
| **1/31/2017** | $11419 | $11599 | $10252 |
| **2/28/2017** | $11591 | $11780 | $10321 |
| **3/31/2017** | $11554 | $11756 | $10315 |
| **4/30/2017** | $11682 | $11888 | $10395 |
| **5/31/2017** | $11765 | $11994 | $10475 |
| **6/30/2017** | $11756 | $12007 | $10464 |
| **7/31/2017** | $11914 | $12146 | $10509 |
| **8/31/2017** | $11904 | $12143 | $10603 |
| **9/30/2017** | $12047 | $12252 | $10553 |
| **10/31/2017** | $12098 | $12299 | $10559 |
| **11/30/2017** | $12118 | $12267 | $10546 |
| **12/31/2017** | $12155 | $12302 | $10594 |
| **1/31/2018** | $12224 | $12381 | $10472 |
| **2/28/2018** | $12088 | $12266 | $10373 |
| **3/31/2018** | $12016 | $12190 | $10439 |
| **4/30/2018** | $12021 | $12271 | $10362 |
| **5/31/2018** | $11979 | $12269 | $10435 |
| **6/30/2018** | $11984 | $12312 | $10423 |
| **7/31/2018** | $12087 | $12449 | $10425 |
| **8/31/2018** | $12224 | $12539 | $10492 |
| **9/30/2018** | $12277 | $12612 | $10425 |
| **10/31/2018** | $11973 | $12406 | $10342 |
| **11/30/2018** | $11816 | $12293 | $10404 |
| **12/31/2018** | $11477 | $12024 | $10595 |
| **1/31/2019** | $12030 | $12576 | $10708 |
| **2/28/2019** | $12218 | $12788 | $10701 |
| **3/31/2019** | $12322 | $12913 | $10907 |
| **4/30/2019** | $12544 | $13094 | $10910 |
| **5/31/2019** | $12413 | $12928 | $11103 |
| **6/30/2019** | $12790 | $13244 | $11243 |
| **7/31/2019** | $12861 | $13312 | $11268 |
| **8/31/2019** | $12795 | $13364 | $11560 |
| **9/30/2019** | $12797 | $13406 | $11498 |
| **10/31/2019** | $12817 | $13438 | $11533 |
| **11/30/2019** | $12870 | $13475 | $11527 |
| **12/31/2019** | $13149 | $13756 | $11519 |
| **1/31/2020** | $13135 | $13757 | $11740 |
| **2/29/2020** | $12926 | $13543 | $11952 |
| **3/31/2020** | $10944 | $11950 | $11881 |
| **4/30/2020** | $11406 | $12404 | $12093 |
| **5/31/2020** | $12011 | $12967 | $12149 |
| **6/30/2020** | $12119 | $13090 | $12225 |
| **7/31/2020** | $12726 | $13711 | $12408 |
| **8/31/2020** | $12958 | $13848 | $12308 |
| **9/30/2020** | $12792 | $13705 | $12301 |
| **10/31/2020** | $12875 | $13766 | $12246 |
| **11/30/2020** | $13435 | $14318 | $12366 |
| **12/31/2020** | $13686 | $14591 | $12383 |
| **1/31/2021** | $13771 | $14648 | $12295 |
| **2/28/2021** | $13932 | $14698 | $12117 |
| **3/31/2021** | $13926 | $14724 | $11966 |
| **4/30/2021** | $14070 | $14885 | $12060 |
| **5/31/2021** | $14141 | $14928 | $12100 |
| **6/30/2021** | $14324 | $15132 | $12185 |
| **7/31/2021** | $14338 | $15185 | $12321 |
| **8/31/2021** | $14407 | $15269 | $12297 |
| **9/30/2021** | $14420 | $15275 | $12191 |
| **10/31/2021** | $14472 | $15246 | $12188 |
| **11/30/2021** | $14264 | $15088 | $12224 |
| **12/31/2021** | $14469 | $15372 | $12192 |
| **1/31/2022** | $14042 | $14950 | $11930 |
| **2/28/2022** | $13849 | $14816 | $11797 |
| **3/31/2022** | $13675 | $14681 | $11469 |
| **4/30/2022** | $13188 | $14148 | $11034 |
| **5/31/2022** | $13148 | $14181 | $11105 |
| **6/30/2022** | $12186 | $13215 | $10931 |
| **7/31/2022** | $12854 | $14011 | $11198 |
| **8/31/2022** | $12536 | $13678 | $10881 |
| **9/30/2022** | $12016 | $13130 | $10411 |
| **10/31/2022** | $12330 | $13505 | $10276 |
| **11/30/2022** | $12569 | $13758 | $10654 |
| **12/31/2022** | $12425 | $13656 | $10606 |
| **1/31/2023** | $12826 | $14190 | $10932 |
| **2/28/2023** | $12604 | $14009 | $10650 |
| **3/31/2023** | $12765 | $14165 | $10920 |
| **4/30/2023** | $12871 | $14304 | $10987 |
| **5/31/2023** | $12709 | $14169 | $10867 |
| **6/30/2023** | $12899 | $14401 | $10828 |
| **7/31/2023** | $13050 | $14607 | $10821 |
| **8/31/2023** | $13014 | $14651 | $10751 |
| **9/30/2023** | $12831 | $14480 | $10478 |
| **10/31/2023** | $12626 | $14300 | $10313 |
| **11/30/2023** | $13208 | $14953 | $10780 |
| **12/31/2023** | $13688 | $15506 | $11193 |
| **1/31/2024** | $13719 | $15510 | $11162 |
| **2/29/2024** | $13756 | $15556 | $11004 |
| **3/31/2024** | $13933 | $15743 | $11106 |
| **4/30/2024** | $13773 | $15586 | $10825 |
| **5/31/2024** | $13964 | $15765 | $11009 |
| **6/30/2024** | $14088 | $15918 | $11113 |
| **7/31/2024** | $14324 | $16231 | $11373 |
| **8/31/2024** | $14518 | $16490 | $11536 |
| **9/30/2024** | $14757 | $16760 | $11690 |
| **10/31/2024** | $14681 | $16669 | $11401 |
| **11/30/2024** | $14856 | $16861 | $11521 |
| **12/31/2024** | $14778 | $16789 | $11332 |
| **1/31/2025** | $14949 | $17022 | $11393 |
| **2/28/2025** | $15003 | $17134 | $11643 |
| **3/31/2025** | $14809 | $16951 | $11648 |
| **4/30/2025** | $14661 | $16953 | $11693 |
| **5/31/2025** | $14933 | $17238 | $11610 |
| **6/30/2025** | $15209 | $17560 | $11788 |
| **7/31/2025** | $15293 | $17631 | $11757 |
| **8/31/2025** | $15477 | $17847 | $11898 |
| **9/30/2025** | $15613 | $17985 | $12028 |
| **10/31/2025** | $15605 | $18021 | $12103 |
| **11/30/2025** | $15694 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.64% | 3.16% | 4.61% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LHYQX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1080-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LHYRX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $126 | 1.22% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.75%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4fec4be9156474529f3be398.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9753 | $9742 | $9968 |
| **1/31/2016** | $9547 | $9588 | $10105 |
| **2/29/2016** | $9580 | $9633 | $10177 |
| **3/31/2016** | $9942 | $10058 | $10270 |
| **4/30/2016** | $10278 | $10460 | $10309 |
| **5/31/2016** | $10372 | $10536 | $10312 |
| **6/30/2016** | $10481 | $10650 | $10497 |
| **7/31/2016** | $10764 | $10919 | $10564 |
| **8/31/2016** | $10976 | $11162 | $10552 |
| **9/30/2016** | $11043 | $11234 | $10545 |
| **10/31/2016** | $11066 | $11270 | $10465 |
| **11/30/2016** | $11075 | $11225 | $10217 |
| **12/31/2016** | $11276 | $11446 | $10232 |
| **1/31/2017** | $11448 | $11599 | $10252 |
| **2/28/2017** | $11621 | $11780 | $10321 |
| **3/31/2017** | $11586 | $11756 | $10315 |
| **4/30/2017** | $11715 | $11888 | $10395 |
| **5/31/2017** | $11799 | $11994 | $10475 |
| **6/30/2017** | $11790 | $12007 | $10464 |
| **7/31/2017** | $11950 | $12146 | $10509 |
| **8/31/2017** | $11941 | $12143 | $10603 |
| **9/30/2017** | $12085 | $12252 | $10553 |
| **10/31/2017** | $12138 | $12299 | $10559 |
| **11/30/2017** | $12143 | $12267 | $10546 |
| **12/31/2017** | $12197 | $12302 | $10594 |
| **1/31/2018** | $12267 | $12381 | $10472 |
| **2/28/2018** | $12132 | $12266 | $10373 |
| **3/31/2018** | $12044 | $12190 | $10439 |
| **4/30/2018** | $12067 | $12271 | $10362 |
| **5/31/2018** | $12026 | $12269 | $10435 |
| **6/30/2018** | $12032 | $12312 | $10423 |
| **7/31/2018** | $12135 | $12449 | $10425 |
| **8/31/2018** | $12274 | $12539 | $10492 |
| **9/30/2018** | $12328 | $12612 | $10425 |
| **10/31/2018** | $12024 | $12406 | $10342 |
| **11/30/2018** | $11867 | $12293 | $10404 |
| **12/31/2018** | $11528 | $12024 | $10595 |
| **1/31/2019** | $12084 | $12576 | $10708 |
| **2/28/2019** | $12274 | $12788 | $10701 |
| **3/31/2019** | $12379 | $12913 | $10907 |
| **4/30/2019** | $12603 | $13094 | $10910 |
| **5/31/2019** | $12473 | $12928 | $11103 |
| **6/30/2019** | $12836 | $13244 | $11243 |
| **7/31/2019** | $12925 | $13312 | $11268 |
| **8/31/2019** | $12859 | $13364 | $11560 |
| **9/30/2019** | $12863 | $13406 | $11498 |
| **10/31/2019** | $12867 | $13438 | $11533 |
| **11/30/2019** | $12938 | $13475 | $11527 |
| **12/31/2019** | $13220 | $13756 | $11519 |
| **1/31/2020** | $13206 | $13757 | $11740 |
| **2/29/2020** | $12998 | $13543 | $11952 |
| **3/31/2020** | $11006 | $11950 | $11881 |
| **4/30/2020** | $11472 | $12404 | $12093 |
| **5/31/2020** | $12081 | $12967 | $12149 |
| **6/30/2020** | $12190 | $13090 | $12225 |
| **7/31/2020** | $12802 | $13711 | $12408 |
| **8/31/2020** | $13036 | $13848 | $12308 |
| **9/30/2020** | $12871 | $13705 | $12301 |
| **10/31/2020** | $12955 | $13766 | $12246 |
| **11/30/2020** | $13520 | $14318 | $12366 |
| **12/31/2020** | $13773 | $14591 | $12383 |
| **1/31/2021** | $13861 | $14648 | $12295 |
| **2/28/2021** | $14024 | $14698 | $12117 |
| **3/31/2021** | $14000 | $14724 | $11966 |
| **4/30/2021** | $14165 | $14885 | $12060 |
| **5/31/2021** | $14219 | $14928 | $12100 |
| **6/30/2021** | $14423 | $15132 | $12185 |
| **7/31/2021** | $14438 | $15185 | $12321 |
| **8/31/2021** | $14509 | $15269 | $12297 |
| **9/30/2021** | $14504 | $15275 | $12191 |
| **10/31/2021** | $14558 | $15246 | $12188 |
| **11/30/2021** | $14368 | $15088 | $12224 |
| **12/31/2021** | $14576 | $15372 | $12192 |
| **1/31/2022** | $14148 | $14950 | $11930 |
| **2/28/2022** | $13934 | $14816 | $11797 |
| **3/31/2022** | $13779 | $14681 | $11469 |
| **4/30/2022** | $13290 | $14148 | $11034 |
| **5/31/2022** | $13251 | $14181 | $11105 |
| **6/30/2022** | $12283 | $13215 | $10931 |
| **7/31/2022** | $12937 | $14011 | $11198 |
| **8/31/2022** | $12638 | $13678 | $10881 |
| **9/30/2022** | $12114 | $13130 | $10411 |
| **10/31/2022** | $12431 | $13505 | $10276 |
| **11/30/2022** | $12673 | $13758 | $10654 |
| **12/31/2022** | $12529 | $13656 | $10606 |
| **1/31/2023** | $12935 | $14190 | $10932 |
| **2/28/2023** | $12712 | $14009 | $10650 |
| **3/31/2023** | $12876 | $14165 | $10920 |
| **4/30/2023** | $12983 | $14304 | $10987 |
| **5/31/2023** | $12821 | $14169 | $10867 |
| **6/30/2023** | $13014 | $14401 | $10828 |
| **7/31/2023** | $13167 | $14607 | $10821 |
| **8/31/2023** | $13111 | $14651 | $10751 |
| **9/30/2023** | $12949 | $14480 | $10478 |
| **10/31/2023** | $12743 | $14300 | $10313 |
| **11/30/2023** | $13331 | $14953 | $10780 |
| **12/31/2023** | $13817 | $15506 | $11193 |
| **1/31/2024** | $13850 | $15510 | $11162 |
| **2/29/2024** | $13887 | $15556 | $11004 |
| **3/31/2024** | $14067 | $15743 | $11106 |
| **4/30/2024** | $13907 | $15586 | $10825 |
| **5/31/2024** | $14101 | $15765 | $11009 |
| **6/30/2024** | $14228 | $15918 | $11113 |
| **7/31/2024** | $14467 | $16231 | $11373 |
| **8/31/2024** | $14664 | $16490 | $11536 |
| **9/30/2024** | $14907 | $16760 | $11690 |
| **10/31/2024** | $14832 | $16669 | $11401 |
| **11/30/2024** | $15009 | $16861 | $11521 |
| **12/31/2024** | $14932 | $16789 | $11332 |
| **1/31/2025** | $15106 | $17022 | $11393 |
| **2/28/2025** | $15162 | $17134 | $11643 |
| **3/31/2025** | $14967 | $16951 | $11648 |
| **4/30/2025** | $14819 | $16953 | $11693 |
| **5/31/2025** | $15095 | $17238 | $11610 |
| **6/30/2025** | $15374 | $17560 | $11788 |
| **7/31/2025** | $15437 | $17631 | $11757 |
| **8/31/2025** | $15648 | $17847 | $11898 |
| **9/30/2025** | $15788 | $17985 | $12028 |
| **10/31/2025** | $15780 | $18021 | $12103 |
| **11/30/2025** | $15872 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.75% | 3.26% | 4.73% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LHYRX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2054-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LHYSX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $100 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.00%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9425fe3af76a5ad96f64b60d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9753 | $9742 | $9968 |
| **1/31/2016** | $9548 | $9588 | $10105 |
| **2/29/2016** | $9583 | $9633 | $10177 |
| **3/31/2016** | $9949 | $10058 | $10270 |
| **4/30/2016** | $10289 | $10460 | $10309 |
| **5/31/2016** | $10371 | $10536 | $10312 |
| **6/30/2016** | $10482 | $10650 | $10497 |
| **7/31/2016** | $10784 | $10919 | $10564 |
| **8/31/2016** | $11000 | $11162 | $10552 |
| **9/30/2016** | $11069 | $11234 | $10545 |
| **10/31/2016** | $11094 | $11270 | $10465 |
| **11/30/2016** | $11091 | $11225 | $10217 |
| **12/31/2016** | $11296 | $11446 | $10232 |
| **1/31/2017** | $11486 | $11599 | $10252 |
| **2/28/2017** | $11648 | $11780 | $10321 |
| **3/31/2017** | $11614 | $11756 | $10315 |
| **4/30/2017** | $11761 | $11888 | $10395 |
| **5/31/2017** | $11833 | $11994 | $10475 |
| **6/30/2017** | $11842 | $12007 | $10464 |
| **7/31/2017** | $11990 | $12146 | $10509 |
| **8/31/2017** | $11999 | $12143 | $10603 |
| **9/30/2017** | $12131 | $12252 | $10553 |
| **10/31/2017** | $12202 | $12299 | $10559 |
| **11/30/2017** | $12210 | $12267 | $10546 |
| **12/31/2017** | $12251 | $12302 | $10594 |
| **1/31/2018** | $12324 | $12381 | $10472 |
| **2/28/2018** | $12189 | $12266 | $10373 |
| **3/31/2018** | $12119 | $12190 | $10439 |
| **4/30/2018** | $12127 | $12271 | $10362 |
| **5/31/2018** | $12104 | $12269 | $10435 |
| **6/30/2018** | $12113 | $12312 | $10423 |
| **7/31/2018** | $12220 | $12449 | $10425 |
| **8/31/2018** | $12345 | $12539 | $10492 |
| **9/30/2018** | $12403 | $12612 | $10425 |
| **10/31/2018** | $12114 | $12406 | $10342 |
| **11/30/2018** | $11940 | $12293 | $10404 |
| **12/31/2018** | $11615 | $12024 | $10595 |
| **1/31/2019** | $12164 | $12576 | $10708 |
| **2/28/2019** | $12376 | $12788 | $10701 |
| **3/31/2019** | $12485 | $12913 | $10907 |
| **4/30/2019** | $12697 | $13094 | $10910 |
| **5/31/2019** | $12584 | $12928 | $11103 |
| **6/30/2019** | $12955 | $13244 | $11243 |
| **7/31/2019** | $13031 | $13312 | $11268 |
| **8/31/2019** | $12984 | $13364 | $11560 |
| **9/30/2019** | $12990 | $13406 | $11498 |
| **10/31/2019** | $12996 | $13438 | $11533 |
| **11/30/2019** | $13071 | $13475 | $11527 |
| **12/31/2019** | $13342 | $13756 | $11519 |
| **1/31/2020** | $13349 | $13757 | $11740 |
| **2/29/2020** | $13139 | $13543 | $11952 |
| **3/31/2020** | $11116 | $11950 | $11881 |
| **4/30/2020** | $11592 | $12404 | $12093 |
| **5/31/2020** | $12214 | $12967 | $12149 |
| **6/30/2020** | $12327 | $13090 | $12225 |
| **7/31/2020** | $12934 | $13711 | $12408 |
| **8/31/2020** | $13192 | $13848 | $12308 |
| **9/30/2020** | $13026 | $13705 | $12301 |
| **10/31/2020** | $13115 | $13766 | $12246 |
| **11/30/2020** | $13674 | $14318 | $12366 |
| **12/31/2020** | $13953 | $14591 | $12383 |
| **1/31/2021** | $14045 | $14648 | $12295 |
| **2/28/2021** | $14213 | $14698 | $12117 |
| **3/31/2021** | $14192 | $14724 | $11966 |
| **4/30/2021** | $14363 | $14885 | $12060 |
| **5/31/2021** | $14420 | $14928 | $12100 |
| **6/30/2021** | $14631 | $15132 | $12185 |
| **7/31/2021** | $14630 | $15185 | $12321 |
| **8/31/2021** | $14725 | $15269 | $12297 |
| **9/30/2021** | $14722 | $15275 | $12191 |
| **10/31/2021** | $14780 | $15246 | $12188 |
| **11/30/2021** | $14589 | $15088 | $12224 |
| **12/31/2021** | $14804 | $15372 | $12192 |
| **1/31/2022** | $14370 | $14950 | $11930 |
| **2/28/2022** | $14154 | $14816 | $11797 |
| **3/31/2022** | $13998 | $14681 | $11469 |
| **4/30/2022** | $13501 | $14148 | $11034 |
| **5/31/2022** | $13463 | $14181 | $11105 |
| **6/30/2022** | $12496 | $13215 | $10931 |
| **7/31/2022** | $13167 | $14011 | $11198 |
| **8/31/2022** | $12864 | $13678 | $10881 |
| **9/30/2022** | $12310 | $13130 | $10411 |
| **10/31/2022** | $12637 | $13505 | $10276 |
| **11/30/2022** | $12887 | $13758 | $10654 |
| **12/31/2022** | $12763 | $13656 | $10606 |
| **1/31/2023** | $13160 | $14190 | $10932 |
| **2/28/2023** | $12933 | $14009 | $10650 |
| **3/31/2023** | $13104 | $14165 | $10920 |
| **4/30/2023** | $13216 | $14304 | $10987 |
| **5/31/2023** | $13052 | $14169 | $10867 |
| **6/30/2023** | $13252 | $14401 | $10828 |
| **7/31/2023** | $13411 | $14607 | $10821 |
| **8/31/2023** | $13378 | $14651 | $10751 |
| **9/30/2023** | $13192 | $14480 | $10478 |
| **10/31/2023** | $13005 | $14300 | $10313 |
| **11/30/2023** | $13589 | $14953 | $10780 |
| **12/31/2023** | $14090 | $15506 | $11193 |
| **1/31/2024** | $14126 | $15510 | $11162 |
| **2/29/2024** | $14167 | $15556 | $11004 |
| **3/31/2024** | $14354 | $15743 | $11106 |
| **4/30/2024** | $14215 | $15586 | $10825 |
| **5/31/2024** | $14417 | $15765 | $11009 |
| **6/30/2024** | $14526 | $15918 | $11113 |
| **7/31/2024** | $14775 | $16231 | $11373 |
| **8/31/2024** | $14980 | $16490 | $11536 |
| **9/30/2024** | $15232 | $16760 | $11690 |
| **10/31/2024** | $15157 | $16669 | $11401 |
| **11/30/2024** | $15343 | $16861 | $11521 |
| **12/31/2024** | $15265 | $16789 | $11332 |
| **1/31/2025** | $15448 | $17022 | $11393 |
| **2/28/2025** | $15531 | $17134 | $11643 |
| **3/31/2025** | $15310 | $16951 | $11648 |
| **4/30/2025** | $15159 | $16953 | $11693 |
| **5/31/2025** | $15446 | $17238 | $11610 |
| **6/30/2025** | $15737 | $17560 | $11788 |
| **7/31/2025** | $15829 | $17631 | $11757 |
| **8/31/2025** | $16025 | $17847 | $11898 |
| **9/30/2025** | $16171 | $17985 | $12028 |
| **10/31/2025** | $16166 | $18021 | $12103 |
| **11/30/2025** | $16263 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 6.00% | 3.53% | 4.98% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LHYSX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8706-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LHYTX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $75 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.27%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic417383288dab4f19cc5e453.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9757 | $9742 | $9968 |
| **1/31/2016** | $9554 | $9588 | $10105 |
| **2/29/2016** | $9592 | $9633 | $10177 |
| **3/31/2016** | $9958 | $10058 | $10270 |
| **4/30/2016** | $10285 | $10460 | $10309 |
| **5/31/2016** | $10384 | $10536 | $10312 |
| **6/30/2016** | $10497 | $10650 | $10497 |
| **7/31/2016** | $10800 | $10919 | $10564 |
| **8/31/2016** | $11018 | $11162 | $10552 |
| **9/30/2016** | $11090 | $11234 | $10545 |
| **10/31/2016** | $11117 | $11270 | $10465 |
| **11/30/2016** | $11116 | $11225 | $10217 |
| **12/31/2016** | $11324 | $11446 | $10232 |
| **1/31/2017** | $11516 | $11599 | $10252 |
| **2/28/2017** | $11680 | $11780 | $10321 |
| **3/31/2017** | $11649 | $11756 | $10315 |
| **4/30/2017** | $11799 | $11888 | $10395 |
| **5/31/2017** | $11873 | $11994 | $10475 |
| **6/30/2017** | $11885 | $12007 | $10464 |
| **7/31/2017** | $12051 | $12146 | $10509 |
| **8/31/2017** | $12047 | $12143 | $10603 |
| **9/30/2017** | $12182 | $12252 | $10553 |
| **10/31/2017** | $12256 | $12299 | $10559 |
| **11/30/2017** | $12266 | $12267 | $10546 |
| **12/31/2017** | $12326 | $12302 | $10594 |
| **1/31/2018** | $12386 | $12381 | $10472 |
| **2/28/2018** | $12253 | $12266 | $10373 |
| **3/31/2018** | $12186 | $12190 | $10439 |
| **4/30/2018** | $12197 | $12271 | $10362 |
| **5/31/2018** | $12177 | $12269 | $10435 |
| **6/30/2018** | $12188 | $12312 | $10423 |
| **7/31/2018** | $12298 | $12449 | $10425 |
| **8/31/2018** | $12444 | $12539 | $10492 |
| **9/30/2018** | $12488 | $12612 | $10425 |
| **10/31/2018** | $12200 | $12406 | $10342 |
| **11/30/2018** | $12029 | $12293 | $10404 |
| **12/31/2018** | $11706 | $12024 | $10595 |
| **1/31/2019** | $12259 | $12576 | $10708 |
| **2/28/2019** | $12474 | $12788 | $10701 |
| **3/31/2019** | $12587 | $12913 | $10907 |
| **4/30/2019** | $12820 | $13094 | $10910 |
| **5/31/2019** | $12692 | $12928 | $11103 |
| **6/30/2019** | $13068 | $13244 | $11243 |
| **7/31/2019** | $13164 | $13312 | $11268 |
| **8/31/2019** | $13102 | $13364 | $11560 |
| **9/30/2019** | $13111 | $13406 | $11498 |
| **10/31/2019** | $13121 | $13438 | $11533 |
| **11/30/2019** | $13199 | $13475 | $11527 |
| **12/31/2019** | $13492 | $13756 | $11519 |
| **1/31/2020** | $13484 | $13757 | $11740 |
| **2/29/2020** | $13276 | $13543 | $11952 |
| **3/31/2020** | $11244 | $11950 | $11881 |
| **4/30/2020** | $11725 | $12404 | $12093 |
| **5/31/2020** | $12354 | $12967 | $12149 |
| **6/30/2020** | $12471 | $13090 | $12225 |
| **7/31/2020** | $13085 | $13711 | $12408 |
| **8/31/2020** | $13348 | $13848 | $12308 |
| **9/30/2020** | $13184 | $13705 | $12301 |
| **10/31/2020** | $13276 | $13766 | $12246 |
| **11/30/2020** | $13843 | $14318 | $12366 |
| **12/31/2020** | $14127 | $14591 | $12383 |
| **1/31/2021** | $14223 | $14648 | $12295 |
| **2/28/2021** | $14396 | $14698 | $12117 |
| **3/31/2021** | $14378 | $14724 | $11966 |
| **4/30/2021** | $14553 | $14885 | $12060 |
| **5/31/2021** | $14614 | $14928 | $12100 |
| **6/30/2021** | $14831 | $15132 | $12185 |
| **7/31/2021** | $14853 | $15185 | $12321 |
| **8/31/2021** | $14932 | $15269 | $12297 |
| **9/30/2021** | $14933 | $15275 | $12191 |
| **10/31/2021** | $14994 | $15246 | $12188 |
| **11/30/2021** | $14805 | $15088 | $12224 |
| **12/31/2021** | $15025 | $15372 | $12192 |
| **1/31/2022** | $14589 | $14950 | $11930 |
| **2/28/2022** | $14374 | $14816 | $11797 |
| **3/31/2022** | $14220 | $14681 | $11469 |
| **4/30/2022** | $13700 | $14148 | $11034 |
| **5/31/2022** | $13685 | $14181 | $11105 |
| **6/30/2022** | $12689 | $13215 | $10931 |
| **7/31/2022** | $13372 | $14011 | $11198 |
| **8/31/2022** | $13067 | $13678 | $10881 |
| **9/30/2022** | $12531 | $13130 | $10411 |
| **10/31/2022** | $12865 | $13505 | $10276 |
| **11/30/2022** | $13099 | $13758 | $10654 |
| **12/31/2022** | $12976 | $13656 | $10606 |
| **1/31/2023** | $13403 | $14190 | $10932 |
| **2/28/2023** | $13176 | $14009 | $10650 |
| **3/31/2023** | $13331 | $14165 | $10920 |
| **4/30/2023** | $13448 | $14304 | $10987 |
| **5/31/2023** | $13307 | $14169 | $10867 |
| **6/30/2023** | $13491 | $14401 | $10828 |
| **7/31/2023** | $13677 | $14607 | $10821 |
| **8/31/2023** | $13625 | $14651 | $10751 |
| **9/30/2023** | $13439 | $14480 | $10478 |
| **10/31/2023** | $13252 | $14300 | $10313 |
| **11/30/2023** | $13870 | $14953 | $10780 |
| **12/31/2023** | $14361 | $15506 | $11193 |
| **1/31/2024** | $14423 | $15510 | $11162 |
| **2/29/2024** | $14468 | $15556 | $11004 |
| **3/31/2024** | $14639 | $15743 | $11106 |
| **4/30/2024** | $14500 | $15586 | $10825 |
| **5/31/2024** | $14709 | $15765 | $11009 |
| **6/30/2024** | $14847 | $15918 | $11113 |
| **7/31/2024** | $15103 | $16231 | $11373 |
| **8/31/2024** | $15315 | $16490 | $11536 |
| **9/30/2024** | $15575 | $16760 | $11690 |
| **10/31/2024** | $15503 | $16669 | $11401 |
| **11/30/2024** | $15695 | $16861 | $11521 |
| **12/31/2024** | $15620 | $16789 | $11332 |
| **1/31/2025** | $15785 | $17022 | $11393 |
| **2/28/2025** | $15874 | $17134 | $11643 |
| **3/31/2025** | $15677 | $16951 | $11648 |
| **4/30/2025** | $15527 | $16953 | $11693 |
| **5/31/2025** | $15823 | $17238 | $11610 |
| **6/30/2025** | $16123 | $17560 | $11788 |
| **7/31/2025** | $16195 | $17631 | $11757 |
| **8/31/2025** | $16424 | $17847 | $11898 |
| **9/30/2025** | $16552 | $17985 | $12028 |
| **10/31/2025** | $16577 | $18021 | $12103 |
| **11/30/2025** | $16679 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 6.27% | 3.80% | 5.25% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LHYTX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8738-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LHYVX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $64 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.38%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 7.42% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US High Yield Constrained Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period.The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top detractors from performance:** An overweight to CCC-rated bonds and underweight to BB-rated bonds detracted from relative performance. Credit selection within the Healthcare and Real Estate sectors detracted from relative performance. Duration positioning was a detractor from relative performance.

**Top contributors to performance:** Credit selection within CCC-rated bonds was a contributor to relative performance. Security selection within the Capital Goods and Telecommunications sectors contributed to relative performance. An allocation to bank loans was a contributor to relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4319536574462204af86e0af.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA US High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9744 | $9742 | $9968 |
| **1/31/2016** | $9542 | $9588 | $10105 |
| **2/29/2016** | $9580 | $9633 | $10177 |
| **3/31/2016** | $9961 | $10058 | $10270 |
| **4/30/2016** | $10303 | $10460 | $10309 |
| **5/31/2016** | $10388 | $10536 | $10312 |
| **6/30/2016** | $10502 | $10650 | $10497 |
| **7/31/2016** | $10806 | $10919 | $10564 |
| **8/31/2016** | $11010 | $11162 | $10552 |
| **9/30/2016** | $11082 | $11234 | $10545 |
| **10/31/2016** | $11111 | $11270 | $10465 |
| **11/30/2016** | $11126 | $11225 | $10217 |
| **12/31/2016** | $11334 | $11446 | $10232 |
| **1/31/2017** | $11512 | $11599 | $10252 |
| **2/28/2017** | $11691 | $11780 | $10321 |
| **3/31/2017** | $11660 | $11756 | $10315 |
| **4/30/2017** | $11795 | $11888 | $10395 |
| **5/31/2017** | $11885 | $11994 | $10475 |
| **6/30/2017** | $11898 | $12007 | $10464 |
| **7/31/2017** | $12050 | $12146 | $10509 |
| **8/31/2017** | $12062 | $12143 | $10603 |
| **9/30/2017** | $12198 | $12252 | $10553 |
| **10/31/2017** | $12273 | $12299 | $10559 |
| **11/30/2017** | $12285 | $12267 | $10546 |
| **12/31/2017** | $12329 | $12302 | $10594 |
| **1/31/2018** | $12406 | $12381 | $10472 |
| **2/28/2018** | $12274 | $12266 | $10373 |
| **3/31/2018** | $12208 | $12190 | $10439 |
| **4/30/2018** | $12220 | $12271 | $10362 |
| **5/31/2018** | $12200 | $12269 | $10435 |
| **6/30/2018** | $12213 | $12312 | $10423 |
| **7/31/2018** | $12324 | $12449 | $10425 |
| **8/31/2018** | $12454 | $12539 | $10492 |
| **9/30/2018** | $12515 | $12612 | $10425 |
| **10/31/2018** | $12212 | $12406 | $10342 |
| **11/30/2018** | $12058 | $12293 | $10404 |
| **12/31/2018** | $11720 | $12024 | $10595 |
| **1/31/2019** | $12292 | $12576 | $10708 |
| **2/28/2019** | $12491 | $12788 | $10701 |
| **3/31/2019** | $12621 | $12913 | $10907 |
| **4/30/2019** | $12839 | $13094 | $10910 |
| **5/31/2019** | $12729 | $12928 | $11103 |
| **6/30/2019** | $13106 | $13244 | $11243 |
| **7/31/2019** | $13186 | $13312 | $11268 |
| **8/31/2019** | $13143 | $13364 | $11560 |
| **9/30/2019** | $13152 | $13406 | $11498 |
| **10/31/2019** | $13163 | $13438 | $11533 |
| **11/30/2019** | $13243 | $13475 | $11527 |
| **12/31/2019** | $13519 | $13756 | $11519 |
| **1/31/2020** | $13530 | $13757 | $11740 |
| **2/29/2020** | $13323 | $13543 | $11952 |
| **3/31/2020** | $11269 | $11950 | $11881 |
| **4/30/2020** | $11771 | $12404 | $12093 |
| **5/31/2020** | $12384 | $12967 | $12149 |
| **6/30/2020** | $12502 | $13090 | $12225 |
| **7/31/2020** | $13137 | $13711 | $12408 |
| **8/31/2020** | $13384 | $13848 | $12308 |
| **9/30/2020** | $13220 | $13705 | $12301 |
| **10/31/2020** | $13313 | $13766 | $12246 |
| **11/30/2020** | $13901 | $14318 | $12366 |
| **12/31/2020** | $14188 | $14591 | $12383 |
| **1/31/2021** | $14285 | $14648 | $12295 |
| **2/28/2021** | $14440 | $14698 | $12117 |
| **3/31/2021** | $14442 | $14724 | $11966 |
| **4/30/2021** | $14600 | $14885 | $12060 |
| **5/31/2021** | $14682 | $14928 | $12100 |
| **6/30/2021** | $14881 | $15132 | $12185 |
| **7/31/2021** | $14904 | $15185 | $12321 |
| **8/31/2021** | $14984 | $15269 | $12297 |
| **9/30/2021** | $15006 | $15275 | $12191 |
| **10/31/2021** | $15069 | $15246 | $12188 |
| **11/30/2021** | $14860 | $15088 | $12224 |
| **12/31/2021** | $15083 | $15372 | $12192 |
| **1/31/2022** | $14667 | $14950 | $11930 |
| **2/28/2022** | $14452 | $14816 | $11797 |
| **3/31/2022** | $14278 | $14681 | $11469 |
| **4/30/2022** | $13777 | $14148 | $11034 |
| **5/31/2022** | $13744 | $14181 | $11105 |
| **6/30/2022** | $12765 | $13215 | $10931 |
| **7/31/2022** | $13452 | $14011 | $11198 |
| **8/31/2022** | $13148 | $13678 | $10881 |
| **9/30/2022** | $12589 | $13130 | $10411 |
| **10/31/2022** | $12925 | $13505 | $10276 |
| **11/30/2022** | $13183 | $13758 | $10654 |
| **12/31/2022** | $13061 | $13656 | $10606 |
| **1/31/2023** | $13469 | $14190 | $10932 |
| **2/28/2023** | $13243 | $14009 | $10650 |
| **3/31/2023** | $13421 | $14165 | $10920 |
| **4/30/2023** | $13539 | $14304 | $10987 |
| **5/31/2023** | $13377 | $14169 | $10867 |
| **6/30/2023** | $13585 | $14401 | $10828 |
| **7/31/2023** | $13774 | $14607 | $10821 |
| **8/31/2023** | $13722 | $14651 | $10751 |
| **9/30/2023** | $13537 | $14480 | $10478 |
| **10/31/2023** | $13351 | $14300 | $10313 |
| **11/30/2023** | $13951 | $14953 | $10780 |
| **12/31/2023** | $14468 | $15506 | $11193 |
| **1/31/2024** | $14510 | $15510 | $11162 |
| **2/29/2024** | $14556 | $15556 | $11004 |
| **3/31/2024** | $14753 | $15743 | $11106 |
| **4/30/2024** | $14615 | $15586 | $10825 |
| **5/31/2024** | $14827 | $15765 | $11009 |
| **6/30/2024** | $14967 | $15918 | $11113 |
| **7/31/2024** | $15203 | $16231 | $11373 |
| **8/31/2024** | $15442 | $16490 | $11536 |
| **9/30/2024** | $15705 | $16760 | $11690 |
| **10/31/2024** | $15634 | $16669 | $11401 |
| **11/30/2024** | $15829 | $16861 | $11521 |
| **12/31/2024** | $15754 | $16789 | $11332 |
| **1/31/2025** | $15922 | $17022 | $11393 |
| **2/28/2025** | $16013 | $17134 | $11643 |
| **3/31/2025** | $15815 | $16951 | $11648 |
| **4/30/2025** | $15666 | $16953 | $11693 |
| **5/31/2025** | $15966 | $17238 | $11610 |
| **6/30/2025** | $16270 | $17560 | $11788 |
| **7/31/2025** | $16344 | $17631 | $11757 |
| **8/31/2025** | $16576 | $17847 | $11898 |
| **9/30/2025** | $16707 | $17985 | $12028 |
| **10/31/2025** | $16733 | $18021 | $12103 |
| **11/30/2025** | $16838 | $18113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 6.38% | 3.91% | 5.35% |
| ICE BofA US High Yield Constrained Index | 7.42% | 4.81% | 6.12% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3375810546 |
| # of Portfolio Holdings | 681 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid | $18702968 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.39% |
| Convertible Bonds | 0.03% |
| Corporate Bonds | 91.78% |
| Floating Rate Loans | 3.72% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.29% |
| Preferred Stocks | 0.18% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 0.46% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.83% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.32% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LHYVX

# Lord Abbett High Yield Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8770-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LAGVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $73 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.09%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd81c6aac6a46119c74d2748.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9783 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9640 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9533 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9535 | $10059 | $9921 | $10177 |
| **3/31/2016** | $9936 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10154 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10151 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10369 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10550 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10621 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10654 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10645 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10376 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10482 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10588 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10695 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10727 | $10618 | $10826 | $10315 |
| **4/30/2017** | $10797 | $10724 | $10949 | $10395 |
| **5/31/2017** | $10904 | $10839 | $11085 | $10475 |
| **6/30/2017** | $10935 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11043 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11076 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11109 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11142 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11137 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11209 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11164 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11044 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11042 | $10893 | $11179 | $10439 |
| **4/30/2018** | $10961 | $10793 | $11074 | $10362 |
| **5/31/2018** | $10999 | $10848 | $11121 | $10435 |
| **6/30/2018** | $10958 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11035 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11033 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11031 | $10893 | $11190 | $10425 |
| **10/31/2018** | $10908 | $10741 | $11011 | $10342 |
| **11/30/2018** | $10827 | $10733 | $10965 | $10404 |
| **12/31/2018** | $10907 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11149 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11230 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11474 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11554 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11634 | $11651 | $11980 | $11103 |
| **6/30/2019** | $11881 | $11914 | $12305 | $11243 |
| **7/31/2019** | $11961 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12207 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12162 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12199 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12236 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12316 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12565 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12645 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11195 | $12008 | $11987 | $11881 |
| **4/30/2020** | $11791 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12131 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12428 | $12995 | $13366 | $12225 |
| **7/31/2020** | $12854 | $13396 | $13819 | $12408 |
| **8/31/2020** | $12805 | $13226 | $13674 | $12308 |
| **9/30/2020** | $12798 | $13190 | $13634 | $12301 |
| **10/31/2020** | $12745 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13172 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13295 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13285 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13143 | $13163 | $13802 | $12117 |
| **3/31/2021** | $12956 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13123 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13201 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13412 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13580 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13569 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13467 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13455 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13486 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13468 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13178 | $12980 | $13658 | $11930 |
| **2/28/2022** | $12936 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12601 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12080 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12024 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11643 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12011 | $11910 | $12406 | $11198 |
| **8/31/2022** | $11680 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11063 | $10987 | $11431 | $10411 |
| **10/31/2022** | $10963 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11434 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11382 | $11365 | $11897 | $10606 |
| **1/31/2023** | $11856 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11516 | $11443 | $11993 | $10650 |
| **3/31/2023** | $11805 | $11757 | $12322 | $10920 |
| **4/30/2023** | $11901 | $11849 | $12415 | $10987 |
| **5/31/2023** | $11754 | $11684 | $12237 | $10867 |
| **6/30/2023** | $11753 | $11720 | $12310 | $10828 |
| **7/31/2023** | $11851 | $11756 | $12372 | $10821 |
| **8/31/2023** | $11753 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11458 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11262 | $11166 | $11757 | $10313 |
| **11/30/2023** | $11863 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12368 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12372 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12223 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12431 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12131 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12393 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12503 | $12238 | $13020 | $11113 |
| **7/31/2024** | $12768 | $12525 | $13329 | $11373 |
| **8/31/2024** | $12983 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13143 | $12937 | $13770 | $11690 |
| **10/31/2024** | $12887 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13049 | $12785 | $13663 | $11521 |
| **12/31/2024** | $12792 | $12544 | $13414 | $11332 |
| **1/31/2025** | $12907 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13180 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13080 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13034 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13040 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13318 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13324 | $13081 | $13995 | $11757 |
| **8/31/2025** | $13494 | $13219 | $14143 | $11898 |
| **9/30/2025** | $13666 | $13409 | $14357 | $12028 |
| **10/31/2025** | $13783 | $13469 | $14401 | $12103 |
| **11/30/2025** | $13844 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 6.09% | 1.00% | 3.53% |
| Class A with sales charge | 3.57% | 0.54% | 3.31% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LAGVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-12-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LAUSX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $141 | 1.37% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.39%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib0537f0cc374a2510d142593.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9849 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9772 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9732 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10172 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10351 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10342 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10559 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10737 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10842 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10831 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10817 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10577 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10641 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10743 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10885 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10873 | $10618 | $10826 | $10315 |
| **4/30/2017** | $10976 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11079 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11066 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11170 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11236 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11225 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11252 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11241 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11308 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11297 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11131 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11124 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11077 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11070 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11023 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11095 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11127 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11120 | $10893 | $11190 | $10425 |
| **10/31/2018** | $10951 | $10741 | $11011 | $10342 |
| **11/30/2018** | $10904 | $10733 | $10965 | $10404 |
| **12/31/2018** | $10979 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11215 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11250 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11488 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11562 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11678 | $11651 | $11980 | $11103 |
| **6/30/2019** | $11917 | $11914 | $12305 | $11243 |
| **7/31/2019** | $11991 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12188 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12138 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12210 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12241 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12272 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12555 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12586 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11142 | $12008 | $11987 | $11881 |
| **4/30/2020** | $11728 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12101 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12346 | $12995 | $13366 | $12225 |
| **7/31/2020** | $12761 | $13396 | $13819 | $12408 |
| **8/31/2020** | $12748 | $13226 | $13674 | $12308 |
| **9/30/2020** | $12692 | $13190 | $13634 | $12301 |
| **10/31/2020** | $12676 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13049 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13206 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13146 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13000 | $13163 | $13802 | $12117 |
| **3/31/2021** | $12809 | $12954 | $13589 | $11966 |
| **4/30/2021** | $12966 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13037 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13238 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13396 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13378 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13271 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13296 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13276 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13296 | $13411 | $14146 | $12192 |
| **1/31/2022** | $12960 | $12980 | $13658 | $11930 |
| **2/28/2022** | $12716 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12382 | $12415 | $13023 | $11469 |
| **4/30/2022** | $11867 | $11765 | $12293 | $11034 |
| **5/31/2022** | $11805 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11427 | $11559 | $12008 | $10931 |
| **7/31/2022** | $11781 | $11910 | $12406 | $11198 |
| **8/31/2022** | $11451 | $11573 | $12056 | $10881 |
| **9/30/2022** | $10843 | $10987 | $11431 | $10411 |
| **10/31/2022** | $10741 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11194 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11138 | $11365 | $11897 | $10606 |
| **1/31/2023** | $11595 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11258 | $11443 | $11993 | $10650 |
| **3/31/2023** | $11533 | $11757 | $12322 | $10920 |
| **4/30/2023** | $11621 | $11849 | $12415 | $10987 |
| **5/31/2023** | $11472 | $11684 | $12237 | $10867 |
| **6/30/2023** | $11466 | $11720 | $12310 | $10828 |
| **7/31/2023** | $11555 | $11756 | $12372 | $10821 |
| **8/31/2023** | $11454 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11163 | $11368 | $11977 | $10478 |
| **10/31/2023** | $10919 | $11166 | $11757 | $10313 |
| **11/30/2023** | $11544 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12028 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12025 | $12272 | $13023 | $11162 |
| **2/29/2024** | $11875 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12071 | $12244 | $13010 | $11106 |
| **4/30/2024** | $11775 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12022 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12123 | $12238 | $13020 | $11113 |
| **7/31/2024** | $12372 | $12525 | $13329 | $11373 |
| **8/31/2024** | $12573 | $12720 | $13536 | $11536 |
| **9/30/2024** | $12722 | $12937 | $13770 | $11690 |
| **10/31/2024** | $12468 | $12625 | $13465 | $11401 |
| **11/30/2024** | $12619 | $12785 | $13663 | $11521 |
| **12/31/2024** | $12364 | $12544 | $13414 | $11332 |
| **1/31/2025** | $12469 | $12614 | $13492 | $11393 |
| **2/28/2025** | $12726 | $12871 | $13762 | $11643 |
| **3/31/2025** | $12623 | $12840 | $13711 | $11648 |
| **4/30/2025** | $12571 | $12848 | $13681 | $11693 |
| **5/31/2025** | $12571 | $12839 | $13718 | $11610 |
| **6/30/2025** | $12830 | $13074 | $13979 | $11788 |
| **7/31/2025** | $12829 | $13081 | $13995 | $11757 |
| **8/31/2025** | $12985 | $13219 | $14143 | $11898 |
| **9/30/2025** | $13142 | $13409 | $14357 | $12028 |
| **10/31/2025** | $13248 | $13469 | $14401 | $12103 |
| **11/30/2025** | $13299 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.39% | 0.38% | 2.89% |
| Class C with sales charge | 4.39% | 0.38% | 2.89% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LAUSX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-665-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LAUFX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.63%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia3ed80e692fcdae71fef6e85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9854 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9746 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9748 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10159 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10383 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10380 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10604 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10791 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10864 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10898 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10891 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10616 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10725 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10835 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10945 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10978 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11050 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11160 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11193 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11305 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11339 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11374 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11409 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11404 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11479 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11435 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11312 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11311 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11229 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11269 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11228 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11308 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11307 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11306 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11181 | $10741 | $11011 | $10342 |
| **11/30/2018** | $11139 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11181 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11430 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11514 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11765 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11848 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11931 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12184 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12267 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12521 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12476 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12558 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12597 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12637 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12894 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12976 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11489 | $12008 | $11987 | $11881 |
| **4/30/2020** | $12102 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12452 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12758 | $12995 | $13366 | $12225 |
| **7/31/2020** | $13196 | $13396 | $13819 | $12408 |
| **8/31/2020** | $13147 | $13226 | $13674 | $12308 |
| **9/30/2020** | $13141 | $13190 | $13634 | $12301 |
| **10/31/2020** | $13087 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13527 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13654 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13646 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13500 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13310 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13482 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13563 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13781 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13955 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13945 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13841 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13830 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13863 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13893 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13549 | $12980 | $13658 | $11930 |
| **2/28/2022** | $13300 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12958 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12423 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12366 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11975 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12355 | $11910 | $12406 | $11198 |
| **8/31/2022** | $12015 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11381 | $10987 | $11431 | $10411 |
| **10/31/2022** | $11280 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11765 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11713 | $11365 | $11897 | $10606 |
| **1/31/2023** | $12202 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11853 | $11443 | $11993 | $10650 |
| **3/31/2023** | $12150 | $11757 | $12322 | $10920 |
| **4/30/2023** | $12250 | $11849 | $12415 | $10987 |
| **5/31/2023** | $12100 | $11684 | $12237 | $10867 |
| **6/30/2023** | $12100 | $11720 | $12310 | $10828 |
| **7/31/2023** | $12202 | $11756 | $12372 | $10821 |
| **8/31/2023** | $12102 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11799 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11547 | $11166 | $11757 | $10313 |
| **11/30/2023** | $12167 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12688 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12693 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12592 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12756 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12500 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12718 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12833 | $12238 | $13020 | $11113 |
| **7/31/2024** | $13160 | $12525 | $13329 | $11373 |
| **8/31/2024** | $13329 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13549 | $12937 | $13770 | $11690 |
| **10/31/2024** | $13232 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13400 | $12785 | $13663 | $11521 |
| **12/31/2024** | $13191 | $12544 | $13414 | $11332 |
| **1/31/2025** | $13255 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13538 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13491 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13389 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13452 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13739 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13747 | $13081 | $13995 | $11757 |
| **8/31/2025** | $13924 | $13219 | $14143 | $11898 |
| **9/30/2025** | $14102 | $13409 | $14357 | $12028 |
| **10/31/2025** | $14167 | $13469 | $14401 | $12103 |
| **11/30/2025** | $14288 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 6.63% | 1.10% | 3.63% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LAUFX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1013-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LOGVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.38%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id4cb4541195c029c0585ad85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10099 | $10073 | $10086 | $10051 |
| **5/31/2017** | $10166 | $10182 | $10211 | $10128 |
| **6/30/2017** | $10198 | $10208 | $10244 | $10118 |
| **7/31/2017** | $10266 | $10283 | $10329 | $10162 |
| **8/31/2017** | $10335 | $10369 | $10396 | $10253 |
| **9/30/2017** | $10333 | $10346 | $10394 | $10204 |
| **10/31/2017** | $10402 | $10381 | $10442 | $10210 |
| **11/30/2017** | $10399 | $10372 | $10423 | $10197 |
| **12/31/2017** | $10469 | $10454 | $10524 | $10244 |
| **1/31/2018** | $10430 | $10357 | $10454 | $10126 |
| **2/28/2018** | $10320 | $10200 | $10281 | $10030 |
| **3/31/2018** | $10320 | $10232 | $10298 | $10094 |
| **4/30/2018** | $10247 | $10138 | $10201 | $10019 |
| **5/31/2018** | $10285 | $10190 | $10244 | $10091 |
| **6/30/2018** | $10249 | $10142 | $10177 | $10078 |
| **7/31/2018** | $10287 | $10215 | $10282 | $10080 |
| **8/31/2018** | $10325 | $10267 | $10326 | $10145 |
| **9/30/2018** | $10325 | $10232 | $10308 | $10080 |
| **10/31/2018** | $10213 | $10089 | $10143 | $10000 |
| **11/30/2018** | $10138 | $10082 | $10101 | $10060 |
| **12/31/2018** | $10216 | $10234 | $10224 | $10245 |
| **1/31/2019** | $10446 | $10455 | $10487 | $10354 |
| **2/28/2019** | $10524 | $10477 | $10525 | $10348 |
| **3/31/2019** | $10755 | $10732 | $10809 | $10546 |
| **4/30/2019** | $10832 | $10785 | $10906 | $10549 |
| **5/31/2019** | $10910 | $10944 | $11036 | $10736 |
| **6/30/2019** | $11143 | $11191 | $11335 | $10871 |
| **7/31/2019** | $11221 | $11249 | $11409 | $10895 |
| **8/31/2019** | $11454 | $11600 | $11746 | $11177 |
| **9/30/2019** | $11415 | $11524 | $11689 | $11118 |
| **10/31/2019** | $11452 | $11590 | $11771 | $11151 |
| **11/30/2019** | $11490 | $11612 | $11815 | $11146 |
| **12/31/2019** | $11567 | $11645 | $11886 | $11138 |
| **1/31/2020** | $11804 | $11918 | $12157 | $11352 |
| **2/29/2020** | $11881 | $12080 | $12280 | $11557 |
| **3/31/2020** | $10521 | $11279 | $11042 | $11489 |
| **4/30/2020** | $11085 | $11796 | $11749 | $11693 |
| **5/31/2020** | $11407 | $11987 | $12008 | $11747 |
| **6/30/2020** | $11689 | $12206 | $12313 | $11821 |
| **7/31/2020** | $12092 | $12583 | $12730 | $11998 |
| **8/31/2020** | $12049 | $12423 | $12596 | $11901 |
| **9/30/2020** | $12045 | $12389 | $12559 | $11894 |
| **10/31/2020** | $11998 | $12362 | $12561 | $11841 |
| **11/30/2020** | $12403 | $12677 | $12969 | $11958 |
| **12/31/2020** | $12521 | $12734 | $13060 | $11974 |
| **1/31/2021** | $12515 | $12583 | $12916 | $11888 |
| **2/28/2021** | $12384 | $12365 | $12714 | $11716 |
| **3/31/2021** | $12210 | $12168 | $12517 | $11570 |
| **4/30/2021** | $12370 | $12297 | $12655 | $11662 |
| **5/31/2021** | $12447 | $12386 | $12764 | $11700 |
| **6/30/2021** | $12649 | $12572 | $12987 | $11782 |
| **7/31/2021** | $12810 | $12735 | $13170 | $11914 |
| **8/31/2021** | $12803 | $12705 | $13131 | $11891 |
| **9/30/2021** | $12710 | $12569 | $13001 | $11788 |
| **10/31/2021** | $12701 | $12596 | $13031 | $11785 |
| **11/30/2021** | $12733 | $12607 | $13027 | $11820 |
| **12/31/2021** | $12719 | $12597 | $13031 | $11789 |
| **1/31/2022** | $12449 | $12193 | $12581 | $11535 |
| **2/28/2022** | $12222 | $11963 | $12317 | $11407 |
| **3/31/2022** | $11909 | $11662 | $11997 | $11090 |
| **4/30/2022** | $11420 | $11051 | $11324 | $10669 |
| **5/31/2022** | $11369 | $11149 | $11417 | $10738 |
| **6/30/2022** | $11011 | $10858 | $11061 | $10569 |
| **7/31/2022** | $11363 | $11187 | $11428 | $10828 |
| **8/31/2022** | $11052 | $10871 | $11105 | $10522 |
| **9/30/2022** | $10471 | $10320 | $10530 | $10067 |
| **10/31/2022** | $10379 | $10214 | $10451 | $9937 |
| **11/30/2022** | $10826 | $10721 | $11001 | $10302 |
| **12/31/2022** | $10781 | $10675 | $10959 | $10256 |
| **1/31/2023** | $11232 | $11082 | $11419 | $10571 |
| **2/28/2023** | $10912 | $10749 | $11047 | $10298 |
| **3/31/2023** | $11188 | $11043 | $11350 | $10559 |
| **4/30/2023** | $11281 | $11130 | $11436 | $10623 |
| **5/31/2023** | $11145 | $10975 | $11272 | $10508 |
| **6/30/2023** | $11146 | $11009 | $11339 | $10470 |
| **7/31/2023** | $11242 | $11043 | $11396 | $10463 |
| **8/31/2023** | $11151 | $10963 | $11315 | $10396 |
| **9/30/2023** | $10874 | $10678 | $11032 | $10132 |
| **10/31/2023** | $10690 | $10488 | $10830 | $9972 |
| **11/30/2023** | $11263 | $11083 | $11490 | $10424 |
| **12/31/2023** | $11745 | $11548 | $12001 | $10823 |
| **1/31/2024** | $11751 | $11528 | $11996 | $10793 |
| **2/29/2024** | $11612 | $11361 | $11821 | $10640 |
| **3/31/2024** | $11812 | $11501 | $11984 | $10739 |
| **4/30/2024** | $11530 | $11215 | $11693 | $10467 |
| **5/31/2024** | $11782 | $11419 | $11919 | $10645 |
| **6/30/2024** | $11889 | $11495 | $11994 | $10746 |
| **7/31/2024** | $12143 | $11765 | $12278 | $10997 |
| **8/31/2024** | $12351 | $11948 | $12468 | $11155 |
| **9/30/2024** | $12506 | $12152 | $12685 | $11304 |
| **10/31/2024** | $12265 | $11859 | $12403 | $11024 |
| **11/30/2024** | $12422 | $12010 | $12586 | $11140 |
| **12/31/2024** | $12180 | $11783 | $12357 | $10958 |
| **1/31/2025** | $12292 | $11849 | $12428 | $11016 |
| **2/28/2025** | $12555 | $12090 | $12677 | $11258 |
| **3/31/2025** | $12514 | $12061 | $12630 | $11263 |
| **4/30/2025** | $12421 | $12069 | $12602 | $11307 |
| **5/31/2025** | $12430 | $12060 | $12636 | $11226 |
| **6/30/2025** | $12697 | $12280 | $12877 | $11399 |
| **7/31/2025** | $12706 | $12287 | $12892 | $11368 |
| **8/31/2025** | $12872 | $12416 | $13028 | $11504 |
| **9/30/2025** | $13038 | $12596 | $13225 | $11630 |
| **10/31/2025** | $13154 | $12651 | $13266 | $11703 |
| **11/30/2025** | $13215 | $12730 | $13348 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 6.38% | 1.28% | 3.27% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 2.83% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LOGVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8973-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LAUYX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $53 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.73%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5997ee6b4d6f244b9147cb97.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9855 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9747 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9750 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10162 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10387 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10385 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10611 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10798 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10873 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10907 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10901 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10627 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10737 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10848 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10959 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10993 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11066 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11178 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11212 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11285 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11360 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11396 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11432 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11428 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11504 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11460 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11338 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11338 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11257 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11298 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11257 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11338 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11339 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11338 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11214 | $10741 | $11011 | $10342 |
| **11/30/2018** | $11132 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11216 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11467 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11552 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11805 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11889 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11974 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12229 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12313 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12569 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12525 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12608 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12649 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12689 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12949 | $12688 | $13197 | $11740 |
| **2/29/2020** | $13033 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11540 | $12008 | $11987 | $11881 |
| **4/30/2020** | $12157 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12509 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12818 | $12995 | $13366 | $12225 |
| **7/31/2020** | $13259 | $13396 | $13819 | $12408 |
| **8/31/2020** | $13210 | $13226 | $13674 | $12308 |
| **9/30/2020** | $13205 | $13190 | $13634 | $12301 |
| **10/31/2020** | $13153 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13596 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13725 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13718 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13573 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13382 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13556 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13639 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13860 | $13384 | $14098 | $12185 |
| **7/31/2021** | $14036 | $13558 | $14297 | $12321 |
| **8/31/2021** | $14027 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13924 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13960 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13948 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13979 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13634 | $12980 | $13658 | $11930 |
| **2/28/2022** | $13433 | $12735 | $13371 | $11797 |
| **3/31/2022** | $13041 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12504 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12448 | $11869 | $12394 | $11105 |
| **6/30/2022** | $12055 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12439 | $11910 | $12406 | $11198 |
| **8/31/2022** | $12098 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11461 | $10987 | $11431 | $10411 |
| **10/31/2022** | $11360 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11849 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11798 | $11365 | $11897 | $10606 |
| **1/31/2023** | $12291 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11941 | $11443 | $11993 | $10650 |
| **3/31/2023** | $12292 | $11757 | $12322 | $10920 |
| **4/30/2023** | $12393 | $11849 | $12415 | $10987 |
| **5/31/2023** | $12193 | $11684 | $12237 | $10867 |
| **6/30/2023** | $12245 | $11720 | $12310 | $10828 |
| **7/31/2023** | $12297 | $11756 | $12372 | $10821 |
| **8/31/2023** | $12249 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11893 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11692 | $11166 | $11757 | $10313 |
| **11/30/2023** | $12318 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12845 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12850 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12750 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12916 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12607 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12881 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12998 | $12238 | $13020 | $11113 |
| **7/31/2024** | $13275 | $12525 | $13329 | $11373 |
| **8/31/2024** | $13501 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13670 | $12937 | $13770 | $11690 |
| **10/31/2024** | $13406 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13577 | $12785 | $13663 | $11521 |
| **12/31/2024** | $13312 | $12544 | $13414 | $11332 |
| **1/31/2025** | $13434 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13720 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13674 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13572 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13581 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13872 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13881 | $13081 | $13995 | $11757 |
| **8/31/2025** | $14061 | $13219 | $14143 | $11898 |
| **9/30/2025** | $14299 | $13409 | $14357 | $12028 |
| **10/31/2025** | $14367 | $13469 | $14401 | $12103 |
| **11/30/2025** | $14490 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 6.73% | 1.28% | 3.78% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LAUYX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1427-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LAUQX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $114 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.66%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idb5210b98f70b72219c2919d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R2** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9852 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9777 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9738 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10179 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10359 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10353 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10571 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10751 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10857 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10849 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10837 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10599 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10665 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10769 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10912 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10902 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11008 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11112 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11102 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11208 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11276 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11267 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11297 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11288 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11356 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11348 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11184 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11178 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11134 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11129 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11084 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11158 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11193 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11187 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11020 | $10741 | $11011 | $10342 |
| **11/30/2018** | $10976 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11053 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11292 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11329 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11570 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11647 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11765 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12007 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12084 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12284 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12236 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12311 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12344 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12378 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12623 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12699 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11248 | $12008 | $11987 | $11881 |
| **4/30/2020** | $11840 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12175 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12467 | $12995 | $13366 | $12225 |
| **7/31/2020** | $12887 | $13396 | $13819 | $12408 |
| **8/31/2020** | $12877 | $13226 | $13674 | $12308 |
| **9/30/2020** | $12823 | $13190 | $13634 | $12301 |
| **10/31/2020** | $12767 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13188 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13349 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13292 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13146 | $13163 | $13802 | $12117 |
| **3/31/2021** | $12956 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13118 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13191 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13397 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13559 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13544 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13439 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13422 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13449 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13472 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13136 | $12980 | $13658 | $11930 |
| **2/28/2022** | $12892 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12557 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12038 | $11765 | $12293 | $11034 |
| **5/31/2022** | $11978 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11598 | $11559 | $12008 | $10931 |
| **7/31/2022** | $11958 | $11910 | $12406 | $11198 |
| **8/31/2022** | $11627 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11015 | $10987 | $11431 | $10411 |
| **10/31/2022** | $10913 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11374 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11320 | $11365 | $11897 | $10606 |
| **1/31/2023** | $11783 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11445 | $11443 | $11993 | $10650 |
| **3/31/2023** | $11725 | $11757 | $12322 | $10920 |
| **4/30/2023** | $11816 | $11849 | $12415 | $10987 |
| **5/31/2023** | $11620 | $11684 | $12237 | $10867 |
| **6/30/2023** | $11664 | $11720 | $12310 | $10828 |
| **7/31/2023** | $11757 | $11756 | $12372 | $10821 |
| **8/31/2023** | $11657 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11363 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11118 | $11166 | $11757 | $10313 |
| **11/30/2023** | $11706 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12248 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12247 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12097 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12298 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12000 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12204 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12308 | $12238 | $13020 | $11113 |
| **7/31/2024** | $12614 | $12525 | $13329 | $11373 |
| **8/31/2024** | $12821 | $12720 | $13536 | $11536 |
| **9/30/2024** | $12975 | $12937 | $13770 | $11690 |
| **10/31/2024** | $12668 | $12625 | $13465 | $11401 |
| **11/30/2024** | $12875 | $12785 | $13663 | $11521 |
| **12/31/2024** | $12619 | $12544 | $13414 | $11332 |
| **1/31/2025** | $12728 | $12614 | $13492 | $11393 |
| **2/28/2025** | $12992 | $12871 | $13762 | $11643 |
| **3/31/2025** | $12890 | $12840 | $13711 | $11648 |
| **4/30/2025** | $12841 | $12848 | $13681 | $11693 |
| **5/31/2025** | $12843 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13111 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13113 | $13081 | $13995 | $11757 |
| **8/31/2025** | $13275 | $13219 | $14143 | $11898 |
| **9/30/2025** | $13438 | $13409 | $14357 | $12028 |
| **10/31/2025** | $13549 | $13469 | $14401 | $12103 |
| **11/30/2025** | $13604 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.66% | 0.62% | 3.13% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LAUQX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1083-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LAURX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $104 | 1.01% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.77%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4f78b586a79cb724bc917852.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9852 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9740 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9740 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10146 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10365 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10359 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10579 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10761 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10830 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10861 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10849 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10573 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10678 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10784 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10890 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10881 | $10618 | $10826 | $10315 |
| **4/30/2017** | $10988 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11093 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11122 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11191 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11260 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11252 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11322 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11313 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11384 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11336 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11212 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11207 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11123 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11119 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11114 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11150 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11186 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11181 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11054 | $10741 | $11011 | $10342 |
| **11/30/2018** | $10969 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11047 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11289 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11368 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11570 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11690 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11768 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12013 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12091 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12336 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12288 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12322 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12357 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12434 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12682 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12759 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11298 | $12008 | $11987 | $11881 |
| **4/30/2020** | $11895 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12233 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12529 | $12995 | $13366 | $12225 |
| **7/31/2020** | $12954 | $13396 | $13819 | $12408 |
| **8/31/2020** | $12901 | $13226 | $13674 | $12308 |
| **9/30/2020** | $12891 | $13190 | $13634 | $12301 |
| **10/31/2020** | $12835 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13261 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13380 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13368 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13222 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13031 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13195 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13270 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13479 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13644 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13629 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13524 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13508 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13537 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13515 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13222 | $12980 | $13658 | $11930 |
| **2/28/2022** | $12977 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12640 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12070 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12057 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11673 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12039 | $11910 | $12406 | $11198 |
| **8/31/2022** | $11705 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11086 | $10987 | $11431 | $10411 |
| **10/31/2022** | $10984 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11451 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11397 | $11365 | $11897 | $10606 |
| **1/31/2023** | $11867 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11525 | $11443 | $11993 | $10650 |
| **3/31/2023** | $11810 | $11757 | $12322 | $10920 |
| **4/30/2023** | $11903 | $11849 | $12415 | $10987 |
| **5/31/2023** | $11753 | $11684 | $12237 | $10867 |
| **6/30/2023** | $11750 | $11720 | $12310 | $10828 |
| **7/31/2023** | $11845 | $11756 | $12372 | $10821 |
| **8/31/2023** | $11744 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11448 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11201 | $11166 | $11757 | $10313 |
| **11/30/2023** | $11796 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12345 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12296 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12195 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12349 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12099 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12305 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12412 | $12238 | $13020 | $11113 |
| **7/31/2024** | $12722 | $12525 | $13329 | $11373 |
| **8/31/2024** | $12882 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13089 | $12937 | $13770 | $11690 |
| **10/31/2024** | $12780 | $12625 | $13465 | $11401 |
| **11/30/2024** | $12990 | $12785 | $13663 | $11521 |
| **12/31/2024** | $12732 | $12544 | $13414 | $11332 |
| **1/31/2025** | $12843 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13111 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13009 | $12840 | $13711 | $11648 |
| **4/30/2025** | $12907 | $12848 | $13681 | $11693 |
| **5/31/2025** | $12963 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13235 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13238 | $13081 | $13995 | $11757 |
| **8/31/2025** | $13404 | $13219 | $14143 | $11898 |
| **9/30/2025** | $13570 | $13409 | $14357 | $12028 |
| **10/31/2025** | $13628 | $13469 | $14401 | $12103 |
| **11/30/2025** | $13740 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.77% | 0.71% | 3.23% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LAURX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2057-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LAUKX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $78 | 0.76% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.46%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i80b2234f71ba01d6cf41cf5d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9853 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9743 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9744 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10192 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10377 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10373 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10596 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10781 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10891 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10885 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10876 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10639 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10709 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10817 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10926 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10958 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11067 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11176 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11169 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11279 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11351 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11346 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11379 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11372 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11446 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11400 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11277 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11274 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11192 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11230 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11187 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11266 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11264 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11261 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11135 | $10741 | $11011 | $10342 |
| **11/30/2018** | $11051 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11132 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11379 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11461 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11710 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11791 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11873 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12124 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12205 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12456 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12409 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12447 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12484 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12565 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12819 | $12688 | $13197 | $11740 |
| **2/29/2020** | $12899 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11420 | $12008 | $11987 | $11881 |
| **4/30/2020** | $12028 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12374 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12676 | $12995 | $13366 | $12225 |
| **7/31/2020** | $13110 | $13396 | $13819 | $12408 |
| **8/31/2020** | $13059 | $13226 | $13674 | $12308 |
| **9/30/2020** | $13052 | $13190 | $13634 | $12301 |
| **10/31/2020** | $12997 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13433 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13557 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13547 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13401 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13210 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13379 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13458 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13673 | $13384 | $14098 | $12185 |
| **7/31/2021** | $13844 | $13558 | $14297 | $12321 |
| **8/31/2021** | $13832 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13728 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13714 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13746 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13774 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13431 | $12980 | $13658 | $11930 |
| **2/28/2022** | $13183 | $12735 | $13371 | $11797 |
| **3/31/2022** | $12842 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12311 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12253 | $11869 | $12394 | $11105 |
| **6/30/2022** | $11864 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12239 | $11910 | $12406 | $11198 |
| **8/31/2022** | $11901 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11320 | $10987 | $11431 | $10411 |
| **10/31/2022** | $11170 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11648 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11596 | $11365 | $11897 | $10606 |
| **1/31/2023** | $12078 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11731 | $11443 | $11993 | $10650 |
| **3/31/2023** | $12073 | $11757 | $12322 | $10920 |
| **4/30/2023** | $12171 | $11849 | $12415 | $10987 |
| **5/31/2023** | $11971 | $11684 | $12237 | $10867 |
| **6/30/2023** | $12020 | $11720 | $12310 | $10828 |
| **7/31/2023** | $12069 | $11756 | $12372 | $10821 |
| **8/31/2023** | $12019 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11668 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11468 | $11166 | $11757 | $10313 |
| **11/30/2023** | $12079 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12593 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12596 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12496 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12656 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12350 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12616 | $12157 | $12940 | $11009 |
| **6/30/2024** | $12728 | $12238 | $13020 | $11113 |
| **7/31/2024** | $12996 | $12525 | $13329 | $11373 |
| **8/31/2024** | $13215 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13378 | $12937 | $13770 | $11690 |
| **10/31/2024** | $13116 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13281 | $12785 | $13663 | $11521 |
| **12/31/2024** | $13019 | $12544 | $13414 | $11332 |
| **1/31/2025** | $13136 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13413 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13365 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13263 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13269 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13551 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13557 | $13081 | $13995 | $11757 |
| **8/31/2025** | $13730 | $13219 | $14143 | $11898 |
| **9/30/2025** | $13959 | $13409 | $14357 | $12028 |
| **10/31/2025** | $14022 | $13469 | $14401 | $12103 |
| **11/30/2025** | $14140 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 6.46% | 1.03% | 3.52% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LAUKX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8709-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LAUTX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $53 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.73%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i53681e0a066c968b05bbce3f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9855 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9748 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9751 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10163 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10387 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10386 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10611 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10799 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10873 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10908 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10902 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10628 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10738 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10849 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10960 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10994 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11068 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11179 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11213 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11327 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11362 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11398 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11434 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11430 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11506 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11462 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11340 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11340 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11259 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11300 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11259 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11341 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11382 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11341 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11216 | $10741 | $11011 | $10342 |
| **11/30/2018** | $11176 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11260 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11469 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11554 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11807 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11892 | $11482 | $11839 | $10910 |
| **5/31/2019** | $11977 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12232 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12316 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12572 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12528 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12612 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12652 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12693 | $12398 | $12903 | $11519 |
| **1/31/2020** | $12952 | $12688 | $13197 | $11740 |
| **2/29/2020** | $13036 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11543 | $12008 | $11987 | $11881 |
| **4/30/2020** | $12161 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12513 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12822 | $12995 | $13366 | $12225 |
| **7/31/2020** | $13263 | $13396 | $13819 | $12408 |
| **8/31/2020** | $13215 | $13226 | $13674 | $12308 |
| **9/30/2020** | $13210 | $13190 | $13634 | $12301 |
| **10/31/2020** | $13157 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13601 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13775 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13722 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13577 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13386 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13561 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13644 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13865 | $13384 | $14098 | $12185 |
| **7/31/2021** | $14041 | $13558 | $14297 | $12321 |
| **8/31/2021** | $14032 | $13525 | $14255 | $12297 |
| **9/30/2021** | $13929 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13965 | $13410 | $14147 | $12188 |
| **11/30/2021** | $13953 | $13421 | $14142 | $12224 |
| **12/31/2021** | $13984 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13639 | $12980 | $13658 | $11930 |
| **2/28/2022** | $13438 | $12735 | $13371 | $11797 |
| **3/31/2022** | $13046 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12509 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12501 | $11869 | $12394 | $11105 |
| **6/30/2022** | $12060 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12444 | $11910 | $12406 | $11198 |
| **8/31/2022** | $12103 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11465 | $10987 | $11431 | $10411 |
| **10/31/2022** | $11364 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11853 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11802 | $11365 | $11897 | $10606 |
| **1/31/2023** | $12296 | $11798 | $12396 | $10932 |
| **2/28/2023** | $11945 | $11443 | $11993 | $10650 |
| **3/31/2023** | $12246 | $11757 | $12322 | $10920 |
| **4/30/2023** | $12348 | $11849 | $12415 | $10987 |
| **5/31/2023** | $12197 | $11684 | $12237 | $10867 |
| **6/30/2023** | $12199 | $11720 | $12310 | $10828 |
| **7/31/2023** | $12302 | $11756 | $12372 | $10821 |
| **8/31/2023** | $12203 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11898 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11697 | $11166 | $11757 | $10313 |
| **11/30/2023** | $12323 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12850 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12856 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12703 | $12095 | $12833 | $11004 |
| **3/31/2024** | $12922 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12612 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12887 | $12157 | $12940 | $11009 |
| **6/30/2024** | $13003 | $12238 | $13020 | $11113 |
| **7/31/2024** | $13281 | $12525 | $13329 | $11373 |
| **8/31/2024** | $13507 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13676 | $12937 | $13770 | $11690 |
| **10/31/2024** | $13411 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13583 | $12785 | $13663 | $11521 |
| **12/31/2024** | $13317 | $12544 | $13414 | $11332 |
| **1/31/2025** | $13439 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13726 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13680 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13577 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13586 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13878 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13886 | $13081 | $13995 | $11757 |
| **8/31/2025** | $14067 | $13219 | $14143 | $11898 |
| **9/30/2025** | $14247 | $13409 | $14357 | $12028 |
| **10/31/2025** | $14373 | $13469 | $14401 | $12103 |
| **11/30/2025** | $14496 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 6.73% | 1.28% | 3.78% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LAUTX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8741-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LAUVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.38%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 6.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Credit Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's underweight allocation to emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i09935622eacfeb90bf76090b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Credit Bond Index** | **Bloomberg Baa Corporate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9856 | $9923 | $9873 | $9968 |
| **1/31/2016** | $9749 | $9975 | $9848 | $10105 |
| **2/29/2016** | $9753 | $10059 | $9921 | $10177 |
| **3/31/2016** | $10166 | $10312 | $10281 | $10270 |
| **4/30/2016** | $10391 | $10438 | $10473 | $10309 |
| **5/31/2016** | $10391 | $10434 | $10462 | $10312 |
| **6/30/2016** | $10617 | $10672 | $10718 | $10497 |
| **7/31/2016** | $10805 | $10811 | $10902 | $10564 |
| **8/31/2016** | $10881 | $10833 | $10945 | $10552 |
| **9/30/2016** | $10917 | $10803 | $10939 | $10545 |
| **10/31/2016** | $10911 | $10711 | $10869 | $10465 |
| **11/30/2016** | $10638 | $10419 | $10580 | $10217 |
| **12/31/2016** | $10749 | $10482 | $10667 | $10232 |
| **1/31/2017** | $10861 | $10517 | $10720 | $10252 |
| **2/28/2017** | $10974 | $10634 | $10850 | $10321 |
| **3/31/2017** | $10970 | $10618 | $10826 | $10315 |
| **4/30/2017** | $11083 | $10724 | $10949 | $10395 |
| **5/31/2017** | $11196 | $10839 | $11085 | $10475 |
| **6/30/2017** | $11231 | $10868 | $11121 | $10464 |
| **7/31/2017** | $11306 | $10947 | $11213 | $10509 |
| **8/31/2017** | $11382 | $11039 | $11286 | $10603 |
| **9/30/2017** | $11379 | $11014 | $11283 | $10553 |
| **10/31/2017** | $11456 | $11052 | $11335 | $10559 |
| **11/30/2017** | $11453 | $11042 | $11315 | $10546 |
| **12/31/2017** | $11530 | $11130 | $11424 | $10594 |
| **1/31/2018** | $11487 | $11026 | $11349 | $10472 |
| **2/28/2018** | $11366 | $10859 | $11161 | $10373 |
| **3/31/2018** | $11366 | $10893 | $11179 | $10439 |
| **4/30/2018** | $11286 | $10793 | $11074 | $10362 |
| **5/31/2018** | $11287 | $10848 | $11121 | $10435 |
| **6/30/2018** | $11288 | $10797 | $11048 | $10423 |
| **7/31/2018** | $11330 | $10875 | $11162 | $10425 |
| **8/31/2018** | $11372 | $10930 | $11209 | $10492 |
| **9/30/2018** | $11372 | $10893 | $11190 | $10425 |
| **10/31/2018** | $11248 | $10741 | $11011 | $10342 |
| **11/30/2018** | $11167 | $10733 | $10965 | $10404 |
| **12/31/2018** | $11252 | $10895 | $11099 | $10595 |
| **1/31/2019** | $11505 | $11130 | $11384 | $10708 |
| **2/28/2019** | $11591 | $11154 | $11426 | $10701 |
| **3/31/2019** | $11803 | $11426 | $11734 | $10907 |
| **4/30/2019** | $11931 | $11482 | $11839 | $10910 |
| **5/31/2019** | $12017 | $11651 | $11980 | $11103 |
| **6/30/2019** | $12274 | $11914 | $12305 | $11243 |
| **7/31/2019** | $12359 | $11975 | $12385 | $11268 |
| **8/31/2019** | $12617 | $12350 | $12752 | $11560 |
| **9/30/2019** | $12573 | $12269 | $12689 | $11498 |
| **10/31/2019** | $12615 | $12339 | $12778 | $11533 |
| **11/30/2019** | $12656 | $12362 | $12826 | $11527 |
| **12/31/2019** | $12741 | $12398 | $12903 | $11519 |
| **1/31/2020** | $13003 | $12688 | $13197 | $11740 |
| **2/29/2020** | $13088 | $12860 | $13331 | $11952 |
| **3/31/2020** | $11590 | $12008 | $11987 | $11881 |
| **4/30/2020** | $12210 | $12558 | $12755 | $12093 |
| **5/31/2020** | $12565 | $12762 | $13036 | $12149 |
| **6/30/2020** | $12876 | $12995 | $13366 | $12225 |
| **7/31/2020** | $13320 | $13396 | $13819 | $12408 |
| **8/31/2020** | $13272 | $13226 | $13674 | $12308 |
| **9/30/2020** | $13268 | $13190 | $13634 | $12301 |
| **10/31/2020** | $13216 | $13160 | $13636 | $12246 |
| **11/30/2020** | $13663 | $13495 | $14079 | $12366 |
| **12/31/2020** | $13793 | $13557 | $14178 | $12383 |
| **1/31/2021** | $13786 | $13396 | $14022 | $12295 |
| **2/28/2021** | $13642 | $13163 | $13802 | $12117 |
| **3/31/2021** | $13451 | $12954 | $13589 | $11966 |
| **4/30/2021** | $13627 | $13091 | $13738 | $12060 |
| **5/31/2021** | $13711 | $13186 | $13856 | $12100 |
| **6/30/2021** | $13934 | $13384 | $14098 | $12185 |
| **7/31/2021** | $14112 | $13558 | $14297 | $12321 |
| **8/31/2021** | $14104 | $13525 | $14255 | $12297 |
| **9/30/2021** | $14001 | $13381 | $14114 | $12191 |
| **10/31/2021** | $13991 | $13410 | $14147 | $12188 |
| **11/30/2021** | $14028 | $13421 | $14142 | $12224 |
| **12/31/2021** | $14012 | $13411 | $14146 | $12192 |
| **1/31/2022** | $13714 | $12980 | $13658 | $11930 |
| **2/28/2022** | $13465 | $12735 | $13371 | $11797 |
| **3/31/2022** | $13120 | $12415 | $13023 | $11469 |
| **4/30/2022** | $12581 | $11765 | $12293 | $11034 |
| **5/31/2022** | $12525 | $11869 | $12394 | $11105 |
| **6/30/2022** | $12131 | $11559 | $12008 | $10931 |
| **7/31/2022** | $12518 | $11910 | $12406 | $11198 |
| **8/31/2022** | $12175 | $11573 | $12056 | $10881 |
| **9/30/2022** | $11535 | $10987 | $11431 | $10411 |
| **10/31/2022** | $11434 | $10874 | $11345 | $10276 |
| **11/30/2022** | $11927 | $11414 | $11943 | $10654 |
| **12/31/2022** | $11876 | $11365 | $11897 | $10606 |
| **1/31/2023** | $12374 | $11798 | $12396 | $10932 |
| **2/28/2023** | $12022 | $11443 | $11993 | $10650 |
| **3/31/2023** | $12325 | $11757 | $12322 | $10920 |
| **4/30/2023** | $12428 | $11849 | $12415 | $10987 |
| **5/31/2023** | $12278 | $11684 | $12237 | $10867 |
| **6/30/2023** | $12280 | $11720 | $12310 | $10828 |
| **7/31/2023** | $12384 | $11756 | $12372 | $10821 |
| **8/31/2023** | $12285 | $11671 | $12283 | $10751 |
| **9/30/2023** | $11979 | $11368 | $11977 | $10478 |
| **10/31/2023** | $11777 | $11166 | $11757 | $10313 |
| **11/30/2023** | $12408 | $11799 | $12474 | $10780 |
| **12/31/2023** | $12939 | $12294 | $13028 | $11193 |
| **1/31/2024** | $12946 | $12272 | $13023 | $11162 |
| **2/29/2024** | $12792 | $12095 | $12833 | $11004 |
| **3/31/2024** | $13013 | $12244 | $13010 | $11106 |
| **4/30/2024** | $12702 | $11939 | $12694 | $10825 |
| **5/31/2024** | $12979 | $12157 | $12940 | $11009 |
| **6/30/2024** | $13098 | $12238 | $13020 | $11113 |
| **7/31/2024** | $13378 | $12525 | $13329 | $11373 |
| **8/31/2024** | $13607 | $12720 | $13536 | $11536 |
| **9/30/2024** | $13778 | $12937 | $13770 | $11690 |
| **10/31/2024** | $13512 | $12625 | $13465 | $11401 |
| **11/30/2024** | $13685 | $12785 | $13663 | $11521 |
| **12/31/2024** | $13419 | $12544 | $13414 | $11332 |
| **1/31/2025** | $13542 | $12614 | $13492 | $11393 |
| **2/28/2025** | $13831 | $12871 | $13762 | $11643 |
| **3/31/2025** | $13786 | $12840 | $13711 | $11648 |
| **4/30/2025** | $13684 | $12848 | $13681 | $11693 |
| **5/31/2025** | $13694 | $12839 | $13718 | $11610 |
| **6/30/2025** | $13988 | $13074 | $13979 | $11788 |
| **7/31/2025** | $13998 | $13081 | $13995 | $11757 |
| **8/31/2025** | $14181 | $13219 | $14143 | $11898 |
| **9/30/2025** | $14364 | $13409 | $14357 | $12028 |
| **10/31/2025** | $14491 | $13469 | $14401 | $12103 |
| **11/30/2025** | $14558 | $13552 | $14490 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 6.38% | 1.28% | 3.83% |
| Bloomberg US Credit Bond Index | 6.00% | 0.08% | 3.09% |
| Bloomberg Baa Corporate Bond Index | 6.05% | 0.58% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6149369688 |
| # of Portfolio Holdings | 525 |
| Portfolio Turnover Rate | 243% |
| Total Advisory Fees Paid | $20921269 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.21% |
| Convertible Bonds | 0.18% |
| Corporate Bonds | 66.50% |
| Floating Rate Loans | 11.19% |
| Foreign Government Obligations | 2.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 2.81% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.19% |
| U.S. Treasury Obligations | 3.33% |
| Repurchase Agreements | 0.44% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LAUVX

# Lord Abbett Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8773-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LIFAX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $75 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.82%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4998207291f79d67998cffba.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9777 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9706 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9463 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9384 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9619 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9738 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9666 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9557 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9595 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9657 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $9791 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $9958 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10137 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10187 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10251 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10248 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10262 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10261 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10149 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10105 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10170 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10153 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10220 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10241 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10266 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10323 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10397 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10386 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10365 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10451 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10422 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10464 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10513 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10512 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10537 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10419 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10364 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10191 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10369 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10448 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10456 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10576 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10446 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10499 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10560 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10394 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10355 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10397 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10487 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10686 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10617 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10450 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9105 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9592 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $9774 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10065 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10325 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $10773 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10683 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $10795 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $10997 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11319 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11553 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11606 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $11801 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $11927 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12019 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $11992 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12142 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12175 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12264 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12412 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12382 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12484 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12400 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12484 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12423 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12443 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12366 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $11923 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12321 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12203 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $11653 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $11859 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $11947 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $11879 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12042 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12025 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12199 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12179 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12073 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12063 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12177 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12093 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12040 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12048 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12176 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12365 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12440 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12427 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12524 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12504 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $12635 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $12693 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $12771 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $12853 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $12991 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $12917 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $12979 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $12971 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13122 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13272 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13392 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13437 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $13445 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13547 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $13623 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $13842 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $13839 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $13833 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $13865 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 6.82% | 4.74% | 3.55% |
| Class A with sales charge | 4.40% | 4.27% | 3.32% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LIFAX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3329-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LIFCX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $138 | 1.34% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.27%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifc750a1eb4859dd89b0b89bf.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9914 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9669 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9584 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9811 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9935 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9849 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9741 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9775 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9833 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $9964 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10129 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10306 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10351 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10411 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10403 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10411 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10397 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10286 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10228 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10288 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10264 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10335 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10351 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10370 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10413 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10491 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10475 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10447 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10520 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10493 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10530 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10564 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10558 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10587 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10463 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10402 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10214 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10396 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10461 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10472 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10587 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10451 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10489 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10545 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10374 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10339 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10374 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10459 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10652 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10568 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10397 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9064 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9535 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $9710 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $9995 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10256 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $10685 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10601 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $10706 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $10901 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11204 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11440 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11477 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $11674 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $11792 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $11876 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $11834 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $11985 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12000 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12091 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12229 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12193 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12276 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12195 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12271 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12203 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12206 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12123 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $11692 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12074 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $11941 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $11406 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $11601 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $11680 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $11606 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $11758 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $11726 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $11888 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $11872 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $11752 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $11735 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $11840 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $11762 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $11693 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $11705 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $11823 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $11991 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12057 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12038 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12126 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12101 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $12221 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $12271 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $12351 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $12424 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $12551 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $12473 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $12516 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $12513 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $12651 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $12790 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $12888 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $12936 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $12937 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13029 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $13084 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $13288 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $13289 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $13277 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $13301 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 6.27% | 4.06% | 2.89% |
| Class C with sales charge | 5.27% | 4.06% | 2.89% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LIFCX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3330-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LIFFX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $65 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.01%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibbe61ba9ec1d38c9a81d0c5e.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9920 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9680 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9601 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9834 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9964 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9883 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9772 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9821 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9877 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $10023 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10195 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10379 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10430 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10496 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10494 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10508 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10508 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10394 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10350 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10418 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10401 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10470 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10493 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10520 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10579 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10656 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10645 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10624 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10713 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10684 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10737 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10779 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10779 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10815 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10686 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10639 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10454 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10637 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10719 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10737 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10852 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10729 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10775 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10839 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10669 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10630 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10673 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10767 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10982 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10902 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10731 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9353 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9853 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $10040 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10341 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10618 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $11068 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10977 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $11102 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11311 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11633 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11884 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11929 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $12141 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $12271 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12366 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12340 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12495 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12530 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12622 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12775 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12746 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12852 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12767 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12865 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12792 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12814 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12737 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $12282 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12693 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12572 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $12007 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $12221 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $12312 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $12243 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12412 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12385 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12565 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12556 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12448 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12439 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12547 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12472 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12407 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12428 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12560 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12746 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12824 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12811 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12913 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12904 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $13040 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $13101 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $13183 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $13269 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $13412 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $13337 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $13391 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $13396 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13552 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13708 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13833 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13881 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $13889 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13996 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $14064 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $14303 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $14301 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $14297 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $14330 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 7.01% | 4.85% | 3.66% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LIFFX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3331-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LIFOX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $45 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.23%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib6480ff7f2d1c5f160139a42.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10006 | $9993 | $10020 | $10030 | $10051 |
| **5/31/2017** | $9900 | $9984 | $10047 | $10038 | $10128 |
| **6/30/2017** | $9852 | $9934 | $10054 | $10048 | $10118 |
| **7/31/2017** | $9919 | $9965 | $10094 | $10041 | $10162 |
| **8/31/2017** | $9913 | $9996 | $10114 | $10071 | $10253 |
| **9/30/2017** | $9981 | $9981 | $10115 | $10124 | $10204 |
| **10/31/2017** | $10005 | $9997 | $10124 | $10117 | $10210 |
| **11/30/2017** | $10033 | $9974 | $10103 | $10118 | $10197 |
| **12/31/2017** | $10082 | $9994 | $10113 | $10112 | $10244 |
| **1/31/2018** | $10167 | $9956 | $10096 | $10167 | $10126 |
| **2/28/2018** | $10159 | $9947 | $10073 | $10213 | $10030 |
| **3/31/2018** | $10141 | $10005 | $10075 | $10236 | $10094 |
| **4/30/2018** | $10219 | $9999 | $10084 | $10277 | $10019 |
| **5/31/2018** | $10201 | $10036 | $10122 | $10320 | $10091 |
| **6/30/2018** | $10244 | $10052 | $10122 | $10336 | $10078 |
| **7/31/2018** | $10286 | $10031 | $10146 | $10337 | $10080 |
| **8/31/2018** | $10287 | $10085 | $10188 | $10342 | $10145 |
| **9/30/2018** | $10323 | $10053 | $10195 | $10354 | $10080 |
| **10/31/2018** | $10209 | $10009 | $10197 | $10373 | $10000 |
| **11/30/2018** | $10158 | $10012 | $10206 | $10338 | $10060 |
| **12/31/2018** | $9991 | $10034 | $10277 | $10305 | $10245 |
| **1/31/2019** | $10168 | $10110 | $10350 | $10324 | $10354 |
| **2/28/2019** | $10239 | $10125 | $10386 | $10368 | $10348 |
| **3/31/2019** | $10257 | $10210 | $10467 | $10427 | $10546 |
| **4/30/2019** | $10378 | $10260 | $10501 | $10482 | $10549 |
| **5/31/2019** | $10252 | $10320 | $10560 | $10504 | $10736 |
| **6/30/2019** | $10306 | $10395 | $10635 | $10506 | $10871 |
| **7/31/2019** | $10360 | $10396 | $10647 | $10524 | $10895 |
| **8/31/2019** | $10208 | $10457 | $10728 | $10523 | $11177 |
| **9/30/2019** | $10172 | $10424 | $10741 | $10532 | $11118 |
| **10/31/2019** | $10215 | $10453 | $10788 | $10556 | $11151 |
| **11/30/2019** | $10306 | $10462 | $10798 | $10550 | $11146 |
| **12/31/2019** | $10504 | $10544 | $10835 | $10540 | $11138 |
| **1/31/2020** | $10439 | $10599 | $10897 | $10581 | $11352 |
| **2/29/2020** | $10276 | $10661 | $10960 | $10610 | $11557 |
| **3/31/2020** | $8956 | $10466 | $10654 | $10587 | $11489 |
| **4/30/2020** | $9438 | $10611 | $10907 | $10516 | $11693 |
| **5/31/2020** | $9609 | $10685 | $11032 | $10516 | $11747 |
| **6/30/2020** | $9899 | $10777 | $11121 | $10574 | $11821 |
| **7/31/2020** | $10166 | $10870 | $11177 | $10628 | $11998 |
| **8/31/2020** | $10609 | $11005 | $11205 | $10661 | $11901 |
| **9/30/2020** | $10522 | $10982 | $11204 | $10676 | $11894 |
| **10/31/2020** | $10635 | $10955 | $11224 | $10680 | $11841 |
| **11/30/2020** | $10845 | $11028 | $11262 | $10674 | $11958 |
| **12/31/2020** | $11156 | $11145 | $11286 | $10684 | $11974 |
| **1/31/2021** | $11399 | $11211 | $11293 | $10729 | $11888 |
| **2/28/2021** | $11443 | $11221 | $11297 | $10788 | $11716 |
| **3/31/2021** | $11648 | $11274 | $11288 | $10865 | $11570 |
| **4/30/2021** | $11774 | $11381 | $11311 | $10954 | $11662 |
| **5/31/2021** | $11867 | $11471 | $11336 | $11042 | $11700 |
| **6/30/2021** | $11843 | $11466 | $11326 | $11144 | $11782 |
| **7/31/2021** | $11993 | $11635 | $11346 | $11198 | $11914 |
| **8/31/2021** | $12027 | $11634 | $11350 | $11221 | $11891 |
| **9/30/2021** | $12118 | $11626 | $11347 | $11251 | $11788 |
| **10/31/2021** | $12267 | $11708 | $11310 | $11345 | $11785 |
| **11/30/2021** | $12240 | $11714 | $11293 | $11401 | $11820 |
| **12/31/2021** | $12343 | $11762 | $11285 | $11436 | $11789 |
| **1/31/2022** | $12263 | $11679 | $11201 | $11532 | $11535 |
| **2/28/2022** | $12358 | $11800 | $11114 | $11637 | $11407 |
| **3/31/2022** | $12290 | $11685 | $10929 | $11792 | $11090 |
| **4/30/2022** | $12313 | $11678 | $10849 | $11858 | $10669 |
| **5/31/2022** | $12240 | $11717 | $10912 | $11989 | $10738 |
| **6/30/2022** | $11805 | $11510 | $10819 | $12154 | $10569 |
| **7/31/2022** | $12212 | $11757 | $10901 | $12153 | $10828 |
| **8/31/2022** | $12088 | $11557 | $10839 | $12148 | $10522 |
| **9/30/2022** | $11546 | $11150 | $10682 | $12174 | $10067 |
| **10/31/2022** | $11754 | $11266 | $10659 | $12224 | $9937 |
| **11/30/2022** | $11844 | $11331 | $10800 | $12211 | $10302 |
| **12/31/2022** | $11789 | $11296 | $10834 | $12174 | $10256 |
| **1/31/2023** | $11944 | $11377 | $10947 | $12271 | $10571 |
| **2/28/2023** | $11930 | $11307 | $10879 | $12340 | $10298 |
| **3/31/2023** | $12105 | $11552 | $10975 | $12381 | $10559 |
| **4/30/2023** | $12088 | $11577 | $11042 | $12443 | $10623 |
| **5/31/2023** | $11986 | $11477 | $11023 | $12475 | $10508 |
| **6/30/2023** | $11978 | $11440 | $11009 | $12515 | $10470 |
| **7/31/2023** | $12094 | $11499 | $11084 | $12539 | $10463 |
| **8/31/2023** | $12014 | $11503 | $11118 | $12594 | $10396 |
| **9/30/2023** | $11962 | $11467 | $11111 | $12625 | $10132 |
| **10/31/2023** | $11973 | $11508 | $11137 | $12620 | $9972 |
| **11/30/2023** | $12102 | $11645 | $11300 | $12594 | $10424 |
| **12/31/2023** | $12293 | $11798 | $11450 | $12582 | $10823 |
| **1/31/2024** | $12371 | $11844 | $11510 | $12651 | $10793 |
| **2/29/2024** | $12361 | $11795 | $11488 | $12729 | $10640 |
| **3/31/2024** | $12460 | $11871 | $11548 | $12811 | $10739 |
| **4/30/2024** | $12443 | $11832 | $11526 | $12861 | $10467 |
| **5/31/2024** | $12577 | $11958 | $11620 | $12882 | $10645 |
| **6/30/2024** | $12637 | $12040 | $11678 | $12887 | $10746 |
| **7/31/2024** | $12718 | $12166 | $11827 | $12902 | $10997 |
| **8/31/2024** | $12803 | $12240 | $11939 | $12912 | $11155 |
| **9/30/2024** | $12943 | $12376 | $12048 | $12933 | $11304 |
| **10/31/2024** | $12883 | $12294 | $11995 | $12947 | $11024 |
| **11/30/2024** | $12937 | $12347 | $12047 | $12941 | $11140 |
| **12/31/2024** | $12932 | $12315 | $12074 | $12945 | $10958 |
| **1/31/2025** | $13085 | $12442 | $12137 | $13030 | $11016 |
| **2/28/2025** | $13250 | $12602 | $12224 | $13088 | $11258 |
| **3/31/2025** | $13361 | $12734 | $12274 | $13117 | $11263 |
| **4/30/2025** | $13421 | $12848 | $12343 | $13158 | $11307 |
| **5/31/2025** | $13420 | $12792 | $12364 | $13186 | $11226 |
| **6/30/2025** | $13537 | $12865 | $12455 | $13231 | $11399 |
| **7/31/2025** | $13605 | $12906 | $12473 | $13251 | $11368 |
| **8/31/2025** | $13827 | $13096 | $12583 | $13289 | $11504 |
| **9/30/2025** | $13827 | $13080 | $12637 | $13322 | $11630 |
| **10/31/2025** | $13826 | $13085 | $12681 | $13295 | $11703 |
| **11/30/2025** | $13873 | $13119 | $12741 | $13295 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 7.23% | 5.05% | 3.85% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.19% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.84% |
| Consumer Price Index<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 2.74% | 4.49% | 3.34% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Class F3 shares commenced operations on 4/4/2017. Performance for Consumer Price Index ("CPI") is from 3/31/2017. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, CPI data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LIFOX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8974-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LIFIX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $55 | 0.53% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.12%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4ba4336c140ec5ccbccd3655.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9929 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9682 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9603 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9845 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9968 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9896 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9786 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9827 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9892 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $10039 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10213 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10398 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10451 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10518 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10516 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10532 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10524 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10420 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10368 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10436 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10420 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10499 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10523 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10551 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10602 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10689 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10680 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10659 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10741 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10721 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10766 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10810 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10810 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10848 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10728 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10673 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10488 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10682 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10756 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10775 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10901 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10768 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10815 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10880 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10711 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10682 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10727 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10821 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $11029 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10949 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10779 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9403 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9907 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $10086 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10389 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10669 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $11123 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $11042 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $11159 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11370 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11695 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11949 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11996 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $12200 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $12332 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12429 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12404 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12561 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12597 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12691 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12846 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12818 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12916 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12841 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12931 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12869 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12881 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12804 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $12358 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12772 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12642 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $12083 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $12300 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $12393 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $12324 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12495 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12469 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12652 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12644 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12525 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12527 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12637 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12563 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12498 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12520 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12655 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12843 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12923 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12911 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $13014 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $13007 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $13134 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $13197 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $13292 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $13379 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $13525 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $13451 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $13506 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $13511 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13670 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13829 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13944 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $14006 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $14016 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $14124 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $14194 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $14425 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $14436 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $14433 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $14468 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 7.12% | 4.94% | 3.76% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LIFIX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3332-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LIFQX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $117 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.50%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic2cd2f4008a271f1c5e33f56.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R2** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9924 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9672 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9596 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9825 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9944 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9867 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9752 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9796 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9848 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $9990 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10157 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10328 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10376 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10446 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10431 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10441 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10437 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10319 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10271 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10334 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10312 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10377 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10396 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10418 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10472 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10544 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10529 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10504 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10588 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10555 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10594 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10640 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10635 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10658 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10534 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10484 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10297 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10473 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10550 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10563 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10673 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10546 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10587 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10646 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10465 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10432 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10470 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10557 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10755 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10680 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10508 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9152 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9639 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $9802 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10092 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10358 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $10795 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10701 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $10809 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11009 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11338 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11569 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11609 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $11801 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $11924 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12012 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $11982 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12128 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12157 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12242 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12386 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12325 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12413 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12335 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12415 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12349 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12355 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12284 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $11838 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12231 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12109 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $11566 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $11768 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $11842 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $11779 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $11927 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $11907 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12076 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12052 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $11942 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $11938 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12037 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $11960 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $11892 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $11907 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12029 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12203 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12273 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12255 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12347 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12323 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $12448 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $12502 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $12575 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $12652 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $12794 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $12717 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $12763 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $12750 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $12894 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13050 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13152 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13204 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $13195 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13302 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $13361 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $13572 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $13565 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $13554 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $13592 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 6.50% | 4.31% | 3.12% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LIFQX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3333-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LIFRX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $106 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.59%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9f76072e4ce9f4c55678db79.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9917 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9673 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9591 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9820 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9948 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9864 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9758 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9795 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9856 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $9990 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10158 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10339 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10387 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10450 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10444 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10455 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10444 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10335 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10280 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10343 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10331 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10397 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10416 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10439 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10494 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10567 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10554 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10529 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10615 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10582 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10622 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10660 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10657 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10689 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10566 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10517 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10330 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10508 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10586 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10599 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10710 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10584 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10626 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10686 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10515 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10473 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10512 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10601 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10809 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10727 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10555 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9195 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9685 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $9865 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10157 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10426 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $10866 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10773 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $10883 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11094 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11406 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11649 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11680 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $11874 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $11998 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12087 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12058 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12205 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12235 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12322 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12467 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12444 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12534 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12446 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12538 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12463 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12480 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12400 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $11953 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12359 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12227 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $11682 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $11876 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $11962 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $11900 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12060 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12031 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12202 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12179 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12070 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12056 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12168 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12081 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12024 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12040 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12165 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12340 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12412 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12406 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12489 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12477 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $12604 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $12659 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $12734 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $12813 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $12947 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $12870 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $12918 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $12918 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13064 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13211 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13327 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13369 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $13372 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13471 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $13531 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $13757 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $13751 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $13742 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $13770 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 6.59% | 4.42% | 3.25% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LIFRX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3334-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LIFKX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $81 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.86%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia0ce9be58520d2ab08c07903.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9927 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9677 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9605 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9837 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9958 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9884 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9771 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9810 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9873 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $10009 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10180 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10363 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10421 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10486 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10482 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10487 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10486 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10371 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10326 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10392 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10374 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10442 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10472 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10489 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10546 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10622 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10610 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10588 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10676 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10645 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10697 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10738 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10736 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10771 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10641 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10593 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10407 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10589 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10669 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10686 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10799 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10675 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10719 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10782 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10612 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10571 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10613 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10704 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $10917 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10837 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10665 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9302 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9790 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $9974 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10272 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10546 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $10993 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $10901 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $11014 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11230 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11548 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11797 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11830 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $12040 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $12168 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12261 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12224 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12376 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12409 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12510 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12660 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12629 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12723 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12647 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12733 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12669 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12679 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12600 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $12148 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12564 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12432 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $11881 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $12091 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $12180 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $12110 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12275 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12248 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12424 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12414 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12295 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12283 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12400 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12324 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12258 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12277 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12407 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12589 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12665 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12650 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $12749 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12727 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $12860 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $12919 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $13010 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $13093 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $13232 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $13157 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $13208 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $13211 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13352 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13516 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13626 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13683 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $13690 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $13793 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $13858 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $14081 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $14089 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $14083 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $14114 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 6.86% | 4.68% | 3.51% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LIFKX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8726-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LIFTX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $55 | 0.53% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.13%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0c7a456e712ec0cbec00eb7a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9929 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9682 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9611 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9845 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9968 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9896 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9785 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9827 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9892 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $10030 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10204 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10389 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10442 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10509 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10508 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10523 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10516 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10411 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10360 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10428 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10420 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10491 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10515 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10542 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10602 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10681 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10671 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10651 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10741 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10713 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10758 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10801 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10802 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10840 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10721 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10666 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10481 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10675 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10749 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10768 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10893 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10761 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10817 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10883 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10713 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10675 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10719 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10814 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $11022 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $10952 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10781 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9396 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9900 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $10079 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10382 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10662 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $11116 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $11035 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $11152 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11363 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11688 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $11942 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $11979 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $12194 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $12326 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12423 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12388 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12545 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12581 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12675 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12831 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12812 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $12910 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12825 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $12925 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12852 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12875 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12798 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $12351 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12766 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12635 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $12077 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $12293 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $12387 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $12317 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12489 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12463 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12645 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12626 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12519 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12510 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12631 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12557 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12492 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12513 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12648 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12837 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $12917 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $12904 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $13008 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $12989 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $13127 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $13190 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $13285 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $13373 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $13518 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $13444 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $13499 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $13504 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13652 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13822 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $13937 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $13999 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $14009 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $14117 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $14187 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $14418 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $14429 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $14426 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $14461 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 7.13% | 4.94% | 3.76% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LIFTX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8758-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LIFVX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $45 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.24%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 6.26% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury TIPS 1-5 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to CPI swaps contributed to relative performance. CPI swaps are designed to protect investors' purchasing power during periods of rising inflation. As inflation expectations increased, the Fund's inflation protection led to a positive impact on performance. The Fund's allocation to investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. There were no other significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icff9beb7bc7881df9d6855d9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Treasury TIPS 1-5 Year Index** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Consumer Price Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9930 | $9971 | $9975 | $9966 | $9968 |
| **1/31/2016** | $9684 | $10042 | $10002 | $9982 | $10105 |
| **2/29/2016** | $9614 | $10069 | $10012 | $9990 | $10177 |
| **3/31/2016** | $9849 | $10185 | $10096 | $10033 | $10270 |
| **4/30/2016** | $9974 | $10190 | $10138 | $10081 | $10309 |
| **5/31/2016** | $9904 | $10170 | $10139 | $10122 | $10312 |
| **6/30/2016** | $9795 | $10282 | $10201 | $10156 | $10497 |
| **7/31/2016** | $9838 | $10272 | $10224 | $10139 | $10564 |
| **8/31/2016** | $9905 | $10236 | $10227 | $10148 | $10552 |
| **9/30/2016** | $10046 | $10311 | $10235 | $10172 | $10545 |
| **10/31/2016** | $10222 | $10316 | $10240 | $10185 | $10465 |
| **11/30/2016** | $10409 | $10251 | $10197 | $10169 | $10217 |
| **12/31/2016** | $10464 | $10284 | $10213 | $10172 | $10232 |
| **1/31/2017** | $10534 | $10339 | $10243 | $10232 | $10252 |
| **2/28/2017** | $10534 | $10348 | $10277 | $10264 | $10321 |
| **3/31/2017** | $10552 | $10364 | $10285 | $10272 | $10315 |
| **4/30/2017** | $10546 | $10365 | $10312 | $10303 | $10395 |
| **5/31/2017** | $10442 | $10357 | $10340 | $10311 | $10475 |
| **6/30/2017** | $10392 | $10304 | $10347 | $10321 | $10464 |
| **7/31/2017** | $10461 | $10337 | $10388 | $10314 | $10509 |
| **8/31/2017** | $10455 | $10368 | $10409 | $10345 | $10603 |
| **9/30/2017** | $10528 | $10353 | $10410 | $10399 | $10553 |
| **10/31/2017** | $10553 | $10370 | $10419 | $10393 | $10559 |
| **11/30/2017** | $10582 | $10346 | $10397 | $10393 | $10546 |
| **12/31/2017** | $10644 | $10366 | $10408 | $10387 | $10594 |
| **1/31/2018** | $10724 | $10327 | $10390 | $10444 | $10472 |
| **2/28/2018** | $10716 | $10317 | $10367 | $10491 | $10373 |
| **3/31/2018** | $10697 | $10378 | $10369 | $10514 | $10439 |
| **4/30/2018** | $10789 | $10371 | $10378 | $10557 | $10362 |
| **5/31/2018** | $10761 | $10411 | $10417 | $10600 | $10435 |
| **6/30/2018** | $10806 | $10427 | $10417 | $10617 | $10423 |
| **7/31/2018** | $10859 | $10405 | $10441 | $10618 | $10425 |
| **8/31/2018** | $10860 | $10461 | $10485 | $10624 | $10492 |
| **9/30/2018** | $10889 | $10428 | $10492 | $10636 | $10425 |
| **10/31/2018** | $10769 | $10382 | $10495 | $10655 | $10342 |
| **11/30/2018** | $10724 | $10385 | $10504 | $10619 | $10404 |
| **12/31/2018** | $10539 | $10408 | $10577 | $10585 | $10595 |
| **1/31/2019** | $10726 | $10487 | $10651 | $10605 | $10708 |
| **2/28/2019** | $10810 | $10503 | $10689 | $10651 | $10701 |
| **3/31/2019** | $10829 | $10591 | $10772 | $10710 | $10907 |
| **4/30/2019** | $10947 | $10642 | $10807 | $10767 | $10910 |
| **5/31/2019** | $10824 | $10704 | $10868 | $10790 | $11103 |
| **6/30/2019** | $10872 | $10783 | $10944 | $10792 | $11243 |
| **7/31/2019** | $10938 | $10783 | $10958 | $10810 | $11268 |
| **8/31/2019** | $10768 | $10847 | $11041 | $10810 | $11560 |
| **9/30/2019** | $10730 | $10812 | $11054 | $10818 | $11498 |
| **10/31/2019** | $10775 | $10843 | $11103 | $10843 | $11533 |
| **11/30/2019** | $10871 | $10852 | $11113 | $10837 | $11527 |
| **12/31/2019** | $11080 | $10937 | $11151 | $10827 | $11519 |
| **1/31/2020** | $11011 | $10995 | $11215 | $10869 | $11740 |
| **2/29/2020** | $10840 | $11058 | $11279 | $10899 | $11952 |
| **3/31/2020** | $9448 | $10856 | $10964 | $10876 | $11881 |
| **4/30/2020** | $9956 | $11007 | $11224 | $10803 | $12093 |
| **5/31/2020** | $10147 | $11084 | $11354 | $10803 | $12149 |
| **6/30/2020** | $10452 | $11178 | $11445 | $10862 | $12225 |
| **7/31/2020** | $10723 | $11275 | $11502 | $10917 | $12408 |
| **8/31/2020** | $11191 | $11415 | $11531 | $10951 | $12308 |
| **9/30/2020** | $11100 | $11392 | $11530 | $10967 | $12301 |
| **10/31/2020** | $11218 | $11364 | $11551 | $10971 | $12246 |
| **11/30/2020** | $11441 | $11439 | $11590 | $10964 | $12366 |
| **12/31/2020** | $11769 | $11561 | $11615 | $10975 | $12383 |
| **1/31/2021** | $12025 | $11630 | $11622 | $11021 | $12295 |
| **2/28/2021** | $12062 | $11639 | $11626 | $11082 | $12117 |
| **3/31/2021** | $12269 | $11694 | $11617 | $11160 | $11966 |
| **4/30/2021** | $12402 | $11805 | $11641 | $11252 | $12060 |
| **5/31/2021** | $12510 | $11898 | $11666 | $11342 | $12100 |
| **6/30/2021** | $12475 | $11894 | $11657 | $11448 | $12185 |
| **7/31/2021** | $12634 | $12069 | $11676 | $11502 | $12321 |
| **8/31/2021** | $12670 | $12068 | $11681 | $11527 | $12297 |
| **9/30/2021** | $12766 | $12059 | $11678 | $11558 | $12191 |
| **10/31/2021** | $12923 | $12144 | $11640 | $11654 | $12188 |
| **11/30/2021** | $12895 | $12151 | $11622 | $11711 | $12224 |
| **12/31/2021** | $13005 | $12200 | $11614 | $11747 | $12192 |
| **1/31/2022** | $12920 | $12115 | $11527 | $11846 | $11930 |
| **2/28/2022** | $13010 | $12240 | $11438 | $11954 | $11797 |
| **3/31/2022** | $12949 | $12120 | $11248 | $12113 | $11469 |
| **4/30/2022** | $12973 | $12113 | $11166 | $12181 | $11034 |
| **5/31/2022** | $12896 | $12154 | $11230 | $12316 | $11105 |
| **6/30/2022** | $12436 | $11939 | $11134 | $12485 | $10931 |
| **7/31/2022** | $12855 | $12195 | $11218 | $12483 | $11198 |
| **8/31/2022** | $12735 | $11988 | $11155 | $12479 | $10881 |
| **9/30/2022** | $12163 | $11566 | $10994 | $12506 | $10411 |
| **10/31/2022** | $12382 | $11686 | $10970 | $12556 | $10276 |
| **11/30/2022** | $12478 | $11754 | $11115 | $12544 | $10654 |
| **12/31/2022** | $12420 | $11717 | $11150 | $12505 | $10606 |
| **1/31/2023** | $12582 | $11802 | $11266 | $12605 | $10932 |
| **2/28/2023** | $12568 | $11728 | $11196 | $12675 | $10650 |
| **3/31/2023** | $12753 | $11982 | $11295 | $12718 | $10920 |
| **4/30/2023** | $12735 | $12009 | $11364 | $12782 | $10987 |
| **5/31/2023** | $12627 | $11905 | $11345 | $12814 | $10867 |
| **6/30/2023** | $12618 | $11867 | $11330 | $12855 | $10828 |
| **7/31/2023** | $12741 | $11928 | $11407 | $12880 | $10821 |
| **8/31/2023** | $12655 | $11932 | $11442 | $12936 | $10751 |
| **9/30/2023** | $12601 | $11895 | $11435 | $12968 | $10478 |
| **10/31/2023** | $12624 | $11937 | $11461 | $12963 | $10313 |
| **11/30/2023** | $12748 | $12079 | $11629 | $12937 | $10780 |
| **12/31/2023** | $12950 | $12238 | $11783 | $12924 | $11193 |
| **1/31/2024** | $13032 | $12285 | $11846 | $12995 | $11162 |
| **2/29/2024** | $13021 | $12235 | $11823 | $13075 | $11004 |
| **3/31/2024** | $13126 | $12314 | $11885 | $13160 | $11106 |
| **4/30/2024** | $13108 | $12273 | $11862 | $13211 | $10825 |
| **5/31/2024** | $13249 | $12404 | $11958 | $13233 | $11009 |
| **6/30/2024** | $13313 | $12489 | $12018 | $13238 | $11113 |
| **7/31/2024** | $13398 | $12620 | $12172 | $13253 | $11373 |
| **8/31/2024** | $13488 | $12696 | $12287 | $13264 | $11536 |
| **9/30/2024** | $13635 | $12837 | $12399 | $13285 | $11690 |
| **10/31/2024** | $13572 | $12753 | $12345 | $13300 | $11401 |
| **11/30/2024** | $13629 | $12807 | $12398 | $13293 | $11521 |
| **12/31/2024** | $13624 | $12775 | $12426 | $13298 | $11332 |
| **1/31/2025** | $13785 | $12906 | $12490 | $13385 | $11393 |
| **2/28/2025** | $13959 | $13071 | $12581 | $13444 | $11643 |
| **3/31/2025** | $14076 | $13209 | $12632 | $13474 | $11648 |
| **4/30/2025** | $14139 | $13327 | $12703 | $13516 | $11693 |
| **5/31/2025** | $14138 | $13269 | $12725 | $13545 | $11610 |
| **6/30/2025** | $14261 | $13345 | $12818 | $13591 | $11788 |
| **7/31/2025** | $14333 | $13387 | $12836 | $13611 | $11757 |
| **8/31/2025** | $14567 | $13585 | $12950 | $13650 | $11898 |
| **9/30/2025** | $14567 | $13568 | $13006 | $13685 | $12028 |
| **10/31/2025** | $14566 | $13573 | $13051 | $13685 | $12103 |
| **11/30/2025** | $14615 | $13608 | $13113 | $13656 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 7.24% | 5.02% | 3.87% |
| Bloomberg U.S. Treasury TIPS 1-5 Year Index | 6.26% | 3.53% | 3.13% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Consumer Price Index<sup>Footnote Reference\*</sup> | 2.74% | 4.49% | 3.17% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Due to a lapse in federal appropriations, for the period from October 1, 2025 through November 12, 2025, Consumer Price Index ("CPI") data collection was suspended. Accordingly, the 11/30/25 value reflects a carryforward of 9/30/25 CPI data to 10/31/25, resulting in a 0% return for 10/31/25. |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $778741568 |
| # of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 175% |
| Total Advisory Fees Paid | $2246781 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.61% |
| Commercial Paper | 0.29% |
| Convertible Bonds | 0.15% |
| Corporate Bonds | 49.46% |
| Floating Rate Loans | 4.07% |
| Foreign Government Obligations | 1.76% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 4.57% |
| Municipal Bonds | 0.15% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.87% |
| U.S. Treasury Obligations | 12.55% |
| Repurchase Agreements | 0.52% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: Due to increases in the Fund's assets, the total annual fund operating expenses of the Fund have changed.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LIFVX

# Lord Abbett Inflation Focused Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8790-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LABFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.48% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.09%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1228d1c10792ba37042d4c7c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with load** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $9775 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9568 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9164 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9122 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9615 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $9785 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $9861 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $9895 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10194 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10283 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10347 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10273 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10496 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10675 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $10818 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11030 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11018 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11087 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11131 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11188 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11313 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11242 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11440 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11576 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $11727 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $11794 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12155 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $11766 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11695 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11675 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $11757 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11712 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $11882 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12123 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12193 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11384 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11471 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $10762 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11541 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $11890 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $11954 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12245 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $11836 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12297 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12391 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12229 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12243 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12374 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12640 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $12931 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $12889 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12344 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $10748 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11606 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12296 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $12727 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13283 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $13792 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13563 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13492 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $14800 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15436 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15385 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $15910 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16127 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16539 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $16712 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $16622 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $16668 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $16960 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16518 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17096 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $16707 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17059 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16210 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $15985 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $15965 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15019 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15144 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14011 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $14815 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14473 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13658 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14123 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $14702 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14301 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $14835 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14524 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $14670 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $14802 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14592 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15093 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15384 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15206 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $14699 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14403 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15388 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16003 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16200 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $16767 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17219 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $16661 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17159 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17311 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $17653 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18124 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $18373 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18235 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19017 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $18421 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $18951 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $18907 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $18346 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $18322 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $18837 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $19466 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $19654 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20018 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $20462 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $20601 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $20746 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 9.09% | 6.99% | 7.82% |
| Class A with sales charge | 6.66% | 6.51% | 7.57% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LABFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-259-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# BFLAX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $129 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.26%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if74ca6961e6d14cd5a67c2fa.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C with load** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9781 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9360 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9312 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9811 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $9980 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10052 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10080 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10371 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10465 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10524 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10442 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10653 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10829 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $10968 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11178 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11158 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11232 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11260 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11311 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11431 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11351 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11546 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11676 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $11821 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $11883 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12241 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $11840 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11760 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11733 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $11806 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11753 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $11917 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12153 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12216 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11404 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11484 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $10764 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11531 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $11875 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $11922 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12217 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $11798 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12256 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12340 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12169 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12177 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12300 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12558 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $12841 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $12779 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12238 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $10650 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11488 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12168 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $12589 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13123 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $13623 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13386 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13308 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $14589 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15209 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15151 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $15665 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $15857 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16254 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $16418 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $16317 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $16341 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $16633 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16186 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $16736 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $16341 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $16678 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $15846 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $15614 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $15583 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $14643 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $14771 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $13660 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $14428 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14082 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13287 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $13721 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $14279 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $13878 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $14390 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14090 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $14208 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $14328 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14128 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $14593 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $14868 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $14698 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $14181 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $13896 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $14831 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $15420 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $15600 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $16126 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $16555 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $16002 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $16474 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $16611 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $16931 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $17376 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $17591 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $17462 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $18192 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $17619 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $18103 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $18049 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $17499 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $17478 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $17962 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $18541 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $18709 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $19032 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $19460 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $19580 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $19694 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 8.26% | 6.18% | 7.01% |
| Class C with sales charge | 7.26% | 6.18% | 7.01% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# BFLAX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-667-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# BLAFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $35 | 0.33% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.25%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iddbf2cc0f2a7107a7bee8580.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class F** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9789 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9376 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9335 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9840 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10016 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10095 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10131 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10439 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10531 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10608 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10533 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10754 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10939 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11087 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11306 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11295 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11376 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11414 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11474 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11603 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11532 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11737 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11878 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $12034 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12115 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12488 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $12089 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $12017 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11988 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $12084 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $12039 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12205 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12466 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12528 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11709 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11800 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $11071 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11863 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12235 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12291 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12604 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12184 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12659 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12758 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12592 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12609 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12746 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $13021 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13322 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13281 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12721 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $11078 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11964 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12676 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $13122 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13697 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $14223 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13989 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13917 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $15268 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15926 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15876 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16419 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16645 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $17072 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $17253 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $17162 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $17212 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17516 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $17061 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17660 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $17261 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17627 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16752 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16520 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16502 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15527 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15657 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14487 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $15320 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14969 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $14127 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14610 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $15211 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14798 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $15352 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $15032 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $15184 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $15322 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $15107 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15627 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15931 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15763 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $15225 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14920 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15942 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16597 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16788 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $17377 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17848 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $17271 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17790 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17949 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $18306 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18797 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $19057 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18917 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19730 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $19114 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19667 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $19623 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $19043 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $19021 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $19573 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $20213 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $20411 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20791 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $21255 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $21402 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $21555 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 9.25% | 7.14% | 7.98% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# BLAFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1014-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LOBFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $17 | 0.16% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.38%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8fddd97cc9d606cf60fb73e5.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class F3** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10073 | $10119 | $10207 | $10115 | $10112 |
| **5/31/2017** | $10116 | $10248 | $10299 | $10246 | $10254 |
| **6/30/2017** | $10170 | $10319 | $10346 | $10273 | $10318 |
| **7/31/2017** | $10286 | $10524 | $10500 | $10421 | $10530 |
| **8/31/2017** | $10224 | $10557 | $10515 | $10461 | $10562 |
| **9/30/2017** | $10406 | $10781 | $10659 | $10580 | $10780 |
| **10/31/2017** | $10532 | $11029 | $10770 | $10704 | $11032 |
| **11/30/2017** | $10672 | $11365 | $10919 | $10836 | $11370 |
| **12/31/2017** | $10735 | $11492 | $11020 | $10923 | $11496 |
| **1/31/2018** | $11076 | $12123 | $11328 | $11194 | $12155 |
| **2/28/2018** | $10724 | $11677 | $10981 | $10926 | $11707 |
| **3/31/2018** | $10661 | $11412 | $10882 | $10816 | $11409 |
| **4/30/2018** | $10636 | $11451 | $10902 | $10847 | $11453 |
| **5/31/2018** | $10722 | $11744 | $11009 | $10958 | $11729 |
| **6/30/2018** | $10683 | $11819 | $11007 | $10976 | $11801 |
| **7/31/2018** | $10832 | $12227 | $11223 | $11180 | $12240 |
| **8/31/2018** | $11064 | $12649 | $11360 | $11351 | $12639 |
| **9/30/2018** | $11120 | $12697 | $11354 | $11370 | $12711 |
| **10/31/2018** | $10395 | $11798 | $10787 | $10893 | $11842 |
| **11/30/2018** | $10476 | $12038 | $10914 | $10980 | $12083 |
| **12/31/2018** | $9831 | $10942 | $10374 | $10540 | $10992 |
| **1/31/2019** | $10545 | $11859 | $10957 | $11093 | $11873 |
| **2/28/2019** | $10866 | $12260 | $11169 | $11307 | $12254 |
| **3/31/2019** | $10927 | $12474 | $11298 | $11481 | $12493 |
| **4/30/2019** | $11205 | $12978 | $11550 | $11733 | $12998 |
| **5/31/2019** | $10833 | $12151 | $11154 | $11412 | $12172 |
| **6/30/2019** | $11256 | $13004 | $11631 | $11900 | $13030 |
| **7/31/2019** | $11345 | $13206 | $11700 | $11979 | $13218 |
| **8/31/2019** | $11199 | $12964 | $11625 | $11962 | $13008 |
| **9/30/2019** | $11215 | $13188 | $11742 | $12069 | $13252 |
| **10/31/2019** | $11338 | $13468 | $11879 | $12231 | $13539 |
| **11/30/2019** | $11583 | $13977 | $12094 | $12435 | $14030 |
| **12/31/2019** | $11862 | $14381 | $12336 | $12668 | $14453 |
| **1/31/2020** | $11816 | $14396 | $12309 | $12721 | $14448 |
| **2/29/2020** | $11320 | $13220 | $11721 | $12219 | $13258 |
| **3/31/2020** | $9862 | $11473 | $10521 | $11102 | $11621 |
| **4/30/2020** | $10650 | $12989 | $11311 | $11906 | $13111 |
| **5/31/2020** | $11284 | $13674 | $11705 | $12334 | $13735 |
| **6/30/2020** | $11692 | $13976 | $11892 | $12532 | $14008 |
| **7/31/2020** | $12204 | $14795 | $12338 | $13030 | $14798 |
| **8/31/2020** | $12673 | $15881 | $12752 | $13475 | $15862 |
| **9/30/2020** | $12466 | $15300 | $12479 | $13213 | $15259 |
| **10/31/2020** | $12403 | $14931 | $12313 | $13027 | $14853 |
| **11/30/2020** | $13606 | $16690 | $13309 | $13986 | $16479 |
| **12/31/2020** | $14192 | $17395 | $13747 | $14347 | $17113 |
| **1/31/2021** | $14160 | $17252 | $13710 | $14264 | $16940 |
| **2/28/2021** | $14645 | $17752 | $14009 | $14410 | $17407 |
| **3/31/2021** | $14847 | $18424 | $14322 | $14614 | $18169 |
| **4/30/2021** | $15229 | $19415 | $14779 | $15040 | $19139 |
| **5/31/2021** | $15391 | $19508 | $14923 | $15143 | $19273 |
| **6/30/2021** | $15312 | $19996 | $15059 | $15351 | $19723 |
| **7/31/2021** | $15357 | $20412 | $15199 | $15553 | $20191 |
| **8/31/2021** | $15641 | $21003 | $15433 | $15769 | $20805 |
| **9/30/2021** | $15238 | $20038 | $14953 | $15395 | $19838 |
| **10/31/2021** | $15772 | $21428 | $15492 | $15853 | $21227 |
| **11/30/2021** | $15408 | $21141 | $15237 | $15676 | $21080 |
| **12/31/2021** | $15733 | $21997 | $15659 | $16057 | $22025 |
| **1/31/2022** | $14969 | $20757 | $15087 | $15425 | $20885 |
| **2/28/2022** | $14765 | $20187 | $14835 | $15150 | $20260 |
| **3/31/2022** | $14750 | $20869 | $14938 | $15212 | $21012 |
| **4/30/2022** | $13871 | $19008 | $14124 | $14289 | $19180 |
| **5/31/2022** | $14001 | $18979 | $14177 | $14327 | $19215 |
| **6/30/2022** | $12949 | $17390 | $13348 | $13452 | $17629 |
| **7/31/2022** | $13705 | $19010 | $14020 | $14281 | $19254 |
| **8/31/2022** | $13394 | $18280 | $13618 | $13805 | $18469 |
| **9/30/2022** | $12633 | $16588 | $12755 | $12876 | $16768 |
| **10/31/2022** | $13065 | $17919 | $13260 | $13382 | $18126 |
| **11/30/2022** | $13614 | $18888 | $13886 | $14020 | $19139 |
| **12/31/2022** | $13248 | $17790 | $13492 | $13656 | $18036 |
| **1/31/2023** | $13730 | $18982 | $14121 | $14366 | $19169 |
| **2/28/2023** | $13459 | $18531 | $13776 | $14051 | $18702 |
| **3/31/2023** | $13597 | $19117 | $14004 | $14404 | $19388 |
| **4/30/2023** | $13721 | $19354 | $14118 | $14572 | $19691 |
| **5/31/2023** | $13531 | $19444 | $13990 | $14464 | $19777 |
| **6/30/2023** | $13996 | $20757 | $14480 | $14953 | $21083 |
| **7/31/2023** | $14268 | $21471 | $14801 | $15247 | $21761 |
| **8/31/2023** | $14121 | $21095 | $14582 | $15062 | $21414 |
| **9/30/2023** | $13642 | $20104 | $14099 | $14578 | $20393 |
| **10/31/2023** | $13371 | $19618 | $13818 | $14273 | $19964 |
| **11/30/2023** | $14298 | $21450 | $14686 | $15263 | $21788 |
| **12/31/2023** | $14869 | $22509 | $15313 | $15934 | $22777 |
| **1/31/2024** | $15054 | $22823 | $15362 | $16020 | $23160 |
| **2/29/2024** | $15581 | $24056 | $15728 | $16337 | $24397 |
| **3/31/2024** | $16002 | $24827 | $16126 | $16686 | $25182 |
| **4/30/2024** | $15489 | $23770 | $15611 | $16202 | $24153 |
| **5/31/2024** | $15953 | $24890 | $16102 | $16691 | $25351 |
| **6/30/2024** | $16096 | $25713 | $16319 | $16966 | $26260 |
| **7/31/2024** | $16430 | $26088 | $16638 | $17300 | $26580 |
| **8/31/2024** | $16869 | $26706 | $16923 | $17650 | $27225 |
| **9/30/2024** | $17103 | $27277 | $17189 | $17947 | $27806 |
| **10/31/2024** | $16980 | $27086 | $16927 | $17646 | $27554 |
| **11/30/2024** | $17720 | $28830 | $17528 | $18188 | $29172 |
| **12/31/2024** | $17172 | $28026 | $17046 | $17839 | $28476 |
| **1/31/2025** | $17667 | $28919 | $17445 | $18238 | $29269 |
| **2/28/2025** | $17629 | $28413 | $17440 | $18290 | $28887 |
| **3/31/2025** | $17113 | $26768 | $16990 | $17825 | $27260 |
| **4/30/2025** | $17094 | $26609 | $16914 | $17887 | $27075 |
| **5/31/2025** | $17589 | $28308 | $17440 | $18450 | $28779 |
| **6/30/2025** | $18176 | $29741 | $18013 | $19019 | $30243 |
| **7/31/2025** | $18355 | $30402 | $18161 | $19162 | $30921 |
| **8/31/2025** | $18696 | $31042 | $18492 | $19521 | $31548 |
| **9/30/2025** | $19126 | $32118 | $18878 | $19924 | $32700 |
| **10/31/2025** | $19259 | $32811 | $19084 | $20165 | $33465 |
| **11/30/2025** | $19382 | $32891 | $19229 | $20255 | $33547 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 9.38% | 7.33% | 7.94% |
| Russell 1000 Index | 14.09% | 14.53% | 8.66% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.84% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.49% |
| S&P 500 Index | 15.00% | 15.28% | 15.00% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LOBFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8978-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LABYX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $24 | 0.23% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.36%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i669d6b20c6e0085bb3193fb2.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class I** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9790 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9378 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9338 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9844 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10020 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10100 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10128 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10437 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10530 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10607 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10533 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10755 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10941 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11090 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11319 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11309 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11382 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11431 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11481 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11621 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11552 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11757 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11900 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $12057 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12129 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12503 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $12105 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $12034 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $12016 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $12103 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $12059 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12236 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12488 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12562 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11732 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11824 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $11094 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11889 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12263 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12320 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12634 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12214 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12691 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12792 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12627 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12645 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12772 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $13060 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13363 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13323 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12762 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $11115 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $12005 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12721 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $13169 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13747 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $14276 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $14043 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13971 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $15317 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15991 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15942 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16489 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16718 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $17148 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $17331 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $17241 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $17280 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17600 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $17144 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17747 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $17348 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17717 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16839 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16607 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16591 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15611 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15744 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14570 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $15408 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $15056 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $14211 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14683 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $15304 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14889 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $15448 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $15128 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $15283 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $15423 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $15208 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15733 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $16040 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15858 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $15332 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $15026 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $16057 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16702 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16911 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $17507 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17982 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $17403 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17927 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $18089 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $18450 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18947 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $19210 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $19071 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19892 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $19273 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19832 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $19790 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $19206 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $19185 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $19728 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $20391 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $20593 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20979 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $21449 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $21599 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $21754 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 9.36% | 7.27% | 8.08% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LABYX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1428-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class P

# LABPX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $71 | 0.68% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.86%, reflecting performance at the net asset value (NAV) of Class P shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7853a792df96c8eee13560ca.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9786 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9370 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9325 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9829 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10002 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10079 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10102 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10408 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10497 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10570 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10493 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10710 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10892 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11037 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11252 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11238 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11306 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11350 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11406 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11532 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11458 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11659 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11796 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $11948 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12016 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12383 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $11983 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11908 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11876 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $11967 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11919 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12091 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12336 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12394 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11576 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11663 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $10937 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11720 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12085 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12138 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12444 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12024 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12493 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12575 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12418 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12432 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12552 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12821 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13127 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13070 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12524 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $10907 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11768 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12458 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $12906 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13459 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $13975 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13739 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13664 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $14982 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15626 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15583 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16115 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16321 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16737 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $16911 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $16816 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $16847 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17154 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16701 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17286 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $16888 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17231 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16379 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16146 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16137 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15159 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15298 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14144 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $14959 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14608 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13778 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14248 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $14833 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14425 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $14949 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14646 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $14791 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $14923 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14708 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15198 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15492 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15323 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $14792 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14503 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15498 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16115 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16296 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $16867 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17322 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $16754 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17240 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17391 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $17749 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18207 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $18456 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18313 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19101 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $18495 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19027 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $18980 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $18410 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $18383 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $18915 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $19533 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $19719 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20068 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $20528 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $20665 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $20793 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class P at NAV | 8.86% | 6.77% | 7.59% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class P

# LABPX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-582-P

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# BLAQX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $87 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.72%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6dae403ef3ba2bee9e279940.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R2** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9779 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9361 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9326 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9826 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $9994 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10068 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10098 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10403 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10489 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10559 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10472 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10693 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10878 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11018 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11236 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11220 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11286 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11326 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11379 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11510 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11427 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11629 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11761 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $11908 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $11982 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12346 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $11946 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11871 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11838 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $11925 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11877 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12042 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12279 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12344 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11528 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11611 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $10885 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11673 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12026 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12087 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12381 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $11962 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12426 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12514 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12350 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12361 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12486 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12755 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13049 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $12993 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12440 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $10832 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11696 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12382 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $12813 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13364 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $13882 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13642 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13557 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $14871 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15512 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15458 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $15979 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16186 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16596 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $16772 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $16679 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $16707 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17012 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16562 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17134 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $16737 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17075 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16232 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16008 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $15983 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15020 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15150 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14005 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $14808 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14458 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13635 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14097 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $14680 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14274 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $14800 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14495 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $14631 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $14755 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14548 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15029 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15320 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15143 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $14621 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14330 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15305 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $15922 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16106 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $16662 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17107 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $16549 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17038 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17179 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $17517 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $17979 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $18213 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18089 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $18849 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $18257 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $18774 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $18726 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $18154 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $18140 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $18643 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $19255 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $19443 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $19786 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $20234 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $20360 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $20494 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 8.72% | 6.62% | 7.44% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# BLAQX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1084-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# BLARX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $76 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.76%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7773dc056abc505c386759ce.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R3** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9786 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9370 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9326 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9829 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $9991 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10077 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10100 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10404 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10493 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10566 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10488 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10705 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10886 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11030 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11244 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11229 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11307 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11341 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11397 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11532 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11448 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11647 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11784 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $11935 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12002 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12377 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $11978 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11903 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11871 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $11961 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11913 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12073 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12327 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12385 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11570 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11656 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $10931 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11722 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12075 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12127 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12431 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12012 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12479 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12572 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12404 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12417 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12547 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12814 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13107 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13050 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12506 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $10895 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11752 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12450 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $12884 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13445 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $13958 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13723 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13647 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $14959 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15599 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15556 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16084 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16288 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16702 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $16874 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $16790 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $16821 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17126 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16674 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17255 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $16847 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17199 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16338 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16121 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16097 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15125 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15262 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14115 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $14923 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14575 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13749 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14202 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $14796 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14389 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $14909 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14609 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $14752 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $14882 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14668 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15155 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15445 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15277 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $14749 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14462 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15451 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16066 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16260 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $16812 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17264 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $16698 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17195 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17344 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $17684 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18153 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $18399 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18257 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19038 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $18436 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $18963 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $18915 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $18349 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $18321 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $18848 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $19460 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $19644 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $19989 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $20445 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $20579 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $20706 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 8.76% | 6.72% | 7.55% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# BLARX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2058-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# BLASX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $50 | 0.48% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.09%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia86aa8b3f51221dcb7ac0873.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R4** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9789 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9375 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9333 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9837 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10011 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10089 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10124 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10430 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10521 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10596 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10520 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10739 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10923 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11069 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11286 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11275 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11356 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11392 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11450 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11578 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11506 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11709 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11849 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $12003 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12072 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12452 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $12044 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $11971 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $11951 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $12035 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $11989 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12163 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12421 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12481 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11664 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11743 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $11016 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11814 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12172 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12237 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12535 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12116 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12599 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12684 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12529 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12533 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12667 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $12939 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13248 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13194 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12636 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $11003 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $11881 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12587 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $13029 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13598 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $14130 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $13884 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13811 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $15150 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $15800 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15749 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16298 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16508 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $16929 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $17107 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $17014 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $17061 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17361 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $16907 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17499 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $17101 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17462 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16593 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16362 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16341 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15374 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15501 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14342 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $15164 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $14814 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $13980 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14456 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $15048 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14638 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $15184 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $14881 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $15015 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $15150 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $14951 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15448 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $15747 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15579 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $15046 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $14742 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $15750 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16395 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16581 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $17162 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $17625 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $17053 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17563 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $17718 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $18068 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18551 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $18805 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $18664 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19465 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $18854 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19396 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $19351 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $18777 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $18752 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $19295 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $19923 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $20116 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20488 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $20959 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $21085 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $21233 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 9.09% | 6.98% | 7.82% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# BLASX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8710-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# BLATX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $24 | 0.23% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.33%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8ecdffafa662d4277d3cd815.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R5** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9790 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9378 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9337 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9844 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10019 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10100 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10137 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10445 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10538 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10616 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10537 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10769 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10954 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11094 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11323 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11313 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11386 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11434 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11495 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11625 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11555 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11761 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11903 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $12060 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12132 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12516 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $12108 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $12037 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $12019 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $12106 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $12062 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12239 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12501 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12564 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11735 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11837 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $11098 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11904 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12266 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12334 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12648 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12218 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12705 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12795 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12641 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12647 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12786 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $13073 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13376 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13325 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12776 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $11130 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $12019 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12723 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $13183 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13761 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $14289 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $14056 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $13984 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $15341 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $16002 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15953 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16512 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16728 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $17158 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $17353 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $17263 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $17302 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17621 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $17166 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17769 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $17357 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17724 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16847 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16630 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16614 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15621 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15768 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14580 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $15418 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $15081 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $14222 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14709 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $15328 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14900 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $15458 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $15152 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $15292 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $15447 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $15233 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15742 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $16048 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15882 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $15342 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $15036 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $16081 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16725 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16934 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $17528 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $18004 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $17425 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $17948 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $18110 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $18471 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $18967 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $19230 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $19091 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $19911 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $19292 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19851 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $19808 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $19225 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $19204 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $19763 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $20425 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $20626 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $20995 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $21480 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $21630 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $21770 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 9.33% | 7.25% | 8.09% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# BLATX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8742-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# BLAVX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $18 | 0.17% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 9.39%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 14.09% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 15.00% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if2163ac1020fc49fde896d95.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000 Index** | **Morningstar Moderate Allocation Average** | **40% Russell 1000 Index/30% Bloomberg U.S. Aggregate Bond Index/20% BofA HY Master II Constrained Index/10% MSCI EAFE Index** | **S&P 500 Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9791 | $9820 | $9836 | $9853 | $9842 |
| **1/31/2016** | $9379 | $9292 | $9515 | $9580 | $9354 |
| **2/29/2016** | $9338 | $9288 | $9496 | $9590 | $9341 |
| **3/31/2016** | $9845 | $9935 | $9943 | $10032 | $9975 |
| **4/30/2016** | $10012 | $9989 | $10049 | $10176 | $10014 |
| **5/31/2016** | $10092 | $10164 | $10115 | $10255 | $10193 |
| **6/30/2016** | $10130 | $10187 | $10161 | $10307 | $10220 |
| **7/31/2016** | $10438 | $10575 | $10431 | $10588 | $10597 |
| **8/31/2016** | $10532 | $10589 | $10457 | $10638 | $10612 |
| **9/30/2016** | $10600 | $10598 | $10478 | $10667 | $10614 |
| **10/31/2016** | $10526 | $10391 | $10325 | $10544 | $10420 |
| **11/30/2016** | $10758 | $10801 | $10450 | $10607 | $10806 |
| **12/31/2016** | $10944 | $11004 | $10582 | $10769 | $11019 |
| **1/31/2017** | $11094 | $11225 | $10741 | $10922 | $11228 |
| **2/28/2017** | $11313 | $11660 | $10961 | $11163 | $11674 |
| **3/31/2017** | $11313 | $11667 | $10988 | $11192 | $11688 |
| **4/30/2017** | $11386 | $11790 | $11209 | $11319 | $11808 |
| **5/31/2017** | $11435 | $11941 | $11310 | $11467 | $11974 |
| **6/30/2017** | $11486 | $12024 | $11361 | $11496 | $12049 |
| **7/31/2017** | $11626 | $12262 | $11530 | $11662 | $12297 |
| **8/31/2017** | $11557 | $12301 | $11547 | $11707 | $12334 |
| **9/30/2017** | $11763 | $12563 | $11705 | $11840 | $12589 |
| **10/31/2017** | $11905 | $12851 | $11828 | $11978 | $12882 |
| **11/30/2017** | $12063 | $13243 | $11991 | $12126 | $13277 |
| **12/31/2017** | $12135 | $13390 | $12102 | $12224 | $13425 |
| **1/31/2018** | $12509 | $14125 | $12440 | $12527 | $14194 |
| **2/28/2018** | $12111 | $13607 | $12059 | $12228 | $13671 |
| **3/31/2018** | $12040 | $13298 | $11951 | $12104 | $13323 |
| **4/30/2018** | $12023 | $13343 | $11972 | $12139 | $13374 |
| **5/31/2018** | $12110 | $13684 | $12090 | $12263 | $13696 |
| **6/30/2018** | $12076 | $13772 | $12088 | $12284 | $13781 |
| **7/31/2018** | $12244 | $14247 | $12324 | $12512 | $14294 |
| **8/31/2018** | $12506 | $14738 | $12475 | $12703 | $14759 |
| **9/30/2018** | $12570 | $14794 | $12468 | $12724 | $14843 |
| **10/31/2018** | $11750 | $13747 | $11846 | $12191 | $13829 |
| **11/30/2018** | $11842 | $14027 | $11985 | $12288 | $14111 |
| **12/31/2018** | $11101 | $12750 | $11393 | $11795 | $12837 |
| **1/31/2019** | $11908 | $13818 | $12033 | $12414 | $13865 |
| **2/28/2019** | $12271 | $14286 | $12266 | $12654 | $14310 |
| **3/31/2019** | $12340 | $14535 | $12408 | $12849 | $14588 |
| **4/30/2019** | $12655 | $15122 | $12684 | $13131 | $15179 |
| **5/31/2019** | $12234 | $14158 | $12249 | $12771 | $14215 |
| **6/30/2019** | $12712 | $15152 | $12773 | $13317 | $15216 |
| **7/31/2019** | $12802 | $15387 | $12849 | $13405 | $15435 |
| **8/31/2019** | $12648 | $15105 | $12766 | $13387 | $15190 |
| **9/30/2019** | $12666 | $15367 | $12895 | $13506 | $15475 |
| **10/31/2019** | $12793 | $15693 | $13045 | $13688 | $15810 |
| **11/30/2019** | $13082 | $16286 | $13282 | $13916 | $16384 |
| **12/31/2019** | $13385 | $16756 | $13547 | $14177 | $16878 |
| **1/31/2020** | $13345 | $16774 | $13518 | $14236 | $16872 |
| **2/29/2020** | $12785 | $15404 | $12872 | $13675 | $15483 |
| **3/31/2020** | $11136 | $13368 | $11554 | $12425 | $13570 |
| **4/30/2020** | $12027 | $15135 | $12421 | $13323 | $15310 |
| **5/31/2020** | $12744 | $15933 | $12854 | $13803 | $16039 |
| **6/30/2020** | $13205 | $16285 | $13060 | $14025 | $16358 |
| **7/31/2020** | $13772 | $17239 | $13550 | $14582 | $17281 |
| **8/31/2020** | $14314 | $18504 | $14004 | $15079 | $18523 |
| **9/30/2020** | $14080 | $17828 | $13704 | $14787 | $17819 |
| **10/31/2020** | $14009 | $17398 | $13521 | $14579 | $17345 |
| **11/30/2020** | $15368 | $19447 | $14616 | $15651 | $19244 |
| **12/31/2020** | $16031 | $20269 | $15097 | $16055 | $19984 |
| **1/31/2021** | $15995 | $20102 | $15056 | $15963 | $19782 |
| **2/28/2021** | $16543 | $20685 | $15384 | $16126 | $20327 |
| **3/31/2021** | $16760 | $21467 | $15729 | $16354 | $21218 |
| **4/30/2021** | $17203 | $22623 | $16230 | $16832 | $22350 |
| **5/31/2021** | $17386 | $22730 | $16388 | $16946 | $22506 |
| **6/30/2021** | $17297 | $23300 | $16537 | $17179 | $23032 |
| **7/31/2021** | $17336 | $23784 | $16691 | $17405 | $23579 |
| **8/31/2021** | $17657 | $24472 | $16948 | $17646 | $24296 |
| **9/30/2021** | $17201 | $23348 | $16421 | $17228 | $23166 |
| **10/31/2021** | $17805 | $24968 | $17013 | $17741 | $24789 |
| **11/30/2021** | $17406 | $24633 | $16733 | $17542 | $24617 |
| **12/31/2021** | $17776 | $25631 | $17196 | $17969 | $25720 |
| **1/31/2022** | $16897 | $24186 | $16569 | $17263 | $24389 |
| **2/28/2022** | $16666 | $23522 | $16292 | $16954 | $23659 |
| **3/31/2022** | $16664 | $24316 | $16404 | $17023 | $24537 |
| **4/30/2022** | $15670 | $22149 | $15510 | $15990 | $22398 |
| **5/31/2022** | $15803 | $22115 | $15569 | $16033 | $22439 |
| **6/30/2022** | $14628 | $20263 | $14659 | $15054 | $20587 |
| **7/31/2022** | $15468 | $22150 | $15397 | $15982 | $22485 |
| **8/31/2022** | $15116 | $21300 | $14955 | $15449 | $21568 |
| **9/30/2022** | $14270 | $19329 | $14007 | $14409 | $19581 |
| **10/31/2022** | $14758 | $20879 | $14562 | $14975 | $21167 |
| **11/30/2022** | $15365 | $22008 | $15249 | $15690 | $22350 |
| **12/31/2022** | $14950 | $20729 | $14816 | $15282 | $21062 |
| **1/31/2023** | $15510 | $22118 | $15508 | $16076 | $22385 |
| **2/28/2023** | $15204 | $21592 | $15129 | $15724 | $21839 |
| **3/31/2023** | $15345 | $22275 | $15379 | $16119 | $22641 |
| **4/30/2023** | $15501 | $22551 | $15504 | $16307 | $22994 |
| **5/31/2023** | $15286 | $22656 | $15364 | $16186 | $23094 |
| **6/30/2023** | $15797 | $24186 | $15902 | $16734 | $24620 |
| **7/31/2023** | $16119 | $25018 | $16255 | $17063 | $25411 |
| **8/31/2023** | $15938 | $24580 | $16014 | $16856 | $25007 |
| **9/30/2023** | $15396 | $23425 | $15483 | $16314 | $23814 |
| **10/31/2023** | $15105 | $22859 | $15175 | $15972 | $23314 |
| **11/30/2023** | $16137 | $24994 | $16128 | $17081 | $25443 |
| **12/31/2023** | $16799 | $26228 | $16816 | $17831 | $26599 |
| **1/31/2024** | $16992 | $26594 | $16870 | $17928 | $27046 |
| **2/29/2024** | $17588 | $28030 | $17272 | $18283 | $28490 |
| **3/31/2024** | $18080 | $28928 | $17709 | $18674 | $29406 |
| **4/30/2024** | $17500 | $27697 | $17144 | $18131 | $28205 |
| **5/31/2024** | $18025 | $29002 | $17683 | $18679 | $29604 |
| **6/30/2024** | $18187 | $29961 | $17921 | $18986 | $30666 |
| **7/31/2024** | $18549 | $30397 | $18272 | $19360 | $31039 |
| **8/31/2024** | $19061 | $31118 | $18584 | $19752 | $31792 |
| **9/30/2024** | $19309 | $31783 | $18876 | $20084 | $32471 |
| **10/31/2024** | $19186 | $31561 | $18589 | $19748 | $32177 |
| **11/30/2024** | $20008 | $33593 | $19249 | $20354 | $34066 |
| **12/31/2024** | $19387 | $32657 | $18720 | $19964 | $33254 |
| **1/31/2025** | $19947 | $33696 | $19158 | $20410 | $34180 |
| **2/28/2025** | $19905 | $33107 | $19152 | $20469 | $33734 |
| **3/31/2025** | $19321 | $31191 | $18658 | $19947 | $31833 |
| **4/30/2025** | $19300 | $31005 | $18574 | $20017 | $31617 |
| **5/31/2025** | $19859 | $32984 | $19152 | $20647 | $33607 |
| **6/30/2025** | $20523 | $34655 | $19782 | $21284 | $35316 |
| **7/31/2025** | $20725 | $35425 | $19944 | $21444 | $36109 |
| **8/31/2025** | $21111 | $36170 | $20307 | $21846 | $36841 |
| **9/30/2025** | $21582 | $37424 | $20731 | $22296 | $38185 |
| **10/31/2025** | $21747 | $38232 | $20957 | $22566 | $39079 |
| **11/30/2025** | $21887 | $38325 | $21117 | $22668 | $39175 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 9.39% | 7.33% | 8.15% |
| Russell 1000 Index | 14.09% | 14.53% | 14.38% |
| Morningstar Moderate Allocation Average | 9.70% | 7.64% | 7.76% |
| 40 Russell 1000/30 BBG USAgg/20 Bofa HY Master II/10 MSCI EAFE Gross Div | 11.37% | 7.69% | 8.53% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2020246742 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $1754386 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.15% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.76% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 27.41% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 6.04% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.67% |
| Lord Abbett Private Credit Fund | 1.83% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 14.31% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.41% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.65% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 11.15% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.98% |
| Repurchase Agreements | 0.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# BLAVX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8774-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# ISFAX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $51 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.34%, reflecting performance at the net asset value (NAV) of Class A shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifc28598c3d0c70e8c1b3b42e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9774 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9608 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9362 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9324 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9657 | $10032 | $10088 | $10270 |
| **4/30/2016** | $9819 | $10151 | $10248 | $10309 |
| **5/31/2016** | $9870 | $10198 | $10295 | $10312 |
| **6/30/2016** | $9928 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10155 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10264 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10323 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10313 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10369 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10500 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10649 | $10699 | $10792 | $10252 |
| **2/28/2017** | $10787 | $10877 | $10965 | $10321 |
| **3/31/2017** | $10808 | $10898 | $10990 | $10315 |
| **4/30/2017** | $10893 | $10994 | $11111 | $10395 |
| **5/31/2017** | $10952 | $11090 | $11245 | $10475 |
| **6/30/2017** | $10981 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11101 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11085 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11213 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11336 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11421 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11463 | $11647 | $11750 | $10594 |
| **1/31/2018** | $11732 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11487 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11435 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11435 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11529 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11491 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11574 | $11737 | $11856 | $10425 |
| **8/31/2018** | $11766 | $11805 | $11971 | $10492 |
| **9/30/2018** | $11812 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11196 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11217 | $11468 | $11668 | $10404 |
| **12/31/2018** | $10729 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11330 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11593 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11622 | $11926 | $12227 | $10907 |
| **4/30/2019** | $11847 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11598 | $11889 | $12249 | $11103 |
| **6/30/2019** | $11926 | $12262 | $12638 | $11243 |
| **7/31/2019** | $11984 | $12308 | $12690 | $11268 |
| **8/31/2019** | $11862 | $12321 | $12772 | $11560 |
| **9/30/2019** | $11882 | $12399 | $12832 | $11498 |
| **10/31/2019** | $11997 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12171 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12431 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12384 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12057 | $12475 | $13067 | $11952 |
| **3/31/2020** | $10754 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11329 | $11984 | $12742 | $12093 |
| **5/31/2020** | $11820 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12181 | $12512 | $13275 | $12225 |
| **7/31/2020** | $12623 | $12893 | $13709 | $12408 |
| **8/31/2020** | $12955 | $13143 | $13965 | $12308 |
| **9/30/2020** | $12796 | $12972 | $13787 | $12301 |
| **10/31/2020** | $12740 | $12848 | $13654 | $12246 |
| **11/30/2020** | $13671 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14148 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14128 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14454 | $13997 | $14613 | $12117 |
| **3/31/2021** | $14602 | $14176 | $14683 | $11966 |
| **4/30/2021** | $14872 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15063 | $14642 | $15076 | $12100 |
| **6/30/2021** | $14965 | $14724 | $15234 | $12185 |
| **7/31/2021** | $14989 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15182 | $14974 | $15524 | $12297 |
| **9/30/2021** | $14880 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15244 | $14980 | $15519 | $12188 |
| **11/30/2021** | $14961 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15214 | $15104 | $15644 | $12192 |
| **1/31/2022** | $14638 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14451 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14363 | $14424 | $14805 | $11469 |
| **4/30/2022** | $13674 | $13765 | $14060 | $11034 |
| **5/31/2022** | $13753 | $13807 | $14117 | $11105 |
| **6/30/2022** | $12862 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13474 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13198 | $13318 | $13639 | $10881 |
| **9/30/2022** | $12576 | $12533 | $12857 | $10411 |
| **10/31/2022** | $12809 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13281 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13038 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13475 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13210 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13375 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13474 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13283 | $13526 | $14132 | $10867 |
| **6/30/2023** | $13541 | $13836 | $14423 | $10828 |
| **7/31/2023** | $13715 | $14050 | $14616 | $10821 |
| **8/31/2023** | $13593 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13218 | $13471 | $14086 | $10478 |
| **10/31/2023** | $12989 | $13219 | $13817 | $10313 |
| **11/30/2023** | $13693 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14215 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14303 | $14540 | $15286 | $11162 |
| **2/29/2024** | $14565 | $14694 | $15394 | $11004 |
| **3/31/2024** | $14873 | $14996 | $15655 | $11106 |
| **4/30/2024** | $14479 | $14600 | $15267 | $10825 |
| **5/31/2024** | $14820 | $14965 | $15632 | $11009 |
| **6/30/2024** | $14908 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15211 | $15435 | $16151 | $11373 |
| **8/31/2024** | $15585 | $15696 | $16450 | $11536 |
| **9/30/2024** | $15779 | $15928 | $16702 | $11690 |
| **10/31/2024** | $15572 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16020 | $16034 | $16706 | $11521 |
| **12/31/2024** | $15629 | $15646 | $16435 | $11332 |
| **1/31/2025** | $15951 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16059 | $16039 | $16889 | $11643 |
| **3/31/2025** | $15790 | $15760 | $16646 | $11648 |
| **4/30/2025** | $15798 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16056 | $15991 | $17044 | $11610 |
| **6/30/2025** | $16486 | $16433 | $17452 | $11788 |
| **7/31/2025** | $16554 | $16525 | $17502 | $11757 |
| **8/31/2025** | $16832 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17132 | $17130 | $18078 | $12028 |
| **10/31/2025** | $17255 | $17264 | $18238 | $12103 |
| **11/30/2025** | $17356 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 8.34% | 4.89% | 5.91% |
| Class A with sales charge | 5.90% | 4.41% | 5.67% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# ISFAX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1440-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# ISFCX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $129 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 7.56%, reflecting performance at the net asset value (NAV) of Class C shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i29fb5ee902fab974b8a8b441.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9820 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9565 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9522 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9857 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10014 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10060 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10119 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10341 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10443 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10503 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10480 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10536 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10661 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10802 | $10699 | $10792 | $10252 |
| **2/28/2017** | $10934 | $10877 | $10965 | $10321 |
| **3/31/2017** | $10948 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11026 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11086 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11107 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11220 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11196 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11318 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11432 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11510 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11544 | $11647 | $11750 | $10594 |
| **1/31/2018** | $11811 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11553 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11502 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11496 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11573 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11528 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11609 | $11737 | $11856 | $10425 |
| **8/31/2018** | $11792 | $11805 | $11971 | $10492 |
| **9/30/2018** | $11831 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11207 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11221 | $11468 | $11668 | $10404 |
| **12/31/2018** | $10725 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11326 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11570 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11599 | $11926 | $12227 | $10907 |
| **4/30/2019** | $11812 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11560 | $11889 | $12249 | $11103 |
| **6/30/2019** | $11876 | $12262 | $12638 | $11243 |
| **7/31/2019** | $11932 | $12308 | $12690 | $11268 |
| **8/31/2019** | $11805 | $12321 | $12772 | $11560 |
| **9/30/2019** | $11818 | $12399 | $12832 | $11498 |
| **10/31/2019** | $11921 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12085 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12331 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12277 | $12847 | $13349 | $11740 |
| **2/29/2020** | $11950 | $12475 | $13067 | $11952 |
| **3/31/2020** | $10647 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11217 | $11984 | $12742 | $12093 |
| **5/31/2020** | $11697 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12040 | $12512 | $13275 | $12225 |
| **7/31/2020** | $12468 | $12893 | $13709 | $12408 |
| **8/31/2020** | $12791 | $13143 | $13965 | $12308 |
| **9/30/2020** | $12628 | $12972 | $13787 | $12301 |
| **10/31/2020** | $12565 | $12848 | $13654 | $12246 |
| **11/30/2020** | $13471 | $13596 | $14384 | $12366 |
| **12/31/2020** | $13939 | $13903 | $14651 | $12383 |
| **1/31/2021** | $13902 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14226 | $13997 | $14613 | $12117 |
| **3/31/2021** | $14359 | $14176 | $14683 | $11966 |
| **4/30/2021** | $14611 | $14500 | $14979 | $12060 |
| **5/31/2021** | $14787 | $14642 | $15076 | $12100 |
| **6/30/2021** | $14690 | $14724 | $15234 | $12185 |
| **7/31/2021** | $14704 | $14836 | $15399 | $12321 |
| **8/31/2021** | $14880 | $14974 | $15524 | $12297 |
| **9/30/2021** | $14571 | $14678 | $15278 | $12191 |
| **10/31/2021** | $14921 | $14980 | $15519 | $12188 |
| **11/30/2021** | $14638 | $14787 | $15386 | $12224 |
| **12/31/2021** | $14872 | $15104 | $15644 | $12192 |
| **1/31/2022** | $14301 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14105 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14009 | $14424 | $14805 | $11469 |
| **4/30/2022** | $13331 | $13765 | $14060 | $11034 |
| **5/31/2022** | $13399 | $13807 | $14117 | $11105 |
| **6/30/2022** | $12528 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13123 | $13670 | $14076 | $11198 |
| **8/31/2022** | $12840 | $13318 | $13639 | $10881 |
| **9/30/2022** | $12229 | $12533 | $12857 | $10411 |
| **10/31/2022** | $12444 | $12840 | $13150 | $10276 |
| **11/30/2022** | $12893 | $13428 | $13719 | $10654 |
| **12/31/2022** | $12645 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13069 | $13731 | $14118 | $10932 |
| **2/28/2023** | $12801 | $13404 | $13812 | $10650 |
| **3/31/2023** | $12948 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13043 | $13718 | $14281 | $10987 |
| **5/31/2023** | $12853 | $13526 | $14132 | $10867 |
| **6/30/2023** | $13088 | $13836 | $14423 | $10828 |
| **7/31/2023** | $13254 | $14050 | $14616 | $10821 |
| **8/31/2023** | $13119 | $13863 | $14478 | $10751 |
| **9/30/2023** | $12747 | $13471 | $14086 | $10478 |
| **10/31/2023** | $12530 | $13219 | $13817 | $10313 |
| **11/30/2023** | $13196 | $13961 | $14643 | $10780 |
| **12/31/2023** | $13691 | $14522 | $15253 | $11193 |
| **1/31/2024** | $13763 | $14540 | $15286 | $11162 |
| **2/29/2024** | $14002 | $14694 | $15394 | $11004 |
| **3/31/2024** | $14293 | $14996 | $15655 | $11106 |
| **4/30/2024** | $13903 | $14600 | $15267 | $10825 |
| **5/31/2024** | $14223 | $14965 | $15632 | $11009 |
| **6/30/2024** | $14306 | $15105 | $15815 | $11113 |
| **7/31/2024** | $14581 | $15435 | $16151 | $11373 |
| **8/31/2024** | $14932 | $15696 | $16450 | $11536 |
| **9/30/2024** | $15115 | $15928 | $16702 | $11690 |
| **10/31/2024** | $14900 | $15628 | $16379 | $11401 |
| **11/30/2024** | $15320 | $16034 | $16706 | $11521 |
| **12/31/2024** | $14935 | $15646 | $16435 | $11332 |
| **1/31/2025** | $15235 | $15934 | $16722 | $11393 |
| **2/28/2025** | $15335 | $16039 | $16889 | $11643 |
| **3/31/2025** | $15065 | $15760 | $16646 | $11648 |
| **4/30/2025** | $15062 | $15673 | $16735 | $11693 |
| **5/31/2025** | $15302 | $15991 | $17044 | $11610 |
| **6/30/2025** | $15694 | $16433 | $17452 | $11788 |
| **7/31/2025** | $15755 | $16525 | $17502 | $11757 |
| **8/31/2025** | $16004 | $16835 | $17798 | $11898 |
| **9/30/2025** | $16282 | $17130 | $18078 | $12028 |
| **10/31/2025** | $16384 | $17264 | $18238 | $12103 |
| **11/30/2025** | $16479 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 7.56% | 4.11% | 5.12% |
| Class C with sales charge | 6.56% | 4.11% | 5.12% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# ISFCX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1442-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LIGFX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $35 | 0.34% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.50%, reflecting performance at the net asset value (NAV) of Class F shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4ede15a70c6d3cd2b6349315.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9832 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9580 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9550 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9885 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10059 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10113 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10174 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10408 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10520 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10582 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10574 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10632 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10768 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10915 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11057 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11089 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11177 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11239 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11270 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11394 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11379 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11513 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11632 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11729 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11774 | $11647 | $11750 | $10594 |
| **1/31/2018** | $12051 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11793 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11749 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11750 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11841 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11803 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11897 | $11737 | $11856 | $10425 |
| **8/31/2018** | $12097 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12146 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11506 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11537 | $11468 | $11668 | $10404 |
| **12/31/2018** | $11036 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11656 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11920 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11959 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12192 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11938 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12268 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12338 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12214 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12236 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12356 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12537 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12805 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12751 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12424 | $12475 | $13067 | $11952 |
| **3/31/2020** | $11074 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11677 | $11984 | $12742 | $12093 |
| **5/31/2020** | $12184 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12558 | $12512 | $13275 | $12225 |
| **7/31/2020** | $13015 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13358 | $13143 | $13965 | $12308 |
| **9/30/2020** | $13196 | $12972 | $13787 | $12301 |
| **10/31/2020** | $13140 | $12848 | $13654 | $12246 |
| **11/30/2020** | $14103 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14596 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14569 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14916 | $13997 | $14613 | $12117 |
| **3/31/2021** | $15071 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15351 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15549 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15451 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15477 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15670 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15368 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15746 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15456 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15719 | $15104 | $15644 | $12192 |
| **1/31/2022** | $15126 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14925 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14845 | $14424 | $14805 | $11469 |
| **4/30/2022** | $14135 | $13765 | $14060 | $11034 |
| **5/31/2022** | $14218 | $13807 | $14117 | $11105 |
| **6/30/2022** | $13298 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13942 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13649 | $13318 | $13639 | $10881 |
| **9/30/2022** | $13007 | $12533 | $12857 | $10411 |
| **10/31/2022** | $13250 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13740 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13490 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13943 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13671 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13843 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13947 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13752 | $13526 | $14132 | $10867 |
| **6/30/2023** | $14020 | $13836 | $14423 | $10828 |
| **7/31/2023** | $14201 | $14050 | $14616 | $10821 |
| **8/31/2023** | $14076 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13690 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13465 | $13219 | $13817 | $10313 |
| **11/30/2023** | $14185 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14729 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14821 | $14540 | $15286 | $11162 |
| **2/29/2024** | $15095 | $14694 | $15394 | $11004 |
| **3/31/2024** | $15415 | $14996 | $15655 | $11106 |
| **4/30/2024** | $15009 | $14600 | $15267 | $10825 |
| **5/31/2024** | $15364 | $14965 | $15632 | $11009 |
| **6/30/2024** | $15457 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15774 | $15435 | $16151 | $11373 |
| **8/31/2024** | $16164 | $15696 | $16450 | $11536 |
| **9/30/2024** | $16367 | $15928 | $16702 | $11690 |
| **10/31/2024** | $16154 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16621 | $16034 | $16706 | $11521 |
| **12/31/2024** | $16217 | $15646 | $16435 | $11332 |
| **1/31/2025** | $16554 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16667 | $16039 | $16889 | $11643 |
| **3/31/2025** | $16390 | $15760 | $16646 | $11648 |
| **4/30/2025** | $16401 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16681 | $15991 | $17044 | $11610 |
| **6/30/2025** | $17119 | $16433 | $17452 | $11788 |
| **7/31/2025** | $17202 | $16525 | $17502 | $11757 |
| **8/31/2025** | $17482 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17797 | $17130 | $18078 | $12028 |
| **10/31/2025** | $17926 | $17264 | $18238 | $12103 |
| **11/30/2025** | $18033 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 8.50% | 5.04% | 6.07% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LIGFX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1015-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# ISFOX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $19 | 0.18% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.69%, reflecting performance at the net asset value (NAV) of Class F3 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ibfcdc7955ff7f21754a90999.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10088 | $10085 | $10104 | $10051 |
| **5/31/2017** | $10145 | $10174 | $10226 | $10128 |
| **6/30/2017** | $10174 | $10198 | $10237 | $10118 |
| **7/31/2017** | $10288 | $10324 | $10357 | $10162 |
| **8/31/2017** | $10275 | $10356 | $10404 | $10253 |
| **9/30/2017** | $10398 | $10451 | $10476 | $10204 |
| **10/31/2017** | $10507 | $10526 | $10553 | $10210 |
| **11/30/2017** | $10596 | $10607 | $10615 | $10197 |
| **12/31/2017** | $10637 | $10684 | $10686 | $10244 |
| **1/31/2018** | $10891 | $10864 | $10818 | $10126 |
| **2/28/2018** | $10664 | $10608 | $10619 | $10030 |
| **3/31/2018** | $10618 | $10566 | $10567 | $10094 |
| **4/30/2018** | $10628 | $10564 | $10581 | $10019 |
| **5/31/2018** | $10711 | $10627 | $10647 | $10091 |
| **6/30/2018** | $10677 | $10616 | $10651 | $10078 |
| **7/31/2018** | $10757 | $10767 | $10782 | $10080 |
| **8/31/2018** | $10939 | $10829 | $10886 | $10145 |
| **9/30/2018** | $10985 | $10819 | $10889 | $10080 |
| **10/31/2018** | $10411 | $10442 | $10565 | $10000 |
| **11/30/2018** | $10441 | $10521 | $10611 | $10060 |
| **12/31/2018** | $9986 | $10216 | $10396 | $10245 |
| **1/31/2019** | $10551 | $10653 | $10807 | $10354 |
| **2/28/2019** | $10792 | $10804 | $10951 | $10348 |
| **3/31/2019** | $10828 | $10941 | $11119 | $10546 |
| **4/30/2019** | $11034 | $11098 | $11281 | $10549 |
| **5/31/2019** | $10811 | $10906 | $11139 | $10736 |
| **6/30/2019** | $11113 | $11248 | $11493 | $10871 |
| **7/31/2019** | $11177 | $11290 | $11540 | $10895 |
| **8/31/2019** | $11065 | $11302 | $11614 | $11177 |
| **9/30/2019** | $11087 | $11374 | $11670 | $11118 |
| **10/31/2019** | $11197 | $11473 | $11784 | $11151 |
| **11/30/2019** | $11362 | $11581 | $11892 | $11146 |
| **12/31/2019** | $11601 | $11762 | $12058 | $11138 |
| **1/31/2020** | $11560 | $11785 | $12140 | $11352 |
| **2/29/2020** | $11263 | $11444 | $11883 | $11557 |
| **3/31/2020** | $10042 | $10431 | $11031 | $11489 |
| **4/30/2020** | $10592 | $10994 | $11587 | $11693 |
| **5/31/2020** | $11056 | $11313 | $11916 | $11747 |
| **6/30/2020** | $11389 | $11478 | $12072 | $11821 |
| **7/31/2020** | $11807 | $11827 | $12466 | $11998 |
| **8/31/2020** | $12121 | $12057 | $12700 | $11901 |
| **9/30/2020** | $11975 | $11900 | $12538 | $11894 |
| **10/31/2020** | $11925 | $11786 | $12417 | $11841 |
| **11/30/2020** | $12803 | $12472 | $13081 | $11958 |
| **12/31/2020** | $13254 | $12754 | $13323 | $11974 |
| **1/31/2021** | $13231 | $12719 | $13257 | $11888 |
| **2/28/2021** | $13549 | $12840 | $13289 | $11716 |
| **3/31/2021** | $13683 | $13005 | $13353 | $11570 |
| **4/30/2021** | $13948 | $13301 | $13622 | $11662 |
| **5/31/2021** | $14131 | $13432 | $13710 | $11700 |
| **6/30/2021** | $14042 | $13507 | $13854 | $11782 |
| **7/31/2021** | $14067 | $13610 | $14004 | $11914 |
| **8/31/2021** | $14245 | $13736 | $14117 | $11891 |
| **9/30/2021** | $13971 | $13465 | $13894 | $11788 |
| **10/31/2021** | $14309 | $13742 | $14113 | $11785 |
| **11/30/2021** | $14054 | $13565 | $13992 | $11820 |
| **12/31/2021** | $14295 | $13856 | $14227 | $11789 |
| **1/31/2022** | $13764 | $13474 | $13762 | $11535 |
| **2/28/2022** | $13581 | $13265 | $13563 | $11407 |
| **3/31/2022** | $13501 | $13232 | $13464 | $11090 |
| **4/30/2022** | $12854 | $12627 | $12786 | $10669 |
| **5/31/2022** | $12940 | $12666 | $12838 | $10738 |
| **6/30/2022** | $12101 | $12039 | $12195 | $10569 |
| **7/31/2022** | $12690 | $12541 | $12801 | $10828 |
| **8/31/2022** | $12432 | $12217 | $12403 | $10522 |
| **9/30/2022** | $11847 | $11497 | $11692 | $10067 |
| **10/31/2022** | $12061 | $11779 | $11958 | $9937 |
| **11/30/2022** | $12510 | $12318 | $12476 | $10302 |
| **12/31/2022** | $12284 | $12087 | $12284 | $10256 |
| **1/31/2023** | $12699 | $12596 | $12839 | $10571 |
| **2/28/2023** | $12460 | $12296 | $12561 | $10298 |
| **3/31/2023** | $12610 | $12482 | $12851 | $10559 |
| **4/30/2023** | $12715 | $12584 | $12987 | $10623 |
| **5/31/2023** | $12538 | $12408 | $12852 | $10508 |
| **6/30/2023** | $12785 | $12692 | $13116 | $10470 |
| **7/31/2023** | $12952 | $12889 | $13292 | $10463 |
| **8/31/2023** | $12839 | $12717 | $13167 | $10396 |
| **9/30/2023** | $12487 | $12358 | $12809 | $10132 |
| **10/31/2023** | $12281 | $12126 | $12565 | $9972 |
| **11/30/2023** | $12942 | $12807 | $13316 | $10424 |
| **12/31/2023** | $13441 | $13321 | $13871 | $10823 |
| **1/31/2024** | $13526 | $13338 | $13901 | $10793 |
| **2/29/2024** | $13778 | $13479 | $13999 | $10640 |
| **3/31/2024** | $14064 | $13756 | $14237 | $10739 |
| **4/30/2024** | $13702 | $13394 | $13883 | $10467 |
| **5/31/2024** | $14029 | $13728 | $14215 | $10645 |
| **6/30/2024** | $14115 | $13857 | $14382 | $10746 |
| **7/31/2024** | $14406 | $14159 | $14688 | $10997 |
| **8/31/2024** | $14765 | $14399 | $14959 | $11155 |
| **9/30/2024** | $14952 | $14612 | $15189 | $11304 |
| **10/31/2024** | $14758 | $14336 | $14895 | $11024 |
| **11/30/2024** | $15187 | $14709 | $15192 | $11140 |
| **12/31/2024** | $14828 | $14353 | $14945 | $10958 |
| **1/31/2025** | $15128 | $14617 | $15207 | $11016 |
| **2/28/2025** | $15243 | $14713 | $15359 | $11258 |
| **3/31/2025** | $14990 | $14458 | $15138 | $11263 |
| **4/30/2025** | $14992 | $14378 | $15218 | $11307 |
| **5/31/2025** | $15250 | $14669 | $15499 | $11226 |
| **6/30/2025** | $15662 | $15075 | $15870 | $11399 |
| **7/31/2025** | $15730 | $15159 | $15916 | $11368 |
| **8/31/2025** | $15998 | $15444 | $16186 | $11504 |
| **9/30/2025** | $16288 | $15714 | $16440 | $11630 |
| **10/31/2025** | $16408 | $15837 | $16585 | $11703 |
| **11/30/2025** | $16507 | $15965 | $16671 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 8.69% | 5.21% | 5.96% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.55% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.08% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# ISFOX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8980-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# ISFYX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.24% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.61%, reflecting performance at the net asset value (NAV) of Class I shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iccfa815ea063866321575a21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9832 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9580 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9544 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9888 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10057 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10112 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10174 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10409 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10516 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10587 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10572 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10639 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10777 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10925 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11069 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11094 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11183 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11247 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11279 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11405 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11391 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11526 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11647 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11739 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11784 | $11647 | $11750 | $10594 |
| **1/31/2018** | $12073 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11813 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11770 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11772 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11865 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11827 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11924 | $11737 | $11856 | $10425 |
| **8/31/2018** | $12117 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12168 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11532 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11564 | $11468 | $11668 | $10404 |
| **12/31/2018** | $11060 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11686 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11954 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11994 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12221 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11966 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12309 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12372 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12256 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12280 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12393 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12576 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12849 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12804 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12465 | $12475 | $13067 | $11952 |
| **3/31/2020** | $11121 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11722 | $11984 | $12742 | $12093 |
| **5/31/2020** | $12236 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12605 | $12512 | $13275 | $12225 |
| **7/31/2020** | $13068 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13407 | $13143 | $13965 | $12308 |
| **9/30/2020** | $13253 | $12972 | $13787 | $12301 |
| **10/31/2020** | $13198 | $12848 | $13654 | $12246 |
| **11/30/2020** | $14163 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14662 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14636 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14988 | $13997 | $14613 | $12117 |
| **3/31/2021** | $15137 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15422 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15624 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15525 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15553 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15758 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15446 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15829 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15537 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15805 | $15104 | $15644 | $12192 |
| **1/31/2022** | $15215 | $14688 | $15133 | $11930 |
| **2/28/2022** | $15013 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14924 | $14424 | $14805 | $11469 |
| **4/30/2022** | $14216 | $13765 | $14060 | $11034 |
| **5/31/2022** | $14292 | $13807 | $14117 | $11105 |
| **6/30/2022** | $13372 | $13124 | $13410 | $10931 |
| **7/31/2022** | $14016 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13730 | $13318 | $13639 | $10881 |
| **9/30/2022** | $13090 | $12533 | $12857 | $10411 |
| **10/31/2022** | $13328 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13825 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13573 | $13176 | $13508 | $10606 |
| **1/31/2023** | $14034 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13759 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13935 | $13607 | $14132 | $10920 |
| **4/30/2023** | $14041 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13845 | $13526 | $14132 | $10867 |
| **6/30/2023** | $14118 | $13836 | $14423 | $10828 |
| **7/31/2023** | $14303 | $14050 | $14616 | $10821 |
| **8/31/2023** | $14178 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13787 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13560 | $13219 | $13817 | $10313 |
| **11/30/2023** | $14292 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14835 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14940 | $14540 | $15286 | $11162 |
| **2/29/2024** | $15209 | $14694 | $15394 | $11004 |
| **3/31/2024** | $15525 | $14996 | $15655 | $11106 |
| **4/30/2024** | $15124 | $14600 | $15267 | $10825 |
| **5/31/2024** | $15486 | $14965 | $15632 | $11009 |
| **6/30/2024** | $15582 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15905 | $15435 | $16151 | $11373 |
| **8/31/2024** | $16292 | $15696 | $16450 | $11536 |
| **9/30/2024** | $16510 | $15928 | $16702 | $11690 |
| **10/31/2024** | $16285 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16760 | $16034 | $16706 | $11521 |
| **12/31/2024** | $16352 | $15646 | $16435 | $11332 |
| **1/31/2025** | $16695 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16812 | $16039 | $16889 | $11643 |
| **3/31/2025** | $16532 | $15760 | $16646 | $11648 |
| **4/30/2025** | $16544 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16819 | $15991 | $17044 | $11610 |
| **6/30/2025** | $17266 | $16433 | $17452 | $11788 |
| **7/31/2025** | $17352 | $16525 | $17502 | $11757 |
| **8/31/2025** | $17638 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17960 | $17130 | $18078 | $12028 |
| **10/31/2025** | $18093 | $17264 | $18238 | $12103 |
| **11/30/2025** | $18203 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 8.61% | 5.15% | 6.17% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# ISFYX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1444-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LIGQX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $87 | 0.84% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.01%, reflecting performance at the net asset value (NAV) of Class R2 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic8cb4ce9f27001c884490d56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R2** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9825 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9569 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9534 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9863 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10028 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10077 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10139 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10362 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10473 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10536 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10517 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10576 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10711 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10848 | $10699 | $10792 | $10252 |
| **2/28/2017** | $10989 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11007 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11088 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11151 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11176 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11298 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11271 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11403 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11521 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11602 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11640 | $11647 | $11750 | $10594 |
| **1/31/2018** | $11917 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11656 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11610 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11606 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11696 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11647 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11732 | $11737 | $11856 | $10425 |
| **8/31/2018** | $11926 | $11805 | $11971 | $10492 |
| **9/30/2018** | $11969 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11342 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11360 | $11468 | $11668 | $10404 |
| **12/31/2018** | $10859 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11471 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11727 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11760 | $11926 | $12227 | $10907 |
| **4/30/2019** | $11978 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11722 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12049 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12110 | $12308 | $12690 | $11268 |
| **8/31/2019** | $11986 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12003 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12112 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12280 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12539 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12489 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12156 | $12475 | $13067 | $11952 |
| **3/31/2020** | $10834 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11418 | $11984 | $12742 | $12093 |
| **5/31/2020** | $11912 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12269 | $12512 | $13275 | $12225 |
| **7/31/2020** | $12706 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13035 | $13143 | $13965 | $12308 |
| **9/30/2020** | $12876 | $12972 | $13787 | $12301 |
| **10/31/2020** | $12817 | $12848 | $13654 | $12246 |
| **11/30/2020** | $13749 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14226 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14194 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14525 | $13997 | $14613 | $12117 |
| **3/31/2021** | $14665 | $14176 | $14683 | $11966 |
| **4/30/2021** | $14932 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15122 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15022 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15040 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15224 | $14974 | $15524 | $12297 |
| **9/30/2021** | $14916 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15275 | $14980 | $15519 | $12188 |
| **11/30/2021** | $14995 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15245 | $15104 | $15644 | $12192 |
| **1/31/2022** | $14665 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14462 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14371 | $14424 | $14805 | $11469 |
| **4/30/2022** | $13681 | $13765 | $14060 | $11034 |
| **5/31/2022** | $13755 | $13807 | $14117 | $11105 |
| **6/30/2022** | $12860 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13476 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13195 | $13318 | $13639 | $10881 |
| **9/30/2022** | $12571 | $12533 | $12857 | $10411 |
| **10/31/2022** | $12794 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13264 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13017 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13452 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13184 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13340 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13440 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13244 | $13526 | $14132 | $10867 |
| **6/30/2023** | $13497 | $13836 | $14423 | $10828 |
| **7/31/2023** | $13670 | $14050 | $14616 | $10821 |
| **8/31/2023** | $13539 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13165 | $13471 | $14086 | $10478 |
| **10/31/2023** | $12931 | $13219 | $13817 | $10313 |
| **11/30/2023** | $13624 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14141 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14230 | $14540 | $15286 | $11162 |
| **2/29/2024** | $14479 | $14694 | $15394 | $11004 |
| **3/31/2024** | $14780 | $14996 | $15655 | $11106 |
| **4/30/2024** | $14387 | $14600 | $15267 | $10825 |
| **5/31/2024** | $14720 | $14965 | $15632 | $11009 |
| **6/30/2024** | $14809 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15106 | $15435 | $16151 | $11373 |
| **8/31/2024** | $15470 | $15696 | $16450 | $11536 |
| **9/30/2024** | $15661 | $15928 | $16702 | $11690 |
| **10/31/2024** | $15447 | $15628 | $16379 | $11401 |
| **11/30/2024** | $15883 | $16034 | $16706 | $11521 |
| **12/31/2024** | $15494 | $15646 | $16435 | $11332 |
| **1/31/2025** | $15807 | $15934 | $16722 | $11393 |
| **2/28/2025** | $15915 | $16039 | $16889 | $11643 |
| **3/31/2025** | $15644 | $15760 | $16646 | $11648 |
| **4/30/2025** | $15647 | $15673 | $16735 | $11693 |
| **5/31/2025** | $15898 | $15991 | $17044 | $11610 |
| **6/30/2025** | $16314 | $16433 | $17452 | $11788 |
| **7/31/2025** | $16381 | $16525 | $17502 | $11757 |
| **8/31/2025** | $16650 | $16835 | $17798 | $11898 |
| **9/30/2025** | $16941 | $17130 | $18078 | $12028 |
| **10/31/2025** | $17053 | $17264 | $18238 | $12103 |
| **11/30/2025** | $17154 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 8.01% | 4.53% | 5.54% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LIGQX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1085-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LIXRX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $77 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.13%, reflecting performance at the net asset value (NAV) of Class R3 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i302bbe2bd6d1711c4e825f81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R3** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9829 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9575 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9535 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9873 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10036 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10087 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10144 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10374 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10483 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10541 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10529 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10584 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10723 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10865 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11003 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11023 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11107 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11166 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11192 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11312 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11293 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11423 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11545 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11630 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11670 | $11647 | $11750 | $10594 |
| **1/31/2018** | $11941 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11689 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11634 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11632 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11725 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11684 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11765 | $11737 | $11856 | $10425 |
| **8/31/2018** | $11958 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12003 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11374 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11394 | $11468 | $11668 | $10404 |
| **12/31/2018** | $10895 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11504 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11761 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11795 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12021 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11766 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12097 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12153 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12027 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12045 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12158 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12333 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12593 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12543 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12209 | $12475 | $13067 | $11952 |
| **3/31/2020** | $10887 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11467 | $11984 | $12742 | $12093 |
| **5/31/2020** | $11962 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12324 | $12512 | $13275 | $12225 |
| **7/31/2020** | $12768 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13101 | $13143 | $13965 | $12308 |
| **9/30/2020** | $12937 | $12972 | $13787 | $12301 |
| **10/31/2020** | $12878 | $12848 | $13654 | $12246 |
| **11/30/2020** | $13817 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14295 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14272 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14607 | $13997 | $14613 | $12117 |
| **3/31/2021** | $14745 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15015 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15204 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15102 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15123 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15315 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15006 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15371 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15082 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15334 | $15104 | $15644 | $12192 |
| **1/31/2022** | $14751 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14559 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14466 | $14424 | $14805 | $11469 |
| **4/30/2022** | $13770 | $13765 | $14060 | $11034 |
| **5/31/2022** | $13847 | $13807 | $14117 | $11105 |
| **6/30/2022** | $12947 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13569 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13288 | $13318 | $13639 | $10881 |
| **9/30/2022** | $12659 | $12533 | $12857 | $10411 |
| **10/31/2022** | $12882 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13354 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13107 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13543 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13284 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13437 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13534 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13349 | $13526 | $14132 | $10867 |
| **6/30/2023** | $13605 | $13836 | $14423 | $10828 |
| **7/31/2023** | $13767 | $14050 | $14616 | $10821 |
| **8/31/2023** | $13641 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13262 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13039 | $13219 | $13817 | $10313 |
| **11/30/2023** | $13733 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14254 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14348 | $14540 | $15286 | $11162 |
| **2/29/2024** | $14599 | $14694 | $15394 | $11004 |
| **3/31/2024** | $14904 | $14996 | $15655 | $11106 |
| **4/30/2024** | $14506 | $14600 | $15267 | $10825 |
| **5/31/2024** | $14845 | $14965 | $15632 | $11009 |
| **6/30/2024** | $14930 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15230 | $15435 | $16151 | $11373 |
| **8/31/2024** | $15601 | $15696 | $16450 | $11536 |
| **9/30/2024** | $15803 | $15928 | $16702 | $11690 |
| **10/31/2024** | $15581 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16027 | $16034 | $16706 | $11521 |
| **12/31/2024** | $15633 | $15646 | $16435 | $11332 |
| **1/31/2025** | $15951 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16065 | $16039 | $16889 | $11643 |
| **3/31/2025** | $15784 | $15760 | $16646 | $11648 |
| **4/30/2025** | $15788 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16052 | $15991 | $17044 | $11610 |
| **6/30/2025** | $16469 | $16433 | $17452 | $11788 |
| **7/31/2025** | $16543 | $16525 | $17502 | $11757 |
| **8/31/2025** | $16807 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17113 | $17130 | $18078 | $12028 |
| **10/31/2025** | $17222 | $17264 | $18238 | $12103 |
| **11/30/2025** | $17330 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 8.13% | 4.63% | 5.65% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LIXRX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2059-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LIXSX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $51 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.34%, reflecting performance at the net asset value (NAV) of Class R4 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i409f2a9e6caadeca48abe3ad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R4** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9831 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9579 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9541 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9881 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10047 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10100 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10159 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10391 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10502 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10570 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10553 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10618 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10752 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10897 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11039 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11062 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11149 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11210 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11240 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11362 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11346 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11478 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11603 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11691 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11734 | $11647 | $11750 | $10594 |
| **1/31/2018** | $12009 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11758 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11707 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11707 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11796 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11756 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11849 | $11737 | $11856 | $10425 |
| **8/31/2018** | $12046 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12093 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11462 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11484 | $11468 | $11668 | $10404 |
| **12/31/2018** | $10984 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11600 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11861 | $11777 | $12042 | $10701 |
| **3/31/2019** | $11898 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12129 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11874 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12202 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12269 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12144 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12165 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12282 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12461 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12726 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12670 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12343 | $12475 | $13067 | $11952 |
| **3/31/2020** | $11001 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11599 | $11984 | $12742 | $12093 |
| **5/31/2020** | $12102 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12471 | $12512 | $13275 | $12225 |
| **7/31/2020** | $12923 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13263 | $13143 | $13965 | $12308 |
| **9/30/2020** | $13100 | $12972 | $13787 | $12301 |
| **10/31/2020** | $13043 | $12848 | $13654 | $12246 |
| **11/30/2020** | $13997 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14484 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14455 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14798 | $13997 | $14613 | $12117 |
| **3/31/2021** | $14950 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15226 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15421 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15321 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15345 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15543 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15233 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15606 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15316 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15575 | $15104 | $15644 | $12192 |
| **1/31/2022** | $14986 | $14688 | $15133 | $11930 |
| **2/28/2022** | $14785 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14703 | $14424 | $14805 | $11469 |
| **4/30/2022** | $13998 | $13765 | $14060 | $11034 |
| **5/31/2022** | $14080 | $13807 | $14117 | $11105 |
| **6/30/2022** | $13167 | $13124 | $13410 | $10931 |
| **7/31/2022** | $13794 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13511 | $13318 | $13639 | $10881 |
| **9/30/2022** | $12874 | $12533 | $12857 | $10411 |
| **10/31/2022** | $13104 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13596 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13348 | $13176 | $13508 | $10606 |
| **1/31/2023** | $13794 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13523 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13692 | $13607 | $14132 | $10920 |
| **4/30/2023** | $13793 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13598 | $13526 | $14132 | $10867 |
| **6/30/2023** | $13862 | $13836 | $14423 | $10828 |
| **7/31/2023** | $14040 | $14050 | $14616 | $10821 |
| **8/31/2023** | $13915 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13531 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13297 | $13219 | $13817 | $10313 |
| **11/30/2023** | $14017 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14552 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14641 | $14540 | $15286 | $11162 |
| **2/29/2024** | $14910 | $14694 | $15394 | $11004 |
| **3/31/2024** | $15225 | $14996 | $15655 | $11106 |
| **4/30/2024** | $14821 | $14600 | $15267 | $10825 |
| **5/31/2024** | $15170 | $14965 | $15632 | $11009 |
| **6/30/2024** | $15260 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15571 | $15435 | $16151 | $11373 |
| **8/31/2024** | $15954 | $15696 | $16450 | $11536 |
| **9/30/2024** | $16152 | $15928 | $16702 | $11690 |
| **10/31/2024** | $15940 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16399 | $16034 | $16706 | $11521 |
| **12/31/2024** | $15999 | $15646 | $16435 | $11332 |
| **1/31/2025** | $16328 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16439 | $16039 | $16889 | $11643 |
| **3/31/2025** | $16163 | $15760 | $16646 | $11648 |
| **4/30/2025** | $16172 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16436 | $15991 | $17044 | $11610 |
| **6/30/2025** | $16876 | $16433 | $17452 | $11788 |
| **7/31/2025** | $16955 | $16525 | $17502 | $11757 |
| **8/31/2025** | $17229 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17537 | $17130 | $18078 | $12028 |
| **10/31/2025** | $17663 | $17264 | $18238 | $12103 |
| **11/30/2025** | $17766 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 8.34% | 4.89% | 5.92% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LIXSX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8711-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LIXTX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $22 | 0.21% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.67%, reflecting performance at the net asset value (NAV) of Class R5 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9af3b0b259a8a2da52e4eb62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R5** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9832 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9587 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9550 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9888 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10056 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10111 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10181 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10409 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10523 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10594 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10579 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10646 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10784 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10932 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11076 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11101 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11190 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11255 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11286 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11412 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11398 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11534 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11655 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11754 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11799 | $11647 | $11750 | $10594 |
| **1/31/2018** | $12080 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11829 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11777 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11780 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11872 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11835 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11931 | $11737 | $11856 | $10425 |
| **8/31/2018** | $12133 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12183 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11547 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11572 | $11468 | $11668 | $10404 |
| **12/31/2018** | $11067 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11694 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11961 | $11777 | $12042 | $10701 |
| **3/31/2019** | $12001 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12229 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11982 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12317 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12388 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12263 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12287 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12400 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12584 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12857 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12811 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12473 | $12475 | $13067 | $11952 |
| **3/31/2020** | $11128 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11729 | $11984 | $12742 | $12093 |
| **5/31/2020** | $12243 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12613 | $12512 | $13275 | $12225 |
| **7/31/2020** | $13076 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13424 | $13143 | $13965 | $12308 |
| **9/30/2020** | $13262 | $12972 | $13787 | $12301 |
| **10/31/2020** | $13206 | $12848 | $13654 | $12246 |
| **11/30/2020** | $14172 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14671 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14654 | $13865 | $14578 | $12295 |
| **2/28/2021** | $14997 | $13997 | $14613 | $12117 |
| **3/31/2021** | $15155 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15440 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15642 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15543 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15571 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15768 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15464 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15839 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15555 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15823 | $15104 | $15644 | $12192 |
| **1/31/2022** | $15224 | $14688 | $15133 | $11930 |
| **2/28/2022** | $15031 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14942 | $14424 | $14805 | $11469 |
| **4/30/2022** | $14224 | $13765 | $14060 | $11034 |
| **5/31/2022** | $14310 | $13807 | $14117 | $11105 |
| **6/30/2022** | $13389 | $13124 | $13410 | $10931 |
| **7/31/2022** | $14033 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13747 | $13318 | $13639 | $10881 |
| **9/30/2022** | $13107 | $12533 | $12857 | $10411 |
| **10/31/2022** | $13344 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13842 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13590 | $13176 | $13508 | $10606 |
| **1/31/2023** | $14051 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13776 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13952 | $13607 | $14132 | $10920 |
| **4/30/2023** | $14058 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13862 | $13526 | $14132 | $10867 |
| **6/30/2023** | $14135 | $13836 | $14423 | $10828 |
| **7/31/2023** | $14320 | $14050 | $14616 | $10821 |
| **8/31/2023** | $14195 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13805 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13577 | $13219 | $13817 | $10313 |
| **11/30/2023** | $14310 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14852 | $14522 | $15253 | $11193 |
| **1/31/2024** | $14957 | $14540 | $15286 | $11162 |
| **2/29/2024** | $15227 | $14694 | $15394 | $11004 |
| **3/31/2024** | $15554 | $14996 | $15655 | $11106 |
| **4/30/2024** | $15143 | $14600 | $15267 | $10825 |
| **5/31/2024** | $15505 | $14965 | $15632 | $11009 |
| **6/30/2024** | $15600 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15923 | $15435 | $16151 | $11373 |
| **8/31/2024** | $16321 | $15696 | $16450 | $11536 |
| **9/30/2024** | $16528 | $15928 | $16702 | $11690 |
| **10/31/2024** | $16313 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16779 | $16034 | $16706 | $11521 |
| **12/31/2024** | $16381 | $15646 | $16435 | $11332 |
| **1/31/2025** | $16714 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16841 | $16039 | $16889 | $11643 |
| **3/31/2025** | $16561 | $15760 | $16646 | $11648 |
| **4/30/2025** | $16563 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16848 | $15991 | $17044 | $11610 |
| **6/30/2025** | $17295 | $16433 | $17452 | $11788 |
| **7/31/2025** | $17381 | $16525 | $17502 | $11757 |
| **8/31/2025** | $17668 | $16835 | $17798 | $11898 |
| **9/30/2025** | $17990 | $17130 | $18078 | $12028 |
| **10/31/2025** | $18123 | $17264 | $18238 | $12103 |
| **11/30/2025** | $18233 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 8.67% | 5.17% | 6.19% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LIXTX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8743-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LIXVX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $18 | 0.17% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 8.69%, reflecting performance at the net asset value (NAV) of Class R6 shares,with all distributions reinvested, compared to its benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.70% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September and October, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and reports reflecting economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to market uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** The Fund's allocation to international stocks through its investments in the Lord Abbett International Equity Fund and the Lord Abbett International Value Fund contributed to relative performance over the period.

**Top detractors from performance:** The Fund's allocation to high quality taxable fixed income securities through its investments in the Lord Abbett Core Fixed Income Fund detracted from relative performance over the period.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i061ade4c7d07d901cfde183e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Morningstar Moderately Conservative Allocation Average** | **45% Bloomberg U.S. Aggregate Bond Index/25% BofA HY Master II Constrained Index/20% Russell 1000 Index/10% MSCI EAFE Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $9832 | $9854 | $9872 | $9968 |
| **1/31/2016** | $9588 | $9652 | $9716 | $10105 |
| **2/29/2016** | $9551 | $9653 | $9740 | $10177 |
| **3/31/2016** | $9889 | $10032 | $10088 | $10270 |
| **4/30/2016** | $10058 | $10151 | $10248 | $10309 |
| **5/31/2016** | $10113 | $10198 | $10295 | $10312 |
| **6/30/2016** | $10183 | $10299 | $10377 | $10497 |
| **7/31/2016** | $10411 | $10514 | $10604 | $10564 |
| **8/31/2016** | $10526 | $10541 | $10661 | $10552 |
| **9/30/2016** | $10589 | $10566 | $10691 | $10545 |
| **10/31/2016** | $10582 | $10448 | $10599 | $10465 |
| **11/30/2016** | $10642 | $10447 | $10538 | $10217 |
| **12/31/2016** | $10780 | $10571 | $10672 | $10232 |
| **1/31/2017** | $10928 | $10699 | $10792 | $10252 |
| **2/28/2017** | $11073 | $10877 | $10965 | $10321 |
| **3/31/2017** | $11105 | $10898 | $10990 | $10315 |
| **4/30/2017** | $11195 | $10994 | $11111 | $10395 |
| **5/31/2017** | $11259 | $11090 | $11245 | $10475 |
| **6/30/2017** | $11291 | $11117 | $11257 | $10464 |
| **7/31/2017** | $11417 | $11254 | $11388 | $10509 |
| **8/31/2017** | $11403 | $11289 | $11440 | $10603 |
| **9/30/2017** | $11539 | $11393 | $11519 | $10553 |
| **10/31/2017** | $11660 | $11474 | $11604 | $10559 |
| **11/30/2017** | $11759 | $11563 | $11673 | $10546 |
| **12/31/2017** | $11805 | $11647 | $11750 | $10594 |
| **1/31/2018** | $12086 | $11843 | $11896 | $10472 |
| **2/28/2018** | $11834 | $11564 | $11677 | $10373 |
| **3/31/2018** | $11783 | $11518 | $11620 | $10439 |
| **4/30/2018** | $11786 | $11516 | $11636 | $10362 |
| **5/31/2018** | $11887 | $11585 | $11707 | $10435 |
| **6/30/2018** | $11849 | $11572 | $11712 | $10423 |
| **7/31/2018** | $11938 | $11737 | $11856 | $10425 |
| **8/31/2018** | $12140 | $11805 | $11971 | $10492 |
| **9/30/2018** | $12190 | $11794 | $11973 | $10425 |
| **10/31/2018** | $11554 | $11383 | $11617 | $10342 |
| **11/30/2018** | $11587 | $11468 | $11668 | $10404 |
| **12/31/2018** | $11082 | $11136 | $11432 | $10595 |
| **1/31/2019** | $11709 | $11613 | $11884 | $10708 |
| **2/28/2019** | $11977 | $11777 | $12042 | $10701 |
| **3/31/2019** | $12017 | $11926 | $12227 | $10907 |
| **4/30/2019** | $12245 | $12098 | $12405 | $10910 |
| **5/31/2019** | $11998 | $11889 | $12249 | $11103 |
| **6/30/2019** | $12333 | $12262 | $12638 | $11243 |
| **7/31/2019** | $12404 | $12308 | $12690 | $11268 |
| **8/31/2019** | $12280 | $12321 | $12772 | $11560 |
| **9/30/2019** | $12304 | $12399 | $12832 | $11498 |
| **10/31/2019** | $12426 | $12507 | $12958 | $11533 |
| **11/30/2019** | $12610 | $12624 | $13077 | $11527 |
| **12/31/2019** | $12874 | $12821 | $13259 | $11519 |
| **1/31/2020** | $12829 | $12847 | $13349 | $11740 |
| **2/29/2020** | $12499 | $12475 | $13067 | $11952 |
| **3/31/2020** | $11144 | $11371 | $12130 | $11881 |
| **4/30/2020** | $11755 | $11984 | $12742 | $12093 |
| **5/31/2020** | $12269 | $12333 | $13104 | $12149 |
| **6/30/2020** | $12639 | $12512 | $13275 | $12225 |
| **7/31/2020** | $13103 | $12893 | $13709 | $12408 |
| **8/31/2020** | $13452 | $13143 | $13965 | $12308 |
| **9/30/2020** | $13289 | $12972 | $13787 | $12301 |
| **10/31/2020** | $13234 | $12848 | $13654 | $12246 |
| **11/30/2020** | $14209 | $13596 | $14384 | $12366 |
| **12/31/2020** | $14709 | $13903 | $14651 | $12383 |
| **1/31/2021** | $14683 | $13865 | $14578 | $12295 |
| **2/28/2021** | $15036 | $13997 | $14613 | $12117 |
| **3/31/2021** | $15185 | $14176 | $14683 | $11966 |
| **4/30/2021** | $15470 | $14500 | $14979 | $12060 |
| **5/31/2021** | $15673 | $14642 | $15076 | $12100 |
| **6/30/2021** | $15583 | $14724 | $15234 | $12185 |
| **7/31/2021** | $15611 | $14836 | $15399 | $12321 |
| **8/31/2021** | $15808 | $14974 | $15524 | $12297 |
| **9/30/2021** | $15504 | $14678 | $15278 | $12191 |
| **10/31/2021** | $15880 | $14980 | $15519 | $12188 |
| **11/30/2021** | $15596 | $14787 | $15386 | $12224 |
| **12/31/2021** | $15864 | $15104 | $15644 | $12192 |
| **1/31/2022** | $15265 | $14688 | $15133 | $11930 |
| **2/28/2022** | $15072 | $14460 | $14914 | $11797 |
| **3/31/2022** | $14983 | $14424 | $14805 | $11469 |
| **4/30/2022** | $14264 | $13765 | $14060 | $11034 |
| **5/31/2022** | $14351 | $13807 | $14117 | $11105 |
| **6/30/2022** | $13429 | $13124 | $13410 | $10931 |
| **7/31/2022** | $14083 | $13670 | $14076 | $11198 |
| **8/31/2022** | $13797 | $13318 | $13639 | $10881 |
| **9/30/2022** | $13147 | $12533 | $12857 | $10411 |
| **10/31/2022** | $13385 | $12840 | $13150 | $10276 |
| **11/30/2022** | $13883 | $13428 | $13719 | $10654 |
| **12/31/2022** | $13632 | $13176 | $13508 | $10606 |
| **1/31/2023** | $14093 | $13731 | $14118 | $10932 |
| **2/28/2023** | $13828 | $13404 | $13812 | $10650 |
| **3/31/2023** | $13994 | $13607 | $14132 | $10920 |
| **4/30/2023** | $14111 | $13718 | $14281 | $10987 |
| **5/31/2023** | $13914 | $13526 | $14132 | $10867 |
| **6/30/2023** | $14188 | $13836 | $14423 | $10828 |
| **7/31/2023** | $14373 | $14050 | $14616 | $10821 |
| **8/31/2023** | $14239 | $13863 | $14478 | $10751 |
| **9/30/2023** | $13857 | $13471 | $14086 | $10478 |
| **10/31/2023** | $13629 | $13219 | $13817 | $10313 |
| **11/30/2023** | $14363 | $13961 | $14643 | $10780 |
| **12/31/2023** | $14906 | $14522 | $15253 | $11193 |
| **1/31/2024** | $15011 | $14540 | $15286 | $11162 |
| **2/29/2024** | $15281 | $14694 | $15394 | $11004 |
| **3/31/2024** | $15608 | $14996 | $15655 | $11106 |
| **4/30/2024** | $15206 | $14600 | $15267 | $10825 |
| **5/31/2024** | $15569 | $14965 | $15632 | $11009 |
| **6/30/2024** | $15664 | $15105 | $15815 | $11113 |
| **7/31/2024** | $15988 | $15435 | $16151 | $11373 |
| **8/31/2024** | $16385 | $15696 | $16450 | $11536 |
| **9/30/2024** | $16593 | $15928 | $16702 | $11690 |
| **10/31/2024** | $16378 | $15628 | $16379 | $11401 |
| **11/30/2024** | $16854 | $16034 | $16706 | $11521 |
| **12/31/2024** | $16446 | $15646 | $16435 | $11332 |
| **1/31/2025** | $16789 | $15934 | $16722 | $11393 |
| **2/28/2025** | $16906 | $16039 | $16889 | $11643 |
| **3/31/2025** | $16625 | $15760 | $16646 | $11648 |
| **4/30/2025** | $16638 | $15673 | $16735 | $11693 |
| **5/31/2025** | $16924 | $15991 | $17044 | $11610 |
| **6/30/2025** | $17371 | $16433 | $17452 | $11788 |
| **7/31/2025** | $17457 | $16525 | $17502 | $11757 |
| **8/31/2025** | $17754 | $16835 | $17798 | $11898 |
| **9/30/2025** | $18076 | $17130 | $18078 | $12028 |
| **10/31/2025** | $18199 | $17264 | $18238 | $12103 |
| **11/30/2025** | $18320 | $17404 | $18332 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 8.69% | 5.21% | 6.24% |
| Morningstar Moderately Conservative Allocation Average | 8.54% | 5.06% | 5.70% |
| 45 BBG US Agg/25 Bofa HY Master II/20 Russell 1000/10 MSCI EAFE Gross Div | 9.73% | 4.97% | 6.25% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $793959563 |
| # of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $689853 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation**<BORDER_TOP> | **%<sup>Footnote Reference\*</sup>**<BORDER_TOP> |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.25% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.51% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 46.52% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 8.86% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 8.13% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 6.49% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 4.04% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LIXVX

# Lord Abbett Multi-Asset Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8775-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LDCAX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $62 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.28%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i584916d558379eb6d7b3c1ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $9775 | $10000 | $10000 |
| **4/30/2017** | $9779 | $9992 | $9967 |
| **5/31/2017** | $9809 | $10008 | $10044 |
| **6/30/2017** | $9800 | $10005 | $10034 |
| **7/31/2017** | $9831 | $10030 | $10077 |
| **8/31/2017** | $9861 | $10050 | $10167 |
| **9/30/2017** | $9841 | $10038 | $10119 |
| **10/31/2017** | $9852 | $10036 | $10125 |
| **11/30/2017** | $9843 | $10014 | $10112 |
| **12/31/2017** | $9846 | $10017 | $10158 |
| **1/31/2018** | $9828 | $9991 | $10041 |
| **2/28/2018** | $9820 | $9981 | $9946 |
| **3/31/2018** | $9833 | $9997 | $10010 |
| **4/30/2018** | $9828 | $9987 | $9935 |
| **5/31/2018** | $9863 | $10024 | $10006 |
| **6/30/2018** | $9870 | $10025 | $9994 |
| **7/31/2018** | $9886 | $10031 | $9996 |
| **8/31/2018** | $9924 | $10066 | $10061 |
| **9/30/2018** | $9922 | $10059 | $9996 |
| **10/31/2018** | $9928 | $10070 | $9917 |
| **11/30/2018** | $9946 | $10099 | $9976 |
| **12/31/2018** | $9993 | $10177 | $10159 |
| **1/31/2019** | $10059 | $10217 | $10267 |
| **2/28/2019** | $10084 | $10233 | $10261 |
| **3/31/2019** | $10161 | $10300 | $10458 |
| **4/30/2019** | $10188 | $10324 | $10461 |
| **5/31/2019** | $10247 | $10395 | $10647 |
| **6/30/2019** | $10306 | $10453 | $10780 |
| **7/31/2019** | $10322 | $10447 | $10804 |
| **8/31/2019** | $10388 | $10531 | $11084 |
| **9/30/2019** | $10390 | $10525 | $11025 |
| **10/31/2019** | $10426 | $10562 | $11058 |
| **11/30/2019** | $10430 | $10562 | $11053 |
| **12/31/2019** | $10459 | $10587 | $11045 |
| **1/31/2020** | $10533 | $10646 | $11258 |
| **2/29/2020** | $10578 | $10733 | $11460 |
| **3/31/2020** | $10136 | $10766 | $11393 |
| **4/30/2020** | $10331 | $10834 | $11595 |
| **5/31/2020** | $10431 | $10870 | $11649 |
| **6/30/2020** | $10547 | $10892 | $11723 |
| **7/31/2020** | $10598 | $10913 | $11898 |
| **8/31/2020** | $10627 | $10917 | $11802 |
| **9/30/2020** | $10643 | $10918 | $11795 |
| **10/31/2020** | $10648 | $10920 | $11743 |
| **11/30/2020** | $10686 | $10930 | $11858 |
| **12/31/2020** | $10725 | $10940 | $11874 |
| **1/31/2021** | $10752 | $10944 | $11789 |
| **2/28/2021** | $10745 | $10941 | $11619 |
| **3/31/2021** | $10727 | $10936 | $11474 |
| **4/30/2021** | $10753 | $10944 | $11564 |
| **5/31/2021** | $10766 | $10957 | $11602 |
| **6/30/2021** | $10758 | $10940 | $11684 |
| **7/31/2021** | $10783 | $10959 | $11814 |
| **8/31/2021** | $10775 | $10959 | $11792 |
| **9/30/2021** | $10770 | $10950 | $11690 |
| **10/31/2021** | $10754 | $10914 | $11686 |
| **11/30/2021** | $10738 | $10905 | $11721 |
| **12/31/2021** | $10732 | $10889 | $11691 |
| **1/31/2022** | $10671 | $10811 | $11439 |
| **2/28/2022** | $10600 | $10763 | $11312 |
| **3/31/2022** | $10475 | $10618 | $10997 |
| **4/30/2022** | $10407 | $10561 | $10580 |
| **5/31/2022** | $10418 | $10625 | $10648 |
| **6/30/2022** | $10329 | $10551 | $10481 |
| **7/31/2022** | $10408 | $10606 | $10737 |
| **8/31/2022** | $10347 | $10523 | $10434 |
| **9/30/2022** | $10207 | $10395 | $9983 |
| **10/31/2022** | $10181 | $10382 | $9854 |
| **11/30/2022** | $10292 | $10467 | $10216 |
| **12/31/2022** | $10327 | $10487 | $10170 |
| **1/31/2023** | $10454 | $10572 | $10483 |
| **2/28/2023** | $10400 | $10493 | $10212 |
| **3/31/2023** | $10507 | $10646 | $10471 |
| **4/30/2023** | $10559 | $10682 | $10535 |
| **5/31/2023** | $10520 | $10649 | $10420 |
| **6/30/2023** | $10493 | $10606 | $10383 |
| **7/31/2023** | $10558 | $10650 | $10376 |
| **8/31/2023** | $10602 | $10688 | $10309 |
| **9/30/2023** | $10598 | $10683 | $10047 |
| **10/31/2023** | $10619 | $10717 | $9889 |
| **11/30/2023** | $10759 | $10841 | $10337 |
| **12/31/2023** | $10899 | $10971 | $10732 |
| **1/31/2024** | $10955 | $11014 | $10703 |
| **2/29/2024** | $10940 | $10973 | $10552 |
| **3/31/2024** | $10998 | $11017 | $10649 |
| **4/30/2024** | $10971 | $10980 | $10380 |
| **5/31/2024** | $11065 | $11060 | $10556 |
| **6/30/2024** | $11122 | $11122 | $10656 |
| **7/31/2024** | $11241 | $11254 | $10905 |
| **8/31/2024** | $11348 | $11356 | $11062 |
| **9/30/2024** | $11429 | $11451 | $11210 |
| **10/31/2024** | $11376 | $11386 | $10932 |
| **11/30/2024** | $11431 | $11424 | $11047 |
| **12/31/2024** | $11450 | $11449 | $10866 |
| **1/31/2025** | $11506 | $11501 | $10924 |
| **2/28/2025** | $11586 | $11582 | $11164 |
| **3/31/2025** | $11629 | $11635 | $11169 |
| **4/30/2025** | $11698 | $11723 | $11213 |
| **5/31/2025** | $11705 | $11708 | $11132 |
| **6/30/2025** | $11787 | $11783 | $11303 |
| **7/31/2025** | $11780 | $11780 | $11274 |
| **8/31/2025** | $11889 | $11883 | $11409 |
| **9/30/2025** | $11934 | $11923 | $11533 |
| **10/31/2025** | $11966 | $11963 | $11605 |
| **11/30/2025** | $12035 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class A at NAV | 5.28% | 2.41% | 2.44% |
| Class A with sales charge | 2.92% | 1.94% | 2.17% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LDCAX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8874-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LDCCX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $131 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 4.58%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib7d18f158a0ad7bb37a9d151.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10003 | $9992 | $9967 |
| **5/31/2017** | $10016 | $10008 | $10044 |
| **6/30/2017** | $10011 | $10005 | $10034 |
| **7/31/2017** | $10035 | $10030 | $10077 |
| **8/31/2017** | $10058 | $10050 | $10167 |
| **9/30/2017** | $10032 | $10038 | $10119 |
| **10/31/2017** | $10037 | $10036 | $10125 |
| **11/30/2017** | $10022 | $10014 | $10112 |
| **12/31/2017** | $10018 | $10017 | $10158 |
| **1/31/2018** | $9994 | $9991 | $10041 |
| **2/28/2018** | $9980 | $9981 | $9946 |
| **3/31/2018** | $9987 | $9997 | $10010 |
| **4/30/2018** | $9975 | $9987 | $9935 |
| **5/31/2018** | $10004 | $10024 | $10006 |
| **6/30/2018** | $10004 | $10025 | $9994 |
| **7/31/2018** | $10014 | $10031 | $9996 |
| **8/31/2018** | $10046 | $10066 | $10061 |
| **9/30/2018** | $10037 | $10059 | $9996 |
| **10/31/2018** | $10037 | $10070 | $9917 |
| **11/30/2018** | $10049 | $10099 | $9976 |
| **12/31/2018** | $10092 | $10177 | $10159 |
| **1/31/2019** | $10151 | $10217 | $10267 |
| **2/28/2019** | $10171 | $10233 | $10261 |
| **3/31/2019** | $10232 | $10300 | $10458 |
| **4/30/2019** | $10264 | $10324 | $10461 |
| **5/31/2019** | $10318 | $10395 | $10647 |
| **6/30/2019** | $10371 | $10453 | $10780 |
| **7/31/2019** | $10382 | $10447 | $10804 |
| **8/31/2019** | $10432 | $10531 | $11084 |
| **9/30/2019** | $10438 | $10525 | $11025 |
| **10/31/2019** | $10469 | $10562 | $11058 |
| **11/30/2019** | $10466 | $10562 | $11053 |
| **12/31/2019** | $10489 | $10587 | $11045 |
| **1/31/2020** | $10547 | $10646 | $11258 |
| **2/29/2020** | $10586 | $10733 | $11460 |
| **3/31/2020** | $10147 | $10766 | $11393 |
| **4/30/2020** | $10337 | $10834 | $11595 |
| **5/31/2020** | $10420 | $10870 | $11649 |
| **6/30/2020** | $10530 | $10892 | $11723 |
| **7/31/2020** | $10586 | $10913 | $11898 |
| **8/31/2020** | $10609 | $10917 | $11802 |
| **9/30/2020** | $10608 | $10918 | $11795 |
| **10/31/2020** | $10607 | $10920 | $11743 |
| **11/30/2020** | $10650 | $10930 | $11858 |
| **12/31/2020** | $10672 | $10940 | $11874 |
| **1/31/2021** | $10693 | $10944 | $11789 |
| **2/28/2021** | $10692 | $10941 | $11619 |
| **3/31/2021** | $10668 | $10936 | $11474 |
| **4/30/2021** | $10677 | $10944 | $11564 |
| **5/31/2021** | $10684 | $10957 | $11602 |
| **6/30/2021** | $10681 | $10940 | $11684 |
| **7/31/2021** | $10688 | $10959 | $11814 |
| **8/31/2021** | $10686 | $10959 | $11792 |
| **9/30/2021** | $10674 | $10950 | $11690 |
| **10/31/2021** | $10641 | $10914 | $11686 |
| **11/30/2021** | $10619 | $10905 | $11721 |
| **12/31/2021** | $10608 | $10889 | $11691 |
| **1/31/2022** | $10552 | $10811 | $11439 |
| **2/28/2022** | $10476 | $10763 | $11312 |
| **3/31/2022** | $10336 | $10618 | $10997 |
| **4/30/2022** | $10263 | $10561 | $10580 |
| **5/31/2022** | $10268 | $10625 | $10648 |
| **6/30/2022** | $10186 | $10551 | $10481 |
| **7/31/2022** | $10247 | $10606 | $10737 |
| **8/31/2022** | $10192 | $10523 | $10434 |
| **9/30/2022** | $10049 | $10395 | $9983 |
| **10/31/2022** | $10018 | $10382 | $9854 |
| **11/30/2022** | $10110 | $10467 | $10216 |
| **12/31/2022** | $10150 | $10487 | $10170 |
| **1/31/2023** | $10259 | $10572 | $10483 |
| **2/28/2023** | $10200 | $10493 | $10212 |
| **3/31/2023** | $10300 | $10646 | $10471 |
| **4/30/2023** | $10346 | $10682 | $10535 |
| **5/31/2023** | $10313 | $10649 | $10420 |
| **6/30/2023** | $10269 | $10606 | $10383 |
| **7/31/2023** | $10328 | $10650 | $10376 |
| **8/31/2023** | $10377 | $10688 | $10309 |
| **9/30/2023** | $10356 | $10683 | $10047 |
| **10/31/2023** | $10383 | $10717 | $9889 |
| **11/30/2023** | $10514 | $10841 | $10337 |
| **12/31/2023** | $10645 | $10971 | $10732 |
| **1/31/2024** | $10695 | $11014 | $10703 |
| **2/29/2024** | $10662 | $10973 | $10552 |
| **3/31/2024** | $10713 | $11017 | $10649 |
| **4/30/2024** | $10693 | $10980 | $10380 |
| **5/31/2024** | $10768 | $11060 | $10556 |
| **6/30/2024** | $10818 | $11122 | $10656 |
| **7/31/2024** | $10939 | $11254 | $10905 |
| **8/31/2024** | $11025 | $11356 | $11062 |
| **9/30/2024** | $11111 | $11451 | $11210 |
| **10/31/2024** | $11052 | $11386 | $10932 |
| **11/30/2024** | $11088 | $11424 | $11047 |
| **12/31/2024** | $11112 | $11449 | $10866 |
| **1/31/2025** | $11148 | $11501 | $10924 |
| **2/28/2025** | $11220 | $11582 | $11164 |
| **3/31/2025** | $11255 | $11635 | $11169 |
| **4/30/2025** | $11316 | $11723 | $11213 |
| **5/31/2025** | $11316 | $11708 | $11132 |
| **6/30/2025** | $11389 | $11783 | $11303 |
| **7/31/2025** | $11388 | $11780 | $11274 |
| **8/31/2025** | $11487 | $11883 | $11409 |
| **9/30/2025** | $11523 | $11923 | $11533 |
| **10/31/2025** | $11548 | $11963 | $11605 |
| **11/30/2025** | $11596 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class C at NAV | 4.58% | 1.72% | 1.73% |
| Class C with sales charge | 3.58% | 1.72% | 1.73% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LDCCX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8875-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LDCFX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.39%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4c547c60192485ebe921e13d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10005 | $9992 | $9967 |
| **5/31/2017** | $10026 | $10008 | $10044 |
| **6/30/2017** | $10028 | $10005 | $10034 |
| **7/31/2017** | $10060 | $10030 | $10077 |
| **8/31/2017** | $10092 | $10050 | $10167 |
| **9/30/2017** | $10073 | $10038 | $10119 |
| **10/31/2017** | $10085 | $10036 | $10125 |
| **11/30/2017** | $10077 | $10014 | $10112 |
| **12/31/2017** | $10080 | $10017 | $10158 |
| **1/31/2018** | $10063 | $9991 | $10041 |
| **2/28/2018** | $10056 | $9981 | $9946 |
| **3/31/2018** | $10070 | $9997 | $10010 |
| **4/30/2018** | $10066 | $9987 | $9935 |
| **5/31/2018** | $10103 | $10024 | $10006 |
| **6/30/2018** | $10110 | $10025 | $9994 |
| **7/31/2018** | $10128 | $10031 | $9996 |
| **8/31/2018** | $10157 | $10066 | $10061 |
| **9/30/2018** | $10166 | $10059 | $9996 |
| **10/31/2018** | $10174 | $10070 | $9917 |
| **11/30/2018** | $10192 | $10099 | $9976 |
| **12/31/2018** | $10242 | $10177 | $10159 |
| **1/31/2019** | $10310 | $10217 | $10267 |
| **2/28/2019** | $10336 | $10233 | $10261 |
| **3/31/2019** | $10406 | $10300 | $10458 |
| **4/30/2019** | $10445 | $10324 | $10461 |
| **5/31/2019** | $10506 | $10395 | $10647 |
| **6/30/2019** | $10567 | $10453 | $10780 |
| **7/31/2019** | $10585 | $10447 | $10804 |
| **8/31/2019** | $10642 | $10531 | $11084 |
| **9/30/2019** | $10645 | $10525 | $11025 |
| **10/31/2019** | $10683 | $10562 | $11058 |
| **11/30/2019** | $10698 | $10562 | $11053 |
| **12/31/2019** | $10729 | $10587 | $11045 |
| **1/31/2020** | $10795 | $10646 | $11258 |
| **2/29/2020** | $10842 | $10733 | $11460 |
| **3/31/2020** | $10399 | $10766 | $11393 |
| **4/30/2020** | $10590 | $10834 | $11595 |
| **5/31/2020** | $10692 | $10870 | $11649 |
| **6/30/2020** | $10812 | $10892 | $11723 |
| **7/31/2020** | $10876 | $10913 | $11898 |
| **8/31/2020** | $10906 | $10917 | $11802 |
| **9/30/2020** | $10912 | $10918 | $11795 |
| **10/31/2020** | $10918 | $10920 | $11743 |
| **11/30/2020** | $10969 | $10930 | $11858 |
| **12/31/2020** | $10999 | $10940 | $11874 |
| **1/31/2021** | $11028 | $10944 | $11789 |
| **2/28/2021** | $11022 | $10941 | $11619 |
| **3/31/2021** | $11015 | $10936 | $11474 |
| **4/30/2021** | $11031 | $10944 | $11564 |
| **5/31/2021** | $11046 | $10957 | $11602 |
| **6/30/2021** | $11050 | $10940 | $11684 |
| **7/31/2021** | $11065 | $10959 | $11814 |
| **8/31/2021** | $11070 | $10959 | $11792 |
| **9/30/2021** | $11065 | $10950 | $11690 |
| **10/31/2021** | $11038 | $10914 | $11686 |
| **11/30/2021** | $11022 | $10905 | $11721 |
| **12/31/2021** | $11018 | $10889 | $11691 |
| **1/31/2022** | $10967 | $10811 | $11439 |
| **2/28/2022** | $10895 | $10763 | $11312 |
| **3/31/2022** | $10756 | $10618 | $10997 |
| **4/30/2022** | $10687 | $10561 | $10580 |
| **5/31/2022** | $10699 | $10625 | $10648 |
| **6/30/2022** | $10620 | $10551 | $10481 |
| **7/31/2022** | $10691 | $10606 | $10737 |
| **8/31/2022** | $10640 | $10523 | $10434 |
| **9/30/2022** | $10497 | $10395 | $9983 |
| **10/31/2022** | $10471 | $10382 | $9854 |
| **11/30/2022** | $10574 | $10467 | $10216 |
| **12/31/2022** | $10623 | $10487 | $10170 |
| **1/31/2023** | $10743 | $10572 | $10483 |
| **2/28/2023** | $10688 | $10493 | $10212 |
| **3/31/2023** | $10799 | $10646 | $10471 |
| **4/30/2023** | $10853 | $10682 | $10535 |
| **5/31/2023** | $10826 | $10649 | $10420 |
| **6/30/2023** | $10787 | $10606 | $10383 |
| **7/31/2023** | $10855 | $10650 | $10376 |
| **8/31/2023** | $10900 | $10688 | $10309 |
| **9/30/2023** | $10897 | $10683 | $10047 |
| **10/31/2023** | $10931 | $10717 | $9889 |
| **11/30/2023** | $11076 | $10841 | $10337 |
| **12/31/2023** | $11221 | $10971 | $10732 |
| **1/31/2024** | $11281 | $11014 | $10703 |
| **2/29/2024** | $11253 | $10973 | $10552 |
| **3/31/2024** | $11314 | $11017 | $10649 |
| **4/30/2024** | $11299 | $10980 | $10380 |
| **5/31/2024** | $11385 | $11060 | $10556 |
| **6/30/2024** | $11445 | $11122 | $10656 |
| **7/31/2024** | $11580 | $11254 | $10905 |
| **8/31/2024** | $11679 | $11356 | $11062 |
| **9/30/2024** | $11776 | $11451 | $11210 |
| **10/31/2024** | $11722 | $11386 | $10932 |
| **11/30/2024** | $11768 | $11424 | $11047 |
| **12/31/2024** | $11788 | $11449 | $10866 |
| **1/31/2025** | $11846 | $11501 | $10924 |
| **2/28/2025** | $11929 | $11582 | $11164 |
| **3/31/2025** | $11975 | $11635 | $11169 |
| **4/30/2025** | $12047 | $11723 | $11213 |
| **5/31/2025** | $12055 | $11708 | $11132 |
| **6/30/2025** | $12141 | $11783 | $11303 |
| **7/31/2025** | $12148 | $11780 | $11274 |
| **8/31/2025** | $12261 | $11883 | $11409 |
| **9/30/2025** | $12308 | $11923 | $11533 |
| **10/31/2025** | $12343 | $11963 | $11605 |
| **11/30/2025** | $12402 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class F at NAV | 5.39% | 2.49% | 2.53% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LDCFX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8876-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LSCOX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.59%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic3b288b31e8bbde96876a262.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10005 | $9992 | $9967 |
| **5/31/2017** | $10038 | $10008 | $10044 |
| **6/30/2017** | $10032 | $10005 | $10034 |
| **7/31/2017** | $10066 | $10030 | $10077 |
| **8/31/2017** | $10099 | $10050 | $10167 |
| **9/30/2017** | $10082 | $10038 | $10119 |
| **10/31/2017** | $10096 | $10036 | $10125 |
| **11/30/2017** | $10089 | $10014 | $10112 |
| **12/31/2017** | $10094 | $10017 | $10158 |
| **1/31/2018** | $10079 | $9991 | $10041 |
| **2/28/2018** | $10073 | $9981 | $9946 |
| **3/31/2018** | $10089 | $9997 | $10010 |
| **4/30/2018** | $10087 | $9987 | $9935 |
| **5/31/2018** | $10125 | $10024 | $10006 |
| **6/30/2018** | $10134 | $10025 | $9994 |
| **7/31/2018** | $10153 | $10031 | $9996 |
| **8/31/2018** | $10195 | $10066 | $10061 |
| **9/30/2018** | $10195 | $10059 | $9996 |
| **10/31/2018** | $10204 | $10070 | $9917 |
| **11/30/2018** | $10224 | $10099 | $9976 |
| **12/31/2018** | $10276 | $10177 | $10159 |
| **1/31/2019** | $10346 | $10217 | $10267 |
| **2/28/2019** | $10374 | $10233 | $10261 |
| **3/31/2019** | $10445 | $10300 | $10458 |
| **4/30/2019** | $10485 | $10324 | $10461 |
| **5/31/2019** | $10548 | $10395 | $10647 |
| **6/30/2019** | $10611 | $10453 | $10780 |
| **7/31/2019** | $10629 | $10447 | $10804 |
| **8/31/2019** | $10689 | $10531 | $11084 |
| **9/30/2019** | $10703 | $10525 | $11025 |
| **10/31/2019** | $10743 | $10562 | $11058 |
| **11/30/2019** | $10748 | $10562 | $11053 |
| **12/31/2019** | $10770 | $10587 | $11045 |
| **1/31/2020** | $10849 | $10646 | $11258 |
| **2/29/2020** | $10897 | $10733 | $11460 |
| **3/31/2020** | $10444 | $10766 | $11393 |
| **4/30/2020** | $10648 | $10834 | $11595 |
| **5/31/2020** | $10753 | $10870 | $11649 |
| **6/30/2020** | $10876 | $10892 | $11723 |
| **7/31/2020** | $10931 | $10913 | $11898 |
| **8/31/2020** | $10975 | $10917 | $11802 |
| **9/30/2020** | $10983 | $10918 | $11795 |
| **10/31/2020** | $10991 | $10920 | $11743 |
| **11/30/2020** | $11034 | $10930 | $11858 |
| **12/31/2020** | $11077 | $10940 | $11874 |
| **1/31/2021** | $11108 | $10944 | $11789 |
| **2/28/2021** | $11104 | $10941 | $11619 |
| **3/31/2021** | $11088 | $10936 | $11474 |
| **4/30/2021** | $11118 | $10944 | $11564 |
| **5/31/2021** | $11134 | $10957 | $11602 |
| **6/30/2021** | $11140 | $10940 | $11684 |
| **7/31/2021** | $11157 | $10959 | $11814 |
| **8/31/2021** | $11153 | $10959 | $11792 |
| **9/30/2021** | $11161 | $10950 | $11690 |
| **10/31/2021** | $11136 | $10914 | $11686 |
| **11/30/2021** | $11122 | $10905 | $11721 |
| **12/31/2021** | $11119 | $10889 | $11691 |
| **1/31/2022** | $11058 | $10811 | $11439 |
| **2/28/2022** | $10998 | $10763 | $11312 |
| **3/31/2022** | $10859 | $10618 | $10997 |
| **4/30/2022** | $10791 | $10561 | $10580 |
| **5/31/2022** | $10804 | $10625 | $10648 |
| **6/30/2022** | $10726 | $10551 | $10481 |
| **7/31/2022** | $10800 | $10606 | $10737 |
| **8/31/2022** | $10749 | $10523 | $10434 |
| **9/30/2022** | $10607 | $10395 | $9983 |
| **10/31/2022** | $10582 | $10382 | $9854 |
| **11/30/2022** | $10688 | $10467 | $10216 |
| **12/31/2022** | $10738 | $10487 | $10170 |
| **1/31/2023** | $10861 | $10572 | $10483 |
| **2/28/2023** | $10807 | $10493 | $10212 |
| **3/31/2023** | $10921 | $10646 | $10471 |
| **4/30/2023** | $10978 | $10682 | $10535 |
| **5/31/2023** | $10952 | $10649 | $10420 |
| **6/30/2023** | $10914 | $10606 | $10383 |
| **7/31/2023** | $10985 | $10650 | $10376 |
| **8/31/2023** | $11033 | $10688 | $10309 |
| **9/30/2023** | $11032 | $10683 | $10047 |
| **10/31/2023** | $11056 | $10717 | $9889 |
| **11/30/2023** | $11205 | $10841 | $10337 |
| **12/31/2023** | $11354 | $10971 | $10732 |
| **1/31/2024** | $11428 | $11014 | $10703 |
| **2/29/2024** | $11402 | $10973 | $10552 |
| **3/31/2024** | $11465 | $11017 | $10649 |
| **4/30/2024** | $11440 | $10980 | $10380 |
| **5/31/2024** | $11541 | $11060 | $10556 |
| **6/30/2024** | $11604 | $11122 | $10656 |
| **7/31/2024** | $11730 | $11254 | $10905 |
| **8/31/2024** | $11845 | $11356 | $11062 |
| **9/30/2024** | $11946 | $11451 | $11210 |
| **10/31/2024** | $11892 | $11386 | $10932 |
| **11/30/2024** | $11940 | $11424 | $11047 |
| **12/31/2024** | $11963 | $11449 | $10866 |
| **1/31/2025** | $12024 | $11501 | $10924 |
| **2/28/2025** | $12110 | $11582 | $11164 |
| **3/31/2025** | $12158 | $11635 | $11169 |
| **4/30/2025** | $12234 | $11723 | $11213 |
| **5/31/2025** | $12244 | $11708 | $11132 |
| **6/30/2025** | $12333 | $11783 | $11303 |
| **7/31/2025** | $12342 | $11780 | $11274 |
| **8/31/2025** | $12459 | $11883 | $11409 |
| **9/30/2025** | $12509 | $11923 | $11533 |
| **10/31/2025** | $12546 | $11963 | $11605 |
| **11/30/2025** | $12608 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class F3 at NAV | 5.59% | 2.70% | 2.73% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LSCOX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8879-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LSCIX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $41 | 0.40% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.49%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia687ab2caad699d235e90b2d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10005 | $9992 | $9967 |
| **5/31/2017** | $10027 | $10008 | $10044 |
| **6/30/2017** | $10030 | $10005 | $10034 |
| **7/31/2017** | $10063 | $10030 | $10077 |
| **8/31/2017** | $10096 | $10050 | $10167 |
| **9/30/2017** | $10077 | $10038 | $10119 |
| **10/31/2017** | $10091 | $10036 | $10125 |
| **11/30/2017** | $10083 | $10014 | $10112 |
| **12/31/2017** | $10087 | $10017 | $10158 |
| **1/31/2018** | $10071 | $9991 | $10041 |
| **2/28/2018** | $10065 | $9981 | $9946 |
| **3/31/2018** | $10080 | $9997 | $10010 |
| **4/30/2018** | $10076 | $9987 | $9935 |
| **5/31/2018** | $10114 | $10024 | $10006 |
| **6/30/2018** | $10123 | $10025 | $9994 |
| **7/31/2018** | $10141 | $10031 | $9996 |
| **8/31/2018** | $10171 | $10066 | $10061 |
| **9/30/2018** | $10181 | $10059 | $9996 |
| **10/31/2018** | $10189 | $10070 | $9917 |
| **11/30/2018** | $10197 | $10099 | $9976 |
| **12/31/2018** | $10248 | $10177 | $10159 |
| **1/31/2019** | $10317 | $10217 | $10267 |
| **2/28/2019** | $10354 | $10233 | $10261 |
| **3/31/2019** | $10425 | $10300 | $10458 |
| **4/30/2019** | $10465 | $10324 | $10461 |
| **5/31/2019** | $10527 | $10395 | $10647 |
| **6/30/2019** | $10590 | $10453 | $10780 |
| **7/31/2019** | $10608 | $10447 | $10804 |
| **8/31/2019** | $10678 | $10531 | $11084 |
| **9/30/2019** | $10681 | $10525 | $11025 |
| **10/31/2019** | $10721 | $10562 | $11058 |
| **11/30/2019** | $10726 | $10562 | $11053 |
| **12/31/2019** | $10758 | $10587 | $11045 |
| **1/31/2020** | $10836 | $10646 | $11258 |
| **2/29/2020** | $10883 | $10733 | $11460 |
| **3/31/2020** | $10430 | $10766 | $11393 |
| **4/30/2020** | $10633 | $10834 | $11595 |
| **5/31/2020** | $10737 | $10870 | $11649 |
| **6/30/2020** | $10858 | $10892 | $11723 |
| **7/31/2020** | $10912 | $10913 | $11898 |
| **8/31/2020** | $10943 | $10917 | $11802 |
| **9/30/2020** | $10961 | $10918 | $11795 |
| **10/31/2020** | $10968 | $10920 | $11743 |
| **11/30/2020** | $11010 | $10930 | $11858 |
| **12/31/2020** | $11052 | $10940 | $11874 |
| **1/31/2021** | $11082 | $10944 | $11789 |
| **2/28/2021** | $11076 | $10941 | $11619 |
| **3/31/2021** | $11059 | $10936 | $11474 |
| **4/30/2021** | $11076 | $10944 | $11564 |
| **5/31/2021** | $11092 | $10957 | $11602 |
| **6/30/2021** | $11097 | $10940 | $11684 |
| **7/31/2021** | $11113 | $10959 | $11814 |
| **8/31/2021** | $11118 | $10959 | $11792 |
| **9/30/2021** | $11114 | $10950 | $11690 |
| **10/31/2021** | $11088 | $10914 | $11686 |
| **11/30/2021** | $11085 | $10905 | $11721 |
| **12/31/2021** | $11070 | $10889 | $11691 |
| **1/31/2022** | $11020 | $10811 | $11439 |
| **2/28/2022** | $10948 | $10763 | $11312 |
| **3/31/2022** | $10810 | $10618 | $10997 |
| **4/30/2022** | $10753 | $10561 | $10580 |
| **5/31/2022** | $10754 | $10625 | $10648 |
| **6/30/2022** | $10676 | $10551 | $10481 |
| **7/31/2022** | $10748 | $10606 | $10737 |
| **8/31/2022** | $10697 | $10523 | $10434 |
| **9/30/2022** | $10555 | $10395 | $9983 |
| **10/31/2022** | $10530 | $10382 | $9854 |
| **11/30/2022** | $10634 | $10467 | $10216 |
| **12/31/2022** | $10684 | $10487 | $10170 |
| **1/31/2023** | $10806 | $10572 | $10483 |
| **2/28/2023** | $10751 | $10493 | $10212 |
| **3/31/2023** | $10864 | $10646 | $10471 |
| **4/30/2023** | $10919 | $10682 | $10535 |
| **5/31/2023** | $10893 | $10649 | $10420 |
| **6/30/2023** | $10854 | $10606 | $10383 |
| **7/31/2023** | $10924 | $10650 | $10376 |
| **8/31/2023** | $10983 | $10688 | $10309 |
| **9/30/2023** | $10969 | $10683 | $10047 |
| **10/31/2023** | $11004 | $10717 | $9889 |
| **11/30/2023** | $11151 | $10841 | $10337 |
| **12/31/2023** | $11286 | $10971 | $10732 |
| **1/31/2024** | $11359 | $11014 | $10703 |
| **2/29/2024** | $11332 | $10973 | $10552 |
| **3/31/2024** | $11394 | $11017 | $10649 |
| **4/30/2024** | $11380 | $10980 | $10380 |
| **5/31/2024** | $11468 | $11060 | $10556 |
| **6/30/2024** | $11529 | $11122 | $10656 |
| **7/31/2024** | $11666 | $11254 | $10905 |
| **8/31/2024** | $11767 | $11356 | $11062 |
| **9/30/2024** | $11866 | $11451 | $11210 |
| **10/31/2024** | $11812 | $11386 | $10932 |
| **11/30/2024** | $11859 | $11424 | $11047 |
| **12/31/2024** | $11880 | $11449 | $10866 |
| **1/31/2025** | $11941 | $11501 | $10924 |
| **2/28/2025** | $12025 | $11582 | $11164 |
| **3/31/2025** | $12072 | $11635 | $11169 |
| **4/30/2025** | $12146 | $11723 | $11213 |
| **5/31/2025** | $12155 | $11708 | $11132 |
| **6/30/2025** | $12242 | $11783 | $11303 |
| **7/31/2025** | $12251 | $11780 | $11274 |
| **8/31/2025** | $12366 | $11883 | $11409 |
| **9/30/2025** | $12414 | $11923 | $11533 |
| **10/31/2025** | $12450 | $11963 | $11605 |
| **11/30/2025** | $12511 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class I at NAV | 5.49% | 2.59% | 2.63% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LSCIX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8877-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LDCRX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $92 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 4.97%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iea5911e55d27a733ab284cde.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10004 | $9992 | $9967 |
| **5/31/2017** | $10022 | $10008 | $10044 |
| **6/30/2017** | $10021 | $10005 | $10034 |
| **7/31/2017** | $10049 | $10030 | $10077 |
| **8/31/2017** | $10078 | $10050 | $10167 |
| **9/30/2017** | $10055 | $10038 | $10119 |
| **10/31/2017** | $10064 | $10036 | $10125 |
| **11/30/2017** | $10053 | $10014 | $10112 |
| **12/31/2017** | $10053 | $10017 | $10158 |
| **1/31/2018** | $10032 | $9991 | $10041 |
| **2/28/2018** | $10022 | $9981 | $9946 |
| **3/31/2018** | $10033 | $9997 | $10010 |
| **4/30/2018** | $10025 | $9987 | $9935 |
| **5/31/2018** | $10059 | $10024 | $10006 |
| **6/30/2018** | $10063 | $10025 | $9994 |
| **7/31/2018** | $10077 | $10031 | $9996 |
| **8/31/2018** | $10103 | $10066 | $10061 |
| **9/30/2018** | $10108 | $10059 | $9996 |
| **10/31/2018** | $10113 | $10070 | $9917 |
| **11/30/2018** | $10128 | $10099 | $9976 |
| **12/31/2018** | $10174 | $10177 | $10159 |
| **1/31/2019** | $10239 | $10217 | $10267 |
| **2/28/2019** | $10262 | $10233 | $10261 |
| **3/31/2019** | $10327 | $10300 | $10458 |
| **4/30/2019** | $10363 | $10324 | $10461 |
| **5/31/2019** | $10420 | $10395 | $10647 |
| **6/30/2019** | $10478 | $10453 | $10780 |
| **7/31/2019** | $10491 | $10447 | $10804 |
| **8/31/2019** | $10545 | $10531 | $11084 |
| **9/30/2019** | $10555 | $10525 | $11025 |
| **10/31/2019** | $10590 | $10562 | $11058 |
| **11/30/2019** | $10590 | $10562 | $11053 |
| **12/31/2019** | $10618 | $10587 | $11045 |
| **1/31/2020** | $10680 | $10646 | $11258 |
| **2/29/2020** | $10723 | $10733 | $11460 |
| **3/31/2020** | $10282 | $10766 | $11393 |
| **4/30/2020** | $10479 | $10834 | $11595 |
| **5/31/2020** | $10566 | $10870 | $11649 |
| **6/30/2020** | $10681 | $10892 | $11723 |
| **7/31/2020** | $10741 | $10913 | $11898 |
| **8/31/2020** | $10767 | $10917 | $11802 |
| **9/30/2020** | $10770 | $10918 | $11795 |
| **10/31/2020** | $10773 | $10920 | $11743 |
| **11/30/2020** | $10820 | $10930 | $11858 |
| **12/31/2020** | $10845 | $10940 | $11874 |
| **1/31/2021** | $10870 | $10944 | $11789 |
| **2/28/2021** | $10871 | $10941 | $11619 |
| **3/31/2021** | $10851 | $10936 | $11474 |
| **4/30/2021** | $10863 | $10944 | $11564 |
| **5/31/2021** | $10874 | $10957 | $11602 |
| **6/30/2021** | $10874 | $10940 | $11684 |
| **7/31/2021** | $10885 | $10959 | $11814 |
| **8/31/2021** | $10886 | $10959 | $11792 |
| **9/30/2021** | $10878 | $10950 | $11690 |
| **10/31/2021** | $10848 | $10914 | $11686 |
| **11/30/2021** | $10829 | $10905 | $11721 |
| **12/31/2021** | $10821 | $10889 | $11691 |
| **1/31/2022** | $10767 | $10811 | $11439 |
| **2/28/2022** | $10693 | $10763 | $11312 |
| **3/31/2022** | $10553 | $10618 | $10997 |
| **4/30/2022** | $10482 | $10561 | $10580 |
| **5/31/2022** | $10490 | $10625 | $10648 |
| **6/30/2022** | $10409 | $10551 | $10481 |
| **7/31/2022** | $10475 | $10606 | $10737 |
| **8/31/2022** | $10422 | $10523 | $10434 |
| **9/30/2022** | $10279 | $10395 | $9983 |
| **10/31/2022** | $10250 | $10382 | $9854 |
| **11/30/2022** | $10347 | $10467 | $10216 |
| **12/31/2022** | $10391 | $10487 | $10170 |
| **1/31/2023** | $10505 | $10572 | $10483 |
| **2/28/2023** | $10448 | $10493 | $10212 |
| **3/31/2023** | $10553 | $10646 | $10471 |
| **4/30/2023** | $10603 | $10682 | $10535 |
| **5/31/2023** | $10573 | $10649 | $10420 |
| **6/30/2023** | $10531 | $10606 | $10383 |
| **7/31/2023** | $10594 | $10650 | $10376 |
| **8/31/2023** | $10635 | $10688 | $10309 |
| **9/30/2023** | $10628 | $10683 | $10047 |
| **10/31/2023** | $10647 | $10717 | $9889 |
| **11/30/2023** | $10784 | $10841 | $10337 |
| **12/31/2023** | $10922 | $10971 | $10732 |
| **1/31/2024** | $10988 | $11014 | $10703 |
| **2/29/2024** | $10958 | $10973 | $10552 |
| **3/31/2024** | $11013 | $11017 | $10649 |
| **4/30/2024** | $10983 | $10980 | $10380 |
| **5/31/2024** | $11074 | $11060 | $10556 |
| **6/30/2024** | $11128 | $11122 | $10656 |
| **7/31/2024** | $11244 | $11254 | $10905 |
| **8/31/2024** | $11348 | $11356 | $11062 |
| **9/30/2024** | $11440 | $11451 | $11210 |
| **10/31/2024** | $11383 | $11386 | $10932 |
| **11/30/2024** | $11423 | $11424 | $11047 |
| **12/31/2024** | $11439 | $11449 | $10866 |
| **1/31/2025** | $11492 | $11501 | $10924 |
| **2/28/2025** | $11569 | $11582 | $11164 |
| **3/31/2025** | $11609 | $11635 | $11169 |
| **4/30/2025** | $11676 | $11723 | $11213 |
| **5/31/2025** | $11679 | $11708 | $11132 |
| **6/30/2025** | $11758 | $11783 | $11303 |
| **7/31/2025** | $11762 | $11780 | $11274 |
| **8/31/2025** | $11867 | $11883 | $11409 |
| **9/30/2025** | $11909 | $11923 | $11533 |
| **10/31/2025** | $11938 | $11963 | $11605 |
| **11/30/2025** | $11991 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class R3 at NAV | 4.97% | 2.08% | 2.13% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LDCRX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8881-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LSCSX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.23%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id75b5aef43a1d2d476f670ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10004 | $9992 | $9967 |
| **5/31/2017** | $10024 | $10008 | $10044 |
| **6/30/2017** | $10025 | $10005 | $10034 |
| **7/31/2017** | $10056 | $10030 | $10077 |
| **8/31/2017** | $10087 | $10050 | $10167 |
| **9/30/2017** | $10066 | $10038 | $10119 |
| **10/31/2017** | $10078 | $10036 | $10125 |
| **11/30/2017** | $10068 | $10014 | $10112 |
| **12/31/2017** | $10070 | $10017 | $10158 |
| **1/31/2018** | $10052 | $9991 | $10041 |
| **2/28/2018** | $10043 | $9981 | $9946 |
| **3/31/2018** | $10056 | $9997 | $10010 |
| **4/30/2018** | $10051 | $9987 | $9935 |
| **5/31/2018** | $10086 | $10024 | $10006 |
| **6/30/2018** | $10093 | $10025 | $9994 |
| **7/31/2018** | $10109 | $10031 | $9996 |
| **8/31/2018** | $10137 | $10066 | $10061 |
| **9/30/2018** | $10145 | $10059 | $9996 |
| **10/31/2018** | $10151 | $10070 | $9917 |
| **11/30/2018** | $10169 | $10099 | $9976 |
| **12/31/2018** | $10217 | $10177 | $10159 |
| **1/31/2019** | $10284 | $10217 | $10267 |
| **2/28/2019** | $10309 | $10233 | $10261 |
| **3/31/2019** | $10377 | $10300 | $10458 |
| **4/30/2019** | $10415 | $10324 | $10461 |
| **5/31/2019** | $10475 | $10395 | $10647 |
| **6/30/2019** | $10534 | $10453 | $10780 |
| **7/31/2019** | $10550 | $10447 | $10804 |
| **8/31/2019** | $10607 | $10531 | $11084 |
| **9/30/2019** | $10619 | $10525 | $11025 |
| **10/31/2019** | $10656 | $10562 | $11058 |
| **11/30/2019** | $10659 | $10562 | $11053 |
| **12/31/2019** | $10689 | $10587 | $11045 |
| **1/31/2020** | $10754 | $10646 | $11258 |
| **2/29/2020** | $10799 | $10733 | $11460 |
| **3/31/2020** | $10357 | $10766 | $11393 |
| **4/30/2020** | $10557 | $10834 | $11595 |
| **5/31/2020** | $10657 | $10870 | $11649 |
| **6/30/2020** | $10776 | $10892 | $11723 |
| **7/31/2020** | $10827 | $10913 | $11898 |
| **8/31/2020** | $10856 | $10917 | $11802 |
| **9/30/2020** | $10872 | $10918 | $11795 |
| **10/31/2020** | $10866 | $10920 | $11743 |
| **11/30/2020** | $10916 | $10930 | $11858 |
| **12/31/2020** | $10944 | $10940 | $11874 |
| **1/31/2021** | $10972 | $10944 | $11789 |
| **2/28/2021** | $10975 | $10941 | $11619 |
| **3/31/2021** | $10957 | $10936 | $11474 |
| **4/30/2021** | $10971 | $10944 | $11564 |
| **5/31/2021** | $10984 | $10957 | $11602 |
| **6/30/2021** | $10987 | $10940 | $11684 |
| **7/31/2021** | $11000 | $10959 | $11814 |
| **8/31/2021** | $11004 | $10959 | $11792 |
| **9/30/2021** | $10998 | $10950 | $11690 |
| **10/31/2021** | $10970 | $10914 | $11686 |
| **11/30/2021** | $10964 | $10905 | $11721 |
| **12/31/2021** | $10947 | $10889 | $11691 |
| **1/31/2022** | $10895 | $10811 | $11439 |
| **2/28/2022** | $10822 | $10763 | $11312 |
| **3/31/2022** | $10683 | $10618 | $10997 |
| **4/30/2022** | $10624 | $10561 | $10580 |
| **5/31/2022** | $10623 | $10625 | $10648 |
| **6/30/2022** | $10544 | $10551 | $10481 |
| **7/31/2022** | $10613 | $10606 | $10737 |
| **8/31/2022** | $10561 | $10523 | $10434 |
| **9/30/2022** | $10418 | $10395 | $9983 |
| **10/31/2022** | $10391 | $10382 | $9854 |
| **11/30/2022** | $10492 | $10467 | $10216 |
| **12/31/2022** | $10538 | $10487 | $10170 |
| **1/31/2023** | $10667 | $10572 | $10483 |
| **2/28/2023** | $10600 | $10493 | $10212 |
| **3/31/2023** | $10721 | $10646 | $10471 |
| **4/30/2023** | $10761 | $10682 | $10535 |
| **5/31/2023** | $10733 | $10649 | $10420 |
| **6/30/2023** | $10704 | $10606 | $10383 |
| **7/31/2023** | $10771 | $10650 | $10376 |
| **8/31/2023** | $10815 | $10688 | $10309 |
| **9/30/2023** | $10811 | $10683 | $10047 |
| **10/31/2023** | $10831 | $10717 | $9889 |
| **11/30/2023** | $10974 | $10841 | $10337 |
| **12/31/2023** | $11116 | $10971 | $10732 |
| **1/31/2024** | $11173 | $11014 | $10703 |
| **2/29/2024** | $11157 | $10973 | $10552 |
| **3/31/2024** | $11203 | $11017 | $10649 |
| **4/30/2024** | $11187 | $10980 | $10380 |
| **5/31/2024** | $11271 | $11060 | $10556 |
| **6/30/2024** | $11341 | $11122 | $10656 |
| **7/31/2024** | $11461 | $11254 | $10905 |
| **8/31/2024** | $11557 | $11356 | $11062 |
| **9/30/2024** | $11652 | $11451 | $11210 |
| **10/31/2024** | $11597 | $11386 | $10932 |
| **11/30/2024** | $11641 | $11424 | $11047 |
| **12/31/2024** | $11672 | $11449 | $10866 |
| **1/31/2025** | $11716 | $11501 | $10924 |
| **2/28/2025** | $11797 | $11582 | $11164 |
| **3/31/2025** | $11853 | $11635 | $11169 |
| **4/30/2025** | $11910 | $11723 | $11213 |
| **5/31/2025** | $11916 | $11708 | $11132 |
| **6/30/2025** | $12000 | $11783 | $11303 |
| **7/31/2025** | $12005 | $11780 | $11274 |
| **8/31/2025** | $12116 | $11883 | $11409 |
| **9/30/2025** | $12161 | $11923 | $11533 |
| **10/31/2025** | $12193 | $11963 | $11605 |
| **11/30/2025** | $12250 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class R4 at NAV | 5.23% | 2.33% | 2.38% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LSCSX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8882-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LSCUX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $40 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.49%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie1e7c5bb5ea2334121b0a4f4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10005 | $9992 | $9967 |
| **5/31/2017** | $10027 | $10008 | $10044 |
| **6/30/2017** | $10030 | $10005 | $10034 |
| **7/31/2017** | $10063 | $10030 | $10077 |
| **8/31/2017** | $10095 | $10050 | $10167 |
| **9/30/2017** | $10077 | $10038 | $10119 |
| **10/31/2017** | $10091 | $10036 | $10125 |
| **11/30/2017** | $10083 | $10014 | $10112 |
| **12/31/2017** | $10087 | $10017 | $10158 |
| **1/31/2018** | $10071 | $9991 | $10041 |
| **2/28/2018** | $10064 | $9981 | $9946 |
| **3/31/2018** | $10080 | $9997 | $10010 |
| **4/30/2018** | $10076 | $9987 | $9935 |
| **5/31/2018** | $10114 | $10024 | $10006 |
| **6/30/2018** | $10122 | $10025 | $9994 |
| **7/31/2018** | $10141 | $10031 | $9996 |
| **8/31/2018** | $10181 | $10066 | $10061 |
| **9/30/2018** | $10181 | $10059 | $9996 |
| **10/31/2018** | $10190 | $10070 | $9917 |
| **11/30/2018** | $10209 | $10099 | $9976 |
| **12/31/2018** | $10260 | $10177 | $10159 |
| **1/31/2019** | $10329 | $10217 | $10267 |
| **2/28/2019** | $10356 | $10233 | $10261 |
| **3/31/2019** | $10427 | $10300 | $10458 |
| **4/30/2019** | $10467 | $10324 | $10461 |
| **5/31/2019** | $10529 | $10395 | $10647 |
| **6/30/2019** | $10591 | $10453 | $10780 |
| **7/31/2019** | $10610 | $10447 | $10804 |
| **8/31/2019** | $10669 | $10531 | $11084 |
| **9/30/2019** | $10683 | $10525 | $11025 |
| **10/31/2019** | $10723 | $10562 | $11058 |
| **11/30/2019** | $10728 | $10562 | $11053 |
| **12/31/2019** | $10760 | $10587 | $11045 |
| **1/31/2020** | $10828 | $10646 | $11258 |
| **2/29/2020** | $10886 | $10733 | $11460 |
| **3/31/2020** | $10433 | $10766 | $11393 |
| **4/30/2020** | $10636 | $10834 | $11595 |
| **5/31/2020** | $10739 | $10870 | $11649 |
| **6/30/2020** | $10861 | $10892 | $11723 |
| **7/31/2020** | $10915 | $10913 | $11898 |
| **8/31/2020** | $10946 | $10917 | $11802 |
| **9/30/2020** | $10965 | $10918 | $11795 |
| **10/31/2020** | $10961 | $10920 | $11743 |
| **11/30/2020** | $11013 | $10930 | $11858 |
| **12/31/2020** | $11055 | $10940 | $11874 |
| **1/31/2021** | $11074 | $10944 | $11789 |
| **2/28/2021** | $11080 | $10941 | $11619 |
| **3/31/2021** | $11063 | $10936 | $11474 |
| **4/30/2021** | $11080 | $10944 | $11564 |
| **5/31/2021** | $11096 | $10957 | $11602 |
| **6/30/2021** | $11100 | $10940 | $11684 |
| **7/31/2021** | $11116 | $10959 | $11814 |
| **8/31/2021** | $11122 | $10959 | $11792 |
| **9/30/2021** | $11118 | $10950 | $11690 |
| **10/31/2021** | $11092 | $10914 | $11686 |
| **11/30/2021** | $11088 | $10905 | $11721 |
| **12/31/2021** | $11073 | $10889 | $11691 |
| **1/31/2022** | $11023 | $10811 | $11439 |
| **2/28/2022** | $10951 | $10763 | $11312 |
| **3/31/2022** | $10813 | $10618 | $10997 |
| **4/30/2022** | $10756 | $10561 | $10580 |
| **5/31/2022** | $10757 | $10625 | $10648 |
| **6/30/2022** | $10679 | $10551 | $10481 |
| **7/31/2022** | $10751 | $10606 | $10737 |
| **8/31/2022** | $10700 | $10523 | $10434 |
| **9/30/2022** | $10558 | $10395 | $9983 |
| **10/31/2022** | $10533 | $10382 | $9854 |
| **11/30/2022** | $10637 | $10467 | $10216 |
| **12/31/2022** | $10687 | $10487 | $10170 |
| **1/31/2023** | $10820 | $10572 | $10483 |
| **2/28/2023** | $10754 | $10493 | $10212 |
| **3/31/2023** | $10879 | $10646 | $10471 |
| **4/30/2023** | $10922 | $10682 | $10535 |
| **5/31/2023** | $10896 | $10649 | $10420 |
| **6/30/2023** | $10869 | $10606 | $10383 |
| **7/31/2023** | $10938 | $10650 | $10376 |
| **8/31/2023** | $10986 | $10688 | $10309 |
| **9/30/2023** | $10971 | $10683 | $10047 |
| **10/31/2023** | $11007 | $10717 | $9889 |
| **11/30/2023** | $11154 | $10841 | $10337 |
| **12/31/2023** | $11301 | $10971 | $10732 |
| **1/31/2024** | $11361 | $11014 | $10703 |
| **2/29/2024** | $11335 | $10973 | $10552 |
| **3/31/2024** | $11397 | $11017 | $10649 |
| **4/30/2024** | $11383 | $10980 | $10380 |
| **5/31/2024** | $11470 | $11060 | $10556 |
| **6/30/2024** | $11544 | $11122 | $10656 |
| **7/31/2024** | $11669 | $11254 | $10905 |
| **8/31/2024** | $11769 | $11356 | $11062 |
| **9/30/2024** | $11868 | $11451 | $11210 |
| **10/31/2024** | $11814 | $11386 | $10932 |
| **11/30/2024** | $11861 | $11424 | $11047 |
| **12/31/2024** | $11895 | $11449 | $10866 |
| **1/31/2025** | $11943 | $11501 | $10924 |
| **2/28/2025** | $12027 | $11582 | $11164 |
| **3/31/2025** | $12074 | $11635 | $11169 |
| **4/30/2025** | $12148 | $11723 | $11213 |
| **5/31/2025** | $12157 | $11708 | $11132 |
| **6/30/2025** | $12244 | $11783 | $11303 |
| **7/31/2025** | $12253 | $11780 | $11274 |
| **8/31/2025** | $12368 | $11883 | $11409 |
| **9/30/2025** | $12416 | $11923 | $11533 |
| **10/31/2025** | $12452 | $11963 | $11605 |
| **11/30/2025** | $12513 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class R5 at NAV | 5.49% | 2.59% | 2.64% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LSCUX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8883-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LDCVX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.59%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 5.21% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg US Govt/Credit 1-3 Year Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's allocation to agency commercial mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ida17a7a0a94c8e96be16fa40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Govt/Credit 1-3 Year Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/19/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10005 | $9992 | $9967 |
| **5/31/2017** | $10038 | $10008 | $10044 |
| **6/30/2017** | $10032 | $10005 | $10034 |
| **7/31/2017** | $10066 | $10030 | $10077 |
| **8/31/2017** | $10099 | $10050 | $10167 |
| **9/30/2017** | $10082 | $10038 | $10119 |
| **10/31/2017** | $10096 | $10036 | $10125 |
| **11/30/2017** | $10089 | $10014 | $10112 |
| **12/31/2017** | $10094 | $10017 | $10158 |
| **1/31/2018** | $10079 | $9991 | $10041 |
| **2/28/2018** | $10073 | $9981 | $9946 |
| **3/31/2018** | $10089 | $9997 | $10010 |
| **4/30/2018** | $10087 | $9987 | $9935 |
| **5/31/2018** | $10125 | $10024 | $10006 |
| **6/30/2018** | $10134 | $10025 | $9994 |
| **7/31/2018** | $10153 | $10031 | $9996 |
| **8/31/2018** | $10184 | $10066 | $10061 |
| **9/30/2018** | $10195 | $10059 | $9996 |
| **10/31/2018** | $10204 | $10070 | $9917 |
| **11/30/2018** | $10224 | $10099 | $9976 |
| **12/31/2018** | $10276 | $10177 | $10159 |
| **1/31/2019** | $10346 | $10217 | $10267 |
| **2/28/2019** | $10374 | $10233 | $10261 |
| **3/31/2019** | $10445 | $10300 | $10458 |
| **4/30/2019** | $10485 | $10324 | $10461 |
| **5/31/2019** | $10548 | $10395 | $10647 |
| **6/30/2019** | $10611 | $10453 | $10780 |
| **7/31/2019** | $10629 | $10447 | $10804 |
| **8/31/2019** | $10689 | $10531 | $11084 |
| **9/30/2019** | $10703 | $10525 | $11025 |
| **10/31/2019** | $10743 | $10562 | $11058 |
| **11/30/2019** | $10748 | $10562 | $11053 |
| **12/31/2019** | $10781 | $10587 | $11045 |
| **1/31/2020** | $10849 | $10646 | $11258 |
| **2/29/2020** | $10897 | $10733 | $11460 |
| **3/31/2020** | $10455 | $10766 | $11393 |
| **4/30/2020** | $10648 | $10834 | $11595 |
| **5/31/2020** | $10753 | $10870 | $11649 |
| **6/30/2020** | $10876 | $10892 | $11723 |
| **7/31/2020** | $10943 | $10913 | $11898 |
| **8/31/2020** | $10975 | $10917 | $11802 |
| **9/30/2020** | $10983 | $10918 | $11795 |
| **10/31/2020** | $10991 | $10920 | $11743 |
| **11/30/2020** | $11044 | $10930 | $11858 |
| **12/31/2020** | $11075 | $10940 | $11874 |
| **1/31/2021** | $11106 | $10944 | $11789 |
| **2/28/2021** | $11101 | $10941 | $11619 |
| **3/31/2021** | $11096 | $10936 | $11474 |
| **4/30/2021** | $11114 | $10944 | $11564 |
| **5/31/2021** | $11130 | $10957 | $11602 |
| **6/30/2021** | $11136 | $10940 | $11684 |
| **7/31/2021** | $11152 | $10959 | $11814 |
| **8/31/2021** | $11159 | $10959 | $11792 |
| **9/30/2021** | $11155 | $10950 | $11690 |
| **10/31/2021** | $11130 | $10914 | $11686 |
| **11/30/2021** | $11116 | $10905 | $11721 |
| **12/31/2021** | $11113 | $10889 | $11691 |
| **1/31/2022** | $11063 | $10811 | $11439 |
| **2/28/2022** | $10992 | $10763 | $11312 |
| **3/31/2022** | $10853 | $10618 | $10997 |
| **4/30/2022** | $10785 | $10561 | $10580 |
| **5/31/2022** | $10798 | $10625 | $10648 |
| **6/30/2022** | $10720 | $10551 | $10481 |
| **7/31/2022** | $10794 | $10606 | $10737 |
| **8/31/2022** | $10743 | $10523 | $10434 |
| **9/30/2022** | $10601 | $10395 | $9983 |
| **10/31/2022** | $10577 | $10382 | $9854 |
| **11/30/2022** | $10682 | $10467 | $10216 |
| **12/31/2022** | $10732 | $10487 | $10170 |
| **1/31/2023** | $10855 | $10572 | $10483 |
| **2/28/2023** | $10801 | $10493 | $10212 |
| **3/31/2023** | $10915 | $10646 | $10471 |
| **4/30/2023** | $10972 | $10682 | $10535 |
| **5/31/2023** | $10946 | $10649 | $10420 |
| **6/30/2023** | $10908 | $10606 | $10383 |
| **7/31/2023** | $10979 | $10650 | $10376 |
| **8/31/2023** | $11039 | $10688 | $10309 |
| **9/30/2023** | $11026 | $10683 | $10047 |
| **10/31/2023** | $11051 | $10717 | $9889 |
| **11/30/2023** | $11199 | $10841 | $10337 |
| **12/31/2023** | $11348 | $10971 | $10732 |
| **1/31/2024** | $11422 | $11014 | $10703 |
| **2/29/2024** | $11396 | $10973 | $10552 |
| **3/31/2024** | $11459 | $11017 | $10649 |
| **4/30/2024** | $11434 | $10980 | $10380 |
| **5/31/2024** | $11535 | $11060 | $10556 |
| **6/30/2024** | $11597 | $11122 | $10656 |
| **7/31/2024** | $11724 | $11254 | $10905 |
| **8/31/2024** | $11839 | $11356 | $11062 |
| **9/30/2024** | $11939 | $11451 | $11210 |
| **10/31/2024** | $11886 | $11386 | $10932 |
| **11/30/2024** | $11934 | $11424 | $11047 |
| **12/31/2024** | $11956 | $11449 | $10866 |
| **1/31/2025** | $12018 | $11501 | $10924 |
| **2/28/2025** | $12104 | $11582 | $11164 |
| **3/31/2025** | $12152 | $11635 | $11169 |
| **4/30/2025** | $12227 | $11723 | $11213 |
| **5/31/2025** | $12237 | $11708 | $11132 |
| **6/30/2025** | $12326 | $11783 | $11303 |
| **7/31/2025** | $12336 | $11780 | $11274 |
| **8/31/2025** | $12452 | $11883 | $11409 |
| **9/30/2025** | $12489 | $11923 | $11533 |
| **10/31/2025** | $12539 | $11963 | $11605 |
| **11/30/2025** | $12601 | $12019 | $11677 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/19/17 |
| Class R6 at NAV | 5.59% | 2.67% | 2.72% |
| Bloomberg US Govt/Credit 1-3 Year Index | 5.21% | 1.92% | 2.16% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $637155604 |
| # of Portfolio Holdings | 491 |
| Portfolio Turnover Rate | 134% |
| Total Advisory Fees Paid | $1154635 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 26.56% |
| Corporate Bonds | 40.68% |
| Floating Rate Loans | 2.29% |
| Foreign Government Obligations | 1.90% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.94% |
| Government Sponsored Enterprises Pass-Throughs | 2.97% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.20% |
| U.S. Treasury Obligations | 18.54% |
| Repurchase Agreements | 0.72% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.18% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LDCVX

# Lord Abbett Short Duration Core Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8884-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LALDX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $61 | 0.59% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.69%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iba0da81568431867f2b3adfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9775 | $10000 | $10000 |
| **12/31/2015** | $9717 | $9975 | $9968 |
| **1/31/2016** | $9705 | $10002 | $10105 |
| **2/29/2016** | $9715 | $10012 | $10177 |
| **3/31/2016** | $9838 | $10096 | $10270 |
| **4/30/2016** | $9916 | $10138 | $10309 |
| **5/31/2016** | $9925 | $10139 | $10312 |
| **6/30/2016** | $10004 | $10201 | $10497 |
| **7/31/2016** | $10058 | $10224 | $10564 |
| **8/31/2016** | $10069 | $10227 | $10552 |
| **9/30/2016** | $10102 | $10235 | $10545 |
| **10/31/2016** | $10111 | $10240 | $10465 |
| **11/30/2016** | $10074 | $10197 | $10217 |
| **12/31/2016** | $10106 | $10213 | $10232 |
| **1/31/2017** | $10138 | $10243 | $10252 |
| **2/28/2017** | $10171 | $10277 | $10321 |
| **3/31/2017** | $10179 | $10285 | $10315 |
| **4/30/2017** | $10211 | $10312 | $10395 |
| **5/31/2017** | $10242 | $10340 | $10475 |
| **6/30/2017** | $10250 | $10347 | $10464 |
| **7/31/2017** | $10280 | $10388 | $10509 |
| **8/31/2017** | $10312 | $10409 | $10603 |
| **9/30/2017** | $10319 | $10410 | $10553 |
| **10/31/2017** | $10324 | $10419 | $10559 |
| **11/30/2017** | $10331 | $10397 | $10546 |
| **12/31/2017** | $10338 | $10408 | $10594 |
| **1/31/2018** | $10320 | $10390 | $10472 |
| **2/28/2018** | $10303 | $10367 | $10373 |
| **3/31/2018** | $10335 | $10369 | $10439 |
| **4/30/2018** | $10320 | $10378 | $10362 |
| **5/31/2018** | $10353 | $10417 | $10435 |
| **6/30/2018** | $10362 | $10417 | $10423 |
| **7/31/2018** | $10395 | $10441 | $10425 |
| **8/31/2018** | $10429 | $10485 | $10492 |
| **9/30/2018** | $10439 | $10492 | $10425 |
| **10/31/2018** | $10422 | $10495 | $10342 |
| **11/30/2018** | $10431 | $10504 | $10404 |
| **12/31/2018** | $10465 | $10577 | $10595 |
| **1/31/2019** | $10574 | $10651 | $10708 |
| **2/28/2019** | $10608 | $10689 | $10701 |
| **3/31/2019** | $10692 | $10772 | $10907 |
| **4/30/2019** | $10727 | $10807 | $10910 |
| **5/31/2019** | $10786 | $10868 | $11103 |
| **6/30/2019** | $10870 | $10944 | $11243 |
| **7/31/2019** | $10877 | $10958 | $11268 |
| **8/31/2019** | $10935 | $11041 | $11560 |
| **9/30/2019** | $10942 | $11054 | $11498 |
| **10/31/2019** | $10972 | $11103 | $11533 |
| **11/30/2019** | $11003 | $11113 | $11527 |
| **12/31/2019** | $11032 | $11151 | $11519 |
| **1/31/2020** | $11114 | $11215 | $11740 |
| **2/29/2020** | $11142 | $11279 | $11952 |
| **3/31/2020** | $10434 | $10964 | $11881 |
| **4/30/2020** | $10728 | $11224 | $12093 |
| **5/31/2020** | $10888 | $11354 | $12149 |
| **6/30/2020** | $11049 | $11445 | $12225 |
| **7/31/2020** | $11128 | $11502 | $12408 |
| **8/31/2020** | $11180 | $11531 | $12308 |
| **9/30/2020** | $11178 | $11530 | $12301 |
| **10/31/2020** | $11201 | $11551 | $12246 |
| **11/30/2020** | $11307 | $11590 | $12366 |
| **12/31/2020** | $11357 | $11615 | $12383 |
| **1/31/2021** | $11381 | $11622 | $12295 |
| **2/28/2021** | $11404 | $11626 | $12117 |
| **3/31/2021** | $11400 | $11617 | $11966 |
| **4/30/2021** | $11451 | $11641 | $12060 |
| **5/31/2021** | $11474 | $11666 | $12100 |
| **6/30/2021** | $11496 | $11657 | $12185 |
| **7/31/2021** | $11491 | $11676 | $12321 |
| **8/31/2021** | $11513 | $11681 | $12297 |
| **9/30/2021** | $11506 | $11678 | $12191 |
| **10/31/2021** | $11472 | $11640 | $12188 |
| **11/30/2021** | $11465 | $11622 | $12224 |
| **12/31/2021** | $11486 | $11614 | $12192 |
| **1/31/2022** | $11397 | $11527 | $11930 |
| **2/28/2022** | $11310 | $11438 | $11797 |
| **3/31/2022** | $11167 | $11248 | $11469 |
| **4/30/2022** | $11082 | $11166 | $11034 |
| **5/31/2022** | $11107 | $11230 | $11105 |
| **6/30/2022** | $10967 | $11134 | $10931 |
| **7/31/2022** | $11078 | $11218 | $11198 |
| **8/31/2022** | $10998 | $11155 | $10881 |
| **9/30/2022** | $10805 | $10994 | $10411 |
| **10/31/2022** | $10783 | $10970 | $10276 |
| **11/30/2022** | $10904 | $11115 | $10654 |
| **12/31/2022** | $10940 | $11150 | $10606 |
| **1/31/2023** | $11064 | $11266 | $10932 |
| **2/28/2023** | $11014 | $11196 | $10650 |
| **3/31/2023** | $11112 | $11295 | $10920 |
| **4/30/2023** | $11153 | $11364 | $10987 |
| **5/31/2023** | $11137 | $11345 | $10867 |
| **6/30/2023** | $11093 | $11330 | $10828 |
| **7/31/2023** | $11164 | $11407 | $10821 |
| **8/31/2023** | $11208 | $11442 | $10751 |
| **9/30/2023** | $11193 | $11435 | $10478 |
| **10/31/2023** | $11179 | $11461 | $10313 |
| **11/30/2023** | $11343 | $11629 | $10780 |
| **12/31/2023** | $11506 | $11783 | $11193 |
| **1/31/2024** | $11554 | $11846 | $11162 |
| **2/29/2024** | $11538 | $11823 | $11004 |
| **3/31/2024** | $11617 | $11885 | $11106 |
| **4/30/2024** | $11574 | $11862 | $10825 |
| **5/31/2024** | $11683 | $11958 | $11009 |
| **6/30/2024** | $11732 | $12018 | $11113 |
| **7/31/2024** | $11873 | $12172 | $11373 |
| **8/31/2024** | $11953 | $12287 | $11536 |
| **9/30/2024** | $12065 | $12399 | $11690 |
| **10/31/2024** | $12021 | $12345 | $11401 |
| **11/30/2024** | $12072 | $12398 | $11521 |
| **12/31/2024** | $12121 | $12426 | $11332 |
| **1/31/2025** | $12171 | $12490 | $11393 |
| **2/28/2025** | $12252 | $12581 | $11643 |
| **3/31/2025** | $12303 | $12632 | $11648 |
| **4/30/2025** | $12355 | $12703 | $11693 |
| **5/31/2025** | $12378 | $12725 | $11610 |
| **6/30/2025** | $12496 | $12818 | $11788 |
| **7/31/2025** | $12485 | $12836 | $11757 |
| **8/31/2025** | $12604 | $12950 | $11898 |
| **9/30/2025** | $12656 | $13006 | $12028 |
| **10/31/2025** | $12708 | $13051 | $12103 |
| **11/30/2025** | $12759 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 5.69% | 2.45% | 2.70% |
| Class A with sales charge | 3.29% | 1.96% | 2.47% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LALDX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-249-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LDLAX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $125 | 1.22% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.02%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic18b16e6572b4f34921d183c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9935 | $9975 | $9968 |
| **1/31/2016** | $9918 | $10002 | $10105 |
| **2/29/2016** | $9900 | $10012 | $10177 |
| **3/31/2016** | $10043 | $10096 | $10270 |
| **4/30/2016** | $10118 | $10138 | $10309 |
| **5/31/2016** | $10121 | $10139 | $10312 |
| **6/30/2016** | $10196 | $10201 | $10497 |
| **7/31/2016** | $10223 | $10224 | $10564 |
| **8/31/2016** | $10252 | $10227 | $10552 |
| **9/30/2016** | $10280 | $10235 | $10545 |
| **10/31/2016** | $10284 | $10240 | $10465 |
| **11/30/2016** | $10242 | $10197 | $10217 |
| **12/31/2016** | $10245 | $10213 | $10232 |
| **1/31/2017** | $10296 | $10243 | $10252 |
| **2/28/2017** | $10323 | $10277 | $10321 |
| **3/31/2017** | $10326 | $10285 | $10315 |
| **4/30/2017** | $10353 | $10312 | $10395 |
| **5/31/2017** | $10379 | $10340 | $10475 |
| **6/30/2017** | $10382 | $10347 | $10464 |
| **7/31/2017** | $10407 | $10388 | $10509 |
| **8/31/2017** | $10433 | $10409 | $10603 |
| **9/30/2017** | $10435 | $10410 | $10553 |
| **10/31/2017** | $10435 | $10419 | $10559 |
| **11/30/2017** | $10437 | $10397 | $10546 |
| **12/31/2017** | $10438 | $10408 | $10594 |
| **1/31/2018** | $10415 | $10390 | $10472 |
| **2/28/2018** | $10393 | $10367 | $10373 |
| **3/31/2018** | $10395 | $10369 | $10439 |
| **4/30/2018** | $10399 | $10378 | $10362 |
| **5/31/2018** | $10426 | $10417 | $10435 |
| **6/30/2018** | $10431 | $10417 | $10423 |
| **7/31/2018** | $10433 | $10441 | $10425 |
| **8/31/2018** | $10463 | $10485 | $10492 |
| **9/30/2018** | $10467 | $10492 | $10425 |
| **10/31/2018** | $10445 | $10495 | $10342 |
| **11/30/2018** | $10474 | $10504 | $10404 |
| **12/31/2018** | $10502 | $10577 | $10595 |
| **1/31/2019** | $10580 | $10651 | $10708 |
| **2/28/2019** | $10634 | $10689 | $10701 |
| **3/31/2019** | $10688 | $10772 | $10907 |
| **4/30/2019** | $10742 | $10807 | $10910 |
| **5/31/2019** | $10795 | $10868 | $11103 |
| **6/30/2019** | $10848 | $10944 | $11243 |
| **7/31/2019** | $10876 | $10958 | $11268 |
| **8/31/2019** | $10928 | $11041 | $11560 |
| **9/30/2019** | $10929 | $11054 | $11498 |
| **10/31/2019** | $10954 | $11103 | $11533 |
| **11/30/2019** | $10952 | $11113 | $11527 |
| **12/31/2019** | $11002 | $11151 | $11519 |
| **1/31/2020** | $11077 | $11215 | $11740 |
| **2/29/2020** | $11100 | $11279 | $11952 |
| **3/31/2020** | $10393 | $10964 | $11881 |
| **4/30/2020** | $10652 | $11224 | $12093 |
| **5/31/2020** | $10805 | $11354 | $12149 |
| **6/30/2020** | $10958 | $11445 | $12225 |
| **7/31/2020** | $11030 | $11502 | $12408 |
| **8/31/2020** | $11102 | $11531 | $12308 |
| **9/30/2020** | $11094 | $11530 | $12301 |
| **10/31/2020** | $11111 | $11551 | $12246 |
| **11/30/2020** | $11183 | $11590 | $12366 |
| **12/31/2020** | $11253 | $11615 | $12383 |
| **1/31/2021** | $11270 | $11622 | $12295 |
| **2/28/2021** | $11287 | $11626 | $12117 |
| **3/31/2021** | $11277 | $11617 | $11966 |
| **4/30/2021** | $11295 | $11641 | $12060 |
| **5/31/2021** | $11338 | $11666 | $12100 |
| **6/30/2021** | $11327 | $11657 | $12185 |
| **7/31/2021** | $11343 | $11676 | $12321 |
| **8/31/2021** | $11331 | $11681 | $12297 |
| **9/30/2021** | $11319 | $11678 | $12191 |
| **10/31/2021** | $11306 | $11640 | $12188 |
| **11/30/2021** | $11294 | $11622 | $12224 |
| **12/31/2021** | $11281 | $11614 | $12192 |
| **1/31/2022** | $11188 | $11527 | $11930 |
| **2/28/2022** | $11124 | $11438 | $11797 |
| **3/31/2022** | $10980 | $11248 | $11469 |
| **4/30/2022** | $10890 | $11166 | $11034 |
| **5/31/2022** | $10882 | $11230 | $11105 |
| **6/30/2022** | $10740 | $11134 | $10931 |
| **7/31/2022** | $10843 | $11218 | $11198 |
| **8/31/2022** | $10787 | $11155 | $10881 |
| **9/30/2022** | $10594 | $10994 | $10411 |
| **10/31/2022** | $10539 | $10970 | $10276 |
| **11/30/2022** | $10651 | $11115 | $10654 |
| **12/31/2022** | $10681 | $11150 | $10606 |
| **1/31/2023** | $10823 | $11266 | $10932 |
| **2/28/2023** | $10743 | $11196 | $10650 |
| **3/31/2023** | $10832 | $11295 | $10920 |
| **4/30/2023** | $10895 | $11364 | $10987 |
| **5/31/2023** | $10846 | $11345 | $10867 |
| **6/30/2023** | $10798 | $11330 | $10828 |
| **7/31/2023** | $10861 | $11407 | $10821 |
| **8/31/2023** | $10898 | $11442 | $10751 |
| **9/30/2023** | $10879 | $11435 | $10478 |
| **10/31/2023** | $10888 | $11461 | $10313 |
| **11/30/2023** | $11012 | $11629 | $10780 |
| **12/31/2023** | $11165 | $11783 | $11193 |
| **1/31/2024** | $11234 | $11846 | $11162 |
| **2/29/2024** | $11214 | $11823 | $11004 |
| **3/31/2024** | $11255 | $11885 | $11106 |
| **4/30/2024** | $11238 | $11862 | $10825 |
| **5/31/2024** | $11309 | $11958 | $11009 |
| **6/30/2024** | $11380 | $12018 | $11113 |
| **7/31/2024** | $11480 | $12172 | $11373 |
| **8/31/2024** | $11581 | $12287 | $11536 |
| **9/30/2024** | $11653 | $12399 | $11690 |
| **10/31/2024** | $11606 | $12345 | $11401 |
| **11/30/2024** | $11678 | $12398 | $11521 |
| **12/31/2024** | $11690 | $12426 | $11332 |
| **1/31/2025** | $11732 | $12490 | $11393 |
| **2/28/2025** | $11834 | $12581 | $11643 |
| **3/31/2025** | $11847 | $12632 | $11648 |
| **4/30/2025** | $11891 | $12703 | $11693 |
| **5/31/2025** | $11937 | $12725 | $11610 |
| **6/30/2025** | $12014 | $12818 | $11788 |
| **7/31/2025** | $12028 | $12836 | $11757 |
| **8/31/2025** | $12136 | $12950 | $11898 |
| **9/30/2025** | $12179 | $13006 | $12028 |
| **10/31/2025** | $12223 | $13051 | $12103 |
| **11/30/2025** | $12265 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.02% | 1.87% | 2.06% |
| Class C with sales charge | 4.02% | 1.87% | 2.06% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LDLAX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-668-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LDLFX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $50 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.80%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib3e39756fffbd12d1f03aaed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9941 | $9975 | $9968 |
| **1/31/2016** | $9930 | $10002 | $10105 |
| **2/29/2016** | $9917 | $10012 | $10177 |
| **3/31/2016** | $10067 | $10096 | $10270 |
| **4/30/2016** | $10148 | $10138 | $10309 |
| **5/31/2016** | $10157 | $10139 | $10312 |
| **6/30/2016** | $10239 | $10201 | $10497 |
| **7/31/2016** | $10272 | $10224 | $10564 |
| **8/31/2016** | $10308 | $10227 | $10552 |
| **9/30/2016** | $10342 | $10235 | $10545 |
| **10/31/2016** | $10352 | $10240 | $10465 |
| **11/30/2016** | $10315 | $10197 | $10217 |
| **12/31/2016** | $10325 | $10213 | $10232 |
| **1/31/2017** | $10382 | $10243 | $10252 |
| **2/28/2017** | $10416 | $10277 | $10321 |
| **3/31/2017** | $10426 | $10285 | $10315 |
| **4/30/2017** | $10459 | $10312 | $10395 |
| **5/31/2017** | $10492 | $10340 | $10475 |
| **6/30/2017** | $10501 | $10347 | $10464 |
| **7/31/2017** | $10533 | $10388 | $10509 |
| **8/31/2017** | $10566 | $10409 | $10603 |
| **9/30/2017** | $10574 | $10410 | $10553 |
| **10/31/2017** | $10581 | $10419 | $10559 |
| **11/30/2017** | $10589 | $10397 | $10546 |
| **12/31/2017** | $10596 | $10408 | $10594 |
| **1/31/2018** | $10579 | $10390 | $10472 |
| **2/28/2018** | $10562 | $10367 | $10373 |
| **3/31/2018** | $10570 | $10369 | $10439 |
| **4/30/2018** | $10581 | $10378 | $10362 |
| **5/31/2018** | $10615 | $10417 | $10435 |
| **6/30/2018** | $10626 | $10417 | $10423 |
| **7/31/2018** | $10635 | $10441 | $10425 |
| **8/31/2018** | $10671 | $10485 | $10492 |
| **9/30/2018** | $10682 | $10492 | $10425 |
| **10/31/2018** | $10665 | $10495 | $10342 |
| **11/30/2018** | $10701 | $10504 | $10404 |
| **12/31/2018** | $10737 | $10577 | $10595 |
| **1/31/2019** | $10823 | $10651 | $10708 |
| **2/28/2019** | $10885 | $10689 | $10701 |
| **3/31/2019** | $10973 | $10772 | $10907 |
| **4/30/2019** | $11008 | $10807 | $10910 |
| **5/31/2019** | $11070 | $10868 | $11103 |
| **6/30/2019** | $11131 | $10944 | $11243 |
| **7/31/2019** | $11166 | $10958 | $11268 |
| **8/31/2019** | $11226 | $11041 | $11560 |
| **9/30/2019** | $11234 | $11054 | $11498 |
| **10/31/2019** | $11266 | $11103 | $11533 |
| **11/30/2019** | $11298 | $11113 | $11527 |
| **12/31/2019** | $11330 | $11151 | $11519 |
| **1/31/2020** | $11415 | $11215 | $11740 |
| **2/29/2020** | $11444 | $11279 | $11952 |
| **3/31/2020** | $10718 | $10964 | $11881 |
| **4/30/2020** | $10993 | $11224 | $12093 |
| **5/31/2020** | $11186 | $11354 | $12149 |
| **6/30/2020** | $11325 | $11445 | $12225 |
| **7/31/2020** | $11407 | $11502 | $12408 |
| **8/31/2020** | $11489 | $11531 | $12308 |
| **9/30/2020** | $11488 | $11530 | $12301 |
| **10/31/2020** | $11513 | $11551 | $12246 |
| **11/30/2020** | $11594 | $11590 | $12366 |
| **12/31/2020** | $11675 | $11615 | $12383 |
| **1/31/2021** | $11700 | $11622 | $12295 |
| **2/28/2021** | $11725 | $11626 | $12117 |
| **3/31/2021** | $11722 | $11617 | $11966 |
| **4/30/2021** | $11775 | $11641 | $12060 |
| **5/31/2021** | $11799 | $11666 | $12100 |
| **6/30/2021** | $11795 | $11657 | $12185 |
| **7/31/2021** | $11819 | $11676 | $12321 |
| **8/31/2021** | $11814 | $11681 | $12297 |
| **9/30/2021** | $11836 | $11678 | $12191 |
| **10/31/2021** | $11802 | $11640 | $12188 |
| **11/30/2021** | $11796 | $11622 | $12224 |
| **12/31/2021** | $11790 | $11614 | $12192 |
| **1/31/2022** | $11728 | $11527 | $11930 |
| **2/28/2022** | $11639 | $11438 | $11797 |
| **3/31/2022** | $11493 | $11248 | $11469 |
| **4/30/2022** | $11406 | $11166 | $11034 |
| **5/31/2022** | $11433 | $11230 | $11105 |
| **6/30/2022** | $11290 | $11134 | $10931 |
| **7/31/2022** | $11406 | $11218 | $11198 |
| **8/31/2022** | $11324 | $11155 | $10881 |
| **9/30/2022** | $11126 | $10994 | $10411 |
| **10/31/2022** | $11104 | $10970 | $10276 |
| **11/30/2022** | $11200 | $11115 | $10654 |
| **12/31/2022** | $11239 | $11150 | $10606 |
| **1/31/2023** | $11396 | $11266 | $10932 |
| **2/28/2023** | $11346 | $11196 | $10650 |
| **3/31/2023** | $11448 | $11295 | $10920 |
| **4/30/2023** | $11491 | $11364 | $10987 |
| **5/31/2023** | $11476 | $11345 | $10867 |
| **6/30/2023** | $11431 | $11330 | $10828 |
| **7/31/2023** | $11505 | $11407 | $10821 |
| **8/31/2023** | $11551 | $11442 | $10751 |
| **9/30/2023** | $11537 | $11435 | $10478 |
| **10/31/2023** | $11523 | $11461 | $10313 |
| **11/30/2023** | $11693 | $11629 | $10780 |
| **12/31/2023** | $11863 | $11783 | $11193 |
| **1/31/2024** | $11913 | $11846 | $11162 |
| **2/29/2024** | $11898 | $11823 | $11004 |
| **3/31/2024** | $11980 | $11885 | $11106 |
| **4/30/2024** | $11937 | $11862 | $10825 |
| **5/31/2024** | $12050 | $11958 | $11009 |
| **6/30/2024** | $12102 | $12018 | $11113 |
| **7/31/2024** | $12248 | $12172 | $11373 |
| **8/31/2024** | $12332 | $12287 | $11536 |
| **9/30/2024** | $12448 | $12399 | $11690 |
| **10/31/2024** | $12404 | $12345 | $11401 |
| **11/30/2024** | $12457 | $12398 | $11521 |
| **12/31/2024** | $12477 | $12426 | $11332 |
| **1/31/2025** | $12562 | $12490 | $11393 |
| **2/28/2025** | $12646 | $12581 | $11643 |
| **3/31/2025** | $12667 | $12632 | $11648 |
| **4/30/2025** | $12755 | $12703 | $11693 |
| **5/31/2025** | $12780 | $12725 | $11610 |
| **6/30/2025** | $12903 | $12818 | $11788 |
| **7/31/2025** | $12893 | $12836 | $11757 |
| **8/31/2025** | $13017 | $12950 | $11898 |
| **9/30/2025** | $13071 | $13006 | $12028 |
| **10/31/2025** | $13126 | $13051 | $12103 |
| **11/30/2025** | $13179 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 5.80% | 2.60% | 2.80% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LDLFX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1011-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LOLDX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.98%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9ab4ce87f6a94f18a68dbebf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10029 | $10020 | $10051 |
| **5/31/2017** | $10085 | $10047 | $10128 |
| **6/30/2017** | $10071 | $10054 | $10118 |
| **7/31/2017** | $10127 | $10094 | $10162 |
| **8/31/2017** | $10160 | $10114 | $10253 |
| **9/30/2017** | $10170 | $10115 | $10204 |
| **10/31/2017** | $10177 | $10124 | $10210 |
| **11/30/2017** | $10162 | $10103 | $10197 |
| **12/31/2017** | $10171 | $10113 | $10244 |
| **1/31/2018** | $10180 | $10096 | $10126 |
| **2/28/2018** | $10165 | $10073 | $10030 |
| **3/31/2018** | $10175 | $10075 | $10094 |
| **4/30/2018** | $10186 | $10084 | $10019 |
| **5/31/2018** | $10220 | $10122 | $10091 |
| **6/30/2018** | $10232 | $10122 | $10078 |
| **7/31/2018** | $10242 | $10146 | $10080 |
| **8/31/2018** | $10278 | $10188 | $10145 |
| **9/30/2018** | $10290 | $10195 | $10080 |
| **10/31/2018** | $10276 | $10197 | $10000 |
| **11/30/2018** | $10287 | $10206 | $10060 |
| **12/31/2018** | $10347 | $10277 | $10245 |
| **1/31/2019** | $10432 | $10350 | $10354 |
| **2/28/2019** | $10492 | $10386 | $10348 |
| **3/31/2019** | $10553 | $10467 | $10546 |
| **4/30/2019** | $10614 | $10501 | $10549 |
| **5/31/2019** | $10675 | $10560 | $10736 |
| **6/30/2019** | $10735 | $10635 | $10871 |
| **7/31/2019** | $10770 | $10647 | $10895 |
| **8/31/2019** | $10830 | $10728 | $11177 |
| **9/30/2019** | $10839 | $10741 | $11118 |
| **10/31/2019** | $10872 | $10788 | $11151 |
| **11/30/2019** | $10878 | $10798 | $11146 |
| **12/31/2019** | $10936 | $10835 | $11138 |
| **1/31/2020** | $10993 | $10897 | $11352 |
| **2/29/2020** | $11049 | $10960 | $11557 |
| **3/31/2020** | $10351 | $10654 | $11489 |
| **4/30/2020** | $10618 | $10907 | $11693 |
| **5/31/2020** | $10779 | $11032 | $11747 |
| **6/30/2020** | $10940 | $11121 | $11821 |
| **7/31/2020** | $11021 | $11177 | $11998 |
| **8/31/2020** | $11075 | $11205 | $11901 |
| **9/30/2020** | $11102 | $11204 | $11894 |
| **10/31/2020** | $11101 | $11224 | $11841 |
| **11/30/2020** | $11208 | $11262 | $11958 |
| **12/31/2020** | $11288 | $11286 | $11974 |
| **1/31/2021** | $11313 | $11293 | $11888 |
| **2/28/2021** | $11339 | $11297 | $11716 |
| **3/31/2021** | $11337 | $11288 | $11570 |
| **4/30/2021** | $11363 | $11311 | $11662 |
| **5/31/2021** | $11415 | $11336 | $11700 |
| **6/30/2021** | $11413 | $11326 | $11782 |
| **7/31/2021** | $11438 | $11346 | $11914 |
| **8/31/2021** | $11435 | $11350 | $11891 |
| **9/30/2021** | $11431 | $11347 | $11788 |
| **10/31/2021** | $11426 | $11310 | $11785 |
| **11/30/2021** | $11422 | $11293 | $11820 |
| **12/31/2021** | $11418 | $11285 | $11789 |
| **1/31/2022** | $11332 | $11201 | $11535 |
| **2/28/2022** | $11275 | $11114 | $11407 |
| **3/31/2022** | $11136 | $10929 | $11090 |
| **4/30/2022** | $11053 | $10849 | $10669 |
| **5/31/2022** | $11053 | $10912 | $10738 |
| **6/30/2022** | $10916 | $10819 | $10569 |
| **7/31/2022** | $11030 | $10901 | $10828 |
| **8/31/2022** | $10981 | $10839 | $10522 |
| **9/30/2022** | $10791 | $10682 | $10067 |
| **10/31/2022** | $10743 | $10659 | $9937 |
| **11/30/2022** | $10866 | $10800 | $10302 |
| **12/31/2022** | $10905 | $10834 | $10256 |
| **1/31/2023** | $11059 | $10947 | $10571 |
| **2/28/2023** | $10983 | $10879 | $10298 |
| **3/31/2023** | $11083 | $10975 | $10559 |
| **4/30/2023** | $11156 | $11042 | $10623 |
| **5/31/2023** | $11114 | $11023 | $10508 |
| **6/30/2023** | $11072 | $11009 | $10470 |
| **7/31/2023** | $11145 | $11084 | $10463 |
| **8/31/2023** | $11192 | $11118 | $10396 |
| **9/30/2023** | $11179 | $11111 | $10132 |
| **10/31/2023** | $11197 | $11137 | $9972 |
| **11/30/2023** | $11334 | $11300 | $10424 |
| **12/31/2023** | $11500 | $11450 | $10823 |
| **1/31/2024** | $11580 | $11510 | $10793 |
| **2/29/2024** | $11568 | $11488 | $10640 |
| **3/31/2024** | $11619 | $11548 | $10739 |
| **4/30/2024** | $11609 | $11526 | $10467 |
| **5/31/2024** | $11691 | $11620 | $10645 |
| **6/30/2024** | $11773 | $11678 | $10746 |
| **7/31/2024** | $11886 | $11827 | $10997 |
| **8/31/2024** | $12000 | $11939 | $11155 |
| **9/30/2024** | $12114 | $12048 | $11304 |
| **10/31/2024** | $12043 | $11995 | $11024 |
| **11/30/2024** | $12127 | $12047 | $11140 |
| **12/31/2024** | $12148 | $12074 | $10958 |
| **1/31/2025** | $12201 | $12137 | $11016 |
| **2/28/2025** | $12316 | $12224 | $11258 |
| **3/31/2025** | $12338 | $12274 | $11263 |
| **4/30/2025** | $12426 | $12343 | $11307 |
| **5/31/2025** | $12451 | $12364 | $11226 |
| **6/30/2025** | $12541 | $12455 | $11399 |
| **7/31/2025** | $12566 | $12473 | $11368 |
| **8/31/2025** | $12688 | $12583 | $11504 |
| **9/30/2025** | $12743 | $12637 | $11630 |
| **10/31/2025** | $12799 | $12681 | $11703 |
| **11/30/2025** | $12853 | $12741 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 5.98% | 2.78% | 2.94% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.84% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LOLDX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8981-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LLDYX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $40 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.90%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i89ec043e3e873b98d1b575cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9942 | $9975 | $9968 |
| **1/31/2016** | $9931 | $10002 | $10105 |
| **2/29/2016** | $9920 | $10012 | $10177 |
| **3/31/2016** | $10070 | $10096 | $10270 |
| **4/30/2016** | $10152 | $10138 | $10309 |
| **5/31/2016** | $10162 | $10139 | $10312 |
| **6/30/2016** | $10245 | $10201 | $10497 |
| **7/31/2016** | $10279 | $10224 | $10564 |
| **8/31/2016** | $10315 | $10227 | $10552 |
| **9/30/2016** | $10327 | $10235 | $10545 |
| **10/31/2016** | $10362 | $10240 | $10465 |
| **11/30/2016** | $10326 | $10197 | $10217 |
| **12/31/2016** | $10336 | $10213 | $10232 |
| **1/31/2017** | $10395 | $10243 | $10252 |
| **2/28/2017** | $10429 | $10277 | $10321 |
| **3/31/2017** | $10440 | $10285 | $10315 |
| **4/30/2017** | $10474 | $10312 | $10395 |
| **5/31/2017** | $10507 | $10340 | $10475 |
| **6/30/2017** | $10517 | $10347 | $10464 |
| **7/31/2017** | $10550 | $10388 | $10509 |
| **8/31/2017** | $10584 | $10409 | $10603 |
| **9/30/2017** | $10593 | $10410 | $10553 |
| **10/31/2017** | $10601 | $10419 | $10559 |
| **11/30/2017** | $10585 | $10397 | $10546 |
| **12/31/2017** | $10618 | $10408 | $10594 |
| **1/31/2018** | $10602 | $10390 | $10472 |
| **2/28/2018** | $10586 | $10367 | $10373 |
| **3/31/2018** | $10595 | $10369 | $10439 |
| **4/30/2018** | $10606 | $10378 | $10362 |
| **5/31/2018** | $10642 | $10417 | $10435 |
| **6/30/2018** | $10653 | $10417 | $10423 |
| **7/31/2018** | $10663 | $10441 | $10425 |
| **8/31/2018** | $10701 | $10485 | $10492 |
| **9/30/2018** | $10712 | $10492 | $10425 |
| **10/31/2018** | $10696 | $10495 | $10342 |
| **11/30/2018** | $10733 | $10504 | $10404 |
| **12/31/2018** | $10770 | $10577 | $10595 |
| **1/31/2019** | $10857 | $10651 | $10708 |
| **2/28/2019** | $10920 | $10689 | $10701 |
| **3/31/2019** | $10983 | $10772 | $10907 |
| **4/30/2019** | $11046 | $10807 | $10910 |
| **5/31/2019** | $11109 | $10868 | $11103 |
| **6/30/2019** | $11171 | $10944 | $11243 |
| **7/31/2019** | $11207 | $10958 | $11268 |
| **8/31/2019** | $11268 | $11041 | $11560 |
| **9/30/2019** | $11277 | $11054 | $11498 |
| **10/31/2019** | $11310 | $11103 | $11533 |
| **11/30/2019** | $11317 | $11113 | $11527 |
| **12/31/2019** | $11376 | $11151 | $11519 |
| **1/31/2020** | $11462 | $11215 | $11740 |
| **2/29/2020** | $11493 | $11279 | $11952 |
| **3/31/2020** | $10764 | $10964 | $11881 |
| **4/30/2020** | $11042 | $11224 | $12093 |
| **5/31/2020** | $11236 | $11354 | $12149 |
| **6/30/2020** | $11377 | $11445 | $12225 |
| **7/31/2020** | $11460 | $11502 | $12408 |
| **8/31/2020** | $11544 | $11531 | $12308 |
| **9/30/2020** | $11543 | $11530 | $12301 |
| **10/31/2020** | $11569 | $11551 | $12246 |
| **11/30/2020** | $11652 | $11590 | $12366 |
| **12/31/2020** | $11734 | $11615 | $12383 |
| **1/31/2021** | $11761 | $11622 | $12295 |
| **2/28/2021** | $11786 | $11626 | $12117 |
| **3/31/2021** | $11784 | $11617 | $11966 |
| **4/30/2021** | $11839 | $11641 | $12060 |
| **5/31/2021** | $11864 | $11666 | $12100 |
| **6/30/2021** | $11861 | $11657 | $12185 |
| **7/31/2021** | $11886 | $11676 | $12321 |
| **8/31/2021** | $11882 | $11681 | $12297 |
| **9/30/2021** | $11877 | $11678 | $12191 |
| **10/31/2021** | $11872 | $11640 | $12188 |
| **11/30/2021** | $11867 | $11622 | $12224 |
| **12/31/2021** | $11863 | $11614 | $12192 |
| **1/31/2022** | $11801 | $11527 | $11930 |
| **2/28/2022** | $11712 | $11438 | $11797 |
| **3/31/2022** | $11567 | $11248 | $11469 |
| **4/30/2022** | $11480 | $11166 | $11034 |
| **5/31/2022** | $11479 | $11230 | $11105 |
| **6/30/2022** | $11365 | $11134 | $10931 |
| **7/31/2022** | $11482 | $11218 | $11198 |
| **8/31/2022** | $11401 | $11155 | $10881 |
| **9/30/2022** | $11203 | $10994 | $10411 |
| **10/31/2022** | $11182 | $10970 | $10276 |
| **11/30/2022** | $11280 | $11115 | $10654 |
| **12/31/2022** | $11319 | $11150 | $10606 |
| **1/31/2023** | $11479 | $11266 | $10932 |
| **2/28/2023** | $11399 | $11196 | $10650 |
| **3/31/2023** | $11503 | $11295 | $10920 |
| **4/30/2023** | $11577 | $11364 | $10987 |
| **5/31/2023** | $11533 | $11345 | $10867 |
| **6/30/2023** | $11519 | $11330 | $10828 |
| **7/31/2023** | $11594 | $11407 | $10821 |
| **8/31/2023** | $11642 | $11442 | $10751 |
| **9/30/2023** | $11628 | $11435 | $10478 |
| **10/31/2023** | $11615 | $11461 | $10313 |
| **11/30/2023** | $11787 | $11629 | $10780 |
| **12/31/2023** | $11929 | $11783 | $11193 |
| **1/31/2024** | $12011 | $11846 | $11162 |
| **2/29/2024** | $11997 | $11823 | $11004 |
| **3/31/2024** | $12049 | $11885 | $11106 |
| **4/30/2024** | $12038 | $11862 | $10825 |
| **5/31/2024** | $12154 | $11958 | $11009 |
| **6/30/2024** | $12207 | $12018 | $11113 |
| **7/31/2024** | $12355 | $12172 | $11373 |
| **8/31/2024** | $12441 | $12287 | $11536 |
| **9/30/2024** | $12558 | $12399 | $11690 |
| **10/31/2024** | $12516 | $12345 | $11401 |
| **11/30/2024** | $12570 | $12398 | $11521 |
| **12/31/2024** | $12591 | $12426 | $11332 |
| **1/31/2025** | $12678 | $12490 | $11393 |
| **2/28/2025** | $12764 | $12581 | $11643 |
| **3/31/2025** | $12786 | $12632 | $11648 |
| **4/30/2025** | $12876 | $12703 | $11693 |
| **5/31/2025** | $12902 | $12725 | $11610 |
| **6/30/2025** | $12993 | $12818 | $11788 |
| **7/31/2025** | $13018 | $12836 | $11757 |
| **8/31/2025** | $13144 | $12950 | $11898 |
| **9/30/2025** | $13200 | $13006 | $12028 |
| **10/31/2025** | $13257 | $13051 | $12103 |
| **11/30/2025** | $13312 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 5.90% | 2.70% | 2.90% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LLDYX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1425-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LDLQX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $102 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.27%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3e30596490f10408eb7eb5ae.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R2** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9937 | $9975 | $9968 |
| **1/31/2016** | $9921 | $10002 | $10105 |
| **2/29/2016** | $9928 | $10012 | $10177 |
| **3/31/2016** | $10051 | $10096 | $10270 |
| **4/30/2016** | $10128 | $10138 | $10309 |
| **5/31/2016** | $10133 | $10139 | $10312 |
| **6/30/2016** | $10210 | $10201 | $10497 |
| **7/31/2016** | $10262 | $10224 | $10564 |
| **8/31/2016** | $10270 | $10227 | $10552 |
| **9/30/2016** | $10301 | $10235 | $10545 |
| **10/31/2016** | $10306 | $10240 | $10465 |
| **11/30/2016** | $10266 | $10197 | $10217 |
| **12/31/2016** | $10295 | $10213 | $10232 |
| **1/31/2017** | $10324 | $10243 | $10252 |
| **2/28/2017** | $10354 | $10277 | $10321 |
| **3/31/2017** | $10359 | $10285 | $10315 |
| **4/30/2017** | $10412 | $10312 | $10395 |
| **5/31/2017** | $10440 | $10340 | $10475 |
| **6/30/2017** | $10420 | $10347 | $10464 |
| **7/31/2017** | $10472 | $10388 | $10509 |
| **8/31/2017** | $10501 | $10409 | $10603 |
| **9/30/2017** | $10480 | $10410 | $10553 |
| **10/31/2017** | $10506 | $10419 | $10559 |
| **11/30/2017** | $10486 | $10397 | $10546 |
| **12/31/2017** | $10489 | $10408 | $10594 |
| **1/31/2018** | $10467 | $10390 | $10472 |
| **2/28/2018** | $10471 | $10367 | $10373 |
| **3/31/2018** | $10476 | $10369 | $10439 |
| **4/30/2018** | $10457 | $10378 | $10362 |
| **5/31/2018** | $10486 | $10417 | $10435 |
| **6/30/2018** | $10493 | $10417 | $10423 |
| **7/31/2018** | $10522 | $10441 | $10425 |
| **8/31/2018** | $10554 | $10485 | $10492 |
| **9/30/2018** | $10560 | $10492 | $10425 |
| **10/31/2018** | $10539 | $10495 | $10342 |
| **11/30/2018** | $10545 | $10504 | $10404 |
| **12/31/2018** | $10576 | $10577 | $10595 |
| **1/31/2019** | $10682 | $10651 | $10708 |
| **2/28/2019** | $10713 | $10689 | $10701 |
| **3/31/2019** | $10795 | $10772 | $10907 |
| **4/30/2019** | $10826 | $10807 | $10910 |
| **5/31/2019** | $10882 | $10868 | $11103 |
| **6/30/2019** | $10964 | $10944 | $11243 |
| **7/31/2019** | $10968 | $10958 | $11268 |
| **8/31/2019** | $11022 | $11041 | $11560 |
| **9/30/2019** | $11052 | $11054 | $11498 |
| **10/31/2019** | $11079 | $11103 | $11533 |
| **11/30/2019** | $11079 | $11113 | $11527 |
| **12/31/2019** | $11105 | $11151 | $11519 |
| **1/31/2020** | $11184 | $11215 | $11740 |
| **2/29/2020** | $11235 | $11279 | $11952 |
| **3/31/2020** | $10519 | $10964 | $11881 |
| **4/30/2020** | $10785 | $11224 | $12093 |
| **5/31/2020** | $10942 | $11354 | $12149 |
| **6/30/2020** | $11100 | $11445 | $12225 |
| **7/31/2020** | $11176 | $11502 | $12408 |
| **8/31/2020** | $11224 | $11531 | $12308 |
| **9/30/2020** | $11219 | $11530 | $12301 |
| **10/31/2020** | $11238 | $11551 | $12246 |
| **11/30/2020** | $11340 | $11590 | $12366 |
| **12/31/2020** | $11387 | $11615 | $12383 |
| **1/31/2021** | $11434 | $11622 | $12295 |
| **2/28/2021** | $11454 | $11626 | $12117 |
| **3/31/2021** | $11446 | $11617 | $11966 |
| **4/30/2021** | $11466 | $11641 | $12060 |
| **5/31/2021** | $11485 | $11666 | $12100 |
| **6/30/2021** | $11504 | $11657 | $12185 |
| **7/31/2021** | $11522 | $11676 | $12321 |
| **8/31/2021** | $11513 | $11681 | $12297 |
| **9/30/2021** | $11502 | $11678 | $12191 |
| **10/31/2021** | $11491 | $11640 | $12188 |
| **11/30/2021** | $11454 | $11622 | $12224 |
| **12/31/2021** | $11471 | $11614 | $12192 |
| **1/31/2022** | $11378 | $11527 | $11930 |
| **2/28/2022** | $11315 | $11438 | $11797 |
| **3/31/2022** | $11141 | $11248 | $11469 |
| **4/30/2022** | $11052 | $11166 | $11034 |
| **5/31/2022** | $11074 | $11230 | $11105 |
| **6/30/2022** | $10930 | $11134 | $10931 |
| **7/31/2022** | $11038 | $11218 | $11198 |
| **8/31/2022** | $10954 | $11155 | $10881 |
| **9/30/2022** | $10758 | $10994 | $10411 |
| **10/31/2022** | $10733 | $10970 | $10276 |
| **11/30/2022** | $10849 | $11115 | $10654 |
| **12/31/2022** | $10882 | $11150 | $10606 |
| **1/31/2023** | $11001 | $11266 | $10932 |
| **2/28/2023** | $10948 | $11196 | $10650 |
| **3/31/2023** | $11042 | $11295 | $10920 |
| **4/30/2023** | $11079 | $11364 | $10987 |
| **5/31/2023** | $11060 | $11345 | $10867 |
| **6/30/2023** | $11012 | $11330 | $10828 |
| **7/31/2023** | $11079 | $11407 | $10821 |
| **8/31/2023** | $11119 | $11442 | $10751 |
| **9/30/2023** | $11100 | $11435 | $10478 |
| **10/31/2023** | $11111 | $11461 | $10313 |
| **11/30/2023** | $11241 | $11629 | $10780 |
| **12/31/2023** | $11399 | $11783 | $11193 |
| **1/31/2024** | $11472 | $11846 | $11162 |
| **2/29/2024** | $11424 | $11823 | $11004 |
| **3/31/2024** | $11497 | $11885 | $11106 |
| **4/30/2024** | $11451 | $11862 | $10825 |
| **5/31/2024** | $11556 | $11958 | $11009 |
| **6/30/2024** | $11631 | $12018 | $11113 |
| **7/31/2024** | $11736 | $12172 | $11373 |
| **8/31/2024** | $11841 | $12287 | $11536 |
| **9/30/2024** | $11917 | $12399 | $11690 |
| **10/31/2024** | $11870 | $12345 | $11401 |
| **11/30/2024** | $11947 | $12398 | $11521 |
| **12/31/2024** | $11961 | $12426 | $11332 |
| **1/31/2025** | $12006 | $12490 | $11393 |
| **2/28/2025** | $12082 | $12581 | $11643 |
| **3/31/2025** | $12128 | $12632 | $11648 |
| **4/30/2025** | $12176 | $12703 | $11693 |
| **5/31/2025** | $12194 | $12725 | $11610 |
| **6/30/2025** | $12306 | $12818 | $11788 |
| **7/31/2025** | $12324 | $12836 | $11757 |
| **8/31/2025** | $12436 | $12950 | $11898 |
| **9/30/2025** | $12483 | $13006 | $12028 |
| **10/31/2025** | $12531 | $13051 | $12103 |
| **11/30/2025** | $12576 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.27% | 2.09% | 2.32% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LDLQX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1081-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LDLRX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $91 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.37%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3a29e2cc9f9dae0c48a22e4b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9961 | $9975 | $9968 |
| **1/31/2016** | $9946 | $10002 | $10105 |
| **2/29/2016** | $9931 | $10012 | $10177 |
| **3/31/2016** | $10055 | $10096 | $10270 |
| **4/30/2016** | $10132 | $10138 | $10309 |
| **5/31/2016** | $10162 | $10139 | $10312 |
| **6/30/2016** | $10240 | $10201 | $10497 |
| **7/31/2016** | $10270 | $10224 | $10564 |
| **8/31/2016** | $10279 | $10227 | $10552 |
| **9/30/2016** | $10310 | $10235 | $10545 |
| **10/31/2016** | $10317 | $10240 | $10465 |
| **11/30/2016** | $10277 | $10197 | $10217 |
| **12/31/2016** | $10307 | $10213 | $10232 |
| **1/31/2017** | $10337 | $10243 | $10252 |
| **2/28/2017** | $10391 | $10277 | $10321 |
| **3/31/2017** | $10397 | $10285 | $10315 |
| **4/30/2017** | $10427 | $10312 | $10395 |
| **5/31/2017** | $10456 | $10340 | $10475 |
| **6/30/2017** | $10462 | $10347 | $10464 |
| **7/31/2017** | $10490 | $10388 | $10509 |
| **8/31/2017** | $10520 | $10409 | $10603 |
| **9/30/2017** | $10525 | $10410 | $10553 |
| **10/31/2017** | $10528 | $10419 | $10559 |
| **11/30/2017** | $10508 | $10397 | $10546 |
| **12/31/2017** | $10512 | $10408 | $10594 |
| **1/31/2018** | $10516 | $10390 | $10472 |
| **2/28/2018** | $10496 | $10367 | $10373 |
| **3/31/2018** | $10501 | $10369 | $10439 |
| **4/30/2018** | $10508 | $10378 | $10362 |
| **5/31/2018** | $10539 | $10417 | $10435 |
| **6/30/2018** | $10521 | $10417 | $10423 |
| **7/31/2018** | $10551 | $10441 | $10425 |
| **8/31/2018** | $10584 | $10485 | $10492 |
| **9/30/2018** | $10591 | $10492 | $10425 |
| **10/31/2018** | $10571 | $10495 | $10342 |
| **11/30/2018** | $10578 | $10504 | $10404 |
| **12/31/2018** | $10635 | $10577 | $10595 |
| **1/31/2019** | $10717 | $10651 | $10708 |
| **2/28/2019** | $10749 | $10689 | $10701 |
| **3/31/2019** | $10832 | $10772 | $10907 |
| **4/30/2019** | $10890 | $10807 | $10910 |
| **5/31/2019** | $10922 | $10868 | $11103 |
| **6/30/2019** | $11004 | $10944 | $11243 |
| **7/31/2019** | $11035 | $10958 | $11268 |
| **8/31/2019** | $11091 | $11041 | $11560 |
| **9/30/2019** | $11095 | $11054 | $11498 |
| **10/31/2019** | $11123 | $11103 | $11533 |
| **11/30/2019** | $11125 | $11113 | $11527 |
| **12/31/2019** | $11152 | $11151 | $11519 |
| **1/31/2020** | $11232 | $11215 | $11740 |
| **2/29/2020** | $11285 | $11279 | $11952 |
| **3/31/2020** | $10566 | $10964 | $11881 |
| **4/30/2020** | $10834 | $11224 | $12093 |
| **5/31/2020** | $10993 | $11354 | $12149 |
| **6/30/2020** | $11152 | $11445 | $12225 |
| **7/31/2020** | $11229 | $11502 | $12408 |
| **8/31/2020** | $11279 | $11531 | $12308 |
| **9/30/2020** | $11302 | $11530 | $12301 |
| **10/31/2020** | $11295 | $11551 | $12246 |
| **11/30/2020** | $11399 | $11590 | $12366 |
| **12/31/2020** | $11447 | $11615 | $12383 |
| **1/31/2021** | $11495 | $11622 | $12295 |
| **2/28/2021** | $11516 | $11626 | $12117 |
| **3/31/2021** | $11509 | $11617 | $11966 |
| **4/30/2021** | $11530 | $11641 | $12060 |
| **5/31/2021** | $11577 | $11666 | $12100 |
| **6/30/2021** | $11570 | $11657 | $12185 |
| **7/31/2021** | $11590 | $11676 | $12321 |
| **8/31/2021** | $11581 | $11681 | $12297 |
| **9/30/2021** | $11571 | $11678 | $12191 |
| **10/31/2021** | $11561 | $11640 | $12188 |
| **11/30/2021** | $11524 | $11622 | $12224 |
| **12/31/2021** | $11542 | $11614 | $12192 |
| **1/31/2022** | $11450 | $11527 | $11930 |
| **2/28/2022** | $11387 | $11438 | $11797 |
| **3/31/2022** | $11241 | $11248 | $11469 |
| **4/30/2022** | $11153 | $11166 | $11034 |
| **5/31/2022** | $11147 | $11230 | $11105 |
| **6/30/2022** | $11004 | $11134 | $10931 |
| **7/31/2022** | $11113 | $11218 | $11198 |
| **8/31/2022** | $11058 | $11155 | $10881 |
| **9/30/2022** | $10862 | $10994 | $10411 |
| **10/31/2022** | $10809 | $10970 | $10276 |
| **11/30/2022** | $10927 | $11115 | $10654 |
| **12/31/2022** | $10961 | $11150 | $10606 |
| **1/31/2023** | $11110 | $11266 | $10932 |
| **2/28/2023** | $11029 | $11196 | $10650 |
| **3/31/2023** | $11125 | $11295 | $10920 |
| **4/30/2023** | $11192 | $11364 | $10987 |
| **5/31/2023** | $11145 | $11345 | $10867 |
| **6/30/2023** | $11097 | $11330 | $10828 |
| **7/31/2023** | $11166 | $11407 | $10821 |
| **8/31/2023** | $11207 | $11442 | $10751 |
| **9/30/2023** | $11189 | $11435 | $10478 |
| **10/31/2023** | $11201 | $11461 | $10313 |
| **11/30/2023** | $11333 | $11629 | $10780 |
| **12/31/2023** | $11494 | $11783 | $11193 |
| **1/31/2024** | $11568 | $11846 | $11162 |
| **2/29/2024** | $11550 | $11823 | $11004 |
| **3/31/2024** | $11595 | $11885 | $11106 |
| **4/30/2024** | $11580 | $11862 | $10825 |
| **5/31/2024** | $11656 | $11958 | $11009 |
| **6/30/2024** | $11732 | $12018 | $11113 |
| **7/31/2024** | $11840 | $12172 | $11373 |
| **8/31/2024** | $11947 | $12287 | $11536 |
| **9/30/2024** | $12055 | $12399 | $11690 |
| **10/31/2024** | $11978 | $12345 | $11401 |
| **11/30/2024** | $12057 | $12398 | $11521 |
| **12/31/2024** | $12072 | $12426 | $11332 |
| **1/31/2025** | $12118 | $12490 | $11393 |
| **2/28/2025** | $12227 | $12581 | $11643 |
| **3/31/2025** | $12244 | $12632 | $11648 |
| **4/30/2025** | $12292 | $12703 | $11693 |
| **5/31/2025** | $12344 | $12725 | $11610 |
| **6/30/2025** | $12426 | $12818 | $11788 |
| **7/31/2025** | $12445 | $12836 | $11757 |
| **8/31/2025** | $12560 | $12950 | $11898 |
| **9/30/2025** | $12608 | $13006 | $12028 |
| **10/31/2025** | $12657 | $13051 | $12103 |
| **11/30/2025** | $12704 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.37% | 2.19% | 2.42% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LDLRX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2055-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LDLKX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $66 | 0.64% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.64%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i864e90ac7b7f38d92a20bf44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9940 | $9975 | $9968 |
| **1/31/2016** | $9927 | $10002 | $10105 |
| **2/29/2016** | $9937 | $10012 | $10177 |
| **3/31/2016** | $10062 | $10096 | $10270 |
| **4/30/2016** | $10142 | $10138 | $10309 |
| **5/31/2016** | $10150 | $10139 | $10312 |
| **6/30/2016** | $10230 | $10201 | $10497 |
| **7/31/2016** | $10262 | $10224 | $10564 |
| **8/31/2016** | $10296 | $10227 | $10552 |
| **9/30/2016** | $10330 | $10235 | $10545 |
| **10/31/2016** | $10338 | $10240 | $10465 |
| **11/30/2016** | $10300 | $10197 | $10217 |
| **12/31/2016** | $10309 | $10213 | $10232 |
| **1/31/2017** | $10365 | $10243 | $10252 |
| **2/28/2017** | $10398 | $10277 | $10321 |
| **3/31/2017** | $10406 | $10285 | $10315 |
| **4/30/2017** | $10438 | $10312 | $10395 |
| **5/31/2017** | $10469 | $10340 | $10475 |
| **6/30/2017** | $10477 | $10347 | $10464 |
| **7/31/2017** | $10507 | $10388 | $10509 |
| **8/31/2017** | $10539 | $10409 | $10603 |
| **9/30/2017** | $10546 | $10410 | $10553 |
| **10/31/2017** | $10552 | $10419 | $10559 |
| **11/30/2017** | $10558 | $10397 | $10546 |
| **12/31/2017** | $10565 | $10408 | $10594 |
| **1/31/2018** | $10546 | $10390 | $10472 |
| **2/28/2018** | $10528 | $10367 | $10373 |
| **3/31/2018** | $10536 | $10369 | $10439 |
| **4/30/2018** | $10545 | $10378 | $10362 |
| **5/31/2018** | $10578 | $10417 | $10435 |
| **6/30/2018** | $10588 | $10417 | $10423 |
| **7/31/2018** | $10595 | $10441 | $10425 |
| **8/31/2018** | $10630 | $10485 | $10492 |
| **9/30/2018** | $10640 | $10492 | $10425 |
| **10/31/2018** | $10622 | $10495 | $10342 |
| **11/30/2018** | $10656 | $10504 | $10404 |
| **12/31/2018** | $10690 | $10577 | $10595 |
| **1/31/2019** | $10775 | $10651 | $10708 |
| **2/28/2019** | $10835 | $10689 | $10701 |
| **3/31/2019** | $10921 | $10772 | $10907 |
| **4/30/2019** | $10956 | $10807 | $10910 |
| **5/31/2019** | $11016 | $10868 | $11103 |
| **6/30/2019** | $11101 | $10944 | $11243 |
| **7/31/2019** | $11108 | $10958 | $11268 |
| **8/31/2019** | $11167 | $11041 | $11560 |
| **9/30/2019** | $11174 | $11054 | $11498 |
| **10/31/2019** | $11204 | $11103 | $11533 |
| **11/30/2019** | $11235 | $11113 | $11527 |
| **12/31/2019** | $11265 | $11151 | $11519 |
| **1/31/2020** | $11348 | $11215 | $11740 |
| **2/29/2020** | $11376 | $11279 | $11952 |
| **3/31/2020** | $10654 | $10964 | $11881 |
| **4/30/2020** | $10926 | $11224 | $12093 |
| **5/31/2020** | $11116 | $11354 | $12149 |
| **6/30/2020** | $11252 | $11445 | $12225 |
| **7/31/2020** | $11332 | $11502 | $12408 |
| **8/31/2020** | $11412 | $11531 | $12308 |
| **9/30/2020** | $11410 | $11530 | $12301 |
| **10/31/2020** | $11433 | $11551 | $12246 |
| **11/30/2020** | $11513 | $11590 | $12366 |
| **12/31/2020** | $11592 | $11615 | $12383 |
| **1/31/2021** | $11616 | $11622 | $12295 |
| **2/28/2021** | $11640 | $11626 | $12117 |
| **3/31/2021** | $11636 | $11617 | $11966 |
| **4/30/2021** | $11688 | $11641 | $12060 |
| **5/31/2021** | $11712 | $11666 | $12100 |
| **6/30/2021** | $11707 | $11657 | $12185 |
| **7/31/2021** | $11730 | $11676 | $12321 |
| **8/31/2021** | $11724 | $11681 | $12297 |
| **9/30/2021** | $11746 | $11678 | $12191 |
| **10/31/2021** | $11711 | $11640 | $12188 |
| **11/30/2021** | $11705 | $11622 | $12224 |
| **12/31/2021** | $11698 | $11614 | $12192 |
| **1/31/2022** | $11628 | $11527 | $11930 |
| **2/28/2022** | $11538 | $11438 | $11797 |
| **3/31/2022** | $11393 | $11248 | $11469 |
| **4/30/2022** | $11305 | $11166 | $11034 |
| **5/31/2022** | $11330 | $11230 | $11105 |
| **6/30/2022** | $11187 | $11134 | $10931 |
| **7/31/2022** | $11300 | $11218 | $11198 |
| **8/31/2022** | $11219 | $11155 | $10881 |
| **9/30/2022** | $11022 | $10994 | $10411 |
| **10/31/2022** | $10999 | $10970 | $10276 |
| **11/30/2022** | $11092 | $11115 | $10654 |
| **12/31/2022** | $11129 | $11150 | $10606 |
| **1/31/2023** | $11283 | $11266 | $10932 |
| **2/28/2023** | $11203 | $11196 | $10650 |
| **3/31/2023** | $11331 | $11295 | $10920 |
| **4/30/2023** | $11373 | $11364 | $10987 |
| **5/31/2023** | $11327 | $11345 | $10867 |
| **6/30/2023** | $11311 | $11330 | $10828 |
| **7/31/2023** | $11383 | $11407 | $10821 |
| **8/31/2023** | $11427 | $11442 | $10751 |
| **9/30/2023** | $11412 | $11435 | $10478 |
| **10/31/2023** | $11397 | $11461 | $10313 |
| **11/30/2023** | $11563 | $11629 | $10780 |
| **12/31/2023** | $11729 | $11783 | $11193 |
| **1/31/2024** | $11777 | $11846 | $11162 |
| **2/29/2024** | $11761 | $11823 | $11004 |
| **3/31/2024** | $11810 | $11885 | $11106 |
| **4/30/2024** | $11797 | $11862 | $10825 |
| **5/31/2024** | $11907 | $11958 | $11009 |
| **6/30/2024** | $11957 | $12018 | $11113 |
| **7/31/2024** | $12100 | $12172 | $11373 |
| **8/31/2024** | $12181 | $12287 | $11536 |
| **9/30/2024** | $12293 | $12399 | $11690 |
| **10/31/2024** | $12249 | $12345 | $11401 |
| **11/30/2024** | $12300 | $12398 | $11521 |
| **12/31/2024** | $12318 | $12426 | $11332 |
| **1/31/2025** | $12400 | $12490 | $11393 |
| **2/28/2025** | $12482 | $12581 | $11643 |
| **3/31/2025** | $12501 | $12632 | $11648 |
| **4/30/2025** | $12586 | $12703 | $11693 |
| **5/31/2025** | $12609 | $12725 | $11610 |
| **6/30/2025** | $12696 | $12818 | $11788 |
| **7/31/2025** | $12717 | $12836 | $11757 |
| **8/31/2025** | $12837 | $12950 | $11898 |
| **9/30/2025** | $12889 | $13006 | $12028 |
| **10/31/2025** | $12942 | $13051 | $12103 |
| **11/30/2025** | $12993 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 5.64% | 2.45% | 2.65% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LDLKX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8707-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LDLTX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $40 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.90%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3d561731fd6faf96c0e338c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9942 | $9975 | $9968 |
| **1/31/2016** | $9908 | $10002 | $10105 |
| **2/29/2016** | $9919 | $10012 | $10177 |
| **3/31/2016** | $10046 | $10096 | $10270 |
| **4/30/2016** | $10128 | $10138 | $10309 |
| **5/31/2016** | $10139 | $10139 | $10312 |
| **6/30/2016** | $10222 | $10201 | $10497 |
| **7/31/2016** | $10279 | $10224 | $10564 |
| **8/31/2016** | $10292 | $10227 | $10552 |
| **9/30/2016** | $10328 | $10235 | $10545 |
| **10/31/2016** | $10339 | $10240 | $10465 |
| **11/30/2016** | $10303 | $10197 | $10217 |
| **12/31/2016** | $10337 | $10213 | $10232 |
| **1/31/2017** | $10371 | $10243 | $10252 |
| **2/28/2017** | $10406 | $10277 | $10321 |
| **3/31/2017** | $10416 | $10285 | $10315 |
| **4/30/2017** | $10475 | $10312 | $10395 |
| **5/31/2017** | $10509 | $10340 | $10475 |
| **6/30/2017** | $10494 | $10347 | $10464 |
| **7/31/2017** | $10551 | $10388 | $10509 |
| **8/31/2017** | $10586 | $10409 | $10603 |
| **9/30/2017** | $10570 | $10410 | $10553 |
| **10/31/2017** | $10602 | $10419 | $10559 |
| **11/30/2017** | $10587 | $10397 | $10546 |
| **12/31/2017** | $10595 | $10408 | $10594 |
| **1/31/2018** | $10578 | $10390 | $10472 |
| **2/28/2018** | $10587 | $10367 | $10373 |
| **3/31/2018** | $10597 | $10369 | $10439 |
| **4/30/2018** | $10583 | $10378 | $10362 |
| **5/31/2018** | $10644 | $10417 | $10435 |
| **6/30/2018** | $10630 | $10417 | $10423 |
| **7/31/2018** | $10665 | $10441 | $10425 |
| **8/31/2018** | $10703 | $10485 | $10492 |
| **9/30/2018** | $10714 | $10492 | $10425 |
| **10/31/2018** | $10699 | $10495 | $10342 |
| **11/30/2018** | $10710 | $10504 | $10404 |
| **12/31/2018** | $10746 | $10577 | $10595 |
| **1/31/2019** | $10860 | $10651 | $10708 |
| **2/28/2019** | $10897 | $10689 | $10701 |
| **3/31/2019** | $10986 | $10772 | $10907 |
| **4/30/2019** | $11023 | $10807 | $10910 |
| **5/31/2019** | $11086 | $10868 | $11103 |
| **6/30/2019** | $11174 | $10944 | $11243 |
| **7/31/2019** | $11210 | $10958 | $11268 |
| **8/31/2019** | $11272 | $11041 | $11560 |
| **9/30/2019** | $11281 | $11054 | $11498 |
| **10/31/2019** | $11314 | $11103 | $11533 |
| **11/30/2019** | $11320 | $11113 | $11527 |
| **12/31/2019** | $11353 | $11151 | $11519 |
| **1/31/2020** | $11439 | $11215 | $11740 |
| **2/29/2020** | $11497 | $11279 | $11952 |
| **3/31/2020** | $10768 | $10964 | $11881 |
| **4/30/2020** | $11046 | $11224 | $12093 |
| **5/31/2020** | $11213 | $11354 | $12149 |
| **6/30/2020** | $11381 | $11445 | $12225 |
| **7/31/2020** | $11464 | $11502 | $12408 |
| **8/31/2020** | $11520 | $11531 | $12308 |
| **9/30/2020** | $11520 | $11530 | $12301 |
| **10/31/2020** | $11546 | $11551 | $12246 |
| **11/30/2020** | $11657 | $11590 | $12366 |
| **12/31/2020** | $11712 | $11615 | $12383 |
| **1/31/2021** | $11767 | $11622 | $12295 |
| **2/28/2021** | $11793 | $11626 | $12117 |
| **3/31/2021** | $11792 | $11617 | $11966 |
| **4/30/2021** | $11819 | $11641 | $12060 |
| **5/31/2021** | $11845 | $11666 | $12100 |
| **6/30/2021** | $11871 | $11657 | $12185 |
| **7/31/2021** | $11897 | $11676 | $12321 |
| **8/31/2021** | $11893 | $11681 | $12297 |
| **9/30/2021** | $11889 | $11678 | $12191 |
| **10/31/2021** | $11884 | $11640 | $12188 |
| **11/30/2021** | $11852 | $11622 | $12224 |
| **12/31/2021** | $11876 | $11614 | $12192 |
| **1/31/2022** | $11777 | $11527 | $11930 |
| **2/28/2022** | $11716 | $11438 | $11797 |
| **3/31/2022** | $11571 | $11248 | $11469 |
| **4/30/2022** | $11455 | $11166 | $11034 |
| **5/31/2022** | $11484 | $11230 | $11105 |
| **6/30/2022** | $11340 | $11134 | $10931 |
| **7/31/2022** | $11458 | $11218 | $11198 |
| **8/31/2022** | $11376 | $11155 | $10881 |
| **9/30/2022** | $11207 | $10994 | $10411 |
| **10/31/2022** | $11157 | $10970 | $10276 |
| **11/30/2022** | $11284 | $11115 | $10654 |
| **12/31/2022** | $11323 | $11150 | $10606 |
| **1/31/2023** | $11483 | $11266 | $10932 |
| **2/28/2023** | $11403 | $11196 | $10650 |
| **3/31/2023** | $11507 | $11295 | $10920 |
| **4/30/2023** | $11581 | $11364 | $10987 |
| **5/31/2023** | $11537 | $11345 | $10867 |
| **6/30/2023** | $11493 | $11330 | $10828 |
| **7/31/2023** | $11568 | $11407 | $10821 |
| **8/31/2023** | $11616 | $11442 | $10751 |
| **9/30/2023** | $11602 | $11435 | $10478 |
| **10/31/2023** | $11620 | $11461 | $10313 |
| **11/30/2023** | $11761 | $11629 | $10780 |
| **12/31/2023** | $11933 | $11783 | $11193 |
| **1/31/2024** | $12016 | $11846 | $11162 |
| **2/29/2024** | $12001 | $11823 | $11004 |
| **3/31/2024** | $12054 | $11885 | $11106 |
| **4/30/2024** | $12042 | $11862 | $10825 |
| **5/31/2024** | $12127 | $11958 | $11009 |
| **6/30/2024** | $12211 | $12018 | $11113 |
| **7/31/2024** | $12328 | $12172 | $11373 |
| **8/31/2024** | $12445 | $12287 | $11536 |
| **9/30/2024** | $12531 | $12399 | $11690 |
| **10/31/2024** | $12488 | $12345 | $11401 |
| **11/30/2024** | $12575 | $12398 | $11521 |
| **12/31/2024** | $12596 | $12426 | $11332 |
| **1/31/2025** | $12650 | $12490 | $11393 |
| **2/28/2025** | $12736 | $12581 | $11643 |
| **3/31/2025** | $12791 | $12632 | $11648 |
| **4/30/2025** | $12847 | $12703 | $11693 |
| **5/31/2025** | $12873 | $12725 | $11610 |
| **6/30/2025** | $12998 | $12818 | $11788 |
| **7/31/2025** | $13023 | $12836 | $11757 |
| **8/31/2025** | $13149 | $12950 | $11898 |
| **9/30/2025** | $13205 | $13006 | $12028 |
| **10/31/2025** | $13228 | $13051 | $12103 |
| **11/30/2025** | $13317 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 5.90% | 2.70% | 2.91% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LDLTX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8739-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LDLVX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $32 | 0.31% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.99%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 5.76% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high yield corporate bonds contributed to relative performance. Security selection within investment grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to non-agency commercial mortgage-backed securities detracted from relative performance. The Fund's allocation to agency residential mortgage-backed securities also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i11002678ddb96e4bc57c57ee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9942 | $9975 | $9968 |
| **1/31/2016** | $9933 | $10002 | $10105 |
| **2/29/2016** | $9945 | $10012 | $10177 |
| **3/31/2016** | $10073 | $10096 | $10270 |
| **4/30/2016** | $10156 | $10138 | $10309 |
| **5/31/2016** | $10167 | $10139 | $10312 |
| **6/30/2016** | $10250 | $10201 | $10497 |
| **7/31/2016** | $10308 | $10224 | $10564 |
| **8/31/2016** | $10321 | $10227 | $10552 |
| **9/30/2016** | $10358 | $10235 | $10545 |
| **10/31/2016** | $10369 | $10240 | $10465 |
| **11/30/2016** | $10334 | $10197 | $10217 |
| **12/31/2016** | $10369 | $10213 | $10232 |
| **1/31/2017** | $10404 | $10243 | $10252 |
| **2/28/2017** | $10440 | $10277 | $10321 |
| **3/31/2017** | $10450 | $10285 | $10315 |
| **4/30/2017** | $10485 | $10312 | $10395 |
| **5/31/2017** | $10519 | $10340 | $10475 |
| **6/30/2017** | $10530 | $10347 | $10464 |
| **7/31/2017** | $10563 | $10388 | $10509 |
| **8/31/2017** | $10598 | $10409 | $10603 |
| **9/30/2017** | $10608 | $10410 | $10553 |
| **10/31/2017** | $10616 | $10419 | $10559 |
| **11/30/2017** | $10625 | $10397 | $10546 |
| **12/31/2017** | $10634 | $10408 | $10594 |
| **1/31/2018** | $10619 | $10390 | $10472 |
| **2/28/2018** | $10603 | $10367 | $10373 |
| **3/31/2018** | $10613 | $10369 | $10439 |
| **4/30/2018** | $10625 | $10378 | $10362 |
| **5/31/2018** | $10661 | $10417 | $10435 |
| **6/30/2018** | $10673 | $10417 | $10423 |
| **7/31/2018** | $10684 | $10441 | $10425 |
| **8/31/2018** | $10722 | $10485 | $10492 |
| **9/30/2018** | $10734 | $10492 | $10425 |
| **10/31/2018** | $10745 | $10495 | $10342 |
| **11/30/2018** | $10756 | $10504 | $10404 |
| **12/31/2018** | $10794 | $10577 | $10595 |
| **1/31/2019** | $10882 | $10651 | $10708 |
| **2/28/2019** | $10946 | $10689 | $10701 |
| **3/31/2019** | $11036 | $10772 | $10907 |
| **4/30/2019** | $11073 | $10807 | $10910 |
| **5/31/2019** | $11137 | $10868 | $11103 |
| **6/30/2019** | $11226 | $10944 | $11243 |
| **7/31/2019** | $11236 | $10958 | $11268 |
| **8/31/2019** | $11298 | $11041 | $11560 |
| **9/30/2019** | $11308 | $11054 | $11498 |
| **10/31/2019** | $11342 | $11103 | $11533 |
| **11/30/2019** | $11376 | $11113 | $11527 |
| **12/31/2019** | $11409 | $11151 | $11519 |
| **1/31/2020** | $11496 | $11215 | $11740 |
| **2/29/2020** | $11528 | $11279 | $11952 |
| **3/31/2020** | $10797 | $10964 | $11881 |
| **4/30/2020** | $11077 | $11224 | $12093 |
| **5/31/2020** | $11272 | $11354 | $12149 |
| **6/30/2020** | $11414 | $11445 | $12225 |
| **7/31/2020** | $11498 | $11502 | $12408 |
| **8/31/2020** | $11583 | $11531 | $12308 |
| **9/30/2020** | $11583 | $11530 | $12301 |
| **10/31/2020** | $11610 | $11551 | $12246 |
| **11/30/2020** | $11694 | $11590 | $12366 |
| **12/31/2020** | $11777 | $11615 | $12383 |
| **1/31/2021** | $11804 | $11622 | $12295 |
| **2/28/2021** | $11830 | $11626 | $12117 |
| **3/31/2021** | $11829 | $11617 | $11966 |
| **4/30/2021** | $11884 | $11641 | $12060 |
| **5/31/2021** | $11910 | $11666 | $12100 |
| **6/30/2021** | $11908 | $11657 | $12185 |
| **7/31/2021** | $11934 | $11676 | $12321 |
| **8/31/2021** | $11930 | $11681 | $12297 |
| **9/30/2021** | $11955 | $11678 | $12191 |
| **10/31/2021** | $11921 | $11640 | $12188 |
| **11/30/2021** | $11918 | $11622 | $12224 |
| **12/31/2021** | $11914 | $11614 | $12192 |
| **1/31/2022** | $11853 | $11527 | $11930 |
| **2/28/2022** | $11764 | $11438 | $11797 |
| **3/31/2022** | $11618 | $11248 | $11469 |
| **4/30/2022** | $11532 | $11166 | $11034 |
| **5/31/2022** | $11561 | $11230 | $11105 |
| **6/30/2022** | $11417 | $11134 | $10931 |
| **7/31/2022** | $11536 | $11218 | $11198 |
| **8/31/2022** | $11456 | $11155 | $10881 |
| **9/30/2022** | $11257 | $10994 | $10411 |
| **10/31/2022** | $11236 | $10970 | $10276 |
| **11/30/2022** | $11335 | $11115 | $10654 |
| **12/31/2022** | $11375 | $11150 | $10606 |
| **1/31/2023** | $11536 | $11266 | $10932 |
| **2/28/2023** | $11457 | $11196 | $10650 |
| **3/31/2023** | $11592 | $11295 | $10920 |
| **4/30/2023** | $11637 | $11364 | $10987 |
| **5/31/2023** | $11593 | $11345 | $10867 |
| **6/30/2023** | $11580 | $11330 | $10828 |
| **7/31/2023** | $11657 | $11407 | $10821 |
| **8/31/2023** | $11705 | $11442 | $10751 |
| **9/30/2023** | $11692 | $11435 | $10478 |
| **10/31/2023** | $11680 | $11461 | $10313 |
| **11/30/2023** | $11854 | $11629 | $10780 |
| **12/31/2023** | $12028 | $11783 | $11193 |
| **1/31/2024** | $12080 | $11846 | $11162 |
| **2/29/2024** | $12067 | $11823 | $11004 |
| **3/31/2024** | $12120 | $11885 | $11106 |
| **4/30/2024** | $12110 | $11862 | $10825 |
| **5/31/2024** | $12227 | $11958 | $11009 |
| **6/30/2024** | $12281 | $12018 | $11113 |
| **7/31/2024** | $12431 | $12172 | $11373 |
| **8/31/2024** | $12518 | $12287 | $11536 |
| **9/30/2024** | $12637 | $12399 | $11690 |
| **10/31/2024** | $12595 | $12345 | $11401 |
| **11/30/2024** | $12651 | $12398 | $11521 |
| **12/31/2024** | $12673 | $12426 | $11332 |
| **1/31/2025** | $12760 | $12490 | $11393 |
| **2/28/2025** | $12848 | $12581 | $11643 |
| **3/31/2025** | $12871 | $12632 | $11648 |
| **4/30/2025** | $12962 | $12703 | $11693 |
| **5/31/2025** | $12989 | $12725 | $11610 |
| **6/30/2025** | $13116 | $12818 | $11788 |
| **7/31/2025** | $13108 | $12836 | $11757 |
| **8/31/2025** | $13236 | $12950 | $11898 |
| **9/30/2025** | $13294 | $13006 | $12028 |
| **10/31/2025** | $13352 | $13051 | $12103 |
| **11/30/2025** | $13408 | $13113 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 5.99% | 2.77% | 2.98% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.76% | 2.50% | 2.75% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $43016607299 |
| # of Portfolio Holdings | 1070 |
| Portfolio Turnover Rate | 161% |
| Total Advisory Fees Paid | $107356017 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 22.86% |
| Commercial Paper | 0.31% |
| Convertible Bonds | 0.14% |
| Corporate Bonds | 50.53% |
| Floating Rate Loans | 7.41% |
| Foreign Government Obligations | 1.93% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.01% |
| Government Sponsored Enterprises Pass-Throughs | 4.06% |
| Municipal Bonds | 0.01% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.43% |
| U.S. Treasury Obligations | 3.84% |
| Repurchase Agreements | 0.43% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.04% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LDLVX

# Lord Abbett Short Duration Income Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8771-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LUBAX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 4.87%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3baa362d75e2b7113a0b5a79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/17/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $10004 | $10002 | $9975 |
| **11/30/2016** | $10015 | $10002 | $9739 |
| **12/31/2016** | $10015 | $10006 | $9753 |
| **1/31/2017** | $10033 | $10012 | $9772 |
| **2/28/2017** | $10042 | $10016 | $9838 |
| **3/31/2017** | $10050 | $10017 | $9832 |
| **4/30/2017** | $10059 | $10023 | $9908 |
| **5/31/2017** | $10079 | $10028 | $9984 |
| **6/30/2017** | $10089 | $10036 | $9974 |
| **7/31/2017** | $10100 | $10044 | $10017 |
| **8/31/2017** | $10111 | $10054 | $10107 |
| **9/30/2017** | $10122 | $10063 | $10059 |
| **10/31/2017** | $10134 | $10071 | $10065 |
| **11/30/2017** | $10145 | $10078 | $10052 |
| **12/31/2017** | $10158 | $10088 | $10098 |
| **1/31/2018** | $10171 | $10099 | $9982 |
| **2/28/2018** | $10174 | $10107 | $9887 |
| **3/31/2018** | $10190 | $10121 | $9951 |
| **4/30/2018** | $10207 | $10135 | $9877 |
| **5/31/2018** | $10226 | $10151 | $9947 |
| **6/30/2018** | $10244 | $10167 | $9935 |
| **7/31/2018** | $10263 | $10183 | $9937 |
| **8/31/2018** | $10293 | $10203 | $10001 |
| **9/30/2018** | $10312 | $10218 | $9937 |
| **10/31/2018** | $10322 | $10236 | $9858 |
| **11/30/2018** | $10332 | $10256 | $9917 |
| **12/31/2018** | $10354 | $10277 | $10099 |
| **1/31/2019** | $10387 | $10299 | $10207 |
| **2/28/2019** | $10419 | $10318 | $10201 |
| **3/31/2019** | $10442 | $10341 | $10396 |
| **4/30/2019** | $10475 | $10361 | $10399 |
| **5/31/2019** | $10498 | $10386 | $10584 |
| **6/30/2019** | $10519 | $10410 | $10717 |
| **7/31/2019** | $10541 | $10429 | $10740 |
| **8/31/2019** | $10572 | $10451 | $11019 |
| **9/30/2019** | $10581 | $10468 | $10960 |
| **10/31/2019** | $10611 | $10490 | $10993 |
| **11/30/2019** | $10629 | $10503 | $10987 |
| **12/31/2019** | $10646 | $10518 | $10980 |
| **1/31/2020** | $10664 | $10533 | $11191 |
| **2/29/2020** | $10679 | $10552 | $11392 |
| **3/31/2020** | $10503 | $10587 | $11325 |
| **4/30/2020** | $10623 | $10587 | $11527 |
| **5/31/2020** | $10677 | $10587 | $11580 |
| **6/30/2020** | $10728 | $10589 | $11653 |
| **7/31/2020** | $10746 | $10591 | $11827 |
| **8/31/2020** | $10751 | $10592 | $11732 |
| **9/30/2020** | $10755 | $10593 | $11725 |
| **10/31/2020** | $10758 | $10594 | $11673 |
| **11/30/2020** | $10762 | $10595 | $11788 |
| **12/31/2020** | $10764 | $10596 | $11804 |
| **1/31/2021** | $10767 | $10597 | $11719 |
| **2/28/2021** | $10770 | $10598 | $11550 |
| **3/31/2021** | $10762 | $10599 | $11406 |
| **4/30/2021** | $10766 | $10599 | $11496 |
| **5/31/2021** | $10769 | $10600 | $11533 |
| **6/30/2021** | $10773 | $10599 | $11614 |
| **7/31/2021** | $10776 | $10600 | $11744 |
| **8/31/2021** | $10779 | $10601 | $11722 |
| **9/30/2021** | $10772 | $10601 | $11620 |
| **10/31/2021** | $10765 | $10601 | $11617 |
| **11/30/2021** | $10758 | $10601 | $11652 |
| **12/31/2021** | $10754 | $10602 | $11622 |
| **1/31/2022** | $10736 | $10599 | $11371 |
| **2/28/2022** | $10719 | $10599 | $11245 |
| **3/31/2022** | $10670 | $10599 | $10932 |
| **4/30/2022** | $10656 | $10601 | $10517 |
| **5/31/2022** | $10643 | $10607 | $10585 |
| **6/30/2022** | $10610 | $10607 | $10419 |
| **7/31/2022** | $10646 | $10614 | $10674 |
| **8/31/2022** | $10664 | $10631 | $10372 |
| **9/30/2022** | $10630 | $10651 | $9924 |
| **10/31/2022** | $10631 | $10668 | $9795 |
| **11/30/2022** | $10691 | $10702 | $10156 |
| **12/31/2022** | $10742 | $10743 | $10110 |
| **1/31/2023** | $10828 | $10778 | $10421 |
| **2/28/2023** | $10860 | $10813 | $10151 |
| **3/31/2023** | $10895 | $10864 | $10409 |
| **4/30/2023** | $10943 | $10900 | $10472 |
| **5/31/2023** | $10971 | $10940 | $10358 |
| **6/30/2023** | $11010 | $10989 | $10321 |
| **7/31/2023** | $11075 | $11034 | $10314 |
| **8/31/2023** | $11130 | $11084 | $10248 |
| **9/30/2023** | $11162 | $11134 | $9988 |
| **10/31/2023** | $11206 | $11184 | $9830 |
| **11/30/2023** | $11284 | $11236 | $10275 |
| **12/31/2023** | $11365 | $11290 | $10669 |
| **1/31/2024** | $11436 | $11339 | $10639 |
| **2/29/2024** | $11482 | $11383 | $10489 |
| **3/31/2024** | $11531 | $11435 | $10586 |
| **4/30/2024** | $11580 | $11482 | $10319 |
| **5/31/2024** | $11642 | $11538 | $10493 |
| **6/30/2024** | $11691 | $11586 | $10593 |
| **7/31/2024** | $11777 | $11640 | $10840 |
| **8/31/2024** | $11840 | $11698 | $10996 |
| **9/30/2024** | $11901 | $11751 | $11143 |
| **10/31/2024** | $11938 | $11795 | $10867 |
| **11/30/2024** | $11998 | $11840 | $10982 |
| **12/31/2024** | $12046 | $11889 | $10802 |
| **1/31/2025** | $12093 | $11933 | $10859 |
| **2/28/2025** | $12150 | $11972 | $11098 |
| **3/31/2025** | $12186 | $12013 | $11102 |
| **4/30/2025** | $12233 | $12055 | $11146 |
| **5/31/2025** | $12280 | $12097 | $11066 |
| **6/30/2025** | $12339 | $12139 | $11236 |
| **7/31/2025** | $12373 | $12181 | $11207 |
| **8/31/2025** | $12445 | $12232 | $11341 |
| **9/30/2025** | $12491 | $12274 | $11465 |
| **10/31/2025** | $12537 | $12318 | $11536 |
| **11/30/2025** | $12582 | $12356 | $11608 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 10/17/16 |
| Class A at NAV | 4.87% | 3.17% | 2.55% |
| Class A with sales charge | 4.87% | 3.17% | 2.55% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.65% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LUBAX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8805-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A1

# LUSNX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A1 | $55 | 0.54% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 4.76%, reflecting performance at the net asset value (NAV) of Class A1 shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i86ff400589a8b2fb3130e0a7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A1** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/31/2019** | $9853 | $10000 | $10000 |
| **8/31/2019** | $9881 | $10021 | $10259 |
| **9/30/2019** | $9889 | $10038 | $10205 |
| **10/31/2019** | $9915 | $10059 | $10235 |
| **11/30/2019** | $9930 | $10071 | $10230 |
| **12/31/2019** | $9945 | $10086 | $10223 |
| **1/31/2020** | $9960 | $10100 | $10420 |
| **2/29/2020** | $9984 | $10118 | $10607 |
| **3/31/2020** | $9818 | $10151 | $10545 |
| **4/30/2020** | $9920 | $10152 | $10732 |
| **5/31/2020** | $9979 | $10152 | $10782 |
| **6/30/2020** | $10016 | $10153 | $10850 |
| **7/31/2020** | $10032 | $10156 | $11012 |
| **8/31/2020** | $10036 | $10156 | $10923 |
| **9/30/2020** | $10039 | $10158 | $10917 |
| **10/31/2020** | $10042 | $10159 | $10869 |
| **11/30/2020** | $10044 | $10160 | $10975 |
| **12/31/2020** | $10046 | $10161 | $10990 |
| **1/31/2021** | $10048 | $10161 | $10911 |
| **2/28/2021** | $10050 | $10162 | $10754 |
| **3/31/2021** | $10042 | $10163 | $10620 |
| **4/30/2021** | $10045 | $10164 | $10704 |
| **5/31/2021** | $10057 | $10164 | $10738 |
| **6/30/2021** | $10049 | $10164 | $10814 |
| **7/31/2021** | $10052 | $10164 | $10935 |
| **8/31/2021** | $10054 | $10165 | $10914 |
| **9/30/2021** | $10057 | $10165 | $10820 |
| **10/31/2021** | $10039 | $10165 | $10817 |
| **11/30/2021** | $10032 | $10165 | $10849 |
| **12/31/2021** | $10037 | $10166 | $10821 |
| **1/31/2022** | $10020 | $10163 | $10588 |
| **2/28/2022** | $9993 | $10163 | $10470 |
| **3/31/2022** | $9947 | $10163 | $10179 |
| **4/30/2022** | $9932 | $10165 | $9792 |
| **5/31/2022** | $9929 | $10171 | $9856 |
| **6/30/2022** | $9899 | $10170 | $9701 |
| **7/31/2022** | $9921 | $10178 | $9938 |
| **8/31/2022** | $9936 | $10194 | $9657 |
| **9/30/2022** | $9914 | $10213 | $9240 |
| **10/31/2022** | $9905 | $10229 | $9120 |
| **11/30/2022** | $9959 | $10262 | $9456 |
| **12/31/2022** | $10006 | $10301 | $9413 |
| **1/31/2023** | $10086 | $10335 | $9703 |
| **2/28/2023** | $10115 | $10369 | $9452 |
| **3/31/2023** | $10146 | $10417 | $9692 |
| **4/30/2023** | $10190 | $10452 | $9751 |
| **5/31/2023** | $10225 | $10490 | $9644 |
| **6/30/2023** | $10251 | $10537 | $9610 |
| **7/31/2023** | $10310 | $10580 | $9603 |
| **8/31/2023** | $10360 | $10628 | $9542 |
| **9/30/2023** | $10390 | $10676 | $9299 |
| **10/31/2023** | $10430 | $10724 | $9153 |
| **11/30/2023** | $10512 | $10774 | $9567 |
| **12/31/2023** | $10587 | $10826 | $9933 |
| **1/31/2024** | $10652 | $10872 | $9906 |
| **2/29/2024** | $10683 | $10915 | $9766 |
| **3/31/2024** | $10738 | $10964 | $9856 |
| **4/30/2024** | $10772 | $11010 | $9607 |
| **5/31/2024** | $10829 | $11063 | $9770 |
| **6/30/2024** | $10885 | $11109 | $9863 |
| **7/31/2024** | $10953 | $11161 | $10093 |
| **8/31/2024** | $11011 | $11217 | $10238 |
| **9/30/2024** | $11078 | $11268 | $10375 |
| **10/31/2024** | $11100 | $11310 | $10118 |
| **11/30/2024** | $11155 | $11353 | $10225 |
| **12/31/2024** | $11198 | $11400 | $10058 |
| **1/31/2025** | $11241 | $11442 | $10111 |
| **2/28/2025** | $11294 | $11479 | $10333 |
| **3/31/2025** | $11326 | $11519 | $10337 |
| **4/30/2025** | $11369 | $11559 | $10378 |
| **5/31/2025** | $11411 | $11600 | $10304 |
| **6/30/2025** | $11465 | $11640 | $10462 |
| **7/31/2025** | $11496 | $11680 | $10434 |
| **8/31/2025** | $11562 | $11728 | $10559 |
| **9/30/2025** | $11604 | $11770 | $10674 |
| **10/31/2025** | $11646 | $11812 | $10741 |
| **11/30/2025** | $11686 | $11847 | $10808 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 7/31/19 |
| Class A1 at NAV | 4.76% | 3.07% | 2.73% |
| Class A1 with sales charge | 3.22% | 2.77% | 2.49% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.71% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.23% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A1

# LUSNX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9120-A1

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LUBFX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $40 | 0.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 4.92%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia64d4e25c5f15270c6809726.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/17/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $10005 | $10002 | $9975 |
| **11/30/2016** | $10016 | $10002 | $9739 |
| **12/31/2016** | $10016 | $10006 | $9753 |
| **1/31/2017** | $10035 | $10012 | $9772 |
| **2/28/2017** | $10044 | $10016 | $9838 |
| **3/31/2017** | $10052 | $10017 | $9832 |
| **4/30/2017** | $10062 | $10023 | $9908 |
| **5/31/2017** | $10082 | $10028 | $9984 |
| **6/30/2017** | $10092 | $10036 | $9974 |
| **7/31/2017** | $10103 | $10044 | $10017 |
| **8/31/2017** | $10115 | $10054 | $10107 |
| **9/30/2017** | $10126 | $10063 | $10059 |
| **10/31/2017** | $10138 | $10071 | $10065 |
| **11/30/2017** | $10150 | $10078 | $10052 |
| **12/31/2017** | $10163 | $10088 | $10098 |
| **1/31/2018** | $10177 | $10099 | $9982 |
| **2/28/2018** | $10191 | $10107 | $9887 |
| **3/31/2018** | $10196 | $10121 | $9951 |
| **4/30/2018** | $10214 | $10135 | $9877 |
| **5/31/2018** | $10243 | $10151 | $9947 |
| **6/30/2018** | $10252 | $10167 | $9935 |
| **7/31/2018** | $10282 | $10183 | $9937 |
| **8/31/2018** | $10301 | $10203 | $10001 |
| **9/30/2018** | $10321 | $10218 | $9937 |
| **10/31/2018** | $10331 | $10236 | $9858 |
| **11/30/2018** | $10351 | $10256 | $9917 |
| **12/31/2018** | $10363 | $10277 | $10099 |
| **1/31/2019** | $10397 | $10299 | $10207 |
| **2/28/2019** | $10429 | $10318 | $10201 |
| **3/31/2019** | $10453 | $10341 | $10396 |
| **4/30/2019** | $10486 | $10361 | $10399 |
| **5/31/2019** | $10510 | $10386 | $10584 |
| **6/30/2019** | $10542 | $10410 | $10717 |
| **7/31/2019** | $10564 | $10429 | $10740 |
| **8/31/2019** | $10585 | $10451 | $11019 |
| **9/30/2019** | $10605 | $10468 | $10960 |
| **10/31/2019** | $10625 | $10490 | $10993 |
| **11/30/2019** | $10644 | $10503 | $10987 |
| **12/31/2019** | $10662 | $10518 | $10980 |
| **1/31/2020** | $10679 | $10533 | $11191 |
| **2/29/2020** | $10695 | $10552 | $11392 |
| **3/31/2020** | $10519 | $10587 | $11325 |
| **4/30/2020** | $10640 | $10587 | $11527 |
| **5/31/2020** | $10694 | $10587 | $11580 |
| **6/30/2020** | $10746 | $10589 | $11653 |
| **7/31/2020** | $10764 | $10591 | $11827 |
| **8/31/2020** | $10770 | $10592 | $11732 |
| **9/30/2020** | $10774 | $10593 | $11725 |
| **10/31/2020** | $10778 | $10594 | $11673 |
| **11/30/2020** | $10782 | $10595 | $11788 |
| **12/31/2020** | $10785 | $10596 | $11804 |
| **1/31/2021** | $10788 | $10597 | $11719 |
| **2/28/2021** | $10792 | $10598 | $11550 |
| **3/31/2021** | $10784 | $10599 | $11406 |
| **4/30/2021** | $10788 | $10599 | $11496 |
| **5/31/2021** | $10803 | $10600 | $11533 |
| **6/30/2021** | $10796 | $10599 | $11614 |
| **7/31/2021** | $10800 | $10600 | $11744 |
| **8/31/2021** | $10804 | $10601 | $11722 |
| **9/30/2021** | $10808 | $10601 | $11620 |
| **10/31/2021** | $10790 | $10601 | $11617 |
| **11/30/2021** | $10784 | $10601 | $11652 |
| **12/31/2021** | $10791 | $10602 | $11622 |
| **1/31/2022** | $10774 | $10599 | $11371 |
| **2/28/2022** | $10747 | $10599 | $11245 |
| **3/31/2022** | $10698 | $10599 | $10932 |
| **4/30/2022** | $10684 | $10601 | $10517 |
| **5/31/2022** | $10682 | $10607 | $10585 |
| **6/30/2022** | $10639 | $10607 | $10419 |
| **7/31/2022** | $10675 | $10614 | $10674 |
| **8/31/2022** | $10694 | $10631 | $10372 |
| **9/30/2022** | $10671 | $10651 | $9924 |
| **10/31/2022** | $10662 | $10668 | $9795 |
| **11/30/2022** | $10722 | $10702 | $10156 |
| **12/31/2022** | $10774 | $10743 | $10110 |
| **1/31/2023** | $10861 | $10778 | $10421 |
| **2/28/2023** | $10893 | $10813 | $10151 |
| **3/31/2023** | $10929 | $10864 | $10409 |
| **4/30/2023** | $10977 | $10900 | $10472 |
| **5/31/2023** | $11006 | $10940 | $10358 |
| **6/30/2023** | $11046 | $10989 | $10321 |
| **7/31/2023** | $11111 | $11034 | $10314 |
| **8/31/2023** | $11166 | $11084 | $10248 |
| **9/30/2023** | $11199 | $11134 | $9988 |
| **10/31/2023** | $11244 | $11184 | $9830 |
| **11/30/2023** | $11323 | $11236 | $10275 |
| **12/31/2023** | $11405 | $11290 | $10669 |
| **1/31/2024** | $11476 | $11339 | $10639 |
| **2/29/2024** | $11523 | $11383 | $10489 |
| **3/31/2024** | $11572 | $11435 | $10586 |
| **4/30/2024** | $11622 | $11482 | $10319 |
| **5/31/2024** | $11684 | $11538 | $10493 |
| **6/30/2024** | $11735 | $11586 | $10593 |
| **7/31/2024** | $11821 | $11640 | $10840 |
| **8/31/2024** | $11885 | $11698 | $10996 |
| **9/30/2024** | $11947 | $11751 | $11143 |
| **10/31/2024** | $11985 | $11795 | $10867 |
| **11/30/2024** | $12045 | $11840 | $10982 |
| **12/31/2024** | $12093 | $11889 | $10802 |
| **1/31/2025** | $12141 | $11933 | $10859 |
| **2/28/2025** | $12199 | $11972 | $11098 |
| **3/31/2025** | $12236 | $12013 | $11102 |
| **4/30/2025** | $12283 | $12055 | $11146 |
| **5/31/2025** | $12331 | $12097 | $11066 |
| **6/30/2025** | $12390 | $12139 | $11236 |
| **7/31/2025** | $12426 | $12181 | $11207 |
| **8/31/2025** | $12499 | $12232 | $11341 |
| **9/30/2025** | $12545 | $12274 | $11465 |
| **10/31/2025** | $12579 | $12318 | $11536 |
| **11/30/2025** | $12637 | $12356 | $11608 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 10/17/16 |
| Class F at NAV | 4.92% | 3.23% | 2.60% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.65% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LUBFX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8806-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LUBOX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $24 | 0.23% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.09%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0b440005136baa68e5fb6d0f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10010 | $10006 | $10051 |
| **5/31/2017** | $10031 | $10010 | $10128 |
| **6/30/2017** | $10033 | $10019 | $10118 |
| **7/31/2017** | $10045 | $10026 | $10162 |
| **8/31/2017** | $10057 | $10037 | $10253 |
| **9/30/2017** | $10070 | $10045 | $10204 |
| **10/31/2017** | $10083 | $10053 | $10210 |
| **11/30/2017** | $10096 | $10060 | $10197 |
| **12/31/2017** | $10110 | $10070 | $10244 |
| **1/31/2018** | $10125 | $10081 | $10126 |
| **2/28/2018** | $10130 | $10090 | $10030 |
| **3/31/2018** | $10147 | $10104 | $10094 |
| **4/30/2018** | $10166 | $10118 | $10019 |
| **5/31/2018** | $10196 | $10133 | $10091 |
| **6/30/2018** | $10216 | $10150 | $10078 |
| **7/31/2018** | $10237 | $10166 | $10080 |
| **8/31/2018** | $10258 | $10185 | $10145 |
| **9/30/2018** | $10278 | $10200 | $10080 |
| **10/31/2018** | $10299 | $10218 | $10000 |
| **11/30/2018** | $10311 | $10238 | $10060 |
| **12/31/2018** | $10324 | $10259 | $10245 |
| **1/31/2019** | $10359 | $10281 | $10354 |
| **2/28/2019** | $10392 | $10300 | $10348 |
| **3/31/2019** | $10427 | $10323 | $10546 |
| **4/30/2019** | $10451 | $10343 | $10549 |
| **5/31/2019** | $10476 | $10367 | $10736 |
| **6/30/2019** | $10510 | $10392 | $10871 |
| **7/31/2019** | $10533 | $10411 | $10895 |
| **8/31/2019** | $10555 | $10433 | $11177 |
| **9/30/2019** | $10577 | $10450 | $11118 |
| **10/31/2019** | $10598 | $10472 | $11151 |
| **11/30/2019** | $10617 | $10484 | $11146 |
| **12/31/2019** | $10637 | $10500 | $11138 |
| **1/31/2020** | $10656 | $10514 | $11352 |
| **2/29/2020** | $10673 | $10534 | $11557 |
| **3/31/2020** | $10499 | $10568 | $11489 |
| **4/30/2020** | $10620 | $10569 | $11693 |
| **5/31/2020** | $10676 | $10569 | $11747 |
| **6/30/2020** | $10728 | $10570 | $11821 |
| **7/31/2020** | $10748 | $10573 | $11998 |
| **8/31/2020** | $10755 | $10573 | $11901 |
| **9/30/2020** | $10760 | $10575 | $11894 |
| **10/31/2020** | $10766 | $10576 | $11841 |
| **11/30/2020** | $10771 | $10577 | $11958 |
| **12/31/2020** | $10775 | $10578 | $11974 |
| **1/31/2021** | $10780 | $10578 | $11888 |
| **2/28/2021** | $10784 | $10579 | $11716 |
| **3/31/2021** | $10778 | $10580 | $11570 |
| **4/30/2021** | $10784 | $10581 | $11662 |
| **5/31/2021** | $10789 | $10581 | $11700 |
| **6/30/2021** | $10794 | $10581 | $11782 |
| **7/31/2021** | $10799 | $10581 | $11914 |
| **8/31/2021** | $10804 | $10582 | $11891 |
| **9/30/2021** | $10799 | $10582 | $11788 |
| **10/31/2021** | $10794 | $10582 | $11785 |
| **11/30/2021** | $10788 | $10582 | $11820 |
| **12/31/2021** | $10786 | $10583 | $11789 |
| **1/31/2022** | $10770 | $10580 | $11535 |
| **2/28/2022** | $10754 | $10580 | $11407 |
| **3/31/2022** | $10707 | $10580 | $11090 |
| **4/30/2022** | $10694 | $10582 | $10669 |
| **5/31/2022** | $10683 | $10589 | $10738 |
| **6/30/2022** | $10653 | $10588 | $10569 |
| **7/31/2022** | $10690 | $10596 | $10828 |
| **8/31/2022** | $10710 | $10612 | $10522 |
| **9/30/2022** | $10677 | $10632 | $10067 |
| **10/31/2022** | $10680 | $10649 | $9937 |
| **11/30/2022** | $10742 | $10683 | $10302 |
| **12/31/2022** | $10795 | $10724 | $10256 |
| **1/31/2023** | $10884 | $10759 | $10571 |
| **2/28/2023** | $10906 | $10794 | $10298 |
| **3/31/2023** | $10955 | $10845 | $10559 |
| **4/30/2023** | $11004 | $10881 | $10623 |
| **5/31/2023** | $11034 | $10920 | $10508 |
| **6/30/2023** | $11075 | $10969 | $10470 |
| **7/31/2023** | $11142 | $11014 | $10463 |
| **8/31/2023** | $11199 | $11064 | $10396 |
| **9/30/2023** | $11233 | $11114 | $10132 |
| **10/31/2023** | $11280 | $11164 | $9972 |
| **11/30/2023** | $11360 | $11216 | $10424 |
| **12/31/2023** | $11444 | $11271 | $10823 |
| **1/31/2024** | $11517 | $11319 | $10793 |
| **2/29/2024** | $11565 | $11363 | $10640 |
| **3/31/2024** | $11616 | $11415 | $10739 |
| **4/30/2024** | $11667 | $11462 | $10467 |
| **5/31/2024** | $11732 | $11518 | $10645 |
| **6/30/2024** | $11784 | $11565 | $10746 |
| **7/31/2024** | $11872 | $11619 | $10997 |
| **8/31/2024** | $11938 | $11678 | $11155 |
| **9/30/2024** | $12001 | $11731 | $11304 |
| **10/31/2024** | $12041 | $11774 | $11024 |
| **11/30/2024** | $12103 | $11820 | $11140 |
| **12/31/2024** | $12153 | $11868 | $10958 |
| **1/31/2025** | $12203 | $11912 | $11016 |
| **2/28/2025** | $12263 | $11951 | $11258 |
| **3/31/2025** | $12301 | $11992 | $11263 |
| **4/30/2025** | $12350 | $12034 | $11307 |
| **5/31/2025** | $12400 | $12076 | $11226 |
| **6/30/2025** | $12461 | $12118 | $11399 |
| **7/31/2025** | $12499 | $12160 | $11368 |
| **8/31/2025** | $12574 | $12210 | $11504 |
| **9/30/2025** | $12622 | $12253 | $11630 |
| **10/31/2025** | $12658 | $12297 | $11703 |
| **11/30/2025** | $12718 | $12334 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 5.09% | 3.38% | 2.82% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.45% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LUBOX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8993-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LUBYX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $30 | 0.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.13%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic3c430ac6583ede22c16e982.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/17/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $10005 | $10002 | $9975 |
| **11/30/2016** | $10017 | $10002 | $9739 |
| **12/31/2016** | $10019 | $10006 | $9753 |
| **1/31/2017** | $10038 | $10012 | $9772 |
| **2/28/2017** | $10048 | $10016 | $9838 |
| **3/31/2017** | $10058 | $10017 | $9832 |
| **4/30/2017** | $10079 | $10023 | $9908 |
| **5/31/2017** | $10090 | $10028 | $9984 |
| **6/30/2017** | $10102 | $10036 | $9974 |
| **7/31/2017** | $10113 | $10044 | $10017 |
| **8/31/2017** | $10126 | $10054 | $10107 |
| **9/30/2017** | $10138 | $10063 | $10059 |
| **10/31/2017** | $10151 | $10071 | $10065 |
| **11/30/2017** | $10164 | $10078 | $10052 |
| **12/31/2017** | $10178 | $10088 | $10098 |
| **1/31/2018** | $10192 | $10099 | $9982 |
| **2/28/2018** | $10197 | $10107 | $9887 |
| **3/31/2018** | $10214 | $10121 | $9951 |
| **4/30/2018** | $10232 | $10135 | $9877 |
| **5/31/2018** | $10252 | $10151 | $9947 |
| **6/30/2018** | $10272 | $10167 | $9935 |
| **7/31/2018** | $10292 | $10183 | $9937 |
| **8/31/2018** | $10323 | $10203 | $10001 |
| **9/30/2018** | $10344 | $10218 | $9937 |
| **10/31/2018** | $10355 | $10236 | $9858 |
| **11/30/2018** | $10366 | $10256 | $9917 |
| **12/31/2018** | $10389 | $10277 | $10099 |
| **1/31/2019** | $10424 | $10299 | $10207 |
| **2/28/2019** | $10457 | $10318 | $10201 |
| **3/31/2019** | $10482 | $10341 | $10396 |
| **4/30/2019** | $10516 | $10361 | $10399 |
| **5/31/2019** | $10540 | $10386 | $10584 |
| **6/30/2019** | $10563 | $10410 | $10717 |
| **7/31/2019** | $10586 | $10429 | $10740 |
| **8/31/2019** | $10608 | $10451 | $11019 |
| **9/30/2019** | $10629 | $10468 | $10960 |
| **10/31/2019** | $10661 | $10490 | $10993 |
| **11/30/2019** | $10680 | $10503 | $10987 |
| **12/31/2019** | $10699 | $10518 | $10980 |
| **1/31/2020** | $10718 | $10533 | $11191 |
| **2/29/2020** | $10735 | $10552 | $11392 |
| **3/31/2020** | $10559 | $10587 | $11325 |
| **4/30/2020** | $10681 | $10587 | $11527 |
| **5/31/2020** | $10736 | $10587 | $11580 |
| **6/30/2020** | $10778 | $10589 | $11653 |
| **7/31/2020** | $10808 | $10591 | $11827 |
| **8/31/2020** | $10815 | $10592 | $11732 |
| **9/30/2020** | $10820 | $10593 | $11725 |
| **10/31/2020** | $10825 | $10594 | $11673 |
| **11/30/2020** | $10830 | $10595 | $11788 |
| **12/31/2020** | $10834 | $10596 | $11804 |
| **1/31/2021** | $10838 | $10597 | $11719 |
| **2/28/2021** | $10842 | $10598 | $11550 |
| **3/31/2021** | $10836 | $10599 | $11406 |
| **4/30/2021** | $10841 | $10599 | $11496 |
| **5/31/2021** | $10845 | $10600 | $11533 |
| **6/30/2021** | $10850 | $10599 | $11614 |
| **7/31/2021** | $10855 | $10600 | $11744 |
| **8/31/2021** | $10860 | $10601 | $11722 |
| **9/30/2021** | $10854 | $10601 | $11620 |
| **10/31/2021** | $10848 | $10601 | $11617 |
| **11/30/2021** | $10843 | $10601 | $11652 |
| **12/31/2021** | $10840 | $10602 | $11622 |
| **1/31/2022** | $10823 | $10599 | $11371 |
| **2/28/2022** | $10807 | $10599 | $11245 |
| **3/31/2022** | $10760 | $10599 | $10932 |
| **4/30/2022** | $10746 | $10601 | $10517 |
| **5/31/2022** | $10734 | $10607 | $10585 |
| **6/30/2022** | $10703 | $10607 | $10419 |
| **7/31/2022** | $10740 | $10614 | $10674 |
| **8/31/2022** | $10760 | $10631 | $10372 |
| **9/30/2022** | $10726 | $10651 | $9924 |
| **10/31/2022** | $10730 | $10668 | $9795 |
| **11/30/2022** | $10791 | $10702 | $10156 |
| **12/31/2022** | $10844 | $10743 | $10110 |
| **1/31/2023** | $10933 | $10778 | $10421 |
| **2/28/2023** | $10966 | $10813 | $10151 |
| **3/31/2023** | $11003 | $10864 | $10409 |
| **4/30/2023** | $11052 | $10900 | $10472 |
| **5/31/2023** | $11082 | $10940 | $10358 |
| **6/30/2023** | $11123 | $10989 | $10321 |
| **7/31/2023** | $11189 | $11034 | $10314 |
| **8/31/2023** | $11247 | $11084 | $10248 |
| **9/30/2023** | $11281 | $11134 | $9988 |
| **10/31/2023** | $11327 | $11184 | $9830 |
| **11/30/2023** | $11407 | $11236 | $10275 |
| **12/31/2023** | $11490 | $11290 | $10669 |
| **1/31/2024** | $11563 | $11339 | $10639 |
| **2/29/2024** | $11611 | $11383 | $10489 |
| **3/31/2024** | $11662 | $11435 | $10586 |
| **4/30/2024** | $11713 | $11482 | $10319 |
| **5/31/2024** | $11777 | $11538 | $10493 |
| **6/30/2024** | $11829 | $11586 | $10593 |
| **7/31/2024** | $11917 | $11640 | $10840 |
| **8/31/2024** | $11982 | $11698 | $10996 |
| **9/30/2024** | $12046 | $11751 | $11143 |
| **10/31/2024** | $12085 | $11795 | $10867 |
| **11/30/2024** | $12134 | $11840 | $10982 |
| **12/31/2024** | $12196 | $11889 | $10802 |
| **1/31/2025** | $12246 | $11933 | $10859 |
| **2/28/2025** | $12305 | $11972 | $11098 |
| **3/31/2025** | $12343 | $12013 | $11102 |
| **4/30/2025** | $12392 | $12055 | $11146 |
| **5/31/2025** | $12441 | $12097 | $11066 |
| **6/30/2025** | $12502 | $12139 | $11236 |
| **7/31/2025** | $12539 | $12181 | $11207 |
| **8/31/2025** | $12613 | $12232 | $11341 |
| **9/30/2025** | $12662 | $12274 | $11465 |
| **10/31/2025** | $12697 | $12318 | $11536 |
| **11/30/2025** | $12756 | $12356 | $11608 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 10/17/16 |
| Class I at NAV | 5.13% | 3.33% | 2.71% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.65% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LUBYX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8807-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LUBVX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $30 | 0.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.03%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i032ea386735c79624fbe6dd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/17/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $10005 | $10002 | $9975 |
| **11/30/2016** | $10017 | $10002 | $9739 |
| **12/31/2016** | $10019 | $10006 | $9753 |
| **1/31/2017** | $10038 | $10012 | $9772 |
| **2/28/2017** | $10048 | $10016 | $9838 |
| **3/31/2017** | $10058 | $10017 | $9832 |
| **4/30/2017** | $10079 | $10023 | $9908 |
| **5/31/2017** | $10091 | $10028 | $9984 |
| **6/30/2017** | $10102 | $10036 | $9974 |
| **7/31/2017** | $10114 | $10044 | $10017 |
| **8/31/2017** | $10127 | $10054 | $10107 |
| **9/30/2017** | $10139 | $10063 | $10059 |
| **10/31/2017** | $10152 | $10071 | $10065 |
| **11/30/2017** | $10165 | $10078 | $10052 |
| **12/31/2017** | $10179 | $10088 | $10098 |
| **1/31/2018** | $10194 | $10099 | $9982 |
| **2/28/2018** | $10209 | $10107 | $9887 |
| **3/31/2018** | $10216 | $10121 | $9951 |
| **4/30/2018** | $10245 | $10135 | $9877 |
| **5/31/2018** | $10265 | $10151 | $9947 |
| **6/30/2018** | $10285 | $10167 | $9935 |
| **7/31/2018** | $10306 | $10183 | $9937 |
| **8/31/2018** | $10327 | $10203 | $10001 |
| **9/30/2018** | $10347 | $10218 | $9937 |
| **10/31/2018** | $10369 | $10236 | $9858 |
| **11/30/2018** | $10380 | $10256 | $9917 |
| **12/31/2018** | $10393 | $10277 | $10099 |
| **1/31/2019** | $10428 | $10299 | $10207 |
| **2/28/2019** | $10462 | $10318 | $10201 |
| **3/31/2019** | $10497 | $10341 | $10396 |
| **4/30/2019** | $10521 | $10361 | $10399 |
| **5/31/2019** | $10545 | $10386 | $10584 |
| **6/30/2019** | $10579 | $10410 | $10717 |
| **7/31/2019** | $10602 | $10429 | $10740 |
| **8/31/2019** | $10624 | $10451 | $11019 |
| **9/30/2019** | $10645 | $10468 | $10960 |
| **10/31/2019** | $10666 | $10490 | $10993 |
| **11/30/2019** | $10685 | $10503 | $10987 |
| **12/31/2019** | $10704 | $10518 | $10980 |
| **1/31/2020** | $10723 | $10533 | $11191 |
| **2/29/2020** | $10740 | $10552 | $11392 |
| **3/31/2020** | $10564 | $10587 | $11325 |
| **4/30/2020** | $10687 | $10587 | $11527 |
| **5/31/2020** | $10742 | $10587 | $11580 |
| **6/30/2020** | $10795 | $10589 | $11653 |
| **7/31/2020** | $10814 | $10591 | $11827 |
| **8/31/2020** | $10821 | $10592 | $11732 |
| **9/30/2020** | $10826 | $10593 | $11725 |
| **10/31/2020** | $10831 | $10594 | $11673 |
| **11/30/2020** | $10836 | $10595 | $11788 |
| **12/31/2020** | $10840 | $10596 | $11804 |
| **1/31/2021** | $10844 | $10597 | $11719 |
| **2/28/2021** | $10848 | $10598 | $11550 |
| **3/31/2021** | $10842 | $10599 | $11406 |
| **4/30/2021** | $10846 | $10599 | $11496 |
| **5/31/2021** | $10862 | $10600 | $11533 |
| **6/30/2021** | $10856 | $10599 | $11614 |
| **7/31/2021** | $10861 | $10600 | $11744 |
| **8/31/2021** | $10866 | $10601 | $11722 |
| **9/30/2021** | $10860 | $10601 | $11620 |
| **10/31/2021** | $10854 | $10601 | $11617 |
| **11/30/2021** | $10848 | $10601 | $11652 |
| **12/31/2021** | $10846 | $10602 | $11622 |
| **1/31/2022** | $10840 | $10599 | $11371 |
| **2/28/2022** | $10814 | $10599 | $11245 |
| **3/31/2022** | $10766 | $10599 | $10932 |
| **4/30/2022** | $10752 | $10601 | $10517 |
| **5/31/2022** | $10741 | $10607 | $10585 |
| **6/30/2022** | $10709 | $10607 | $10419 |
| **7/31/2022** | $10747 | $10614 | $10674 |
| **8/31/2022** | $10766 | $10631 | $10372 |
| **9/30/2022** | $10744 | $10651 | $9924 |
| **10/31/2022** | $10736 | $10668 | $9795 |
| **11/30/2022** | $10797 | $10702 | $10156 |
| **12/31/2022** | $10850 | $10743 | $10110 |
| **1/31/2023** | $10939 | $10778 | $10421 |
| **2/28/2023** | $10972 | $10813 | $10151 |
| **3/31/2023** | $11009 | $10864 | $10409 |
| **4/30/2023** | $11059 | $10900 | $10472 |
| **5/31/2023** | $11088 | $10940 | $10358 |
| **6/30/2023** | $11130 | $10989 | $10321 |
| **7/31/2023** | $11196 | $11034 | $10314 |
| **8/31/2023** | $11253 | $11084 | $10248 |
| **9/30/2023** | $11287 | $11134 | $9988 |
| **10/31/2023** | $11334 | $11184 | $9830 |
| **11/30/2023** | $11426 | $11236 | $10275 |
| **12/31/2023** | $11497 | $11290 | $10669 |
| **1/31/2024** | $11570 | $11339 | $10639 |
| **2/29/2024** | $11618 | $11383 | $10489 |
| **3/31/2024** | $11669 | $11435 | $10586 |
| **4/30/2024** | $11720 | $11482 | $10319 |
| **5/31/2024** | $11784 | $11538 | $10493 |
| **6/30/2024** | $11848 | $11586 | $10593 |
| **7/31/2024** | $11924 | $11640 | $10840 |
| **8/31/2024** | $11989 | $11698 | $10996 |
| **9/30/2024** | $12053 | $11751 | $11143 |
| **10/31/2024** | $12092 | $11795 | $10867 |
| **11/30/2024** | $12154 | $11840 | $10982 |
| **12/31/2024** | $12204 | $11889 | $10802 |
| **1/31/2025** | $12253 | $11933 | $10859 |
| **2/28/2025** | $12313 | $11972 | $11098 |
| **3/31/2025** | $12351 | $12013 | $11102 |
| **4/30/2025** | $12400 | $12055 | $11146 |
| **5/31/2025** | $12449 | $12097 | $11066 |
| **6/30/2025** | $12510 | $12139 | $11236 |
| **7/31/2025** | $12547 | $12181 | $11207 |
| **8/31/2025** | $12621 | $12232 | $11341 |
| **9/30/2025** | $12670 | $12274 | $11465 |
| **10/31/2025** | $12718 | $12318 | $11536 |
| **11/30/2025** | $12764 | $12356 | $11608 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 10/17/16 |
| Class R5 at NAV | 5.03% | 3.33% | 2.71% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.65% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LUBVX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8808-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LUBWX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $24 | 0.23% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.09%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 4.35% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA US Treasury Bill Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 5.70% over the same period. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to fixed and floating rate investment grade corporate bonds contributed to relative performance. The Fund's allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** There were no significant detractors from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icee1df0f1bfce7dfd1da1ae6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA US Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/17/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $10005 | $10002 | $9975 |
| **11/30/2016** | $10018 | $10002 | $9739 |
| **12/31/2016** | $10020 | $10006 | $9753 |
| **1/31/2017** | $10040 | $10012 | $9772 |
| **2/28/2017** | $10050 | $10016 | $9838 |
| **3/31/2017** | $10061 | $10017 | $9832 |
| **4/30/2017** | $10082 | $10023 | $9908 |
| **5/31/2017** | $10094 | $10028 | $9984 |
| **6/30/2017** | $10106 | $10036 | $9974 |
| **7/31/2017** | $10118 | $10044 | $10017 |
| **8/31/2017** | $10131 | $10054 | $10107 |
| **9/30/2017** | $10144 | $10063 | $10059 |
| **10/31/2017** | $10158 | $10071 | $10065 |
| **11/30/2017** | $10171 | $10078 | $10052 |
| **12/31/2017** | $10185 | $10088 | $10098 |
| **1/31/2018** | $10201 | $10099 | $9982 |
| **2/28/2018** | $10216 | $10107 | $9887 |
| **3/31/2018** | $10223 | $10121 | $9951 |
| **4/30/2018** | $10252 | $10135 | $9877 |
| **5/31/2018** | $10272 | $10151 | $9947 |
| **6/30/2018** | $10292 | $10167 | $9935 |
| **7/31/2018** | $10313 | $10183 | $9937 |
| **8/31/2018** | $10334 | $10203 | $10001 |
| **9/30/2018** | $10355 | $10218 | $9937 |
| **10/31/2018** | $10376 | $10236 | $9858 |
| **11/30/2018** | $10387 | $10256 | $9917 |
| **12/31/2018** | $10400 | $10277 | $10099 |
| **1/31/2019** | $10446 | $10299 | $10207 |
| **2/28/2019** | $10469 | $10318 | $10201 |
| **3/31/2019** | $10493 | $10341 | $10396 |
| **4/30/2019** | $10528 | $10361 | $10399 |
| **5/31/2019** | $10552 | $10386 | $10584 |
| **6/30/2019** | $10586 | $10410 | $10717 |
| **7/31/2019** | $10610 | $10429 | $10740 |
| **8/31/2019** | $10632 | $10451 | $11019 |
| **9/30/2019** | $10654 | $10468 | $10960 |
| **10/31/2019** | $10675 | $10490 | $10993 |
| **11/30/2019** | $10695 | $10503 | $10987 |
| **12/31/2019** | $10714 | $10518 | $10980 |
| **1/31/2020** | $10744 | $10533 | $11191 |
| **2/29/2020** | $10762 | $10552 | $11392 |
| **3/31/2020** | $10586 | $10587 | $11325 |
| **4/30/2020** | $10709 | $10587 | $11527 |
| **5/31/2020** | $10765 | $10587 | $11580 |
| **6/30/2020** | $10807 | $10589 | $11653 |
| **7/31/2020** | $10827 | $10591 | $11827 |
| **8/31/2020** | $10834 | $10592 | $11732 |
| **9/30/2020** | $10840 | $10593 | $11725 |
| **10/31/2020** | $10845 | $10594 | $11673 |
| **11/30/2020** | $10850 | $10595 | $11788 |
| **12/31/2020** | $10855 | $10596 | $11804 |
| **1/31/2021** | $10859 | $10597 | $11719 |
| **2/28/2021** | $10864 | $10598 | $11550 |
| **3/31/2021** | $10858 | $10599 | $11406 |
| **4/30/2021** | $10863 | $10599 | $11496 |
| **5/31/2021** | $10879 | $10600 | $11533 |
| **6/30/2021** | $10873 | $10599 | $11614 |
| **7/31/2021** | $10879 | $10600 | $11744 |
| **8/31/2021** | $10884 | $10601 | $11722 |
| **9/30/2021** | $10889 | $10601 | $11620 |
| **10/31/2021** | $10873 | $10601 | $11617 |
| **11/30/2021** | $10868 | $10601 | $11652 |
| **12/31/2021** | $10876 | $10602 | $11622 |
| **1/31/2022** | $10860 | $10599 | $11371 |
| **2/28/2022** | $10834 | $10599 | $11245 |
| **3/31/2022** | $10786 | $10599 | $10932 |
| **4/30/2022** | $10773 | $10601 | $10517 |
| **5/31/2022** | $10773 | $10607 | $10585 |
| **6/30/2022** | $10731 | $10607 | $10419 |
| **7/31/2022** | $10769 | $10614 | $10674 |
| **8/31/2022** | $10789 | $10631 | $10372 |
| **9/30/2022** | $10767 | $10651 | $9924 |
| **10/31/2022** | $10759 | $10668 | $9795 |
| **11/30/2022** | $10821 | $10702 | $10156 |
| **12/31/2022** | $10874 | $10743 | $10110 |
| **1/31/2023** | $10964 | $10778 | $10421 |
| **2/28/2023** | $10998 | $10813 | $10151 |
| **3/31/2023** | $11035 | $10864 | $10409 |
| **4/30/2023** | $11086 | $10900 | $10472 |
| **5/31/2023** | $11116 | $10940 | $10358 |
| **6/30/2023** | $11157 | $10989 | $10321 |
| **7/31/2023** | $11224 | $11034 | $10314 |
| **8/31/2023** | $11282 | $11084 | $10248 |
| **9/30/2023** | $11316 | $11134 | $9988 |
| **10/31/2023** | $11363 | $11184 | $9830 |
| **11/30/2023** | $11456 | $11236 | $10275 |
| **12/31/2023** | $11528 | $11290 | $10669 |
| **1/31/2024** | $11602 | $11339 | $10639 |
| **2/29/2024** | $11651 | $11383 | $10489 |
| **3/31/2024** | $11702 | $11435 | $10586 |
| **4/30/2024** | $11754 | $11482 | $10319 |
| **5/31/2024** | $11818 | $11538 | $10493 |
| **6/30/2024** | $11883 | $11586 | $10593 |
| **7/31/2024** | $11960 | $11640 | $10840 |
| **8/31/2024** | $12026 | $11698 | $10996 |
| **9/30/2024** | $12090 | $11751 | $11143 |
| **10/31/2024** | $12130 | $11795 | $10867 |
| **11/30/2024** | $12192 | $11840 | $10982 |
| **12/31/2024** | $12243 | $11889 | $10802 |
| **1/31/2025** | $12293 | $11933 | $10859 |
| **2/28/2025** | $12353 | $11972 | $11098 |
| **3/31/2025** | $12392 | $12013 | $11102 |
| **4/30/2025** | $12441 | $12055 | $11146 |
| **5/31/2025** | $12491 | $12097 | $11066 |
| **6/30/2025** | $12553 | $12139 | $11236 |
| **7/31/2025** | $12591 | $12181 | $11207 |
| **8/31/2025** | $12666 | $12232 | $11341 |
| **9/30/2025** | $12716 | $12274 | $11465 |
| **10/31/2025** | $12765 | $12318 | $11536 |
| **11/30/2025** | $12812 | $12356 | $11608 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 10/17/16 |
| Class R6 at NAV | 5.09% | 3.38% | 2.75% |
| ICE BofA US Treasury Bill Index | 4.35% | 3.12% | 2.35% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.65% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $15000358590 |
| # of Portfolio Holdings | 586 |
| Portfolio Turnover Rate | 72% |
| Total Advisory Fees Paid | $22364505 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 28.80% |
| Commercial Paper | 11.33% |
| Corporate Bonds | 47.18% |
| Floating Rate Loans | 4.34% |
| Foreign Government Obligations | 0.56% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.81% |
| U.S. Treasury Obligations | 2.75% |
| Repurchase Agreements | 0.20% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LUBWX

# Lord Abbett Ultra Short Bond Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8809-R6

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class A

# LTRAX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.78%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia753f0d9c2f8e7404655e55a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $9772 | $10000 | $10000 |
| **12/31/2015** | $9699 | $9950 | $9968 |
| **1/31/2016** | $9752 | $10060 | $10105 |
| **2/29/2016** | $9805 | $10131 | $10177 |
| **3/31/2016** | $9972 | $10255 | $10270 |
| **4/30/2016** | $10064 | $10325 | $10309 |
| **5/31/2016** | $10067 | $10334 | $10312 |
| **6/30/2016** | $10243 | $10515 | $10497 |
| **7/31/2016** | $10342 | $10602 | $10564 |
| **8/31/2016** | $10365 | $10613 | $10552 |
| **9/30/2016** | $10360 | $10616 | $10545 |
| **10/31/2016** | $10307 | $10546 | $10465 |
| **11/30/2016** | $10068 | $10308 | $10217 |
| **12/31/2016** | $10092 | $10339 | $10232 |
| **1/31/2017** | $10133 | $10376 | $10252 |
| **2/28/2017** | $10214 | $10456 | $10321 |
| **3/31/2017** | $10207 | $10452 | $10315 |
| **4/30/2017** | $10288 | $10539 | $10395 |
| **5/31/2017** | $10350 | $10620 | $10475 |
| **6/30/2017** | $10353 | $10611 | $10464 |
| **7/31/2017** | $10405 | $10664 | $10509 |
| **8/31/2017** | $10478 | $10756 | $10603 |
| **9/30/2017** | $10439 | $10718 | $10553 |
| **10/31/2017** | $10442 | $10731 | $10559 |
| **11/30/2017** | $10435 | $10715 | $10546 |
| **12/31/2017** | $10478 | $10762 | $10594 |
| **1/31/2018** | $10380 | $10659 | $10472 |
| **2/28/2018** | $10282 | $10557 | $10373 |
| **3/31/2018** | $10320 | $10611 | $10439 |
| **4/30/2018** | $10257 | $10540 | $10362 |
| **5/31/2018** | $10296 | $10597 | $10435 |
| **6/30/2018** | $10283 | $10582 | $10423 |
| **7/31/2018** | $10302 | $10604 | $10425 |
| **8/31/2018** | $10342 | $10656 | $10492 |
| **9/30/2018** | $10310 | $10611 | $10425 |
| **10/31/2018** | $10226 | $10522 | $10342 |
| **11/30/2018** | $10256 | $10569 | $10404 |
| **12/31/2018** | $10380 | $10735 | $10595 |
| **1/31/2019** | $10533 | $10883 | $10708 |
| **2/28/2019** | $10538 | $10894 | $10701 |
| **3/31/2019** | $10715 | $11091 | $10907 |
| **4/30/2019** | $10733 | $11107 | $10910 |
| **5/31/2019** | $10890 | $11277 | $11103 |
| **6/30/2019** | $11036 | $11436 | $11243 |
| **7/31/2019** | $11072 | $11470 | $11268 |
| **8/31/2019** | $11266 | $11730 | $11560 |
| **9/30/2019** | $11219 | $11679 | $11498 |
| **10/31/2019** | $11242 | $11717 | $11533 |
| **11/30/2019** | $11242 | $11715 | $11527 |
| **12/31/2019** | $11244 | $11732 | $11519 |
| **1/31/2020** | $11471 | $11943 | $11740 |
| **2/29/2020** | $11613 | $12121 | $11952 |
| **3/31/2020** | $11112 | $11885 | $11881 |
| **4/30/2020** | $11335 | $12123 | $12093 |
| **5/31/2020** | $11480 | $12236 | $12149 |
| **6/30/2020** | $11615 | $12338 | $12225 |
| **7/31/2020** | $11890 | $12555 | $12408 |
| **8/31/2020** | $11848 | $12482 | $12308 |
| **9/30/2020** | $11827 | $12460 | $12301 |
| **10/31/2020** | $11792 | $12415 | $12246 |
| **11/30/2020** | $11988 | $12577 | $12366 |
| **12/31/2020** | $12071 | $12621 | $12383 |
| **1/31/2021** | $12021 | $12541 | $12295 |
| **2/28/2021** | $11894 | $12380 | $12117 |
| **3/31/2021** | $11779 | $12236 | $11966 |
| **4/30/2021** | $11889 | $12339 | $12060 |
| **5/31/2021** | $11934 | $12386 | $12100 |
| **6/30/2021** | $12047 | $12476 | $12185 |
| **7/31/2021** | $12159 | $12601 | $12321 |
| **8/31/2021** | $12145 | $12593 | $12297 |
| **9/30/2021** | $12052 | $12485 | $12191 |
| **10/31/2021** | $12049 | $12475 | $12188 |
| **11/30/2021** | $12069 | $12490 | $12224 |
| **12/31/2021** | $12058 | $12482 | $12192 |
| **1/31/2022** | $11826 | $12208 | $11930 |
| **2/28/2022** | $11686 | $12042 | $11797 |
| **3/31/2022** | $11364 | $11718 | $11469 |
| **4/30/2022** | $10970 | $11281 | $11034 |
| **5/31/2022** | $10939 | $11344 | $11105 |
| **6/30/2022** | $10676 | $11117 | $10931 |
| **7/31/2022** | $10953 | $11396 | $11198 |
| **8/31/2022** | $10693 | $11100 | $10881 |
| **9/30/2022** | $10196 | $10622 | $10411 |
| **10/31/2022** | $10064 | $10505 | $10276 |
| **11/30/2022** | $10406 | $10897 | $10654 |
| **12/31/2022** | $10361 | $10860 | $10606 |
| **1/31/2023** | $10719 | $11197 | $10932 |
| **2/28/2023** | $10466 | $10922 | $10650 |
| **3/31/2023** | $10686 | $11178 | $10920 |
| **4/30/2023** | $10749 | $11246 | $10987 |
| **5/31/2023** | $10619 | $11130 | $10867 |
| **6/30/2023** | $10610 | $11112 | $10828 |
| **7/31/2023** | $10638 | $11123 | $10821 |
| **8/31/2023** | $10581 | $11056 | $10751 |
| **9/30/2023** | $10327 | $10793 | $10478 |
| **10/31/2023** | $10172 | $10630 | $10313 |
| **11/30/2023** | $10610 | $11109 | $10780 |
| **12/31/2023** | $11013 | $11530 | $11193 |
| **1/31/2024** | $11006 | $11503 | $11162 |
| **2/29/2024** | $10885 | $11365 | $11004 |
| **3/31/2024** | $10992 | $11476 | $11106 |
| **4/30/2024** | $10745 | $11208 | $10825 |
| **5/31/2024** | $10916 | $11394 | $11009 |
| **6/30/2024** | $11023 | $11498 | $11113 |
| **7/31/2024** | $11272 | $11759 | $11373 |
| **8/31/2024** | $11458 | $11932 | $11536 |
| **9/30/2024** | $11605 | $12096 | $11690 |
| **10/31/2024** | $11338 | $11821 | $11401 |
| **11/30/2024** | $11473 | $11946 | $11521 |
| **12/31/2024** | $11296 | $11765 | $11332 |
| **1/31/2025** | $11380 | $11836 | $11393 |
| **2/28/2025** | $11608 | $12081 | $11643 |
| **3/31/2025** | $11589 | $12078 | $11648 |
| **4/30/2025** | $11583 | $12121 | $11693 |
| **5/31/2025** | $11536 | $12059 | $11610 |
| **6/30/2025** | $11727 | $12247 | $11788 |
| **7/31/2025** | $11710 | $12230 | $11757 |
| **8/31/2025** | $11850 | $12377 | $11898 |
| **9/30/2025** | $11990 | $12508 | $12028 |
| **10/31/2025** | $12063 | $12590 | $12103 |
| **11/30/2025** | $12136 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 5.78% | 0.25% | 2.19% |
| Class A with sales charge | 3.43% | (0.21%) | 1.95% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class A

# LTRAX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-275-A

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class C

# LTRCX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $132 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.11%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i871b44311387261b89fece73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9920 | $9950 | $9968 |
| **1/31/2016** | $9968 | $10060 | $10105 |
| **2/29/2016** | $10017 | $10131 | $10177 |
| **3/31/2016** | $10183 | $10255 | $10270 |
| **4/30/2016** | $10271 | $10325 | $10309 |
| **5/31/2016** | $10268 | $10334 | $10312 |
| **6/30/2016** | $10443 | $10515 | $10497 |
| **7/31/2016** | $10538 | $10602 | $10564 |
| **8/31/2016** | $10556 | $10613 | $10552 |
| **9/30/2016** | $10545 | $10616 | $10545 |
| **10/31/2016** | $10485 | $10546 | $10465 |
| **11/30/2016** | $10236 | $10308 | $10217 |
| **12/31/2016** | $10255 | $10339 | $10232 |
| **1/31/2017** | $10292 | $10376 | $10252 |
| **2/28/2017** | $10369 | $10456 | $10321 |
| **3/31/2017** | $10356 | $10452 | $10315 |
| **4/30/2017** | $10433 | $10539 | $10395 |
| **5/31/2017** | $10490 | $10620 | $10475 |
| **6/30/2017** | $10487 | $10611 | $10464 |
| **7/31/2017** | $10535 | $10664 | $10509 |
| **8/31/2017** | $10603 | $10756 | $10603 |
| **9/30/2017** | $10558 | $10718 | $10553 |
| **10/31/2017** | $10555 | $10731 | $10559 |
| **11/30/2017** | $10543 | $10715 | $10546 |
| **12/31/2017** | $10580 | $10762 | $10594 |
| **1/31/2018** | $10476 | $10659 | $10472 |
| **2/28/2018** | $10372 | $10557 | $10373 |
| **3/31/2018** | $10404 | $10611 | $10439 |
| **4/30/2018** | $10336 | $10540 | $10362 |
| **5/31/2018** | $10369 | $10597 | $10435 |
| **6/30/2018** | $10352 | $10582 | $10423 |
| **7/31/2018** | $10365 | $10604 | $10425 |
| **8/31/2018** | $10400 | $10656 | $10492 |
| **9/30/2018** | $10362 | $10611 | $10425 |
| **10/31/2018** | $10272 | $10522 | $10342 |
| **11/30/2018** | $10298 | $10569 | $10404 |
| **12/31/2018** | $10417 | $10735 | $10595 |
| **1/31/2019** | $10565 | $10883 | $10708 |
| **2/28/2019** | $10565 | $10894 | $10701 |
| **3/31/2019** | $10737 | $11091 | $10907 |
| **4/30/2019** | $10750 | $11107 | $10910 |
| **5/31/2019** | $10901 | $11277 | $11103 |
| **6/30/2019** | $11042 | $11436 | $11243 |
| **7/31/2019** | $11073 | $11470 | $11268 |
| **8/31/2019** | $11260 | $11730 | $11560 |
| **9/30/2019** | $11207 | $11679 | $11498 |
| **10/31/2019** | $11225 | $11717 | $11533 |
| **11/30/2019** | $11220 | $11715 | $11527 |
| **12/31/2019** | $11215 | $11732 | $11519 |
| **1/31/2020** | $11436 | $11943 | $11740 |
| **2/29/2020** | $11572 | $12121 | $11952 |
| **3/31/2020** | $11067 | $11885 | $11881 |
| **4/30/2020** | $11283 | $12123 | $12093 |
| **5/31/2020** | $11422 | $12236 | $12149 |
| **6/30/2020** | $11550 | $12338 | $12225 |
| **7/31/2020** | $11818 | $12555 | $12408 |
| **8/31/2020** | $11770 | $12482 | $12308 |
| **9/30/2020** | $11743 | $12460 | $12301 |
| **10/31/2020** | $11702 | $12415 | $12246 |
| **11/30/2020** | $11890 | $12577 | $12366 |
| **12/31/2020** | $11966 | $12621 | $12383 |
| **1/31/2021** | $11921 | $12541 | $12295 |
| **2/28/2021** | $11779 | $12380 | $12117 |
| **3/31/2021** | $11658 | $12236 | $11966 |
| **4/30/2021** | $11761 | $12339 | $12060 |
| **5/31/2021** | $11799 | $12386 | $12100 |
| **6/30/2021** | $11904 | $12476 | $12185 |
| **7/31/2021** | $12008 | $12601 | $12321 |
| **8/31/2021** | $11989 | $12593 | $12297 |
| **9/30/2021** | $11891 | $12485 | $12191 |
| **10/31/2021** | $11882 | $12475 | $12188 |
| **11/30/2021** | $11895 | $12490 | $12224 |
| **12/31/2021** | $11890 | $12482 | $12192 |
| **1/31/2022** | $11643 | $12208 | $11930 |
| **2/28/2022** | $11500 | $12042 | $11797 |
| **3/31/2022** | $11176 | $11718 | $11469 |
| **4/30/2022** | $10795 | $11281 | $11034 |
| **5/31/2022** | $10759 | $11344 | $11105 |
| **6/30/2022** | $10495 | $11117 | $10931 |
| **7/31/2022** | $10750 | $11396 | $11198 |
| **8/31/2022** | $10489 | $11100 | $10881 |
| **9/30/2022** | $10007 | $10622 | $10411 |
| **10/31/2022** | $9861 | $10505 | $10276 |
| **11/30/2022** | $10192 | $10897 | $10654 |
| **12/31/2022** | $10154 | $10860 | $10606 |
| **1/31/2023** | $10487 | $11197 | $10932 |
| **2/28/2023** | $10235 | $10922 | $10650 |
| **3/31/2023** | $10444 | $11178 | $10920 |
| **4/30/2023** | $10501 | $11246 | $10987 |
| **5/31/2023** | $10380 | $11130 | $10867 |
| **6/30/2023** | $10366 | $11112 | $10828 |
| **7/31/2023** | $10388 | $11123 | $10821 |
| **8/31/2023** | $10315 | $11056 | $10751 |
| **9/30/2023** | $10062 | $10793 | $10478 |
| **10/31/2023** | $9906 | $10630 | $10313 |
| **11/30/2023** | $10328 | $11109 | $10780 |
| **12/31/2023** | $10715 | $11530 | $11193 |
| **1/31/2024** | $10703 | $11503 | $11162 |
| **2/29/2024** | $10580 | $11365 | $11004 |
| **3/31/2024** | $10678 | $11476 | $11106 |
| **4/30/2024** | $10433 | $11208 | $10825 |
| **5/31/2024** | $10606 | $11394 | $11009 |
| **6/30/2024** | $10705 | $11498 | $11113 |
| **7/31/2024** | $10929 | $11759 | $11373 |
| **8/31/2024** | $11103 | $11932 | $11536 |
| **9/30/2024** | $11240 | $12096 | $11690 |
| **10/31/2024** | $10976 | $11821 | $11401 |
| **11/30/2024** | $11100 | $11946 | $11521 |
| **12/31/2024** | $10923 | $11765 | $11332 |
| **1/31/2025** | $10999 | $11836 | $11393 |
| **2/28/2025** | $11227 | $12081 | $11643 |
| **3/31/2025** | $11190 | $12078 | $11648 |
| **4/30/2025** | $11178 | $12121 | $11693 |
| **5/31/2025** | $11126 | $12059 | $11610 |
| **6/30/2025** | $11305 | $12247 | $11788 |
| **7/31/2025** | $11295 | $12230 | $11757 |
| **8/31/2025** | $11424 | $12377 | $11898 |
| **9/30/2025** | $11540 | $12508 | $12028 |
| **10/31/2025** | $11604 | $12590 | $12103 |
| **11/30/2025** | $11668 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 5.11% | (0.38%) | 1.55% |
| Class C with sales charge | 4.11% | (0.38%) | 1.55% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class C

# LTRCX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-585-C

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F

# LTRFX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.89%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95bc03f211956dc9a01772e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9926 | $9950 | $9968 |
| **1/31/2016** | $9981 | $10060 | $10105 |
| **2/29/2016** | $10036 | $10131 | $10177 |
| **3/31/2016** | $10208 | $10255 | $10270 |
| **4/30/2016** | $10303 | $10325 | $10309 |
| **5/31/2016** | $10306 | $10334 | $10312 |
| **6/30/2016** | $10478 | $10515 | $10497 |
| **7/31/2016** | $10590 | $10602 | $10564 |
| **8/31/2016** | $10604 | $10613 | $10552 |
| **9/30/2016** | $10610 | $10616 | $10545 |
| **10/31/2016** | $10546 | $10546 | $10465 |
| **11/30/2016** | $10312 | $10308 | $10217 |
| **12/31/2016** | $10337 | $10339 | $10232 |
| **1/31/2017** | $10380 | $10376 | $10252 |
| **2/28/2017** | $10454 | $10456 | $10321 |
| **3/31/2017** | $10457 | $10452 | $10315 |
| **4/30/2017** | $10542 | $10539 | $10395 |
| **5/31/2017** | $10606 | $10620 | $10475 |
| **6/30/2017** | $10609 | $10611 | $10464 |
| **7/31/2017** | $10654 | $10664 | $10509 |
| **8/31/2017** | $10739 | $10756 | $10603 |
| **9/30/2017** | $10700 | $10718 | $10553 |
| **10/31/2017** | $10704 | $10731 | $10559 |
| **11/30/2017** | $10698 | $10715 | $10546 |
| **12/31/2017** | $10743 | $10762 | $10594 |
| **1/31/2018** | $10643 | $10659 | $10472 |
| **2/28/2018** | $10544 | $10557 | $10373 |
| **3/31/2018** | $10583 | $10611 | $10439 |
| **4/30/2018** | $10519 | $10540 | $10362 |
| **5/31/2018** | $10560 | $10597 | $10435 |
| **6/30/2018** | $10549 | $10582 | $10423 |
| **7/31/2018** | $10569 | $10604 | $10425 |
| **8/31/2018** | $10611 | $10656 | $10492 |
| **9/30/2018** | $10578 | $10611 | $10425 |
| **10/31/2018** | $10493 | $10522 | $10342 |
| **11/30/2018** | $10525 | $10569 | $10404 |
| **12/31/2018** | $10653 | $10735 | $10595 |
| **1/31/2019** | $10811 | $10883 | $10708 |
| **2/28/2019** | $10817 | $10894 | $10701 |
| **3/31/2019** | $10999 | $11091 | $10907 |
| **4/30/2019** | $11019 | $11107 | $10910 |
| **5/31/2019** | $11180 | $11277 | $11103 |
| **6/30/2019** | $11331 | $11436 | $11243 |
| **7/31/2019** | $11370 | $11470 | $11268 |
| **8/31/2019** | $11569 | $11730 | $11560 |
| **9/30/2019** | $11522 | $11679 | $11498 |
| **10/31/2019** | $11546 | $11717 | $11533 |
| **11/30/2019** | $11537 | $11715 | $11527 |
| **12/31/2019** | $11550 | $11732 | $11519 |
| **1/31/2020** | $11785 | $11943 | $11740 |
| **2/29/2020** | $11932 | $12121 | $11952 |
| **3/31/2020** | $11418 | $11885 | $11881 |
| **4/30/2020** | $11648 | $12123 | $12093 |
| **5/31/2020** | $11798 | $12236 | $12149 |
| **6/30/2020** | $11926 | $12338 | $12225 |
| **7/31/2020** | $12221 | $12555 | $12408 |
| **8/31/2020** | $12179 | $12482 | $12308 |
| **9/30/2020** | $12159 | $12460 | $12301 |
| **10/31/2020** | $12124 | $12415 | $12246 |
| **11/30/2020** | $12326 | $12577 | $12366 |
| **12/31/2020** | $12401 | $12621 | $12383 |
| **1/31/2021** | $12362 | $12541 | $12295 |
| **2/28/2021** | $12233 | $12380 | $12117 |
| **3/31/2021** | $12103 | $12236 | $11966 |
| **4/30/2021** | $12230 | $12339 | $12060 |
| **5/31/2021** | $12276 | $12386 | $12100 |
| **6/30/2021** | $12394 | $12476 | $12185 |
| **7/31/2021** | $12510 | $12601 | $12321 |
| **8/31/2021** | $12497 | $12593 | $12297 |
| **9/30/2021** | $12402 | $12485 | $12191 |
| **10/31/2021** | $12400 | $12475 | $12188 |
| **11/30/2021** | $12422 | $12490 | $12224 |
| **12/31/2021** | $12412 | $12482 | $12192 |
| **1/31/2022** | $12174 | $12208 | $11930 |
| **2/28/2022** | $12031 | $12042 | $11797 |
| **3/31/2022** | $11700 | $11718 | $11469 |
| **4/30/2022** | $11296 | $11281 | $11034 |
| **5/31/2022** | $11265 | $11344 | $11105 |
| **6/30/2022** | $10995 | $11117 | $10931 |
| **7/31/2022** | $11281 | $11396 | $11198 |
| **8/31/2022** | $11014 | $11100 | $10881 |
| **9/30/2022** | $10503 | $10622 | $10411 |
| **10/31/2022** | $10368 | $10505 | $10276 |
| **11/30/2022** | $10721 | $10897 | $10654 |
| **12/31/2022** | $10676 | $10860 | $10606 |
| **1/31/2023** | $11045 | $11197 | $10932 |
| **2/28/2023** | $10773 | $10922 | $10650 |
| **3/31/2023** | $11013 | $11178 | $10920 |
| **4/30/2023** | $11079 | $11246 | $10987 |
| **5/31/2023** | $10945 | $11130 | $10867 |
| **6/30/2023** | $10938 | $11112 | $10828 |
| **7/31/2023** | $10967 | $11123 | $10821 |
| **8/31/2023** | $10909 | $11056 | $10751 |
| **9/30/2023** | $10636 | $10793 | $10478 |
| **10/31/2023** | $10476 | $10630 | $10313 |
| **11/30/2023** | $10942 | $11109 | $10780 |
| **12/31/2023** | $11346 | $11530 | $11193 |
| **1/31/2024** | $11352 | $11503 | $11162 |
| **2/29/2024** | $11229 | $11365 | $11004 |
| **3/31/2024** | $11339 | $11476 | $11106 |
| **4/30/2024** | $11086 | $11208 | $10825 |
| **5/31/2024** | $11263 | $11394 | $11009 |
| **6/30/2024** | $11375 | $11498 | $11113 |
| **7/31/2024** | $11633 | $11759 | $11373 |
| **8/31/2024** | $11812 | $11932 | $11536 |
| **9/30/2024** | $11978 | $12096 | $11690 |
| **10/31/2024** | $11704 | $11821 | $11401 |
| **11/30/2024** | $11843 | $11946 | $11521 |
| **12/31/2024** | $11662 | $11765 | $11332 |
| **1/31/2025** | $11736 | $11836 | $11393 |
| **2/28/2025** | $11986 | $12081 | $11643 |
| **3/31/2025** | $11954 | $12078 | $11648 |
| **4/30/2025** | $11962 | $12121 | $11693 |
| **5/31/2025** | $11914 | $12059 | $11610 |
| **6/30/2025** | $12113 | $12247 | $11788 |
| **7/31/2025** | $12096 | $12230 | $11757 |
| **8/31/2025** | $12242 | $12377 | $11898 |
| **9/30/2025** | $12388 | $12508 | $12028 |
| **10/31/2025** | $12464 | $12590 | $12103 |
| **11/30/2025** | $12540 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 5.89% | 0.35% | 2.29% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F

# LTRFX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1012-F

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class F3

# LTROX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $37 | 0.36% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.21%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icce08fb3f94222a390964139.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10060 | $10059 | $10051 |
| **5/31/2017** | $10132 | $10137 | $10128 |
| **6/30/2017** | $10128 | $10128 | $10118 |
| **7/31/2017** | $10183 | $10178 | $10162 |
| **8/31/2017** | $10266 | $10266 | $10253 |
| **9/30/2017** | $10221 | $10230 | $10204 |
| **10/31/2017** | $10236 | $10242 | $10210 |
| **11/30/2017** | $10222 | $10227 | $10197 |
| **12/31/2017** | $10266 | $10272 | $10244 |
| **1/31/2018** | $10173 | $10173 | $10126 |
| **2/28/2018** | $10090 | $10077 | $10030 |
| **3/31/2018** | $10129 | $10127 | $10094 |
| **4/30/2018** | $10060 | $10060 | $10019 |
| **5/31/2018** | $10101 | $10115 | $10091 |
| **6/30/2018** | $10091 | $10100 | $10078 |
| **7/31/2018** | $10122 | $10121 | $10080 |
| **8/31/2018** | $10154 | $10171 | $10145 |
| **9/30/2018** | $10135 | $10127 | $10080 |
| **10/31/2018** | $10045 | $10043 | $10000 |
| **11/30/2018** | $10087 | $10088 | $10060 |
| **12/31/2018** | $10202 | $10246 | $10245 |
| **1/31/2019** | $10354 | $10387 | $10354 |
| **2/28/2019** | $10362 | $10398 | $10348 |
| **3/31/2019** | $10549 | $10586 | $10546 |
| **4/30/2019** | $10559 | $10601 | $10549 |
| **5/31/2019** | $10716 | $10763 | $10736 |
| **6/30/2019** | $10872 | $10916 | $10871 |
| **7/31/2019** | $10901 | $10948 | $10895 |
| **8/31/2019** | $11104 | $11196 | $11177 |
| **9/30/2019** | $11050 | $11147 | $11118 |
| **10/31/2019** | $11076 | $11183 | $11151 |
| **11/30/2019** | $11079 | $11181 | $11146 |
| **12/31/2019** | $11094 | $11198 | $11138 |
| **1/31/2020** | $11310 | $11399 | $11352 |
| **2/29/2020** | $11453 | $11569 | $11557 |
| **3/31/2020** | $10962 | $11343 | $11489 |
| **4/30/2020** | $11184 | $11571 | $11693 |
| **5/31/2020** | $11331 | $11679 | $11747 |
| **6/30/2020** | $11466 | $11776 | $11821 |
| **7/31/2020** | $11751 | $11983 | $11998 |
| **8/31/2020** | $11713 | $11914 | $11901 |
| **9/30/2020** | $11695 | $11892 | $11894 |
| **10/31/2020** | $11664 | $11850 | $11841 |
| **11/30/2020** | $11849 | $12005 | $11958 |
| **12/31/2020** | $11934 | $12046 | $11974 |
| **1/31/2021** | $11899 | $11970 | $11888 |
| **2/28/2021** | $11765 | $11816 | $11716 |
| **3/31/2021** | $11653 | $11678 | $11570 |
| **4/30/2021** | $11777 | $11777 | $11662 |
| **5/31/2021** | $11824 | $11821 | $11700 |
| **6/30/2021** | $11927 | $11908 | $11782 |
| **7/31/2021** | $12041 | $12027 | $11914 |
| **8/31/2021** | $12042 | $12019 | $11891 |
| **9/30/2021** | $11942 | $11917 | $11788 |
| **10/31/2021** | $11941 | $11907 | $11785 |
| **11/30/2021** | $11964 | $11921 | $11820 |
| **12/31/2021** | $11968 | $11913 | $11789 |
| **1/31/2022** | $11729 | $11652 | $11535 |
| **2/28/2022** | $11604 | $11493 | $11407 |
| **3/31/2022** | $11276 | $11185 | $11090 |
| **4/30/2022** | $10900 | $10768 | $10669 |
| **5/31/2022** | $10872 | $10827 | $10738 |
| **6/30/2022** | $10613 | $10610 | $10569 |
| **7/31/2022** | $10880 | $10877 | $10828 |
| **8/31/2022** | $10624 | $10594 | $10522 |
| **9/30/2022** | $10144 | $10138 | $10067 |
| **10/31/2022** | $10016 | $10027 | $9937 |
| **11/30/2022** | $10358 | $10401 | $10302 |
| **12/31/2022** | $10316 | $10365 | $10256 |
| **1/31/2023** | $10663 | $10687 | $10571 |
| **2/28/2023** | $10413 | $10424 | $10298 |
| **3/31/2023** | $10635 | $10669 | $10559 |
| **4/30/2023** | $10700 | $10734 | $10623 |
| **5/31/2023** | $10585 | $10623 | $10508 |
| **6/30/2023** | $10580 | $10606 | $10470 |
| **7/31/2023** | $10610 | $10617 | $10463 |
| **8/31/2023** | $10543 | $10553 | $10396 |
| **9/30/2023** | $10293 | $10301 | $10132 |
| **10/31/2023** | $10141 | $10146 | $9972 |
| **11/30/2023** | $10580 | $10603 | $10424 |
| **12/31/2023** | $10985 | $11005 | $10823 |
| **1/31/2024** | $10980 | $10979 | $10793 |
| **2/29/2024** | $10862 | $10847 | $10640 |
| **3/31/2024** | $10971 | $10954 | $10739 |
| **4/30/2024** | $10740 | $10698 | $10467 |
| **5/31/2024** | $10913 | $10875 | $10645 |
| **6/30/2024** | $11024 | $10975 | $10746 |
| **7/31/2024** | $11263 | $11224 | $10997 |
| **8/31/2024** | $11451 | $11389 | $11155 |
| **9/30/2024** | $11614 | $11545 | $11304 |
| **10/31/2024** | $11350 | $11283 | $11024 |
| **11/30/2024** | $11474 | $11402 | $11140 |
| **12/31/2024** | $11300 | $11230 | $10958 |
| **1/31/2025** | $11387 | $11297 | $11016 |
| **2/28/2025** | $11631 | $11531 | $11258 |
| **3/31/2025** | $11602 | $11528 | $11263 |
| **4/30/2025** | $11598 | $11569 | $11307 |
| **5/31/2025** | $11554 | $11510 | $11226 |
| **6/30/2025** | $11749 | $11689 | $11399 |
| **7/31/2025** | $11748 | $11673 | $11368 |
| **8/31/2025** | $11891 | $11813 | $11504 |
| **9/30/2025** | $12021 | $11938 | $11630 |
| **10/31/2025** | $12098 | $12017 | $11703 |
| **11/30/2025** | $12187 | $12089 | $11775 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 6.21% | 0.56% | 2.31% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.22% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.91% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class F3

# LTROX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8982-F3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class I

# LTRYX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $42 | 0.41% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.03%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2a571e7c2a93db06f34d069b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9927 | $9950 | $9968 |
| **1/31/2016** | $9983 | $10060 | $10105 |
| **2/29/2016** | $10038 | $10131 | $10177 |
| **3/31/2016** | $10212 | $10255 | $10270 |
| **4/30/2016** | $10307 | $10325 | $10309 |
| **5/31/2016** | $10312 | $10334 | $10312 |
| **6/30/2016** | $10494 | $10515 | $10497 |
| **7/31/2016** | $10597 | $10602 | $10564 |
| **8/31/2016** | $10622 | $10613 | $10552 |
| **9/30/2016** | $10618 | $10616 | $10545 |
| **10/31/2016** | $10566 | $10546 | $10465 |
| **11/30/2016** | $10323 | $10308 | $10217 |
| **12/31/2016** | $10350 | $10339 | $10232 |
| **1/31/2017** | $10393 | $10376 | $10252 |
| **2/28/2017** | $10478 | $10456 | $10321 |
| **3/31/2017** | $10472 | $10452 | $10315 |
| **4/30/2017** | $10558 | $10539 | $10395 |
| **5/31/2017** | $10623 | $10620 | $10475 |
| **6/30/2017** | $10627 | $10611 | $10464 |
| **7/31/2017** | $10683 | $10664 | $10509 |
| **8/31/2017** | $10759 | $10756 | $10603 |
| **9/30/2017** | $10721 | $10718 | $10553 |
| **10/31/2017** | $10726 | $10731 | $10559 |
| **11/30/2017** | $10721 | $10715 | $10546 |
| **12/31/2017** | $10756 | $10762 | $10594 |
| **1/31/2018** | $10668 | $10659 | $10472 |
| **2/28/2018** | $10569 | $10557 | $10373 |
| **3/31/2018** | $10610 | $10611 | $10439 |
| **4/30/2018** | $10547 | $10540 | $10362 |
| **5/31/2018** | $10590 | $10597 | $10435 |
| **6/30/2018** | $10579 | $10582 | $10423 |
| **7/31/2018** | $10600 | $10604 | $10425 |
| **8/31/2018** | $10644 | $10656 | $10492 |
| **9/30/2018** | $10613 | $10611 | $10425 |
| **10/31/2018** | $10518 | $10522 | $10342 |
| **11/30/2018** | $10562 | $10569 | $10404 |
| **12/31/2018** | $10692 | $10735 | $10595 |
| **1/31/2019** | $10851 | $10883 | $10708 |
| **2/28/2019** | $10858 | $10894 | $10701 |
| **3/31/2019** | $11043 | $11091 | $10907 |
| **4/30/2019** | $11063 | $11107 | $10910 |
| **5/31/2019** | $11227 | $11277 | $11103 |
| **6/30/2019** | $11379 | $11436 | $11243 |
| **7/31/2019** | $11419 | $11470 | $11268 |
| **8/31/2019** | $11621 | $11730 | $11560 |
| **9/30/2019** | $11575 | $11679 | $11498 |
| **10/31/2019** | $11601 | $11717 | $11533 |
| **11/30/2019** | $11593 | $11715 | $11527 |
| **12/31/2019** | $11608 | $11732 | $11519 |
| **1/31/2020** | $11844 | $11943 | $11740 |
| **2/29/2020** | $11993 | $12121 | $11952 |
| **3/31/2020** | $11479 | $11885 | $11881 |
| **4/30/2020** | $11711 | $12123 | $12093 |
| **5/31/2020** | $11863 | $12236 | $12149 |
| **6/30/2020** | $12004 | $12338 | $12225 |
| **7/31/2020** | $12291 | $12555 | $12408 |
| **8/31/2020** | $12250 | $12482 | $12308 |
| **9/30/2020** | $12231 | $12460 | $12301 |
| **10/31/2020** | $12198 | $12415 | $12246 |
| **11/30/2020** | $12402 | $12577 | $12366 |
| **12/31/2020** | $12491 | $12621 | $12383 |
| **1/31/2021** | $12453 | $12541 | $12295 |
| **2/28/2021** | $12313 | $12380 | $12117 |
| **3/31/2021** | $12196 | $12236 | $11966 |
| **4/30/2021** | $12313 | $12339 | $12060 |
| **5/31/2021** | $12361 | $12386 | $12100 |
| **6/30/2021** | $12480 | $12476 | $12185 |
| **7/31/2021** | $12599 | $12601 | $12321 |
| **8/31/2021** | $12588 | $12593 | $12297 |
| **9/30/2021** | $12494 | $12485 | $12191 |
| **10/31/2021** | $12493 | $12475 | $12188 |
| **11/30/2021** | $12516 | $12490 | $12224 |
| **12/31/2021** | $12508 | $12482 | $12192 |
| **1/31/2022** | $12270 | $12208 | $11930 |
| **2/28/2022** | $12128 | $12042 | $11797 |
| **3/31/2022** | $11796 | $11718 | $11469 |
| **4/30/2022** | $11391 | $11281 | $11034 |
| **5/31/2022** | $11361 | $11344 | $11105 |
| **6/30/2022** | $11091 | $11117 | $10931 |
| **7/31/2022** | $11381 | $11396 | $11198 |
| **8/31/2022** | $11101 | $11100 | $10881 |
| **9/30/2022** | $10600 | $10622 | $10411 |
| **10/31/2022** | $10465 | $10505 | $10276 |
| **11/30/2022** | $10822 | $10897 | $10654 |
| **12/31/2022** | $10778 | $10860 | $10606 |
| **1/31/2023** | $11151 | $11197 | $10932 |
| **2/28/2023** | $10879 | $10922 | $10650 |
| **3/31/2023** | $11122 | $11178 | $10920 |
| **4/30/2023** | $11189 | $11246 | $10987 |
| **5/31/2023** | $11056 | $11130 | $10867 |
| **6/30/2023** | $11050 | $11112 | $10828 |
| **7/31/2023** | $11081 | $11123 | $10821 |
| **8/31/2023** | $11011 | $11056 | $10751 |
| **9/30/2023** | $10750 | $10793 | $10478 |
| **10/31/2023** | $10591 | $10630 | $10313 |
| **11/30/2023** | $11061 | $11109 | $10780 |
| **12/31/2023** | $11470 | $11530 | $11193 |
| **1/31/2024** | $11478 | $11503 | $11162 |
| **2/29/2024** | $11355 | $11365 | $11004 |
| **3/31/2024** | $11455 | $11476 | $11106 |
| **4/30/2024** | $11213 | $11208 | $10825 |
| **5/31/2024** | $11394 | $11394 | $11009 |
| **6/30/2024** | $11508 | $11498 | $11113 |
| **7/31/2024** | $11770 | $11759 | $11373 |
| **8/31/2024** | $11952 | $11932 | $11536 |
| **9/30/2024** | $12121 | $12096 | $11690 |
| **10/31/2024** | $11846 | $11821 | $11401 |
| **11/30/2024** | $11988 | $11946 | $11521 |
| **12/31/2024** | $11806 | $11765 | $11332 |
| **1/31/2025** | $11883 | $11836 | $11393 |
| **2/28/2025** | $12137 | $12081 | $11643 |
| **3/31/2025** | $12106 | $12078 | $11648 |
| **4/30/2025** | $12116 | $12121 | $11693 |
| **5/31/2025** | $12055 | $12059 | $11610 |
| **6/30/2025** | $12272 | $12247 | $11788 |
| **7/31/2025** | $12256 | $12230 | $11757 |
| **8/31/2025** | $12405 | $12377 | $11898 |
| **9/30/2025** | $12554 | $12508 | $12028 |
| **10/31/2025** | $12633 | $12590 | $12103 |
| **11/30/2025** | $12712 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 6.03% | 0.49% | 2.43% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class I

# LTRYX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-691-I

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class P

# LTRPX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $90 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.50%, reflecting performance at the net asset value (NAV) of Class P shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icdce5fd98ee5896e14b8bb36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9924 | $9950 | $9968 |
| **1/31/2016** | $9976 | $10060 | $10105 |
| **2/29/2016** | $10027 | $10131 | $10177 |
| **3/31/2016** | $10196 | $10255 | $10270 |
| **4/30/2016** | $10288 | $10325 | $10309 |
| **5/31/2016** | $10288 | $10334 | $10312 |
| **6/30/2016** | $10465 | $10515 | $10497 |
| **7/31/2016** | $10564 | $10602 | $10564 |
| **8/31/2016** | $10585 | $10613 | $10552 |
| **9/30/2016** | $10578 | $10616 | $10545 |
| **10/31/2016** | $10522 | $10546 | $10465 |
| **11/30/2016** | $10276 | $10308 | $10217 |
| **12/31/2016** | $10299 | $10339 | $10232 |
| **1/31/2017** | $10339 | $10376 | $10252 |
| **2/28/2017** | $10409 | $10456 | $10321 |
| **3/31/2017** | $10409 | $10452 | $10315 |
| **4/30/2017** | $10490 | $10539 | $10395 |
| **5/31/2017** | $10551 | $10620 | $10475 |
| **6/30/2017** | $10551 | $10611 | $10464 |
| **7/31/2017** | $10603 | $10664 | $10509 |
| **8/31/2017** | $10674 | $10756 | $10603 |
| **9/30/2017** | $10633 | $10718 | $10553 |
| **10/31/2017** | $10633 | $10731 | $10559 |
| **11/30/2017** | $10624 | $10715 | $10546 |
| **12/31/2017** | $10655 | $10762 | $10594 |
| **1/31/2018** | $10564 | $10659 | $10472 |
| **2/28/2018** | $10463 | $10557 | $10373 |
| **3/31/2018** | $10499 | $10611 | $10439 |
| **4/30/2018** | $10434 | $10540 | $10362 |
| **5/31/2018** | $10471 | $10597 | $10435 |
| **6/30/2018** | $10457 | $10582 | $10423 |
| **7/31/2018** | $10473 | $10604 | $10425 |
| **8/31/2018** | $10512 | $10656 | $10492 |
| **9/30/2018** | $10477 | $10611 | $10425 |
| **10/31/2018** | $10380 | $10522 | $10342 |
| **11/30/2018** | $10419 | $10569 | $10404 |
| **12/31/2018** | $10532 | $10735 | $10595 |
| **1/31/2019** | $10695 | $10883 | $10708 |
| **2/28/2019** | $10698 | $10894 | $10701 |
| **3/31/2019** | $10875 | $11091 | $10907 |
| **4/30/2019** | $10891 | $11107 | $10910 |
| **5/31/2019** | $11047 | $11277 | $11103 |
| **6/30/2019** | $11192 | $11436 | $11243 |
| **7/31/2019** | $11227 | $11470 | $11268 |
| **8/31/2019** | $11420 | $11730 | $11560 |
| **9/30/2019** | $11370 | $11679 | $11498 |
| **10/31/2019** | $11391 | $11717 | $11533 |
| **11/30/2019** | $11379 | $11715 | $11527 |
| **12/31/2019** | $11388 | $11732 | $11519 |
| **1/31/2020** | $11615 | $11943 | $11740 |
| **2/29/2020** | $11756 | $12121 | $11952 |
| **3/31/2020** | $11249 | $11885 | $11881 |
| **4/30/2020** | $11472 | $12123 | $12093 |
| **5/31/2020** | $11616 | $12236 | $12149 |
| **6/30/2020** | $11749 | $12338 | $12225 |
| **7/31/2020** | $12024 | $12555 | $12408 |
| **8/31/2020** | $11979 | $12482 | $12308 |
| **9/30/2020** | $11956 | $12460 | $12301 |
| **10/31/2020** | $11918 | $12415 | $12246 |
| **11/30/2020** | $12113 | $12577 | $12366 |
| **12/31/2020** | $12194 | $12621 | $12383 |
| **1/31/2021** | $12152 | $12541 | $12295 |
| **2/28/2021** | $12011 | $12380 | $12117 |
| **3/31/2021** | $11893 | $12236 | $11966 |
| **4/30/2021** | $12001 | $12339 | $12060 |
| **5/31/2021** | $12044 | $12386 | $12100 |
| **6/30/2021** | $12155 | $12476 | $12185 |
| **7/31/2021** | $12265 | $12601 | $12321 |
| **8/31/2021** | $12249 | $12593 | $12297 |
| **9/30/2021** | $12153 | $12485 | $12191 |
| **10/31/2021** | $12148 | $12475 | $12188 |
| **11/30/2021** | $12165 | $12490 | $12224 |
| **12/31/2021** | $12152 | $12482 | $12192 |
| **1/31/2022** | $11916 | $12208 | $11930 |
| **2/28/2022** | $11774 | $12042 | $11797 |
| **3/31/2022** | $11448 | $11718 | $11469 |
| **4/30/2022** | $11052 | $11281 | $11034 |
| **5/31/2022** | $11018 | $11344 | $11105 |
| **6/30/2022** | $10753 | $11117 | $10931 |
| **7/31/2022** | $11028 | $11396 | $11198 |
| **8/31/2022** | $10754 | $11100 | $10881 |
| **9/30/2022** | $10266 | $10622 | $10411 |
| **10/31/2022** | $10120 | $10505 | $10276 |
| **11/30/2022** | $10461 | $10897 | $10654 |
| **12/31/2022** | $10425 | $10860 | $10606 |
| **1/31/2023** | $10769 | $11197 | $10932 |
| **2/28/2023** | $10514 | $10922 | $10650 |
| **3/31/2023** | $10732 | $11178 | $10920 |
| **4/30/2023** | $10793 | $11246 | $10987 |
| **5/31/2023** | $10673 | $11130 | $10867 |
| **6/30/2023** | $10662 | $11112 | $10828 |
| **7/31/2023** | $10687 | $11123 | $10821 |
| **8/31/2023** | $10616 | $11056 | $10751 |
| **9/30/2023** | $10361 | $10793 | $10478 |
| **10/31/2023** | $10204 | $10630 | $10313 |
| **11/30/2023** | $10639 | $11109 | $10780 |
| **12/31/2023** | $11039 | $11530 | $11193 |
| **1/31/2024** | $11030 | $11503 | $11162 |
| **2/29/2024** | $10908 | $11365 | $11004 |
| **3/31/2024** | $11012 | $11476 | $11106 |
| **4/30/2024** | $10763 | $11208 | $10825 |
| **5/31/2024** | $10932 | $11394 | $11009 |
| **6/30/2024** | $11037 | $11498 | $11113 |
| **7/31/2024** | $11283 | $11759 | $11373 |
| **8/31/2024** | $11453 | $11932 | $11536 |
| **9/30/2024** | $11610 | $12096 | $11690 |
| **10/31/2024** | $11343 | $11821 | $11401 |
| **11/30/2024** | $11474 | $11946 | $11521 |
| **12/31/2024** | $11296 | $11765 | $11332 |
| **1/31/2025** | $11365 | $11836 | $11393 |
| **2/28/2025** | $11603 | $12081 | $11643 |
| **3/31/2025** | $11581 | $12078 | $11648 |
| **4/30/2025** | $11572 | $12121 | $11693 |
| **5/31/2025** | $11523 | $12059 | $11610 |
| **6/30/2025** | $11711 | $12247 | $11788 |
| **7/31/2025** | $11691 | $12230 | $11757 |
| **8/31/2025** | $11829 | $12377 | $11898 |
| **9/30/2025** | $11966 | $12508 | $12028 |
| **10/31/2025** | $12036 | $12590 | $12103 |
| **11/30/2025** | $12106 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class P at NAV | 5.50% | (0.01%) | 1.93% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class P

# LTRPX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-597-P

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R2

# LTRQX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $108 | 1.05% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.48%, reflecting performance at the net asset value (NAV) of Class R2 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9d66a132b124165f61adfc9f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R2** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9922 | $9950 | $9968 |
| **1/31/2016** | $9973 | $10060 | $10105 |
| **2/29/2016** | $10024 | $10131 | $10177 |
| **3/31/2016** | $10192 | $10255 | $10270 |
| **4/30/2016** | $10282 | $10325 | $10309 |
| **5/31/2016** | $10281 | $10334 | $10312 |
| **6/30/2016** | $10448 | $10515 | $10497 |
| **7/31/2016** | $10556 | $10602 | $10564 |
| **8/31/2016** | $10565 | $10613 | $10552 |
| **9/30/2016** | $10566 | $10616 | $10545 |
| **10/31/2016** | $10499 | $10546 | $10465 |
| **11/30/2016** | $10262 | $10308 | $10217 |
| **12/31/2016** | $10283 | $10339 | $10232 |
| **1/31/2017** | $10321 | $10376 | $10252 |
| **2/28/2017** | $10390 | $10456 | $10321 |
| **3/31/2017** | $10390 | $10452 | $10315 |
| **4/30/2017** | $10469 | $10539 | $10395 |
| **5/31/2017** | $10529 | $10620 | $10475 |
| **6/30/2017** | $10528 | $10611 | $10464 |
| **7/31/2017** | $10568 | $10664 | $10509 |
| **8/31/2017** | $10648 | $10756 | $10603 |
| **9/30/2017** | $10605 | $10718 | $10553 |
| **10/31/2017** | $10604 | $10731 | $10559 |
| **11/30/2017** | $10594 | $10715 | $10546 |
| **12/31/2017** | $10624 | $10762 | $10594 |
| **1/31/2018** | $10531 | $10659 | $10472 |
| **2/28/2018** | $10428 | $10557 | $10373 |
| **3/31/2018** | $10463 | $10611 | $10439 |
| **4/30/2018** | $10396 | $10540 | $10362 |
| **5/31/2018** | $10432 | $10597 | $10435 |
| **6/30/2018** | $10416 | $10582 | $10423 |
| **7/31/2018** | $10431 | $10604 | $10425 |
| **8/31/2018** | $10468 | $10656 | $10492 |
| **9/30/2018** | $10432 | $10611 | $10425 |
| **10/31/2018** | $10333 | $10522 | $10342 |
| **11/30/2018** | $10371 | $10569 | $10404 |
| **12/31/2018** | $10482 | $10735 | $10595 |
| **1/31/2019** | $10644 | $10883 | $10708 |
| **2/28/2019** | $10635 | $10894 | $10701 |
| **3/31/2019** | $10821 | $11091 | $10907 |
| **4/30/2019** | $10836 | $11107 | $10910 |
| **5/31/2019** | $10979 | $11277 | $11103 |
| **6/30/2019** | $11134 | $11436 | $11243 |
| **7/31/2019** | $11167 | $11470 | $11268 |
| **8/31/2019** | $11358 | $11730 | $11560 |
| **9/30/2019** | $11296 | $11679 | $11498 |
| **10/31/2019** | $11315 | $11717 | $11533 |
| **11/30/2019** | $11312 | $11715 | $11527 |
| **12/31/2019** | $11321 | $11732 | $11519 |
| **1/31/2020** | $11545 | $11943 | $11740 |
| **2/29/2020** | $11685 | $12121 | $11952 |
| **3/31/2020** | $11177 | $11885 | $11881 |
| **4/30/2020** | $11387 | $12123 | $12093 |
| **5/31/2020** | $11540 | $12236 | $12149 |
| **6/30/2020** | $11660 | $12338 | $12225 |
| **7/31/2020** | $11944 | $12555 | $12408 |
| **8/31/2020** | $11898 | $12482 | $12308 |
| **9/30/2020** | $11873 | $12460 | $12301 |
| **10/31/2020** | $11834 | $12415 | $12246 |
| **11/30/2020** | $12015 | $12577 | $12366 |
| **12/31/2020** | $12094 | $12621 | $12383 |
| **1/31/2021** | $12051 | $12541 | $12295 |
| **2/28/2021** | $11921 | $12380 | $12117 |
| **3/31/2021** | $11789 | $12236 | $11966 |
| **4/30/2021** | $11907 | $12339 | $12060 |
| **5/31/2021** | $11948 | $12386 | $12100 |
| **6/30/2021** | $12057 | $12476 | $12185 |
| **7/31/2021** | $12165 | $12601 | $12321 |
| **8/31/2021** | $12147 | $12593 | $12297 |
| **9/30/2021** | $12039 | $12485 | $12191 |
| **10/31/2021** | $12043 | $12475 | $12188 |
| **11/30/2021** | $12059 | $12490 | $12224 |
| **12/31/2021** | $12044 | $12482 | $12192 |
| **1/31/2022** | $11808 | $12208 | $11930 |
| **2/28/2022** | $11665 | $12042 | $11797 |
| **3/31/2022** | $11339 | $11718 | $11469 |
| **4/30/2022** | $10943 | $11281 | $11034 |
| **5/31/2022** | $10908 | $11344 | $11105 |
| **6/30/2022** | $10642 | $11117 | $10931 |
| **7/31/2022** | $10915 | $11396 | $11198 |
| **8/31/2022** | $10641 | $11100 | $10881 |
| **9/30/2022** | $10153 | $10622 | $10411 |
| **10/31/2022** | $10019 | $10505 | $10276 |
| **11/30/2022** | $10356 | $10897 | $10654 |
| **12/31/2022** | $10307 | $10860 | $10606 |
| **1/31/2023** | $10660 | $11197 | $10932 |
| **2/28/2023** | $10393 | $10922 | $10650 |
| **3/31/2023** | $10620 | $11178 | $10920 |
| **4/30/2023** | $10667 | $11246 | $10987 |
| **5/31/2023** | $10546 | $11130 | $10867 |
| **6/30/2023** | $10535 | $11112 | $10828 |
| **7/31/2023** | $10558 | $11123 | $10821 |
| **8/31/2023** | $10486 | $11056 | $10751 |
| **9/30/2023** | $10231 | $10793 | $10478 |
| **10/31/2023** | $10073 | $10630 | $10313 |
| **11/30/2023** | $10517 | $11109 | $10780 |
| **12/31/2023** | $10901 | $11530 | $11193 |
| **1/31/2024** | $10902 | $11503 | $11162 |
| **2/29/2024** | $10779 | $11365 | $11004 |
| **3/31/2024** | $10868 | $11476 | $11106 |
| **4/30/2024** | $10633 | $11208 | $10825 |
| **5/31/2024** | $10798 | $11394 | $11009 |
| **6/30/2024** | $10901 | $11498 | $11113 |
| **7/31/2024** | $11144 | $11759 | $11373 |
| **8/31/2024** | $11311 | $11932 | $11536 |
| **9/30/2024** | $11465 | $12096 | $11690 |
| **10/31/2024** | $11198 | $11821 | $11401 |
| **11/30/2024** | $11314 | $11946 | $11521 |
| **12/31/2024** | $11148 | $11765 | $11332 |
| **1/31/2025** | $11214 | $11836 | $11393 |
| **2/28/2025** | $11449 | $12081 | $11643 |
| **3/31/2025** | $11414 | $12078 | $11648 |
| **4/30/2025** | $11417 | $12121 | $11693 |
| **5/31/2025** | $11353 | $12059 | $11610 |
| **6/30/2025** | $11551 | $12247 | $11788 |
| **7/31/2025** | $11530 | $12230 | $11757 |
| **8/31/2025** | $11664 | $12377 | $11898 |
| **9/30/2025** | $11798 | $12508 | $12028 |
| **10/31/2025** | $11853 | $12590 | $12103 |
| **11/30/2025** | $11934 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 5.48% | (0.14%) | 1.78% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R2

# LTRQX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1082-R2

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R3

# LTRRX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $98 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.47%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1be6109913bd51165c6aa30c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9923 | $9950 | $9968 |
| **1/31/2016** | $9975 | $10060 | $10105 |
| **2/29/2016** | $10026 | $10131 | $10177 |
| **3/31/2016** | $10195 | $10255 | $10270 |
| **4/30/2016** | $10277 | $10325 | $10309 |
| **5/31/2016** | $10286 | $10334 | $10312 |
| **6/30/2016** | $10454 | $10515 | $10497 |
| **7/31/2016** | $10563 | $10602 | $10564 |
| **8/31/2016** | $10573 | $10613 | $10552 |
| **9/30/2016** | $10575 | $10616 | $10545 |
| **10/31/2016** | $10509 | $10546 | $10465 |
| **11/30/2016** | $10272 | $10308 | $10217 |
| **12/31/2016** | $10294 | $10339 | $10232 |
| **1/31/2017** | $10333 | $10376 | $10252 |
| **2/28/2017** | $10403 | $10456 | $10321 |
| **3/31/2017** | $10403 | $10452 | $10315 |
| **4/30/2017** | $10474 | $10539 | $10395 |
| **5/31/2017** | $10544 | $10620 | $10475 |
| **6/30/2017** | $10545 | $10611 | $10464 |
| **7/31/2017** | $10586 | $10664 | $10509 |
| **8/31/2017** | $10667 | $10756 | $10603 |
| **9/30/2017** | $10625 | $10718 | $10553 |
| **10/31/2017** | $10625 | $10731 | $10559 |
| **11/30/2017** | $10615 | $10715 | $10546 |
| **12/31/2017** | $10646 | $10762 | $10594 |
| **1/31/2018** | $10554 | $10659 | $10472 |
| **2/28/2018** | $10452 | $10557 | $10373 |
| **3/31/2018** | $10487 | $10611 | $10439 |
| **4/30/2018** | $10421 | $10540 | $10362 |
| **5/31/2018** | $10447 | $10597 | $10435 |
| **6/30/2018** | $10443 | $10582 | $10423 |
| **7/31/2018** | $10459 | $10604 | $10425 |
| **8/31/2018** | $10497 | $10656 | $10492 |
| **9/30/2018** | $10462 | $10611 | $10425 |
| **10/31/2018** | $10363 | $10522 | $10342 |
| **11/30/2018** | $10402 | $10569 | $10404 |
| **12/31/2018** | $10515 | $10735 | $10595 |
| **1/31/2019** | $10677 | $10883 | $10708 |
| **2/28/2019** | $10670 | $10894 | $10701 |
| **3/31/2019** | $10857 | $11091 | $10907 |
| **4/30/2019** | $10873 | $11107 | $10910 |
| **5/31/2019** | $11018 | $11277 | $11103 |
| **6/30/2019** | $11174 | $11436 | $11243 |
| **7/31/2019** | $11208 | $11470 | $11268 |
| **8/31/2019** | $11401 | $11730 | $11560 |
| **9/30/2019** | $11339 | $11679 | $11498 |
| **10/31/2019** | $11360 | $11717 | $11533 |
| **11/30/2019** | $11358 | $11715 | $11527 |
| **12/31/2019** | $11367 | $11732 | $11519 |
| **1/31/2020** | $11594 | $11943 | $11740 |
| **2/29/2020** | $11735 | $12121 | $11952 |
| **3/31/2020** | $11226 | $11885 | $11881 |
| **4/30/2020** | $11437 | $12123 | $12093 |
| **5/31/2020** | $11592 | $12236 | $12149 |
| **6/30/2020** | $11714 | $12338 | $12225 |
| **7/31/2020** | $12000 | $12555 | $12408 |
| **8/31/2020** | $11955 | $12482 | $12308 |
| **9/30/2020** | $11930 | $12460 | $12301 |
| **10/31/2020** | $11892 | $12415 | $12246 |
| **11/30/2020** | $12076 | $12577 | $12366 |
| **12/31/2020** | $12156 | $12621 | $12383 |
| **1/31/2021** | $12114 | $12541 | $12295 |
| **2/28/2021** | $11983 | $12380 | $12117 |
| **3/31/2021** | $11852 | $12236 | $11966 |
| **4/30/2021** | $11972 | $12339 | $12060 |
| **5/31/2021** | $12014 | $12386 | $12100 |
| **6/30/2021** | $12125 | $12476 | $12185 |
| **7/31/2021** | $12234 | $12601 | $12321 |
| **8/31/2021** | $12218 | $12593 | $12297 |
| **9/30/2021** | $12121 | $12485 | $12191 |
| **10/31/2021** | $12115 | $12475 | $12188 |
| **11/30/2021** | $12132 | $12490 | $12224 |
| **12/31/2021** | $12119 | $12482 | $12192 |
| **1/31/2022** | $11882 | $12208 | $11930 |
| **2/28/2022** | $11739 | $12042 | $11797 |
| **3/31/2022** | $11412 | $11718 | $11469 |
| **4/30/2022** | $11014 | $11281 | $11034 |
| **5/31/2022** | $10980 | $11344 | $11105 |
| **6/30/2022** | $10713 | $11117 | $10931 |
| **7/31/2022** | $10989 | $11396 | $11198 |
| **8/31/2022** | $10713 | $11100 | $10881 |
| **9/30/2022** | $10224 | $10622 | $10411 |
| **10/31/2022** | $10089 | $10505 | $10276 |
| **11/30/2022** | $10429 | $10897 | $10654 |
| **12/31/2022** | $10381 | $10860 | $10606 |
| **1/31/2023** | $10737 | $11197 | $10932 |
| **2/28/2023** | $10469 | $10922 | $10650 |
| **3/31/2023** | $10699 | $11178 | $10920 |
| **4/30/2023** | $10759 | $11246 | $10987 |
| **5/31/2023** | $10626 | $11130 | $10867 |
| **6/30/2023** | $10615 | $11112 | $10828 |
| **7/31/2023** | $10640 | $11123 | $10821 |
| **8/31/2023** | $10581 | $11056 | $10751 |
| **9/30/2023** | $10312 | $10793 | $10478 |
| **10/31/2023** | $10154 | $10630 | $10313 |
| **11/30/2023** | $10602 | $11109 | $10780 |
| **12/31/2023** | $10990 | $11530 | $11193 |
| **1/31/2024** | $10992 | $11503 | $11162 |
| **2/29/2024** | $10869 | $11365 | $11004 |
| **3/31/2024** | $10972 | $11476 | $11106 |
| **4/30/2024** | $10723 | $11208 | $10825 |
| **5/31/2024** | $10891 | $11394 | $11009 |
| **6/30/2024** | $10996 | $11498 | $11113 |
| **7/31/2024** | $11241 | $11759 | $11373 |
| **8/31/2024** | $11411 | $11932 | $11536 |
| **9/30/2024** | $11567 | $12096 | $11690 |
| **10/31/2024** | $11298 | $11821 | $11401 |
| **11/30/2024** | $11430 | $11946 | $11521 |
| **12/31/2024** | $11250 | $11765 | $11332 |
| **1/31/2025** | $11318 | $11836 | $11393 |
| **2/28/2025** | $11556 | $12081 | $11643 |
| **3/31/2025** | $11535 | $12078 | $11648 |
| **4/30/2025** | $11525 | $12121 | $11693 |
| **5/31/2025** | $11475 | $12059 | $11610 |
| **6/30/2025** | $11663 | $12247 | $11788 |
| **7/31/2025** | $11643 | $12230 | $11757 |
| **8/31/2025** | $11779 | $12377 | $11898 |
| **9/30/2025** | $11916 | $12508 | $12028 |
| **10/31/2025** | $11985 | $12590 | $12103 |
| **11/30/2025** | $12054 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 5.47% | (0.04%) | 1.89% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R3

# LTRRX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2056-R3

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R4

# LTRKX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $72 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.73%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i51108a199db86a650f82cf12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9925 | $9950 | $9968 |
| **1/31/2016** | $9989 | $10060 | $10105 |
| **2/29/2016** | $10033 | $10131 | $10177 |
| **3/31/2016** | $10204 | $10255 | $10270 |
| **4/30/2016** | $10297 | $10325 | $10309 |
| **5/31/2016** | $10300 | $10334 | $10312 |
| **6/30/2016** | $10480 | $10515 | $10497 |
| **7/31/2016** | $10581 | $10602 | $10564 |
| **8/31/2016** | $10603 | $10613 | $10552 |
| **9/30/2016** | $10598 | $10616 | $10545 |
| **10/31/2016** | $10543 | $10546 | $10465 |
| **11/30/2016** | $10298 | $10308 | $10217 |
| **12/31/2016** | $10322 | $10339 | $10232 |
| **1/31/2017** | $10364 | $10376 | $10252 |
| **2/28/2017** | $10446 | $10456 | $10321 |
| **3/31/2017** | $10439 | $10452 | $10315 |
| **4/30/2017** | $10522 | $10539 | $10395 |
| **5/31/2017** | $10585 | $10620 | $10475 |
| **6/30/2017** | $10587 | $10611 | $10464 |
| **7/31/2017** | $10641 | $10664 | $10509 |
| **8/31/2017** | $10714 | $10756 | $10603 |
| **9/30/2017** | $10674 | $10718 | $10553 |
| **10/31/2017** | $10687 | $10731 | $10559 |
| **11/30/2017** | $10669 | $10715 | $10546 |
| **12/31/2017** | $10712 | $10762 | $10594 |
| **1/31/2018** | $10612 | $10659 | $10472 |
| **2/28/2018** | $10512 | $10557 | $10373 |
| **3/31/2018** | $10549 | $10611 | $10439 |
| **4/30/2018** | $10485 | $10540 | $10362 |
| **5/31/2018** | $10524 | $10597 | $10435 |
| **6/30/2018** | $10511 | $10582 | $10423 |
| **7/31/2018** | $10530 | $10604 | $10425 |
| **8/31/2018** | $10570 | $10656 | $10492 |
| **9/30/2018** | $10537 | $10611 | $10425 |
| **10/31/2018** | $10450 | $10522 | $10342 |
| **11/30/2018** | $10481 | $10569 | $10404 |
| **12/31/2018** | $10608 | $10735 | $10595 |
| **1/31/2019** | $10763 | $10883 | $10708 |
| **2/28/2019** | $10768 | $10894 | $10701 |
| **3/31/2019** | $10948 | $11091 | $10907 |
| **4/30/2019** | $10966 | $11107 | $10910 |
| **5/31/2019** | $11126 | $11277 | $11103 |
| **6/30/2019** | $11275 | $11436 | $11243 |
| **7/31/2019** | $11312 | $11470 | $11268 |
| **8/31/2019** | $11509 | $11730 | $11560 |
| **9/30/2019** | $11460 | $11679 | $11498 |
| **10/31/2019** | $11483 | $11717 | $11533 |
| **11/30/2019** | $11484 | $11715 | $11527 |
| **12/31/2019** | $11484 | $11732 | $11519 |
| **1/31/2020** | $11716 | $11943 | $11740 |
| **2/29/2020** | $11861 | $12121 | $11952 |
| **3/31/2020** | $11349 | $11885 | $11881 |
| **4/30/2020** | $11576 | $12123 | $12093 |
| **5/31/2020** | $11724 | $12236 | $12149 |
| **6/30/2020** | $11861 | $12338 | $12225 |
| **7/31/2020** | $12141 | $12555 | $12408 |
| **8/31/2020** | $12098 | $12482 | $12308 |
| **9/30/2020** | $12076 | $12460 | $12301 |
| **10/31/2020** | $12040 | $12415 | $12246 |
| **11/30/2020** | $12239 | $12577 | $12366 |
| **12/31/2020** | $12312 | $12621 | $12383 |
| **1/31/2021** | $12272 | $12541 | $12295 |
| **2/28/2021** | $12142 | $12380 | $12117 |
| **3/31/2021** | $12024 | $12236 | $11966 |
| **4/30/2021** | $12136 | $12339 | $12060 |
| **5/31/2021** | $12181 | $12386 | $12100 |
| **6/30/2021** | $12296 | $12476 | $12185 |
| **7/31/2021** | $12409 | $12601 | $12321 |
| **8/31/2021** | $12395 | $12593 | $12297 |
| **9/30/2021** | $12300 | $12485 | $12191 |
| **10/31/2021** | $12296 | $12475 | $12188 |
| **11/30/2021** | $12316 | $12490 | $12224 |
| **12/31/2021** | $12305 | $12482 | $12192 |
| **1/31/2022** | $12067 | $12208 | $11930 |
| **2/28/2022** | $11924 | $12042 | $11797 |
| **3/31/2022** | $11594 | $11718 | $11469 |
| **4/30/2022** | $11193 | $11281 | $11034 |
| **5/31/2022** | $11160 | $11344 | $11105 |
| **6/30/2022** | $10891 | $11117 | $10931 |
| **7/31/2022** | $11174 | $11396 | $11198 |
| **8/31/2022** | $10908 | $11100 | $10881 |
| **9/30/2022** | $10400 | $10622 | $10411 |
| **10/31/2022** | $10266 | $10505 | $10276 |
| **11/30/2022** | $10614 | $10897 | $10654 |
| **12/31/2022** | $10567 | $10860 | $10606 |
| **1/31/2023** | $10932 | $11197 | $10932 |
| **2/28/2023** | $10661 | $10922 | $10650 |
| **3/31/2023** | $10897 | $11178 | $10920 |
| **4/30/2023** | $10961 | $11246 | $10987 |
| **5/31/2023** | $10828 | $11130 | $10867 |
| **6/30/2023** | $10819 | $11112 | $10828 |
| **7/31/2023** | $10847 | $11123 | $10821 |
| **8/31/2023** | $10788 | $11056 | $10751 |
| **9/30/2023** | $10529 | $10793 | $10478 |
| **10/31/2023** | $10370 | $10630 | $10313 |
| **11/30/2023** | $10816 | $11109 | $10780 |
| **12/31/2023** | $11227 | $11530 | $11193 |
| **1/31/2024** | $11219 | $11503 | $11162 |
| **2/29/2024** | $11096 | $11365 | $11004 |
| **3/31/2024** | $11204 | $11476 | $11106 |
| **4/30/2024** | $10952 | $11208 | $10825 |
| **5/31/2024** | $11125 | $11394 | $11009 |
| **6/30/2024** | $11235 | $11498 | $11113 |
| **7/31/2024** | $11488 | $11759 | $11373 |
| **8/31/2024** | $11677 | $11932 | $11536 |
| **9/30/2024** | $11826 | $12096 | $11690 |
| **10/31/2024** | $11554 | $11821 | $11401 |
| **11/30/2024** | $11690 | $11946 | $11521 |
| **12/31/2024** | $11509 | $11765 | $11332 |
| **1/31/2025** | $11595 | $11836 | $11393 |
| **2/28/2025** | $11827 | $12081 | $11643 |
| **3/31/2025** | $11807 | $12078 | $11648 |
| **4/30/2025** | $11800 | $12121 | $11693 |
| **5/31/2025** | $11751 | $12059 | $11610 |
| **6/30/2025** | $11946 | $12247 | $11788 |
| **7/31/2025** | $11928 | $12230 | $11757 |
| **8/31/2025** | $12070 | $12377 | $11898 |
| **9/30/2025** | $12213 | $12508 | $12028 |
| **10/31/2025** | $12286 | $12590 | $12103 |
| **11/30/2025** | $12360 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 5.73% | 0.20% | 2.14% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R4

# LTRKX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8708-R4

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R5

# LTRTX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $46 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 5.99%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia4a2a65d4940d414b8b4c7d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9916 | $9950 | $9968 |
| **1/31/2016** | $9971 | $10060 | $10105 |
| **2/29/2016** | $10016 | $10131 | $10177 |
| **3/31/2016** | $10197 | $10255 | $10270 |
| **4/30/2016** | $10283 | $10325 | $10309 |
| **5/31/2016** | $10288 | $10334 | $10312 |
| **6/30/2016** | $10470 | $10515 | $10497 |
| **7/31/2016** | $10574 | $10602 | $10564 |
| **8/31/2016** | $10599 | $10613 | $10552 |
| **9/30/2016** | $10606 | $10616 | $10545 |
| **10/31/2016** | $10544 | $10546 | $10465 |
| **11/30/2016** | $10301 | $10308 | $10217 |
| **12/31/2016** | $10329 | $10339 | $10232 |
| **1/31/2017** | $10383 | $10376 | $10252 |
| **2/28/2017** | $10457 | $10456 | $10321 |
| **3/31/2017** | $10452 | $10452 | $10315 |
| **4/30/2017** | $10537 | $10539 | $10395 |
| **5/31/2017** | $10612 | $10620 | $10475 |
| **6/30/2017** | $10607 | $10611 | $10464 |
| **7/31/2017** | $10663 | $10664 | $10509 |
| **8/31/2017** | $10749 | $10756 | $10603 |
| **9/30/2017** | $10701 | $10718 | $10553 |
| **10/31/2017** | $10716 | $10731 | $10559 |
| **11/30/2017** | $10700 | $10715 | $10546 |
| **12/31/2017** | $10746 | $10762 | $10594 |
| **1/31/2018** | $10647 | $10659 | $10472 |
| **2/28/2018** | $10559 | $10557 | $10373 |
| **3/31/2018** | $10599 | $10611 | $10439 |
| **4/30/2018** | $10526 | $10540 | $10362 |
| **5/31/2018** | $10568 | $10597 | $10435 |
| **6/30/2018** | $10557 | $10582 | $10423 |
| **7/31/2018** | $10578 | $10604 | $10425 |
| **8/31/2018** | $10621 | $10656 | $10492 |
| **9/30/2018** | $10589 | $10611 | $10425 |
| **10/31/2018** | $10505 | $10522 | $10342 |
| **11/30/2018** | $10538 | $10569 | $10404 |
| **12/31/2018** | $10667 | $10735 | $10595 |
| **1/31/2019** | $10826 | $10883 | $10708 |
| **2/28/2019** | $10833 | $10894 | $10701 |
| **3/31/2019** | $11017 | $11091 | $10907 |
| **4/30/2019** | $11037 | $11107 | $10910 |
| **5/31/2019** | $11200 | $11277 | $11103 |
| **6/30/2019** | $11352 | $11436 | $11243 |
| **7/31/2019** | $11392 | $11470 | $11268 |
| **8/31/2019** | $11593 | $11730 | $11560 |
| **9/30/2019** | $11546 | $11679 | $11498 |
| **10/31/2019** | $11572 | $11717 | $11533 |
| **11/30/2019** | $11575 | $11715 | $11527 |
| **12/31/2019** | $11578 | $11732 | $11519 |
| **1/31/2020** | $11814 | $11943 | $11740 |
| **2/29/2020** | $11962 | $12121 | $11952 |
| **3/31/2020** | $11448 | $11885 | $11881 |
| **4/30/2020** | $11679 | $12123 | $12093 |
| **5/31/2020** | $11831 | $12236 | $12149 |
| **6/30/2020** | $11972 | $12338 | $12225 |
| **7/31/2020** | $12269 | $12555 | $12408 |
| **8/31/2020** | $12228 | $12482 | $12308 |
| **9/30/2020** | $12197 | $12460 | $12301 |
| **10/31/2020** | $12163 | $12415 | $12246 |
| **11/30/2020** | $12367 | $12577 | $12366 |
| **12/31/2020** | $12455 | $12621 | $12383 |
| **1/31/2021** | $12417 | $12541 | $12295 |
| **2/28/2021** | $12276 | $12380 | $12117 |
| **3/31/2021** | $12159 | $12236 | $11966 |
| **4/30/2021** | $12275 | $12339 | $12060 |
| **5/31/2021** | $12335 | $12386 | $12100 |
| **6/30/2021** | $12442 | $12476 | $12185 |
| **7/31/2021** | $12559 | $12601 | $12321 |
| **8/31/2021** | $12560 | $12593 | $12297 |
| **9/30/2021** | $12454 | $12485 | $12191 |
| **10/31/2021** | $12453 | $12475 | $12188 |
| **11/30/2021** | $12475 | $12490 | $12224 |
| **12/31/2021** | $12478 | $12482 | $12192 |
| **1/31/2022** | $12228 | $12208 | $11930 |
| **2/28/2022** | $12097 | $12042 | $11797 |
| **3/31/2022** | $11754 | $11718 | $11469 |
| **4/30/2022** | $11361 | $11281 | $11034 |
| **5/31/2022** | $11331 | $11344 | $11105 |
| **6/30/2022** | $11060 | $11117 | $10931 |
| **7/31/2022** | $11337 | $11396 | $11198 |
| **8/31/2022** | $11070 | $11100 | $10881 |
| **9/30/2022** | $10569 | $10622 | $10411 |
| **10/31/2022** | $10422 | $10505 | $10276 |
| **11/30/2022** | $10778 | $10897 | $10654 |
| **12/31/2022** | $10745 | $10860 | $10606 |
| **1/31/2023** | $11105 | $11197 | $10932 |
| **2/28/2023** | $10845 | $10922 | $10650 |
| **3/31/2023** | $11075 | $11178 | $10920 |
| **4/30/2023** | $11142 | $11246 | $10987 |
| **5/31/2023** | $11022 | $11130 | $10867 |
| **6/30/2023** | $11015 | $11112 | $10828 |
| **7/31/2023** | $11045 | $11123 | $10821 |
| **8/31/2023** | $10975 | $11056 | $10751 |
| **9/30/2023** | $10714 | $10793 | $10478 |
| **10/31/2023** | $10554 | $10630 | $10313 |
| **11/30/2023** | $11011 | $11109 | $10780 |
| **12/31/2023** | $11431 | $11530 | $11193 |
| **1/31/2024** | $11426 | $11503 | $11162 |
| **2/29/2024** | $11302 | $11365 | $11004 |
| **3/31/2024** | $11414 | $11476 | $11106 |
| **4/30/2024** | $11160 | $11208 | $10825 |
| **5/31/2024** | $11353 | $11394 | $11009 |
| **6/30/2024** | $11453 | $11498 | $11113 |
| **7/31/2024** | $11714 | $11759 | $11373 |
| **8/31/2024** | $11909 | $11932 | $11536 |
| **9/30/2024** | $12063 | $12096 | $11690 |
| **10/31/2024** | $11788 | $11821 | $11401 |
| **11/30/2024** | $11930 | $11946 | $11521 |
| **12/31/2024** | $11748 | $11765 | $11332 |
| **1/31/2025** | $11837 | $11836 | $11393 |
| **2/28/2025** | $12077 | $12081 | $11643 |
| **3/31/2025** | $12059 | $12078 | $11648 |
| **4/30/2025** | $12055 | $12121 | $11693 |
| **5/31/2025** | $12007 | $12059 | $11610 |
| **6/30/2025** | $12209 | $12247 | $11788 |
| **7/31/2025** | $12193 | $12230 | $11757 |
| **8/31/2025** | $12355 | $12377 | $11898 |
| **9/30/2025** | $12489 | $12508 | $12028 |
| **10/31/2025** | $12567 | $12590 | $12103 |
| **11/30/2025** | $12645 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 5.99% | 0.45% | 2.37% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R5

# LTRTX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8740-R5

#### 01/26
![Image](i05fcad93208490e00ce4ea6e.jpg)

# Class R6

# LTRHX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $37 | 0.36% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended November 30, 2025, the Fund returned 6.09%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 5.70% return of the benchmark and broad-based securities market index, Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives contributed to relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment grade corporate bonds contributed to relative performance. Security selection within asset-backed securities also contributed to relative performance.

**Top detractors from performance:** Security selection within emerging market sovereign bonds detracted from relative performance. The Fund's overall rates positioning detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie18462316cd6332f6470437e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **11/30/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $9928 | $9950 | $9968 |
| **1/31/2016** | $9985 | $10060 | $10105 |
| **2/29/2016** | $10041 | $10131 | $10177 |
| **3/31/2016** | $10215 | $10255 | $10270 |
| **4/30/2016** | $10312 | $10325 | $10309 |
| **5/31/2016** | $10317 | $10334 | $10312 |
| **6/30/2016** | $10491 | $10515 | $10497 |
| **7/31/2016** | $10605 | $10602 | $10564 |
| **8/31/2016** | $10631 | $10613 | $10552 |
| **9/30/2016** | $10629 | $10616 | $10545 |
| **10/31/2016** | $10567 | $10546 | $10465 |
| **11/30/2016** | $10335 | $10308 | $10217 |
| **12/31/2016** | $10363 | $10339 | $10232 |
| **1/31/2017** | $10408 | $10376 | $10252 |
| **2/28/2017** | $10483 | $10456 | $10321 |
| **3/31/2017** | $10489 | $10452 | $10315 |
| **4/30/2017** | $10575 | $10539 | $10395 |
| **5/31/2017** | $10642 | $10620 | $10475 |
| **6/30/2017** | $10647 | $10611 | $10464 |
| **7/31/2017** | $10705 | $10664 | $10509 |
| **8/31/2017** | $10782 | $10756 | $10603 |
| **9/30/2017** | $10745 | $10718 | $10553 |
| **10/31/2017** | $10751 | $10731 | $10559 |
| **11/30/2017** | $10746 | $10715 | $10546 |
| **12/31/2017** | $10783 | $10762 | $10594 |
| **1/31/2018** | $10695 | $10659 | $10472 |
| **2/28/2018** | $10598 | $10557 | $10373 |
| **3/31/2018** | $10639 | $10611 | $10439 |
| **4/30/2018** | $10577 | $10540 | $10362 |
| **5/31/2018** | $10620 | $10597 | $10435 |
| **6/30/2018** | $10610 | $10582 | $10423 |
| **7/31/2018** | $10632 | $10604 | $10425 |
| **8/31/2018** | $10676 | $10656 | $10492 |
| **9/30/2018** | $10646 | $10611 | $10425 |
| **10/31/2018** | $10562 | $10522 | $10342 |
| **11/30/2018** | $10596 | $10569 | $10404 |
| **12/31/2018** | $10726 | $10735 | $10595 |
| **1/31/2019** | $10886 | $10883 | $10708 |
| **2/28/2019** | $10894 | $10894 | $10701 |
| **3/31/2019** | $11080 | $11091 | $10907 |
| **4/30/2019** | $11102 | $11107 | $10910 |
| **5/31/2019** | $11266 | $11277 | $11103 |
| **6/30/2019** | $11420 | $11436 | $11243 |
| **7/31/2019** | $11461 | $11470 | $11268 |
| **8/31/2019** | $11664 | $11730 | $11560 |
| **9/30/2019** | $11618 | $11679 | $11498 |
| **10/31/2019** | $11645 | $11717 | $11533 |
| **11/30/2019** | $11638 | $11715 | $11527 |
| **12/31/2019** | $11653 | $11732 | $11519 |
| **1/31/2020** | $11891 | $11943 | $11740 |
| **2/29/2020** | $12042 | $12121 | $11952 |
| **3/31/2020** | $11526 | $11885 | $11881 |
| **4/30/2020** | $11759 | $12123 | $12093 |
| **5/31/2020** | $11913 | $12236 | $12149 |
| **6/30/2020** | $12044 | $12338 | $12225 |
| **7/31/2020** | $12344 | $12555 | $12408 |
| **8/31/2020** | $12304 | $12482 | $12308 |
| **9/30/2020** | $12285 | $12460 | $12301 |
| **10/31/2020** | $12252 | $12415 | $12246 |
| **11/30/2020** | $12458 | $12577 | $12366 |
| **12/31/2020** | $12536 | $12621 | $12383 |
| **1/31/2021** | $12499 | $12541 | $12295 |
| **2/28/2021** | $12370 | $12380 | $12117 |
| **3/31/2021** | $12241 | $12236 | $11966 |
| **4/30/2021** | $12371 | $12339 | $12060 |
| **5/31/2021** | $12420 | $12386 | $12100 |
| **6/30/2021** | $12541 | $12476 | $12185 |
| **7/31/2021** | $12660 | $12601 | $12321 |
| **8/31/2021** | $12650 | $12593 | $12297 |
| **9/30/2021** | $12556 | $12485 | $12191 |
| **10/31/2021** | $12556 | $12475 | $12188 |
| **11/30/2021** | $12580 | $12490 | $12224 |
| **12/31/2021** | $12572 | $12482 | $12192 |
| **1/31/2022** | $12333 | $12208 | $11930 |
| **2/28/2022** | $12190 | $12042 | $11797 |
| **3/31/2022** | $11857 | $11718 | $11469 |
| **4/30/2022** | $11450 | $11281 | $11034 |
| **5/31/2022** | $11421 | $11344 | $11105 |
| **6/30/2022** | $11149 | $11117 | $10931 |
| **7/31/2022** | $11441 | $11396 | $11198 |
| **8/31/2022** | $11161 | $11100 | $10881 |
| **9/30/2022** | $10656 | $10622 | $10411 |
| **10/31/2022** | $10521 | $10505 | $10276 |
| **11/30/2022** | $10881 | $10897 | $10654 |
| **12/31/2022** | $10837 | $10860 | $10606 |
| **1/31/2023** | $11213 | $11197 | $10932 |
| **2/28/2023** | $10939 | $10922 | $10650 |
| **3/31/2023** | $11184 | $11178 | $10920 |
| **4/30/2023** | $11253 | $11246 | $10987 |
| **5/31/2023** | $11120 | $11130 | $10867 |
| **6/30/2023** | $11114 | $11112 | $10828 |
| **7/31/2023** | $11145 | $11123 | $10821 |
| **8/31/2023** | $11088 | $11056 | $10751 |
| **9/30/2023** | $10813 | $10793 | $10478 |
| **10/31/2023** | $10653 | $10630 | $10313 |
| **11/30/2023** | $11127 | $11109 | $10780 |
| **12/31/2023** | $11539 | $11530 | $11193 |
| **1/31/2024** | $11548 | $11503 | $11162 |
| **2/29/2024** | $11424 | $11365 | $11004 |
| **3/31/2024** | $11538 | $11476 | $11106 |
| **4/30/2024** | $11282 | $11208 | $10825 |
| **5/31/2024** | $11464 | $11394 | $11009 |
| **6/30/2024** | $11580 | $11498 | $11113 |
| **7/31/2024** | $11845 | $11759 | $11373 |
| **8/31/2024** | $12029 | $11932 | $11536 |
| **9/30/2024** | $12200 | $12096 | $11690 |
| **10/31/2024** | $11923 | $11821 | $11401 |
| **11/30/2024** | $12067 | $11946 | $11521 |
| **12/31/2024** | $11884 | $11765 | $11332 |
| **1/31/2025** | $11962 | $11836 | $11393 |
| **2/28/2025** | $12218 | $12081 | $11643 |
| **3/31/2025** | $12188 | $12078 | $11648 |
| **4/30/2025** | $12198 | $12121 | $11693 |
| **5/31/2025** | $12151 | $12059 | $11610 |
| **6/30/2025** | $12356 | $12247 | $11788 |
| **7/31/2025** | $12341 | $12230 | $11757 |
| **8/31/2025** | $12492 | $12377 | $11898 |
| **9/30/2025** | $12642 | $12508 | $12028 |
| **10/31/2025** | $12723 | $12590 | $12103 |
| **11/30/2025** | $12802 | $12666 | $12178 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 6.09% | 0.55% | 2.50% |
| Bloomberg U.S. Universal Index | 6.03% | 0.14% | 2.39% |
| Bloomberg U.S. Aggregate Bond Index | 5.70% | (0.31%) | 1.99% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *November 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865036991 |
| # of Portfolio Holdings | 577 |
| Portfolio Turnover Rate | 429% |
| Total Advisory Fees Paid | $10354596 |

---

## **What did the Fund invest in?** 
(as of November 30, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.90% |
| Common Stocks | 0.01% |
| Corporate Bonds | 35.21% |
| Floating Rate Loans | 1.58% |
| Foreign Government Obligations | 0.23% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.75% |
| Government Sponsored Enterprises Pass-Throughs | 22.29% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.08% |
| U.S. Treasury Obligations | 15.45% |
| Repurchase Agreements | 1.17% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.30% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the 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.

![Image](i0f4dd6aaf296ab7b8467e3a5.jpg)

# Class R6

# LTRHX

# Lord Abbett Total Return Fund

#### Annual Shareholder Report

#### November 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8772-R6

#### 01/26
Item 1(b): Not applicable.

Item 2: Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics
on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant ("Code of
Ethics"). The Code of Ethics was in effect during the fiscal year ended November 30, 2025 (the "Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described
in Form N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) See Item 19(a)(1) concerning the filing of the Code of Ethics.

Item 3: Audit Committee Financial Expert.

The Registrant's board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch, and Peter J. McNamara. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4: Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended November 30, 2025 and 2024 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal year ended: | Fiscal year ended: |
|  | 2025 | 2024 |
| Audit Fees {a} | $826000 | $800000 |
| Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;- 0 - | &nbsp;&nbsp;&nbsp;&nbsp;- 0 - |
| Total audit and audit-related fees | 826000 | 800000 |
| Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; - 0 - | &nbsp;&nbsp;&nbsp;&nbsp; - 0 - |

---

---

| | | |
|:---|:---|:---|
| All Other Fees {b} | &nbsp;&nbsp;&nbsp;&nbsp; - 0 - | &nbsp;&nbsp;&nbsp;&nbsp; - 0 - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fees | $826000 | $800000 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements.

{b} Fees for the fiscal year ended November 30, 2025 and 2024 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including
the Registrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit-related, tax, and other services to be provided to the Registrant's investment
adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services
to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund,
by the independent auditor to assure that the provision of such services does not impair the auditor's independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

---

| | |
|:---|:---|
| (e) (2) | The Registrant's Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant
are shown above in the response to Item 4 (a), (b), (c) and (d) as "All Other Fees".

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended November 30, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | Fiscal year ended: | Fiscal year ended: |
|  | 2025 | 2024 |
| All Other Fees {a} | $260000 | $250000 |

---

{a} Consist of fees for Independent Services Auditors' Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett's Asset Management Services ("SOC-1 Report").

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended November 30, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | Fiscal year ended: | Fiscal year ended: |
|  | 2025 | 2024 |
| All Other Fees | $- 0 - | $- 0 - |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to the Registrant's
investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides
ongoing services to the Registrant, that were not pre-approved pursuant to

Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte's independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| Item 5: | Audit Committee of Listed Registrants. |
|  | Not applicable. |
| Item 6: | Investments. |
|  | The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR. |
| Item 7: | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| Item 8: | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
| Item 9: | Proxy Disclosures for Open-End Management Investment Companies. |
| Item 10: | Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies. |
| Item 11: | Statement Regarding Basis for Approval of Investment Advisory Contract. |
|  | The Fund's Board of Trustees did not approve any investment advisory contract during the Fund's most recent fiscal half-year. |

---

![](x8_c114729x1x1m1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Multi-Asset Balanced Opportunity Fund

Multi-Asset Income Fund

*For the fiscal year ended November 30, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | **[Schedules of Investments (Item 7)](#xx8xc114729a001xm1xm4)** |
| 1 | [Multi-Asset Balanced Opportunity Fund](#xx8xc114729a002xm1xm4) |
| 3 | [Multi-Asset Income Fund](#xx8xc114729a003xm1xm4) |
| 5 | **[Statements of Assets and Liabilities (Item 7)](#xx8xc114729a004xm1xm4)** |
| 7 | **[Statements of Operations (Item 7)](#xx8xc114729a005xm1xm4)** |
| 8 | **[Statements of Changes in Net Assets (Item 7)](#xx8xc114729a006xm1xm4)** |
| 10 | **[Financial Highlights (Item 7)](#xx8xc114729a007xm1xm4)** |
| 18 | **[Notes to Financial Statements (Item 7)](#xx8xc114729a008xm1xm4)** |
| 35 | **[Report of Independent Registered Public Accounting Firm (Item 7)](#xx8xc114729a009xm1xm4)** |
| 37 | **[Changes in and Disagreements with Accountants (Item 8)](#xx8xc114729a010xm1xm4)** |
| 37 | **[Proxy Disclosures (Item 9)](#xx8xc114729a011xm1xm4)** |
| 37 | **[Remuneration Paid to Trustees, Officers, and Others (Item 10)](#xx8xc114729a012xm1xm4)** |

---

**Schedule of Investments**

MULTI-ASSET BALANCED OPPORTUNITY FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.76%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)</sup> **99.76%** |  |  |
| Lord Abbett Affiliated Fund, Inc.-Class I<sup>(b)(c)</sup> | 8623491 | $184628949 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(b)(d)</sup> | 58818357 | 553480742 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(b)(e)</sup> | 10928120 | 288939496 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(b)(f)</sup> | 16825728 | 75884032 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I\*<sup>(b)(c)</sup> | 14433014 | 255464354 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(b)(g)</sup> | 3842390 | 225125640 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(b)(h)</sup> | 19020928 | 121924147 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(b)(i)</sup> | 4806835 | 90176229 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(b)(j)</sup> | 7875801 | 80333171 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I<sup>(b)(k)</sup> | 5364686 | 53915091 |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I\*<sup>(b)(l)</sup> | 2378356 | 48708718 |
| Lord Abbett Private Credit Fund<sup>(m)(n)(o)</sup> | 1460930 | 36859267 |
| *Total Investments in Underlying Funds* (cost $1,699,213,878) |  | 2015439836 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.17%** |  |  |
| **REPURCHASE AGREEMENTS 0.17%** |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $3,665,700 of U.S. Treasury Bill at 0.000% due 11/27/2026; value: $3,537,462; proceeds: $3,469,012<br> (cost $3,468,000) | $3468000 | 3468000 |
| *Total Investments in Securities 99.93%* (cost $1,702,681,878) |  | 2018907836 |
| *Other Assets and Liabilities – Net<sup>(p)</sup> 0.07%* |  | 1338906 |
| *Net Assets 100.00%* |  | $2020246742 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated funds (See Note (10)).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(f)</sup> Fund investment objective is to seek high total return.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

<sup>(h)</sup> Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to seek long-term capital appreciation.

<sup>(j)</sup> Fund investment objective is to seek a high level of total return.

<sup>(k)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

*See Notes to Financial Statements.* 1

**Schedule of Investments (concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND *November 30, 2025*

<sup>(l)</sup> Fund investment objective is long-term capital appreciation.

<sup>(m)</sup> Fund investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.

<sup>(n)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At November 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $36,859,267 or 1.82% of the Multi-Asset Balanced Opportunity Fund's net assets.

<sup>(o)</sup> Fund is a business development company under the Investment Company Act of 1940.

<sup>(p)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| E-mini S&P 500 Index | December 2025 | 124 | Long | $41028369 | $42528900 | $1500531 |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $1978580569 | $36859267 | $– | $2015439836 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 3468000 | – | 3468000 |
| Total | $1978580569 | $40327267 | $– | $2018907836 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $1500531 | $– | $– | $1500531 |
| &nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $1500531 | $– | $– | $1500531 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

2 *See Notes to Financial Statements.*

**Schedule of Investments**

MULTI-ASSET INCOME FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.89%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)</sup> **99.89%** |  |  |
| Lord Abbett Affiliated Fund, Inc.-Class I<sup>(b)(c)</sup> | 1946960 | $41684412 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(b)(d)</sup> | 39224231 | 369100011 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(b)(e)</sup> | 2438198 | 64465938 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(b)(f)</sup> | 6169179 | 27822998 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I\*<sup>(b)(c)</sup> | 3357022 | 59419294 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(b)(g)</sup> | 878648 | 51480000 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(b)(h)</sup> | 10962978 | 70272685 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(b)(i)</sup> | 2134962 | 40051892 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(b)(j)</sup> | 3145724 | 32086387 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I<sup>(b)(k)</sup> | 2045845 | 20560744 |
| Lord Abbett Private Credit Fund<sup>(l)(m)(n)</sup> | 639156 | 16125916 |
| *Total Investments in Underlying Funds* (cost $726,297,221) |  | 793070277 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.04%** |  |  |
| **REPURCHASE AGREEMENTS 0.04%** |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $270,300 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $359,630; proceeds: $352,461<br> (cost $352,358) | $352358 | 352358 |
| *Total Investments in Securities 99.93%* (cost $726,649,579) |  | 793422635 |
| *Other Assets and Liabilities – Net<sup>(o)</sup> 0.07%* |  | 536928 |
| *Net Assets 100.00%* |  | $793959563 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated funds (See Note (10)).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(f)</sup> Fund investment objective is to seek high total return.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

<sup>(h)</sup> Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to seek long-term capital appreciation.

<sup>(j)</sup> Fund investment objective is to seek a high level of total return.

<sup>(k)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

<sup>(l)</sup> Fund investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.

*See Notes to Financial Statements.* 3

**Schedule of Investments (concluded)**

MULTI-ASSET INCOME FUND *November 30, 2025*

<sup>(m)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At November 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $16,125,916 or 2.03% of the Multi-Asset Income Fund's net assets.

<sup>(n)</sup> Fund is a business development company under the Investment Company Act of 1940.

<sup>(o)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| E-mini S&P 500 Index | December 2025 | 24 | &nbsp;&nbsp;&nbsp;Long | $7843085 | $8231400 | $388315 |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $776944361 | $16125916 | $– | $793070277 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 352358 | – | 352358 |
| Total | $776944361 | $16478274 | $– | $793422635 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $388315 | $– | $– | $388315 |
| &nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $388315 | $– | $– | $388315 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

4 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **ASSETS:** | | |
| Investments in securities, at cost | $3468000 | $352358 |
| Investments in Underlying Funds, at cost | 1699213878 | 726297221 |
| Investments in securities, at fair value | $3468000 | $352358 |
| Investments in Underlying Funds, at fair value | 2015439836 | 793070277 |
| Cash | 121 | 8 |
| Deposits with brokers for futures collateral | 2774908 | 537079 |
| Foreign cash, at value (cost $36 and $0, respectively) | 39 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 3543104 | 2067539 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 157628 | 76112 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 118349 |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 26397 | 11548 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds sold |  | 517150 |
| Prepaid expenses | 32660 | 35210 |
| **Total assets** | 2025561042 | 796667281 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds purchased | 3423765 | 2052075 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 466157 | 72779 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 344032 | 150410 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 284907 | 148979 |
| &nbsp;&nbsp;&nbsp;Management fee | 164497 | 64985 |
| &nbsp;&nbsp;&nbsp;Fund administration | 65799 | 25994 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  | 1212 |
| Foreign currency overdraft (cost $0 and $423, respectively) |  | 453 |
| Accrued expenses | 565143 | 190831 |
| **Total liabilities** | 5314300 | 2707718 |
| **Commitments and contingent liabilities** |  |  |
| **NET ASSETS** | $2020246742 | $793959563 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $1781697673 | $824888433 |
| Total distributable earnings/(loss) | 238549069 | (30928870) |
| **Net Assets** | $2020246742 | $793959563 |

---

*See Notes to Financial Statements.* 5

**Statements of Assets and Liabilities (concluded)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $1833262583 | $647493805 |
| Class C Shares | $42256440 | $21692555 |
| Class F Shares | $6752696 | $12487591 |
| Class F3 Shares | $55906 | $165864 |
| Class I Shares | $65165125 | $96027164 |
| Class P Shares | $148409 | $– |
| Class R2 Shares | $1042695 | $45536 |
| Class R3 Shares | $45233461 | $12489210 |
| Class R4 Shares | $13086093 | $2176352 |
| Class R5 Shares | $58677 | $14169 |
| Class R6 Shares | $13184657 | $1367317 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 135435224 | 37446001 |
| Class C Shares | 3148685 | 1227835 |
| Class F Shares | 498769 | 722083 |
| Class F3 Shares | 4101 | 9613 |
| Class I Shares | 4813691 | 5595139 |
| Class P Shares | 11036 |  |
| Class R2 Shares | 74555 | 2536 |
| Class R3 Shares | 3349452 | 722097 |
| Class R4 Shares | 966569 | 125858 |
| Class R5 Shares | 4323 | 825 |
| Class R6 Shares | 968630 | 79269 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |
| Class A Shares-Net asset value | $13.54 | $17.29 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25% and 2.25%, respectively) | $13.85 | $17.69 |
| Class C Shares-Net asset value | $13.42 | $17.67 |
| Class F Shares-Net asset value | $13.54 | $17.29 |
| Class F3 Shares-Net asset value | $13.63 | $17.25 |
| Class I Shares-Net asset value | $13.54 | $17.16 |
| Class P Shares-Net asset value | $13.45 | $– |
| Class R2 Shares-Net asset value | $13.99 | $17.95 |
| Class R3 Shares-Net asset value | $13.50 | $17.30 |
| Class R4 Shares-Net asset value | $13.54 | $17.29 |
| Class R5 Shares-Net asset value | $13.57 | $17.18 |
| Class R6 Shares-Net asset value | $13.61 | $17.25 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

6 *See Notes to Financial Statements.*

**Statements of Operations**

*For the Year Ended November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Investment income:** |  |  |
| Dividend income from Underlying Funds (See Note 10) | $55132298 | $29594200 |
| Interest and other | 130987 | 47815 |
| **Total investment income** | 55263285 | 29642015 |
| **Expenses:** |  |  |
| Management fee | 1969314 | 783885 |
| 12b-1 distribution plan–Class A | 4448224 | 1597297 |
| 12b-1 distribution plan–Class C | 459314 | 266599 |
| 12b-1 distribution plan–Class F | 6718 | 12760 |
| 12b-1 distribution plan–Class P | 578 |  |
| 12b-1 distribution plan–Class R2 | 5672 | 1812 |
| 12b-1 distribution plan–Class R3 | 219512 | 65767 |
| 12b-1 distribution plan–Class R4 | 30962 | 5377 |
| Shareholder servicing | 1534468 | 525980 |
| Fund administration | 787726 | 313554 |
| Registration | 185046 | 151475 |
| Reports to shareholders | 155822 | 66156 |
| Trustees' fees | 86880 | 34786 |
| Professional | 56677 | 43605 |
| Custody | 37265 | 24967 |
| Other | 40144 | 22572 |
| Gross expenses | 10024322 | 3916592 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (252219) | (119026) |
| **Net expenses** | 9772103 | 3797566 |
| **Net investment income** | 45491182 | 25844449 |
| **Net realized and unrealized gain/(loss):** |  |  |
| Capital gain distributions received from Underlying Funds | 14014631 | 3752724 |
| Net realized gain/(loss) on Investments in Underlying Funds | 41268237 | 1876460 |
| Net realized gain/(loss) on investments | (5218) | (228) |
| Net realized gain/(loss) on futures contracts | 449838 | 1089299 |
| Net change in unrealized appreciation/(depreciation) on Investments in Underlying Funds | 67523193 | 29375212 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 1964820 | 574000 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 4 | (47) |
| **Net realized and unrealized gain/(loss)** | 125215505 | 36667420 |
| **Net Increase in Net Assets Resulting From Operations** | $170706687 | $62511869 |

---

*See Notes to Financial Statements.* 7

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> November 30, 2025** | **For the Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $45491182 | $48362531 |
| Net realized gain/(loss) | 55727488 | 75473669 |
| Net change in unrealized appreciation/(depreciation) | 69488017 | 289685445 |
| **Net increase in net assets resulting from operations** | 170706687 | 413521645 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (46366967) | (40760351) |
| &nbsp;&nbsp;&nbsp;Class C | (866407) | (924938) |
| &nbsp;&nbsp;&nbsp;Class F | (184239) | (187149) |
| &nbsp;&nbsp;&nbsp;Class F3 | (1486) | (1225) |
| &nbsp;&nbsp;&nbsp;Class I | (1906128) | (1509472) |
| &nbsp;&nbsp;&nbsp;Class P | (3078) | (3300) |
| &nbsp;&nbsp;&nbsp;Class R2 | (20291) | (16485) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1034554) | (944190) |
| &nbsp;&nbsp;&nbsp;Class R4 | (323058) | (284733) |
| &nbsp;&nbsp;&nbsp;Class R5 | (2104) | (2746) |
| &nbsp;&nbsp;&nbsp;Class R6 | (351874) | (307113) |
| **Total distribution to shareholders** | (51060186) | (44941702) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 142298049 | 107619620 |
| Reinvestment of distributions | 50055640 | 43988509 |
| Cost of shares reacquired | (325426765) | (366110881) |
| **Net decrease in net assets resulting from capital share transactions** | (133073076) | (214502752) |
| **Net increase (decrease) in net assets** | (13426575) | 154077191 |
| **NET ASSETS:** |  |  |
| Beginning of year | $2033673317 | $1879596126 |
| **End of year** | $2020246742 | $2033673317 |

---

8 *See Notes to Financial Statements.*

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> November 30, 2025** | **For the Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $25844449 | $27895483 |
| Net realized gain/(loss) | 6718255 | 17576370 |
| Net change in unrealized appreciation/(depreciation) | 29949165 | 81335025 |
| **Net increase in net assets resulting from operations** | 62511869 | 126806878 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (22052224) | (21685979) |
| &nbsp;&nbsp;&nbsp;Class C | (690822) | (953912) |
| &nbsp;&nbsp;&nbsp;Class F | (458450) | (523469) |
| &nbsp;&nbsp;&nbsp;Class F3 | (7857) | (20979) |
| &nbsp;&nbsp;&nbsp;Class I | (3314083) | (3259876) |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 | (9381) | (10403) |
| &nbsp;&nbsp;&nbsp;Class R3 | (421279) | (431949) |
| &nbsp;&nbsp;&nbsp;Class R4 | (74364) | (67582) |
| &nbsp;&nbsp;&nbsp;Class R5 | (505) | (465) |
| &nbsp;&nbsp;&nbsp;Class R6 | (28947) | (14881) |
| **Total distribution to shareholders** | (27057912) | (26969495) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 61884993 | 58270148 |
| Reinvestment of distributions | 26153344 | 26085271 |
| Cost of shares reacquired | (142481407) | (175614077) |
| **Net decrease in net assets resulting from capital share transactions** | (54443070) | (91258658) |
| **Net increase (decrease) in net assets** | (18989113) | 8578725 |
| **NET ASSETS:** |  |  |
| Beginning of year | $812948676 | $804369951 |
| **End of year** | $793959563 | $812948676 |

---

*See Notes to Financial Statements.* 9

**Financial Highlights**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning <br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $12.74 | $0.30 | $0.83 | $1.13 | $(0.33) | $– | $(0.33) |
| 11/30/2024 | 10.55 | 0.29 | 2.17 | 2.46 | (0.27) |  | (0.27) |
| 11/30/2023 | 10.30 | 0.24 | 0.24 | 0.48 | (0.23) |  | (0.23) |
| 11/30/2022 | 14.01 | 0.19 | (1.60) | (1.41) | (0.89) | (1.41) | (2.30) |
| 11/30/2021 | 13.15 | 0.22 | 1.42 | 1.64 | (0.51) | (0.27) | (0.78) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.63 | 0.20 | 0.82 | 1.02 | (0.23) |  | (0.23) |
| 11/30/2024 | 10.46 | 0.20 | 2.15 | 2.35 | (0.18) |  | (0.18) |
| 11/30/2023 | 10.21 | 0.15 | 0.25 | 0.40 | (0.15) |  | (0.15) |
| 11/30/2022 | 13.90 | 0.11 | (1.58) | (1.47) | (0.81) | (1.41) | (2.22) |
| 11/30/2021 | 13.06 | 0.11 | 1.41 | 1.52 | (0.41) | (0.27) | (0.68) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.74 | 0.31 | 0.84 | 1.15 | (0.35) |  | (0.35) |
| 11/30/2024 | 10.55 | 0.31 | 2.17 | 2.48 | (0.29) |  | (0.29) |
| 11/30/2023 | 10.30 | 0.25 | 0.25 | 0.50 | (0.25) |  | (0.25) |
| 11/30/2022 | 14.01 | 0.21 | (1.61) | (1.40) | (0.90) | (1.41) | (2.31) |
| 11/30/2021 | 13.15 | 0.24 | 1.42 | 1.66 | (0.53) | (0.27) | (0.80) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.82 | 0.34 | 0.83 | 1.17 | (0.36) |  | (0.36) |
| 11/30/2024 | 10.61 | 0.33 | 2.18 | 2.51 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.35 | 0.27 | 0.25 | 0.52 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.05 | 0.23 | (1.60) | (1.37) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.18 | 0.17 | 1.52 | 1.69 | (0.55) | (0.27) | (0.82) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.74 | 0.33 | 0.83 | 1.16 | (0.36) |  | (0.36) |
| 11/30/2024 | 10.55 | 0.32 | 2.17 | 2.49 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.30 | 0.26 | 0.25 | 0.51 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.00 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.15 | 0.25 | 1.41 | 1.66 | (0.54) | (0.27) | (0.81) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.66 | 0.27 | 0.83 | 1.10 | (0.31) |  | (0.31) |
| 11/30/2024 | 10.49 | 0.26 | 2.15 | 2.41 | (0.24) |  | (0.24) |
| 11/30/2023 | 10.24 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) |
| 11/30/2022 | 13.93 | 0.18 | (1.60) | (1.42) | (0.86) | (1.41) | (2.27) |
| 11/30/2021 | 13.08 | 0.19 | 1.41 | 1.60 | (0.48) | (0.27) | (0.75) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | 13.15 | 0.26 | 0.86 | 1.12 | (0.28) |  | (0.28) |
| 11/30/2024 | 10.88 | 0.26 | 2.24 | 2.50 | (0.23) |  | (0.23) |
| 11/30/2023 | 10.62 | 0.21 | 0.25 | 0.46 | (0.20) |  | (0.20) |
| 11/30/2022 | 14.36 | 0.16 | (1.64) | (1.48) | (0.85) | (1.41) | (2.26) |
| 11/30/2021 | 13.46 | 0.18 | 1.45 | 1.63 | (0.46) | (0.27) | (0.73) |

---

<br> 10 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $13.54 | 9.09 | 0.48 | 0.50 | 2.32 | $1833263 | 31 |
| 12.74 | 23.58 | 0.50 | 0.50 | 2.49 | 1840606 | 31 |
| 10.55 | 4.67 | 0.50 | 0.51 | 2.31 | 1680159 | 24 |
| 10.30 | (12.00) | 0.50 | 0.51 | 1.79 | 1808434 | 104 |
| 14.01 | 12.89 | 0.49 | 0.49 | 1.56 | 2293947 | 47 |
| 13.42 | 8.26 | 1.24 | 1.25 | 1.58 | 42256 | 31 |
| 12.63 | 22.66 | 1.25 | 1.25 | 1.74 | 54274 | 31 |
| 10.46 | 3.87 | 1.25 | 1.26 | 1.52 | 65190 | 24 |
| 10.21 | (12.62) | 1.25 | 1.26 | 1.02 | 135989 | 104 |
| 13.90 | 12.01 | 1.24 | 1.24 | 0.78 | 223713 | 47 |
| 13.54 | 9.25 | 0.33 | 0.35 | 2.47 | 6753 | 31 |
| 12.74 | 23.76 | 0.35 | 0.35 | 2.64 | 7380 | 31 |
| 10.55 | 4.81 | 0.35 | 0.36 | 2.44 | 7625 | 24 |
| 10.30 | (11.88) | 0.35 | 0.36 | 1.89 | 27902 | 104 |
| 14.01 | 13.06 | 0.34 | 0.34 | 1.73 | 84162 | 47 |
| 13.63 | 9.38 | 0.16 | 0.18 | 2.64 | 56 | 31 |
| 12.82 | 23.94 | 0.17 | 0.17 | 2.82 | 53 | 31 |
| 10.61 | 5.02 | 0.17 | 0.18 | 2.64 | 44 | 24 |
| 10.35 | (11.64) | 0.17 | 0.18 | 2.15 | 42 | 104 |
| 14.05 | 13.25 | 0.17 | 0.17 | 1.18 | 58 | 47 |
| 13.54 | 9.36 | 0.23 | 0.25 | 2.58 | 65165 | 31 |
| 12.74 | 23.88 | 0.25 | 0.25 | 2.74 | 59908 | 31 |
| 10.55 | 4.93 | 0.25 | 0.26 | 2.53 | 56235 | 24 |
| 10.30 | (11.78) | 0.25 | 0.26 | 2.07 | 56783 | 104 |
| 14.00 | 13.26 | 0.24 | 0.24 | 1.81 | 41327 | 47 |
| 13.45 | 8.86 | 0.68 | 0.70 | 2.11 | 148 | 31 |
| 12.66 | 23.24 | 0.70 | 0.70 | 2.26 | 118 | 31 |
| 10.49 | 4.49 | 0.70 | 0.71 | 2.07 | 350 | 24 |
| 10.24 | (12.17) | 0.70 | 0.71 | 1.63 | 340 | 104 |
| 13.93 | 12.72 | 0.69 | 0.69 | 1.37 | 820 | 47 |
| 13.99 | 8.72 | 0.83 | 0.85 | 1.96 | 1043 | 31 |
| 13.15 | 23.16 | 0.85 | 0.85 | 2.14 | 900 | 31 |
| 10.88 | 4.25 | 0.84 | 0.85 | 2.01 | 802 | 24 |
| 10.62 | (12.29) | 0.85 | 0.86 | 1.44 | 593 | 104 |
| 14.36 | 12.55 | 0.84 | 0.84 | 1.23 | 686 | 47 |

---

<br> *See Notes to Financial Statements.* 11

**Financial Highlights (concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized <br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | $12.71 | $0.26 | $0.83 | $1.09 | $(0.30) | $– | $(0.30) |
| 11/30/2024 | 10.53 | 0.26 | 2.16 | 2.42 | (0.24) |  | (0.24) |
| 11/30/2023 | 10.28 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) |
| 11/30/2022 | 13.98 | 0.17 | (1.60) | (1.43) | (0.86) | (1.41) | (2.27) |
| 11/30/2021 | 13.12 | 0.18 | 1.42 | 1.60 | (0.47) | (0.27) | (0.74) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.74 | 0.30 | 0.83 | 1.13 | (0.33) |  | (0.33) |
| 11/30/2024 | 10.55 | 0.29 | 2.17 | 2.46 | (0.27) |  | (0.27) |
| 11/30/2023 | 10.30 | 0.24 | 0.24 | 0.48 | (0.23) |  | (0.23) |
| 11/30/2022 | 14.01 | 0.19 | (1.60) | (1.41) | (0.89) | (1.41) | (2.30) |
| 11/30/2021 | 13.15 | 0.21 | 1.43 | 1.64 | (0.51) | (0.27) | (0.78) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.77 | 0.33 | 0.83 | 1.16 | (0.36) |  | (0.36) |
| 11/30/2024 | 10.58 | 0.32 | 2.17 | 2.49 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.33 | 0.26 | 0.25 | 0.51 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.03 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.17 | 0.25 | 1.42 | 1.67 | (0.54) | (0.27) | (0.81) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.80 | 0.34 | 0.83 | 1.17 | (0.36) |  | (0.36) |
| 11/30/2024 | 10.59 | 0.33 | 2.18 | 2.51 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.33 | 0.27 | 0.25 | 0.52 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.04 | 0.23 | (1.61) | (1.38) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.17 | 0.26 | 1.43 | 1.69 | (0.55) | (0.27) | (0.82) |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> 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.

<br> 12 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $13.50 | 8.76 | 0.73 | 0.75 | 2.07 | $45233 | 31 |
| 12.71 | 23.22 | 0.75 | 0.75 | 2.25 | 44391 | 31 |
| 10.53 | 4.42 | 0.74 | 0.75 | 2.05 | 47059 | 24 |
| 10.28 | (12.17) | 0.75 | 0.76 | 1.53 | 37063 | 104 |
| 13.98 | 12.62 | 0.74 | 0.74 | 1.30 | 49825 | 47 |
| 13.54 | 9.09 | 0.48 | 0.50 | 2.32 | 13086 | 31 |
| 12.74 | 23.58 | 0.50 | 0.50 | 2.49 | 13293 | 31 |
| 10.55 | 4.67 | 0.50 | 0.51 | 2.31 | 11333 | 24 |
| 10.30 | (12.00) | 0.50 | 0.51 | 1.79 | 11617 | 104 |
| 14.01 | 12.88 | 0.49 | 0.49 | 1.54 | 14343 | 47 |
| 13.57 | 9.33 | 0.23 | 0.24 | 2.59 | 59 | 31 |
| 12.77 | 23.81 | 0.25 | 0.25 | 2.73 | 114 | 31 |
| 10.58 | 4.91 | 0.25 | 0.26 | 2.54 | 100 | 24 |
| 10.33 | (11.69) | 0.25 | 0.26 | 2.08 | 158 | 104 |
| 14.03 | 13.15 | 0.24 | 0.24 | 1.78 | 186 | 47 |
| 13.61 | 9.39 | 0.17 | 0.18 | 2.63 | 13185 | 31 |
| 12.80 | 23.98 | 0.18 | 0.18 | 2.80 | 12638 | 31 |
| 10.59 | 5.03 | 0.17 | 0.18 | 2.65 | 10701 | 24 |
| 10.33 | (11.73) | 0.17 | 0.18 | 2.12 | 10119 | 104 |
| 14.04 | 13.26 | 0.17 | 0.17 | 1.88 | 11969 | 47 |

---

<br> *See Notes to Financial Statements.* 13

**Financial Highlights**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $16.52 | $0.54 | $0.80 | $1.34 | $(0.57) | $17.29 |
| 11/30/2024 | 14.60 | 0.54 | 1.90 | 2.44 | (0.52) | 16.52 |
| 11/30/2023 | 14.60 | 0.45 | – <sup>(d)</sup> | 0.45 | (0.45) | 14.60 |
| 11/30/2022 | 17.39 | 0.35 | (2.24) | (1.89) | (0.90) | 14.60 |
| 11/30/2021 | 16.47 | 0.32 | 1.21 | 1.53 | (0.61) | 17.39 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2025 | 16.86 | 0.43 | 0.82 | 1.25 | (0.44) | 17.67 |
| 11/30/2024 | 14.89 | 0.43 | 1.94 | 2.37 | (0.40) | 16.86 |
| 11/30/2023 | 14.87 | 0.35 | – <sup>(d)</sup> | 0.35 | (0.33) | 14.89 |
| 11/30/2022 | 17.68 | 0.24 | (2.27) | (2.03) | (0.78) | 14.87 |
| 11/30/2021 | 16.74 | 0.18 | 1.23 | 1.41 | (0.47) | 17.68 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 16.52 | 0.57 | 0.79 | 1.36 | (0.59) | 17.29 |
| 11/30/2024 | 14.60 | 0.56 | 1.91 | 2.47 | (0.55) | 16.52 |
| 11/30/2023 | 14.60 | 0.48 | (0.01) | 0.47 | (0.47) | 14.60 |
| 11/30/2022 | 17.39 | 0.37 | (2.24) | (1.87) | (0.92) | 14.60 |
| 11/30/2021 | 16.47 | 0.34 | 1.22 | 1.56 | (0.64) | 17.39 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 16.47 | 0.62 | 0.77 | 1.39 | (0.61) | 17.25 |
| 11/30/2024 | 14.55 | 0.59 | 1.89 | 2.48 | (0.56) | 16.47 |
| 11/30/2023 | 14.54 | 0.50 | – <sup>(d)</sup> | 0.50 | (0.49) | 14.55 |
| 11/30/2022 | 17.32 | 0.41 | (2.25) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 16.40 | 0.58 | 0.79 | 1.37 | (0.61) | 17.16 |
| 11/30/2024 | 14.50 | 0.58 | 1.88 | 2.46 | (0.56) | 16.40 |
| 11/30/2023 | 14.50 | 0.48 | 0.01 <sup>(e)</sup> | 0.49 | (0.49) | 14.50 |
| 11/30/2022 | 17.28 | 0.39 | (2.23) | (1.84) | (0.94) | 14.50 |
| 11/30/2021 | 16.37 | 0.36 | 1.20 | 1.56 | (0.65) | 17.28 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2025 | 17.08 | 0.53 | 0.81 | 1.34 | (0.47) | 17.95 |
| 11/30/2024 | 15.09 | 0.50 | 1.96 | 2.46 | (0.47) | 17.08 |
| 11/30/2023 | 15.06 | 0.42 | 0.01 <sup>(e)</sup> | 0.43 | (0.40) | 15.09 |
| 11/30/2022 | 17.92 | 0.31 | (2.32) | (2.01) | (0.85) | 15.06 |
| 11/30/2021 | 16.95 | 0.26 | 1.25 | 1.51 | (0.54) | 17.92 |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2025 | 16.52 | 0.50 | 0.81 | 1.31 | (0.53) | 17.30 |
| 11/30/2024 | 14.60 | 0.50 | 1.91 | 2.41 | (0.49) | 16.52 |
| 11/30/2023 | 14.60 | 0.42 | – <sup>(d)</sup> | 0.42 | (0.42) | 14.60 |
| 11/30/2022 | 17.39 | 0.31 | (2.24) | (1.93) | (0.86) | 14.60 |
| 11/30/2021 | 16.47 | 0.27 | 1.21 | 1.48 | (0.56) | 17.39 |

---

<br> 14 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expenses <br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 8.34 | 0.49 | 0.50 | 3.30 | $647494 | 27 |
| 17.00 | 0.50 | 0.51 | 3.45 | 657913 | 32 |
| 3.10 | 0.50 | 0.51 | 3.13 | 638171 | 19 |
| (11.23) | 0.49 | 0.50 | 2.30 | 734968 | 83 |
| 9.43 | 0.48 | 0.49 | 1.81 | 855806 | 40 |
| 7.56 | 1.24 | 1.25 | 2.56 | 21693 | 27 |
| 16.10 | 1.25 | 1.26 | 2.71 | 33181 | 32 |
| 2.35 | 1.25 | 1.26 | 2.35 | 44457 | 19 |
| (11.92) | 1.25 | 1.25 | 1.50 | 92856 | 83 |
| 8.66 | 1.23 | 1.24 | 1.03 | 188842 | 40 |
| 8.50 | 0.34 | 0.35 | 3.45 | 12488 | 27 |
| 17.17 | 0.35 | 0.36 | 3.61 | 13914 | 32 |
| 3.24 | 0.35 | 0.36 | 3.27 | 15635 | 19 |
| (11.10) | 0.34 | 0.35 | 2.35 | 54006 | 83 |
| 9.59 | 0.33 | 0.34 | 1.95 | 176727 | 40 |
| 8.69 | 0.18 | 0.19 | 3.79 | 166 | 27 |
| 17.34 | 0.19 | 0.20 | 3.76 | 625 | 32 |
| 3.45 | 0.18 | 0.19 | 3.45 | 541 | 19 |
| (10.98) | 0.18 | 0.18 | 2.59 | 541 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1735 | 40 |
| 8.61 | 0.24 | 0.25 | 3.54 | 96027 | 27 |
| 17.27 | 0.25 | 0.26 | 3.70 | 90343 | 32 |
| 3.38 | 0.25 | 0.26 | 3.37 | 88548 | 19 |
| (11.02) | 0.24 | 0.25 | 2.65 | 98929 | 83 |
| 9.70 | 0.23 | 0.24 | 2.05 | 37860 | 40 |
| 8.01 | 0.84 | 0.85 | 3.13 | 46 | 27 |
| 16.58 | 0.85 | 0.86 | 3.09 | 447 | 32 |
| 2.71 | 0.85 | 0.86 | 2.81 | 275 | 19 |
| (11.54) | 0.84 | 0.85 | 2.00 | 174 | 83 |
| 9.06 | 0.83 | 0.83 | 1.46 | 140 | 40 |
| 8.13 | 0.74 | 0.75 | 3.05 | 12489 | 27 |
| 16.70 | 0.75 | 0.76 | 3.20 | 13943 | 32 |
| 2.84 | 0.75 | 0.76 | 2.88 | 14176 | 19 |
| (11.46) | 0.74 | 0.75 | 2.02 | 14878 | 83 |
| 9.15 | 0.73 | 0.74 | 1.56 | 20699 | 40 |

---

<br> *See Notes to Financial Statements.* 15

**Financial Highlights (concluded)**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2025 | $16.52 | $0.54 | $0.80 | $1.34 | $(0.57) | $17.29 |
| 11/30/2024 | 14.60 | 0.54 | 1.90 | 2.44 | (0.52) | 16.52 |
| 11/30/2023 | 14.60 | 0.45 | – <sup>(d)</sup> | 0.45 | (0.45) | 14.60 |
| 11/30/2022 | 17.39 | 0.35 | (2.24) | (1.89) | (0.90) | 14.60 |
| 11/30/2021 | 16.47 | 0.31 | 1.22 | 1.53 | (0.61) | 17.39 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 16.41 | 0.59 | 0.79 | 1.38 | (0.61) | 17.18 |
| 11/30/2024 | 14.51 | 0.58 | 1.88 | 2.46 | (0.56) | 16.41 |
| 11/30/2023 | 14.51 | 0.49 | – <sup>(d)</sup> | 0.49 | (0.49) | 14.51 |
| 11/30/2022 | 17.28 | 0.39 | (2.22) | (1.83) | (0.94) | 14.51 |
| 11/30/2021 | 16.38 | 0.36 | 1.19 | 1.55 | (0.65) | 17.28 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | 16.47 | 0.59 | 0.80 | 1.39 | (0.61) | 17.25 |
| 11/30/2024 | 14.55 | 0.59 | 1.89 | 2.48 | (0.56) | 16.47 |
| 11/30/2023 | 14.54 | 0.49 | 0.01 <sup>(e)</sup> | 0.50 | (0.49) | 14.55 |
| 11/30/2022 | 17.32 | 0.40 | (2.24) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Amount is less than $0.01.

<sup>(e)</sup> 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, 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.

<br> 16 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(c)</sup> | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expenses <br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 8.34 | 0.49 | 0.50 | 3.29 | $2176 | 27 |
| 16.99 | 0.50 | 0.51 | 3.47 | 2087 | 32 |
| 3.10 | 0.50 | 0.51 | 3.12 | 2241 | 19 |
| (11.23) | 0.49 | 0.50 | 2.29 | 2489 | 83 |
| 9.43 | 0.48 | 0.49 | 1.80 | 3435 | 40 |
| 8.67 | 0.21 | 0.23 | 3.57 | 14 | 27 |
| 17.25 | 0.23 | 0.23 | 3.73 | 14 | 32 |
| 3.38 | 0.24 | 0.25 | 3.38 | 12 | 19 |
| (11.02) | 0.24 | 0.24 | 2.56 | 47 | 83 |
| 9.76 | 0.23 | 0.23 | 2.06 | 53 | 40 |
| 8.69 | 0.17 | 0.19 | 3.53 | 1367 | 27 |
| 17.35 | 0.19 | 0.20 | 3.75 | 483 | 32 |
| 3.45 | 0.18 | 0.19 | 3.41 | 313 | 19 |
| (10.98) | 0.18 | 0.19 | 2.62 | 1015 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1159 | 40 |

---

<br> *See Notes to Financial Statements.* 17

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993. The Trust consists of thirteen funds. This report covers the following two funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Multi-Asset Balanced Opportunity Fund <br> ("Multi-Asset Balanced Opportunity Fund") | A, C, F, F3, I, P, R2, R3, R4, R5 and R6 |
| Lord Abbett Multi-Asset Income Fund <br> ("Multi-Asset Income Fund") | A, C, F, F3, I, R2, R3, R4, R5 and R6 |

---

Multi-Asset Balanced Opportunity Fund's Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

Multi-Asset Balanced Opportunity Fund's investment objective is to seek current income and capital growth. Multi-Asset Income Fund's investment objective is to seek a high level of current income. The Funds invest principally in "Underlying Funds", which consist of other registered mutual funds managed by Lord, Abbett & Co. LLC ("Lord Abbett") and the Lord Abbett Private Credit Fund ("PCF"), which is a non-diversified, closed-end management investment company which elected to be regulated as a business development company under the 1940 Act.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.

**Basis of Preparation**

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services - Investment Companies.* The preparation of the financial statements in conformity with generally accepted accounting principles 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.

**Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize

**Notes to Financial Statements (continued)**

revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedules of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

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| | |
|:---|:---|
| (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, 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. Lord Abbett has formed a pricing committee (the "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. |
|  | Investments in the Underlying Funds, with the exception of the PCF, are valued at their NAV each business day at the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the PCF are valued at its NAV each month end. 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. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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. |

---

**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – unadjusted quoted prices in active markets for identical investments;

● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest
 rates, prepayment speeds, credit risk, etc.); and

● Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining
 the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing each Fund's investments and other financial instruments as of November 30, 2025 and, if applicable, Level 3 rollforwards for the fiscal year 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. |
| (b) | Expenses**–**Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (c) | 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 in 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 in each Fund's Statement of Operations. The Funds do not isolate that portion of the results of |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | 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. |
| (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. |
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of November 30, 2025, no liability for Federal Income tax is required in each Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (e) | Investment Income**–**Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (f) | 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, each Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Funds' participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Funds. |
| (g) | 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. |

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**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

---

| |
|:---|
| Derivatives**–**During the fiscal year, the Funds used derivative instruments including futures contracts in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. |
| The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities. |
| The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other. |
| Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds. |
| Futures Contracts**–**The Funds may enter into futures contracts to manage and hedge interest rate risk associated with portfolio investments. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions. |
| The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). |
| Summary of Derivatives Information**–**As of November 30, 2025, each Fund in the tables below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statements of Assets and Liabilities: |

---

---

| | | |
|:---|:---|:---|
| | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities Location** | **Equity**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation on futures contracts | $1500531 |
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities Location** | **Equity**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation on futures contracts | $388315 |

---

<sup>(1)</sup> 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.

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the fiscal year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| | **Statements of<br> Operations<br> Location** | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(316016) | $765854 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/ (depreciation) on futures contracts | $1500531 | $464289 |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 90 | 145 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| | **Statements of<br> Operations<br> Location** | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $780952 | $308347 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/ (depreciation) on futures contracts | $388315 | $185685 |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 34 | 59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** 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 an annual rate of .10%.

For the fiscal year ended November 30, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Net Effective** <br> **Management Fee** |
| Multi-Asset Balanced Opportunity Fund | .09% |
| Multi-Asset Income Fund | .09% |

---

For the Funds' investments in the PCF, Lord Abbett has voluntarily agreed to waive management fees in an amount sufficient to offset the respective management fee that Lord Abbett collects from the PCF. Lord Abbett voluntarily waived the following management fees for fiscal year ended November 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Multi-Asset Balanced Opportunity Fund | $214928 |
| Multi-Asset Income Fund | 94032 |

---

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 fund administration fee is accrued daily and payable monthly.

Lord Abbett voluntarily waived certain fees and expenses during the fiscal year ended November 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Multi-Asset Balanced Opportunity Fund | $37291 |
| Multi-Asset Income Fund | 24994 |

---

**Notes to Financial Statements (continued)**

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the 1940 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 distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | **Class F**<sup>(1)</sup> | **Class P**<sup>(2)</sup> | **Class R2** | **Class R3** | **Class R4** |
| Service | .25% | .25% |  | .25% | .25% | .25% | .25% |
| Distribution |  | .75% | .10% | .20% | .35% | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(2)</sup> Applicable to Multi-Asset Balanced Opportunity Fund only.

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

**Commissions**

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the fiscal year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Distributor** <br> **Commissions** | **Dealers'**<br> **Concessions** |
| Multi-Asset Balanced Opportunity Fund | $79088 | $757777 |
| Multi-Asset Income Fund | 25777 | 283482 |

---

The Distributor received the following amounts of CDSCs for the fiscal year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Multi-Asset Balanced Opportunity Fund | $7216 | $4274 |
| Multi-Asset Income Fund | 9872 | 1577 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**5.** DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal year ended November 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Multi-Asset Balanced Opportunity Fund | $51060186 | $– $|  | $51060186 |
| Multi-Asset Income Fund | 27057912 | – |  | 27057912 |

---

**Notes to Financial Statements (continued)**

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Multi-Asset Balanced Opportunity Fund | $44941702 | $– $|  | $44941702 |
| Multi-Asset Income Fund | 26969495 | – |  | 26969495 |

---

As of November 30, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Net<br> Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Multi-Asset Balanced Opportunity Fund | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$| 623944 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| (50254719) | $288523876 | $(344032) | $238549069 |
| Multi-Asset Income Fund | – | 410056 | – | (78110075) | 46921557 | (150408) | (30928870) |

---

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Multi-Asset Balanced Opportunity Fund | $(50254719) | $– | $(50254719) |
| Multi-Asset Income Fund | (42739313) | (35370762) | (78110075) |

---

As of November 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments, amortization of premium, and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Multi-Asset Balanced Opportunity Fund | $1731884494 | $304014276 | $(15490403) | $288523873 |
| Multi-Asset Income Fund | 746889363 | 82937259 | (36015672) | 46921587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| Multi-Asset Balanced Opportunity Fund | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 619229444 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 745771296 |
| Multi-Asset Income Fund | – | 215383584 | – | 265941252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** 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 primarily based on the relative 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

**Notes to Financial Statements (continued)**

as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees' fees in the Statements of Operations and in Trustees' fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** 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.

During the fiscal year ended November 30, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Trust's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** TRANSACTIONS WITH AFFILIATED FUNDS

An affiliated fund is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying fund at any point during the fiscal year or any company which is under common ownership or control. Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund had the following transactions with affiliated funds during the fiscal year ended November 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 11/30/2025** | **Shares<br> as of<br> 11/30/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Affiliated Fund, Inc.-Class I | $205831996 | $3844107 | $(35663984) | $6358370 | $4258460 | $184628949 | 8623491 | $3144107 | $– |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 297385632 | 275870933 | (25896408) | (1228492) | 7349077 | 553480742 | 58818357 | 17490320 |  |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 313340083 | 15570907 | (53363970) | 14483553 | (1091077) | 288939496 | 10928120 | 2550508 | 11920393 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 71654493 | 4604151 | (4651000) | (719797) | 4996185 | 75884032 | 16825728 | 4301559 |  |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 277571998 | 860000 | (46762187) | 10293766 | 13500777 | 255464354 | 14433014 |  |  |

---

**Notes to Financial Statements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net <br> Realized<br> Gain/(Loss)** | **Net Change in <br> Appreciation/<br> (Depreciation)** | **Value at <br> 11/30/2025** | **Shares<br> as of <br> 11/30/2025** | **Dividend<br> Income** | **Capital<br> Gain <br> Distributions** |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | $231832959 | $800000 | $(40357663) | $17325871 | $15524473 | $225125640 | 3842390 | $– | $– |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 102566840 | 44670761 | (24353523) | (4134276) | 3174345 | 121924147 | 19020928 | 7721393 |  |
| Lord Abbett Investment Trust-Income Fund-Class I | 191930416 | 56199142 | (247350978) | 5661757 | (6440337) |  |  | 7869604 |  |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 86482437 | 3714064 | (15641309) | 1066827 | 14554210 | 90176229 | 4806835 | 1304827 | 2094238 |
| Lord Abbett Securities Trust-International Value Fund-Class I | 74927109 | 2753960 | (13706952) | 1077822 | 15281232 | 80333171 | 7875801 | 2475959 |  |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I | 45580956 | 79918429 | (125869932) | 166777 | 203770 |  |  | 3782420 |  |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 4274274 | 110300938 | (60882121) | 204098 | 17902 | 53915091 | 5364686 | 1701419 |  |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 112910282 | 174000 | (51271269) | (9288039) | (3816256) | 48708718 | 2378356 |  |  |
| Lord Abbett Private Credit Fund | 16900783 | 19948052 | – | – | 10432 | 36859267 | 1460930 | 2790182 | – |
| Total | $2033190258 | $619229444 | $(745771296) | $41268237 | $67523193 | $2015439836 |  | $55132298 | $14014631 |
|  |  |  |  |  |  |  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Affiliated funds** | **Value at <br> 11/30/2024** | **Purchases <br> at Cost** | **Proceeds <br> from Sales** | **Net <br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at 11/30/2025** | **Shares <br> as of<br> 11/30/2025** | **Dividend Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Affiliated Fund, Inc.-Class I | $46022961 | $724393 | $(7412428) | $1274112 | $1075374 | $41684412 | 1946960 | $724393 | $– |
| Lord Abbett Investment Trust–Core Fixed Income Fund-Class I | 263160855 | 118790850 | (16975060) | (4162812) | 8286178 | 369100011 | 39224231 | 13769046 |  |

---

**Notes to Financial Statements (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Affiliated funds** | **Value at<br> 11/30/2024** | **Purchases <br> at Cost** | **Proceeds <br> from Sales** | **Net <br> Realized <br> Gain/(Loss)** | **Net Change in <br> Appreciation/ <br> (Depreciation)** | **Value at<br> 11/30/2025** | **Shares<br> as of <br> 11/30/2025** | **Dividend <br> Income** | **Capital<br> Gain <br> Distributions** |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund–Class I | $69175661 | $3356476 | $(10817099) | $2746345 | $4555 | $64465938 | 2438198 | $575266 | $2781210 |
| Lord Abbett Global Fund, Inc.–Emerging Markets Bond Fund-Class I | 26536208 | 1596223 | (1871689) | (299946) | 1862202 | 27822998 | 6169179 | 1583861 |  |
| Lord Abbett Securities Trust–Fundamental Equity Fund-Class I | 63859392 |  | (9924000) | 2583683 | 2900219 | 59419294 | 3357022 |  |  |
| Lord Abbett Securities Trust–Growth Leaders Fund-Class I | 52564661 |  | (8406532) | 3861614 | 3460257 | 51480000 | 878648 |  |  |
| Lord Abbett Investment Trust–High Yield Fund-Class I | 62506113 | 19847039 | (11464282) | (1955139) | 1338954 | 70272685 | 10962978 | 4662682 |  |
| Lord Abbett Investment Trust–Income Fund-Class I | 88524585 | 15066196 | (103049086) | 1228926 | (1770621) |  |  | 3527029 |  |
| Lord Abbett Securities Trust–International Equity Fund-Class I | 38007267 | 1576823 | (6455000) | 427631 | 6495171 | 40051892 | 2134962 | 605308 | 971514 |
| Lord Abbett Securities Trust–International Value Fund-Class I | 29686481 | 995523 | (5202000) | 508937 | 6097446 | 32086387 | 3145724 | 995523 |  |
| Lord Abbett Investment Trust–Short Duration Income Fund-Class I | 37409465 | 1198038 | (38724335) | 245279 | (128447) |  |  | 1206620 |  |
| Lord Abbett Investment Trust–Ultra Short Bond Fund-Class I | 1776037 | 43504751 | (24820319) | 94644 | 5631 | 20560744 | 2045845 | 723769 |  |
| Lord Abbett Securities Trust–Value Opportunities Fund-Class I | 25752507 |  | (20819422) | (4676814) | (256271) |  |  |  |  |
| Lord Abbett Private Credit Fund | 7394080 | 8727272 | – | – | 4564 | 16125916 | 639156 | 1220703 | – |
| Total | $812376273 | $215383584 | $(265941252) | $1876460 | $29375212 | $793070277 |  | $29594200 | $3752724 |

---

The Funds intend to obtain exposure to less liquid or illiquid private credit investments, generally involving corporate borrowers, through their investments in pooled investment vehicles, including those managed by Lord Abbett. Typically, private credit investments are not traded in public markets and are illiquid, such that a pooled investment vehicle may not be able to dispose of its holdings

**Notes to Financial Statements (continued)**

for extended periods, which may be several years, or at the price at which such pooled investment vehicles are valuing investments. Such pooled investment vehicles will also be illiquid, and the Funds incur two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. Such pooled investment vehicles may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of such pooled investment vehicles or a Fund indirectly. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. The issuers of such pooled investment vehicles' private credit investments will often be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

The Funds' investment in the PCF are subject to restrictions on transfer. The PCF expects to repurchase shares pursuant to tender offers each quarter, up to 5% of the PCF's common shares outstanding, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter.

There will be no trading market for the Funds' investments in the PCF. The Schedules of Investments list the PCF as an investment as of period end, but do not include the underlying holdings of the PCF. The Funds indirectly bear the proportionate share of the expenses of the PCF. The Funds had the following transactions with the PCF during the fiscal year ended November 30, 2025:

**Multi-Asset Balanced Opportunity Fund**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Affiliated Funds** |<br>**Value at**<br>**11/30/2024** |<br>**Contributions** |<br>**Withdrawals** | **Net**<br>**Realized**<br>**Gain/(Loss)** | **Net Change in**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value at**<br>**11/30/2025** |<br>**Dividend**<br>**Income** |
| Lord Abbett Private Credit Fund | $16900783 | $19948052 | $– | $– | $10432 | $36859267 | $2790182 |

---

**Multi-Asset Income Fund**<sup>(2)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Affiliated Funds** |<br>**Value at**<br>**11/30/2024** |<br>**Contributions** |<br>**Withdrawals** | **Net**<br>**Realized**<br>**Gain/(Loss)** | **Net Change in**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Value at**<br>**11/30/2025** |<br>**Dividend**<br>**Income** |
| Lord Abbett Private Credit Fund | $7394080 | $8727272 | $– | $– | $4564 | $16125916 | $1220703 |

---

<sup>(1)</sup> The Fund acquired PCF shares from 12/1/2024 to 11/30/2025 at a cost of $19,948,052.

<sup>(2)</sup> The Fund acquired PCF shares from 12/1/2024 to 11/30/2025 at a cost of $8,727,272.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** INVESTMENT RISKS

The Funds invest principally in the Underlying Funds and, as a result, a Fund's performance is directly related to the Underlying Fund's performance. Each Fund's ability to meet its investment objective depends on the ability of the Underlying Funds to achieve their investment objectives and on the Fund's particular allocation of assets among the Underlying Funds and the asset classes they represent. Consequently, a Fund is subject to the particular risks of the Underlying Funds' in the proportion in which the Fund invests in them. The value of the Underlying Funds' investments and the NAVs of the shares of both the Funds and their Underlying Funds will fluctuate in response to various market and economic factors related to the domestic and foreign equity and fixed income markets, as well as the financial condition and prospects of issuers in which the Underlying Funds invest.

**Notes to Financial Statements (continued)**

Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund are subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to an Underlying Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Underlying Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after an Underlying Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Underlying Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, a particular industry or sector, or to the changing prospects of individual companies in which the Underlying Funds invest. If an Underlying Fund's assessment of market conditions or companies held in the Underlying Fund fails to produce the intended result, a Fund could suffer losses or produce poor performance relative to other funds, even in a rising market. Each Fund's investment exposure to foreign (which may include emerging market) companies generally is subject to the risk that the value of securities issued by foreign companies may be adversely affected by political, economic and social volatility and subject to less government supervision, lack of transparency, or inadequate regulatory and accounting standards, inadequate exchange control regulations, foreign taxes, higher transaction and other costs, and delays in settlement. The cost of a Fund's potential use of forward currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Underlying Fund's investments in emerging market companies generally are subject to more risks than investments in developed market companies.

Because Multi-Asset Income Fund will be more heavily invested in fixed income funds than equity funds, it will be more affected by the risks associated with fixed income securities. Given Multi-Asset Balanced Opportunity Fund's more balanced allocation among fixed income funds and equity funds, each will be affected by risks associated with both equity and fixed income investments.

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

**Notes to Financial Statements (continued)**

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments and negatively impact each Fund's performance and your investment in each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| <br>**Multi-Asset Balanced Opportunity Fund** | **November 30, 2025** | **November 30, 2025** | **November 30, 2024** | **November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7489343 | $95337488 | 7129603 | $83152314 |
| Reinvestment of distributions | 3603926 | 45573452 | 3436993 | 40075764 |
| Shares reacquired | (20110480) | (255589373) | (25326450) | (294136312) |
| Decrease | (9017211) | $(114678433) | (14759854) | $(170908234) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 314409 | $3970098 | 409616 | $4709906 |
| Reinvestment of distributions | 69366 | 864934 | 80357 | 923519 |
| Shares reacquired | (1531053) | (19223294) | (2423516) | (27776953) |
| Decrease | (1147278) | $(14388262) | (1933543) | $(22143528) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 59743 | $753335 | 37096 | $417131 |
| Reinvestment of distributions | 13324 | 168430 | 15003 | 174673 |
| Shares reacquired | (153401) | (1945367) | (195430) | (2265583) |
| Decrease | (80334) | $(1023602) | (143331) | $(1673779) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2912073 | $36483153 | 1063761 | $12399870 |
| Reinvestment of distributions | 150038 | 1904321 | 120681 | 1408892 |
| Shares reacquired | (2949847) | (38370841) | (1812067) | (21206956) |
| Increase (decrease) | 112264 | $16633 | (627625) | $(7398194) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended** | | **Year Ended** |
| <br>**Multi-Asset Balanced Opportunity Fund** | **November 30, 2025** | **November 30, 2025** | **November 30, 2024** | **November 30, 2024** |
| **Class P Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2198 | $27188 | 1751 | $20203 |
| Reinvestment of distributions | 245 | 3078 | 286 | 3300 |
| Shares reacquired | (695) | (8627) | (26086) | (288404) |
| Increase (decrease) | 1748 | $21639 | (24049) | $(264901) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 7692 | $100179 | 8049 | $96605 |
| Reinvestment of distributions | 1553 | 20291 | 1370 | 16485 |
| Shares reacquired | (3105) | (41919) | (14657) | (179603) |
| Increase (decrease) | 6140 | $78551 | (5238) | $(66513) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 213042 | $2686876 | 324695 | $3743469 |
| Reinvestment of distributions | 82046 | 1034554 | 81424 | 944190 |
| Shares reacquired | (437455) | (5588684) | (1383818) | (16049809) |
| Decrease | (142367) | $(1867254) | (977699) | $(11362150) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 108272 | $1373413 | 134561 | $1567361 |
| Reinvestment of distributions | 25473 | 322273 | 24341 | 284107 |
| Shares reacquired | (210317) | (2664149) | (189527) | (2203210) |
| Decrease | (76572) | $(968463) | (30625) | $(351742) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 305 | $3864 | 268 | $3131 |
| Reinvestment of distributions | 167 | 2104 | 235 | 2746 |
| Shares reacquired | (5084) | (63962) | (1006) | (11748) |
| Decrease | (4612) | $(57994) | (503) | $(5871) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 120028 | $1562455 | 126235 | $1509630 |
| Reinvestment of distributions | 12765 | 162203 | 13209 | 154833 |
| Shares reacquired | (151321) | (1930549) | (162468) | (1992303) |
| Decrease | (18528) | $(205891) | (23024) | $(327840) |
| **Multi-Asset Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended**<br> **November 30, 2024** | **Year Ended**<br> **November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2457531 | $40617017 | 2484121 | $39000537 |
| Reinvestment of distributions | 1285238 | 21193459 | 1331320 | 20846799 |
| Shares reacquired | (6131076) | (101264988) | (7687051) | (119988124) |
| Decrease | (2388307) | $(39454512) | (3871610) | $(60140788) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 86605 | $1458605 | 99205 | $1571505 |
| Reinvestment of distributions | 41059 | 688839 | 59638 | 949728 |
| Shares reacquired | (868092) | (14640887) | (1176277) | (18685357) |
| Decrease | (740428) | $(12493443) | (1017434) | $(16164124) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 34813 | $579496 | 34822 | $536961 |
| Reinvestment of distributions | 26056 | 429668 | 31499 | 492504 |
| Shares reacquired | (181144) | (3007812) | (294670) | (4606289) |
| Decrease | (120275) | $(1998648) | (228349) | $(3576824) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 2987 | $50250 | 735 | $11991 |
| Reinvestment of distributions | 240 | 3957 | 1337 | 20879 |
| Shares reacquired | (31553) | (501534) | (1335) | (20852) |
| Increase (decrease) | (28326) | $(447327) | 737 | $12018 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1035728 | $17202254 | 1020752 | $15707657 |
| Reinvestment of distributions | 201957 | 3307846 | 209252 | 3253645 |
| Shares reacquired | (1152380) | (18930915) | (1827340) | (28239063) |
| Increase (decrease) | 85305 | $1579185 | (597336) | $(9277761) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 5771 | $97367 | 8304 | $134344 |
| Reinvestment of distributions | 558 | 9381 | 641 | 10403 |
| Shares reacquired | (29934) | (514946) | (1032) | (17012) |
| Increase (decrease) | (23605) | $(408198) | 7913 | $127735 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 34961 | $573626 | 63482 | $984597 |
| Reinvestment of distributions | 25565 | 421279 | 27592 | 431949 |
| Shares reacquired | (182454) | (3028410) | (217672) | (3369598) |
| Decrease | (121928) | $(2033505) | (126598) | $(1953052) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 18641 | $310447 | 13050 | $203522 |
| Reinvestment of distributions | 4506 | 74364 | 4317 | 67582 |
| Shares reacquired | (23661) | (399275) | (44492) | (677791) |
| Decrease | (514) | $(14464) | (27125) | $(406687) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 60004 | $995931 | 7680 | $119034 |
| Reinvestment of distributions | 1479 | 24551 | 752 | 11782 |
| Shares reacquired | (11529) | (192640) | (639) | (9991) |
| Increase | 49954 | $827842 | 7793 | $120825 |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Investment Trust**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Multi-Asset Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund (the "Funds"), two of the funds constituting the Lord Abbett Investment Trust, as of November 30, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

January 26, 2026

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Investments in Underlying Funds (unaudited)**

The Funds invests in Underlying Funds managed by Lord Abbett. As of November 30, 2025, each Fund's long-term investments were allocated among the Underlying Funds as follows:

**Multi-Asset Balanced Opportunity Fund's Investments:**

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%** |
| Lord Abbett Affiliated Fund, Inc.-Class I | 9.16% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 27.46% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 14.34% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I\* | 3.76% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 12.68% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 11.17% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 6.05% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 4.47% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 3.99% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 2.67% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 2.42% |
| Lord Abbett Private Credit Fund | 1.83% |
| Total | 100.00% |

---

**Multi-Asset Income Fund's Investments:**

---

| | |
|:---|:---|
| **Underlying Fund Name** | **%** |
| Lord Abbett Affiliated Fund, Inc.-Class I | 5.26% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 46.54% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 8.13% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I\* | 3.51% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 7.49% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 6.49% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 8.86% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 5.05% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 4.05% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 2.59% |
| Lord Abbett Private Credit Fund | 2.03% |
| Total | 100.00% |

---

\* On December 29, 2025, the Board of Directors of the Lord Abbett Global Fund, Inc. approved plans of liquidation (the "Plans") pursuant to which the Emerging Markets Bond Fund Fund will be liquidated and dissolved. It is currently anticipated that the liquidation will be completed on or about February 13, 2026 (the "Liquidation Date") and the Funds will no longer invest in this Underlying Fund.

Each Underlying Fund's annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund's portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund, with the exception of PCF, is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund's first and third quarters. With respect to PCF, a complete schedule of holdings is filed in its quarterly reports on Form 10-Q and annual reports on Form 10-K. In addition, on or about the first day of the second month following each calendar quarter-end, each Underlying Fund, with the exception of PCF, makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Trustees, Officers, and Others**

Remuneration paid to trustees, officers, and others is included in "Trustees' Remuneration" under Item 7 of this Form N-CSR.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Multi-Asset Balanced Opportunity Fund | 14% | 23% |
| Multi-Asset Income Fund | 5% | 12% |

---

The Funds listed below intend to pass through foreign source income and foreign taxes as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Foreign**<br> **Source Income** | **Foreign**<br> **Taxes** |
| Multi-Asset Balanced Opportunity Fund | $5752898 | $318735 |
| Multi-Asset Income Fund | 2523598 | 138547 |

---

![](x8_c114729x47x1m1m4.jpg)

![](x8_c114729x47x2m1m4.jpg)

---

| | | |
|:---|:---|:---|
| 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 Investment Trust |  |
|  | Lord Abbett Multi-Asset Balanced Opportunity Fund |  |
| Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Multi-Asset Income Fund | LASAF-2 <br> (01/26) |

---

![](x7_c114730x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Convertible Fund

Core Fixed Income Fund

Core Plus Bond Fund

Floating Rate Fund

High Yield Fund

Income Fund

Inflation Focused Fund

Short Duration Core Bond Fund

Short Duration Income Fund

Total Return Fund

Ultra Short Bond Fund

*For the fiscal year ended November 30, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | [**Schedules of Investments (Item 7)**](#xx7xc114730a021xm2xm4) |
| 1 | [Convertible Fund](#xx7xc114730a001xm2xm4) |
| 7 | [Core Fixed Income Fund](#xx7xc114730a002xm2xm4) |
| 29 | [Core Plus Bond Fund](#xx7xc114730a003xm2xm4) |
| 59 | [Floating Rate Fund](#xx7xc114730a004xm2xm4) |
| 95 | [High Yield Fund](#xx7xc114730a005xm2xm4) |
| 125 | [Income Fund](#xx7xc114730a006xm2xm4) |
| 153 | [Inflation Focused Fund](#xx7xc114730a007xm2xm4) |
| 188 | [Short Duration Core Bond Fund](#xx7xc114730a008xm2xm4) |
| 212 | [Short Duration Income Fund](#xx7xc114730a009xm2xm4) |
| 262 | [Total Return Fund](#xx7xc114730a010xm2xm4) |
| 289 | [Ultra Short Bond Fund](#xx7xc114730a011xm2xm4) |
| 320 | [**Statements of Assets and Liabilities (Item 7)**](#xx7xc114730a012xm2xm4) |
| 330 | [**Statements of Operations (Item 7)**](#xx7xc114730a013xm2xm4) |
| 336 | [**Statements of Changes in Net Assets (Item 7)**](#xx7xc114730a014xm2xm4) |
| 344 | [**Financial Highlights (Item 7)**](#xx7xc114730a015xm2xm4) |
| 388 | [**Notes to Financial Statements (Item 7)**](#xx7xc114730a016xm2xm4) |
| 443 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx7xc114730a017xm2xm4) |
| 444 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc114730a018xm2xm4) |
| 444 | [**Proxy Disclosures (Item 9)**](#xx7xc114730a019xm2xm4) |
| 444 | [**Remuneration Paid to Trustees, Officers, and Others (Item 10)**](#xx7xc114730a020xm2xm4) |

---

**Schedule of Investments**

CONVERTIBLE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br>Value** |
| **LONG-TERM INVESTMENTS 98.52%** | |  |  |  |
| **COMMON STOCKS 0.65%** | |  |  |  |
| **Electronic Equipment, Instruments & Components 0.65%** | |  |  |  |
| nLight, Inc.\* (cost $3,713,766) |  |  | 119500 | $4209985 |
|  | **Interest<br>Rate** | **Maturity<br>Date** | **Principal <br>Amount** |  |
| **CONVERTIBLE BONDS 87.02%** |  |  |  |  |
| **Aerospace/Defense 1.56%** |  |  |  |  |
| AeroVironment, Inc. | Zero Coupon | 7/15/2030 | $5700000 | 6684821 |
| Rocket Lab USA, Inc.<sup>†</sup> | 4.25% | 2/1/2029 | 420000 | 3447323 |
| *Total* |  |  |  | 10132144 |
| **Beverages 4.36%** |  |  |  |  |
| MGP Ingredients, Inc. | 1.875% | 11/15/2041 | 29350000 | 28322750 |
| **Biotechnology 6.21%** |  |  |  |  |
| Alnylam Pharmaceuticals, Inc. | 1.00% | 9/15/2027 | 2075000 | 3390207 |
| Bridgebio Pharma, Inc. | 2.50% | 3/15/2027 | 5700000 | 10222485 |
| Celcuity, Inc. | 2.75% | 8/1/2031 | 3000000 | 6573600 |
| Cogent Biosciences, Inc. | 1.625% | 11/15/2031 | 2650000 | 3229540 |
| Cytokinetics, Inc.<sup>†</sup> | 1.75% | 10/1/2031 | 7500000 | 9557175 |
| Travere Therapeutics, Inc. | 2.25% | 3/1/2029 | 5450000 | 7397751 |
| *Total* |  |  |  | 40370758 |
| **Commercial Services 3.98%** |  |  |  |  |
| Affirm Holdings, Inc.<sup>†</sup> | 0.75% | 12/15/2029 | 6150000 | 6598998 |
| Block, Inc. | Zero Coupon | 5/1/2026 | 19700000 | 19281375 |
| *Total* |  |  |  | 25880373 |
| **Computers 8.89%** |  |  |  |  |
| Lumentum Holdings, Inc.<sup>†</sup> | 0.375% | 3/15/2032 | 3000000 | 5711739 |
| Lumentum Holdings, Inc. | 0.50% | 6/15/2028 | 7735000 | 19329765 |
| Parsons Corp. | 2.625% | 3/1/2029 | 9350000 | 10669091 |
| Super Micro Computer, Inc. | 3.50% | 3/1/2029 | 5050000 | 4747758 |
| Western Digital Corp. | 3.00% | 11/15/2028 | 2215000 | 9632370 |
| Zscaler, Inc.<sup>†</sup> | Zero Coupon | 7/15/2028 | 8000000 | 7660164 |
| *Total* |  |  |  | 57750887 |

---

<br> *See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services 5.23%** |  |  |  |  |
| Coinbase Global, Inc. | 0.50% | 6/1/2026 | $19685000 | $20458621 |
| SoFi Technologies, Inc.<sup>†</sup> | Zero Coupon | 10/15/2026 | 9525000 | 13508831 |
| *Total* |  |  |  | 33967452 |
| **Electric 3.36%** |  |  |  |  |
| Duke Energy Corp. | 4.125% | 4/15/2026 | 6415000 | 6882838 |
| PPL Capital Funding, Inc. | 2.875% | 3/15/2028 | 5170000 | 5846642 |
| Southern Co. | 4.50% | 6/15/2027 | 8315000 | 9094250 |
| *Total* |  |  |  | 21823730 |
| **Electronics 0.89%** |  |  |  |  |
| Mirion Technologies, Inc.<sup>†</sup> | 0.25% | 6/1/2030 | 4350000 | 5773519 |
| **Energy-Alternate Sources 0.53%** |  |  |  |  |
| Sunrun, Inc. | 4.00% | 3/1/2030 | 2250000 | 3446982 |
| **Entertainment 0.76%** |  |  |  |  |
| Live Nation Entertainment, Inc. | 3.125% | 1/15/2029 | 3600000 | 4951800 |
| **Equity Real Estate 4.23%** |  |  |  |  |
| Redfin Corp. | 0.50% | 4/1/2027 | 29300000 | 27483400 |
| **Health Care-Products 3.03%** |  |  |  |  |
| Guardant Health, Inc.<sup>†</sup> | Zero Coupon | 5/15/2033 | 10000000 | 11324147 |
| iRhythm Technologies, Inc. | 1.50% | 9/1/2029 | 5775000 | 8377294 |
| *Total* |  |  |  | 19701441 |
| **Internet 13.22%** |  |  |  |  |
| Alibaba Group Holding Ltd. (Hong Kong)<sup>(a)</sup> | Zero Coupon | 9/15/2032 | 21500000 | 22919000 |
| DoorDash, Inc.<sup>†</sup> | Zero Coupon | 5/15/2030 | 2510000 | 2480165 |
| Match Group Financeco 2, Inc.<sup>†</sup> | 0.875% | 6/15/2026 | 6242000 | 6109358 |
| PDD Holdings, Inc. (Ireland)<sup>(a)</sup> | Zero Coupon | 12/1/2025 | 6000000 | 6012000 |
| Sea Ltd. (Singapore)<sup>(a)</sup> | 0.25% | 9/15/2026 | 24800000 | 23986560 |
| Uber Technologies, Inc. | Zero Coupon | 12/15/2025 | 8900000 | 9624771 |
| Vnet Group, Inc. (China)<sup>(a)</sup> | 2.50% | 4/1/2030 | 8850000 | 9145874 |
| Wayfair, Inc. | 3.25% | 9/15/2027 | 3100000 | 5645379 |
| *Total* |  |  |  | 85923107 |
| **Investment Companies 3.48%** |  |  |  |  |
| Cipher Mining, Inc.<sup>†</sup> | Zero Coupon | 10/1/2031 | 3250000 | 4823198 |
| Core Scientific, Inc.<sup>†</sup> | Zero Coupon | 6/15/2031 | 6950000 | 7782674 |
| Terawulf, Inc.<sup>†</sup> | Zero Coupon | 5/1/2032 | 1200000 | 1222001 |
| Terawulf, Inc.<sup>†</sup> | 1.00% | 9/1/2031 | 6000000 | 8767500 |
| *Total* |  |  |  | 22595373 |

---

<br> 2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Leisure Time 0.30%** |  |  |  |  |
| Carnival Corp. | 5.75% | 12/1/2027 | $950000 | $1920156 |
| **Machinery: Construction & Mining 2.01%** |  |  |  |  |
| Bloom Energy Corp.<sup>†</sup> | Zero Coupon | 11/15/2030 | 9750000 | 9179625 |
| BWX Technologies, Inc.<sup>†</sup> | Zero Coupon | 11/1/2030 | 4000000 | 3866719 |
| *Total* |  |  |  | 13046344 |
| **Metal Fabricate-Hardware 0.88%** |  |  |  |  |
| Xometry, Inc.<sup>†</sup> | 0.75% | 6/15/2030 | 3850000 | 5730533 |
| **Mining 1.71%** |  |  |  |  |
| Centrus Energy Corp.<sup>†</sup> | Zero Coupon | 8/15/2032 | 5275000 | 7059678 |
| MP Materials Corp.<sup>†</sup> | 3.00% | 3/1/2030 | 1350000 | 4045950 |
| *Total* |  |  |  | 11105628 |
| **Oil & Gas 2.45%** |  |  |  |  |
| Borr Drilling Ltd. | 5.00% | 2/8/2028 | 9800000 | 9063276 |
| Borr Drilling Ltd. | 5.00% | 2/8/2028 | 7400000 | 6843699 |
| *Total* |  |  |  | 15906975 |
| **Pharmaceuticals 0.74%** |  |  |  |  |
| Mirum Pharmaceuticals, Inc. | 4.00% | 5/1/2029 | 2000000 | 4819648 |
| **REITS 2.63%** |  |  |  |  |
| Welltower OP LLC<sup>†</sup> | 3.125% | 7/15/2029 | 10300000 | 17113450 |
| **Semiconductors 0.54%** |  |  |  |  |
| Impinj, Inc. | 1.125% | 5/15/2027 | 2175000 | 3495084 |
| **Software 12.16%** |  |  |  |  |
| Akamai Technologies, Inc. | 0.375% | 9/1/2027 | 8300000 | 8443671 |
| Bill Holdings, Inc.<sup>†</sup> | Zero Coupon | 4/1/2030 | 13850000 | 12566923 |
| Cloudflare, Inc.<sup>†</sup> | Zero Coupon | 6/15/2030 | 11250000 | 12385038 |
| Datadog, Inc.<sup>†</sup> | Zero Coupon | 12/1/2029 | 8850000 | 9386649 |
| Guidewire Software, Inc. | 1.25% | 11/1/2029 | 5875000 | 6739485 |
| Life360, Inc.<sup>†</sup> | Zero Coupon | 6/1/2030 | 3265000 | 3946389 |
| Nebius Group NV (Netherlands)<sup>†(a)</sup> | 2.75% | 9/15/2032 | 5000000 | 5227333 |
| Snowflake, Inc. | Zero Coupon | 10/1/2027 | 4000000 | 6651414 |
| Strategy, Inc. | Zero Coupon | 12/1/2029 | 10000000 | 8295000 |
| Unity Software, Inc.<sup>†</sup> | Zero Coupon | 3/15/2030 | 3800000 | 5331875 |
| *Total* |  |  |  | 78973777 |

---

<br> *See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Telecommunications 3.87%** | |  | | |
| Applied Digital Corp.<sup>†</sup> | 2.75% | 6/1/2030 | $900000 | $2638394 |
| AST SpaceMobile, Inc.<sup>†</sup> | 2.00% | 1/15/2036 | 6880000 | 5780231 |
| BlackSky Technology, Inc.<sup>†</sup> | 8.25% | 8/1/2033 | 4650000 | 4817184 |
| GDS Holdings Ltd. (China)<sup>†(a)</sup> | 2.25% | 6/1/2032 | 4750000 | 6154812 |
| InterDigital, Inc. | 3.50% | 6/1/2027 | 1240000 | 5743311 |
| *Total* |  |  |  | 25133932 |
| *Total Convertible Bonds* (cost $521,809,488) |  |  |  | 565369243 |
|  | **Dividend<br>Rate** |  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS 9.45%** |  |  |  |  |
| **Aerospace & Defense 2.56%** |  |  |  |  |
| Boeing Co. | 6.00% |  | 265785 | 16643971 |
| **Banks 3.41%** |  |  |  |  |
| Bank of America Corp. | 7.25% |  | 17654 | 22146943 |
| **Chemicals 1.56%** |  |  |  |  |
| Albemarle Corp. | 7.25% |  | 184600 | 10123275 |
| **Electric: Utilities 1.60%** |  |  |  |  |
| NextEra Energy, Inc. | 7.299% |  | 191400 | 10383450 |
| **Semiconductors & Semiconductor Equipment 0.32%** |  |  |  |  |
| Microchip Technology, Inc. | 7.50% |  | 40560 | 2096547 |
| *Total Convertible Preferred Stocks* (cost $57,672,302) |  |  |  | 61394186 |
|  |  |  | **Principal<br> Amount** |  |
| **OTC OPTIONS PURCHASED 1.40%**<br> (cost $15,101,410) |  |  |  | 9072337 |
| *Total Long-Term Investments* (cost $598,296,966) |  |  |  | 640045751 |
| **SHORT-TERM INVESTMENTS 1.64%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 1.64%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $8,186,700 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $10,888,955; proceeds: $10,678,401 (cost $10,675,287) | Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $8,186,700 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $10,888,955; proceeds: $10,678,401 (cost $10,675,287) |  | $10675287 | 10675287 |
| *Total Investments in Securities 100.16%* (cost $608,972,253) |  |  |  | 650721038 |
| *Other Assets and Liabilities – Net*<sup>(b)</sup> *(0.16)%* |  |  |  | (1037219) |
| *Net Assets 100.00%* |  |  |  | $649683819 |

---

<br> 4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CONVERTIBLE FUND *November 30, 2025*

REITS Real Estate Investment Trusts.

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $209,997,575, which represents 32.32% of net assets. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on written options as follows: |

---

**OTC Written Options at November 30, 2025:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of<br>Contracts | Number of<br>Contracts | Expiration <br>Date | Exercise <br>Price | Notional <br>Amount | Fair <br>Value | Premiums <br>(Received) | Unrealized <br>Appreciation/<br>(Depreciation) |
| Rocket Lab Corp. Call | Bank of America |  | 450000 | 4/17/2026 | $95.00 | $450000 | $(646286) | $(877500) | $231214 |
| Seagate Technology Holdings PLC. Call | Morgan Stanley |  | 165000 | 1/16/2026 | 320.00 | 165000 | (1544422) | (1863378) | 318956 |
| *Total OTC Written Options* | *Total OTC Written Options* | *Total OTC Written Options* |  |  |  |  | $(2190708) | $(2740878) | $550170 |

---

**OTC Options Purchased at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of<br> Contracts | Expiration<br> Date | Exercise<br> Price | Notional<br> Amount | Value |
| Baidu, Inc. Call | Morgan Stanley | 34500 | 1/16/2026 | $150.00 | $34500 | $29215 |
| Baidu, Inc. Call | UBS AG | 27650 | 1/16/2026 | 135.00 | 27650 | 60219 |
| Bitdeer Technologies Group. Call | Goldman Sachs | 447500 | 1/16/2026 | 22.50 | 447500 | 162868 |
| Galaxy Digital, Inc. Call | Goldman Sachs | 97500 | 1/16/2026 | 37.50 | 97500 | 126059 |
| Insmed, Inc. Call | Goldman Sachs | 45000 | 1/16/2026 | 200.00 | 45000 | 978657 |
| iShares Russell 2000 ETF. Put | BNP Paribas SA | 320000 | 1/16/2026 | 220.00 | 320000 | 357405 |
| Riot Platforms, Inc. Call | UBS AG | 187500 | 1/16/2026 | 21.00 | 187500 | 135243 |
| Rocket Lab Corp. Call | Bank of America | 450000 | 4/17/2026 | 80.00 | 450000 | 992339 |
| Seagate Technology Holdings PLC. Call | Morgan Stanley | 165000 | 1/16/2026 | 270.00 | 165000 | 4591844 |
| Snowflake, Inc. Call | UBS AG | 113300 | 1/16/2026 | 300.00 | 113300 | 496640 |
| Western Digital Corp. Call | Goldman Sachs | 200000 | 1/16/2026 | 195.00 | 200000 | 1141848 |
| *Total OTC Options Purchased* |  |  |  |  |  | $9072337 |

---

<br> *See Notes to Financial Statements.* 5

**Schedule of Investments (concluded)**

CONVERTIBLE FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $4209985 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $4209985 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 565369243 |  | 565369243 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks |  | 61394186 |  | 61394186 |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased |  | 9072337 |  | 9072337 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 10675287 | – | 10675287 |
| Total | $4209985 | $646511053 | $– | $650721038 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (2190708) | – | (2190708) |
| Total | $– | $(2190708) | $– | $(2190708) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

6 *See Notes to Financial Statements.*

**Schedule of Investments**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 116.41%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 16.25%** |  |  |  |  |
| **Automobiles 10.07%** |  |  |  |  |
| Bank of America Auto Trust Series 2023-2A Class A3<sup>†</sup> | 5.74% | 6/15/2028 | $7214344 | $7287103 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 15508474 | 15627128 |
| CarMax Auto Owner Trust Series 2023-3 Class B | 5.47% | 2/15/2029 | 13405000 | 13673955 |
| CarMax Auto Owner Trust Series 2024-2 Class B | 5.69% | 11/15/2029 | 4215000 | 4341331 |
| CarMax Auto Owner Trust Series 2024-3 Class A3 | 4.89% | 7/16/2029 | 17574000 | 17780183 |
| CarMax Auto Owner Trust Series 2024-4 Class A3 | 4.60% | 10/15/2029 | 7565000 | 7633351 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% | 5/25/2029 | 14095762 | 14226577 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% | 1/18/2028 | 4730634 | 4758388 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 10618787 | 10695907 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 14270000 | 14532594 |
| Consumer Portfolio Services Auto Trust Series 2025-D Class B<sup>†</sup> | 4.48% | 4/15/2030 | 5665000 | 5671919 |
| Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.14% | 9/15/2032 | 8460000 | 8471611 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 7080000 | 7256820 |
| Exeter Automobile Receivables Trust Series 2024-4A Class B | 5.29% | 8/15/2030 | 10058000 | 10098058 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 6120000 | 6179387 |
| Exeter Automobile Receivables Trust Series 2024-5A Class B | 4.48% | 4/16/2029 | 9675000 | 9674592 |
| Exeter Automobile Receivables Trust Series 2025-1A Class B | 4.91% | 8/15/2029 | 13840000 | 13957355 |
| Exeter Automobile Receivables Trust Series 2025-3A Class A3 | 4.78% | 7/16/2029 | 8695000 | 8751706 |
| Exeter Automobile Receivables Trust Series 2025-4A Class A3 | 4.39% | 9/17/2029 | 15264000 | 15337299 |
| Exeter Automobile Receivables Trust Series 2025-5A Class A3 | 4.24% | 11/15/2029 | 12225000 | 12247589 |
| First Investors Auto Owner Trust Series 2025-1A Class B<sup>†</sup> | 4.39% | 1/15/2031 | 13375000 | 13431208 |
| Ford Credit Auto Lease Trust Series 2025-A Class B | 4.96% | 2/15/2029 | 8845000 | 8961604 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | $23615000 | $23371940 |
| Ford Credit Auto Owner Trust Series 2023-1 Class A<sup>†</sup> | 4.85% | 8/15/2035 | 10855000 | 11070529 |
| Ford Credit Auto Owner Trust Series 2023-A Class C | 5.51% | 9/15/2030 | 7250000 | 7356264 |
| GLS Auto Select Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.64% | 6/17/2030 | 5151000 | 5269949 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-2 Class C | 5.21% | 12/18/2028 | 4935000 | 4989476 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class A3 | 5.78% | 8/16/2028 | 10382276 | 10483655 |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class C | 5.43% | 12/17/2029 | 2815000 | 2869904 |
| Honda Auto Receivables Owner Trust Series 2024-1 Class A3 | 5.21% | 8/15/2028 | 16220071 | 16363815 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 7015000 | 7086646 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A3<sup>†</sup> | 4.53% | 4/17/2028 | 8315000 | 8387459 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | 4365000 | 4427594 |
| LAD Auto Receivables Trust Series 2023-1A Class C<sup>†</sup> | 6.18% | 12/15/2027 | 6250000 | 6274198 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A4<sup>†</sup> | 4.89% | 7/15/2032 | 10033000 | 10258094 |
| Navistar Financial Dealer Note Master Owner Trust Series 2024-1 Class A<sup>†</sup> | 5.59% | 4/25/2029 | 7500000 | 7553580 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 10905000 | 11033013 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 4212373 | 4244215 |
| Octane Receivables Trust Series 2023-3A Class A2<sup>†</sup> | 6.44% | 3/20/2029 | 1647344 | 1656657 |
| PenFed Auto Receivables Owner Trust Series 2024-A Class A4<sup>†</sup> | 4.75% | 3/15/2030 | 6330000 | 6416621 |
| Prestige Auto Receivables Trust Series 2025-1A Class C<sup>†</sup> | 5.52% | 2/15/2030 | 9415000 | 9356734 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class C | 6.43% | 2/18/2031 | 7455000 | 7743064 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 | 5.25% | 4/17/2028 | 4943924 | 4949028 |

---

8 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A3 | 4.62% |  | 11/15/2028 | $5260000 | $5269213 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% |  | 5/15/2031 | 6980000 | 7058711 |
| SFS Auto Receivables Securitization Trust Series 2024-3A Class A3<sup>†</sup> | 4.55% |  | 6/20/2030 | 18000000 | 18101561 |
| SFS Auto Receivables Securitization Trust Series 2025-1A Class B<sup>†</sup> | 5.11% |  | 2/20/2031 | 8810000 | 9054188 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-BA Class A3<sup>†</sup> | 4.27% |  | 1/22/2029 | 7390000 | 7432077 |
| Volkswagen Auto Lease Trust Series 2025-A Class A3 | 4.50% |  | 6/20/2028 | 13910000 | 14048399 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A4 | 5.01% |  | 1/22/2030 | 6630000 | 6705332 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% |  | 2/15/2029 | 13480000 | 13613612 |
| World Omni Auto Receivables Trust Series 2024-A Class A3 | 4.86% |  | 3/15/2029 | 7273860 | 7314521 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% |  | 5/15/2030 | 11290000 | 11412128 |
| World Omni Select Auto Trust Series 2025-A Class A2A | 4.14% |  | 5/15/2030 | 6280000 | 6285245 |
| *Total* |  |  |  |  | 508053087 |
| **Credit Card 0.78%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65% |  | 10/15/2037 | 4418000 | 4483394 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | 14980000 | 15290201 |
| Synchrony Card Issuance Trust Series 2025-A3 Class A | 4.06% |  | 11/17/2031 | 7615000 | 7653540 |
| WF Card Issuance Trust Series 2024-A1 Class A | 4.94% |  | 2/15/2029 | 11573000 | 11731439 |
| *Total* |  |  |  |  | 39158574 |
| **Other 5.40%** |  |  |  |  |  |
| 720 East CLO VIII Ltd. Series 2025-8A Class A1<sup>†</sup> | 5.389%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 7/20/2038 | 10830000 | 10862858 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 8695000 | 8717070 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2885000 | 2892438 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 8400000 | 8421662 |

---

See Notes to Financial Statements. 9

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | $8185000 | $8255506 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 7500000 | 7521866 |
| ARES LXI CLO Ltd. Series 2021-61A Class A2R<sup>†</sup> | 5.614%<br> (3 mo. USD Term SOFR + 1.73% |)<sup>#</sup> | 4/20/2037 | 10470000 | 10498782 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 8890000 | 8970357 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A Class B<sup>†</sup> | 6.158%<br> (3 mo. USD Term SOFR + 2.30% |)<sup>#</sup> | 1/25/2036 | 6370000 | 6383218 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.484%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 8700000 | 8702697 |
| Birch Grove CLO 8 Ltd. Series 2024-8A Class A1<sup>†</sup> | 5.514%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 4/20/2037 | 13350000 | 13407178 |
| Clover CLO LLC Series 2018-1A Class A2RR<sup>†</sup> | 5.614%<br> (3 mo. USD Term SOFR + 1.73% |)<sup>#</sup> | 4/20/2037 | 4570000 | 4573240 |
| Dryden 119 CLO Ltd. Series 2024-119A Class A2<sup>†</sup> | 5.605%<br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 4/15/2036 | 6540000 | 6547822 |
| Greenacre Park CLO LLC Series 2021-2A Class BR<sup>†</sup> | 5.584%<br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/20/2038 | 7055000 | 7052298 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.484%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 2580000 | 2581517 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 4736631 | 4649084 |
| Lendmark Funding Trust Series 2021-1A Class C<sup>†</sup> | 3.41% |  | 11/20/2031 | 2095000 | 2010758 |
| Lendmark Funding Trust Series 2021-2A Class B<sup>†</sup> | 2.37% |  | 4/20/2032 | 6465000 | 6122871 |
| Lendmark Funding Trust Series 2024-2A Class A<sup>†</sup> | 4.47% |  | 2/21/2034 | 13177000 | 13205752 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.692%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 2035125 | 2035614 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.344%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 7500000 | 7501523 |
| M&T Equipment Notes Series 2025-1A Class A2<sup>†</sup> | 4.70% |  | 12/16/2027 | 9995000 | 10059842 |
| Madison Park Funding XLVII Ltd. Series 2020-47A Class A2R<sup>†</sup> | 5.624%<br> (3 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 4/19/2037 | 13400000 | 13438378 |
| Mariner Finance Issuance Trust Series 2021-AA Class D<sup>†</sup> | 3.83% |  | 3/20/2036 | 2420000 | 2346069 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.11%<br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 3654756 | 3657008 |

---

10 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| OCP CLO Ltd. Series 2024-32A Class A2<sup>†</sup> | 5.58%<br> (3 mo. USD Term SOFR + 1.72% |)<sup>#</sup> | 4/23/2037 | $8510000 | $8523786 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 2425197 | 2434978 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A3<sup>†</sup> | 4.65% |  | 10/20/2031 | 10885000 | 10950039 |
| PFS Financing Corp. Series 2024-D Class A<sup>†</sup> | 5.34% |  | 4/15/2029 | 5247000 | 5334752 |
| Rad CLO 23 Ltd. Series 2024-23A Class B1<sup>†</sup> | 5.934%<br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/20/2037 | 4750000 | 4763561 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 13515000 | 13760100 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class A1<sup>†</sup> | 5.718%<br> (3 mo. USD Term SOFR + 1.45% |)<sup>#</sup> | 7/15/2038 | 11150000 | 11207066 |
| Texas Debt Capital CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 5.807%<br> (3 mo. USD Term SOFR + 1.95% |)<sup>#</sup> | 4/22/2037 | 6050000 | 6074460 |
| Verizon Master Trust Series 2023-7 Class A1A | 5.67% |  | 11/20/2029 | 8061000 | 8201248 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 8537000 | 8762308 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1<sup>†</sup> | 5.531%<br> (3 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 7/20/2038 | 11955000 | 11988151 |
| *Total* |  |  |  |  | 272415857 |
| *Total Asset-Backed Securities* (cost $815,931,279) | *Total Asset-Backed Securities* (cost $815,931,279) |  |  |  | 819627518 |
| **CORPORATE BONDS 32.86%** |  |  |  |  |  |
| **Aerospace/Defense 0.50%** |  |  |  |  |  |
| Boeing Co. | 6.388% |  | 5/1/2031 | 8952000 | 9747331 |
| Hexcel Corp. | 5.875% |  | 2/26/2035 | 7862000 | 8316132 |
| Northrop Grumman Corp. | 3.25% |  | 1/15/2028 | 7402000 | 7296402 |
| *Total* |  |  |  |  | 25359865 |
| **Agriculture 0.76%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | 5858000 | 5960014 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 5.50% |  | 2/1/2030 | 17069000 | 17764228 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 5.875% |  | 7/1/2034 | 3203000 | 3359344 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 6.125% |  | 7/27/2027 | 2897000 | 2982257 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.85% |  | 6/15/2035 | 7837000 | 8427241 |
| *Total* |  |  |  |  | 38493084 |

---

See Notes to Financial Statements. 11

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers 0.18%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 5.303% |  | &nbsp;&nbsp;&nbsp;9/6/2029 | $5494000 | $5521867 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 3619000 | 3663223 |
| *Total* |  |  |  |  | 9185090 |
| **Banks 6.32%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 3.324%<br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 7800000 | 7159810 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>†(a)</sup> | 5.875% |  | 5/7/2030 | 9912000 | 10296685 |
| Bank of America Corp. | 3.593%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 14259000 | 14151344 |
| Bank of America Corp. | 3.97%<br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 18874000 | 18847270 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 18000000 | 18310236 |
| Citigroup, Inc. | 3.887%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 16090000 | 16049900 |
| Citigroup, Inc. | 3.98%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 9838000 | 9766852 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.49% |)<sup>#</sup> | 9/11/2036 | 6714000 | 6854319 |
| Citigroup, Inc. | 5.827%<br> (SOFR + 2.06% |)<sup>#</sup> | 2/13/2035 | 5724000 | 5988319 |
| Citizens Financial Group, Inc. | 5.718%<br> (SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 5000000 | 5245752 |
| Citizens Financial Group, Inc. | 6.645%<br> (SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 5984000 | 6593405 |
| Goldman Sachs Group, Inc. | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 8226000 | 7398879 |
| Goldman Sachs Group, Inc. | 5.016%<br> (SOFR + 1.42% |)<sup>#</sup> | 10/23/2035 | 10000000 | 10159157 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 20118000 | 18572896 |
| JPMorgan Chase & Co. | 5.576%<br> (SOFR + 1.64% |)<sup>#</sup> | 7/23/2036 | 5321000 | 5569799 |
| KeyCorp | 4.789%<br> (SOFR + 2.06% |)<sup>#</sup> | 6/1/2033 | 5000000 | 5010847 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 4.654%<br> (3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 7544000 | 7622282 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 10000000 | 8921028 |

---

12 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley | 4.431%<br> (3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | $15183000 | $15300063 |
| Morgan Stanley | 5.297%<br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 3246000 | 3328311 |
| Morgan Stanley | 5.32%<br> (SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 10333000 | 10734957 |
| PNC Financial Services Group, Inc. | 5.676%<br> (SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | 3804000 | 4030006 |
| PNC Financial Services Group, Inc. | 6.037%<br> (SOFR + 2.14% |)<sup>#</sup> | 10/28/2033 | 10255000 | 11117745 |
| Truist Financial Corp. | 5.711%<br> (SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 10282000 | 10877776 |
| Truist Financial Corp. | 5.867%<br> (SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 4175000 | 4454222 |
| U.S. Bancorp | 4.839%<br> (SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 13037000 | 13210112 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.364%<br> (1 yr. CMT + 1.08% |)<sup>#</sup> | 1/30/2027 | 6618000 | 6585921 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 8352000 | 8196799 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 6.301%<br> (1 yr. CMT + 2.00% |)<sup>#</sup> | 9/22/2034 | 7063000 | 7744987 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 6.327%<br> (1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 5626000 | 5751622 |
| Wells Fargo & Co. | 2.393%<br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 6505000 | 6349576 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 8807000 | 8277208 |
| Wells Fargo & Co. | 3.584%<br> (3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 14816000 | 14710850 |
| Wells Fargo Bank NA | 5.85% |  | 2/1/2037 | 5225000 | 5565559 |
| *Total* |  |  |  |  | 318754494 |
| **Beverages 0.26%** |  |  |  |  |  |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 12341000 | 13024786 |
| **Biotechnology 0.37%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 6109000 | 6253712 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 5000000 | 3150908 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 3509000 | 2377287 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 6596000 | 6791206 |
| *Total* |  |  |  |  | 18573113 |

---

See Notes to Financial Statements. 13

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Building Materials 0.16%** |  |  |  |  |  |
| Amrize Finance U.S. LLC<sup>†</sup> | 5.40% |  | 4/7/2035 | $7928000 | $8234537 |
| **Commercial Services 0.77%** |  |  |  |  |  |
| Global Payments, Inc. | 5.20% |  | 11/15/2032 | 10097000 | 10134754 |
| GXO Logistics, Inc. | 6.50% |  | 5/6/2034 | 13078000 | 14083611 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% |  | 4/28/2035 | 8370000 | 8709916 |
| Rollins, Inc. | 5.25% |  | 2/24/2035 | 5872000 | 6023047 |
| *Total* |  |  |  |  | 38951328 |
| **Computers 0.22%** |  |  |  |  |  |
| Gartner, Inc.<sup>†</sup> | 4.50% |  | 7/1/2028 | 8360000 | 8334589 |
| International Business Machines Corp. | 6.50% |  | 1/15/2028 | 2455000 | 2580061 |
| *Total* |  |  |  |  | 10914650 |
| **Cosmetics/Personal Care 0.15%** |  |  |  |  |  |
| Kenvue, Inc. | 5.10% |  | 3/22/2043 | 7603000 | 7387947 |
| **Diversified Financial Services 2.20%** |  |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 12633000 | 12268014 |
| American Express Co. | 5.284%<br> (SOFR + 1.42% |)<sup>#</sup> | 7/26/2035 | 6153000 | 6388337 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.95% |  | 11/15/2030 | 10567000 | 10641285 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 10830000 | 11129777 |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% |  | 10/25/2028 | 4180000 | 4441266 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(a)</sup> | 4.75% |  | 11/12/2030 | 7112000 | 7078140 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% |  | 2/21/2026 | 7001000 | 6958173 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.528% |  | 11/18/2027 | 927000 | 897338 |
| Brookfield Asset Management Ltd. | 6.077% |  | 9/15/2055 | 3695000 | 3812828 |
| Cboe Global Markets, Inc. | 3.65% |  | 1/12/2027 | 6217000 | 6194000 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% |  | 6/18/2035 | 9250000 | 9760362 |
| Intercontinental Exchange, Inc. | 5.25% |  | 6/15/2031 | 8990000 | 9414750 |
| Lseg U.S. Fin Corp.<sup>†</sup> | 5.297% |  | 3/28/2034 | 4657000 | 4847998 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4435000 | 4429381 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 12123000 | 12709971 |
| *Total* |  |  |  |  | 110971620 |
| **Electric 4.77%** |  |  |  |  |  |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 5324000 | 5195165 |
| Alfa Desarrollo SpA (Chile)<sup>†(a)</sup> | 4.55% |  | 9/27/2051 | 8064845 | 6598815 |
| American Transmission Systems, Inc.<sup>†</sup> | 2.65% |  | 1/15/2032 | 18150000 | 16441845 |

---

14 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% | 6/1/2035 | $5883000 | $6181491 |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(a)</sup> | 5.58% | 10/20/2035 | 7204212 | 7431145 |
| Commonwealth Edison Co. | 5.95% | 6/1/2055 | 4242000 | 4509495 |
| Constellation Energy Generation LLC | 5.60% | 6/15/2042 | 4663000 | 4744478 |
| Dominion Energy South Carolina, Inc. | 5.30% | 1/15/2035 | 4038000 | 4223953 |
| Dominion Energy, Inc. | 5.45% | 3/15/2035 | 7318000 | 7571718 |
| Duke Energy Indiana LLC | 5.25% | 3/1/2034 | 8216000 | 8568878 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 5.125% | 6/26/2029 | 5488000 | 5643877 |
| Entergy Louisiana LLC | 5.15% | 9/15/2034 | 10000000 | 10306176 |
| Entergy Louisiana LLC | 5.70% | 3/15/2054 | 5018000 | 5086056 |
| Entergy Mississippi LLC | 5.80% | 4/15/2055 | 5305000 | 5464187 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% | 6/1/2034 | 12641000 | 13235016 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(a)</sup> | 7.25% | 1/31/2041 | 3600494 | 3769430 |
| Florida Power & Light Co. | 5.80% | 3/15/2065 | 2820000 | 2965203 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% | 4/1/2054 | 5907000 | 5949072 |
| IPALCO Enterprises, Inc. | 4.25% | 5/1/2030 | 12000000 | 11798198 |
| Liberty Utilities Co.<sup>†</sup> | 5.869% | 1/31/2034 | 8756000 | 9218778 |
| Louisville Gas & Electric Co. | 5.85% | 8/15/2055 | 4711000 | 4847835 |
| MidAmerican Energy Co. | 5.85% | 9/15/2054 | 4379000 | 4591537 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% | 5/1/2034 | 6045000 | 6285331 |
| NSTAR Electric Co. | 5.40% | 6/1/2034 | 9042000 | 9444947 |
| Oglethorpe Power Corp. | 5.80% | 6/1/2054 | 9800000 | 9772953 |
| Oglethorpe Power Corp. | 5.95% | 11/1/2039 | 3451000 | 3713286 |
| Ohio Edison Co. | 8.25% | 10/15/2038 | 2419000 | 3126637 |
| Oklahoma Gas & Electric Co. | 5.80% | 4/1/2055 | 4465000 | 4581670 |
| Oncor Electric Delivery Co. LLC | 4.65% | 11/1/2029 | 13923000 | 14208802 |
| Pacific Gas & Electric Co. | 2.50% | 2/1/2031 | 9326000 | 8394605 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 3647000 | 3829714 |
| Public Service Electric & Gas Co. | 4.85% | 8/1/2034 | 7642000 | 7769734 |
| Union Electric Co. | 5.25% | 4/15/2035 | 4615000 | 4801355 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 9723000 | 10053115 |
| *Total* |  |  |  | 240324497 |
| **Engineering & Construction 0.12%** |  |  |  |  |
| Sitios Latinoamerica SAB de CV (Mexico)<sup>†(a)</sup> | 6.00% | 11/25/2029 | 6107000 | 6323723 |
| **Entertainment 0.16%** |  |  |  |  |
| Flutter Treasury DAC (Ireland)<sup>†(a)</sup> | 5.875% | 6/4/2031 | 7905000 | 7989070 |

---

See Notes to Financial Statements. 15

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Environmental Control 0.28%** |  |  |  |  |
| Veralto Corp. | 5.50% | 9/18/2026 | $13858000 | $13989271 |
| **Equity Real Estate 0.14%** |  |  |  |  |
| CBRE Services, Inc. | 4.90% | 1/15/2033 | 6777000 | 6864305 |
| **Food 0.92%** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 5.75% | 4/1/2033 | 14845000 | 15566764 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†</sup> | 6.375% | 4/15/2066 | 6381000 | 6509046 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 6351000 | 6566941 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 7180000 | 7431214 |
| Pilgrim's Pride Corp. | 3.50% | 3/1/2032 | 11169000 | 10341324 |
| *Total* |  |  |  | 46415289 |
| **Gas 0.53%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 1.75% | 10/1/2030 | 17787000 | 15871886 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 3014000 | 3175859 |
| Southern Co. Gas Capital Corp. | 5.10% | 9/15/2035 | 7394000 | 7494652 |
| *Total* |  |  |  | 26542397 |
| **Health Care-Products 0.86%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 5.30% | 10/8/2035 | 5199000 | 5192649 |
| Baxter International, Inc. | 2.539% | 2/1/2032 | 6786000 | 5933807 |
| Baxter International, Inc.<sup>(b)</sup> | 5.65% | 12/15/2035 | 14636000 | 14922087 |
| Solventum Corp. | 5.60% | 3/23/2034 | 9655000 | 10093582 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% | 12/1/2035 | 7355000 | 7471192 |
| *Total* |  |  |  | 43613317 |
| **Health Care-Services 0.53%** |  |  |  |  |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.00% | 12/1/2031 | 3645000 | 3300217 |
| Humana, Inc. | 5.95% | 3/15/2034 | 6393000 | 6756876 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 6.00% | 5/8/2034 | 8071000 | 8562936 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 4926000 | 4901296 |
| Universal Health Services, Inc. | 2.65% | 1/15/2032 | 3601000 | 3177373 |
| *Total* |  |  |  | 26698698 |
| **Insurance 3.56%** |  |  |  |  |
| 200 Park Funding Trust<sup>†</sup> | 5.74% | 2/15/2055 | 6808000 | 6866833 |
| Arch Capital Group Ltd. | 7.35% | 5/1/2034 | 5000000 | 5882128 |
| Assurant, Inc. | 5.55% | 2/15/2036 | 6248000 | 6368622 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 14763000 | 13834030 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | $12979000 | $13054660 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 4567000 | 4769365 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 4728000 | 4845552 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 10031000 | 8992115 |
| Brown & Brown, Inc. | 5.25% | 6/23/2032 | 1150000 | 1178199 |
| Brown & Brown, Inc. | 5.55% | 6/23/2035 | 2328000 | 2394438 |
| Brown & Brown, Inc. | 5.65% | 6/11/2034 | 6831000 | 7092839 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 11648000 | 11935643 |
| Corebridge Global Funding<sup>†</sup> | 4.90% | 8/21/2032 | 5844000 | 5905874 |
| GA Global Funding Trust<sup>†</sup> | 2.90% | 1/6/2032 | 12712000 | 11327013 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 11013000 | 11044747 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 7120000 | 7173519 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 8/18/2030 | 13483000 | 13574480 |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | 7387000 | 7402023 |
| Pricoa Global Funding I<sup>†</sup> | 4.75% | 8/26/2032 | 5895000 | 5949669 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 8117000 | 8334372 |
| Protective Life Global Funding<sup>†</sup> | 5.432% | 1/14/2032 | 6868000 | 7202249 |
| RGA Global Funding<sup>†</sup> | 5.00% | 8/25/2032 | 14547000 | 14654880 |
| *Total* |  |  |  | 179783250 |
| **Internet 1.06%** |  |  |  |  |
| Alibaba Group Holding Ltd. (Hong Kong)<sup>(a)(c)</sup> | 5.25% | 5/26/2035 | 7600000 | 7953490 |
| AppLovin Corp. | 5.375% | 12/1/2031 | 4685000 | 4877605 |
| Meta Platforms, Inc. | 4.875% | 11/15/2035 | 6960000 | 7038135 |
| Meta Platforms, Inc. | 5.50% | 11/15/2045 | 5237000 | 5241816 |
| Prosus NV (Netherlands)<sup>(a)</sup> | 4.027% | 8/3/2050 | 6785000 | 4762693 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 14184000 | 14199170 |
| Uber Technologies, Inc. | 4.80% | 9/15/2035 | 3785000 | 3785648 |
| Uber Technologies, Inc. | 5.35% | 9/15/2054 | 5833000 | 5650254 |
| *Total* |  |  |  | 53508811 |
| **Iron-Steel 0.17%** |  |  |  |  |
| Vale Overseas Ltd. (Brazil)<sup>(a)</sup> | 6.40% | 6/28/2054 | 8317000 | 8583194 |
| **Leisure Time 0.18%** |  |  |  |  |
| Royal Caribbean Cruises Ltd. | 5.375% | 1/15/2036 | 9022000 | 9123752 |
| **Machinery-Diversified 0.33%** |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(a)</sup> | 4.55% | 4/15/2028 | 10940000 | 11012449 |
| nVent Finance SARL (Luxembourg)<sup>(a)</sup> | 5.65% | 5/15/2033 | 5387000 | 5653546 |
| *Total* |  |  |  | 16665995 |

---

<br> *See Notes to Financial Statements.* 17

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Media 0.10%** |  |  | | |
| Comcast Corp.<sup>†</sup> | 5.168% | 1/15/2037 | $5015000 | $5010483 |
| **Mining 0.91%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 3.875% | 3/16/2029 | 6526000 | 6452683 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 5.50% | 5/2/2033 | 1417000 | 1474092 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 5.75% | 4/5/2034 | 2775000 | 2931901 |
| Antofagasta PLC (Chile)<sup>†(a)</sup> | 6.25% | 5/2/2034 | 8770000 | 9379761 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 9434000 | 9902782 |
| Minera Mexico SA de CV (Mexico)<sup>†(a)</sup> | 5.625% | 2/12/2032 | 10833000 | 11178573 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(a)</sup> | 5.854% | 5/13/2032 | 4359000 | 4569967 |
| *Total* |  |  |  | 45889759 |
| **Oil & Gas 0.85%** |  |  |  |  |
| Coterra Energy, Inc. | 5.40% | 2/15/2035 | 10274000 | 10485980 |
| EQT Corp. | 6.375% | 4/1/2029 | 3322000 | 3440332 |
| Expand Energy Corp. | 5.375% | 3/15/2030 | 6998000 | 7097324 |
| Occidental Petroleum Corp. | 3.50% | 8/15/2029 | 4645000 | 4488177 |
| Occidental Petroleum Corp. | 6.45% | 9/15/2036 | 2738000 | 2925526 |
| ORLEN SA (Poland)<sup>†(a)</sup> | 6.00% | 1/30/2035 | 9778000 | 10374552 |
| Viper Energy Partners LLC | 5.70% | 8/1/2035 | 4163000 | 4269094 |
| *Total* |  |  |  | 43080985 |
| **Pharmaceuticals 0.82%** |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 8085000 | 8480706 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | 5708000 | 6106543 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% | 11/21/2033 | 10931000 | 11839847 |
| EMD Finance LLC<sup>†</sup> | 5.00% | 10/15/2035 | 14691000 | 14847962 |
| *Total* |  |  |  | 41275058 |
| **Pipelines 1.26%** |  |  |  |  |
| Boardwalk Pipelines LP | 5.375% | 2/15/2036 | 6129000 | 6173193 |
| Cheniere Energy, Inc. | 4.625% | 10/15/2028 | 6420000 | 6420428 |
| Colonial Enterprises, Inc.<sup>†</sup> | 5.627% | 11/15/2035 | 4979000 | 5053914 |
| Eastern Energy Gas Holdings LLC<sup>(c)</sup> | 5.65% | 10/15/2054 | 3519000 | 3473743 |
| Eastern Gas Transmission & Storage, Inc. | 3.00% | 11/15/2029 | 7044000 | 6740577 |
| Energy Transfer LP<sup>†</sup> | 7.375% | 2/1/2031 | 4803000 | 4998483 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% | 7/15/2035 | 7033000 | 7368053 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% | 7/15/2031 | 4741000 | 4361057 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 18445000 | 18774685 |
| *Total* |  |  |  | 63364133 |

---

<br> 18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date**  | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS 1.09%** |  |  | | |
| Brixmor Operating Partnership LP | 5.20% | 4/1/2032 | $4988000 | $5126757 |
| CFE Fibra E (Mexico)<sup>†(a)</sup> | 5.875% | 9/23/2040 | 9516000 | 9502773 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 15794000 | 15018244 |
| Host Hotels & Resorts LP | 5.70% | 6/15/2032 | 4827000 | 5040643 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 4407000 | 4406181 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 16016000 | 15933973 |
| *Total* |  |  |  | 55028571 |
| **Retail 0.11%** |  |  |  |  |
| Lowe's Cos., Inc. | 2.80% | 9/15/2041 | 7500000 | 5444118 |
| **Semiconductors 0.82%** |  |  |  |  |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 11791000 | 11642479 |
| Broadcom, Inc. | 4.90% | 7/15/2032 | 8355000 | 8599215 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 7113000 | 7401808 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.15% | 1/25/2032 | 12950000 | 13849171 |
| *Total* |  |  |  | 41492673 |
| **Software 0.91%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.50% | 5/15/2034 | 9387000 | 9750754 |
| Fidelity National Information Services, Inc. | 3.75% | 5/21/2029 | 6152000 | 6036424 |
| Oracle Corp. | 2.875% | 3/25/2031 | 4450000 | 4035986 |
| Oracle Corp. | 5.95% | 9/26/2055 | 12728000 | 11936184 |
| Oracle Corp. | 6.125% | 7/8/2039 | 3000000 | 3031750 |
| Oracle Corp. | 6.90% | 11/9/2052 | 2658000 | 2762726 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 7918000 | 8237251 |
| *Total* |  |  |  | 45791075 |
| **Telecommunications 0.49%** |  |  |  |  |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 20305000 | 24720938 |
| *Total Corporate Bonds* (cost $1,621,422,974) |  |  |  | 1657373876 |
| **FLOATING RATE LOANS**<sup>(d)</sup> **1.61%** |  |  |  |  |
| **Chemicals 0.12%** |  |  |  |  |
| Solstice Advanced Materials, Inc. Term Loan B | 5.59%<br> (3 mo. USD Term SOFR + 1.75%) | 10/29/2032 | 6006000 | 6032306 |
| **Diversified Financial Services 0.32%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 16192566 | 16267700 |

---

<br> *See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric 0.65%** | |  | | |
| Calpine Corp. 2024 Term Loan B10 | 5.666%<br> (1 mo. USD Term SOFR + 1.75% | &nbsp;&nbsp;1/31/2031 | $4457000 | $4458337 |
| NRG Energy, Inc. 2024 Term Loan | 5.593% - 5.67%<br> (1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 14226299 | 14267768 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 5.666%<br> (1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 13814993 | 13888904 |
| *Total* |  |  |  | 32615009 |
| **Entertainment 0.23%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(a)</sup> | 5.752%<br> (3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 11752596 | 11730619 |
| **Media 0.06%** |  |  |  |  |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.235%<br> (3 mo. USD Term SOFR + 2.25% | 12/15/2031 | 3116617 | 3112378 |
| **Pipelines 0.23%** |  |  |  |  |
| Buckeye Partners LP 2025 Term Loan B7 | 5.666%<br> (1 mo. USD Term SOFR + 1.75% | 11/22/2032 | 11218860 | 11262333 |
| *Total Floating Rate Loans* (cost $80,905,711) |  |  |  | 81020345 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.35%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.35%** |  |  |  |
| **Mexico 0.11%** |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% | 8/17/2030 | 5382000 | 5470480 |
| **Saudi Arabia 0.24%** |  |  |  |  |
| KSA Ijarah Sukuk Ltd.<sup>†</sup> | 4.25% | 9/9/2030 | 12377000 | 12383883 |
| *Total Foreign Government Obligations* (cost $17,698,135) | *Total Foreign Government Obligations* (cost $17,698,135) |  |  | 17854363 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.70%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.70%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.70%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K140 Class A2 | 2.25% | 1/25/2032 | 12930000 | 11667303 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% | 3/25/2032 | 12360000 | 11188990 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% | 6/25/2032 | 11570000 | 10791800 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-151 Class A2 | 3.80% | 10/25/2032 | 14281000 | 13981579 |

---

<br> 20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(e)</sup> | 12/25/2032 | $11317500 | $11099190 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(e)</sup> | 1/25/2033 | 8745574 | 8835699 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-156 Class A2 | 4.43% | <sup>#(e)</sup> | 2/25/2033 | 12000000 | 12182936 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2 | 4.90% | <sup>#(e)</sup> | 10/25/2033 | 12061704 | 12625043 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544 Class A2 | 4.266% | <sup>#(e)</sup> | 7/25/2030 | 11510000 | 11662583 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(e)</sup> | 8/25/2032 | 8934000 | 8411097 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(e)</sup> | 5/25/2033 | 16174000 | 16077039 |
| FREMF Mortgage Trust Series K-169 Class A2 | 4.66% | <sup>#(e)</sup> | 12/25/2034 | 7340000 | 7532114 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $132,225,625) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $132,225,625) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $132,225,625) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $132,225,625) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $132,225,625) | 136055373 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 27.62%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 27.62%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 27.62%** |  |  |  |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 2/1/2052 | 18556145 | 15302861 |
| Federal Home Loan Mortgage Corp. | 2.50% |  | 6/1/2051 | 17947093 | 15312992 |
| Federal Home Loan Mortgage Corp. | 3.00% |  | 7/1/2050 - 8/1/2052 | 44924180 | 40532080 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 - 9/1/2051 | 7850835 | 7380878 |
| Federal Home Loan Mortgage Corp. | 5.00% |  | 7/1/2052 - 4/1/2054 | 18625589 | 18844971 |
| Federal Home Loan Mortgage Corp. | 5.449%<br> (30 day USD SOFR Average + 2.35% |)<sup>#</sup> | 9/1/2055 | 13297825 | 13536585 |
| Federal Home Loan Mortgage Corp. | 5.50% |  | 11/1/2039 - 11/1/2054 | 45210036 | 46587402 |
| Federal Home Loan Mortgage Corp. | 6.00% |  | 7/1/2039 - 7/1/2055 | 70653703 | 73528801 |
| Federal Home Loan Mortgage Corp. | 6.50% |  | 11/1/2053 | 13904764 | 14513708 |
| Federal National Mortgage Association | 2.50% |  | 8/1/2050 - 5/1/2052 | 36445610 | 31685226 |

---

<br> *See Notes to Financial Statements.* 21

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |  |
| Federal National Mortgage Association | 3.00% |  | 4/1/2051 | $22565538 | $20233314 |
| Federal National Mortgage Association | 3.50% |  | 12/1/2049 - 6/1/2052 | 42174291 | 39440804 |
| Federal National Mortgage Association | 5.00% |  | 7/1/2052 - 1/1/2053 | 19530138 | 19710493 |
| Federal National Mortgage Association | 5.477%<br> (30 day USD SOFR Average + 2.31% |)<sup>#</sup> | 10/1/2055 | 51952860 | 52973480 |
| Federal National Mortgage Association | 5.50% |  | 11/1/2038 - 10/1/2054 | 26341927 | 27127073 |
| Federal National Mortgage Association | 6.00% |  | 2/1/2039 - 1/1/2055 | 12537140 | 13091187 |
| Federal National Mortgage Association | 6.264%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 11/1/2054 | 31679289 | 32794386 |
| Government National Mortgage Association<sup>(f)</sup> | 2.00% |  | TBA | 31662000 | 26378011 |
| Government National Mortgage Association<sup>(f)</sup> | 2.50% |  | TBA | 45552000 | 39545668 |
| Government National Mortgage Association<sup>(f)</sup> | 3.00% |  | TBA | 83168000 | 75047018 |
| Government National Mortgage Association<sup>(f)</sup> | 4.50% |  | TBA | 40714000 | 39827357 |
| Government National Mortgage Association<sup>(f)</sup> | 5.00% |  | TBA | 40521000 | 40450949 |
| Government National Mortgage Association<sup>(f)</sup> | 5.50% |  | TBA | 95715000 | 96609814 |
| Government National Mortgage Association<sup>(f)</sup> | 6.00% |  | TBA | 43701000 | 44555436 |
| Government National Mortgage Association<sup>(f)</sup> | 6.50% |  | TBA | 48203000 | 49633811 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.00% |  | TBA | 92385000 | 75209625 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.50% |  | TBA | 38350000 | 32642363 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 3.00% |  | TBA | 3495000 | 3104841 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.00% |  | TBA | 19319000 | 18395155 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.50% |  | TBA | 41881000 | 41155142 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.00% |  | TBA | 184248000 | 184566391 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.50% |  | TBA | 73000000 | 74337917 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.00% |  | TBA | 43572000 | 44607751 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.50% |  | TBA | 17526000 | 18160607 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 7.00% |  | TBA | 5704000 | 5987476 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,386,212,416) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,386,212,416) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,386,212,416) |  |  | 1392811573 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.68%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.68%** |  |  |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.702%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 4940000 | 4966634 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 7000000 | 7389997 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 16530000 | 17366732 |
| Bank5 Series 2025-5YR17 Class A3 | 5.225% |  | 11/15/2058 | 15000000 | 15548601 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 10/25/2051 | 8286572 | 6993220 |

---

<br> 22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 |  | 5.839% |  | 3/15/2058 | $10710000 | $11321676 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 |  | 5.659% |  | 5/15/2058 | 7930000 | 8344663 |
| Benchmark Mortgage Trust Series 2024-V10 Class A3 |  | 5.277% |  | 9/15/2057 | 5000000 | 5165360 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 |  | 5.739% |  | 12/15/2057 | 8480000 | 8916052 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 |  | 6.228% | <sup>#(e)</sup> | 5/15/2056 | 15420000 | 16333283 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 |  | 5.66% |  | 4/15/2057 | 16250000 | 17080523 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 |  | 5.184% |  | 10/15/2058 | 9620000 | 9969439 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 |  | 5.857% |  | 2/15/2057 | 8290000 | 8693541 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 |  | 5.625% | <sup>#(e)</sup> | 12/15/2057 | 18585000 | 19436936 |
| BX Trust Series 2025-VOLT Class A<sup>†(b)</sup> |  | 5.70%<br> (1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 12/15/2044 | 13110000 | 13126036 |
| Cantor Commercial Real Estate Lending Series 2019-CF3 Class A4 |  | 3.006% |  | 1/15/2053 | 14127000 | 13349967 |
| CIM Trust Series 2020-INV1 Class A2<sup>†</sup> |  | 2.50% | <sup>#(e)</sup> | 4/25/2050 | 4483756 | 3845041 |
| CIM Trust Series 2021-INV1 Class A2<sup>†</sup> |  | 2.50% | <sup>#(e)</sup> | 7/1/2051 | 12477511 | 10514476 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> |  | 2.50% | <sup>#(e)</sup> | 3/25/2051 | 6551462 | 5528923 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class A<sup>†</sup> |  | 6.572% | <sup>#(e)</sup> | 7/10/2028 | 9950000 | 10382093 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> |  | 3.00% | <sup>#(e)</sup> | 11/27/2051 | 11661403 | 10270251 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> |  | 5.601%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 7300000 | 7301202 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> |  | 5.309%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 6410000 | 6419369 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> |  | 5.387% | <sup>(g)</sup> | 5/26/2070 | 8843465 | 8884136 |
| Ellington Financial Mortgage Trust Series 2020-1 Class A1<sup>†</sup> | Ellington Financial Mortgage Trust Series 2020-1 Class A1<sup>†</sup> | 2.006% | <sup>#(e)</sup> | 5/25/2065 | 3865 | 3855 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> |  | 5.322%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 2080094 | 2092311 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R03 Class 1M2<sup>†</sup> |  | 7.572%<br> (30 day USD SOFR Average + 3.50% |)<sup>#</sup> | 3/25/2042 | 9350000 | 9634848 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> |  | 7.822%<br> (30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 3150000 | 3311973 |

---

<br> *See Notes to Financial Statements.* 23

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.372%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | $7367245 | $7517351 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.172%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 2780881 | 2784207 |
| Federal National Mortgage Association-ACES Series 2025-M4 Class A2 | 4.389% |  | 8/25/2035 | 11330000 | 11340770 |
| Federal National Mortgage Association-ACES Series 2025-M6 Class A2 | 4.25% |  | 10/25/2035 | 12605000 | 12489151 |
| Flagstar Mortgage Trust Series 2021-11IN Class A20<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 11/25/2051 | 3570290 | 3132787 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 11/25/2051 | 6312357 | 5311383 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/1/2051 | 13510757 | 11410118 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 8/25/2051 | 16179880 | 13664249 |
| GS Mortgage Securities Corp. Trust Series 2024-RVR Class A<sup>†</sup> | 5.372% | <sup>#(e)</sup> | 8/10/2041 | 9150000 | 9344935 |
| GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/25/2051 | 4109702 | 3470730 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 4/25/2052 | 15564904 | 13135565 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/25/2051 | 7305135 | 6164964 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 1/25/2052 | 3766266 | 3180691 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ9 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 2/26/2052 | 4506178 | 3802863 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 1/25/2053 | 14227533 | 12518890 |
| JP Morgan Mortgage Trust Series 2021-14 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 5/25/2052 | 879787 | 741374 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 6/25/2052 | 11954752 | 10534572 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 4/25/2052 | 11925082 | 10515569 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 5/25/2052 | 7184723 | 6331204 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 7/25/2052 | 6231392 | 5491126 |
| JP Morgan Mortgage Trust Series 2022-1 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/25/2052 | 7789240 | 6573511 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 8/25/2052 | 8394398 | 7397175 |

---

<br> 24 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> |  | 3.00% | <sup>#(e)</sup> | 10/25/2052 | $5210437 | $4591456 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> |  | 3.00% | <sup>#(e)</sup> | 3/25/2052 | 9720074 | 8559059 |
| JP Morgan Mortgage Trust Series 2022-INV3 Class A3B<sup>†</sup> |  | 3.00% | <sup>#(e)</sup> | 9/25/2052 | 5048809 | 4433304 |
| JP Morgan Mortgage Trust Series 2025-DSC2 Class A1<sup>†</sup> |  | 5.195% | <sup>#(e)</sup> | 10/25/2065 | 9054944 | 9092254 |
| JP Morgan Mortgage Trust Series 2025-NQM4 Class A1<sup>†</sup> |  | 4.954% | <sup>#(e)</sup> | 3/25/2066 | 5685919 | 5686774 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> |  | 5.062% | <sup>#(e)</sup> | 2/25/2066 | 4444207 | 4452747 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> |  | 5.849%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 3240000 | 3249087 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 |  | 5.635% |  | 3/15/2058 | 13190000 | 13840644 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> |  | 3.90% | <sup>#(e)</sup> | 9/24/2057 | 8580035 | 8465544 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3 Class A1<sup>†</sup> |  | 4.912% | <sup>#(e)</sup> | 9/25/2070 | 4624766 | 4626109 |
| New Residential Mortgage Loan Trust Series 2025-NQM3 Class A1<sup>†</sup> |  | 5.53% | <sup>#(e)</sup> | 5/25/2065 | 8193725 | 8298182 |
| NY Commercial Mortgage Trust Series 2025-299P Class A<sup>†</sup> |  | 5.853% | <sup>#(e)</sup> | 2/10/2047 | 4569000 | 4858055 |
| OBX Trust Series 2021-J1 Class A1<sup>†</sup> |  | 2.50% | <sup>#(e)</sup> | 5/25/2051 | 1033857 | 871205 |
| OBX Trust Series 2025-NQM15 Class A1<sup>†</sup> |  | 5.143% | <sup>(g)</sup> | 7/27/2065 | 12751629 | 12832149 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> |  | 4.905% | <sup>#(e)</sup> | 8/25/2065 | 14028965 | 14038401 |
| OBX Trust Series 2025-NQM21 Class A1FC<sup>†</sup> |  | 4.917% | <sup>(g)</sup> | 10/25/2065 | 7300000 | 7320215 |
| Rate Mortgage Trust Series 2021-HB1 Class A1<sup>†</sup> |  | 2.50% | <sup>#(e)</sup> | 12/25/2051 | 18582544 | 15635839 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> |  | 2.376% | <sup>#(e)</sup> | 1/26/2060 | 9012 | 8963 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> |  | 5.388% |  | 11/13/2041 | 11120000 | 11478778 |
| Sequoia Mortgage Trust Series 2025-S2 Class A1<sup>†</sup> |  | 4.00% | <sup>#(e)</sup> | 11/25/2055 | 2625000 | 2467125 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(e)</sup> | 2/25/2050 | 26756 | 25806 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A<sup>†</sup> | TCO Commercial Mortgage Trust Series 2024-DPM Class A<sup>†</sup> | 5.202%<br> (1 mo. USD Term SOFR + 1.24% |)<sup>#</sup> | 12/15/2039 | 12120000 | 12133860 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class A<sup>†</sup> | TEXAS Commercial Mortgage Trust Series 2025-TWR Class A<sup>†</sup> | 5.252%<br> (1 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 4/15/2042 | 11690000 | 11701725 |

---

<br> *See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | $14640000 | $15384443 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 5860000 | 6238467 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 9110000 | 9576388 |
| Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class A5 | 5.292% |  | 10/15/2058 | 8710000 | 9059656 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2022-2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 12/25/2051 | 1546088 | 1301845 |
| WFRBS Commercial Mortgage Trust Series 2014-C23 Class XA<sup>(h)</sup> | 0.211% | <sup>#(e)</sup> | 10/15/2057 | 1485453 | 16 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $629,578,999) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $629,578,999) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $629,578,999) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $629,578,999) |  | 639272419 |
| **U.S. TREASURY OBLIGATIONS 22.34%** |  |  |  |  |  |
| U.S. Treasury Bonds | 4.00% |  | 11/15/2042 | 62957000 | 58859877 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 84366100 | 81963644 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 122870000 | 122956392 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 149101000 | 151494770 |
| U.S. Treasury Bonds | 4.75% |  | 5/15/2055 | 152633000 | 154505138 |
| U.S. Treasury Notes | 3.125% |  | 8/31/2029 | 139235000 | 137192705 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2027 | 183290000 | 183597871 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2030 | 235521000 | 235797002 |
| *Total U.S. Treasury Obligations* (cost $1,114,185,341) |  |  |  |  | 1126367399 |
| *Total Long-Term Investments* (cost $5,798,160,480) |  |  |  |  | 5870382866 |
| **SHORT-TERM INVESTMENTS 1.65%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 1.49%** |  |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $40,016,100 of U.S. Treasury Note at 4.125% due 1/31/2027; value: $40,788,931; proceeds: $40,000,613 (cost $39,988,949) |  |  |  | 39988949 | 39988949 |
| Repurchase Agreement dated 11/28/2025, 4.100% due 12/1/2025 with RBC Dominion Securities, Inc. collateralized by $35,533,000 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $35,714,286; proceeds: $35,011,958 (cost $35,000,000) |  |  |  | 35000000 | 35000000 |
| *Total Repurchase Agreements* (cost $74,988,949) | *Total Repurchase Agreements* (cost $74,988,949) |  |  |  | 74988949 |

---

<br> 26 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE FIXED INCOME FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **Time Deposits 0.02%** |  |  |
| CitiBank N.A.<sup>(i)</sup><br> (cost $809,984) | $809984 | $809984 |
|  | **Shares** |  |
| **Money Market Funds 0.14%** |  |  |
| Fidelity Government Portfolio<sup>(i)</sup> (cost $7,289,858) | 7289858 | 7289858 |
| *Total Short-Term Investments* (cost $83,088,791) |  | 83088791 |
| *Total Investments in Securities 118.06%* (cost $5,881,249,271) |  | 5953471657 |
| *Other Assets and Liabilities – Net*<sup>(j)</sup> *(18.06)%* |  | (910632488) |
| *Net Assets 100.00%* |  | $5042839169 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $1,616,147,941, which represents 32.05% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(e)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(f)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(g)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(h)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(i)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(j)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | Unrealized<br> Appreciation |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 78 | Long | $9051662 | $9063844 | $12182 |
| U.S. 2-Year Treasury Note | March 2026 | 511 | Long | 106682625 | 106727141 | 44516 |
| U.S. 5-Year Treasury Note | March 2026 | 1290 | Long | 141369543 | 141597656 | 228113 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $284811 |

---

<br> *See Notes to Financial Statements.* 27

**Schedule of Investments (concluded)**

CORE FIXED INCOME FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $819627518 | $– | $819627518 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1657373876 |  | 1657373876 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 81020345 |  | 81020345 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 17854363 |  | 17854363 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 136055373 |  | 136055373 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1392811573 |  | 1392811573 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 639272419 |  | 639272419 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 1126367399 |  | 1126367399 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 74988949 |  | 74988949 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 809984 |  | 809984 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 7289858 | – | – | 7289858 |
| Total | $7289858 | $5946181799 | $– | $5953471657 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $284811 | $– | $– | $284811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $284811 | $– | $– | $284811 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

28 *See Notes to Financial Statements.*

**Schedule of Investments**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 117.64%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 13.24%** |  |  |  |  |
| **Automobiles 7.42%** |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2024-B Class E<sup>†</sup> | 6.678% | 9/15/2032 | $2418187 | $2438347 |
| AmeriCredit Automobile Receivables Trust Series 2025-1 Class A3<sup>†</sup> | 4.12% | 5/20/2030 | 8065000 | 8089906 |
| Avid Automobile Receivables Trust Series 2021-1 Class E<sup>†</sup> | 3.39% | 4/17/2028 | 1486726 | 1481093 |
| Bayview Opportunity Master Fund VII Trust Series 2024-SN1 Class E<sup>†</sup> | 8.00% | 10/15/2029 | 8690000 | 8906292 |
| BMW Vehicle Owner Trust Series 2024-A Class A3 | 5.18% | 2/26/2029 | 9966000 | 10062148 |
| Carmax Auto Owner Trust Series 2023-3 Class C | 5.61% | 2/15/2029 | 3735000 | 3797407 |
| CarMax Auto Owner Trust Series 2023-4 Class B | 6.39% | 5/15/2029 | 7285000 | 7571754 |
| Carmax Auto Owner Trust Series 2024-3 Class D | 5.67% | 1/15/2031 | 2535000 | 2584020 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 558165 | 558079 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 8880586 | 8945082 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% | 10/15/2030 | 9734000 | 9923955 |
| Citizens Auto Receivables Trust Series 2024-1 Class A3<sup>†</sup> | 5.11% | 4/17/2028 | 7264223 | 7302285 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3<sup>†</sup> | 5.33% | 8/15/2028 | 2721208 | 2740273 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 9225000 | 9329685 |
| CPS Auto Receivables Trust Series 2023-A Class D<sup>†</sup> | 6.44% | 4/16/2029 | 4000000 | 4066132 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% | 1/15/2031 | 9580000 | 9597001 |
| Exeter Automobile Receivables Trust Series 2023-1A Class E<sup>†</sup> | 12.07% | 9/16/2030 | 7000000 | 7821901 |
| Exeter Automobile Receivables Trust Series 2023-2A Class D | 6.32% | 8/15/2029 | 8220000 | 8391584 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 5475000 | 5611735 |
| Exeter Automobile Receivables Trust Series 2023-3A Class E<sup>†</sup> | 9.98% | 1/15/2031 | 9000000 | 9805711 |
| Ford Credit Auto Lease Trust Series 2024-B Class B | 5.18% | 2/15/2028 | 7735000 | 7822755 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 20145000 | 19937656 |
| GLS Auto Receivables Issuer Trust Series 2024-1A Class D<sup>†</sup> | 5.95% | 12/17/2029 | 6610000 | 6733015 |
| GLS Auto Select Receivables Trust Series 2023-2A Class D<sup>†</sup> | 8.22% | 2/18/2031 | 6502000 | 7008394 |

---

<br> *See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | $2468432 | $2496914 |
| GLS Auto Select Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 5.59% | 10/15/2029 | 10205370 | 10313394 |
| Hyundai Auto Receivables Trust Series 2022-C Class A4 | 5.52% | 10/16/2028 | 7124000 | 7187644 |
| LAD Auto Receivables Trust Series 2023-2A Class C<sup>†</sup> | 5.58% | 9/15/2028 | 4962000 | 4997623 |
| LAD Auto Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.43% | 12/15/2028 | 6550000 | 6686463 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 7590000 | 7660413 |
| NextGear Floorplan Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 4.55% | 2/15/2030 | 19810000 | 20038124 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% | 7/20/2028 | 1816356 | 1819960 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 15256 | 15251 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class C<sup>†</sup> | 4.19% | 11/14/2028 | 1487000 | 1482578 |
| Santander Bank Auto Credit-Linked Notes Series 2022-C Class F<sup>†</sup> | 14.592% | 12/15/2032 | 1490532 | 1523824 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 4165000 | 4251927 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class C | 5.64% | 8/15/2030 | 4505000 | 4589089 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class B | 4.27% | 1/15/2032 | 17835000 | 17892434 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 4772680 | 4790351 |
| VStrong Auto Receivables Trust Series 2023-A Class D<sup>†</sup> | 9.31% | 2/15/2030 | 5101000 | 5557626 |
| VStrong Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 9.99% | 12/16/2030 | 2145000 | 2360415 |
| Western Funding Auto Loan Trust Series 2025-1 Class A<sup>†</sup> | 4.75% | 7/16/2035 | 9550000 | 9624274 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 3912032 | 3930706 |
| Westlake Automobile Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.44% | 5/17/2027 | 1347955 | 1349287 |
| Westlake Automobile Receivables Trust Series 2024-2A Class C<sup>†</sup> | 5.68% | 3/15/2030 | 7915000 | 8043682 |

---

<br> 30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2025-3A Class A3<sup>†</sup> | 4.22% |  | 6/15/2029 | $8945000 | $8964287 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% |  | 2/15/2029 | 15894784 | 16063081 |
| World Omni Select Auto Trust Series 2024-A Class A3 | 4.98% |  | 2/15/2030 | 6835000 | 6870964 |
| *Total* |  |  |  |  | 329036521 |
| **Credit Card 0.68%** |  |  |  |  |  |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 6700000 | 6733500 <sup>(a)</sup> |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% |  | 7/20/2029 | 7630000 | 7676368 |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 5350000 | 5386415 |
| WF Card Issuance Trust Series 2024-A1 Class A | 4.94% |  | 2/15/2029 | 10155000 | 10294026 |
| *Total* |  |  |  |  | 30090309 |
| **Other 5.04%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.434%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | 3250000 | 3253097 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 3635000 | 3644226 |
| Affirm Asset Securitization Trust Series 2024-A Class 1E<sup>†</sup> | 9.17% |  | 2/15/2029 | 2670000 | 2682941 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2710000 | 2716986 |
| Affirm Asset Securitization Trust Series 2024-A Class E<sup>†</sup> | 9.17% |  | 2/15/2029 | 1850000 | 1858966 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 8135000 | 8155979 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 10200000 | 10229738 |
| AMMC CLO 23 Ltd. Series 2020-23A Class BR3<sup>†</sup> | 5.632%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/17/2038 | 5000000 | 5039400 |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | 2728001 | 2759371 |
| Anchorage Capital CLO 32 Ltd. Series 2025-32A Class D<sup>†</sup> | 8.068%<br>(3 mo. USD Term SOFR + 3.95% |)<sup>#</sup> | 7/15/2037 | 3000000 | 3030384 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.592%<br>(30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 2373140 | 2373596 |

---

<br> *See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| BSPRT Issuer LLC Series 2025-FL12 Class A<sup>†</sup> | 5.345%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 1/17/2043 | $5460000 | $5465092 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 4725000 | 4725478 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 9350000 | 9417135 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 3140152 | 3178468 |
| DailyPay Securitization Trust Series 2025-1A Class A<sup>†</sup> | 5.63% |  | 6/26/2028 | 4575000 | 4611285 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 3425000 | 3445657 |
| Dryden 105 CLO Ltd. Series 2023-105A Class AR<sup>†</sup> | 5.355%<br>(3 mo. USD Term SOFR + 1.45% |)<sup>#</sup> | 4/15/2038 | 6030000 | 6060150 |
| Dryden 119 CLO Ltd. Series 2024-119A Class A2<sup>†</sup> | 5.605%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 4/15/2036 | 5640000 | 5646745 |
| Dryden 119 CLO Ltd. Series 2024-119A Class D1<sup>†</sup> | 7.555%<br>(3 mo. USD Term SOFR + 3.65% |)<sup>#</sup> | 4/15/2036 | 2000000 | 2010858 |
| Elmwood CLO I Ltd. Series 2019-1A Class DRR<sup>†</sup> | 7.634%<br>(3 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 4/20/2037 | 3180000 | 3200085 |
| Generate CLO 14 Ltd. Series 2024-14A Class C<sup>†</sup> | 6.36%<br>(3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 4/22/2037 | 2680000 | 2692832 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.484%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 5550000 | 5553263 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 3441340 | 3377734 |
| Lendmark Funding Trust Series 2025-1A Class A<sup>†</sup> | 4.94% |  | 9/20/2034 | 11955000 | 12114324 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.692%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 1167924 | 1168204 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.344%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 5940000 | 5941206 |
| M&T Equipment Notes Series 2025-1A Class A4<sup>†</sup> | 4.91% |  | 3/16/2032 | 5075000 | 5200386 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†</sup> | 5.62%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/21/2038 | 7595000 | 7629618 |
| Madison Park Funding LXIX Ltd. Series 2024-69A Class A2<sup>†</sup> | 5.568%<br>(3 mo. USD Term SOFR + 1.71% |)<sup>#</sup> | 7/25/2037 | 9200000 | 9216293 |

---

<br> 32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Mariner Finance Issuance Trust Series 2024-AA Class E<sup>†</sup> | 9.02% |  | 9/22/2036 | $4250000 | $4378634 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.11%<br>(1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 2363040 | 2364496 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 5.634%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2037 | 4640000 | 4647786 |
| OneMain Financial Issuance Trust Series 2020-2A Class D<sup>†</sup> | 3.45% |  | 9/14/2035 | 280000 | 268774 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 4336949 | 4357131 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 4025000 | 4069041 |
| Regatta XX Funding Ltd. Series 2021-2A Class BR<sup>†</sup> | 5.455%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/15/2038 | 6900000 | 6905900 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class B1<sup>†</sup> | 5.908%<br>(3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/25/2037 | 2170000 | 2177625 |
| SCF Equipment Leasing LLC Series 2024-1A Class E<sup>†</sup> | 9.00% |  | 12/20/2034 | 2300000 | 2463540 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6329138 | 6269500 |
| Stream Innovations Issuer Trust Series 2024-2A Class A<sup>†</sup> | 5.21% |  | 2/15/2045 | 7354390 | 7466829 |
| Sunbit Asset Securitization Trust Series 2025-1 Class A<sup>†</sup> | 5.36% |  | 7/15/2030 | 3110000 | 3132354 |
| Trinitas CLO XXVII Ltd. Series 2024-27A Class D1<sup>†</sup> | 8.184%<br>(3 mo. USD Term SOFR + 4.30% |)<sup>#</sup> | 4/18/2037 | 2160000 | 2186216 |
| U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2 Class B1<sup>†</sup> | 4.818% |  | 9/25/2032 | 3769750 | 3761638 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 2590115 | 2613097 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 12117000 | 12366186 |
| Verizon Master Trust Series 2023-3 Class A<sup>†</sup> | 4.73% |  | 4/21/2031 | 7549000 | 7693572 |
| *Total* |  |  |  |  | 223521816 |
| **Student Loan 0.10%** |  |  |  |  |  |
| Bayview Opportunity Master Fund VII LLC Series 2024-EDU1 Class C<sup>†</sup> | 5.872%<br>(30 day USD SOFR Average + 1.80% |)<sup>#</sup> | 6/25/2047 | 4320007 | 4332543 |
| *Total Asset-Backed Securities* (cost $583,576,726) | *Total Asset-Backed Securities* (cost $583,576,726) |  |  |  | 586981189 |

---

<br> *See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS 0.01%** |  |  |  |  |
| **Diversified Telecommunication Services 0.01%** |  |  |  |  |
| Luxco Co. Ltd.\*<sup>(b)</sup> (cost $334,508) |  |  | 18676 | $341454 |
|  |  |  | **Principal<br> Amount** |  |
| **CORPORATE BONDS 46.36%** |  |  |  |  |
| **Aerospace/Defense 0.92%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | $2008000 | 2127888 |
| Boeing Co. | 3.10% | 5/1/2026 | 7000000 | 6967990 |
| Boeing Co. | 5.15% | 5/1/2030 | 4566000 | 4707579 |
| Boeing Co. | 6.528% | 5/1/2034 | 4009000 | 4459892 |
| Boeing Co. | 6.858% | 5/1/2054 | 2220000 | 2531868 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.25% | 7/1/2031 | 1959000 | 2089123 |
| Hexcel Corp. | 5.875% | 2/26/2035 | 6808000 | 7201250 |
| Northrop Grumman Corp. | 3.25% | 1/15/2028 | 6298000 | 6208151 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 1/31/2034 | 4299000 | 4494646 |
| *Total* |  |  |  | 40788387 |
| **Agriculture 0.64%** |  |  |  |  |
| Altria Group, Inc. | 4.875% | 2/4/2028 | 4988000 | 5074864 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.875% | 7/1/2034 | 9500000 | 9963711 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 6.125% | 7/27/2027 | 8651000 | 8905593 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% | 6/15/2035 | 4078000 | 4385133 |
| *Total* |  |  |  | 28329301 |
| **Airlines 0.38%** |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% | 10/20/2031 | 12023000 | 12064767 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 5037000 | 4978846 |
| *Total* |  |  |  | 17043613 |
| **Apparel 0.15%** |  |  |  |  |
| William Carter Co.<sup>†</sup> | 7.375% | 2/15/2031 | 6314000 | 6447877 |
| **Auto Manufacturers 0.89%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.90% | 2/10/2029 | 2858000 | 2673803 |
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 7115000 | 7151089 |
| Ford Motor Credit Co. LLC | 6.054% | 11/5/2031 | 3828000 | 3921432 |
| Ford Motor Credit Co. LLC | 7.20% | 6/10/2030 | 3211000 | 3449568 |
| Ford Motor Credit Co. LLC | 7.35% | 11/4/2027 | 9610000 | 10036808 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% | 12/15/2031 | 3141000 | 3279129 |

---

<br> 34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% |  | 9/15/2028 | $5517000 | $5696165 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 3088000 | 3125735 |
| *Total* |  |  |  |  | 39333729 |
| **Auto Parts & Equipment 0.36%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% |  | 9/15/2032 | 3951000 | 4067041 |
| Dornoch Debt Merger Sub, Inc.<sup>†(d)</sup> | 6.625% |  | 10/15/2029 | 4622000 | 3896901 |
| Forvia SE (France)<sup>†(c)</sup> | 6.75% |  | 9/15/2033 | 4170000 | 4248738 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 3719000 | 3621522 |
| *Total* |  |  |  |  | 15834202 |
| **Banks 6.82%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br>(5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 3200000 | 2937358 |
| AIB Group PLC (Ireland)<sup>†(c)</sup> | 5.871%<br>(SOFR + 1.91% |)<sup>#</sup> | 3/28/2035 | 5119000 | 5446090 |
| Banco de Credito del Peru SA (Peru)<sup>†(c)</sup> | 5.65%<br>(5 yr. CMT + 1.96% |)<sup>#</sup> | 1/15/2037 | 6731000 | 6757935 |
| Bank of America Corp. | 2.087%<br>(SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 7537000 | 7187884 |
| Bank of America Corp. | 3.593%<br>(3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 10683000 | 10602343 |
| Bank of America Corp. | 3.97%<br>(3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 9764000 | 9750172 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 1300000 | 1304318 |
| Barclays PLC (United Kingdom)<sup>(c)</sup> | 6.125%<br>(5 yr. CMT + 5.87% |)<sup>#</sup> | – <sup>(e)</sup> | 9262000 | 9275930 |
| Barclays PLC (United Kingdom)<sup>(c)</sup> | 6.496%<br>(SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 10000000 | 10172353 |
| Capital One NA | 5.974%<br>(5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 6780000 | 7020160 |
| Citigroup, Inc. | 3.887%<br>(3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 4150000 | 4139657 |
| Citigroup, Inc. | 3.98%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 3263000 | 3239402 |
| Citigroup, Inc. | 5.174%<br>(SOFR + 1.49% |)<sup>#</sup> | 9/11/2036 | 5680000 | 5798709 |
| Citigroup, Inc. | 6.174%<br>(SOFR + 2.66% |)<sup>#</sup> | 5/25/2034 | 7733000 | 8264878 |
| Citizens Financial Group, Inc. | 6.645%<br>(SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 13785000 | 15188851 |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 4.298%<br>(1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 5657000 | 5663671 |

---

<br> *See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 4.375% |  | 6/12/2028 | $12096000 | $12190541 |
| First Citizens BancShares, Inc. | 5.60%<br>(5 yr. CMT + 1.85% |)<sup>#</sup> | 9/5/2035 | 4122000 | 4117484 |
| First Citizens BancShares, Inc. | 6.254%<br>(5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 8031000 | 8219247 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 5640000 | 6265211 |
| Goldman Sachs Group, Inc. | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 6830000 | 6143246 |
| Goldman Sachs Group, Inc. | 5.016%<br>(SOFR + 1.42% |)<sup>#</sup> | 10/23/2035 | 5686000 | 5776497 |
| Intesa Sanpaolo SpA (Italy)<sup>†(c)</sup> | 6.625% |  | 6/20/2033 | 5678000 | 6285171 |
| JPMorgan Chase & Co. | 4.946%<br>(SOFR + 1.34% |)<sup>#</sup> | 10/22/2035 | 12412000 | 12650339 |
| JPMorgan Chase & Co. | 5.576%<br>(SOFR + 1.64% |)<sup>#</sup> | 7/23/2036 | 4685000 | 4904061 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 2.691%<br>(SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 980000 | 893534 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 5143000 | 5196367 |
| Morgan Stanley | 2.239%<br>(SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 6000000 | 5352617 |
| Morgan Stanley | 4.431%<br>(3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 12802000 | 12900705 |
| Morgan Stanley | 5.297%<br>(SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 2359000 | 2418819 |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 3.032%<br>(5 yr. CMT + 2.35% |)<sup>#</sup> | 11/28/2035 | 4299000 | 3959053 |
| PNC Financial Services Group, Inc. | 5.373%<br>(SOFR + 1.42% |)<sup>#</sup> | 7/21/2036 | 5886000 | 6099771 |
| Toronto-Dominion Bank (Canada)<sup>(c)</sup> | 7.25%<br>(5 yr. CMT + 2.98% |)<sup>#</sup> | 7/31/2084 | 6304000 | 6649264 |
| Truist Financial Corp. | 5.867%<br>(SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 8111000 | 8653460 |
| U.S. Bancorp | 4.839%<br>(SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 7177000 | 7272300 |
| U.S. Bancorp | 5.678%<br>(SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 5000000 | 5317557 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.494%<br>(1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 8000000 | 7851340 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 2.746%<br>(1 yr. CMT + 1.10% |)<sup>#</sup> | 2/11/2033 | 4312000 | 3880019 |

---

<br> 36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 5.58%<br> (SOFR + 1.76% |)<sup>#</sup> | 5/9/2036 | $9812000 | $10296673 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 5.711%<br> (1 yr. CMT + 1.55% |)<sup>#</sup> | 1/12/2027 | 6945000 | 6954707 |
| Wells Fargo & Co. | 2.393%<br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 5300000 | 5173367 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 11838000 | 11125876 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 2255000 | 2337605 |
| Wells Fargo & Co. | 6.491%<br> (SOFR + 2.06% |)<sup>#</sup> | 10/23/2034 | 5000000 | 5592997 |
| Western Alliance Bancorp<sup>(d)</sup> | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 5037000 | 4832901 |
| *Total* |  |  |  |  | 302060440 |
| **Beverages 0.18%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 8000000 | 8126254 |
| **Biotechnology 0.57%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 5199000 | 5322155 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(c)(f)</sup> | 6.25% |  | 12/15/2032 | 4294000 | 4418123 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 9576000 | 6034620 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 5882000 | 3984953 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 5402000 | 5561870 |
| *Total* |  |  |  |  | 25321721 |
| **Building Materials 0.32%** |  |  |  |  |  |
| AmeriTex HoldCo Intermediate LLC<sup>†</sup> | 7.625% |  | 8/15/2033 | 3832000 | 4033555 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% |  | 7/15/2031 | 2145000 | 2249629 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% |  | 2/1/2030 | 4155000 | 3934057 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 8.875% |  | 11/15/2031 | 3898000 | 4140530 |
| *Total* |  |  |  |  | 14357771 |
| **Chemicals 0.31%** |  |  |  |  |  |
| OCP SA (Malaysia)<sup>(c)</sup> | 6.75% |  | 5/2/2034 | 5680000 | 6116876 |
| Rain Carbon, Inc.<sup>†(d)</sup> | 12.25% |  | 9/1/2029 | 3252000 | 3359758 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% |  | 9/30/2033 | 4233000 | 4259422 |
| *Total* |  |  |  |  | 13736056 |
| **Coal 0.09%** |  |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% |  | 6/30/2029 | 4375000 | 4006608 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Commercial Services 1.30%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | $2595000 | $2734292 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.00% | 6/1/2029 | 4664000 | 4577233 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 3009000 | 3074915 |
| Global Payments, Inc. | 2.90% | 11/15/2031 | 7400000 | 6626795 |
| Global Payments, Inc. | 5.55% | 11/15/2035 | 9362000 | 9359392 |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 12081000 | 13009948 |
| Herc Holdings, Inc.<sup>†(d)</sup> | 7.25% | 6/15/2033 | 3439000 | 3643376 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 9916000 | 10318701 |
| Synergy Infrastructure Holdings LLC<sup>†</sup> | 7.875% | 12/1/2030 | 4315000 | 4456465 |
| *Total* |  |  |  | 57801117 |
| **Computers 0.31%** |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 5113000 | 5032489 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 6511000 | 6491209 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 2094000 | 2200672 |
| *Total* |  |  |  | 13724370 |
| **Cosmetics/Personal Care 0.13%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% | 3/31/2032 | 5376000 | 5546317 |
| **Diversified Financial Services 3.76%** |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% | 1/26/2028 | 5300000 | 5146875 |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | 12208000 | 12828678 |
| Aretec Group, Inc.<sup>†</sup> | 10.00% | 8/15/2030 | 3646000 | 3960664 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% | 7/15/2030 | 4500000 | 4822924 |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% | 10/25/2028 | 5000000 | 5312519 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(c)</sup> | 4.75% | 11/12/2030 | 6192000 | 6162520 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% | 2/21/2026 | 879000 | 873623 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.528% | 11/18/2027 | 797000 | 771498 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 5.375% | 5/30/2030 | 5659000 | 5821317 |
| Azorra Finance Ltd. (Cayman Islands)<sup>†(c)</sup> | 7.25% | 1/15/2031 | 5938000 | 6213007 |
| Cboe Global Markets, Inc. | 3.65% | 1/12/2027 | 5304000 | 5284378 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% | 6/18/2035 | 12376000 | 13058836 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.50% | 10/1/2030 | 8586000 | 8705740 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% | 2/15/2027 | 4668000 | 4783019 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.125% | 11/1/2032 | 5785000 | 5889975 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% | 5/1/2033 | 4819000 | 5044067 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% | 3/15/2029 | 12000000 | 11764042 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% | 11/15/2027 | 5486000 | 5488095 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 5.15% |  | 3/17/2030 | $2370000 | $2405591 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 6.50% |  | 3/26/2031 | 3752000 | 4025293 |
| Muthoot Finance Ltd. (India)<sup>(c)</sup> | 6.375% |  | 4/23/2029 | 5800000 | 5854558 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 4287000 | 4794212 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4800000 | 4793918 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 6032000 | 6342262 |
| Osaic Holdings, Inc.<sup>†</sup> | 6.75% |  | 8/1/2032 | 3967000 | 4119904 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 3205000 | 3366561 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 4810000 | 5042891 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 3.625% |  | 3/1/2029 | 4176000 | 4036735 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% |  | 9/15/2028 | 10023000 | 10105773 |
| *Total* |  |  |  |  | 166819475 |
| **Electric 4.14%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 5.375% |  | 6/15/2035 | 2747000 | 2862817 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 3081000 | 3173335 |
| American Electric Power Co., Inc. | 5.80%<br> (5 yr. CMT + 2.13% |)<sup>#</sup> | 3/15/2056 | 9795000 | 9733759 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 3014000 | 3180920 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 5004000 | 5257893 |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(c)</sup> | 5.58% |  | 10/20/2035 | 7118191 | 7342414 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 2075000 | 2111257 |
| Dominion Energy, Inc. | 5.45% |  | 3/15/2035 | 6467000 | 6691213 |
| Dominion Energy, Inc. | 6.00%<br> (5 yr. CMT + 2.26% |)<sup>#</sup> | 2/15/2056 | 5945000 | 6017780 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 2698000 | 2816208 |
| Emera, Inc. (Canada)<sup>(c)</sup> | 6.75%<br> (3 mo. USD LIBOR + 5.44% |)<sup>#</sup> | 6/15/2076 | 11476000 | 11569897 |
| Enel Finance International NV (Netherlands)<sup>†(c)</sup> | 5.125% |  | 6/26/2029 | 3011000 | 3096522 |
| Entergy Louisiana LLC | 5.70% |  | 3/15/2054 | 4297000 | 4355278 |
| Entergy Mississippi LLC | 5.80% |  | 4/15/2055 | 4467000 | 4601041 |
| Evergy Kansas Central, Inc. | 5.25% |  | 3/15/2035 | 7710000 | 7915728 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% |  | 6/1/2034 | 6000000 | 6281947 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(c)</sup> | 7.25% |  | 1/31/2041 | 4259182 | 4459023 |

---

*See Notes to Financial Statements.* 39

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| FirstEnergy Transmission LLC | 5.00% | 1/15/2035 | $1903000 | $1921239 |
| Florida Power & Light Co. | 5.80% | 3/15/2065 | 2315000 | 2434200 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% | 4/1/2054 | 3000000 | 3021367 |
| Interstate Power & Light Co. | 4.95% | 9/30/2034 | 1995000 | 2006505 |
| Interstate Power & Light Co. | 5.60% | 6/29/2035 | 5850000 | 6135766 |
| IPALCO Enterprises, Inc. | 4.25% | 5/1/2030 | 10730000 | 10549555 |
| Kentucky Utilities Co. | 5.85% | 8/15/2055 | 5914000 | 6106225 |
| Lightning Power LLC<sup>†</sup> | 7.25% | 8/15/2032 | 4961000 | 5268587 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% | 6/15/2029 | 6500000 | 6486997 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% | 2/1/2033 | 4037000 | 4125439 |
| Oglethorpe Power Corp. | 5.95% | 11/1/2039 | 2419000 | 2602851 |
| Pacific Gas & Electric Co. | 5.00% | 6/4/2028 | 5702000 | 5797291 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% | 5/17/2028 | 3939000 | 4171475 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 3105000 | 3260560 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% | 2/1/2034 | 4827000 | 4921363 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% | 6/1/2030 | 2524000 | 2677368 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 7041000 | 7280056 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% | 10/15/2031 | 2965000 | 3151249 |
| VoltaGrid LLC<sup>†</sup> | 7.375% | 11/1/2030 | 4306000 | 4297007 |
| Xcel Energy, Inc. | 5.60% | 4/15/2035 | 5687000 | 5926348 |
| *Total* |  |  |  | 183608480 |
| **Electronics 0.40%** |  |  |  |  |
| Flex Ltd. | 5.375% | 11/13/2035 | 5718000 | 5748018 |
| Vontier Corp. | 2.95% | 4/1/2031 | 12857000 | 11774001 |
| *Total* |  |  |  | 17522019 |
| **Energy-Alternate Sources 0.12%** |  |  |  |  |
| Empresa Generadora de Electricidad Haina SA (Dominican Republic)<sup>†(c)</sup> | 5.625% | 11/8/2028 | 5654000 | 5504310 |
| **Engineering & Construction 0.27%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | 4147000 | 4386003 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 7670000 | 7656737 |
| *Total* |  |  |  | 12042740 |
| **Entertainment 0.36%** |  |  |  |  |
| Flutter Treasury DAC (Ireland)<sup>†(c)</sup> | 5.875% | 6/4/2031 | 6623000 | 6693436 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 5297000 | 5142473 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 4686000 | 4287690 |
| *Total* |  |  |  | 16123599 |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Equity Real Estate 0.11%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | $4945000 | $4796101 |
| **Food 0.69%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.75% | 3/31/2034 | 4333000 | 4373358 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 3.625% | 1/15/2032 | 4244000 | 3981735 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 5.75% | 4/1/2033 | 6400000 | 6711168 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†</sup> | 6.375% | 4/15/2066 | 2640000 | 2692976 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 5296000 | 5476070 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 6931000 | 7173502 |
| *Total* |  |  |  | 30408809 |
| **Gas 0.42%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 1.75% | 10/1/2030 | 4513000 | 4027088 |
| National Fuel Gas Co. | 2.95% | 3/1/2031 | 1148000 | 1050131 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 6693000 | 7052431 |
| Piedmont Natural Gas Co., Inc. | 5.10% | 2/15/2035 | 6400000 | 6553924 |
| *Total* |  |  |  | 18683574 |
| **Health Care-Products 0.74%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 5.30% | 10/8/2035 | 7220000 | 7211179 |
| Baxter International, Inc. | 2.539% | 2/1/2032 | 13353000 | 11676117 |
| Baxter International, Inc.<sup>(f)</sup> | 5.65% | 12/15/2035 | 7300000 | 7442692 |
| Medline Borrower LP/Medline Co-Issuer, Inc.<sup>†</sup> | 6.25% | 4/1/2029 | 3820000 | 3955877 |
| Solventum Corp. | 5.60% | 3/23/2034 | 2253000 | 2355343 |
| *Total* |  |  |  | 32641208 |
| **Health Care-Services 1.53%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 6847000 | 6388737 |
| Centene Corp. | 4.25% | 12/15/2027 | 4912000 | 4855515 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% | 5/15/2030 | 4574000 | 4324879 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.00% | 12/1/2031 | 14400000 | 13037894 |
| Heartland Dental LLC/Heartland Dental Finance Corp.<sup>†</sup> | 10.50% | 4/30/2028 | 458000 | 482364 |
| Icon Investments Six DAC (Ireland)<sup>(c)</sup> | 6.00% | 5/8/2034 | 8717000 | 9248310 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 3637000 | 3363289 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.00% | 11/15/2033 | 4475000 | 4623606 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 4202000 | 4180927 |

---

*See Notes to Financial Statements.* 41

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Services (continued)** |  |  |  |  |
| UnitedHealth Group, Inc. | 4.50% | 4/15/2033 | $5318000 | $5309568 |
| UnitedHealth Group, Inc. | 5.35% | 2/15/2033 | 4628000 | 4853536 |
| Universal Health Services, Inc. | 2.65% | 1/15/2032 | 7880000 | 6952986 |
| *Total* |  |  |  | 67621611 |
| **Home Builders 0.33%** |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% | 8/15/2029 | 6832000 | 6506666 |
| LGI Homes, Inc.<sup>†</sup> | 4.00% | 7/15/2029 | 8985000 | 8218718 |
| *Total* |  |  |  | 14725384 |
| **Insurance 3.10%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 5549000 | 5654769 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(c)</sup> | 8.875% | 2/15/2032 | 2524000 | 2604475 |
| Aspen Insurance Holdings Ltd. | 5.75% | 7/1/2030 | 8352000 | 8757796 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 3057000 | 2715267 |
| Athene Global Funding<sup>†</sup> | 5.033% | 7/17/2030 | 16704000 | 16918869 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 6877000 | 6917089 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 5753000 | 6007917 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 4147000 | 4250107 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 11591000 | 10390550 |
| Brown & Brown, Inc. | 5.25% | 6/23/2032 | 992000 | 1016325 |
| Brown & Brown, Inc. | 5.55% | 6/23/2035 | 2008000 | 2065306 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 6163000 | 6315193 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 6752000 | 6771464 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 4/1/2032 | 7948000 | 8150990 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95% | 6/15/2033 | 3411000 | 3900307 |
| Hanover Insurance Group, Inc. | 5.50% | 9/1/2035 | 4049000 | 4133071 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 1293000 | 1346178 |
| Jackson National Life Global Funding<sup>†</sup> | 5.50% | 1/9/2026 | 5281000 | 5287289 |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | 2760000 | 2765613 |
| Pricoa Global Funding I<sup>†</sup> | 4.75% | 8/26/2032 | 4966000 | 5012054 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 4373000 | 4490108 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 393000 | 497375 |
| RenaissanceRe Holdings Ltd. | 5.75% | 6/5/2033 | 4490000 | 4721078 |
| RGA Global Funding<sup>†</sup> | 5.00% | 8/25/2032 | 12246000 | 12336816 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 3992000 | 4116827 |
| *Total* |  |  |  | 137142833 |

---

42 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate** | | **Maturity**<br> **Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Internet 1.21%** |  |  |  |  |  |
| AppLovin Corp. | 5.375% |  | 12/1/2031 | $3949000 | $4111348 |
| Meta Platforms, Inc. | 4.875% |  | 11/15/2035 | 6046000 | 6113874 |
| Meta Platforms, Inc. | 5.50% |  | 11/15/2045 | 4397000 | 4401043 |
| Prosus NV (Netherlands)<sup>(c)</sup> | 4.027% |  | 8/3/2050 | 5490000 | 3853675 |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% |  | 4/15/2029 | 1881000 | 2092464 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% |  | 8/15/2029 | 16776000 | 16793942 |
| Uber Technologies, Inc. | 4.80% |  | 9/15/2035 | 3167000 | 3167542 |
| Uber Technologies, Inc. | 5.35% |  | 9/15/2054 | 5044000 | 4885973 |
| Wayfair LLC<sup>†</sup> | 6.75% |  | 11/15/2032 | 4313000 | 4411565 |
| Weibo Corp. (China)<sup>(c)(d)</sup> | 3.375% |  | 7/8/2030 | 4100000 | 3905015 |
| *Total* |  |  |  |  | 53736441 |
| **Investment Companies 0.43%** |  |  |  |  |  |
| Blackstone Private Credit Fund | 2.625% |  | 12/15/2026 | 5000000 | 4899660 |
| Blue Owl Capital Corp. | 2.625% |  | 1/15/2027 | 10178000 | 9919064 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 2142000 | 2125945 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% |  | 6/15/2027 | 1831000 | 1900184 |
| *Total* |  |  |  |  | 18844853 |
| **Iron-Steel 0.27%** |  |  |  |  |  |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% |  | 3/1/2034 | 4341000 | 4417410 |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 4374000 | 4475713 |
| Vale Overseas Ltd. (Brazil)<sup>†(c)</sup> | 6.00%<br> (5 yr. CMT + 2.43% |)<sup>#</sup> | 2/25/2056 | 2916000 | 2905823 |
| *Total* |  |  |  |  | 11798946 |
| **Leisure Time 0.80%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 5879000 | 6059568 |
| Lindblad Expeditions LLC<sup>†</sup> | 7.00% |  | 9/15/2030 | 4124000 | 4232185 |
| Polaris, Inc. | 5.60% |  | 3/1/2031 | 11393000 | 11543763 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% |  | 7/15/2027 | 5818000 | 5863659 |
| Royal Caribbean Cruises Ltd. | 5.375% |  | 1/15/2036 | 7548000 | 7633128 |
| *Total* |  |  |  |  | 35332303 |
| **Lodging 0.33%** |  |  |  |  |  |
| Full House Resorts, Inc.<sup>†(d)</sup> | 8.25% |  | 2/15/2028 | 4455000 | 3870281 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 6.50% |  | 9/24/2033 | 4595000 | 4553042 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 6.75% |  | 2/15/2034 | 6058000 | 6061122 |
| *Total* |  |  |  |  | 14484445 |

---

*See Notes to Financial Statements.* 43

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Machinery-Diversified 0.68%** |  |  |  |  |
| Flowserve Corp. | 2.80% | 1/15/2032 | $4260000 | $3829830 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(c)</sup> | 9.00% | 2/15/2029 | 4886000 | 5148623 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 2.75% | 11/15/2031 | 2722000 | 2463755 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | 6722000 | 6766516 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 7500000 | 7517666 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 4000000 | 4251050 |
| *Total* |  |  |  | 29977440 |
| **Media 1.07%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 12097000 | 11531975 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 4401000 | 4358743 |
| Gray Media, Inc.<sup>†(d)</sup> | 9.625% | 7/15/2032 | 4043000 | 4193844 |
| Paramount Global | 3.375% | 2/15/2028 | 7622000 | 7453766 |
| Paramount Global | 3.70% | 6/1/2028 | 4286000 | 4212756 |
| Paramount Global | 4.90% | 8/15/2044 | 3013000 | 2356232 |
| Paramount Global | 6.875% | 4/30/2036 | 2816000 | 2957257 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 5695000 | 5937664 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 4151000 | 4297302 |
| *Total* |  |  |  | 47299539 |
| **Mining 1.49%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 3.875% | 3/16/2029 | 3573000 | 3532859 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.50% | 5/2/2033 | 1217000 | 1266034 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.75% | 4/5/2034 | 5193000 | 5486617 |
| Aris Mining Corp. (Canada)<sup>†(c)</sup> | 8.00% | 10/31/2029 | 5247000 | 5480518 |
| Capstone Copper Corp. (Canada)<sup>†(c)</sup> | 6.75% | 3/31/2033 | 5825000 | 6047031 |
| Corp. Nacional del Cobre de Chile (Chile)<sup>†(c)</sup> | 6.33% | 1/13/2035 | 8648000 | 9252063 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.00% | 3/1/2033 | 6042000 | 6371459 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 768000 | 741520 |
| Glencore Funding LLC<sup>†</sup> | 6.375% | 10/6/2030 | 3000000 | 3244516 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 1811000 | 1822440 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 5068000 | 5205150 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | 6.95% | 10/17/2031 | 5358000 | 5709902 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 5191000 | 5383347 |
| Vedanta Resources Finance II PLC (United Kingdom)<sup>†(c)</sup> | 9.475% | 7/24/2030 | 3400000 | 3418090 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% | 5/13/2032 | 2819000 | 2955434 |
| *Total* |  |  |  | 65916980 |

---

44 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Miscellaneous Manufacturing 0.14%** |  |  |  |  |  |
| LSB Industries, Inc.<sup>†</sup> | 6.25% |  | 10/15/2028 | $6110000 | $6099920 |
| **Oil & Gas 2.15%** |  |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% |  | 10/1/2029 | 3849000 | 4024753 |
| Antero Resources Corp.<sup>†</sup> | 5.375% |  | 3/1/2030 | 6584000 | 6649307 |
| Caturus Energy LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 5349000 | 5523244 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% |  | 1/15/2031 | 5119000 | 5281408 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 4942000 | 4686928 |
| EQT Corp. | 7.00% |  | 2/1/2030 | 2652000 | 2886175 |
| Expand Energy Corp. | 5.375% |  | 3/15/2030 | 5467000 | 5544594 |
| Expand Energy Corp.<sup>†</sup> | 6.75% |  | 4/15/2029 | 8980000 | 9046141 |
| HF Sinclair Corp. | 5.00% |  | 2/1/2028 | 5000000 | 5004922 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% |  | 2/15/2032 | 2807000 | 2940815 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% |  | 12/1/2032 | 5374000 | 5527309 |
| Matador Resources Co.<sup>†</sup> | 6.25% |  | 4/15/2033 | 5697000 | 5703574 |
| Occidental Petroleum Corp. | 6.625% |  | 9/1/2030 | 3168000 | 3418671 |
| ORLEN SA (Poland)<sup>†(c)</sup> | 6.00% |  | 1/30/2035 | 4100000 | 4350139 |
| Petroleos Mexicanos (Mexico)<sup>(c)</sup> | 6.70% |  | 2/16/2032 | 6235000 | 6184741 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 10583000 | 10577980 |
| Transocean International Ltd.<sup>†</sup> | 7.875% |  | 10/15/2032 | 4212000 | 4393538 |
| Viper Energy Partners LLC | 5.70% |  | 8/1/2035 | 3620000 | 3712256 |
| *Total* |  |  |  |  | 95456495 |
| **Oil & Gas Services 0.29%** |  |  |  |  |  |
| Kodiak Gas Services LLC<sup>†</sup> | 6.50% |  | 10/1/2033 | 4092000 | 4176905 |
| SESI LLC<sup>†</sup> | 7.875% |  | 9/30/2030 | 4536000 | 4516890 |
| WBI Operating LLC<sup>†</sup> | 6.25% |  | 10/15/2030 | 4315000 | 4320049 |
| *Total* |  |  |  |  | 13013844 |
| **Packaging & Containers 0.22%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 7353000 | 7425493 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 2500000 | 2363639 |
| *Total* |  |  |  |  | 9789132 |
| **Pharmaceuticals 0.62%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 1527000 | 1601736 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 9069000 | 9702215 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% |  | 11/21/2033 | 7275000 | 7879872 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 6086000 | 6405271 |

---

*See Notes to Financial Statements.* 45

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(c)</sup> | 3.15% |  | 10/1/2026 | $1971000 | $1946481 |
| *Total* |  |  |  |  | 27535575 |
| **Pipelines 2.00%** |  |  |  |  |  |
| Colonial Enterprises, Inc.<sup>†</sup> | 5.627% |  | 11/15/2035 | 4185000 | 4247967 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 4.999% |  | 11/17/2032 | 10086000 | 10110882 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 5.097% |  | 10/1/2031 | 3707000 | 3785832 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 2905000 | 2923691 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% |  | 6/15/2029 | 9336000 | 9168435 |
| Eastern Energy Gas Holdings LLC | 5.65% |  | 10/15/2054 | 8287000 | 8180423 |
| Enbridge, Inc. (Canada)<sup>(c)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 8937000 | 10287658 |
| Energy Transfer LP | 6.50%<br> (5 yr. CMT + 5.69% |)<sup>#</sup> | – <sup>(e)</sup> | 9119000 | 9181201 |
| Energy Transfer LP | 7.133%<br> (3 mo. USD Term SOFR + 3.28% |)<sup>#</sup> | 11/1/2066 | 4830000 | 4803402 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 6117000 | 6408415 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 5100000 | 4691287 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 3500000 | 3510575 |
| Plains All American Pipeline LP | 8.223%<br> (3 mo. USD Term SOFR + 4.37% |)<sup>#</sup> | – <sup>(e)</sup> | 2688000 | 2701060 |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% |  | 3/15/2033 | 3629000 | 3812032 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 4908000 | 4923411 |
| *Total* |  |  |  |  | 88736271 |
| **REITS 2.45%** |  |  |  |  |  |
| Brandywine Operating Partnership LP | 8.875% |  | 4/12/2029 | 5423000 | 5878044 |
| CFE Fibra E (Mexico)<sup>†(c)</sup> | 5.875% |  | 9/23/2040 | 7956000 | 7944941 |
| Crown Castle, Inc. | 2.10% |  | 4/1/2031 | 5000000 | 4409915 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 2632000 | 2502724 |
| EPR Properties | 4.95% |  | 4/15/2028 | 1994000 | 2010911 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% |  | 6/1/2028 | 5500000 | 5661414 |
| Goodman U.S. Finance Six LLC<sup>†</sup> | 5.125% |  | 10/7/2034 | 4965000 | 5059343 |
| Host Hotels & Resorts LP | 5.70% |  | 6/15/2032 | 5652000 | 5902157 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% |  | 7/15/2032 | 6995000 | 6742705 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% |  | 6/15/2029 | 6309000 | 6224066 |

---

46 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 7.00% | 7/15/2031 | $6754000 | $7165190 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% | 8/1/2030 | 5224000 | 5333093 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% | 1/15/2035 | 5642000 | 5609097 |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | 932000 | 981022 |
| Piedmont Operating Partnership LP | 2.75% | 4/1/2032 | 4197000 | 3606846 |
| Piedmont Operating Partnership LP | 5.625% | 1/15/2033 | 3152000 | 3177332 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 5.25% | 1/15/2035 | 2685000 | 2762379 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 7630000 | 7972694 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 11500000 | 11411173 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 3831000 | 3811379 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 4490000 | 4543564 |
| *Total* |  |  |  | 108709989 |
| **Retail 0.67%** |  |  |  |  |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.00% | 8/1/2030 | 6425000 | 6562756 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 7002000 | 5189134 |
| LBM Acquisition LLC<sup>†</sup> | 9.50% | 6/15/2031 | 5846000 | 6032897 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | 7494000 | 7844839 |
| Staples, Inc.<sup>†</sup> | 10.75% | 9/1/2029 | 4185000 | 4134114 |
| *Total* |  |  |  | 29763740 |
| **Semiconductors 0.63%** |  |  |  |  |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 7909000 | 7809377 |
| Broadcom, Inc. | 5.15% | 11/15/2031 | 6190000 | 6460668 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 5744000 | 5977223 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 5252000 | 5551576 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 2169000 | 2324774 |
| *Total* |  |  |  | 28123618 |
| **Software 0.93%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(c)</sup> | 5.50% | 5/15/2034 | 5256000 | 5459674 |
| CoreWeave, Inc.<sup>†</sup> | 9.00% | 2/1/2031 | 4976000 | 4508973 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | 5500000 | 5265944 |
| Oracle Corp. | 2.875% | 3/25/2031 | 3491000 | 3166209 |
| Oracle Corp. | 5.95% | 9/26/2055 | 13935000 | 13068096 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 5917000 | 6155572 |
| Workday, Inc. | 3.80% | 4/1/2032 | 3500000 | 3360196 |
| *Total* |  |  |  | 40984664 |

---

*See Notes to Financial Statements.* 47

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Telecommunications 0.43%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 9.50% | 11/1/2029 | $4253688 | $4369274 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 4247000 | 4320005 |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 4500000 | 5478662 |
| WULF Compute LLC<sup>†</sup> | 7.75% | 10/15/2030 | 4743000 | 4907679 |
| *Total* |  |  |  | 19075620 |
| **Transportation 0.21%** |  |  |  |  |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 5023000 | 5188337 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 4124000 | 4322732 |
| *Total* |  |  |  | 9511069 |
| *Total Corporate Bonds (cost $2,009,336,873)* |  |  |  | 2054288790 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **1.86%** |  |  |  |  |
| **Commercial Services 0.13%** |  |  |  |  |
| Prime Security Services Borrower LLC 2025 Incremental Term Loan B | 5.75%<br> (1 mo. USD Term SOFR + 1.75% | 3/7/2032 | 5827358 | 5803262 |
| **Distribution/Wholesale 0.06%** |  |  |  |  |
| Resideo Funding, Inc. 2025 Incremental Term Loan | 6.038%<br> (3 mo. USD Term SOFR + 2.00% | 8/13/2032 | 2638000 | 2640888 |
| **Diversified Financial Services 0.45%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br> (1 mo. USD Term SOFR + 1.75% | 6/24/2030 | 11857577 | 11912596 |
| Hudson River Trading LLC 2024 Term Loan B | 6.709%<br> (1 mo. USD Term SOFR + 2.75% | 3/18/2030 | 3918070 | 3933684 |
| Jane Street Group LLC 2024 Term Loan B1 | 5.822%<br> (3 mo. USD Term SOFR + 2.00% | 12/15/2031 | 3978557 | 3944322 |
| *Total* |  |  |  | 19790602 |
| **Electric 0.44%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.666%<br> (1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 3226000 | 3226968 |
| NRG Energy, Inc. 2024 Term Loan | 5.593% - 5.67%<br> (1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 11802582 | 11836986 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 5.666%<br> (1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 4275005 | 4297877 |
| *Total* |  |  |  | 19361831 |

---

48 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **Entertainment 0.31%** |  |  |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(c)</sup> | 5.752%<br> (3 mo. USD Term SOFR + 1.75%) | 11/30/2030 | $| 9934927 | $| 9916348 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 12/4/2031 |  | 2082178 |  | 2049644 |
| Six Flags Entertainment Corp. 2024 Term Loan B | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 5/1/2031 |  | 2001458 |  | 1955385 |
| *Total* |  |  |  |  |  | 13921377 |
| **Environmental Control 0.13%** |  |  |  |  |  |  |
| Clean Harbors, Inc. 2025 Term Loan | 5.416%<br> (1 mo. USD Term SOFR + 1.50%) | 10/8/2032 |  | 5902000 |  | 5952728 |
| **Pipelines 0.14%** |  |  |  |  |  |  |
| Colossus Acquireco LLC Term Loan B | 5.87%<br> (3 mo. USD Term SOFR + 1.75%) | 7/30/2032 |  | 6118000 |  | 6101757 |
| **Utilities 0.20%** |  |  |  |  |  |  |
| Alpha Generation LLC Term Loan B | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 9/30/2031 |  | 8683146 |  | 8710758 |
| *Total Floating Rate Loans (cost $82,225,748)* | *Total Floating Rate Loans (cost $82,225,748)* |  |  |  |  | 82283203 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(c)</sup> **0.62%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(c)</sup> **0.62%** |  |  |  |  |  |
| **Kazakhstan 0.17%** |  |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 4.65% | 10/1/2030 |  | 7824000 |  | 7766078 |
| **Mexico 0.19%** |  |  |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% | 8/17/2030 |  | 8113000 |  | 8246378 |
| **Romania 0.16%** |  |  |  |  |  |  |
| Romania Government International Bonds<sup>†</sup> | 6.625% | 5/16/2036 |  | 7066000 |  | 7305103 |
| **South Africa 0.10%** |  |  |  |  |  |  |
| Republic of South Africa Government International Bonds | 5.75% | 9/30/2049 |  | 5000000 |  | 4237350 |
| *Total Foreign Government Obligations (cost $27,110,271)* | *Total Foreign Government Obligations (cost $27,110,271)* |  |  |  |  | 27554909 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.45%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% | 3/25/2032 |  | 22170000 |  | 20069572 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% | 6/25/2032 |  | 8410000 |  | 7844342 |

---

*See Notes to Financial Statements.* 49

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148 Class A2 | 3.50% | <sup>#(h)</sup> | 7/25/2032 | $7500000 | $7230973 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2 | 4.90% | <sup>#(h)</sup> | 10/25/2033 | 5910000 | 6186025 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(h)</sup> | 8/25/2032 | 3021000 | 2844182 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(h)</sup> | 5/25/2033 | 13872319 | 13789156 |
| FREMF Mortgage Trust Series K-169 Class A2 | 4.66% | <sup>#(h)</sup> | 12/25/2034 | 6300000 | 6464894 |
| Government National Mortgage Association Series 2017-76 Class AS | 2.65% |  | 11/16/2050 | 2870 | 2572 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $62,755,283)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $62,755,283)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $62,755,283)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $62,755,283)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $62,755,283)* | 64431716 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.10%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.10%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.10%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.10%** |  |  |
| Federal Home Loan Mortgage Corp. | 2.50% |  | 6/1/2051 - 11/1/2051 | 7239617 | 6184217 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 - 9/1/2051 | 2131046 | 2004796 |
| Federal Home Loan Mortgage Corp. | 5.00% |  | 7/1/2052 - 4/1/2054 | 8056291 | 8141800 |
| Federal Home Loan Mortgage Corp. | 5.449%<br> (30 day USD SOFR Average + 2.35% |)<sup>#</sup> | 9/1/2055 | 5768494 | 5872066 |
| Federal Home Loan Mortgage Corp. | 5.50% |  | 7/1/2054 - 11/1/2054 | 30506590 | 31437575 |
| Federal Home Loan Mortgage Corp. | 6.00% |  | 7/1/2039 - 2/1/2055 | 27879550 | 29118500 |
| Federal Home Loan Mortgage Corp. | 6.50% |  | 11/1/2053 | 9851924 | 10283378 |
| Federal National Mortgage Association | 2.50% |  | 1/1/2051 - 5/1/2052 | 5300858 | 4598622 |
| Federal National Mortgage Association | 3.00% |  | 4/1/2051 - 1/1/2052 | 19267741 | 17277268 |
| Federal National Mortgage Association | 3.50% |  | 9/1/2051 - 6/1/2052 | 13569144 | 12679530 |
| Federal National Mortgage Association | 5.00% |  | 7/1/2052 - 1/1/2053 | 7606874 | 7669861 |
| Federal National Mortgage Association | 5.477%<br> (30 day USD SOFR Average + 2.31% |)<sup>#</sup> | 10/1/2055 | 22624197 | 23068653 |

---

50 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |
| Federal National Mortgage Association | 5.50% |  | 8/1/2040 - 10/1/2054 | $34031512 | $35079044 |
| Federal National Mortgage Association | 6.00% |  | 2/1/2039 - 1/1/2055 | 10085032 | 10529707 |
| Federal National Mortgage Association | 6.264%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 11/1/2054 | 13984302 | 14476543 |
| Government National Mortgage Association<sup>(i)</sup> | 2.00% |  | TBA | 23670000 | 19719775 |
| Government National Mortgage Association<sup>(i)</sup> | 2.50% |  | TBA | 11840000 | 10278818 |
| Government National Mortgage Association<sup>(i)</sup> | 3.00% |  | TBA | 59717000 | 53885903 |
| Government National Mortgage Association<sup>(i)</sup> | 4.50% |  | TBA | 27746000 | 27141766 |
| Government National Mortgage Association<sup>(i)</sup> | 5.00% |  | TBA | 80013000 | 79874677 |
| Government National Mortgage Association<sup>(i)</sup> | 5.50% |  | TBA | 100474000 | 101413304 |
| Government National Mortgage Association<sup>(i)</sup> | 6.00% |  | TBA | 39516000 | 40288612 |
| Government National Mortgage Association<sup>(i)</sup> | 6.50% |  | TBA | 47550000 | 48961428 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 2.00% |  | TBA | 22616000 | 18411440 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 2.50% |  | TBA | 115000 | 97884 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 3.00% |  | TBA | 2878000 | 2556719 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 3.50% |  | TBA | 13549000 | 12533910 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 4.00% |  | TBA | 16252000 | 15474820 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 4.50% |  | TBA | 30288000 | 30285621 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.00% |  | TBA | 217493000 | 217867717 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.50% |  | TBA | 84149000 | 85397133 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 6.00% |  | TBA | 49005000 | 50269735 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 6.50% |  | TBA | 24765000 | 25661727 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 7.00% |  | TBA | 9128000 | 9581641 |
| *Total Government Sponsored Enterprises Pass-Throughs (cost $1,063,773,250)* | *Total Government Sponsored Enterprises Pass-Throughs (cost $1,063,773,250)* | *Total Government Sponsored Enterprises Pass-Throughs (cost $1,063,773,250)* | *Total Government Sponsored Enterprises Pass-Throughs (cost $1,063,773,250)* |  | 1068124190 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.91%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.91%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.91%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.91%** |  |  |
| 1301 Trust Series 2025-1301 Class A<sup>†</sup> | 5.227% | <sup>#(h)</sup> | 8/11/2042 | 5460000 | 5571457 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.702%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 4310000 | 4333237 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 3771000 | 3966033 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 10/25/2051 | 5070323 | 4278957 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 2600000 | 2748493 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 3850000 | 4047972 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(h)</sup> | 5/15/2056 | 7600000 | 8050127 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 8180000 | 8477132 |

---

*See Notes to Financial Statements.* 51

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| BHMS Commercial Mortgage Trust Series 2025-ATLS Class A<sup>†</sup> | 5.809%<br> (1 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 8/15/2042 | $6140000 | $6163691 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 5471000 | 5724499 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 10545000 | 11058311 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(h)</sup> | 12/15/2057 | 5080000 | 5312867 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.352%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 6614204 | 6606829 |
| BX Trust Series 2025-VOLT Class D<sup>†(f)</sup> | 6.75%<br> (1 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 12/15/2044 | 5200000 | 5221109 |
| CIM Trust Series 2021-INV1 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 7/1/2051 | 10657647 | 8980923 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 3/25/2051 | 4619363 | 3898382 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class AS | 3.849% |  | 2/10/2049 | 97572 | 95404 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 11/27/2051 | 2093072 | 1843378 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.25%<br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 2240000 | 2244965 |
| DBC Mortgage Trust Series 2025-DBC Class C<sup>†</sup> | 6.009%<br> (1 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 11/15/2042 | 4400000 | 4414953 |
| Deephaven Residential Mortgage Trust Series 2025-INV1 Class A1<sup>†</sup> | 5.087% | <sup>(j)</sup> | 11/25/2060 | 9933773 | 9951678 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(j)</sup> | 5/26/2070 | 8163925 | 8201470 |
| EFMT Series 2025-INV4 Class A1<sup>†</sup> | 5.10% | <sup>(j)</sup> | 10/25/2070 | 6657210 | 6665361 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.572%<br> (30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 5867000 | 5943851 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3 Class M2<sup>†</sup> | 8.422%<br> (30 day USD SOFR Average + 4.35% |)<sup>#</sup> | 4/25/2042 | 980000 | 1022344 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.322%<br> (30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 5071000 | 5330049 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M1B<sup>†</sup> | 7.572%<br> (30 day USD SOFR Average + 3.50% |)<sup>#</sup> | 5/25/2043 | 11800000 | 12359440 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-HQA1 Class M1<sup>†</sup> | 5.222%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 2/25/2045 | 1351726 | 1351590 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.472%<br> (30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 1365629 | 1395284 |

---

52 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 7.822%<br> (30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | $9202000 | $9675167 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.372%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 1421552 | 1450516 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 7.972%<br> (30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | 7100000 | 7482101 |
| Federal National Mortgage Association-ACES Series 2025-M4 Class A2 | 4.389% |  | 8/25/2035 | 9470000 | 9479002 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 11/25/2051 | 2571701 | 2163897 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 6/1/2051 | 16174956 | 13660090 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 8/25/2051 | 5883593 | 4968818 |
| GS Mortgage Securities Corp. Trust Series 2024-RVR Class A<sup>†</sup> | 5.372% | <sup>#(h)</sup> | 8/10/2041 | 4670000 | 4769492 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 4/25/2052 | 12920612 | 10903989 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 7/25/2051 | 1772172 | 1495574 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ9 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 2/26/2052 | 3850734 | 3249719 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 1/25/2053 | 3701605 | 3119062 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 1/25/2053 | 6543035 | 5757255 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D<sup>†</sup> | 3.931% | <sup>#(h)</sup> | 6/10/2027 | 100000 | 899 |
| JP Morgan Mortgage Trust Series 2021-10 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 12/25/2051 | 3325380 | 2802212 |
| JP Morgan Mortgage Trust Series 2021-14 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 5/25/2052 | 733156 | 617812 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 6/25/2052 | 5263098 | 4637862 |
| JP Morgan Mortgage Trust Series 2021-4 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 8/25/2051 | 5077713 | 4278857 |
| JP Morgan Mortgage Trust Series 2021-8 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 12/25/2051 | 3055076 | 2574281 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 4/25/2052 | 11628658 | 10254182 |

---

*See Notes to Financial Statements.* 53

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 5/25/2052 | $2989473 | $2634334 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 7/25/2052 | 1577081 | 1389729 |
| JP Morgan Mortgage Trust Series 2022-1 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 7/25/2052 | 1000100 | 844006 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 8/25/2052 | 4121451 | 3631838 |
| JP Morgan Mortgage Trust Series 2022-4 Class A2A<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 10/25/2052 | 2397915 | 2113052 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 10/25/2052 | 2966453 | 2614049 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 3/25/2052 | 8975391 | 7903325 |
| JP Morgan Mortgage Trust Series 2022-INV3 Class A3B<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 9/25/2052 | 6292173 | 5525088 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†</sup> | 5.577% | <sup>#(h)</sup> | 9/25/2065 | 8700571 | 8784282 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> | 5.062% | <sup>#(h)</sup> | 2/25/2066 | 3654126 | 3661148 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.849%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 2670000 | 2677488 |
| MAD Commercial Mortgage Trust Series 2025-11MD Class A<sup>†</sup> | 4.912% | <sup>#(h)</sup> | 10/15/2042 | 5160000 | 5190805 |
| Mill City Mortgage Loan Trust Series 2021-NMR1 Class B4<sup>†</sup> | 3.753% | <sup>#(h)</sup> | 11/25/2060 | 2550000 | 1978488 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 5820000 | 6107092 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3 Class A1<sup>†</sup> | 4.912% | <sup>#(h)</sup> | 9/25/2070 | 3213703 | 3214637 |
| Multifamily Connecticut Avenue Securities Trust Series 2024-01 Class M7<sup>†</sup> | 6.822%<br> (30 day USD SOFR Average + 2.75% |)<sup>#</sup> | 7/25/2054 | 4280113 | 4340640 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.835% | <sup>#(h)</sup> | 11/25/2059 | 3850000 | 3092648 |
| New Residential Mortgage Loan Trust Series 2025-NQM3 Class A1<sup>†</sup> | 5.53% | <sup>#(h)</sup> | 5/25/2065 | 7583554 | 7680232 |
| NRTH Commercial Mortgage Trust Series 2025-PARK Class A<sup>†</sup> | 5.352%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/15/2040 | 3550000 | 3555272 |
| NY Commercial Mortgage Trust Series 2025-299P Class A<sup>†</sup> | 5.853% | <sup>#(h)</sup> | 2/10/2047 | 9135000 | 9712920 |
| NYMT Loan Trust Series 2025-INV2 Class A1<sup>†</sup> | 5.00% | <sup>#(h)</sup> | 10/25/2060 | 4375953 | 4392988 |
| OBX Trust Series 2025-NQM15 Class A1<sup>†</sup> | 5.143% | <sup>(j)</sup> | 7/27/2065 | 4411216 | 4439071 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> | 4.905% | <sup>#(h)</sup> | 8/25/2065 | 3704661 | 3707152 |

---

54 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| OBX Trust Series 2025-NQM20 Class A1<sup>†</sup> | 5.021% | <sup>#(h)</sup> | 10/25/2065 | $3847732 | $3868451 |
| Rate Mortgage Trust Series 2021-HB1 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 12/25/2051 | 8899900 | 7488609 |
| RCKT Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 9/25/2051 | 6072630 | 5147561 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(h)</sup> | 1/26/2060 | 1543 | 1535 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.619% | <sup>#(h)</sup> | 2/14/2047 | 8710000 | 9013291 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 11110000 | 11468455 |
| Sequoia Mortgage Trust Series 2025-S2 Class A1<sup>†</sup> | 4.00% | <sup>#(h)</sup> | 11/25/2055 | 2300000 | 2161671 |
| SG Commercial Mortgage Securities Trust Series 2019-787E Class X<sup>†(k)</sup> | 0.456% | <sup>#(h)</sup> | 2/15/2041 | 1217000 | 12070 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(h)</sup> | 2/25/2050 | 4381 | 4226 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.402%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 6500000 | 6451430 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.60%<br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 5970000 | 5938616 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class D<sup>†</sup> | 7.05%<br> (1 mo. USD Term SOFR + 3.09% |)<sup>#</sup> | 4/15/2042 | 4700000 | 4724464 |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(h)</sup> | 6/25/2054 | 360204 | 366241 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C61 Class A4 | 2.658% |  | 11/15/2054 | 7000000 | 6320235 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 5.65%<br> (1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 2305509 | 2308868 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 13960000 | 14861604 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2022-2 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 12/25/2051 | 1342656 | 1130550 |
| *Total Non-Agency Commercial Mortgage-Backed Securities (cost $433,243,517)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $433,243,517)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $433,243,517)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $433,243,517)* |  | 439058734 |
| **U.S. TREASURY OBLIGATIONS 20.09%** | **U.S. TREASURY OBLIGATIONS 20.09%** |  |  |  |  |
| U.S. Treasury Bonds | 4.00% |  | 11/15/2042 | 110406000 | 103220985 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 154828600 | 150419614 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 132326000 | 132419041 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 133180000 | 135318164 |
| U.S. Treasury Bonds | 4.75% |  | 5/15/2055 | 120396000 | 121872731 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2027 | 53043000 | 53132096 |

---

*See Notes to Financial Statements.* 55

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS (continued)** |  |  |  |  |
| U.S. Treasury Notes | 3.625% | 8/31/2030 | $193724000 | $193951021 |
| *Total U.S. Treasury Obligations (cost $879,567,396)* |  |  |  | 890333652 |
| *Total Long-Term Investments (cost $5,141,923,572)* |  |  |  | 5213397837 |
| **SHORT-TERM INVESTMENTS 1.21%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.92%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 4.050% due 12/1/2025 with Barclays Bank PLC collateralized by $15,496,400 of U.S. Treasury Bond at 5.000% due 5/15/2045; value: $16,326,531; proceeds: $16,005,400 (cost $16,000,000) |  |  | 16000000 | 16000000 |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $17,921,400 of U.S. Treasury Note at 1.250% due 12/31/2026; $7,983,800 of U.S. Treasury Note at 1.750% due 12/31/2026; value: $25,443,206; proceeds: $24,951,508 (cost $24,944,233) |  |  | 24944233 | 24944233 |
| *Total Repurchase Agreements (cost $40,944,233)* |  |  |  | 40944233 |
| **Time Deposits 0.03%** |  |  |  |  |
| CitiBank N.A.<sup>(l)</sup><br> (cost $1,264,968) |  |  | 1264968 | 1264968 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.26%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(l)</sup> (cost $11,384,713) |  |  | 11384713 | 11384713 |
| *Total Short-Term Investments (cost $53,593,914)* |  |  |  | 53593914 |
| *Total Investments in Securities 118.85% (cost $5,195,517,486)* |  |  |  | 5266991751 |
| *Other Assets and Liabilities – Net*<sup>(m)</sup> *(18.85)%* |  |  |  | (835441186) |
| *Net Assets 100.00%* |  |  |  | $4431550565 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| &nbsp;&nbsp;&nbsp;<sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $1,998,027,481, which represents 45.09% of net assets. |
| &nbsp;&nbsp;&nbsp;<sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |

---

56 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

CORE PLUS BOND FUND *November 30, 2025*

\* Non-income producing security.

<sup>(a)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

<sup>(b)</sup> Investment in non-U.S. dollar denominated securities.

<sup>(c)</sup> Foreign security traded in U.S. dollars.

<sup>(d)</sup> All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

<sup>(e)</sup> Security is perpetual in nature and has no stated maturity.

<sup>(f)</sup> Securities purchased on a when-issued basis (See Note 2(l)).

<sup>(g)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025.

<sup>(h)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(i)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(j)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(k)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(l)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(m)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts and futures contracts as follows:

**Forward Foreign Currency Exchange Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward**<br> **Foreign**<br> **Currency**<br> **Exchange**<br> **Contracts** | **Transaction**<br> **Type** | **Counterparty** | **Expiration**<br> **Date** | **Foreign**<br> **Currency** | **U.S. $**<br> **Cost on**<br> **Origination**<br> **Date** | **U.S. $**<br> **Current**<br> **Value** | **Unrealized**<br> **Appreciation** |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 3718000 | $2711227 | $2667585 | $43642 |
| **Forward**<br> **Foreign**<br> **Currency**<br> **Exchange** <br> **Contracts** | **Transaction**<br> **Type** | **Counterparty** | **Expiration**<br> **Date** | **Foreign**<br> **Currency** | **U.S. $**<br> **Cost on**<br> **Origination**<br> **Date** | **U.S. $**<br> **Current**<br> **Value** | **Unrealized**<br> **Depreciation** |
| Canadian dollar | Buy | Barclays Bank PLC | 1/23/2026 | 3718000 | $2702158 | $2667585 | $(34573) |

---

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Appreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 651 | Long | $75501062 | $75648234 | $147172 |
| U.S. 2-Year Treasury Note | March 2026 | 1315 | Long | 274535361 | 274650079 | 114718 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $261890 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Depreciation** |
| U.S. 5-Year Treasury Note | March 2026 | 644 | Long | $70744306 | $70689062 | $(55244) |

---

*See Notes to Financial Statements.* 57

**Schedule of Investments (concluded)**

CORE PLUS BOND FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $23356809 | $6733500 | $30090309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 556890880 |  | 556890880 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 341454 |  | 341454 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 2054288790 |  | 2054288790 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 82283203 |  | 82283203 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 27554909 |  | 27554909 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 64431716 |  | 64431716 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1068124190 |  | 1068124190 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 439058734 |  | 439058734 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 890333652 |  | 890333652 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 40944233 |  | 40944233 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 1264968 |  | 1264968 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 11384713 | – | – | 11384713 |
| Total | $11384713 | $5248873538 | $6733500 | $5266991751 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $43642 | $– | $43642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (34573) |  | (34573) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 261890 |  |  | 261890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (55244) | – | – | (55244) |
| Total | $206646 | $9069 | $– | $215715 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

58 *See Notes to Financial Statements.*

**Schedule of Investments**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 95.76%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 2.50%** |  |  |  |  |  |
| **Other 2.50%** |  |  |  |  |  |
| AGL CLO 29 Ltd. Series 2024-29A Class D<sup>†</sup> | 7.62%<br> (3 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 4/21/2037 | $5000000 | $5014095 |
| Apidos CLO XXXIII Ltd. Series 2020-33A Class ER2<sup>†</sup> | 11.185%<br> (3 mo. USD Term SOFR + 7.32% |)<sup>#</sup> | 4/24/2038 | 750000 | 771718 |
| ARES XLIII CLO Ltd. Series 2017-43A Class D1R2<sup>†</sup> | 6.905%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 1/15/2038 | 7350000 | 7360687 |
| Arini U.S. CLO III Ltd. Series 3A Class D<sup>†</sup> | 6.82%<br> (3 mo. USD Term SOFR + 2.90% |)<sup>#</sup> | 1/15/2039 | 4480000 | 4488328 |
| Atlantic Avenue Ltd. Series 2023-1A Class D1R<sup>†(a)</sup> |  | <sup>(b)</sup> | 1/15/2039 | 6110000 | 6116110 |
| Ballyrock CLO 22 Ltd. Series 2024-22A Class C<sup>†</sup> | 7.405%<br> (3 mo. USD Term SOFR + 3.50% |)<sup>#</sup> | 4/15/2037 | 7400000 | 7457927 |
| Ballyrock CLO 28 Ltd. Series 2024-28A Class C1<sup>†</sup> | 6.684%<br> (3 mo. USD Term SOFR + 2.80% |)<sup>#</sup> | 1/20/2038 | 7000000 | 7010185 |
| Benefit Street Partners CLO IV Ltd. Series 2014-IVA Class DTR5<sup>†</sup> | 6.604%<br> (3 mo. USD Term SOFR + 2.65% |)<sup>#</sup> | 10/20/2038 | 8500000 | 8577520 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class D<sup>†</sup> | 7.805%<br> (3 mo. USD Term SOFR + 3.90% |)<sup>#</sup> | 4/15/2037 | 9250000 | 9307609 |
| Empower CLO Ltd. Series 2023-2A Class ER<sup>†</sup> | 9.505%<br> (3 mo. USD Term SOFR + 5.60% |)<sup>#</sup> | 10/15/2038 | 1900000 | 1877284 |
| Golub Capital Partners CLO 37B Ltd. Series 2017-19RA Class D1R3<sup>†</sup> | 6.59%<br> (3 mo. USD Term SOFR + 2.70% |)<sup>#</sup> | 10/20/2036 | 4500000 | 4506201 |
| Golub Capital Partners CLO 52 B R Ltd. Series 2020-52A Class ER<sup>†</sup> | 10.634%<br> (3 mo. USD Term SOFR + 6.75% |)<sup>#</sup> | 4/20/2037 | 1750000 | 1757777 |
| Harvest U.S. CLO Ltd. Series 2025-2A Class D1<sup>†</sup> | 7.662%<br> (3 mo. USD Term SOFR + 3.45% |)<sup>#</sup> | 7/17/2038 | 2000000 | 2012102 |
| MidOcean Credit CLO XII Ltd. Series 2023-12A Class ERR<sup>†</sup> | 10.384%<br> (3 mo. USD Term SOFR + 6.50% |)<sup>#</sup> | 7/18/2038 | 11075000 | 10816266 |
| Oaktree CLO Ltd. Series 2023-2A Class ER<sup>†</sup> | 9.884%<br> (3 mo. USD Term SOFR + 6.00% |)<sup>#</sup> | 7/20/2038 | 4000000 | 4079696 |
| OCP CLO Ltd. Series 2023-30A Class D<sup>†</sup> | 8.365%<br> (3 mo. USD Term SOFR + 4.50% |)<sup>#</sup> | 1/24/2037 | 1250000 | 1255244 |

---

See Notes to Financial Statements. 59

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| OCP CLO Ltd. Series 2024-31A Class D<sup>†</sup> | 7.834%<br> (3 mo. USD Term SOFR + 3.95% |)<sup>#</sup> | 4/20/2037 | $4080000 | $4111396 |
| Pikes Peak CLO 6 Series 2020-6A Class DRR<sup>†</sup> | 6.375%<br> (3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 5/18/2034 | 2250000 | 2249030 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class D1<sup>†</sup> | 7.858%<br> (3 mo. USD Term SOFR + 4.00% |)<sup>#</sup> | 4/25/2037 | 11850000 | 11867680 |
| Trinitas CLO XXIII Ltd. Series 2023-23A Class D1R<sup>†</sup> | 6.784%<br> (3 mo. USD Term SOFR + 2.90% |)<sup>#</sup> | 10/20/2038 | 10250000 | 10265416 |
| Trinitas CLO XXXII Ltd. Series 2025-32A Class D1<sup>†</sup> | 7.372%<br> (3 mo. USD Term SOFR + 3.10% |)<sup>#</sup> | 7/23/2038 | 3500000 | 3506475 |
| *Total Asset-Backed Securities* (cost $114,307,000) |  |  |  |  | 114408746 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.58%** |  |  |  |  |  |
| **Diversified Telecommunication Services 0.06%** |  |  |  |  |  |
| Luxco Co. Ltd.\* |  |  |  | 143538 | 2624313 |
| **Electric: Utilities 0.08%** |  |  |  |  |  |
| Frontera Generation Holdings LLC\* |  |  |  | 209679 | 3669383 |
| **Health Care Providers & Services 0.15%** |  |  |  |  |  |
| Recovery Solutions LLC\* |  |  |  | 377697 | 5476604 |
| Wellpath Holdings, Inc. Class A\* |  |  |  | 181929 | 113705 |
| Wellpath Holdings, Inc.\* |  |  |  | 176289 | 1234027 |
| *Total* |  |  |  |  | 6824336 |
| **Machinery 0.01%** |  |  |  |  |  |
| TNT Crane & Rigging, Inc.\* |  |  |  | 528781 | 354812 |
| **Miscellaneous Financials 0.22%** |  |  |  |  |  |
| Utex Industries\* |  |  |  | 297535 | 9967422 |
| **Transportation Infrastructure 0.06%** |  |  |  |  |  |
| ACBL Holdings Corp.\* |  |  |  | 60887 | 2861689 |
| *Total Common Stocks* (cost $32,126,275) |  |  |  |  | 26301955 |

---

60 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **CORPORATE BONDS 8.11%** |  |  |  |  |  |
| **Advertising 0.11%** |  |  |  |  |  |
| Advantage Sales & Marketing, Inc.<sup>†</sup> | 6.50% |  | 11/15/2028 | $6169500 | $5233463 |
| **Airlines 0.10%** |  |  |  |  |  |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(c)</sup> | 9.50% |  | 6/1/2028 | 4485000 | 4663180 |
| **Banks 0.33%** |  |  |  |  |  |
| Freedom Mortgage Corp.<sup>†</sup> | 6.625% |  | 1/15/2027 | 8334000 | 8362652 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 7105000 | 6817106 |
| *Total* |  |  |  |  | 15179758 |
| **Biotechnology 0.40%** |  |  |  |  |  |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(a)(c)</sup> | 6.25% |  | 12/15/2032 | 17700000 | 18211637 |
| **Building Materials 0.48%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 7065000 | 4256663 |
| AmeriTex HoldCo Intermediate LLC<sup>†</sup> | 7.625% |  | 8/15/2033 | 4216000 | 4437753 |
| Camelot Return Merger Sub, Inc.<sup>†</sup> | 8.75% |  | 8/1/2028 | 5363000 | 4489153 |
| CP Atlas Buyer, Inc.<sup>†(d)</sup> | 9.75% |  | 7/15/2030 | 8518000 | 8624535 |
| *Total* |  |  |  |  | 21808104 |
| **Chemicals 0.43%** |  |  |  |  |  |
| Advancion Sciences, Inc.<sup>†</sup> | 9.25% |  | 11/1/2026 | 12414838 | 10878502 |
| Cerdia Finanz GmbH (Germany)<sup>†(c)</sup> | 9.375% |  | 10/3/2031 | 8289000 | 8597599 |
| *Total* |  |  |  |  | 19476101 |
| **Commercial Services 0.29%** |  |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(c)</sup> | 7.00% |  | 5/21/2030 | 8741000 | 9107720 |
| Garda World Security Corp. (Canada)<sup>†(c)</sup> | 6.50% |  | 1/15/2031 | 3832000 | 3936990 |
| *Total* |  |  |  |  | 13044710 |
| **Computers 0.09%** |  |  |  |  |  |
| McAfee Corp.<sup>†</sup> | 7.375% |  | 2/15/2030 | 4774000 | 4171218 |
| **Diversified Financial Services 0.48%** |  |  |  |  |  |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.50% |  | 10/1/2030 | 4746000 | 4812188 |
| EZCORP, Inc.<sup>†</sup> | 7.375% |  | 4/1/2032 | 4281000 | 4498706 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 8.25% |  | 5/15/2030 | 3197000 | 3347294 |
| Navient Corp. | 9.375% |  | 7/25/2030 | 4148000 | 4600887 |
| PRA Group, Inc.<sup>†</sup> | 5.00% |  | 10/1/2029 | 5138000 | 4755550 |
| *Total* |  |  |  |  | 22014625 |

---

See Notes to Financial Statements. 61

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric 0.15%** |  |  |  | | |
| Alpha Generation LLC<sup>†</sup> | 6.25% |  | 1/15/2034 | $6938000 | $6953673 |
| **Entertainment 0.13%** |  |  |  |  |  |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>†</sup> | 6.25% |  | 10/15/2030 | 5676000 | 5765902 |
| **Food 0.22%** |  |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.75% |  | 3/31/2034 | 5259000 | 5307982 |
| C&S Group Enterprises LLC<sup>†(d)</sup> | 5.00% |  | 12/15/2028 | 5210000 | 4844468 |
| *Total* |  |  |  |  | 10152450 |
| **Hand/Machine Tools 0.21%** |  |  |  |  |  |
| IMA Industria Macchine Automatiche SpA<sup>†</sup> | 5.776%<br> (3 mo. EURIBOR + 3.75% |)<sup>#</sup> | 4/15/2029 | 2771000 | 3257778 |
| IMA Industria Macchine Automatiche SpA | 5.776%<br> (3 mo. EURIBOR + 3.75% |)<sup>#</sup> | 4/15/2029 | 5260000 | 6184018 |
| *Total* |  |  |  |  | 9441796 |
| **Internet 0.10%** |  |  |  |  |  |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% |  | 4/15/2029 | $4169000 | 4637684 |
| **Iron-Steel 0.08%** |  |  |  |  |  |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 3439000 | 3518970 |
| **Leisure Time 0.15%** |  |  |  |  |  |
| Deuce Finco PLC<sup>†</sup> | 5.551%<br> (3 mo. EURIBOR + 3.50% |)<sup>#</sup> | 11/20/2032 | 5750000 | 6767179 |
| **Machinery-Diversified 0.11%** |  |  |  |  |  |
| King U.S. Bidco, Inc.<sup>†(a)</sup> | 5.24%<br> (3 mo. EURIBOR + 3.25% |)<sup>#</sup> | 12/1/2032 | 4318000 | 5041989 |
| **Media 0.58%** |  |  |  |  |  |
| Cable One, Inc.<sup>†</sup> | 4.00% |  | 11/15/2030 | $4728000 | 3765202 |
| CSC Holdings LLC<sup>†(d)</sup> | 4.50% |  | 11/15/2031 | 22470000 | 12727918 |
| DISH Network Corp.<sup>†</sup> | 11.75% |  | 11/15/2027 | 9492000 | 9919567 |
| *Total* |  |  |  |  | 26412687 |
| **Mining 0.00%** |  |  |  |  |  |
| Mirabela Nickel Ltd. | Zero Coupon |  | 9/10/2044 | 51005 | – <sup>(e)</sup> |
| **Miscellaneous Manufacturing 0.16%** |  |  |  |  |  |
| CTEC II GmbH | 5.25% |  | 2/15/2030 | 7055000 | 7544014 |

---

62 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas 0.57%** |  |  |  |  |
| BKV Upstream Midstream LLC<sup>†</sup> | 7.50% | 10/15/2030 | $7103000 | $7161118 |
| Chord Energy Corp.<sup>†</sup> | 6.75% | 3/15/2033 | 6971000 | 7201475 |
| DBR Land Holdings LLC<sup>†</sup> | 6.25% | 12/1/2030 | 4585000 | 4646600 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 7117000 | 7233128 |
| *Total* |  |  |  | 26242321 |
| **Oil & Gas Services 0.32%** |  |  |  |  |
| Kodiak Gas Services LLC<sup>†</sup> | 6.50% | 10/1/2033 | 4774000 | 4873056 |
| WBI Operating LLC<sup>†</sup> | 6.25% | 10/15/2030 | 5677000 | 5683642 |
| WBI Operating LLC<sup>†</sup> | 6.50% | 10/15/2033 | 4021000 | 4022126 |
| *Total* |  |  |  | 14578824 |
| **Pharmaceuticals 0.75%** |  |  |  |  |
| Curaleaf Holdings, Inc. | 8.00% | 12/15/2026 | 10322000 | 10218780 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 14442000 | 14086601 |
| Trulieve Cannabis Corp. | 8.00% | 10/6/2026 | 9805000 | 9817964 |
| *Total* |  |  |  | 34123345 |
| **Pipelines 0.11%** |  |  |  |  |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% | 3/15/2033 | 4770000 | 5010580 |
| **REITS 0.18%** |  |  |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 8259000 | 8186721 |
| **Retail 1.06%** |  |  |  |  |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.00% | 8/1/2030 | 6455000 | 6593399 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 8.75% | 1/15/2032 | 7399000 | 7000575 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†(f)</sup> | 7.00% | 8/15/2028 | 11756000 | 6349004 |
| LBM Acquisition LLC<sup>†</sup> | 9.50% | 6/15/2031 | 10922000 | 11271176 |
| Maxeda DIY Holding BV | 5.875% | 10/1/2026 | 8586000 | 8637430 |
| Park River Holdings, Inc.<sup>†(d)</sup> | 8.75% | 12/31/2030 | $8967897 | 8721280 |
| *Total* |  |  |  | 48572864 |
| **Telecommunications 0.05%** |  |  |  |  |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 2247000 | 2090564 |

---

See Notes to Financial Statements. 63

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Transportation 0.47%** |  |  |  |  |
| Carriage Purchaser, Inc.<sup>†</sup> | 7.875% | 10/15/2029 | $6974000 | $6490099 |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 7500000 | 7746870 |
| Seaspan Corp. (Hong Kong)<sup>†(c)</sup> | 5.50% | 8/1/2029 | 7742000 | 7393265 |
| *Total* |  |  |  | 21630234 |
| *Total Corporate Bonds* (cost $375,341,466) |  |  |  | 370474593 |
|  |  |  | **Shares** |  |
| **EXCHANGE-TRADED FUNDS 1.36%** |  |  |  |  |
| **Exchange-Traded Funds 0.84%** |  |  |  |  |
| Invesco Senior Loan ETF<sup>(d)</sup> |  |  | 1837161 | 38433408 |
| **Miscellaneous Financials 0.52%** |  |  |  |  |
| State Street Blackstone Senior Loan ETF<sup>(d)</sup> |  |  | 565770 | 23473797 |
| *Total Exchange-Traded Funds* (cost $61,242,553) |  |  |  | 61907205 |
|  | **Interest<br> Rate** | **Maturity<br>Date** | **Principal<br> Amount<sup>‡</sup>** |  |
| **FLOATING RATE LOANS<sup>(g)</sup> 82.62%** |  |  |  |  |
| **Advertising 0.68%** |  |  |  |  |
| Advantage Sales & Marketing, Inc. 2024 Term Loan | 8.446%<br> (3 mo. USD Term SOFR + 4.25%) | 10/28/2027 | $5651711 | 4895794 |
| CMG Media Corp. 2024 Term Loan | 7.602%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 17728284 | 16293445 |
| Summer BC Holdco B SARL 2024 USD Term Loan B | 9.262%<br> (3 mo. USD Term SOFR + 5.00%) | 2/15/2029 | 10690109 | 10106590 |
| *Total* |  |  |  | 31295829 |
| **Aerospace & Defense 0.40%** |  |  |  |  |
| TransDigm, Inc. 2025 Term Loan K | 6.252%<br> (3 mo. USD Term SOFR + 2.25%) | 3/22/2030 | 7472989 | 7489952 |
| TransDigm, Inc. 2025 Term Loan M | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 8/19/2032 | 10908000 | 10943015 |
| *Total* |  |  |  | 18432967 |
| **Aerospace/Defense 1.97%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(c)</sup> | 0.50% | 3/6/2028 | 14513367 | 34106413 |
| Barnes Group, Inc. 2025 Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75%) | 1/27/2032 | 6696350 | 6721461 |

---

64 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| Doncasters Finance U.S. LLC 2024 Term Loan (Jersey)<sup>(c)</sup> | 10.502%<br> (3 mo. USD Term SOFR + 6.50%) | 4/23/2030 | $2771907 | $2822730 |
| Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B1 | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 8809058 | 8840858 |
| Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B2 | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 3350684 | 3362780 |
| TransDigm, Inc. 2023 Term Loan J | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 2/28/2031 | 9833021 | 9859915 |
| TransDigm, Inc. 2024 Term Loan L | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 1/19/2032 | 24148197 | 24217140 |
| *Total* |  |  |  | 89931297 |
| **Airlines 0.88%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.134%<br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 27679447 | 27701037 |
| JetBlue Airways Corp. 2024 Term Loan B | 8.753%<br> (3 mo. USD Term SOFR + 4.75%) | 8/27/2029 | 7095884 | 6577885 |
| Vista Management Holding, Inc. 2025 Term Loan B | 7.735%<br> (3 mo. USD Term SOFR + 3.75%) | 4/1/2031 | 6041970 | 6101060 |
| *Total* |  |  |  | 40379982 |
| **Apparel 0.10%** |  |  |  |  |
| WH Borrower LLC 2025 Term Loan B | 8.389%<br> (3 mo. USD Term SOFR + 4.50%) | 2/20/2032 | 4763062 | 4776447 |
| **Auto Parts & Equipment 1.28%** |  |  |  |  |
| American Axle & Manufacturing, Inc. 2025 Incremental Term Loan C | – <sup>(b)</sup> | 2/24/2032 | 13598000 | 13631995 |
| Clarios Global LP 2024 USD Term Loan B (Canada)<sup>(c)</sup> | 6.416%<br> (1 mo. USD Term SOFR + 2.50%) | 5/6/2030 | 6411550 | 6423571 |
| Clarios Global LP 2025 USD Term Loan B (Canada)<sup>(c)</sup> | 6.666%<br> (1 mo. USD Term SOFR + 2.75%) | 1/28/2032 | 14192000 | 14262960 |
| DexKo Global, Inc. 2021 USD Term Loan B | – <sup>(b)</sup> | 10/4/2028 | 2406807 | 2380886 |
| DexKo Global, Inc. 2023 Incremental Term Loan | – <sup>(b)</sup> | 10/4/2028 | 2364000 | 2345679 |
| Tenneco, Inc. 2022 Term Loan B | 8.989% - 9.10% | 11/17/2028 | 20001000 | 19600980 |
| *Total* |  |  |  | 58646071 |

---

See Notes to Financial Statements. 65

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 0.45%** |  |  |  |  |
| Armor Holding II LLC 2025 Term Loan | 7.639%<br> (3 mo. USD Term SOFR + 3.75%) | 12/11/2031 | $11187865 | $11186691 |
| Chrysaor Bidco SARL 2025 USD Term Loan B (Luxembourg)<sup>(c)</sup> | 7.144%<br> (3 mo. USD Term SOFR + 3.25%) | 10/30/2031 | 9363350 | 9406655 |
| *Total* |  |  |  | 20593346 |
| **Beverages 0.75%** |  |  |  |  |
| Celsius Holdings, Inc. 2025 Term Loan B | 6.976%<br> (3 mo. USD Term SOFR + 3.00%) | 4/1/2032 | 2227556 | 2244028 |
| Pegasus BidCo BV 2025 EUR 1st Lien Repriced Term Loan B | 5.064%<br> (3 mo. EURIBOR + 3.00%) | 7/12/2029 | 2374000 | 2784903 |
| Pegasus BidCo BV 2025 USD Repriced Term Loan B (Netherlands)<sup>(c)</sup> | 6.602%<br> (3 mo. USD Term SOFR + 2.75%) | 7/12/2029 | $9783345 | 9856721 |
| Primo Brands Corp. 2025 Term Loan B | 6.252%<br> (3 mo. USD Term SOFR + 2.25%) | 3/31/2028 | 19129696 | 19190624 |
| *Total* |  |  |  | 34076276 |
| **Biotechnology 0.05%** |  |  |  |  |
| Genmab AS Term Loan B (Denmark)<sup>(c)</sup> | – <sup>(b)</sup> | 11/19/2032 | 2374000 | 2385371 |
| **Building Materials 1.80%** |  |  |  |  |
| Chamberlain Group, Inc. 2025 Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 9/8/2032 | 10785967 | 10824743 |
| Cornerstone Building Brands, Inc. 2021 Term Loan B | 7.309%<br> (1 mo. USD Term SOFR + 3.25%) | 4/12/2028 | 16417099 | 13156745 |
| EMRLD Borrower LP 2024 Term Loan B | 6.122%<br> (6 mo. USD Term SOFR + 2.25%) | 8/4/2031 | 5046126 | 5054149 |
| EMRLD Borrower LP Term Loan B | 6.072%<br> (3 mo. USD Term SOFR + 2.25%) | 5/31/2030 | 7726635 | 7738882 |
| Groundworks LLC 2024 Delayed Draw Term Loan<sup>(h)</sup> | 6.933%<br> (1 mo. USD Term SOFR + 3.00%) | 3/14/2031 | 749509 | 752788 |
| Groundworks LLC 2024 Term Loan | 6.933%<br> (1 mo. USD Term SOFR + 3.00%) | 3/14/2031 | 4029488 | 4047117 |
| Hobbs & Associates LLC Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75%) | 7/23/2031 | 4838749 | 4825636 |
| Quikrete Holdings, Inc. 2025 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25%) | 2/10/2032 | 27811811 | 27877586 |

---

66 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials (continued)** |  |  | | |
| Smyrna Ready Mix Concrete LLC 2025 Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 4/2/2029 | $7784097 | $7805192 |
| *Total* |  |  |  | 82082838 |
| **Chemicals 2.33%** |  |  |  |  |
| Bakelite U.S. Holdco, Inc. 2024 Term Loan B | 7.752%<br> (3 mo. USD Term SOFR + 3.75%) | 12/23/2031 | 10448048 | 9947429 |
| Hexion Holdings Corp. 2024 Term Loan B | 7.96%<br> (1 mo. USD Term SOFR + 4.00%) | 3/15/2029 | 11498676 | 11223168 |
| INEOS Styrolution Group GmbH 2020 EUR Term Loan | 3.96%<br> (1 mo. EURIBOR + 2.00%) | 1/29/2027 | 14980000 | 16760634 |
| INEOS U.S. Finance LLC 2021 USD Term Loan B | 6.516%<br> (1 mo. USD Term SOFR + 2.50%) | 11/8/2028 | $23249450 | 21215123 |
| Nouryon Finance BV 2024 USD Term Loan B1 (Netherlands)<sup>(c)</sup> | 7.036%<br> (6 mo. USD Term SOFR + 3.25%) | 4/3/2028 | 18082571 | 18072535 |
| Nouryon Finance BV 2024 USD Term Loan B2 (Netherlands)<sup>(c)</sup> | 7.162%<br> (3 mo. USD Term SOFR + 3.25%) | 4/3/2028 | 2742137 | 2740423 |
| Olympus Water U.S. Holding Corp. 2025 USD Term Loan B | 7.137%<br> (3 mo. USD Term SOFR + 3.25%) | 11/3/2032 | 6627000 | 6559802 |
| SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | 7.197%<br> (6 mo. USD Term SOFR + 3.00%) | 1/31/2029 | 9361837 | 9382901 |
| SCIL IV LLC USD Term Loan B | 7.788%<br> (6 mo. USD Term SOFR + 4.00%) | 11/8/2032 | 4730000 | 4750694 |
| USALCO LLC 2025 Delayed Draw Term Loan<sup>(h)</sup> | – <sup>(b)</sup> | 9/30/2031 | 553060 | 555430 |
| USALCO LLC 2025 Term Loan | 7.416%<br> (1 mo. USD Term SOFR + 3.50%) | 9/30/2031 | 5327747 | 5350577 |
| *Total* |  |  |  | 106558716 |
| **Commercial Services 6.69%** |  |  |  |  |
| Albion Financing 3 SARL 2025 USD Term Loan (Luxembourg)<sup>(c)</sup> | 6.869%<br> (3 mo. USD Term SOFR + 3.00%) | 5/21/2031 | 7901198 | 7961721 |
| Allied Universal Holdco LLC 2025 USD Term Loan B | 7.266%<br> (1 mo. USD Term SOFR + 3.25%) | 8/20/2032 | 26324000 | 26462991 |

---

See Notes to Financial Statements. 67

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Amber Finco PLC 2025 EUR Fungible Term Loan B | 5.25%<br> (3 mo. EURIBOR + 3.25% | 6/11/2029 | 7200000 | $8448508 |
| Belron Finance 2019 LLC 2025 Repriced Term Loan B | 6.12%<br> (3 mo. USD Term SOFR + 2.25% | 10/16/2031 | $27580932 | 27770551 |
| Boluda Towage SL 2024 EUR Term Loan B | 5.46%<br> (1 mo. EURIBOR + 3.50% | 1/31/2030 | 4915000 | 5763117 |
| Brock Holdings III, Inc. 2024 Term Loan B | 9.752%<br> (3 mo. USD Term SOFR + 5.75% | 5/2/2030 | $6925050 | 6946691 |
| CHG Healthcare Services, Inc. 2025 Term Loan B1 | 6.59% - 6.67%<br> (1 mo. USD Term SOFR + 2.75%<br> (3 mo. USD Term SOFR + 2.75% | 9/29/2028 | 10353667 | 10411181 |
| CoreLogic, Inc. Term Loan | 7.53%<br> (1 mo. USD Term SOFR + 3.50% | 6/2/2028 | 16449870 | 16478164 |
| Crash Champions LLC 2024 Term Loan B | 8.572%<br> (3 mo. USD Term SOFR + 4.75% | 2/23/2029 | 1884230 | 1798648 |
| Creative Artists Agency LLC 2025 Repriced Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 10/1/2031 | 6132917 | 6151530 |
| Ensemble RCM LLC 2024 Term Loan B | 6.84%<br> (3 mo. USD Term SOFR + 3.00% | 8/1/2029 | 14909961 | 15000986 |
| First Advantage Holdings LLC 2025 Repriced Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75% | 10/31/2031 | 13588975 | 13470479 |
| Fugue Finance BV 2025 Repriced Term Loan (Netherlands)<sup>(c)</sup> | 6.572%<br> (3 mo. USD Term SOFR + 2.75% | 1/9/2032 | 4618291 | 4639420 |
| Garda World Security Corp. 2025 Term Loan B (Canada)<sup>(c)</sup> | 6.948%<br> (1 mo. USD Term SOFR + 3.00% | 2/1/2029 | 11464846 | 11473445 |
| Holding Socotec 2025 EUR Term Loan B1 | 5.50%<br> (3 mo. EURIBOR + 3.50% | 6/2/2031 | 6641000 | 7792575 |
| IFCO Management GmbH 2024 EUR 1st Lien Term Loan B | 5.403%<br> (1 mo. EURIBOR + 3.50% | 11/29/2029 | 7424457 | 8680270 |
| Mavis Tire Express Services Corp. 2025 Repriced Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 5/4/2028 | $17489069 | 17555790 |
| Nuvei Technologies Corp. 2025 Repriced Term Loan B (Canada)<sup>(c)</sup> | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 11/17/2031 | 4649663 | 4660613 |

---

68 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| PG Investment Co. 59 SARL 2025 Repriced Term Loan B (Luxembourg)<sup>(c)</sup> | 6.091%<br> (3 mo. USD Term SOFR + 2.25%) | 3/26/2031 | $11886111 | $11929435 |
| Priority Holdings LLC 2025 Term Loan B | 7.666%<br> (1 mo. USD Term SOFR + 3.75%) | 7/30/2032 | 12161536 | 11994315 |
| Raven Acquisition Holdings LLC Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 11/19/2031 | 14023053 | 14076761 |
| Spin Holdco, Inc. 2021 Term Loan | 8.393%<br> (3 mo. USD Term SOFR + 4.00%) | 3/4/2028 | 11206887 | 9212061 |
| Techem Verwaltungsgesellschaft 675 mbH 2025 EUR Term Loan B | 5.255%<br> (3 mo. EURIBOR + 3.25%) | 7/15/2032 | 5682000 | 6655743 |
| TruGreen LP 2020 Term Loan | 8.016%<br> (1 mo. USD Term SOFR + 4.00%) | 11/2/2027 | $15115432 | 14850912 |
| Veritiv Corp. Term Loan B | 8.002%<br> (3 mo. USD Term SOFR + 4.00%) | 12/2/2030 | 17066436 | 16953371 |
| Wand NewCo 3, Inc. 2025 Repriced Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50%) | 1/30/2031 | 5489375 | 5497417 |
| Wash Multifamily Parent, Inc. Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 9/10/2032 | 12887000 | 12989065 |
| *Total* |  |  |  | 305625760 |
| **Commercial Services & Supplies 0.67%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B2 | 6.002%<br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 23923134 | 24000884 |
| Raven Acquisition Holdings LLC Delayed Draw Term Loan<sup>(h)</sup> | – <sup>(b)</sup> | 11/19/2031 | 1006680 | 1010536 |
| Shift4 Payments LLC 2025 Term Loan | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 6/30/2032 | 5479000 | 5521818 |
| *Total* |  |  |  | 30533238 |
| **Computers 2.51%** |  |  |  |  |
| Ahead DB Holdings LLC 2024 Term Loan B4 | 6.865%<br> (3 mo. USD Term SOFR + 3.00%) | 2/3/2031 | 10481078 | 10443975 |
| Amentum Government Services Holdings LLC 2024 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25%) | 9/29/2031 | 9984000 | 10020192 |
| Clover Holdings 2 LLC Fixed Term Loan B | 7.75% | 12/9/2031 | 2850675 | 2861379 |
| Clover Holdings 2 LLC Term Loan B | 7.722%<br> (1 mo. USD Term SOFR + 3.75%) | 12/9/2031 | 11552945 | 11572816 |

---

*See Notes to Financial Statements.* 69

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Computers (continued)** |  |  |  |  |
| Fortress Intermediate 3, Inc. 2025 Term Loan B | 7.006%<br> (1 mo. USD Term SOFR + 3.00% | 6/27/2031 | $5990334 | $5994108 |
| Kaseya, Inc. 2025 1st Lien Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 3/20/2032 | 4602346 | 4614220 |
| McAfee LLC 2024 USD 1st Lien Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 3/1/2029 | 23954142 | 22228246 |
| Nielsen Consumer, Inc. 2025 USD 1st Lien Term Loan | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 10/31/2030 | 11881650 | 11901433 |
| Ping Identity Corp. 2025 Term Loan | 6.625%<br> (3 mo. USD Term SOFR + 2.75% | 11/15/2032 | 5677000 | 5712481 |
| Vision Solutions, Inc. 2021 Incremental Term Loan | 8.102%<br> (3 mo. USD Term SOFR + 4.00% | 4/24/2028 | 4526728 | 4293330 |
| X Corp. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 25329000 | 25141692 |
| *Total* |  |  |  | 114783872 |
| **Construction & Engineering 0.42%** |  |  |  |  |
| FrontDoor, Inc. 2024 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 12/19/2031 | 4891540 | 4917025 |
| Service Logic Acquisition, Inc. 2025 Repriced Term Loan B | 6.84% - 6.92%<br> (1 mo. USD Term SOFR + 3.00%<br> (3 mo. USD Term SOFR + 3.00% | 10/29/2027 | 14090778 | 14117198 |
| *Total* |  |  |  | 19034223 |
| **Containers & Packaging 1.80%** |  |  |  |  |
| Berlin Packaging LLC 2025 Term Loan B7 | 7.234% - 7.25%<br> (1 mo. USD Term SOFR + 3.25%<br> (3 mo. USD Term SOFR + 3.25% | 6/7/2031 | 16038639 | 16080580 |
| Charter NEX U.S., Inc. 2024 Term Loan B1 | 6.709%<br> (1 mo. USD Term SOFR + 2.75% | 11/29/2030 | 12110888 | 12172775 |
| Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan |  | 4/1/2032 | 407606 | 405607 |
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B<sup>(h)</sup> | 7.166%<br> (1 mo. USD Term SOFR + 3.25% | 4/1/2032 | 24041548 | 23923624 |
| IFCO Management GmbH 2025 EUR Term Loan |  | 7/30/2032 | 4388000 | 5133010 |
| Proampac PG Borrower LLC 2024 Term Loan | 7.878% - 7.90% | 9/15/2028 | $48966 | 49107 |
| SupplyOne, Inc. 2024 Term Loan B | 7.416%<br> (1 mo. USD Term SOFR + 3.50% | 4/21/2031 | 8709487 | 8719807 |

---

70 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal** <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Containers & Packaging (continued)** |  |  |  |  |
| Tosca Services LLC 2024 Second Out Superpriority PIK Term Loan B 5.52% | 3.25% | 11/30/2028 | $7376891 | $6906614 |
| Trivium Packaging BV EUR Repriced Term Loan | – <sup>(b)</sup> | 5/28/2030 | 7565000 | 8810965 |
| *Total* |  |  |  | 82202089 |
| **Cosmetics/Personal Care 0.87%** |  |  |  |  |
| ACP Tara Holdings, Inc. 2025 Term Loan B | – <sup>(b)</sup> | 9/17/2032 | $8224000 | 8275400 |
| Conair Holdings LLC Term Loan B | 7.78%<br> (1 mo. USD Term SOFR + 3.75%) | 5/17/2028 | 20843051 | 10669037 |
| Opal Bidco SAS USD 1st Lien Term Loan B | 6.902%<br> (3 mo. USD Term SOFR + 3.00%) | 4/28/2032 | 20539000 | 20699512 |
| *Total* |  |  |  | 39643949 |
| **Distribution/Wholesale 0.92%** |  |  |  |  |
| BCPE Empire Holdings, Inc. 2025 Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 12/11/2030 | 20935021 | 20944756 |
| Olympus Water U.S. Holding Corp. 2024 USD Term Loan | 7.002%<br> (3 mo. USD Term SOFR + 3.00%) | 6/20/2031 | 5988971 | 5916354 |
| Resideo Funding, Inc. 2025 Incremental Term Loan | 6.038%<br> (3 mo. USD Term SOFR + 2.00%) | 8/13/2032 | 15323000 | 15339779 |
| *Total* |  |  |  | 42200889 |
| **Diversified Financial Services 4.01%** |  |  |  |  |
| Advisor Group, Inc. 2025 Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 7/30/2032 | 18344000 | 18402150 |
| Apex Group Treasury LLC 2025 USD Term Loan B | 7.387%<br> (3 mo. USD Term SOFR + 3.50%) | 2/27/2032 | 9380935 | 8466294 |
| Aretec Group, Inc. 2025 Repriced Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 8/9/2030 | 17573617 | 17646548 |
| Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B (United Kingdom)<sup>(c)</sup> | 7.447%<br> (6 mo. USD Term SOFR + 3.25%) | 1/27/2032 | 5071515 | 5105418 |
| DRW Holdings LLC 2024 Term Loan B | 7.502%<br> (3 mo. USD Term SOFR + 3.50%) | 6/26/2031 | 13114872 | 12910018 |
| Edelman Financial Center LLC 2024 2nd Lien Term Loan | 9.166%<br> (1 mo. USD Term SOFR + 5.25%) | 10/6/2028 | 8878000 | 8903524 |
| GEN II Fund Services LLC 2024 Term Loan B | 6.752%<br> (6 mo. USD Term SOFR + 2.75%) | 11/26/2031 | 4331235 | 4340244 |

---

*See Notes to Financial Statements.* 71

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal** <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| GTCR Everest Borrower LLC Add on Term Loan B | 6.752%<br> (3 mo. USD Term SOFR + 2.75% | 9/5/2031 | $10525800 | $10567534 |
| Guggenheim Partners LLC 2024 Term Loan B | 6.502%<br> (3 mo. USD Term SOFR + 2.50% | 11/26/2031 | 4653165 | 4673034 |
| Hudson River Trading LLC 2024 Term Loan B | 6.709%<br> (1 mo. USD Term SOFR + 2.75% | 3/18/2030 | 26318775 | 26423656 |
| Jane Street Group LLC 2024 Term Loan B1 | 5.822%<br> (3 mo. USD Term SOFR + 2.00% | 12/15/2031 | 34640088 | 34342010 |
| Jump Financial LLC 2025 1st Lien Term Loan B | 7.502%<br> (3 mo. USD Term SOFR + 3.50% | 2/26/2032 | 14739909 | 14887308 |
| Orion U.S. Finco, Inc. 1st Lien Term Loan | 7.427%<br> (3 mo. USD Term SOFR + 3.50% | 10/8/2032 | 9548000 | 9595740 |
| Speed Midco 3 SARL 2025 EUR Term Loan |  | 10/7/2032 | 6149000 | 7176446 |
| *Total* |  |  |  | 183439924 |
| **Electric 1.70%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | 6.666% - 6.75%<br>(1 mo. USD Term SOFR + 2.75%<br>(3 mo. USD Term SOFR + 2.75% | 6/23/2032 | $7276023 | 7335140 |
| Cogentrix Finance Holdco I LLC Repriced Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 2/26/2032 | 10204583 | 10281117 |
| Kestrel Acquisition LLC 2025 Term Loan | 7.002%<br> (1 mo. USD Term SOFR + 3.00% | 11/6/2031 | 8513000 | 8534283 |
| Lackawanna Energy Center LLC 2025 Term Loan B | 7.006%<br> (1 mo. USD Term SOFR + 3.00% | 8/5/2032 | 21369470 | 21523117 |
| South Field LLC 2025 1st Lien Term Loan B | 7.002%<br> (3 mo. USD Term SOFR + 3.00% | 8/29/2031 | 19703360 | 19863450 |
| South Field LLC 2025 1st Lien Term Loan C | 7.002%<br> (3 mo. USD Term SOFR + 3.00% | 8/29/2031 | 1271258 | 1281587 |
| Talen Energy Supply LLC 2024-1 Incremental Term Loan | 6.353%<br> (3 mo. USD Term SOFR + 2.50% | 12/15/2031 | 5679085 | 5700382 |
| Talen Energy Supply LLC 2025 Term Loan B |  | 10/11/2032 | 3021000 | 3026196 |
| *Total* |  |  |  | 77545272 |
| **Electric: Generation 0.06%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 5.763%<br> (3 mo. USD Term SOFR + 1.50% | 7/28/2028 | 2863989 | 2778070 |

---

72 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electronics 0.42%** |  |  |  |  |
| LSF12 Crown U.S. Commercial Bidco LLC 2025 Term Loan B | 7.484%<br> (1 mo. USD Term SOFR + 3.50% | 12/2/2031 | $19235062 | $19283150 |
| **Energy: Alternate Sources 0.46%** |  |  |  |  |
| Bayonne Energy Center LLC Term Loan B | 6.985%<br> (3 mo. USD Term SOFR + 3.00% | 10/1/2032 | 20814000 | 20896319 |
| **Engineering & Construction 0.73%** |  |  |  |  |
| DG Investment Intermediate Holdings 2, Inc. 2025 2nd Lien Term Loan | 9.416%<br> (1 mo. USD Term SOFR + 5.50% | 7/31/2033 | 2845000 | 2852113 |
| DG Investment Intermediate Holdings 2, Inc. 2025 Term Loan | 7.666%<br> (1 mo. USD Term SOFR + 3.75% | 7/9/2032 | 12695000 | 12761141 |
| Green Infrastructure Partners, Inc. USD Term Loan B (Canada)<sup>(c)</sup> | 6.753%<br> (3 mo. USD Term SOFR + 2.75% | 9/24/2032 | 5550000 | 5576029 |
| Legence Holdings LLC 2025 Repriced Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 12/16/2031 | 5024319 | 5052580 |
| Radar Bidco SARL 2025 USD Term Loan B (Luxembourg)<sup>(c)</sup> | 7.186%<br> (3 mo. USD Term SOFR + 3.25% | 4/4/2031 | 6914000 | 6970211 |
| *Total* |  |  |  | 33212074 |
| **Entertainment 2.95%** |  |  |  |  |
| Allwyn Entertainment Financing U.S. LLC 2025 1st Lien Term Loan B |  | 11/10/2032 | 11347000 | 11006590 |
| AMC Entertainment Holdings, Inc. 2024 Term Loan | 10.96%<br> (1 mo. USD Term SOFR + 7.00% | 1/4/2029 | 14194763 | 14262756 |
| Caesars Entertainment, Inc. 2024 Term Loan B1 | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 2/6/2031 | 20537977 | 20362583 |
| Caesars Entertainment, Inc. Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 2/6/2030 | 14220202 | 14128411 |
| Cinemark USA, Inc. 2025 Term Loan B | 6.166% - 6.25%<br> (1 mo. USD Term SOFR + 2.25%<br> (3 mo. USD Term SOFR + 2.25% | 5/24/2030 | 9792783 | 9817852 |
| Dorna Sports SL 2025 EUR Term Loan B | 4.821%<br> (3 mo. EURIBOR + 2.75% | 8/18/2032 | 4733000 | 5537711 |
| EOC Borrower LLC Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 3/24/2032 | $20438775 | 20558853 |

---

<br> *See Notes to Financial Statements.* 73

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Entertainment (continued)** |  |  |  |  |
| Flutter Financing BV 2025 Term Loan B (Netherlands)<sup>(c)</sup> | 6.002%<br> (3 mo. USD Term SOFR + 2.00%) | 6/4/2032 | $8610420 | $8603273 |
| GVC Holdings Gibraltar Ltd. 2024 EUR Term Loan B4 | 5.287%<br> (6 mo. EURIBOR + 3.25%) | 6/30/2028 | 3015423 | 3507886 |
| GVC Holdings Ltd. 2025 Term Loan B5 (2032) (Gibraltar)<sup>(c)</sup> | 6.37%<br> (3 mo. USD Term SOFR + 2.25%) | 7/31/2032 | $8000000 | 7969160 |
| Live Nation Entertainment, Inc. 2025 Term Loan B | 5.95%<br> (1 mo. USD Term SOFR + 2.00%) | 10/21/2032 | 9455000 | 9475707 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 12/4/2031 | 9527651 | 9378781 |
| *Total* |  |  |  | 134609563 |
| **Environmental Control 1.20%** |  |  |  |  |
| GFL Environmental, Inc. 2025 Term Loan B (Canada)<sup>(c)</sup> | 6.671%<br> (3 mo. USD Term SOFR + 2.50%) | 3/3/2032 | 7453000 | 7479570 |
| Heritage-Crystal Clean, Inc. Term Loan B | 7.701%<br> (1 mo. USD Term SOFR + 3.75%) | 10/17/2030 | 4681214 | 4704619 |
| Madison IAQ LLC 2025 Repriced Term Loan | 6.637%<br> (3 mo. USD Term SOFR + 2.75%) | 11/8/2032 | 25548214 | 25705591 |
| Reworld Holding Corp. 2025 1st Lien Term Loan B | 6.201%<br> (1 mo. USD Term SOFR + 2.25%) | 1/15/2031 | 15736000 | 15775340 |
| Reworld Holding Corp. 2025 Term Loan B | 6.201%<br> (1 mo. USD Term SOFR + 2.25%) | 11/30/2028 | 946392 | 948758 |
| Reworld Holding Corp. 2025 Term Loan C | 6.201%<br> (1 mo. USD Term SOFR + 2.25%) | 11/30/2028 | 52236 | 52367 |
| *Total* |  |  |  | 54666245 |
| **Financial 0.21%** |  |  |  |  |
| Asurion LLC 2022 Term Loan B10 | 8.016%<br> (1 mo. USD Term SOFR + 4.00%) | 8/19/2028 | 9593393 | 9594880 |
| **Food 1.68%** |  |  |  |  |
| Aspire Bakeries Holdings LLC 2025 Term Loan B | 7.416%<br> (1 mo. USD Term SOFR + 3.50%) | 12/23/2030 | 5664913 | 5711846 |

---

74 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Food (continued)** |  |  |  |  |
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan | 8.03%<br> (1 mo. USD Term SOFR + 4.00%) | 6/9/2028 | $15131438 | $15096257 |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.079%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 4981461 | 5359379 |
| CHG PPC Parent LLC 2021 Term Loan | 7.03%<br> (1 mo. USD Term SOFR + 3.00%) | 12/8/2028 | $11976367 | 12051219 |
| Chobani LLC 2025 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25%) | 10/28/2032 | 4617000 | 4649481 |
| Froneri Lux FinCo SARL 2025 USD Term Loan (Luxembourg)<sup>(c)</sup> | 6.435%<br> (3 mo. USD Term SOFR + 2.50%) | 8/2/2032 | 13283000 | 13304386 |
| Snacking Investments Bidco Pty. Ltd. 2025 Term Loan B (Australia)<sup>(c)</sup> | 6.838%<br> (3 mo. USD Term SOFR + 3.00%) | 10/29/2032 | 7304000 | 7365646 |
| Upfield BV 2025 USD Term Loan B12 (Netherlands)<sup>(c)</sup> | 8.30%<br> (6 mo. USD Term SOFR + 3.75%) | 12/31/2027 | 13862918 | 13285320 |
| *Total* |  |  |  | 76823534 |
| **Food Service 0.14%** |  |  |  |  |
| Golden State Food LLC Term Loan B | 8.163%<br> (1 mo. USD Term SOFR + 4.00%) | 12/4/2031 | 6526519 | 6566103 |
| **Gaming/Leisure 0.81%** |  |  |  |  |
| 888 Acquisitions Ltd. USD Term Loan B (United Kingdom)<sup>(c)</sup> | 9.048%<br> (6 mo. USD Term SOFR + 5.25%) | 7/1/2028 | 8992712 | 8419426 |
| Fertitta Entertainment LLC 2022 Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 1/27/2029 | 4493766 | 4493676 |
| Sabre GLBL, Inc. 2021 Term Loan B1 | 7.53%<br> (1 mo. USD Term SOFR + 3.50%) | 12/17/2027 | 4866871 | 4765470 |
| Sabre GLBL, Inc. 2021 Term Loan B2 | 7.53%<br> (1 mo. USD Term SOFR + 3.50%) | 12/17/2027 | 3941295 | 3859179 |
| United FP Holdings LLC 2019 1st Lien Term Loan | 8.102%<br> (3 mo. USD Term SOFR + 4.00%) | 12/30/2026 | 16172487 | 15670412 |
| *Total* |  |  |  | 37208163 |
| **Health Care 0.36%** |  |  |  |  |
| Gainwell Acquisition Corp. Term Loan B | 8.102%<br> (3 mo. USD Term SOFR + 4.00%) | 10/1/2027 | 16624918 | 16488095 |

---

*See Notes to Financial Statements.* 75

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Products 0.45%** |  |  |  |  |
| Argent Bidco SAS EUR Term Loan B |  | 11/19/2032 | 4728000 | $5528405 |
| Hanger, Inc. 2024 Delayed Draw Term Loan<sup>(h)</sup> | 7.416%<br> (1 mo. USD Term SOFR + 3.50% | 10/23/2031 | $2746133 | 2757941 |
| Hanger, Inc. 2024 Term Loan B | 7.416%<br> (1 mo. USD Term SOFR + 3.50% | 10/23/2031 | 2503227 | 2513991 |
| Medline Borrower LP 2025 Term Loan B | 5.916%<br> (1 mo. USD Term SOFR + 2.00% | 10/23/2028 | 4557244 | 4568272 |
| Resonetics LLC 2025 Repriced Term Loan B | 6.593%<br> (3 mo. USD Term SOFR + 2.75% | 6/18/2031 | 4988803 | 5000926 |
| *Total* |  |  |  | 20369535 |
| **Health Care Services 3.03%** |  |  |  |  |
| ADMI Corp. 2023 Term Loan B5 | 9.666%<br> (1 mo. USD Term SOFR + 5.75% | 12/23/2027 | 8839205 | 8499426 |
| Bella Holding Co. LLC 2025 Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 5/10/2028 | 7022157 | 7059480 |
| Colosseum Dental Finance BV 2025 EUR Term Loan B2A | 5.482%<br> (3 mo. EURIBOR + 3.50% | 3/22/2032 | 8600000 | 10036039 |
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | 8.09%<br> (3 mo. USD Term SOFR + 4.25% | 3/30/2029 | $4721799 | 4494562 |
| Global Medical Response, Inc. 2025 Term Loan B | 7.384%<br> (3 mo. USD Term SOFR + 3.50% | 10/1/2032 | 12528994 | 12608929 |
| Heartland Dental LLC 2025 Term Loan | 7.666%<br> (1 mo. USD Term SOFR + 3.75% | 8/25/2032 | 20406437 | 20512755 |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 7.655% - 7.71%<br> (1 mo. USD Term SOFR + 3.75%<br> (3 mo. USD Term SOFR + 3.75% | 5/19/2031 | 12674774 | 12726296 |
| LifePoint Health, Inc. 2024 Incremental Term Loan B1 | 7.66%<br> (3 mo. USD Term SOFR + 3.50% | 5/19/2031 | 4141171 | 4152497 |
| Loire Finco Luxembourg SARL 2025 USD Term Loan B (Luxembourg)<sup>(c)</sup> | 7.916%<br> (1 mo. USD Term SOFR + 4.00% | 1/21/2030 | 9950062 | 9984291 |
| MDVIP, Inc. 2025 Term Loan B | 6.951%<br> (1 mo. USD Term SOFR + 3.00% | 10/14/2031 | 9823410 | 9872527 |
| National Mentor Holdings, Inc. 2021 Term Loan | 7.766% - 7.85%<br> (1 mo. USD Term SOFR + 3.75%<br> (3 mo. USD Term SOFR + 3.75% | 3/2/2028 | 10062969 | 9932150 |

---

76 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Services (continued)** |  |  |  |  |
| National Mentor Holdings, Inc. 2021 Term Loan C | 7.852%<br> (3 mo. USD Term SOFR + 3.75% | 3/2/2028 | $454628 | $448718 |
| New WPCC Parent LLC Term Loan | 13.416%<br> (1 mo. USD Term SOFR + 9.50% | 5/9/2030 | 4617917 | 4363932 |
| Pacific Dental Services LLC 2024 Term Loan B | 6.459%<br> (1 mo. USD Term SOFR + 2.50% | 3/15/2031 | 5024289 | 5041095 |
| Parexel International Corp. 2025 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25% | 11/15/2028 | 4816586 | 4842476 |
| Surgery Center Holdings, Inc. 2025 Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 12/19/2030 | 4894165 | 4910781 |
| WCG Intermediate Corp. 2025 Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 2/25/2032 | 9078723 | 9108001 |
| *Total* |  |  |  | 138593955 |
| **Healthcare 0.83%** |  |  |  |  |
| AthenaHealth Group, Inc. 2022 Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75% | 2/15/2029 | 15303873 | 15302342 |
| Electron BidCo, Inc. 2021 Term Loan | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 11/1/2028 | 6233402 | 6267250 |
| Hunter Holdco 3 Ltd. USD Term Loan B (United Kingdom)<sup>(c)</sup> | 8.352%<br> (3 mo. USD Term SOFR + 4.25% | 8/19/2028 | 7022969 | 6803501 |
| National Mentor Holdings, Inc. 2021 2nd Lien Term Loan | 11.352%<br> (3 mo. USD Term SOFR + 7.25% | 3/2/2029 | 10331375 | 9763150 |
| *Total* |  |  |  | 38136243 |
| **Home Furnishings 0.73%** |  |  |  |  |
| AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | 6.854% - 6.98%<br> (1 mo. USD Term SOFR + 3.00%<br> (3 mo. USD Term SOFR + 3.00% | 7/31/2028 | 27558649 | 27664887 |
| Somnigroup International, Inc. Term Loan B | 6.16%<br> (1 mo. USD Term SOFR + 2.25% | 10/24/2031 | 5786294 | 5827898 |
| *Total* |  |  |  | 33492785 |
| **Household Equipment/Products 0.43%** |  |  |  |  |
| GC Ferry Acquisition I, Inc. Delayed Draw Term Loan<sup>(h)</sup> |  | 8/16/2032 | 2869563 | 2868774 |
| GC Ferry Acquisition I, Inc. Term Loan | 7.459%<br> (1 mo. USD Term SOFR + 3.50% | 8/16/2032 | 16807437 | 16802815 |
| *Total* |  |  |  | 19671589 |

---

*See Notes to Financial Statements.* 77

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Housewares 0.10%** |  |  |  |  |
| Hunter Douglas, Inc. 2025 USD Term Loan B | 7.252%<br> (3 mo. USD Term SOFR + 3.25% | 1/20/2032 | $4738886 | $4760804 |
| **Information Technology 0.58%** |  |  |  |  |
| ConnectWise LLC 2021 Term Loan B | 7.763%<br> (3 mo. USD Term SOFR + 3.50% | 9/29/2028 | 4886016 | 4894738 |
| Constant Contact, Inc. Term Loan | 8.166%<br> (3 mo. USD Term SOFR + 4.00% | 2/10/2028 | 6990726 | 6713613 |
| Ensono LP 2021 Term Loan | 8.03%<br> (1 mo. USD Term SOFR + 4.00% | 5/26/2028 | 15030920 | 15069475 |
| *Total* |  |  |  | 26677826 |
| **Information Technology Services 0.15%** |  |  |  |  |
| Recovery Solutions Parent LLC Term Loan | 11.502%<br> (3 mo. USD Term SOFR + 7.50% | 1/28/2030 | 6867526 | 6890395 |
| **Insurance 4.06%** |  |  |  |  |
| Acrisure LLC 2024 1st Lien Term Loan B6 | 6.916%<br> (1 mo. USD Term SOFR + 3.00% | 11/6/2030 | 19026773 | 19040663 |
| Alera Group, Inc. 2025 2nd Lien Term Loan | 9.416%<br> (1 mo. USD Term SOFR + 5.50% | 5/30/2033 | 1364000 | 1403781 |
| Alera Group, Inc. 2025 Term Loan | 7.166%<br> (1 mo. USD Term SOFR + 3.25% | 5/31/2032 | 13645000 | 13718683 |
| Alliant Holdings Intermediate LLC 2025 Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50% | 9/19/2031 | 20419443 | 20448234 |
| Amynta Agency Borrower, Inc. 2025 Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75% | 12/29/2031 | 4307271 | 4317027 |
| Ardonagh Midco 3 PLC 2024 USD Term Loan B (United Kingdom)<sup>(c)</sup> | 6.752% - 6.95%<br> (3 mo. USD Term SOFR + 2.75%<br> (6 mo. USD Term SOFR + 2.75% | 2/15/2031 | 12111216 | 12101103 |
| Ardonagh Midco 3 PLC 2025 EUR Repriced Term Loan B |  | 2/15/2031 | 3000000 | 3504390 |
| Asurion LLC 2021 2nd Lien Term Loan B3 | 9.28%<br> (1 mo. USD Term SOFR + 5.25% | 1/31/2028 | $10140000 | 9747126 |
| Asurion LLC 2023 Term Loan B11 | 8.266%<br> (1 mo. USD Term SOFR + 4.25% | 8/19/2028 | 35222222 | 35219756 |
| HUB International Ltd. 2025 Term Loan B | 6.12%<br> (3 mo. USD Term SOFR + 2.25% | 6/20/2030 | 3007913 | 3022637 |
| OneDigital Borrower LLC 2024 2nd Lien Term Loan | 9.166%<br> (1 mo. USD Term SOFR + 5.25% | 7/2/2031 | 5957000 | 6016570 |

---

78 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| OneDigital Borrower LLC 2025 Repriced Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 7/2/2031 | $14201447 | $14225305 |
| Sedgwick Claims Management Services, Inc. 2023 Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50%) | 7/31/2031 | 23697710 | 23765842 |
| SIACI St. Honore 2025 EUR Unitranche Term Loan | 5.50%<br> (3 mo. EURIBOR + 3.50%) | 7/26/2032 | 8893000 | 10425845 |
| Truist Insurance Holdings LLC 2024 Term Loan B | 6.752%<br> (3 mo. USD Term SOFR + 2.75%) | 5/6/2031 | $8809266 | 8824814 |
| *Total* |  |  |  | 185781776 |
| **Internet 1.20%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | – <sup>(b)</sup> | 9/17/2026 | 12437523 | 10820645 |
| Arches Buyer, Inc. 2021 Term Loan B | 7.266%<br> (1 mo. USD Term SOFR + 3.25%) | 12/6/2027 | 15820798 | 15872453 |
| Magnite, Inc. 2025 Repriced Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 2/6/2031 | 9431037 | 9438912 |
| Proofpoint, Inc. 2024 Term Loan | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 8/31/2028 | 7759827 | 7808326 |
| Proofpoint, Inc. 2025 Fungible Term Loan | – <sup>(b)</sup> | 8/31/2028 | 2883000 | 2901019 |
| Speedster Bidco GmbH 2024 USD Term Loan B (Germany)<sup>(c)</sup> | 7.24%<br> (3 mo. USD Term SOFR + 3.25%) | 12/10/2031 | 7831714 | 7866957 |
| *Total* |  |  |  | 54708312 |
| **Investment Companies - Closed-End Fund 0.15%** |  |  |  |  |
| Shermco Intermediate Holdings, Inc. 2025 Term Loan | 7.108%<br> (3 mo. USD Term SOFR + 3.25%) | 10/27/2032 | 6624000 | 6657120 |
| **Investment Management Companies 0.80%** |  |  |  |  |
| Dragon Buyer, Inc. Term Loan B | 6.752%<br> (3 mo. USD Term SOFR + 2.75%) | 9/30/2031 | 4747171 | 4772877 |
| Nexus Buyer LLC 2025 Term Loan B | 7.416%<br> (1 mo. USD Term SOFR + 3.50%) | 7/31/2031 | 9390301 | 9293252 |
| NEXUS Buyer LLC 2025 2nd Lien Term Loan B | 9.666%<br> (1 mo. USD Term SOFR + 5.75%) | 2/16/2032 | 11917000 | 11849967 |
| NEXUS Buyer LLC 2025 Incremental Term Loan | 7.916%<br> (1 mo. USD Term SOFR + 4.00%) | 7/31/2031 | 5973000 | 5978615 |

---

*See Notes to Financial Statements.* 79

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> Amount<sup>‡</sup> | **Fair<br>Value** |
| **Investment Management Companies (continued)** |  |  |  |  |
| Nvent Electric PLC Term Loan B(United Kingdom)<sup>(c)</sup> | 6.984%<br>(1 mo. USD Term SOFR + 3.00% | 1/30/2032 | $4771043 | $4803247 |
| *Total* |  |  |  | 36697958 |
| **Leisure Time 0.70%** |  |  |  |  |
| Bulldog Purchaser, Inc. 2025 Term Loan | 7.686%<br>(3 mo. USD Term SOFR + 3.75% | 6/27/2031 | 7645618 | 7692792 |
| Fitness International LLC 2024 Term Loan B | 8.416%<br>(1 mo. USD Term SOFR + 4.50% | 2/12/2029 | 11826218 | 11891262 |
| Recess Holdings, Inc. 2025 Repriced Term Loan | 7.615%<br>(3 mo. USD Term SOFR + 3.75% | 2/20/2030 | 8696956 | 8744528 |
| Sabre GLBL, Inc. 2022 Term Loan B | 8.266%<br>(1 mo. USD Term SOFR + 4.25% | 6/30/2028 | 3705882 | 3520588 |
| *Total* |  |  |  | 31849170 |
| **Lodging 0.25%** |  |  |  |  |
| Turquoise Topco Ltd. Term Loan B (Jersey)<sup>(c)</sup> |  | 8/13/2032 | 11359000 | 11231211 |
| **Machinery: Diversified 1.71%** |  |  |  |  |
| Arcline FM Holdings LLC 2025 1st Lien Term Loan | 6.684%<br>(3 mo. USD Term SOFR + 2.75% | 6/23/2030 | 18173018 | 18282419 |
| Engineered Machinery Holdings, Inc. 2025USD Delayed Draw Term Loan<sup>(h)</sup> |  | 11/22/2032 | 604023 | 607234 |
| Engineered Machinery Holdings, Inc. 2025 USD Term Loan |  | 11/22/2032 | 4124977 | 4146901 |
| INNIO Group Holding GmbH 2025Term Loan B2 (Austria)<sup>(c)</sup> | 6.134%<br>(3 mo. USD Term SOFR + 2.25% | 11/2/2028 | 6330000 | 6352440 |
| Pro Mach Group, Inc. 2025 1st Lien Term Loan B | 6.666%<br>(1 mo. USD Term SOFR + 2.75% | 10/16/2032 | 4730000 | 4758214 |
| Project Castle, Inc. Term Loan B | 9.361%<br>(6 mo. USD Term SOFR + 5.50% | 6/1/2029 | 48866 | 33864 |
| SPX Flow, Inc. 2025 Term Loan | 6.666%<br>(1 mo. USD Term SOFR + 2.75% | 4/5/2029 | 5016905 | 5051396 |
| Titan Acquisition Ltd. 2024 Term Loan B(Canada)<sup>(c)</sup> | 7.589% - 7.59%<br>(3 mo. USD Term SOFR + 3.75%<br>(6 mo. USD Term SOFR + 3.75% | 2/15/2029 | 18130350 | 18258713 |
| Titan Acquisition Ltd. 2025 Add-OnIncremental Term Loan (Canada)<sup>(c)</sup> |  | 2/15/2029 | 1520000 | 1530762 |

---

80 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Machinery: Diversified (continued)** |  |  | | |
| TK Elevator Midco GmbH 2025 EUR Term Loan B1 | 5.333%<br>(6 mo. EURIBOR + 3.25%) | 4/30/2030 | 16243000 | $19023223 |
| *Total* |  |  |  | 78045166 |
| **Media 1.96%** |  |  |  |  |
| Altice France SA 2025 USD Term Loan B11(France)<sup>(c)</sup> | 8.11%<br>(3 mo. USD Term SOFR + 4.13%) | 4/30/2028 | $15963378 | 15797039 |
| Cable One, Inc. 2021 Term Loan B4 | – <sup>(b)</sup> | 5/3/2028 | 9457000 | 9061035 |
| DirecTV Financing LLC 2024 Term Loan | 9.352%<br>(3 mo. USD Term SOFR + 5.25%) | 8/2/2029 | 13828688 | 13867962 |
| DirecTV Financing LLC Term Loan | 9.102%<br>(3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 1971438 | 1976228 |
| EW Scripps Co. 2025 Term Loan B2 | 9.823%<br>(1 mo. USD Term SOFR + 5.75%) | 6/30/2028 | 2943928 | 2989324 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.402%<br>(3 mo. USD Term SOFR + 3.30%) | 12/31/2029 | 1827815 | 1681599 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.116%<br>(1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 15171179 | 13900593 |
| Sunrise Financing Partnership Term Loan AAA1 | 6.426%<br>(3 mo. USD Term SOFR + 2.50%) | 2/15/2032 | 14192000 | 14224926 |
| Telenet Financing USD LLC 2020 USD Term Loan AR | 6.073%<br>(1 mo. USD Term SOFR + 2.00%) | 4/30/2028 | 9644000 | 9644000 |
| Virgin Media Bristol LLC 2020 USD Term Loan Q | 7.323%<br>(1 mo. USD Term SOFR + 3.25%) | 1/31/2029 | 6507000 | 6512498 |
| *Total* |  |  |  | 89655204 |
| **Metal Fabricate/Hardware 0.26%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 9.766%<br>(1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 7057921 | 6610625 |
| Tank Holding Corp. 2023 Incremental Delayed Draw Term Loan | 10.016% - 10.06% | 3/31/2028 | 2573382 | 2415763 |
| Tank Holding Corp. 2023 Incremental Term Loan | 10.016%<br>(1 mo. USD Term SOFR + 6.00%) | 3/31/2028 | 3006159 | 2822032 |
| *Total* |  |  |  | 11848420 |

---

See Notes to Financial Statements. 81

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Metals & Mining 0.00%** |  |  |  |  |
| American Rock Salt Co. LLC 2021 Term Loan | 7.937%<br>(3 mo. USD Term SOFR + 4.00%) | 6/9/2028 | $49870 | $38494 |
| **Miscellaneous Manufacture 0.35%** |  |  |  |  |
| CoorsTek, Inc. Term Loan B | 6.859%<br>(3 mo. USD Term SOFR + 3.00%) | 10/28/2032 | 7095000 | 7170384 |
| Rohm Holding GmbH 2024 EUR PIK Term Loan B 6.83% | 0.25%<br> (6 mo. EURIBOR + 4.75%) | 1/31/2029 | 8186687 | 9020033 |
| *Total* |  |  |  | 16190417 |
| **Oil & Gas 0.30%** |  |  |  |  |
| Pasadena Performance Products LLC 1st Lien Term Loan | 7.252%<br> (3 mo. USD Term SOFR + 3.25%) | 2/27/2032 | $13741687 | 13767452 |
| **Oil & Gas Services 0.13%** |  |  |  |  |
| Deep Blue Operating I LLC Term Loan | 6.734%<br> (1 mo. USD Term SOFR + 2.75%) | 10/1/2032 | 6103000 | 6129731 |
| **Paper & Forest Products 0.21%** |  |  |  |  |
| Glatfelter Corp. Term Loan B | 8.072%<br> (3 mo. USD Term SOFR + 4.25%) | 11/4/2031 | 9570281 | 9414764 |
| **Pharmaceuticals 1.47%** |  |  |  |  |
| Ceva Sante Animale 2025 EUR Term Loan B | 5.00%<br> (3 mo. EURIBOR + 3.00%) | 11/8/2030 | 5679889 | 6635970 |
| Ceva Sante Animale 2025 USD Term Loan B(France)<sup>(c)</sup> | 6.594%<br> (3 mo. USD Term SOFR + 2.75%) | 11/8/2030 | $3422959 | 3451318 |
| Gainwell Acquisition Corp. 2021 2nd Lien Incremental Term Loan | 12.036%<br> (3 mo. USD Term SOFR + 8.00%) | 10/2/2028 | 8574312 | 8445697 <sup>(i)</sup> |
| Gainwell Acquisition Corp. 2nd Lien Term Loan | 12.036%<br> (3 mo. USD Term SOFR + 8.00%) | 10/2/2028 | 1478688 | 1456508 |
| IVC Acquisition Ltd. 2025 USD RepricedTerm Loan B (United Kingdom)<sup>(c)</sup> | 7.752%<br> (3 mo. USD Term SOFR + 3.75%) | 12/12/2028 | 14191992 | 14278918 |
| Jazz Financing Lux SARL 2024 1st LienTerm Loan B2 (Luxembourg)<sup>(c)</sup> | 6.166%<br> (1 mo. USD Term SOFR + 2.25%) | 5/5/2028 | 4975459 | 5001033 |
| Paradigm Parent LLC 1st Lien Term Loan | 8.382%<br> (3 mo. USD Term SOFR + 4.50%) | 4/16/2032 | 12611000 | 10926927 |

---

82 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |
| Sharp Services LLC 2025 Term Loan B | 6.99%<br>(3 mo. USD Term SOFR + 3.00%) | 9/29/2032 | $7364000 | $7391615 |
| Southern Veterinary Partners LLC 2025 Term Loan B | 6.365%<br>(3 mo. USD Term SOFR + 2.50%) | 12/4/2031 | 9432385 | 9430404 |
| *Total* |  |  |  | 67018390 |
| **Pipelines 0.73%** |  |  |  |  |
| CPPIB OVM Member U.S. LLC Term Loan B(Canada)<sup>(c)</sup> | 6.502%<br>(3 mo. USD Term SOFR + 2.50%) | 8/20/2031 | 4729865 | 4745497 |
| Oryx Midstream Services Permian Basin LLC 2025 Term Loan B | 6.166%<br>(1 mo. USD Term SOFR + 2.25%) | 10/5/2028 | 21693863 | 21794956 |
| Rockpoint Gas Storage Partners LP 2025 Repriced Term Loan B | 6.343%<br>(3 mo. USD Term SOFR + 2.50%) | 9/18/2031 | 6946507 | 6983185 |
| *Total* |  |  |  | 33523638 |
| **Real Estate 0.36%** |  |  |  |  |
| CoreLogic, Inc. 2nd Lien Term Loan | 10.53%<br>(1 mo. USD Term SOFR + 6.50%) | 6/4/2029 | 6885578 | 6924310 |
| Cushman & Wakefield U.S. Borrower LLC 2025 Term Loan B3 | 6.666%<br>(1 mo. USD Term SOFR + 2.75%) | 1/31/2030 | 9480371 | 9525829 |
| *Total* |  |  |  | 16450139 |
| **Real Estate Investment Trusts 0.69%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc. 2025 Term Loan B | – <sup>(b)</sup> | 11/19/2032 | 6529000 | 6526976 |
| Blackstone Mortgage Trust, Inc. 2025 Term Loan B6 | 6.916%<br>(1 mo. USD Term SOFR + 3.00%) | 12/10/2030 | 7153307 | 7182385 |
| Starwood Property Trust, Inc. 2025 Term Loan B | 6.166%<br>(1 mo. USD Term SOFR + 2.25%) | 9/24/2032 | 17781000 | 17875506 |
| *Total* |  |  |  | 31584867 |
| **Retail 4.16%** |  |  |  |  |
| BCPE Grill Parent 2023 Term Loan B | 8.752%<br>(3 mo. USD Term SOFR + 4.75%) | 9/30/2030 | 4745848 | 4510241 |
| CD&R Firefly Bidco Ltd. 2025 GBP Term Loan | 8.719%<br>(SONIA + 4.75%) | 4/29/2029 | 8537000 | 11348908 |
| CWGS Group LLC 2021 Term Loan B | 6.53%<br>(1 mo. USD Term SOFR + 2.50%) | 6/3/2028 | $13426000 | 13122102 |

---

See Notes to Financial Statements. 83

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Retail (continued)** |  |  | | |
| Evergreen Acqco 1 LP 2025 Term Loan B | 7.026%<br> (3 mo. USD Term SOFR + 3.00%) | 9/17/2032 | $13101000 | $13158317 |
| Flynn Restaurant Group LP 2025 Incremental Term Loan | 7.666%<br> (1 mo. USD Term SOFR + 3.75%) | 1/28/2032 | 11001807 | 11042294 |
| Great Outdoors Group LLC 2025 Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 1/23/2032 | 25978906 | 26084120 |
| Harbor Freight Tools USA, Inc. 2024 Term Loan B | 6.166%<br> (1 mo. USD Term SOFR + 2.25%) | 6/11/2031 | 13298904 | 13114382 |
| K-Mac Holdings Corp. 2025 Add-on Term Loan | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 7/21/2028 | 6611430 | 6662404 |
| Park River Holdings, Inc. 2025 Term Loan | 8.485%<br> (3 mo. USD Term SOFR + 4.50%) | 3/15/2031 | 6621000 | 6649603 |
| Peer Holding III BV 2025 USD Term Loan B(Netherlands)<sup>(c)</sup> | 8.50%<br> (PRIME rate + 1.25%) | 9/29/2032 | 3209000 | 3218017 |
| Peer Holding III BV 2025 USD Term LoanB4B (Netherlands)<sup>(c)</sup> | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 10/28/2030 | 9547124 | 9593045 |
| Peer Holding III BV 2025 USD Term LoanB5B (Netherlands)<sup>(c)</sup> | 6.502%<br> (3 mo. USD Term SOFR + 2.50%) | 7/1/2031 | 9705658 | 9750740 |
| PetSmart, Inc. 2025 USD Term Loan B | 7.96%<br> (1 mo. USD Term SOFR + 4.00%) | 8/18/2032 | 13501100 | 13411048 |
| QSRP Finco BV EUR Term Loan B | 6.069%<br> (6 mo. EURIBOR + 4.00%) | 6/19/2031 | 8946000 | 10471320 |
| Restaurant Brands International, Inc. 2025 EUR Term Loan B | 5.615%<br> (3 mo. EURIBOR + 3.60%) | 10/31/2031 | 5000000 | 5853269 |
| RVR Dealership Holdings LLC Term Loan B | 7.74%<br> (3 mo. USD Term SOFR + 3.75%) | 2/8/2028 | $9391557 | 9107181 |
| Tacala LLC 2025 Repriced Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 1/31/2031 | 4739730 | 4768311 |
| White Cap Buyer LLC 2024 Term Loan B | 7.215%<br> (1 mo. USD Term SOFR + 3.25%) | 10/19/2029 | 18329867 | 18405111 |
| *Total* |  |  |  | 190270413 |
| **Semiconductors 0.38%** |  |  |  |  |
| Altar Bidco, Inc. 2021 Term Loan | – <sup>(b)</sup> | 2/1/2029 | 4729000 | 4668421 |
| Instructure Holdings, Inc. 2025 Repriced Term Loan | 6.753%<br> (3 mo. USD Term SOFR + 2.75%) | 11/13/2031 | 12698175 | 12738746 |
| *Total* |  |  |  | 17407167 |

---

84 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Service 0.00%** |  |  | | |
| Sabre GLBL, Inc. 2022 1st Lien Term Loan B | 9.016%<br> (1 mo. USD Term SOFR + 5.00%) | 6/30/2028 | $185821 | $176647 |
| **Software 10.20%** |  |  |  |  |
| Apttus Corp. 2024 Term Loan B | 7.34%<br> (3 mo. USD Term SOFR + 3.50%) | 5/8/2028 | 6505008 | 6526670 |
| Ascend Learning LLC 2025 Repriced Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 12/11/2028 | 15614301 | 15635692 |
| BCPE Pequod Buyer, Inc. USD Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 11/25/2031 | 12177480 | 12227895 |
| Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | 9.572%<br> (3 mo. USD Term SOFR + 5.75%) | 7/30/2032 | 9448000 | 9126154 |
| Boxer Parent Co., Inc. 2025 USD Term Loan B | 6.822%<br> (3 mo. USD Term SOFR + 3.00%) | 7/30/2031 | 16192181 | 16147005 |
| Cast & Crew Payroll LLC 2021 Incremental Term Loan | 7.666%<br> (1 mo. USD Term SOFR + 3.75%) | 12/29/2028 | 49742 | 34152 |
| Central Parent, Inc. 2024 Term Loan B | 7.252%<br> (3 mo. USD Term SOFR + 3.25%) | 7/6/2029 | 26871024 | 22428841 |
| Clearwater Analytics LLC 2025 Term Loan B | 6.461%<br> (6 mo. USD Term SOFR + 2.25%) | 4/21/2032 | 4799000 | 4813997 |
| Cloud Software Group, Inc. 2025 Term Loan B (2031) | 7.252%<br> (3 mo. USD Term SOFR + 3.25%) | 3/21/2031 | 10350609 | 10336843 |
| Cloud Software Group, Inc. 2025 Term Loan B (2032) | 7.252%<br> (3 mo. USD Term SOFR + 3.25%) | 8/13/2032 | 18758985 | 18739476 |
| Constant Contact, Inc. Second Lien Term Loan | 11.666%<br> (3 mo. USD Term SOFR + 7.50%) | 2/12/2029 | 5523000 | 4923092 |
| Cotiviti Corp. 2024 Fixed Term Loan B | 7.625% | 5/1/2031 | 4687500 | 4592297 |
| Cotiviti Corp. 2024 Term Loan | 6.734%<br> (1 mo. USD Term SOFR + 2.75%) | 5/1/2031 | 12844086 | 12378488 |
| Cotiviti Corp. 2025 2nd Amendment Term Loan | 6.734%<br> (1 mo. USD Term SOFR + 2.75%) | 3/26/2032 | 4038803 | 3889044 |
| Darktrace PLC 1st Lien Term Loan(United Kingdom)<sup>(c)</sup> | 7.185%<br> (3 mo. USD Term SOFR + 3.25%) | 10/9/2031 | 9482665 | 9513199 |
| Darktrace PLC 2nd Lien Term Loan(United Kingdom)<sup>(c)</sup> | 9.185%<br> (3 mo. USD Term SOFR + 5.25%) | 10/9/2032 | 6064000 | 6036833 |
| Dayforce, Inc. 2025 Term Loan | – <sup>(b)</sup> | 10/7/2032 | 27651000 | 27610076 |

---

See Notes to Financial Statements. 85

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Software (continued)** |  |  | | |
| Dedalus Finance GmbH 2025 EUR Term Loan B | 5.783%<br> (6 mo. EURIBOR + 3.75%) | 5/4/2030 | 6209000 | $7248777 |
| Disco Parent, Inc. 2025 Term Loan B | 7.072%<br> (3 mo. USD Term SOFR + 3.25%) | 8/6/2032 | $10650750 | 10717317 |
| DTI Holdco, Inc. 2025 Term Loan B | 7.916%<br> (1 mo. USD Term SOFR + 4.00%) | 4/26/2029 | 17217473 | 16151281 |
| Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75%) | 10/9/2029 | 7752952 | 7784157 |
| EP Purchaser LLC 2021 Term Loan B | 7.437%<br> (3 mo. USD Term SOFR + 3.50%) | 11/6/2028 | 49742 | 39758 |
| Epicor Software Corp. 2024 Term Loan F | 6.416%<br> (1 mo. USD Term SOFR + 2.50%) | 5/30/2031 | 5013695 | 5034201 |
| Finastra USA, Inc. 2025 USD Term Loan | 8.038%<br> (3 mo. USD Term SOFR + 4.00%) | 9/15/2032 | 10958000 | 10781905 |
| Genesys Cloud Services Holdings II LLC 2025 USD Term Loan B | – <sup>(b)</sup> | 1/30/2032 | 9890054 | 9759258 |
| Javelin Buyer, Inc. 2025 Term Loan | 6.59%<br> (3 mo. USD Term SOFR + 2.75%) | 12/5/2031 | 4789434 | 4801000 |
| Mitchell International, Inc. 2024 1st Lien Term Loan | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 6/17/2031 | 9241650 | 9276768 |
| Mitchell International, Inc. 2024 2nd Lien Term Loan | 9.166%<br> (1 mo. USD Term SOFR + 5.25%) | 6/17/2032 | 6020000 | 5961305 |
| Modena Buyer LLC Term Loan | 8.09%<br> (3 mo. USD Term SOFR + 4.25%) | 7/1/2031 | 19905277 | 19557034 |
| Mosel Bidco SE 2025 EUR Term Loan B | 5.75%<br> (3 mo. EURIBOR + 3.75%) | 9/16/2030 | 5730000 | 6727394 |
| PointClickCare Technologies, Inc. 2025Term Loan B (Canada)<sup>(c)</sup> | 6.752%<br> (3 mo. USD Term SOFR + 2.75%) | 11/3/2031 | $9816590 | 9853402 |
| Polaris Newco LLC EUR Term Loan B | 6.066%<br> (3 mo. EURIBOR + 4.00%) | 6/2/2028 | 10573811 | 11526782 |
| Press Ganey Holdings, Inc. 2025 Repriced Term Loan B | 6.916%<br> (1 mo. USD Term SOFR + 3.00%) | 4/30/2031 | $19843471 | 19897743 |
| Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | 7.252%<br> (3 mo. USD Term SOFR + 3.25%) | 10/26/2030 | 4952985 | 4954520 |
| Project Boost Purchaser LLC 2025 Refinancing Term Loan | 6.608%<br> (3 mo. USD Term SOFR + 2.75%) | 7/16/2031 | 6464201 | 6470569 |

---

86 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Software (continued)** |  |  | | |
| RealPage, Inc. 1st Lien Term Loan | 7.263%<br> (3 mo. USD Term SOFR + 3.00% | 4/24/2028 | $10382915 | $10384109 |
| RealPage, Inc. 2024 Incremental Term Loan | 7.752%<br> (3 mo. USD Term SOFR + 3.75% | 4/24/2028 | 4419790 | 4441889 |
| Rocket Software, Inc. 2023 USD Term Loan B | 7.666%<br> (1 mo. USD Term SOFR + 3.75% | 11/28/2028 | 21130447 | 21096533 |
| Skopima Merger Sub, Inc. 2024 Repriced Term Loan | 7.666%<br> (1 mo. USD Term SOFR + 3.75% | 5/12/2028 | 17219044 | 15779188 |
| Storable Intermediate Holdings LLC 2025 Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25% | 4/16/2031 | 12195073 | 12261110 |
| Surf Holdings LLC 2025 Incremental Term Loan | 7.53%<br> (1 mo. USD Term SOFR + 3.50% | 3/5/2027 | 12980348 | 13000272 |
| UKG, Inc. 2024 Term Loan B | 6.338%<br> (3 mo. USD Term SOFR + 2.50% | 2/10/2031 | 10566992 | 10574547 |
| X.AI Corp. Term Loan | 11.122%<br> (6 mo. USD Term SOFR + 7.25% | 6/28/2030 | 10844820 | 10516602 |
| Zelis Payments Buyer, Inc. 5th Amendment Term Loan | 7.166%<br> (1 mo. USD Term SOFR + 3.25% | 11/26/2031 | 6674240 | 6625385 |
| Zelis Payments Buyer, Inc. Term Loan B | 6.666%<br> (1 mo. USD Term SOFR + 2.75% | 9/28/2029 | 10135058 | 10046376 |
| *Total* |  |  |  | 466228936 |
| **Software/Services 0.42%** |  |  |  |  |
| Peraton Corp. Term Loan B | 7.69%<br> (3 mo. USD Term SOFR + 3.75% | 2/1/2028 | 21623994 | 19034953 |
| **Telecommunications 2.50%** |  |  |  |  |
| Altice Financing SA 2022 EUR Term Loan | 7.026%<br> (3 mo. EURIBOR + 5.00% | 10/31/2027 | 12154445 | 11207204 |
| Altice France SA 2025 EUR Term Loan B12 | 6.391%<br> (3 mo. EURIBOR + 4.38% | 10/30/2028 | 3439183 | 3950749 |
| CommScope, Inc. 2024 Term Loan | 8.666%<br> (1 mo. USD Term SOFR + 4.75% | 12/17/2029 | $15410000 | 15525575 |
| Delta TopCo, Inc. 2024 2nd Lien Term Loan | 9.234% - 9.24%<br> (1 mo. USD Term SOFR + 5.25%<br>(3 mo. USD Term SOFR + 5.25% | 11/29/2030 | 10413000 | 10321886 |
| Delta TopCo, Inc. 2025 Term Loan B | 6.74% - 6.75%<br> (1 mo. USD Term SOFR + 2.75%<br>(3 mo. USD Term SOFR + 2.75% | 11/30/2029 | 6794181 | 6765408 |

---

See Notes to Financial Statements. 87

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Telecommunications (continued)** |  |  | | |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.38%<br> (1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | $7155239 | $7127084 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.38%<br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 11793085 | 11745205 |
| MasOrange Finco PLC 2025 EUR Term Loan B | 4.561%<br> (6 mo. EURIBOR + 2.50%) | 3/25/2031 | 19387000 | 22566340 |
| ViaSat, Inc. Term Loan | 8.53%<br>(1 mo. USD Term SOFR + 4.50%) | 3/2/2029 | $13230539 | 13174904 |
| Zegona Communications PLC 2025 EUR Fungible Add On Term Loan B | 4.829%<br> (6 mo. EURIBOR + 2.75%) | 7/17/2029 | 10000000 | 11676021 |
| *Total* |  |  |  | 114060376 |
| **Transportation 1.20%** |  |  |  |  |
| Gategroup Finance Luxembourg SA USDTerm Loan B (Luxembourg)<sup>(c)</sup> | 8.234%<br> (1 mo. USD Term SOFR + 4.25%) | 6/10/2032 | $13501155 | 13588305 |
| Kenan Advantage Group, Inc. 2024 Term Loan B4 | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 1/25/2029 | 50000 | 49489 |
| PODS LLC 2021 Term Loan B | 7.03%<br> (1 mo. USD Term SOFR + 3.00%) | 3/31/2028 | 14923916 | 14683268 |
| Rand Parent LLC 2025 Term Loan B | 7.002%<br> (3 mo. USD Term SOFR + 3.00%) | 3/18/2030 | 12227324 | 12259177 |
| Stonepeak Nile Parent LLC 2025 Term Loan B | 6.162%<br> (3 mo. USD Term SOFR + 2.25%) | 4/9/2032 | 14020000 | 14038997 |
| *Total* |  |  |  | 54619236 |
| **Utilities 2.83%** |  |  |  |  |
| Alpha Generation LLC Term Loan B | 5.916%<br> (1 mo. USD Term SOFR + 2.00%) | 9/30/2031 | 14219523 | 14264741 |
| Compass Power Generation LLC 2025 Term Loan B | 7.166%<br> (1 mo. USD Term SOFR + 3.25%) | 4/14/2029 | 17519456 | 17665481 |
| Cornerstone Generation LLC Term Loan B | 7.094%<br> (3 mo. USD Term SOFR + 3.25%) | 8/11/2032 | 9769000 | 9874310 |
| EFS Cogen Holdings I LLC 2025 Term Loan B | 7.002%<br> (3 mo. USD Term SOFR + 3.00%) | 10/3/2031 | 19399446 | 19581316 |
| Hamilton Projects Acquiror LLC 2025 Repriced Term Loan B | 6.416%<br> (1 mo. USD Term SOFR + 2.50%) | 5/30/2031 | 16992012 | 17140692 |

---

88 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Interest<br>Rate** | **Maturity<br>Date** | Principal <br> **Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Utilities (continued)** | | |  | | |
| Invenergy Thermal Operating I LLC 2025 Term Loan B | 6.73%<br> (3 mo. USD Term SOFR + 2.75% | 6.73%<br> (3 mo. USD Term SOFR + 2.75%) | 5/17/2032 | $5891826 | $5930505 |
| Invenergy Thermal Operating I LLC 2025 Term Loan C | 6.73%<br> (3 mo. USD Term SOFR + 2.75% | 6.73%<br> (3 mo. USD Term SOFR + 2.75%) | 5/17/2032 | 349673 | 351969 |
| Lightning Power LLC Term Loan B | 6.252%<br> (3 mo. USD Term SOFR + 2.25% | 6.252%<br> (3 mo. USD Term SOFR + 2.25%) | 8/18/2031 | 8944650 | 8995590 |
| Potomac Energy Center LLC 2025 Term Loan | 6.84%<br> (3 mo. USD Term SOFR + 3.00% | 6.84%<br> (3 mo. USD Term SOFR + 3.00%) | 8/5/2032 | 16715886 | 16841255 |
| Talen Energy Supply LLC 2023 Term Loan B | 6.353%<br> (3 mo. USD Term SOFR + 2.50% | 6.353%<br> (3 mo. USD Term SOFR + 2.50%) | 5/17/2030 | 18447266 | 18523084 |
| *Total* |  |  |  |  | 129168943 |
| *Total Floating Rate Loans* (cost $3,758,813,389)* | *Total Floating Rate Loans* (cost $3,758,813,389)* | *Total Floating Rate Loans* (cost $3,758,813,389)* |  |  | 3776446584 |
|  |  | **Dividend<br>Rate** |  | **Shares** |  |
| **PREFERRED STOCKS 0.59%** |  |  |  |  |  |
| **Transportation Infrastructure 0.59%** |  |  |  |  |  |
| ACBL Holdings Corp. (cost $11,118,825) | Zero Coupon | Zero Coupon |  | 444753 | 27129933 |
|  |  | **Exercise<br>Price** | **Expiration<br>Date** |  |  |
| **WARRANTS 0.00%** |  |  |  |  |  |
| **Miscellaneous Financials 0.00%** |  |  |  |  |  |
| Utex Industries\* | $114.76 | $114.76 | 12/3/2025 | 57340 | – <sup>(e)</sup> |
| **Specialty Retail 0.00%** |  |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\* | 3.50 | 3.50 | 12/31/2099 | 147340 | 179607 |
| *Total Warrants* (cost $601,700)* |  |  |  |  | 179607 |
| *Total Long-Term Investments* (cost $4,353,551,208)* | *Total Long-Term Investments* (cost $4,353,551,208)* | *Total Long-Term Investments* (cost $4,353,551,208)* |  |  | 4376848623 |
|  |  |  |  | Principal <br> **Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 7.29%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 6.27%** |  |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $122,326,700 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $162,703,014; proceeds: $159,559,099 (cost $159,512,575) | Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $122,326,700 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $162,703,014; proceeds: $159,559,099 (cost $159,512,575) | Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $122,326,700 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $162,703,014; proceeds: $159,559,099 (cost $159,512,575) |  | $159512575 | 159512575 |

---

See Notes to Financial Statements. 89

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | Principal <br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **REPURCHASE AGREEMENTS (continued)** | | |
| Repurchase Agreement dated 11/28/2025, 4.100% due 12/1/2025 with RBC Dominion Securities, Inc. collateralized by $128,934,100 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $129,591,837; proceeds: $127,043,392 (cost $127,000,000) | $127000000 | $127000000 |
| *Total Repurchase Agreements* (cost $286,512,575)* |  | 286512575 |
| **Time Deposits 0.10%** |  |  |
| CitiBank N.A.<sup>(j)</sup> (cost $4,674,335) | 4674335 | 4674335 |
|  | **Shares** |  |
| **Money Market Funds 0.92%** |  |  |
| Fidelity Government Portfolio<sup>(j)</sup> (cost $42,069,011) | 42069011 | 42069011 |
| *Total Short-Term Investments* (cost $333,255,921)* |  | 333255921 |
| *Total Investments in Securities 103.05%* (cost $4,686,807,129)* |  | 4710104544 |
| *Less Unfunded Loan Commitments (0.18%)* (cost $8,391,666)* |  | (8427199) |
| *Net Investments in Securities 102.87%* (cost $4,678,415,463)* |  | 4701677345 |
| *Other Assets and Liabilities – Net*<sup>(k)</sup> (2.86)%* |  | (130861588) |
| *Net Assets 100.00%* |  | $4570815757 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| ETF | Exchange Traded Fund. |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $431,063,140, which represents 9.43% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>\*</sup> | Non-income producing security. |
| <sup>(a)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(b)</sup> | Interest Rate to be determined. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(f)</sup> | Defaulted (non-income producing security). |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(h)</sup> | Security partially/fully unfunded. (See Note 2(d)). |

---

90 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

<sup>(i)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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.

<sup>(j)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(k)</sup> 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/Issuers - Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.HY.S45<sup>(4)</sup> | Bank of America | 5.00% | 12/20/2030 | $32250000 | $2045811 | $359608 | $2405419 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $359,608. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br>(Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(1)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 3.000% | 12-Month USD SOFR Index | 3/19/2027 | $233000000 | $4167372 | $(2877060) | $1290312 |
| Bank of America<sup>(2)</sup> | 3.000% | 12-Month USD SOFR Index | 3/19/2030 | 68000000 | 1963406 | (1193985) | 769421 |
| Bank of America<sup>(2)</sup> | 2.489% | 12-Month USD SOFR Index | 8/1/2029 | 9592000 |  | 257283 | 257283 |
| Bank of America<sup>(2)</sup> | 2.475% | 12-Month USD SOFR Index | 10/1/2029 | 13498000 |  | 384992 | 384992 |
| Bank of America<sup>(2)</sup> | 1.225% | 12-Month USD SOFR Index | 1/15/2030 | 12445000 |  | 983569 | 983569 |
| Bank of America<sup>(2)</sup> | 1.220% | 12-Month USD SOFR Index | 10/15/2029 | 9775000 | – | 727450 | 727450 |
| *Total* |  |  |  |  | $6130778 | $(1717751) | $4413027 |

---

See Notes to Financial Statements. 91

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(1)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 4.491% | 12-Month USD SOFR Index | 10/6/2026 | $5995000 | $– | $(44754) | $(44754) |
| Bank of America<sup>(2)</sup> | 4.423% | 12-Month USD SOFR Index | 2/1/2027 | 8259000 |  | (89981) | (89981) |
| Bank of America<sup>(2)</sup> | 4.058% | 12-Month USD SOFR Index | 7/25/2030 | 4661000 |  | (152781) | (152781) |
| Bank of America<sup>(2)</sup> | 4.015% | 12-Month USD SOFR Index | 1/15/2032 | 9552000 |  | (339634) | (339634) |
| Bank of America<sup>(2)</sup> | 4.007% | 12-Month USD SOFR Index | 6/1/2028 | 6585000 | – | (115889) | (115889) |
| *Total* |  |  |  |  | $– | $(743039) | $(743039) |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Upfront payments paid (received) are presented net of amortization. <br> <sup>(2)</sup> Central Clearinghouse: Chicago Mercantile Exchange (CME).

**Total Return Swap Contracts at November 30, 2025:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Refer-<br> enced<br> Index\*** | **Referenced<br> Spread** | **Units** | **Position** | **Termi-<br> nation<br> Date** | **Notional<br> Amount** | Upfront<br> Payment<sup>(1)</sup> | **Unrealized<br> Appreciation** | **Value** |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 311173 | Long | 12/20/2025 | $70742078 | $455 | $609056 | $609511 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 150952 | Long | 12/20/2025 | 34500000 | 135 | 112890 | 113025 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 60365 | Long | 12/22/2025 | 13762000 | 165 | 79440 | 79605 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 100714 | Long | 3/20/2026 | 23000000 | (306) | 65517 | 65211 |
| *Total* |  |  |  |  |  | $142004078 | $449 | $866903 | $867352 |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Upfront payments paid (received) are presented net of amortization. <br> \* iBoxx Leveraged Loan Index.

92 See Notes to Financial Statements.

**Schedule of Investments (continued)**

FLOATING RATE FUND *November 30, 2025*

**Forward Foreign Currency Exchange Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br>Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 2107000 | $2775246 | $2788977 | $13731 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 7723000 | 10215279 | 10222719 | 7440 |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 18454000 | 24708208 | 24427044 | 281164 |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 5758000 | 6730688 | 6713591 | 17097 |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 4318000 | 5046958 | 5034610 | 12348 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $331780 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 245937000 | $285053280 | $286752400 | $(1699120) |

---

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br>Amount** | **Notional<br>Value** | **Unrealized<br>Appreciation** |
| U.S. 2-Year Treasury Note | March 2026 | 1192 | Long | $248856296 | $248960376 | $104080 |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>*:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $114408746 | $– | $114408746 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 26301955 |  | 26301955 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 370474593 |  | 370474593 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 61907205 |  |  | 61907205 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 58572693 | 8445697 | 67018390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3709428194 |  | 3709428194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (8427199) |  | (8427199) |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 27129933 |  | 27129933 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 179607 |  | 179607 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 286512575 |  | 286512575 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 4674335 |  | 4674335 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 42069011 | – | – | 42069011 |
| Total | $103976216 | $4589255432 | $8445697 | $4701677345 |

---

See Notes to Financial Statements. 93

**Schedule of Investments (concluded)**

FLOATING RATE FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $2405419 | $– | $2405419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 4413027 |  | 4413027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (743039) |  | (743039) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 867352 |  | 867352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 331780 |  | 331780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1699120) |  | (1699120) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 104080 |  |  | 104080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $104080 | $5575419 | $– | $5679499 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

94 See Notes to Financial Statements.

**Schedule of Investments**

HIGH YIELD FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.12%** | | |
| **COMMON STOCKS 0.40%** | | |
| **Diversified Telecommunication Services 0.09%** | | |
| Luxco Co. Ltd.\*<sup>(a)</sup> | 160911 | $2941944 |
| **Electric: Utilities 0.05%** |  |  |
| Frontera Generation Holdings LLC\* | 87622 | 1533385 |
| **Ground Transportation 0.05%** |  |  |
| Hertz Global Holdings, Inc.\*<sup>(b)</sup> | 290660 | 1523058 |
| **Health Care Providers & Services 0.04%** |  |  |
| Recovery Solutions LLC\* | 74342 | 1077959 |
| Wellpath Holdings, Inc. Class A\* | 35809 | 22381 |
| Wellpath Holdings, Inc.\* | 34699 | 242893 |
| *Total* |  | 1343233 |
| **Machinery 0.00%** |  |  |
| TNT Crane & Rigging, Inc.\* | 14844 | 9960 |
| **Miscellaneous Financials 0.05%** |  |  |
| Utex Industries\* | 49219 | 1648837 |
| **Personal Care Products 0.06%** |  |  |
| Britax Group Ltd.\* | 2481 |  |
| Gibson Brands Private Equity\* | 33017 | 2146105 |
| *Total* |  | 2146105 |
| **Real Estate Management & Development 0.03%** |  |  |
| Shimao Group Holdings Ltd.\*<sup>(a)</sup> | 34732707 | 1027039 |
| Sunac China Holdings Ltd.\*<sup>(a)</sup> | 679790 | 120209 |
| *Total* |  | 1147248 |
| **Specialty Retail 0.01%** |  |  |
| Chinos Intermediate Holdings A, Inc.\* | 47809 | 375301 |
| Claire's Holdings LLC\* | 7482 | – <sup>(c)</sup> |
| *Total* |  | 375301 |
| **Transportation Infrastructure 0.02%** |  |  |
| ACBL Holdings Corp.\* | 14214 | 668058 |
| *Total Common Stocks* (cost $34,881,696) |  | 13337129 |

---

*See Notes to Financial Statements.* 95

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **CONVERTIBLE BONDS 0.03%** |  |  | | |
| **Equity Real Estate 0.03%** |  |  | | |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> <br> (cost $6,004,590) | Zero Coupon | 9/30/2028 | $6981286 | $1082100 |
| **CORPORATE BONDS 93.42%** |  |  |  |  |
| **Advertising 0.32%** |  |  |  |  |
| CMG Media Corp.<sup>†</sup> | 8.875% | 6/18/2029 | 9113000 | 7480406 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†</sup> | 7.375% | 2/15/2031 | 3114000 | 3302649 |
| *Total* |  |  |  | 10783055 |
| **Aerospace/Defense 1.95%** |  |  |  |  |
| ATI, Inc. | 5.125% | 10/1/2031 | 5294000 | 5308792 |
| ATI, Inc. | 7.25% | 8/15/2030 | 3084000 | 3268131 |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 7.00% | 6/1/2032 | 6640000 | 7004397 |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 7.25% | 7/1/2031 | 3457000 | 3686624 |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 7.45% | 5/1/2034 | 4509000 | 5056803 |
| Czechoslovak Group AS (Czechia)<sup>†(e)</sup> | 6.50% | 1/10/2031 | 3291000 | 3391140 |
| Czechoslovak Group AS (Czechia)<sup>(e)</sup> | 6.50% | 1/10/2031 | 2178000 | 2244273 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(e)</sup> | 7.50% | 2/15/2032 | 9011000 | 9183651 |
| Goat Holdco LLC<sup>†</sup> | 6.75% | 2/1/2032 | 5239000 | 5377991 |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | 13986000 | 14312419 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 1/31/2034 | 3558000 | 3719923 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 3221000 | 3360353 |
| *Total* |  |  |  | 65914497 |
| **Agriculture 0.24%** |  |  |  |  |
| Turning Point Brands, Inc.<sup>†</sup> | 7.625% | 3/15/2032 | 7575000 | 8088653 |
| **Airlines 0.71%** |  |  |  |  |
| American Airlines, Inc.<sup>†(b)</sup> | 7.25% | 2/15/2028 | 3614000 | 3702493 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 4967146 | 5029384 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 10532000 | 10410404 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(e)</sup> | 6.375% | 2/1/2030 | 4850000 | 4674202 |
| *Total* |  |  |  | 23816483 |

---

96 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Apparel 0.44%** |  |  |  |  |  |
| Beach Acquisition Bidco LLC<sup>†</sup> | 10.00% |  | 7/15/2033 | $5892000 | $6390740 |
| Crocs, Inc.<sup>†</sup> | 4.125% |  | 8/15/2031 | 3625000 | 3347221 |
| William Carter Co.<sup>†</sup> | 7.375% |  | 2/15/2031 | 4913000 | 5017172 |
| *Total* |  |  |  |  | 14755133 |
| **Auto Manufacturers 1.87%** |  |  |  |  |  |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(e)</sup> | 10.00% |  | 3/31/2029 | 6833000 | 6048854 |
| Ford Motor Credit Co. LLC | 7.35% |  | 3/6/2030 | 3344000 | 3590262 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% |  | 12/15/2031 | 5618000 | 5865057 |
| New Flyer Holdings, Inc.<sup>†</sup> | 9.25% |  | 7/1/2030 | 3334000 | 3573441 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.75% |  | 3/9/2028 | 5076000 | 4774855 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.125% |  | 9/30/2030 | 5203000 | 5160578 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% |  | 9/15/2028 | 1992000 | 2056690 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(e)</sup> | 4.81% |  | 9/17/2030 | 18688000 | 17543128 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(e)</sup> | 7.75% |  | 7/17/2032 | 2863000 | 3012097 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(e)</sup> | 8.125% |  | 7/17/2035 | 3487000 | 3687987 |
| NM Holdings Co. LLC<sup>(f)</sup> | Zero Coupon |  |  | 250000 |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC<sup>†</sup> | 10.00% |  | 1/15/2031 | 4283000 | 4107579 |
| Wabash National Corp.<sup>†</sup> | 4.50% |  | 10/15/2028 | 4012000 | 3677367 |
| *Total* |  |  |  |  | 63097895 |
| **Auto Parts & Equipment 1.82%** |  |  |  |  |  |
| American Axle & Manufacturing, Inc.<sup>†</sup> | 7.75% |  | 10/15/2033 | 3493000 | 3530333 |
| Aptiv Swiss Holdings Ltd. (Switzerland)<sup>(e)</sup> | 6.875% <br> (5 yr. CMT + 3.39% |)<sup>#</sup> | 12/15/2054 | 3426000 | 3521383 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% |  | 9/15/2032 | 3278000 | 3374275 |
| Dornoch Debt Merger Sub, Inc.<sup>†(b)</sup> | 6.625% |  | 10/15/2029 | 8109000 | 6836861 |
| Forvia SE (France)<sup>†(e)</sup> | 6.75% |  | 9/15/2033 | 3667000 | 3736240 |
| Forvia SE (France)<sup>†(e)</sup> | 8.00% |  | 6/15/2030 | 3362000 | 3585852 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL<sup>†</sup> | 7.75% |  | 5/31/2032 | 3231000 | 3417529 |
| Goodyear Tire & Rubber Co. | 5.25% |  | 7/15/2031 | 5257000 | 4970068 |
| Goodyear Tire & Rubber Co.<sup>(b)</sup> | 6.625% |  | 7/15/2030 | 2744000 | 2790744 |
| IHO Verwaltungs GmbH (Germany)<sup>†(e)</sup> | 8.00% |  | 11/15/2032 | 8647000 | 9043102 |
| Tenneco, Inc.<sup>†</sup> | 8.00% |  | 11/17/2028 | 2650000 | 2651447 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 3562000 | 3638437 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% |  | 4/14/2030 | 10524000 | 10428275 |
| *Total* |  |  |  |  | 61524546 |

---

*See Notes to Financial Statements.* 97

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 1.33%** |  |  |  |  |  |
| BW Real Estate, Inc.<sup>†(b)</sup> | 9.50% <br> (5 yr. CMT + 5.40% |)<sup>#</sup> | – <sup>(g)</sup> | $4155000 | $4258115 |
| Flagstar Bank NA<sup>(b)</sup> | 6.928% <br> (3 mo. USD Term SOFR + 3.04% |)<sup>#</sup> | 11/6/2028 | 4942000 | 4768082 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 1283000 | 1425224 |
| Independent Bank Corp. | 7.25%<br> (3 mo. USD Term SOFR + 3.53% |)<sup>#</sup> | 4/1/2035 | 3897000 | 4081972 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(b)(e)</sup> | 6.625% <br> (5 yr. CMT + 2.68% |)<sup>#</sup> | – <sup>(g)</sup> | 3185000 | 3167049 |
| Popular, Inc. | 7.25% |  | 3/13/2028 | 4877000 | 5131979 |
| Societe Generale SA (France)<sup>†(e)</sup> | 9.375% <br> (5 yr. CMT + 5.39% |)<sup>#</sup> | – <sup>(g)</sup> | 4792000 | 5117406 |
| Texas Capital Bancshares, Inc. | 4.00% <br> (5 yr. CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 6106000 | 6016404 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 7.75% <br> (5 yr. USD SOFR ICE Swap + 4.16% |)<sup>#</sup> | – <sup>(g)</sup> | 3120000 | 3354459 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 9.25% <br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(g)</sup> | 1330000 | 1464041 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 6229000 | 5976601 |
| *Total* |  |  |  |  | 44761332 |
| **Biotechnology 0.54%** |  |  |  |  |  |
| Biocon Biologics Global PLC (United Kingdom)<sup>†(e)</sup> | 6.67% |  | 10/9/2029 | 3499000 | 3448917 |
| Emergent BioSolutions, Inc.<sup>†(b)</sup> | 3.875% |  | 8/15/2028 | 8239000 | 7359487 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(e)(h)</sup> | 6.25% |  | 12/15/2032 | 3270000 | 3364523 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(e)(h)</sup> | 7.25% |  | 12/15/2033 | 3875000 | 4060814 |
| *Total* |  |  |  |  | 18233741 |
| **Building Materials 2.37%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 8117000 | 4890493 |
| AmeriTex HoldCo Intermediate LLC<sup>†</sup> | 7.625% |  | 8/15/2033 | 3192000 | 3359893 |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% |  | 2/1/2032 | 3913000 | 3722345 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% |  | 6/15/2032 | 3263000 | 3401106 |
| Cornerstone Building Brands, Inc.<sup>†</sup> | 9.50% |  | 8/15/2029 | 4748000 | 3816639 |
| CP Atlas Buyer, Inc.<sup>†(b)</sup> | 7.00% |  | 12/1/2028 | 6490000 | 6170530 |
| CP Atlas Buyer, Inc.<sup>†</sup> | 12.75% |  | 1/15/2031 | 1820000 | 1687323 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% |  | 12/15/2030 | 11007000 | 11420896 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% |  | 7/15/2031 | 3723000 | 3904600 |

---

98 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials (continued)** |  |  |  |  |
| JELD-WEN, Inc.<sup>†(b)</sup> | 7.00% | 9/1/2032 | $6984000 | $4764564 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% | 2/1/2030 | 9360000 | 8862279 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% | 3/1/2032 | 3278000 | 3406563 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.75% | 3/1/2033 | 5035000 | 5247009 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 4205000 | 4218023 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 8.875% | 11/15/2031 | 6405000 | 6803513 |
| Wilsonart LLC<sup>†(b)</sup> | 11.00% | 8/15/2032 | 4757000 | 4417194 |
| *Total* |  |  |  | 80092970 |
| **Chemicals 2.41%** |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% | 9/30/2029 | 4207602 | 694254 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% | 9/30/2029 | 2929053 | 2306410 |
| Celanese U.S. Holdings LLC | 6.50% | 4/15/2030 | 3796000 | 3792363 |
| Celanese U.S. Holdings LLC<sup>(b)</sup> | 6.75% | 4/15/2033 | 6803000 | 6774659 |
| Celanese U.S. Holdings LLC | 6.83% | 7/15/2029 | 3469000 | 3589302 |
| Celanese U.S. Holdings LLC | 7.20% | 11/15/2033 | 3256000 | 3402901 |
| Cerdia Finanz GmbH (Germany)<sup>†(e)</sup> | 9.375% | 10/3/2031 | 7018000 | 7279280 |
| Chemours Co.<sup>†</sup> | 8.00% | 1/15/2033 | 876000 | 853009 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% | 6/15/2028 | 4493000 | 4484546 |
| INEOS Quattro Finance 2 PLC | 6.75% | 4/15/2030 | 6819000 | 6509274 |
| Ingevity Corp.<sup>†</sup> | 3.875% | 11/1/2028 | $3764000 | 3651321 |
| Mativ Holdings, Inc.<sup>†</sup> | 8.00% | 10/1/2029 | 3377000 | 3387253 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 4663000 | 4671897 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 2/15/2033 | 267000 | 265290 |
| Rain Carbon, Inc.<sup>†(b)</sup> | 12.25% | 9/1/2029 | 7508000 | 7756785 |
| SNF Group SACA (France)<sup>†(e)</sup> | 3.375% | 3/15/2030 | 4002000 | 3744431 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% | 9/30/2033 | 3481000 | 3502728 |
| Tronox, Inc.<sup>†(b)</sup> | 4.625% | 3/15/2029 | 9915000 | 6413817 |
| Tronox, Inc.<sup>†(b)</sup> | 9.125% | 9/30/2030 | 1760000 | 1660907 |
| WR Grace Holdings LLC<sup>†</sup> | 5.625% | 8/15/2029 | 3594000 | 3386533 |
| WR Grace Holdings LLC<sup>†</sup> | 6.625% | 8/15/2032 | 3250000 | 3229174 |
| *Total* |  |  |  | 81356134 |
| **Coal 0.55%** |  |  |  |  |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<sup>†</sup> | 8.625% | 6/15/2029 | 3650000 | 3863328 |
| Coronado Finance Pty. Ltd. (Australia)<sup>†(e)</sup> | 9.25% | 10/1/2029 | 7614000 | 7048388 |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 8400000 | 7692687 |
| *Total* |  |  |  | 18604403 |

---

*See Notes to Financial Statements.* 99

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services 4.17%** |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(e)</sup> | 7.00% | 5/21/2030 | $3875000 | $4037572 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 3532000 | 3721587 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.00% | 6/1/2029 | 3354000 | 3291603 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 4698000 | 4859912 |
| Alta Equipment Group, Inc.<sup>†</sup> | 9.00% | 6/1/2029 | 3712000 | 3294218 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 5.375% | 3/1/2029 | 7163000 | 6948859 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | 7988000 | 8232185 |
| BCP V Modular Services Finance PLC | 6.75% | 11/30/2029 | 3220000 | 2835402 |
| Brink's Co.<sup>†</sup> | 6.75% | 6/15/2032 | $3528000 | 3682223 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 3266000 | 3452694 |
| CPI CG, Inc.<sup>†</sup> | 10.00% | 7/15/2029 | 3529000 | 3711820 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 3751000 | 3862446 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 10456000 | 10685049 |
| Garda World Security Corp. (Canada)<sup>†(e)</sup> | 6.50% | 1/15/2031 | 3346000 | 3437675 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 3210000 | 3393821 |
| GEO Group, Inc. | 10.25% | 4/15/2031 | 6049000 | 6642152 |
| Herc Holdings, Inc.<sup>†</sup> | 7.00% | 6/15/2030 | 5455000 | 5730652 |
| Herc Holdings, Inc.<sup>†(b)</sup> | 7.25% | 6/15/2033 | 2567000 | 2719554 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 6517000 | 1107890 |
| Hertz Corp.<sup>†</sup> | 5.00% | 12/1/2029 | 5658000 | 3898738 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 11011000 | 11010353 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (Turkey)<sup>(e)</sup> | 9.50% | 7/10/2036 | 6623023 | 6719859 |
| Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)<sup>†(e)</sup> | 8.25% | 11/15/2028 | 3276000 | 3423477 |
| NESCO Holdings II, Inc.<sup>†</sup> | 5.50% | 4/15/2029 | 3552000 | 3510684 |
| Port of Newcastle Investments Financing Pty. Ltd. (Australia)<sup>†(e)</sup> | 5.90% | 11/24/2031 | 6544000 | 6805288 |
| Raven Acquisition Holdings LLC<sup>†</sup> | 6.875% | 11/15/2031 | 3373000 | 3475850 |
| Rekeep SpA | 9.00% | 9/15/2029 | 2119000 | 2221459 |
| RR Donnelley & Sons Co.<sup>†</sup> | 9.50% | 8/1/2029 | $3750000 | 3858150 |
| Synergy Infrastructure Holdings LLC<sup>†</sup> | 7.875% | 12/1/2030 | 3351000 | 3460861 |
| TriNet Group, Inc.<sup>†</sup> | 7.125% | 8/15/2031 | 3312000 | 3438654 |
| Williams Scotsman, Inc.<sup>†</sup> | 6.625% | 4/15/2030 | 3265000 | 3373989 |
| *Total* |  |  |  | 140844676 |

---

100 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Computers 0.51%** |  |  |  |  |  |
| Amentum Holdings, Inc.<sup>†</sup> | 7.25% |  | 8/1/2032 | $3234000 | $3397178 |
| CACI International, Inc.<sup>†</sup> | 6.375% |  | 6/15/2033 | 3015000 | 3146918 |
| Crane NXT Co. | 4.20% |  | 3/15/2048 | 4963000 | 3272196 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% |  | 4/1/2029 | 3596000 | 3889552 |
| Seagate Data Storage Technology Pte. Ltd. (Singapore)<sup>†(b)(e)</sup> | 5.75% |  | 12/1/2034 | 3421000 | 3525269 |
| *Total* |  |  |  |  | 17231113 |
| **Cosmetics/Personal Care 0.53%** |  |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(e)</sup> | 6.50% |  | 3/31/2032 | 3246000 | 3348837 |
| P&L Development LLC/PLD Finance Corp.<sup>†</sup> | 12.00% |  | 5/15/2029 | 5865851 | 6027230 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(e)</sup> | 4.90% |  | 6/15/2030 | 4095000 | 3960480 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(e)</sup> | 6.125% |  | 9/30/2032 | 4703000 | 4595451 |
| *Total* |  |  |  |  | 17931998 |
| **Distribution/Wholesale 0.43%** |  |  |  |  |  |
| American Builders & Contractors Supply Co., Inc.<sup>†</sup> | 3.875% |  | 11/15/2029 | 3649000 | 3506378 |
| Resideo Funding, Inc.<sup>†</sup> | 4.00% |  | 9/1/2029 | 4048000 | 3864322 |
| Resideo Funding, Inc.<sup>†</sup> | 6.50% |  | 7/15/2032 | 3375000 | 3459395 |
| SIG PLC | 9.75% |  | 10/31/2029 | 3302000 | 3615329 |
| *Total* |  |  |  |  | 14445424 |
| **Diversified Financial Services 6.26%** |  |  |  |  |  |
| Aretec Group, Inc.<sup>†</sup> | 10.00% |  | 8/15/2030 | $3270000 | 3552214 |
| Atlanticus Holdings Corp.<sup>†</sup> | 9.75% |  | 9/1/2030 | 6970000 | 6740237 |
| Azorra Finance Ltd. (Cayman Islands)<sup>†(e)</sup> | 7.25% |  | 1/15/2031 | 6589000 | 6894156 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 6.75% |  | 5/15/2031 | 2339000 | 2390771 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 8.375% <br> (5 yr. CMT + 4.30% |)<sup>#</sup> | 6/15/2035 | 3276000 | 3360907 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 3587000 | 3395050 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.50% |  | 10/1/2030 | 4260000 | 4319410 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.75% |  | 12/1/2032 | 4187000 | 4236895 |
| EZCORP, Inc.<sup>†</sup> | 7.375% |  | 4/1/2032 | 6846000 | 7194147 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 7.875% |  | 4/1/2033 | 3338000 | 3452637 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% |  | 5/15/2031 | 7999000 | 8569017 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 5294000 | 5554437 |
| GGAM Finance Ltd. (Ireland)<sup>†(e)</sup> | 6.875% |  | 4/15/2029 | 3428000 | 3565566 |
| GGAM Finance Ltd. (Ireland)<sup>†(e)</sup> | 8.00% |  | 6/15/2028 | 3671000 | 3891943 |
| ILFC E-Capital Trust I<sup>†</sup> | 6.27% | <sup>#(i)</sup> | 12/21/2065 | 3413000 | 2877990 |

---

*See Notes to Financial Statements.* 101

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| ILFC E-Capital Trust II<sup>†(b)</sup> | 6.52% | <sup>#(i)</sup> | 12/21/2065 | $3031000 | $2585225 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 4223000 | 4420231 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 10774000 | 11358306 |
| Navient Corp. | 9.375% |  | 7/25/2030 | 6094000 | 6759355 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 8395000 | 9388246 |
| OneMain Finance Corp. | 7.125% |  | 11/15/2031 | 6387000 | 6660287 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 11293000 | 11873867 |
| Osaic Holdings, Inc.<sup>†</sup> | 6.75% |  | 8/1/2032 | 3304000 | 3431349 |
| Osaic Holdings, Inc.<sup>†</sup> | 8.00% |  | 8/1/2033 | 3189000 | 3286985 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% |  | 9/15/2031 | 5642000 | 5691497 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% |  | 5/15/2032 | 4345000 | 4542685 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 3759000 | 3948487 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% |  | 12/15/2029 | 6130000 | 6543620 |
| PHH Escrow Issuer LLC/PHH Corp.<sup>†</sup> | 9.875% |  | 11/1/2029 | 5000000 | 5115850 |
| Phoenix Aviation Capital Ltd. (Ireland)<sup>†(e)</sup> | 9.25% |  | 7/15/2030 | 4040000 | 4301020 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>†</sup> | 9.75% |  | 9/15/2029 | 6164000 | 6497072 |
| Rfna LP<sup>†</sup> | 7.875% |  | 2/15/2030 | 3686000 | 3740350 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 5147000 | 5396207 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 3.875% |  | 3/1/2031 | 3537000 | 3348254 |
| Stonebriar ABF Issuer LLC<sup>†</sup> | 8.125% |  | 12/15/2030 | 3517000 | 3576771 |
| Stonex Escrow Issuer LLC<sup>†</sup> | 6.875% |  | 7/15/2032 | 3926000 | 4067097 |
| StoneX Group, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | 6541000 | 6933480 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 8737000 | 9365842 |
| UWM Holdings LLC<sup>†</sup> | 6.25% |  | 3/15/2031 | 5149000 | 5175137 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 3269000 | 3438818 |
| *Total* |  |  |  |  | 211441415 |
| **Electric 3.25%** |  |  |  |  |  |
| AES Corp. | 7.60% <br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | 3253000 | 3321811 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(e)</sup> | 4.75% <br> (5 yr. CMT + 3.25% |)<sup>#</sup> | 1/18/2082 | 3493000 | 3444757 |
| Alpha Generation LLC<sup>†</sup> | 6.25% |  | 1/15/2034 | 6500000 | 6514683 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 5159000 | 5313610 |
| ContourGlobal Power Holdings SA (Luxembourg)<sup>†(e)</sup> | 6.75% |  | 2/28/2030 | 4648000 | 4787440 |
| Hawaiian Electric Co., Inc.<sup>†</sup> | 6.00% |  | 10/1/2033 | 3333000 | 3376866 |
| Leeward Renewable Energy Operations LLC<sup>†</sup> | 4.25% |  | 7/1/2029 | 6522000 | 6239837 |

---

102 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | $6549000 | $6955044 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 2/1/2033 | 7065000 | 7219773 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 1/15/2036 | 7229000 | 7346233 |
| NRG Energy, Inc.<sup>†</sup> | 10.25% <br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(g)</sup> | 7747000 | 8459360 |
| Pampa Energia SA (Argentina)<sup>†(b)(e)</sup> | 7.875% |  | 12/16/2034 | 2679000 | 2679000 |
| Pike Corp.<sup>†</sup> | 8.625% |  | 1/31/2031 | 3250000 | 3437948 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% |  | 2/1/2034 | 2315000 | 2360256 |
| Talen Energy Supply LLC<sup>†</sup> | 6.50% |  | 2/1/2036 | 4464000 | 4618054 |
| Vistra Corp.<sup>†</sup> | 7.00% <br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(g)</sup> | 3393000 | 3444496 |
| Vistra Corp.<sup>†(b)</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(g)</sup> | 3049000 | 3408062 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% |  | 10/15/2031 | 7712000 | 8196437 |
| VoltaGrid LLC<sup>†</sup> | 7.375% |  | 11/1/2030 | 5017000 | 5006522 |
| WEC Energy Group, Inc. | 5.625%<br> (5 yr. CMT + 1.91% |)<sup>#</sup> | 5/15/2056 | 3390000 | 3442812 |
| XPLR Infrastructure Operating Partners LP<sup>†</sup> | 7.75% |  | 4/15/2034 | 3332000 | 3389767 |
| XPLR Infrastructure Operating Partners LP<sup>†</sup> | 8.625% |  | 3/15/2033 | 6502000 | 6803075 |
| *Total* |  |  |  |  | 109765843 |
| **Electrical Components & Equipment 0.27%** |  |  |  |  |  |
| EnerSys<sup>†</sup> | 4.375% |  | 12/15/2027 | 3722000 | 3705024 |
| EnerSys<sup>†</sup> | 6.625% |  | 1/15/2032 | 5339000 | 5555085 |
| *Total* |  |  |  |  | 9260109 |
| **Electronics 0.21%** |  |  |  |  |  |
| Coherent Corp.<sup>†</sup> | 5.00% |  | 12/15/2029 | 3447000 | 3419723 |
| TTM Technologies, Inc.<sup>†</sup> | 4.00% |  | 3/1/2029 | 3625000 | 3514743 |
| *Total* |  |  |  |  | 6934466 |
| **Engineering & Construction 0.58%** |  |  |  |  |  |
| ASG Finance DAC (Ireland)<sup>†(e)</sup> | 9.75% |  | 5/15/2029 | 1939000 | 1711168 |
| Brand Industrial Services, Inc.<sup>†</sup> | 10.375% |  | 8/1/2030 | 3330000 | 3269750 |
| Great Lakes Dredge & Dock Corp.<sup>†(b)</sup> | 5.25% |  | 6/1/2029 | 3821000 | 3724397 |
| Heathrow Finance PLC | 6.625% |  | 3/1/2031 | 4285000 | 5698455 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% |  | 9/15/2028 | $5385000 | 5311564 |
| *Total* |  |  |  |  | 19715334 |

---

*See Notes to Financial Statements.* 103

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Entertainment 3.11%** |  |  |  |  |
| 888 Acquisitions Ltd. | 10.75% | 5/15/2030 | 4400000 | $5116295 |
| Bracelet Holdings, Inc.<sup>†</sup> | 9.25% | 7/2/2028 | $5329000 | 5025247 <sup>(j)</sup> |
| Caesars Entertainment, Inc.<sup>†</sup> | 6.50% | 2/15/2032 | 6593000 | 6710501 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% | 2/15/2030 | 3485000 | 3609965 |
| Cinemark USA, Inc.<sup>†</sup> | 7.00% | 8/1/2032 | 3575000 | 3729805 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 4998000 | 4879419 |
| Intralot Capital Luxembourg SA<sup>†</sup> | 6.75% | 10/15/2031 | 1255000 | 1418969 |
| Intralot Capital Luxembourg SA | 6.75% | 10/15/2031 | 1700000 | 1922110 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% | 5/1/2029 | $3418000 | 3348425 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC<sup>†</sup> | 11.875% | 4/15/2031 | 4653000 | 4878508 |
| Penn Entertainment, Inc.<sup>†(b)</sup> | 4.125% | 7/1/2029 | 4494000 | 4159593 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% | 4/6/2031 | 6500000 | 5385986 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<sup>†</sup> | 6.25% | 10/15/2030 | 5235000 | 5317917 |
| Six Flags Entertainment Corp.<sup>†(b)</sup> | 7.25% | 5/15/2031 | 3673000 | 3504979 |
| Starz Capital Holdings 1, Inc.<sup>†(b)</sup> | 6.00% | 4/15/2030 | 5656000 | 5295430 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 9832000 | 8996280 |
| Warnermedia Holdings, Inc. | 5.05% | 3/15/2042 | 24458000 | 19585722 |
| Warnermedia Holdings, Inc. | 5.141% | 3/15/2052 | 5260000 | 3947630 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>†</sup> | 7.125% | 2/15/2031 | 7470000 | 8075556 |
| *Total* |  |  |  | 104908337 |
| **Environmental Control 0.10%** |  |  |  |  |
| Waste Pro USA, Inc.<sup>†</sup> | 7.00% | 2/1/2033 | 3103000 | 3235203 |
| **Food 1.42%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.75% | 3/31/2034 | 3388000 | 3419556 |
| Arcor SAIC (Argentina)<sup>†(b)(e)</sup> | 7.60% | 7/31/2033 | 3346000 | 3411247 |
| Bellis Acquisition Co. PLC<sup>†</sup> | 8.125% | 5/14/2030 | 2993000 | 3698219 |
| Boparan Finance PLC | 9.375% | 11/7/2029 | 2978100 | 4196040 |
| C&S Group Enterprises LLC<sup>†(b)</sup> | 5.00% | 12/15/2028 | $5428000 | 5047173 |
| Chobani Holdco II LLC<sup>†</sup> | 8.75% | 10/1/2029 | 3337991 | 3555037 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% | 3/1/2031 | 3454000 | 3637566 |
| Flora Food Management BV | 6.875% | 7/2/2029 | 2883000 | 3308464 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% | 1/31/2030 | $4019000 | 3903267 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.375% | 1/31/2032 | 3565000 | 3415677 |

---

104 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Food (continued)** |  |  |  |  |  |
| Market Bidco Finco PLC | 8.75% |  | 1/31/2031 | 2492000 | $3263529 |
| Performance Food Group, Inc.<sup>†</sup> | 4.25% |  | 8/1/2029 | $3398000 | 3340116 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>†</sup> | 4.625% |  | 3/1/2029 | 3882000 | 3737241 |
| Tonon Luxembourg SA (Luxembourg)<sup>†(d)(e)</sup> | 6.50% |  | 10/31/2024 | 1863197 | – <sup>(c)</sup> |
| *Total* |  |  |  |  | 47933132 |
| **Forest Products & Paper 0.11%** |  |  |  |  |  |
| Magnera Corp.<sup>†</sup> | 7.25% |  | 11/15/2031 | 3950000 | 3773514 |
| **Gas 0.13%** |  |  |  |  |  |
| AltaGas Ltd. (Canada)<sup>†(e)</sup> | 7.20% <br> (5 yr. CMT + 3.57% |)<sup>#</sup> | 10/15/2054 | 4216000 | 4364800 |
| **Health Care-Products 0.36%** |  |  |  |  |  |
| Embecta Corp.<sup>†(b)</sup> | 5.00% |  | 2/15/2030 | 5404000 | 5155368 |
| Insulet Corp.<sup>†</sup> | 6.50% |  | 4/1/2033 | 3483000 | 3650668 |
| Medline Borrower LP<sup>†</sup> | 3.875% |  | 4/1/2029 | 3531000 | 3430403 |
| *Total* |  |  |  |  | 12236439 |
| **Health Care-Services 3.71%** |  |  |  |  |  |
| Acadia Healthcare Co., Inc.<sup>†</sup> | 5.00% |  | 4/15/2029 | 3501000 | 3404385 |
| Acadia Healthcare Co., Inc.<sup>†(b)</sup> | 7.375% |  | 3/15/2033 | 5795000 | 5912743 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 4.75% |  | 2/15/2031 | 6345000 | 5681880 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% |  | 5/15/2030 | 17669000 | 16706665 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 6.875% |  | 4/15/2029 | 10843000 | 9795824 |
| DaVita, Inc.<sup>†</sup> | 4.625% |  | 6/1/2030 | 6796000 | 6597371 |
| DaVita, Inc.<sup>†</sup> | 6.875% |  | 9/1/2032 | 3525000 | 3670910 |
| Fortrea Holdings, Inc.<sup>†</sup> | 7.50% |  | 7/1/2030 | 5229000 | 5255427 |
| Kedrion SpA (Italy)<sup>†(e)</sup> | 6.50% |  | 9/1/2029 | 9121000 | 8904192 |
| LifePoint Health, Inc.<sup>†(b)</sup> | 10.00% |  | 6/1/2032 | 4770000 | 5047714 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% |  | 10/15/2030 | 3114000 | 3431930 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 11/15/2030 | 8083000 | 7474694 |
| Molina Healthcare, Inc.<sup>†</sup> | 6.25% |  | 1/15/2033 | 3305000 | 3315021 |
| Molina Healthcare, Inc.<sup>†</sup> | 6.50% |  | 2/15/2031 | 5265000 | 5384854 |
| Pediatrix Medical Group, Inc.<sup>†</sup> | 5.375% |  | 2/15/2030 | 5213000 | 5232001 |
| Radiology Partners, Inc.<sup>†</sup> | 8.50% |  | 7/15/2032 | 3876000 | 4031040 |
| Rede D'or Finance SARL (Luxembourg)<sup>†(e)</sup> | 6.45% |  | 9/9/2035 | 3414000 | 3505751 |
| Team Health Holdings, Inc.<sup>†</sup> | 8.375% |  | 6/30/2028 | 4836000 | 4880719 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.00% |  | 11/15/2033 | 6902000 | 7131202 |
| Tenet Healthcare Corp. | 6.875% |  | 11/15/2031 | 4643000 | 5037734 |

---

*See Notes to Financial Statements.* 105

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care-Services (continued)** |  |  | | |
| U.S. Acute Care Solutions LLC<sup>†</sup> | 9.75% | 5/15/2029 | $4863000 | $4946294 |
| *Total* |  |  |  | 125348351 |
| **Holding Companies-Diversified 0.20%** |  |  |  |  |
| Benteler International AG<sup>†</sup> | 7.25% | 6/15/2031 | 478000 | 595295 |
| Clue Opco LLC<sup>†</sup> | 9.50% | 10/15/2031 | $5869000 | 6081746 |
| *Total* |  |  |  | 6677041 |
| **Home Builders 1.75%** |  |  |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>†</sup> | 6.875% | 8/1/2033 | 5631000 | 5664870 |
| Century Communities, Inc.<sup>†</sup> | 3.875% | 8/15/2029 | 5569000 | 5303809 |
| Century Communities, Inc.<sup>†</sup> | 6.625% | 9/15/2033 | 2513000 | 2550501 |
| Dream Finders Homes, Inc.<sup>†</sup> | 6.875% | 9/15/2030 | 4284000 | 4321057 |
| Dream Finders Homes, Inc.<sup>†</sup> | 8.25% | 8/15/2028 | 4252000 | 4360145 |
| K Hovnanian Enterprises, Inc.<sup>†</sup> | 8.375% | 10/1/2033 | 7266000 | 7487505 |
| LGI Homes, Inc.<sup>†(b)</sup> | 7.00% | 11/15/2032 | 3724000 | 3651504 |
| LGI Homes, Inc.<sup>†</sup> | 8.75% | 12/15/2028 | 6394000 | 6665476 |
| M/I Homes, Inc. | 4.95% | 2/1/2028 | 3294000 | 3287235 |
| Miller Homes Group Finco PLC | 7.00% | 5/15/2029 | 5951000 | 7944393 |
| STL Holding Co. LLC<sup>†</sup> | 8.75% | 2/15/2029 | $7431000 | 7841623 |
| *Total* |  |  |  | 59078118 |
| **Home Furnishings 0.04%** |  |  |  |  |
| Whirlpool Corp. | 6.50% | 6/15/2033 | 1384000 | 1376301 |
| **Insurance 1.17%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.50% | 10/1/2031 | 3551000 | 3657406 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 7.375% | 10/1/2032 | 3364000 | 3481989 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.<sup>†</sup> | 7.50% | 7/15/2033 | 6628000 | 6809163 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(e)</sup> | 7.75% | 2/15/2031 | 7356000 | 7697193 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(e)</sup> | 8.875% | 2/15/2032 | 6809000 | 7026098 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(e)</sup> | 7.25% | 2/15/2031 | 3323000 | 3410083 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 3532000 | 3677264 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% | 6/1/2031 | 3608000 | 3733907 |
| *Total* |  |  |  | 39493103 |

---

106 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Internet 0.73%** |  |  |  |  |
| GrubHub Holdings, Inc.<sup>†(b)</sup> | 13.00% | 7/31/2030 | $1460136 | $1245942 |
| Match Group Holdings II LLC<sup>†</sup> | 6.125% | 9/15/2033 | 4916000 | 4989204 |
| Rakuten Group, Inc. (Japan)<sup>†(e)</sup> | 9.75% | 4/15/2029 | 5225000 | 5812401 |
| United Group BV | 6.75% | 2/15/2031 | 4199000 | 5022759 |
| Wayfair LLC<sup>†</sup> | 6.75% | 11/15/2032 | $3393000 | 3470540 |
| Wayfair LLC<sup>†</sup> | 7.75% | 9/15/2030 | 3937000 | 4205803 |
| *Total* |  |  |  | 24746649 |
| **Iron-Steel 1.61%** |  |  |  |  |
| Algoma Steel, Inc. (Canada)<sup>†(e)</sup> | 9.125% | 4/15/2029 | 5244000 | 4210866 |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% | 3/1/2034 | 3391000 | 3450688 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.50% | 9/15/2031 | 13295000 | 13916488 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.625% | 1/15/2034 | 6675000 | 6931954 |
| Commercial Metals Co. | 4.125% | 1/15/2030 | 3953000 | 3826650 |
| Commercial Metals Co.<sup>†</sup> | 5.75% | 11/15/2033 | 3404000 | 3483156 |
| Mineral Resources Ltd. (Australia)<sup>†(e)</sup> | 9.25% | 10/1/2028 | 6396000 | 6723763 |
| Samarco Mineracao SA (Brazil)<sup>(e)</sup> | 9.50% | 6/30/2031 | 7906078 | 7938414 |
| U.S. Steel Corp. | 6.65% | 6/1/2037 | 3719000 | 3949671 |
| *Total* |  |  |  | 54431650 |
| **Leisure Time 1.23%** |  |  |  |  |
| Acushnet Co.<sup>†</sup> | 5.625% | 12/1/2033 | 3566000 | 3602621 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/15/2030 | 12040000 | 12381840 |
| Life Time, Inc.<sup>†</sup> | 6.00% | 11/15/2031 | 3604000 | 3684686 |
| Lindblad Expeditions LLC<sup>†</sup> | 7.00% | 9/15/2030 | 5327000 | 5466743 |
| NCL Corp. Ltd.<sup>†</sup> | 6.75% | 2/1/2032 | 6710000 | 6814508 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% | 11/1/2032 | 3537000 | 3629754 |
| Sabre GLBL, Inc.<sup>†</sup> | 11.25% | 12/15/2027 | 2301000 | 2375783 |
| Viking Cruises Ltd.<sup>†</sup> | 5.875% | 10/15/2033 | 3340000 | 3396236 |
| *Total* |  |  |  | 41352171 |
| **Lodging 1.45%** |  |  |  |  |
| Essendi SA<sup>†</sup> | 5.625% | 5/15/2032 | 2966000 | 3545811 |
| Full House Resorts, Inc.<sup>†(b)</sup> | 8.25% | 2/15/2028 | $9445000 | 8205344 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 6223000 | 6437803 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 4.00% | 5/1/2031 | 5323000 | 5088596 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.75% | 9/15/2033 | 6298000 | 6459323 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% | 1/15/2032 | 3569000 | 3637375 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(e)</sup> | 7.625% | 4/17/2032 | 5238000 | 5461029 |

---

*See Notes to Financial Statements.* 107

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Lodging (continued)** |  |  |  |  |
| Studio City Finance Ltd. (Hong Kong)<sup>(e)</sup> | 5.00% | 1/15/2029 | $6898000 | $6536881 |
| Wynn Macau Ltd. (Macau)<sup>†(e)</sup> | 6.75% | 2/15/2034 | 3398000 | 3399751 |
| *Total* |  |  |  | 48771913 |
| **Machinery: Construction & Mining 0.11%** |  |  |  |  |
| BWX Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2029 | 3643000 | 3578119 |
| **Machinery-Diversified 0.49%** |  |  |  |  |
| ATS Corp. (Canada)<sup>†(e)</sup> | 4.125% | 12/15/2028 | 3972000 | 3857781 |
| GrafTech Global Enterprises, Inc.<sup>†</sup> | 9.875% | 12/23/2029 | 8911000 | 7832828 |
| Maxim Crane Works Holdings Capital LLC<sup>†</sup> | 11.50% | 9/1/2028 | 4517000 | 4804683 |
| *Total* |  |  |  | 16495292 |
| **Media 5.81%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 14122000 | 12410817 |
| AMC Networks, Inc.<sup>†(b)</sup> | 10.50% | 7/15/2032 | 3183000 | 3412536 |
| Belo Corp. | 7.25% | 9/15/2027 | 3282000 | 3420038 |
| Cable One, Inc.<sup>†(b)</sup> | 4.00% | 11/15/2030 | 6530000 | 5200247 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.50% | 8/15/2030 | 12228000 | 11468548 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 7055000 | 6725476 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 31836000 | 11401856 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 12022000 | 4451588 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 11536000 | 7254943 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 18322000 | 12926924 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 5245000 | 5211701 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 10.00% | 2/15/2031 | 6867000 | 6826855 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 15219000 | 12894794 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 14207000 | 10697865 |
| Gray Media, Inc.<sup>†</sup> | 9.625% | 7/15/2032 | 2271000 | 2355731 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 2993000 | 3227885 |
| iHeartCommunications, Inc.<sup>†</sup> | 10.875% | 5/1/2030 | 6326000 | 5211995 |
| Scripps Escrow II, Inc.<sup>†(b)</sup> | 5.375% | 1/15/2031 | 15585000 | 12147568 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 4342000 | 4527013 |
| Sunrise FinCo I BV (Netherlands)<sup>†(e)</sup> | 4.875% | 7/15/2031 | 8089000 | 7736845 |
| Univision Communications, Inc.<sup>†</sup> | 7.375% | 6/30/2030 | 8112000 | 8236479 |
| Univision Communications, Inc.<sup>†</sup> | 9.375% | 8/1/2032 | 5430000 | 5768951 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(e)</sup> | 5.00% | 7/15/2030 | 14178000 | 12562112 |

---

108 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Media (continued)** |  |  |  |  |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>†(e)</sup> | 5.50% | 5/15/2029 | $10514000 | $10331741 |
| VZ Secured Financing BV (Netherlands)<sup>†(e)</sup> | 5.00% | 1/15/2032 | 10601000 | 9642704 |
| *Total* |  |  |  | 196053212 |
| **Metal Fabricate-Hardware 0.33%** |  |  |  |  |
| Park-Ohio Industries, Inc.<sup>†</sup> | 8.50% | 8/1/2030 | 7716000 | 7873831 |
| Vallourec SACA (France)<sup>†(e)</sup> | 7.50% | 4/15/2032 | 3096000 | 3300073 |
| *Total* |  |  |  | 11173904 |
| **Mining 4.23%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(e)</sup> | 7.125% | 3/15/2031 | 3587000 | 3803906 |
| Alumina Pty. Ltd. (Australia)<sup>†(e)</sup> | 6.125% | 3/15/2030 | 4583000 | 4716273 |
| Alumina Pty. Ltd. (Australia)<sup>†(e)</sup> | 6.375% | 9/15/2032 | 3543000 | 3691597 |
| Aris Mining Corp. (Canada)<sup>†(e)</sup> | 8.00% | 10/31/2029 | 8090000 | 8450046 |
| Arsenal AIC Parent LLC<sup>†</sup> | 8.00% | 10/1/2030 | 4928000 | 5240370 |
| Capstone Copper Corp. (Canada)<sup>†(e)</sup> | 6.75% | 3/31/2033 | 5172000 | 5369141 |
| Century Aluminum Co.<sup>†</sup> | 6.875% | 8/1/2032 | 3261000 | 3317699 |
| Coeur Mining, Inc.<sup>†</sup> | 5.125% | 2/15/2029 | 9725000 | 9713268 |
| Compass Minerals International, Inc.<sup>†</sup> | 8.00% | 7/1/2030 | 3367000 | 3508431 |
| Eldorado Gold Corp. (Canada)<sup>†(e)</sup> | 6.25% | 9/1/2029 | 10632000 | 10693881 |
| Endeavour Mining PLC (United Kingdom)<sup>†(e)</sup> | 7.00% | 5/28/2030 | 3952000 | 4091278 |
| First Quantum Minerals Ltd. (Canada)<sup>†(e)</sup> | 8.00% | 3/1/2033 | 6420000 | 6770070 |
| First Quantum Minerals Ltd. (Canada)<sup>†(e)</sup> | 8.625% | 6/1/2031 | 6493000 | 6821416 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(e)</sup> | 4.375% | 4/1/2031 | 2369000 | 2287319 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(e)</sup> | 5.875% | 4/15/2030 | 2112000 | 2183302 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(e)</sup> | 6.125% | 4/15/2032 | 6778000 | 7081119 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 3704000 | 3727398 |
| Hudbay Minerals, Inc. (Canada)<sup>†(e)</sup> | 6.125% | 4/1/2029 | 4376000 | 4436266 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(e)</sup> | 7.875% | 1/23/2030 | 6645000 | 6824827 |
| JW Aluminum Continuous Cast Co.<sup>†</sup> | 10.25% | 4/1/2030 | 6228000 | 6417834 |
| Mirabela Nickel Ltd. | &nbsp;&nbsp;&nbsp;Zero Coupon | 9/10/2044 | 51005 | – <sup>(c)</sup> |
| Navoiyuran State Enterprise (Uzbekistan)<sup>†(e)</sup> | 6.70% | 7/2/2030 | 4820000 | 4858929 |
| New Gold, Inc. (Canada)<sup>†(e)</sup> | 6.875% | 4/1/2032 | 9955000 | 10596938 |
| Novelis Corp.<sup>†</sup> | 6.375% | 8/15/2033 | 2090000 | 2111013 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 5007000 | 5192529 |
| Taseko Mines Ltd. (Canada)<sup>†(e)</sup> | 8.25% | 5/1/2030 | 10283000 | 10917533 |
| *Total* |  |  |  | 142822383 |

---

*See Notes to Financial Statements.* 109

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Miscellaneous Manufacturing 1.14%** |  |  |  |  |
| Amsted Industries, Inc.<sup>†</sup> | 6.375% | 3/15/2033 | $4793000 | $4975350 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% | 3/15/2030 | 2367000 | 2445750 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 6599000 | 6867790 |
| CTEC II GmbH | 5.25% | 2/15/2030 | 5118000 | 5472752 |
| Enpro, Inc.<sup>†</sup> | 6.125% | 6/1/2033 | $7053000 | 7303396 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 5150000 | 5141504 |
| Maxam Prill SARL (Luxembourg)<sup>†(e)</sup> | 7.75% | 7/15/2030 | 6062000 | 6196685 |
| *Total* |  |  |  | 38403227 |
| **Office/Business Equipment 0.14%** |  |  |  |  |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% | 6/1/2032 | 4637000 | 4811629 |
| **Oil & Gas 6.55%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 4703000 | 4917748 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 6.625% | 10/15/2032 | 2386000 | 2442427 |
| Baytex Energy Corp. (Canada)<sup>†(e)</sup> | 8.50% | 4/30/2030 | 3156000 | 3331038 |
| BKV Upstream Midstream LLC<sup>†</sup> | 7.50% | 10/15/2030 | 6837000 | 6892942 |
| Borr IHC Ltd./Borr Finance LLC<sup>†(b)</sup> | 10.375% | 11/15/2030 | 11046233 | 10968821 |
| California Resources Corp.<sup>†</sup> | 7.00% | 1/15/2034 | 1958000 | 1954622 |
| Caturus Energy LLC<sup>†</sup> | 8.50% | 2/15/2030 | 7192000 | 7426279 |
| Chord Energy Corp.<sup>†</sup> | 6.00% | 10/1/2030 | 3667000 | 3699853 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 6982000 | 7292322 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% | 11/1/2030 | 4137000 | 4336751 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% | 7/1/2031 | 5327000 | 5553893 |
| Civitas Resources, Inc.<sup>†</sup> | 9.625% | 6/15/2033 | 6441000 | 6951855 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 8507000 | 8272068 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% | 1/15/2033 | 3529000 | 3346857 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.625% | 4/1/2032 | 4161000 | 4054608 |
| DBR Land Holdings LLC<sup>†</sup> | 6.25% | 12/1/2030 | 3344000 | 3388927 |
| Global Marine, Inc. | 7.00% | 6/1/2028 | 3383000 | 3267792 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 3183000 | 3289771 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.00% | 2/1/2031 | 3525000 | 3329586 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 7.25% | 2/15/2035 | 6941000 | 6608233 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% | 8/15/2029 | 6651000 | 6591393 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 9449000 | 9899453 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% | 12/1/2032 | 3160000 | 3250148 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 4034000 | 4099823 |

---

110 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(e)</sup> | 7.25% |  | 6/30/2031 | $5488760 | $4623183 |
| Moss Creek Resources Holdings, Inc.<sup>†</sup> | 8.25% |  | 9/1/2031 | 3433000 | 3295261 |
| Murphy Oil Corp. | 5.875% |  | 12/1/2042 | 2406000 | 2098580 |
| Nabors Industries, Inc.<sup>†(b)</sup> | 7.625% |  | 11/15/2032 | 3477000 | 3373502 |
| Nabors Industries, Inc.<sup>†(b)</sup> | 8.875% |  | 8/15/2031 | 5009000 | 4894723 |
| Noble Finance II LLC<sup>†</sup> | 8.00% |  | 4/15/2030 | 3257000 | 3386107 |
| PBF Holding Co. LLC/PBF Finance Corp.<sup>†</sup> | 7.875% |  | 9/15/2030 | 5297000 | 5220936 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(e)</sup> | 9.625% |  | 6/15/2029 | 4437000 | 4515593 |
| Sunoco LP<sup>†</sup> | 6.25% |  | 7/1/2033 | 4816000 | 4949946 |
| Sunoco LP<sup>†</sup> | 6.625% |  | 8/15/2032 | 5417000 | 5588567 |
| Sunoco LP<sup>†</sup> | 7.875%<br> (5 yr. CMT + 4.23% |)<sup>#</sup> | – <sup>(g)</sup> | 5551000 | 5652250 |
| Talos Production, Inc.<sup>†</sup> | 9.375% |  | 2/1/2031 | 4764000 | 5023433 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% |  | 10/15/2029 | 4537000 | 4462728 |
| Transocean International Ltd. | 6.80% |  | 3/15/2038 | 6147000 | 5509851 |
| Transocean International Ltd.<sup>†</sup> | 7.875% |  | 10/15/2032 | 3428000 | 3575747 |
| Transocean International Ltd.<sup>†</sup> | 8.50% |  | 5/15/2031 | 7267000 | 7331742 |
| Transocean International Ltd. | 9.35% |  | 12/15/2041 | 2031000 | 1939257 |
| Vermilion Energy, Inc. (Canada)<sup>†(e)</sup> | 7.25% |  | 2/15/2033 | 8818000 | 8362701 |
| Vital Energy, Inc.<sup>†(b)</sup> | 7.875% |  | 4/15/2032 | 7377000 | 7154716 |
| Wildfire Intermediate Holdings LLC<sup>†</sup> | 7.50% |  | 10/15/2029 | 4933000 | 4992009 |
| *Total* |  |  |  |  | 221118042 |
| **Oil & Gas Services 1.21%** |  |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.625% |  | 9/1/2032 | 3409000 | 3513141 |
| Kodiak Gas Services LLC<sup>†</sup> | 6.50% |  | 10/1/2033 | 3408000 | 3478713 |
| Kodiak Gas Services LLC<sup>†</sup> | 7.25% |  | 2/15/2029 | 3853000 | 4020135 |
| Oceaneering International, Inc. | 6.00% |  | 2/1/2028 | 5211000 | 5294438 |
| SESI LLC<sup>†</sup> | 7.875% |  | 9/30/2030 | 3692000 | 3676446 |
| Star Holding LLC<sup>†</sup> | 8.75% |  | 8/1/2031 | 1733000 | 1751667 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 6.25% |  | 10/1/2033 | 3404000 | 3436825 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% |  | 3/15/2029 | 2902000 | 3018556 |
| WBI Operating LLC<sup>†</sup> | 6.25% |  | 10/15/2030 | 3512000 | 3516109 |
| WBI Operating LLC<sup>†</sup> | 6.50% |  | 10/15/2033 | 3950000 | 3951106 |
| Weatherford International Ltd.<sup>†</sup> | 6.75% |  | 10/15/2033 | 5187000 | 5312178 |
| *Total* |  |  |  |  | 40969314 |

---

*See Notes to Financial Statements.* 111

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Packaging & Containers 1.58%** |  |  |  |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>†(h)</sup> | 6.25% |  | 1/30/2031 | $3309000 | $3368604 |
| Ball Corp. | 3.125% |  | 9/15/2031 | 3652000 | 3355358 |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(e)</sup> | 3.875% |  | 11/15/2029 | 6058000 | 5777007 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 3961000 | 4000052 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.875% |  | 1/15/2030 | 3525000 | 3583374 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% |  | 4/15/2030 | 3508000 | 3516521 |
| LABL, Inc.<sup>†</sup> | 5.875% |  | 11/1/2028 | 3732000 | 2546797 |
| LABL, Inc.<sup>†</sup> | 8.625% |  | 10/1/2031 | 3251000 | 1988383 |
| LABL, Inc.<sup>†</sup> | 9.50% |  | 11/1/2028 | 2726000 | 1904735 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 6719000 | 6352516 |
| Sealed Air Corp.<sup>†</sup> | 6.50% |  | 7/15/2032 | 5203000 | 5389808 |
| Sealed Air Corp.<sup>†</sup> | 6.875% |  | 7/15/2033 | 3005000 | 3165737 |
| Trident TPI Holdings, Inc.<sup>†</sup> | 12.75% |  | 12/31/2028 | 3033000 | 3056363 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(e)</sup> | 8.25% |  | 7/15/2030 | 5185000 | 5463517 |
| *Total* |  |  |  |  | 53468772 |
| **Pharmaceuticals 2.86%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(e)</sup> | 10.00% |  | 4/15/2032 | 9848000 | 10189627 |
| AdaptHealth LLC<sup>†</sup> | 5.125% |  | 3/1/2030 | 3884000 | 3775231 |
| Bausch Health Cos., Inc. (Canada)<sup>†(e)</sup> | 4.875% |  | 6/1/2028 | 6990000 | 6350173 |
| Bausch Health Cos., Inc. (Canada)<sup>†(e)</sup> | 5.00% |  | 1/30/2028 | 11856000 | 10735075 |
| Bausch Health Cos., Inc. (Canada)<sup>†(e)</sup> | 5.00% |  | 2/15/2029 | 4810000 | 3832522 |
| Bausch Health Cos., Inc. (Canada)<sup>†(e)</sup> | 5.25% |  | 2/15/2031 | 3369000 | 2291847 |
| Bausch Health Cos., Inc. (Canada)<sup>†(e)</sup> | 11.00% |  | 9/30/2028 | 6690000 | 6999100 |
| Cheplapharm Arzneimittel GmbH (Germany)<sup>†(e)</sup> | 5.50% |  | 1/15/2028 | 1777000 | 1748581 |
| Cheplapharm Arzneimittel GmbH<sup>†</sup> | 7.125% |  | 6/15/2031 | 1196000 | 1421950 |
| Cheplapharm Arzneimittel GmbH | 7.125% |  | 6/15/2031 | 4329000 | 5146842 |
| Curaleaf Holdings, Inc. | 8.00% |  | 12/15/2026 | $7734000 | 7656660 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 14056000 | 14793378 |
| Grifols SA (Spain)<sup>†(b)(e)</sup> | 4.75% |  | 10/15/2028 | 3532000 | 3456067 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 4.875% |  | 6/1/2029 | 3781000 | 3552940 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% |  | 4/15/2029 | 3484000 | 3771218 |
| Jazz Securities DAC (Ireland)<sup>†(e)</sup> | 4.375% |  | 1/15/2029 | 3499000 | 3457169 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 5.125% |  | 4/30/2031 | 4438000 | 3719997 |
| Owens & Minor, Inc.<sup>†(b)</sup> | 6.625% |  | 4/1/2030 | 4260000 | 2735628 |

---

112 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(e)</sup> | 4.10% |  | 10/1/2046 | $1305000 | $993018 |
| *Total* |  |  |  |  | 96627023 |
| **Pipelines 3.90%** |  |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.375% |  | 6/15/2029 | 5460000 | 5482127 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.00% |  | 7/15/2029 | 4799000 | 5008712 |
| Buckeye Partners LP<sup>†</sup> | 6.875% |  | 7/1/2029 | 4208000 | 4386200 |
| CNX Midstream Partners LP<sup>†</sup> | 4.75% |  | 4/15/2030 | 9074000 | 8710284 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 3291000 | 3266621 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 5279000 | 5312965 |
| Energy Transfer LP | 6.75%<br> (5 yr. CMT + 2.48% |)<sup>#</sup> | 2/15/2056 | 3335000 | 3320836 |
| Energy Transfer LP | 8.00%<br> (5 yr. CMT + 4.02% |)<sup>#</sup> | 5/15/2054 | 3257000 | 3475610 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.25% |  | 1/15/2029 | 4397000 | 4595818 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.875% |  | 4/15/2030 | 5706000 | 6032172 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 8.25% |  | 1/15/2032 | 8047000 | 8443532 |
| Harvest Midstream I LP<sup>†</sup> | 7.50% |  | 5/15/2032 | 5859000 | 6092768 |
| Howard Midstream Energy Partners LLC<sup>†</sup> | 6.625% |  | 1/15/2034 | 3249000 | 3332934 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>†</sup> | 8.375% |  | 2/15/2032 | 3422000 | 3550448 |
| Northriver Midstream Finance LP (Canada)<sup>†(e)</sup> | 6.75% |  | 7/15/2032 | 3448000 | 3514726 |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% |  | 3/15/2033 | 4246000 | 4460151 |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.875% |  | 4/15/2040 | 3310000 | 3458411 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada)<sup>(e)</sup> | 7.625%<br> (5 yr. CMT + 3.95% |)<sup>#</sup> | 3/1/2055 | 3634000 | 3783764 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>†</sup> | 6.75% |  | 3/15/2034 | 3354000 | 3360363 |
| Transportadora de Gas del Sur SA (Argentina)<sup>†(e)</sup> | 7.75% |  | 11/20/2035 | 3138000 | 3093440 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.125% |  | 6/1/2028 | 4711000 | 4828629 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 3253000 | 3263215 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.00%<br> (5 yr. CMT + 5.44% |)<sup>#</sup> | – <sup>(g)</sup> | 1843000 | 1570189 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 16233000 | 17130531 |
| Venture Global Plaquemines LNG LLC<sup>†</sup> | 6.50% |  | 1/15/2034 | 4826000 | 4994707 |
| Venture Global Plaquemines LNG LLC<sup>†</sup> | 7.75% |  | 5/1/2035 | 6524000 | 7272851 |
| *Total* |  |  |  |  | 131742004 |

---

*See Notes to Financial Statements.* 113

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Real Estate 1.20%** |  |  |  |  |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 8.875% | 9/1/2031 | $3003000 | $3222249 |
| Five Point Operating Co. LP<sup>†</sup> | 8.00% | 10/1/2030 | 6732000 | 7034698 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% | 4/15/2029 | 6823000 | 6669989 |
| Kennedy-Wilson, Inc. | 4.75% | 2/1/2030 | 3870000 | 3707847 |
| Kennedy-Wilson, Inc.<sup>(b)</sup> | 5.00% | 3/1/2031 | 5369000 | 5155851 |
| Longfor Group Holdings Ltd. (China)<sup>(e)</sup> | 3.95% | 9/16/2029 | 8676000 | 6719587 |
| Newmark Group, Inc. | 7.50% | 1/12/2029 | 6723000 | 7197879 |
| Shimao Group Holdings Ltd. (Hong Kong)<sup>†(e)</sup> | 5.00% | 7/21/2031 | 241910 | 9072 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 6.00% | 9/30/2026 | 460003 | 71116 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 6.25% | 9/30/2027 | 461120 | 71257 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 6.50% | 9/30/2027 | 924478 | 143294 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 6.75% | 9/30/2028 | 1390076 | 215462 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 7.00% | 9/30/2029 | 1393440 | 215983 |
| Sunac China Holdings Ltd. (China)<sup>†(d)(e)</sup> | 7.25% | 9/30/2030 | 656135 | 101077 |
| *Total* |  |  |  | 40535361 |
| **REITS 3.19%** |  |  |  |  |
| Apollo Commercial Real Estate Finance, Inc.<sup>†(b)</sup> | 4.625% | 6/15/2029 | 3469000 | 3373058 |
| Blackstone Mortgage Trust, Inc.<sup>†</sup> | 7.75% | 12/1/2029 | 5025000 | 5277134 |
| Brandywine Operating Partnership LP | 4.55% | 10/1/2029 | 3875000 | 3728203 |
| Brandywine Operating Partnership LP | 8.875% | 4/12/2029 | 8062000 | 8738482 |
| Diversified Healthcare Trust<sup>†</sup> | 7.25% | 10/15/2030 | 6776000 | 6896342 |
| EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM<sup>†</sup> | 7.375% | 9/30/2030 | 3529000 | 3569499 |
| Hudson Pacific Properties LP<sup>(b)</sup> | 3.25% | 1/15/2030 | 4129000 | 3480648 |
| Iron Mountain, Inc.<sup>†</sup> | 4.50% | 2/15/2031 | 3419000 | 3275322 |
| Iron Mountain, Inc.<sup>†</sup> | 5.25% | 7/15/2030 | 7169000 | 7112398 |
| Iron Mountain, Inc.<sup>†</sup> | 5.625% | 7/15/2032 | 17979000 | 17892579 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% | 1/15/2033 | 3895000 | 3985785 |
| Millrose Properties, Inc.<sup>†</sup> | 6.25% | 9/15/2032 | 5028000 | 5089070 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% | 8/1/2030 | 3330000 | 3399540 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<sup>†</sup> | 7.00% | 2/1/2030 | 3216000 | 3289450 |
| Piedmont Operating Partnership LP | 6.875% | 7/15/2029 | 5430000 | 5772938 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†</sup> | 6.50% | 6/15/2033 | 4105000 | 4268822 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.00% | 4/15/2030 | 3508000 | 3615040 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 6884000 | 7193188 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 8681000 | 7857749 |
| *Total* |  |  |  | 107815247 |

---

114 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail 4.32%** |  |  |  |  |
| Advance Auto Parts, Inc. | 3.50% | 3/15/2032 | $717000 | $619311 |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.375% | 8/1/2033 | 9996000 | 10191272 |
| Asbury Automotive Group, Inc.<sup>†</sup> | 5.00% | 2/15/2032 | 3888000 | 3787121 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>†(b)</sup> | 5.125% | 4/15/2029 | 5817000 | 5219819 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 2983335 | 3130733 |
| CD&R Firefly Bidco PLC | 8.625% | 4/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3323000 | 4619895 |
| CD&R Firefly Bidco PLC<sup>†</sup> | 8.625% | 4/30/2029 | 2327000 | 3235177 |
| Cougar JV Subsidiary LLC<sup>†</sup> | 8.00% | 5/15/2032 | $3447000 | 3694949 |
| Dutch Lion BV<sup>†(d)</sup> | 11.25% | 6/15/2020 | 9152880 | – <sup>(c)</sup> |
| Eroski S Coop<sup>(h)</sup> | 5.75% | 5/15/2031 | 1700000 | 2030377 |
| Eroski S Coop<sup>†(h)</sup> | 5.75% | 5/15/2031 | 1196000 | 1428430 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>†</sup> | 6.75% | 1/15/2030 | $3530000 | 3294852 |
| FirstCash, Inc.<sup>†</sup> | 5.625% | 1/1/2030 | 3653000 | 3678790 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(e)</sup> | 11.50% | 8/15/2029 | 3472000 | 3579026 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†(d)</sup> | 7.00% | 8/15/2028 | 8318000 | 4492261 |
| Group 1 Automotive, Inc.<sup>†</sup> | 6.375% | 1/15/2030 | 3763000 | 3872740 |
| LBM Acquisition LLC<sup>†(b)</sup> | 6.25% | 1/15/2029 | 7689000 | 6883992 |
| LBM Acquisition LLC<sup>†</sup> | 9.50% | 6/15/2031 | 3702000 | 3820353 |
| LCM Investments Holdings II LLC<sup>†</sup> | 4.875% | 5/1/2029 | 3540000 | 3488307 |
| Macy's Retail Holdings LLC<sup>†</sup> | 6.70% | 7/15/2034 | 5545000 | 5229819 |
| Michaels Cos., Inc.<sup>†</sup> | 5.25% | 5/1/2028 | 6258000 | 5928004 |
| Park River Holdings, Inc.<sup>†</sup> | 8.00% | 3/15/2031 | 5742000 | 5936637 |
| Park River Holdings, Inc.<sup>†(b)</sup> | 8.75% | 12/31/2030 | 5454274 | 5304281 |
| PetSmart LLC/PetSmart Finance Corp.<sup>†</sup> | 10.00% | 9/15/2033 | 3335000 | 3418445 |
| Punch Finance PLC<sup>†</sup> | 7.875% | 12/30/2030 | 3214000 | 4333863 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | $6575000 | 6882815 |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>†</sup> | 7.75% | 10/15/2029 | 3329000 | 3295320 |
| Staples, Inc.<sup>†</sup> | 10.75% | 9/1/2029 | 5569000 | 5501286 |
| Staples, Inc.<sup>†</sup> | 12.75% | 1/15/2030 | 4478000 | 3551920 |
| Stonegate Pub Co. Financing PLC | 10.75% | 7/31/2029 | 4560000 | 5958102 |
| Victoria's Secret & Co.<sup>†</sup> | 4.625% | 7/15/2029 | $5751000 | 5572138 |
| Victra Holdings LLC/Victra Finance Corp.<sup>†(b)</sup> | 8.75% | 9/15/2029 | 3542000 | 3753946 |
| Waga Bondco Ltd. | 8.50% | 6/15/2030 | 5454000 | 6457487 |
| White Cap Supply Holdings LLC<sup>†</sup> | 7.375% | 11/15/2030 | $3389000 | 3459025 |
| *Total* |  |  |  | 145650493 |

---

*See Notes to Financial Statements.* 115

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(d)</sup> | 6.875% | 6/15/2011 | $10000000 | $– <sup>(c)</sup> |
| **Semiconductors 0.44%** |  |  |  |  |
| Amkor Technology, Inc.<sup>†</sup> | 5.875% | 10/1/2033 | 5193000 | 5293069 |
| Kioxia Holdings Corp. (Japan)<sup>†(e)</sup> | 6.625% | 7/24/2033 | 9215000 | 9592806 |
| *Total* |  |  |  | 14885875 |
| **Software 1.56%** |  |  |  |  |
| Capstone Borrower, Inc.<sup>†</sup> | 8.00% | 6/15/2030 | 3503000 | 3575076 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<sup>†</sup> | 8.00% | 6/15/2029 | 5712000 | 4874860 |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | 4653000 | 4909883 |
| Cloud Software Group, Inc.<sup>†</sup> | 9.00% | 9/30/2029 | 3567000 | 3683152 |
| CoreWeave, Inc.<sup>†</sup> | 9.00% | 2/1/2031 | 8411000 | 7621578 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 5487000 | 5653531 |
| Oracle Corp. | 5.20% | 9/26/2035 | 3443000 | 3375617 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 3490000 | 3339611 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% | 6/30/2030 | 14645000 | 15445877 |
| *Total* |  |  |  | 52479185 |
| **Telecommunications 4.17%** |  |  |  |  |
| Altice France SA (France)<sup>†(e)</sup> | 6.50% | 4/15/2032 | 14766667 | 14382058 |
| Altice France SA (France)<sup>†(e)</sup> | 6.875% | 10/15/2030 | 5542408 | 5467213 |
| Altice France SA (France)<sup>†(e)</sup> | 9.50% | 11/1/2029 | 3210276 | 3297509 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 11784000 | 11986565 |
| Connect Finco SARL/Connect U.S. Finco LLC (Luxembourg)<sup>†(e)</sup> | 9.00% | 9/15/2029 | 1603000 | 1704391 |
| Digicel International Finance Ltd./Difl U.S. LLC (Jamaica)<sup>†(e)</sup> | 8.625% | 8/1/2032 | 3358000 | 3440331 |
| EchoStar Corp. | 6.75% | 11/30/2030 | 8260372 | 8586326 |
| Fibercop SpA (Italy)<sup>†(e)</sup> | 6.375% | 11/15/2033 | 7485000 | 7367434 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 1563000 | 1475418 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 10472000 | 9131992 |
| Iliad Holding SAS (France)<sup>†(e)</sup> | 8.50% | 4/15/2031 | 3644000 | 3917224 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.625% | 1/15/2029 | 10862000 | 9834020 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.75% | 7/15/2029 | 2985000 | 2652247 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 2517000 | 2391150 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 11906000 | 11043887 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 6624000 | 6162837 |
| Lumen Technologies, Inc. | 7.60% | 9/15/2039 | 1867000 | 1815658 |

---

116 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Telecommunications (continued)** |  |  |  |  |  |
| Lumen Technologies, Inc. | 7.65% |  | 3/15/2042 | $1867000 | $1789921 |
| Qwest Capital Funding, Inc. | 7.75% |  | 2/15/2031 | 599000 | 540544 |
| VF Ukraine PAT via VFU Funding PLC (Ukraine)<sup>†(e)</sup> | 9.625% |  | 2/11/2027 | 4170228 | 4045444 |
| Viasat, Inc.<sup>†</sup> | 7.50% |  | 5/30/2031 | 12818000 | 12168305 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(e)</sup> | 4.75% |  | 7/15/2031 | 4532000 | 4186080 |
| WULF Compute LLC<sup>†</sup> | 7.75% |  | 10/15/2030 | 9862000 | 10204413 |
| Zegona Finance PLC (United Kingdom)<sup>†(e)</sup> | 8.625% |  | 7/15/2029 | 3069000 | 3260583 |
| *Total* |  |  |  |  | 140851550 |
| **Transportation 1.67%** |  |  |  |  |  |
| Carriage Purchaser, Inc.<sup>†</sup> | 7.875% |  | 10/15/2029 | 7605000 | 7077317 |
| Danaos Corp. (Greece)<sup>†(e)</sup> | 6.875% |  | 10/15/2032 | 4868000 | 4958876 |
| Genesee & Wyoming, Inc.<sup>†</sup> | 6.25% |  | 4/15/2032 | 3330000 | 3428312 |
| Mobico Group PLC | 4.25%<br> (5 yr. U.K. Government Bond + 4.14% |)<sup>#</sup> | – <sup>(g)</sup> | 2976000 | 2144315 |
| Ocado Group PLC | 10.50% |  | 8/8/2029 | 528000 | 664520 |
| Ocado Group PLC<sup>†</sup> | 10.50% |  | 8/8/2029 | 2591000 | 3260931 |
| Rand Parent LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | $11451000 | 11827921 |
| Seaspan Corp. (Hong Kong)<sup>†(e)</sup> | 5.50% |  | 8/1/2029 | 9594000 | 9161842 |
| Star Leasing Co. LLC<sup>†</sup> | 7.625% |  | 2/15/2030 | 5879000 | 5621646 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% |  | 8/1/2032 | 4245000 | 4449562 |
| XPO, Inc.<sup>†</sup> | 7.125% |  | 2/1/2032 | 3435000 | 3632245 |
| *Total* |  |  |  |  | 56227487 |
| **Trucking & Leasing 0.52%** |  |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 7.00% |  | 5/1/2031 | 9494000 | 9967276 |
| FTAI Aviation Investors LLC<sup>†</sup> | 7.875% |  | 12/1/2030 | 7148000 | 7620418 |
| *Total* |  |  |  |  | 17587694 |
| **Water 0.12%** |  |  |  |  |  |
| Aegea Finance SARL (Luxembourg)<sup>†(b)(e)</sup> | 7.625% |  | 1/20/2036 | 4290000 | 4072870 |
| *Total Corporate Bonds (cost $3,116,065,616)* | *Total Corporate Bonds (cost $3,116,065,616)* |  |  |  | 3153694625 |
| **FLOATING RATE LOANS**<sup>(k)</sup> **3.79%** |  |  |  |  |  |
| **Aerospace/Defense 0.48%** |  |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(e)</sup> | 0.50% |  | 3/6/2028 | 6881096 | 16170577 |

---

*See Notes to Financial Statements.* 117

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Chemicals 0.06%** |  |  |  |  |
| INEOS Styrolution Group GmbH 2020 EUR Term Loan<sup>(e)</sup> |  | 1/29/2027 | 1696240 | $1897868 |
| **Commercial Services 0.26%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 8.572%<br> (3 mo. USD Term SOFR + 4.75% | 2/23/2029 | $5420931 | 5174713 |
| Spin Holdco, Inc. 2021 Term Loan | 8.393%<br> (3 mo. USD Term SOFR + 4.00% | 3/4/2028 | 4230217 | 3477238 |
| *Total* |  |  |  | 8651951 |
| **Computers 0.33%** |  |  |  |  |
| X Corp. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 3532000 | 3505881 |
| X Corp. Term Loan | 10.34%<br> (3 mo. USD Term SOFR + 6.50% | 10/26/2029 | 7913287 | 7718422 |
| *Total* |  |  |  | 11224303 |
| **Cosmetics/Personal Care 0.07%** |  |  |  |  |
| Conair Holdings LLC Term Loan B | 7.78%<br> (1 mo. USD Term SOFR + 3.75% | 5/17/2028 | 4542467 | 2325176 |
| **Electric 0.39%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | 6.666% - 6.75%<br> (1 mo. USD Term SOFR + 2.75%<br> (3 mo. USD Term SOFR + 2.75% | 6/23/2032 | 3189477 | 3215391 |
| Kestrel Acquisition LLC 2025 Term Loan | 7.002%<br> (1 mo. USD Term SOFR + 3.00% | 11/6/2031 | 5882000 | 5896705 |
| Lackawanna Energy Center LLC 2025 Term Loan B | 7.006%<br> (1 mo. USD Term SOFR + 3.00% | 8/5/2032 | 3932922 | 3961200 |
| *Total* |  |  |  | 13073296 |
| **Electric: Generation 0.03%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 5.763%<br> (3 mo. USD Term SOFR + 1.50% | 7/28/2028 | 1196824 | 1160919 |
| **Energy: Alternate Sources 0.12%** |  |  |  |  |
| Bayonne Energy Center LLC Term Loan B | 6.985%<br> (3 mo. USD Term SOFR + 3.00% | 10/1/2032 | 3916000 | 3931488 |
| **Health Care Products 0.04%** |  |  |  |  |
| Argent Finco LLC Term Loan B |  | 11/19/2032 | 1344000 | 1349040 |
| **Health Care Services 0.17%** |  |  |  |  |
| Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | 9.34%<br> (3 mo. USD Term SOFR + 5.50% | 3/30/2029 | 5146257 | 4882511 |

---

118 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Services (continued)** |  |  |  |  |
| New WPCC Parent LLC Term Loan | 13.416%<br> (1 mo. USD Term SOFR + 9.50%) | 5/9/2030 | $908944 | $858952 |
| *Total* |  |  |  | 5741463 |
| **Information Technology Services 0.04%** |  |  |  |  |
| Recovery Solutions Parent LLC Term Loan | 11.502%<br> (3 mo. USD Term SOFR + 7.50%) | 1/28/2030 | 1351734 | 1356235 |
| **Internet 0.10%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | – <sup>(l)</sup> | 9/17/2026 | 3813704 | 3317922 |
| **Leisure Time 0.16%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(e)</sup> | 7.03%<br> (1 mo. USD Term SOFR + 3.00%) | 7/22/2030 | 5385894 | 5393488 |
| **Media 0.44%** |  |  |  |  |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.402%<br> (3 mo. USD Term SOFR + 3.30%) | 12/31/2029 | 6634867 | 6104111 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.116%<br> (1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 9691883 | 8880188 |
| *Total* |  |  |  | 14984299 |
| **Metal Fabricate/Hardware 0.14%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 9.766%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 5183671 | 4855156 |
| **Miscellaneous Manufacture 0.10%** |  |  |  |  |
| Rohm Holding GmbH 2024 EUR PIK Term Loan B 6.83% | 0.25%<br> (6 mo. EURIBOR + 4.75%) | 1/31/2029 | 3200000 | 3525737 |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan | – <sup>(l)</sup> | 12/31/2025 | $545977 | – <sup>(c)</sup> |
| **Pharmaceuticals 0.28%** |  |  |  |  |
| Organon & Co. 2024 USD Term Loan | – <sup>(l)</sup> | 5/19/2031 | 3759000 | 3632134 |
| Paradigm Parent LLC 1st Lien Term Loan | 8.382%<br> (3 mo. USD Term SOFR + 4.50%) | 4/16/2032 | 6712000 | 5815679 |
| *Total* |  |  |  | 9447813 |

---

*See Notes to Financial Statements.* 119

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail 0.11%** | |  |  |  |
| RVR Dealership Holdings LLC Term Loan B | 7.74%<br> (3 mo. USD Term SOFR + 3.75% | 2/8/2028 | $3935000 | $3815848 |
| **Software 0.09%** |  |  |  |  |
| Rackspace Finance LLC 2024 First Lien Second Out Term Loan | 6.824%<br> (1 mo. USD Term SOFR + 2.75% | 5/15/2028 | 7510748 | 3106521 |
| **Telecommunications 0.13%** |  |  |  |  |
| Delta TopCo, Inc. 2024 2nd Lien Term Loan | 9.234% - 9.24%<br> (1 mo. USD Term SOFR + 5.25%<br> (3 mo. USD Term SOFR + 5.25% | 11/29/2030 | 4407000 | 4368439 |
| **Transportation 0.06%** |  |  |  |  |
| Gategroup Finance Luxembourg SA USD Term Loan B (Luxembourg)<sup>(e)</sup> | 8.234%<br> (1 mo. USD Term SOFR + 4.25% | 6/10/2032 | 1909405 | 1921730 |
| **Utilities 0.19%** |  |  |  |  |
| EFS Cogen Holdings I LLC 2025 Term Loan B | 7.002%<br> (3 mo. USD Term SOFR + 3.00% | 10/3/2031 | 4568831 | 4611664 |
| Invenergy Thermal Operating I LLC 2025 Term Loan B | 6.73%<br> (3 mo. USD Term SOFR + 2.75% | 5/17/2032 | 1647521 | 1658337 |
| Invenergy Thermal Operating I LLC 2025 Term Loan C | 6.73%<br> (3 mo. USD Term SOFR + 2.75% | 5/17/2032 | 97425 | 98064 |
| *Total* |  |  |  | 6368065 |
| *Total Floating Rate Loans (cost $121,921,506)* | *Total Floating Rate Loans (cost $121,921,506)* |  |  | 127987334 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.29%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.29%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.29%** |  |  |
| Merrill Lynch Mortgage Trust Series 2006-C1<sup>(f)</sup> | Zero Coupon |  | 10500000 |  |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% | 11/13/2041 | 9340000 | 9888099 |
| *Total Non-Agency Commercial Mortgage-Backed Securities (cost $9,340,000)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $9,340,000)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $9,340,000)* |  | 9888099 |
|  | **Dividend<br> Rate** |  | **Shares** |  |
| **PREFERRED STOCKS 0.19%** |  |  |  |  |
| **Transportation Infrastructure 0.19%** |  |  |  |  |
| ACBL Holdings Corp. (cost $2,550,350) | Zero Coupon |  | 102014 | 6222854 |

---

120 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Exercise<br> Rate** | **Expiration<br> Date** | **Shares** | **Fair<br> Value** |
| **WARRANTS 0.00%** |  |  |  |  |
| **Specialty Retail 0.00%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\*<br> (cost $196,861) | $3.50 | 12/31/2099 | 56246 | $68564 |
| *Total Long-Term Investments (cost $3,290,960,619)* |  |  |  | 3312280705 |
|  |  |  | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 3.67%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.47%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $12,147,000 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $16,156,467; proceeds: $15,844,054 (cost $15,839,434) |  |  | $15839434 | 15839434 |
| **Time Deposits 0.32%** |  |  |  |  |
| CitiBank N.A.<sup>(m)</sup><br> (cost $10,805,671) |  |  | 10805671 | 10805671 |
|  |  |  | **Shares** |  |
| **MONEY MARKET FUNDS 2.88%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> (cost $97,251,036) |  |  | 97251036 | 97251036 |
| *Total Short-Term Investments (cost $123,896,141)* |  |  |  | 123896141 |
| *Total Investments in Securities 101.79% (cost $3,414,856,760)* |  |  |  | 3436176846 |
| *Other Assets and Liabilities – Net*<sup>(n)</sup> *(1.79)%* |  |  |  | (60366300) |
| *Net Assets 100.00%* |  |  |  | $3375810546 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $2,663,636,485, which represents 78.90% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |

---

*See Notes to Financial Statements.* 121

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

<sup>(b)</sup> All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

<sup>(c)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee.

<sup>(d)</sup> Defaulted (non-income producing security).

<sup>(e)</sup> Foreign security traded in U.S. dollars.

<sup>(f)</sup> Security has been deemed worthless.

<sup>(g)</sup> Security is perpetual in nature and has no stated maturity.

<sup>(h)</sup> Securities purchased on a when-issued basis (See Note 2(l)).

<sup>(i)</sup> Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.

<sup>(j)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

<sup>(k)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025.

<sup>(l)</sup> Interest Rate to be determined.

<sup>(m)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(n)</sup> 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/Issuers – Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced <br> Indexes/Issuers** | **Central <br> Clearing <br> Party** | **Fund <br> Receives <br> (Quarterly)** | **Termination <br> Date** | **Notional <br> Amount** | **Payments <br> Upfront**<sup>(2)</sup> | **Unrealized <br> Appreciation/ <br> (Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.HY.S44<sup>(4)</sup> | Bank of America | 5.00% | 6/20/2030 | $44250000 | $2620651 | $826718 | $3447369 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $826,718. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Forward Foreign Currency Exchange Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 2462000 | $3239331 | $3258880 | $19549 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 1084000 | 1434369 | 1434861 | 492 |
| Euro | Buy | Morgan Stanley | 3/6/2026 | 527000 | 610074 | 614460 | 4386 |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 55020000 | 73666718 | 72828435 | 838283 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $862710 |

---

122 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH YIELD FUND *November 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| British pound | Buy | State Street Bank And Trust | 2/6/2026 | 4072000 | $5449258 | $5389992 | $(59266) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 1196000 | 1386102 | 1394487 | (8385) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 6407000 | 7440596 | 7470298 | (29702) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 1738000 | 2018554 | 2026436 | (7882) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 2621000 | 3049894 | 3055978 | (6084) |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 39116000 | 45337400 | 45607643 | (270243) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  | $(381562) |

---

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 968 | Long | $111991700 | $112484625 | $492925 |
| U.S. 2-Year Treasury Note | March 2026 | 1700 | Long | 355013538 | 355060939 | 47401 |
| U.S. Long Bond | March 2026 | 74 | Long | 8643339 | 8690375 | 47036 |
| U.S. Ultra Treasury Bond | March 2026 | 210 | Long | 25155434 | 25396875 | 241441 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  | $828803 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 5-Year Treasury Note | March 2026 | 380 | Short | $(41640042) | $(41710937) | $(70895) |

---

*See Notes to Financial Statements.* 123

**Schedule of Investments (concluded)**

HIGH YIELD FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ground Transportation | $1523058 | $– | $– | $1523058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail |  | 375301 | 0 | 375301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 11438770 |  | 11438770 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 1082100 |  | 1082100 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  | 99883090 | 5025247 | 104908337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3048786288 |  | 3048786288 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 127987334 |  | 127987334 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 9888099 |  | 9888099 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 6222854 |  | 6222854 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 68564 |  | 68564 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 15839434 |  | 15839434 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 10805671 |  | 10805671 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 97251036 | – | – | 97251036 |
| Total | $98774094 | $3332377505 | $5025247 | $3436176846 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $3447369 | $– | $3447369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 862710 |  | 862710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (381562) |  | (381562) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 828803 |  |  | 828803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (70895) | – | – | (70895) |
| Total | $757908 | $3928517 | $– | $4686425 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

124 *See Notes to Financial Statements.*

**Schedule of Investments**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.70%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 12.42%** |  |  |  |  |  |
| **Automobiles 0.95%** |  |  |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-1A Class D<sup>†</sup> | 3.71% |  | 8/20/2027 | $12750000 | $12615641 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% |  | 10/15/2029 | 15075000 | 15246071 |
| Exeter Automobile Receivables Trust Series 2023-2A Class E<sup>†</sup> | 9.75% |  | 11/15/2030 | 3590000 | 3928430 |
| Exeter Automobile Receivables Trust Series 2024-1A Class D | 5.84% |  | 6/17/2030 | 7320000 | 7436379 |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% |  | 7/15/2031 | 4025000 | 4131438 |
| Kinetic Advantage Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 6.342%<br>(30 day USD SOFR Average + 2.20% |)<sup>#</sup> | 10/15/2029 | 6725000 | 6731933 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% |  | 7/20/2028 | 4973904 | 4983773 |
| VStrong Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 9.99% |  | 12/16/2030 | 2750000 | 3026173 |
| *Total* |  |  |  |  | 58099838 |
| **Credit Card 0.67%** |  |  |  |  |  |
| Continental Finance Credit Card ABS Master Trust Series 2024-A Class A<sup>†</sup> | 5.78% |  | 12/15/2032 | 9000000 | 9142477 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 12500000 | 12562500 <sup>(a)</sup> |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% |  | 7/20/2029 | 11290000 | 11358609 |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 8025000 | 8079623 |
| *Total* |  |  |  |  | 41143209 |
| **Other 10.80%** |  |  |  |  |  |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.06%<br>(3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 15780000 | 15795733 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 7875000 | 7894988 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 3180000 | 3188198 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 12850000 | 12883138 |
| Affirm Asset Securitization Trust Series 2024-B Class E<sup>†</sup> | 7.35% |  | 9/15/2029 | 9250000 | 9309570 |

---

<br> *See Notes to Financial Statements.* 125

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| AMMC CLO 25 Ltd. Series 2022-25A Class BR2<sup>†</sup> | 5.605%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 10/15/2038 | $8700000 | $8714259 |
| Anchorage Capital CLO 30 Ltd. Series 2024-30A Class A1<sup>†</sup> | 5.184%<br>(3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 1/20/2037 | 12000000 | 12006720 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.415%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 7/24/2034 | 5500000 | 5505247 |
| Benefit Street Partners CLO 42 Ltd. Series 2025-42A Class B<sup>†</sup> | 5.771%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 10/25/2038 | 6800000 | 6822304 |
| Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A Class A<sup>†</sup> | 5.168%<br>(3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 1/25/2038 | 4500000 | 4510980 |
| Birch Grove CLO 6 Ltd. Series 2023-6A Class A2R<sup>†</sup> | 6.021%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/20/2038 | 7500000 | 7500908 |
| Birch Grove CLO Ltd. Series 19A Class A2RR<sup>†</sup> | 5.682%<br>(3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 7/17/2037 | 10000000 | 10021090 |
| Brant Point CLO Ltd. Series 2023-1A Class A2R<sup>†</sup> | 5.558%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/26/2038 | 11400000 | 11414888 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 6525000 | 6525660 |
| Canyon CLO Ltd. Series 2020-1A Class BR2<sup>†</sup> | 5.555%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 5000000 | 5002630 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-5A Class BR4<sup>†</sup> | 5.334%<br>(3 mo. USD Term SOFR + 1.45% |)<sup>#</sup> | 1/20/2032 | 6200000 | 6205623 |
| Carlyle U.S. CLO Ltd. Series 2023-2A Class BR<sup>†</sup> | 5.634%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/20/2038 | 14650000 | 14704615 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 5.905%<br>(3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/15/2037 | 8200000 | 8229184 |
| Cathedral Lake VI Ltd. Series 2021-6A Class BR<sup>†</sup> | 5.708%<br>(3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 4/25/2034 | 12500000 | 12491775 |
| CBAMR Ltd. Series 2021-14A Class BR<sup>†</sup> | 5.606%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/20/2038 | 5500000 | 5522055 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 14265000 | 14367426 |

---

<br> 126 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| CIFC Funding Ltd. Series 2019-7A Class BR<sup>†</sup> | 5.741%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/19/2038 | $16000000 | $16072224 |
| Clover CLO LLC Series 2018-1A Class A2RR<sup>†</sup> | 5.614%<br>(3 mo. USD Term SOFR + 1.73% |)<sup>#</sup> | 4/20/2037 | 9330000 | 9336615 |
| CQS U.S. CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.634%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2035 | 7125000 | 7114270 |
| CTM CLO Ltd. Series 2025-1A Class A2<sup>†</sup> | 6.085%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/15/2038 | 4000000 | 4000484 |
| DailyPay Securitization Trust Series 2025-1A Class A<sup>†</sup> | 5.63% |  | 6/26/2028 | 6775000 | 6828734 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 2863750 | 2984141 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 4730000 | 4758528 |
| Dryden 119 CLO Ltd. Series 2024-119A Class A2<sup>†</sup> | 5.605%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 4/15/2036 | 8310000 | 8319939 |
| Dryden 130 CLO Ltd. Series 2025-130A Class B<sup>†</sup> | 5.994%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/15/2038 | 10500000 | 10528801 |
| Eldridge CLO Ltd. Series 2025-1A Class B<sup>†</sup> | 5.57%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/20/2038 | 6000000 | 6004980 |
| Generate CLO 13 Ltd. Series 2023-13A Class A1<sup>†</sup> | 5.67%<br>(3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 1/20/2037 | 17050000 | 17104236 |
| Golub Capital Partners CLO 58B-R Ltd. Series 2021-58A Class BR<sup>†</sup> | 5.883%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/25/2037 | 10000000 | 10024640 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A Class A3<sup>†</sup> | 5.32% |  | 3/25/2060 | 14225000 | 14612869 |
| GreenSky Home Improvement Issuer Trust Series 2025-2A Class A3<sup>†</sup> | 5.02% |  | 6/25/2060 | 7500000 | 7627943 |
| Greywolf CLO IV Ltd. Series 2019-1A Class A2R2<sup>†</sup> | 5.682%<br>(3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 4/17/2034 | 12700000 | 12706350 |
| Greywolf CLO VII Ltd. Series 2018-2A Class A2<sup>†</sup> | 6.044%<br>(3 mo. USD Term SOFR + 2.16% |)<sup>#</sup> | 10/20/2031 | 8170000 | 8186463 |
| Hardee's Funding LLC Series 2018-1A Class A23<sup>†</sup> | 5.71% |  | 6/20/2048 | 5914800 | 5876145 |

---

<br> *See Notes to Financial Statements.* 127

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| HPS Loan Management Ltd. Series 2021-16A Class BR<sup>†</sup> | 5.51%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 1/23/2035 | $23850000 | $23875305 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.434%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 9620000 | 9629543 |
| KKR CLO 18 Ltd. Series 18 Class CR2<sup>†</sup> | 5.991%<br>(3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 10/18/2035 | 8800000 | 8807770 |
| KKR CLO 42 Ltd. Series 42A Class BR<sup>†</sup> | 5.534%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/20/2034 | 9000000 | 9015957 |
| KKR CLO 51 Ltd. Series 2024-51A Class B<sup>†</sup> | 5.734%<br>(3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 10/20/2037 | 5700000 | 5718713 |
| KKR CLO 54 Ltd. Series 2024-54A Class A<sup>†</sup> | 5.225%<br>(3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 4000000 | 4009976 |
| LCM 34 Ltd. Series 34A Class BR<sup>†</sup> | 5.584%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 10/20/2034 | 4200000 | 4200525 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class BR<sup>†</sup> | 5.558%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/27/2034 | 12470000 | 12475873 |
| Madison Park Funding LVIII Ltd. Series 2024-58A Class B<sup>†</sup> | 5.808%<br>(3 mo. USD Term SOFR + 1.95% |)<sup>#</sup> | 4/25/2037 | 2400000 | 2408129 |
| Madison Park Funding LXII Ltd. Series 2022-62A Class BR2<sup>†</sup> | 5.644%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/16/2038 | 11800000 | 11850315 |
| New Mountain CLO 3 Ltd. Series CLO-3A Class BR<sup>†</sup> | 5.584%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 10/20/2038 | 6000000 | 6016242 |
| Oaktree CLO Ltd. Series 2023-2A Class BR<sup>†</sup> | 5.634%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/20/2038 | 12600000 | 12637775 |
| OCP CLO Ltd. Series 2024-31A Class B1<sup>†</sup> | 5.884%<br>(3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/20/2037 | 14400000 | 14448701 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 8031697 | 8069072 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 5950000 | 6015104 |
| Pikes Peak CLO 9 Series 2021-9A Class BR<sup>†</sup> | 5.558%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 10/27/2038 | 10650000 | 10664622 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.505%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 20000000 | 20017340 |
| RAD CLO 27 Ltd. Series 2024-27A Class A1<sup>†</sup> | 5.225%<br>(3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 8950000 | 8971999 |

---

<br> 128 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Regatta XXII Funding Ltd. Series 2022-2A Class BR<sup>†</sup> | 5.584%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/20/2035 | $11000000 | $11010681 |
| Regatta XXVII Funding Ltd. Series 2024-1A Class B<sup>†</sup> | 5.858%<br>(3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/26/2037 | 6070000 | 6089266 |
| Republic Finance Issuance Trust Series 2024-B Class D<sup>†</sup> | 8.83% |  | 11/20/2037 | 5000000 | 5156948 |
| RR 12 Ltd. Series 2020-12A Class A2R3<sup>†</sup> | 5.505%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/15/2036 | 13149000 | 13161873 |
| Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.344%<br>(3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/20/2037 | 10000000 | 10007280 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 10775992 | 10674454 |
| Sierra Timeshare Receivables Funding LLC Series 2024-1A Class D<sup>†</sup> | 8.02% |  | 1/20/2043 | 848151 | 870230 |
| Sierra Timeshare Receivables Funding LLC Series 2024-2A Class D<sup>†</sup> | 7.48% |  | 6/20/2041 | 2126530 | 2160169 |
| Sierra Timeshare Receivables Funding LLC Series 2024-3A Class D<sup>†</sup> | 6.93% |  | 8/20/2041 | 2539197 | 2568220 |
| Signal Peak CLO 5 Ltd. Series 2018-5A Class A2R<sup>†</sup> | 5.608%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 4/25/2037 | 24000000 | 24051888 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 1566828 | 1633550 |
| Stream Innovations Issuer Trust Series 2024-2A Class A<sup>†</sup> | 5.21% |  | 2/15/2045 | 12386153 | 12575520 |
| TICP CLO VII Ltd. Series 2017-7A Class BR2<sup>†</sup> | 5.805%<br>(3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 4/15/2033 | 16250000 | 16269744 |
| Trinitas CLO XVI Ltd. Series 2021-16A Class B1R<sup>†</sup> | 5.584%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/20/2034 | 9000000 | 9007092 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 3953333 | 3988411 |
| Vibrant CLO XII Ltd. Series 2021-12A Class A2RR<sup>†</sup> | 5.534%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 4/20/2034 | 11050000 | 11054895 |
| Wellfleet CLO Ltd. Series 2021-2A Class BR<sup>†</sup> | 5.655%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/15/2034 | 4500000 | 4502408 |
| *Total* |  |  |  |  | 664319943 |
| *Total Asset-Backed Securities* (cost $760,261,652) | *Total Asset-Backed Securities* (cost $760,261,652) |  |  |  | 763562990 |

---

<br> *See Notes to Financial Statements.* 129

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CONVERTIBLE BONDS 0.18%** |  |  |  |  |
| **Equity Real Estate 0.18%** |  |  |  |  |
| Redfin Corp. (cost $11,401,717) | 0.50% | 4/1/2027 | $12174000 | $11419212 |
| **CORPORATE BONDS 67.60%** |  |  |  |  |
| **Aerospace/Defense 1.24%** |  |  |  |  |
| Boeing Co. | 5.805% | 5/1/2050 | 10000000 | 9967812 |
| Boeing Co. | 6.858% | 5/1/2054 | 16000000 | 18247694 |
| Boeing Co. | 8.625% | 11/15/2031 | 5000000 | 5950943 |
| Bombardier, Inc. (Canada)<sup>†(b)</sup> | 7.25% | 7/1/2031 | 9000000 | 9597807 |
| Czechoslovak Group AS (Czechia)<sup>†(b)</sup> | 6.50% | 1/10/2031 | 10000000 | 10304285 |
| Hexcel Corp. | 5.875% | 2/26/2035 | 9591000 | 10145004 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 1000000 | 1051421 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% | 11/15/2030 | 10000000 | 10968619 |
| *Total* |  |  |  | 76233585 |
| **Agriculture 1.58%** |  |  |  |  |
| BAT Capital Corp. | 7.75% | 10/19/2032 | 40031000 | 47057891 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(b)</sup> | 5.875% | 7/1/2034 | 29203000 | 30628448 |
| JT International Financial Services BV (Netherlands)<sup>†(b)</sup> | 6.875% | 10/24/2032 | 17050000 | 19257077 |
| *Total* |  |  |  | 96943416 |
| **Airlines 0.30%** |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.308% | 10/20/2031 | 18414000 | 18477969 |
| **Auto Manufacturers 1.41%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.90% | 2/10/2029 | 13202000 | 12351139 |
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 3426000 | 3443378 |
| Ford Motor Credit Co. LLC | 6.054% | 11/5/2031 | 6418000 | 6574648 |
| Ford Motor Credit Co. LLC | 7.35% | 11/4/2027 | 17000000 | 17755019 |
| General Motors Financial Co., Inc. | 4.90% | 10/6/2029 | 20000000 | 20333551 |
| General Motors Financial Co., Inc. | 5.60% | 6/18/2031 | 9031000 | 9428242 |
| General Motors Financial Co., Inc. | 5.75% | 2/8/2031 | 7000000 | 7372969 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 1.85% | 9/16/2026 | 10000000 | 9725966 |
| *Total* |  |  |  | 86984912 |
| **Auto Parts & Equipment 0.24%** |  |  |  |  |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 15000000 | 14606838 |

---

<br> 130 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks 8.98%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(b)</sup> | 3.324%<br>(5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | $8600000 | $7894150 |
| AIB Group PLC (Ireland)<sup>†(b)</sup> | 5.871%<br>(SOFR + 1.91% |)<sup>#</sup> | 3/28/2035 | 5276000 | 5613122 |
| Banco de Credito del Peru SA (Peru)<sup>†(b)(c)</sup> | 5.65%<br>(5 yr. CMT + 1.96% |)<sup>#</sup> | 1/15/2037 | 12000000 | 12048020 |
| Bank of America Corp. | 2.687%<br>(SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 16101000 | 14827209 |
| Bank of Nova Scotia (Canada)<sup>(b)</sup> | 8.00%<br>(5 yr. CMT + 4.02% |)<sup>#</sup> | 1/27/2084 | 10000000 | 10717150 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 9990000 | 10023183 |
| Barclays PLC (United Kingdom)<sup>(b)</sup> | 9.625%<br>(5 yr. USD SOFR ICE Swap + 5.78% |)<sup>#</sup> | – <sup>(d)</sup> | 10000000 | 11302010 |
| Capital One NA | 5.974%<br>(5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 7750000 | 8024519 |
| Citigroup, Inc. | 2.561%<br>(SOFR + 1.17% |)<sup>#</sup> | 5/1/2032 | 18755000 | 17071308 |
| Citigroup, Inc. | 5.174%<br>(SOFR + 1.49% |)<sup>#</sup> | 9/11/2036 | 7784000 | 7946682 |
| Citigroup, Inc. | 5.827%<br>(SOFR + 2.06% |)<sup>#</sup> | 2/13/2035 | 10673000 | 11165851 |
| Citigroup, Inc. | 6.174%<br>(SOFR + 2.66% |)<sup>#</sup> | 5/25/2034 | 13454000 | 14379369 |
| Citizens Financial Group, Inc. | 5.718%<br>(SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 8267000 | 8673327 |
| Citizens Financial Group, Inc. | 5.841%<br>(SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 2615000 | 2725206 |
| Citizens Financial Group, Inc. | 6.645%<br>(SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 22278000 | 24546770 |
| First Citizens BancShares, Inc. | 5.60%<br>(5 yr. CMT + 1.85% |)<sup>#</sup> | 9/5/2035 | 5200000 | 5194303 |
| First Citizens BancShares, Inc. | 6.254%<br>(5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 19203000 | 19653118 |
| Goldman Sachs Group, Inc. | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 18105000 | 16284549 |
| Goldman Sachs Group, Inc. | 5.016%<br>(SOFR + 1.42% |)<sup>#</sup> | 10/23/2035 | 25000000 | 25397893 |
| Huntington Bancshares, Inc. | 6.141%<br>(5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 1909000 | 1992388 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 4.198%<br>(1 yr. CMT + 2.60% |)<sup>#</sup> | 6/1/2032 | 4014000 | 3829344 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 7.80% |  | 11/28/2053 | 6000000 | 7459624 |

---

<br> *See Notes to Financial Statements.* 131

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 8.248%<br>(1 yr. CMT + 4.40% |)<sup>#</sup> | 11/21/2033 | $7000000 | $8297114 |
| JPMorgan Chase & Co. | 5.576%<br>(SOFR + 1.64% |)<sup>#</sup> | 7/23/2036 | 6850000 | 7170292 |
| KeyBank NA | 5.00% |  | 1/26/2033 | 7000000 | 7093343 |
| KeyCorp<sup>(c)</sup> | 5.00%<br>(3 mo. USD Term SOFR + 3.87% |)<sup>#</sup> | – <sup>(d)</sup> | 7306000 | 7300425 |
| KeyCorp | 6.401%<br>(SOFR + 2.42% |)<sup>#</sup> | 3/6/2035 | 8042000 | 8778191 |
| M&T Bank Corp.<sup>(c)</sup> | 6.082%<br>(SOFR + 2.26% |)<sup>#</sup> | 3/13/2032 | 9788000 | 10417799 |
| Morgan Stanley | 4.892%<br>(SOFR + 1.31% |)<sup>#</sup> | 10/22/2036 | 6776000 | 6800600 |
| Morgan Stanley | 5.297%<br>(SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 5000000 | 5126789 |
| Morgan Stanley | 5.32%<br>(SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 15492000 | 16094643 |
| Morgan Stanley | 5.424%<br>(SOFR + 1.88% |)<sup>#</sup> | 7/21/2034 | 9940000 | 10422800 |
| Morgan Stanley | 6.342%<br>(SOFR + 2.56% |)<sup>#</sup> | 10/18/2033 | 12996000 | 14358539 |
| PNC Financial Services Group, Inc. | 5.373%<br>(SOFR + 1.42% |)<sup>#</sup> | 7/21/2036 | 8613000 | 8925812 |
| PNC Financial Services Group, Inc. | 5.401%<br>(SOFR + 1.60% |)<sup>#</sup> | 7/23/2035 | 6740000 | 7027628 |
| PNC Financial Services Group, Inc. | 6.875%<br>(SOFR + 2.28% |)<sup>#</sup> | 10/20/2034 | 10000000 | 11374066 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(b)</sup> | 5.136%<br>(SOFR + 1.58% |)<sup>#</sup> | 9/22/2036 | 5000000 | 5000839 |
| Texas Capital Bancshares, Inc. | 4.00%<br>(5 yr. CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 8000000 | 7882613 |
| Toronto-Dominion Bank (Canada)<sup>(b)</sup> | 7.25%<br>(5 yr. CMT + 2.98% |)<sup>#</sup> | 7/31/2084 | 13554000 | 14296339 |
| Truist Financial Corp. | 5.867%<br>(SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 4571000 | 4876706 |
| U.S. Bancorp | 4.839%<br>(SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 11165000 | 11313255 |
| U.S. Bancorp | 5.678%<br>(SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 23841000 | 25355175 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 2.746%<br>(1 yr. CMT + 1.10% |)<sup>#</sup> | 2/11/2033 | 7700000 | 6928606 |

---

<br> 132 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 5.58%<br>(SOFR + 1.76% |)<sup>#</sup> | 5/9/2036 | $14443000 | $15156426 |
| UBS Group AG (Switzerland)<sup>†(b)(c)</sup> | 7.75%<br>(5 yr. USD SOFR ICE Swap + 4.16% |)<sup>#</sup> | – <sup>(d)</sup> | 7500000 | 8063602 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 15478000 | 14546909 |
| Wells Fargo & Co. | 5.211%<br>(SOFR + 1.38% |)<sup>#</sup> | 12/3/2035 | 30000000 | 30994069 |
| Wells Fargo & Co. | 6.491%<br>(SOFR + 2.06% |)<sup>#</sup> | 10/23/2034 | 10000000 | 11185994 |
| Western Alliance Bancorp | 3.00%<br>(3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 21500000 | 20628820 |
| *Total* |  |  |  |  | 552186489 |
| **Beverages 0.40%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 15104000 | 15342369 |
| Bacardi-Martini BV (Netherlands)<sup>†(b)</sup> | 6.00% |  | 2/1/2035 | 8743000 | 9146145 |
| *Total* |  |  |  |  | 24488514 |
| **Biotechnology 1.00%** |  |  |  |  |  |
| Baxalta, Inc. | 5.25% |  | 6/23/2045 | 8679000 | 8460301 |
| Biocon Biologics Global PLC (United Kingdom)<sup>†(b)</sup> | 6.67% |  | 10/9/2029 | 15000000 | 14785296 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(b)(e)</sup> | 6.25% |  | 12/15/2032 | 8942000 | 9200478 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 17385000 | 10955709 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 26400000 | 17885542 |
| *Total* |  |  |  |  | 61287326 |
| **Chemicals 0.66%** |  |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.85% |  | 11/15/2028 | 15000000 | 15517470 |
| OCP SA (Malaysia)<sup>†(b)</sup> | 7.50% |  | 5/2/2054 | 15000000 | 16660744 |
| Rain Carbon, Inc.<sup>†(c)</sup> | 12.25% |  | 9/1/2029 | 8000000 | 8265088 |
| *Total* |  |  |  |  | 40443302 |
| **Coal 0.16%** |  |  |  |  |  |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<sup>†</sup> | 8.625% |  | 6/15/2029 | 9464000 | 10017133 |
| **Commercial Services 1.80%** |  |  |  |  |  |
| Block, Inc.<sup>†</sup> | 6.00% |  | 8/15/2033 | 10000000 | 10285164 |
| Global Payments, Inc. | 5.20% |  | 11/15/2032 | 12172000 | 12217513 |
| Global Payments, Inc. | 5.55% |  | 11/15/2035 | 12970000 | 12966387 |
| GXO Logistics, Inc. | 6.50% |  | 5/6/2034 | 19727000 | 21243874 |

---

<br> *See Notes to Financial Statements.* 133

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |  |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% |  | 4/28/2035 | $13302000 | $13842211 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>†</sup> | 6.75% |  | 8/15/2032 | 8000000 | 8327896 |
| Sotheby's<sup>†</sup> | 7.375% |  | 10/15/2027 | 18000000 | 17931864 |
| UL Solutions, Inc. | 6.50% |  | 10/20/2028 | 13000000 | 13741450 |
| *Total* |  |  |  |  | 110556359 |
| **Computers 0.18%** |  |  |  |  |  |
| Crowdstrike Holdings, Inc. | 3.00% |  | 2/15/2029 | 11600000 | 11128219 |
| **Diversified Financial Services 4.76%** |  |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% |  | 3/1/2028 | 10000000 | 10040860 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 11469000 | 11137643 |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 21115000 | 22188527 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.75% |  | 10/1/2031 | 10000000 | 10457876 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.95% |  | 11/15/2030 | 12746000 | 12835603 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 13594000 | 14333668 |
| Azorra Finance Ltd. (Cayman Islands)<sup>†(b)</sup> | 7.75% |  | 4/15/2030 | 6000000 | 6338598 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 6.75% |  | 5/15/2031 | 4200000 | 4292963 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 8.375%<br>(5 yr. CMT + 4.30% |)<sup>#</sup> | 6/15/2035 | 5000000 | 5129590 |
| Brookfield Asset Management Ltd. | 6.077% |  | 9/15/2055 | 4284000 | 4420610 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% |  | 6/18/2035 | 18895000 | 19937517 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 12315000 | 12920834 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 2/15/2027 | 4683000 | 4798389 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 6/15/2028 | 8000000 | 8481488 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 20000000 | 21084660 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 9.50% |  | 2/15/2029 | 10000000 | 10593690 |
| LPL Holdings, Inc.<sup>†</sup> | 4.375% |  | 5/15/2031 | 30862000 | 30080806 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 5.15% |  | 3/17/2030 | 4438000 | 4504646 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 6.50% |  | 3/26/2031 | 9087000 | 9748891 |
| Muthoot Finance Ltd. (India)<sup>(b)</sup> | 6.375% |  | 4/23/2029 | 6000000 | 6056439 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 7500000 | 8387355 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 7104000 | 7094999 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 7712000 | 8173008 |
| Rocket Cos., Inc.<sup>†</sup> | 6.125% |  | 8/1/2030 | 10000000 | 10388420 |
| Rocket Cos., Inc.<sup>†</sup> | 7.125% |  | 2/1/2032 | 10000000 | 10525620 |

---

<br> 134 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% |  | 9/15/2028 | $13785000 | $13898841 |
| Synchrony Financial | 6.00%<br>(SOFR + 2.07% |)<sup>#</sup> | 7/29/2036 | 5000000 | 5143795 |
| *Total* |  |  |  |  | 292995336 |
| **Electric 6.71%** |  |  |  |  |  |
| AEP Texas, Inc. | 5.85% |  | 10/15/2055 | 15000000 | 14981842 |
| American Electric Power Co., Inc. | 5.80%<br>(5 yr. CMT + 2.13% |)<sup>#</sup> | 3/15/2056 | 13521000 | 13436463 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 6742000 | 7115382 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 19402000 | 20386417 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 15209000 | 16680176 |
| Constellation Energy Generation LLC | 6.50% |  | 10/1/2053 | 8219000 | 9087068 |
| Dominion Energy, Inc. | 6.00%<br>(5 yr. CMT + 2.26% |)<sup>#</sup> | 2/15/2056 | 8539000 | 8643536 |
| Dominion Energy, Inc. | 6.875%<br>(5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 4145000 | 4326605 |
| Duke Energy Corp. | 3.30% |  | 6/15/2041 | 10000000 | 7810840 |
| Duke Energy Progress LLC | 4.10% |  | 3/15/2043 | 10000000 | 8612270 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 2.775% |  | 1/7/2032 | 14581000 | 13056543 |
| Electricite de France SA (France)<sup>(b)</sup> | 4.50% |  | 12/4/2069 | 11200000 | 8098659 |
| Electricite de France SA (France)<sup>(b)</sup> | 4.50% |  | 12/4/2069 | 5600000 | 4049329 |
| Emera, Inc. (Canada)<sup>(b)</sup> | 6.75%<br>(3 mo. USD LIBOR + 5.44% |)<sup>#</sup> | 6/15/2076 | 19420000 | 19578894 |
| Entergy Louisiana LLC | 5.80% |  | 3/15/2055 | 6483000 | 6675183 |
| Entergy Mississippi LLC | 5.80% |  | 4/15/2055 | 11809000 | 12163352 |
| Evergy Kansas Central, Inc. | 5.25% |  | 3/15/2035 | 11715000 | 12027595 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.25% |  | 12/15/2035 | 10675000 | 10845035 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% |  | 6/1/2034 | 10566000 | 11062509 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% |  | 4/1/2054 | 6551000 | 6597659 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 12282000 | 12075455 |
| Kentucky Utilities Co. | 5.85% |  | 8/15/2055 | 8495000 | 8771117 |
| Liberty Utilities Co.<sup>†</sup> | 5.869% |  | 1/31/2034 | 14328000 | 15085274 |
| Monongahela Power Co.<sup>†</sup> | 5.85% |  | 2/15/2034 | 3742000 | 3995777 |
| NRG Energy, Inc.<sup>†</sup> | 5.407% |  | 10/15/2035 | 6410000 | 6422250 |
| Oglethorpe Power Corp. | 5.90% |  | 2/1/2055 | 15659000 | 15823545 |
| Oglethorpe Power Corp. | 5.95% |  | 11/1/2039 | 9896000 | 10648125 |
| Oglethorpe Power Corp. | 6.20% |  | 12/1/2053 | 10569000 | 11113008 |
| Pacific Gas & Electric Co. | 4.55% |  | 7/1/2030 | 24339000 | 24266049 |
| Pacific Gas & Electric Co. | 6.15% |  | 1/15/2033 | 6680000 | 7126604 |

---

<br> *See Notes to Financial Statements.* 135

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Pacific Gas & Electric Co. | 6.70% | 4/1/2053 | $4523000 | $4871549 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% | 5/17/2028 | 9071000 | 9606360 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 4586000 | 4815758 |
| Puget Energy, Inc. | 4.10% | 6/15/2030 | 11091000 | 10873236 |
| Puget Energy, Inc. | 5.725% | 3/15/2035 | 5500000 | 5686856 |
| System Energy Resources, Inc. | 5.30% | 12/15/2034 | 14000000 | 14236851 |
| Virginia Electric & Power Co. | 5.45% | 4/1/2053 | 10000000 | 9726731 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 13364000 | 13817735 |
| Xcel Energy, Inc. | 5.60% | 4/15/2035 | 7853000 | 8183508 |
| *Total* |  |  |  | 412381145 |
| **Electronics 0.69%** |  |  |  |  |
| Flex Ltd. | 5.375% | 11/13/2035 | 7906000 | 7947504 |
| Hubbell, Inc. | 4.80% | 11/15/2035 | 8828000 | 8844744 |
| Vontier Corp. | 2.95% | 4/1/2031 | 28000000 | 25641443 |
| *Total* |  |  |  | 42433691 |
| **Engineering & Construction 0.34%** |  |  |  |  |
| IRB Infrastructure Developers Ltd. (India)<sup>†(b)</sup> | 7.11% | 3/11/2032 | 9128000 | 9439053 |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | 10889000 | 11516563 |
| *Total* |  |  |  | 20955616 |
| **Entertainment 0.23%** |  |  |  |  |
| Six Flags Entertainment Corp.<sup>†</sup> | 5.50% | 4/15/2027 | 7000000 | 6914798 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 8000000 | 7320000 |
| *Total* |  |  |  | 14234798 |
| **Food 1.16%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 1299000 | 1299469 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.50% | 3/31/2031 | 10000000 | 10149160 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 3.625% | 1/15/2032 | 21345000 | 20025952 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 5.75% | 4/1/2033 | 16505000 | 17307473 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†</sup> | 6.375% | 4/15/2066 | 9333000 | 9520283 |
| Pilgrim's Pride Corp. | 3.50% | 3/1/2032 | 7587000 | 7024767 |
| Pilgrim's Pride Corp. | 4.25% | 4/15/2031 | 6306000 | 6156822 |
| *Total* |  |  |  | 71483926 |

---

<br> 136 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gas 0.62%** |  |  |  |  |  |
| National Fuel Gas Co. | 2.95% |  | 3/1/2031 | $8831000 | $8078138 |
| National Fuel Gas Co. | 5.95% |  | 3/15/2035 | 15579000 | 16415632 |
| Southern Co. Gas Capital Corp. | 5.10% |  | 9/15/2035 | 8559000 | 8675510 |
| Spire, Inc. | 6.45%<br>(5 yr. CMT + 2.33% |)<sup>#</sup> | 6/1/2056 | 5000000 | 5006870 |
| *Total* |  |  |  |  | 38176150 |
| **Health Care-Products 1.91%** |  |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 5.30% |  | 10/8/2035 | 9979000 | 9966809 |
| Baxter International, Inc. | 2.539% |  | 2/1/2032 | 18475000 | 16154890 |
| Baxter International, Inc.<sup>(e)</sup> | 5.65% |  | 12/15/2035 | 35000000 | 35684139 |
| Solventum Corp. | 5.90% |  | 4/30/2054 | 19484000 | 20012722 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% |  | 12/1/2035 | 35000000 | 35552919 |
| *Total* |  |  |  |  | 117371479 |
| **Health Care-Services 2.94%** |  |  |  |  |  |
| Adventist Health System | 5.757% |  | 12/1/2034 | 20000000 | 20864698 |
| Centene Corp. | 3.375% |  | 2/15/2030 | 21109000 | 19418948 |
| Centene Corp. | 4.25% |  | 12/15/2027 | 12373000 | 12230719 |
| Cigna Group | 6.125% |  | 11/15/2041 | 12169000 | 13045249 |
| CommonSpirit Health | 4.35% |  | 11/1/2042 | 10000000 | 8735584 |
| CommonSpirit Health | 5.318% |  | 12/1/2034 | 11284000 | 11609452 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.00% |  | 12/1/2031 | 26985000 | 24432470 |
| Humana, Inc. | 5.95% |  | 3/15/2034 | 15000000 | 15853769 |
| Icon Investments Six DAC (Ireland)<sup>(b)</sup> | 6.00% |  | 5/8/2034 | 17000000 | 18036167 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% |  | 6/15/2028 | 12000000 | 11686567 |
| Molina Healthcare, Inc.<sup>†</sup> | 6.50% |  | 2/15/2031 | 6726000 | 6879113 |
| Tenet Healthcare Corp. | 6.125% |  | 10/1/2028 | 5861000 | 5891067 |
| Universal Health Services, Inc. | 2.65% |  | 1/15/2032 | 14000000 | 12353020 |
| *Total* |  |  |  |  | 181036823 |
| **Home Builders 0.13%** |  |  |  |  |  |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (Canada)<sup>†(b)</sup> | 6.25% |  | 9/15/2027 | 8000000 | 8015232 |
| **Insurance 3.98%** |  |  |  |  |  |
| 200 Park Funding Trust<sup>†</sup> | 5.74% |  | 2/15/2055 | 20000000 | 20172833 |
| ACE Capital Trust II | 9.70% |  | 4/1/2030 | 14500000 | 17481209 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 10/15/2027 | 19000000 | 19077520 |
| American Financial Group, Inc. | 5.00% |  | 9/23/2035 | 10000000 | 9827105 |

---

<br> *See Notes to Financial Statements.* 137

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Aon Corp. | 8.205% | 1/1/2027 | $11490000 | $11961710 |
| Arch Capital Group Ltd. | 7.35% | 5/1/2034 | 13793000 | 16226439 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 5914000 | 5252892 |
| Athene Global Funding<sup>†</sup> | 5.543% | 8/22/2035 | 10000000 | 10070683 |
| Beacon Funding Trust<sup>†</sup> | 6.266% | 8/15/2054 | 8482000 | 8690787 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 12000000 | 12531724 |
| Brown & Brown, Inc. | 4.20% | 3/17/2032 | 12005000 | 11630534 |
| Brown & Brown, Inc. | 6.25% | 6/23/2055 | 6937000 | 7276590 |
| CNO Financial Group, Inc. | 6.45% | 6/15/2034 | 13912000 | 14753608 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 10093000 | 10589071 |
| GA Global Funding Trust<sup>†</sup> | 5.20% | 12/9/2031 | 11909000 | 12065916 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95% | 6/15/2033 | 12572000 | 14375449 |
| Hanover Insurance Group, Inc. | 5.50% | 9/1/2035 | 5547000 | 5662175 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 13000000 | 13000328 |
| Pine Street Trust III<sup>†</sup> | 6.223% | 5/15/2054 | 6900000 | 7087932 |
| Protective Life Corp.<sup>†</sup> | 4.70% | 1/15/2031 | 2524000 | 2535458 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 5641000 | 7139171 |
| RenaissanceRe Holdings Ltd. | 5.75% | 6/5/2033 | 6919000 | 7275087 |
| *Total* |  |  |  | 244684221 |
| **Internet 1.87%** |  |  |  |  |
| AppLovin Corp. | 5.95% | 12/1/2054 | 6997000 | 7041941 |
| Beignet Investor LLC<sup>†</sup> | 6.581% | 5/30/2049 | 25000000 | 26968732 |
| Meta Platforms, Inc. | 4.875% | 11/15/2035 | 8363000 | 8456885 |
| Meta Platforms, Inc. | 5.50% | 11/15/2045 | 6083000 | 6088594 |
| Prosus NV (Netherlands)<sup>(b)</sup> | 4.027% | 8/3/2050 | 20000000 | 14038888 |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 11.25% | 2/15/2027 | 11000000 | 11795575 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 29695000 | 29726759 |
| Uber Technologies, Inc. | 5.35% | 9/15/2054 | 11137000 | 10788081 |
| *Total* |  |  |  | 114905455 |
| **Investment Companies 0.43%** |  |  |  |  |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 6.10% | 3/15/2028 | 21000000 | 21056263 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 5000000 | 5188922 |
| *Total* |  |  |  | 26245185 |
| **Leisure Time 1.32%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 8000000 | 7867166 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/15/2030 | 5000000 | 5141960 |

---

<br> 138 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Leisure Time (continued)** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% | 2/15/2033 | $20000000 | $20614280 |
| Polaris, Inc. | 5.60% | 3/1/2031 | 16607000 | 16826760 |
| Royal Caribbean Cruises Ltd. | 5.375% | 1/15/2036 | 10417000 | 10534485 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% | 9/30/2031 | 20000000 | 20447225 |
| *Total* |  |  |  | 81431876 |
| **Lodging 0.16%** |  |  |  |  |
| Las Vegas Sands Corp. | 6.00% | 8/15/2029 | 9463000 | 9911117 |
| **Machinery-Diversified 1.00%** |  |  |  |  |
| Flowserve Corp. | 2.80% | 1/15/2032 | 4429000 | 3981765 |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 2.75% | 11/15/2031 | 3725000 | 3371597 |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 5.65% | 5/15/2033 | 14351000 | 15061080 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 17000000 | 17599022 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 20036000 | 21293511 |
| *Total* |  |  |  | 61306975 |
| **Media 1.01%** |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.484% | 10/23/2045 | 10000000 | 9588119 |
| Comcast Corp.<sup>†</sup> | 5.168% | 1/15/2037 | 20000000 | 19981985 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 9632000 | 9642354 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 10671000 | 10461422 |
| Paramount Global | 4.90% | 8/15/2044 | 7287000 | 5698593 |
| Paramount Global | 6.875% | 4/30/2036 | 6400000 | 6721038 |
| *Total* |  |  |  | 62093511 |
| **Mining 1.65%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 5.75% | 4/5/2034 | 19771000 | 20888870 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 7.25% | 2/15/2034 | 10000000 | 10321700 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(b)</sup> | 5.875% | 4/15/2030 | 2498000 | 2582334 |
| Freeport-McMoRan, Inc. | 5.45% | 3/15/2043 | 15000000 | 14619310 |
| Glencore Funding LLC<sup>†</sup> | 2.625% | 9/23/2031 | 10000000 | 9036276 |
| Minera Mexico SA de CV (Mexico)<sup>†(b)</sup> | 5.625% | 2/12/2032 | 10000000 | 10319000 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(b)</sup> | 6.95% | 10/17/2031 | 7000000 | 7459745 |
| Stillwater Mining Co. | 4.00% | 11/16/2026 | 8000000 | 7936178 |
| WE Soda Investments Holding PLC (United Kingdom)<sup>†(b)(c)</sup> | 9.50% | 10/6/2028 | 5000000 | 5080910 |

---

<br> *See Notes to Financial Statements.* 139

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |
| WE Soda Investments Holding PLC (United Kingdom)<sup>(b)</sup> | 9.50% | 10/6/2028 | $7000000 | $7113273 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(b)</sup> | 5.854% | 5/13/2032 | 5841000 | 6123693 |
| *Total* |  |  |  | 101481289 |
| **Miscellaneous Manufacturing 0.20%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 12000000 | 11988180 |
| **Oil & Gas 6.46%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 8028000 | 8394574 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 11500000 | 11721720 |
| APA Corp. | 6.10% | 2/15/2035 | 12000000 | 12392367 |
| BKV Upstream Midstream LLC<sup>†</sup> | 7.50% | 10/15/2030 | 12000000 | 12098186 |
| California Resources Corp.<sup>†</sup> | 8.25% | 6/15/2029 | 7000000 | 7329280 |
| Caturus Energy LLC<sup>†</sup> | 8.50% | 2/15/2030 | 7000000 | 7228025 |
| Chord Energy Corp.<sup>†</sup> | 6.00% | 10/1/2030 | 13056000 | 13172969 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 12000000 | 12533352 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% | 7/1/2031 | 8000000 | 8340744 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 11000000 | 10696221 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 15061000 | 15538832 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 5765000 | 5983759 |
| DBR Land Holdings LLC<sup>†</sup> | 6.25% | 12/1/2030 | 6076000 | 6157631 |
| Devon Energy Corp.<sup>(c)</sup> | 5.20% | 9/15/2034 | 10000000 | 10046888 |
| Devon Energy Corp. | 5.75% | 9/15/2054 | 5000000 | 4659042 |
| EQT Corp. | 6.375% | 4/1/2029 | 13610000 | 14094798 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 5000000 | 5036827 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% | 5/15/2034 | 8000000 | 7502186 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 7.25% | 2/15/2035 | 10000000 | 9520577 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% | 12/1/2032 | 12500000 | 12856600 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 15000000 | 15244755 |
| Moss Creek Resources Holdings, Inc.<sup>†</sup> | 8.25% | 9/1/2031 | 8000000 | 7679022 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 5000000 | 5643135 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 10090000 | 11692716 |
| OGX Austria GmbH (Brazil)<sup>†(b)(f)</sup> | 8.50% | 6/1/2018 | 1800000 | 36 <sup>(a)</sup> |
| Ovintiv, Inc. | 7.375% | 11/1/2031 | 7360000 | 8236420 |
| Permian Resources Operating LLC<sup>†</sup> | 6.25% | 2/1/2033 | 12000000 | 12307656 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 5000000 | 5067395 |

---

<br> 140 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Petrobras Global Finance BV (Netherlands)<sup>(b)</sup> | 5.125% | 9/10/2030 | $18401000 | $18211470 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(b)(c)</sup> | 9.625% | 6/15/2029 | 10945000 | 11138869 |
| Shelf Drilling Holdings Ltd. (United Arab Emirates)<sup>†(b)</sup> | 9.625% | 4/15/2029 | 12000000 | 12575868 |
| SM Energy Co.<sup>†</sup> | 7.00% | 8/1/2032 | 15000000 | 14687827 |
| Strathcona Resources Ltd. (Canada)<sup>†(b)</sup> | 6.875% | 8/1/2026 | 8000000 | 8036656 |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% | 8/15/2030 | 12000000 | 11098710 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 12000000 | 11803556 |
| Transocean International Ltd. | 7.50% | 4/15/2031 | 5182000 | 4980242 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)(c)</sup> | 6.875% | 5/1/2030 | 9000000 | 8820827 |
| Viper Energy Partners LLC | 5.70% | 8/1/2035 | 15324000 | 15714532 |
| Vital Energy, Inc.<sup>†(c)</sup> | 7.875% | 4/15/2032 | 11000000 | 10668547 |
| Wildfire Intermediate Holdings LLC<sup>†</sup> | 7.50% | 10/15/2029 | 8000000 | 8095696 |
| *Total* |  |  |  | 397008513 |
| **Oil & Gas Services 0.15%** |  |  |  |  |
| SESI LLC<sup>†</sup> | 7.875% | 9/30/2030 | 6500000 | 6472616 |
| Weatherford International Ltd.<sup>†</sup> | 8.625% | 4/30/2030 | 2933000 | 2993927 |
| *Total* |  |  |  | 9466543 |
| **Pharmaceuticals 1.24%** |  |  |  |  |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% | 11/21/2033 | 24000000 | 25995454 |
| CVS Health Corp. | 5.30% | 12/5/2043 | 12000000 | 11401232 |
| CVS Health Corp. | 6.20% | 9/15/2055 | 10000000 | 10369519 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% | 4/15/2029 | 12000000 | 12989268 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 16000000 | 15606261 |
| *Total* |  |  |  | 76361734 |
| **Pipelines 3.37%** |  |  |  |  |
| Boardwalk Pipelines LP | 5.375% | 2/15/2036 | 7400000 | 7453357 |
| Cheniere Energy, Inc. | 5.65% | 4/15/2034 | 9989000 | 10426586 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 4.999% | 11/17/2032 | 13924000 | 13958350 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 5.097% | 10/1/2031 | 7047000 | 7196859 |
| DT Midstream, Inc.<sup>†</sup> | 4.30% | 4/15/2032 | 5000000 | 4831156 |
| DT Midstream, Inc.<sup>†</sup> | 4.375% | 6/15/2031 | 10432000 | 10207293 |
| DT Midstream, Inc.<sup>†</sup> | 5.80% | 12/15/2034 | 10000000 | 10429074 |
| Eastern Energy Gas Holdings LLC<sup>(c)</sup> | 5.65% | 10/15/2054 | 9069000 | 8952366 |
| Eastern Energy Gas Holdings LLC | 5.80% | 1/15/2035 | 10000000 | 10597883 |

---

<br> *See Notes to Financial Statements.* 141

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Eastern Gas Transmission & Storage, Inc. | 4.60% |  | 12/15/2044 | $5564000 | $4899094 |
| Enbridge, Inc. (Canada)<sup>(b)</sup> | 8.50%<br>(5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 22191000 | 25544748 |
| Energy Transfer LP | 6.50%<br>(5 yr. CMT + 5.69% |)<sup>#</sup> | – <sup>(d)</sup> | 18970000 | 19099394 |
| Energy Transfer LP | 7.133%<br>(3 mo. USD Term SOFR + 3.28% |)<sup>#</sup> | 11/1/2066 | 7049000 | 7010182 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 8897000 | 9320855 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 20308000 | 20369359 |
| NGPL PipeCo LLC<sup>†</sup> | 7.768% |  | 12/15/2037 | 2400000 | 2818054 |
| Plains All American Pipeline LP | 8.223%<br>(3 mo. USD Term SOFR + 4.37% |)<sup>#</sup> | – <sup>(d)</sup> | 23883000 | 23999043 |
| Transcanada Trust (Canada)<sup>(b)</sup> | 5.875%<br>(3 mo. USD LIBOR + 4.64% |)<sup>#</sup> | 8/15/2076 | 10000000 | 10017700 |
| *Total* |  |  |  |  | 207131353 |
| **Private Equity 0.17%** |  |  |  |  |  |
| Blackstone Reg Finance Co. LLC | 4.95% |  | 2/15/2036 | 10629000 | 10598176 |
| **Real Estate 0.27%** |  |  |  |  |  |
| CBRE Services, Inc. | 4.90% |  | 1/15/2033 | 8172000 | 8277276 |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 8.875% |  | 9/1/2031 | 8000000 | 8584080 |
| *Total* |  |  |  |  | 16861356 |
| **REITS 2.38%** |  |  |  |  |  |
| Brandywine Operating Partnership LP | 6.125% |  | 1/15/2031 | 8000000 | 7915857 |
| CFE Fibra E (Mexico)<sup>†(b)</sup> | 5.875% |  | 9/23/2040 | 20000000 | 19972200 |
| First Industrial LP | 5.25% |  | 1/15/2031 | 20000000 | 20581042 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% |  | 6/1/2028 | 9065000 | 9331040 |
| Host Hotels & Resorts LP | 5.70% |  | 6/15/2032 | 8327000 | 8695552 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% |  | 6/15/2029 | 5792000 | 5714027 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 7.00% |  | 7/15/2031 | 22817000 | 24206122 |
| Piedmont Operating Partnership LP | 2.75% |  | 4/1/2032 | 5803000 | 4987021 |
| Piedmont Operating Partnership LP | 5.625% |  | 1/15/2033 | 4355000 | 4390000 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 4.75% |  | 1/15/2036 | 13393000 | 13179033 |
| VICI Properties LP | 5.125% |  | 5/15/2032 | 15000000 | 15134644 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% |  | 12/1/2029 | 12155000 | 12092747 |
| *Total* |  |  |  |  | 146199285 |

---

<br> 142 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Retail 0.33%** |  |  |  |  |
| Brinker International, Inc.<sup>†</sup> | 8.25% | 7/15/2030 | $7500000 | $7962037 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 7000000 | 5187652 |
| Lowe's Cos., Inc. | 2.80% | 9/15/2041 | 10000000 | 7258824 |
| *Total* |  |  |  | 20408513 |
| **Semiconductors 0.76%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 8999000 | 9364385 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 13301000 | 14059695 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.10% | 1/25/2036 | 22000000 | 23396410 |
| *Total* |  |  |  | 46820490 |
| **Software 1.64%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(b)</sup> | 5.50% | 5/15/2034 | 12246000 | 12720542 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | 15162000 | 14516771 |
| Oracle Corp. | 3.65% | 3/25/2041 | 10000000 | 7613424 |
| Oracle Corp. | 3.85% | 7/15/2036 | 9393000 | 8093212 |
| Oracle Corp. | 4.70% | 9/27/2034 | 10000000 | 9478017 |
| Oracle Corp. | 5.375% | 7/15/2040 | 15535000 | 14510161 |
| Oracle Corp. | 5.875% | 9/26/2045 | 20000000 | 18870000 |
| Oracle Corp. | 6.125% | 7/8/2039 | 14843000 | 15000088 |
| *Total* |  |  |  | 100802215 |
| **Telecommunications 0.78%** |  |  |  |  |
| AT&T, Inc. | 3.50% | 9/15/2053 | 25095000 | 17281961 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 10000000 | 10021609 |
| Frontier North, Inc. | 6.73% | 2/15/2028 | 12078000 | 12447889 |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 6806000 | 8286171 |
| *Total* |  |  |  | 48037630 |
| **Toys/Games/Hobbies 0.12%** |  |  |  |  |
| Mattel, Inc.<sup>†</sup> | 3.75% | 4/1/2029 | 3000000 | 2929168 |
| Mattel, Inc. | 5.00% | 11/17/2030 | 4500000 | 4542431 |
| *Total* |  |  |  | 7471599 |
| **Transportation 0.52%** |  |  |  |  |
| FedEx Corp. | 3.25% | 5/15/2041 | 10000000 | 7535940 |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(b)</sup> | 4.75% | 3/22/2028 | 15000000 | 14884972 |
| RXO, Inc.<sup>†</sup> | 7.50% | 11/15/2027 | 9250000 | 9450170 |
| *Total* |  |  |  | 31871082 |

---

<br> *See Notes to Financial Statements.* 143

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Water 0.35%** |  |  |  |  |
| Aegea Finance SARL (Luxembourg)<sup>(b)(c)</sup> | 9.00% | 1/20/2031 | $11000000 | $11551540 |
| Essential Utilities, Inc. | 5.25% | 8/15/2035 | 10000000 | 10256772 |
| *Total* |  |  |  | 21808312 |
| *Total Corporate Bonds* (cost $4,071,808,974) |  |  |  | 4157332868 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **11.38%** |  |  |  |  |
| **Aerospace & Defense 0.23%** |  |  |  |  |
| TransDigm, Inc. 2025 Term Loan M | 6.502%<br>(3 mo. USD Term SOFR + 2.50%) | 8/19/2032 | 13889000 | 13933584 |
| **Airlines 0.11%** |  |  |  |  |
| SkyMiles IP Ltd. 2025 Repriced Term Loan B (Cayman Islands)<sup>(b)</sup> | 5.384%<br>(3 mo. USD Term SOFR + 1.50%) | 10/20/2028 | 7000000 | 7047040 |
| **Apparel 0.11%** |  |  |  |  |
| Samsonite International SA 2025 Term Loan B (Luxembourg)<sup>(b)</sup> | 5.666%<br>(1 mo. USD Term SOFR + 1.75%) | 11/5/2032 | 6667000 | 6702435 |
| **Banks 0.03%** |  |  |  |  |
| Walker & Dunlop, Inc. 2025 Term Loan B | 5.96%<br>(1 mo. USD Term SOFR + 2.00%) | 3/14/2032 | 2000000 | 2005000 |
| **Biotechnology 0.15%** |  |  |  |  |
| Genmab AS Term Loan B (Denmark)<sup>(b)</sup> | – <sup>(h)</sup> | 11/19/2032 | 9000000 | 9043110 |
| **Chemicals 0.13%** |  |  |  |  |
| Solstice Advanced Materials, Inc. Term Loan B | 5.59%<br>(3 mo. USD Term SOFR + 1.75%) | 10/29/2032 | 8001000 | 8036044 |
| **Commercial Services 0.19%** |  |  |  |  |
| Garda World Security Corp. 2025 Term Loan B (Canada)<sup>(b)</sup> | 6.948%<br>(1 mo. USD Term SOFR + 3.00%) | 2/1/2029 | 11969849 | 11978827 |
| **Computers 0.11%** |  |  |  |  |
| X Corp. Term Loan | 10.34%<br>(3 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 6925130 | 6754599 |
| **Distribution/Wholesale 0.24%** |  |  |  |  |
| Resideo Funding, Inc. 2025 Incremental Term Loan | 6.038%<br>(3 mo. USD Term SOFR + 2.00%) | 8/13/2032 | 15000000 | 15016425 |

---

<br> 144 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services 1.63%** |  |  |  |  |
| Advisor Group, Inc. 2025 Term Loan | 6.916%<br>(1 mo. USD Term SOFR + 3.00% | 7/30/2032 | $4091000 | $4103968 |
| Atlas Warehouse Lending Co. LP Term Loan |  | 4/10/2026 | 23000000 | 23203360 |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br>(1 mo. USD Term SOFR + 1.75% | 6/24/2030 | 28904577 | 29038695 |
| Citadel Securities LP 2024 First Lien Term Loan | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 10/31/2031 | 10246331 | 10295820 |
| Corpay Technologies Operating Co. LLC 2025 Term Loan B | 5.757%<br>(3 mo. USD Term SOFR + 1.75% | 11/5/2032 | 16667000 | 16662917 |
| Hudson River Trading LLC 2024 Term Loan B | 6.709%<br>(1 mo. USD Term SOFR + 2.75% | 3/18/2030 | 5984887 | 6008736 |
| Jane Street Group LLC 2024 Term Loan B1 | 5.822%<br>(3 mo. USD Term SOFR + 2.00% | 12/15/2031 | 8333000 | 8261295 |
| Setanta Aircraft Leasing DAC 2024 Term Loan B (Ireland)<sup>(b)</sup> | 5.752%<br>(3 mo. USD Term SOFR + 1.75% | 11/5/2028 | 2695700 | 2713006 |
| *Total* |  |  |  | 100287797 |
| **Electric 1.61%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 17375019 | 17380231 |
| NRG Energy, Inc. 2024 Term Loan | 5.666% - 5.59%<br>(1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 60439488 | 60615670 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 20750009 | 20861021 |
| *Total* |  |  |  | 98856922 |
| **Entertainment 1.14%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(b)</sup> | 5.752%<br>(3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 35988963 | 35921663 |
| Flutter Financing BV 2025 Term Loan B (Netherlands)<sup>(b)</sup> | 6.002%<br>(3 mo. USD Term SOFR + 2.00% | 6/4/2032 | 9144082 | 9136493 |
| Live Nation Entertainment, Inc. 2025 Term Loan B | 5.95%<br>(1 mo. USD Term SOFR + 2.00% | 10/21/2032 | 15000000 | 15032850 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 12/4/2031 | 9999449 | 9843208 |
| *Total* |  |  |  | 69934214 |

---

<br> *See Notes to Financial Statements.* 145

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care Products 0.25%** |  |  |  |  |
| Medline Borrower LP 2025 Term Loan B | 5.916%<br>(1 mo. USD Term SOFR + 2.00%) | 10/23/2028 | $12005365 | $12034418 |
| Solventum Corp. Term Loan | 5.309%<br>(1 mo. USD Term SOFR + 1.25%) | 3/8/2027 | 3428572 | 3437143 |
| *Total* |  |  |  | 15471561 |
| **Health Care Services 0.14%** |  |  |  |  |
| DaVita, Inc. 2025 Term Loan B | 5.666%<br>(1 mo. USD Term SOFR + 1.75%) | 5/9/2031 | 8336469 | 8362145 |
| **Home Furnishings 0.32%** |  |  |  |  |
| Somnigroup International, Inc. Term Loan B | 6.16%<br>(1 mo. USD Term SOFR + 2.25%) | 10/24/2031 | 19351875 | 19491015 |
| **Insurance 0.36%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.28%<br>(1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 21920866 | 21922290 |
| **Lodging 0.16%** |  |  |  |  |
| Wyndham Hotels & Resorts, Inc. 2022 Term Loan A | 5.766%<br>(1 mo. USD Term SOFR + 1.75%) | 4/8/2027 | 10130760 | 10137092 |
| **Machinery: Construction & Mining 0.23%** |  |  |  |  |
| Vertiv Group Corp. 2025 Term Loan | 5.734%<br>(1 mo. USD Term SOFR + 1.75%) | 8/12/2032 | 13965000 | 14026516 |
| **Media 1.22%** |  |  |  |  |
| Charter Communications Operating LLC 2023 Term Loan B4 | 5.985%<br>(3 mo. USD Term SOFR + 2.00%) | 12/7/2030 | 18300866 | 18245689 |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.235%<br>(3 mo. USD Term SOFR + 2.25%) | 12/15/2031 | 50698775 | 50629825 |
| DirecTV Financing LLC Term Loan | 9.102%<br>(3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 5454147 | 5467400 |
| Virgin Media Bristol LLC USD Term Loan N | 6.573%<br>(1 mo. USD Term SOFR + 2.50%) | 1/31/2028 | 756252 | 756959 |
| *Total* |  |  |  | 75099873 |
| **Oil & Gas 0.23%** |  |  |  |  |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.684%<br>(1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 14000000 | 14017500 |

---

<br> 146 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pharmaceuticals 0.29%** |  |  |  |  |
| Elanco Animal Health, Inc. 2025 Term Loan B | 5.734%<br>(1 mo. USD Term SOFR + 1.75%) | 10/31/2032 | $18000000 | $18000000 |
| **Pipelines 0.91%** |  |  |  |  |
| Buckeye Partners LP 2025 Term Loan B7 | 5.666%<br>(1 mo. USD Term SOFR + 1.75%) | 11/22/2032 | 14937236 | 14995118 |
| Colossus Acquireco LLC Term Loan B | 5.87%<br>(3 mo. USD Term SOFR + 1.75%) | 7/30/2032 | 25000000 | 24933625 |
| Venture Global Plaquemines LNG LLC 2024 Contingency Reserve Delayed Draw Term Loan | 6.141%<br>(1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | 1601068 | 1597065 |
| Venture Global Plaquemines LNG LLC Base Term Loan | 6.141%<br>(1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | 14374932 | 14368967 |
| *Total* |  |  |  | 55894775 |
| **Real Estate Investment Trusts 0.37%** |  |  |  |  |
| Iron Mountain, Inc. 2023 Term Loan B | 5.916%<br>(1 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 12482243 | 12404291 |
| Starwood Property Trust, Inc. 2025 Term Loan B | 6.166%<br>(1 mo. USD Term SOFR + 2.25%) | 9/24/2032 | 10000000 | 10053150 |
| *Total* |  |  |  | 22457441 |
| **Regional 0.06%** |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.152%<br>(3 mo. USD Term SOFR + 1.00%) | 5/13/2027 | 3750000 | 3745313 |
| **Retail 0.32%** |  |  |  |  |
| Lowe's Cos., Inc. Delayed Draw Term Loan | – <sup>(h)</sup> | 9/15/2028 | 20000000 | 19925000 |
| **Software 0.10%** |  |  |  |  |
| RealPage, Inc. 1st Lien Term Loan | – <sup>(h)</sup> | 4/24/2028 | 6152000 | 6152708 |
| **Telecommunications 0.49%** |  |  |  |  |
| CommScope, Inc. 2024 Term Loan | 8.666%<br>(1 mo. USD Term SOFR + 4.75%) | 12/17/2029 | 23000000 | 23172500 |
| Frontier Communications Corp. 2025 Term Loan B | 6.459%<br>(1 mo. USD Term SOFR + 2.50%) | 7/1/2031 | 6782896 | 6796699 |
| *Total* |  |  |  | 29969199 |
| **Transportation 0.25%** |  |  |  |  |
| Genesee & Wyoming, Inc. 2024 Term Loan | 5.752%<br>(3 mo. USD Term SOFR + 1.75%) | 4/10/2031 | 15345000 | 15337404 |
| *Total Floating Rate Loans* (cost $699,225,470) | *Total Floating Rate Loans* (cost $699,225,470) |  |  | 699605829 |

---

<br> *See Notes to Financial Statements.* 147

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(b)</sup> **2.68%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(b)</sup> **2.68%** |  |  |  |  |
| **Bermuda 0.09%** |  |  |  |  |  |
| Bermuda Government International Bonds | 2.375% |  | 8/20/2030 | $6347000 | $5783386 |
| **Colombia 0.10%** |  |  |  |  |  |
| Colombia Government International Bonds | 7.50% |  | 2/2/2034 | 6000000 | 6337500 |
| **Dominican Republic 0.25%** |  |  |  |  |  |
| Dominican Republic International Bonds<sup>†</sup> | 5.875% |  | 10/28/2035 | 5000000 | 4982750 |
| Dominican Republic International Bonds | 8.625% |  | 4/20/2027 | 10166667 | 10522246 |
| *Total* |  |  |  |  | 15504996 |
| **Hungary 0.31%** |  |  |  |  |  |
| Hungary Government International Bonds | 7.625% |  | 3/29/2041 | 16000000 | 18886001 |
| **Italy 0.51%** |  |  |  |  |  |
| Republic of Italy Government International Bonds | 3.875% |  | 5/6/2051 | 41179000 | 31086305 |
| **Mexico 0.93%** |  |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% |  | 8/17/2030 | 25000000 | 25411000 |
| Mexico Government International Bonds | 6.625% |  | 1/29/2038 | 30000000 | 31626000 |
| *Total* |  |  |  |  | 57037000 |
| **Poland 0.19%** |  |  |  |  |  |
| Republic of Poland Government International Bonds | 5.50% |  | 4/4/2053 | 12000000 | 11733831 |
| **Romania 0.30%** |  |  |  |  |  |
| Romania Government International Bonds<sup>†</sup> | 5.75% |  | 9/16/2030 | 18000000 | 18485190 |
| *Total Foreign Government Obligations* (cost $160,218,370) | *Total Foreign Government Obligations* (cost $160,218,370) |  |  |  | 164854209 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |  |  |
| Government National Mortgage Association Series 2013-48 IO<sup>(i)</sup> (Cost $81,266) | 0.381% | <sup>#(j)</sup> | 7/16/2054 | 3753177 | 42980 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.85%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.85%** |  |  |  |  |
| Federal Home Loan Mortgage Corp. | 4.872%<br>(30 day USD SOFR Average + 2.14% |)<sup>#</sup> | 10/1/2055 | 26336186 | 26601938 |
| Federal Home Loan Mortgage Corp. | 5.028%<br>(30 day USD SOFR Average + 2.23% |)<sup>#</sup> | 9/1/2055 | 28079222 | 28446608 |
| Federal Home Loan Mortgage Corp. | 5.345%<br>(30 day USD SOFR Average + 2.33% |)<sup>#</sup> | 9/1/2055 | 11035781 | 11220490 |
| Federal National Mortgage Association | 4.741%<br>(30 day USD SOFR Average + 2.28% |)<sup>#</sup> | 9/1/2055 | 5708498 | 5740739 |

---

<br> 148 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal National Mortgage Association | 4.882%<br>(30 day USD SOFR Average + 2.34% |)<sup>#</sup> | 7/1/2053 | $11501519 | $11666142 |
| Federal National Mortgage Association | 5.008%<br>(30 day USD SOFR Average + 2.28% |)<sup>#</sup> | 2/1/2055 | 11042641 | 11213438 |
| Federal National Mortgage Association | 5.038%<br>(30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 9/1/2055 | 14047652 | 14291055 |
| Federal National Mortgage Association | 5.759%<br>(30 day USD SOFR Average + 2.34% |)<sup>#</sup> | 7/1/2054 | 7839945 | 8054136 |
| Government National Mortgage Association<sup>(k)</sup> | 6.50% |  | TBA | 56616000 | 58296534 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $175,017,391) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $175,017,391) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $175,017,391) |  |  | 175531080 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.20%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.20%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.20%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.20%** |  |  |
| BX Trust Series 2025-VOLT Class B<sup>†(e)</sup> | 6.10%<br>(1 mo. USD Term SOFR + 2.10% |)<sup>#</sup> | 12/15/2044 | 10000000 | 10034606 |
| GS Mortgage Securities Trust Series 2015-GS1 Class XB<sup>(i)</sup> | 0.268% | <sup>#(j)</sup> | 11/10/2048 | 27164887 | 2988 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XB10<sup>†(i)</sup> | 0.723% | <sup>#(j)</sup> | 8/5/2034 | 16028000 | 2317 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XB7<sup>†(i)</sup> | 0.665% | <sup>#(j)</sup> | 8/5/2034 | 18308000 | 2159 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.619% | <sup>#(j)</sup> | 2/14/2047 | 1960000 | 2028249 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $11,960,000) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $11,960,000) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $11,960,000) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $11,960,000) |  | 12070319 |
| **U.S. TREASURY OBLIGATIONS 3.39%** |  |  |  |  |  |
| U.S. Treasury Bonds (cost $206,122,912) | 5.00% |  | 5/15/2045 | 198604000 | 208254913 |
| *Total Long-Term Investments* (cost $6,096,097,752) | *Total Long-Term Investments* (cost $6,096,097,752) |  |  |  | 6192674400 |
| **SHORT-TERM INVESTMENTS 0.97%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.45%** |  |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $20,859,200 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $27,744,174; proceeds: $27,208,096 (cost $27,200,162) |  |  |  | 27200162 | 27200162 |
| **Time Deposits 0.05%** |  |  |  |  |  |
| CitiBank N.A.<sup>(l)</sup> <br> (cost $3,216,983) |  |  |  | 3216983 | 3216983 |

---

<br> *See Notes to Financial Statements.* 149

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.47%** |  |  |
| Fidelity Government Portfolio<sup>(l)</sup> (cost $28,952,845) | 28952845 | $28952845 |
| *Total Short-Term Investments* (cost $59,369,990) |  | 59369990 |
| *Total Investments in Securities 101.67%* (cost $6,155,467,742) |  | 6252044390 |
| *Other Assets and Liabilities - Net*<sup>(m)</sup> *(1.67)%* |  | (102674702) |
| *Net Assets 100.00%* |  | $6149369688 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $2,644,002,711, which represents 43.00% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(e)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(f)</sup> | Defaulted (non-income producing security). |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(h)</sup> | Interest Rate to be determined. |
| <sup>(i)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(j)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(k)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(l)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(m)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

<br> 150 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INCOME FUND *November 30, 2025*

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers – Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront**<sup>(2)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.HY.S41<sup>(4)</sup> | Goldman Sachs | 5.00% | 12/20/2028 | $28710000 | $1864104 | $278345 | $2142449 |
| CDX.NA.HY.S42<sup>(4)</sup> | Goldman Sachs | 5.00% | 6/20/2029 | 60000000 | 4208578 | 622771 | 4831349 |
| CDX.NA.HY.S43<sup>(4)</sup> | Goldman Sachs | 5.00% | 12/20/2029 | 60000000 | 4071704 | 466743 | 4538447 |
| CDX.NA.HY.S45<sup>(4)</sup> | Goldman Sachs | 5.00% | 12/20/2030 | 75000000 | 5240475 | 353522 | 5593997 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 28015000 | 458850 | 167193 | 626043 |
| CDX.NA.IG.S44<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2030 | 177000000 | 3475199 | 482424 | 3957623 |
| CDX.NA.IG.S45<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2030 | 180000000 | 3821876 | 223918 | 4045794 |
| Oracle Corp. | Goldman Sachs | 1.00% | 12/20/2027 | 10000000 | 65359 | 7250 | 72609 |
| *Total* |  |  |  |  | $23206145 | $2602166 | $25808311 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $2,602,166. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Forward Foreign Currency Exchange Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 15951000 | $11631734 | $11444498 | $187236 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Buy | Barclays Bank PLC | 1/23/2026 | 15951000 | $11592824 | $11444498 | $(148326) |

---

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 1831 | Long | $211789151 | $212767922 | $978771 |
| U.S. 2-Year Treasury Note | March 2026 | 3620 | Long | 755858748 | 756070941 | 212193 |
| U.S. 5-Year Treasury Note | March 2026 | 4716 | Long | 516809298 | 517654688 | 845390 |
| U.S. Long Bond | March 2026 | 146 | Long | 17053073 | 17145875 | 92802 |
| U.S. Ultra Treasury Bond | March 2026 | 4203 | Long | 503725574 | 508300312 | 4574738 |
| *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  |  | $6703894 |

---

<br> *See Notes to Financial Statements.* 151

**Schedule of Investments (concluded)**

INCOME FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $28580709 | $12562500 | $41143209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 722419781 |  | 722419781 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 11419212 |  | 11419212 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 397008477 | 36 | 397008513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3760324355 |  | 3760324355 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 699605829 |  | 699605829 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 164854209 |  | 164854209 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 42980 |  | 42980 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass–Throughs |  | 175531080 |  | 175531080 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 12070319 |  | 12070319 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 208254913 |  | 208254913 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 27200162 |  | 27200162 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 3216983 |  | 3216983 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 28952845 | – | – | 28952845 |
| Total | $28952845 | $6210529009 | $12562536 | $6252044390 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $25808311 | $– | $25808311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 187236 |  | 187236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (148326) |  | (148326) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 6703894 |  |  | 6703894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $6703894 | $25847221 | $– | $32551115 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

152 *See Notes to Financial Statements.*

**Schedule of Investments**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.42%** |  |  | | |
| **ASSET-BACKED SECURITIES 19.65%** |  |  | | |
| **Automobiles 7.82%** |  |  |  |  |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% | 12/18/2028 | $600000 | $609719 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% | 1/16/2029 | 2300000 | 2328415 |
| CarMax Select Receivables Trust Series 2025-B Class A3 | 4.12% | 3/15/2030 | 1745000 | 1750167 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% | 1/10/2028 | 32710 | 32332 |
| Carvana Auto Receivables Trust Series 2024-P1 Class A4<sup>†</sup> | 5.08% | 3/11/2030 | 1375000 | 1402585 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% | 7/25/2029 | 1090000 | 1103036 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% | 10/15/2030 | 2485000 | 2525573 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 1085339 | 1093221 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% | 10/15/2030 | 2370000 | 2416250 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% | 1/15/2031 | 1875000 | 1878327 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% | 8/15/2028 | 437489 | 438511 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% | 6/15/2029 | 1250000 | 1271074 |
| Exeter Automobile Receivables Trust Series 2024-2A Class C | 5.74% | 5/15/2029 | 1000000 | 1008635 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 1285000 | 1290216 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% | 9/16/2030 | 705000 | 716994 |
| Exeter Automobile Receivables Trust Series 2025-4A Class A3 | 4.39% | 9/17/2029 | 3110000 | 3124935 |
| Honda Auto Receivables Owner Trust Series 2023-4 Class A3 | 5.67% | 6/21/2028 | 759282 | 767736 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 593770 | 603677 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 568041 | 574237 |

---

*See Notes to Financial Statements.* 153

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% | 6/15/2028 | $2070000 | $2086868 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 2175000 | 2212122 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 1509427 | 1519606 |
| NextGear Floorplan Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 4.55% | 2/15/2030 | 1980000 | 2002801 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 392556 | 395911 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 405101 | 407282 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 162061 | 162006 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% | 5/15/2030 | 1295222 | 1303590 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class C | 5.77% | 11/15/2030 | 875000 | 891651 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class B | 6.16% | 12/17/2029 | 2518000 | 2554110 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class C | 6.43% | 2/18/2031 | 1239000 | 1286875 |
| Santander Drive Auto Receivables Trust Series 2023-6 Class B | 5.98% | 4/16/2029 | 2375000 | 2410340 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 1235000 | 1263125 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 | 5.63% | 1/16/2029 | 2287885 | 2297894 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 740000 | 749349 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 560000 | 564418 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class A3 | 4.17% | 4/15/2030 | 935000 | 937078 |
| SCCU Auto Receivables Trust Series 2025-1A Class A4<sup>†</sup> | 4.68% | 9/15/2031 | 1280000 | 1302264 |
| Western Funding Auto Loan Trust Series 2025-1 Class A<sup>†</sup> | 4.75% | 7/16/2035 | 1845000 | 1859349 |
| Westlake Automobile Receivables Trust Series 2023-1A Class D<sup>†</sup> | 6.79% | 11/15/2028 | 1000000 | 1023153 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% | 4/15/2030 | 855000 | 874287 |

---

154 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2025-2A Class B<sup>†</sup> | 4.63% |  | 1/15/2031 | $2670000 | $2683250 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 1800000 | 1804449 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% |  | 2/15/2029 | 1985300 | 2006321 |
| World Omni Auto Receivables Trust Series 2024-B Class A3 | 5.27% |  | 9/17/2029 | 1400000 | 1413217 |
| *Total* |  |  |  |  | 60946956 |
| **Credit Card 0.21%** |  |  |  |  |  |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 1600000 | 1608000 <sup>(a)</sup> |
| **Other 11.21%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.227%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | 475380 | 475416 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 1495000 | 1498795 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 790000 | 792037 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 1430000 | 1442318 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 1165000 | 1168397 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.00% <br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 2000000 | 2000996 |
| Apex Credit CLO Ltd. Series 2021-1A Class ANR<sup>†</sup> | 5.104% <br> (3 mo. USD Term SOFR + 1.22% |)<sup>#</sup> | 7/18/2034 | 1540000 | 1538652 |
| Apidos CLO XXV Ltd. Series 2016-25A Class A1R3<sup>†</sup> | 5.024% <br> (3 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 1/20/2037 | 850000 | 850119 |
| Apidos CLO XXXI Ltd. Series 2019-31A Class A1R<sup>†</sup> | 5.266%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 4/15/2031 | 2369077 | 2370226 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 198156 | 182669 |
| Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class A<sup>†</sup> | 5.314% <br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 1/20/2043 | 860000 | 862495 |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.064% <br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | 2750000 | 2752093 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 4.90% <br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 2000000 | 1998154 |

---

*See Notes to Financial Statements.* 155

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Bain Capital Credit CLO Ltd. Series 2022-3A Class A1R<sup>†</sup> | 5.042% <br> (3 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 7/17/2035 | $1500000 | $1500748 |
| BDS LLC Series 2025-FL15 Class A<sup>†</sup> | 5.359%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 3/19/2043 | 1030000 | 1030875 |
| BDS LLC Series 2025-FL16 Class A<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/19/2043 | 750000 | 750703 |
| BSPRT Issuer LLC Series 2025-FL12 Class A<sup>†</sup> | 5.345% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 1/17/2043 | 660000 | 660616 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 4.935% <br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 2250000 | 2249530 |
| Carlyle U.S. CLO Ltd. Series 2021-9A Class AR<sup>†</sup> | 4.994% <br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 1930000 | 1930577 |
| Cedar Funding V CLO Ltd. Series 2016-5A Class A1R<sup>†</sup> | 5.243% <br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 7/17/2031 | 1539317 | 1540947 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 4.852% <br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 1318155 | 1319476 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 4.984% <br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 1670000 | 1662467 |
| Dell Equipment Finance Trust Series 2025-1 Class C<sup>†</sup> | 5.25% |  | 2/24/2031 | 1590000 | 1616801 |
| Dell Equipment Finance Trust Series 2025-1 Class D<sup>†</sup> | 5.64% |  | 8/22/2031 | 1250000 | 1277256 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.179%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 1810000 | 1813423 |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.344%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | 310000 | 310070 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.093% <br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 165837 | 165845 |
| HPEFS Equipment Trust Series 2025-1A Class A3<sup>†</sup> | 4.43% |  | 9/20/2032 | 1005000 | 1012544 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.434% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 1630000 | 1631617 |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.434% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | 1600000 | 1601917 |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.184%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | 2390000 | 2391066 |

---

156 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 43 Ltd. Series 2022-43A Class A1R<sup>†</sup> | 5.655%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/15/2036 | $3000000 | $3004797 |
| Lendmark Funding Trust Series 2021-1A Class B<sup>†</sup> | 2.47% |  | 11/20/2031 | 4700000 | 4505672 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.344% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 1320000 | 1320268 |
| M&T Equipment Notes Series 2024-1A Class A4<sup>†</sup> | 4.94% |  | 8/18/2031 | 1655000 | 1692122 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.138% <br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 1600000 | 1601280 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 1460000 | 1419260 |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.153% <br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | 85996 | 86011 |
| Navesink CLO 3 Ltd. Series 2025-3A Class A1<sup>†</sup> | 5.804%<br> (3 mo. USD Term SOFR + 1.48% |)<sup>#</sup> | 7/15/2037 | 1930000 | 1930627 |
| Octagon Investment Partners 45 Ltd. Series 2019-1A Class A1RR<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/15/2035 | 1390000 | 1390956 |
| OneMain Financial Issuance Trust Series 2019-2A Class A<sup>†</sup> | 3.14% |  | 10/14/2036 | 2282000 | 2248571 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 1650650 | 1657307 |
| Parallel Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.555%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 1500000 | 1502233 |
| PFP Ltd. Series 2025-12 Class A<sup>†</sup> | 5.448%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 12/18/2042 | 1420000 | 1423003 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 1500000 | 1501300 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.151%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 225202 | 225305 |
| Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.344% <br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/20/2037 | 2160000 | 2161572 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 565000 | 575247 |
| SCF Equipment Leasing LLC Series 2025-2A Class A3<sup>†</sup> | 4.33% |  | 6/20/2036 | 1070000 | 1075056 |
| THL Credit Wind River CLO Ltd. Series 2019-3A Class AR3<sup>†</sup> | 4.992% <br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 1/15/2038 | 1210000 | 1210979 |

---

*See Notes to Financial Statements.* 157

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.134% <br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | $2250000 | $2247435 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 4.924%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 2000000 | 1999982 |
| Trysail CLO Ltd. Series 2021-1A Class A1R<sup>†</sup> | 5.273% <br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 10/20/2036 | 1700000 | 1700425 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 494167 | 498551 |
| Venture 28A CLO Ltd. Series 2017-28AA Class A1RR<sup>†</sup> | 4.994% <br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 2000000 | 1999140 |
| Venture 33 CLO Ltd. Series 2018-33A Class A1LR<sup>†</sup> | 5.226%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 7/15/2031 | 678128 | 680073 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 1935000 | 1974793 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 410000 | 415248 |
| Voya CLO Ltd. Series 2013-3A Class A2RR<sup>†</sup> | 5.846% <br> (3 mo. USD Term SOFR + 1.96% |)<sup>#</sup> | 10/18/2031 | 466000 | 466822 |
| Wingspire Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.33% |  | 9/20/2033 | 2390000 | 2393094 |
| *Total* |  |  |  |  | 87305974 |
| **Student Loan 0.41%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% |  | 10/15/2069 | 1705400 | 1565504 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 1726861 | 1631561 |
| *Total* |  |  |  |  | 3197065 |
| *Total Asset-Backed Securities* (cost $152,744,961) |  |  |  |  | 153057995 |
| **CONVERTIBLE BONDS 0.15%** |  |  |  |  |  |
| **Commercial Services 0.10%** |  |  |  |  |  |
| Block, Inc. | Zero Coupon |  | 5/1/2026 | 770000 | 753637 |
| **Equity Real Estate 0.05%** |  |  |  |  |  |
| Redfin Corp. | 0.50% |  | 4/1/2027 | 411000 | 385518 |
| *Total Convertible Bonds* (cost $1,138,238) |  |  |  |  | 1139155 |
| **CORPORATE BONDS 49.58%** |  |  |  |  |  |
| **Aerospace/Defense 1.02%** |  |  |  |  |  |
| ATI, Inc. | 7.25% |  | 8/15/2030 | 614000 | 650659 |
| Boeing Co. | 2.196% |  | 2/4/2026 | 1563000 | 1556757 |

---

158 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| Boeing Co. | 2.25% | 6/15/2026 | $223000 | $220341 |
| Boeing Co. | 2.70% | 2/1/2027 | 558000 | 549039 |
| Boeing Co. | 3.20% | 3/1/2029 | 403000 | 389889 |
| Boeing Co. | 3.25% | 2/1/2028 | 456000 | 448044 |
| Boeing Co. | 5.15% | 5/1/2030 | 357000 | 368069 |
| Boeing Co. | 6.298% | 5/1/2029 | 1333000 | 1418040 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.875% | 4/15/2027 | 84000 | 84301 |
| Spirit AeroSystems, Inc. | 3.85% | 6/15/2026 | 405000 | 404736 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 232000 | 243930 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% | 11/15/2030 | 753000 | 825937 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 8/15/2028 | 760000 | 776488 |
| *Total* |  |  |  | 7936230 |
| **Agriculture 1.05%** |  |  |  |  |
| Bunge Ltd. Finance Corp. | 2.00% | 4/21/2026 | 4352000 | 4315397 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 4.50% | 6/30/2028 | 276000 | 278663 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 6.125% | 7/27/2027 | 2349000 | 2418130 |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 5.25% | 6/15/2030 | 1102000 | 1148370 |
| *Total* |  |  |  | 8160560 |
| **Airlines 0.52%** |  |  |  |  |
| Air Canada (Canada)<sup>†(d)</sup> | 3.875% | 8/15/2026 | 995000 | 990415 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.50% | 4/20/2026 | 403122 | 404333 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.021% | 10/20/2029 | 270000 | 270985 |
| Southwest Airlines Co. | 4.375% | 11/15/2028 | 427000 | 427079 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 523690 | 535573 |
| United Airlines, Inc.<sup>†</sup> | 4.375% | 4/15/2026 | 1450000 | 1449281 |
| *Total* |  |  |  | 4077666 |
| **Auto Manufacturers 2.60%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% | 8/10/2026 | 1357000 | 1339284 |
| Ford Motor Credit Co. LLC | 4.125% | 8/17/2027 | 1154000 | 1142621 |
| Ford Motor Credit Co. LLC | 5.125% | 11/5/2026 | 2471000 | 2483385 |
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 1202000 | 1208097 |
| Ford Motor Credit Co. LLC | 5.80% | 3/8/2029 | 1429000 | 1457105 |
| Ford Motor Credit Co. LLC | 5.85% | 5/17/2027 | 823000 | 834589 |
| Ford Motor Credit Co. LLC | 6.95% | 6/10/2026 | 273000 | 275819 |
| Ford Motor Credit Co. LLC | 7.35% | 11/4/2027 | 985000 | 1028747 |
| General Motors Financial Co., Inc. | 4.20% | 10/27/2028 | 286000 | 286211 |
| General Motors Financial Co., Inc. | 5.00% | 7/15/2027 | 417000 | 422189 |

---

*See Notes to Financial Statements.* 159

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| General Motors Financial Co., Inc. | 5.387% <br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | $415000 | $414311 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 315000 | 320320 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 963000 | 998571 |
| Hyundai Capital America<sup>†</sup> | 4.875% |  | 6/23/2027 | 502000 | 507323 |
| Hyundai Capital America<sup>†</sup> | 4.90% |  | 6/23/2028 | 705000 | 716897 |
| Hyundai Capital America<sup>†</sup> | 5.30% |  | 1/8/2029 | 584000 | 599746 |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | 1497000 | 1567779 |
| Hyundai Capital America<sup>†</sup> | 6.50% |  | 1/16/2029 | 411000 | 436301 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.00% |  | 3/9/2026 | 400000 | 398736 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.95% |  | 9/15/2026 | 200000 | 202410 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | 500000 | 507980 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.45% |  | 9/11/2027 | 1062000 | 1065234 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 376000 | 377689 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 659000 | 664475 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 990000 | 1001700 |
| *Total* |  |  |  |  | 20257519 |
| **Auto Parts & Equipment 0.15%** |  |  |  |  |  |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 1110000 | 1133819 |
| **Banks 5.44%** |  |  |  |  |  |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 5.32% <br> (SOFR + 1.65% |)<sup>#</sup> | 5/15/2031 | 200000 | 206897 |
| Bank Negara Indonesia Persero Tbk. PT (Indonesia)<sup>(d)</sup> | 3.75% |  | 3/30/2026 | 200000 | 199036 |
| Bank of Ireland Group PLC (Ireland)<sup>†(d)</sup> | 2.029% <br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 1533000 | 1506557 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 4.836% |  | 5/9/2028 | 1142000 | 1149408 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.367% <br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 476000 | 493308 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 6.496% <br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 1872000 | 1904265 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 951000 | 1006546 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.591%<br> (SOFR + 1.23% |)<sup>#</sup> | 1/20/2028 | 1034000 | 1015216 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 4.375% |  | 5/12/2026 | 436000 | 435912 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 5.283%<br>(SOFR + 1.28% |)<sup>#</sup> | 11/19/2030 | 273000 | 281350 |
| Capital One NA | 5.974% <br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 510000 | 528065 |

---

160 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citigroup, Inc. | 4.503%<br>(SOFR + 1.17% |)<sup>#</sup> | 9/11/2031 | $641000 | $645698 |
| Citigroup, Inc. | 5.174%<br>(SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 1811000 | 1863379 |
| Citizens Financial Group, Inc. | 5.253%<br>(SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 629000 | 645110 |
| Citizens Financial Group, Inc. | 5.841%<br>(SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 1325000 | 1380841 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.613%<br>(1 yr. CMT + 1.10% |)<sup>#</sup> | 10/2/2030 | 605000 | 610863 |
| Federation des Caisses Desjardins du Quebec (Canada)<sup>†(d)</sup> | 4.565% |  | 8/26/2030 | 264000 | 266924 |
| First Citizens BancShares, Inc. | 5.231%<br>(SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 1410000 | 1432587 |
| First Horizon Corp. | 5.514%<br>(SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 554000 | 574683 |
| Goldman Sachs Group, Inc. | 4.937%<br>(SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 581000 | 587487 |
| Goldman Sachs Group, Inc. | 5.207%<br>(SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 293000 | 303704 |
| Goldman Sachs Group, Inc. | 5.218%<br>(SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 697000 | 722305 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 4.899%<br>(SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 729000 | 740484 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 5.597%<br>(SOFR + 1.06% |)<sup>#</sup> | 5/17/2028 | 1164000 | 1187281 |
| Huntington Bancshares, Inc. | 4.443%<br>(SOFR + 1.97% |)<sup>#</sup> | 8/4/2028 | 487000 | 489599 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 5.71% |  | 1/15/2026 | 1102000 | 1103337 |
| JPMorgan Chase & Co. | 5.012%<br>(SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 215000 | 220801 |
| JPMorgan Chase & Co. | 5.14%<br>(SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 500000 | 518837 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 4.582% |  | 12/10/2025 | 5156000 | 5155483 |
| Macquarie Bank Ltd. (Australia)<sup>†(d)</sup> | 3.624% |  | 6/3/2030 | 418000 | 400569 |
| Morgan Stanley | 4.133%<br>(SOFR + 0.91% |)<sup>#</sup> | 10/18/2029 | 483000 | 483046 |
| Morgan Stanley | 4.356%<br>(SOFR + 1.07% |)<sup>#</sup> | 10/22/2031 | 481000 | 481623 |
| Morgan Stanley | 4.994%<br>(SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 692000 | 705930 |

---

*See Notes to Financial Statements.* 161

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley | 5.042% <br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | $476000 | $489445 |
| Morgan Stanley Private Bank NA | 4.734% <br> (SOFR + 1.08% |)<sup>#</sup> | 7/18/2031 | 272000 | 276746 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 4.964%<br> (1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 205000 | 209854 |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 314000 | 322078 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(d)</sup> | 4.32% <br> (SOFR + 1.07% |)<sup>#</sup> | 9/22/2029 | 429000 | 429617 |
| Societe Generale SA (France)<sup>†(d)</sup> | 5.25% |  | 2/19/2027 | 1252000 | 1265993 |
| Standard Chartered PLC (United Kingdom)<sup>†(d)</sup> | 5.688% <br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 613000 | 625480 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 250000 | 255113 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 563000 | 584545 |
| U.S. Bancorp | 4.548% <br> (SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 1128000 | 1136925 |
| U.S. Bancorp | 5.10% <br> (SOFR + 1.25% |)<sup>#</sup> | 7/23/2030 | 802000 | 827554 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 434000 | 450340 |
| U.S. Bancorp | 6.787% <br> (SOFR + 1.88% |)<sup>#</sup> | 10/26/2027 | 909000 | 930430 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 1.494% <br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 1277000 | 1253270 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.428% <br> (1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 769000 | 796834 |
| Wells Fargo & Co. | 4.808%<br> (SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 1692000 | 1710566 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 564000 | 575164 |
| Wells Fargo & Co. | 6.303%<br> (SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 949000 | 1005087 |
| *Total* |  |  |  |  | 42392172 |
| **Beverages 0.45%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 655000 | 660714 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 1208000 | 1233352 |
| Bacardi-Martini BV (Netherlands)<sup>†(d)</sup> | 5.55% |  | 2/1/2030 | 692000 | 717233 |
| Keurig Dr. Pepper, Inc. | 4.35% |  | 5/15/2028 | 541000 | 542818 |

---

162 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Beverages (continued)** |  |  | | |
| Keurig Dr. Pepper, Inc. | 5.10% | 3/15/2027 | $353000 | $356824 |
| *Total* |  |  |  | 3510941 |
| **Biotechnology 0.48%** |  |  |  |  |
| Illumina, Inc. | 4.75% | 12/12/2030 | 964000 | 969395 |
| Illumina, Inc. | 5.75% | 12/13/2027 | 1087000 | 1116537 |
| Royalty Pharma PLC | 2.20% | 9/2/2030 | 189000 | 171425 |
| Royalty Pharma PLC | 4.45% | 3/25/2031 | 924000 | 922704 |
| Royalty Pharma PLC | 5.15% | 9/2/2029 | 561000 | 576617 |
| *Total* |  |  |  | 3756678 |
| **Chemicals 0.31%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 1.40% | 8/5/2026 | 422000 | 412483 |
| Celanese U.S. Holdings LLC | 6.665% | 7/15/2027 | 1554000 | 1600592 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.25% | 2/13/2030 | 416000 | 427485 |
| *Total* |  |  |  | 2440560 |
| **Commercial Services 1.86%** |  |  |  |  |
| Ashtead Capital, Inc.<sup>†</sup> | 4.375% | 8/15/2027 | 346000 | 346043 |
| Block, Inc. | 2.75% | 6/1/2026 | 1114000 | 1106182 |
| Block, Inc.<sup>†</sup> | 5.625% | 8/15/2030 | 246000 | 250838 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 950000 | 1004402 |
| Global Payments, Inc. | 4.50% | 11/15/2028 | 835000 | 837986 |
| Global Payments, Inc. | 4.875% | 11/15/2030 | 1395000 | 1398998 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 1116000 | 1172528 |
| Herc Holdings, Inc.<sup>†</sup> | 5.50% | 7/15/2027 | 1240000 | 1240730 |
| Matthews International Corp.<sup>†</sup> | 8.625% | 10/1/2027 | 1150000 | 1189106 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 1065000 | 1087278 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 1000000 | 996215 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 3872000 | 3830646 |
| *Total* |  |  |  | 14460952 |
| **Computers 0.18%** |  |  |  |  |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 948000 | 909444 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 529000 | 527392 |
| *Total* |  |  |  | 1436836 |
| **Diversified Financial Services 3.97%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 6.45% | 4/15/2027 | 974000 | 1002055 |
| AG Issuer LLC<sup>†</sup> | 6.25% | 3/1/2028 | 620000 | 622533 |

---

*See Notes to Financial Statements.* 163

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.00% |  | 9/15/2030 | $339000 | $343143 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% |  | 3/15/2030 | 180000 | 184338 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.625% |  | 11/15/2028 | 664000 | 666097 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% |  | 1/15/2028 | 464000 | 479326 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 752000 | 792917 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 439000 | 451152 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(d)</sup> | 4.75% |  | 11/12/2030 | 661000 | 657853 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.528% |  | 11/18/2027 | 178000 | 172305 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.95% |  | 1/15/2028 | 562000 | 568865 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.75% |  | 11/15/2029 | 1317000 | 1369823 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 6.375% |  | 5/4/2028 | 3000000 | 3128858 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 5.50% |  | 6/18/2030 | 1509000 | 1550804 |
| Equitable America Global Funding<sup>†</sup> | 4.65% |  | 6/9/2028 | 424000 | 429095 |
| GGAM Finance Ltd. (Ireland)<sup>†(d)</sup> | 8.00% |  | 6/15/2028 | 425000 | 450579 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 1476000 | 1454015 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 1028000 | 1028047 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 1478000 | 1448938 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 340000 | 345006 |
| LPL Holdings, Inc. | 5.15% |  | 6/15/2030 | 508000 | 519559 |
| LPL Holdings, Inc. | 5.20% |  | 3/15/2030 | 61000 | 62526 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 334000 | 340382 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 5.15% |  | 3/17/2030 | 1034000 | 1049528 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 6.40% |  | 3/26/2029 | 608000 | 639566 |
| Navient Corp. | 5.00% |  | 3/15/2027 | 165000 | 164987 |
| Navient Corp. | 6.75% |  | 6/15/2026 | 1227000 | 1244249 |
| OneMain Finance Corp. | 6.625% |  | 1/15/2028 | 732000 | 751364 |
| Rocket Cos., Inc.<sup>†</sup> | 6.125% |  | 8/1/2030 | 770000 | 799908 |
| Rocket Cos., Inc.<sup>†</sup> | 6.50% |  | 8/1/2029 | 1221000 | 1268061 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% |  | 10/15/2026 | 2349000 | 2312776 |
| SLM Corp. | 3.125% |  | 11/2/2026 | 450000 | 441910 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% |  | 9/15/2028 | 1098000 | 1107068 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 5.40% |  | 9/15/2030 | 346000 | 349365 |
| Synchrony Financial | 3.70% |  | 8/4/2026 | 275000 | 273881 |
| Synchrony Financial | 3.95% |  | 12/1/2027 | 236000 | 234224 |
| Synchrony Financial | 5.019% <br> (SOFR + 1.40% |)<sup>#</sup> | 7/29/2029 | 417000 | 421458 |

---

164 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.75% | 6/15/2027 | $886000 | $888755 |
| Voya Global Funding<sup>†</sup> | 4.60% | 11/24/2030 | 904000 | 911701 |
| *Total* |  |  |  | 30927017 |
| **Electric 2.53%** |  |  |  |  |
| AEP Texas, Inc. | 5.45% | 5/15/2029 | 422000 | 439030 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% | 7/31/2028 | 182000 | 194378 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(d)</sup> | 5.365% <sup>(e)</sup> | 6/15/2026 | 722000 | 725755 |
| Ameren Corp. | 5.00% | 1/15/2029 | 581000 | 595024 |
| Black Hills Corp. | 5.95% | 3/15/2028 | 1010000 | 1048283 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 944000 | 962718 |
| CenterPoint Energy, Inc. | 5.40% | 6/1/2029 | 262000 | 271790 |
| Cleco Corporate Holdings LLC | 3.743% | 5/1/2026 | 283000 | 281985 |
| Comision Federal de Electricidad (Mexico)<sup>†(d)</sup> | 4.688% | 5/15/2029 | 803000 | 794681 |
| Comision Federal de Electricidad (Mexico)<sup>(d)</sup> | 5.70% | 1/24/2030 | 400000 | 406900 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 269000 | 276284 |
| Enel Finance International NV (Netherlands)<sup>†(d)</sup> | 4.375% | 9/30/2030 | 420000 | 419577 |
| Enel Finance International NV (Netherlands)<sup>†(d)</sup> | 5.125% | 6/26/2029 | 858000 | 882370 |
| Engie SA (France)<sup>†(d)</sup> | 5.25% | 4/10/2029 | 452000 | 467693 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 2777000 | 2740046 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% | 3/30/2026 | 1081000 | 1083991 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 678000 | 702578 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 4.647% | 10/3/2030 | 495000 | 499000 |
| NRG Energy, Inc.<sup>†</sup> | 4.734% | 10/15/2030 | 781000 | 780048 |
| OGE Energy Corp. | 5.45% | 5/15/2029 | 344000 | 357652 |
| Ohio Edison Co.<sup>†</sup> | 4.95% | 12/15/2029 | 147000 | 151192 |
| Pacific Gas & Electric Co. | 3.15% | 1/1/2026 | 1640464 | 1638335 |
| Pacific Gas & Electric Co. | 5.00% | 6/4/2028 | 608000 | 618161 |
| Pacific Gas & Electric Co. | 5.55% | 5/15/2029 | 642000 | 664086 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 169000 | 171946 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 426000 | 437491 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 259000 | 257259 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.30% | 10/15/2028 | 587000 | 585861 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 194000 | 195800 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% | 2/15/2027 | 1013000 | 1014858 |
| *Total* |  |  |  | 19664772 |
| **Electrical Components & Equipment 0.09%** |  |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | 692000 | 700366 |

---

*See Notes to Financial Statements.* 165

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electronics 0.06%** |  |  | | |
| TD SYNNEX Corp. | 4.30% | 1/17/2029 | $499000 | $499233 |
| **Energy-Alternate Sources 0.20%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(d)</sup> | 3.85% | 3/29/2026 | 1528455 | 1516738 |
| **Engineering & Construction 0.16%** |  |  |  |  |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 1275000 | 1272795 |
| **Entertainment 0.54%** |  |  |  |  |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 450000 | 439323 |
| Flutter Treasury DAC (Ireland)<sup>†(d)</sup> | 6.375% | 4/29/2029 | 1161000 | 1198174 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 729000 | 721849 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 1865000 | 1810593 |
| *Total* |  |  |  | 4169939 |
| **Food 0.69%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 3637000 | 3638312 |
| Conagra Brands, Inc. | 4.85% | 11/1/2028 | 1736000 | 1760246 |
| *Total* |  |  |  | 5398558 |
| **Food Service 0.04%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 281000 | 288957 |
| **Gas 0.30%** |  |  |  |  |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 578000 | 598855 |
| Snam SpA (Italy)<sup>†(d)</sup> | 5.00% | 5/28/2030 | 427000 | 437775 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 1252000 | 1290251 |
| *Total* |  |  |  | 2326881 |
| **Health Care-Products 0.38%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 3.875% | 10/15/2029 | 512000 | 498372 |
| Baxter International, Inc. | 2.272% | 12/1/2028 | 211000 | 198751 |
| Baxter International, Inc.<sup>(b)</sup> | 4.45% | 2/15/2029 | 203000 | 203941 |
| Baxter International, Inc.<sup>(b)</sup> | 4.90% | 12/15/2030 | 958000 | 963791 |
| Solventum Corp. | 5.40% | 3/1/2029 | 697000 | 720980 |
| Solventum Corp. | 5.45% | 2/25/2027 | 334000 | 338629 |
| *Total* |  |  |  | 2924464 |
| **Health Care-Services 1.68%** |  |  |  |  |
| Adventist Health System | 4.742% | 12/1/2030 | 1934000 | 1957151 |
| Centene Corp. | 2.45% | 7/15/2028 | 905000 | 844429 |
| Centene Corp. | 4.25% | 12/15/2027 | 4309000 | 4259450 |

---

166 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Services (continued)** |  |  |  |  |
| CommonSpirit Health | 4.352% | 9/1/2030 | $275000 | $275444 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 173000 | 168976 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 405000 | 417139 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.809% | 5/8/2027 | 496000 | 506015 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.849% | 5/8/2029 | 920000 | 960922 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 525000 | 525331 |
| IQVIA, Inc. | 5.70% | 5/15/2028 | 200000 | 206845 |
| IQVIA, Inc. | 6.25% | 2/1/2029 | 498000 | 525369 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% | 6/15/2028 | 530000 | 516157 |
| Rede D'or Finance SARL (Luxembourg)<sup>(d)</sup> | 4.95% | 1/17/2028 | 775000 | 773914 |
| Tenet Healthcare Corp. | 6.125% | 10/1/2028 | 767000 | 770935 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 377000 | 379550 |
| *Total* |  |  |  | 13087627 |
| **Insurance 3.84%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% | 4/16/2027 | 988000 | 1004132 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 2684000 | 2694951 |
| Aon Corp. | 8.205% | 1/1/2027 | 1183000 | 1231567 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 1807000 | 1693294 |
| Athene Global Funding<sup>†</sup> | 4.721% | 10/8/2029 | 541000 | 541589 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 840000 | 859202 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 1038000 | 1053298 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 1277000 | 1295746 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 1068000 | 1094554 |
| Brown & Brown, Inc. | 4.70% | 6/23/2028 | 170000 | 171767 |
| Brown & Brown, Inc. | 4.90% | 6/23/2030 | 216000 | 219007 |
| CNO Global Funding<sup>†</sup> | 4.375% | 9/8/2028 | 424000 | 425326 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 545000 | 551682 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 301000 | 307099 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 1989000 | 2042934 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 1120000 | 1175048 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 1080000 | 1064338 |
| F&G Global Funding<sup>†</sup> | 4.65% | 9/8/2028 | 277000 | 277987 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 472000 | 482147 |
| FWD Group Holdings Ltd. (Hong Kong)<sup>†(d)</sup> | 5.252% | 9/22/2030 | 266000 | 267826 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 1140000 | 1143286 |
| GA Global Funding Trust<sup>†</sup> | 4.50% | 9/18/2030 | 1135000 | 1121648 |

---

*See Notes to Financial Statements.* 167

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | $1386000 | $1429662 |
| Jackson National Life Global Funding<sup>†</sup> | 4.55% | 9/9/2030 | 723000 | 724599 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 449000 | 452375 |
| Jackson National Life Global Funding<sup>†</sup> | 5.35% | 1/13/2030 | 269000 | 279419 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 365000 | 372853 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 5/28/2028 | 516000 | 521418 |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | 553000 | 572612 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 750000 | 750019 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 420000 | 430403 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 273000 | 282850 |
| Protective Life Corp.<sup>†</sup> | 4.70% | 1/15/2031 | 760000 | 763450 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 660000 | 685029 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 336000 | 341501 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 530000 | 546573 |
| Western-Southern Global Funding<sup>†</sup> | 4.50% | 7/16/2028 | 570000 | 575048 |
| Western-Southern Global Funding<sup>†</sup> | 4.90% | 5/1/2030 | 441000 | 454216 |
| *Total* |  |  |  | 29900455 |
| **Internet 1.41%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 3151000 | 3224079 |
| Meta Platforms, Inc. | 4.20% | 11/15/2030 | 533000 | 536822 |
| Prosus NV (Netherlands)<sup>†(d)</sup> | 3.257% | 1/19/2027 | 2000000 | 1968819 |
| Rakuten Group, Inc. (Japan)<sup>†(d)</sup> | 11.25% | 2/15/2027 | 1825000 | 1956993 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 3271000 | 3274498 |
| *Total* |  |  |  | 10961211 |
| **Investment Companies 0.59%** |  |  |  |  |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 1097000 | 1074985 |
| Blackstone Private Credit Fund | 3.25% | 3/15/2027 | 73000 | 71703 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 194000 | 195278 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 390000 | 378228 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 1080000 | 1078446 |
| Blackstone Secured Lending Fund | 5.875% | 11/15/2027 | 281000 | 286920 |
| Blue Owl Credit Income Corp. | 3.125% | 9/23/2026 | 72000 | 71097 |
| Blue Owl Credit Income Corp. | 4.70% | 2/8/2027 | 274000 | 272642 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 443000 | 439680 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 692000 | 718147 |
| *Total* |  |  |  | 4587126 |

---

168 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Iron-Steel 0.12%** |  |  |  |  |
| Allegheny Ludlum LLC | 6.95% | 12/15/2025 | $939000 | $939314 |
| **Leisure Time 0.83%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 2638000 | 2594198 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 1646000 | 1624958 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 953000 | 952671 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 837000 | 843569 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 419000 | 419988 |
| *Total* |  |  |  | 6435384 |
| **Lodging 0.21%** |  |  |  |  |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 1587000 | 1576045 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 86000 | 87619 |
| *Total* |  |  |  | 1663664 |
| **Machinery: Construction & Mining 0.09%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 699000 | 693616 |
| **Machinery-Diversified 0.90%** |  |  |  |  |
| Chart Industries, Inc.<sup>†</sup> | 7.50% | 1/1/2030 | 1299000 | 1355103 |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 183000 | 185466 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 1497000 | 1500526 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 2449000 | 2535294 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 1450000 | 1457417 |
| *Total* |  |  |  | 7033806 |
| **Media 0.70%** |  |  |  |  |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 1098000 | 1099180 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 678000 | 664684 |
| Fox Corp. | 4.709% | 1/25/2029 | 1317000 | 1336910 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 564000 | 564868 |
| Paramount Global | 2.90% | 1/15/2027 | 216000 | 212431 |
| Paramount Global | 3.70% | 6/1/2028 | 232000 | 228035 |
| Paramount Global | 4.20% | 6/1/2029 | 520000 | 511435 |
| Paramount Global | 7.875% | 7/30/2030 | 511000 | 567275 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 292000 | 289770 |
| *Total* |  |  |  | 5474588 |
| **Mining 0.91%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 3.875% | 3/16/2029 | 201000 | 198742 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 4.50% | 3/15/2028 | 788000 | 793674 |

---

*See Notes to Financial Statements.* 169

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |
| First Quantum Minerals Ltd. (Canada)<sup>†(d)</sup> | 9.375% | 3/1/2029 | $375000 | $396826 |
| Glencore Funding LLC<sup>†</sup> | 4.00% | 3/27/2027 | 1097000 | 1095653 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 206000 | 209828 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 605000 | 623844 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 1214000 | 1255318 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 969000 | 1019181 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(d)</sup> | 6.70% | 10/17/2028 | 293000 | 303778 |
| Stillwater Mining Co. | 4.00% | 11/16/2026 | 1190000 | 1180507 |
| *Total* |  |  |  | 7077351 |
| **Miscellaneous Manufacturing 0.32%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 1315000 | 1313705 |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 1157000 | 1205524 |
| *Total* |  |  |  | 2519229 |
| **Oil & Gas 6.90%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 325000 | 328224 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 695000 | 708400 |
| APA Corp. | 4.375% | 10/15/2028 | 2530000 | 2510878 |
| Baytex Energy Corp. (Canada)<sup>†(d)</sup> | 8.50% | 4/30/2030 | 394000 | 415852 |
| Chord Energy Corp.<sup>†</sup> | 6.00% | 10/1/2030 | 634000 | 639680 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 1314000 | 1372402 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 2272000 | 2269164 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 1523000 | 1572639 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 4431000 | 4340665 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 901000 | 898105 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 999000 | 1030695 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 351000 | 349771 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 548000 | 549277 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 1580000 | 1639955 |
| Devon Energy Corp. | 5.875% | 6/15/2028 | 4163000 | 4164329 |
| Ecopetrol SA (Colombia)<sup>(d)</sup> | 8.625% | 1/19/2029 | 2117000 | 2278696 |
| EQT Corp. | 4.50% | 1/15/2029 | 324000 | 324341 |
| EQT Corp. | 6.375% | 4/1/2029 | 1129000 | 1169216 |
| EQT Corp. | 7.50% | 6/1/2027 | 400000 | 406336 |
| EQT Corp. | 7.50% | 6/1/2030 | 327000 | 361137 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 583000 | 584337 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 970000 | 970988 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 1195000 | 1203802 |

---

170 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | $1133000 | $1171006 |
| Helmerich & Payne, Inc. | 4.65% | 12/1/2027 | 599000 | 603675 |
| Helmerich & Payne, Inc. | 4.85% | 12/1/2029 | 697000 | 700080 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 1500000 | 1501477 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 832000 | 819322 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 1666000 | 1707680 |
| Occidental Petroleum Corp. | 5.20% | 8/1/2029 | 329000 | 337416 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 195000 | 220082 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 1181000 | 1368592 |
| OGX Austria GmbH (Brazil)<sup>†(d)(f)</sup> | 8.50% | 6/1/2018 | 225000 | 5 <sup>(a)</sup> |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 196000 | 201962 |
| Permian Resources Operating LLC<sup>†</sup> | 5.875% | 7/1/2029 | 44000 | 44175 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 1625000 | 1646903 |
| Petrobras Global Finance BV (Netherlands)<sup>(d)</sup> | 5.125% | 9/10/2030 | 1339000 | 1325208 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 8.75% | 6/2/2029 | 350000 | 373369 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 1282000 | 1308553 |
| Repsol E&P Capital Markets U.S. LLC<sup>†</sup> | 4.805% | 9/16/2028 | 200000 | 201652 |
| Shelf Drilling Holdings Ltd. (United Arab Emirates)<sup>†(d)</sup> | 9.625% | 4/15/2029 | 1304000 | 1366578 |
| SM Energy Co. | 6.50% | 7/15/2028 | 734000 | 742928 |
| SM Energy Co. | 6.75% | 9/15/2026 | 1277000 | 1279300 |
| Suncor Energy, Inc. (Canada)<sup>(d)</sup> | 7.875% | 6/15/2026 | 1240000 | 1262503 |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% | 8/15/2030 | 400000 | 369957 |
| Tengizchevroil Finance Co. International Ltd. | 4.00% | 8/15/2026 | 3496000 | 3478178 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 1052000 | 1034778 |
| Viper Energy Partners LLC | 4.90% | 8/1/2030 | 565000 | 572466 |
| *Total* |  |  |  | 53726734 |
| **Oil & Gas Services 0.06%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.25% | 4/1/2028 | 431000 | 435090 |
| **Packaging & Containers 0.09%** |  |  |  |  |
| Amcor Flexibles North America, Inc. | 4.80% | 3/17/2028 | 185000 | 187630 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 8/15/2026 | 200000 | 200035 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 333000 | 321487 |
| *Total* |  |  |  | 709152 |
| **Pharmaceuticals 0.84%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 504000 | 503735 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.25% | 1/21/2029 | 1599000 | 1679874 |

---

*See Notes to Financial Statements.* 171

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | $600000 | $641893 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% | 4/15/2029 | 1123000 | 1215579 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 1210000 | 1180224 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(d)</sup> | 3.15% | 10/1/2026 | 1364000 | 1347032 |
| *Total* |  |  |  | 6568337 |
| **Pipelines 1.93%** |  |  |  |  |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 6.625% | 7/15/2026 | 1051000 | 1054951 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | 569000 | 592630 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 993000 | 975177 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 2946000 | 2980575 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% | 6/15/2028 | 240000 | 240214 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 252000 | 256408 |
| Kinetik Holdings LP<sup>†</sup> | 6.625% | 12/15/2028 | 582000 | 599116 |
| ONEOK, Inc.<sup>†</sup> | 5.625% | 1/15/2028 | 277000 | 283025 |
| South Bow USA Infrastructure Holdings LLC | 4.911% | 9/1/2027 | 756000 | 762013 |
| South Bow USA Infrastructure Holdings LLC | 5.026% | 10/1/2029 | 916000 | 930129 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 2079000 | 2116160 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 1688000 | 1781792 |
| Western Midstream Operating LP<sup>†</sup> | 7.25% | 4/1/2030 | 1655000 | 1760869 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 690000 | 710524 |
| *Total* |  |  |  | 15043583 |
| **Private Equity 0.16%** |  |  |  |  |
| Blackstone Reg Finance Co. LLC | 4.30% | 11/3/2030 | 1206000 | 1207208 |
| **REITS 1.95%** |  |  |  |  |
| EPR Properties | 4.75% | 12/15/2026 | 3360000 | 3368506 |
| EPR Properties | 4.75% | 11/15/2030 | 703000 | 700709 |
| Equinix Europe 2 Financing Corp. LLC | 4.60% | 11/15/2030 | 557000 | 560777 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2027 | 858000 | 855615 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% | 6/15/2029 | 2704000 | 2667598 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 4.25% | 1/15/2031 | 866000 | 862395 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 2599000 | 2578925 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% | 2/15/2029 | 2638000 | 2588352 |

---

172 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| Vornado Realty LP | 2.15% | 6/1/2026 | $430000 | $424341 |
| WEA Finance LLC<sup>†</sup> | 2.875% | 1/15/2027 | 592000 | 581105 |
| *Total* |  |  |  | 15188323 |
| **Retail 0.07%** |  |  |  |  |
| Dick's Sporting Goods, Inc.<sup>†</sup> | 4.00% | 10/1/2029 | 539000 | 529815 |
| **Semiconductors 0.66%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 538000 | 559844 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | 2152000 | 2264111 |
| Intel Corp. | 2.45% | 11/15/2029 | 377000 | 352316 |
| Intel Corp. | 3.75% | 8/5/2027 | 428000 | 425100 |
| Microchip Technology, Inc. | 4.90% | 3/15/2028 | 427000 | 433260 |
| Microchip Technology, Inc. | 5.05% | 3/15/2029 | 567000 | 579069 |
| Microchip Technology, Inc. | 5.05% | 2/15/2030 | 498000 | 509010 |
| *Total* |  |  |  | 5122710 |
| **Software 0.94%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(d)</sup> | 5.25% | 5/15/2029 | 961000 | 986630 |
| Fidelity National Information Services, Inc. | 3.75% | 5/21/2029 | 1330000 | 1305014 |
| Fiserv, Inc. | 5.45% | 3/2/2028 | 425000 | 434846 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | 356000 | 340850 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 148000 | 142128 |
| MSCI, Inc.<sup>†</sup> | 4.00% | 11/15/2029 | 883000 | 866851 |
| Open Text Corp. (Canada)<sup>†(d)</sup> | 6.90% | 12/1/2027 | 711000 | 738228 |
| Oracle Corp. | 4.45% | 9/26/2030 | 1963000 | 1935057 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% | 9/30/2027 | 600000 | 600459 |
| *Total* |  |  |  | 7350063 |
| **Telecommunications 0.69%** |  |  |  |  |
| CommScope LLC<sup>†</sup> | 7.125% | 7/1/2028 | 1000000 | 1004835 |
| CommScope Technologies LLC<sup>†</sup> | 5.00% | 3/15/2027 | 660000 | 659612 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 1022000 | 1026475 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 1032000 | 1034230 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 542486 | 550968 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 74000 | 75196 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 777000 | 784960 |
| Telefonica Europe BV (Netherlands)<sup>(d)</sup> | 8.25% | 9/15/2030 | 201000 | 231343 |
| *Total* |  |  |  | 5367619 |

---

*See Notes to Financial Statements.* 173

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Toys/Games/Hobbies 0.26%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | $535000 | $525639 |
| Mattel, Inc. | 5.00% | 11/17/2030 | 803000 | 810572 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 670000 | 670448 |
| *Total* |  |  |  | 2006659 |
| **Transportation 0.28%** |  |  |  |  |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 2136000 | 2183673 |
| **Trucking & Leasing 0.13%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 644000 | 647682 |
| GATX Corp. | 5.40% | 3/15/2027 | 380000 | 385554 |
| *Total* |  |  |  | 1033236 |
| *Total Corporate Bonds* (cost $381,572,328) |  |  |  | 386099226 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **4.08%** |  |  |  |  |
| **Airlines 0.26%** |  |  |  |  |
| American Airlines, Inc. 2017 1st Lien Term Loan | 5.693%<br> (3 mo. USD Term SOFR + 1.75%) | 1/29/2027 | 1201000 | 1200039 |
| American Airlines, Inc. 2025 Term Loan | 6.134% <br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 434121 | 434460 |
| SkyMiles IP Ltd. 2025 Repriced Term Loan B (Cayman Islands)<sup>(d)</sup> | 5.384% <br> (3 mo. USD Term SOFR + 1.50%) | 10/20/2028 | 410000 | 412755 |
| *Total* |  |  |  | 2047254 |
| **Biotechnology 0.12%** |  |  |  |  |
| RPI Intermediate Finance Partnership LP 2025 Term Loan | 5.391% <br> (1 mo. USD Term SOFR + 1.38%) | 2/4/2030 | 976483 | 958174 <sup>(h)</sup> |
| **Commercial Services & Supplies 0.22%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B2 | 6.002% <br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 1741250 | 1746909 |
| **Computers 0.23%** |  |  |  |  |
| Hewlett Packard Enterprise Co. Term Loan | 5.322%<br> (1 mo. USD Term SOFR + 1.25%) | 9/12/2029 | 1747333 | 1751702 |
| **Diversified Financial Services 0.40%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 1492481 | 1499407 |

---

174 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  | | |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 5.666% <br> (1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | $1590856 | $1592844 |
| *Total* |  |  |  | 3092251 |
| **Electric 0.23%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B5 | 5.666% <br> (1 mo. USD Term SOFR + 1.75%) | 2/15/2032 | 1750000 | 1750665 |
| **Electronics 0.09%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 4.791% <br> (1 mo. USD Term SOFR + 0.88%) | 5/7/2027 | 687500 | 688359 |
| **Health Care Products 0.22%** |  |  |  |  |
| Medline Borrower LP 2025 Term Loan B | 5.916% <br> (1 mo. USD Term SOFR + 2.00%) | 10/23/2028 | 1742661 | 1746878 |
| **Insurance 0.30%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.28%<br> (1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 2295314 | 2295463 |
| **Internet 0.26%** |  |  |  |  |
| Gen Digital, Inc. 2021 Term Loan A | 5.391%<br> (1 mo. USD Term SOFR + 1.38%) | 9/10/2027 | 2044357 | 2046555 |
| **Machinery: Diversified 0.05%** |  |  |  |  |
| INNIO Group Holding GmbH 2025 Term Loan B2 (Austria)<sup>(d)</sup> | 6.134%<br> (3 mo. USD Term SOFR + 2.25%) | 11/2/2028 | 409000 | 410450 |
| **Metal Fabricate/Hardware 0.13%** |  |  |  |  |
| Crosby U.S. Acquisition Corp. 2024 1st Lien Term Loan B | 7.416% <br> (1 mo. USD Term SOFR + 3.50%) | 8/16/2029 | 965666 | 972150 |
| **Oil & Gas 0.45%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 5.959%<br> (1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | 1458272 | 1461918 |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.684% <br> (1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 1996178 | 1998673 |
| *Total* |  |  |  | 3460591 |
| **Retail 0.38%** |  |  |  |  |
| Lowe's Cos., Inc. Delayed Draw Term Loan | – <sup>(c)</sup> | 9/15/2028 | 3000000 | 2988750 |

---

*See Notes to Financial Statements.* 175

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software 0.36%** |  |  |  |  |
| Press Ganey Holdings, Inc. 2025 Repriced Term Loan B | 6.916% <br> (1 mo. USD Term SOFR + 3.00%) | 4/30/2031 | $2038320 | $2043895 |
| RealPage, Inc. 1st Lien Term Loan | – <sup>(c)</sup> | 4/24/2028 | 785000 | 785090 |
| *Total* |  |  |  | 2828985 |
| **Telecommunications 0.38%** |  |  |  |  |
| CommScope, Inc. 2024 Term Loan | 8.666%<br> (1 mo. USD Term SOFR + 4.75%) | 12/17/2029 | 1375000 | 1385312 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.38%<br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 1578931 | 1572521 |
| *Total* |  |  |  | 2957833 |
| *Total Floating Rate Loans* (cost $31,802,661) |  |  |  | 31742969 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(d)</sup> **1.76%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(d)</sup> **1.76%** |  |  |  |
| **Dominican Republic 0.09%** |  |  |  |  |
| Dominican Republic International Bonds | 5.50% | 2/22/2029 | 300000 | 304320 |
| Dominican Republic International Bonds | 6.875% | 1/29/2026 | 129000 | 129342 |
| Dominican Republic International Bonds | 8.625% | 4/20/2027 | 296000 | 306353 |
| *Total* |  |  |  | 740015 |
| **Hungary 0.07%** |  |  |  |  |
| Hungary Government International Bonds<sup>†</sup> | 5.375% | 9/26/2030 | 517000 | 529646 |
| **Kazakhstan 0.28%** |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 4.65% | 10/1/2030 | 593000 | 588610 |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% | 5/8/2028 | 556000 | 564922 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.25% | 10/23/2029 | 250000 | 256509 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.625% | 4/7/2030 | 724000 | 749278 |
| *Total* |  |  |  | 2159319 |
| **Mexico 0.51%** |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% | 8/17/2030 | 3949000 | 4013922 |
| **Panama 0.15%** |  |  |  |  |
| Panama Government International Bonds | 3.875% | 3/17/2028 | 403000 | 396290 |
| Panama Government International Bonds | 7.125% | 1/29/2026 | 500000 | 503925 |
| Panama Government International Bonds | 8.875% | 9/30/2027 | 217000 | 233351 |
| *Total* |  |  |  | 1133566 |

---

176 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **Romania 0.66%** |  |  |  |  |  |  |  |
| Romania Government International Bonds | 5.25% |  | 11/25/2027 | $| 2046000 | $| 2078911 |
| Romania Government International Bonds<sup>†</sup> | 5.75% |  | 9/16/2030 |  | 936000 |  | 961230 |
| Romania Government International Bonds<sup>†</sup> | 5.875% |  | 1/30/2029 |  | 750000 |  | 773324 |
| Romania Government International Bonds | 6.625% |  | 2/17/2028 |  | 1260000 |  | 1312629 |
| *Total* |  |  |  |  |  |  | 5126094 |
| *Total Foreign Government Obligations* (cost $13,472,090) | *Total Foreign Government Obligations* (cost $13,472,090) | *Total Foreign Government Obligations* (cost $13,472,090) |  |  |  |  | 13702562 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K061 Class X1<sup>(i)</sup> | 0.279% | <sup>#(j)</sup> | 11/25/2026 |  | 12917259 |  | 19726 |
| Government National Mortgage Association Series 2013-193 IO<sup>(i)</sup> | 0.122% | <sup>#(j)</sup> | 1/16/2055 |  | 13033 |  | 23 |
| Government National Mortgage Association Series 2015-19 Class AD | 2.90% |  | 10/16/2055 |  | 11647 |  | 11453 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $27,300) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $27,300) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $27,300) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $27,300) |  |  |  | 31202 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.59%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.59%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.59%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.59%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.59%** |  |  |  |
| Federal Home Loan Mortgage Corp. | 5.203% <br> (30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 8/1/2055 |  | 892248 |  | 905484 |
| Federal Home Loan Mortgage Corp. | 5.436% <br> (30 day USD SOFR Average + 2.08% |)<sup>#</sup> | 10/1/2055 |  | 519722 |  | 527914 |
| Federal Home Loan Mortgage Corp. | 5.441%<br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 8/1/2055 |  | 367391 |  | 374083 |
| Federal Home Loan Mortgage Corp. | 5.525%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 7/1/2055 |  | 930050 |  | 946781 |
| Federal Home Loan Mortgage Corp. | 5.639%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 8/1/2055 |  | 519342 |  | 530647 |
| Federal Home Loan Mortgage Corp. | 5.883% <br> (30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 5/1/2055 |  | 741171 |  | 761807 |
| Federal Home Loan Mortgage Corp. | 6.017%<br> (30 day USD SOFR Average + 2.32% |)<sup>#</sup> | 8/1/2054 |  | 351366 |  | 362077 |
| Federal National Mortgage Association | 5.029% <br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 2/1/2055 |  | 509930 |  | 517289 |
| Federal National Mortgage Association | 5.473% <br> (30 day USD SOFR Average + 2.03% |)<sup>#</sup> | 10/1/2055 |  | 204926 |  | 208761 |
| Federal National Mortgage Association | 5.583% <br> (30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 10/1/2053 |  | 123389 |  | 126159 |
| Federal National Mortgage Association | 5.714%<br> (30 day USD SOFR Average + 2.21% |)<sup>#</sup> | 8/1/2055 |  | 784035 |  | 803727 |
| Federal National Mortgage Association | 5.914%<br> (30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 2/1/2054 |  | 213569 |  | 219940 |

---

*See Notes to Financial Statements.* 177

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal National Mortgage Association | 6.002% <br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 9/1/2055 | $2773272 | $2865587 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 4.50% |  | TBA | 3765000 | 3764704 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.00% |  | TBA | 10195000 | 10312952 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.50% |  | TBA | 10259000 | 10500576 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 6.00% |  | TBA | 1914000 | 1981126 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,627,728) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,627,728) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,627,728) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,627,728) |  | 35709614 |
| **MUNICIPAL BONDS 0.15%** |  |  |  |  |  |
| **Health Care 0.15%** |  |  |  |  |  |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group (cost $1,150,000) | 8.50% |  | 10/1/2026 | 1150000 | 1151279 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.702% <br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 680000 | 683666 |
| ARDN Mortgage Trust Series 2025-ARCP Class A<sup>†</sup> | 5.709% <br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 6/15/2035 | 770000 | 772772 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 800000 | 844571 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 830000 | 872927 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 3730000 | 3918809 |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | 1200000 | 1217201 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 570000 | 602554 |
| BBCMS Trust Series 2015-VFM Class A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 19221 | 19117 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(j)</sup> | 2/15/2051 | 360000 | 356946 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 560000 | 543350 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 810000 | 851651 |
| Benchmark Mortgage Trust Series 2024-V6 Class A3 | 5.926% |  | 3/15/2057 | 460000 | 482261 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(j)</sup> | 5/15/2056 | 990000 | 1048635 |
| Benchmark Mortgage Trust Series 2025-V16 Class A3 | 5.439% | <sup>#(j)</sup> | 8/15/2058 | 850000 | 887472 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 1890000 | 1958653 |

---

178 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BMO Mortgage Trust Series 2023-5C2 Class A3 | 7.296% | <sup>#(j)</sup> | 11/15/2056 | $800000 | $857476 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(j)</sup> | 12/15/2057 | 750000 | 784380 |
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% |  | 7/15/2058 | 1170000 | 1230940 |
| BMO Mortgage Trust Series 2025-5C12 Class A3 | 5.18% |  | 10/15/2058 | 920000 | 950621 |
| BWAY Mortgage Trust Series 2013-1515 Class XB<sup>†(i)</sup> | 0.534% | <sup>#(j)</sup> | 3/10/2033 | 47800000 | 446433 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.401%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 556821 | 557587 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.351%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 561437 | 562030 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†</sup> | 5.339%<br> (1 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 699548 | 700546 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.401% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 973635 | 974725 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.103%<br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 488096 | 487737 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.359%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 560000 | 560798 |
| BX Trust Series 2025-VOLT Class A<sup>†(b)</sup> | 5.70% <br> (1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 12/15/2044 | 2050000 | 2052508 |
| CFCRE Commercial Mortgage Trust Series 2016-C4 Class XA<sup>(i)</sup> | 1.62% | <sup>#(j)</sup> | 5/10/2058 | 401306 | 503 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(i)</sup> | 1.198% | <sup>#(j)</sup> | 11/10/2049 | 2417017 | 11680 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(i)</sup> | 0.773% | <sup>#(j)</sup> | 12/10/2054 | 3251373 | 12464 |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(i)</sup> | 0.022% | <sup>#(j)</sup> | 6/10/2048 | 1131703 | 11 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 146599 | 145829 |
| COMM Mortgage Trust Series 2012-CR4 Class XA<sup>(i)</sup> | 1.289% | <sup>#(j)</sup> | 10/15/2045 | 861123 | 16054 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(i)</sup> | 1.472% | <sup>#(j)</sup> | 8/10/2049 | 743282 | 1668 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.601% <br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 650000 | 650107 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(i)</sup> | 0.686% | <sup>#(j)</sup> | 9/15/2037 | 39135267 | 337366 |

---

*See Notes to Financial Statements.* 179

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| CSAIL Commercial Mortgage Trust Series 2015-C2 Class XB<sup>†(i)</sup> | Zero Coupon | <sup>#(j)</sup> | 6/15/2057 | $57769416 | $578 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(i)</sup> | 0.98% | <sup>#(j)</sup> | 11/15/2049 | 3197343 | 7750 |
| CSMC Trust Series 2016-NXSR Class XB<sup>(i)</sup> | 0.293% | <sup>#(j)</sup> | 12/15/2049 | 20135000 | 43033 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> | 5.309%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 670000 | 670979 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 2190000 | 2193335 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(i)</sup> | 1.536% | <sup>#(j)</sup> | 8/10/2049 | 7636186 | 19267 |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 36646 | 36175 |
| DBWF Mortgage Trust Series 2015-LCM Class XA<sup>†(i)</sup> | 0.537% | <sup>#(j)</sup> | 6/10/2034 | 73293 | 60 |
| DBWF Mortgage Trust Series 2016-85T Class XA<sup>†(i)</sup> | 0.116% | <sup>#(j)</sup> | 12/10/2036 | 61529000 | 20796 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M1A<sup>†</sup> | 6.072%<br> (30 day USD SOFR Average + 2.00% |)<sup>#</sup> | 5/25/2043 | 755538 | 774884 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 1854781 | 1865040 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.122% <br> (30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | 416000 | 417126 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.072%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 27506 | 27500 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.322% <br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 873770 | 874005 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 297500 | 299247 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.072% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 404665 | 405523 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.372%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 593828 | 605927 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.222%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | 682862 | 683123 |

---

180 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.222%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | $560437 | $562565 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.022%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 664479 | 665428 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.172%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 738682 | 739566 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 300000 | 285124 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.649% | <sup>#(j)</sup> | 1/13/2040 | 980000 | 1018756 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 5000000 | 1155000 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XA<sup>†(i)</sup> | 0.503% | <sup>#(j)</sup> | 6/10/2027 | 2906000 | 1453 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XB<sup>†(i)</sup> | 0.16% | <sup>#(j)</sup> | 6/10/2027 | 1292000 | 1 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(i)</sup> | 0.694% | <sup>#(j)</sup> | 12/15/2049 | 3010492 | 9525 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(i)</sup> | 1.158% | <sup>#(j)</sup> | 9/15/2050 | 5578098 | 64311 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class XA<sup>†(i)</sup> | 0.639% | <sup>#(j)</sup> | 7/5/2031 | 129394000 | 5810 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class XB<sup>†(i)</sup> | 0.308% | <sup>#(j)</sup> | 7/5/2031 | 50413000 | 635 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class XBFX<sup>†(i)</sup> | 0.555% | <sup>#(j)</sup> | 7/5/2033 | 95152000 | 432851 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class XA<sup>(i)</sup> | 0.856% | <sup>#(j)</sup> | 11/15/2047 | 323830 | 20 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.849%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 670000 | 671879 |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.402%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | 417005 | 417789 |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XA<sup>†(i)</sup> | 1.628% | <sup>#(j)</sup> | 3/10/2049 | 82588 | 10 |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XB<sup>†(i)</sup> | 0.864% | <sup>#(j)</sup> | 3/10/2049 | 19753000 | 6225 |

---

*See Notes to Financial Statements.* 181

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | $518902 | $518815 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 1140000 | 1196235 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(i)</sup> | 1.384% | <sup>#(j)</sup> | 11/15/2049 | 3531220 | 17431 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XA<sup>(i)</sup> | 1.563% | <sup>#(j)</sup> | 8/15/2049 | 3187902 | 13083 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(j)</sup> | 9/24/2057 | 1523027 | 1502704 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(j)</sup> | 1/26/2060 | 5381 | 5352 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 1030000 | 1063232 |
| SCG Trust Series 2025-SNIP Class A<sup>†</sup> | 5.459% <br> (1 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 9/15/2042 | 900000 | 902964 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(j)</sup> | 2/25/2050 | 17079 | 16472 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.402%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 910000 | 903200 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.069%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 900000 | 937040 |
| UBS Commercial Mortgage Trust Series 2018-C9 Class A4 | 4.117% | <sup>#(j)</sup> | 3/15/2051 | 1180000 | 1166397 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 80000 | 75966 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(i)</sup> | 1.828% | <sup>#(j)</sup> | 8/15/2049 | 1450792 | 6514 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC24 Class XB<sup>(i)</sup> | 1.106% | <sup>#(j)</sup> | 10/15/2049 | 7056835 | 43949 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 150000 | 146635 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 1080000 | 1134918 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 1380000 | 1469127 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 1030000 | 1082731 |
| WFRBS Commercial Mortgage Trust Series 2014-C21 Class XB<sup>(i)</sup> | 0.601% | <sup>#(j)</sup> | 8/15/2047 | 13267021 | 26233 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,748,396) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,748,396) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,748,396) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,748,396) |  | 53612342 |

---

182 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS 12.58%** |  |  |  |  |
| U.S. Treasury Inflation-Indexed Bonds<sup>(l)</sup> | 0.125% | 2/15/2051 | $6237200 | $3477225 |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 0.125% | 4/15/2027 | 6901560 | 6782342 |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 0.125% | 1/15/2032 | 11716100 | 10807509 |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 1.625% | 4/15/2030 | 29586960 | 29949358 |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 1.875% | 7/15/2035 | 4450336 | 4491846 |
| U.S. Treasury Notes | 3.625% | 8/31/2027 | 17055000 | 17083647 |
| U.S. Treasury Notes | 3.625% | 8/31/2030 | 25377000 | 25406739 |
| *Total U.S. Treasury Obligations* (cost $97,568,971) |  |  |  | 97998666 |
| *Total Long-Term Investments* (cost $770,852,673) |  |  |  | 774245010 |
| **SHORT-TERM INVESTMENTS 0.81%** |  |  |  |  |
| **COMMERCIAL PAPER 0.29%** |  |  |  |  |
| **REITS 0.11%** |  |  |  |  |
| Crown Castle, Inc.<sup>†</sup> | 4.436% | 12/18/2025 | 832000 | 830287 |
| **Software 0.18%** |  |  |  |  |
| Oracle Corp.<sup>†</sup> | 4.346% | 1/13/2026 | 717000 | 713377 |
| Oracle Corp.<sup>†</sup> | 4.348% | 1/15/2026 | 735000 | 731114 |
| *Total* |  |  |  | 1444491 |
| *Total Commercial Paper* (cost $2,274,778) |  |  |  | 2274778 |
| **REPURCHASE AGREEMENTS 0.52%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $3,097,600 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $4,120,107; proceeds: $4,040,330 (cost $4,039,152) |  |  | 4039152 | 4039152 |
| *Total Short-Term Investments* (cost $6,313,930) |  |  |  | 6313930 |
| *Total Investments in Securities 100.23%* (cost $777,166,603) |  |  |  | 780558940 |
| *Other Assets and Liabilities – Net*<sup>(m)</sup> (0.23)% |  |  |  | (1817372) |
| *Net Assets 100.00%* |  |  |  | $778741568 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $363,860,800, which represents 46.72% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |

---

*See Notes to Financial Statements.* 183

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

<sup>(a)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

<sup>(b)</sup> Securities purchased on a when-issued basis (See Note 2(l)).

<sup>(c)</sup> Interest Rate to be determined.

<sup>(d)</sup> Foreign security traded in U.S. dollars.

<sup>(e)</sup> Step Bond - Security with a predetermined schedule of interest rate changes.

<sup>(f)</sup> Defaulted (non-income producing security).

<sup>(g)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025.

<sup>(h)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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.

<sup>(i)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(j)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(k)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(l)</sup> Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on a principal amount that is adjusted for inflation based on the Consumer Price Index.

<sup>(m)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows:

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.IG.S41<sup>(4)</sup> | Bank of America | 1.00% | 12/20/2028 | $6540000 | $37080 | $96899 | $133979 |
| CDX.NA.IG.S42<sup>(4)</sup> | Bank of America | 1.00% | 6/20/2029 | 12718000 | 217290 | 56214 | 273504 |
| CDX.NA.IG.S43<sup>(4)</sup> | Bank of America | 1.00% | 12/20/2029 | 11500000 | 230988 | 25999 | 256987 |
| Oracle Corp.<sup>(4)</sup> | Bank of America | 1.00% | 12/20/2027 | 1725000 | 13637 | (1112) | 12525 |
| *Total* |  |  |  |  | $498995 | $178000 | $676995 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $179,112. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $1,112.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

184 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at November 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 1.976% | CPI Urban Consumer NSA | 12/2/2028 | $10000000 | $1557990 |
| Bank of America | 2.107% | CPI Urban Consumer NSA | 2/21/2031 | 5000000 | 709810 |
| Bank of America | 2.113% | CPI Urban Consumer NSA | 12/29/2027 | 5000000 | 714857 |
| Bank of America | 2.269% | CPI Urban Consumer NSA | 10/30/2030 | 10000000 | 1182663 |
| Bank of America | 2.285% | CPI Urban Consumer NSA | 5/31/2028 | 10000000 | 1183646 |
| Bank of America | 2.310% | CPI Urban Consumer NSA | 6/1/2028 | 10000000 | 1157579 |
| Bank of America | 2.341% | CPI Urban Consumer NSA | 8/27/2028 | 10000000 | 1091827 |
| Bank of America | 2.345% | CPI Urban Consumer NSA | 8/14/2028 | 10000000 | 1086429 |
| Bank of America | 2.353% | CPI Urban Consumer NSA | 6/6/2028 | 10000000 | 1107567 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 4/18/2030 | 25000000 | 2605392 |
| Bank of America | 2.375% | CPI Urban Consumer NSA | 8/9/2028 | 10000000 | 1052980 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 7/6/2028 | 10000000 | 1064472 |
| Bank of America | 2.384% | CPI Urban Consumer NSA | 10/1/2028 | 10000000 | 1052815 |
| Bank of America | 2.390% | CPI Urban Consumer NSA | 8/3/2028 | 10000000 | 1035269 |
| Bank of America | 2.393% | CPI Urban Consumer NSA | 5/11/2028 | 10000000 | 1046935 |
| Bank of America | 2.396% | CPI Urban Consumer NSA | 10/9/2028 | 10000000 | 1041752 |
| Bank of America | 2.408% | CPI Urban Consumer NSA | 5/21/2028 | 5000000 | 519562 |
| Bank of America | 2.409% | CPI Urban Consumer NSA | 12/24/2029 | 15000000 | 80762 |
| Bank of America | 2.439% | CPI Urban Consumer NSA | 12/10/2034 | 8000000 | 10704 |
| Bank of America | 2.493% | CPI Urban Consumer NSA | 6/28/2030 | 25000000 | 2368287 |
| Bank of America | 2.495% | CPI Urban Consumer NSA | 5/8/2026 | 45000000 | 252340 |
| Bank of America | 2.510% | CPI Urban Consumer NSA | 6/30/2030 | 20000000 | 1851824 |
| Bank of America | 2.602% | CPI Urban Consumer NSA | 2/4/2028 | 25000000 | 15956 |
| Bank of America | 2.605% | CPI Urban Consumer NSA | 9/19/2028 | 60000000 | 96460 |
| Bank of America | 2.638% | CPI Urban Consumer NSA | 11/15/2051 | 19000000 | 236<sup>(1)</sup> |
| Bank of America | 3.150% | CPI Urban Consumer NSA | 3/2/2027 | 60000000 | 1520288 |
| *Total* |  |  |  |  | $25408402 |
| **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at November 30, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at November 30, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at November 30, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at November 30, 2025:** |  |  |
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | 2.446% | CPI Urban Consumer NSA | 5/29/2045 | $5700000 | $(27395) |
| Bank of America | 2.470% | CPI Urban Consumer NSA | 6/9/2035 | 11000000 | (35040) |
| Bank of America | 2.474% | CPI Urban Consumer NSA | 7/26/2044 | 8200000 | (68470) |
| Bank of America | 2.539% | CPI Urban Consumer NSA | 7/14/2040 | 5000000 | (61479) |
| Bank of America | 2.545% | CPI Urban Consumer NSA | 7/14/2033 | 9500000 | (75732) |
| Bank of America | 2.593% | CPI Urban Consumer NSA | 9/2/2035 | 5000000 | (72652) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 3/9/2052 | 22000000 | (441563)<sup>(2)</sup> |
| Bank of America | 2.692% | CPI Urban Consumer NSA | 4/4/2028 | 20000000 | (119602) |
| Bank of America | 2.850% | CPI Urban Consumer NSA | 10/28/2027 | 30000000 | (22030) |
| Bank of America | 2.864% | CPI Urban Consumer NSA | 3/22/2032 | 8000000 | (666535)<sup>(3)</sup> |
| Bank of America | 2.870% | CPI Urban Consumer NSA | 4/4/2027 | 20000000 | (120389) |
| Bank of America | 2.897% | CPI Urban Consumer NSA | 10/2/2027 | 20000000 | (110742) |
| Bank of America | 2.960% | CPI Urban Consumer NSA | 9/8/2027 | 20000000 | (127368) |
| *Total* |  |  |  |  | $(1948997) |

---

See Notes to Financial Statements. 185

**Schedule of Investments (continued)**

INFLATION FOCUSED FUND *November 30, 2025*

---

| | |
|:---|:---|
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(25616), which includes upfront payment of $25,852. Upfront payments paid (received) are presented net of amortization. |
| <sup>(2)</sup> | Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(1030602), which includes upfront payment of $589,039. Upfront payments paid (received) are presented net of amortization. |
| <sup>(3)</sup> | Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(243900), which includes upfront payment of $(422635). Upfront payments paid (received) are presented net of amortization. |

---

**Consumer Price Index ("CPI") OTC Swap Contracts at November 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 1.676% | CPI Urban Consumer NSA | 8/4/2026 | $15000000 | $2875908 |
| Bank of America | 2.213% | CPI Urban Consumer NSA | 10/25/2032 | 5000000 | 669959 |
| Bank of America | 2.298% | CPI Urban Consumer NSA | 4/5/2029 | 5000000 | 574737 |
| Bank of America | 2.301% | CPI Urban Consumer NSA | 3/28/2029 | 5000000 | 573868 |
| Bank of America | 2.348% | CPI Urban Consumer NSA | 3/10/2032 | 5000000 | 531013 |
| Bank of America | 2.398% | CPI Urban Consumer NSA | 2/12/2033 | 5000000 | 489280 |
| Barclays Bank PLC | 2.410% | CPI Urban Consumer NSA | 2/1/2032 | 10000000 | 978085 |
| Deutsche Bank AG | 2.465% | CPI Urban Consumer NSA | 11/30/2031 | 5000000 | 89881 |
| Deutsche Bank AG | 2.505% | CPI Urban Consumer NSA | 12/7/2031 | 5000000 | 40206 |
| Deutsche Bank AG | 2.518% | CPI Urban Consumer NSA | 4/17/2026 | 15000000 | 725919 |
| *Total Unrealized Appreciation on CPI OTC Swap Contracts* | *Total Unrealized Appreciation on CPI OTC Swap Contracts* | *Total Unrealized Appreciation on CPI OTC Swap Contracts* | *Total Unrealized Appreciation on CPI OTC Swap Contracts* |  | $7548856 |

---

**Consumer Price Index ("CPI") OTC Swap Contracts at November 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | CPI Urban Consumer NSA | 1.813% | 3/31/2026 | $5000000 | $(897452) |
| Deutsche Bank AG | 3.010% | CPI Urban Consumer NSA | 2/15/2033 | 15000000 | (1691731) |
| Deutsche Bank AG | 2.750% | CPI Urban Consumer NSA | 3/30/2032 | 6000000 | (316372) |
| *Total Unrealized Depreciation on CPI OTC Swap Contracts* | *Total Unrealized Depreciation on CPI OTC Swap Contracts* | *Total Unrealized Depreciation on CPI OTC Swap Contracts* | *Total Unrealized Depreciation on CPI OTC Swap Contracts* |  | $(2905555) |

---

CPI Consumer Price Index: Rate fluctuates based on CPI. <br> NSA Non-seasonally adjusted.

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Appreciation |
| U.S. 2-Year Treasury Note | March 2026 | 1239 | Long | $258689864 | $258776767 | $86903 |
| U.S. 5-Year Treasury Note | March 2026 | 1062 | Long | 116383205 | 116571094 | 187889 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  | $274792 |
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Depreciation |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 81 | Short | $(9354552) | $(9412453) | $(57901) |

---

186 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

INFLATION FOCUSED FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $– | $1608000 | $1608000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 151449995 |  | 151449995 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 1139155 |  | 1139155 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 53726729 | 5 | 53726734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 332372492 |  | 332372492 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology |  |  | 958174 | 958174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 30784795 |  | 30784795 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 13702562 |  | 13702562 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 31202 |  | 31202 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 35709614 |  | 35709614 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1151279 |  | 1151279 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 53612342 |  | 53612342 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 97998666 |  | 97998666 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 2274778 |  | 2274778 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 4039152 | – | 4039152 |
| Total | $– | $777992761 | $2566179 | $780558940 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $676995 | $– | $676995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 25408402 |  | 25408402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1948997) |  | (1948997) |
| &nbsp;&nbsp;&nbsp;OTC CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 7548856 |  | 7548856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2905555) |  | (2905555) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 274792 |  |  | 274792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (57901) | – | – | (57901) |
| Total | $216891 | $28779701 | $– | $28996592 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 187

**Schedule of Investments**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.54%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 26.68%** |  |  |  |  |  |
| **Automobiles 13.18%** |  |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2024-A Class B<sup>†</sup> | 5.827% |  | 5/17/2032 | $1066417 | $1083306 |
| Ally Bank Auto Credit-Linked Notes Series 2025-A Class B<sup>†</sup> | 4.648% |  | 6/15/2033 | 1243418 | 1249275 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81% |  | 5/18/2028 | 1482796 | 1493887 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A3 | 5.43% |  | 1/18/2029 | 855000 | 862095 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class C<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 12/26/2031 | 467845 | 469563 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% |  | 1/16/2029 | 1265000 | 1280628 |
| CarMax Auto Owner Trust Series 2023-2 Class B | 5.18% |  | 11/15/2028 | 850000 | 860965 |
| CarMax Auto Owner Trust Series 2023-3 Class A3 | 5.28% |  | 5/15/2028 | 1045193 | 1052560 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 1175000 | 1189465 |
| CarMax Select Receivables Trust Series 2025-B Class A3 | 4.12% |  | 3/15/2030 | 1415000 | 1419190 |
| Carvana Auto Receivables Trust Series 2023-P3 Class A4<sup>†</sup> | 5.71% |  | 7/10/2029 | 965000 | 988273 |
| Carvana Auto Receivables Trust Series 2023-P4 Class A3<sup>†</sup> | 6.16% |  | 10/10/2028 | 1377867 | 1391495 |
| Carvana Auto Receivables Trust Series 2024-P1 Class A4<sup>†</sup> | 5.08% |  | 3/11/2030 | 1110000 | 1132269 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% |  | 5/25/2029 | 1105206 | 1115463 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% |  | 1/18/2028 | 537376 | 540529 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% |  | 10/15/2030 | 1200000 | 1219592 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% |  | 10/15/2030 | 1040000 | 1060295 |
| Consumer Portfolio Services Auto Trust Series 2025-A Class C<sup>†</sup> | 5.25% |  | 4/15/2031 | 850000 | 858987 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% |  | 1/15/2031 | 1510000 | 1512680 |
| Credit Acceptance Auto Loan Trust Series 2023-1A Class A<sup>†</sup> | 6.48% |  | 3/15/2033 | 295301 | 295822 |
| Enterprise Fleet Financing LLC Series 2025-3 Class A4<sup>†</sup> | 4.64% |  | 3/22/2032 | 1545000 | 1577036 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% |  | 6/15/2029 | 1270000 | 1291411 |

---

188 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Exeter Automobile Receivables Trust Series 2023-3A Class C | 6.21% | 6/15/2028 | $886744 | $891304 |
| Exeter Automobile Receivables Trust Series 2024-2A Class C | 5.74% | 5/15/2029 | 1530000 | 1543212 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 1805000 | 1812327 |
| Fifth Third Auto Trust Series 2023-1 Class A4 | 5.52% | 2/17/2031 | 1565000 | 1594054 |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% | 6/15/2027 | 1105000 | 1111895 |
| Ford Credit Auto Owner Trust Series 2022-D Class C | 6.46% | 5/15/2030 | 2260000 | 2293365 |
| Ford Credit Auto Owner Trust Series 2023-1 Class A<sup>†</sup> | 4.85% | 8/15/2035 | 1560000 | 1590974 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class A3 | 5.78% | 8/16/2028 | 1345109 | 1358243 |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class B | 5.28% | 10/16/2029 | 1499000 | 1526836 |
| Hertz Vehicle Financing III LP Series 2021-2A Class A<sup>†</sup> | 1.68% | 12/27/2027 | 1690000 | 1652817 |
| Honda Auto Receivables Owner Trust Series 2024-2 Class A3 | 5.27% | 11/20/2028 | 1420000 | 1433430 |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% | 6/15/2028 | 1625000 | 1638241 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% | 8/15/2028 | 725292 | 729724 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 1195000 | 1206086 |
| M&T Bank Auto Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.22% | 2/17/2032 | 2804000 | 2835343 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 2380000 | 2420621 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A3 | 5.95% | 11/15/2028 | 1384975 | 1403854 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A4 | 6.01% | 1/15/2031 | 1500000 | 1558420 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 940114 | 946454 |
| Nissan Auto Lease Trust Series 2025-B Class A3 | 4.32% | 11/15/2028 | 775000 | 781630 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% | 7/20/2028 | 467050 | 467977 |
| Octane Receivables Trust Series 2023-1A Class C<sup>†</sup> | 6.37% | 9/20/2029 | 1330000 | 1350655 |
| Octane Receivables Trust Series 2023-3A Class A2<sup>†</sup> | 6.44% | 3/20/2029 | 264478 | 265973 |

---

See Notes to Financial Statements. 189

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | $1383028 | $1390475 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 8684 | 8681 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class C<sup>†</sup> | 4.19% | 11/14/2028 | 753000 | 750761 |
| OneMain Direct Auto Receivables Trust Series 2021-1A Class B<sup>†</sup> | 1.26% | 7/14/2028 | 315522 | 314233 |
| PenFed Auto Receivables Owner Trust Series 2022-A Class B<sup>†</sup> | 4.60% | 12/15/2028 | 974000 | 974202 |
| Porsche Financial Auto Securitization Trust Series 2024-1A Class A4<sup>†</sup> | 4.49% | 12/22/2032 | 1605000 | 1622527 |
| Santander Bank Auto Credit-Linked Notes Series 2023-A Class A2<sup>†</sup> | 6.026% | 6/15/2033 | 1538148 | 1566060 |
| Santander Bank Auto Credit-Linked Notes Series 2024-A Class A2<sup>†</sup> | 5.605% | 6/15/2032 | 1016021 | 1036170 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% | 5/15/2030 | 2534735 | 2551111 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class B | 6.16% | 12/17/2029 | 1855000 | 1881602 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class C | 5.45% | 3/15/2030 | 1240000 | 1255281 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class B | 5.78% | 7/16/2029 | 2630000 | 2663969 |
| SCCU Auto Receivables Trust Series 2025-1A Class A4<sup>†</sup> | 4.68% | 9/15/2031 | 1035000 | 1053002 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-BA Class A3<sup>†</sup> | 4.27% | 1/22/2029 | 955000 | 960438 |
| Western Funding Auto Loan Trust Series 2025-1 Class A<sup>†</sup> | 4.75% | 7/16/2035 | 1485000 | 1496549 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% | 2/15/2029 | 1640000 | 1656256 |
| Westlake Automobile Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.62% | 3/15/2030 | 1125000 | 1136132 |
| Westlake Automobile Receivables Trust Series 2025-2A Class B<sup>†</sup> | 4.63% | 1/15/2031 | 2165000 | 2175744 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% | 2/15/2029 | 2334482 | 2359200 |
| World Omni Auto Receivables Trust Series 2024-B Class A3 | 5.27% | 9/17/2029 | 750000 | 757081 |
| *Total* |  |  |  | 83967695 |

---

190 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Credit Card 0.45%** |  |  |  |  |  |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | $1865000 | $1903620 |
| Synchrony Card Issuance Trust Series 2025-A3 Class A | 4.06% |  | 11/17/2031 | 975000 | 979934 |
| *Total* |  |  |  |  | 2883554 |
| **Other 13.03%** |  |  |  |  |  |
| 1988 CLO 5 Ltd. Series 2024-5A Class A1<sup>†</sup> | 5.445%<br> (3 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 7/15/2037 | 600000 | 601589 |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.06%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 2170000 | 2172163 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 840000 | 842132 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 345000 | 345889 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 1050000 | 1059045 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 1535000 | 1539475 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.00%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 1500000 | 1500747 |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | 995812 | 1007263 |
| Apex Credit CLO Ltd. Series 2021-1A Class ANR<sup>†</sup> | 5.104%<br> (3 mo. USD Term SOFR + 1.22% |)<sup>#</sup> | 7/18/2034 | 3100000 | 3097287 |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | 2750000 | 2752093 |
| Bain Capital Credit CLO Ltd. Series 2020-5A Class ARR<sup>†</sup> | 5.034%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/20/2034 | 1330000 | 1330064 |
| Bain Capital Credit CLO Ltd. Series 2021-4A Class A1R<sup>†</sup> | 5.084%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/20/2034 | 1160000 | 1161927 |
| Barings CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 1/18/2035 | 1050000 | 1049791 |
| Battalion CLO IX Ltd. Series 2015-9A Class BRR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2031 | 1550000 | 1551091 |
| Black Diamond CLO Ltd. Series 2021-1A Class A1AR<sup>†</sup> | 5.107%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 11/22/2034 | 800000 | 795906 |
| Canyon Capital CLO Ltd. Series 2019-2A Class BR2<sup>†</sup> | 5.405%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 10/15/2034 | 1250000 | 1251007 |

---

See Notes to Financial Statements. 191

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-4A Class AJR3<sup>†</sup> | 5.084%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 7/20/2032 | $1500000 | $1501218 |
| Carlyle U.S. CLO Ltd. Series 2021-9A Class AR<sup>†</sup> | 4.994%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 1550000 | 1550463 |
| Cathedral Lake VI Ltd. Series 2021-6A Class ANR<sup>†</sup> | 5.058%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 4/25/2034 | 820000 | 818228 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 4.852%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 2778137 | 2780921 |
| CIFC Funding Ltd. Series 2013-2A Class A1L2<sup>†</sup> | 5.146%<br> (3 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/18/2030 | 342770 | 343286 |
| Crossroads Asset Trust Series 2025-A Class A2<sup>†</sup> | 4.91% |  | 2/20/2032 | 1690000 | 1701074 |
| Dell Equipment Finance Trust Series 2025-1 Class D<sup>†</sup> | 5.64% |  | 8/22/2031 | 875000 | 894079 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.179%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 2040000 | 2043858 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 4.954%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 1270000 | 1270058 |
| Dryden 45 Senior Loan Fund Series 2016-45A Class BRR<sup>†</sup> | 5.555%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/15/2030 | 370000 | 370406 |
| Dryden 86 CLO Ltd. Series 2020-86A Class A1R2<sup>†</sup> | 5.012%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/17/2034 | 1830000 | 1833347 |
| Dryden XXVI Senior Loan Fund Series 2013-26A Class AR<sup>†</sup> | 5.066%<br> (3 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 4/15/2029 | 16069 | 16083 |
| Golub Capital Partners CLO 50B-R Ltd. Series 2020-50A Class A1R2<sup>†</sup> | 4.994%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 4/20/2035 | 2500000 | 2498580 |
| Gracie Point International Funding LLC Series 2025-1A Class A<sup>†</sup> | 5.709%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 8/15/2028 | 1065000 | 1065960 |
| Granite Park Equipment Leasing LLC Series 2023-1A Class A3<sup>†</sup> | 6.46% |  | 9/20/2032 | 794586 | 800862 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.093%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 36326 | 36328 |
| HPEFS Equipment Trust Series 2023-2A Class D<sup>†</sup> | 6.97% |  | 7/21/2031 | 1035000 | 1047285 |
| HPS Loan Management Ltd. Series 2021-16A Class A1R<sup>†</sup> | 4.97%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 1/23/2035 | 1560000 | 1560624 |

---

192 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.184%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | $250000 | $250112 |
| LCM 33 Ltd. Series 33A Class AR<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/20/2034 | 1450000 | 1450431 |
| LCM 34 Ltd. Series 34A Class A1R<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 10/20/2034 | 1820000 | 1821760 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.692%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 195820 | 195867 |
| M&T Equipment Notes Series 2024-1A Class A4<sup>†</sup> | 4.94% |  | 8/18/2031 | 1305000 | 1334271 |
| Marble Point CLO XV Ltd. Series 2019-1A Class BR2<sup>†</sup> | 5.46%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/23/2032 | 3120000 | 3121479 |
| Navesink CLO 1 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.538%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 750000 | 751689 |
| Navesink CLO 3 Ltd. Series 2025-3A Class A1<sup>†</sup> | 5.804%<br> (3 mo. USD Term SOFR + 1.48% |)<sup>#</sup> | 7/15/2037 | 1550000 | 1550504 |
| NMEF Funding LLC Series 2025-B Class A2<sup>†</sup> | 4.64% |  | 1/18/2033 | 505000 | 506816 |
| Octagon Investment Partners 41 Ltd. Series 2019-2A Class A1R2<sup>†</sup> | 4.995%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 10/15/2033 | 1500000 | 1499643 |
| Octagon Investment Partners 44 Ltd. Series 2019-1A Class AR2<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 10/15/2034 | 1050000 | 1050000 |
| OneMain Financial Issuance Trust Series 2023-1A Class A<sup>†</sup> | 5.50% |  | 6/14/2038 | 1955000 | 2027394 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 518074 | 519197 |
| PEAC Solutions Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.94% |  | 10/20/2028 | 1790000 | 1801619 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 1250000 | 1251084 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.90% |  | 5/15/2031 | 1084494 | 1092569 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.151%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 35188 | 35204 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 1700000 | 1730830 |
| Symphony CLO XVIII Ltd. Series 2016-18A Class AR4<sup>†</sup> | 5.506%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 10/23/2037 | 380000 | 380479 |
| Trinitas CLO VII Ltd. Series 2017-7A Class A1R2<sup>†</sup> | 4.918%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 1/25/2035 | 3100000 | 3095133 |

---

See Notes to Financial Statements. 193

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Trysail CLO Ltd. Series 2021-1A Class A1R<sup>†</sup> | 5.273%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 10/20/2036 | $1380000 | $1380345 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 391925 | 395403 |
| Venture 45 CLO Ltd. Series 2022-45A Class A1R<sup>†</sup> | 5.154%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 7/20/2035 | 830000 | 830506 |
| Verdant Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.68% |  | 12/12/2031 | 1191060 | 1214125 |
| Verdant Receivables LLC Series 2024-1A Class C<sup>†</sup> | 6.25% |  | 12/12/2031 | 1190000 | 1236230 |
| Verdant Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.85% |  | 3/13/2028 | 545000 | 547417 |
| VFI ABS LLC Series 2025-1A Class A<sup>†</sup> | 4.78% |  | 6/24/2030 | 1585670 | 1592102 |
| Voya CLO Ltd. Series 2015-3A Class A3R4<sup>†</sup> | 5.334%<br> (3 mo. USD Term SOFR + 1.45% |)<sup>#</sup> | 10/20/2031 | 1890000 | 1892878 |
| Wellfleet CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.105%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 1/15/2035 | 1360000 | 1360812 |
| Wind River CLO Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.234%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/20/2035 | 1000000 | 1000487 |
| Wingspire Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.33% |  | 9/20/2033 | 1940000 | 1942511 |
| *Total* |  |  |  |  | 83049026 |
| **Student Loan 0.02%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% |  | 7/15/2070 | 114019 | 104845 |
| *Total Asset-Backed Securities* (cost $169,477,027) |  |  |  |  | 170005120 |
| **CORPORATE BONDS 40.87%** |  |  |  |  |  |
| **Aerospace/Defense 0.55%** |  |  |  |  |  |
| Boeing Co. | 5.04% |  | 5/1/2027 | 1018000 | 1028180 |
| Boeing Co. | 6.259% |  | 5/1/2027 | 1495000 | 1536651 |
| Boeing Co. | 6.298% |  | 5/1/2029 | 711000 | 756359 |
| HEICO Corp. | 5.25% |  | 8/1/2028 | 188000 | 193820 |
| *Total* |  |  |  |  | 3515010 |
| **Agriculture 0.92%** |  |  |  |  |  |
| Bunge Ltd. Finance Corp. | 2.00% |  | 4/21/2026 | 1800000 | 1784861 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 3.50% |  | 7/26/2026 | 326000 | 324497 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 4.50% |  | 6/30/2028 | 573000 | 578529 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 6.125% |  | 7/27/2027 | 1838000 | 1892091 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.25% |  | 6/15/2030 | 870000 | 906608 |
| Philip Morris International, Inc. | 4.875% |  | 2/13/2029 | 361000 | 369525 |
| *Total* |  |  |  |  | 5856111 |
| **Airlines 0.21%** |  |  |  |  |  |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 1327588 | 1357712 |

---

194 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers 0.79%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | $449000 | $455322 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 325000 | 329044 |
| General Motors Financial Co., Inc. | 5.40% |  | 4/6/2026 | 218000 | 218924 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 37000 | 37625 |
| General Motors Financial Co., Inc. | 5.65% |  | 1/17/2029 | 2257000 | 2341779 |
| Hyundai Capital America<sup>†</sup> | 4.875% |  | 6/23/2027 | 404000 | 408284 |
| Hyundai Capital America<sup>†</sup> | 4.90% |  | 6/23/2028 | 567000 | 576569 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 269000 | 271235 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 6.00% |  | 11/16/2026 | 388000 | 394529 |
| *Total* |  |  |  |  | 5033311 |
| **Banks 7.90%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 6.339%<br> (1 yr. CMT + 1.65% |)<sup>#</sup> | 9/18/2027 | 300000 | 305051 |
| AIB Group PLC (Ireland)<sup>†(a)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 269000 | 286253 |
| Bank of America Corp. | 3.97%<br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 1601000 | 1598733 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 702000 | 689891 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 5.601%<br> (SOFR + 1.62% |)<sup>#</sup> | 3/20/2030 | 636000 | 662620 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 5.266% |  | 12/11/2026 | 169000 | 171310 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 1512000 | 1538060 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 249269 | 238895 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 5.125%<br> (1 yr. CMT + 1.45% |)<sup>#</sup> | 1/13/2029 | 259000 | 263950 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 5.283%<br> (SOFR + 1.28% |)<sup>#</sup> | 11/19/2030 | 224000 | 230851 |
| BPCE SA (France)<sup>†(a)</sup> | 4.875% |  | 4/1/2026 | 200000 | 200263 |
| Citigroup, Inc. | 3.887%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 3245000 | 3236913 |
| Citigroup, Inc. | 4.643%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 1101000 | 1108990 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 1234000 | 1251649 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 839000 | 863266 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 650000 | 655083 |

---

See Notes to Financial Statements. 195

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | $556000 | $579432 |
| Federation des Caisses Desjardins du Quebec (Canada)<sup>†(a)</sup> | 4.565% |  | 8/26/2030 | 216000 | 218392 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 812000 | 825008 |
| Goldman Sachs Group, Inc. | 2.64%<br> (SOFR + 1.11% |)<sup>#</sup> | 2/24/2028 | 2287000 | 2246202 |
| Goldman Sachs Group, Inc. | 4.937%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 451000 | 456036 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 3231000 | 3349038 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 2087000 | 2162770 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 549000 | 557648 |
| ING Groep NV (Netherlands)<sup>(a)</sup> | 6.083%<br> (SOFR + 1.56% |)<sup>#</sup> | 9/11/2027 | 808000 | 819593 |
| JPMorgan Chase & Co. | 3.782%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 2/1/2028 | 1600000 | 1595288 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 2147000 | 2204931 |
| KeyBank NA | 4.70% |  | 1/26/2026 | 404000 | 404108 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 5.391% |  | 12/7/2026 | 309000 | 313734 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 3.763%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 754000 | 747863 |
| Morgan Stanley | 4.133%<br> (SOFR + 0.91% |)<sup>#</sup> | 10/18/2029 | 396000 | 396038 |
| Morgan Stanley | 4.356%<br> (SOFR + 1.07% |)<sup>#</sup> | 10/22/2031 | 394000 | 394511 |
| Morgan Stanley | 4.994%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 549000 | 560051 |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | 2500000 | 2570616 |
| Morgan Stanley | 5.449%<br> (SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 5196000 | 5371007 |
| Morgan Stanley Bank NA | 4.447%<br> (SOFR + 0.68% |)<sup>#</sup> | 10/15/2027 | 711000 | 713433 |
| Morgan Stanley Bank NA | 5.016%<br> (SOFR + 0.91% |)<sup>#</sup> | 1/12/2029 | 833000 | 848921 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 5.847%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 3/2/2027 | 1018000 | 1021890 |

---

196 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | $590000 | $605179 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.32%<br> (SOFR + 1.07% |)<sup>#</sup> | 9/22/2029 | 348000 | 348501 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.534%<br> (SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 391000 | 409101 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 332000 | 338759 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 6.187%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 7/6/2027 | 266000 | 269047 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 6.75%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 2/8/2028 | 335000 | 344710 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 248000 | 257491 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 1835000 | 1891077 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 190000 | 197153 |
| U.S. Bancorp | 6.787%<br> (SOFR + 1.88% |)<sup>#</sup> | 10/26/2027 | 536000 | 548636 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 445000 | 453809 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 2069000 | 2144791 |
| Zions Bancorp NA | 4.704%<br> (SOFR + 1.16% |)<sup>#</sup> | 8/18/2028 | 856000 | 855406 |
| *Total* |  |  |  |  | 50321948 |
| **Beverages 0.30%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 1153000 | 1163058 |
| Keurig Dr. Pepper, Inc. | 4.35% |  | 5/15/2028 | 441000 | 442482 |
| Keurig Dr. Pepper, Inc. | 5.10% |  | 3/15/2027 | 288000 | 291120 |
| *Total* |  |  |  |  | 1896660 |
| **Biotechnology 0.27%** |  |  |  |  |  |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 305000 | 305915 |
| Illumina, Inc. | 4.75% |  | 12/12/2030 | 470000 | 472630 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 446000 | 458119 |
| Royalty Pharma PLC<sup>(b)</sup> | 4.45% |  | 3/25/2031 | 464000 | 463350 |
| *Total* |  |  |  |  | 1700014 |

---

*See Notes to Financial Statements.* 197

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Commercial Services 1.24%** |  |  |  |  |
| Global Payments, Inc. | 2.15% | 1/15/2027 | $941000 | $919154 |
| Global Payments, Inc. | 4.50% | 11/15/2028 | 681000 | 683435 |
| Global Payments, Inc. | 4.875% | 11/15/2030 | 842000 | 844413 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 3030000 | 3183477 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 549000 | 560484 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 1700000 | 1681844 |
| *Total* |  |  |  | 7872807 |
| **Diversified Financial Services 3.65%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 6.45% | 4/15/2027 | 267000 | 274691 |
| Air Lease Corp. | 4.625% | 10/1/2028 | 1257000 | 1263965 |
| Air Lease Corp. | 5.30% | 2/1/2028 | 1278000 | 1300987 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.00% | 9/15/2030 | 273000 | 276336 |
| Apollo Global Management, Inc. | 4.60% | 1/15/2031 | 1885000 | 1898292 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.625% | 11/15/2028 | 1189000 | 1192756 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% | 1/15/2030 | 2007000 | 2116204 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% | 9/20/2026 | 1852000 | 1818633 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% | 11/1/2027 | 578000 | 568590 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(a)</sup> | 4.75% | 11/12/2030 | 539000 | 536434 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% | 2/21/2026 | 657000 | 652981 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.75% | 2/21/2028 | 80000 | 77307 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.50% | 1/15/2026 | 1150000 | 1150516 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.75% | 3/1/2029 | 326000 | 337985 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 6.375% | 5/4/2028 | 759000 | 791601 |
| DAE Sukuk Difc Ltd. (United Arab Emirates)<sup>(a)</sup> | 3.75% | 2/15/2026 | 2600000 | 2594313 |
| Equitable America Global Funding<sup>†</sup> | 4.65% | 6/9/2028 | 334000 | 338013 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% | 11/15/2027 | 1869000 | 1869714 |
| LPL Holdings, Inc. | 4.90% | 4/3/2028 | 263000 | 266872 |
| LPL Holdings, Inc. | 5.70% | 5/20/2027 | 182000 | 185478 |
| LPL Holdings, Inc. | 6.75% | 11/17/2028 | 222000 | 236987 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 6.40% | 3/26/2029 | 534000 | 561724 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% | 3/15/2027 | 976000 | 974763 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% | 9/15/2028 | 1249000 | 1259315 |
| Voya Global Funding<sup>†</sup> | 4.60% | 11/24/2030 | 738000 | 744287 |
| *Total* |  |  |  | 23288744 |

---

198 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Electric 3.54%** |  |  |  |  |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% <sup>(c)</sup> | 6/15/2026 | $752000 | $755911 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% | 6/6/2027 | 177000 | 179363 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 2144000 | 2186512 |
| Cleco Corporate Holdings LLC | 3.743% | 5/1/2026 | 441000 | 439418 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 514000 | 527918 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 3.616% | 8/1/2027 | 1006000 | 990909 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 4.125% | 9/30/2028 | 260000 | 260297 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 4.375% | 9/30/2030 | 340000 | 339657 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.15% | 12/15/2027 | 843000 | 858354 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 1842000 | 1817488 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% | 3/30/2026 | 871000 | 873410 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% | 9/22/2027 | 307000 | 310894 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 423000 | 438334 |
| NextEra Energy Capital Holdings, Inc. | 4.685% | 9/1/2027 | 312000 | 315386 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 4.647% | 10/3/2030 | 398000 | 401216 |
| NorthWestern Corp.<sup>†</sup> | 5.073% | 3/21/2030 | 1848000 | 1902911 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% | 12/2/2025 | 1100000 | 1099927 |
| NRG Energy, Inc.<sup>†</sup> | 2.45% | 12/2/2027 | 1100000 | 1058822 |
| Pacific Gas & Electric Co. | 3.15% | 1/1/2026 | 826592 | 825519 |
| Pacific Gas & Electric Co. | 3.30% | 12/1/2027 | 131000 | 128774 |
| Pacific Gas & Electric Co. | 5.00% | 6/4/2028 | 327000 | 332465 |
| Pacific Gas & Electric Co. | 5.45% | 6/15/2027 | 145000 | 147178 |
| Pacific Gas & Electric Co. | 6.10% | 1/15/2029 | 1536000 | 1606115 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 131000 | 133284 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 331000 | 339929 |
| Public Service Enterprise Group, Inc. | 5.85% | 11/15/2027 | 320000 | 330930 |
| System Energy Resources, Inc. | 6.00% | 4/15/2028 | 2149000 | 2233129 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 304000 | 301957 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.30% | 10/15/2028 | 1300000 | 1297478 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 131000 | 132215 |
| *Total* |  |  |  | 22565700 |
| **Electrical Components & Equipment 0.09%** |  |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | 548000 | 554625 |
| **Engineering & Construction 0.13%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 768000 | 811214 |
| **Entertainment 0.27%** |  |  |  |  |
| Flutter Treasury DAC (Ireland)<sup>†(a)</sup> | 6.375% | 4/29/2029 | 1688000 | 1742048 |

---

*See Notes to Financial Statements.* 199

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Environmental Control 0.21%** |  |  |  |  |
| Veralto Corp. | 5.50% | 9/18/2026 | $1346000 | $1358750 |
| **Food 0.22%** |  |  |  |  |
| Conagra Brands, Inc. | 4.85% | 11/1/2028 | 1407000 | 1426651 |
| **Gas 0.78%** |  |  |  |  |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 963000 | 973242 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 241000 | 243713 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 1530000 | 1585205 |
| Southern Co. Gas Capital Corp. | 4.05% | 9/15/2028 | 1244000 | 1246027 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 883000 | 909978 |
| *Total* |  |  |  | 4958165 |
| **Health Care-Products 0.30%** |  |  |  |  |
| Baxter International, Inc. | 2.272% | 12/1/2028 | 685000 | 645235 |
| Baxter International, Inc.<sup>(d)</sup> | 4.90% | 12/15/2030 | 782000 | 786727 |
| Solventum Corp. | 5.40% | 3/1/2029 | 337000 | 348594 |
| Solventum Corp. | 5.45% | 2/25/2027 | 162000 | 164245 |
| *Total* |  |  |  | 1944801 |
| **Health Care-Services 1.72%** |  |  |  |  |
| Adventist Health System | 4.742% | 12/1/2030 | 1546000 | 1564506 |
| Beth Israel Lahey Health, Inc.<sup>(b)</sup> | 4.717% | 7/1/2030 | 1299000 | 1316100 |
| Centene Corp. | 2.45% | 7/15/2028 | 713000 | 665280 |
| Centene Corp. | 4.25% | 12/15/2027 | 2302000 | 2275529 |
| CommonSpirit Health | 4.352% | 9/1/2030 | 1350000 | 1352178 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.809% | 5/8/2027 | 265000 | 270351 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.849% | 5/8/2029 | 3358000 | 3507366 |
| *Total* |  |  |  | 10951310 |
| **Insurance 3.95%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% | 4/16/2027 | 1693000 | 1720644 |
| Aon Corp. | 8.205% | 1/1/2027 | 503000 | 523650 |
| Assurant, Inc. | 4.90% | 3/27/2028 | 899000 | 911301 |
| Athene Global Funding<sup>†</sup> | 2.717% | 1/7/2029 | 1017000 | 963408 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 525000 | 532738 |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | 2838000 | 2919881 |
| Brighthouse Financial Global Funding<sup>†</sup> | 1.55% | 5/24/2026 | 1777000 | 1752280 |
| Brighthouse Financial Global Funding<sup>†</sup> | 2.00% | 6/28/2028 | 1505000 | 1409587 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 661000 | 670703 |
| Brown & Brown, Inc. | 4.70% | 6/23/2028 | 137000 | 138424 |

---

200 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Insurance (continued)** |  |  |  |  |
| CNO Global Funding<sup>†</sup> | 4.375% | 9/8/2028 | $346000 | $347082 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 379000 | 383647 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 681000 | 697817 |
| Corebridge Global Funding<sup>†</sup> | 4.25% | 8/21/2028 | 2233000 | 2239445 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 244000 | 250576 |
| Corebridge Global Funding<sup>†</sup> | 5.75% | 7/2/2026 | 161000 | 162636 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 339000 | 348192 |
| F&G Global Funding<sup>†</sup> | 4.65% | 9/8/2028 | 226000 | 226805 |
| GA Global Funding Trust<sup>†</sup> | 1.95% | 9/15/2028 | 1330000 | 1250439 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 158000 | 162977 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 305000 | 308579 |
| Jackson National Life Global Funding<sup>†</sup> | 4.55% | 9/9/2030 | 589000 | 590303 |
| Jackson National Life Global Funding<sup>†</sup> | 4.70% | 6/5/2028 | 787000 | 795080 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 657000 | 671136 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.45% | 12/12/2028 | 375000 | 388806 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 1072000 | 1100708 |
| RGA Global Funding<sup>†</sup> | 4.35% | 8/25/2028 | 2233000 | 2242489 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 363000 | 376766 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 244000 | 247994 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 364000 | 375382 |
| Western-Southern Global Funding<sup>†</sup> | 4.50% | 7/16/2028 | 460000 | 464074 |
| *Total* |  |  |  | 25173549 |
| **Internet 0.60%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 1082000 | 1107094 |
| Meta Platforms, Inc. | 4.20% | 11/15/2030 | 892000 | 898397 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 1787000 | 1788911 |
| *Total* |  |  |  | 3794402 |
| **Investment Companies 0.71%** |  |  |  |  |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 786000 | 791176 |
| Blackstone Secured Lending Fund | 2.75% | 9/16/2026 | 2330000 | 2296921 |
| Blue Owl Capital Corp. | 2.625% | 1/15/2027 | 1494000 | 1455992 |
| *Total* |  |  |  | 4544089 |
| **Leisure Time 0.80%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 1950000 | 1917622 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 1025000 | 1011896 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 2150000 | 2166873 |
| *Total* |  |  |  | 5096391 |

---

*See Notes to Financial Statements.* 201

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Lodging 0.12%** |  |  |  |  |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | $705000 | $700133 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 46000 | 46866 |
| *Total* |  |  |  | 746999 |
| **Machinery-Diversified 0.41%** |  |  |  |  |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 147000 | 148981 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 1029000 | 1031424 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 492000 | 509336 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 869000 | 923541 |
| *Total* |  |  |  | 2613282 |
| **Media 0.17%** |  |  |  |  |
| Fox Corp. | 4.709% | 1/25/2029 | 1069000 | 1085161 |
| **Mining 0.37%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 3.875% | 3/16/2029 | 200000 | 197753 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.50% | 3/15/2028 | 238000 | 239714 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 164000 | 167048 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 479000 | 493920 |
| Glencore Funding LLC<sup>†</sup> | 5.338% | 4/4/2027 | 422000 | 428865 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 618000 | 639033 |
| Glencore Funding LLC<sup>†</sup> | 5.40% | 5/8/2028 | 201000 | 206538 |
| *Total* |  |  |  | 2372871 |
| **Oil & Gas 3.10%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 266000 | 268638 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 926000 | 943853 |
| APA Corp. | 7.75% | 12/15/2029 | 1500000 | 1658692 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 3000000 | 2938839 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 994000 | 990807 |
| EOG Resources, Inc. | 4.40% | 1/15/2031 | 1770000 | 1778958 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 729000 | 724252 |
| EQT Corp. | 6.375% | 4/1/2029 | 716000 | 741504 |
| EQT Corp. | 7.50% | 6/1/2027 | 760000 | 772038 |
| EQT Corp. | 7.50% | 6/1/2030 | 267000 | 294873 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 1613000 | 1624880 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 913000 | 913899 |
| Occidental Petroleum Corp. | 5.00% | 8/1/2027 | 221000 | 225178 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 1340000 | 1419260 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 161000 | 173739 |
| Patterson-UTI Energy, Inc.<sup>(b)</sup> | 3.95% | 2/1/2028 | 2078000 | 2045202 |

---

202 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% | 6/15/2026 | $500000 | $509074 |
| Viper Energy Partners LLC | 4.90% | 8/1/2030 | 1702000 | 1724492 |
| *Total* |  |  |  | 19748178 |
| **Packaging & Containers 0.02%** |  |  |  |  |
| Amcor Flexibles North America, Inc. | 4.80% | 3/17/2028 | 148000 | 150104 |
| **Pharmaceuticals 0.44%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 410000 | 409785 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 2117000 | 2152088 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | 200000 | 213964 |
| *Total* |  |  |  | 2775837 |
| **Pipelines 1.49%** |  |  |  |  |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 1513000 | 1485844 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 806000 | 806035 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 1314000 | 1329421 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 322000 | 330118 |
| Sabal Trail Transmission LLC<sup>†</sup> | 4.246% | 5/1/2028 | 2000000 | 1988550 |
| South Bow USA Infrastructure Holdings LLC | 4.911% | 9/1/2027 | 465000 | 468698 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 1982000 | 2010404 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 1013000 | 1069286 |
| *Total* |  |  |  | 9488356 |
| **Private Equity 0.15%** |  |  |  |  |
| Blackstone Reg Finance Co. LLC | 4.30% | 11/3/2030 | 983000 | 983985 |
| **REITS 2.08%** |  |  |  |  |
| American Tower Corp. | 1.60% | 4/15/2026 | 1093000 | 1082996 |
| Crown Castle, Inc. | 4.80% | 9/1/2028 | 206000 | 208831 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 205000 | 208126 |
| EPR Properties | 4.75% | 11/15/2030 | 575000 | 573126 |
| Equinix Europe 2 Financing Corp. LLC | 4.60% | 11/15/2030 | 454000 | 457079 |
| Host Hotels & Resorts LP | 4.25% | 12/15/2028 | 3073000 | 3070799 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 1265000 | 1253929 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% | 6/15/2029 | 960000 | 947076 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 4.25% | 1/15/2031 | 707000 | 704057 |
| Regency Centers LP | 2.95% | 9/15/2029 | 891000 | 855041 |

---

*See Notes to Financial Statements.* 203

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **REITS (continued)** |  |  |  |  |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | $500000 | $496138 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% | 2/15/2029 | 1450000 | 1422711 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 410000 | 409924 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 546000 | 552514 |
| WEA Finance LLC<sup>†</sup> | 2.875% | 1/15/2027 | 483000 | 474110 |
| WEA Finance LLC<sup>†</sup> | 4.125% | 9/20/2028 | 532000 | 528606 |
| *Total* |  |  |  | 13245063 |
| **Retail 0.20%** |  |  |  |  |
| Dick's Sporting Goods, Inc.<sup>†</sup> | 4.00% | 10/1/2029 | 1274000 | 1252290 |
| **Semiconductors 0.74%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 275000 | 286166 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | 2232000 | 2348278 |
| Intel Corp. | 5.125% | 2/10/2030 | 1573000 | 1619307 |
| Microchip Technology, Inc. | 5.05% | 3/15/2029 | 465000 | 474898 |
| *Total* |  |  |  | 4728649 |
| **Software 0.84%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.25% | 5/15/2029 | 427000 | 438388 |
| Fidelity National Information Services, Inc. | 3.75% | 5/21/2029 | 802000 | 786933 |
| Fiserv, Inc. | 4.20% | 10/1/2028 | 1090000 | 1086209 |
| Oracle Corp. | 4.45% | 9/26/2030 | 1636000 | 1612712 |
| Take-Two Interactive Software, Inc. | 5.00% | 3/28/2026 | 1452000 | 1455213 |
| *Total* |  |  |  | 5379455 |
| **Telecommunications 0.10%** |  |  |  |  |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 568000 | 611880 |
| **Toys/Games/Hobbies 0.56%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 1502000 | 1475720 |
| Mattel, Inc. | 5.00% | 11/17/2030 | 2064000 | 2083462 |
| *Total* |  |  |  | 3559182 |
| **Transportation 0.70%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(a)</sup> | 4.75% | 3/22/2028 | 2900000 | 2877761 |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 1547000 | 1581528 |
| *Total* |  |  |  | 4459289 |
| **Trucking & Leasing 0.03%** |  |  |  |  |
| GATX Corp. | 5.40% | 3/15/2027 | 184000 | 186689 |

---

204 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Water 0.20%** |  |  |  |  |
| Essential Utilities, Inc. | 4.80% | 8/15/2027 | $1236000 | $1249550 |
| *Total Corporate Bonds* (cost $256,890,465) |  |  |  | 260400832 |
| **FLOATING RATE LOANS**<sup>(e)</sup> **2.30%** |  |  |  |  |
| **Aerospace/Defense 0.31%** |  |  |  |  |
| RTX Corp. Term Loan | 5.184%<br> (1 mo. USD Term SOFR + 1.13% | 11/6/2026 | 2000000 | 2002500 |
| **Chemicals 0.03%** |  |  |  |  |
| Celanese U.S. Holdings LLC 2022 5-Year Delayed Draw Term Loan | 5.81%<br> (1 mo. USD Term SOFR + 1.75% | 3/18/2027 | 177273 | 175500 |
| **Computers 0.22%** |  |  |  |  |
| Hewlett Packard Enterprise Co. Term Loan | 5.322%<br> (1 mo. USD Term SOFR + 1.25% | 9/12/2029 | 1425333 | 1428897 |
| **Diversified Financial Services 0.11%** |  |  |  |  |
| Delos Aircraft DAC Term Loan (Ireland)<sup>(a)</sup> | 5.752%<br> (3 mo. USD Term SOFR + 1.75% | 10/31/2027 | 706701 | 710803 |
| **Electronics 0.11%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 4.791%<br> (1 mo. USD Term SOFR + 0.88% | 5/7/2027 | 687500 | 688359 |
| **Health Care Products 0.03%** |  |  |  |  |
| Solventum Corp. Term Loan | 5.309%<br> (1 mo. USD Term SOFR + 1.25% | 3/8/2027 | 190071 | 190547 |
| **Health Care Services 0.14%** |  |  |  |  |
| IQVIA, Inc. 2022 Term Loan A2 | 5.172% - 5.27%<br> (1 mo. USD Term SOFR + 1.25% <br> (3 mo. USD Term SOFR + 1.25% | 6/16/2027 | 881579 | 882959 |
| **Oil & Gas 0.41%** |  |  |  |  |
| Diamondback E&P LLC Delayed Draw Term Loan | 5.356%<br> (1 mo. USD Term SOFR + 1.25% | 11/5/2027 | 1687333 | 1689442 |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.684%<br> (1 mo. USD Term SOFR + 1.63% | 12/29/2025 | 906430 | 907563 |
| *Total* |  |  |  | 2597005 |
| **Real Estate Investment Trusts 0.29%** |  |  |  |  |
| Invitation Homes Operating Partnership LP 2024 Term Loan | 4.909%<br> (1 mo. USD Term SOFR + 0.85% | 9/9/2028 | 1856000 | 1856000 |

---

*See Notes to Financial Statements.* 205

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Principal <br> Amount** | **Fair <br> Value** |
| **Regional 0.12%** |  |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.152%<br> (3 mo. USD Term SOFR + 1.00% | 5/13/2027 | $| 750000 | $749062 |
| **Retail 0.53%** |  |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 5.827%<br> (1 mo. USD Term SOFR + 1.75% | 3/15/2028 |  | 1453498 | 1461070 |
| Lowe's Cos., Inc. Delayed Draw Term Loan | 4.935%<br> (3 mo. USD Term SOFR + 1.00% | 9/15/2028 |  | 1895000 | 1887894 |
| *Total* |  |  |  |  | 3348964 |
| *Total Floating Rate Loans* (cost $14,619,814) | *Total Floating Rate Loans* (cost $14,619,814) |  |  |  | 14630596 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **1.91%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **1.91%** |  |  |  |  |
| **Bermuda 0.56%** |  |  |  |  |  |
| Bermuda Government International Bonds<sup>(b)</sup> | 3.717% | 1/25/2027 |  | 3600000 | 3592728 |
| **Italy 0.23%** |  |  |  |  |  |
| Cassa Depositi e Prestiti SpA<sup>†</sup> | 4.375% | 10/1/2030 |  | 1470000 | 1485107 |
| **Japan 0.27%** |  |  |  |  |  |
| Development Bank of Japan, Inc.<sup>†(b)</sup> | 4.00% | 8/28/2027 |  | 1706000 | 1712245 |
| **Kazakhstan 0.07%** |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% | 5/8/2028 |  | 436000 | 442996 |
| **Kuwait 0.29%** |  |  |  |  |  |
| Kuwait International Government Bonds<sup>†</sup> | 4.016% | 10/9/2028 |  | 1850000 | 1851447 |
| **Romania 0.41%** |  |  |  |  |  |
| Romania Government International Bonds | 5.25% | 11/25/2027 |  | 2550000 | 2591018 |
| **Saudi Arabia 0.08%** |  |  |  |  |  |
| Saudi Government International Bonds<sup>†</sup> | 5.125% | 1/13/2028 |  | 490000 | 500951 |
| *Total Foreign Government Obligations* (cost $12,059,971) | *Total Foreign Government Obligations* (cost $12,059,971) |  |  |  | 12176492 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.94%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.94%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.94%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.94%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.94%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K100 Class A2 (Cost $5,945,171) | 2.673% | 9/25/2029 |  | 6290000 | 6023374 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.99%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.99%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 2.99%** |  |  |  |
| Federal Home Loan Mortgage Corp. | 5.203%<br> (30 day USD SOFR Average + 2.13% | 8/1/2055 |  | 721911 | 732621 |
| Federal Home Loan Mortgage Corp. | 5.436%<br> (30 day USD SOFR Average + 2.08% | 10/1/2055 |  | 420503 | 427131 |

---

206 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal Home Loan Mortgage Corp. | 5.441%<br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 8/1/2055 | $297090 | $302501 |
| Federal Home Loan Mortgage Corp. | 5.525%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 7/1/2055 | 752497 | 766034 |
| Federal Home Loan Mortgage Corp. | 5.639%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 8/1/2055 | 420195 | 429342 |
| Federal Home Loan Mortgage Corp. | 5.883%<br> (30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 5/1/2055 | 599677 | 616373 |
| Federal Home Loan Mortgage Corp. | 6.017%<br> (30 day USD SOFR Average + 2.32% |)<sup>#</sup> | 8/1/2054 | 284287 | 292954 |
| Federal National Mortgage Association | 5.029%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 2/1/2055 | 412580 | 418534 |
| Federal National Mortgage Association | 5.473%<br> (30 day USD SOFR Average + 2.03% |)<sup>#</sup> | 10/1/2055 | 165922 | 169027 |
| Federal National Mortgage Association | 5.583%<br> (30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 10/1/2053 | 99833 | 102074 |
| Federal National Mortgage Association | 5.714%<br> (30 day USD SOFR Average + 2.21% |)<sup>#</sup> | 8/1/2055 | 634358 | 650291 |
| Federal National Mortgage Association | 5.914%<br> (30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 2/1/2054 | 172798 | 177952 |
| Federal National Mortgage Association | 6.00% |  | 10/1/2038 - <br> 5/1/2039 | 3919116 | 4089947 |
| Federal National Mortgage Association | 6.002%<br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 9/1/2055 | 2245422 | 2320166 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.50% |  | TBA | 1237000 | 1236903 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.00% |  | TBA | 2629000 | 2659417 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.50% |  | TBA | 3560000 | 3643830 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $18,993,573) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $18,993,573) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $18,993,573) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $18,993,573) |  | 19035097 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.23%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.23%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.23%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.23%** |  |  |
| Bank Series 2017-BNK7 Class A4 | 3.175% |  | 9/15/2060 | 1267634 | 1249572 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 2480000 | 2608264 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 2940000 | 3088820 |
| Bank5 Trust Series 2024-5YR6 Class A3 | 6.225% |  | 5/15/2057 | 1400000 | 1480627 |
| BBCMS Mortgage Trust Series 2020-C7 Class A2 | 2.021% |  | 4/15/2053 | 227174 | 216486 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 1050000 | 1109968 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 1040000 | 1094382 |
| Benchmark Mortgage Trust Series 2021-B23 Class A2 | 1.62% |  | 2/15/2054 | 213766 | 202583 |

---

*See Notes to Financial Statements.* 207

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Benchmark Mortgage Trust Series 2021-B28 Class A2 | 1.786% |  | 8/15/2054 | $1152556 | $1126173 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 1430000 | 1491299 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 | 5.66% |  | 4/15/2057 | 2040000 | 2144263 |
| Benchmark Mortgage Trust Series 2025-V16 Class A3 | 5.439% | <sup>#(g)</sup> | 8/15/2058 | 690000 | 720418 |
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% |  | 7/15/2058 | 940000 | 988960 |
| BMO Mortgage Trust Series 2025-5C12 Class A3 | 5.18% |  | 10/15/2058 | 750000 | 774962 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.351%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 343880 | 344243 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 493807 | 491214 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A4 | 3.712% |  | 4/14/2050 | 1560000 | 1542635 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 1510000 | 1512300 |
| Ellington Financial Mortgage Trust Series 2020-1 Class A1<sup>†</sup> | 2.006% | <sup>#(g)</sup> | 5/25/2065 | 133 | 133 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01 Class 1M1<sup>†</sup> | 5.072%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 12/25/2041 | 94088 | 94096 |
| GS Mortgage Securities Trust Series 2015-GC34 Class A4 | 3.506% |  | 10/10/2048 | 14324 | 14186 |
| GS Mortgage Securities Trust Series 2016-GS2 Class A4 | 3.05% |  | 5/10/2049 | 425000 | 423187 |
| GS Mortgage Securities Trust Series 2016-GS4 Class A3 | 3.178% |  | 11/10/2049 | 1457539 | 1444798 |
| GS Mortgage Securities Trust Series 2017-GS8 Class A3 | 3.205% |  | 11/10/2050 | 1150000 | 1132974 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 2010000 | 1910330 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 1990000 | 2088164 |
| UBS Commercial Mortgage Trust Series 2018-C9 Class A4 | 4.117% | <sup>#(g)</sup> | 3/15/2051 | 950000 | 939049 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 1600000 | 1681360 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 1316000 | 1383373 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $32,978,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $32,978,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $32,978,166) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $32,978,166) |  | 33298819 |

---

208 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **U.S. TREASURY OBLIGATIONS 18.62%** |  |  |  |  |
| U.S. Treasury Notes | 3.50% | 9/30/2026 | $3251000 | $3246641 |
| U.S. Treasury Notes | 3.75% | 8/15/2027 | 14275000 | 14327695 |
| U.S. Treasury Notes | 3.875% | 10/15/2027 | 19179900 | 19304644 |
| U.S. Treasury Notes | 4.00% | 12/15/2027 | 19981500 | 20179363 |
| U.S. Treasury Notes | 4.00% | 2/29/2028 | 8879000 | 8975767 |
| U.S. Treasury Notes | 4.125% | 1/31/2027 | 21536000 | 21663029 |
| U.S. Treasury Notes | 4.25% | 3/15/2027 | 14146000 | 14265357 |
| U.S. Treasury Notes | 4.625% | 6/15/2027 | 16444000 | 16707361 |
| *Total U.S. Treasury Obligations* (cost $117,983,121) |  |  |  | 118669857 |
| *Total Long-Term Investments* (cost $628,947,308) |  |  |  | 634240187 |
| **SHORT-TERM INVESTMENTS 0.93%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.73%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $2,397,400 of U.S. Treasury Inflation Indexed Note at 0.375% due 1/15/2027; value: $3,188,745; proceeds: $3,127,057 (cost $3,126,146) |  |  | 3126146 | 3126146 |
| Repurchase Agreement dated 11/28/2025, 3.850% due 12/1/2025 with JPMorgan Securities LLC collateralized by $1,528,700 of U.S. Treasury Note at 3.500% due 11/15/2028; value: $1,530,612; proceeds: $1,500,481<br> (cost $1,500,000) |  |  | 1500000 | 1500000 |
| *Total Repurchase Agreements* (cost $4,626,146) |  |  |  | 4626146 |
| **Time Deposits 0.02%** |  |  |  |  |
| CitiBank N.A.<sup>(h)</sup><br> (cost $129,682) |  |  | 129682 | 129682 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.18%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(h)</sup> (cost $1,167,134) |  |  | 1167134 | 1167134 |
| *Total Short-Term Investments* (cost $5,922,962) |  |  |  | 5922962 |
| *Total Investments in Securities 100.47%* (cost $634,870,270) |  |  |  | 640163149 |
| *Other Assets and Liabilities – Net*<sup>(i)</sup> *(0.47)%* |  |  |  | (3007545) |
| *Net Assets 100.00%* |  |  |  | $637155604 |

---

*See Notes to Financial Statements.* 209

**Schedule of Investments (continued)**

SHORT DURATION CORE BOND FUND *November 30, 2025*

CMT Constant Maturity Rate. <br> REITS Real Estate Investment Trusts. <br> SOFR Secured Overnight Financing Rate.

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $237,808,008, which represents 37.32% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(c)</sup> | Step Bond - Security with a predetermined schedule of interest rate changes. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(f)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(g)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(h)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(i)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows: |

---

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central <br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination <br> Date** | **Notional <br> Amount** | **Payments <br> Upfront**<sup>(1)</sup> | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month USD SOFR Index | 3/20/2030 | $43600000 | $(752010) | $(1000922) | $(1752932) |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month USD SOFR Index | 10/16/2029 | 8700000 | – | (99923) | (99923) |
| *Total* |  |  |  |  | $(752010) | $(1100845) | $(1852855) |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Upfront payments paid (received) are presented net of amortization. <br> <sup>(2)</sup> Central Clearinghouse: Chicago Mercantile Exchange (CME).

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2026 | 1435 | Long | $299615846 | $299713205 | $97359 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Depreciation** |
| U.S. 5-Year Treasury Note | March 2026 | 334 | Short | $(36599384) | $(36661719) | $(62335) |

---

210 *See Notes to Financial Statements.*

Schedule of Investments (concluded)

SHORT DURATION CORE BOND FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $170005120 | $– | $170005120 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 260400832 |  | 260400832 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 14630596 |  | 14630596 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 12176492 |  | 12176492 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 6023374 |  | 6023374 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 19035097 |  | 19035097 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 33298819 |  | 33298819 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 118669857 |  | 118669857 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4626146 |  | 4626146 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 129682 |  | 129682 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1167134 | – | – | 1167134 |
| Total | $1167134 | $638996015 | $– | $640163149 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1852855) |  | (1852855) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 97359 |  |  | 97359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (62335) | – | – | (62335) |
| Total | $35024 | $(1852855) | $– | $(1817831) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 211

**Schedule of Investments**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 102.25%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 23.55%** |  |  |  |  |  |
| **Automobiles 7.52%** |  |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2025-A Class B<sup>†</sup> | 4.648% |  | 6/15/2033 | $17898333 | $17982636 |
| Ally Bank Auto Credit-Linked Notes Series 2025-A Class C<sup>†</sup> | 4.844% |  | 6/15/2033 | 23448538 | 23549069 |
| Americredit Automobile Receivables Trust Series 2023-1 Class A3 | 5.62% |  | 11/18/2027 | 26509968 | 26600182 |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% |  | 12/18/2028 | 27200000 | 27640607 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81% |  | 5/18/2028 | 15870311 | 15989012 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A3 | 5.43% |  | 1/18/2029 | 39019000 | 39342799 |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-2A Class A<sup>†</sup> | 2.02% |  | 2/20/2027 | 11612500 | 11573148 |
| Avis Budget Rental Car Funding AESOP LLC Series 2022-4A Class A<sup>†</sup> | 4.77% |  | 2/20/2029 | 10765000 | 10886523 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A<sup>†</sup> | 5.172%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 12/26/2031 | 19113320 | 19175209 |
| BMW Vehicle Owner Trust Series 2024-A Class A3 | 5.18% |  | 2/26/2029 | 22660000 | 22878615 |
| BOF URSA VI Funding Trust I Series 2023-CAR2 Class A2<sup>†</sup> | 5.542% |  | 10/27/2031 | 9019180 | 9076787 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 45330000 | 45888058 |
| CarMax Auto Owner Trust Series 2024-2 Class A4 | 5.51% |  | 11/15/2029 | 24545000 | 25245824 |
| CarMax Select Receivables Trust Series 2025-B Class A2 | 4.19% |  | 3/15/2029 | 43685000 | 43718703 |
| CarMax Select Receivables Trust Series 2025-B Class C | 4.83% |  | 6/16/2031 | 25750000 | 25909089 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% |  | 1/10/2028 | 1749628 | 1729446 |
| Carvana Auto Receivables Trust Series 2022-P2 Class A4 | 4.68% |  | 2/10/2028 | 39752125 | 39835517 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% |  | 5/25/2029 | 41411016 | 41795327 |
| Chase Auto Owner Trust Series 2024-2A Class A3<sup>†</sup> | 5.52% |  | 6/25/2029 | 14212804 | 14406340 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% |  | 7/25/2029 | 54635000 | 55288396 |
| Chase Auto Owner Trust Series 2024-5A Class A3<sup>†</sup> | 4.18% |  | 8/27/2029 | 25000000 | 25075045 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% |  | 5/15/2036 | 72681355 | 73485167 |

---

212 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% | 1/18/2028 | $31349081 | $31533006 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3<sup>†</sup> | 5.33% | 8/15/2028 | 102038127 | 102753026 |
| Consumer Portfolio Services Auto Trust Series 2025-A Class C<sup>†</sup> | 5.25% | 4/15/2031 | 14430000 | 14582560 |
| CPS Auto Receivables Trust Series 2024-A Class D<sup>†</sup> | 6.13% | 4/15/2030 | 7883000 | 8025088 |
| Credit Acceptance Auto Loan Trust Series 2024-2A Class A<sup>†</sup> | 5.95% | 6/15/2034 | 42940000 | 43724604 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% | 8/15/2028 | 24306774 | 24363521 |
| Enterprise Fleet Financing LLC Series 2025-3 Class A2<sup>†</sup> | 4.50% | 4/20/2028 | 39750000 | 39946993 |
| Enterprise Fleet Financing LLC Series 2025-3 Class A4<sup>†</sup> | 4.64% | 3/22/2032 | 22748000 | 23219680 |
| Exeter Automobile Receivables Trust Series 2021-2A Class D | 1.40% | 4/15/2027 | 2680731 | 2662773 |
| Exeter Automobile Receivables Trust Series 2021-3A Class E<sup>†</sup> | 3.04% | 12/15/2028 | 40830000 | 40517308 |
| Exeter Automobile Receivables Trust Series 2023-2A Class D | 6.32% | 8/15/2029 | 23480000 | 23970122 |
| Exeter Automobile Receivables Trust Series 2024-2A Class C | 5.74% | 5/15/2029 | 16473000 | 16615251 |
| Exeter Automobile Receivables Trust Series 2024-2A Class D | 5.92% | 2/15/2030 | 10950000 | 11150151 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% | 9/16/2030 | 35643000 | 36249401 |
| Exeter Automobile Receivables Trust Series 2024-4A Class D | 5.81% | 12/16/2030 | 15325000 | 15572814 |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% | 7/15/2031 | 29455000 | 30233911 |
| Ford Credit Auto Owner Trust Series 2022-1 Class A<sup>†</sup> | 3.88% | 11/15/2034 | 60000000 | 59962884 |
| Ford Credit Auto Owner Trust Series 2023-1 Class A<sup>†</sup> | 4.85% | 8/15/2035 | 47464000 | 48406412 |
| Ford Credit Auto Owner Trust Series 2023-C Class A3 | 5.53% | 9/15/2028 | 36805551 | 37154873 |
| GLS Auto Receivables Issuer Trust Series 2021-2A Class E<sup>†</sup> | 2.87% | 5/15/2028 | 13015000 | 12969710 |
| GLS Auto Receivables Issuer Trust Series 2024-2A Class D<sup>†</sup> | 6.19% | 2/15/2030 | 7364000 | 7560639 |
| GLS Auto Receivables Issuer Trust Series 2025-2A Class A3<sup>†</sup> | 4.75% | 1/16/2029 | 19841000 | 19956328 |
| GLS Auto Receivables Issuer Trust Series 2025-3A Class C<sup>†</sup> | 4.69% | 5/15/2031 | 30000000 | 30113976 |

---

*See Notes to Financial Statements.* 213

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Hertz Vehicle Financing III LP Series 2021-2A Class A<sup>†</sup> | 1.68% | 12/27/2027 | $120499000 | $117847841 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 68902999 | 69569511 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 28490371 | 28965747 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 22516685 | 22762290 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 30000000 | 30306396 |
| Hyundai Auto Lease Securitization Trust Series 2025-C Class A3<sup>†</sup> | 4.36% | 7/17/2028 | 83420000 | 84048019 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% | 11/15/2027 | 10398427 | 10404356 |
| LAD Auto Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.52% | 3/15/2029 | 20000000 | 20081440 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.73% | 6/17/2030 | 23320000 | 23648122 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 75093037 | 75599442 |
| NextGear Floorplan Master Owner Trust Series 2023-1A Class A2<sup>†</sup> | 5.74% | 3/15/2028 | 69730000 | 70056908 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 30000000 | 30352167 |
| Nissan Auto Lease Trust Series 2025-B Class A3 | 4.32% | 11/15/2028 | 53240000 | 53695426 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 25699349 | 25893616 |
| Nissan Auto Receivables Owner Trust Series 2025-A Class A3 | 4.49% | 12/17/2029 | 27765000 | 28105132 |
| Octane Receivables Trust Series 2023-1A Class A<sup>†</sup> | 5.87% | 5/21/2029 | 948471 | 949318 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 24147424 | 24353795 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 22785136 | 22907821 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class C | 4.96% | 11/15/2028 | 2870904 | 2876745 |
| Santander Drive Auto Receivables Trust Series 2023-4 Class B | 5.77% | 12/15/2028 | 16550000 | 16715697 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 | 5.63% | 11/15/2028 | 47857623 | 48046593 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class B | 5.78% | 7/16/2029 | 24150000 | 24461921 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class D | 6.28% | 8/15/2031 | 29155000 | 30023819 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 36695000 | 37158575 |
| Santander Drive Auto Receivables Trust Series 2024-4 Class B | 4.93% | 9/17/2029 | 26240000 | 26417322 |

---

214 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A3 | 4.62% | 11/15/2028 | $58500000 | $58602469 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class B | 4.63% | 8/15/2029 | 65605000 | 65932723 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class A3 | 4.74% | 1/16/2029 | 65000000 | 65181642 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 31620000 | 31869444 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A2 | 4.71% | 6/15/2028 | 17513866 | 17549293 |
| Santander Drive Auto Receivables Trust Series 2025-3 Class A2 | 4.63% | 10/16/2028 | 48801370 | 48912891 |
| Santander Drive Auto Receivables Trust Series 2025-3 Class A3 | 4.38% | 1/15/2030 | 67042000 | 67367462 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class A3 | 4.17% | 4/15/2030 | 51230000 | 51343874 |
| SCCU Auto Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.57% | 1/15/2031 | 16500000 | 16656408 |
| SFS Auto Receivables Securitization Trust Series 2023-1A Class A3<sup>†</sup> | 5.47% | 10/20/2028 | 27208345 | 27388739 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3<sup>†</sup> | 4.95% | 5/21/2029 | 24603339 | 24735629 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3<sup>†</sup> | 5.33% | 11/20/2029 | 44596798 | 45056591 |
| SFS Auto Receivables Securitization Trust Series 2024-3A Class A3<sup>†</sup> | 4.55% | 6/20/2030 | 42850000 | 43091773 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-BA Class A3<sup>†</sup> | 4.27% | 1/22/2029 | 65175000 | 65546093 |
| Westlake Automobile Receivables Trust Series 2023-1A Class D<sup>†</sup> | 6.79% | 11/15/2028 | 8500000 | 8696800 |
| Westlake Automobile Receivables Trust Series 2023-3A Class D<sup>†</sup> | 6.47% | 3/15/2029 | 15003000 | 15359480 |
| Westlake Automobile Receivables Trust Series 2024-1A Class D<sup>†</sup> | 6.02% | 10/15/2029 | 9340000 | 9511707 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% | 4/15/2030 | 48660000 | 49757682 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.71% | 4/17/2028 | 31280000 | 31384628 |
| Westlake Automobile Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.75% | 8/15/2028 | 32400000 | 32592352 |
| Westlake Automobile Receivables Trust Series 2025-2A Class A3<sup>†</sup> | 4.51% | 5/15/2029 | 24000000 | 24090355 |

---

*See Notes to Financial Statements.* 215

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2025-2A Class C<sup>†</sup> | 4.85% |  | 1/15/2031 | $34030000 | $34256790 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 72105000 | 72283215 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1<sup>†</sup> | 4.80% |  | 9/19/2039 | 50650610 | 51083004 |
| World Omni Select Auto Trust Series 2023-A Class C | 6.00% |  | 1/16/2029 | 25000000 | 25322140 |
| World Omni Select Auto Trust Series 2025-A Class A3 | 4.08% |  | 8/15/2031 | 28450000 | 28478422 |
| *Total* |  |  |  |  | 3235616155 |
| **Credit Card 0.46%** |  |  |  |  |  |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | 20402000 | 20824478 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 92200000 | 92661000 <sup>(a)</sup> |
| Synchrony Card Funding LLC Series 2023-A1 Class A | 5.54% |  | 7/15/2029 | 41992000 | 42386742 |
| World Financial Network Credit Card Master Trust Series 2024-A Class A | 5.47% |  | 2/15/2031 | 43450000 | 44328394 |
| *Total* |  |  |  |  | 200200614 |
| **Other 15.30%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.227%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | 17479012 | 17480341 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 73620000 | 73806862 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 32865000 | 32949726 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 16765000 | 16808234 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 65727000 | 66293179 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 64550000 | 64738195 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.00%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 15000000 | 15007470 |
| AGL CLO 17 Ltd. Series 2022-17A Class AR<sup>†</sup> | 4.82%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 1/21/2035 | 8700000 | 8687124 |
| Allegany Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 4.984%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 1/20/2035 | 33090000 | 33106479 |
| Apex Credit CLO Ltd. Series 2018-2A Class AR3<sup>†</sup> | 4.834%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 10/20/2031 | 19103974 | 19070619 |

---

216 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Apex Credit CLO Ltd. Series 2018-2A Class BR3<sup>†</sup> | 5.134%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2031 | $16500000 | $16511847 |
| Apex Credit CLO Ltd. Series 2021-1A Class ANR<sup>†</sup> | 5.104%<br> (3 mo. USD Term SOFR + 1.22% |)<sup>#</sup> | 7/18/2034 | 78130000 | 78061636 |
| Apidos CLO XXV Ltd. Series 2016-25A Class A1R3<sup>†</sup> | 5.024%<br> (3 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 1/20/2037 | 47000000 | 47006580 |
| Apidos CLO XXXI Ltd. Series 2019-31A Class A1R<sup>†</sup> | 5.266%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 4/15/2031 | 40937659 | 40957514 |
| Aqua Finance Trust Series 2019-A Class A<sup>†</sup> | 3.14% |  | 7/16/2040 | 4780487 | 4674970 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 12867124 | 11861467 |
| Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class A<sup>†</sup> | 5.314%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 1/20/2043 | 46480000 | 46614850 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.592%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 21581109 | 21585260 |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | 153475000 | 153591794 |
| ARES LXV CLO Ltd. Series 2022-65A Class A1R<sup>†</sup> | 4.978%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 7/25/2034 | 111970000 | 112014564 |
| ARES XLIV CLO Ltd. Series 2017-44A Class A1RR<sup>†</sup> | 5.035%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 4/15/2034 | 28250000 | 28241214 |
| ASP WHCO Partner 2 LP Series NULL | 6.529% | <sup>#(b)</sup> | 3/29/2029 | 85000000 | 84996838 <sup>(a)</sup> |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 4.90%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 10000000 | 9990770 |
| Bain Capital Credit CLO Ltd. Series 2020-5A Class ARR<sup>†</sup> | 5.034%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/20/2034 | 20930000 | 20931005 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 4.925%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 7/24/2034 | 27710000 | 27707229 |
| Bain Capital Credit CLO Ltd. Series 2022-3A Class A1R<sup>†</sup> | 5.042%<br> (3 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 7/17/2035 | 81230000 | 81270534 |
| Ballyrock CLO Ltd. Series 2019-1A Class A1R<sup>†</sup> | 5.196%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 7/15/2032 | 35238976 | 35250006 |
| Barings CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 1/18/2035 | 71770000 | 71755718 |
| Battalion CLO IX Ltd. Series 2015-9A Class BRR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2031 | 20000000 | 20014080 |

---

*See Notes to Financial Statements.* 217

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Battalion CLO XI Ltd. Series 2017-11A Class AR2<sup>†</sup> | 4.995%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 4/24/2034 | $58000000 | $57981672 |
| BDS LLC Series 2025-FL15 Class A<sup>†</sup> | 5.359%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 3/19/2043 | 57330000 | 57378690 |
| BDS LLC Series 2025-FL16 Class A<sup>†(c)</sup> |  | <sup>(d)</sup> | 7/19/2043 | 42710000 | 42750041 |
| Black Diamond CLO Ltd. Series 2021-1A Class A1AR<sup>†</sup> | 5.107%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 11/22/2034 | 54530000 | 54250970 |
| BSPRT Issuer LLC Series 2025-FL12 Class A<sup>†</sup> | 5.345%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 1/17/2043 | 36470000 | 36504012 |
| Canyon Capital CLO Ltd. Series 2019-2A Class AR2<sup>†</sup> | 4.915%<br> (3 mo. USD Term SOFR + 1.01% |)<sup>#</sup> | 10/15/2034 | 10500000 | 10481163 |
| Canyon Capital CLO Ltd. Series 2019-2A Class BR2<sup>†</sup> | 5.405%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 10/15/2034 | 13500000 | 13510881 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 4.935%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 17350000 | 17346374 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-1A Class AR3<sup>†</sup> | 5.126%<br> (3 mo. USD Term SOFR + 1.24% |)<sup>#</sup> | 7/20/2031 | 13102037 | 13102312 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-4A Class AJR3<sup>†</sup> | 5.084%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 7/20/2032 | 8000000 | 8006496 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-5A Class BR4<sup>†</sup> | 5.334%<br> (3 mo. USD Term SOFR + 1.45% |)<sup>#</sup> | 1/20/2032 | 16220000 | 16234712 |
| Carlyle Global Market Strategies CLO Ltd. Series 2016-1A Class A1R3<sup>†</sup> | 4.974%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 4/20/2034 | 47960000 | 47984076 |
| Carlyle U.S. CLO Ltd. Series 2020-2A Class A1R2<sup>†</sup> | 4.938%<br> (3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 1/25/2035 | 35055000 | 35019700 |
| Carlyle U.S. CLO Ltd. Series 2021-9A Class AR<sup>†</sup> | 4.994%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 189550000 | 189606675 |
| CarVal CLO I Ltd. Series 2018-1A Class AR<sup>†</sup> | 5.124%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 7/16/2031 | 6170978 | 6179136 |
| CarVal CLO III Ltd. Series 2019-2A Class BR2<sup>†</sup> | 5.284%<br> (3 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 7/20/2032 | 16000000 | 15968560 |
| Cathedral Lake VI Ltd. Series 2021-6A Class ANR<sup>†</sup> | 5.058%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 4/25/2034 | 55590000 | 55469870 |
| Cedar Funding VI CLO Ltd. Series 2016-6A Class AR3<sup>†</sup> | 4.974%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 4/20/2034 | 110000000 | 109965900 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 28215000 | 28417589 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 46190000 | 46910555 |

---

218 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 4.928%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | $46460000 | $46488945 |
| Columbia Cent CLO 30 Ltd. Series 2020-30A Class A1R2<sup>†</sup> | 4.654%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 1/20/2034 | 39391000 | 39408608 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 4.984%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 98430000 | 97985982 |
| Columbia Cent CLO 32 Ltd. Series 2022-32A Class A1R2<sup>†</sup> | 4.985%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 7/24/2034 | 89220000 | 89273175 |
| DLLMT LLC Series 2024-1A Class A3<sup>†</sup> | 4.84% |  | 8/21/2028 | 10670000 | 10770613 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.179%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 95700000 | 95880969 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 4.954%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 105530000 | 105534854 |
| Dryden 86 CLO Ltd. Series 2020-86A Class A1R2<sup>†</sup> | 5.012%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/17/2034 | 124920000 | 125148479 |
| Dryden 95 CLO Ltd. Series 2021-95A Class AR<sup>†</sup> | 4.929%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 8/20/2034 | 69410000 | 69395702 |
| Flatiron RR CLO 22 LLC Series 2021-2A Class AR<sup>†</sup> | 4.815%<br> (3 mo. USD Term SOFR + 0.91% |)<sup>#</sup> | 10/15/2034 | 34000000 | 33954304 |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.344%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | 18320000 | 18324140 |
| GreenSky Home Improvement Issuer Trust Series 2024-2 Class A2<sup>†</sup> | 5.25% |  | 10/27/2059 | 3702301 | 3712938 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.093%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 5332049 | 5332310 |
| Greywolf CLO IV Ltd. Series 2019-1A Class A2R2<sup>†</sup> | 5.682%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 4/17/2034 | 14770000 | 14777385 |
| Greywolf CLO VII Ltd. Series 2018-2A Class A1<sup>†</sup> | 5.324%<br> (3 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/20/2031 | 6189609 | 6191422 |
| HPEFS Equipment Trust Series 2025-1A Class A3<sup>†</sup> | 4.43% |  | 9/20/2032 | 55480000 | 55896449 |
| HPS Loan Management Ltd. Series 2021-16A Class A1R<sup>†</sup> | 4.97%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 1/23/2035 | 112575000 | 112620030 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.434%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 7890000 | 7897827 |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.434%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | 17910000 | 17931456 |

---

*See Notes to Financial Statements.* 219

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 23 Ltd. Series 23 Class CR<sup>†</sup> | 5.784%<br> (3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 10/20/2031 | $7750000 | $7756921 |
| KKR CLO 24 Ltd. Series 24 Class A1R<sup>†</sup> | 5.226%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2032 | 68443267 | 68501102 |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.184%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | 17670000 | 17677881 |
| KKR CLO 43 Ltd. Series 2022-43A Class A1R<sup>†</sup> | 5.655%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/15/2036 | 6000000 | 6009594 |
| LCM 33 Ltd. Series 33A Class AR<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/20/2034 | 65550000 | 65569468 |
| LCM 34 Ltd. Series 34A Class A1R<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 10/20/2034 | 122750000 | 122868699 |
| LCM 35 Ltd. Series 35A Class A1R<sup>†</sup> | 4.985%<br> (3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 10/15/2034 | 66710000 | 66727611 |
| Lendmark Funding Trust Series 2021-2A Class A<sup>†</sup> | 2.00% |  | 4/20/2032 | 138926000 | 134215047 |
| Lendmark Funding Trust Series 2024-1A Class A<sup>†</sup> | 5.53% |  | 6/21/2032 | 32801000 | 33264242 |
| Lendmark Funding Trust Series 2025-1A Class A<sup>†</sup> | 4.94% |  | 9/20/2034 | 32902000 | 33340485 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.692%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 17358010 | 17362174 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.344%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 48000000 | 48009744 |
| M&T Equipment Notes Series 2024-1A Class A3<sup>†</sup> | 4.76% |  | 8/18/2031 | 20885000 | 21162998 |
| Madison Park Funding LII Ltd. Series 2021-52A Class AR<sup>†</sup> | 4.957%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 1/22/2035 | 65000000 | 65018915 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.138%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 28370000 | 28392696 |
| Madison Park Funding XIV Ltd. Series 2014-14A Class AR4<sup>†</sup> | 4.817%<br> (3 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 10/22/2030 | 119210636 | 119308031 |
| Madison Park Funding XXXV Ltd. Series 2019-35A Class A1R<sup>†</sup> | 5.136%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 4/20/2032 | 11626872 | 11638394 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 69465000 | 67526642 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.11%<br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 37977123 | 38000528 |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.153%<br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | 6629796 | 6630918 |
| Nassau Ltd. Series 2021-IA Class A1R<sup>†</sup> | 5.015%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 8/26/2034 | 70000000 | 69922090 |

---

220 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Navesink CLO 1 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.538%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | $33300000 | $33374992 |
| Navesink CLO 4 Ltd. Series 2025-4A Class A1<sup>†</sup> | 5.198%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 10/15/2037 | 20570000 | 20578290 |
| Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A Class AR<sup>†</sup> | 5.11%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 7/23/2036 | 43545000 | 43568601 |
| NMEF Funding LLC Series 2025-B Class A2<sup>†</sup> | 4.64% |  | 1/18/2033 | 34265000 | 34388196 |
| Oaktree CLO Ltd. Series 2021-2A Class AR<sup>†</sup> | 4.875%<br> (3 mo. USD Term SOFR + 0.97% |)<sup>#</sup> | 1/15/2035 | 92690000 | 92508791 |
| Octagon Investment Partners 41 Ltd. Series 2019-2A Class A1R2<sup>†</sup> | 4.995%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 10/15/2033 | 140660000 | 140626523 |
| Octagon Investment Partners 44 Ltd. Series 2019-1A Class AR2<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 10/15/2034 | 71500000 | 71500000 |
| Octagon Investment Partners 45 Ltd. Series 2019-1A Class A1RR<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/15/2035 | 74870000 | 74921511 |
| OneMain Financial Issuance Trust Series 2019-2A Class A<sup>†</sup> | 3.14% |  | 10/14/2036 | 75865000 | 74753661 |
| OneMain Financial Issuance Trust Series 2020-2A Class C<sup>†</sup> | 2.76% |  | 9/14/2035 | 14375000 | 13900299 |
| OneMain Financial Issuance Trust Series 2021-1A Class A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 18050000 | 17513126 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 32044430 | 32173665 |
| Palmer Square CLO Ltd. Series 2015-1A Class A1A5<sup>†</sup> | 4.919%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 5/21/2034 | 8950000 | 8952578 |
| Parallel Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.555%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 18950000 | 18978217 |
| Parallel Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.274%<br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 7/20/2036 | 106700000 | 106981048 |
| PEAC Solutions Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 5.04% |  | 7/20/2032 | 36235000 | 36986271 |
| PFP Ltd. Series 2025-12 Class A<sup>†</sup> | 5.448%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 12/18/2042 | 79320000 | 79487726 |
| PFS Financing Corp. Series 2023-A Class A<sup>†</sup> | 5.80% |  | 3/15/2028 | 40045000 | 40238329 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 12850000 | 12861141 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.151%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 1611600 | 1612341 |

---

*See Notes to Financial Statements.* 221

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.344%<br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/20/2037 | $75440000 | $75494920 |
| SCF Equipment Leasing LLC Series 2022-1A Class B<sup>†</sup> | 3.22% |  | 10/21/2030 | 10545409 | 10523080 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 7180000 | 7310212 |
| SCF Equipment Leasing LLC Series 2025-2A Class A3<sup>†</sup> | 4.33% |  | 6/20/2036 | 58660000 | 58937168 |
| SCF Equipment Trust LLC Series 2025-1A Class A3<sup>†</sup> | 5.11% |  | 11/21/2033 | 34834000 | 35628828 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6783000 | 6719086 |
| Signal Peak CLO 4 Ltd. Series 2017-4A Class AR2<sup>†</sup> | 4.978%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 10/26/2034 | 112880000 | 112936101 |
| THL Credit Wind River CLO Ltd. Series 2019-3A Class AR3<sup>†</sup> | 4.992%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 1/15/2038 | 66850000 | 66904082 |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.134%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | 77860000 | 77771240 |
| Trinitas CLO VII Ltd. Series 2017-7A Class A1R2<sup>†</sup> | 4.918%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 1/25/2035 | 2060000 | 2056766 |
| Trinitas CLO XII Ltd. Series 2020-12A Class A1R2<sup>†</sup> | 4.908%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/25/2033 | 46068885 | 46129834 |
| Trinitas CLO XVI Ltd. Series 2021-16A Class A1R<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/20/2034 | 79090000 | 79113569 |
| Trinitas CLO XVIII Ltd. Series 2021-18A Class A1R<sup>†</sup> | 5.104%<br> (3 mo. USD Term SOFR + 1.22% |)<sup>#</sup> | 1/20/2035 | 3000000 | 3003678 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 4.924%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 33750000 | 33749696 |
| Trysail CLO Ltd. Series 2021-1A Class A1R<sup>†</sup> | 5.273%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 10/20/2036 | 93150000 | 93173287 |
| U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2 Class B1<sup>†</sup> | 4.818% |  | 9/25/2032 | 39028003 | 38944015 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 28797986 | 29053510 |
| Venture 33 CLO Ltd. Series 2018-33A Class A1LR<sup>†</sup> | 5.226%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 7/15/2031 | 13213802 | 13251699 |
| Venture 45 CLO Ltd. Series 2022-45A Class A1R<sup>†</sup> | 5.154%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 7/20/2035 | 56840000 | 56874672 |
| Verizon Master Trust Series 2023-6 Class A<sup>†</sup> | 5.35% |  | 9/22/2031 | 40189000 | 41747441 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 57150000 | 58658303 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 25228000 | 25550896 |
| Verizon Master Trust Series 2025-2 Class A<sup>†</sup> | 4.94% |  | 1/20/2033 | 63000000 | 65158840 |
| Voya CLO Ltd. Series 2017-3A Class AAR2<sup>†</sup> | 5.484%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 4/20/2034 | 9450000 | 9454810 |

---

222 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Wellfleet CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.534%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 4/20/2034 | $3580000 | $3582062 |
| Wellfleet CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.105%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 1/15/2035 | 92810000 | 92865408 |
| Wind River CLO Ltd. Series 2021-4A Class AR<sup>†</sup> | 5.10%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 1/20/2035 | 125300000 | 125349619 |
| Wind River CLO Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.234%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/20/2035 | 164600000 | 164680160 |
| Zais CLO 16 Ltd. Series 2020-16A Class A1R2<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 10/20/2034 | 60190000 | 60130773 |
| *Total* |  |  |  |  | 6580144318 |
| **Student Loan 0.27%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% |  | 10/15/2069 | 53020135 | 48670856 |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% |  | 7/15/2070 | 50256503 | 46213036 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 20432042 | 19304459 |
| *Total* |  |  |  |  | 114188351 |
| *Total Asset-Backed Securities* (cost $10,121,865,257) | *Total Asset-Backed Securities* (cost $10,121,865,257) | *Total Asset-Backed Securities* (cost $10,121,865,257) |  |  | 10130149438 |
| **CONVERTIBLE BONDS 0.15%** |  |  |  |  |  |
| **Commercial Services 0.10%** |  |  |  |  |  |
| Block, Inc. | Zero Coupon |  | 5/1/2026 | 42659000 | 41752496 |
| **Equity Real Estate 0.05%** |  |  |  |  |  |
| Redfin Corp. | 0.50% |  | 4/1/2027 | 22512000 | 21116256 |
| *Total Convertible Bonds* (cost $62,818,312) | *Total Convertible Bonds* (cost $62,818,312) | *Total Convertible Bonds* (cost $62,818,312) |  |  | 62868752 |
| **CORPORATE BONDS 52.08%** |  |  |  |  |  |
| **Aerospace/Defense 1.56%** |  |  |  |  |  |
| ATI, Inc. | 5.875% |  | 12/1/2027 | 34710000 | 34791152 |
| Boeing Co. | 2.196% |  | 2/4/2026 | 146439000 | 145854107 |
| Boeing Co. | 2.70% |  | 2/1/2027 | 31410000 | 30905591 |
| Boeing Co. | 3.20% |  | 3/1/2029 | 21366000 | 20670875 |
| Boeing Co. | 3.25% |  | 2/1/2028 | 45505000 | 44711033 |
| Boeing Co. | 5.04% |  | 5/1/2027 | 20038000 | 20238374 |
| Boeing Co. | 5.15% |  | 5/1/2030 | 20632000 | 21271740 |
| Boeing Co. | 6.259% |  | 5/1/2027 | 51466000 | 52899866 |
| Boeing Co. | 6.298% |  | 5/1/2029 | 63282000 | 67319138 |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 6.00% |  | 2/15/2028 | 3045000 | 3056611 |

---

*See Notes to Financial Statements.* 223

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 7.50% |  | 2/1/2029 | $8980000 | $9378910 |
| Bombardier, Inc. (Canada)<sup>†(e)</sup> | 7.875% |  | 4/15/2027 | 5421000 | 5440423 |
| Spirit AeroSystems, Inc. | 3.85% |  | 6/15/2026 | 20922000 | 20908363 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% |  | 11/30/2029 | 43693000 | 45939732 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% |  | 11/15/2030 | 70155000 | 76950344 |
| TransDigm, Inc.<sup>†</sup> | 6.75% |  | 8/15/2028 | 70392000 | 71919154 |
| *Total* |  |  |  |  | 672255413 |
| **Agriculture 0.41%** |  |  |  |  |  |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(e)</sup> | 3.50% |  | 7/26/2026 | 2199000 | 2188860 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(e)</sup> | 4.50% |  | 6/30/2028 | 15495000 | 15644520 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(e)</sup> | 5.50% |  | 2/1/2030 | 34448000 | 35851082 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(e)</sup> | 6.125% |  | 7/27/2027 | 58025000 | 59732635 |
| Japan Tobacco, Inc. (Japan)<sup>†(e)</sup> | 5.25% |  | 6/15/2030 | 62276000 | 64896428 |
| *Total* |  |  |  |  | 178313525 |
| **Airlines 0.56%** |  |  |  |  |  |
| Air Canada (Canada)<sup>†(e)</sup> | 3.875% |  | 8/15/2026 | 62132000 | 61845708 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†(f)</sup> | 5.50% |  | 4/20/2026 | 13225120 | 13264835 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(e)</sup> | 5.021% |  | 10/20/2029 | 15559000 | 15615800 |
| Southwest Airlines Co. | 4.375% |  | 11/15/2028 | 23439000 | 23443324 |
| United Airlines Pass-Through Trust Class AA | 3.45% |  | 6/1/2029 | 6424300 | 6329234 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 28459822 | 29105612 |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | 90662000 | 90617050 |
| *Total* |  |  |  |  | 240221563 |
| **Auto Manufacturers 2.47%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 74461000 | 73488912 |
| Ford Motor Credit Co. LLC | 4.271% |  | 1/9/2027 | 20620000 | 20531626 |
| Ford Motor Credit Co. LLC | 5.125% |  | 11/5/2026 | 135435000 | 136113812 |
| Ford Motor Credit Co. LLC | 5.303% |  | 9/6/2029 | 64994000 | 65323665 |
| Ford Motor Credit Co. LLC | 5.80% |  | 3/8/2029 | 64650000 | 65921520 |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | 39899000 | 40460813 |
| Ford Motor Credit Co. LLC | 6.95% |  | 3/6/2026 | 10224000 | 10269837 |
| Ford Motor Credit Co. LLC | 6.95% |  | 6/10/2026 | 30378000 | 30691684 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 36924000 | 38563901 |
| General Motors Financial Co., Inc. | 4.20% |  | 10/27/2028 | 15601000 | 15612503 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 23184000 | 23472486 |
| General Motors Financial Co., Inc. | 5.387%<br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 23103000 | 23064643 |

---

224 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | $8286000 | $8425949 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 47067000 | 48805554 |
| General Motors Financial Co., Inc. | 5.65% |  | 1/17/2029 | 14500000 | 15044661 |
| Hyundai Capital America<sup>†</sup> | 2.00% |  | 6/15/2028 | 42180000 | 39933721 |
| Hyundai Capital America<sup>†</sup> | 4.875% |  | 6/23/2027 | 27940000 | 28236264 |
| Hyundai Capital America<sup>†</sup> | 4.90% |  | 6/23/2028 | 39232000 | 39894062 |
| Hyundai Capital America<sup>†</sup> | 5.30% |  | 1/8/2029 | 23600000 | 24236299 |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | 35000000 | 36654820 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 1.85% |  | 9/16/2026 | 23870000 | 23215881 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.00% |  | 3/9/2026 | 47313000 | 47163548 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.95% |  | 9/15/2026 | 13000000 | 13156633 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | 32151000 | 32664130 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 19838000 | 19927088 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 37499000 | 37810536 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 63166000 | 63912516 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 6.00% |  | 11/16/2026 | 39108000 | 39766093 |
| *Total* |  |  |  |  | 1062363157 |
| **Auto Parts & Equipment 0.20%** |  |  |  |  |  |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 83355000 | 85143715 |
| **Banks 6.22%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(e)</sup> | 4.80% |  | 4/18/2026 | 48000000 | 48049121 |
| AIB Group PLC (Ireland)<sup>†(e)</sup> | 5.32%<br> (SOFR + 1.65% |)<sup>#</sup> | 5/15/2031 | 10053000 | 10399661 |
| AIB Group PLC (Ireland)<sup>†(e)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 43907000 | 46723125 |
| Bank Negara Indonesia Persero Tbk. PT (Indonesia)<sup>(e)</sup> | 3.75% |  | 3/30/2026 | 20000000 | 19903569 |
| Bank of Ireland Group PLC (Ireland)<sup>†(e)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 114211000 | 112240962 |
| Bank of Ireland Group PLC (Ireland)<sup>†(e)</sup> | 5.601%<br> (SOFR + 1.62% |)<sup>#</sup> | 3/20/2030 | 55106000 | 57412459 |
| Barclays PLC (United Kingdom)<sup>(e)</sup> | 2.279%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 11/24/2027 | 4346000 | 4265430 |
| Barclays PLC (United Kingdom)<sup>(e)</sup> | 4.836% |  | 5/9/2028 | 10192000 | 10258111 |
| Barclays PLC (United Kingdom)<sup>(e)</sup> | 5.367%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 27713000 | 28720697 |
| Barclays PLC (United Kingdom)<sup>(e)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 30351000 | 32123747 |
| BNP Paribas SA (France)<sup>†(e)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 36783389 | 35252557 |

---

*See Notes to Financial Statements.* 225

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| BNP Paribas SA (France)<sup>†(e)</sup> | 2.591%<br> (SOFR + 1.23% |)<sup>#</sup> | 1/20/2028 | $150439000 | $147706068 |
| BNP Paribas SA (France)<sup>†(e)</sup> | 4.375% |  | 5/12/2026 | 11186000 | 11183748 |
| BNP Paribas SA (France)<sup>†(e)</sup> | 5.283%<br> (SOFR + 1.28% |)<sup>#</sup> | 11/19/2030 | 15214000 | 15679309 |
| BPCE SA (France)<sup>†(e)</sup> | 2.045%<br> (SOFR + 1.09% |)<sup>#</sup> | 10/19/2027 | 21834000 | 21433794 |
| BPCE SA (France)<sup>†(e)</sup> | 4.875% |  | 4/1/2026 | 22232000 | 22261278 |
| Capital One NA | 5.974%<br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 28430000 | 29437042 |
| Citigroup, Inc. | 4.503%<br> (SOFR + 1.17% |)<sup>#</sup> | 9/11/2031 | 35514000 | 35774271 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 64496000 | 65418453 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 79375000 | 81670747 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 71051000 | 71606590 |
| Citizens Financial Group, Inc. | 5.253%<br> (SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 36493000 | 37427662 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 65099000 | 67842514 |
| Danske Bank AS (Denmark)<sup>†(e)</sup> | 4.613%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 10/2/2030 | 32816000 | 33134030 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 80856000 | 82151252 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 32102000 | 33300508 |
| Goldman Sachs Group, Inc. | 1.948%<br> (SOFR + 0.91% |)<sup>#</sup> | 10/21/2027 | 89929000 | 88170493 |
| Goldman Sachs Group, Inc. | 4.223%<br> (3 mo. USD Term SOFR + 1.56% |)<sup>#</sup> | 5/1/2029 | 87177000 | 87374005 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 16537000 | 17141143 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 39256000 | 40681219 |
| HSBC Holdings PLC (United Kingdom)<sup>(e)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 42494000 | 43163393 |
| Intesa Sanpaolo SpA (Italy)<sup>†(e)</sup> | 5.71% |  | 1/15/2026 | 100244000 | 100365599 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 25634000 | 26599728 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(e)</sup> | 4.582% |  | 12/10/2025 | 18348000 | 18346160 |

---

226 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Lloyds Banking Group PLC (United Kingdom)<sup>(e)</sup> | 4.65% |  | 3/24/2026 | $29589000 | $29606602 |
| M&T Bank Corp. | 4.553%<br>(SOFR + 1.78% |)<sup>#</sup> | 8/16/2028 | 43711000 | 43947779 |
| Macquarie Bank Ltd. (Australia)<sup>†(e)</sup> | 3.624% |  | 6/3/2030 | 23243000 | 22273762 |
| Macquarie Group Ltd. (Australia)<sup>†(e)</sup> | 3.763%<br>(3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 38587000 | 38272929 |
| Morgan Stanley | 4.356%<br>(SOFR + 1.07% |)<sup>#</sup> | 10/22/2031 | 26826000 | 26860767 |
| Morgan Stanley | 4.431%<br>(3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 5565000 | 5607907 |
| Morgan Stanley | 5.042%<br>(SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | 24450000 | 25140625 |
| Morgan Stanley | 5.123%<br>(SOFR + 1.73% |)<sup>#</sup> | 2/1/2029 | 32276000 | 32969773 |
| Morgan Stanley | 5.173%<br>(SOFR + 1.45% |)<sup>#</sup> | 1/16/2030 | 4350000 | 4479181 |
| Morgan Stanley | 5.449%<br>(SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 40373000 | 41732809 |
| Morgan Stanley Private Bank NA | 4.734%<br>(SOFR + 1.08% |)<sup>#</sup> | 7/18/2031 | 15064000 | 15326849 |
| NatWest Group PLC (United Kingdom)<sup>(e)</sup> | 4.964%<br>(1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 12929000 | 13235107 |
| PNC Financial Services Group, Inc. | 4.899%<br>(SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 17550000 | 18001497 |
| Popular, Inc. | 7.25% |  | 3/13/2028 | 9948000 | 10468101 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(e)</sup> | 2.469%<br>(SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 37697000 | 36959336 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(e)</sup> | 4.32%<br>(SOFR + 1.07% |)<sup>#</sup> | 9/22/2029 | 23807000 | 23841256 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(e)</sup> | 6.534%<br>(SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 90734000 | 94934512 |
| Societe Generale SA (France)<sup>†(e)</sup> | 1.792%<br>(1 yr. CMT + 1.00% |)<sup>#</sup> | 6/9/2027 | 22305000 | 22004856 |
| Societe Generale SA (France)<sup>†(e)</sup> | 5.25% |  | 2/19/2027 | 70472000 | 71259620 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 17509000 | 17867067 |
| Truist Financial Corp. | 5.435%<br>(SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 23827000 | 24738817 |
| U.S. Bancorp<sup>(f)</sup> | 5.046%<br>(SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 103708000 | 106877308 |

---

*See Notes to Financial Statements.* 227

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| U.S. Bancorp<sup>(f)</sup> | 5.384%<br>(SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | $18342000 | $19032576 |
| U.S. Bancorp | 5.775%<br>(SOFR + 2.02% |)<sup>#</sup> | 6/12/2029 | 30609000 | 31858215 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 1.494%<br>(1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 32133000 | 31535890 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 3.869%<br>(3 mo. USD LIBOR + 1.41% |)<sup>#</sup> | 1/12/2029 | 57857000 | 57516532 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 4.253% |  | 3/23/2028 | 28073000 | 28094662 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 4.703%<br>(1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 12475000 | 12515510 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 4.751%<br>(1 yr. CMT + 1.75% |)<sup>#</sup> | 5/12/2028 | 10000000 | 10079349 |
| UBS Group AG (Switzerland)<sup>†(e)</sup> | 5.428%<br>(1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 31428000 | 32565548 |
| Wells Fargo & Co. | 4.97%<br>(SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 31767000 | 32395815 |
| Wells Fargo & Co. | 5.574%<br>(SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 74108000 | 76822704 |
| Wells Fargo & Co. | 6.303%<br>(SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 31837000 | 33718588 |
| *Total* |  |  |  |  | 2675760294 |
| **Beverages 0.29%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 19219000 | 19386659 |
| Bacardi-Martini BV (Netherlands)<sup>†(e)</sup> | 5.55% |  | 2/1/2030 | 40549000 | 42027577 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)<sup>†(e)</sup> | 5.25% |  | 4/27/2029 | 15615000 | 15331349 |
| Keurig Dr. Pepper, Inc. | 4.35% |  | 5/15/2028 | 29985000 | 30085747 |
| Keurig Dr. Pepper, Inc. | 5.10% |  | 3/15/2027 | 19540000 | 19751698 |
| *Total* |  |  |  |  | 126583030 |
| **Biotechnology 0.60%** |  |  |  |  |  |
| Illumina, Inc. | 2.55% |  | 3/23/2031 | 11413000 | 10343579 |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 26121000 | 26199345 |
| Illumina, Inc. | 4.75% |  | 12/12/2030 | 53233000 | 53530906 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 63913000 | 65649694 |
| Royalty Pharma PLC | 2.20% |  | 9/2/2030 | 10419000 | 9450157 |
| Royalty Pharma PLC<sup>(f)</sup> | 4.45% |  | 3/25/2031 | 58818000 | 58735523 |
| Royalty Pharma PLC | 5.15% |  | 9/2/2029 | 31759000 | 32643106 |
| *Total* |  |  |  |  | 256552310 |

---

228 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Chemicals 0.24%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.665% | 7/15/2027 | $64227000 | $66152654 |
| EQUATE Petrochemical Co. KSC (Kuwait)<sup>(e)</sup> | 4.25% | 11/3/2026 | 11980000 | 11958870 |
| EQUATE Petrochemical Co. KSC (Kuwait)<sup>(e)</sup> | 4.25% | 11/3/2026 | 2445000 | 2440688 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(e)</sup> | 5.25% | 2/13/2030 | 22470000 | 23090364 |
| *Total* |  |  |  | 103642576 |
| **Commercial Services 1.32%** |  |  |  |  |
| Ashtead Capital, Inc.<sup>†</sup> | 4.375% | 8/15/2027 | 19023000 | 19025345 |
| Block, Inc. | 2.75% | 6/1/2026 | 65057000 | 64600443 |
| Block, Inc.<sup>†</sup> | 5.625% | 8/15/2030 | 13721000 | 13990878 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 54087000 | 57184292 |
| Global Payments, Inc. | 4.50% | 11/15/2028 | 45868000 | 46032051 |
| Global Payments, Inc. | 4.875% | 11/15/2030 | 76678000 | 76897735 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 72957000 | 76652451 |
| Herc Holdings, Inc.<sup>†</sup> | 5.50% | 7/15/2027 | 53492000 | 53523485 |
| Matthews International Corp.<sup>†</sup> | 8.625% | 10/1/2027 | 20307000 | 20997540 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>†</sup> | 5.75% | 4/15/2026 | 1295000 | 1300078 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 59621000 | 60868150 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 19700000 | 19625430 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 56086000 | 55486992 |
| *Total* |  |  |  | 566184870 |
| **Computers 0.34%** |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 10695000 | 10526593 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 51889000 | 49778633 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 86313000 | 86050645 |
| *Total* |  |  |  | 146355871 |
| **Diversified Financial Services 4.22%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(e)</sup> | 4.625% | 9/10/2029 | 33329000 | 33744313 |
| AG Issuer LLC<sup>†</sup> | 6.25% | 3/1/2028 | 30514000 | 30638680 |
| Air Lease Corp. | 4.625% | 10/1/2028 | 10500000 | 10558180 |
| Aircastle Ltd.<sup>†</sup> | 5.95% | 2/15/2029 | 32497000 | 33942037 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.00% | 9/15/2030 | 18811000 | 19040897 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% | 3/15/2030 | 10533000 | 10786872 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.625% | 11/15/2028 | 36535000 | 36650398 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% | 1/15/2028 | 32247000 | 33312142 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% | 1/15/2030 | 39768000 | 41931830 |

---

*See Notes to Financial Statements.* 229

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |  |  |  |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% | 7/15/2029 | $21957000 | $22564774 |
| Aviation Capital Group LLC<sup>†</sup> | 6.25% | 4/15/2028 | 30432000 | 31664580 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(e)</sup> | 4.75% | 11/12/2030 | 36290000 | 36117227 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 2.125% | 2/21/2026 | 11308000 | 11238826 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 2.528% | 11/18/2027 | 14789000 | 14315792 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 2.75% | 2/21/2028 | 46867000 | 45289591 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 3.25% | 2/15/2027 | 21656000 | 21387876 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 4.95% | 1/15/2028 | 32146000 | 32538682 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 5.50% | 1/15/2026 | 20268000 | 20277097 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 5.75% | 3/1/2029 | 61712000 | 63980815 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 5.75% | 11/15/2029 | 68703000 | 71458578 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(e)</sup> | 6.375% | 5/4/2028 | 15827000 | 16506812 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 5.50% | 6/18/2030 | 75262000 | 77347010 |
| Equitable America Global Funding<sup>†</sup> | 4.65% | 6/9/2028 | 23580000 | 23863345 |
| GGAM Finance Ltd. (Ireland)<sup>†(e)</sup> | 8.00% | 2/15/2027 | 40098000 | 41086015 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% | 11/15/2029 | 87805000 | 86497153 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% | 8/15/2026 | 57034000 | 57036597 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 9.50% | 2/15/2029 | 5600000 | 5932466 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% | 3/15/2029 | 88110000 | 86377479 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% | 11/15/2027 | 13040000 | 13044979 |
| LPL Holdings, Inc. | 4.90% | 4/3/2028 | 19338000 | 19622706 |
| LPL Holdings, Inc. | 5.15% | 6/15/2030 | 28602000 | 29252786 |
| LPL Holdings, Inc. | 5.20% | 3/15/2030 | 12243000 | 12549187 |
| LPL Holdings, Inc. | 5.70% | 5/20/2027 | 16168000 | 16476943 |
| LPL Holdings, Inc. | 6.75% | 11/17/2028 | 45532000 | 48605892 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(e)</sup> | 5.15% | 3/17/2030 | 10942000 | 11106318 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(e)</sup> | 6.40% | 3/26/2029 | 63428000 | 66721074 |
| Nationstar Mortgage Holdings, Inc.<sup>†(f)</sup> | 6.50% | 8/1/2029 | 7690000 | 7887364 |
| Navient Corp. | 4.875% | 3/15/2028 | 2000000 | 1976344 |
| Navient Corp. | 5.00% | 3/15/2027 | 25860000 | 25857957 |
| Navient Corp. | 6.75% | 6/15/2026 | 33190000 | 33656585 |
| OneMain Finance Corp. | 6.625% | 1/15/2028 | 40485000 | 41555950 |
| Rocket Cos., Inc.<sup>†</sup> | 6.125% | 8/1/2030 | 42770000 | 44431272 |
| Rocket Cos., Inc.<sup>†</sup> | 6.50% | 8/1/2029 | 39000000 | 40503177 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†(f)</sup> | 2.875% | 10/15/2026 | 139385000 | 137235509 |
| SLM Corp. | 3.125% | 11/2/2026 | 19870000 | 19512783 |

---

230 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |  |  |  |  |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% |  | 9/15/2028 | $80548000 | $81213191 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 5.40% |  | 9/15/2030 | 31601000 | 31908367 |
| Synchrony Financial | 3.70% |  | 8/4/2026 | 15918000 | 15853201 |
| Synchrony Financial | 3.95% |  | 12/1/2027 | 26175000 | 25978046 |
| Synchrony Financial<sup>(f)</sup> | 5.019%<br>(SOFR + 1.40% |)<sup>#</sup> | 7/29/2029 | 43107000 | 43567798 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.75% |  | 6/15/2027 | 32358000 | 32458633 |
| *Total* |  |  |  |  | 1817062126 |
| **Electric 3.29%** |  |  |  |  |  |
| AES Corp. | 5.45% |  | 6/1/2028 | 61750000 | 63209609 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% |  | 7/31/2028 | 55927000 | 59730806 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(e)</sup> | 5.365% | <sup>(g)</sup> | 6/15/2026 | 68347000 | 68702451 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% |  | 6/6/2027 | 15507000 | 15714047 |
| Ameren Corp. | 5.00% |  | 1/15/2029 | 7563000 | 7745551 |
| Ausgrid Finance Pty. Ltd. (Australia)<sup>†(e)</sup> | 4.35% |  | 8/1/2028 | 12691000 | 12744865 |
| Black Hills Corp. | 5.95% |  | 3/15/2028 | 36563000 | 37948900 |
| Calpine Corp.<sup>†</sup> | 5.125% |  | 3/15/2028 | 43368000 | 43612596 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% |  | 6/1/2028 | 52478000 | 53518552 |
| CenterPoint Energy, Inc. | 5.40% |  | 6/1/2029 | 12678000 | 13151722 |
| Comision Federal de Electricidad (Mexico)<sup>†(e)</sup> | 4.688% |  | 5/15/2029 | 67473000 | 66773953 |
| Comision Federal de Electricidad (Mexico)<sup>(e)</sup> | 5.70% |  | 1/24/2030 | 28058000 | 28542000 |
| Electricite de France SA (France)<sup>†(e)</sup> | 5.70% |  | 5/23/2028 | 98145000 | 101517866 |
| Enel Finance International NV (Netherlands)<sup>†(e)</sup> | 4.375% |  | 9/30/2030 | 23270000 | 23246548 |
| Enel Finance International NV (Netherlands)<sup>†(e)</sup> | 5.125% |  | 6/26/2029 | 42961000 | 44181230 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.15% |  | 12/15/2027 | 23835000 | 24269126 |
| Eversource Energy | 5.95% |  | 2/1/2029 | 33504000 | 35070642 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 114348000 | 112826369 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% |  | 9/22/2027 | 25656000 | 25981449 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% |  | 1/31/2029 | 51528000 | 53395896 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 4.647% |  | 10/3/2030 | 27528000 | 27750426 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% |  | 12/2/2025 | 13293000 | 13292117 |
| NRG Energy, Inc.<sup>†</sup> | 4.734% |  | 10/15/2030 | 41525000 | 41474381 |
| Pacific Gas & Electric Co. | 3.15% |  | 1/1/2026 | 97365878 | 97239521 |
| Pacific Gas & Electric Co. | 3.30% |  | 12/1/2027 | 33877000 | 33301395 |
| Pacific Gas & Electric Co. | 5.00% |  | 6/4/2028 | 33863000 | 34428911 |
| Pacific Gas & Electric Co. | 5.45% |  | 6/15/2027 | 15023000 | 15248630 |
| Pacific Gas & Electric Co. | 5.55% |  | 5/15/2029 | 28749000 | 29738041 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 29716000 | 31469804 |

---

*See Notes to Financial Statements.* 231

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Electric (continued)** |  |  |  |  |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | $9393000 | $9556745 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 23768000 | 24409128 |
| Terraform Global Operating LP<sup>†</sup> | 6.125% | 3/1/2026 | 8301000 | 8251851 |
| TransAlta Corp. (Canada)<sup>(e)</sup> | 7.75% | 11/15/2029 | 6790000 | 7099719 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 39766000 | 39498772 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.30% | 10/15/2028 | 56566000 | 56456262 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 10942000 | 11043498 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% | 2/15/2027 | 42627000 | 42705178 |
| *Total* |  |  |  | 1414848557 |
| **Electrical Components & Equipment 0.09%** | **Electrical Components & Equipment 0.09%** |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | 39086000 | 39558536 |
| **Electronics 0.06%** |  |  |  |  |
| TD SYNNEX Corp. | 4.30% | 1/17/2029 | 27774000 | 27786942 |
| **Energy-Alternate Sources 0.16%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(e)</sup> | 3.85% | 3/29/2026 | 32835400 | 32583680 |
| Greenko Dutch BV (Netherlands)<sup>(e)</sup> | 3.85% | 3/29/2026 | 37614525 | 37326167 |
| *Total* |  |  |  | 69909847 |
| **Engineering & Construction 0.36%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 52295000 | 55237565 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 56222000 | 56124779 |
| MasTec, Inc. | 5.90% | 6/15/2029 | 39725000 | 41564715 |
| *Total* |  |  |  | 152927059 |
| **Entertainment 0.63%** |  |  |  |  |
| Churchill Downs, Inc.<sup>†</sup> | 5.50% | 4/1/2027 | 48527000 | 48646522 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 1940000 | 1893972 |
| Flutter Treasury DAC (Ireland)<sup>†(e)</sup> | 6.375% | 4/29/2029 | 66919000 | 69061680 |
| Six Flags Entertainment Corp.<sup>†(f)</sup> | 5.50% | 4/15/2027 | 61622000 | 60871951 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | 5.375% | 4/15/2027 | 6000000 | 5954804 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 50470000 | 49974889 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 34733000 | 33719752 |
| *Total* |  |  |  | 270123570 |
| **Food 0.96%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 129404000 | 129450689 |

---

232 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Food (continued)** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.875% | 2/15/2028 | $37265000 | $37363566 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.50% | 2/15/2028 | 72850000 | 74241435 |
| Conagra Brands, Inc. | 4.85% | 11/1/2028 | 93876000 | 95187102 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(e)</sup> | 3.00% | 2/2/2029 | 33905000 | 32697467 |
| NBM U.S. Holdings, Inc.<sup>†</sup> | 7.00% | 5/14/2026 | 20770000 | 20832518 |
| Performance Food Group, Inc.<sup>†</sup> | 5.50% | 10/15/2027 | 22200000 | 22222062 |
| *Total* |  |  |  | 411994839 |
| **Food Service 0.04%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 15649000 | 16092135 |
| **Gas 0.60%** |  |  |  |  |
| Brooklyn Union Gas Co.<sup>†</sup> | 4.632% | 8/5/2027 | 54747000 | 55088609 |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 24935000 | 25200186 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 31379000 | 31732267 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 33891000 | 35113852 |
| Snam SpA (Italy)<sup>†(e)</sup> | 5.00% | 5/28/2030 | 23780000 | 24380043 |
| Southwest Gas Corp. | 5.45% | 3/23/2028 | 42112000 | 43292008 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 41220000 | 42479352 |
| *Total* |  |  |  | 257286317 |
| **Health Care-Products 0.35%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 3.875% | 10/15/2029 | 41403000 | 40300943 |
| Baxter International, Inc. | 2.272% | 12/1/2028 | 11625000 | 10950146 |
| Baxter International, Inc.<sup>(c)</sup> | 4.45% | 2/15/2029 | 11161000 | 11212753 |
| Baxter International, Inc.<sup>(c)</sup> | 4.90% | 12/15/2030 | 57037000 | 57381797 |
| Solventum Corp. | 5.40% | 3/1/2029 | 31138000 | 32209273 |
| *Total* |  |  |  | 152054912 |
| **Health Care-Services 1.42%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 59546000 | 55560646 |
| Centene Corp. | 4.25% | 12/15/2027 | 243796000 | 240992517 |
| CommonSpirit Health | 4.352% | 9/1/2030 | 15390000 | 15414826 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 9688000 | 9462677 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.75% | 6/15/2029 | 15676000 | 15332637 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 19924000 | 20521186 |
| Heartland Dental LLC/Heartland Dental Finance Corp.<sup>†</sup> | 10.50% | 4/30/2028 | 20518000 | 21609476 |

---

<br> *See Notes to Financial Statements.* 233

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Health Care-Services (continued)** |  |  |  |  |
| Icon Investments Six DAC (Ireland)<sup>(e)</sup> | 5.809% | 5/8/2027 | $23601000 | $24077530 |
| Icon Investments Six DAC (Ireland)<sup>(e)</sup> | 5.849% | 5/8/2029 | 48779000 | 50948726 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 3125000 | 3126972 |
| IQVIA, Inc. | 5.70% | 5/15/2028 | 10509000 | 10868671 |
| IQVIA, Inc. | 6.25% | 2/1/2029 | 37982000 | 40069415 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% | 6/15/2028 | 29000000 | 28242537 |
| Rede D'or Finance SARL (Luxembourg)<sup>(e)(f)</sup> | 4.95% | 1/17/2028 | 12094000 | 12077055 |
| Tenet Healthcare Corp. | 6.125% | 10/1/2028 | 42139000 | 42355173 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 20530000 | 20668870 |
| *Total* |  |  |  | 611328914 |
| **Home Furnishings 0.01%** |  |  |  |  |
| Leggett & Platt, Inc. | 3.50% | 11/15/2027 | 2992000 | 2932945 |
| **Insurance 3.70%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% | 4/16/2027 | 31375000 | 31887299 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 147558000 | 148160037 |
| Aon Corp. | 8.205% | 1/1/2027 | 71754000 | 74699786 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 10704000 | 10030445 |
| Athene Global Funding<sup>†</sup> | 4.721% | 10/8/2029 | 29969000 | 30001652 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 49427000 | 50556846 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 40000000 | 40589528 |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | 40242000 | 41403052 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 59746000 | 60623066 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 51015000 | 52283383 |
| Brown & Brown, Inc. | 4.70% | 6/23/2028 | 9341000 | 9438094 |
| Brown & Brown, Inc. | 4.90% | 6/23/2030 | 12025000 | 12192418 |
| CNO Global Funding<sup>†</sup> | 4.375% | 9/8/2028 | 23490000 | 23563483 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 31500000 | 31886214 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 16244000 | 16573165 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 60042000 | 61524716 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 14170000 | 14551864 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 47266000 | 48547666 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 39860000 | 41819119 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 36106000 | 35582388 |
| F&G Global Funding<sup>†</sup> | 2.00% | 9/20/2028 | 16130000 | 15088348 |
| F&G Global Funding<sup>†</sup> | 4.65% | 9/8/2028 | 15369000 | 15423764 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 20918000 | 21367704 |

---

<br> 234 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Insurance (continued)** |  |  |  |  |
| FWD Group Holdings Ltd. (Hong Kong)<sup>†(e)</sup> | 5.252% | 9/22/2030 | $14797000 | $14898559 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 58359000 | 58527228 |
| GA Global Funding Trust<sup>†</sup> | 4.50% | 9/18/2030 | 62872000 | 62132367 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 70072000 | 72279437 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 25281000 | 25577661 |
| Jackson National Life Global Funding<sup>†</sup> | 4.55% | 9/9/2030 | 40063000 | 40151618 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 24478000 | 24661995 |
| Jackson National Life Global Funding<sup>†</sup> | 4.70% | 6/5/2028 | 56094000 | 56669873 |
| Jackson National Life Global Funding<sup>†</sup> | 5.35% | 1/13/2030 | 16847000 | 17499526 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 14912000 | 15232845 |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | 32519000 | 33672260 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 49260000 | 49261242 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 23772000 | 24360817 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.45% | 12/12/2028 | 37111000 | 38477245 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 12397000 | 12844284 |
| Protective Life Corp.<sup>†</sup> | 4.70% | 1/15/2031 | 41909000 | 42099257 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 32162000 | 33381690 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 19748000 | 20071290 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 30589000 | 31545499 |
| Western-Southern Global Funding<sup>†</sup> | 4.50% | 7/16/2028 | 31648000 | 31928263 |
| *Total* |  |  |  | 1593066993 |
| **Internet 0.98%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 60922000 | 62334915 |
| Prosus NV (Netherlands)<sup>†(e)</sup> | 3.257% | 1/19/2027 | 60280000 | 59340188 |
| Rakuten Group, Inc. (Japan)<sup>†(e)</sup> | 11.25% | 2/15/2027 | 108919000 | 116796565 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 183255000 | 183450991 |
| *Total* |  |  |  | 421922659 |
| **Investment Companies 0.69%** |  |  |  |  |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 56920000 | 55777733 |
| Blackstone Private Credit Fund | 3.25% | 3/15/2027 | 4008000 | 3936798 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 11337000 | 11411657 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 22196000 | 21526002 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 63344000 | 63252857 |
| Blackstone Secured Lending Fund | 5.875% | 11/15/2027 | 15567000 | 15894942 |
| Blue Owl Credit Income Corp. | 3.125% | 9/23/2026 | 4009000 | 3958732 |
| Blue Owl Credit Income Corp. | 4.70% | 2/8/2027 | 15198000 | 15122705 |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 3.75% | 6/17/2026 | 15593000 | 15483927 |

---

<br> *See Notes to Financial Statements.* 235

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Investment Companies (continued)** |  |  |  |  |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 6.10% | 3/15/2028 | $15000000 | $15040188 |
| Blue Owl Technology Finance Corp. | 6.75% | 4/4/2029 | 10500000 | 10695241 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 22433000 | 22264861 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 38970000 | 40442461 |
| *Total* |  |  |  | 294808104 |
| **Leisure Time 1.13%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 188404000 | 185275702 |
| Carnival Corp.<sup>†</sup> | 7.00% | 8/15/2029 | 42258000 | 44470756 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 3807000 | 3758332 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 35385000 | 35372798 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 85913000 | 86587235 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 50727000 | 50846676 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 4/1/2028 | 69488000 | 70735264 |
| Royal Caribbean Cruises Ltd. | 7.50% | 10/15/2027 | 9000000 | 9511463 |
| *Total* |  |  |  | 486558226 |
| **Lodging 0.24%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.25% | 6/30/2029 | 22978000 | 23660420 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 74117000 | 73605378 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 4138000 | 4215891 |
| *Total* |  |  |  | 101481689 |
| **Machinery: Construction & Mining 0.09%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 39966000 | 39658146 |
| **Machinery-Diversified 0.93%** |  |  |  |  |
| Chart Industries, Inc.<sup>†</sup> | 7.50% | 1/1/2030 | 50408000 | 52585071 |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 10647000 | 10790485 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(e)</sup> | 9.00% | 2/15/2029 | 34420000 | 36270075 |
| Regal Rexnord Corp.<sup>(f)</sup> | 6.05% | 2/15/2026 | 35742000 | 35826186 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 133775000 | 138488775 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 31920000 | 33923382 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 92106000 | 92577107 |
| *Total* |  |  |  | 400461081 |
| **Media 0.83%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.50% | 5/1/2026 | 54774000 | 54789879 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 62583000 | 62650277 |

---

<br> 236 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Media (continued)** |  |  |  |  |
| Discovery Communications LLC | 3.95% | 3/20/2028 | $50921000 | $49920911 |
| Fox Corp. | 4.709% | 1/25/2029 | 57787000 | 58660591 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 40961000 | 41024039 |
| Paramount Global | 2.90% | 1/15/2027 | 12003000 | 11804688 |
| Paramount Global | 3.70% | 6/1/2028 | 12863000 | 12643183 |
| Paramount Global | 4.20% | 6/1/2029 | 28635000 | 28163343 |
| Paramount Global | 7.875% | 7/30/2030 | 28158000 | 31258957 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 6775000 | 6723255 |
| *Total* |  |  |  | 357639123 |
| **Mining 1.06%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(e)</sup> | 3.875% | 3/16/2029 | 8570000 | 8473720 |
| Anglo American Capital PLC (United Kingdom)<sup>†(e)</sup> | 4.50% | 3/15/2028 | 41549000 | 41848200 |
| Anglo American Capital PLC (United Kingdom)<sup>†(e)</sup> | 4.75% | 4/10/2027 | 22530000 | 22713275 |
| First Quantum Minerals Ltd. (Canada)<sup>†(e)</sup> | 9.375% | 3/1/2029 | 16804000 | 17782043 |
| Freeport Indonesia PT (Indonesia)<sup>(e)</sup> | 4.763% | 4/14/2027 | 23000000 | 23175099 |
| Glencore Funding LLC<sup>†(f)</sup> | 3.875% | 10/27/2027 | 10525000 | 10483956 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 11805000 | 12024388 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 34632000 | 35710708 |
| Glencore Funding LLC<sup>†</sup> | 5.338% | 4/4/2027 | 43341000 | 44046082 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 120235000 | 124327103 |
| Glencore Funding LLC<sup>†</sup> | 5.40% | 5/8/2028 | 13575000 | 13949011 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 31335000 | 32957716 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(e)</sup> | 6.70% | 10/17/2028 | 16210000 | 16806299 |
| Stillwater Mining Co. | 4.00% | 11/16/2026 | 50200000 | 49799521 |
| *Total* |  |  |  | 454097121 |
| **Miscellaneous Manufacturing 0.29%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 91909000 | 91818470 |
| Hillenbrand, Inc. | 6.25% | 2/15/2029 | 15944000 | 16346060 |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 17958000 | 18711158 |
| *Total* |  |  |  | 126875688 |
| **Oil & Gas 6.60%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 37579000 | 37951746 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 35391000 | 36073338 |
| APA Corp. | 4.375% | 10/15/2028 | 45219000 | 44877230 |
| APA Corp. | 7.75% | 12/15/2029 | 10941000 | 12098497 |
| Baytex Energy Corp. (Canada)<sup>†(e)</sup> | 8.50% | 4/30/2030 | 30588000 | 32284468 |

---

<br> *See Notes to Financial Statements.* 237

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| California Resources Corp.<sup>†</sup> | 8.25% | 6/15/2029 | $14000000 | $14658560 |
| Chord Energy Corp.<sup>†</sup> | 6.00% | 10/1/2030 | 35123000 | 35437667 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 74532000 | 77844649 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 64609000 | 64528349 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 151446000 | 156382079 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 156101000 | 152918564 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 80948000 | 80687930 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 55194000 | 56945110 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 33728000 | 33609933 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 30495000 | 30566050 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 95174000 | 98785473 |
| Devon Energy Corp. | 5.25% | 10/15/2027 | 78874000 | 78875410 |
| Devon Energy Corp. | 5.875% | 6/15/2028 | 27374000 | 27382741 |
| Ecopetrol SA (Colombia)<sup>(e)</sup> | 8.625% | 1/19/2029 | 117323000 | 126284131 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 103261000 | 102588384 |
| EQT Corp. | 4.50% | 1/15/2029 | 17949000 | 17967912 |
| EQT Corp. | 6.375% | 4/1/2029 | 47956000 | 49664229 |
| EQT Corp. | 7.50% | 6/1/2027 | 36207000 | 36780515 |
| EQT Corp. | 7.50% | 6/1/2030 | 18148000 | 20042526 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 66228000 | 66379869 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 102362000 | 102466237 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 87604000 | 88249236 |
| Helmerich & Payne, Inc.<sup>(f)</sup> | 4.65% | 12/1/2027 | 32608000 | 32862481 |
| Helmerich & Payne, Inc.<sup>(f)</sup> | 4.85% | 12/1/2029 | 36626000 | 36787850 |
| Hess Corp. | 7.875% | 10/1/2029 | 21328000 | 24262400 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 52437000 | 52488620 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.25% | 11/1/2028 | 36170000 | 36468222 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 14141000 | 13925522 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 45925000 | 47073952 |
| Occidental Petroleum Corp. | 5.20% | 8/1/2029 | 19375000 | 19870651 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 21183000 | 22435953 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 23271000 | 25112341 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 10764000 | 12148541 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 66468000 | 77025910 |
| OGX Austria GmbH (Brazil)<sup>†(e)(h)</sup> | 8.50% | 6/1/2018 | 31150000 | 623 <sup>(a)</sup> |
| Ovintiv, Inc. | 5.375% | 1/1/2026 | 60306000 | 60337875 |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 31228000 | 32177827 |
| Parsley Energy LLC/Parsley Finance Corp.<sup>†</sup> | 4.125% | 2/15/2028 | 26480000 | 26205253 |

---

<br> 238 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Permian Resources Operating LLC<sup>†</sup> | 5.875% | 7/1/2029 | $2398000 | $2407549 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 95263000 | 96547050 |
| Petrobras Global Finance BV (Netherlands)<sup>(e)(f)</sup> | 5.125% | 9/10/2030 | 73647000 | 72888436 |
| Petroleos Mexicanos (Mexico)<sup>(e)</sup> | 8.75% | 6/2/2029 | 19000000 | 20268630 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 43091000 | 43983501 |
| Repsol E&P Capital Markets U.S. LLC<sup>†</sup> | 4.805% | 9/16/2028 | 7130000 | 7188890 |
| Shelf Drilling Holdings Ltd. (United Arab Emirates)<sup>†(e)(f)</sup> | 9.625% | 4/15/2029 | 79285000 | 83089808 |
| SM Energy Co. | 6.50% | 7/15/2028 | 38996000 | 39470347 |
| SM Energy Co. | 6.625% | 1/15/2027 | 15886000 | 15950179 |
| SM Energy Co. | 6.75% | 9/15/2026 | 67694000 | 67815917 |
| Strathcona Resources Ltd. (Canada)<sup>†(e)</sup> | 6.875% | 8/1/2026 | 15706000 | 15777965 |
| Suncor Energy, Inc. (Canada)<sup>(e)</sup> | 7.875% | 6/15/2026 | 22444000 | 22851306 |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% | 8/15/2030 | 16325000 | 15098871 |
| Tengizchevroil Finance Co. International Ltd. | 4.00% | 8/15/2026 | 93500000 | 93023344 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 7800000 | 7672311 |
| Viper Energy Partners LLC | 4.90% | 8/1/2030 | 31345000 | 31759224 |
| *Total* |  |  |  | 2837308182 |
| **Oil & Gas Services 0.07%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.25% | 4/1/2028 | 23642000 | 23866363 |
| Weatherford International Ltd.<sup>†(f)</sup> | 8.625% | 4/30/2030 | 4761000 | 4859900 |
| *Total* |  |  |  | 28726263 |
| **Packaging & Containers 0.06%** |  |  |  |  |
| Amcor Flexibles North America, Inc. | 4.80% | 3/17/2028 | 10701000 | 10853123 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 16460000 | 15890909 |
| *Total* |  |  |  | 26744032 |
| **Pharmaceuticals 0.98%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 46119000 | 46094792 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 43020000 | 43733033 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.25% | 1/21/2029 | 78064000 | 82012313 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | 29647000 | 31717009 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% | 4/15/2029 | 66293000 | 71758129 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 67152000 | 65499477 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(e)</sup> | 3.15% | 10/1/2026 | 80875000 | 79868915 |
| *Total* |  |  |  | 420683668 |

---

<br> *See Notes to Financial Statements.* 239

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Pipelines 2.45%** |  |  |  |  |
| Cheniere Energy, Inc. | 4.625% | 10/15/2028 | $22107000 | $22108475 |
| Colonial Enterprises, Inc.<sup>†</sup> | 3.25% | 5/15/2030 | 28037000 | 26413288 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | 41269000 | 42982864 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 94027000 | 92339383 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 104661000 | 104665467 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 100151000 | 101326391 |
| Energy Transfer LP<sup>†</sup> | 7.375% | 2/1/2031 | 32027000 | 33330502 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.75% | 2/1/2028 | 45549000 | 45887885 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.25% | 1/15/2029 | 17000000 | 17768684 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% | 6/15/2028 | 13355000 | 13366886 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 14795000 | 15053809 |
| Kinetik Holdings LP<sup>†</sup> | 6.625% | 12/15/2028 | 69615000 | 71662311 |
| NuStar Logistics LP | 6.00% | 6/1/2026 | 7678000 | 7703698 |
| ONEOK, Inc. | 5.375% | 6/1/2029 | 42642000 | 43979545 |
| ONEOK, Inc.<sup>†</sup> | 5.625% | 1/15/2028 | 6183000 | 6317498 |
| QazaqGaz NC JSC (Kazakhstan)<sup>(e)</sup> | 4.375% | 9/26/2027 | 12710000 | 12643086 |
| South Bow USA Infrastructure Holdings LLC | 4.911% | 9/1/2027 | 39908000 | 40225395 |
| South Bow USA Infrastructure Holdings LLC | 5.026% | 10/1/2029 | 48388000 | 49134373 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.00% | 1/15/2028 | 45699000 | 45707691 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 16871000 | 17172551 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 59851000 | 60708707 |
| Western Midstream Operating LP | 4.75% | 8/15/2028 | 22221000 | 22443660 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 14522000 | 15328899 |
| Western Midstream Operating LP<sup>†</sup> | 7.25% | 4/1/2030 | 91322000 | 97163777 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 36122000 | 37196471 |
| Williams Cos., Inc. | 4.90% | 3/15/2029 | 10000000 | 10215086 |
| *Total* |  |  |  | 1052846382 |
| **REITS 1.78%** |  |  |  |  |
| Crown Castle, Inc. | 3.65% | 9/1/2027 | 12669000 | 12556362 |
| Crown Castle, Inc. | 4.80% | 9/1/2028 | 21905000 | 22206079 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 30651000 | 31118374 |
| EPR Properties | 4.50% | 6/1/2027 | 54181000 | 54240692 |
| EPR Properties | 4.75% | 12/15/2026 | 28430000 | 28501974 |
| EPR Properties | 4.75% | 11/15/2030 | 38596000 | 38470226 |
| Equinix Europe 2 Financing Corp. LLC | 4.60% | 11/15/2030 | 30603000 | 30810521 |

---

240 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **REITS (continued)** |  |  |  |  |  |
| GLP Capital LP/GLP Financing II, Inc. | 5.30% |  | 1/15/2029 | $15722000 | $16022416 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% |  | 9/15/2027 | 9242000 | 9216312 |
| Iron Mountain, Inc.<sup>†</sup> | 5.25% |  | 3/15/2028 | 43100000 | 43056822 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% |  | 2/1/2027 | 49146000 | 48715894 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% |  | 6/15/2029 | 65812000 | 64926019 |
| Starwood Property Trust, Inc.<sup>†</sup> | 3.625% |  | 7/15/2026 | 13806000 | 13710976 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% |  | 2/15/2027 | 77290000 | 76693009 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% |  | 2/15/2029 | 73692000 | 72305103 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% |  | 12/1/2026 | 68269000 | 68256322 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% |  | 9/1/2026 | 71659000 | 71757928 |
| Vornado Realty LP | 2.15% |  | 6/1/2026 | 31186000 | 30775570 |
| WEA Finance LLC<sup>†</sup> | 2.875% |  | 1/15/2027 | 32652000 | 32051047 |
| *Total* |  |  |  |  | 765391646 |
| **Retail 0.07%** |  |  |  |  |  |
| Dick's Sporting Goods, Inc.<sup>†</sup> | 4.00% |  | 10/1/2029 | 29994000 | 29482877 |
| **Savings & Loans 0.09%** |  |  |  |  |  |
| Nationwide Building Society (United Kingdom)<sup>†(e)</sup> | 5.346%<br>(SOFR + 1.29% |)<sup>#</sup> | 2/16/2028 | 40000000 | 40269681 |
| **Semiconductors 0.71%** |  |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% |  | 1/25/2031 | 36244000 | 37715609 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% |  | 1/25/2030 | 140444000 | 147760568 |
| Intel Corp. | 2.45% |  | 11/15/2029 | 20548000 | 19202646 |
| Intel Corp. | 3.75% |  | 8/5/2027 | 13258000 | 13168163 |
| Microchip Technology, Inc. | 4.90% |  | 3/15/2028 | 24660000 | 25021541 |
| Microchip Technology, Inc. | 5.05% |  | 3/15/2029 | 31579000 | 32251179 |
| Microchip Technology, Inc. | 5.05% |  | 2/15/2030 | 28770000 | 29406030 |
| *Total* |  |  |  |  | 304525736 |
| **Shipbuilding 0.02%** |  |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 2.043% |  | 8/16/2028 | 10000000 | 9454399 |
| **Software 1.20%** |  |  |  |  |  |
| Activision Blizzard, Inc. | 1.35% |  | 9/15/2030 | 15000000 | 12689154 |
| Atlassian Corp. (Australia)<sup>(e)</sup> | 5.25% |  | 5/15/2029 | 46591000 | 47833596 |
| Constellation Software, Inc. (Canada)<sup>†(e)</sup> | 5.158% |  | 2/16/2029 | 13250000 | 13557357 |
| Fidelity National Information Services, Inc. | 3.75% |  | 5/21/2029 | 73018000 | 71646226 |
| Fiserv, Inc. | 5.45% |  | 3/2/2028 | 23314000 | 23854104 |

---

*See Notes to Financial Statements.* 241

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Software (continued)** |  |  |  |  |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | $29788000 | $28520352 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 8160000 | 7836256 |
| MSCI, Inc.<sup>†</sup> | 4.00% | 11/15/2029 | 48874000 | 47980159 |
| Open Text Corp. (Canada)<sup>†(e)</sup> | 6.90% | 12/1/2027 | 41486000 | 43074748 |
| Oracle Corp. | 4.45% | 9/26/2030 | 107921000 | 106384778 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 42000000 | 40190161 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% | 9/30/2027 | 73695000 | 73751347 |
| *Total* |  |  |  | 517318238 |
| **Telecommunications 0.86%** |  |  |  |  |
| CommScope LLC<sup>†(f)</sup> | 7.125% | 7/1/2028 | 6000000 | 6029010 |
| CommScope LLC<sup>†(f)</sup> | 9.50% | 12/15/2031 | 41500000 | 42135365 |
| CommScope Technologies LLC<sup>†</sup> | 5.00% | 3/15/2027 | 36575000 | 36553472 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 57222000 | 57472575 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 54251000 | 54368231 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 20120474 | 20435058 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 6303000 | 6404850 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 43291000 | 43734516 |
| Frontier North, Inc. | 6.73% | 2/15/2028 | 13106000 | 13507371 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 71074000 | 76564771 |
| Telefonica Europe BV (Netherlands)<sup>(e)</sup> | 8.25% | 9/15/2030 | 11054000 | 12722718 |
| *Total* |  |  |  | 369927937 |
| **Toys/Games/Hobbies 0.58%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 114845000 | 112835621 |
| Mattel, Inc.<sup>†</sup> | 3.75% | 4/1/2029 | 35436000 | 34599334 |
| Mattel, Inc. | 5.00% | 11/17/2030 | 42508000 | 42908816 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 61268000 | 61309009 |
| *Total* |  |  |  | 251652780 |
| **Transportation 0.15%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(e)</sup> | 4.75% | 3/22/2028 | 44370000 | 44029749 |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 19265000 | 19694975 |
| *Total* |  |  |  | 63724724 |
| **Trucking & Leasing 0.12%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 49960000 | 50245671 |
| *Total Corporate Bonds* (cost $22,113,532,864) |  |  |  | 22402154069 |

---

242 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **FLOATING RATE LOANS**<sup>(i)</sup> **7.63%** |  |  |  |  |
| **Aerospace/Defense 0.22%** |  |  |  |  |
| RTX Corp. Term Loan | 5.184%<br>(1 mo. USD Term SOFR + 1.13%) | 11/6/2026 | $88000000 | $88110000 |
| Spirit Aerosystems, Inc. 2022 Term Loan | 8.34%<br>(3 mo. USD Term SOFR + 4.50%) | 1/15/2027 | 7695642 | 7706878 |
| *Total* |  |  |  | 95816878 |
| **Airlines 0.27%** |  |  |  |  |
| American Airlines, Inc. 2017 1st Lien Term Loan | 5.693%<br>(3 mo. USD Term SOFR + 1.75%) | 1/29/2027 | 55554912 | 55510468 |
| American Airlines, Inc. 2025 Term Loan | 6.134%<br>(3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 37513902 | 37543163 |
| SkyMiles IP Ltd. 2025 Repriced Term Loan B (Cayman Islands)<sup>(e)</sup> | 5.384%<br>(3 mo. USD Term SOFR + 1.50%) | 10/20/2028 | 22692000 | 22844490 |
| *Total* |  |  |  | 115898121 |
| **Biotechnology 0.32%** |  |  |  |  |
| Amgen, Inc. 2022 Term Loan | 5.295%<br>(3 mo. USD Term SOFR + 1.13%) | 10/6/2026 | 37943000 | 37990429 |
| RPI Intermediate Finance Partnership LP 2025 Term Loan | 5.391%<br>(1 mo. USD Term SOFR + 1.38%) | 2/4/2030 | 103057659 | 101125327 <sup>(j)</sup> |
| *Total* |  |  |  | 139115756 |
| **Chemicals 0.02%** |  |  |  |  |
| Celanese U.S. Holdings LLC 2022 5-Year Delayed Draw Term Loan | 5.81%<br>(1 mo. USD Term SOFR + 1.75%) | 3/18/2027 | 6808258 | 6740175 |
| **Commercial Services & Supplies 0.33%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B2 | 6.002%<br>(3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 142154540 | 142616543 |
| **Computers 0.23%** |  |  |  |  |
| Hewlett Packard Enterprise Co. Term Loan | 5.322%<br>(1 mo. USD Term SOFR + 1.25%) | 9/12/2029 | 97248667 | 97491788 |
| **Diversified Financial Services 0.71%** |  |  |  |  |
| Atlas Warehouse Lending Co. LP Term Loan<sup>(c)</sup> | – <sup>(d)</sup> | 4/10/2026 | 162000000 | 163432359 |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 30900227 | 31043604 |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 5.666%<br>(1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | 85099936 | 85206311 |

---

*See Notes to Financial Statements.* 243

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| Delos Aircraft DAC Term Loan (Ireland)<sup>(e)</sup> | 5.752%<br>(3 mo. USD Term SOFR + 1.75% | 10/31/2027 | $13518599 | $13597074 |
| Setanta Aircraft Leasing DAC 2024 Term Loan B (Ireland)<sup>(e)</sup> | 5.752%<br>(3 mo. USD Term SOFR + 1.75% | 11/5/2028 | 13721355 | 13809446 |
| *Total* |  |  |  | 307088794 |
| **Electric 0.60%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 68429081 | 68449609 |
| Calpine Corp. 2024 Term Loan B5 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 2/15/2032 | 117942387 | 117987206 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 73117985 | 73509167 |
| *Total* |  |  |  | 259945982 |
| **Electronics 0.14%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 4.791%<br>(1 mo. USD Term SOFR + 0.88% | 5/7/2027 | 42281250 | 42334101 |
| Ralliant Corp. Delayed Draw Term Loan A2<sup>(k)</sup> | 5.533%<br>(6 mo. USD Term SOFR + 1.25% | 5/15/2028 | 19875000 | 18446584 <sup>(j)</sup> |
| *Total* |  |  |  | 60780685 |
| **Environmental Control 0.04%** |  |  |  |  |
| Liberty Tire Recycling Holdco LLC 2021 Term Loan | 8.53%<br>(1 mo. USD Term SOFR + 4.50% | 5/5/2028 | 16500000 | 16546448 |
| **Food Service 0.20%** |  |  |  |  |
| Aramark Services, Inc. 2024 Term Loan B8 | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 6/22/2030 | 58913818 | 59169505 |
| Aramark Services, Inc. 2025 Repriced Term Loan | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 4/6/2028 | 27066044 | 27150760 |
| *Total* |  |  |  | 86320265 |
| **Health Care Products 0.30%** |  |  |  |  |
| Medline Borrower LP 2025 Term Loan B | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 10/23/2028 | 101934136 | 102180816 |
| Solventum Corp. Term Loan | 5.309%<br>(1 mo. USD Term SOFR + 1.25% | 3/8/2027 | 27708857 | 27778130 |
| *Total* |  |  |  | 129958946 |
| **Health Care Services 0.17%** |  |  |  |  |
| IQVIA, Inc. 2022 Term Loan A2 | 5.172% - 5.27%<br>(1 mo. USD Term SOFR + 1.25%<br>(3 mo. USD Term SOFR + 1.25% | 6/16/2027 | 74644549 | 74761368 |

---

244 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Insurance 0.44%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.28%<br>(1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | $188209939 | $188222173 |
| **Internet 0.56%** |  |  |  |  |
| Arches Buyer, Inc. 2021 Term Loan B | 7.266%<br>(1 mo. USD Term SOFR + 3.25%) | 12/6/2027 | 64124725 | 64334092 |
| Gen Digital, Inc. 2021 Term Loan A | 5.391%<br>(1 mo. USD Term SOFR + 1.38%) | 9/10/2027 | 178082407 | 178273846 |
| *Total* |  |  |  | 242607938 |
| **Lodging 0.06%** |  |  |  |  |
| Hilton Grand Vacations Borrower LLC 2024 Term Loan A | 5.566%<br>(1 mo. USD Term SOFR + 1.65%) | 1/10/2028 | 20000000 | 20150000 |
| Wyndham Hotels & Resorts, Inc. 2022 Term Loan A | 5.766%<br>(1 mo. USD Term SOFR + 1.75%) | 4/8/2027 | 3285542 | 3287596 |
| *Total* |  |  |  | 23437596 |
| **Machinery: Diversified 0.05%** |  |  |  |  |
| INNIO Group Holding GmbH 2025 Term Loan B2 (Austria)<sup>(e)</sup> | 6.134%<br>(3 mo. USD Term SOFR + 2.25%) | 11/2/2028 | 22793000 | 22873801 |
| **Media 0.09%** |  |  |  |  |
| Charter Communications Operating LLC 2023 Term Loan B4 | 5.985%<br>(3 mo. USD Term SOFR + 2.00%) | 12/7/2030 | 24553972 | 24479941 |
| DirecTV Financing LLC Term Loan | 9.102%<br>(3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 6630500 | 6646612 |
| Virgin Media Bristol LLC USD Term Loan N | 6.573%<br>(1 mo. USD Term SOFR + 2.50%) | 1/31/2028 | 6580972 | 6587126 |
| *Total* |  |  |  | 37713679 |
| **Metal Fabricate/Hardware 0.04%** |  |  |  |  |
| Crosby U.S. Acquisition Corp. 2024 1st Lien Term Loan B | 7.416%<br>(1 mo. USD Term SOFR + 3.50%) | 8/16/2029 | 18991994 | 19119525 |
| **Oil & Gas 0.36%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 5.959%<br>(1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | 23850705 | 23910332 |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.684%<br>(1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 99088545 | 99212405 |
| Viper Energy Partners LLC Delayed Draw Term Loan<sup>(c)(k)</sup> | – <sup>(d)</sup> | 7/23/2027 | 29250000 | 29414531 |
| *Total* |  |  |  | 152537268 |

---

*See Notes to Financial Statements.* 245

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Pipelines 0.27%** |  |  |  |  |
| Venture Global Plaquemines LNG LLC 2024 Contingency Reserve Delayed Draw Term Loan | 6.141%<br>(1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | $11675308 | $11646120 |
| Venture Global Plaquemines LNG LLC Base Term Loan | 6.141%<br>(1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | 104846692 | 104803180 |
| *Total* |  |  |  | 116449300 |
| **Real Estate Investment Trusts 0.38%** |  |  |  |  |
| Host Hotels & Resorts LP 2023 Term Loan A2 | 4.816%<br>(1 mo. USD Term SOFR + 0.90%) | 1/4/2028 | 33002333 | 32816695 |
| Invitation Homes Operating Partnership LP 2024 Term Loan | 4.909%<br>(1 mo. USD Term SOFR + 0.85%) | 9/9/2028 | 128573933 | 128573933 |
| *Total* |  |  |  | 161390628 |
| **Regional 0.10%** |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.152%<br>(3 mo. USD Term SOFR + 1.00%) | 5/13/2027 | 41043750 | 40992445 |
| **Retail 0.69%** |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 5.827%<br>(1 mo. USD Term SOFR + 1.75%) | 3/15/2028 | 68579908 | 68937209 |
| Lowe's Cos., Inc. Delayed Draw Term Loan | 4.935%<br>(3 mo. USD Term SOFR + 1.00%) | 9/15/2028 | 174458000 | 173803783 |
| Panera Bread Co. 2022 Term Loan A3 | 5.516%<br>(1 mo. USD Term SOFR + 1.50%) | 6/15/2027 | 27200000 | 27268000 |
| Panera Bread Co. 2022 Term Loan A5 | 5.516%<br>(1 mo. USD Term SOFR + 1.50%) | 6/15/2027 | 27200000 | 27370000 |
| *Total* |  |  |  | 297378992 |
| **Software 0.35%** |  |  |  |  |
| Press Ganey Holdings, Inc. 2025 Repriced Term Loan B | 6.916%<br>(1 mo. USD Term SOFR + 3.00%) | 4/30/2031 | 106420927 | 106711988 |
| RealPage, Inc. 1st Lien Term Loan | – <sup>(d)</sup> | 4/24/2028 | 43290000 | 43294978 |
| *Total* |  |  |  | 150006966 |
| **Telecommunications 0.69%** |  |  |  |  |
| CommScope, Inc. 2024 Term Loan | 8.666%<br>(1 mo. USD Term SOFR + 4.75%) | 12/17/2029 | 83497982 | 84124217 |
| Frontier Communications Corp. 2025 Term Loan B | 6.459%<br>(1 mo. USD Term SOFR + 2.50%) | 7/1/2031 | 40763390 | 40846343 |

---

246 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Telecommunications (continued)** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.38%<br>(1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | $47464759 | $47277985 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.38%<br>(1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 124756353 | 124249843 |
| *Total* |  |  |  | 296498388 |
| *Total Floating Rate Loans* (cost $3,283,568,579) | *Total Floating Rate Loans* (cost $3,283,568,579) |  |  | 3282310448 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(e)</sup> **1.99%** |  |  |  |  |
| **Bermuda 0.01%** |  |  |  |  |
| Bermuda Government International Bonds | 2.375% | 8/20/2030 | 2577000 | 2348162 |
| Bermuda Government International Bonds | 3.717% | 1/25/2027 | 4750000 | 4740405 |
| *Total* |  |  |  | 7088567 |
| **Dominican Republic 0.09%** |  |  |  |  |
| Dominican Republic International Bonds | 5.50% | 2/22/2029 | 30952000 | 31397709 |
| Dominican Republic International Bonds | 6.875% | 1/29/2026 | 7517000 | 7536920 |
| *Total* |  |  |  | 38934629 |
| **Hungary 0.37%** |  |  |  |  |
| Hungary Government International Bonds | 5.25% | 6/16/2029 | 43525000 | 44395138 |
| Hungary Government International Bonds<sup>†</sup> | 5.375% | 9/26/2030 | 59860000 | 61324248 |
| Hungary Government International Bonds | 6.125% | 5/22/2028 | 20000000 | 20767786 |
| Hungary Government International Bonds | 6.125% | 5/22/2028 | 30099000 | 31254480 |
| *Total* |  |  |  | 157741652 |
| **Kazakhstan 0.28%** |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 4.65% | 10/1/2030 | 32819000 | 32576039 |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% | 5/8/2028 | 31310000 | 31812430 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.25% | 10/23/2029 | 13844000 | 14204410 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.625% | 4/7/2030 | 40840000 | 42265920 |
| *Total* |  |  |  | 120858799 |
| **Mexico 0.51%** |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% | 8/17/2030 | 217069000 | 220637614 |
| **Panama 0.18%** |  |  |  |  |
| Panama Government International Bonds | 3.875% | 3/17/2028 | 14400000 | 14160240 |
| Panama Government International Bonds | 7.125% | 1/29/2026 | 40789000 | 41109194 |
| Panama Government International Bonds | 8.875% | 9/30/2027 | 19565000 | 21039223 |
| *Total* |  |  |  | 76308657 |

---

*See Notes to Financial Statements.* 247

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Principal<br>Amount** | **Fair<br>Value** |
| **Romania 0.55%** |  |  |  |  |  |  |
| Romania Government International Bonds | 3.00% |  | 2/27/2027 | $| 6776000 | $6661994 |
| Romania Government International Bonds | 5.25% |  | 11/25/2027 |  | 59756000 | 60717205 |
| Romania Government International Bonds<sup>†</sup> | 5.75% |  | 9/16/2030 |  | 51968000 | 53368799 |
| Romania Government International Bonds<sup>†</sup> | 5.875% |  | 1/30/2029 |  | 91178000 | 94013601 |
| Romania Government International Bonds | 6.625% |  | 2/17/2028 |  | 20094000 | 20933305 |
| *Total* |  |  |  |  |  | 235694904 |
| *Total Foreign Government Obligations* (cost $843,701,096) | *Total Foreign Government Obligations* (cost $843,701,096) |  |  |  |  | 857264822 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.01%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K061 Class X1<sup>(l)</sup> | 0.279% | <sup>#(m)</sup> | 11/25/2026 |  | 479589292 | 732381 |
| Government National Mortgage Association Series 2013-193 IO<sup>(l)</sup> | 0.122% | <sup>#(m)</sup> | 1/16/2055 |  | 478646 | 870 |
| Government National Mortgage Association Series 2014-186 Class AP | 2.80% |  | 4/16/2050 |  | 1648545 | 1600362 |
| Government National Mortgage Association Series 2014-78 IO<sup>(l)</sup> | 0.01% | <sup>#(m)</sup> | 3/16/2056 |  | 6604718 | 66 |
| Government National Mortgage Association Series 2015-19 Class AD | 2.90% |  | 10/16/2055 |  | 1153022 | 1133820 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $3,477,260) | 3467499 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.18%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.18%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.18%** |  |  |  |  |
| Federal Home Loan Mortgage Corp. | 5.203%<br>(30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 8/1/2055 |  | 49440884 | 50174354 |
| Federal Home Loan Mortgage Corp. | 5.436%<br>(30 day USD SOFR Average + 2.08% |)<sup>#</sup> | 10/1/2055 |  | 28798651 | 29252541 |
| Federal Home Loan Mortgage Corp. | 5.441%<br>(30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 8/1/2055 |  | 20353594 | 20724311 |
| Federal Home Loan Mortgage Corp. | 5.525%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 7/1/2055 |  | 51535619 | 52462704 |
| Federal Home Loan Mortgage Corp. | 5.639%<br>(30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 8/1/2055 |  | 28777559 | 29403999 |
| Federal Home Loan Mortgage Corp. | 5.883%<br>(30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 5/1/2055 |  | 41069526 | 42212985 |
| Federal Home Loan Mortgage Corp. | 6.017%<br>(30 day USD SOFR Average + 2.32% |)<sup>#</sup> | 8/1/2054 |  | 19469741 | 20063282 |
| Federal National Mortgage Association | 5.029%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 2/1/2055 |  | 28256016 | 28663793 |

---

248 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal National Mortgage Association | 5.473%<br>(30 day USD SOFR Average + 2.03% |)<sup>#</sup> | 10/1/2055 | $11348590 | $11560975 |
| Federal National Mortgage Association | 5.583%<br>(30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 10/1/2053 | 6837175 | 6990668 |
| Federal National Mortgage Association | 5.714%<br>(30 day USD SOFR Average + 2.21% |)<sup>#</sup> | 8/1/2055 | 43444652 | 44535851 |
| Federal National Mortgage Association | 5.914%<br>(30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 2/1/2054 | 11834224 | 12187246 |
| Federal National Mortgage Association | 6.002%<br>(30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 9/1/2055 | 153580881 | 158693177 |
| Uniform Mortgage-Backed Security<sup>(n)</sup> | 4.50% |  | TBA | 316393000 | 316368147 |
| Uniform Mortgage-Backed Security<sup>(n)</sup> | 5.00% |  | TBA | 721607000 | 729955719 |
| Uniform Mortgage-Backed Security<sup>(n)</sup> | 5.50% |  | TBA | 198827000 | 203508912 |
| Uniform Mortgage-Backed Security<sup>(n)</sup> | 6.00% |  | TBA | 41171000 | 42614913 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,794,800,522) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,794,800,522) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,794,800,522) |  |  | 1799373577 |
| **MUNICIPAL BONDS 0.01%** |  |  |  |  |  |
| **Health Care 0.01%** |  |  |  |  |  |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group (cost $4,300,000) | 8.50% |  | 10/1/2026 | 4300000 | 4304781 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.69%** |  |  |  |
| 1211 Avenue of the Americas Trust Series 2015-1211 Class XA<sup>†(l)</sup> | 0.38% | <sup>#(m)</sup> | 8/10/2035 | 214200000 | 5291 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.702%<br>(1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 33700000 | 33881690 |
| ARDN Mortgage Trust Series 2025-ARCP Class A<sup>†</sup> | 5.709%<br>(1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 6/15/2035 | 40190000 | 40334660 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class XA<sup>(l)</sup> | 1.857% | <sup>#(m)</sup> | 7/15/2049 | 33513049 | 4678 |
| Bank Series 2017-BNK4 Class A3 | 3.362% |  | 5/15/2050 | 11935860 | 11826197 |
| Bank Series 2017-BNK8 Class A3 | 3.229% |  | 11/15/2050 | 6149155 | 6069940 |
| Bank Series 2018-BN12 Class A2 | 4.074% |  | 5/15/2061 | 41020485 | 40824058 |
| Bank Series 2019-BN18 Class A4 | 3.584% |  | 5/15/2062 | 12577767 | 12131187 |
| Bank Series 2019-BN21 Class A5 | 2.851% |  | 10/17/2052 | 30373000 | 28764355 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 43590000 | 46018565 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 119825000 | 126022253 |
| Bank5 Trust Series 2024-5YR6 Class A3 | 6.225% |  | 5/15/2057 | 6838885 | 7232743 |
| BBCMS Mortgage Trust Series 2020-C7 Class A2 | 2.021% |  | 4/15/2053 | 12040217 | 11473783 |
| BBCMS Mortgage Trust Series 2020-C7 Class A5 | 2.037% |  | 4/15/2053 | 17121000 | 15483363 |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | 64300000 | 65221683 |

---

*See Notes to Financial Statements.* 249

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | $31800000 | $33616181 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 54500000 | 57349827 |
| BBCMS Trust Series 2015-VFM Class A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 1463460 | 1455534 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(m)</sup> | 2/15/2051 | 30550000 | 30290805 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 7900000 | 7665120 |
| Benchmark Mortgage Trust Series 2019-B9 Class A5 | 4.016% |  | 3/15/2052 | 22439000 | 22096664 |
| Benchmark Mortgage Trust Series 2020-B22 Class A5 | 1.973% |  | 1/15/2054 | 27364000 | 24087082 |
| Benchmark Mortgage Trust Series 2021-B23 Class A2 | 1.62% |  | 2/15/2054 | 27740983 | 26289775 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 47150000 | 49574510 |
| Benchmark Mortgage Trust Series 2024-V6 Class A3 | 5.926% |  | 3/15/2057 | 50950000 | 53415684 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(m)</sup> | 5/15/2056 | 58829000 | 62313277 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 100594199 | 104906300 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 | 5.66% |  | 4/15/2057 | 42626000 | 44804576 |
| Benchmark Mortgage Trust Series 2025-V16 Class A3 | 5.439% | <sup>#(m)</sup> | 8/15/2058 | 47180000 | 49259911 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 105290000 | 109114575 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(m)</sup> | 12/15/2057 | 57700000 | 60344968 |
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% |  | 7/15/2058 | 80380000 | 84566641 |
| BMO Mortgage Trust Series 2025-5C12 Class A3 | 5.18% |  | 10/15/2058 | 56127000 | 57995086 |
| BWAY Mortgage Trust Series 2013-1515 Class XB<sup>†(l)</sup> | 0.534% | <sup>#(m)</sup> | 3/10/2033 | 103040000 | 962352 |
| BX Commercial Mortgage Trust Series 2021-ACNT Class A<sup>†</sup> | 4.924%<br>(1 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 11/15/2038 | 14136536 | 14122621 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.351%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 26296317 | 26324086 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†</sup> | 5.339%<br>(1 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 38733873 | 38789115 |

---

250 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BX Trust Series 2021-RISE Class A<sup>†</sup> | 4.821%<br>(1 mo. USD Term SOFR + 0.86% |)<sup>#</sup> | 11/15/2036 | $32207039 | $32161462 |
| BX Trust Series 2022-LBA6 Class A<sup>†</sup> | 4.959%<br>(1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 8840000 | 8833717 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.401%<br>(1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 56341722 | 56404779 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.103%<br>(1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 29599557 | 29577760 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.359%<br>(1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 31330000 | 31374655 |
| BX Trust Series 2025-VOLT Class A<sup>†(c)</sup> | 5.70%<br>(1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 12/15/2044 | 112610000 | 112747745 |
| CD Mortgage Trust Series 2017-CD5 Class A4 | 3.431% |  | 8/15/2050 | 12700703 | 12504270 |
| CFCRE Commercial Mortgage Trust Series 2016-C4 Class XA<sup>(l)</sup> | 1.62% | <sup>#(m)</sup> | 5/10/2058 | 27561555 | 34515 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(l)</sup> | 1.198% | <sup>#(m)</sup> | 11/10/2049 | 135954912 | 657016 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(l)</sup> | 0.773% | <sup>#(m)</sup> | 12/10/2054 | 129114702 | 494974 |
| CGMS Commercial Mortgage Trust Series 2017-B1 Class A3 | 3.197% |  | 8/15/2050 | 5709553 | 5617373 |
| Citigroup Commercial Mortgage Trust Series 2012-GC8 Class XB<sup>†(l)</sup> | 0.114% | <sup>#(m)</sup> | 9/10/2045 | 125603054 | 10186 |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(l)</sup> | 0.022% | <sup>#(m)</sup> | 6/10/2048 | 46667240 | 467 |
| Citigroup Commercial Mortgage Trust Series 2015-GC35 Class XA<sup>(l)</sup> | 0.778% | <sup>#(m)</sup> | 11/10/2048 | 39596838 | 19466 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 21033077 | 20922651 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class XA<sup>(l)</sup> | 1.169% | <sup>#(m)</sup> | 2/10/2049 | 44938318 | 3662 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class A4 | 3.314% |  | 4/10/2049 | 45021588 | 44917673 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class XA<sup>(l)</sup> | 1.647% | <sup>#(m)</sup> | 4/10/2049 | 31297160 | 3790 |
| COMM Mortgage Trust Series 2012-CR4 Class XA<sup>(l)</sup> | 1.289% | <sup>#(m)</sup> | 10/15/2045 | 40900034 | 762512 |
| COMM Mortgage Trust Series 2014-UBS5 Class XA<sup>(l)</sup> | 0.698% | <sup>#(m)</sup> | 9/10/2047 | 9193921 | 401 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(l)</sup> | 1.472% | <sup>#(m)</sup> | 8/10/2049 | 92878875 | 208402 |

---

*See Notes to Financial Statements.* 251

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.601%<br>(1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | $32000000 | $32005267 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(l)</sup> | 0.686% | <sup>#(m)</sup> | 9/15/2037 | 113021624 | 974303 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(l)</sup> | 1.97% | <sup>#(m)</sup> | 1/15/2049 | 82897948 | 11830 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class A5 | 3.502% |  | 11/15/2049 | 30065993 | 29806325 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(l)</sup> | 0.98% | <sup>#(m)</sup> | 11/15/2049 | 157665472 | 382150 |
| CSAIL Commercial Mortgage Trust Series 2017-CX10 Class A4 | 3.191% |  | 11/15/2050 | 5800000 | 5719624 |
| CSAIL Commercial Mortgage Trust Series 2017-CX10 Class A5 | 3.458% | <sup>#(m)</sup> | 11/15/2050 | 12300000 | 11999993 |
| CSAIL Commercial Mortgage Trust Series 2020-C19 Class A2 | 2.32% |  | 3/15/2053 | 14150000 | 13184820 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> | 5.309%<br>(1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 37120000 | 37174255 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 42483000 | 42547702 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(l)</sup> | 1.536% | <sup>#(m)</sup> | 8/10/2049 | 152612227 | 385056 |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 1521610 | 1502035 |
| DBWF Mortgage Trust Series 2015-LCM Class XA<sup>†(l)</sup> | 0.537% | <sup>#(m)</sup> | 6/10/2034 | 3006762 | 2458 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7 Class M2<sup>†</sup> | 5.872%<br>(30 day USD SOFR Average + 1.80% |)<sup>#</sup> | 11/25/2041 | 13280000 | 13367130 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.572%<br>(30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 27425000 | 27784237 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA4 Class M2<sup>†</sup> | 9.322%<br>(30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 5/25/2042 | 23462000 | 24847403 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.322%<br>(30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 22295000 | 23433927 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M1A<sup>†</sup> | 6.072%<br>(30 day USD SOFR Average + 2.00% |)<sup>#</sup> | 5/25/2043 | 10850363 | 11128196 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 58043985 | 58365038 |

---

252 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.122%<br>(30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | $22464000 | $22524817 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 1531175 | 1530851 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 10670392 | 10673271 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 17967156 | 18072690 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 23533216 | 23583104 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.472%<br>(30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 15032211 | 15358635 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.372%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 9603606 | 9795082 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.222%<br>(30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | 11084311 | 11088553 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.222%<br>(30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | 31744763 | 31865314 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.022%<br>(30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 9355162 | 9368519 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.172%<br>(30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 27675504 | 27708604 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class XB<sup>†(l)</sup> | Zero Coupon | <sup>#(m)</sup> | 11/10/2045 | 35598909 | 356 |
| GS Mortgage Securities Trust Series 2015-GC34 Class A4 | 3.506% |  | 10/10/2048 | 890638 | 882036 |
| GS Mortgage Securities Trust Series 2016-GS2 Class A4 | 3.05% |  | 5/10/2049 | 28917000 | 28793623 |

---

*See Notes to Financial Statements.* 253

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| GS Mortgage Securities Trust Series 2016-GS2 Class XA<sup>(l)</sup> | 1.838% | <sup>#(m)</sup> | 5/10/2049 | $109745168 | $14761 |
| GS Mortgage Securities Trust Series 2017-GS5 Class A3 | 3.409% |  | 3/10/2050 | 12371910 | 12273950 |
| GS Mortgage Securities Trust Series 2017-GS8 Class A3 | 3.205% |  | 11/10/2050 | 21635000 | 21314692 |
| GS Mortgage Securities Trust Series 2018-GS9 Class A4 | 3.992% | <sup>#(m)</sup> | 3/10/2051 | 26083452 | 25936015 |
| GS Mortgage Securities Trust Series 2019-GC42 Class A4 | 3.001% |  | 9/10/2052 | 32957000 | 31151213 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 21127000 | 20079369 |
| GS Mortgage Securities Trust Series 2020-GC45 Class A2 | 2.898% |  | 2/13/2053 | 6001691 | 5848083 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.649% | <sup>#(m)</sup> | 1/13/2040 | 55550000 | 57746819 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XA10<sup>†(l)</sup> | 1.474% | <sup>#(m)</sup> | 8/5/2034 | 150785000 | 31108 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 163798100 | 37837361 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class B<sup>†</sup> | 3.771% |  | 6/10/2027 | 20772000 | 872206 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class C<sup>†</sup> | 3.931% | <sup>#(m)</sup> | 6/10/2027 | 14352000 | 225878 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D<sup>†</sup> | 3.931% | <sup>#(m)</sup> | 6/10/2027 | 25795381 | 231900 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XA<sup>†(l)</sup> | 0.503% | <sup>#(m)</sup> | 6/10/2027 | 102274000 | 51137 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XB<sup>†(l)</sup> | 0.16% | <sup>#(m)</sup> | 6/10/2027 | 45476000 | 45 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(l)</sup> | 0.694% | <sup>#(m)</sup> | 12/15/2049 | 126970375 | 401722 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(l)</sup> | 1.158% | <sup>#(m)</sup> | 9/15/2050 | 196264169 | 2262769 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class XAFX<sup>†(l)</sup> | 1.295% | <sup>#(m)</sup> | 7/5/2033 | 155900000 | 1827444 |
| JP Morgan Mortgage Trust Series 2025-NQM4 Class A1<sup>†</sup> | 4.954% | <sup>#(m)</sup> | 3/25/2066 | 48974983 | 48982344 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> | 5.062% | <sup>#(m)</sup> | 2/25/2066 | 37995011 | 38068018 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class XA<sup>(l)</sup> | 0.856% | <sup>#(m)</sup> | 11/15/2047 | 12322108 | 768 |

---

254 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class XA<sup>(l)</sup> | 0.56% | <sup>#(m)</sup> | 11/15/2047 | $25399658 | $851 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class XA<sup>(l)</sup> | 0.034% | <sup>#(m)</sup> | 7/15/2048 | 13818085 | 138 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP7 Class A3 | 3.379% |  | 9/15/2050 | 406677 | 401745 |
| Key Commercial Mortgage Securities Trust Series 2019-S2 Class X<sup>†(l)</sup> | 1.524% | <sup>#(m)</sup> | 6/15/2052 | 86161082 | 2996331 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.849%<br>(1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 34670000 | 34767235 |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.402%<br>(1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | 22518249 | 22560615 |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XA<sup>†(l)</sup> | 1.628% | <sup>#(m)</sup> | 3/10/2049 | 5754156 | 704 |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 17951542 | 17948510 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 63980000 | 67136044 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class XB<sup>†(l)</sup> | 0.145% | <sup>#(m)</sup> | 5/15/2046 | 62434735 | 6868 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 Class A4 | 3.325% |  | 5/15/2049 | 18050000 | 17972161 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 Class XA<sup>(l)</sup> | 1.621% | <sup>#(m)</sup> | 5/15/2049 | 74196191 | 8718 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(l)</sup> | 1.384% | <sup>#(m)</sup> | 11/15/2049 | 198107695 | 977899 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32 Class A3 | 3.459% |  | 12/15/2049 | 9483939 | 9418802 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XA<sup>(l)</sup> | 1.563% | <sup>#(m)</sup> | 8/15/2049 | 62199401 | 255273 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XB<sup>(l)</sup> | 1.01% | <sup>#(m)</sup> | 8/15/2049 | 121222774 | 523913 |
| Morgan Stanley Capital I Trust Series 2019-L2 Class A4 | 4.071% |  | 3/15/2052 | 12535000 | 12337856 |
| Morgan Stanley Capital I Trust Series 2021-L6 Class A3 | 2.196% | <sup>#(m)</sup> | 6/15/2054 | 19300000 | 17601801 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(m)</sup> | 9/24/2057 | 82952947 | 81846040 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3 Class A1<sup>†</sup> | 4.912% | <sup>#(m)</sup> | 9/25/2070 | 39899359 | 39910949 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> | 4.905% | <sup>#(m)</sup> | 8/25/2065 | 38557720 | 38583653 |

---

*See Notes to Financial Statements.* 255

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| OBX Trust Series 2025-NQM17 Class A1FC<sup>†</sup> | 4.848% | <sup>(g)</sup> | 8/25/2065 | $16698464 | $16676204 |
| OBX Trust Series 2025-NQM20 Class A1<sup>†</sup> | 5.021% | <sup>#(m)</sup> | 10/25/2065 | 38080642 | 38285699 |
| OBX Trust Series 2025-NQM21 Class A1FC<sup>†</sup> | 4.917% | <sup>(g)</sup> | 10/25/2065 | 62300000 | 62472521 |
| ReadyCap Commercial Mortgage Trust Series 2019-6 Class A<sup>†</sup> | 2.833% |  | 10/25/2052 | 5988474 | 5956953 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(m)</sup> | 1/26/2060 | 315199 | 313505 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 48040000 | 49589972 |
| SCG Trust Series 2025-SNIP Class A<sup>†</sup> | 5.459%<br>(1 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 9/15/2042 | 50050000 | 50214835 |
| Shops at Crystals Trust Series 2016-CSTL Class XA<sup>†(l)</sup> | 0.73% | <sup>#(m)</sup> | 7/5/2036 | 112000000 | 84504 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 6.956%<br>(1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 186000000 | 89301725 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(m)</sup> | 2/25/2050 | 1009158 | 973325 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.402%<br>(1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 53180000 | 52782623 |
| UBS Commercial Mortgage Trust Series 2017-C1 Class A3 | 3.196% |  | 6/15/2050 | 2876961 | 2844823 |
| UBS Commercial Mortgage Trust Series 2017-C5 Class A4 | 3.212% |  | 11/15/2050 | 6098146 | 5958441 |
| UBS Commercial Mortgage Trust Series 2017-C6 Class A4 | 3.32% |  | 12/15/2050 | 5953996 | 5877122 |
| UBS Commercial Mortgage Trust Series 2017-C6 Class XA<sup>(l)</sup> | 1.375% | <sup>#(m)</sup> | 12/15/2050 | 214401076 | 3895539 |
| UBS Commercial Mortgage Trust Series 2017-C7 Class A3 | 3.418% |  | 12/15/2050 | 3595228 | 3553340 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 4580000 | 4349049 |
| Verus Securitization Trust Series 2025-10 Class A1FC<sup>†</sup> | 5.017% | <sup>(g)</sup> | 6/25/2070 | 28685011 | 28608657 |
| Verus Securitization Trust Series 2025-8 Class A1<sup>†</sup> | 4.869% | <sup>#(m)</sup> | 9/25/2070 | 34771837 | 34726856 |
| Verus Securitization Trust Series 2025-9 Class A1<sup>†</sup> | 4.935% | <sup>#(m)</sup> | 10/27/2070 | 56059571 | 56120334 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(l)</sup> | 1.828% | <sup>#(m)</sup> | 8/15/2049 | 164959721 | 740653 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C32 Class A4 | 3.56% |  | 1/15/2059 | 5229207 | 5219214 |

---

256 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Wells Fargo Commercial Mortgage Trust Series 2016-C34 Class XA<sup>(l)</sup> | 2.193% | <sup>#(m)</sup> | 6/15/2049 | $99172073 | $147142 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C42 Class A3 | 3.33% |  | 12/15/2050 | 3833739 | 3785277 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 10770000 | 10528379 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 76160000 | 80032728 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 80450000 | 85645847 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 56430000 | 59318945 |
| WFRBS Commercial Mortgage Trust Series 2014-C21 Class XB<sup>(l)</sup> | 0.601% | <sup>#(m)</sup> | 8/15/2047 | 68429970 | 135307 |
| WFRBS Commercial Mortgage Trust Series 2014-C22 Class XA<sup>(l)</sup> | 0.383% | <sup>#(m)</sup> | 9/15/2057 | 7927213 | 1133 |
| WFRBS Commercial Mortgage Trust Series 2014-C22 Class XB<sup>(l)</sup> | 0.449% | <sup>#(m)</sup> | 9/15/2057 | 37769102 | 144048 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $4,002,498,959) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $4,002,498,959) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $4,002,498,959) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $4,002,498,959) |  | 3736462224 |
| **U.S. TREASURY OBLIGATIONS 3.96%** |  |  |  |  |  |
| U.S. Treasury Notes | 3.50% |  | 9/30/2027 | 756036000 | 755858800 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2027 | 946107000 | 947696167 |
| *Total U.S. Treasury Obligations* (cost $1,703,223,911) | *Total U.S. Treasury Obligations* (cost $1,703,223,911) |  |  |  | 1703554967 |
| *Total Long-Term Investments* (cost $43,933,786,760) | *Total Long-Term Investments* (cost $43,933,786,760) |  |  |  | 43981910577 |
| **SHORT-TERM INVESTMENTS 0.81%** |  |  |  |  |  |
| **COMMERCIAL PAPER 0.32%** |  |  |  |  |  |
| **Pipelines 0.03%** |  |  |  |  |  |
| Energy Transfer LP<sup>†</sup> | 4.087% |  | 12/1/2025 | 12000000 | 12000000 |
| **REITS 0.11%** |  |  |  |  |  |
| Crown Castle, Inc.<sup>†</sup> | 4.436% |  | 12/18/2025 | 45815000 | 45720672 |
| **Software 0.18%** |  |  |  |  |  |
| Oracle Corp.<sup>†</sup> | 4.346% |  | 1/13/2026 | 39742000 | 39541204 |
| Oracle Corp.<sup>†</sup> | 4.348% |  | 1/15/2026 | 40772000 | 40556418 |
| *Total* |  |  |  |  | 80097622 |
| *Total Commercial Paper* (cost $137,818,294) | *Total Commercial Paper* (cost $137,818,294) |  |  |  | 137818294 |

---

*See Notes to Financial Statements.* 257

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal**<br>**Amount** | **Fair<br>Value** |
| **REPURCHASE AGREEMENTS 0.44%** |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $201,122,300 of U.S. Treasury Bill at 0.000% due 11/27/2026; value: $194,083,701; proceeds: $190,333,450<br> (cost $190,277,952) | $190277952 | $190277952 |
| **Time Deposits 0.01%** |  |  |
| CitiBank N.A.<sup>(o)</sup><br>(cost $2,148,093) | 2148093 | 2148093 |
|  | **Shares** |  |
| **Money Market Funds 0.04%** |  |  |
| *Fidelity Government Portfolio*<sup>(o)</sup> (cost $19,332,833) | 19332833 | 19332833 |
| *Total Short-Term Investments* (cost $349,577,172) |  | 349577172 |
| *Total Investments in Securities 103.06%* (cost $44,283,363,932) |  | 44331487749 |
| *Less Unfunded Loan Commitments (0.08%)* (cost $31,546,356) |  | (31542983) |
| *Net Investments in Securities 102.98%* (cost $44,251,817,576) |  | 44299944766 |
| *Other Assets and Liabilities – Net*<sup>(p)</sup> *(2.98)%* |  | (1283337467) |
| *Net Assets 100.00%* |  | $43016607299 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $23,827,276,967, which represents 55.39% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(d)</sup> | Interest Rate to be determined. |
| <sup>(e)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(f)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(g)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(h)</sup> | Defaulted (non-income producing security). |
| <sup>(i)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |

---

258 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

<sup>(j)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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.

<sup>(k)</sup> Security partially/fully unfunded. (See Note 2(d)).

<sup>(l)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(m)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(n)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(o)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(p)</sup> Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows:

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Indexes/Issuers** | **Central<br>Clearing<br>Party** | **Fund<br>Receives<br>(Quarterly)** | **Termination<br>Date** | **Notional<br>Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.IG.S41<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2028 | $216728000 | $1228777 | $3211124 | $4439901 |
| CDX.NA.IG.S42<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2029 | 461620000 | 9087251 | 840016 | 9927267 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 633895000 | 11993519 | 2171955 | 14165474 |
| Oracle Corp.<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | 94275000 | 747192 | (62670) | 684522 |
| *Total* |  |  |  |  | $23056739 | $6160425 | $29217164 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $6,223,095. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $62,670.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Interest Rate Swap Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br>Clearingparty** | **Periodic<br>Payments<br>to be Made<br> By The Fund<br>(Quarterly)** | **Periodic<br>Payments<br>to be Received<br> By The Fund<br>(Quarterly)** | **Termination<br>Date** | **Notional<br>Amount** | **Payments<br>Upfront**<sup>(1)</sup> | **Unrealized<br>Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month USD SOFR Index | 3/20/2030 | $1407000000 | $– | $(56568266) | $(56568266) |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month USD SOFR Index | 10/16/2029 | 1380000000 | – | (15849825) | (15849825) |
| *Total* |  |  |  |  | $– | $(72418091) | $(72418091) |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Upfront payments paid (received) are presented net of amortization. <br> <sup>(2)</sup> Central Clearinghouse: Chicago Mercantile Exchange (CME).

*See Notes to Financial Statements.* 259

**Schedule of Investments (continued)**

SHORT DURATION INCOME FUND *November 30, 2025*

**Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at November 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br>Indexes/Issuers\*** | **Swap<br>Counterparty** | **Fund<br>Receives<br>(Quarterly)** | **Termination<br>Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<sup>(3)</sup> | **Credit**<br> **Default**<br> **Swap**<br> **Agreements**<br> **Payable at**<br> **Fair Value**<sup>(4)</sup> |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | $1959895 | $(17478) | $(216566) | $(234044) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 979947 | (14267) | (102755) | (117022) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 489974 | (5201) | (53310) | (58511) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 979947 | (16747) | (100275) | (117022) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 489974 | (6848) | (51663) | (58511) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 979947 | (10119) | (106903) | (117022) |
| Markit CMBX.NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 979948 | (10402) | (106620) | (117022) |
| Markit CMBX.NA.AA.6 | Morgan Stanley | 1.500% | 5/11/2063 | 2939843 | (22942) | (328124) | (351066) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 5579475 | (73969) | (621606) | (695575) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 3985339 | (60931) | (435908) | (496839) |
| Markit CMBX.NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 3188271 | (43063) | (354408) | (397471) |
| *Total* |  |  |  |  | $(281967) | $(2478138) | $(2760105) |

---

\* The Referenced Index is for the Credit Default Swap Contracts on Indexes, which is comprised of a basket of commercial mortgage-backed securities.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts 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 contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $2,478,138.

<sup>(4)</sup> Includes upfront payments paid (received).

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Appreciation |
| U.S. 2-Year Treasury Note | March 2026 | 104080 | Long | $21729738859 | $21738083854 | $8344995 |
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Depreciation |
| U.S. 5-Year Treasury Note | March 2026 | 27812 | Short | $(3046565441) | $(3052801562) | $(6236121) |

---

260 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

SHORT DURATION INCOME FUND *November 30, 2025*

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $107539614 | $92661000 | $200200614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 6495147480 | 84996838 | 6580144318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3349804506 |  | 3349804506 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 62868752 |  | 62868752 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 2837307559 | 623 | 2837308182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 19564845887 |  | 19564845887 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology |  | 37990429 | 101125327 | 139115756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronics |  | 42334101 | 18446584 | 60780685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3082414007 |  | 3082414007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (29414531) | (2128452) | (31542983) |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 857264822 |  | 857264822 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 3467499 |  | 3467499 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1799373577 |  | 1799373577 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 4304781 |  | 4304781 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 3736462224 |  | 3736462224 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 1703554967 |  | 1703554967 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 137818294 |  | 137818294 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 190277952 |  | 190277952 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 2148093 |  | 2148093 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 19332833 | – | – | 19332833 |
| Total | $19332833 | $43985510013 | $295101920 | $44299944766 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $29217164 | $– | $29217164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (72418091) |  | (72418091) |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2760105) |  | (2760105) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 8344995 |  |  | 8344995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (6236121) | – | – | (6236121) |
| Total | $2108874 | $(45961032) | $– | $(43852158) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 261

**Schedule of Investments**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 117.15%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 14.15%** |  |  |  |  |
| **Automobiles 8.16%** |  |  |  |  |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class C | 5.32% | 4/18/2028 | $4415000 | $4444696 |
| AmeriCredit Automobile Receivables Trust Series 2025-1 Class A3<sup>†</sup> | 4.12% | 5/20/2030 | 7130000 | 7152018 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 8572365 | 8637952 |
| CarMax Auto Owner Trust Series 2022-3 Class B | 4.69% | 2/15/2028 | 9709000 | 9733104 |
| CarMax Auto Owner Trust Series 2024-3 Class A3 | 4.89% | 7/16/2029 | 8120000 | 8215266 |
| CarMax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | 6545000 | 6605787 |
| CarMax Select Receivables Trust Series 2025-B Class A3 | 4.12% | 3/15/2030 | 8520000 | 8545228 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 1311936 | 1311735 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 11045932 | 11126154 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 8970000 | 9135064 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 7000000 | 7079436 |
| Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.14% | 9/15/2032 | 6400000 | 6408783 |
| Exeter Automobile Receivables Trust Series 2023-1A Class E<sup>†</sup> | 12.07% | 9/16/2030 | 4450000 | 4972494 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 10000000 | 10040592 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 3585000 | 3619788 |
| Exeter Automobile Receivables Trust Series 2025-3A Class B | 4.86% | 2/15/2030 | 4270000 | 4326403 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 18885000 | 18690624 |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | 4304125 | 4353788 |
| GLS Auto Select Receivables Trust Series 2025-3A Class A2<sup>†</sup> | 4.46% | 10/15/2030 | 9520000 | 9573212 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 9595000 | 9608182 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class B | 6.16% | 4/16/2029 | 3790000 | 3902142 |

---

<br> 262 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class C | 5.43% | 12/17/2029 | $2260000 | $2304079 |
| Honda Auto Receivables Owner Trust Series 2024-1 Class A3 | 5.21% | 8/15/2028 | 7516936 | 7583552 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 8067591 | 8145630 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 5815000 | 5874390 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | 4175000 | 4234869 |
| Hyundai Auto Lease Securitization Trust Series 2025-C Class A3<sup>†</sup> | 4.36% | 7/17/2028 | 7185000 | 7239092 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 5548000 | 5599469 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 9040000 | 9146120 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 3362791 | 3388211 |
| Santander Drive Auto Receivables Trust Series 2022-5 Class C | 4.74% | 10/16/2028 | 1877727 | 1878978 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 6450000 | 6584617 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class C | 5.45% | 3/15/2030 | 7800000 | 7896123 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 3485000 | 3564366 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% | 5/15/2031 | 5755000 | 5819897 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class C | 4.52% | 1/15/2032 | 11795000 | 11836047 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 5300500 | 5320125 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A4 | 5.01% | 1/22/2030 | 5340000 | 5400675 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 5453273 | 5479303 |
| Westlake Automobile Receivables Trust Series 2024-2A Class C<sup>†</sup> | 5.68% | 3/15/2030 | 8735000 | 8877014 |
| Westlake Automobile Receivables Trust Series 2025-3A Class A3<sup>†</sup> | 4.22% | 6/15/2029 | 8055000 | 8072368 |
| World Omni Auto Receivables Trust Series 2024-B Class A3 | 5.27% | 9/17/2029 | 14145000 | 14278540 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% | 5/15/2030 | 9300000 | 9400602 |

---

<br> See Notes to Financial Statements. 263

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| World Omni Select Auto Trust Series 2024-A Class A3 | 4.98% |  | 2/15/2030 | $5300000 | $5327887 |
| World Omni Select Auto Trust Series 2025-A Class A2A | 4.14% |  | 5/15/2030 | 4750000 | 4753967 |
| Total |  |  |  |  | 315488369 |
| **Credit Card 0.84%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65% |  | 10/15/2037 | 3441000 | 3491933 |
| Citibank Credit Card Issuance Trust Series 2025-A1 Class A | 4.30% |  | 6/21/2030 | 7805000 | 7908960 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | 13495000 | 13774450 |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% |  | 7/20/2029 | 7115000 | 7158238 |
| Total |  |  |  |  | 32333581 |
| **Other 5.15%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.434% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | 1000000 | 1000953 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 6040000 | 6055331 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2600000 | 2606703 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 10000000 | 10025788 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 5670000 | 5686531 |
| AMMC CLO 23 Ltd. Series 2020-23A Class BR3<sup>†</sup> | 5.632%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/17/2038 | 8000000 | 8063040 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 7100000 | 7164177 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.484% <br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 2210000 | 2210685 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 3050000 | 3050309 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 5285000 | 5367445 |
| DLLAD LLC Series 2023-1A Class A4<sup>†</sup> | 4.80% |  | 6/20/2030 | 10535000 | 10665314 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 3100000 | 3118697 |
| Katayma CLO II Ltd. Series 2024-2A Class B<sup>†</sup> | 6.034%<br> (3 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 4/20/2037 | 4000000 | 4009888 |

---

<br> 264 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.484% <br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | $7600000 | $7604469 |
| KKR CLO 57 Ltd. Series 2025-57A Class B<sup>†</sup> | 5.979% <br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/15/2038 | 5180000 | 5190148 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 10468338 | 10274852 |
| Lendmark Funding Trust Series 2021-1A Class A<sup>†</sup> | 1.90% |  | 11/20/2031 | 8300000 | 8066122 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.692%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 2237938 | 2238475 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.344%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 6190000 | 6191256 |
| M&T Equipment Notes Series 2025-1A Class A3<sup>†</sup> | 4.78% |  | 9/17/2029 | 8475000 | 8636939 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†</sup> | 5.62% <br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7/21/2038 | 7125000 | 7157476 |
| Neuberger Berman Loan Advisers CLO 34 Ltd. Series 2019-34A Class A1R2<sup>†</sup> | 5.184%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7/20/2039 | 8390000 | 8411965 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 5.634%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1/20/2037 | 7920000 | 7933290 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A3<sup>†</sup> | 5.64% |  | 11/20/2030 | 8050000 | 8261935 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 3843515 | 3851841 |
| PFS Financing Corp. Series 2023-B Class A<sup>†</sup> | 5.27% |  | 5/15/2028 | 4951000 | 4974946 |
| Regatta XXVII Funding Ltd. Series 2024-1A Class B<sup>†</sup> | 5.858%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4/26/2037 | 4950000 | 4965711 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class A2<sup>†</sup> | 5.608%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4/25/2037 | 4900000 | 4907713 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6109688 | 6052118 |
| Silver Point CLO 4 Ltd. Series 2024-4A Class A2<sup>†</sup> | 5.735% <br> (3 mo. USD Term SOFR + 1.83% |)<sup>#</sup> | 4/15/2037 | 9260000 | 9274510 |
| U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2 Class B1<sup>†</sup> | 4.818% |  | 9/25/2032 | 3411176 | 3403835 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 5431000 | 5542688 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 7000000 | 7184744 |
| Total |  |  |  |  | 199149894 |
| *Total Asset-Backed Securities* (cost $544,300,107) | *Total Asset-Backed Securities* (cost $544,300,107) |  |  |  | 546971844 |

---

<br> See Notes to Financial Statements. 265

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS 0.01%** |  |  |  |  |
| **Diversified Telecommunication Services 0.01%** |  |  |  |  |
| Luxco Co. Ltd.\* <br> (cost $295,820) |  |  | 16516 | $301963 |
|  | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **CORPORATE BONDS 41.88%** |  |  |  |  |
| **Aerospace/Defense 0.73%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | $3331000 | 3529878 |
| Boeing Co. | 6.528% | 5/1/2034 | 3521000 | 3917007 |
| Boeing Co. | 6.858% | 5/1/2054 | 3791000 | 4323563 |
| Hexcel Corp. | 5.875% | 2/26/2035 | 6083000 | 6434372 |
| Northrop Grumman Corp. | 3.25% | 1/15/2028 | 5907000 | 5822730 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 1/31/2034 | 3906000 | 4083760 |
| Total |  |  |  | 28111310 |
| **Agriculture 0.44%** |  |  |  |  |
| Altria Group, Inc. | 4.875% | 2/4/2028 | 4678000 | 4759465 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 5.875% | 7/1/2034 | 7530000 | 7897552 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.85% | 6/15/2035 | 4110000 | 4419543 |
| Total |  |  |  | 17076560 |
| **Airlines 0.39%** |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(a)</sup> | 5.308% | 10/20/2031 | 9655000 | 9688541 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 5615000 | 5550173 |
| Total |  |  |  | 15238714 |
| **Auto Manufacturers 0.78%** |  |  |  |  |
| Ford Motor Co. | 9.625% | 4/22/2030 | 4800000 | 5576691 |
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 836000 | 840240 |
| Ford Motor Credit Co. LLC | 6.054% | 11/5/2031 | 4344000 | 4450027 |
| Ford Motor Credit Co. LLC | 7.20% | 6/10/2030 | 4809000 | 5166295 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% | 12/15/2031 | 5620000 | 5867145 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 5256000 | 5426689 |
| Toyota Motor Credit Corp. | 4.55% | 9/20/2027 | 2894000 | 2929364 |
| Total |  |  |  | 30256451 |
| **Auto Parts & Equipment 0.19%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 9/15/2032 | 3578000 | 3683086 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 3692000 | 3595230 |
| Total |  |  |  | 7278316 |

---

<br> 266 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 6.75%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 3.324%<br>(5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | $5400000 | $4956792 |
| AIB Group PLC (Ireland)<sup>†(a)</sup> | 6.608%<br>(SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 6529000 | 6947760 |
| Banco de Credito del Peru SA (Peru)<sup>†(a)</sup> | 5.65%<br>(5 yr. CMT + 1.96% |)<sup>#</sup> | 1/15/2037 | 6054000 | 6078226 |
| Bank of America Corp. | 2.087%<br>(SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 17835000 | 17008878 |
| Bank of America Corp. | 3.593%<br>(3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 10476000 | 10396906 |
| Bank of America Corp. | 3.97%<br>(3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 5597000 | 5589073 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 6768000 | 6790481 |
| Citigroup, Inc. | 3.98%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 13725000 | 13625741 |
| Citizens Financial Group, Inc. | 5.718%<br>(SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 11157000 | 11705372 |
| First Citizens BancShares, Inc. | 5.60%<br>(5 yr. CMT + 1.85% |)<sup>#</sup> | 9/5/2035 | 7467000 | 7458819 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 4773000 | 5302101 |
| Goldman Sachs Group, Inc. | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 15596000 | 14027828 |
| JPMorgan Chase & Co. | 3.54%<br>(3 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 5/1/2028 | 9410000 | 9349303 |
| JPMorgan Chase & Co. | 4.946%<br>(SOFR + 1.34% |)<sup>#</sup> | 10/22/2035 | 6535000 | 6660487 |
| JPMorgan Chase & Co. | 5.576%<br>(SOFR + 1.64% |)<sup>#</sup> | 7/23/2036 | 4289000 | 4489545 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 2.691%<br>(SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 11002000 | 10031291 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 9640000 | 9740031 |
| Morgan Stanley | 2.239%<br>(SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 6778000 | 6046673 |
| Morgan Stanley | 4.431%<br>(3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 15460000 | 15579199 |
| Morgan Stanley | 5.297%<br>(SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 4900000 | 5024253 |
| Morgan Stanley | 5.32%<br>(SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 4101000 | 4260530 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 4.964% <br> (1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 959000 | 981705 |

---

<br> See Notes to Financial Statements. 267

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| PNC Financial Services Group, Inc. | 5.676%<br>(SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | $10375000 | $10991408 |
| Truist Financial Corp. | 5.711%<br>(SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 7223000 | 7641527 |
| U.S. Bancorp | 4.839%<br>(SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 7299000 | 7395920 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 4487000 | 4501571 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.988% <br> (1 yr. CMT + 2.40% |)<sup>#</sup> | 8/5/2033 | 8174000 | 8340855 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 6.327%<br> (1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 2685000 | 2744953 |
| Wells Fargo & Co. | 2.393%<br>(SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 20155000 | 19673436 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 7066000 | 6640939 |
| Wells Fargo & Co. | 3.584%<br>(3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 10914000 | 10836542 |
| Total |  |  |  |  | 260818145 |
| **Beverages 0.26%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 6256000 | 6354731 |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 3662000 | 3864903 |
| Total |  |  |  |  | 10219634 |
| **Biotechnology 0.49%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 4876000 | 4991504 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(a)(b)</sup> | 6.25% |  | 12/15/2032 | 3792000 | 3901612 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 5323000 | 3354457 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 1909000 | 1293314 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 5400000 | 5559811 |
| Total |  |  |  |  | 19100698 |
| **Building Materials 0.18%** |  |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% |  | 7/15/2031 | 3504000 | 3674918 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% |  | 11/1/2028 | 3346000 | 3356363 |
| Total |  |  |  |  | 7031281 |
| **Chemicals 0.29%** |  |  |  |  |  |
| OCP SA (Malaysia)<sup>(a)</sup> | 6.75% |  | 5/2/2034 | 3465000 | 3731510 |
| Rain Carbon, Inc.<sup>†(c)</sup> | 12.25% |  | 9/1/2029 | 3350000 | 3461005 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% |  | 9/30/2033 | 3829000 | 3852901 |
| Total |  |  |  |  | 11045416 |

---

<br> 268 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Coal 0.09%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | $3791000 | $3471783 |
| **Commercial Services 1.32%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 3427000 | 3610951 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(c)</sup> | 6.00% | 6/1/2029 | 4043000 | 3967785 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 3332000 | 3404991 |
| Global Payments, Inc. | 2.90% | 11/15/2031 | 6512000 | 5831579 |
| Global Payments, Inc. | 5.55% | 11/15/2035 | 8343000 | 8340676 |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 12150000 | 13084254 |
| Herc Holdings, Inc.<sup>†(c)</sup> | 7.25% | 6/15/2033 | 3231000 | 3423015 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 8980000 | 9344689 |
| Total |  |  |  | 51007940 |
| **Computers 0.31%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 3148000 | 3285737 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 6725000 | 6704559 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 1963000 | 2062998 |
| Total |  |  |  | 12053294 |
| **Cosmetics/Personal Care 0.29%** |  |  |  |  |
| Kenvue, Inc. | 5.10% | 3/22/2043 | 5883000 | 5716598 |
| Opal Bidco SAS (France)<sup>†(a)</sup> | 6.50% | 3/31/2032 | 5151000 | 5314189 |
| Total |  |  |  | 11030787 |
| **Diversified Financial Services 2.77%** |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% | 1/26/2028 | 6919000 | 6719100 |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | 5000000 | 5254209 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.95% | 11/15/2030 | 8196000 | 8253617 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% | 7/15/2030 | 7653000 | 8202186 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(a)</sup> | 4.75% | 11/12/2030 | 5521000 | 5494715 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% | 2/21/2026 | 6563000 | 6522852 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.528% | 11/18/2027 | 763000 | 738586 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.375% | 5/30/2030 | 5464000 | 5620724 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 6.375% | 5/4/2028 | 2776000 | 2895237 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% | 6/18/2035 | 7569000 | 7986614 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.125% | 11/1/2032 | 3932000 | 4003350 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% | 5/1/2033 | 4566000 | 4779250 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% | 3/15/2029 | 8718000 | 8546577 |
| LPL Holdings, Inc. | 5.75% | 6/15/2035 | 4272000 | 4418237 |
| Muthoot Finance Ltd. (India)<sup>(a)</sup> | 6.375% | 4/23/2029 | 5400000 | 5450796 |

---

<br> See Notes to Financial Statements. 269

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Navient Corp. | 11.50% |  | 3/15/2031 | $4663000 | $5214698 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4745000 | 4738988 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 3599000 | 3784118 |
| Osaic Holdings, Inc.<sup>†</sup> | 6.75% |  | 8/1/2032 | 3632000 | 3771992 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 4486000 | 4703203 |
| Total |  |  |  |  | 107099049 |
| **Electric 3.85%** |  |  |  |  |  |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 10074000 | 9830220 |
| Alliant Energy Corp. | 5.75%<br>(5 yr. CMT + 2.08% |)<sup>#</sup> | 4/1/2056 | 1851000 | 1850161 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 5371000 | 5668454 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 4715000 | 4954229 |
| Dominion Energy, Inc. | 5.45% |  | 3/15/2035 | 5917000 | 6122144 |
| Dominion Energy, Inc. | 6.875%<br>(5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 2392000 | 2496801 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 5.125% |  | 6/26/2029 | 4918000 | 5057687 |
| Entergy Louisiana LLC | 5.15% |  | 9/15/2034 | 11455000 | 11805725 |
| Entergy Texas, Inc. | 5.25% |  | 4/15/2035 | 3051000 | 3157155 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(a)</sup> | 7.25% |  | 1/31/2041 | 3326124 | 3482185 |
| FirstEnergy Transmission LLC | 5.00% |  | 1/15/2035 | 2600000 | 2624919 |
| Florida Power & Light Co. | 5.80% |  | 3/15/2065 | 2308000 | 2426840 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% |  | 12/1/2032 | 9456000 | 9958382 |
| Jersey Central Power & Light Co. | 5.10% |  | 1/15/2035 | 2005000 | 2038332 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 3616000 | 3840196 |
| Louisville Gas & Electric Co. | 5.85% |  | 8/15/2055 | 3774000 | 3883619 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% |  | 5/1/2034 | 5383000 | 5597012 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 3410000 | 3403178 |
| NRG Energy, Inc.<sup>†</sup> | 5.407% |  | 10/15/2035 | 4191000 | 4199009 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 2/1/2033 | 3701000 | 3782078 |
| Oglethorpe Power Corp. | 5.80% |  | 6/1/2054 | 3335000 | 3325796 |
| PSEG Power LLC<sup>†</sup> | 5.75% |  | 5/15/2035 | 2923000 | 3069442 |
| Public Service Electric & Gas Co. | 4.85% |  | 8/1/2034 | 8668000 | 8812883 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% |  | 2/1/2034 | 4338000 | 4422803 |
| Union Electric Co. | 5.125% |  | 3/15/2055 | 3585000 | 3376163 |
| Virginia Electric & Power Co. | 5.05% |  | 8/15/2034 | 10375000 | 10596751 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% |  | 12/30/2034 | 9770000 | 10101711 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% |  | 10/15/2031 | 3381000 | 3593381 |

---

<br> 270 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| VoltaGrid LLC<sup>†</sup> | 7.375% | 11/1/2030 | $3844000 | $3835972 |
| Wisconsin Electric Power Co. | 5.05% | 10/1/2054 | 1702000 | 1608252 |
| Total |  |  |  | 148921480 |
| **Electronics 0.27%** |  |  |  |  |
| Flex Ltd. | 5.375% | 11/13/2035 | 5083000 | 5109684 |
| Vontier Corp. | 2.95% | 4/1/2031 | 5887000 | 5391114 |
| Total |  |  |  | 10500798 |
| **Engineering & Construction 0.33%** |  |  |  |  |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 7539000 | 7525963 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | 5381000 | 5307618 |
| Total |  |  |  | 12833581 |
| **Entertainment 0.34%** |  |  |  |  |
| Flutter Treasury DAC (Ireland)<sup>†(a)</sup> | 5.875% | 6/4/2031 | 6007000 | 6070884 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 3171000 | 3078494 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 4188000 | 3832020 |
| Total |  |  |  | 12981398 |
| **Equity Real Estate 0.15%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 6013000 | 5831942 |
| **Food 1.17%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.75% | 3/31/2034 | 3884000 | 3920176 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% | 3/15/2033 | 2161000 | 2240559 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 3.625% | 1/15/2032 | 4677000 | 4387977 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 5.75% | 4/1/2033 | 12102000 | 12690399 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†</sup> | 6.375% | 4/15/2066 | 5105000 | 5207441 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 5221000 | 5398520 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 6444000 | 6669463 |
| Pilgrim's Pride Corp. | 3.50% | 3/1/2032 | 4910000 | 4546146 |
| Total |  |  |  | 45060681 |
| **Gas 0.38%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | 7179000 | 7136902 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 7020000 | 7396992 |
| Total |  |  |  | 14533894 |

---

<br> See Notes to Financial Statements. 271

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care-Products 0.94%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 5.30% | 10/8/2035 | $4035000 | $4030070 |
| Baxter International, Inc. | 2.539% | 2/1/2032 | 11870000 | 10379353 |
| Baxter International, Inc.<sup>(b)</sup> | 5.65% | 12/15/2035 | 6447000 | 6573018 |
| Medline Borrower LP/Medline Co-Issuer, Inc.<sup>†</sup> | 6.25% | 4/1/2029 | 5344000 | 5534086 |
| Solventum Corp. | 5.60% | 3/23/2034 | 3598000 | 3761441 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% | 12/1/2035 | 6151000 | 6248172 |
| Total |  |  |  | 36526140 |
| **Health Care-Services 0.98%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 8616000 | 8039340 |
| Centene Corp. | 4.25% | 12/15/2027 | 4989000 | 4931630 |
| DaVita, Inc.<sup>†</sup> | 6.875% | 9/1/2032 | 3577000 | 3725063 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 6.00% | 5/8/2034 | 6176000 | 6552433 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% | 6/15/2028 | 3393000 | 3304377 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.00% | 11/15/2033 | 3991000 | 4123533 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 3938000 | 3918251 |
| Universal Health Services, Inc. | 2.65% | 1/15/2032 | 3635000 | 3207374 |
| Total |  |  |  | 37802001 |
| **Insurance 3.76%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 3715000 | 3785812 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 3488000 | 3098087 |
| Athene Global Funding<sup>†</sup> | 5.033% | 7/17/2030 | 15332000 | 15529221 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 11695000 | 11763175 |
| Beacon Funding Trust<sup>†</sup> | 6.266% | 8/15/2054 | 5756000 | 5897686 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 3497000 | 3651953 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 6880000 | 7051057 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 13889000 | 12450552 |
| Brown & Brown, Inc. | 5.25% | 6/23/2032 | 922000 | 944608 |
| Brown & Brown, Inc. | 5.55% | 6/23/2035 | 1867000 | 1920282 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 6107000 | 6257810 |
| Corebridge Global Funding<sup>†</sup> | 4.90% | 8/21/2032 | 4478000 | 4525411 |
| GA Global Funding Trust<sup>†</sup> | 2.90% | 1/6/2032 | 5390000 | 4802753 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 4639000 | 4652373 |
| GA Global Funding Trust<sup>†</sup> | 5.20% | 12/9/2031 | 7698000 | 7799431 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 4/1/2032 | 7671000 | 7866915 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 2658000 | 2767318 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 6031000 | 6076334 |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | 6595000 | 6608412 |

---

<br> 272 See Notes to Financial Statements.

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Insurance (continued)** |  |  |  |  |  |
| Pricoa Global Funding I<sup>†</sup> | 4.75% |  | 8/26/2032 | $4514000 | $4555862 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% |  | 1/25/2029 | 7305000 | 7500627 |
| RGA Global Funding<sup>†</sup> | 5.00% |  | 8/25/2032 | 11144000 | 11226643 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% |  | 12/10/2029 | 4370000 | 4506647 |
| *Total* |  |  |  |  | 145238969 |
| **Internet 1.03%** |  |  |  |  |  |
| AppLovin Corp. | 5.375% |  | 12/1/2031 | 3588000 | 3735507 |
| Meta Platforms, Inc. | 4.875% |  | 11/15/2035 | 5395000 | 5455566 |
| Meta Platforms, Inc. | 5.50% |  | 11/15/2045 | 3924000 | 3927608 |
| Prosus NV (Netherlands)<sup>(a)</sup> | 4.027% |  | 8/3/2050 | 5100000 | 3579916 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% |  | 8/15/2029 | 14787000 | 14802815 |
| Uber Technologies, Inc. | 5.35% |  | 9/15/2054 | 4603000 | 4458789 |
| Weibo Corp. (China)<sup>(a)(c)</sup> | 3.375% |  | 7/8/2030 | 4000000 | 3809771 |
| *Total* |  |  |  |  | 39769972 |
| **Iron-Steel 0.34%** |  |  |  |  |  |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% |  | 3/1/2034 | 3859000 | 3926926 |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 3874000 | 3964086 |
| U.S. Steel Corp. | 6.875% |  | 3/1/2029 | 2785000 | 2817286 |
| Vale Overseas Ltd. (Brazil)<sup>†(a)</sup> | 6.00%<br>(5 yr. CMT + 2.43% |)<sup>#</sup> | 2/25/2056 | 2578000 | 2569003 |
| *Total* |  |  |  |  | 13277301 |
| **Leisure Time 0.47%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 5637000 | 5810135 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% |  | 7/15/2027 | 5425000 | 5467575 |
| Royal Caribbean Cruises Ltd. | 5.375% |  | 1/15/2036 | 6827000 | 6903996 |
| *Total* |  |  |  |  | 18181706 |
| **Lodging 0.24%** |  |  |  |  |  |
| MGM China Holdings Ltd. (Macau)<sup>(a)</sup> | 4.75% |  | 2/1/2027 | 3760000 | 3747294 |
| Wynn Macau Ltd. (Macau)<sup>†(a)</sup> | 6.75% |  | 2/15/2034 | 5512000 | 5514840 |
| *Total* |  |  |  |  | 9262134 |
| **Machinery-Diversified 0.55%** |  |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(a)</sup> | 4.55% |  | 4/15/2028 | 13974000 | 14066542 |
| Regal Rexnord Corp. | 6.05% |  | 2/15/2026 | 7251000 | 7268079 |
| *Total* |  |  |  |  | 21334621 |

---

*See Notes to Financial Statements.* 273

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Media 0.77%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | $7421000 | $7074381 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 3986000 | 3947728 |
| Paramount Global | 3.375% | 2/15/2028 | 6766000 | 6616660 |
| Paramount Global | 3.70% | 6/1/2028 | 3814000 | 3748822 |
| Paramount Global | 4.90% | 8/15/2044 | 2652000 | 2073922 |
| Paramount Global | 6.875% | 4/30/2036 | 2485000 | 2609653 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 3535000 | 3659591 |
| *Total* |  |  |  | 29730757 |
| **Mining 1.68%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 3.875% | 3/16/2029 | 5835000 | 5769447 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 5.50% | 5/2/2033 | 1142000 | 1188012 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 5.75% | 4/5/2034 | 6646000 | 7021771 |
| Antofagasta PLC (Chile)<sup>†(a)(c)</sup> | 6.25% | 5/2/2034 | 6894000 | 7373326 |
| Corp. Nacional del Cobre de Chile (Chile)<sup>†(a)</sup> | 6.33% | 1/13/2035 | 7792000 | 8336271 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(a)</sup> | 4.375% | 4/1/2031 | 1280000 | 1235867 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 5934000 | 6135959 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 4152000 | 4358316 |
| Glencore Funding LLC<sup>†</sup> | 6.375% | 10/6/2030 | 3016000 | 3261820 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 1938000 | 1950242 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(a)</sup> | 7.875% | 1/23/2030 | 5361000 | 5506079 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(a)</sup> | 6.75% | 5/14/2030 | 4255000 | 4462128 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 5358000 | 5556535 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(a)</sup> | 5.854% | 5/13/2032 | 2716000 | 2847449 |
| *Total* |  |  |  | 65003222 |
| **Miscellaneous Manufacturing 0.20%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 3747000 | 3899623 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 3787000 | 3780752 |
| *Total* |  |  |  | 7680375 |
| **Oil & Gas 1.98%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 3465000 | 3623219 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 6006000 | 6121796 |
| Caturus Energy LLC<sup>†</sup> | 8.50% | 2/15/2030 | 5398000 | 5573840 |

---

274 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity <br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| Continental Resources, Inc.<sup>†</sup> | 5.75% |  | 1/15/2031 | $6850000 | $7067326 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 3477000 | 3297541 |
| EQT Corp. | 6.375% |  | 4/1/2029 | 3242000 | 3357482 |
| EQT Corp. | 7.00% |  | 2/1/2030 | 3309000 | 3601188 |
| Expand Energy Corp. | 5.375% |  | 3/15/2030 | 1993000 | 2021287 |
| Expand Energy Corp.<sup>†</sup> | 5.875% |  | 2/1/2029 | 13881000 | 13895135 |
| Occidental Petroleum Corp. | 3.50% |  | 8/15/2029 | 3562000 | 3441740 |
| Occidental Petroleum Corp. | 6.625% |  | 9/1/2030 | 2076000 | 2240266 |
| OGX Austria GmbH (Brazil)<sup>†(a)(d)</sup> | 8.50% |  | 6/1/2018 | 1730000 | 35 <sup>(e)</sup> |
| ORLEN SA (Poland)<sup>†(a)</sup> | 6.00% |  | 1/30/2035 | 1820000 | 1931038 |
| Petroleos Mexicanos (Mexico)<sup>(a)</sup> | 6.70% |  | 2/16/2032 | 7562000 | 7501044 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 5639000 | 5636325 |
| Transocean International Ltd.<sup>†</sup> | 7.875% |  | 10/15/2032 | 3795000 | 3958565 |
| Viper Energy Partners LLC | 5.70% |  | 8/1/2035 | 3331000 | 3415891 |
| *Total* |  |  |  |  | 76683718 |
| **Oil & Gas Services 0.20%** |  |  |  |  |  |
| Kodiak Gas Services LLC<sup>†</sup> | 6.50% |  | 10/1/2033 | 3699000 | 3775750 |
| WBI Operating LLC<sup>†</sup> | 6.25% |  | 10/15/2030 | 3881000 | 3885541 |
| *Total* |  |  |  |  | 7661291 |
| **Packaging & Containers 0.27%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 7033000 | 7102338 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 3375000 | 3190913 |
| *Total* |  |  |  |  | 10293251 |
| **Pharmaceuticals 0.65%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 3872000 | 4061508 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 10643000 | 11386114 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% |  | 11/21/2033 | 3416000 | 3700020 |
| CVS Health Corp. | 7.00%<br>(5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 3662000 | 3854109 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(a)</sup> | 3.15% |  | 10/1/2026 | 2186000 | 2158806 |
| *Total* |  |  |  |  | 25160557 |
| **Pipelines 1.50%** |  |  |  |  |  |
| Boardwalk Pipelines LP | 3.40% |  | 2/15/2031 | 5052000 | 4752969 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 4113000 | 3782765 |
| Colonial Enterprises, Inc.<sup>†</sup> | 5.627% |  | 11/15/2035 | 3812000 | 3869355 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 4.999% |  | 11/17/2032 | 8967000 | 8989121 |

---

*See Notes to Financial Statements.* 275

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| DT Midstream, Inc.<sup>†</sup> | 4.125% |  | 6/15/2029 | $7288000 | $7157193 |
| Eastern Energy Gas Holdings LLC<sup>(c)</sup> | 5.65% |  | 10/15/2054 | 2814000 | 2777810 |
| Eastern Energy Gas Holdings LLC | 5.80% |  | 1/15/2035 | 4957000 | 5253371 |
| Enbridge, Inc. (Canada)<sup>(a)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 7804000 | 8983426 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 5458000 | 5718020 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 3129000 | 2878243 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 3646000 | 3657448 |
| *Total* |  |  |  |  | 57819721 |
| **REITS 1.90%** |  |  |  |  |  |
| Brandywine Operating Partnership LP | 4.55% |  | 10/1/2029 | 3922000 | 3773422 |
| CFE Fibra E (Mexico)<sup>†(a)</sup> | 5.875% |  | 9/23/2040 | 7245000 | 7234930 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 7054000 | 6707528 |
| Crown Castle, Inc. | 5.80% |  | 3/1/2034 | 9000000 | 9493042 |
| EPR Properties | 4.50% |  | 6/1/2027 | 2808000 | 2811094 |
| EPR Properties | 4.95% |  | 4/15/2028 | 3475000 | 3504471 |
| Host Hotels & Resorts LP | 5.70% |  | 6/15/2032 | 5260000 | 5492807 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% |  | 7/15/2032 | 3813000 | 3675473 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% |  | 8/1/2030 | 4202000 | 4289750 |
| Piedmont Operating Partnership LP | 5.625% |  | 1/15/2033 | 2790000 | 2812422 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% |  | 7/1/2030 | 1128000 | 1181354 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% |  | 12/1/2026 | 12254000 | 12251724 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% |  | 12/1/2029 | 4895000 | 4869930 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% |  | 2/1/2027 | 5410000 | 5474539 |
| *Total* |  |  |  |  | 73572486 |
| **Retail 0.28%** |  |  |  |  |  |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.00% |  | 8/1/2030 | 3138000 | 3205281 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% |  | 4/30/2032 | 7097000 | 7429253 |
| *Total* |  |  |  |  | 10634534 |
| **Semiconductors 0.81%** |  |  |  |  |  |
| Broadcom, Inc.<sup>†</sup> | 4.15% |  | 4/15/2032 | 7000000 | 6911827 |
| Broadcom, Inc. | 5.15% |  | 11/15/2031 | 7781000 | 8121237 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% |  | 1/25/2031 | 5842000 | 6079202 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% |  | 1/25/2033 | 4129000 | 4364520 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.15% |  | 1/25/2032 | 3419000 | 3656395 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% |  | 1/25/2035 | 2019000 | 2164001 |
| *Total* |  |  |  |  | 31297182 |

---

276 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Software 1.03%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.50% | 5/15/2034 | $4453000 | $4625557 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 5890000 | 6068762 |
| Oracle Corp. | 5.95% | 9/26/2055 | 12431000 | 11657661 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 10477000 | 10899429 |
| Workday, Inc. | 3.80% | 4/1/2032 | 7018000 | 6737673 |
| *Total* |  |  |  | 39989082 |
| **Telecommunications 0.20%** |  |  |  |  |
| Altice France SA (France)<sup>†(a)</sup> | 9.50% | 11/1/2029 | 3800191 | 3903454 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 3786000 | 3851081 |
| *Total* |  |  |  | 7754535 |
| **Transportation 0.24%** |  |  |  |  |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 3274000 | 3381767 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 5496000 | 5760847 |
| *Total* |  |  |  | 9142614 |
| **Trucking & Leasing 0.09%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 3375000 | 3394298 |
| *Total Corporate Bonds* (cost $1,591,493,881) |  |  |  | 1618713619 |
| **FLOATING RATE LOANS<sup>(f)</sup> 1.88%** |  |  |  |  |
| **Airlines 0.06%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.134%<br>(3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 2506199 | 2508154 |
| **Commercial Services 0.14%** |  |  |  |  |
| Prime Security Services Borrower LLC 2025 Incremental Term Loan B | 5.75%<br>(1 mo. USD Term SOFR + 1.75%) | 3/7/2032 | 5389459 | 5367173 |
| **Distribution/Wholesale 0.06%** |  |  |  |  |
| Resideo Funding, Inc. 2025 Incremental Term Loan | 6.038%<br>(3 mo. USD Term SOFR + 2.00%) | 8/13/2032 | 2405000 | 2407633 |
| **Diversified Financial Services 0.49%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.71%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 10313043 | 10360896 |
| Citadel Securities LP 2024 First Lien Term Loan | 5.916%<br>(1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 4328293 | 4349198 |

---

*See Notes to Financial Statements.* 277

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| Hudson River Trading LLC 2024 Term Loan B | 6.709%<br>(1 mo. USD Term SOFR + 2.75% | 3/18/2030 | $4409972 | $4427546 |
| *Total* |  |  |  | 19137640 |
| **Electric 0.21%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.666%<br>(1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 3700000 | 3701110 |
| NRG Energy, Inc. 2024 Term Loan | 5.593% - 5.67%<br>(1 mo. USD Term SOFR + 1.75%<br>(3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 4285492 | 4297985 |
| *Total* |  |  |  | 7999095 |
| **Entertainment 0.30%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(a)</sup> | 5.752%<br>(3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 7835455 | 7820802 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 12/4/2031 | 1937757 | 1907480 |
| Six Flags Entertainment Corp. 2024 Term Loan B | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 5/1/2031 | 1862685 | 1819806 |
| *Total* |  |  |  | 11548088 |
| **Environmental Control 0.14%** |  |  |  |  |
| Clean Harbors, Inc. 2025 Term Loan | 5.416%<br>(1 mo. USD Term SOFR + 1.50% | 10/8/2032 | 5326000 | 5371777 |
| **Pipelines 0.15%** |  |  |  |  |
| Colossus Acquireco LLC Term Loan B | 5.87%<br>(3 mo. USD Term SOFR + 1.75% | 7/30/2032 | 5683000 | 5667912 |
| **Retail 0.12%** |  |  |  |  |
| Panera Bread Co. 2022 Term Loan A3 | 5.516%<br>(1 mo. USD Term SOFR + 1.50% | 6/15/2027 | 2331428 | 2337257 |
| Panera Bread Co. 2022 Term Loan A5 | 5.516%<br>(1 mo. USD Term SOFR + 1.50% | 6/15/2027 | 2331429 | 2346000 |
| *Total* |  |  |  | 4683257 |
| **Utilities 0.21%** |  |  |  |  |
| Alpha Generation LLC Term Loan B | 5.916%<br>(1 mo. USD Term SOFR + 2.00% | 9/30/2031 | 8086161 | 8111875 |
| *Total Floating Rate Loans* (cost $72,685,962) |  |  |  | 72802604 |

---

278 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.27%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.27%** |  |  |  |  |  |
| **Mexico 0.10%** |  |  |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% |  | 8/17/2030 | $| 3798000 | $3860439 |
| **Romania 0.17%** |  |  |  |  |  |  |
| Romania Government International Bonds<sup>†</sup> | 6.625% |  | 5/16/2036 |  | 6502000 | 6722018 |
| *Total Foreign Government Obligations* (cost $10,283,977) | *Total Foreign Government Obligations* (cost $10,283,977) |  |  |  |  | 10582457 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 2.08%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K140 Class A2 | 2.25% |  | 1/25/2032 |  | 10710000 | 9664100 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 |  | 11190000 | 10129838 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 |  | 9590000 | 8944975 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(g)</sup> | 12/25/2032 |  | 9360000 | 9179449 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(g)</sup> | 1/25/2033 |  | 5170000 | 5223278 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2 | 4.90% | <sup>#(g)</sup> | 10/25/2033 |  | 5520000 | 5777811 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(g)</sup> | 8/25/2032 |  | 13216000 | 12442473 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(g)</sup> | 5/25/2033 |  | 12960000 | 12882306 |
| FREMF Mortgage Trust Series K-169 Class A2 | 4.66% | <sup>#(g)</sup> | 12/25/2034 |  | 5890000 | 6044162 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $77,829,188) | 80288392 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.52%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.52%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.52%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.52%** |  |  |  |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 9/1/2050 |  | 8804328 | 7231182 |
| Federal Home Loan Mortgage Corp. | 3.00% |  | 7/1/2050 |  | 11502014 | 10317873 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 -<br>9/1/2051 |  | 16584179 | 15588656 |
| Federal Home Loan Mortgage Corp. | 5.00% |  | 7/1/2052 -<br>11/1/2054 |  | 31866670 | 32243351 |

---

*See Notes to Financial Statements.* 279

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |
| Federal Home Loan Mortgage Corp. | 5.449%<br>(30 day USD SOFR Average + 2.35% |)<sup>#</sup> | 9/1/2055 | $7614378 | $7751092 |
| Federal Home Loan Mortgage Corp. | 5.50% |  | 7/1/2054 -<br>10/1/2054 | 18949586 | 19513953 |
| Federal Home Loan Mortgage Corp. | 6.00% |  | 8/1/2039 -<br>2/1/2055 | 18653715 | 19515361 |
| Federal Home Loan Mortgage Corp. | 6.50% |  | 11/1/2053 | 11588503 | 12096008 |
| Federal National Mortgage Association | 2.50% |  | 8/1/2050 -<br>5/1/2052 | 46894464 | 40840779 |
| Federal National Mortgage Association | 3.00% |  | 4/1/2051 | 17602616 | 15783327 |
| Federal National Mortgage Association | 3.50% |  | 9/1/2051 -<br>6/1/2052 | 12609265 | 11816606 |
| Federal National Mortgage Association | 5.00% |  | 7/1/2052 -<br>1/1/2053 | 19636632 | 19885320 |
| Federal National Mortgage Association | 5.477%<br>(30 day USD SOFR Average + 2.31% |)<sup>#</sup> | 10/1/2055 | 30033472 | 30623483 |
| Federal National Mortgage Association | 5.50% |  | 11/1/2038 -<br>10/1/2054 | 20791371 | 21410878 |
| Federal National Mortgage Association | 6.00% |  | 2/1/2039 -<br>1/1/2055 | 10153925 | 10602870 |
| Federal National Mortgage Association | 6.264%<br>(30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 11/1/2054 | 18459198 | 19108954 |
| Government National Mortgage Association<sup>(h)</sup> | 2.00% |  | TBA | 8873000 | 7392208 |
| Government National Mortgage Association<sup>(h)</sup> | 2.50% |  | TBA | 27120000 | 23544049 |
| Government National Mortgage Association<sup>(h)</sup> | 3.00% |  | TBA | 69052000 | 62309383 |
| Government National Mortgage Association<sup>(h)</sup> | 4.50% |  | TBA | 20907000 | 20451701 |
| Government National Mortgage Association<sup>(h)</sup> | 5.00% |  | TBA | 49987000 | 49900585 |
| Government National Mortgage Association<sup>(h)</sup> | 5.50% |  | TBA | 79791000 | 80536945 |
| Government National Mortgage Association<sup>(h)</sup> | 6.00% |  | TBA | 63653000 | 64897535 |
| Government National Mortgage Association<sup>(h)</sup> | 6.50% |  | TBA | 43973000 | 45278251 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 2.00% |  | TBA | 24293000 | 19776667 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 2.50% |  | TBA | 50110000 | 42652121 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 3.00% |  | TBA | 10288000 | 9139516 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 3.50% |  | TBA | 3314000 | 3065715 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 4.00% |  | TBA | 20740000 | 19748202 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 4.50% |  | TBA | 51130000 | 50841626 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 5.00% |  | TBA | 129595000 | 129775175 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 5.50% |  | TBA | 58391000 | 59315969 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 6.00% |  | TBA | 31243000 | 31986460 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 6.50% |  | TBA | 2465000 | 2554256 |

---

280 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 7.00% |  | TBA | $6968000 | $7314294 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,024,102,929) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,024,102,929) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,024,102,929) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,024,102,929) |  | 1024810351 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.99%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.99%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.99%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.99%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.702%<br>(1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 3490000 | 3508816 |
| Bank Series 2019-BN21 Class A5 | 2.851% |  | 10/17/2052 | 5340000 | 5057178 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 13590000 | 14277912 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 10/25/2051 | 6924396 | 5843650 |
| BBCMS Mortgage Trust Series 2023-C21 Class A5 | 6.00% | <sup>#(g)</sup> | 9/15/2056 | 6900000 | 7485913 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 3120000 | 3298191 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 4750000 | 4998379 |
| Benchmark Mortgage Trust Series 2024-V11 Class A3 | 5.909% | <sup>#(g)</sup> | 11/15/2057 | 4980000 | 5258046 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 4160000 | 4373912 |
| Benchmark Mortgage Trust Series 2024-V6 Class A3 | 5.926% |  | 3/15/2057 | 8050000 | 8439573 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(g)</sup> | 5/15/2056 | 12630000 | 13378040 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 9410000 | 9813372 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 12070000 | 12508433 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 4770000 | 4991018 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 5940000 | 6229148 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(g)</sup> | 12/15/2057 | 14630000 | 15300639 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†</sup> | 5.339%<br>(1 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 3344414 | 3349184 |
| BX Commercial Mortgage Trust Series 2025-COPT Class A<sup>†</sup> | 5.709%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 8/15/2042 | 6700000 | 6716309 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.352%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 6604242 | 6596879 |
| BX Trust Series 2025-VLT6 Class B<sup>†</sup> | 5.852%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 3/15/2042 | 2790000 | 2783124 |

---

*See Notes to Financial Statements.* 281

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BX Trust Series 2025-VOLT Class D<sup>†(b)</sup> | 6.75%<br> (1 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 12/15/2044 | $4590000 | $4608633 |
| CIM Trust Series 2021-INV1 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 7/1/2051 | 9873035 | 8319751 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 3/25/2051 | 7726387 | 6520468 |
| CIM Trust Series 2021-J3 Class A1<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 6/25/2051 | 12067592 | 10176878 |
| Citigroup Commercial Mortgage Trust Series 2014-GC25 Class XB<sup>(i)</sup> | 0.048% | <sup>#(g)</sup> | 10/10/2047 | 19006034 | 190 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 11/27/2051 | 1098863 | 967774 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.601%<br>(1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 3880000 | 3880639 |
| CSAIL Commercial Mortgage Trust Series 2019-C15 Class A4 | 4.053% |  | 3/15/2052 | 6097846 | 6030136 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> | 5.309%<br>(1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 4930000 | 4937206 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(j)</sup> | 5/26/2070 | 5474077 | 5499252 |
| EFMT Series 2025-INV4 Class A1<sup>†</sup> | 5.10% | <sup>(j)</sup> | 10/25/2070 | 6028089 | 6035469 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.572%<br>(30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 4080000 | 4133444 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3 Class M2<sup>†</sup> | 8.422%<br>(30 day USD SOFR Average + 4.35% |)<sup>#</sup> | 4/25/2042 | 2100000 | 2190737 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.322%<br>(30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 3120000 | 3279383 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01 Class 1M2<sup>†</sup> | 5.622%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 10/25/2041 | 2098178 | 2101947 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.472%<br>(30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 2247719 | 2296528 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 7.822%<br>(30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 6350000 | 6676517 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.372%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 1723004 | 1758110 |

---

282 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 7.972%<br>(30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | $2953524 | $3112474 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.372%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 3541960 | 3612579 |
| Federal National Mortgage Association-ACES Series 2025-M4 Class A2 | 4.389% |  | 8/25/2035 | 8570000 | 8578147 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 11/25/2051 | 3273074 | 2754050 |
| Flagstar Mortgage Trust Series 2021-3INV Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 6/25/2051 | 6853495 | 5783815 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | &nbsp;&nbsp;2.50% | <sup>#(g)</sup> | 6/1/2051 | 2504803 | 2115359 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 8/25/2051 | 3886849 | 3282525 |
| GCAT Trust Series 2022-INV1 Class A1<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 12/25/2051 | 7669752 | 6758614 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 4/25/2052 | 11791642 | 9951226 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 7/25/2051 | 6330843 | 5342737 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ9 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 2/26/2052 | 3478322 | 2935433 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 1/25/2053 | 10289482 | 9053776 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XB10<sup>†(i)</sup> | 0.723% | <sup>#(g)</sup> | 8/5/2034 | 19156000 | 2769 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XB7<sup>†(i)</sup> | 0.665% | <sup>#(g)</sup> | 8/5/2034 | 22024000 | 2597 |
| JP Morgan Mortgage Trust Series 2021-13 Class A3<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 4/25/2052 | 5086110 | 4292280 |
| JP Morgan Mortgage Trust Series 2021-14 Class A3<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 5/25/2052 | 733156 | 617812 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 6/25/2052 | 6221734 | 5482615 |
| JP Morgan Mortgage Trust Series 2021-8 Class A3<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 12/25/2051 | 2809959 | 2367740 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 5/25/2052 | 4673281 | 4118112 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 7/25/2052 | 4050020 | 3568893 |

---

*See Notes to Financial Statements.* 283

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| JP Morgan Mortgage Trust Series 2022-1 Class A3<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 7/25/2052 | $923169 | $779083 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 8/25/2052 | 7932143 | 6989834 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 10/25/2052 | 4699140 | 4140900 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 3/25/2052 | 10190400 | 8973207 |
| JP Morgan Mortgage Trust Series 2022-INV3 Class A3B<sup>†</sup> | 3.00% | <sup>#(g)</sup> | 9/25/2052 | 5980955 | 5251811 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†</sup> | 5.577% | <sup>#(g)</sup> | 9/25/2065 | 5712114 | 5767072 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> | 5.062% | <sup>#(g)</sup> | 2/25/2066 | 3318342 | 3324718 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.849% <br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 3990000 | 4001190 |
| MAD Commercial Mortgage Trust Series 2025-11MD Class A<sup>†</sup> | 4.912% | <sup>#(g)</sup> | 10/15/2042 | 4670000 | 4697879 |
| Mill City Mortgage Loan Trust Series 2021-NMR1 Class B4<sup>†</sup> | 3.753% | <sup>#(g)</sup> | 11/25/2060 | 3719000 | 2885490 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 5500000 | 5771307 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.835% | <sup>#(g)</sup> | 11/25/2059 | 4800000 | 3855768 |
| New Residential Mortgage Loan Trust Series 2025-NQM3 Class A1<sup>†</sup> | 5.53% | <sup>#(g)</sup> | 5/25/2065 | 6581131 | 6665029 |
| NYMT Loan Trust Series 2025-INV2 Class A1<sup>†</sup> | 5.00% | <sup>#(g)</sup> | 10/25/2060 | 4077593 | 4093466 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> | 4.905% | <sup>#(g)</sup> | 8/25/2065 | 3412188 | 3414483 |
| Rate Mortgage Trust Series 2021-HB1 Class A1<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 12/25/2051 | 8131564 | 6842111 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 6400000 | 6606491 |
| Sequoia Mortgage Trust Series 2025-S2 Class A1<sup>†</sup> | 4.00% | <sup>#(g)</sup> | 11/25/2055 | 2100000 | 1973700 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(g)</sup> | 2/25/2050 | 73079 | 70484 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.402% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 9040000 | 8972450 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class B<sup>†</sup> | 5.552% <br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 4/15/2042 | 6660000 | 6659883 |

---

284 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.069%<br>(1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | $4024141 | $4189755 |
| Verus Securitization Trust Series 2025-9 Class A1<sup>†</sup> | 4.935% | <sup>#(g)</sup> | 10/27/2070 | 4928641 | 4933983 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3 | 3.055% |  | 6/15/2052 | 6138436 | 5916801 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C61 Class A4 | 2.658% |  | 11/15/2054 | 6270000 | 5661125 |
| Wells Fargo Commercial Mortgage Trust Series 2022-C62 Class A4 | 4.00% | <sup>#(g)</sup> | 4/15/2055 | 5620000 | 5418123 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 5.65%<br>(1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 3422668 | 3427655 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 4860000 | 5173882 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 8250000 | 8672360 |
| Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class A5 | 5.292% |  | 10/15/2058 | 9590000 | 9974983 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2022-2 Class A2<sup>†</sup> | 2.50% | <sup>#(g)</sup> | 12/25/2051 | 976477 | 822218 |
| WFRBS Commercial Mortgage Trust Series 2014-C23 Class XA<sup>(i)</sup> | 0.211% | <sup>#(g)</sup> | 10/15/2057 | 4468487 | 47 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $456,484,402) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $456,484,402) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $456,484,402) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $456,484,402) |  | 463281619 |
| **U.S. TREASURY OBLIGATIONS 18.37%** |  |  |  |  |  |
| U.S. Treasury Bonds | 4.00% |  | 11/15/2042 | 59441000 | 55572691 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 132422900 | 128651951 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 114512000 | 114592516 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 122229000 | 124191349 |
| U.S. Treasury Bonds | 4.75% |  | 5/15/2055 | 110975000 | 112336177 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2027 | 78873000 | 79005482 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2030 | 79794000 | 79887509 |
| U.S. Treasury Notes | 4.625% |  | 2/15/2035 | 14978000 | 15734506 |
| *Total U.S. Treasury Obligations* (cost $699,640,965) | *Total U.S. Treasury Obligations* (cost $699,640,965) |  |  |  | 709972181 |
| *Total Long-Term Investments* (cost $4,477,117,231) | *Total Long-Term Investments* (cost $4,477,117,231) |  |  |  | 4527725030 |

---

*See Notes to Financial Statements.* 285

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br>Value** |
| **SHORT-TERM INVESTMENTS 1.78%** |  |  |
| **REPURCHASE AGREEMENTS 1.39%** |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $31,351,300 of U.S. Treasury Bill at 0.000% due 11/27/2026; value: $30,254,097; proceeds: $29,669,529 (cost $29,660,878) | $29660878 | $29660878 |
| Repurchase Agreement dated 11/28/2025, 4.100% due 12/1/2025 with RBC Dominion Securities, Inc. collateralized by $24,365,500 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $24,489,796; proceeds: $24,008,200 (cost $24,000,000) | 24000000 | 24000000 |
| *Total Repurchase Agreements* (cost $53,660,878) |  | 53660878 |
| **Time Deposits 0.04%** |  |  |
| CitiBank N.A.<sup>(k)</sup><br>(cost $1,527,182) | 1527182 | 1527182 |
|  | **Shares** |  |
| **Money Market Funds 0.35%** |  |  |
| Fidelity Government Portfolio<sup>(k)</sup> (cost $13,744,638) | 13744638 | 13744638 |
| *Total Short-Term Investments* (cost $68,932,698) |  | 68932698 |
| *Total Investments in Securities 118.93%* (cost $4,546,049,929) |  | 4596657728 |
| *Other Assets and Liabilities – Net*<sup>(l)</sup> *(18.93)%* |  | (731620737) |
| Net Assets 100.00% |  | $3865036991 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $1,531,009,875, which represents 39.61% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</sup> | Defaulted (non-income producing security). |
| <sup>(e)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(f)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(g)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(h)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |

---

286 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

TOTAL RETURN FUND *November 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest-only security. The principal amount shown is a notional amount representing
 the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments
 on the underlying debt obligation(s).

(j) Step Bond – Security with a predetermined schedule of interest rate changes.

(k) Security was purchased with the cash collateral from loaned securities.

(l) Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward
 foreign currency exchange contracts and futures contracts as follows:

**Forward Foreign Currency Exchange Contracts at November 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward<br> Foreign<br>Currency<br>Exchange<br>Contracts | Transaction<br> Type | Counterparty | Expiration<br> Date | Foreign<br> Currency | U.S. $Cost on<br>Origination<br>Date | U.S. $Current<br>Value | **Unrealized**<br> **Appreciation** |
| Canadian Dollar | Sell | Morgan Stanley | 1/23/2026 | 25642000 | $18698573 | $18397581 | $300992 |
| **Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br>Date** | **Foreign<br>Currency** | **U.S. $Cost on<br>Origination<br>Date** | **U.S. $Current<br>Value** | **Unrealized**<br>**Depreciation** |
| Canadian Dollar | Buy | Barclays Bank PLC | 1/23/2026 | 25642000 | $18636024 | $18397581 | $(238443) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** | **Futures Contracts at November 30, 2025:** |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | Unrealized<br> Appreciation |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 160 | Long | $18567511 | $18592500 | $24989 |
| U.S. 2-Year Treasury Note | March 2026 | 538 | Long | 112318699 | 112366344 | 47645 |
| U.S. 5-Year Treasury Note | March 2026 | 607 | Long | 66501754 | 66627734 | 125980 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $198614 |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $546971844 | $– | $546971844 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 301963 |  | 301963 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 76683683 | 35 | 76683718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 1542029901 |  | 1542029901 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 72802604 |  | 72802604 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 10582457 |  | 10582457 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 80288392 |  | 80288392 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1024810351 |  | 1024810351 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 463281619 |  | 463281619 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 709972181 |  | 709972181 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 53660878 |  | 53660878 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 1527182 |  | 1527182 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 13744638 | – | – | 13744638 |
| Total | $13744638 | $4582913055 | $35 | $4596657728 |

---

*See Notes to Financial Statements.* 287

**Schedule of Investments (concluded)**

TOTAL RETURN FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $300992 | $– | $300992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (238443) |  | (238443) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 198614 |  |  | 198614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $198614 | $62549 | $– | $261163 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

288 *See Notes to Financial Statements.*

**Schedule of Investments**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **LONG-TERM INVESTMENTS 88.48%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 28.82%** |  |  |  |  |
| **Automobiles 18.14%** |  |  |  |  |
| Ally Auto Receivables Trust Series 2024-2 Class A2 | 4.46% | 7/15/2027 | $1614664 | $1614848 |
| Ally Bank Auto Credit-Linked Notes Series 2024-A Class A2<sup>†</sup> | 5.681% | 5/17/2032 | 8919939 | 9076441 |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class B | 4.81% | 4/18/2028 | 4218317 | 4221758 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81% | 5/18/2028 | 18750479 | 18890721 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A2A | 5.75% | 2/18/2028 | 1172320 | 1173438 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A3 | 5.43% | 1/18/2029 | 23255000 | 23447982 |
| ARI Fleet Lease Trust Series 2024-B Class A2<sup>†</sup> | 5.54% | 4/15/2033 | 11766254 | 11852019 |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-1A Class A<sup>†</sup> | 1.38% | 8/20/2027 | 19015000 | 18732289 |
| Bank of America Auto Trust Series 2023-1A Class A3<sup>†</sup> | 5.53% | 2/15/2028 | 17131881 | 17252224 |
| Bank of America Auto Trust Series 2023-2A Class A3<sup>†</sup> | 5.74% | 6/15/2028 | 31579217 | 31897702 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 7059278 | 7113288 |
| Capital One Prime Auto Receivables Trust Series 2022-2 Class A3 | 3.66% | 5/17/2027 | 5578258 | 5574233 |
| CarMax Auto Owner Trust Series 2023-2 Class A3 | 5.05% | 1/18/2028 | 19339077 | 19423395 |
| CarMax Auto Owner Trust Series 2023-3 Class A3 | 5.28% | 5/15/2028 | 26940858 | 27130756 |
| CarMax Auto Owner Trust Series 2023-4 Class A3 | 6.00% | 7/17/2028 | 75753169 | 76678281 |
| CarMax Auto Owner Trust Series 2023-4 Class A4 | 5.96% | 5/15/2029 | 6002000 | 6184722 |
| CarMax Auto Owner Trust Series 2024-2 Class A2A | 5.65% | 5/17/2027 | 1070245 | 1071118 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% | 1/16/2029 | 46376000 | 46946935 |
| CarMax Auto Owner Trust Series 2025-1 Class A2A | 4.63% | 3/15/2028 | 16857426 | 16897017 |
| CarMax Auto Owner Trust Series 2025-3 Class A2A | 4.42% | 8/15/2028 | 35000000 | 35108983 |

---

See Notes to Financial Statements. 289

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| Carmax Select Receivables Trust Series 2024-A Class A2A | 5.78% | 9/15/2027 | $3136950 | $3144186 |
| CarMax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | 16400000 | 16552317 |
| CarMax Select Receivables Trust Series 2025-B Class A2 | 4.19% | 3/15/2029 | 14315000 | 14326044 |
| Carvana Auto Receivables Trust Series 2021-N1 Class B | 1.09% | 1/10/2028 | 2871948 | 2825017 |
| Carvana Auto Receivables Trust Series 2023-P5 Class A3<sup>†</sup> | 5.62% | 1/10/2029 | 5997362 | 6043045 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% | 5/15/2036 | 15207416 | 15375601 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% | 1/18/2028 | 14123273 | 14206134 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 42606076 | 42915506 |
| Credit Acceptance Auto Loan Trust Series 2023-1A Class A<sup>†</sup> | 6.48% | 3/15/2033 | 2849092 | 2854114 |
| Drive Auto Receivables Trust Series 2024-2 Class A3 | 4.50% | 9/15/2028 | 30000000 | 30044784 |
| Enterprise Fleet Financing LLC Series 2024-1 Class A2<sup>†</sup> | 5.23% | 3/20/2030 | 28276416 | 28495075 |
| Enterprise Fleet Financing LLC Series 2024-2 Class A2<sup>†</sup> | 5.74% | 12/20/2026 | 7209472 | 7240021 |
| Enterprise Fleet Financing LLC Series 2025-1 Class A2<sup>†</sup> | 4.65% | 10/20/2027 | 21115634 | 21191785 |
| Enterprise Fleet Financing LLC Series 2025-2 Class A2<sup>†</sup> | 4.51% | 2/22/2028 | 55000000 | 55242066 |
| Exeter Automobile Receivables Trust Series 2024-3A Class A3 | 5.65% | 12/15/2027 | 1203226 | 1203988 |
| Exeter Automobile Receivables Trust Series 2024-5A Class A3 | 4.45% | 3/15/2028 | 11831965 | 11835780 |
| Exeter Automobile Receivables Trust Series 2024-5A Class B | 4.48% | 4/16/2029 | 11000000 | 10999536 |
| Exeter Automobile Receivables Trust Series 2025-2A Class A3 | 4.74% | 1/16/2029 | 12340000 | 12377072 |
| Exeter Automobile Receivables Trust Series 2025-4A Class A2 | 4.53% | 3/15/2028 | 12000000 | 12012077 |
| Exeter Automobile Receivables Trust Series 2025-5A Class A3 | 4.24% | 11/15/2029 | 8840000 | 8856335 |
| Fifth Third Auto Trust Series 2023-1 Class A3 | 5.53% | 8/15/2028 | 48657950 | 49061252 |

---

290 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| First Investors Auto Owner Trust Series 2025-1A Class A2<sup>†</sup> | 4.31% | 12/15/2028 | $52000000 | $52089440 |
| Ford Credit Auto Lease Trust Series 2023-B Class B | 6.20% | 2/15/2027 | 10530000 | 10560564 |
| Ford Credit Auto Lease Trust Series 2024-A Class A3 | 5.06% | 5/15/2027 | 5309788 | 5320221 |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% | 6/15/2027 | 11665000 | 11737792 |
| Ford Credit Auto Lease Trust Series 2024-B Class A3 | 4.99% | 12/15/2027 | 24545000 | 24699049 |
| Ford Credit Auto Lease Trust Series 2025-A Class A2A | 4.57% | 8/15/2027 | 26069938 | 26130086 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 48500000 | 48000809 |
| Ford Credit Auto Owner Trust Series 2022-C Class B | 5.03% | 2/15/2028 | 8970000 | 9013621 |
| Ford Credit Auto Owner Trust Series 2023-C Class A3 | 5.53% | 9/15/2028 | 43354502 | 43765980 |
| Ford Credit Auto Owner Trust Series 2024-A Class A3 | 5.09% | 12/15/2028 | 21131736 | 21309247 |
| GLS Auto Receivables Issuer Trust Series 2022-2A Class D<sup>†</sup> | 6.15% | 4/17/2028 | 3718729 | 3747823 |
| GLS Auto Receivables Issuer Trust Series 2024-4A Class A3<sup>†</sup> | 4.75% | 7/17/2028 | 10622000 | 10653998 |
| GLS Auto Receivables Issuer Trust Series 2025-3A Class A2<sup>†</sup> | 4.52% | 7/17/2028 | 16000000 | 16034981 |
| GLS Auto Receivables Issuer Trust Series 2025-3A Class A3<sup>†</sup> | 4.44% | 3/15/2029 | 9850000 | 9891764 |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | 4605238 | 4658376 |
| GLS Auto Select Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 5.59% | 10/15/2029 | 15382473 | 15545296 |
| GM Financial Automobile Leasing Trust Series 2023-3 Class B | 5.88% | 8/20/2027 | 4690000 | 4702073 |
| GM Financial Automobile Leasing Trust Series 2024-2 Class A3 | 5.39% | 7/20/2027 | 54381292 | 54633773 |
| GM Financial Automobile Leasing Trust Series 2024-2 Class B | 5.56% | 5/22/2028 | 14760000 | 14939955 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 34303000 | 34350125 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-3 Class A3 | 5.45% | 6/16/2028 | 24893768 | 25076217 |

---

See Notes to Financial Statements. 291

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class A3 | 5.78% | 8/16/2028 | $52119949 | $52628879 |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class A3 | 5.10% | 3/16/2029 | 3181904 | 3208477 |
| Honda Auto Receivables Owner Trust Series 2023-1 Class A3 | 5.04% | 4/21/2027 | 12522155 | 12553660 |
| Honda Auto Receivables Owner Trust Series 2023-3 Class A3 | 5.41% | 2/18/2028 | 8716854 | 8782316 |
| Honda Auto Receivables Owner Trust Series 2023-4 Class A3 | 5.67% | 6/21/2028 | 73588136 | 74407393 |
| Honda Auto Receivables Owner Trust Series 2024-1 Class A3 | 5.21% | 8/15/2028 | 12419890 | 12529957 |
| Honda Auto Receivables Owner Trust Series 2024-2 Class A3 | 5.27% | 11/20/2028 | 65372000 | 65990288 |
| Honda Auto Receivables Owner Trust Series 2024-4 Class A2 | 4.56% | 3/15/2027 | 15083719 | 15099077 |
| Hyundai Auto Lease Securitization Trust Series 2024-B Class A3<sup>†</sup> | 5.41% | 5/17/2027 | 19990000 | 20096099 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A3<sup>†</sup> | 4.53% | 4/17/2028 | 50000000 | 50435710 |
| Hyundai Auto Lease Securitization Trust Series 2025-C Class A3<sup>†</sup> | 4.36% | 7/17/2028 | 26540000 | 26739804 |
| Hyundai Auto Receivables Trust Series 2022-C Class A4 | 5.52% | 10/16/2028 | 24168000 | 24383912 |
| Hyundai Auto Receivables Trust Series 2023-A Class A4 | 4.48% | 7/17/2028 | 4256000 | 4266521 |
| Hyundai Auto Receivables Trust Series 2023-B Class A3 | 5.48% | 4/17/2028 | 6536531 | 6584738 |
| Hyundai Auto Receivables Trust Series 2023-C Class A3 | 5.54% | 10/16/2028 | 35998520 | 36343854 |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% | 6/15/2028 | 2930000 | 2953875 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% | 8/15/2028 | 2814567 | 2831766 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% | 11/15/2027 | 3046285 | 3048022 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A2A<sup>†</sup> | 4.63% | 5/15/2028 | 9039272 | 9061700 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A3 | 5.32% | 1/18/2028 | 11045000 | 11157387 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A3 | 5.95% | 11/15/2028 | 18876484 | 19133789 |

---

292 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |  |  |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> |  | 5.82% |  | 4/20/2037 | $26330692 | $26508259 |
| Navistar Financial Dealer Note Master Owner Trust Series 2024-1 Class A<sup>†</sup> |  | 5.59% |  | 4/25/2029 | 32244000 | 32474351 |
| NextGear Floorplan Master Owner Trust Series 2023-1A Class A1<sup>†</sup> | 5.242%<br>(30 day USD SOFR Average + 1.10% | 5.242%<br>(30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 3/15/2028 | 19850000 | 19882326 |
| Nissan Auto Lease Trust Series 2025-B Class A2A |  | 4.44% |  | 3/15/2028 | 29500000 | 29636089 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 |  | 5.93% |  | 3/15/2028 | 13583609 | 13686291 |
| Nissan Auto Receivables Owner Trust Series 2024-A Class A3 | Nissan Auto Receivables Owner Trust Series 2024-A Class A3 | 5.28% |  | 12/15/2028 | 34965000 | 35258094 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> |  | 5.85% |  | 7/20/2028 | 3606565 | 3613721 |
| Octane Receivables Trust Series 2022-2A Class C<sup>†</sup> |  | 6.29% |  | 7/20/2028 | 3500000 | 3530182 |
| Octane Receivables Trust Series 2024-1A Class A2<sup>†</sup> |  | 5.68% |  | 5/20/2030 | 14743800 | 14857292 |
| OneMain Direct Auto Receivables Trust Series 2021-1A Class B<sup>†</sup> |  | 1.26% |  | 7/14/2028 | 34186859 | 34047188 |
| Porsche Financial Auto Securitization Trust Series 2023-2A Class A3<sup>†</sup> |  | 5.79% |  | 1/22/2029 | 10928931 | 11017918 |
| Porsche Innovative Lease Owner Trust Series 2024-2A Class A3<sup>†</sup> |  | 4.35% |  | 10/20/2027 | 34715000 | 34777966 |
| Santander Drive Auto Receivables Trust Series 2022-3 Class C |  | 4.49% |  | 8/15/2029 | 25935290 | 25943115 |
| Santander Drive Auto Receivables Trust Series 2022-4 Class C |  | 5.00% |  | 11/15/2029 | 15780486 | 15856419 |
| Santander Drive Auto Receivables Trust Series 2022-5 Class C |  | 4.74% |  | 10/16/2028 | 2234650 | 2236140 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class B |  | 5.61% |  | 7/17/2028 | 15677680 | 15733809 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 |  | 5.25% |  | 4/17/2028 | 3667160 | 3670946 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 |  | 5.63% |  | 11/15/2028 | 5654777 | 5677105 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 |  | 5.63% |  | 1/16/2029 | 11385882 | 11435690 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A2 |  | 4.88% |  | 9/15/2027 | 1208720 | 1209222 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class A2 |  | 4.76% |  | 8/16/2027 | 7579024 | 7581942 |

---

See Notes to Financial Statements. 293

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |
| Santander Drive Auto Receivables Trust Series 2025-3 Class A2 | 4.63% | 10/16/2028 | $51961443 | $52080186 |
| Santander Drive Auto Receivables Trust Series 2025-3 Class A3 | 4.38% | 1/15/2030 | 40455000 | 40651393 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class A2 | 4.28% | 1/15/2029 | 40000000 | 40022544 |
| SBNA Auto Lease Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 4/20/2028 | 22575000 | 22723264 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 13621220 | 13671652 |
| SCCU Auto Receivables Trust Series 2025-1A Class A2<sup>†</sup> | 4.67% | 11/15/2028 | 17250000 | 17295005 |
| Securitized Term Auto Receivables Trust Series 2025-A Class B<sup>†</sup> | 5.038% | 7/25/2031 | 4508984 | 4550523 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA Class A2<sup>†</sup> | 4.63% | 7/20/2027 | 12390475 | 12432969 |
| Toyota Auto Receivables Owner Trust Series 2023-C Class A3 | 5.16% | 4/17/2028 | 2321097 | 2334920 |
| Toyota Auto Receivables Owner Trust Series 2023-D Class A3 | 5.54% | 8/15/2028 | 29778515 | 30091749 |
| Toyota Auto Receivables Owner Trust Series 2024-A Class A3 | 4.83% | 10/16/2028 | 6729902 | 6768199 |
| Toyota Lease Owner Trust Series 2025-A Class A3<sup>†</sup> | 4.75% | 2/22/2028 | 30000000 | 30287934 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3 | 5.02% | 6/20/2028 | 16937797 | 17021387 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-2 Class A3 | 5.48% | 12/20/2028 | 51510610 | 52105856 |
| VStrong Auto Receivables Trust Series 2023-A Class B<sup>†</sup> | 7.11% | 2/15/2030 | 27770733 | 28241628 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 3363532 | 3379587 |
| Westlake Automobile Receivables Trust Series 2023-3A Class B<sup>†</sup> | 5.92% | 9/15/2028 | 11875000 | 11908999 |
| Westlake Automobile Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.44% | 5/17/2027 | 9684723 | 9694288 |
| Westlake Automobile Receivables Trust Series 2024-1A Class B<sup>†</sup> | 5.55% | 11/15/2027 | 37551000 | 37742506 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% | 2/15/2029 | 4800000 | 4847577 |
| Westlake Automobile Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.56% | 2/15/2028 | 35850000 | 36033262 |

---

294 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.62% |  | 3/15/2030 | $30925000 | $31231012 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A2B<sup>†</sup> | 4.712%<br>(30 day USD SOFR Average + 0.57% |)<sup>#</sup> | 9/15/2027 | 19238429 | 19250466 |
| Westlake Automobile Receivables Trust Series 2025-1A Class A2A<sup>†</sup> | 4.66% |  | 1/18/2028 | 16645040 | 16674448 |
| Westlake Automobile Receivables Trust Series 2025-2A Class A2A<sup>†</sup> | 4.66% |  | 9/15/2028 | 43000000 | 43123367 |
| Westlake Automobile Receivables Trust Series 2025-3A Class A2<sup>†</sup> | 4.31% |  | 4/17/2028 | 21500000 | 21519500 |
| Westlake Automobile Receivables Trust Series 2025-3A Class A3<sup>†</sup> | 4.22% |  | 6/15/2029 | 27000000 | 27058217 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 8163000 | 8183176 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% |  | 2/15/2029 | 29926439 | 30243307 |
| World Omni Auto Receivables Trust Series 2024-A Class A3 | 4.86% |  | 3/15/2029 | 27625240 | 27779665 |
| World Omni Select Auto Trust Series 2025-A Class A2A | 4.14% |  | 5/15/2030 | 17715000 | 17729796 |
| Total |  |  |  |  | 2721500746 |
| **Credit Card 1.11%** |  |  |  |  |  |
| Discover Card Execution Note Trust Series 2023-A2 Class A | 4.93% |  | 6/15/2028 | 11169000 | 11230021 |
| Evergreen Credit Card Trust Series 2024-CRT4 Class B<sup>†</sup> | 5.25% |  | 10/15/2028 | 15187000 | 15313668 |
| First National Master Note Trust Series 2023-1 Class A | 5.13% |  | 4/15/2029 | 20000000 | 20076072 |
| First National Master Note Trust Series 2023-2 Class A | 5.77% |  | 9/15/2029 | 84587000 | 85716076 |
| Synchrony Card Funding LLC Series 2023-A1 Class A | 5.54% |  | 7/15/2029 | 33891000 | 34209589 |
| Total |  |  |  |  | 166545426 |
| **Other 9.57%** |  |  |  |  |  |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.06%<br>(3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 33280000 | 33313180 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 37320000 | 37414726 |

---

See Notes to Financial Statements. 295

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | $16650000 | $16692937 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 18510000 | 18669447 |
| Allegro CLO VII Ltd. Series 2018-1A Class AR<sup>†</sup> | 5.035%<br>(3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 6/13/2031 | 2924470 | 2925502 |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | 23246974 | 23514291 |
| Apex Credit CLO Ltd. Series 2018-2A Class AR3<sup>†</sup> | 4.834%<br>(3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 10/20/2031 | 4584954 | 4576948 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 3583223 | 3303169 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 4.90%<br>(3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 24350000 | 24327525 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 4.925%<br>(3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 7/24/2034 | 10680000 | 10678932 |
| Battalion CLO XI Ltd. Series 2017-11A Class AR2<sup>†</sup> | 4.995%<br>(3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 4/24/2034 | 18500000 | 18494154 |
| Black Diamond CLO Ltd. Series 2021-1A Class A1AR<sup>†</sup> | 5.107%<br>(3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 11/22/2034 | 17540000 | 17450248 |
| Buckhorn Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 4.954%<br>(3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 7/18/2034 | 67340000 | 67374411 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 4.935%<br>(3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 42700000 | 42691076 |
| Canyon CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 4.995%<br>(3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 7/15/2034 | 22150000 | 22141096 |
| Carlyle U.S. CLO Ltd. Series 2020-2A Class A1R2<sup>†</sup> | 4.938%<br>(3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 1/25/2035 | 17325000 | 17307554 |
| Carlyle U.S. CLO Ltd. Series 2021-9A Class AR<sup>†</sup> | 4.994%<br>(3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 60250000 | 60268015 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 4.852%<br>(3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 66577109 | 66643819 |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 4.928%<br>(3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | 18250000 | 18261370 |
| Columbia Cent CLO 30 Ltd. Series 2020-30A Class A1R2<sup>†</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 1/20/2034 | 28000000 | 28012516 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 4.984%<br>(3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 28180000 | 28052880 |

---

296 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Dell Equipment Finance Trust Series 2024-1 Class A3<sup>†</sup> | 5.39% |  | 3/22/2030 | $29892262 | $30107339 |
| Dell Equipment Finance Trust Series 2025-1 Class A3<sup>†</sup> | 4.61% |  | 2/24/2031 | 10000000 | 10096572 |
| DLLAD LLC Series 2025-1A Class A2<sup>†</sup> | 4.46% |  | 11/20/2028 | 24000000 | 24134030 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 4.954%<br>(3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 34390000 | 34391582 |
| Dryden 86 CLO Ltd. Series 2020-86A Class A1R2<sup>†</sup> | 5.012%<br>(3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/17/2034 | 39670000 | 39742556 |
| Flatiron RR CLO 22 LLC Series 2021-2A Class AR<sup>†</sup> | 4.815%<br>(3 mo. USD Term SOFR + 0.91% |)<sup>#</sup> | 10/15/2034 | 10800000 | 10785485 |
| FS Rialto Issuer LLC Series 2021-FL2 Class A<sup>†</sup> | 5.293%<br>(1 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 5/16/2038 | 3717373 | 3718424 |
| GreatAmerica Leasing Receivables Funding LLC Series 2025-1 Class A2<sup>†</sup> | 4.52% |  | 10/15/2027 | 17750000 | 17809360 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A Class A2<sup>†</sup> | 5.12% |  | 3/25/2060 | 3030916 | 3044445 |
| GreenSky Home Improvement Issuer Trust Series 2025-2A Class A2<sup>†</sup> | 4.93% |  | 6/25/2060 | 12828603 | 12872426 |
| GreenSky Home Improvement Trust Series 2024-1 Class A2<sup>†</sup> | 5.88% |  | 6/25/2059 | 2460817 | 2472802 |
| HPEFS Equipment Trust Series 2025-1A Class A2<sup>†</sup> | 4.49% |  | 9/20/2032 | 26000000 | 26106054 |
| KKR CLO 26 Ltd. Series 26 Class ARR<sup>†</sup> | 5.005%<br>(3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 10/15/2034 | 28900000 | 28899827 |
| KKR CLO 34 Ltd. Series 34A Class AR<sup>†</sup> | 5.005%<br>(3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 7/15/2034 | 29350000 | 29342721 |
| LCM 33 Ltd. Series 33A Class AR<sup>†</sup> | 5.064%<br>(3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/20/2034 | 20390000 | 20396056 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 19393729 | 19035276 |
| Madison Park Funding XIV Ltd. Series 2014-14A Class AR4<sup>†</sup> | 4.817%<br>(3 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 10/22/2030 | 21439728 | 21457244 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 5685000 | 5584100 |
| MF1 Ltd. Series 2021-FL6 Class A<sup>†</sup> | 5.177%<br>(1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 7/16/2036 | 83299 | 83283 |
| Navesink CLO 1 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.538%<br>(3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 10200000 | 10222970 |

---

See Notes to Financial Statements. 297

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Octagon Investment Partners 44 Ltd. Series 2019-1A Class AR2<sup>†</sup> | 5.055%<br>(3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 10/15/2034 | $22510000 | $22510000 |
| OneMain Financial Issuance Trust Series 2021-1A Class A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 19200000 | 18628921 |
| OneMain Financial Issuance Trust Series 2022-2A Class A<sup>†</sup> | 4.89% |  | 10/14/2034 | 6151542 | 6157044 |
| Palmer Square CLO Ltd. Series 2015-1A Class A1A5<sup>†</sup> | 4.919%<br>(3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 5/21/2034 | 17730000 | 17735106 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.79% |  | 6/21/2027 | 16457388 | 16589217 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A3<sup>†</sup> | 5.64% |  | 11/20/2030 | 8075000 | 8287594 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 5842578 | 5855233 |
| PEAC Solutions Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.94% |  | 10/20/2028 | 26130000 | 26299615 |
| PFS Financing Corp. Series 2023-A Class A<sup>†</sup> | 5.80% |  | 3/15/2028 | 64075000 | 64384341 |
| Post CLO Ltd. Series 2021-1A Class AR<sup>†</sup> | 4.985%<br>(3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 10/15/2034 | 50000000 | 49940200 |
| Post Road Equipment Finance LLC Series 2024-1A Class A2<sup>†</sup> | 5.59% |  | 11/15/2029 | 10132924 | 10178534 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.90% |  | 5/15/2031 | 35001337 | 35261950 |
| RCKT Trust Series 2025-1A Class A<sup>†</sup> | 4.90% |  | 7/25/2034 | 8721080 | 8743718 |
| SCF Equipment Leasing LLC Series 2025-2A Class A2<sup>†</sup> | 4.26% |  | 12/22/2031 | 36000000 | 36111132 |
| SCF Equipment Trust LLC Series 2025-1A Class A2<sup>†</sup> | 4.82% |  | 7/22/2030 | 18306925 | 18367783 |
| Signal Peak CLO 4 Ltd. Series 2017-4A Class AR2<sup>†</sup> | 4.978%<br>(3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 10/26/2034 | 36360000 | 36378071 |
| TICP CLO VII Ltd. Series 2017-7A Class ASR2<sup>†</sup> | 5.205%<br>(3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 4/15/2033 | 36000548 | 36008181 |
| T-Mobile U.S. Trust Series 2024-1A Class A<sup>†</sup> | 5.05% |  | 9/20/2029 | 28437000 | 28618906 |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.134%<br>(3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | 24140000 | 24112480 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 4.924%<br>(3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 10000000 | 9999910 |
| Verdant Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.68% |  | 12/12/2031 | 19323617 | 19697811 |

---

298 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Other (continued)** |  |  |  |  |  |
| Verdant Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.85% |  | 3/13/2028 | $11955000 | $12008011 |
| Volvo Financial Equipment LLC Series 2024-1A Class A2<sup>†</sup> | 4.56% |  | 5/17/2027 | 10487154 | 10504150 |
| Total |  |  |  |  | 1434794256 |
| *Total Asset-Backed Securities* (cost $4,313,829,775) |  |  |  |  | 4322840428 |
| **CORPORATE BONDS 47.20%** |  |  |  |  |  |
| **Aerospace/Defense 1.16%** |  |  |  |  |  |
| Boeing Co. | 2.196% |  | 2/4/2026 | 110914000 | 110470997 |
| Boeing Co. | 2.70% |  | 2/1/2027 | 13772000 | 13550837 |
| Boeing Co. | 2.75% |  | 2/1/2026 | 26484000 | 26408957 |
| Boeing Co. | 2.80% |  | 3/1/2027 | 5000000 | 4911848 |
| Boeing Co. | 3.10% |  | 5/1/2026 | 18634000 | 18548791 |
| Total |  |  |  |  | 173891430 |
| **Agriculture 0.39%** |  |  |  |  |  |
| Bunge Ltd. Finance Corp. | 2.00% |  | 4/21/2026 | 14303000 | 14182704 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 3.50% |  | 7/26/2026 | 2091000 | 2081358 |
| Philip Morris International, Inc. | 4.89%<br>(SOFR + 0.83% |)<sup>#</sup> | 4/28/2028 | 41385000 | 41666197 |
| Total |  |  |  |  | 57930259 |
| **Airlines 0.22%** |  |  |  |  |  |
| American Airlines Pass-Through Trust Class A | 3.375% |  | 11/1/2028 | 16163009 | 15936280 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 16720668 | 17100082 |
| Total |  |  |  |  | 33036362 |
| **Auto Manufacturers 4.72%** |  |  |  |  |  |
| American Honda Finance Corp. | 4.55% |  | 7/9/2027 | 43508000 | 43934582 |
| American Honda Finance Corp. | 4.612%<br>(SOFR + 0.55% |)<sup>#</sup> | 5/21/2026 | 30000000 | 30040820 |
| American Honda Finance Corp. | 4.802%<br>(SOFR + 0.71% |)<sup>#</sup> | 1/9/2026 | 44151000 | 44174637 |
| American Honda Finance Corp. | 4.802%<br>(SOFR + 0.71% |)<sup>#</sup> | 7/9/2027 | 22231000 | 22239305 |
| American Honda Finance Corp. | 4.902%<br>(SOFR + 0.73% |)<sup>#</sup> | 3/8/2027 | 43359000 | 43474917 |
| American Honda Finance Corp. | 4.918%<br>(SOFR + 0.77% |)<sup>#</sup> | 3/12/2027 | 26612000 | 26673044 |
| BMW U.S. Capital LLC<sup>†</sup> | 4.761%<br>(SOFR + 0.71% |)<sup>#</sup> | 8/11/2027 | 21618000 | 21677342 |

---

See Notes to Financial Statements. 299

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| BMW U.S. Capital LLC<sup>†</sup> | 4.854%<br>(SOFR + 0.80% |)<sup>#</sup> | 8/13/2026 | $13000000 | $13039061 |
| BMW U.S. Capital LLC<sup>†</sup> | 4.899%<br>(SOFR + 0.78% |)<sup>#</sup> | 3/19/2027 | 28359000 | 28454293 |
| Daimler Truck Finance North America LLC<sup>†</sup> | 5.075%<br>(SOFR + 0.96% |)<sup>#</sup> | 9/25/2027 | 23668000 | 23741324 |
| Ford Motor Credit Co. LLC | 4.389% |  | 1/8/2026 | 20033000 | 20029807 |
| Ford Motor Credit Co. LLC | 5.497%<br>(SOFR + 1.45% |)<sup>#</sup> | 11/5/2026 | 33421000 | 33502575 |
| Ford Motor Credit Co. LLC | 6.95% |  | 6/10/2026 | 14118000 | 14263783 |
| Ford Motor Credit Co. LLC | 7.122%<br>(SOFR + 2.95% |)<sup>#</sup> | 3/6/2026 | 3493000 | 3511588 |
| General Motors Financial Co., Inc. | 5.139%<br>(SOFR + 1.05% |)<sup>#</sup> | 7/15/2027 | 44543000 | 44596195 |
| General Motors Financial Co., Inc. | 5.398%<br>(SOFR + 1.35% |)<sup>#</sup> | 5/8/2027 | 26796000 | 26929881 |
| Hyundai Capital America<sup>†</sup> | 4.30% |  | 9/24/2027 | 6000000 | 6014503 |
| Hyundai Capital America<sup>†</sup> | 5.234%<br>(SOFR + 1.12% |)<sup>#</sup> | 6/23/2027 | 30538000 | 30702537 |
| Hyundai Capital America<sup>†</sup> | 5.592%<br>(SOFR + 1.50% |)<sup>#</sup> | 1/8/2027 | 30859000 | 31142257 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 4.696%<br>(SOFR + 0.63% |)<sup>#</sup> | 7/31/2026 | 26583000 | 26625986 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 4.906%<br>(SOFR + 0.85% |)<sup>#</sup> | 11/15/2027 | 44391000 | 44694556 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 1.711% |  | 1/29/2027 | 12512000 | 12128855 |
| Stellantis Finance U.S., Inc.<sup>†(b)</sup> | 5.625% |  | 1/12/2028 | 8766000 | 8937607 |
| Toyota Motor Credit Corp. | 4.749%<br>(SOFR + 0.65% |)<sup>#</sup> | 1/5/2026 | 53162000 | 53181668 |
| Toyota Motor Credit Corp. | 4.817%<br>(SOFR + 0.77% |)<sup>#</sup> | 8/7/2026 | 3000000 | 3010960 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.945%<br>(SOFR + 0.83% |)<sup>#</sup> | 3/20/2026 | 24100000 | 24132206 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.30% |  | 3/22/2027 | 26160000 | 26485586 |
| Total |  |  |  |  | 707339875 |
| **Banks 21.82%** |  |  |  |  |  |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(a)</sup> | 4.89%<br>(SOFR + 0.81% |)<sup>#</sup> | 1/18/2027 | 26601000 | 26725103 |
| Bank of America Corp. | 1.658%<br>(SOFR + 0.91% |)<sup>#</sup> | 3/11/2027 | 74432000 | 73899391 |

---

300 See Notes to Financial Statements.

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 3.705%<br>(3 mo. USD Term SOFR + 1.77% |)<sup>#</sup> | 4/24/2028 | $21959000 | $21849835 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br>(1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 51276000 | 50391535 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 5.312%<br>(SOFR + 1.16% |)<sup>#</sup> | 12/11/2026 | 26605000 | 26826270 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 2.279%<br>(1 yr. CMT + 1.05% |)<sup>#</sup> | 11/24/2027 | 10513000 | 10318102 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 7.385%<br>(1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 17232000 | 18238490 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.323%<br>(SOFR + 1.00% |)<sup>#</sup> | 1/13/2027 | 25480000 | 25387686 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.904%<br>(SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 56367000 | 54021147 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 3.50% |  | 11/16/2027 | 20000000 | 19757761 |
| BPCE SA (France)<sup>†(a)</sup> | 2.045%<br>(SOFR + 1.09% |)<sup>#</sup> | 10/19/2027 | 21220000 | 20831048 |
| BPCE SA (France)<sup>†(a)</sup> | 5.975%<br>(SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | 46664000 | 46753367 |
| CaixaBank SA (Spain)<sup>†(a)</sup> | 6.208%<br>(SOFR + 2.70% |)<sup>#</sup> | 1/18/2029 | 26896000 | 28008290 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(a)</sup> | 5.082%<br>(SOFR + 0.93% |)<sup>#</sup> | 9/11/2027 | 43390000 | 43538205 |
| Capital One NA | 3.45% |  | 7/27/2026 | 22030000 | 21934651 |
| Citibank NA | 4.756%<br>(SOFR + 0.71% |)<sup>#</sup> | 8/6/2026 | 18165000 | 18215235 |
| Citibank NA | 4.772%<br>(SOFR + 0.71% |)<sup>#</sup> | 11/19/2027 | 43762000 | 43863729 |
| Citibank NA | 4.851%<br>(SOFR + 0.78% |)<sup>#</sup> | 5/29/2027 | 50000000 | 50256498 |
| Citigroup, Inc. | 3.07%<br>(SOFR + 1.28% |)<sup>#</sup> | 2/24/2028 | 28059000 | 27707378 |
| Citigroup, Inc. | 3.52%<br>(3 mo. USD Term SOFR + 1.41% |)<sup>#</sup> | 10/27/2028 | 53607000 | 53065240 |
| Citigroup, Inc. | 3.668%<br>(3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/24/2028 | 23708000 | 23546134 |
| Citigroup, Inc. | 3.887%<br>(3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 9432000 | 9408493 |
| Citigroup, Inc. | 5.194%<br>(SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 50000000 | 50312962 |
| Citizens Financial Group, Inc. | 2.85% |  | 7/27/2026 | 26204000 | 25978988 |

---

See Notes to Financial Statements. 301

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 1.549%<br>(1 yr. CMT + 0.73% |)<sup>#</sup> | 9/10/2027 | $46836000 | $45942160 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 4.298%<br>(1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 7533000 | 7541884 |
| Goldman Sachs Bank USA | 4.893%<br>(SOFR + 0.77% |)<sup>#</sup> | 3/18/2027 | 44364000 | 44428726 |
| Goldman Sachs Bank USA | 5.414%<br>(SOFR + 0.75% |)<sup>#</sup> | 5/21/2027 | 44883000 | 45157604 |
| Goldman Sachs Group, Inc. | 1.431%<br>(SOFR + 0.80% |)<sup>#</sup> | 3/9/2027 | 93080000 | 92379450 |
| Goldman Sachs Group, Inc. | 1.542%<br>(SOFR + 0.82% |)<sup>#</sup> | 9/10/2027 | 16585000 | 16255301 |
| Goldman Sachs Group, Inc. | 1.948%<br>(SOFR + 0.91% |)<sup>#</sup> | 10/21/2027 | 163600000 | 160400902 |
| Goldman Sachs Group, Inc. | 2.64%<br>(SOFR + 1.11% |)<sup>#</sup> | 2/24/2028 | 3601000 | 3536762 |
| Goldman Sachs Group, Inc. | 5.362%<br>(SOFR + 1.29% |)<sup>#</sup> | 4/23/2028 | 27595000 | 27830756 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)(b)</sup> | 1.589%<br>(SOFR + 1.29% |)<sup>#</sup> | 5/24/2027 | 8653000 | 8543240 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.041%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 3/13/2028 | 13065000 | 13043271 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 5.13%<br>(SOFR + 1.04% |)<sup>#</sup> | 11/19/2028 | 30000000 | 30562943 |
| HSBC USA, Inc. | 5.14%<br>(SOFR + 0.96% |)<sup>#</sup> | 3/4/2027 | 26831000 | 26984591 |
| Huntington National Bank | 4.81%<br>(SOFR + 0.72% |)<sup>#</sup> | 4/12/2028 | 40380000 | 40370441 |
| JPMorgan Chase Bank NA | 5.172%<br>(SOFR + 1.00% |)<sup>#</sup> | 12/8/2026 | 26705000 | 26921669 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 4.65% |  | 3/24/2026 | 69118000 | 69159117 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 5.023%<br>(SOFR + 0.92% |)<sup>#</sup> | 7/2/2027 | 22238000 | 22455239 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 1.34%<br>(SOFR + 1.07% |)<sup>#</sup> | 1/12/2027 | 14900000 | 14848309 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 1.935%<br>(SOFR + 1.00% |)<sup>#</sup> | 4/14/2028 | 12269000 | 11913200 |
| Morgan Stanley Bank NA | 4.447%<br>(SOFR + 0.68% |)<sup>#</sup> | 10/15/2027 | 15470000 | 15522937 |
| Morgan Stanley Bank NA | 4.774%<br>(SOFR + 0.69% |)<sup>#</sup> | 10/15/2027 | 44357000 | 44457498 |

---

302 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley Private Bank NA | 4.204%<br>(SOFR + 0.78% |)<sup>#</sup> | 11/17/2028 | $48424000 | $48517160 |
| Morgan Stanley Private Bank NA | 4.863%<br>(SOFR + 0.77% |)<sup>#</sup> | 7/6/2028 | 43274000 | 43374683 |
| National Australia Bank Ltd. (Australia)<sup>†(a)</sup> | 4.669%<br>(SOFR + 0.60% |)<sup>#</sup> | 10/26/2027 | 30100000 | 30240504 |
| National Australia Bank Ltd. (Australia)<sup>†(a)</sup> | 4.806%<br>(SOFR + 0.65% |)<sup>#</sup> | 12/10/2025 | 17634000 | 17635922 |
| National Bank of Canada (Canada)<sup>(a)</sup> | 4.702%<br>(SOFR + 0.56% |)<sup>#</sup> | 3/5/2027 | 30816000 | 30850076 |
| National Bank of Canada (Canada)<sup>(a)</sup> | 5.01%<br>(SOFR + 0.90% |)<sup>#</sup> | 3/25/2027 | 41500000 | 41557353 |
| National Securities Clearing Corp.<sup>†</sup> | 5.15% |  | 6/26/2026 | 27884000 | 28075004 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 1.642%<br>(1 yr. CMT + 0.90% |)<sup>#</sup> | 6/14/2027 | 14353000 | 14158334 |
| NatWest Markets PLC (United Kingdom)<sup>†(a)</sup> | 5.065%<br>(SOFR + 0.95% |)<sup>#</sup> | 3/21/2028 | 31796000 | 31982057 |
| PNC Bank NA | 4.543%<br>(SOFR + 0.63% |)<sup>#</sup> | 5/13/2027 | 37972000 | 38030868 |
| PNC Bank NA | 4.589%<br>(SOFR + 0.5% |)<sup>#</sup> | 1/15/2027 | 38927000 | 38941405 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 4.80%<br>(SOFR + 0.72% |)<sup>#</sup> | 10/18/2027 | 34533000 | 34633469 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 4.862%<br>(SOFR + 0.79% |)<sup>#</sup> | 7/23/2027 | 35810000 | 35908250 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.03%<br>(SOFR + 0.95% |)<sup>#</sup> | 1/19/2027 | 22170000 | 22313711 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.16%<br>(SOFR + 1.08% |)<sup>#</sup> | 7/20/2026 | 43671000 | 43941457 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 1.673%<br>(SOFR + 0.99% |)<sup>#</sup> | 6/14/2027 | 148346000 | 146272070 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 3.823%<br>(3 mo. USD LIBOR + 1.40% |)<sup>#</sup> | 11/3/2028 | 61803000 | 61328224 |
| Skandinaviska Enskilda Banken AB (Sweden)<sup>†(a)</sup> | 5.066%<br>(SOFR + 0.89% |)<sup>#</sup> | 3/5/2027 | 22357000 | 22496761 |
| Societe Generale SA (France)<sup>†(a)</sup> | 1.488%<br>(1 yr. CMT + 1.10% |)<sup>#</sup> | 12/14/2026 | 10512000 | 10498000 |
| Societe Generale SA (France)<sup>†(a)</sup> | 1.792%<br>(1 yr. CMT + 1.00% |)<sup>#</sup> | 6/9/2027 | 15000000 | 14798155 |

---

*See Notes to Financial Statements.* 303

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal <br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| Societe Generale SA (France)<sup>†(a)</sup> | 2.797%<br>(1 yr. CMT + 1.30% |)<sup>#</sup> | 1/19/2028 | $61655000 | $60579171 |
| Societe Generale SA (France)<sup>†(a)</sup> | 5.16%<br>(SOFR + 1.10% |)<sup>#</sup> | 2/19/2027 | 30443000 | 30544443 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 2.608%<br>(1 yr. CMT + 1.18% |)<sup>#</sup> | 1/12/2028 | 20344000 | 19988488 |
| State Street Bank & Trust Co. | 4.526%<br>(SOFR + 0.46% |)<sup>#</sup> | 11/25/2026 | 13196000 | 13235890 |
| State Street Corp. | 4.543%<br>(SOFR + 0.95% |)<sup>#</sup> | 4/24/2028 | 11428000 | 11525206 |
| State Street Corp. | 4.713%<br>(SOFR + 0.64% |)<sup>#</sup> | 10/22/2027 | 16201000 | 16273828 |
| State Street Corp. | 4.892%<br>(SOFR + 0.85% |)<sup>#</sup> | 8/3/2026 | 43600000 | 43735957 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(a)</sup> | 5.393%<br>(SOFR + 1.30% |)<sup>#</sup> | 7/13/2026 | 21769000 | 21911629 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan)<sup>†(a)</sup> | 5.156%<br>(SOFR + 0.98% |)<sup>#</sup> | 9/10/2027 | 21412000 | 21644700 |
| Svenska Handelsbanken AB (Sweden)<sup>†(a)</sup> | 5.394%<br>(SOFR + 1.25% |)<sup>#</sup> | 6/15/2026 | 39406000 | 39599844 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 5.524%<br>(SOFR + 1.38% |)<sup>#</sup> | 6/15/2026 | 41440000 | 41673319 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 4.748%<br>(SOFR + 0.62% |)<sup>#</sup> | 12/17/2026 | 43904000 | 44056030 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 4.875%<br>(SOFR + 0.82% |)<sup>#</sup> | 1/31/2028 | 33211000 | 33339688 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 5.163%<br>(SOFR + 1.08% |)<sup>#</sup> | 7/17/2026 | 43611000 | 43828602 |
| Truist Bank | 4.671%<br>(SOFR + 0.59% |)<sup>#</sup> | 5/20/2027 | 30813000 | 30882146 |
| Truist Bank | 4.84%<br>(SOFR + 0.77% |)<sup>#</sup> | 7/24/2028 | 34591000 | 34615287 |
| U.S. Bank NA | 4.763%<br>(SOFR + 0.69% |)<sup>#</sup> | 10/22/2027 | 51851000 | 52005463 |
| U.S. Bank NA | 4.966%<br>(SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 45959000 | 46156089 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.305%<br>(SOFR + 0.98% |)<sup>#</sup> | 2/2/2027 | 26412000 | 26279690 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.494%<br>(1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 56134000 | 55090893 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 3.869%<br> (3 mo. USD LIBOR + 1.41% |)<sup>#</sup> | 1/12/2029 | 24699000 | 24553655 |

---

304 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Banks (continued)** |  |  |  |  |  |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.253% |  | 3/23/2028 | $32802000 | $32827311 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.282% |  | 1/9/2028 | 64233000 | 64338094 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.703%<br>(1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 34683000 | 34795626 |
| Wells Fargo & Co. | 4.90%<br>(SOFR + 0.78% |)<sup>#</sup> | 1/24/2028 | 51400000 | 51847683 |
| Wells Fargo Bank NA | 5.107%<br>(SOFR + 1.06% |)<sup>#</sup> | 8/7/2026 | 44218000 | 44438817 |
| Zions Bancorp NA | 4.704%<br>(SOFR + 1.16% |)<sup>#</sup> | 8/18/2028 | 18812000 | 18798950 |
| *Total* |  |  |  |  | 3273211500 |
| **Beverages 0.60%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 2.75% |  | 7/15/2026 | 37279000 | 36902928 |
| JDE Peet's NV (Netherlands)<sup>†(a)</sup> | 1.375% |  | 1/15/2027 | 27941000 | 27045820 |
| Keurig Dr. Pepper, Inc. | 5.024%<br>(SOFR + 0.88% |)<sup>#</sup> | 3/15/2027 | 26617000 | 26631759 |
| *Total* |  |  |  |  | 90580507 |
| **Biotechnology 0.20%** |  |  |  |  |  |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 6466000 | 6485394 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 9047000 | 9292832 |
| Royalty Pharma PLC | 1.75% |  | 9/2/2027 | 15283000 | 14674530 |
| *Total* |  |  |  |  | 30452756 |
| **Building Materials 0.28%** |  |  |  |  |  |
| Amrize Finance U.S. LLC<sup>†</sup> | 4.60% |  | 4/7/2027 | 42162000 | 42427665 |
| **Chemicals 0.17%** |  |  |  |  |  |
| CF Industries, Inc.<sup>†</sup> | 4.50% |  | 12/1/2026 | 25315000 | 25398193 |
| **Commercial Services 0.10%** |  |  |  |  |  |
| GXO Logistics, Inc.<sup>(b)</sup> | 1.65% |  | 7/15/2026 | 15777000 | 15518307 |
| **Computers 0.08%** |  |  |  |  |  |
| Hewlett Packard Enterprise Co. | 4.45% |  | 9/25/2026 | 11388000 | 11424134 |
| **Diversified Financial Services 2.31%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 1.75% |  | 1/30/2026 | 6378000 | 6352547 |
| Air Lease Corp. | 3.75% |  | 6/1/2026 | 13089000 | 13056282 |
| Air Lease Corp. | 5.30% |  | 6/25/2026 | 38117000 | 38351584 |
| Air Lease Corp. | 5.30% |  | 2/1/2028 | 23845000 | 24273897 |

---

*See Notes to Financial Statements.* 305

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Air Lease Corp. | 5.85% |  | 12/15/2027 | $44645000 | $45957820 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% |  | 1/15/2028 | 4415000 | 4560831 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 16967000 | 16900732 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 9/20/2026 | 17121000 | 16812532 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% |  | 2/21/2026 | 13636000 | 13552585 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.528% |  | 11/18/2027 | 31445000 | 30438845 |
| Equitable America Global Funding<sup>†</sup> | 3.95% |  | 9/15/2027 | 14152000 | 14136500 |
| Jefferies Financial Group, Inc. | 4.75% |  | 8/11/2026 | 60530000 | 60594108 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 16696000 | 16702376 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 8539000 | 8528181 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 5.834%<br>(SOFR + 1.69% |)<sup>#</sup> | 9/15/2028 | 36610000 | 36776137 |
| *Total* |  |  |  |  | 346994957 |
| **Electric 1.53%** |  |  |  |  |  |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% | <sup>(c)</sup> | 6/15/2026 | 15377000 | 15456971 |
| Cleco Corporate Holdings LLC | 3.743% |  | 5/1/2026 | 4754000 | 4736945 |
| Consolidated Edison Co. of New York, Inc. | 4.577%<br>(SOFR + 0.52% |)<sup>#</sup> | 11/18/2027 | 13174000 | 13204544 |
| Duke Energy Progress LLC | 4.35% |  | 3/6/2027 | 15894000 | 16002718 |
| Emera U.S. Finance LP | 3.55% |  | 6/15/2026 | 9498000 | 9457806 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 13000000 | 12827009 |
| Georgia Power Co. | 4.424%<br>(SOFR + 0.28% |)<sup>#</sup> | 9/15/2026 | 30747000 | 30750476 |
| NextEra Energy Capital Holdings, Inc. | 4.685% |  | 9/1/2027 | 19071000 | 19277963 |
| NextEra Energy Capital Holdings, Inc. | 4.853%<br>(SOFR + 0.80% |)<sup>#</sup> | 2/4/2028 | 24870000 | 25046953 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% |  | 12/2/2025 | 32139000 | 32136865 |
| NRG Energy, Inc.<sup>†</sup> | 2.45% |  | 12/2/2027 | 22751000 | 21899337 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% |  | 1/30/2027 | 25883000 | 25709066 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% |  | 12/30/2026 | 2943000 | 2970299 |
| *Total* |  |  |  |  | 229476952 |
| **Electronics 0.09%** |  |  |  |  |  |
| Vontier Corp. | 1.80% |  | 4/1/2026 | 14104000 | 13977684 |
| **Food 0.22%** |  |  |  |  |  |
| Conagra Brands, Inc. | 1.375% |  | 11/1/2027 | 10663000 | 10112700 |
| Flowers Foods, Inc. | 3.50% |  | 10/1/2026 | 23525000 | 23380985 |
| *Total* |  |  |  |  | 33493685 |

---

306 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Gas 0.25%** |  |  |  |  |  |
| National Fuel Gas Co. | 5.50% |  | 10/1/2026 | $6726000 | $6801722 |
| Spire, Inc. | 5.30% |  | 3/1/2026 | 30294000 | 30370942 |
| *Total* |  |  |  |  | 37172664 |
| **Health Care-Services 0.29%** |  |  |  |  |  |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% |  | 12/1/2026 | 25599000 | 25003620 |
| HCA, Inc. | 4.941%<br>(SOFR + 0.87% |)<sup>#</sup> | 3/1/2028 | 12336000 | 12406797 |
| UnitedHealth Group, Inc. | 4.589%<br>(SOFR + 0.50% |)<sup>#</sup> | 7/15/2026 | 6677000 | 6685537 |
| *Total* |  |  |  |  | 44095954 |
| **Insurance 4.63%** |  |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% |  | 4/16/2027 | 14595000 | 14833311 |
| Athene Global Funding<sup>†</sup> | 1.73% |  | 10/2/2026 | 14261000 | 13979601 |
| Athene Global Funding<sup>†</sup> | 2.50% |  | 3/24/2028 | 10000000 | 9558507 |
| Athene Global Funding<sup>†</sup> | 3.205% |  | 3/8/2027 | 3100000 | 3050521 |
| Athene Global Funding<sup>†</sup> | 4.83% |  | 5/9/2028 | 28284000 | 28551428 |
| Athene Global Funding<sup>†</sup> | 4.95% |  | 1/7/2027 | 31103000 | 31356660 |
| Athene Global Funding<sup>†</sup> | 5.123%<br>(SOFR + 1.00% |)<sup>#</sup> | 9/18/2028 | 35000000 | 35072287 |
| Athene Global Funding<sup>†</sup> | 5.32%<br>(SOFR + 1.21% |)<sup>#</sup> | 3/25/2027 | 26628000 | 26832157 |
| Athene Global Funding<sup>†</sup> | 5.684% |  | 2/23/2026 | 30976000 | 31072880 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% |  | 4/9/2027 | 18238000 | 18505732 |
| Brown & Brown, Inc. | 4.60% |  | 12/23/2026 | 13088000 | 13151136 |
| CNO Global Funding <sup>†</sup> | 1.75% |  | 10/7/2026 | 9962000 | 9769777 |
| Corebridge Global Funding<sup>†</sup> | 4.847%<br>(SOFR + 0.75% |)<sup>#</sup> | 1/7/2028 | 42614000 | 42611363 |
| Corebridge Global Funding<sup>†</sup> | 5.41%<br>(SOFR + 1.30% |)<sup>#</sup> | 9/25/2026 | 29760000 | 29961186 |
| Corebridge Global Funding<sup>†</sup> | 5.75% |  | 7/2/2026 | 4440000 | 4485106 |
| F&G Global Funding<sup>†</sup> | 2.00% |  | 9/20/2028 | 20583000 | 19253780 |
| F&G Global Funding<sup>†</sup> | 5.497%<br>(SOFR + 1.33% |)<sup>#</sup> | 9/8/2028 | 35756000 | 36021099 |
| GA Global Funding Trust<sup>†</sup> | 1.625% |  | 1/15/2026 | 5350000 | 5332145 |
| Jackson National Life Global Funding<sup>†</sup> | 3.05% |  | 4/29/2026 | 27665000 | 27542222 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% |  | 1/13/2027 | 22227000 | 22409785 |
| Jackson National Life Global Funding<sup>†</sup> | 5.058%<br>(SOFR + 0.89% |)<sup>#</sup> | 6/9/2027 | 43646000 | 43883517 |

---

*See Notes to Financial Statements.* 307

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Insurance (continued)** |  |  |  |  |  |
| Jackson National Life Global Funding<sup>†</sup> | 5.06%<br>(SOFR + 0.97% |)<sup>#</sup> | 1/14/2028 | $42738000 | $43014032 |
| Jackson National Life Global Funding<sup>†</sup> | 5.098%<br>(SOFR + 0.95% |)<sup>#</sup> | 9/12/2028 | 46632000 | 46920978 |
| Jackson National Life Global Funding<sup>†</sup> | 5.60% |  | 4/10/2026 | 8946000 | 8998655 |
| Jackson National Life Insurance Co.<sup>†</sup> | 8.15% |  | 3/15/2027 | 17140000 | 17755980 |
| Marsh & McLennan Cos., Inc. | 4.748%<br>(SOFR + 0.70% |)<sup>#</sup> | 11/8/2027 | 12980000 | 13049905 |
| Principal Life Global Funding II<sup>†</sup> | 4.867%<br>(SOFR + 0.81% |)<sup>#</sup> | 8/18/2028 | 21650000 | 21694072 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.044%<br>(SOFR + 0.85% |)<sup>#</sup> | 9/2/2027 | 60111000 | 60363172 |
| Sammons Financial Group, Inc.<sup>†</sup> | 4.45% |  | 5/12/2027 | 15730000 | 15709769 |
| *Total* |  |  |  |  | 694740763 |
| **Internet 0.15%** |  |  |  |  |  |
| Alphabet, Inc. | 4.57%<br> (SOFR + 0.52% |)<sup>#</sup> | 11/15/2028 | 21946000 | 22076141 |
| **Investment Companies 0.04%** |  |  |  |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 5734000 | 5691023 |
| **Leisure Time 0.80%** |  |  |  |  |  |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% |  | 7/1/2026 | 10900000 | 10896241 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% |  | 7/15/2027 | 26989000 | 27200806 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% |  | 8/31/2026 | 81848000 | 82041097 |
| *Total* |  |  |  |  | 120138144 |
| **Lodging 0.12%** |  |  |  |  |  |
| Las Vegas Sands Corp. | 3.50% |  | 8/18/2026 | 17256000 | 17136884 |
| **Machinery-Diversified 0.89%** |  |  |  |  |  |
| Regal Rexnord Corp. | 6.05% |  | 2/15/2026 | 133298000 | 133611969 |
| **Mining 0.48%** |  |  |  |  |  |
| Freeport-McMoRan, Inc. | 5.00% |  | 9/1/2027 | 9223000 | 9224680 |
| Glencore Funding LLC<sup>†</sup> | 4.853%<br>(SOFR + 0.75% |)<sup>#</sup> | 10/1/2026 | 15806000 | 15823744 |
| Glencore Funding LLC<sup>†</sup> | 5.159%<br>(SOFR + 1.06% |)<sup>#</sup> | 4/4/2027 | 23809000 | 23911016 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.375% |  | 3/12/2027 | 6645000 | 6693822 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.984%<br>(SOFR + 0.84% |)<sup>#</sup> | 3/14/2028 | 15902000 | 16050546 |
| *Total* |  |  |  |  | 71703808 |

---

308 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Miscellaneous Manufacturing 0.27%** |  |  |  |  |  |
| Siemens Funding BV (Netherlands)<sup>†(a)</sup> | 4.709%<br>(SOFR + 0.64% |)<sup>#</sup> | 5/26/2028 | $40000000 | $40191475 |
| **Oil & Gas 0.95%** |  |  |  |  |  |
| Chevron USA, Inc. | 4.429%<br>(SOFR + 0.36% |)<sup>#</sup> | 2/26/2027 | 13300000 | 13327426 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% |  | 11/15/2026 | 4625000 | 4530710 |
| EQT Corp. | 6.50% |  | 7/1/2027 | 66339000 | 67797288 |
| EQT Corp. | 7.50% |  | 6/1/2027 | 25947000 | 26357997 |
| Occidental Petroleum Corp. | 8.50% |  | 7/15/2027 | 29129000 | 30542339 |
| *Total* |  |  |  |  | 142555760 |
| **Packaging & Containers 0.24%** |  |  |  |  |  |
| Berry Global, Inc.<sup>†</sup> | 4.875% |  | 7/15/2026 | 34064000 | 34073538 |
| Sonoco Products Co. | 4.45% |  | 9/1/2026 | 2475000 | 2477103 |
| *Total* |  |  |  |  | 36550641 |
| **Pharmaceuticals 0.63%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 4624000 | 4850314 |
| GlaxoSmithKline Capital PLC (United Kingdom)<sup>(a)</sup> | 4.648%<br>(SOFR + 0.50% |)<sup>#</sup> | 3/12/2027 | 40169000 | 40320157 |
| Novartis Capital Corp. | 4.567%<br>(SOFR + 0.52% |)<sup>#</sup> | 11/5/2028 | 21946000 | 22132514 |
| Pfizer, Inc. | 3.875% |  | 11/15/2027 | 27704000 | 27755971 |
| *Total* |  |  |  |  | 95058956 |
| **Pipelines 0.58%** |  |  |  |  |  |
| Energy Transfer LP<sup>†</sup> | 6.00% |  | 2/1/2029 | 17209000 | 17410968 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 33804000 | 33906136 |
| ONEOK, Inc. | 4.85% |  | 7/15/2026 | 10883000 | 10905307 |
| South Bow USA Infrastructure Holdings LLC | 4.911% |  | 9/1/2027 | 14465000 | 14580043 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.00% |  | 1/15/2028 | 10333000 | 10334965 |
| *Total* |  |  |  |  | 87137419 |
| **REITS 2.09%** |  |  |  |  |  |
| American Tower Corp. | 1.60% |  | 4/15/2026 | 37582000 | 37238012 |
| Crown Castle, Inc. | 3.70% |  | 6/15/2026 | 20996000 | 20928608 |
| Crown Castle, Inc. | 4.45% |  | 2/15/2026 | 31552000 | 31547745 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% |  | 2/1/2027 | 58553000 | 58040567 |

---

*See Notes to Financial Statements.* 309

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **REITS (continued)** |  |  |  |  |
| Public Storage Operating Co. | 4.785%<br>(SOFR + 0.70% | 4/16/2027 | $21144000 | $21207229 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 22867000 | 22690374 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 73656000 | 73642321 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% | 9/1/2026 | 5000000 | 5006903 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 16659000 | 16857734 |
| WEA Finance LLC<sup>†</sup> | 2.875% | 1/15/2027 | 26294000 | 25810064 |
| *Total* |  |  |  | 312969557 |
| **Retail 0.25%** |  |  |  |  |
| Home Depot, Inc.<sup>(b)</sup> | 5.10% | 12/24/2025 | 37331000 | 37354163 |
| **Software 0.46%** |  |  |  |  |
| Fiserv, Inc. | 2.25% | 6/1/2027 | 3187000 | 3093648 |
| Fiserv, Inc. | 5.15% | 3/15/2027 | 16584000 | 16740821 |
| Oracle Corp. | 2.80% | 4/1/2027 | 41090000 | 40292283 |
| VMware LLC | 1.40% | 8/15/2026 | 8207000 | 8063317 |
| *Total* |  |  |  | 68190069 |
| **Telecommunications 0.19%** |  |  |  |  |
| NTT Finance Corp. (Japan)<sup>†(a)</sup> | 4.567% | 7/16/2027 | 6332000 | 6381246 |
| NTT Finance Corp. (Japan)<sup>†(a)</sup> | 5.171%<br>(SOFR + 1.08% | 7/16/2028 | 21581000 | 21798815 |
| *Total* |  |  |  | 28180061 |
| *Total Corporate Bonds* (cost $7,047,723,537) | *Total Corporate Bonds* (cost $7,047,723,537) |  |  | 7079709717 |
| **FLOATING RATE LOANS**<sup>(d)</sup> **4.34%** |  |  |  |  |
| **Biotechnology 0.38%** |  |  |  |  |
| Amgen, Inc. 2022 Term Loan | 5.295%<br> (3 mo. USD Term SOFR + 1.13% | 10/6/2026 | 57320000 | 57391650 |
| **Chemicals 0.32%** |  |  |  |  |
| Chevron Phillips Chemical Co. LLC Term Loan | 4.934%<br> (1 mo. USD Term SOFR + 0.88% | 5/9/2027 | 47852000 | 47672555 |
| **Computers 0.21%** |  |  |  |  |
| Hewlett Packard Enterprise Co. Term Loan | 5.322%<br>(1 mo. USD Term SOFR + 1.25% | 9/12/2029 | 31532000 | 31610830 |
| **Diversified Financial Services 0.38%** |  |  |  |  |
| Atlas Warehouse Lending Co. LP Term Loan |  | 4/10/2026 | 56000000 | 56495136 |

---

310 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Electronics 0.41%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 4.791%<br>(1 mo. USD Term SOFR + 0.88%) | 5/7/2027 | $44687500 | $44743359 |
| Ralliant Corp. Delayed Draw Term Loan A1<sup>(f)</sup> | 5.408%<br>(6 mo. USD Term SOFR + 1.13%) | 11/13/2026 | 16969000 | 16300931 <sup>(g)</sup> |
| *Total* |  |  |  | 61044290 |
| **Health Care Products 0.02%** |  |  |  |  |
| Solventum Corp. Term Loan | 5.309%<br>(1 mo. USD Term SOFR + 1.25%) | 3/8/2027 | 3214286 | 3222321 |
| **Insurance 0.08%** |  |  |  |  |
| Brown & Brown, Inc. Term Loan | 5.266%<br>(1 mo. USD Term SOFR + 1.75%) | 10/27/2026 | 11666666 | 11710417 |
| **Oil & Gas 0.65%** |  |  |  |  |
| Diamondback E&P LLC Delayed Draw Term Loan | 5.356%<br>(1 mo. USD Term SOFR + 1.25%) | 11/5/2027 | 36860000 | 36906074 |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.684%<br>(1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 35000000 | 35043750 |
| Viper Energy Partners LLC Delayed Draw Term Loan<sup>(f)</sup> | – <sup>(e)</sup> | 7/23/2027 | 25444000 | 25587123 |
| *Total* |  |  |  | 97536947 |
| **Real Estate Investment Trusts 0.85%** | **Real Estate Investment Trusts 0.85%** |  |  |  |
| Host Hotels & Resorts LP 2023 Term Loan A1 | 4.816%<br>(1 mo. USD Term SOFR + 0.90%) | 1/4/2027 | 44760334 | 44620457 |
| Invitation Homes Operating Partnership LP 2024 Term Loan | 4.909%<br>(1 mo. USD Term SOFR + 0.85%) | 9/9/2028 | 44000000 | 44000000 |
| Ventas Realty LP 2023 Term Loan | 4.866%<br>(1 mo. USD Term SOFR + 0.85%) | 2/1/2027 | 39441333 | 39145524 |
| *Total* |  |  |  | 127765981 |
| **Retail 0.58%** |  |  |  |  |
| Lowe's Cos., Inc. Delayed Draw Term Loan | 4.935%<br>(3 mo. USD Term SOFR + 1.00%) | 9/15/2028 | 88162000 | 87831393 |
| **Telecommunications 0.32%** |  |  |  |  |
| Motorola Solutions, Inc. Term Loan | – <sup>(e)</sup> | 7/20/2026 | 48668000 | 48728835 |
| **Utilities 0.14%** |  |  |  |  |
| ENEL Finance America LLC Term Loan | 5.561%<br>(6 mo. USD Term SOFR + 1.25%) | 11/20/2026 | 20285714 | 20349107 |
| *Total Floating Rate Loans* (cost $653,030,028) | *Total Floating Rate Loans* (cost $653,030,028) |  |  | 651359462 |

---

*See Notes to Financial Statements.* 311

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.56%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.56%** |  |  |  |  |
| **Panama 0.17%** |  |  |  |  |  |
| Panama Government International Bonds | 7.125% |  | 1/29/2026 | $25722000 | $25923917 |
| **South Korea 0.39%** |  |  |  |  |  |
| Korea National Oil Corp.<sup>†</sup> | 4.936%<br>(SOFR + 0.83% |)<sup>#</sup> | 4/3/2027 | 12514000 | 12567185 |
| Korea National Oil Corp.<sup>†(b)</sup> | 5.01%<br>(SOFR + 0.90% |)<sup>#</sup> | 9/30/2027 | 30714000 | 30912238 |
| Korea National Oil Corp.<sup>†</sup> | 5.129%<br>(SOFR + 1.08% |)<sup>#</sup> | 11/14/2026 | 15000000 | 15150495 |
| *Total* |  |  |  |  | 58629918 |
| *Total Foreign Government Obligations* (cost $84,025,189) | *Total Foreign Government Obligations* (cost $84,025,189) |  |  |  | 84553835 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.81%** |  |  |  |  |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3 Class A4 | 3.574% |  | 2/15/2050 | 43097150 | 42746645 |
| Bank Series 2017-BNK4 Class A4 | 3.625% |  | 5/15/2050 | 34800000 | 34420833 |
| CD Mortgage Trust Series 2016-CD2 Class A3 | 3.248% |  | 11/10/2049 | 15903168 | 15787566 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class A2 | 2.95% |  | 11/10/2049 | 12937787 | 12851675 |
| Citigroup Commercial Mortgage Trust Series 2016-C1 Class A3 | 2.944% |  | 5/10/2049 | 7024612 | 7002389 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 15847897 | 15764694 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class A4 | 3.314% |  | 4/10/2049 | 34648741 | 34568768 |
| Citigroup Commercial Mortgage Trust Series 2016-P3 Class A3 | 3.063% |  | 4/15/2049 | 7843812 | 7820429 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A3 | 3.442% |  | 4/14/2050 | 15225547 | 15082227 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A4 | 3.712% |  | 4/14/2050 | 15240600 | 15070949 |
| COMM Mortgage Trust Series 2016-CR28 Class A4 | 3.762% |  | 2/10/2049 | 2424461 | 2420894 |
| COMM Mortgage Trust Series 2017-COR2 Class A2 | 3.239% |  | 9/10/2050 | 34039216 | 33568954 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class A5 | 3.502% |  | 11/15/2049 | 13164000 | 13050308 |
| CSAIL Commercial Mortgage Trust Series 2017-C8 Class A3 | 3.127% |  | 6/15/2050 | 22579544 | 22202816 |
| CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A4 | 3.176% |  | 9/15/2050 | 6716716 | 6600877 |

---

312 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| DBJPM Mortgage Trust Series 2016-C3 Class A5 | 2.89% |  | 8/10/2049 | $13740000 | $13610928 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3 Class M2<sup>†</sup> | 8.422%<br>(30 day USD SOFR Average + 4.35% |)<sup>#</sup> | 4/25/2042 | 10000000 | 10432080 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-DNA2 Class M1A<sup>†</sup> | 6.142%<br>(30 day USD SOFR Average + 2.10% |)<sup>#</sup> | 4/25/2043 | 2855111 | 2895074 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 6765043 | 6802462 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.122%<br>(30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | 5798000 | 5813697 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 394255 | 394171 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 2621309 | 2622016 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.322%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 13897500 | 13979130 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.022%<br>(30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 3525000 | 3530317 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 7067191 | 7082173 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R03 Class 2A1<sup>†</sup> | 5.522%<br>(30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 3/25/2045 | 4691355 | 4722843 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R02 Class 2M1<sup>†</sup> | 5.272%<br>(30 day USD SOFR Average + 1.20% |)<sup>#</sup> | 1/25/2042 | 1080926 | 1080966 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R07 Class 2M1<sup>†</sup> | 6.022%<br>(30 day USD SOFR Average + 1.95% |)<sup>#</sup> | 9/25/2043 | 3238579 | 3253882 |

---

*See Notes to Financial Statements.* 313

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05 Class 2M1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2044 | $5278187 | $5276178 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.022%<br>(30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 11287397 | 11303512 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R05 Class 2A1<sup>†</sup> | 5.072%<br>(30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2045 | 11154093 | 11172139 |
| GS Mortgage Securities Trust Series 2017-GS5 Class A3 | 3.409% |  | 3/10/2050 | 3620395 | 3591729 |
| GS Mortgage Securities Trust Series 2017-GS5 Class A4 | 3.674% |  | 3/10/2050 | 10785000 | 10688127 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class A5 | 3.914% |  | 1/15/2049 | 6954874 | 6928755 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A5 | 2.87% |  | 8/15/2049 | 17732000 | 17532565 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP5 Class A5 | 3.723% |  | 3/15/2050 | 20000000 | 19861976 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2 Class A3A | 2.881% |  | 6/15/2049 | 5621548 | 5592180 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2 Class A4 | 3.144% |  | 6/15/2049 | 5000000 | 4962808 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class A3 | 3.141% |  | 12/15/2049 | 8137700 | 7995703 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4 | 3.544% |  | 1/15/2049 | 10124832 | 10102976 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class A4 | 2.60% |  | 9/15/2049 | 9746813 | 9700939 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class A5 | 3.102% |  | 11/15/2049 | 36763000 | 36291099 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class A3 | 2.531% |  | 8/15/2049 | 20970106 | 20738537 |
| Morgan Stanley Capital I Trust Series 2016-UBS9 Class A4 | 3.594% |  | 3/15/2049 | 2456946 | 2451616 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class A5 | 3.53% |  | 6/15/2050 | 6355400 | 6292090 |
| OBX Trust Series 2025-NQM21 Class A1FC<sup>†</sup> | 4.917% | <sup>(c)</sup> | 10/25/2065 | 21500000 | 21559538 |

---

314 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| UBS Commercial Mortgage Trust Series 2017-C1 Class A3 | 3.196% |  | 6/15/2050 | $9516101 | $9409799 |
| UBS Commercial Mortgage Trust Series 2017-C3 Class A3 | 3.167% |  | 8/15/2050 | 18297000 | 18090688 |
| Verus Securitization Trust Series 2025-10 Class A1FC<sup>†</sup> | 5.017% | <sup>(c)</sup> | 6/25/2070 | 9906837 | 9880467 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class A2 | 2.399% |  | 8/15/2049 | 13393202 | 13296667 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C35 Class A4FL<sup>†</sup> | 5.127%<br>(1 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 7/15/2048 | 19000000 | 19009325 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C37 Class A5 | 3.794% |  | 12/15/2049 | 25475000 | 25357777 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC24 Class A3 | 2.684% |  | 10/15/2049 | 9268931 | 9190997 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC25 Class A4 | 3.64% |  | 12/15/2059 | 14580000 | 14438924 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS5 Class A6 | 3.635% |  | 1/15/2059 | 17961846 | 17914125 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1 Class A4 | 3.631% |  | 1/15/2060 | 17777000 | 17661295 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $715,999,992) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $715,999,992) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $715,999,992) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $715,999,992) |  | 721472294 |
| **U.S. TREASURY OBLIGATIONS 2.75%** | **U.S. TREASURY OBLIGATIONS 2.75%** |  |  |  |  |
| U.S. Treasury Notes | 3.875% |  | 5/31/2027 | 350189000 | 351830511 |
| U.S. Treasury Notes | 4.25% |  | 11/30/2026 | 60036000 | 60391751 |
| *Total U.S. Treasury Obligations* (cost $411,120,674) | *Total U.S. Treasury Obligations* (cost $411,120,674) |  |  |  | 412222262 |
| *Total Long-Term Investments* (cost $13,225,729,195) | *Total Long-Term Investments* (cost $13,225,729,195) |  |  |  | 13272157998 |
| **SHORT-TERM INVESTMENTS 11.57%** | **SHORT-TERM INVESTMENTS 11.57%** |  |  |  |  |
| **COMMERCIAL PAPER 11.34%** |  |  |  |  |  |
| **Beverages 0.44%** |  |  |  |  |  |
| Bacardi-Martini BV<sup>†</sup> | 4.423% |  | 12/18/2025 | 22956000 | 22908953 |
| Keurig Dr. Pepper, Inc.<sup>†</sup> | 4.345% |  | 1/16/2026 | 25000000 | 24863917 |
| Keurig Dr. Pepper, Inc.<sup>†</sup> | 4.355% |  | 1/16/2026 | 17823000 | 17725756 |
| *Total* |  |  |  |  | 65498626 |
| **Building Materials 0.13%** |  |  |  |  |  |
| CRH America Finance, Inc.<sup>†</sup> | 4.324% |  | 12/8/2025 | 20000000 | 19983550 |

---

*See Notes to Financial Statements.* 315

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Chemicals 0.03%** |  |  |  |  |
| Nutrien Ltd.<sup>†</sup> | 4.156% | 12/24/2025 | $500000 | $498697 |
| Nutrien Ltd.<sup>†</sup> | 4.224% | 12/24/2025 | 4500000 | 4488069 |
| *Total* |  |  |  | 4986766 |
| **Diversified Financial Services 0.89%** |  |  |  |  |
| Air Lease Corp.<sup>†</sup> | 4.478% | 12/5/2025 | 43218000 | 43196871 |
| Aviation Capital Group LLC<sup>†</sup> | 4.119% | 12/1/2025 | 20000000 | 20000000 |
| Brookfield Infrastructure Holdings Canada, Inc. | 4.253% | 1/8/2026 | 58000000 | 57744703 |
| Brookfield Infrastructure Holdings Canada, Inc. | 4.282% | 1/8/2026 | 12800000 | 12743254 |
| *Total* |  |  |  | 133684828 |
| **Electric 0.17%** |  |  |  |  |
| Evergy Kansas Central, Inc.<sup>†</sup> | 4.153% | 12/3/2025 | 1000000 | 999773 |
| Evergy Missouri West, Inc.<sup>†</sup> | 4.261% | 12/1/2025 | 24000000 | 24000000 |
| *Total* |  |  |  | 24999773 |
| **Food 0.27%** |  |  |  |  |
| Conagra Brands, Inc.<sup>†</sup> | 4.371% | 12/17/2025 | 40000000 | 39923556 |
| **Health Care-Services 1.79%** |  |  |  |  |
| City of Hope | 4.229% | 12/11/2025 | 49662000 | 49604750 |
| CommonSpirit Health | 4.423% | 2/12/2026 | 67935000 | 67294590 |
| CommonSpirit Health | 4.474% | 1/29/2026 | 20756000 | 20594045 |
| HCA, Inc.<sup>†</sup> | 4.382% | 1/6/2026 | 44299000 | 44108514 |
| HCA, Inc.<sup>†</sup> | 4.386% | 1/15/2026 | 87652000 | 87180871 |
| *Total* |  |  |  | 268782770 |
| **Investment Companies 0.13%** |  |  |  |  |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 4.672% | 12/11/2025 | 19000000 | 18975722 |
| **Leisure Time 0.57%** |  |  |  |  |
| Brunswick Corp.<sup>†</sup> | 4.516% | 12/2/2025 | 17727000 | 17724809 |
| Harley-Davidson Financial Services, Inc.<sup>†</sup> | 4.489% | 1/13/2026 | 17725000 | 17631845 |
| Harley-Davidson Financial Services, Inc.<sup>†</sup> | 4.508% | 1/26/2026 | 30000000 | 29794200 |
| Harley-Davidson Financial Services, Inc.<sup>†</sup> | 4.696% | 12/5/2025 | 20168000 | 20157714 |
| *Total* |  |  |  | 85308568 |
| **Mining 0.67%** |  |  |  |  |
| Glencore Funding LLC<sup>†</sup> | 4.29% | 12/10/2025 | 80852000 | 80767105 |
| Glencore Funding LLC<sup>†</sup> | 4.313% | 12/10/2025 | 20000000 | 19978900 |
| *Total* |  |  |  | 100746005 |

---

316 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Oil & Gas 0.90%** |  |  |  |  |
| Ovintiv, Inc. | 4.487% | 12/16/2025 | $28165000 | $28113364 |
| Ovintiv, Inc. | 4.535% | 12/19/2025 | 25000000 | 24944250 |
| Ovintiv, Inc. | 4.571% | 12/19/2025 | 28309000 | 28245446 |
| Ovintiv, Inc. | 4.643% | 12/18/2025 | 20000000 | 19957028 |
| Ovintiv, Inc. | 4.689% | 12/16/2025 | 20000000 | 19961667 |
| Ovintiv, Inc. | 4.69% | 12/16/2025 | 13852000 | 13825450 |
| *Total* |  |  |  | 135047205 |
| **Pharmaceuticals 0.35%** |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 4.623% | 8/4/2026 | 54500000 | 53005735 |
| **Pipelines 1.49%** |  |  |  |  |
| Energy Transfer LP<sup>†</sup> | 4.087% | 12/1/2025 | 28250000 | 28250000 |
| Western Midstream Operating LP<sup>†</sup> | 4.367% | 12/4/2025 | 26870000 | 26860372 |
| Western Midstream Operating LP<sup>†</sup> | 4.367% | 12/5/2025 | 75000000 | 74964166 |
| Western Midstream Operating LP<sup>†</sup> | 4.367% | 12/8/2025 | 50000000 | 49958194 |
| Western Midstream Operating LP<sup>†</sup> | 4.401% | 12/8/2025 | 17693000 | 17678104 |
| Western Midstream Operating LP<sup>†</sup> | 4.401% | 12/9/2025 | 25000000 | 24975945 |
| *Total* |  |  |  | 222686781 |
| **REITS 1.24%** |  |  |  |  |
| Crown Castle, Inc.<sup>†</sup> | 4.436% | 12/18/2025 | 124487000 | 124230695 |
| Extra Space Storage LP<sup>†</sup> | 4.269% | 12/4/2025 | 61793000 | 61771424 |
| *Total* |  |  |  | 186002119 |
| **Retail 0.29%** |  |  |  |  |
| Alimentation Couche-Tard, Inc.<sup>†</sup> | 4.251% | 1/21/2026 | 17390000 | 17287761 |
| AutoNation, Inc.<sup>†</sup> | 4.312% | 12/1/2025 | 26723000 | 26723000 |
| *Total* |  |  |  | 44010761 |
| **Software 0.75%** |  |  |  |  |
| Oracle Corp.<sup>†</sup> | 4.334% | 1/16/2026 | 29750000 | 29589581 |
| Oracle Corp.<sup>†</sup> | 4.337% | 1/16/2026 | 12500000 | 12432597 |
| Oracle Corp.<sup>†</sup> | 4.348% | 1/15/2026 | 71330000 | 70952843 |
| *Total* |  |  |  | 112975021 |
| **Telecommunications 1.23%** |  |  |  |  |
| TELUS Corp.<sup>†</sup> | 4.423% | 3/26/2026 | 46250000 | 45564880 |
| TELUS Corp.<sup>†</sup> | 4.616% | 4/7/2026 | 14504000 | 14267263 |
| TELUS Corp.<sup>†</sup> | 4.896% | 12/30/2025 | 34809000 | 34675807 |
| TELUS Corp.<sup>†</sup> | 4.896% | 1/6/2026 | 25280000 | 25159920 |

---

*See Notes to Financial Statements.* 317

**Schedule of Investments (continued)**

ULTRA SHORT BOND FUND *November 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount** | **Fair<br>Value** |
| **Telecommunications (continued)** |  |  |  |  |
| TELUS Corp.<sup>†</sup> | 4.99% | 2/23/2026 | $65282000 | $64569695 |
| *Total* |  |  |  | 184237565 |
| *Total Commercial Paper* (cost $1,700,827,931) | *Total Commercial Paper* (cost $1,700,827,931) |  |  | 1700855351 |
| **REPURCHASE AGREEMENTS 0.20%** |  |  |  |  |
| Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $762,300 of U.S. Treasury Bill at 0.000% due 11/27/2026; $7,261,000 of U.S. Treasury Note at 4.250% due 11/30/2026; $22,000,000 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $29,933,149; proceeds: $29,354,681 (cost $29,346,122) | Repurchase Agreement dated 11/28/2025, 3.500% due 12/1/2025 with Fixed Income Clearing Corp. collateralized by $762,300 of U.S. Treasury Bill at 0.000% due 11/27/2026; $7,261,000 of U.S. Treasury Note at 4.250% due 11/30/2026; $22,000,000 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $29,933,149; proceeds: $29,354,681 (cost $29,346,122) |  | 29346122 | 29346122 |
| **Time Deposits 0.00%** |  |  |  |  |
| CitiBank N.A.<sup>(h)</sup><br>(cost $476,037) |  |  | 476037 | 476037 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.03%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(h)</sup> (cost $4,284,329) | Fidelity Government Portfolio<sup>(h)</sup> (cost $4,284,329) |  | 4284329 | 4284329 |
| *Total Short-Term Investments* (cost $1,734,934,419) | *Total Short-Term Investments* (cost $1,734,934,419) |  |  | 1734961839 |
| *Total Investments in Securities 100.05%* (cost $14,960,663,614) | *Total Investments in Securities 100.05%* (cost $14,960,663,614) |  |  | 15007119837 |
| *Less Unfunded Loan Commitments (0.18%)* (cost $27,372,632) | *Less Unfunded Loan Commitments (0.18%)* (cost $27,372,632) |  |  | (27468000) |
| *Net Investments in Securities 99.87%* (cost $14,933,290,982) | *Net Investments in Securities 99.87%* (cost $14,933,290,982) |  |  | 14979651837 |
| *Other Assets and Liabilities – Net*<sup>(i)</sup> *0.14%* | *Other Assets and Liabilities – Net*<sup>(i)</sup> *0.14%* |  |  | 20706753 |
| *Net Assets 100.00%* | *Net Assets 100.00%* |  |  | $15000358590 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At November 30, 2025, the total value of Rule 144A securities was $7,045,310,144, which represents 46.97% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at November 30, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(c)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(d)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at November 30, 2025. |
| <sup>(e)</sup> | Interest Rate to be determined. |

---

318 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

ULTRA SHORT BOND FUND *November 30, 2025*

<sup>(f)</sup> Security partially/fully unfunded. (See Note 2(d)).

<sup>(g)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. 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.

<sup>(h)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(i)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at November 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Appreciation** |
| U.S. 2-Year Treasury Note | March 2026 | 3726 | Long | $777884550 | $778210035 | $325485 |

---

The following is a summary of the inputs used as of November 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $4322840428 | $– | $4322840428 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 7079709717 |  | 7079709717 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronics |  | 44743359 | 16300931 | 61044290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 590315172 |  | 590315172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (25587123) | (1880877) | (27468000) |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 84553835 |  | 84553835 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 721472294 |  | 721472294 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 412222262 |  | 412222262 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 1700855351 |  | 1700855351 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 29346122 |  | 29346122 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 476037 |  | 476037 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4284329 | – | – | 4284329 |
| Total | $4284329 | $14960947454 | $14420054 | $14979651837 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | $325485 | $– | $– | $325485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $325485 | $– | $– | $325485 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 319

**Statements of Assets and Liabilities**

*November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities, at cost | $608972253 | $5881249271 | $5195517486 |
| Investments in securities, at fair value including $0, $7,888,762, $11,169,889, $45,533,215, $102,161,102, $30,707,345 and $0, respectively, of securities loaned | $650721038 | $5953471657 | $5266991751 |
| Cash | 989 |  | 8588561 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 2870000 | 820000 | 700000 |
| Deposits with brokers for futures collateral |  | 2424600 | 4043050 |
| Deposits with brokers for forwards, options, swap contracts and TBA collateral |  | 1140000 |  |
| Foreign cash, at value (cost $0, $0, $4,608, $2,429,917, $0, $155 and $0, respectively) |  |  | 4562 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 1913250 | 36185970 | 38075557 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 90653 | 22496980 | 19934747 |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 1211585338 | 987516091 |
| &nbsp;&nbsp;&nbsp;From broker |  |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) |  | 108015 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  | 1103 | 13299 |
| Total return swap contracts, at fair value (including upfront payment of $0, $0, $0, $449, $0, $0 and $0, respectively) |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  | 43642 |
| Unrealized appreciation on CPI swap contracts |  |  |  |
| Unrealized appreciation on unfunded loan commitments |  |  |  |
| Prepaid expenses and other assets | 33416 | 56731 | 121934 |
| **Total assets** | 655629346 | 7228290394 | 6326033194 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 2870000 | 820000 | 700000 |
| &nbsp;&nbsp;&nbsp;Management fee | 371449 | 862262 | 997972 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 217138 | 4306098 | 6190796 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 104612 | 322992 | 150426 |
| &nbsp;&nbsp;&nbsp;Fund administration | 21226 | 164233 | 143418 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 16798 | 147952 | 79887 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 2148388341 | 1852952005 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  | 204006 | 1095032 |
| &nbsp;&nbsp;&nbsp;To bank |  | 2522067 |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending |  | 8099842 | 12649681 |
| &nbsp;&nbsp;&nbsp;To broker for collateral held for forwards, options, swap contracts and TBA collateral |  |  | 430000 |

---

<br> 320 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $4678415463 | $3414856760 | $6155467742 | $777166603 |
| $4701677345 | $3436176846 | $6252044390 | $780558940 |
| 939543 | 81632 | 182336 | 8948 |
| 280000 | 930000 | 850000 | 3715000 |
| 1430400 | 5554889 | 37093700 | 2680043 |
| 8253451 | 3081332 | 27712737 | 21803475 |
| 2446669 |  | 154 |  |
| 34335762 | 60816158 | 68412490 | 7150883 |
| 25947566 | 28623189 | 30834058 | 3483603 |
| 150583160 | 9801587 | 372720413 | 35234451 |
| 117421 |  |  |  |
| 101376 | 70275 | 454425 | 72320 |
| 122373 | 117490 | 24343 |  |
| 867352 |  |  |  |
| 331780 | 862710 | 187236 |  |
|  |  |  | 7548856 |
| 35533 |  |  |  |
| 152618 | 91206 | 127182 | 19141 |
| 4927622349 | 3546207314 | 6790643464 | 862275660 |
| 280000 | 930000 | 850000 | 3715000 |
| 1731545 | 1507300 | 1809424 | 191652 |
| 9224227 | 5890251 | 7522748 | 1479521 |
| 865713 | 660089 | 577959 | 121515 |
| 150262 | 110721 | 198337 | 25554 |
| 1071449 | 301235 | 372355 | 173994 |
| 266765249 | 30359177 | 565733513 | 71253971 |
| 80509 | 429603 | 3623142 | 195467 |
| 46743346 | 108056707 | 32169828 |  |

---

<br> *See Notes to Financial Statements.* 321

**Statements of Assets and Liabilities (continued)**

*November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **LIABILITIES (concluded):** |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | $– | $– | $34573 |
| Unrealized depreciation on CPI swap contracts |  |  |  |
| Foreign currency overdraft (cost $0, $0, $0, $0, $0, $0 and $105, respectively) |  |  |  |
| Options written outstanding, at value (including premiums received of $2,740,878, $0, $0, $0, $0, $0 and $0, respectively) | 2190708 |  |  |
| Distributions payable |  | 18884877 | 18292258 |
| Accrued expenses and other liabilities | 153596 | 728555 | 766581 |
| **Total liabilities** | 5945527 | 2185451225 | 1894482629 |
| **Commitments and contingent liabilities** | – | – | – |
| **NET ASSETS** | $649683819 | $5042839169 | $4431550565 |
| **COMPOSITION OF NET ASSETS:** |  |  |  |
| Paid-in capital | $696070537 | $5304089824 | $4459211422 |
| Total distributable earnings/(loss) | (46386718) | (261250655) | (27660857) |
| **Net Assets** | $649683819 | $5042839169 | $4431550565 |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $162570558 | $708115509 | $352965393 |
| Class C Shares | $21443526 | $42456257 | $42776850 |
| Class F Shares | $13000669 | $52115614 | $11934436 |
| Class F3 Shares | $17650629 | $845212007 | $231181876 |
| Class I Shares | $406223068 | $3310669496 | $3753216227 |
| Class P Shares | $19969 | $– | $– |
| Class R2 Shares | $105474 | $488730 | $– |
| Class R3 Shares | $23633762 | $4980370 | $945353 |
| Class R4 Shares | $144498 | $8404066 | $2337016 |
| Class R5 Shares | $265458 | $5458886 | $28409 |
| Class R6 Shares | $4626208 | $64938234 | $36165005 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |  |
| Class A Shares | 9496880 | 75224679 | 27024714 |
| Class C Shares | 1267933 | 4530654 | 3273673 |
| Class F Shares | 758482 | 5535540 | 914612 |
| Class F3 Shares | 1014311 | 89783313 | 17698934 |
| Class I Shares | 23497664 | 351881603 | 287605005 |
| Class P Shares | 1136 |  |  |
| Class R2 Shares | 6007 | 51891 |  |
| Class R3 Shares | 1391785 | 528999 | 72396 |
| Class R4 Shares | 8439 | 892809 | 178933 |
| Class R5 Shares | 15360 | 579668 | 2175 |
| Class R6 Shares | 265767 | 6902165 | 2768604 |

---

<br> 322 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $1699120 | $381562 | $148326 | $– |
|  |  |  | 2905555 |
|  |  |  | 117 |
| 26009090 | 20747192 | 27401810 | 3163526 |
| 2186082 | 1022931 | 866334 | 308220 |
| 356806592 | 170396768 | 641273776 | 83534092 |
| – | – | – | – |
| $4570815757 | $3375810546 | $6149369688 | $778741568 |
| $6497882379 | $4247399518 | $6541411810 | $1236468369 |
| (1927066622) | (871588972) | (392042122) | (457726801) |
| $4570815757 | $3375810546 | $6149369688 | $778741568 |
| $1432174770 | $716662444 | $1424019379 | $137520513 |
| $215335234 | $85896198 | $50782163 | $23546340 |
| $141638004 | $59582563 | $28556964 | $15620640 |
| $90869457 | $471016708 | $2220334031 | $57284088 |
| $2568364674 | $1650915350 | $2286435683 | $508205077 |
| $– | $– | $– | $– |
| $743234 | $5506149 | $874654 | $421092 |
| $72686562 | $88582225 | $54274171 | $1274136 |
| $1195564 | $37164908 | $11151390 | $2568882 |
| $2780009 | $36937208 | $5103566 | $2079879 |
| $45028249 | $223546793 | $67837687 | $30220921 |
| 177649402 | 112416728 | 573148927 | 11602494 |
| 26683836 | 13546348 | 20355396 | 1984029 |
| 17579002 | 9359312 | 11507688 | 1315965 |
| 11253207 | 73523156 | 893579224 | 4827977 |
| 318285699 | 257749012 | 919617318 | 42895626 |
| 92089 | 858652 | 349301 | 35700 |
| 9009264 | 13815866 | 21773838 | 107512 |
| 148269 | 5830635 | 4484035 | 216839 |
| 344206 | 5771818 | 2053303 | 175680 |
| 5578533 | 34879909 | 27301311 | 2551359 |

---

<br> *See Notes to Financial Statements.* 323

**Statements of Assets and Liabilities (continued)**

*November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **Net Assets by class: (concluded):** |  |  |  |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |  |
| Class A Shares-Net asset value | $17.12 | $9.41 | $13.06 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25% and 2.25%, respectively) | $17.51 | $9.63 | $13.36 |
| Class C Shares-Net asset value | $16.91 | $9.37 | $13.07 |
| Class F Shares-Net asset value | $17.14 | $9.41 | $13.05 |
| Class F3 Shares-Net asset value | $17.40 | $9.41 | $13.06 |
| Class I Shares-Net asset value | $17.29 | $9.41 | $13.05 |
| Class P Shares-Net asset value | $17.58 | $– | $– |
| Class R2 Shares-Net asset value | $17.56 | $9.42 | $– |
| Class R3 Shares-Net asset value | $16.98 | $9.41 | $13.06 |
| Class R4 Shares-Net asset value | $17.12 | $9.41 | $13.06 |
| Class R5 Shares-Net asset value | $17.28 | $9.42 | $13.06 |
| Class R6 Shares-Net asset value | $17.41 | $9.41 | $13.06 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

324 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $8.06 | $6.38 | $2.48 | $11.85 |
| $8.25 | $6.53 | $2.54 | $12.12 |
| $8.07 | $6.34 | $2.49 | $11.87 |
| $8.06 | $6.37 | $2.48 | $11.87 |
| $8.07 | $6.41 | $2.48 | $11.87 |
| $8.07 | $6.41 | $2.49 | $11.85 |
| $– | $– | $– | $– |
| $8.07 | $6.41 | $2.50 | $11.80 |
| $8.07 | $6.41 | $2.49 | $11.85 |
| $8.06 | $6.37 | $2.49 | $11.85 |
| $8.08 | $6.40 | $2.49 | $11.84 |
| $8.07 | $6.41 | $2.48 | $11.85 |

---

<br> *See Notes to Financial Statements.* 325

**Statements of Assets and Liabilities (continued)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **ASSETS:** |  |  |
| Investments in securities, at cost | $634870270 | $44251817576 |
| Investments in securities, at fair value including $1,255,953, $20,620,168, $14,589,453 and $4,561,039, respectively, of securities loaned | $640163149 | $44299944766 |
| Cash |  | 486470 |
| Cash at brokers for forwards, swap contracts and TBA collateral |  | 1270000 |
| Deposits with brokers for futures collateral | 1663550 | 120028898 |
| Deposits with brokers for forwards, swap contracts and TBA collateral | 1263678 | 168004556 |
| Foreign cash, at value (cost $0, $25,278, $254 and $0, respectively) |  | 24606 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 9950816 | 1825978655 |
| &nbsp;&nbsp;&nbsp;Interest | 5648422 | 402059749 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 2420936 | 183030992 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 70229 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements | 28589 | 2212132 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 1041 | 23420 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Unrealized appreciation on unfunded loan commitments |  |  |
| Prepaid expenses and other assets | 19354 | 182512 |
| **Total assets** | 661229764 | 47003246756 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 18567444 | 3697320817 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 1296816 | 21480926 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 716767 | 57512384 |
| &nbsp;&nbsp;&nbsp;To bank | 649141 |  |
| &nbsp;&nbsp;&nbsp;Management fee | 156726 | 8924250 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 61738 | 4103662 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 29404 | 4942353 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 22637 | 5371346 |
| &nbsp;&nbsp;&nbsp;Fund administration | 20897 | 1408154 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral |  | 1270000 |
| Credit default swap contract agreements payable, at fair value (including upfront payments of $0, $281,967, $0 and $0, respectively) |  | 2760105 |
| Unrealized depreciation on unfunded loan commitments |  | 3373 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Distributions payable | 2403186 | 175238343 |
| Accrued expenses | 149404 | 6303744 |
| **Total liabilities** | 24074160 | 3986639457 |
| **Commitments and contingent liabilities** | – | – |
| **NET ASSETS** | $637155604 | $43016607299 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $648421004 | $51293798933 |
| Total distributable earnings/(loss) | (11265400) | (8277191634) |
| **Net Assets** | $637155604 | $43016607299 |

---

<br> 326 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $4546049929 | $14933290982 |
| $4596657728 | $14979651837 |
|  | 16430599 |
| 900000 |  |
| 1812350 | 4471200 |
| 840000 |  |
| 253 |  |
| 854442443 | 34613325 |
| 30989310 | 91635215 |
| 15463327 | 75564056 |
| 46087 |  |
| 8333 | 14356 |
| 300992 |  |
|  | 95368 |
| 34597 | 277277 |
| 5501495420 | 15202753233 |
| 1598607335 | 104665525 |
| 15271820 | 4760366 |
| 3325377 | 33171309 |
| 296768 |  |
| 888594 | 2059131 |
| 142967 | 261985 |
| 442603 | 1355838 |
| 200432 | 749019 |
| 126942 | 484501 |
| 900000 |  |
| 238443 |  |
| 15119495 | 53681096 |
| 897653 | 1205873 |
| 1636458429 | 202394643 |
| – | – |
| $3865036991 | $15000358590 |
| $4458340284 | $15125344862 |
| (593303293) | (124986272) |
| $3865036991 | $15000358590 |

---

<br> *See Notes to Financial Statements.* 327

**Statements of Assets and Liabilities (concluded)**

*November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $99302442 | $7218118978 |
| Class A1 Shares | $– | $– |
| Class C Shares | $10349721 | $1145963308 |
| Class F Shares | $4638066 | $918441041 |
| Class F3 Shares | $86917575 | $4495034561 |
| Class I Shares | $431951989 | $27653913820 |
| Class P Shares | $– | $– |
| Class R2 Shares | $– | $3777939 |
| Class R3 Shares | $152397 | $276295006 |
| Class R4 Shares | $47436 | $146845426 |
| Class R5 Shares | $11481 | $79767664 |
| Class R6 Shares | $3784497 | $1078449556 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 10717657 | 1854365536 |
| Class A1 Shares |  |  |
| Class C Shares | 1117570 | 292590725 |
| Class F Shares | 500910 | 235986055 |
| Class F3 Shares | 9388329 | 1153330457 |
| Class I Shares | 46651453 | 7110248661 |
| Class P Shares |  |  |
| Class R2 Shares |  | 969743 |
| Class R3 Shares | 16461 | 70900544 |
| Class R4 Shares | 5122 | 37648520 |
| Class R5 Shares | 1240 | 20530530 |
| Class R6 Shares | 408812 | 277106442 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |
| Class A Shares-Net asset value | $9.27 | $3.89 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%, 2.25%, 2.25% and 0.00%, respectively) | $9.48 | $3.98 |
| Class A1 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class A1 Shares-Maximum offering price (Net asset value plus sales charge of 0.00%, 0.00%, 0.00% and 1.50%, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class C Shares-Net asset value | $9.26 | $3.92 |
| Class F Shares-Net asset value | $9.26 | $3.89 |
| Class F3 Shares-Net asset value | $9.26 | $3.90 |
| Class I Shares-Net asset value | $9.26 | $3.89 |
| Class P Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class R2 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $3.90 |
| Class R3 Shares-Net asset value | $9.26 | $3.90 |
| Class R4 Shares-Net asset value | $9.26 | $3.90 |
| Class R5 Shares-Net asset value | $9.26 | $3.89 |
| Class R6 Shares-Net asset value | $9.26 | $3.89 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

<br> 328 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $1022525081 | $6744061265 |
| $– | $10502063 |
| $24717058 | $– |
| $74426609 | $136763074 |
| $1038481084 | $3231777232 |
| $1389750513 | $4833430265 |
| $6498 | $– |
| $1120822 | $– |
| $24042157 | $– |
| $34586325 | $– |
| $24362175 | $276188 |
| $231018669 | $43548503 |
| 115024786 | 671230559 |
|  | 1045061 |
| 2782161 |  |
| 8372833 | 13612885 |
| 116746954 | 321662583 |
| 156002497 | 481094348 |
| 728 |  |
| 126132 |  |
| 2704651 |  |
| 3890255 |  |
| 2739783 | 27487 |
| 25959273 | 4333082 |
| $8.89 | $10.05 |
| $9.09 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.05 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.20 |
| $8.88 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.89 | $10.05 |
| $8.90 | $10.05 |
| $8.91 | $10.05 |
| $8.93 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.89 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.89 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.89 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.89 | $10.05 |
| $8.90 | $10.05 |

---

<br> *See Notes to Financial Statements.* 329

**Statements of Operations**

*For the Year Ended November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| Investment income: |  |  |  |
| Dividends | $4132482 | $– | $– |
| Securities lending net income | 814 | 12365 | 173965 |
| Interest and other (net of foreign withholding taxes of $2,865, $270, $7,529, $0, $2,823, $36,649 and $0, respectively) | 12020394 | 227816141 | 213910337 |
| **Total investment income** | 16153690 | 227828506 | 214084302 |
| **Expenses:** |  |  |  |
| Management fee | 4147526 | 9770588 | 10873365 |
| 12b-1 distribution plan–Class A | 300185 | 1378012 | 642605 |
| 12b-1 distribution plan–Class C | 176673 | 374100 | 324501 |
| 12b-1 distribution plan–Class F | 12816 | 54264 | 15006 |
| 12b-1 distribution plan–Class P | 79 |  |  |
| 12b-1 distribution plan–Class R2 | 617 | 3642 |  |
| 12b-1 distribution plan–Class R3 | 105300 | 23173 | 4522 |
| 12b-1 distribution plan–Class R4 | 548 | 22728 | 5616 |
| Shareholder servicing | 521602 | 2835648 | 3730251 |
| Fund administration | 237001 | 1854118 | 1555440 |
| Registration | 175060 | 341074 | 478957 |
| Professional | 70425 | 109352 | 115407 |
| Reports to shareholders | 31123 | 240636 | 230241 |
| Trustees' fees | 25637 | 201786 | 163971 |
| Custody | 18466 | 55256 | 57420 |
| Other | 102465 | 353491 | 161440 |
| Gross expenses | 5925523 | 17617868 | 18358742 |
| Fees waived and expenses reimbursed (See Note 4) | (18468) | (56423) | (57711) |
| Shareholder servicing reimbursed–Class I (See Note 4) | – | (1197157) | – |
| **Net expenses** | 5907055 | 16364288 | 18301031 |
| **Net investment income** | 10246635 | 211464218 | 195783271 |

---

330 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate<br> Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $10405239 | $582953 | $– | $– |
| 560984 | 1487790 | 465963 |  |
| 367259155 | 269315763 | 336526772 | 38316236 |
| 378225378 | 271386506 | 336992735 | 38316236 |
| 21895114 | 18702968 | 20921269 | 2246781 |
| 2974301 | 1427289 | 2660192 | 286435 |
| 1976746 | 793614 | 447688 | 206563 |
| 158003 | 65648 | 30295 | 18704 |
| 4333 | 33752 | 4365 | 2745 |
| 470714 | 417823 | 260373 | 5017 |
| 3308 | 104417 | 23606 | 6408 |
| 3848637 | 2907181 | 2969217 | 701159 |
| 1901788 | 1376237 | 2288145 | 299571 |
| 257642 | 260248 | 370924 | 172592 |
| 149913 | 129130 | 154156 | 102958 |
| 204617 | 275253 | 402937 | 15745 |
| 210691 | 153205 | 249249 | 33460 |
| 68733 | 93080 | 78893 | 35524 |
| 418882 | 297224 | 277283 | 315125 |
| 34543422 | 27037069 | 31138592 | 4448787 |
| (69412) | (93245) | (78914) | (37375) |
| – | – | – | – |
| 34474010 | 26943824 | 31059678 | 4411412 |
| 343751368 | 244442682 | 305933057 | 33904824 |

---

*See Notes to Financial Statements.* 331

**Statements of Operations (continued)**

*For the Year Ended November 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **Net realized and unrealized gain/(loss):** | | | |
| Net realized gain/(loss) on investments | $106113054 | $(99916) | $(426266) |
| Net realized gain/(loss) on futures contracts |  | (5342796) | (2228145) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (751787) |  | 26358 |
| Net realized gain/(loss) on OTC written options | (4889767) |  | 238000 |
| Net realized gain/(loss) on swap contracts |  |  | (468) |
| Net realized gain/(loss) on foreign currency related transactions | 253734 | 8 | (18409) |
| Net change in unrealized appreciation/(depreciation) on investments | (13309419) | 68510464 | 53574219 |
| Net change in unrealized appreciation/(depreciation) on futures contracts |  | (554054) | (1133628) |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | (29329) |  | 4861 |
| Net change in unrealized appreciation/(depreciation) on OTC written options | 550170 |  |  |
| Net change in unrealized appreciation/(depreciation) on swap contracts |  |  |  |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 2289 | 1 | 221 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | – | – | – |
| **Net realized and unrealized gain/(loss)** | 87938945 | 62513707 | 50036743 |
| **Net Increase in Net Assets Resulting From Operations** | $98185580 | $273977925 | $245820014 |

---

332 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate<br> Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $(91052558) | $(3452031) | $27060765 | $1899378 |
| 1756057 | (6913473) | (25880170) | 3104256 |
| (13334856) | (4387535) | 53468 |  |
| 7554634 | 7778264 | 10733538 | 13625090 |
| 1097660 | 237861 | (90915) |  |
| 26814312 | (33689682) | 64152161 | 7303567 |
| 222343 | 658035 | (12830509) | (722607) |
| (2349932) | (2830164) | 20807 |  |
| (8566001) | 826718 | (1158064) | (8458344) |
| 378139 | (39372) | 339 | (18) |
| (48070) | (25996) | – | – |
| (77528272) | (41837375) | 62061420 | 16751322 |
| $266223096 | $202605307 | $367994477 | $50656146 |

---

*See Notes to Financial Statements.* 333

**Statements of Operations (concluded)**

*For the Year Ended November 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **Investment income:** | | |
| Securities lending net income | $9606 | $600869 |
| Interest and other (net of foreign withholding taxes of $0, $0, $11,009 and $2,161, respectively) | 29094529 | 2112276243 |
| **Total investment income** | 29104135 | 2112877112 |
| **Expenses:** |  |  |
| Management fee | 1764995 | 107356017 |
| 12b-1 distribution plan–Class A | 192649 | 14397196 |
| 12b-1 distribution plan–Class A1 |  |  |
| 12b–1 distribution plan–Class C | 84118 | 10146802 |
| 12b-1 distribution plan–Class F | 4896 | 984557 |
| 12b-1 distribution plan–Class P |  |  |
| 12b-1 distribution plan–Class R2 |  | 24228 |
| 12b-1 distribution plan–Class R3 | 580 | 1422594 |
| 12b-1 distribution plan–Class R4 | 112 | 369599 |
| Shareholder servicing | 499968 | 31144652 |
| Fund administration | 235333 | 16936963 |
| Registration | 167277 | 887168 |
| Professional | 69260 | 525955 |
| Reports to shareholders | 30020 | 1650303 |
| Trustees' fees | 25484 | 1609932 |
| Custody | 18588 | 380095 |
| Other | 101421 | 834132 |
| Gross expenses | 3194701 | 188670193 |
| Fees waived and expenses reimbursed (See Note 4) | (628960) | (382124) |
| Shareholder servicing reimbursed–Class I (See Note 4) | – | – |
| **Net expenses** | 2565741 | 188288069 |
| **Net investment income** | 26538394 | 1924589043 |
| **Net realized and unrealized gain/(loss):** |  |  |
| Net realized gain/(loss) on investments | 3333401 | 129977736 |
| Net realized gain/(loss) on futures contracts | 160634 | (1221024) |
| Net realized gain/(loss) on forward foreign currency exchange contracts |  | 138058 |
| Net realized gain/(loss) on swap contracts | 964583 | 96798199 |
| Net realized gain/(loss) on foreign currency related transactions | 19 | (468261) |
| Net change in unrealized appreciation/(depreciation) on investments | 1899158 | 355330990 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | (96042) | 2573262 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | (10201) |
| Net change in unrealized appreciation/(depreciation) on swap contracts | (1509747) | (106985492) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies |  | 1338 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | – | (3373) |
| **Net realized and unrealized gain/(loss)** | 4752006 | 476131232 |
| **Net Increase in Net Assets Resulting From Operations** | $31290400 | $2400720275 |

---

334 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $99816 | $70460 |
| 189570295 | 659216017 |
| 189670111 | 659286477 |
| 10354596 | 22364505 |
| 2009389 | 8481833 |
|  | 22930 |
| 209668 |  |
| 70312 | 149011 |
| 45 |  |
| 6683 |  |
| 123591 |  |
| 80985 |  |
| 2614361 | 6267171 |
| 1479228 | 5262236 |
| 261534 | 820594 |
| 106549 | 189797 |
| 225871 | 328164 |
| 162999 | 560180 |
| 50171 | 139731 |
| 295459 | 414045 |
| 18051441 | 45000197 |
| (53010) | (143825) |
| (527881) | – |
| 17470550 | 44856372 |
| 172199561 | 614430105 |
| (28385867) | 28394815 |
| (3677719) | 2746891 |
| 96567 |  |
| (158605) |  |
| (141588) |  |
| 78601611 | (4382495) |
| (2719982) | (242657) |
| 33022 |  |
| 307 |  |
| – | 95368 |
| 43647746 | 26611922 |
| $215847307 | $641042027 |

---

*See Notes to Financial Statements.* 335

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $10246635 | $11456028 |
| Net realized gain/(loss) | 100725234 | 68223276 |
| Net change in unrealized appreciation/(depreciation) | (12786289) | 43616213 |
| **Net increase in net assets resulting from operations** | 98185580 | 123295517 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2951823) | (2822190) |
| &nbsp;&nbsp;&nbsp;Class C | (313434) | (344159) |
| &nbsp;&nbsp;&nbsp;Class F | (270875) | (335959) |
| &nbsp;&nbsp;&nbsp;Class F3 | (270231) | (249609) |
| &nbsp;&nbsp;&nbsp;Class I | (7829316) | (7320322) |
| &nbsp;&nbsp;&nbsp;Class P | (284) | (726) |
| &nbsp;&nbsp;&nbsp;Class R2 | (1573) | (1315) |
| &nbsp;&nbsp;&nbsp;Class R3 | (352602) | (298433) |
| &nbsp;&nbsp;&nbsp;Class R4 | (4295) | (6453) |
| &nbsp;&nbsp;&nbsp;Class R5 | (44036) | (37671) |
| &nbsp;&nbsp;&nbsp;Class R6 | (88100) | (77128) |
| **Total distribution to shareholders** | (12126569) | (11493965) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 154839945 | 133649480 |
| Reinvestment of distributions | 10789429 | 10352340 |
| Cost of shares reacquired | (195004959) | (246951382) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (29375585) | (102949562) |
| **Net increase in net assets** | 56683426 | 8851990 |
| **NET ASSETS:** |  |  |
| Beginning of year | $593000393 | $584148403 |
| **End of year** | $649683819 | $593000393 |

---

336 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| $211464218 | $187915220 | $195783271 | $123137713 |
| (5442704) | 22957419 | (2408930) | 18117559 |
| 67956411 | 55122195 | 52445673 | 29638781 |
| 273977925 | 265994834 | 245820014 | 170894053 |
| (30951425) | (29588387) | (16323369) | (10820046) |
| (1641733) | (1457703) | (1595803) | (1023845) |
| (2490096) | (2975775) | (779199) | (1102973) |
| (37424393) | (31511515) | (11167625) | (8347542) |
| (141564564) | (117251678) | (172905012) | (101069897) |
| (24876) | (24809) |  |  |
| (194139) | (192934) | (43167) | (23092) |
| (403498) | (461762) | (112864) | (54020) |
| (274929) | (249859) | (1424) | (1647) |
| (2418496) | (2116718) | (1596471) | (499689) |
| (217388149) | (185831140) | (204524934) | (122942751) |
| 1819358347 | 2190330685 | 2245442478 | 2443994766 |
| 216957363 | 185416880 | 203516518 | 122503984 |
| (1572475595) | (1230917278) | (1471956765) | (654297080) |
| 463840115 | 1144830287 | 977002231 | 1912201670 |
| 520429891 | 1224993981 | 1018297311 | 1960152972 |
| $4522409278 | $3297415297 | $3413253254 | $1453100282 |
| $5042839169 | $4522409278 | $4431550565 | $3413253254 |

---

*See Notes to Financial Statements.* 337

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Floating Rate Fund** | **Floating Rate Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $343751368 | $422511530 |
| Net realized gain/(loss) | (93979063) | 6453592 |
| Net change in unrealized appreciation/(depreciation) | 16450791 | 49099530 |
| **Net increase in net assets resulting from operations** | 266223096 | 478064652 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (105354363) | (130037248) |
| &nbsp;&nbsp;&nbsp;Class C | (15533911) | (23195603) |
| &nbsp;&nbsp;&nbsp;Class F | (11354672) | (18003115) |
| &nbsp;&nbsp;&nbsp;Class F3 | (6508283) | (7335775) |
| &nbsp;&nbsp;&nbsp;Class I | (192108822) | (225163625) |
| &nbsp;&nbsp;&nbsp;Class R2 | (48228) | (61314) |
| &nbsp;&nbsp;&nbsp;Class R3 | (6389078) | (7450257) |
| &nbsp;&nbsp;&nbsp;Class R4 | (92974) | (111100) |
| &nbsp;&nbsp;&nbsp;Class R5 | (173852) | (175312) |
| &nbsp;&nbsp;&nbsp;Class R6 | (3345072) | (3778049) |
| **Total distribution to shareholders** | (340909255) | (415311398) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 1438188981 | 1489225304 |
| Net proceeds from reorganizations (See Note 14) |  |  |
| Reinvestment of distributions | 302852558 | 367258074 |
| Cost of shares reacquired | (1906514130) | (2074397621) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (165472591) | (217914243) |
| **Net increase (decrease) in net assets** | (240158750) | (155160989) |
| **NET ASSETS:** |  |  |
| Beginning of year | $4810974507 | $4966135496 |
| **End of year** | $4570815757 | $4810974507 |

---

338 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Fund** | **High Yield Fund** | **Income Fund** | **Income Fund** |
| **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| $244442682 | $268183663 | $305933057 | $246090494 |
| (6736914) | 18949485 | 11876686 | (7650280) |
| (35100461) | 172473311 | 50184734 | 185146208 |
| 202605307 | 459606459 | 367994477 | 423586422 |
| (51033665) | (50909955) | (73550810) | (62673765) |
| (6194209) | (7742128) | (2528328) | (2254305) |
| (4751828) | (6825349) | (1706670) | (2182604) |
| (34448378) | (34067574) | (112306193) | (83663041) |
| (117630995) | (117283267) | (128667973) | (100953056) |
| (379963) | (362912) | (37293) | (34558) |
| (5727717) | (5695186) | (2723085) | (2622628) |
| (2951829) | (4275086) | (520205) | (319574) |
| (7606793) | (12954759) | (132396) | (122803) |
| (19971146) | (30184524) | (3722006) | (3166534) |
| (250696523) | (270300740) | (325894959) | (257992868) |
| 1036297559 | 912514421 | 2116902928 | 2733352522 |
|  |  |  | 9376840 |
| 236379038 | 251816019 | 302842872 | 242317206 |
| (1524268441) | (1501071725) | (1937404877) | (1142014572) |
| (251591844) | (336741285) | 482340923 | 1843031996 |
| (299683060) | (147435566) | 524440441 | 2008625550 |
| $3675493606 | $3822929172 | $5624929247 | $3616303697 |
| $3375810546 | $3675493606 | $6149369688 | $5624929247 |

---

*See Notes to Financial Statements.* 339

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $33904824 | $29802558 |
| Net realized gain/(loss) | 18628724 | 20247663 |
| Net change in unrealized appreciation/(depreciation) | (1877402) | 9999238 |
| **Net increase in net assets resulting from operations** | 50656146 | 60049459 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6784872) | (7954812) |
| &nbsp;&nbsp;&nbsp;Class C | (1061225) | (1318247) |
| &nbsp;&nbsp;&nbsp;Class F | (903989) | (1262637) |
| &nbsp;&nbsp;&nbsp;Class F3 | (2955192) | (3798748) |
| &nbsp;&nbsp;&nbsp;Class I | (23261845) | (23633387) |
| &nbsp;&nbsp;&nbsp;Class R2 | (19862) | (18141) |
| &nbsp;&nbsp;&nbsp;Class R3 | (44777) | (31840) |
| &nbsp;&nbsp;&nbsp;Class R4 | (120199) | (105281) |
| &nbsp;&nbsp;&nbsp;Class R5 | (87839) | (76574) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1363314) | (833298) |
| **Total distribution to shareholders** | (36603114) | (39032965) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 263110040 | 131939204 |
| Reinvestment of distributions | 35953546 | 37451482 |
| Cost of shares reacquired | (264835745) | (655166894) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 34227841 | (485776208) |
| **Net increase (decrease) in net assets** | 48280873 | (464759714) |
| **NET ASSETS:** |  |  |
| Beginning of year | $730460695 | $1195220409 |
| **End of year** | $778741568 | $730460695 |

---

340 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| $26538394 | $23668832 | $1924589043 | $1938334717 |
| 4458637 | 218613 | 225224708 | (345795090) |
| 293369 | 5372780 | 250906524 | 1162829054 |
| 31290400 | 29260225 | 2400720275 | 2755368681 |
| (4348012) | (4175472) | (362054993) | (370144243) |
| (366177) | (284173) | (53981181) | (62836577) |
| (225724) | (318987) | (50472260) | (61886225) |
| (3573462) | (2888223) | (236573532) | (237782189) |
| (18840759) | (16170740) | (1409216735) | (1351841016) |
|  |  | (186685) | (246584) |
| (4891) | (15057) | (13450100) | (14184410) |
| (2002) | (1784) | (7363483) | (7236009) |
| (538) | (577) | (3774405) | (3325453) |
| (160388) | (102241) | (55016341) | (54622778) |
| (27521953) | (23957254) | (2192089715) | (2164105484) |
| 283068815 | 243739537 | 12791342195 | 13340739373 |
| 26996844 | 23530178 | 1955020566 | 1914698890 |
| (176302423) | (187087667) | (14149930217) | (16827489215) |
| 133763236 | 80182048 | 596432544 | (1572050952) |
| 137531683 | 85485019 | 805063104 | (980787755) |
| $499623921 | $414138902 | $42211544195 | $43192331950 |
| $637155604 | $499623921 | $43016607299 | $42211544195 |

---

*See Notes to Financial Statements.* 341

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Total Return Fund** | **Total Return Fund** |
| **INCREASE IN NET ASSETS** | **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $172199561 | $168748043 |
| Net realized gain/(loss) | (32267212) | 10665962 |
| Net change in unrealized appreciation/(depreciation) | 75914958 | 92509036 |
| **Net increase in net assets resulting from operations** | 215847307 | 271923041 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (47594739) | (46631885) |
| &nbsp;&nbsp;&nbsp;Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (1022683) | (1114484) |
| &nbsp;&nbsp;&nbsp;Class F | (3395704) | (3571117) |
| &nbsp;&nbsp;&nbsp;Class F3 | (48932781) | (44217783) |
| &nbsp;&nbsp;&nbsp;Class I | (65629738) | (61265297) |
| &nbsp;&nbsp;&nbsp;Class P | (437) | (1096) |
| &nbsp;&nbsp;&nbsp;Class R2 | (48308) | (52211) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1096438) | (1205655) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1518808) | (1469735) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1211350) | (1093990) |
| &nbsp;&nbsp;&nbsp;Class R6 | (11233521) | (10657393) |
| **Total distribution to shareholders** | (181684507) | (171280646) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 845609263 | 1072803354 |
| Reinvestment of distributions | 165060143 | 157340148 |
| Cost of shares reacquired | (918740524) | (789227049) |
| **Net increase in net assets resulting from capital share transactions** | 91928882 | 440916453 |
| **Net increase in net assets** | 126091682 | 541558848 |
| **NET ASSETS:** |  |  |
| Beginning of year | $3738945309 | $3197386461 |
| **End of year** | $3865036991 | $3738945309 |

---

342 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
| **For the<br> Year Ended<br> November 30, 2025** | **For the<br> Year Ended<br> November 30, 2024** |
| $614430105 | $517651414 |
| 31141706 | 18979367 |
| (4529784) | 78667586 |
| 641042027 | 615298367 |
| (257753984) | (210404650) |
| (409386) | (197366) |
| (6882090) | (11686456) |
| (131555168) | (87270929) |
| (213837870) | (202401388) |
| (14165) | (12375) |
| (2180784) | (3869661) |
| (612633447) | (515842825) |
| 10601206516 | 7849871601 |
| 591409394 | 491324232 |
| (7678434835) | (5965327987) |
| 3514181075 | 2375867846 |
| 3542589655 | 2475323388 |
| $11457768935 | $8982445547 |
| $15000358590 | $11457768935 |

---

*See Notes to Financial Statements.* 343

**Financial Highlights**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $14.79 | $0.25 | $2.38 | $2.63 | $(0.30)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.30)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 12.18 | 0.25 | 2.61 | 2.86 | (0.25) |  | (0.25) |
| 11/30/2023 | 12.64 | 0.24 | (0.37) | (0.13) | (0.33) |  | (0.33) |
| 11/30/2022 | 19.24 | 0.20 | (3.77) | (3.57) | (0.31) | (2.72) | (3.03) |
| 11/30/2021 | 20.52 | 0.09 | 1.68 | 1.77 | (0.19) | (2.86) | (3.05) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.61 | 0.15 | 2.36 | 2.51 | (0.21) |  | (0.21) |
| 11/30/2024 | 12.04 | 0.16 | 2.58 | 2.74 | (0.17) |  | (0.17) |
| 11/30/2023 | 12.49 | 0.17 | (0.37) | (0.20) | (0.25) |  | (0.25) |
| 11/30/2022 | 19.04 | 0.10 | (3.72) | (3.62) | (0.21) | (2.72) | (2.93) |
| 11/30/2021 | 20.37 | (0.04) | 1.66 | 1.62 | (0.09) | (2.86) | (2.95) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.81 | 0.26 | 2.38 | 2.64 | (0.31) |  | (0.31) |
| 11/30/2024 | 12.20 | 0.26 | 2.61 | 2.87 | (0.26) |  | (0.26) |
| 11/30/2023 | 12.65 | 0.26 | (0.37) | (0.11) | (0.34) |  | (0.34) |
| 11/30/2022 | 19.25 | 0.19 | (3.75) | (3.56) | (0.32) | (2.72) | (3.04) |
| 11/30/2021 | 20.52 | 0.11 | 1.68 | 1.79 | (0.20) | (2.86) | (3.06) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 15.01 | 0.30 | 2.42 | 2.72 | (0.33) |  | (0.33) |
| 11/30/2024 | 12.35 | 0.29 | 2.64 | 2.93 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.81 | 0.28 | (0.38) | (0.10) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.68 | 0.15 | 1.69 | 1.84 | (0.22) | (2.86) | (3.08) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.93 | 0.28 | 2.41 | 2.69 | (0.33) |  | (0.33) |
| 11/30/2024 | 12.30 | 0.28 | 2.62 | 2.90 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.76 | 0.27 | (0.37) | (0.10) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.39 | 0.25 | (3.82) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.66 | 0.13 | 1.68 | 1.81 | (0.22) | (2.86) | (3.08) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2025 | 15.18 | 0.22 | 2.44 | 2.66 | (0.26) |  | (0.26) |
| 11/30/2024 | 12.50 | 0.22 | 2.68 | 2.90 | (0.22) |  | (0.22) |
| 11/30/2023 | 12.97 | 0.22 | (0.39) | (0.17) | (0.30) |  | (0.30) |
| 11/30/2022 | 19.65 | 0.17 | (3.86) | (3.69) | (0.27) | (2.72) | (2.99) |
| 11/30/2021 | 20.88 | 0.05 | 1.70 | 1.75 | (0.12) | (2.86) | (2.98) |

---

<br> 344 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | <br> **Ratios to Average Net Assets:** | <br> **Ratios to Average Net Assets:** | <br> **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $17.12 | 18.08 | 1.10 | 1.10 | 1.63 | $162571 | 151 |
| 14.79 | 23.72 | 1.09 | 1.09 | 1.88 | 153608 | 145 |
| 12.18 | (1.00) | 1.10 | 1.10 | 1.99 | 150000 | 124 |
| 12.64 | (21.50) | 1.07 | 1.07 | 1.44 | 215259 | 165 |
| 19.24 | 8.83 | 1.03 | 1.03 | 0.47 | 365551 | 154 |
| 16.91 | 17.37 | 1.71 | 1.71 | 1.02 | 21444 | 151 |
| 14.61 | 22.90 | 1.71 | 1.71 | 1.26 | 24415 | 145 |
| 12.04 | (1.66) | 1.73 | 1.73 | 1.37 | 29339 | 124 |
| 12.49 | (21.95) | 1.73 | 1.74 | 0.76 | 42136 | 165 |
| 19.04 | 8.08 | 1.70 | 1.70 | (0.19) | 79104 | 154 |
| 17.14 | 18.17 | 1.00 | 1.00 | 1.73 | 13001 | 151 |
| 14.81 | 23.89 | 1.00 | 1.00 | 1.96 | 14323 | 145 |
| 12.20 | (0.92) | 1.00 | 1.00 | 2.08 | 21958 | 124 |
| 12.65 | (21.43) | 0.97 | 0.98 | 1.34 | 137175 | 165 |
| 19.25 | 8.98 | 0.93 | 0.93 | 0.59 | 804859 | 154 |
| 17.40 | 18.45 | 0.81 | 0.81 | 1.90 | 17651 | 151 |
| 15.01 | 24.04 | 0.81 | 0.81 | 2.14 | 10575 | 145 |
| 12.35 | (0.77) | 0.81 | 0.81 | 2.28 | 13883 | 124 |
| 12.81 | (21.25) | 0.79 | 0.79 | 1.70 | 19538 | 165 |
| 19.44 | 9.18 | 0.75 | 0.75 | 0.77 | 37889 | 154 |
| 17.29 | 18.34 | 0.90 | 0.90 | 1.83 | 406223 | 151 |
| 14.93 | 23.89 | 0.89 | 0.89 | 2.08 | 362332 | 145 |
| 12.30 | (0.78) | 0.90 | 0.90 | 2.19 | 345300 | 124 |
| 12.76 | (21.33) | 0.86 | 0.87 | 1.86 | 487218 | 165 |
| 19.39 | 9.02 | 0.82 | 0.82 | 0.68 | 259180 | 154 |
| 17.58 | 17.78 | 1.34 | 1.34 | 1.39 | 20 | 151 |
| 15.18 | 23.39 | 1.34 | 1.34 | 1.61 | 16 | 145 |
| 12.50 | (1.29) | 1.35 | 1.35 | 1.74 | 38 | 124 |
| 12.97 | (21.65) | 1.32 | 1.32 | 1.24 | 36 | 165 |
| 19.65 | 8.57 | 1.27 | 1.27 | 0.23 | 43 | 154 |

---

<br> *See Notes to Financial Statements.* 345

**Financial Highlights (continued)**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | $15.16 | $0.19 | $2.44 | $2.63 | $(0.23) | $– | $(0.23)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 12.49 | 0.20 | 2.67 | 2.87 | (0.20) |  | (0.20) |
| 11/30/2023 | 12.95 | 0.20 | (0.38) | (0.18) | (0.28) |  | (0.28) |
| 11/30/2022 | 19.63 | 0.15 | (3.86) | (3.71) | (0.25) | (2.72) | (2.97) |
| 11/30/2021 | 20.88 | 0.02 | 1.71 | 1.73 | (0.12) | (2.86) | (2.98) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.67 | 0.20 | 2.36 | 2.56 | (0.25) |  | (0.25) |
| 11/30/2024 | 12.09 | 0.21 | 2.58 | 2.79 | (0.21) |  | (0.21) |
| 11/30/2023 | 12.55 | 0.21 | (0.38) | (0.17) | (0.29) |  | (0.29) |
| 11/30/2022 | 19.12 | 0.16 | (3.75) | (3.59) | (0.26) | (2.72) | (2.98) |
| 11/30/2021 | 20.41 | 0.04 | 1.66 | 1.70 | (0.13) | (2.86) | (2.99) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.79 | 0.24 | 2.38 | 2.62 | (0.29) |  | (0.29) |
| 11/30/2024 | 12.18 | 0.24 | 2.61 | 2.85 | (0.24) |  | (0.24) |
| 11/30/2023 | 12.64 | 0.24 | (0.38) | (0.14) | (0.32) |  | (0.32) |
| 11/30/2022 | 19.24 | 0.19 | (3.77) | (3.58) | (0.30) | (2.72) | (3.02) |
| 11/30/2021 | 20.52 | 0.09 | 1.67 | 1.76 | (0.18) | (2.86) | (3.04) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 14.93 | 0.29 | 2.39 | 2.68 | (0.33) |  | (0.33) |
| 11/30/2024 | 12.29 | 0.28 | 2.63 | 2.91 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.76 | 0.27 | (0.38) | (0.11) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.39 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.65 | 0.14 | 1.68 | 1.82 | (0.22) | (2.86) | (3.08) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 15.02 | 0.30 | 2.42 | 2.72 | (0.33) |  | (0.33) |
| 11/30/2024 | 12.36 | 0.29 | 2.64 | 2.93 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.81 | 0.29 | (0.38) | (0.09) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.69 | 0.15 | 1.68 | 1.83 | (0.22) | (2.86) | (3.08) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<br> 346 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $17.56 | 17.62 | 1.50 | 1.50 | 1.23 | $105 | 151 |
| 15.16 | 23.25 | 1.49 | 1.49 | 1.48 | 108 | 145 |
| 12.49 | (1.45) | 1.50 | 1.50 | 1.59 | 75 | 124 |
| 12.95 | (21.80) | 1.46 | 1.47 | 1.09 | 76 | 165 |
| 19.63 | 8.43 | 1.42 | 1.42 | 0.10 | 94 | 154 |
| 16.98 | 17.75 | 1.40 | 1.40 | 1.32 | 23634 | 151 |
| 14.67 | 23.29 | 1.39 | 1.39 | 1.58 | 20803 | 145 |
| 12.09 | (1.30) | 1.40 | 1.40 | 1.69 | 17674 | 124 |
| 12.55 | (21.73) | 1.37 | 1.38 | 1.12 | 20448 | 165 |
| 19.12 | 8.52 | 1.33 | 1.33 | 0.19 | 36483 | 154 |
| 17.12 | 18.01 | 1.15 | 1.15 | 1.57 | 144 | 151 |
| 14.79 | 23.65 | 1.15 | 1.15 | 1.83 | 240 | 145 |
| 12.18 | (1.04) | 1.15 | 1.15 | 1.94 | 504 | 124 |
| 12.64 | (21.54) | 1.12 | 1.12 | 1.40 | 609 | 165 |
| 19.24 | 8.80 | 1.08 | 1.08 | 0.44 | 919 | 154 |
| 17.28 | 18.28 | 0.90 | 0.90 | 1.90 | 265 | 151 |
| 14.93 | 23.99 | 0.89 | 0.89 | 2.08 | 2273 | 145 |
| 12.29 | (0.86) | 0.90 | 0.90 | 2.19 | 1541 | 124 |
| 12.76 | (21.32) | 0.86 | 0.87 | 1.70 | 1578 | 165 |
| 19.39 | 9.08 | 0.83 | 0.83 | 0.69 | 1905 | 154 |
| 17.41 | 18.43 | 0.81 | 0.81 | 1.91 | 4626 | 151 |
| 15.02 | 24.02 | 0.81 | 0.81 | 2.16 | 4307 | 145 |
| 12.36 | (0.69) | 0.81 | 0.81 | 2.33 | 3838 | 124 |
| 12.81 | (21.26) | 0.79 | 0.80 | 1.75 | 16269 | 165 |
| 19.44 | 9.12 | 0.75 | 0.75 | 0.79 | 22182 | 154 |

---

<br> *See Notes to Financial Statements.* 347

**Financial Highlights (continued)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $9.31 | $0.40 | $0.12 | $0.52 | $(0.42) | $– | $(0.42) |
| 11/30/2024 | 9.08 | 0.42 | 0.23 | 0.65 | (0.42) |  | (0.42) |
| 11/30/2023 | 9.34 | 0.39 | (0.25) | 0.14 | (0.40) |  | (0.40) |
| 11/30/2022 | 11.14 | 0.21 | (1.70) | (1.49) | (0.27) | (0.04) | (0.31) |
| 11/30/2021 | 11.69 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.26 | 0.34 | 0.12 | 0.46 | (0.35) |  | (0.35) |
| 11/30/2024 | 9.04 | 0.36 | 0.22 | 0.58 | (0.36) |  | (0.36) |
| 11/30/2023 | 9.30 | 0.33 | (0.25) | 0.08 | (0.34) |  | (0.34) |
| 11/30/2022 | 11.08 | 0.15 | (1.69) | (1.54) | (0.20) | (0.04) | (0.24) |
| 11/30/2021 | 11.63 | 0.04 | (0.15) | (0.11) | (0.07) | (0.37) | (0.44) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.31 | 0.41 | 0.11 | 0.52 | (0.42) |  | (0.42) |
| 11/30/2024 | 9.08 | 0.43 | 0.23 | 0.66 | (0.43) |  | (0.43) |
| 11/30/2023 | 9.34 | 0.39 | (0.24) | 0.15 | (0.41) |  | (0.41) |
| 11/30/2022 | 11.13 | 0.19 | (1.66) | (1.47) | (0.28) | (0.04) | (0.32) |
| 11/30/2021 | 11.68 | 0.12 | (0.15) | (0.03) | (0.15) | (0.37) | (0.52) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.31 | 0.43 | 0.11 | 0.54 | (0.44) |  | (0.44) |
| 11/30/2024 | 9.08 | 0.45 | 0.22 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.42 | (0.26) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.24 | (1.70) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.14 | (0.16) | (0.02) | (0.17) | (0.37) | (0.54) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.30 | 0.43 | 0.12 | 0.55 | (0.44) |  | (0.44) |
| 11/30/2024 | 9.07 | 0.44 | 0.23 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.33 | 0.41 | (0.25) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.26 | (1.73) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |
| **Class P** |  |  |  |  |  |  |  |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.31 | 0.37 | 0.12 | 0.49 | (0.38) |  | (0.38) |
| 11/30/2024 | 9.08 | 0.38 | 0.23 | 0.61 | (0.38) |  | (0.38) |
| 11/30/2023 | 9.34 | 0.35 | (0.25) | 0.10 | (0.36) |  | (0.36) |
| 11/30/2022 | 11.14 | 0.17 | (1.70) | (1.53) | (0.23) | (0.04) | (0.27) |
| 11/30/2021 | 11.69 | 0.07 | (0.15) | (0.08) | (0.10) | (0.37) | (0.47) |

---

<br> 348 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.41 | 5.70 | 0.55 | 0.55 | 4.36 | $708116 | 453 |
| 9.31 | 7.24 | 0.55 | 0.56 | 4.55 | 704956 | 449 |
| 9.08 | 1.52 | 0.56 | 0.56 | 4.24 | 617453 | 509 |
| 9.34 | (13.54) | 0.57 | 0.57 | 2.14 | 476618 | 541 |
| 11.14 | (0.30) | 0.58 | 0.58 | 1.01 | 646894 | 492 |
| 9.37 | 5.11 | 1.22 | 1.22 | 3.69 | 42456 | 453 |
| 9.26 | 6.48 | 1.18 | 1.18 | 3.92 | 44166 | 449 |
| 9.04 | 0.88 | 1.17 | 1.17 | 3.63 | 27521 | 509 |
| 9.30 | (13.97) | 1.19 | 1.19 | 1.50 | 19226 | 541 |
| 11.08 | (0.96) | 1.22 | 1.22 | 0.38 | 29523 | 492 |
| 9.41 | 5.80 | 0.45 | 0.45 | 4.47 | 52116 | 453 |
| 9.31 | 7.35 | 0.45 | 0.46 | 4.65 | 74423 | 449 |
| 9.08 | 1.62 | 0.45 | 0.45 | 4.25 | 59852 | 509 |
| 9.34 | (13.37) | 0.48 | 0.48 | 1.89 | 81612 | 541 |
| 11.13 | (0.21) | 0.48 | 0.48 | 1.11 | 342050 | 492 |
| 9.41 | 5.98 | 0.28 | 0.28 | 4.64 | 845212 | 453 |
| 9.31 | 7.53 | 0.29 | 0.29 | 4.81 | 746271 | 449 |
| 9.08 | 1.78 | 0.30 | 0.30 | 4.51 | 560700 | 509 |
| 9.34 | (13.23) | 0.31 | 0.31 | 2.43 | 362923 | 541 |
| 11.13 | (0.12) | 0.30 | 0.30 | 1.28 | 442421 | 492 |
| 9.41 | 6.06 | 0.31 | 0.35 | 4.60 | 3310669 | 453 |
| 9.30 | 7.50 | 0.32 | 0.36 | 4.78 | 2883358 | 449 |
| 9.07 | 1.76 | 0.32 | 0.36 | 4.50 | 1972014 | 509 |
| 9.33 | (13.34) | 0.33 | 0.37 | 2.68 | 1165866 | 541 |
| 11.13 | (0.07) | 0.34 | 0.38 | 1.25 | 534313 | 492 |
| 9.42 | 5.39 | 0.95 | 0.95 | 3.97 | 489 | 453 |
| 9.31 | 6.82 | 0.95 | 0.95 | 4.15 | 638 | 449 |
| 9.08 | 1.11 | 0.96 | 0.96 | 3.82 | 384 | 509 |
| 9.34 | (13.88) | 0.97 | 0.98 | 1.65 | 368 | 541 |
| 11.14 | (0.70) | 0.98 | 0.98 | 0.60 | 850 | 492 |

---

<br> *See Notes to Financial Statements.* 349

**Financial Highlights (continued)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | $9.31 | $0.38 | $0.11 | $0.49 | $(0.39) | $– | $(0.39) |
| 11/30/2024 | 9.08 | 0.39 | 0.23 | 0.62 | (0.39) |  | (0.39) |
| 11/30/2023 | 9.34 | 0.36 | (0.25) | 0.11 | (0.37) |  | (0.37) |
| 11/30/2022 | 11.14 | 0.18 | (1.70) | (1.52) | (0.24) | (0.04) | (0.28) |
| 11/30/2021 | 11.69 | 0.08 | (0.15) | (0.07) | (0.11) | (0.37) | (0.48) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.31 | 0.40 | 0.11 | 0.51 | (0.41) |  | (0.41) |
| 11/30/2024 | 9.08 | 0.42 | 0.22 | 0.64 | (0.41) |  | (0.41) |
| 11/30/2023 | 9.34 | 0.39 | (0.26) | 0.13 | (0.39) |  | (0.39) |
| 11/30/2022 | 11.13 | 0.21 | (1.70) | (1.49) | (0.26) | (0.04) | (0.30) |
| 11/30/2021 | 11.68 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.31 | 0.42 | 0.12 | 0.54 | (0.43) |  | (0.43) |
| 11/30/2024 | 9.08 | 0.44 | 0.23 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.41 | (0.25) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.14 | 0.25 | (1.72) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.13 | (0.14) | (0.01) | (0.17) | (0.37) | (0.54) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 9.30 | 0.43 | 0.12 | 0.55 | (0.44) |  | (0.44) |
| 11/30/2024 | 9.07 | 0.45 | 0.22 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.41 | (0.26) | 0.15 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.25 | (1.71) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Calculated using average shares outstanding during the period. |
| <sup>(b)</sup> | 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. |

---

<br> 350 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.41 | 5.38 | 0.85 | 0.85 | 4.06 | $4980 | 453 |
| 9.31 | 6.92 | 0.85 | 0.86 | 4.24 | 4731 | 449 |
| 9.08 | 1.21 | 0.85 | 0.85 | 3.90 | 4713 | 509 |
| 9.34 | (13.80) | 0.87 | 0.88 | 1.79 | 5914 | 541 |
| 11.14 | (0.60) | 0.88 | 0.88 | 0.71 | 9264 | 492 |
| 9.41 | 5.76 | 0.60 | 0.60 | 4.32 | 8404 | 453 |
| 9.31 | 7.08 | 0.60 | 0.61 | 4.50 | 10495 | 449 |
| 9.08 | 1.47 | 0.61 | 0.61 | 4.18 | 8769 | 509 |
| 9.34 | (13.50) | 0.62 | 0.62 | 2.10 | 8047 | 541 |
| 11.13 | (0.36) | 0.63 | 0.63 | 0.96 | 10587 | 492 |
| 9.42 | 6.02 | 0.35 | 0.35 | 4.56 | 5459 | 453 |
| 9.31 | 7.46 | 0.35 | 0.36 | 4.75 | 5794 | 449 |
| 9.08 | 1.72 | 0.36 | 0.36 | 4.50 | 3764 | 509 |
| 9.34 | (13.36) | 0.37 | 0.37 | 2.51 | 1782 | 541 |
| 11.14 | (0.10) | 0.38 | 0.38 | 1.20 | 1443 | 492 |
| 9.41 | 6.10 | 0.28 | 0.28 | 4.64 | 64938 | 453 |
| 9.30 | 7.53 | 0.29 | 0.29 | 4.81 | 47577 | 449 |
| 9.07 | 1.78 | 0.30 | 0.30 | 4.49 | 42245 | 509 |
| 9.34 | (13.32) | 0.31 | 0.31 | 2.52 | 36072 | 541 |
| 11.13 | (0.03) | 0.30 | 0.30 | 1.29 | 30405 | 492 |

---

<br> *See Notes to Financial Statements.* 351

**Financial Highlights (continued)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $12.96 | $0.62 | $0.13 | $0.75 | $(0.65) | $– | $(0.65) |
| 11/30/2024 | 12.56 | 0.68 | 0.40 | 1.08 | (0.68) |  | (0.68) |
| 11/30/2023 | 12.87 | 0.61 | (0.28) | 0.33 | (0.64) |  | (0.64) |
| 11/30/2022 | 15.38 | 0.40 | (2.44) | (2.04) | (0.46) | (0.01) | (0.47) |
| 11/30/2021 | 15.78 | 0.33 | (0.14) | 0.19 | (0.42) | (0.17) | (0.59) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.97 | 0.53 | 0.13 | 0.66 | (0.56) |  | (0.56) |
| 11/30/2024 | 12.56 | 0.60 | 0.41 | 1.01 | (0.60) |  | (0.60) |
| 11/30/2023 | 12.87 | 0.53 | (0.29) | 0.24 | (0.55) |  | (0.55) |
| 11/30/2022 | 15.38 | 0.31 | (2.44) | (2.13) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 15.78 | 0.23 | (0.14) | 0.09 | (0.32) | (0.17) | (0.49) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.95 | 0.64 | 0.12 | 0.76 | (0.66) |  | (0.66) |
| 11/30/2024 | 12.54 | 0.69 | 0.41 | 1.10 | (0.69) |  | (0.69) |
| 11/30/2023 | 12.86 | 0.59 | (0.26) | 0.33 | (0.65) |  | (0.65) |
| 11/30/2022 | 15.36 | 0.39 | (2.40) | (2.01) | (0.48) | (0.01) | (0.49) |
| 11/30/2021 | 15.76 | 0.34 | (0.14) | 0.20 | (0.43) | (0.17) | (0.60) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.96 | 0.66 | 0.13 | 0.79 | (0.69) |  | (0.69) |
| 11/30/2024 | 12.56 | 0.72 | 0.40 | 1.12 | (0.72) |  | (0.72) |
| 11/30/2023 | 12.87 | 0.65 | (0.29) | 0.36 | (0.67) |  | (0.67) |
| 11/30/2022 | 15.37 | 0.44 | (2.42) | (1.98) | (0.51) | (0.01) | (0.52) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.46) | (0.17) | (0.63) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.95 | 0.65 | 0.13 | 0.78 | (0.68) |  | (0.68) |
| 11/30/2024 | 12.54 | 0.70 | 0.42 | 1.12 | (0.71) |  | (0.71) |
| 11/30/2023 | 12.86 | 0.64 | (0.30) | 0.34 | (0.66) |  | (0.66) |
| 11/30/2022 | 15.37 | 0.47 | (2.48) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.37 | (0.15) | 0.22 | (0.45) | (0.17) | (0.62) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.96 | 0.58 | 0.13 | 0.71 | (0.61) |  | (0.61) |
| 11/30/2024 | 12.55 | 0.63 | 0.42 | 1.05 | (0.64) |  | (0.64) |
| 11/30/2023 | 12.86 | 0.57 | (0.28) | 0.29 | (0.60) |  | (0.60) |
| 11/30/2022 | 15.37 | 0.36 | (2.44) | (2.08) | (0.42) | (0.01) | (0.43) |
| 11/30/2021 | 15.77 | 0.28 | (0.14) | 0.14 | (0.37) | (0.17) | (0.54) |

---

<br> 352 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $13.06 | 6.00 | 0.65 | 0.65 | 4.85 | $352965 | 448 |
| 12.96 | 8.78 | 0.63 | 0.63 | 5.26 | 302459 | 377 |
| 12.56 | 2.59 | 0.65 | 0.65 | 4.81 | 146294 | 451 |
| 12.87 | (13.38) | 0.68 | 0.69 | 2.93 | 92635 | 407 |
| 15.38 | 1.23 | 0.68 | 0.73 | 2.12 | 76162 | 258 |
| 13.07 | 5.28 | 1.34 | 1.34 | 4.16 | 42777 | 448 |
| 12.97 | 8.17 | 1.28 | 1.28 | 4.62 | 32824 | 377 |
| 12.56 | 1.93 | 1.30 | 1.30 | 4.22 | 14742 | 451 |
| 12.87 | (13.94) | 1.33 | 1.34 | 2.23 | 5380 | 407 |
| 15.38 | 0.57 | 1.33 | 1.38 | 1.50 | 5550 | 258 |
| 13.05 | 6.11 | 0.55 | 0.55 | 4.98 | 11934 | 448 |
| 12.95 | 8.97 | 0.53 | 0.53 | 5.41 | 19311 | 377 |
| 12.54 | 2.61 | 0.53 | 0.53 | 4.60 | 20366 | 451 |
| 12.86 | (13.25) | 0.58 | 0.59 | 2.78 | 111760 | 407 |
| 15.36 | 1.32 | 0.58 | 0.62 | 2.18 | 274812 | 258 |
| 13.06 | 6.32 | 0.35 | 0.35 | 5.15 | 231182 | 448 |
| 12.96 | 9.08 | 0.36 | 0.36 | 5.56 | 196708 | 377 |
| 12.56 | 2.87 | 0.38 | 0.38 | 5.13 | 115395 | 451 |
| 12.87 | (13.06) | 0.39 | 0.40 | 3.22 | 47207 | 407 |
| 15.37 | 1.51 | 0.38 | 0.43 | 2.32 | 34554 | 258 |
| 13.05 | 6.21 | 0.45 | 0.45 | 5.05 | 3753216 | 448 |
| 12.95 | 9.08 | 0.43 | 0.43 | 5.46 | 2834800 | 377 |
| 12.54 | 2.71 | 0.45 | 0.45 | 5.07 | 1151379 | 451 |
| 12.86 | (13.21) | 0.48 | 0.48 | 3.58 | 411464 | 407 |
| 15.37 | 1.42 | 0.48 | 0.54 | 2.40 | 13423 | 258 |
| 13.06 | 5.68 | 0.95 | 0.95 | 4.55 | 945 | 448 |
| 12.96 | 8.54 | 0.94 | 0.94 | 4.90 | 928 | 377 |
| 12.55 | 2.28 | 0.95 | 0.95 | 4.52 | 224 | 451 |
| 12.86 | (13.64) | 0.98 | 0.99 | 2.60 | 155 | 407 |
| 15.37 | 0.93 | 0.98 | 1.03 | 1.84 | 159 | 258 |

---

<br> *See Notes to Financial Statements.* 353

**Financial Highlights (continued)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | $12.96 | $0.62 | $0.13 | $0.75 | $(0.65) | $– | $(0.65) |
| 11/30/2024 | 12.56 | 0.67 | 0.40 | 1.07 | (0.67) |  | (0.67) |
| 11/30/2023 | 12.87 | 0.60 | (0.28) | 0.32 | (0.63) |  | (0.63) |
| 11/30/2022 | 15.37 | 0.38 | (2.41) | (2.03) | (0.46) | (0.01) | (0.47) |
| 11/30/2021 | 15.77 | 0.32 | (0.14) | 0.18 | (0.41) | (0.17) | (0.58) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.96 | 0.65 | 0.13 | 0.78 | (0.68) |  | (0.68) |
| 11/30/2024 | 12.56 | 0.71 | 0.40 | 1.11 | (0.71) |  | (0.71) |
| 11/30/2023 | 12.87 | 0.64 | (0.29) | 0.35 | (0.66) |  | (0.66) |
| 11/30/2022 | 15.38 | 0.43 | (2.44) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.45) | (0.17) | (0.62) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 12.96 | 0.66 | 0.13 | 0.79 | (0.69) |  | (0.69) |
| 11/30/2024 | 12.56 | 0.71 | 0.41 | 1.12 | (0.72) |  | (0.72) |
| 11/30/2023 | 12.87 | 0.65 | (0.29) | 0.36 | (0.67) |  | (0.67) |
| 11/30/2022 | 15.38 | 0.46 | (2.46) | (2.00) | (0.50) | (0.01) | (0.51) |
| 11/30/2021 | 15.78 | 0.38 | (0.14) | 0.24 | (0.47) | (0.17) | (0.64) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

354 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $13.06 | 5.95 | 0.70 | 0.70 | 4.80 | $2337 | 448 |
| 12.96 | 8.72 | 0.69 | 0.69 | 5.16 | 1976 | 377 |
| 12.56 | 2.54 | 0.70 | 0.70 | 4.75 | 493 | 451 |
| 12.87 | (13.36) | 0.73 | 0.74 | 2.76 | 295 | 407 |
| 15.37 | 1.18 | 0.73 | 0.77 | 2.06 | 379 | 258 |
| 13.06 | 6.21 | 0.44 | 0.44 | 5.05 | 28 | 448 |
| 12.96 | 9.00 | 0.43 | 0.43 | 5.50 | 25 | 377 |
| 12.56 | 2.80 | 0.42 | 0.42 | 5.02 | 15 | 451 |
| 12.87 | (13.19) | 0.46 | 0.46 | 3.09 | 10 | 407 |
| 15.38 | 1.49 | 0.48 | 0.50 | 2.35 | 11 | 258 |
| 13.06 | 6.32 | 0.35 | 0.35 | 5.14 | 36165 | 448 |
| 12.96 | 9.07 | 0.36 | 0.36 | 5.54 | 24223 | 377 |
| 12.56 | 2.87 | 0.38 | 0.38 | 5.08 | 4193 | 451 |
| 12.87 | (13.12) | 0.39 | 0.40 | 3.42 | 3380 | 407 |
| 15.38 | 1.53 | 0.38 | 0.44 | 2.44 | 1061 | 258 |

---

*See Notes to Financial Statements.* 355

**Financial Highlights (continued)**

FLOATING RATE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $8.18 | $0.58 | $(0.13) | $0.45 | $(0.57) | $8.06 |
| 11/30/2024 | 8.07 | 0.69 | 0.10 | 0.79 | (0.68) | 8.18 |
| 11/30/2023 | 7.89 | 0.67 | 0.17 | 0.84 | (0.66) | 8.07 |
| 11/30/2022 | 8.37 | 0.37 | (0.48) | (0.11) | (0.37) | 7.89 |
| 11/30/2021 | 8.20 | 0.33 | 0.16 | 0.49 | (0.32) | 8.37 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2025 | 8.18 | 0.53 | (0.12) | 0.41 | (0.52) | 8.07 |
| 11/30/2024 | 8.08 | 0.64 | 0.09 | 0.73 | (0.63) | 8.18 |
| 11/30/2023 | 7.89 | 0.62 | 0.18 | 0.80 | (0.61) | 8.08 |
| 11/30/2022 | 8.37 | 0.32 | (0.48) | (0.16) | (0.32) | 7.89 |
| 11/30/2021 | 8.20 | 0.27 | 0.17 | 0.44 | (0.27) | 8.37 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 8.17 | 0.59 | (0.12) | 0.47 | (0.58) | 8.06 |
| 11/30/2024 | 8.06 | 0.70 | 0.10 | 0.80 | (0.69) | 8.17 |
| 11/30/2023 | 7.88 | 0.66 | 0.18 | 0.84 | (0.66) | 8.06 |
| 11/30/2022 | 8.36 | 0.35 | (0.45) | (0.10) | (0.38) | 7.88 |
| 11/30/2021 | 8.19 | 0.33 | 0.17 | 0.50 | (0.33) | 8.36 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 8.19 | 0.60 | (0.12) | 0.48 | (0.60) | 8.07 |
| 11/30/2024 | 8.08 | 0.71 | 0.10 | 0.81 | (0.70) | 8.19 |
| 11/30/2023 | 7.90 | 0.69 | 0.17 | 0.86 | (0.68) | 8.08 |
| 11/30/2022 | 8.38 | 0.40 | (0.49) | (0.09) | (0.39) | 7.90 |
| 11/30/2021 | 8.21 | 0.35 | 0.17 | 0.52 | (0.35) | 8.38 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 8.18 | 0.59 | (0.11) | 0.48 | (0.59) | 8.07 |
| 11/30/2024 | 8.08 | 0.71 | 0.08 | 0.79 | (0.69) | 8.18 |
| 11/30/2023 | 7.89 | 0.69 | 0.17 | 0.86 | (0.67) | 8.08 |
| 11/30/2022 | 8.37 | 0.41 | (0.50) | (0.09) | (0.39) | 7.89 |
| 11/30/2021 | 8.20 | 0.34 | 0.17 | 0.51 | (0.34) | 8.37 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2025 | 8.19 | 0.54 | (0.12) | 0.42 | (0.54) | 8.07 |
| 11/30/2024 | 8.08 | 0.66 | 0.10 | 0.76 | (0.65) | 8.19 |
| 11/30/2023 | 7.90 | 0.63 | 0.17 | 0.80 | (0.62) | 8.08 |
| 11/30/2022 | 8.38 | 0.35 | (0.49) | (0.14) | (0.34) | 7.90 |
| 11/30/2021 | 8.20 | 0.29 | 0.18 | 0.47 | (0.29) | 8.38 |

---

356 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.75 | 0.81 | 0.81 | 7.15 | $1432175 | 83 |
| 10.10 | 0.80 | 0.80 | 8.45 | 1529999 | 105 |
| 10.99 | 0.80 | 0.80 | 8.39 | 1596618 | 71 |
| (1.31) | 0.80 | 0.80 | 4.60 | 1882335 | 85 |
| 6.07 | 0.79 | 0.79 | 3.87 | 1981600 | 87 |
| 5.22 | 1.43 | 1.43 | 6.53 | 215335 | 83 |
| 9.30 | 1.41 | 1.41 | 7.85 | 269268 | 105 |
| 10.43 | 1.44 | 1.44 | 7.74 | 331798 | 71 |
| (1.93) | 1.43 | 1.43 | 3.96 | 441112 | 85 |
| 5.42 | 1.41 | 1.41 | 3.26 | 499850 | 87 |
| 5.98 | 0.71 | 0.71 | 7.26 | 141638 | 83 |
| 10.08 | 0.70 | 0.70 | 8.57 | 180989 | 105 |
| 11.24 | 0.71 | 0.71 | 8.28 | 237963 | 71 |
| (1.22) | 0.69 | 0.69 | 4.24 | 869845 | 85 |
| 6.17 | 0.69 | 0.69 | 3.96 | 2999065 | 87 |
| 6.04 | 0.53 | 0.53 | 7.42 | 90869 | 83 |
| 10.40 | 0.53 | 0.53 | 8.73 | 84008 | 105 |
| 11.28 | 0.54 | 0.54 | 8.60 | 90205 | 71 |
| (1.04) | 0.53 | 0.53 | 4.95 | 178268 | 85 |
| 6.34 | 0.53 | 0.53 | 4.12 | 137808 | 87 |
| 6.09 | 0.61 | 0.61 | 7.35 | 2568365 | 83 |
| 10.19 | 0.60 | 0.60 | 8.65 | 2595978 | 105 |
| 11.35 | 0.60 | 0.60 | 8.60 | 2579223 | 71 |
| (1.11) | 0.60 | 0.60 | 5.05 | 2954554 | 85 |
| 6.28 | 0.59 | 0.59 | 4.06 | 1133927 | 87 |
| 5.33 | 1.21 | 1.21 | 6.73 | 743 | 83 |
| 9.67 | 1.20 | 1.20 | 8.06 | 665 | 105 |
| 10.54 | 1.20 | 1.20 | 7.95 | 760 | 71 |
| (1.70) | 1.20 | 1.20 | 4.28 | 1086 | 85 |
| 5.78 | 1.19 | 1.19 | 3.48 | 965 | 87 |

---

<br> *See Notes to Financial Statements.* 357

**Financial Highlights (continued)**

FLOATING RATE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | <br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2025 | $8.18 | $0.55 | $(0.11) | $0.44 | $(0.55) | $8.07 |
| 11/30/2024 | 8.07 | 0.66 | 0.10 | 0.76 | (0.65) | 8.18 |
| 11/30/2023 | 7.89 | 0.65 | 0.16 | 0.81 | (0.63) | 8.07 |
| 11/30/2022 | 8.37 | 0.36 | (0.49) | (0.13) | (0.35) | 7.89 |
| 11/30/2021 | 8.20 | 0.30 | 0.17 | 0.47 | (0.30) | 8.37 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2025 | 8.18 | 0.57 | (0.12) | 0.45 | (0.57) | 8.06 |
| 11/30/2024 | 8.07 | 0.69 | 0.09 | 0.78 | (0.67) | 8.18 |
| 11/30/2023 | 7.89 | 0.67 | 0.16 | 0.83 | (0.65) | 8.07 |
| 11/30/2022 | 8.37 | 0.36 | (0.47) | (0.11) | (0.37) | 7.89 |
| 11/30/2021 | 8.20 | 0.32 | 0.17 | 0.49 | (0.32) | 8.37 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 8.19 | 0.59 | (0.11) | 0.48 | (0.59) | 8.08 |
| 11/30/2024 | 8.08 | 0.71 | 0.09 | 0.80 | (0.69) | 8.19 |
| 11/30/2023 | 7.90 | 0.69 | 0.16 | 0.85 | (0.67) | 8.08 |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) | 7.90 |
| 11/30/2021 | 8.21 | 0.34 | 0.17 | 0.51 | (0.34) | 8.38 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | 8.19 | 0.60 | (0.12) | 0.48 | (0.60) | 8.07 |
| 11/30/2024 | 8.08 | 0.71 | 0.10 | 0.81 | (0.70) | 8.19 |
| 11/30/2023 | 7.90 | 0.68 | 0.18 | 0.86 | (0.68) | 8.08 |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) | 7.90 |
| 11/30/2021 | 8.20 | 0.35 | 0.18 | 0.53 | (0.35) | 8.38 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

358 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.56 | 1.11 | 1.11 | 6.85 | $72687 | 83 |
| 9.64 | 1.10 | 1.10 | 8.14 | 100063 | 105 |
| 10.80 | 1.10 | 1.10 | 8.13 | 86913 | 71 |
| (1.60) | 1.10 | 1.10 | 4.48 | 76898 | 85 |
| 5.76 | 1.09 | 1.09 | 3.58 | 51915 | 87 |
| 5.69 | 0.86 | 0.86 | 7.10 | 1196 | 83 |
| 10.05 | 0.85 | 0.85 | 8.42 | 1377 | 105 |
| 10.93 | 0.85 | 0.85 | 8.36 | 1532 | 71 |
| (1.36) | 0.84 | 0.84 | 4.36 | 1746 | 85 |
| 6.02 | 0.84 | 0.84 | 3.83 | 2680 | 87 |
| 6.09 | 0.61 | 0.61 | 7.32 | 2780 | 83 |
| 10.32 | 0.60 | 0.60 | 8.64 | 2205 | 105 |
| 11.21 | 0.60 | 0.60 | 8.64 | 2004 | 71 |
| (1.11) | 0.60 | 0.60 | 4.73 | 2123 | 85 |
| 6.28 | 0.59 | 0.59 | 4.08 | 2975 | 87 |
| 6.04 | 0.53 | 0.53 | 7.43 | 45028 | 83 |
| 10.40 | 0.53 | 0.53 | 8.71 | 46421 | 105 |
| 11.28 | 0.54 | 0.54 | 8.56 | 39119 | 71 |
| (1.04) | 0.53 | 0.53 | 4.83 | 71452 | 85 |
| 6.48 | 0.53 | 0.53 | 4.15 | 95334 | 87 |

---

*See Notes to Financial Statements.* 359

**Financial Highlights (continued)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Return of<br> capital** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $6.45 | $0.44 | $(0.06) | $0.38 | $(0.45) | $– | $(0.45) |
| 11/30/2024 | 6.13 | 0.45 | 0.32 | 0.77 | (0.45) |  | (0.45) |
| 11/30/2023 | 6.20 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.43 | 0.35 | (1.20) | (0.85) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.36) |  | (0.36) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.42 | 0.40 | (0.07) | 0.33 | (0.41) |  | (0.41) |
| 11/30/2024 | 6.10 | 0.41 | 0.32 | 0.73 | (0.41) |  | (0.41) |
| 11/30/2023 | 6.17 | 0.34 | (0.05) | 0.29 | (0.36) |  | (0.36) |
| 11/30/2022 | 7.39 | 0.31 | (1.19) | (0.88) | (0.33) | (0.01) | (0.34) |
| 11/30/2021 | 7.27 | 0.30 | 0.13 | 0.43 | (0.31) |  | (0.31) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.44 | 0.45 | (0.06) | 0.39 | (0.46) |  | (0.46) |
| 11/30/2024 | 6.12 | 0.45 | 0.33 | 0.78 | (0.46) |  | (0.46) |
| 11/30/2023 | 6.19 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.42 | 0.36 | (1.20) | (0.84) | (0.38) | (0.01) | (0.39) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.37) |  | (0.37) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.48 | 0.46 | (0.05) | 0.41 | (0.48) |  | (0.48) |
| 11/30/2024 | 6.16 | 0.47 | 0.32 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.41 | (0.06) | 0.35 | (0.42) |  | (0.42) |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.48 | 0.46 | (0.06) | 0.40 | (0.47) |  | (0.47) |
| 11/30/2024 | 6.16 | 0.46 | 0.33 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.06) | 0.34 | (0.41) |  | (0.41) |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.36 | 0.14 | 0.50 | (0.38) |  | (0.38) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.49 | 0.42 | (0.07) | 0.35 | (0.43) |  | (0.43) |
| 11/30/2024 | 6.17 | 0.43 | 0.32 | 0.75 | (0.43) |  | (0.43) |
| 11/30/2023 | 6.24 | 0.36 | (0.05) | 0.31 | (0.38) |  | (0.38) |
| 11/30/2022 | 7.47 | 0.33 | (1.20) | (0.87) | (0.35) | (0.01) | (0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.13 | 0.45 | (0.33) |  | (0.33) |

---

360 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.38 | 6.22 | 0.92 | 0.93 | 6.97 | $716662 | 79 |
| 6.45 | 12.96 | 0.92 | 0.93 | 7.07 | 736258 | 82 |
| 6.13 | 5.50 | 0.92 | 0.92 | 6.28 | 708970 | 84 |
| 6.20 | (11.62) | 0.89 | 0.90 | 5.24 | 799529 | 106 |
| 7.43 | 6.74 | 0.88 | 0.88 | 4.59 | 1089069 | 113 |
| 6.34 | 5.38 | 1.56 | 1.56 | 6.33 | 85896 | 79 |
| 6.42 | 12.30 | 1.53 | 1.54 | 6.46 | 108368 | 82 |
| 6.10 | 4.85 | 1.54 | 1.54 | 5.64 | 128213 | 84 |
| 6.17 | (12.12) | 1.52 | 1.52 | 4.61 | 166372 | 106 |
| 7.39 | 5.94 | 1.50 | 1.50 | 3.96 | 258441 | 113 |
| 6.37 | 6.32 | 0.82 | 0.83 | 7.07 | 59583 | 79 |
| 6.44 | 12.90 | 0.82 | 0.83 | 7.15 | 77748 | 82 |
| 6.12 | 5.77 | 0.82 | 0.82 | 6.22 | 133738 | 84 |
| 6.19 | (11.56) | 0.79 | 0.80 | 5.22 | 456720 | 106 |
| 7.42 | 6.70 | 0.77 | 0.77 | 4.68 | 2239174 | 113 |
| 6.41 | 6.54 | 0.62 | 0.62 | 7.27 | 471017 | 79 |
| 6.48 | 13.28 | 0.61 | 0.62 | 7.38 | 478251 | 82 |
| 6.16 | 5.83 | 0.61 | 0.61 | 6.60 | 440078 | 84 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.54 | 558736 | 106 |
| 7.46 | 6.90 | 0.59 | 0.59 | 4.88 | 737768 | 113 |
| 6.41 | 6.44 | 0.72 | 0.73 | 7.17 | 1650915 | 79 |
| 6.48 | 13.16 | 0.72 | 0.73 | 7.27 | 1605857 | 82 |
| 6.16 | 5.72 | 0.72 | 0.72 | 6.48 | 1612167 | 84 |
| 6.23 | (11.37) | 0.69 | 0.70 | 5.46 | 1753902 | 106 |
| 7.46 | 6.80 | 0.67 | 0.67 | 4.78 | 1759013 | 113 |
| 6.41 | 5.64 | 1.32 | 1.32 | 6.57 | 5506 | 79 |
| 6.49 | 12.48 | 1.32 | 1.33 | 6.67 | 5703 | 82 |
| 6.17 | 5.09 | 1.32 | 1.32 | 5.91 | 5265 | 84 |
| 6.24 | (11.88) | 1.29 | 1.30 | 4.85 | 4736 | 106 |
| 7.47 | 6.17 | 1.27 | 1.28 | 4.19 | 6381 | 113 |

---

*See Notes to Financial Statements.* 361

**Financial Highlights (continued)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Return of<br> capital** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | $6.49 | $0.43 | $(0.07) | $0.36 | $(0.44) | $– | $(0.44) |
| 11/30/2024 | 6.17 | 0.43 | 0.33 | 0.76 | (0.44) |  | (0.44) |
| 11/30/2023 | 6.24 | 0.37 | (0.06) | 0.31 | (0.38) |  | (0.38) |
| 11/30/2022 | 7.47 | 0.33 | (1.20) | (0.87) | (0.35) | (0.01) | (0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.14 | 0.46 | (0.34) |  | (0.34) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.45 | 0.44 | (0.07) | 0.37 | (0.45) |  | (0.45) |
| 11/30/2024 | 6.13 | 0.44 | 0.33 | 0.77 | (0.45) |  | (0.45) |
| 11/30/2023 | 6.20 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.43 | 0.35 | (1.20) | (0.85) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 7.30 | 0.34 | 0.14 | 0.48 | (0.35) |  | (0.35) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.48 | 0.46 | (0.07) | 0.39 | (0.47) |  | (0.47) |
| 11/30/2024 | 6.16 | 0.46 | 0.33 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.06) | 0.34 | (0.41) |  | (0.41) |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.33 | 0.36 | 0.15 | 0.51 | (0.38) |  | (0.38) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 6.49 | 0.46 | (0.06) | 0.40 | (0.48) |  | (0.48) |
| 11/30/2024 | 6.16 | 0.47 | 0.33 | 0.80 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.05) | 0.35 | (0.42) |  | (0.42) |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

362 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.41 | 5.75 | 1.22 | 1.23 | 6.67 | $88582 | 79 |
| 6.49 | 12.59 | 1.22 | 1.23 | 6.77 | 83982 | 82 |
| 6.17 | 5.19 | 1.22 | 1.22 | 5.99 | 82376 | 84 |
| 6.24 | (11.80) | 1.19 | 1.20 | 4.94 | 85877 | 106 |
| 7.47 | 6.27 | 1.17 | 1.18 | 4.29 | 113623 | 113 |
| 6.37 | 6.00 | 0.97 | 0.98 | 6.92 | 37165 | 79 |
| 6.45 | 12.91 | 0.97 | 0.98 | 7.02 | 59760 | 82 |
| 6.13 | 5.45 | 0.97 | 0.97 | 6.21 | 60932 | 84 |
| 6.20 | (11.67) | 0.94 | 0.95 | 5.20 | 76122 | 106 |
| 7.43 | 6.69 | 0.92 | 0.93 | 4.54 | 96477 | 113 |
| 6.40 | 6.27 | 0.73 | 0.73 | 7.17 | 36937 | 79 |
| 6.48 | 13.16 | 0.72 | 0.73 | 7.27 | 172736 | 82 |
| 6.16 | 5.89 | 0.72 | 0.72 | 6.47 | 184673 | 84 |
| 6.23 | (11.52) | 0.69 | 0.70 | 5.45 | 213656 | 106 |
| 7.46 | 6.95 | 0.67 | 0.68 | 4.80 | 267722 | 113 |
| 6.41 | 6.38 | 0.62 | 0.62 | 7.27 | 223547 | 79 |
| 6.49 | 13.45 | 0.61 | 0.62 | 7.38 | 346832 | 82 |
| 6.16 | 5.83 | 0.61 | 0.61 | 6.57 | 466516 | 84 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.55 | 581901 | 106 |
| 7.46 | 6.90 | 0.58 | 0.59 | 4.88 | 700615 | 113 |

---

*See Notes to Financial Statements.* 363

**Financial Highlights (continued)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $2.47 | $0.13 | $0.01 | $0.14 | $(0.13)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.13)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 2.37 | 0.13 | 0.10 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.02) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.48 | 0.11 | 0.02 | 0.13 | (0.12) |  | (0.12) |
| 11/30/2024 | 2.38 | 0.11 | 0.11 | 0.22 | (0.12) |  | (0.12) |
| 11/30/2023 | 2.41 | 0.10 | (0.03) | 0.07 | (0.10) |  | (0.10) |
| 11/30/2022 | 3.00 | 0.07 | (0.53) | (0.46) | (0.08) | (0.05) | (0.13) |
| 11/30/2021 | 3.02 | 0.06 | (0.01) | 0.05 | (0.07) |  | (0.07) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.46 | 0.13 | 0.03 | 0.16 | (0.14) |  | (0.14) |
| 11/30/2024 | 2.36 | 0.13 | 0.10 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.03) | 0.08 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.08 | (0.52) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.47 | 0.13 | 0.02 | 0.15 | (0.14) |  | (0.14) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.47 | 0.13 | 0.03 | 0.16 | (0.14) |  | (0.14) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.49 | 0.12 | 0.02 | 0.14 | (0.13) |  | (0.13) |
| 11/30/2024 | 2.38 | 0.12 | 0.11 | 0.23 | (0.12) |  | (0.12) |
| 11/30/2023 | 2.42 | 0.10 | (0.03) | 0.07 | (0.11) |  | (0.11) |
| 11/30/2022 | 3.01 | 0.08 | (0.53) | (0.45) | (0.09) | (0.05) | (0.14) |
| 11/30/2021 | 3.03 | 0.06 |  | 0.06 | (0.08) |  | (0.08) |

---

<br> 364 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.48 | 6.09 | 0.71 | 0.71 | 5.18 | $1424019 | 243 |
| 2.47 | 10.00 | 0.71 | 0.71 | 5.16 | 1314954 | 190 |
| 2.37 | 3.75 | 0.73 | 0.73 | 4.64 | 1004478 | 108 |
| 2.40 | (15.22) | 0.74 | 0.75 | 3.29 | 967719 | 158 |
| 2.99 | 2.38 | 0.73 | 0.73 | 2.53 | 1275012 | 112 |
| 2.49 | 5.39 | 1.37 | 1.37 | 4.52 | 50782 | 243 |
| 2.48 | 9.31 | 1.33 | 1.33 | 4.53 | 54883 | 190 |
| 2.38 | 3.13 | 1.34 | 1.34 | 4.01 | 41941 | 108 |
| 2.41 | (15.68) | 1.37 | 1.37 | 2.61 | 45245 | 158 |
| 3.00 | 1.74 | 1.36 | 1.36 | 1.90 | 81240 | 112 |
| 2.48 | 6.63 | 0.61 | 0.61 | 5.29 | 28557 | 243 |
| 2.46 | 10.14 | 0.61 | 0.61 | 5.23 | 33895 | 190 |
| 2.36 | 3.42 | 0.63 | 0.63 | 4.64 | 55509 | 108 |
| 2.40 | (15.14) | 0.64 | 0.64 | 3.08 | 111920 | 158 |
| 2.99 | 2.48 | 0.63 | 0.63 | 2.62 | 570553 | 112 |
| 2.48 | 6.38 | 0.43 | 0.43 | 5.45 | 2220334 | 243 |
| 2.47 | 10.29 | 0.45 | 0.45 | 5.43 | 1770605 | 190 |
| 2.37 | 4.03 | 0.45 | 0.45 | 4.94 | 1184461 | 108 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 849235 | 158 |
| 2.99 | 2.66 | 0.45 | 0.45 | 2.79 | 985589 | 112 |
| 2.49 | 6.73 | 0.51 | 0.51 | 5.39 | 2286436 | 243 |
| 2.47 | 10.22 | 0.51 | 0.51 | 5.36 | 2327403 | 190 |
| 2.37 | 3.96 | 0.52 | 0.52 | 4.93 | 1221977 | 108 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.72 | 429047 | 158 |
| 2.99 | 2.58 | 0.53 | 0.53 | 2.73 | 135925 | 112 |
| 2.50 | 5.66 | 1.11 | 1.11 | 4.77 | 875 | 243 |
| 2.49 | 9.99 | 1.11 | 1.11 | 4.75 | 690 | 190 |
| 2.38 | 2.92 | 1.13 | 1.13 | 4.18 | 815 | 108 |
| 2.42 | (15.43) | 1.14 | 1.15 | 2.90 | 1107 | 158 |
| 3.01 | 1.98 | 1.13 | 1.13 | 2.14 | 1350 | 112 |

---

<br> See Notes to Financial Statements. 365

**Financial Highlights (continued)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | $2.48 | $0.12 | $0.02 | $0.14 | $(0.13)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.13)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 2.37 | 0.12 | 0.12 | 0.24 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.41 | 0.10 | (0.03) | 0.07 | (0.11) |  | (0.11) |
| 11/30/2022 | 3.00 | 0.08 | (0.53) | (0.45) | (0.09) | (0.05) | (0.14) |
| 11/30/2021 | 3.02 | 0.07 | (0.01) | 0.06 | (0.08) |  | (0.08) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.47 | 0.13 | 0.02 | 0.15 | (0.13) |  | (0.13) |
| 11/30/2024 | 2.37 | 0.12 | 0.11 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.02) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.47 | 0.13 | 0.03 | 0.16 | (0.14) |  | (0.14) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 2.47 | 0.13 | 0.02 | 0.15 | (0.14) |  | (0.14) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<br> 366 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.49 | 5.77 | 1.01 | 1.01 | 4.88 | $54274 | 243 |
| 2.48 | 10.12 | 1.01 | 1.01 | 4.86 | 52447 | 190 |
| 2.37 | 3.02 | 1.03 | 1.03 | 4.34 | 49344 | 108 |
| 2.41 | (15.41) | 1.04 | 1.05 | 3.00 | 47036 | 158 |
| 3.00 | 2.08 | 1.03 | 1.03 | 2.23 | 56410 | 112 |
| 2.49 | 6.46 | 0.76 | 0.76 | 5.13 | 11151 | 243 |
| 2.47 | 9.95 | 0.76 | 0.76 | 5.10 | 5937 | 190 |
| 2.37 | 3.70 | 0.78 | 0.78 | 4.59 | 5895 | 108 |
| 2.40 | (15.26) | 0.79 | 0.80 | 3.38 | 5992 | 158 |
| 2.99 | 2.33 | 0.78 | 0.78 | 2.50 | 4501 | 112 |
| 2.49 | 6.73 | 0.51 | 0.51 | 5.37 | 5104 | 243 |
| 2.47 | 10.22 | 0.51 | 0.51 | 5.36 | 2433 | 190 |
| 2.37 | 3.96 | 0.53 | 0.53 | 4.85 | 1939 | 108 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.31 | 1559 | 158 |
| 2.99 | 2.59 | 0.53 | 0.53 | 2.73 | 6309 | 112 |
| 2.48 | 6.38 | 0.43 | 0.43 | 5.46 | 67838 | 243 |
| 2.47 | 10.29 | 0.44 | 0.44 | 5.42 | 61681 | 190 |
| 2.37 | 4.04 | 0.46 | 0.46 | 4.92 | 49944 | 108 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 42966 | 158 |
| 2.99 | 2.67 | 0.45 | 0.45 | 2.81 | 60434 | 112 |

---

<br> See Notes to Financial Statements. 367

**Financial Highlights (continued)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $11.63 | $0.52 | $0.26 | $0.78 | $(0.56)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $11.85 |
| 11/30/2024 | 11.39 | 0.38 | 0.36 | 0.74 | (0.50) | 11.63 |
| 11/30/2023 | 11.65 | 0.36 | (0.16) | 0.20 | (0.46) | 11.39 |
| 11/30/2022 | 12.44 | 0.25 | (0.68) | (0.43) | (0.36) | 11.65 |
| 11/30/2021 | 11.33 | 0.13 | 1.28 | 1.41 | (0.30) | 12.44 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2025 | 11.64 | 0.44 | 0.28 | 0.72 | (0.49) | 11.87 |
| 11/30/2024 | 11.41 | 0.30 | 0.36 | 0.66 | (0.43) | 11.64 |
| 11/30/2023 | 11.67 | 0.28 | (0.16) | 0.12 | (0.38) | 11.41 |
| 11/30/2022 | 12.46 | 0.16 | (0.68) | (0.52) | (0.27) | 11.67 |
| 11/30/2021 | 11.35 | 0.05 | 1.29 | 1.34 | (0.23) | 12.46 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 11.64 | 0.53 | 0.27 | 0.80 | (0.57) | 11.87 |
| 11/30/2024 | 11.41 | 0.39 | 0.35 | 0.74 | (0.51) | 11.64 |
| 11/30/2023 | 11.67 | 0.37 | (0.16) | 0.21 | (0.47) | 11.41 |
| 11/30/2022 | 12.46 | 0.23 | (0.65) | (0.42) | (0.37) | 11.67 |
| 11/30/2021 | 11.35 | 0.14 | 1.29 | 1.43 | (0.32) | 12.46 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 11.64 | 0.55 | 0.28 | 0.83 | (0.60) | 11.87 |
| 11/30/2024 | 11.40 | 0.41 | 0.36 | 0.77 | (0.53) | 11.64 |
| 11/30/2023 | 11.66 | 0.39 | (0.16) | 0.23 | (0.49) | 11.40 |
| 11/30/2022 | 12.45 | 0.29 | (0.69) | (0.40) | (0.39) | 11.66 |
| 11/30/2021 | 11.34 | 0.14 | 1.30 | 1.44 | (0.33) | 12.45 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 11.62 | 0.54 | 0.27 | 0.81 | (0.58) | 11.85 |
| 11/30/2024 | 11.39 | 0.40 | 0.35 | 0.75 | (0.52) | 11.62 |
| 11/30/2023 | 11.65 | 0.38 | (0.16) | 0.22 | (0.48) | 11.39 |
| 11/30/2022 | 12.44 | 0.29 | (0.69) | (0.40) | (0.39) | 11.65 |
| 11/30/2021 | 11.34 | 0.16 | 1.27 | 1.43 | (0.33) | 12.44 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2025 | 11.57 | 0.47 | 0.27 | 0.74 | (0.51) | 11.80 |
| 11/30/2024 | 11.34 | 0.33 | 0.35 | 0.68 | (0.45) | 11.57 |
| 11/30/2023 | 11.60 | 0.32 | (0.17) | 0.15 | (0.41) | 11.34 |
| 11/30/2022 | 12.38 | 0.23 | (0.70) | (0.47) | (0.31) | 11.60 |
| 11/30/2021 | 11.30 | 0.11 | 1.23 | 1.34 | (0.26) | 12.38 |

---

<br> 368 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 6.82 | 0.73 | 0.74 | 4.37 | $137521 | 175 |
| 6.60 | 0.78 | 0.79 | 3.24 | 155796 | 78 |
| 1.91 | 0.72 | 0.73 | 3.12 | 227812 | 18 |
| (3.51) | 0.66 | 0.67 | 2.02 | 472591 | 67 |
| 12.59 | 0.64 | 0.64 | 1.06 | 560624 | 97 |
| 6.27 | 1.34 | 1.34 | 3.77 | 23546 | 175 |
| 5.86 | 1.39 | 1.40 | 2.62 | 28791 | 78 |
| 1.22 | 1.40 | 1.41 | 2.43 | 46548 | 18 |
| (4.20) | 1.40 | 1.40 | 1.34 | 94132 | 67 |
| 11.85 | 1.31 | 1.31 | 0.39 | 92580 | 97 |
| 7.01 | 0.63 | 0.64 | 4.47 | 15621 | 175 |
| 6.61 | 0.68 | 0.69 | 3.33 | 21019 | 78 |
| 2.02 | 0.62 | 0.63 | 3.17 | 45980 | 18 |
| (3.40) | 0.54 | 0.55 | 1.83 | 284593 | 67 |
| 12.68 | 0.54 | 0.54 | 1.11 | 1818238 | 97 |
| 7.23 | 0.43 | 0.43 | 4.68 | 57284 | 175 |
| 6.90 | 0.49 | 0.51 | 3.51 | 62785 | 78 |
| 2.17 | 0.45 | 0.46 | 3.38 | 116797 | 18 |
| (3.23) | 0.38 | 0.39 | 2.39 | 308596 | 67 |
| 12.86 | 0.38 | 0.38 | 1.17 | 236951 | 97 |
| 7.12 | 0.53 | 0.54 | 4.59 | 508205 | 175 |
| 6.72 | 0.58 | 0.59 | 3.45 | 431903 | 78 |
| 2.11 | 0.51 | 0.52 | 3.32 | 738283 | 18 |
| (3.31) | 0.47 | 0.48 | 2.37 | 1476955 | 67 |
| 12.73 | 0.44 | 0.45 | 1.32 | 1006157 | 97 |
| 6.50 | 1.13 | 1.14 | 3.98 | 421 | 175 |
| 6.10 | 1.17 | 1.19 | 2.89 | 483 | 78 |
| 1.58 | 1.11 | 1.12 | 2.79 | 428 | 18 |
| (3.92) | 1.08 | 1.09 | 1.97 | 169 | 67 |
| 11.96 | 1.07 | 1.07 | 0.96 |  | 97 |

---

<br> See Notes to Financial Statements. 369

**Financial Highlights (continued)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2025 | $11.62 | $0.48 | $0.27 | $0.75 | $(0.52)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $11.85 |
| 11/30/2024 | 11.39 | 0.35 | 0.35 | 0.70 | (0.47) | 11.62 |
| 11/30/2023 | 11.65 | 0.33 | (0.16) | 0.17 | (0.43) | 11.39 |
| 11/30/2022 | 12.44 | 0.22 | (0.69) | (0.47) | (0.32) | 11.65 |
| 11/30/2021 | 11.34 | 0.11 | 1.26 | 1.37 | (0.27) | 12.44 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2025 | 11.62 | 0.51 | 0.27 | 0.78 | (0.55) | 11.85 |
| 11/30/2024 | 11.39 | 0.38 | 0.34 | 0.72 | (0.49) | 11.62 |
| 11/30/2023 | 11.65 | 0.36 | (0.16) | 0.20 | (0.46) | 11.39 |
| 11/30/2022 | 12.44 | 0.24 | (0.68) | (0.44) | (0.35) | 11.65 |
| 11/30/2021 | 11.34 | 0.15 | 1.25 | 1.40 | (0.30) | 12.44 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 11.61 | 0.54 | 0.27 | 0.81 | (0.58) | 11.84 |
| 11/30/2024 | 11.38 | 0.40 | 0.35 | 0.75 | (0.52) | 11.61 |
| 11/30/2023 | 11.64 | 0.39 | (0.17) | 0.22 | (0.48) | 11.38 |
| 11/30/2022 | 12.43 | 0.29 | (0.70) | (0.41) | (0.38) | 11.64 |
| 11/30/2021 | 11.33 | 0.17 | 1.26 | 1.43 | (0.33) | 12.43 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | 11.62 | 0.55 | 0.27 | 0.82 | (0.59) | 11.85 |
| 11/30/2024 | 11.38 | 0.42 | 0.35 | 0.77 | (0.53) | 11.62 |
| 11/30/2023 | 11.64 | 0.39 | (0.16) | 0.23 | (0.49) | 11.38 |
| 11/30/2022 | 12.43 | 0.27 | (0.67) | (0.40) | (0.39) | 11.64 |
| 11/30/2021 | 11.34 | 0.18 | 1.25 | 1.43 | (0.34) | 12.43 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<br> 370 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 6.59 | 1.03 | 1.03 | 4.10 | $1274 | 175 |
| 6.19 | 1.08 | 1.09 | 3.06 | 709 | 78 |
| 1.70 | 1.01 | 1.02 | 2.86 | 1017 | 18 |
| (3.88) | 0.97 | 0.97 | 1.81 | 462 | 67 |
| 12.17 | 0.94 | 0.95 | 0.90 | 402 | 97 |
| 6.86 | 0.78 | 0.79 | 4.33 | 2569 | 175 |
| 6.46 | 0.82 | 0.84 | 3.26 | 2608 | 78 |
| 1.86 | 0.76 | 0.77 | 3.11 | 2684 | 18 |
| (3.55) | 0.72 | 0.72 | 1.97 | 1682 | 67 |
| 12.46 | 0.70 | 0.70 | 1.21 | 2020 | 97 |
| 7.13 | 0.53 | 0.54 | 4.59 | 2080 | 175 |
| 6.72 | 0.57 | 0.59 | 3.48 | 1689 | 78 |
| 2.11 | 0.50 | 0.51 | 3.43 | 1556 | 18 |
| (3.32) | 0.48 | 0.48 | 2.42 | 473 | 67 |
| 12.75 | 0.45 | 0.45 | 1.40 | 304 | 97 |
| 7.24 | 0.43 | 0.43 | 4.69 | 30221 | 175 |
| 6.90 | 0.49 | 0.50 | 3.64 | 24678 | 78 |
| 2.17 | 0.46 | 0.47 | 3.40 | 14116 | 18 |
| (3.24) | 0.38 | 0.39 | 2.25 | 11328 | 67 |
| 12.71 | 0.39 | 0.40 | 1.52 | 16742 | 97 |

---

<br> See Notes to Financial Statements. 371

**Financial Highlights (continued)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $9.21 | $0.40 | $0.08 | $0.48 | $(0.42)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $9.27 |
| 11/30/2024 | 9.10 | 0.44 | 0.12 | 0.56 | (0.45) | 9.21 |
| 11/30/2023 | 9.12 | 0.40 | – <sup>(c)</sup> | 0.40 | (0.42) | 9.10 |
| 11/30/2022 | 9.77 | 0.18 | (0.58) | (0.40) | (0.25) | 9.12 |
| 11/30/2021 | 9.89 | 0.07 | (0.02) | 0.05 | (0.17) | 9.77 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.34 | 0.07 | 0.41 | (0.35) | 9.26 |
| 11/30/2024 | 9.10 | 0.38 | 0.11 | 0.49 | (0.39) | 9.20 |
| 11/30/2023 | 9.11 | 0.34 | 0.02 <sup>(d)</sup> | 0.36 | (0.37) | 9.10 |
| 11/30/2022 | 9.76 | 0.11 | (0.58) | (0.47) | (0.18) | 9.11 |
| 11/30/2021 | 9.89 | – <sup>(c)</sup> | (0.03) | (0.03) | (0.10) | 9.76 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.41 | 0.08 | 0.49 | (0.43) | 9.26 |
| 11/30/2024 | 9.10 | 0.45 | 0.11 | 0.56 | (0.46) | 9.20 |
| 11/30/2023 | 9.11 | 0.40 | 0.02 <sup>(d)</sup> | 0.42 | (0.43) | 9.10 |
| 11/30/2022 | 9.76 | 0.14 | (0.53) | (0.39) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.08 | (0.03) | 0.05 | (0.18) | 9.76 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.43 | 0.07 | 0.50 | (0.44) | 9.26 |
| 11/30/2024 | 9.09 | 0.47 | 0.11 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.43 | – <sup>(c)</sup> | 0.43 | (0.45) | 9.09 |
| 11/30/2022 | 9.76 | 0.26 | (0.64) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.88 | 0.10 | (0.02) | 0.08 | (0.20) | 9.76 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.42 | 0.07 | 0.49 | (0.43) | 9.26 |
| 11/30/2024 | 9.09 | 0.46 | 0.12 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.42 | – <sup>(c)</sup> | 0.42 | (0.44) | 9.09 |
| 11/30/2022 | 9.77 | 0.19 | (0.58) | (0.39) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.37 | 0.08 | 0.45 | (0.39) | 9.26 |
| 11/30/2024 | 9.09 | 0.42 | 0.11 | 0.53 | (0.42) | 9.20 |
| 11/30/2023 | 9.11 | 0.37 | 0.01 <sup>(d)</sup> | 0.38 | (0.40) | 9.09 |
| 11/30/2022 | 9.76 | 0.19 | (0.62) | (0.43) | (0.22) | 9.11 |
| 11/30/2021 | 9.89 | 0.04 | (0.03) | 0.01 | (0.14) | 9.76 |

---

<br> 372 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.28 | 0.60 | 0.71 | 4.35 | $99302 | 134 |
| 6.25 | 0.60 | 0.72 | 4.81 | 89259 | 78 |
| 4.54 | 0.60 | 0.76 | 4.40 | 80362 | 94 |
| (4.16) | 0.60 | 0.79 | 1.88 | 44849 | 176 |
| 0.48 | 0.60 | 0.79 | 0.71 | 47227 | 220 |
| 4.58 | 1.28 | 1.39 | 3.67 | 10350 | 134 |
| 5.46 | 1.24 | 1.37 | 4.15 | 8486 | 78 |
| 3.99 | 1.23 | 1.39 | 3.75 | 5345 | 94 |
| (4.79) | 1.26 | 1.46 | 1.18 | 4445 | 176 |
| (0.29) | 1.28 | 1.47 | 0.04 | 4026 | 220 |
| 5.39 | 0.50 | 0.61 | 4.46 | 4638 | 134 |
| 6.24 | 0.50 | 0.62 | 4.91 | 5670 | 78 |
| 4.75 | 0.50 | 0.65 | 4.36 | 7546 | 94 |
| (4.06) | 0.50 | 0.68 | 1.46 | 19105 | 176 |
| 0.48 | 0.50 | 0.69 | 0.81 | 104324 | 220 |
| 5.59 | 0.31 | 0.41 | 4.63 | 86918 | 134 |
| 6.57 | 0.31 | 0.42 | 5.10 | 64070 | 78 |
| 4.84 | 0.31 | 0.47 | 4.71 | 46134 | 94 |
| (3.91) | 0.33 | 0.49 | 2.83 | 29952 | 176 |
| 0.80 | 0.34 | 0.52 | 1.02 | 514 | 220 |
| 5.49 | 0.40 | 0.51 | 4.54 | 431952 | 134 |
| 6.35 | 0.40 | 0.52 | 5.01 | 329513 | 78 |
| 4.86 | 0.40 | 0.56 | 4.64 | 272872 | 94 |
| (4.06) | 0.40 | 0.59 | 2.08 | 135395 | 176 |
| 0.68 | 0.40 | 0.59 | 0.89 | 26463 | 220 |
| 4.97 | 0.90 | 1.01 | 4.04 | 152 | 134 |
| 5.93 | 0.90 | 1.03 | 4.54 | 114 | 78 |
| 4.22 | 0.90 | 1.06 | 4.09 | 605 | 94 |
| (4.45) | 0.90 | 1.12 | 2.03 | 582 | 176 |
| 0.09 | 0.90 | 1.09 | 0.42 | 61 | 220 |

---

<br> See Notes to Financial Statements. 373

**Financial Highlights (continued)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)<sup>(a)</sup>** | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2025 | $9.20 | $0.40 | $0.07 | $0.47 | $(0.41)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $9.26 |
| 11/30/2024 | 9.10 | 0.44 | 0.10 | 0.54 | (0.44) | 9.20 |
| 11/30/2023 | 9.11 | 0.41 | – <sup>(c)</sup> | 0.41 | (0.42) | 9.10 |
| 11/30/2022 | 9.77 | 0.16 | (0.58) | (0.42) | (0.24) | 9.11 |
| 11/30/2021 | 9.89 | 0.07 | (0.03) | 0.04 | (0.16) | 9.77 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.42 | 0.07 | 0.49 | (0.43) | 9.26 |
| 11/30/2024 | 9.10 | 0.46 | 0.11 | 0.57 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.42 | 0.01 <sup>(d)</sup> | 0.43 | (0.44) | 9.10 |
| 11/30/2022 | 9.77 | 0.18 | (0.58) | (0.40) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | 9.20 | 0.43 | 0.07 | 0.50 | (0.44) | 9.26 |
| 11/30/2024 | 9.09 | 0.47 | 0.11 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.43 | – <sup>(c)</sup> | 0.43 | (0.45) | 9.09 |
| 11/30/2022 | 9.76 | 0.19 | (0.57) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.10 | (0.04) | 0.06 | (0.19) | 9.76 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Amount less than $0.01.

<sup>(d)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 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.

<br> 374 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)<sup>(b)</sup>** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.23 | 0.65 | 0.75 | 4.30 | $47 | 134 |
| 6.08 | 0.65 | 0.77 | 4.75 | 42 | 78 |
| 4.59 | 0.65 | 0.80 | 4.47 | 40 | 94 |
| (4.31) | 0.65 | 0.80 | 1.71 | 11 | 176 |
| 0.44 | 0.65 | 0.81 | 0.67 | 12 | 220 |
| 5.49 | 0.39 | 0.47 | 4.54 | 11 | 134 |
| 6.35 | 0.41 | 0.50 | 5.00 | 11 | 78 |
| 4.85 | 0.40 | 0.52 | 4.59 | 11 | 94 |
| (4.07) | 0.40 | 0.57 | 1.95 | 11 | 176 |
| 0.68 | 0.40 | 0.57 | 0.90 | 12 | 220 |
| 5.59 | 0.31 | 0.41 | 4.62 | 3784 | 134 |
| 6.57 | 0.31 | 0.42 | 5.07 | 2458 | 78 |
| 4.84 | 0.31 | 0.47 | 4.69 | 1223 | 94 |
| (3.90) | 0.33 | 0.49 | 2.04 | 925 | 176 |
| 0.65 | 0.34 | 0.52 | 0.98 | 963 | 220 |

---

<br> See Notes to Financial Statements. 375

**Financial Highlights (continued)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to**<br> **shareholders**<br> **from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $3.87 | $0.17 | $0.05 | $0.22 | $(0.20)&nbsp;&nbsp;&nbsp;&nbsp; | $3.89 |
| 11/30/2024 | 3.82 | 0.17 | 0.07 | 0.24 | (0.19) | 3.87 |
| 11/30/2023 | 3.84 | 0.15 | – <sup>(c)</sup> | 0.15 | (0.17) | 3.82 |
| 11/30/2022 | 4.16 | 0.08 | (0.28) | (0.20) | (0.12) | 3.84 |
| 11/30/2021 | 4.20 | 0.07 | (0.01) | 0.06 | (0.10) | 4.16 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2025 | 3.90 | 0.15 | 0.04 | 0.19 | (0.17) | 3.92 |
| 11/30/2024 | 3.84 | 0.15 | 0.08 | 0.23 | (0.17) | 3.90 |
| 11/30/2023 | 3.86 | 0.12 | 0.01 | 0.13 | (0.15) | 3.84 |
| 11/30/2022 | 4.19 | 0.06 | (0.30) | (0.24) | (0.09) | 3.86 |
| 11/30/2021 | 4.22 | 0.04 |  | 0.04 | (0.07) | 4.19 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 3.87 | 0.18 | 0.04 | 0.22 | (0.20) | 3.89 |
| 11/30/2024 | 3.82 | 0.17 | 0.07 | 0.24 | (0.19) | 3.87 |
| 11/30/2023 | 3.83 | 0.15 | 0.02 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.08 | (0.29) | (0.21) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 |  | 0.07 | (0.10) | 4.16 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 3.88 | 0.18 | 0.05 | 0.23 | (0.21) | 3.90 |
| 11/30/2024 | 3.82 | 0.18 | 0.08 | 0.26 | (0.20) | 3.88 |
| 11/30/2023 | 3.84 | 0.16 | – <sup>(c)</sup> | 0.16 | (0.18) | 3.82 |
| 11/30/2022 | 4.17 | 0.10 | (0.30) | (0.20) | (0.13) | 3.84 |
| 11/30/2021 | 4.20 | 0.08 |  | 0.08 | (0.11) | 4.17 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 3.87 | 0.18 | 0.04 | 0.22 | (0.20) | 3.89 |
| 11/30/2024 | 3.82 | 0.18 | 0.07 | 0.25 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.16 | 0.01 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 | 0.01 <sup>(d)</sup> | 0.08 | (0.11) | 4.16 |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2025 | 3.88 | 0.16 | 0.04 | 0.20 | (0.18) | 3.90 |
| 11/30/2024 | 3.82 | 0.15 | 0.09 | 0.24 | (0.18) | 3.88 |
| 11/30/2023 | 3.84 | 0.13 | 0.01 | 0.14 | (0.16) | 3.82 |
| 11/30/2022 | 4.16 | 0.07 | (0.29) | (0.22) | (0.10) | 3.84 |
| 11/30/2021 | 4.20 | 0.05 | (0.01) | 0.04 | (0.08) | 4.16 |

---

376 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.69 | 0.59 | 0.59 | 4.40 | $7218119 | 161 |
| 6.43 | 0.58 | 0.58 | 4.41 | 7427558 | 92 |
| 4.02 | 0.59 | 0.59 | 3.84 | 7726193 | 54 |
| (4.90) | 0.58 | 0.58 | 2.10 | 9589050 | 75 |
| 1.40 | 0.58 | 0.58 | 1.55 | 13355736 | 84 |
| 5.02 | 1.22 | 1.22 | 3.79 | 1145963 | 161 |
| 6.05 | 1.19 | 1.19 | 3.79 | 1333782 | 92 |
| 3.39 | 1.21 | 1.21 | 3.22 | 1598563 | 54 |
| (5.69) | 1.22 | 1.22 | 1.45 | 2170217 | 75 |
| 0.99 | 1.23 | 1.23 | 0.91 | 3379490 | 84 |
| 5.80 | 0.49 | 0.49 | 4.51 | 918441 | 161 |
| 6.54 | 0.48 | 0.48 | 4.49 | 1084870 | 92 |
| 4.40 | 0.49 | 0.49 | 3.81 | 1469843 | 54 |
| (5.05) | 0.48 | 0.48 | 1.96 | 6132794 | 75 |
| 1.74 | 0.48 | 0.48 | 1.65 | 26865299 | 84 |
| 5.98 | 0.31 | 0.31 | 4.69 | 4495035 | 161 |
| 7.00 | 0.31 | 0.31 | 4.69 | 4559643 | 92 |
| 4.31 | 0.31 | 0.32 | 4.12 | 4626104 | 54 |
| (4.87) | 0.31 | 0.32 | 2.41 | 5143625 | 75 |
| 1.91 | 0.31 | 0.31 | 1.81 | 5139001 | 84 |
| 5.90 | 0.39 | 0.39 | 4.60 | 27653914 | 161 |
| 6.64 | 0.38 | 0.38 | 4.61 | 26180734 | 92 |
| 4.50 | 0.39 | 0.39 | 4.06 | 26240622 | 54 |
| (4.95) | 0.38 | 0.38 | 2.51 | 25868734 | 75 |
| 1.85 | 0.38 | 0.38 | 1.74 | 12428298 | 84 |
| 5.27 | 0.99 | 0.99 | 4.02 | 3778 | 161 |
| 6.28 | 0.98 | 0.98 | 4.01 | 5210 | 92 |
| 3.61 | 0.99 | 0.99 | 3.45 | 5427 | 54 |
| (5.28) | 0.98 | 0.98 | 1.70 | 6312 | 75 |
| 1.00 | 0.98 | 0.98 | 1.17 | 9901 | 84 |

---

*See Notes to Financial Statements.* 377

**Financial Highlights (continued)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br>realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2025 | $3.88 | $0.16 | $0.04 | $0.20 | $(0.18)&nbsp;&nbsp;&nbsp;&nbsp; | $3.90 |
| 11/30/2024 | 3.82 | 0.16 | 0.08 | 0.24 | (0.18) | 3.88 |
| 11/30/2023 | 3.84 | 0.14 | – <sup>(c)</sup> | 0.14 | (0.16) | 3.82 |
| 11/30/2022 | 4.17 | 0.07 | (0.29) | (0.22) | (0.11) | 3.84 |
| 11/30/2021 | 4.20 | 0.05 | 0.01 <sup>(d)</sup> | 0.06 | (0.09) | 4.17 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2025 | 3.88 | 0.17 | 0.04 | 0.21 | (0.19) | 3.90 |
| 11/30/2024 | 3.83 | 0.17 | 0.07 | 0.24 | (0.19) | 3.88 |
| 11/30/2023 | 3.84 | 0.15 | 0.01 | 0.16 | (0.17) | 3.83 |
| 11/30/2022 | 4.17 | 0.08 | (0.30) | (0.22) | (0.11) | 3.84 |
| 11/30/2021 | 4.20 | 0.07 |  | 0.07 | (0.10) | 4.17 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 3.87 | 0.18 | 0.04 | 0.22 | (0.20) | 3.89 |
| 11/30/2024 | 3.81 | 0.18 | 0.08 | 0.26 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.15 | 0.01 | 0.16 | (0.18) | 3.81 |
| 11/30/2022 | 4.15 | 0.09 | (0.29) | (0.20) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 | (0.01) | 0.07 | (0.11) | 4.15 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | 3.87 | 0.18 | 0.05 | 0.23 | (0.21) | 3.89 |
| 11/30/2024 | 3.82 | 0.18 | 0.07 | 0.25 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.16 | 0.01 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 |  | 0.08 | (0.11) | 4.16 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Amount less than $0.01.

<sup>(d)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended November 30, 2021, 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.

378 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.37 | 0.89 | 0.89 | 4.11 | $276295 | 161 |
| 6.39 | 0.88 | 0.88 | 4.11 | 300007 | 92 |
| 3.71 | 0.89 | 0.89 | 3.55 | 314049 | 54 |
| (5.18) | 0.88 | 0.88 | 1.84 | 358357 | 75 |
| 1.10 | 0.88 | 0.88 | 1.26 | 410131 | 84 |
| 5.64 | 0.64 | 0.64 | 4.36 | 146845 | 161 |
| 6.37 | 0.63 | 0.63 | 4.38 | 150243 | 92 |
| 4.24 | 0.64 | 0.64 | 3.80 | 137909 | 54 |
| (5.23) | 0.63 | 0.63 | 2.10 | 146587 | 75 |
| 1.67 | 0.63 | 0.63 | 1.58 | 168338 | 84 |
| 5.90 | 0.39 | 0.39 | 4.59 | 79768 | 161 |
| 6.92 | 0.38 | 0.38 | 4.62 | 65719 | 92 |
| 4.23 | 0.39 | 0.39 | 4.05 | 64991 | 54 |
| (4.79) | 0.38 | 0.38 | 2.37 | 65954 | 75 |
| 1.67 | 0.38 | 0.38 | 1.83 | 63717 | 84 |
| 5.99 | 0.31 | 0.31 | 4.68 | 1078450 | 161 |
| 6.72 | 0.31 | 0.31 | 4.69 | 1103777 | 92 |
| 4.58 | 0.31 | 0.32 | 4.12 | 1008631 | 54 |
| (4.89) | 0.31 | 0.32 | 2.42 | 1077561 | 75 |
| 1.91 | 0.31 | 0.31 | 1.82 | 1035235 | 84 |

---

*See Notes to Financial Statements.* 379

**Financial Highlights (continued)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2025 | $8.81 | $0.39 | $0.10 | $0.49 | $(0.41)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.41)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 8.54 | 0.41 | 0.27 | 0.68 | (0.41) |  | (0.41) |
| 11/30/2023 | 8.76 | 0.37 | (0.20) | 0.17 | (0.39) |  | (0.39) |
| 11/30/2022 | 10.54 | 0.25 | (1.68) | (1.43) | (0.29) | (0.06) | (0.35) |
| 11/30/2021 | 10.91 | 0.19 | (0.12) | 0.07 | (0.21) | (0.23) | (0.44) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.80 | 0.34 | 0.10 | 0.44 | (0.36) |  | (0.36) |
| 11/30/2024 | 8.53 | 0.35 | 0.28 | 0.63 | (0.36) |  | (0.36) |
| 11/30/2023 | 8.76 | 0.31 | (0.20) | 0.11 | (0.34) |  | (0.34) |
| 11/30/2022 | 10.53 | 0.18 | (1.66) | (1.48) | (0.23) | (0.06) | (0.29) |
| 11/30/2021 | 10.90 | 0.12 | (0.11) | 0.01 | (0.15) | (0.23) | (0.38) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.81 | 0.40 | 0.10 | 0.50 | (0.42) |  | (0.42) |
| 11/30/2024 | 8.54 | 0.41 | 0.28 | 0.69 | (0.42) |  | (0.42) |
| 11/30/2023 | 8.76 | 0.37 | (0.19) | 0.18 | (0.40) |  | (0.40) |
| 11/30/2022 | 10.54 | 0.24 | (1.66) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.20 | (0.12) | 0.08 | (0.22) | (0.23) | (0.45) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.81 | 0.42 | 0.11 | 0.53 | (0.44) |  | (0.44) |
| 11/30/2024 | 8.54 | 0.43 | 0.28 | 0.71 | (0.44) |  | (0.44) |
| 11/30/2023 | 8.77 | 0.39 | (0.21) | 0.18 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.54 | 0.28 | (1.68) | (1.40) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.91 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.83 | 0.41 | 0.11 | 0.52 | (0.44) |  | (0.44) |
| 11/30/2024 | 8.56 | 0.43 | 0.27 | 0.70 | (0.43) |  | (0.43) |
| 11/30/2023 | 8.78 | 0.39 | (0.20) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.56 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.93 | 0.22 | (0.12) | 0.10 | (0.24) | (0.23) | (0.47) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.85 | 0.38 | 0.09 | 0.47 | (0.39) |  | (0.39) |
| 11/30/2024 | 8.58 | 0.38 | 0.28 | 0.66 | (0.39) |  | (0.39) |
| 11/30/2023 | 8.81 | 0.34 | (0.20) | 0.14 | (0.37) |  | (0.37) |
| 11/30/2022 | 10.59 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.96 | 0.16 | (0.11) | 0.05 | (0.19) | (0.23) | (0.42) |

---

380 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.89 | 5.78 | 0.65 | 0.65 | 4.48 | $1022525 | 429 |
| 8.81 | 8.13 | 0.66 | 0.66 | 4.64 | 1025041 | 385 |
| 8.54 | 1.96 | 0.65 | 0.65 | 4.22 | 940982 | 409 |
| 8.76 | (13.78) | 0.65 | 0.65 | 2.60 | 973820 | 461 |
| 10.54 | 0.68 | 0.64 | 0.64 | 1.79 | 1300031 | 393 |
| 8.88 | 5.11 | 1.29 | 1.29 | 3.84 | 24717 | 429 |
| 8.80 | 7.48 | 1.27 | 1.27 | 4.03 | 26876 | 385 |
| 8.53 | 1.33 | 1.26 | 1.26 | 3.59 | 27572 | 409 |
| 8.76 | (14.32) | 1.27 | 1.27 | 1.95 | 34393 | 461 |
| 10.53 | 0.04 | 1.28 | 1.28 | 1.16 | 59759 | 393 |
| 8.89 | 5.89 | 0.55 | 0.55 | 4.58 | 74427 | 429 |
| 8.81 | 8.24 | 0.56 | 0.56 | 4.74 | 74397 | 385 |
| 8.54 | 2.06 | 0.56 | 0.56 | 4.19 | 80557 | 409 |
| 8.76 | (13.69) | 0.55 | 0.55 | 2.45 | 234058 | 461 |
| 10.54 | 0.78 | 0.54 | 0.54 | 1.88 | 1059760 | 393 |
| 8.90 | 6.21 | 0.36 | 0.36 | 4.77 | 1038481 | 429 |
| 8.81 | 8.45 | 0.36 | 0.36 | 4.94 | 951853 | 385 |
| 8.54 | 2.14 | 0.36 | 0.36 | 4.52 | 799149 | 409 |
| 8.77 | (13.42) | 0.35 | 0.35 | 2.91 | 707783 | 461 |
| 10.54 | 0.97 | 0.35 | 0.35 | 2.07 | 881986 | 393 |
| 8.91 | 6.03 | 0.41 | 0.45 | 4.72 | 1389751 | 429 |
| 8.83 | 8.38 | 0.42 | 0.46 | 4.88 | 1349888 | 385 |
| 8.56 | 2.21 | 0.41 | 0.45 | 4.49 | 1071474 | 409 |
| 8.78 | (13.53) | 0.41 | 0.45 | 3.06 | 762733 | 461 |
| 10.56 | 0.92 | 0.40 | 0.44 | 2.02 | 433258 | 393 |
| 8.93 | 5.50 | 0.88 | 0.88 | 4.30 | 6 | 429 |
| 8.85 | 7.85 | 0.90 | 0.90 | 4.38 | 19 | 385 |
| 8.58 | 1.70 | 0.91 | 0.91 | 3.81 | 41 | 409 |
| 8.81 | (14.01) | 0.90 | 0.90 | 2.33 | 515 | 461 |
| 10.59 | 0.43 | 0.89 | 0.89 | 1.53 | 710 | 393 |

---

*See Notes to Financial Statements.* 381

**Financial Highlights (continued)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2025 | $8.80 | $0.36 | $0.11 | $0.47 | $(0.38)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.38)&nbsp;&nbsp;&nbsp;&nbsp; |
| 11/30/2024 | 8.54 | 0.37 | 0.27 | 0.64 | (0.38) |  | (0.38) |
| 11/30/2023 | 8.76 | 0.33 | (0.20) | 0.13 | (0.35) |  | (0.35) |
| 11/30/2022 | 10.54 | 0.21 | (1.68) | (1.47) | (0.25) | (0.06) | (0.31) |
| 11/30/2021 | 10.90 | 0.15 | (0.11) | 0.04 | (0.17) | (0.23) | (0.40) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.81 | 0.37 | 0.10 | 0.47 | (0.39) |  | (0.39) |
| 11/30/2024 | 8.54 | 0.38 | 0.28 | 0.66 | (0.39) |  | (0.39) |
| 11/30/2023 | 8.76 | 0.34 | (0.20) | 0.14 | (0.36) |  | (0.36) |
| 11/30/2022 | 10.54 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.90 | 0.16 | (0.11) | 0.05 | (0.18) | (0.23) | (0.41) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.81 | 0.39 | 0.10 | 0.49 | (0.41) |  | (0.41) |
| 11/30/2024 | 8.54 | 0.40 | 0.28 | 0.68 | (0.41) |  | (0.41) |
| 11/30/2023 | 8.76 | 0.36 | (0.20) | 0.16 | (0.38) |  | (0.38) |
| 11/30/2022 | 10.54 | 0.24 | (1.68) | (1.44) | (0.28) | (0.06) | (0.34) |
| 11/30/2021 | 10.91 | 0.18 | (0.11) | 0.07 | (0.21) | (0.23) | (0.44) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.81 | 0.41 | 0.10 | 0.51 | (0.43) |  | (0.43) |
| 11/30/2024 | 8.54 | 0.42 | 0.28 | 0.70 | (0.43) |  | (0.43) |
| 11/30/2023 | 8.76 | 0.38 | (0.19) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.54 | 0.26 | (1.68) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.21 | (0.11) | 0.10 | (0.24) | (0.23) | (0.47) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2025 | 8.82 | 0.42 | 0.10 | 0.52 | (0.44) |  | (0.44) |
| 11/30/2024 | 8.55 | 0.43 | 0.28 | 0.71 | (0.44) |  | (0.44) |
| 11/30/2023 | 8.77 | 0.39 | (0.20) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.55 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.92 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Calculated using average shares outstanding during the period. |
| <sup>(b)</sup> | 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. |

---

382 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.89 | 5.48 | 1.05 | 1.05 | 4.08 | $1121 | 429 |
| 8.80 | 7.58 | 1.06 | 1.06 | 4.24 | 1170 | 385 |
| 8.54 | 1.55 | 1.05 | 1.05 | 3.81 | 1086 | 409 |
| 8.76 | (14.12) | 1.05 | 1.05 | 2.18 | 1199 | 461 |
| 10.54 | 0.37 | 1.04 | 1.04 | 1.39 | 1768 | 393 |
| 8.89 | 5.47 | 0.95 | 0.95 | 4.18 | 24042 | 429 |
| 8.81 | 7.81 | 0.96 | 0.96 | 4.34 | 26794 | 385 |
| 8.54 | 1.65 | 0.95 | 0.95 | 3.92 | 27043 | 409 |
| 8.76 | (14.03) | 0.95 | 0.95 | 2.30 | 27760 | 461 |
| 10.54 | 0.47 | 0.95 | 0.95 | 1.50 | 37846 | 393 |
| 8.89 | 5.73 | 0.70 | 0.70 | 4.43 | 34586 | 429 |
| 8.81 | 8.08 | 0.71 | 0.71 | 4.59 | 32457 | 385 |
| 8.54 | 1.90 | 0.70 | 0.70 | 4.18 | 31524 | 409 |
| 8.76 | (13.82) | 0.70 | 0.70 | 2.54 | 30002 | 461 |
| 10.54 | 0.63 | 0.69 | 0.69 | 1.74 | 44058 | 393 |
| 8.89 | 5.99 | 0.45 | 0.45 | 4.68 | 24362 | 429 |
| 8.81 | 8.35 | 0.46 | 0.46 | 4.84 | 23962 | 385 |
| 8.54 | 2.16 | 0.45 | 0.45 | 4.41 | 20023 | 409 |
| 8.76 | (13.61) | 0.45 | 0.45 | 2.74 | 22290 | 461 |
| 10.54 | 0.88 | 0.44 | 0.44 | 1.99 | 78822 | 393 |
| 8.90 | 6.09 | 0.36 | 0.36 | 4.78 | 231019 | 429 |
| 8.82 | 8.45 | 0.36 | 0.36 | 4.94 | 226490 | 385 |
| 8.55 | 2.26 | 0.36 | 0.36 | 4.52 | 197934 | 409 |
| 8.77 | (13.50) | 0.35 | 0.35 | 2.90 | 183807 | 461 |
| 10.55 | 0.97 | 0.35 | 0.35 | 2.08 | 252862 | 393 |

---

*See Notes to Financial Statements.* 383

**Financial Highlights (continued)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br>shareholders <br>from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and <br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2025 | $10.03 | $0.46 | $0.02 | $0.48 | $(0.46)&nbsp;&nbsp;&nbsp;&nbsp; | $10.05 |
| 11/30/2024 | 9.92 | 0.50 | 0.11 | 0.61 | (0.50) | 10.03 |
| 11/30/2023 | 9.80 | 0.41 | 0.12 | 0.53 | (0.41) | 9.92 |
| 11/30/2022 | 10.00 | 0.12 | (0.18) | (0.06) | (0.14) | 9.80 |
| 11/30/2021 | 10.04 | 0.03 | (0.03) | – <sup>(c)</sup> | (0.04) | 10.00 |
| **Class A1** |  |  |  |  |  |  |
| 11/30/2025 | 10.03 | 0.45 | 0.02 | 0.47 | (0.45) | 10.05 |
| 11/30/2024 | 9.93 | 0.49 | 0.10 | 0.59 | (0.49) | 10.03 |
| 11/30/2023 | 9.80 | 0.40 | 0.13 | 0.53 | (0.40) | 9.93 |
| 11/30/2022 | 10.00 | 0.09 | (0.16) | (0.07) | (0.13) | 9.80 |
| 11/30/2021 | 10.04 | 0.02 | (0.03) | (0.01) | (0.03) | 10.00 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2025 | 10.03 | 0.47 | 0.01 | 0.48 | (0.46) | 10.05 |
| 11/30/2024 | 9.92 | 0.51 | 0.11 | 0.62 | (0.51) | 10.03 |
| 11/30/2023 | 9.80 | 0.39 | 0.15 | 0.54 | (0.42) | 9.92 |
| 11/30/2022 | 10.00 | 0.10 | (0.16) | (0.06) | (0.14) | 9.80 |
| 11/30/2021 | 10.04 | 0.04 | (0.04) | – <sup>(c)</sup> | (0.04) | 10.00 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2025 | 10.03 | 0.48 | 0.02 | 0.50 | (0.48) | 10.05 |
| 11/30/2024 | 9.92 | 0.52 | 0.11 | 0.63 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.11 | 0.55 | (0.43) | 9.92 |
| 11/30/2022 | 10.00 | 0.15 | (0.19) | (0.04) | (0.16) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2025 | 10.03 | 0.47 | 0.02 | 0.49 | (0.47) | 10.05 |
| 11/30/2024 | 9.92 | 0.52 | 0.11 | 0.63 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.43 | 0.12 | 0.55 | (0.43) | 9.92 |
| 11/30/2022 | 10.00 | 0.18 | (0.23) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2025 | 10.03 | 0.47 | 0.02 | 0.49 | (0.47) | 10.05 |
| 11/30/2024 | 9.93 | 0.52 | 0.10 | 0.62 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.12 | 0.56 | (0.43) | 9.93 |
| 11/30/2022 | 10.00 | 0.10 | (0.15) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |

---

384 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 4.87 | 0.44 | 0.44 | 4.57 | $6744061 | 72 |
| 6.32 | 0.43 | 0.43 | 5.05 | 4725133 | 69 |
| 5.55 | 0.43 | 0.43 | 4.15 | 3720238 | 66 |
| (0.62) | 0.43 | 0.44 | 1.18 | 5193143 | 48 |
| (0.03) | 0.43 | 0.43 | 0.34 | 10038159 | 72 |
| 4.76 | 0.54 | 0.54 | 4.47 | 10502 | 72 |
| 6.11 | 0.53 | 0.53 | 4.95 | 7495 | 69 |
| 5.55 | 0.54 | 0.54 | 4.10 | 4062 | 66 |
| (0.72) | 0.54 | 0.54 | 0.95 | 3869 | 48 |
| (0.13) | 0.53 | 0.53 | 0.24 | 13240 | 72 |
| 4.92 | 0.39 | 0.39 | 4.64 | 136763 | 72 |
| 6.37 | 0.38 | 0.38 | 5.11 | 170945 | 69 |
| 5.60 | 0.39 | 0.39 | 3.97 | 262081 | 66 |
| (0.57) | 0.39 | 0.39 | 1.03 | 1280935 | 48 |
| 0.02 | 0.38 | 0.38 | 0.38 | 5349686 | 72 |
| 5.09 | 0.23 | 0.23 | 4.78 | 3231777 | 72 |
| 6.53 | 0.23 | 0.23 | 5.25 | 2444355 | 69 |
| 5.76 | 0.24 | 0.24 | 4.45 | 1017847 | 66 |
| (0.43) | 0.24 | 0.24 | 1.52 | 759273 | 48 |
| 0.16 | 0.24 | 0.24 | 0.53 | 519235 | 72 |
| 5.13 | 0.29 | 0.29 | 4.72 | 4833430 | 72 |
| 6.37 | 0.28 | 0.28 | 5.21 | 4053800 | 69 |
| 5.71 | 0.28 | 0.28 | 4.35 | 3910327 | 66 |
| (0.47) | 0.28 | 0.28 | 1.80 | 3872022 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 1285378 | 72 |
| 5.03 | 0.29 | 0.29 | 4.72 | 276 | 72 |
| 6.37 | 0.28 | 0.28 | 5.21 | 270 | 69 |
| 5.82 | 0.28 | 0.28 | 4.41 | 188 | 66 |
| (0.47) | 0.28 | 0.29 | 1.05 | 131 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 592 | 72 |

---

*See Notes to Financial Statements.* 385

**Financial Highlights (concluded)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2025 | $10.03 | $0.48 | $0.02 | $0.50 | $(0.48)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $10.05 |
| 11/30/2024 | 9.93 | 0.53 | 0.09 | 0.62 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.12 | 0.56 | (0.43) | 9.93 |
| 11/30/2022 | 10.00 | 0.15 | (0.19) | (0.04) | (0.16) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and A1 does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Amount less than $0.01.

386 *See Notes to Financial Statements.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.09 | 0.23 | 0.23 | 4.79 | $43549 | 72 |
| 6.43 | 0.23 | 0.23 | 5.27 | 55771 | 69 |
| 5.87 | 0.24 | 0.24 | 4.42 | 67702 | 66 |
| (0.43) | 0.24 | 0.24 | 1.52 | 68773 | 48 |
| 0.16 | 0.24 | 0.24 | 0.54 | 86964 | 72 |

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*See Notes to Financial Statements.* 387

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993.

The Trust currently consists of thirteen funds as of November 30, 2025. This report covers the following eleven funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes at November 30, 2025:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Convertible Fund ("Convertible Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Fixed Income Fund ("Core Fixed Income Fund") | A, C, F, F3 I, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Plus Bond Fund ("Core Plus Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Floating Rate Fund ("Floating Rate Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett High Yield Fund ("High Yield Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Income Fund ("Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Inflation Focused Fund ("Inflation Focused Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Core Bond Fund ("Short Duration Core Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Income Fund ("Short Duration Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Total Return Fund ("Total Return Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Ultra Short Bond Fund ("Ultra Short Bond Fund") | A, A1, F, F3, I, R5, and R6 |

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The Funds' Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

Convertible Fund's investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return. Each of Core Fixed Income Fund's, Core Plus Bond Fund's and Total Return Fund's investment objective is to seek income and capital appreciation to produce a high total return. Floating Rate Fund's investment objective is to seek a high level of current income. High Yield Fund's investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return. Each of Income Fund's and Short Duration Income Fund's investment objective is to seek a high level of income consistent with preservation of capital. Inflation Focused Fund's primary investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle. As a secondary objective, the Fund seeks current income. Each of Short Duration Core Bond Fund's and Ultra Short Bond Fund's investment objective is to seek current income consistent with the preservation of capital.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A and A1 shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class A1 shares purchased without a sales charge and redeemed before the first day of the month in which the eighteenth month anniversary of the purchase falls (subject to certain exceptions as set forth in

**Notes to Financial Statements (continued)**

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 Funds or financial intermediary through which a shareholder purchased Class C shares have records verifying that the Class C shares have been held at least eight years.

**Basis of Preparation**

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies.* The preparation of the financial statements in conformity with generally accepted accounting principles 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.

**Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord, Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedules of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(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, 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. Lord Abbett has formed a pricing committee (the "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.

**Notes to Financial Statements (continued)**

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 Pricing Committee uses a third-party 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, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use 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. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.

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

**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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).

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| | |
|:---|:---|
|  | A summary of inputs used in valuing each Fund's investments and other financial instruments as of November 30, 2025 and, if applicable, Level 3 rollforwards for the fiscal year 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. |
| (b) | Commercial Paper**–**Each Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes. |
| (c) | Expenses**–**Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares bear only their class-specific shareholder servicing expenses. Class A, A1, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (d) | Floating Rate Loans**–**Each Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. 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 Secured Overnight Financing Rate ("SOFR"). |
|  | 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 |

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**Notes to Financial Statements (continued)**

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 is presented, if any, on the Statements of Assets and Liabilities and represents mark to market of the unfunded portion of each Fund's floating rate notes.

As of November 30, 2025, the Funds had the following unfunded loan commitments:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | | | | |
| **Borrower** | **Principal<br> Amount** | **Fair<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan | $407606 | $405607 | $406964 | $(1357) |
| Engineered Machinery Holdings, Inc. 2025 USD Delayed Draw Term Loan | 604023 | 607234 | 602513 | 4721 |
| GC Ferry Acquisition I Inc Delayed Draw Term Loan | 2869563 | 2868774 | 2869563 | (789) |
| Groundworks LLC 2024 Delayed Draw Term Loan | 630849 | 633609 | 631148 | 2461 |
| Hanger, Inc. 2024 Delayed Draw Term Loan | 2335965 | 2346009 | 2326034 | 19975 |
| Raven Acquisition Holdings LLC Delayed Draw Term Loan | 1006680 | 1010536 | 1002384 | 8152 |
| USALCO LLC 2025 Delayed Draw Term Loan | 553060 | 555430 | 553060 | 2370 |
| Total | $8407746 | $8427199 | $8391666 | $35533 |
| **Short Duration Income Fund** |  |  |  |  |
| **Borrower** | **Principal<br> Amount** | **Fair<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Ralliant Corp. Delayed Draw Term Loan A2 | $2293269 | $2128452 | $2296356 | $(167904) |
| Viper Energy Partners LLC Delayed Draw Term Loan | 29250000 | 29414531 | 29250000 | 164531 |
| Total | $31543269 | $31542983 | $31546356 | $(3373) |

---

**Notes to Financial Statements (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | | | | |
| **Borrower** | **Principal<br> Amount** | **Fair<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Ralliant Corp. Delayed Draw Term Loan A1 | $1957962 | $1880877 | $1960437 | $(79560) |
| Viper Energy Partners LLC Delayed Draw Term Loan | 25444000 | 25587123 | 25412195 | 174928 |
| Total | $27401962 | $27468000 | $27372632 | $95368 |

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| | |
|:---|:---|
| (e) | 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 in 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 in each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | 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. |
| (f) | 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. |
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of November 30, 2025, no liability for Federal Income tax is required in each Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (g) | Investment Income**–**Dividend income, if any, 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, in the Statements of Operations. Withholding taxes on foreign interest and dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |

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**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (h) | Mortgage Dollar Rolls**–**Each Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (i) | 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, each Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Funds' participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Funds. |
| (j) | 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. |
| (k) | To-Be-Announced ("TBA") Sale Commitments**–**Each Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation" above. The contract is adjusted to market value daily and the change in market value is recorded by each Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, each Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. |
| (l) | When-Issued, Forward Transactions or 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 |

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**Notes to Financial Statements (continued)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

Derivatives**–**During the fiscal year, the Funds used derivative instruments including forward foreign currency exchange contracts, futures contracts, swap contracts and options in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Forward Foreign Currency Exchange Contracts**–**During the fiscal year, the Funds listed in the tables below are exposed to foreign currency risks associated with some or all of their portfolio investments and, during the fiscal year ended, used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

**Notes to Financial Statements (continued)**

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

Futures Contracts**–**During the fiscal year, the Funds listed in the table below entered into futures contracts to manage and hedge interest rate risk associated with with portfolio investments. During the fiscal year, the Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Notes to Financial Statements (continued)**

Swap Contracts**–**The Funds may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. Swap transactions are contracts negotiated over-the-counter ("OTC") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is reported as Deposits with broker for swap contracts collateral on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Net change in unrealized appreciation/(depreciation) on swap contracts on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Funds' OTC swap contract agreements are subject to master netting arrangements.

Credit Default Swap Contracts**–**During the fiscal year, the Funds listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's

**Notes to Financial Statements (continued)**

portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligations.

Inflation-Linked Swap Contracts**–**During the fiscal year, the Funds listed in the tables below entered into 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. Each 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 Funds since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default.

Interest Rate Swap Contracts**–**During the fiscal year, the Funds listed in the tables below entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of their portfolios. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

Total Return Swap Contracts**–**During the fiscal year, the Funds listed in the tables below entered into total return swap contract agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Funds 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.

Options**–**During the fiscal year, the Funds listed in the tables below have purchased and written exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

When a Fund writes (sells) an option, an amount equal to the premium received by each Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an

**Notes to Financial Statements (continued)**

option expires, each Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and net change in unrealized gains and losses on purchased options are included in Net realized and Net change in unrealized appreciation/(depreciation) on investments, respectively, in the Funds' Statements of Operations.

Summary of Derivatives Information**–**As of November 30, 2025, the Funds in the tables below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| | | **Convertible Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities Location** | **Equity**<br> **Contracts** |
| OTC Options Purchased | Investments in securities, at fair value | $9072337 |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |
| OTC Written Options | Options written outstanding, at value | $2190708 |
|  |  | **Core Fixed Income Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $284811 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $43642 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $261890 | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $34573 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $55244 | – |
|  |  | **Floating Rate Fund** | **Floating Rate Fund** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Equity<br> Contracts** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  |  |  | $2405419 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  | $4413027 |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  |  | $331780 |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts |  | $104080 |  |  |
| Total Return Swap Contracts | Total return swap contracts, at fair value | $867352 | – | – | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contract agreements |  | $743039 |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | – | – | $1699120 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **High Yield Fund** | **High Yield Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  |  | $3447369 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $862710 |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $828803 | – | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $381562 |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $70895 | – | – |
|  |  |  | **Income Fund** | **Income Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  |  | $25808311 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $187236 |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $6703894 | – | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | – | $148326 | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  |  | $25408402 |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  | $676995 |  |
| CPI Swap Contracts | Unrealized appreciation on CPI swap contracts |  |  | $7548856 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $274792 | – | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contract agreements |  |  | $1948997 |
| CPI Swap Contracts | Unrealized depreciation on CPI swap contracts |  |  | $2905555 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $57901 | – | – |

---

---

| | | |
|:---|:---|:---|
|  | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $97359 |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contract agreements | $1852855 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $62335 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contract agreements |  | $29217164 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $8344995 | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contract agreements | $72418091 |  |
| Credit Default Swap Contracts | Credit default swap contract agreements payable, at fair value |  | $2760105 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $6236121 | – |
|  |  | **Total Return Fund** | **Total Return Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $300992 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $198614 | – |
| **Liability Derivatives** | **Statements of Assets<br> and Liabilities Location** |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | – | $238443 |

---

---

| | | |
|:---|:---|:---|
| | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
| **Asset Derivatives** | **Statements of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $325485 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Includes the value 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.

**Notes to Financial Statements (continued)**

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the fiscal year ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Convertible Fund** |
|  | **Statements of<br> Operations<br> Location** | **Equity**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $(751787) |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased | Net realized gain/(loss) on investments | $11569622 |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | Net realized gain/(loss) on OTC written options | $(4889767) |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $(29329) |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased | Net change in unrealized appreciation/(depreciation) on investments | $(6631911) |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | Net change in unrealized appreciation/(depreciation) on OTC written options | $550170 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $11817115 |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased |  | $1640472 |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options |  | $(181237) | – |
|  |  | **Core Fixed Income Fund** | **Core Fixed Income Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(5342796) |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(554054) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 1939 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $(468) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $26358 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(2228145) |  |  |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased | Net realized gain/(loss) on investments | $(626500) |  |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | Net realized gain/(loss) on OTC written options | $238000 |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $4861 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(1133628) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $1419692 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $3521559 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 2216 |  |  |
| &nbsp;&nbsp;&nbsp;OTC Options Purchased |  | $16153846 |  |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options |  | $(16153846) | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Floating Rate Fund** | **Floating Rate Fund** |
|  | **Statements of<br> Operations<br> Location** | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts |  | $3160566 | $– |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  |  | $79720 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  |  | $(13334856) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts |  | $1756057 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | Net realized gain/(loss) on swap contracts | $4314348 |  |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  | $(5492403) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  |  | $359608 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  |  | $(2349932) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts |  | $222343 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(3433206) |  |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  |  | $300402538 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  |  | $2480769 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  | $665358 |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  | $302537168 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | – | 313 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **High Yield Fund** | **High Yield Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $7778264 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $(4387535) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(6913473) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | $826718 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $(2830164) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $658035 |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $78368462 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $175291898 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 3831 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **Income Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $7278818 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $3454720 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $53468 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(25880170) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(3554245) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | $2396181 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $20807 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(12830509) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $205260923 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $244753846 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $13888433 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 12718 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Inflation Focused Fund** | **Inflation Focused Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $13480015 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  | $145075 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $3104256 |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(8498591) |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  | $40247 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(722607) |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $796068001 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $18623385 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 2367 | – |

---

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
|  | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $964583 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $160634 |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(1509747) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(96042) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $77317769 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 889 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Short Duration Income Fund** | **Short Duration Income Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $87068244 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $9729955 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $138058 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(1221024) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(109144168) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | $2158676 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $(10201) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $2573262 |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $7811248000 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $1060470017 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $2452188 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 91388 | – | – |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Total Return Fund** | **Total Return Fund** |
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $(158605) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $96567 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(3677719) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $33022 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(2719982) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $1348923 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $22849715 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 2026 | – | – |
|  |  |  | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Statements of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $2746891 |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(242657) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 2553 |

---

**Notes to Financial Statements (continued)**

Disclosures About Offsetting Assets And Liabilities**–**FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities, and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by 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.

---

| | | | |
|:---|:---|:---|:---|
| | | | **Convertible Fund** |
| **Description** | **Gross Amounts of <br> Recognized Assets** | **Gross Amounts <br> Offset in the <br> Statement of Assets <br> and Liabilities** | **Net Amounts of <br> Assets Presented <br> in the Statement of <br> Assets and Liabilities** |
| OTC Options Purchased | $9072337 | $– | $9072337 |
| &nbsp;&nbsp;&nbsp;Total | $9072337 | $– | $9072337 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| UBS AG | $692102 | $– | $– | $(692102) | $– |
| Goldman Sachs | 2409432 |  | (2050000) |  | 359432 |
| Morgan Stanley | 4621059 | (1544422) |  |  | 3076637 |
| BNP Paribas SA | 357405 |  | (357405) |  |  |
| Bank of America | 992339 | (646286) | (290000) | – | 56053 |
| &nbsp;&nbsp;&nbsp;Total | $9072337 | $(2190708) | $(2697405) | $(692102) | $3492122 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of <br> Recognized Liabilities** | **Gross Amounts <br> Offset in the <br> Statement of Assets <br> and Liabilities** | **Net Amounts of <br> Liabilities Presented <br> in the Statement of <br> Assets and Liabilities** |
| OTC Options Written | $2190708 | $– | $2190708 |
| &nbsp;&nbsp;&nbsp;Total | $2190708 | $– | $2190708 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(c)</sup> |
| Bank of America | $646286 | $(646286) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Morgan Stanley | 1544422 | (1544422) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $2190708 | $(2190708) | $– | $– | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Core Plus Bond Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $43642 | $– | $43642 |
| &nbsp;&nbsp;&nbsp;Total | $43642 | $– | $43642 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts <br> of Assets <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts <br> of Assets <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $43642 | $– | $– | $– | $43642 |
| &nbsp;&nbsp;&nbsp;Total | $43642 | $– | $– | $– | $43642 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $34573 | $– | $34573 |
| &nbsp;&nbsp;&nbsp;Total | $34573 | $– | $34573 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts <br> of Liabilities<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts <br> of Liabilities<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(c)</sup> |
| Barclays Bank PLC | $34573 | $– | $– | $– | $34573 |
| &nbsp;&nbsp;&nbsp;Total | $34573 | $– | $– | $– | $34573 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Floating Rate Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Total Return Swap Contracts | $867352 | $– | $867352 |
| Forward Foreign Currency Exchange Contracts | 331780 | – | 331780 |
| &nbsp;&nbsp;&nbsp;Total | $1199132 | $– | $1199132 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $917968 | $– | $(280000) | $– | $637968 |
| State Street Bank And Trust | 281164 | (281164) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $1199132 | $(281164) | $(280000) | $– | $637968 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Floating Rate Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1699120 | $– | $1699120 |
| &nbsp;&nbsp;&nbsp;Total | $1699120 | $– | $1699120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Pledged**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(c)</sup> |
| State Street Bank And Trust | $1699120 | $(281164) | $(450000) | $– | $976956 |
| &nbsp;&nbsp;&nbsp;Total | $1699120 | $(281164) | $(450000) | $– | $976956 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **High Yield Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $862710 | $– | $862710 |
| &nbsp;&nbsp;&nbsp;Total | $862710 | $– | $862710 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts <br> of Assets <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts <br> of Assets <br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $24427 | $(24427) | $– | $– | $– |
| State Street Bank And Trust | 838283 | (329509) | – | – | 508774 |
| &nbsp;&nbsp;&nbsp;Total | $862710 | $(353936) | $– | $– | $508774 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $381562 | $– | $381562 |
| &nbsp;&nbsp;&nbsp;Total | $381562 | $– | $381562 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Morgan Stanley | $52053 | $(24427) | $(20000) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $7626 |
| State Street Bank And Trust | 329509 | (329509) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $381562 | $(353936) | $(20000) | $– | $7626 |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $187236 | $– | $187236 |
| &nbsp;&nbsp;&nbsp;Total | $187236 | $– | $187236 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $187236 | $– | $(187236) | $– | $– |
| &nbsp;&nbsp;&nbsp;Total | $187236 | $– | $(187226) | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $148326 | $– | $148326 |
| &nbsp;&nbsp;&nbsp;Total | $148326 | $– | $148326 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Barclays Bank PLC | $148326 | $– | $(148326) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;Total | $148326 | $– | $(148326) | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Inflation Focused Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $7548856 | $– | $7548856 |
| &nbsp;&nbsp;&nbsp;Total | $7548856 | $– | $7548856 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Bank of America | $5714765 | $(897452) | $(2730000) | $(2087313) | $– |
| Barclays Bank PLC | 978085 |  | (978085) |  |  |
| Deutsche Bank AG | 856006 | (856006) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $7548856 | $(1753458) | $(3708085) | $(2087313) | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Inflation Focused Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $2905555 | $– | $2905555 |
| &nbsp;&nbsp;&nbsp;Total | $2905555 | $– | $2905555 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Bank of America | $897452 | $(897452) | $– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– |
| Deutsche Bank AG | 2008103 | (856006) | (953000) | – | 199097 |
| &nbsp;&nbsp;&nbsp;Total | $2905555 | $(1753458) | $(953000) | $– | $199097 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Short Duration Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Credit Default Swap Contracts | $2760105 | $– | $2760105 |
| &nbsp;&nbsp;&nbsp;Total | $2760105 | $– | $2760105 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(c)</sup> |
| Citibank | $2409039 | $– | $(2408845) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $194 |
| Morgan Stanley | 351066 | – | (210000) | – | 141066 |
| &nbsp;&nbsp;&nbsp;Total | $2760105 | $– | $(2618845) | $– | $141260 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Total Return Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $300992 | $– | $300992 |
| &nbsp;&nbsp;&nbsp;Total | $300992 | $– | $300992 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Morgan Stanley | $300992 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $(300992) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;Total | $300992 | $– | $(300992) | $– | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Total Return Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $238443 | $– | $238443 |
| &nbsp;&nbsp;&nbsp;Total | $238443 | $– | $238443 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged**<sup>(a)</sup> | **Securities<br> Collateral<br> Pledged**<sup>(a)</sup> |<br>**Net<br> Amount**<sup>(c)</sup> |
| Barclays Bank PLC | $238443 | $– | $(238443) | $– | $– |
| &nbsp;&nbsp;&nbsp;Total | $238443 | $– | $(238443) | $– | $– |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Net amount represents the amount owed to the Fund by the counterparty as of November 30, 2025.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of November 30, 2025.

**4.** 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:

---

| | | | |
|:---|:---|:---|:---|
| **Convertible Fund** |  | **Income Fund** |  |
| First $1 billion | .70% | First $3 billion | .38% |
| Next $1 billion | .60% | Next $7 billion | .35% |
| Over $2 billion | .57% | Over $10 billion | .34% |
| **Core Fixed Income Fund** |  | **Inflation Focused Fund** |  |
| First $1 billion | .24% | First $2 billion | .30% |
| Next $1 billion | .21% | Next $3 billion | .28% |
| Over $2 billion | .20% | Over $5 billion | .26% |
| **Core Plus Bond Fund** |  | **Short Duration Core Bond Fund** |  |
| First $4 billion | .28% | First $1 billion | .30% |
| Next $11 billion | .26% | Next $1 billion | .25% |
| Over $15 billion | .25% | Over $2 billion | .20% |
| **Floating Rate Fund** |  | **Short Duration Income Fund** |  |
| First $1 billion | .50% | First $1 billion | .35% |
| Over $1 billion | .45% | Next $1 billion | .30% |
|  |  | Over $2 billion | .25% |
| **High Yield Fund** |  | **Total Return Fund** |  |
| First $1 billion | .60% | First $4 billion | .28% |
| Next $1 billion | .55% | Next $11 billion | .26% |
| Over $2 billion | .50% | Over $15 billion | .25% |
|  |  | **Ultra Short Bond Fund** | .17% |

---

**Notes to Financial Statements (continued)**

For the fiscal year ended November 30, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| **Fund** | **Net Effective<br> Management Fee** |
| Convertible Fund | .70% |
| Core Fixed Income Fund | .21% |
| Core Plus Bond Fund | .28% |
| Floating Rate Fund | .46% |
| High Yield Fund | .54% |
| Income Fund | .37% |
| Inflation Focused Fund | .30% |
| Short Duration Core Bond Fund | .20% |
| Short Duration Income Fund | .25% |
| Total Return Fund | .28% |
| Ultra Short Bond Fund | .17% |

---

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly.

Lord Abbett voluntarily waived certain fees and expenses during the fiscal year ended November 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Convertible Fund | $18468 |
| Core Fixed Income Fund | 56423 |
| Core Plus Bond Fund | 57711 |
| Floating Rate Fund | 69412 |
| High Yield Fund | 93245 |
| Income Fund | 78914 |
| Inflation Focused Fund | 37375 |
| Short Duration Income Fund | 382124 |
| Total Return Fund | 53010 |
| Ultra Short Bond Fund | 143825 |

---

For the fiscal year ended November 30, 2025 and continuing through March 31, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding certain of the Funds' expenses, to the following annual rates:

---

| | | |
|:---|:---|:---|
| | **Classes** | |
| <br>**Fund** | **A,C,F,I,R2,R3,<br> R4 and R5** | <br>**F3 and R6** |
| Core Plus Bond Fund | .48% | .41% |
| Short Duration Core Bond Fund | .40% | .31% |

---

For the fiscal year ended November 30, 2025 and continuing through March 31, 2026, Lord Abbett has contractually agreed to waive Core Fixed Income Fund's and Total Return Fund's Class I shareholder servicing expenses at an annual rate of .04% of each Fund's average daily net assets.

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

**Notes to Financial Statements (continued)**

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, A1, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the 1940 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 distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class A1** | **Class C**<sup>(1)</sup> | **Class F**<sup>(2)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | .15% | .25%<sup>(4)</sup> | .25% |  | .25% | .25% | .25% | .25% |
| Distribution | .05%<sup>(3)</sup> |  | .75% | .10% | .20% | .35% | .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.

<sup>(1)</sup> The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund's average daily net assets attributable to Class C shares held less than 1 year and .80% (.25% service and .55% distribution) of each Fund's average daily net assets attributable to Class C shares held for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(3)</sup> Distribution fees not applicable for Ultra Short Bond Fund.

<sup>(4)</sup> Class A1 only for Ultra Short Bond Fund.

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

**Commissions**

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the fiscal year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Convertible Fund | $2937 | $34370 |
| Core Fixed Income Fund | 73560 | 903615 |
| Core Plus Bond Fund | 51074 | 865009 |
| Floating Rate Fund | 43844 | 1181455 |
| High Yield Fund | 42820 | 646426 |
| Income Fund | 154992 | 2164266 |
| Inflation Focused Fund | 3537 | 56789 |
| Short Duration Core Bond Fund | 13565 | 180923 |
| Short Duration Income Fund | 319477 | 7741150 |
| Total Return Fund | 71435 | 790863 |
| Ultra Short Bond Fund |  | 15374 |

---

The Distributor received the following amounts of CDSCs for the fiscal year ended November 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Convertible Fund | $812 | $665 |
| Core Fixed Income Fund | 40896 | 16347 |
| Core Plus Bond Fund | 111786 | 12463 |
| Floating Rate Fund | 61211 | 20227 |
| High Yield Fund | 42993 | 14627 |
| Income Fund | 82475 | 9790 |
| Inflation Focused Fund | 1861 | 363 |
| Short Duration Core Bond Fund | 6436 | 2365 |
| Short Duration Income Fund | 707998 | 121147 |
| Total Return Fund | 27625 | 539 |
| Ultra Short Bond Fund | 3431 |  |

---

**Notes to Financial Statements (continued)**

**Other Related Parties**

As of November 30, 2025, the percentages of the Funds' outstanding shares owned by other Lord Abbett funds that invest principally in affiliated mutual funds managed by Lord Abbett fund of funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund of Funds** | **Core<br> Fixed<br> Income<br> Fund** | **High<br> Yield<br> Fund** | **Ultra<br> Short<br> Bond<br> Fund** |
| Multi-Asset Balanced Opportunity Fund | 10.98% | 3.60% | 0.36% |
| Multi-Asset Income Fund | 7.32% | 2.08% | 0.14% |

---

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

**5.** DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal year ended November 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Convertible Fund | $12126569 | $– $|  | $12126569 |
| Core Fixed Income Fund | 217388149 | – |  | 217388149 |
| Core Plus Bond Fund | 204524934 | – |  | 204524934 |
| Floating Rate Fund | 340909255 | – |  | 340909255 |
| High Yield Fund | 250696523 | – |  | 250696523 |
| Income Fund | 325894959 | – |  | 325894959 |
| Inflation Focused Fund | 36603114 | – |  | 36603114 |
| Short Duration Core Bond Fund | 27521953 | – |  | 27521953 |
| Short Duration Income Fund | 2192089715 | – |  | 2192089715 |
| Total Return Fund | 181684507 | – |  | 181684507 |
| Ultra Short Bond Fund | 612633447 | – |  | 612633447 |

---

**Notes to Financial Statements (continued)**

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Convertible Fund | $11493965 | $– $|  | $11493965 |
| Core Fixed Income Fund | 185831140 | – |  | 185831140 |
| Core Plus Bond Fund | 122942751 | – |  | 122942751 |
| Floating Rate Fund | 415311398 | – |  | 415311398 |
| High Yield Fund | 270300740 | – |  | 270300740 |
| Income Fund | 257992868 | – |  | 257992868 |
| Inflation Focused Fund | 39032965 | – |  | 39032965 |
| Short Duration Core Bond Fund | 23957254 | – |  | 23957254 |
| Short Duration Income Fund | 2164105484 | – |  | 2164105484 |
| Total Return Fund | 171280646 | – |  | 171280646 |
| Ultra Short Bond Fund | 515842825 | – |  | 515842825 |

---

As of November 30, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Net<br> Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 3503861 | &nbsp;&nbsp;&nbsp;&nbsp; $– $| (90853750) | $41067783 | $(104612) | $(46386718) |
| Core Fixed Income Fund | – | 20225050 | – | (325014453) | 62746617 | (19207869) | (261250655) |
| Core Plus Bond Fund | – | 18234111 | – | (91590178) | 64137894 | (18442684) | (27660857) |
| Floating Rate Fund | – | 9356969 | – | (1927921297) | 18570912 | (27073206) | (1927066622) |
| High Yield Fund | – | 6197842 | – | (873838994) | 17599841 | (21547661) | (871588972) |
| Income Fund | – | 18264310 | – | (458933002) | 76606339 | (27979769) | (392042122) |
| Inflation Focused Fund | – | 163375 | – | (460960776) | 6355641 | (3285041) | (457726801) |
| Short Duration Core Bond Fund | – | 2408273 | – | (14738502) | 3497419 | (2432590) | (11265400) |
| Short Duration Income Fund | – | 177174402 | – | (7552740846) | (721444495) | (180180695) | (8277191634) |
| Total Return Fund | – | 8476718 | – | (619561741) | 33343828 | (15562098) | (593303293) |
| Ultra Short Bond Fund | – | 56299754 | – | (172705315) | 46456223 | (55036934) | (124986272) |

---

**Notes to Financial Statements (continued)**

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Convertible Fund | $(90516566) | $– | $(90516566) |
| Core Fixed Income Fund | (78769739) | (236003071) | (314772810) |
| Core Plus Bond Fund | (35297532) | (51018917) | (86316449) |
| Floating Rate Fund | (586793332) | (1341127965) | (1927921297) |
| High Yield Fund | (429354472) | (444484522) | (873838994) |
| Income Fund | (185702155) | (273230847) | (458933002) |
| Inflation Focused Fund | (158152891) | (302798594) | (460951485) |
| Short Duration Core Bond Fund | (6226021) | (8349699) | (14575720) |
| Short Duration Income Fund | (1281678420) | (6270384283) | (7552062703) |
| Total Return Fund | (219341897) | (393381039) | (612722936) |
| Ultra Short Bond Fund | (53487862) | (119217453) | (172705315) |

---

As of November 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments, amortization of premium, and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Convertible Fund | $607463861 | $58322253 | $(17255784) | $41066469 |
| Core Fixed Income Fund | 5891009852 | 70711652 | (7965036) | 62746616 |
| Core Plus Bond Fund | 5203069526 | 70269301 | (6131361) | 64137940 |
| Floating Rate Fund | 4680579045 | 78063146 | (59426852) | 18636294 |
| High Yield Fund | 3420593505 | 115295400 | (97646285) | 17649115 |
| Income Fund | 6184783020 | 103280953 | (26674613) | 76606340 |
| Inflation Focused Fund | 802508619 | 16563527 | (10015609) | 6547918 |
| Short Duration Core Bond Fund | 635599909 | 4833084 | (1335665) | 3497419 |
| Short Duration Income Fund | 44954758286 | 434857260 | (1156301083) | (721443823) |
| Total Return Fund | 4563575061 | 48450063 | (15106233) | 33343830 |
| Ultra Short Bond Fund | 14933616467 | 52084799 | (5628576) | 46456223 |

---

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br> Earnings/(Loss)** | **Paid-in Capital** |
| Convertible Fund | $– | $– |
| Core Fixed Income Fund |  |  |
| Core Plus Bond Fund |  |  |
| Floating Rate Fund |  |  |
| High Yield Fund |  |  |
| Income Fund |  |  |
| Inflation Focused Fund | 47371 | (47371) |
| Short Duration Core Bond Fund |  |  |
| Short Duration Income Fund |  |  |
| Total Return Fund |  |  |
| Ultra Short Bond Fund |  |  |

---

**Notes to Financial Statements (continued)**

**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| Convertible Fund | $– | $795819748 | $– | $834864182 |
| Core Fixed Income Fund | 22929004135 | 2520264414 | 23028824610 | 2077905542 |
| Core Plus Bond Fund | 18987204244 | 2874600839 | 18629355183 | 2139817822 |
| Floating Rate Fund |  | 3756836857 |  | 3929470804 |
| High Yield Fund |  | 2667770220 |  | 2969112466 |
| Income Fund | 9378072655 | 5430165911 | 9830749188 | 5237970869 |
| Inflation Focused Fund | 799568936 | 521302363 | 719419542 | 566502602 |
| Short Duration Core Bond Fund | 420014687 | 469884238 | 418900511 | 366885188 |
| Short Duration Income Fund | 36012066685 | 33022016970 | 36874299065 | 33197829453 |
| Total Return Fund | 16725621238 | 2102627223 | 16777862042 | 2006786356 |
| Ultra Short Bond Fund | 489458522 | 10357882930 | 363288030 | 7915571999 |

---

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 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended November 30, 2025, the Funds did not engage in cross trade purchases or sales.

**7.** 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 primarily based on the relative 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 in the Statements of Operations and in Trustees' fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**8.** LINE OF CREDIT

For the period ended June 5, 2025, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which 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 June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are 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 borrowing, among other factors.

**Notes to Financial Statements (continued)**

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, 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), or $250 million based on past borrowings and likelihood of future borrowings, among other factors. These credit facilities are to be used for short-term working capital purposes.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended November 30, 2025, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

**9.** 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.

During the fiscal year ended November 30, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

**10.** CUSTODIAN AND ACCOUNTING AGENT

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

**11.** SECURITIES LENDING AGREEMENT

The Funds, except for Inflation Focused Fund, have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or 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, if any, in 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.

**Notes to Financial Statements (continued)**

As of November 30, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of<br> Securities Loaned** | **Collateral<br> Received<sup>(1)</sup>** |
| Core Fixed Income Fund | $7888762 | $8099842 |
| Core Plus Bond Fund | 11169889 | 12649681 |
| Floating Rate Fund | 45533215 | 46743346 |
| High Yield Fund | 102161102 | 108056707 |
| Income Fund | 30707345 | 32169828 |
| Short Duration Core Bond Fund | 1255953 | 1296816 |
| Short Duration Income Fund | 20620168 | 21480926 |
| Total Return Fund | 14589453 | 15271820 |
| Ultra Short Bond Fund | 4561039 | 4760366 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

**12.** INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with investing in fixed income securities and to the changing prospects of individual companies and/or sectors in which the Funds invest. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline, when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds may default as to principal and/or interest payments after the Fund purchases their securities. A default, or concerns in the market about an increase in risk of default may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increase liquidity risk as well as additional risks.

Because the Ultra Short Bond Fund invests a significant portion of its assets in securities issued by companies in the financial services industry, developments affecting this industry may have a disproportionate impact on the Fund. Interest rate risk, credit risk and the risk of regulatory changes in the financial services industry, among other risks, may have negative effect on companies in the financial services industry .

The values of equity holdings of Convertible Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of the individual companies and/or sectors in which the Fund invests.

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

Each Fund's investment exposure to foreign (which may include emerging markets) companies presents increased market, liquidity, currency, political, information and other risks. The cost of a Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

**Notes to Financial Statements (continued)**

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

Each Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other in addition to the risks associated with investing in derivatives discussed above. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Funds.

The Funds are subject to the risks of investing in credit default swap contracts. The risks associated with the Funds' investment in credit default swap contracts are greater than if the Funds invested directly in the reference obligation because they are subject to liquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels in addition to the risks associated with investing in derivatives discussed above.

Each Fund's exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund's use of these instruments will be successful.

The Funds are subject to the risks of investing in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Income Fund and Total Return Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, Floating Rate Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral.

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

Convertible Fund, Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund and Total Return Fund are subject to the risks of investing in asset backed securities and mortgage related securities, including those of such Government sponsored enterprises as Fannie Mae and Freddie Mac. In addition, these Funds may invest in non-agency backed and mortgage

**Notes to Financial Statements (continued)**

related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments and negatively impact each Fund's performance and your investment in each Fund.

**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 891554 | $13631007 | 759568 | $10013542 |
| Reinvestment of distributions | 179593 | 2659291 | 194355 | 2559165 |
| Shares reacquired | (1962647) | (29604729) | (2878857) | (37898361) |
| Decrease | (891500) | $(13314431) | (1924934) | $(25325654) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 82215 | $1218639 | 64615 | $844560 |
| Reinvestment of distributions | 19379 | 282250 | 23392 | 303873 |
| Shares reacquired | (504555) | (7559201) | (854018) | (11120158) |
| Decrease | (402961) | $(6058312) | (766011) | $(9971725) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22662 | $315504 | 72064 | $940608 |
| Reinvestment of distributions | 17380 | 257016 | 24610 | 323745 |
| Shares reacquired | (248951) | (3638506) | (929782) | (12023166) |
| Decrease | (208909) | $(3065986) | (833108) | $(10758813) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 676281 | $10526660 | 63167 | $845055 |
| Reinvestment of distributions | 17679 | 270231 | 18724 | 249609 |
| Shares reacquired | (384023) | (6064303) | (501233) | (6682861) |
| Increase (decrease) | 309937 | $4732588 | (419342) | $(5588197) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 8138456 | $125516362 | 8816058 | $117747894 |
| Reinvestment of distributions | 459845 | 6882836 | 491573 | 6540685 |
| Shares reacquired | (9368191) | (141049582) | (13117880) | (174775726) |
| Decrease | (769890) | $(8650384) | (3810249) | $(50487147) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 122 | $1884 | 539 | $7172 |
| Reinvestment of distributions | 19 | 283 | 54 | 726 |
| Shares reacquired | (55) | (920) | (2593) | (36375) |
| Increase (decrease) | 86 | $1247 | (2000) | $(28477) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 585 | $9170 | 1078 | $14206 |
| Reinvestment of distributions | 104 | 1573 | 97 | 1315 |
| Shares reacquired | (1823) | (27705) | (38) | (515) |
| Increase (decrease) | (1134) | $(16962) | 1137 | $15006 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 181102 | $2803532 | 153150 | $2018710 |
| Reinvestment of distributions | 24008 | 352602 | 22812 | 298433 |
| Shares reacquired | (231169) | (3463958) | (219839) | (2865735) |
| Decrease | (26059) | $(307824) | (43877) | $(548592) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 2494 | $35997 | 7248 | $95516 |
| Reinvestment of distributions | 290 | 4295 | 494 | 6453 |
| Shares reacquired | (10576) | (167989) | (32876) | (425919) |
| Decrease | (7792) | $(127697) | (25134) | $(323950) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 18181 | $268216 | 44668 | $597002 |
| Reinvestment of distributions | 2951 | 44036 | 2828 | 37671 |
| Shares reacquired | (158082) | (2593865) | (20501) | (274748) |
| Increase (decrease) | (136950) | $(2281613) | 26995 | $359925 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R6 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 32652 | $512974 | 38621 | $525215 |
| Reinvestment of distributions | 2326 | 35016 | 2294 | 30665 |
| Shares reacquired | (55991) | (834201) | (64647) | (847818) |
| Decrease | (21013) | $(286211) | (23732) | $(291938) |
| **Core Fixed Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14950211 | $138447668 | 25583679 | $237809431 |
| Reinvestment of distributions | 3311715 | 30714528 | 3169826 | 29336407 |
| Shares reacquired | (18783719) | (173908825) | (21030391) | (194092123) |
| Increase (decrease) | (521793) | $(4746629) | 7723114 | $73053715 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1238115 | $11404498 | 2726429 | $25240947 |
| Reinvestment of distributions | 177368 | 1637433 | 157972 | 1455056 |
| Shares reacquired | (1652362) | (15203906) | (1162849) | (10701422) |
| Increase (decrease) | (236879) | $(2161975) | 1721552 | $15994581 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1644183 | $15269316 | 3299000 | $30499362 |
| Reinvestment of distributions | 268147 | 2484643 | 320950 | 2969955 |
| Shares reacquired | (4373845) | (40299305) | (2216747) | (20434515) |
| Increase (decrease) | (2461515) | $(22545346) | 1403203 | $13034802 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 24732657 | $228812744 | 30996677 | $286962642 |
| Reinvestment of distributions | 4033987 | 37422412 | 3404773 | 31509348 |
| Shares reacquired | (19172492) | (177264979) | (15987567) | (147660930) |
| Increase | 9594152 | $88970177 | 18413883 | $170811060 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 151208924 | $1399999168 | 171626011 | $1591853484 |
| Reinvestment of distributions | 15258659 | 141459943 | 12673162 | 117199906 |
| Shares reacquired | (124586496) | (1151301515) | (91687570) | (844912378) |
| Increase | 41881087 | $390157596 | 92611603 | $864141012 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 19471 | $179247 | 32245 | $298076 |
| Reinvestment of distributions | 2661 | 24669 | 2664 | 24638 |
| Shares reacquired | (38797) | (359664) | (8658) | (81131) |
| Increase (decrease) | (16665) | $(155748) | 26251 | $241583 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 100510 | $937063 | 222044 | $2052579 |
| Reinvestment of distributions | 20923 | 194106 | 20662 | 191356 |
| Shares reacquired | (100718) | (929299) | (253673) | (2346684) |
| Increase (decrease) | 20715 | $201870 | (10967) | $(102749) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 191094 | $1769360 | 448953 | $4118706 |
| Reinvestment of distributions | 38548 | 357476 | 42650 | 394610 |
| Shares reacquired | (464754) | (4275207) | (329872) | (3056079) |
| Increase (decrease) | (235112) | $(2148371) | 161731 | $1457237 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 125174 | $1159306 | 272430 | $2515694 |
| Reinvestment of distributions | 29454 | 273242 | 27004 | 249859 |
| Shares reacquired | (197362) | (1831340) | (91560) | (852969) |
| Increase (decrease) | (42734) | $(398792) | 207874 | $1912584 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 2296678 | $21379977 | 970636 | $8979764 |
| Reinvestment of distributions | 257652 | 2388911 | 225505 | 2085745 |
| Shares reacquired | (767470) | (7101555) | (738011) | (6779047) |
| Increase | 1786860 | $16667333 | 458130 | $4286462 |
| **Core Plus Bond Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10416768 | $134007785 | 15780703 | $203995320 |
| Reinvestment of distributions | 1255085 | 16163664 | 837602 | 10786160 |
| Shares reacquired | (7985606) | (102520653) | (4931912) | (63247912) |
| Increase | 3686247 | $47650796 | 11686393 | $151533568 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1242422 | $16019520 | 1690045 | $21885539 |
| Reinvestment of distributions | 123737 | 1594501 | 79499 | 1023455 |
| Shares reacquired | (624156) | (8031453) | (411534) | (5284109) |
| Increase | 742003 | $9582568 | 1358010 | $17624885 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 257888 | $3314284 | 591242 | $7587525 |
| Reinvestment of distributions | 60619 | 779123 | 85770 | 1101449 |
| Shares reacquired | (895439) | (11454463) | (809128) | (10326030) |
| Decrease | (576932) | $(7361056) | (132116) | $(1637056) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 6143101 | $78995825 | 7788252 | $100387633 |
| Reinvestment of distributions | 864226 | 11131023 | 637374 | 8201857 |
| Shares reacquired | (4485995) | (57543416) | (2438906) | (31333559) |
| Increase | 2521332 | $32583432 | 5986720 | $77255931 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 155649260 | $1996862716 | 161624671 | $2087285811 |
| Reinvestment of distributions | 13370260 | 172094780 | 7837162 | 100813149 |
| Shares reacquired | (100344359) | (1286334668) | (42313695) | (542703462) |
| Increase | 68675161 | $882622828 | 127148138 | $1645395498 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 19054 | $244667 | 66451 | $864459 |
| Reinvestment of distributions | 3353 | 43166 | 1788 | 23087 |
| Shares reacquired | (21592) | (277292) | (14495) | (187401) |
| Increase | 815 | $10541 | 53744 | $700145 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 84771 | $1082015 | 113849 | $1469782 |
| Reinvestment of distributions | 8764 | 112864 | 4182 | 54020 |
| Shares reacquired | (67109) | (861767) | (4784) | (61403) |
| Increase | 26426 | $333112 | 113247 | $1462399 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 401 | $5160 | 2716 | $34414 |
| Reinvestment of distributions | 72 | 926 | 88 | 1129 |
| Shares reacquired | (233) | (3018) | (2034) | (26492) |
| Increase | 240 | $3068 | 770 | $9051 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1159723 | $14910506 | 1584616 | $20484283 |
| Reinvestment of distributions | 123888 | 1596471 | 38834 | 499678 |
| Shares reacquired | (383872) | (4930035) | (88504) | (1126712) |
| Increase | 899739 | $11576942 | 1534946 | $19857249 |
| **Floating Rate Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 34351098 | $277936004 | 38084433 | $310764018 |
| Reinvestment of distributions | 11697669 | 94488184 | 14066775 | 114815495 |
| Shares reacquired | (55495783) | (447880048) | (62903477) | (512842149) |
| Decrease | (9447016) | $(75455860) | (10752269) | $(87262636) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 4091356 | $33168807 | 4224239 | $34485289 |
| Reinvestment of distributions | 1778681 | 14384536 | 2624744 | 21431842 |
| Shares reacquired | (12085895) | (97780636) | (15029901) | (122657706) |
| Decrease | (6215858) | $(50227293) | (8180918) | $(66740575) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 2556126 | $20662968 | 4811335 | $39248407 |
| Reinvestment of distributions | 1362602 | 11005448 | 2144809 | 17486030 |
| Shares reacquired | (8487438) | (68467142) | (14315458) | (116633814) |
| Decrease | (4568710) | $(36798726) | (7359314) | $(59899377) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 3439172 | $27874421 | 2722354 | $22241585 |
| Reinvestment of distributions | 801200 | 6482792 | 894008 | 7306480 |
| Shares reacquired | (3244978) | (26211187) | (4520298) | (36906809) |
| Increase (decrease) | 995394 | $8146026 | (903936) | $(7358744) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class I Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 130122229 | $1054474151 | 127897264 | $1044414542 |
| Reinvestment of distributions | 20609873 | 166625125 | 23862922 | 194834829 |
| Shares reacquired | (149645257) | (1206048364) | (153910651) | (1254532273) |
| Increase (decrease) | 1086845 | $15050912 | (2150465) | $(15282902) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 31223 | $253307 | 16464 | $133957 |
| Reinvestment of distributions | 5913 | 47801 | 7476 | 61058 |
| Shares reacquired | (26324) | (213734) | (36706) | (299704) |
| Increase (decrease) | 10812 | $87374 | (12766) | $(104689) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1585077 | $12805736 | 2843716 | $23212141 |
| Reinvestment of distributions | 790183 | 6388886 | 912637 | 7449878 |
| Shares reacquired | (5595907) | (45203599) | (2289942) | (18690063) |
| Increase (decrease) | (3220647) | $(26008977) | 1466411 | $11971956 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 14744 | $119408 | 24264 | $198060 |
| Reinvestment of distributions | 10491 | 84794 | 12385 | 101087 |
| Shares reacquired | (45326) | (366454) | (58151) | (474634) |
| Decrease | (20091) | $(162252) | (21502) | $(175487) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 107883 | $869134 | 71456 | $583847 |
| Reinvestment of distributions | 21482 | 173852 | 21450 | 175312 |
| Shares reacquired | (54395) | (441634) | (71666) | (584580) |
| Increase | 74970 | $601352 | 21240 | $174579 |
| **Class R6 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1240241 | $10025045 | 1709099 | $13943458 |
| Reinvestment of distributions | 392112 | 3171140 | 440201 | 3596063 |
| Shares reacquired | (1724245) | (13901332) | (1321093) | (10775889) |
| Increase (decrease) | (91892) | $(705147) | 828207 | $6763632 |
| **High Yield Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 19630656 | $124823249 | 24261555 | $153816313 |
| Reinvestment of distributions | 7408961 | 47056365 | 7270573 | 46136688 |
| Shares reacquired | (28715507) | (182221255) | (33026706) | (208825482) |
| Decrease | (1675890) | $(10341641) | (1494578) | $(8872481) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2550317 | $16116609 | 3456701 | $21823821 |
| Reinvestment of distributions | 953705 | 6024219 | 1187690 | 7493079 |
| Shares reacquired | (6841292) | (43204754) | (8776320) | (55275289) |
| Decrease | (3337270) | $(21063926) | (4131929) | $(25958389) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 577503 | $3670946 | 1336516 | $8447596 |
| Reinvestment of distributions | 731181 | 4638127 | 1056898 | 6687347 |
| Shares reacquired | (4014602) | (25430053) | (12163455) | (76135770) |
| Decrease | (2705918) | $(17120980) | (9770041) | $(61000827) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 12282238 | $78423882 | 13112239 | $83453487 |
| Reinvestment of distributions | 5358468 | 34206591 | 5299879 | 33800465 |
| Shares reacquired | (17867634) | (113955487) | (16060092) | (102079668) |
| Increase (decrease) | (226928) | $(1325014) | 2352026 | $15174284 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 111939780 | $712391204 | 76809208 | $489186618 |
| Reinvestment of distributions | 17247217 | 110081436 | 16968242 | 108178369 |
| Shares reacquired | (119123863) | (757932263) | (107698829) | (684613198) |
| Increase (decrease) | 10063134 | $64540377 | (13921379) | $(87248211) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 200391 | $1277831 | 241681 | $1532980 |
| Reinvestment of distributions | 58243 | 372134 | 55193 | 352486 |
| Shares reacquired | (278632) | (1782724) | (271687) | (1728347) |
| Increase (decrease) | (19998) | $(132759) | 25187 | $157119 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 2249837 | $14369001 | 2338214 | $14896662 |
| Reinvestment of distributions | 896131 | 5724963 | 892323 | 5693656 |
| Shares reacquired | (2269920) | (14490761) | (3644322) | (23116599) |
| Increase (decrease) | 876048 | $5603203 | (413785) | $(2526281) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1737897 | $10986359 | 2428960 | $15375727 |
| Reinvestment of distributions | 359816 | 2284255 | 436004 | 2765790 |
| Shares reacquired | (5528462) | (35254429) | (3538177) | (22396435) |
| Decrease | (3430749) | $(21983815) | (673213) | $(4254918) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 2772994 | $17669262 | 3093699 | $19655975 |
| Reinvestment of distributions | 1188690 | 7561380 | 2026470 | 12906763 |
| Shares reacquired | (24853048) | (157202411) | (8448329) | (53559479) |
| Decrease | (20891364) | $(131971769) | (3328160) | $(20996741) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 8852685 | $56569216 | 16428650 | $104325242 |
| Reinvestment of distributions | 2886243 | 18429568 | 4363097 | 27801376 |
| Shares reacquired | (30326568) | (192794304) | (43001605) | (273341458) |
| Decrease | (18587640) | $(117795520) | (22209858) | $(141214840) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 127798774 | $312053854 | 177643022 | $435672542 |
| Reinvestment of distributions | 28283879 | 69006836 | 23879062 | 58395182 |
| Shares reacquired | (115778552) | (281747815) | (94453036) | (230547374) |
| Shares issued in reorganization (See Note 14) | – | – | 1393258 | 3385617 |
| Increase | 40304101 | $99312875 | 108462306 | $266905967 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 5200620 | $12747712 | 10583968 | $26202668 |
| Reinvestment of distributions | 969836 | 2374999 | 861230 | 2114889 |
| Shares reacquired | (7965917) | (19484786) | (7097474) | (17374260) |
| Shares issued in reorganization (See Note 14) | – | – | 156291 | 381351 |
| Increase (decrease) | (1795461) | $(4362075) | 4504015 | $11324648 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1403786 | $3427020 | 4559863 | $11225963 |
| Reinvestment of distributions | 680603 | 1657215 | 876109 | 2134407 |
| Shares reacquired | (4330352) | (10510518) | (15754472) | (38074375) |
| Shares issued in reorganization (See Note 14) | – | – | 592363 | 1439443 |
| Decrease | (2245963) | $(5426283) | (9726137) | $(23274562) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 295108915 | $719572624 | 300189042 | $733455412 |
| Reinvestment of distributions | 45992754 | 112291519 | 34185800 | 83617747 |
| Shares reacquired | (165026764) | (401302708) | (117898800) | (287459210) |
| Shares issued in reorganization (See Note 14) | – | – | 568868 | 1382348 |
| Increase | 176074905 | $430561435 | 217044910 | $530996297 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 420488878 | $1025749500 | 611939173 | $1498346556 |
| Reinvestment of distributions | 45941415 | 112130996 | 37348326 | 91394880 |
| Shares reacquired | (489388324) | (1190715123) | (223040170) | (544161212) |
| Shares issued in reorganization (See Note 14) | – | – | 379309 | 925514 |
| Increase (decrease) | (22958031) | $(52834627) | 426626638 | $1046505738 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 62652 | $156544 | 16386 | $40174 |
| Reinvestment of distributions | 14420 | 35489 | 13107 | 32274 |
| Shares reacquired | (5206) | (12731) | (103305) | (254964) |
| Shares issued in reorganization (See Note 14) | – | – | 9478 | 23222 |
| Increase (decrease) | 71866 | $179302 | (64334) | $(159294) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3155617 | $7700631 | 3287405 | $8020877 |
| Reinvestment of distributions | 1111813 | 2721760 | 1070142 | 2621331 |
| Shares reacquired | (3679205) | (9004424) | (3995839) | (9775172) |
| Shares issued in reorganization (See Note 14) | – | – | 42452 | 103583 |
| Increase | 588225 | $1417967 | 404160 | $970619 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 4154362 | $10065176 | 687849 | $1685248 |
| Reinvestment of distributions | 41037 | 100350 | 32750 | 80107 |
| Shares reacquired | (2114929) | (5122027) | (815175) | (1992604) |
| Shares issued in reorganization (See Note 14) | – | – | 9619 | 23470 |
| Increase (decrease) | 2080470 | $5043499 | (84957) | $(203779) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1366344 | $3374716 | 394784 | $969150 |
| Reinvestment of distributions | 54199 | 132396 | 50021 | 122304 |
| Shares reacquired | (353090) | (867636) | (287800) | (699791) |
| Shares issued in reorganization (See Note 14) | – | – | 9734 | 23654 |
| Increase | 1067453 | $2639476 | 166739 | $415317 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 9019045 | $22055151 | 7248455 | $17733932 |
| Reinvestment of distributions | 979581 | 2391312 | 737575 | 1804085 |
| Shares reacquired | (7691201) | (18637109) | (4785307) | (11675610) |
| Shares issued in reorganization (See Note 14) | – | – | 694913 | 1688638 |
| Increase | 2307425 | $5809354 | 3895636 | $9551045 |
| **Inflation Focused Fund** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2025** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1454699 | $17173439 | 981482 | $11344871 |
| Reinvestment of distributions | 559663 | 6606473 | 667101 | 7730223 |
| Shares reacquired | (3812921) | (44837453) | (8244942) | (95292906) |
| Decrease | (1798559) | $(21057541) | (6596359) | $(76217812) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 127839 | $1507957 | 48011 | $554739 |
| Reinvestment of distributions | 88226 | 1042916 | 111957 | 1298673 |
| Shares reacquired | (705374) | (8309946) | (1767449) | (20446616) |
| Decrease | (489309) | $(5759073) | (1607481) | $(18593204) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Focused Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 334000 | $3903718 | 183429 | $2122181 |
| Reinvestment of distributions | 73972 | 874204 | 106165 | 1231175 |
| Shares reacquired | (897410) | (10560260) | (2514422) | (29041095) |
| Decrease | (489438) | $(5782338) | (2224828) | $(25687739) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 945151 | $11161316 | 574016 | $6641489 |
| Reinvestment of distributions | 250039 | 2954997 | 327634 | 3798705 |
| Shares reacquired | (1762338) | (20746902) | (5749278) | (66472769) |
| Decrease | (567148) | $(6630589) | (4847628) | $(56032575) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 18067859 | $212768452 | 8158569 | $94267709 |
| Reinvestment of distributions | 1962360 | 23174407 | 1949884 | 22582169 |
| Shares reacquired | (14298632) | (168292409) | (37778644) | (436040824) |
| Increase (decrease) | 5731587 | $67650450 | (27670191) | $(319190946) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 3165 | $37045 | 3205 | $36834 |
| Reinvestment of distributions | 1690 | 19862 | 1572 | 18138 |
| Shares reacquired | (10938) | (128368) | (709) | (8147) |
| Increase (decrease) | (6083) | $(71461) | 4068 | $46825 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 59468 | $700078 | 55710 | $644007 |
| Reinvestment of distributions | 3788 | 44777 | 2697 | 31212 |
| Shares reacquired | (16697) | (197666) | (86735) | (1000809) |
| Increase (decrease) | 46559 | $547189 | (28328) | $(325590) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 46092 | $544294 | 80045 | $929290 |
| Reinvestment of distributions | 8545 | 100838 | 7579 | 87813 |
| Shares reacquired | (62215) | (733170) | (98951) | (1144231) |
| Decrease | (7578) | $(88038) | (11327) | $(127128) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 111374 | $1309860 | 51143 | $591148 |
| Reinvestment of distributions | 7425 | 87597 | 6548 | 75806 |
| Shares reacquired | (88614) | (1040319) | (48953) | (565866) |
| Increase | 30185 | $357138 | 8738 | $101088 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1188057 | $14003881 | 1278457 | $14806936 |
| Reinvestment of distributions | 88725 | 1047475 | 51539 | 597568 |
| Shares reacquired | (849571) | (9989252) | (445835) | (5153631) |
| Increase | 427211 | $5062104 | 884161 | $10250873 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3320192 | $30622155 | 4790772 | $43980493 |
| Reinvestment of distributions | 468433 | 4326059 | 451727 | 4146343 |
| Shares reacquired | (2764071) | (25512043) | (4379269) | (40192640) |
| Increase | 1024554 | $9436171 | 863230 | $7934196 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 358066 | $3301833 | 532694 | $4885477 |
| Reinvestment of distributions | 39180 | 361630 | 30247 | 277640 |
| Shares reacquired | (201691) | (1860385) | (228549) | (2095497) |
| Increase | 195555 | $1803078 | 334392 | $3067620 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 38547 | $355307 | 66597 | $611700 |
| Reinvestment of distributions | 23162 | 213709 | 33440 | 306707 |
| Shares reacquired | (176896) | (1629134) | (313625) | (2877183) |
| Decrease | (115187) | $(1060118) | (213588) | $(1958776) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 4106838 | $37877317 | 3874732 | $35480373 |
| Reinvestment of distributions | 387142 | 3573442 | 314791 | 2888254 |
| Shares reacquired | (2068754) | (19077256) | (2299693) | (21109364) |
| Increase | 2425226 | $22373503 | 1889830 | $17259263 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 22603314 | $208301044 | 17061563 | $156414713 |
| Reinvestment of distributions | 1988623 | 18355232 | 1721475 | 15792704 |
| Shares reacquired | (13746929) | (126790275) | (12979201) | (119039952) |
| Increase | 10845008 | $99866001 | 5803837 | $53167465 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 5698 | $52674 | 4941 | $45232 |
| Reinvestment of distributions | 530 | 4891 | 1645 | 15053 |
| Shares reacquired | (2126) | (19529) | (60797) | (552861) |
| Increase (decrease) | 4102 | $38036 | (54211) | $(492576) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 635 | $5866 | 4566 | $42141 |
| Reinvestment of distributions | 162 | 1493 | 134 | 1236 |
| Shares reacquired | (254) | (2348) | (4545) | (41812) |
| Increase | 543 | $5011 | 155 | $1565 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 277320 | $2552619 | 249720 | $2279408 |
| Reinvestment of distributions | 17375 | 160388 | 11127 | 102241 |
| Shares reacquired | (153105) | (1411453) | (128058) | (1178358) |
| Increase | 141590 | $1301554 | 132789 | $1203291 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Income Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 371033294 | $1439203082 | 383509299 | $1480552062 |
| Reinvestment of distributions | 83129455 | 322606513 | 84004080 | 324110862 |
| Shares reacquired | (517312628) | (2005910963) | (572523865) | (2208015449) |
| Decrease | (63149879) | $(244101368) | (105010486) | $(403352525) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 56082206 | $218946042 | 54593714 | $212157854 |
| Reinvestment of distributions | 13030754 | 50901383 | 14986126 | 58189188 |
| Shares reacquired | (118749292) | (463405144) | (143262076) | (555850668) |
| Decrease | (49636332) | $(193557719) | (73682236) | $(285503626) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 43256895 | $167773223 | 49108980 | $189306762 |
| Reinvestment of distributions | 12400779 | 48098825 | 15374755 | 59309942 |
| Shares reacquired | (99773104) | (386667622) | (169190922) | (652110522) |
| Decrease | (44115430) | $(170795574) | (104707187) | $(403493818) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 275950721 | $1071558054 | 285064787 | $1100622482 |
| Reinvestment of distributions | 57940615 | 225241268 | 58164711 | 224763827 |
| Shares reacquired | (356239458) | (1382820946) | (377077208) | (1456263273) |
| Decrease | (22348122) | $(86021624) | (33847710) | $(130876964) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2429600916 | $9413483586 | 2571629028 | $9912320668 |
| Reinvestment of distributions | 318744052 | 1236226030 | 304789013 | 1175504019 |
| Shares reacquired | (2402591234) | (9311582679) | (2986897177) | (11509111780) |
| Increase (decrease) | 345753734 | $1338126937 | (110479136) | $(421287093) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 320559 | $1242938 | 367887 | $1419488 |
| Reinvestment of distributions | 43166 | 167656 | 59153 | 228438 |
| Shares reacquired | (738141) | (2858144) | (502766) | (1940969) |
| Decrease | (374416) | $(1447550) | (75726) | $(293043) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 8267796 | $32094915 | 7235864 | $27951880 |
| Reinvestment of distributions | 3459225 | 13443727 | 3669329 | 14178517 |
| Shares reacquired | (18188807) | (70575962) | (15661621) | (60422364) |
| Decrease | (6461786) | $(25037320) | (4756428) | $(18291967) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 11852828 | $46052377 | 14403260 | $55636910 |
| Reinvestment of distributions | 1468559 | 5709870 | 1478386 | 5717823 |
| Shares reacquired | (14382211) | (55900288) | (13203049) | (51080540) |
| Increase (decrease) | (1060824) | $(4138041) | 2678597 | $10274193 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Income Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9486564 | $36737664 | 5617929 | $21615811 |
| Reinvestment of distributions | 967546 | 3748687 | 860073 | 3314627 |
| Shares reacquired | (6920206) | (26785538) | (6524249) | (25135370) |
| Increase (decrease) | 3533904 | $13700813 | (46247) | $(204932) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 93914582 | $364250314 | 87909325 | $339155456 |
| Reinvestment of distributions | 12599788 | 48876607 | 12800919 | 49381647 |
| Shares reacquired | (114466069) | (443422931) | (79818495) | (307558280) |
| Increase (decrease) | (7951699) | $(30296010) | 20891749 | $80978823 |
| **Total Return Fund** | Year Ended <br> November 30, 2025 | Year Ended <br> November 30, 2025 | Year Ended <br> November 30, 2024 | Year Ended <br> November 30, 2024 |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 15845923 | $138715742 | 22453347 | $196798727 |
| Reinvestment of distributions | 5167062 | 45249490 | 5070951 | 44317954 |
| Shares reacquired | (22365036) | (195539521) | (21334222) | (186142147) |
| Increase (decrease) | (1352051) | $(11574289) | 6190076 | $54974534 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 557474 | $4885431 | 1041385 | $9130561 |
| Reinvestment of distributions | 99384 | 869377 | 115673 | 1009762 |
| Shares reacquired | (928360) | (8103883) | (1334450) | (11625181) |
| Decrease | (271502) | $(2349075) | (177392) | $(1484858) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 2545569 | $22167347 | 2483822 | $22080620 |
| Reinvestment of distributions | 383140 | 3355259 | 402631 | 3516749 |
| Shares reacquired | (3004364) | (26189911) | (3873044) | (33775162) |
| Decrease | (75655) | $(667305) | (986591) | $(8177793) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 27458495 | $240264505 | 32275385 | $282049836 |
| Reinvestment of distributions | 5583816 | 48927494 | 5055782 | 44212441 |
| Shares reacquired | (24310569) | (212381605) | (22851373) | (199571135) |
| Increase | 8731742 | $76810394 | 14479794 | $126691142 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 40184723 | $352830887 | 54719270 | $480463432 |
| Reinvestment of distributions | 6131927 | 53811498 | 5942542 | 52042557 |
| Shares reacquired | (43272572) | (378407104) | (32922971) | (287957797) |
| Increase | 3044078 | $28235281 | 27738841 | $244548192 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 2 | $8 | 69 | $609 |
| Reinvestment of distributions | 47 | 417 | 123 | 1079 |
| Shares reacquired | (1414) | (12414) | (2933) | (25333) |
| Decrease | (1365) | $(11989) | (2741) | $(23645) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 29101 | $254461 | 44939 | $391856 |
| Reinvestment of distributions | 5500 | 48139 | 5970 | 52152 |
| Shares reacquired | (41317) | (360205) | (45290) | (395310) |
| Increase (decrease) | (6716) | $(57605) | 5619 | $48698 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 615617 | $5382152 | 629157 | $5489795 |
| Reinvestment of distributions | 125098 | 1095176 | 137811 | 1204080 |
| Shares reacquired | (1078602) | (9412553) | (891765) | (7801877) |
| Decrease | (337887) | $(2935225) | (124797) | $(1108002) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1295428 | $11323663 | 1268824 | $11113775 |
| Reinvestment of distributions | 95710 | 838239 | 92777 | 810863 |
| Shares reacquired | (1186002) | (10342134) | (1368037) | (11907162) |
| Increase (decrease) | 205136 | $1819768 | (6436) | $17476 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 666051 | $5810224 | 815716 | $7092045 |
| Reinvestment of distributions | 68712 | 601526 | 71552 | 625425 |
| Shares reacquired | (715087) | (6222434) | (511395) | (4459530) |
| Increase | 19676 | $189316 | 375873 | $3257940 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 7315476 | $63974843 | 6655116 | $58192098 |
| Reinvestment of distributions | 1170722 | 10263528 | 1091311 | 9547086 |
| Shares reacquired | (8217581) | (71768760) | (5212122) | (45566415) |
| Increase | 268617 | $2469611 | 2534305 | $22172769 |
| **Ultra Short Bond Fund** | Year Ended <br> November 30, 2025 | Year Ended <br> November 30, 2025 | Year Ended <br> November 30, 2024 | Year Ended <br> November 30, 2024 |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 458850407 | $4604623426 | 275107500 | $2748485849 |
| Reinvestment of distributions | 25506698 | 256055044 | 20887101 | 208723532 |
| Shares reacquired | (284429339) | (2853967778) | (199576512) | (1993651180) |
| Increase | 199927766 | $2006710692 | 96418089 | $963558201 |
| **Class A1 Shares** |  |  |  |  |
| Shares sold | 362711 | $3640133 | 397903 | $3987665 |
| Reinvestment of distributions | 40781 | 409386 | 19742 | 197366 |
| Shares reacquired | (105903) | (1063079) | (79377) | (792592) |
| Increase | 297589 | $2986440 | 338268 | $3392439 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 2497935 | $25066102 | 4883365 | $48761694 |
| Reinvestment of distributions | 667366 | 6698301 | 1141242 | 11400407 |
| Shares reacquired | (6603594) | (66236407) | (15382729) | (153722701) |
| Decrease | (3438293) | $(34472004) | (9358122) | $(93560600) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2025** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 254516030 | $2554094911 | 227424490 | $2273124041 |
| Reinvestment of distributions | 12917228 | 129660953 | 8487032 | 84854097 |
| Shares reacquired | (189572323) | (1901813940) | (94676434) | (946300707) |
| Increase | 77860935 | $781941924 | 141235088 | $1411677431 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 336161175 | $3372427804 | 274743503 | $2744599373 |
| Reinvestment of distributions | 19566177 | 196397692 | 18246602 | 182306255 |
| Shares reacquired | (278997619) | (2799480191) | (282676851) | (2823474403) |
| Increase | 76729733 | $769345305 | 10313254 | $103431225 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 22276 | $223472 | 7631 | $76092 |
| Reinvestment of distributions | 1411 | 14165 | 1238 | 12375 |
| Shares reacquired | (23083) | (231708) | (954) | (9514) |
| Increase | 604 | $5929 | 7915 | $78953 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 4098202 | $41130668 | 3090311 | $30836887 |
| Reinvestment of distributions | 216567 | 2173853 | 383309 | 3830200 |
| Shares reacquired | (5543667) | (55641732) | (4732253) | (47376890) |
| Decrease | (1228898) | $(12337211) | (1258633) | $(12709803) |

---

**14.** REORGANIZATIONS

As of the close of business on March 22, 2024, Income Fund acquired the net assets of Corporate Bond Fund pursuant to a plan of reorganization (the "reorganization" or the "acquisition"). The reorganization permitted Corporate Bond Fund shareholders to pursue a substantially similar investment goal, but as part of a larger fund with a lower expense ratio. The acquisition was accomplished by a tax-free exchange whereby holders of outstanding shares of Corporate Bond Fund on March 22, 2024 received shares valued at $9,376,840 of Income Fund. Corporate Bond Fund's net assets as of the date of the acquisition, including $(111,879) of net unrealized depreciation and $(891,546) of accumulated net realized losses, were combined with those of the Income Fund. The cost basis of securities received from Corporate Bond Fund was carried forward. The total net assets of Income Fund immediately before the transfer were $4,347,203,579. Total net assets of Corporate Bond Fund immediately before the transfer were $9,376,840. Total net assets of Income Fund immediately after the transfer were $4,356,580,419.

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Investment Trust**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Lord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord Abbett Short Duration Income Fund, Lord Abbett Total Return Fund, and Lord Abbett Ultra Short Bond Fund (the "Funds"), eleven of the funds constituting the Lord Abbett Investment Trust, as of November 30, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of November 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and counterparties; when replies were not received from custodians or counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

January 26, 2026

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Trustees, Officers, and Others**

Remuneration paid to trustees, officers, and others is included in "Trustees' Remuneration" under Item 7 of this Form N-CSR.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Convertible Fund | 26% | 26% |
| Core Fixed Income Fund | 0% | 0% |
| Core Plus Bond Fund | 0% | 0% |
| Floating Rate Fund | 0% | 0% |
| High Yield Fund | 0% | 0% |
| Income Fund | 0% | 0% |
| Inflation Focused Fund | 0% | 0% |
| Short Duration Core Bond Fund | 0% | 0% |
| Short Duration Income Fund | 0% | 0% |
| Total Return Fund | 0% | 0% |
| Ultra Short Bond Fund | 0% | 0% |

---

For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends:

---

| | |
|:---|:---|
| **Fund Name** | **Interest-related <br> dividends** |
| Convertible Fund | 58% |
| Core Fixed Income Fund | 84% |
| Core Plus Bond Fund | 82% |
| Floating Rate Fund | 89% |
| High Yield Fund | 73% |
| Income Fund | 73% |
| Inflation Focused Fund | 72% |
| Short Duration Core Bond Fund | 80% |
| Short Duration Income Fund | 74% |
| Total Return Fund | 83% |
| Ultra Short Bond Fund | 72% |

---

![](x7_c114730x454x1m2m4.jpg)

---

| | | |
|:---|:---|:---|
| <br> ![](x7_c114730x454x2m2m4.jpg) <br>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.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Lord Abbett Investment Trust**<br>Lord Abbett Convertible Fund<br>Lord Abbett Core Fixed Income Fund<br>Lord Abbett Core Plus Bond Fund<br>Lord Abbett Floating Rate Fund<br>Lord Abbett High Yield Fund<br>Lord Abbett Income Fund<br>Lord Abbett Inflation Focused Fund<br>Lord Abbett Short Duration Core Bond Fund<br>Lord Abbett Short Duration Income Fund<br>Lord Abbett Total Return Fund<br>Lord Abbett Ultra Short Bond Fund | LAIT-2<br>(01/26) |

---

---

| | |
|:---|:---|
| Item 12: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
|  | Not applicable. |
| Item 13: | Portfolio Managers of Closed-End Management Investment Companies. |
|  | Not applicable. |
| Item 14: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
|  | Not applicable. |
| Item 15: | Submission of Matters to a Vote of Security Holders. |
|  | Not applicable. |
| Item 16: | Controls and Procedures. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17: | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
|  | Not applicable. |
| Item 18: | Recovery of Erroneously Awarded Compensation. |
|  | Not applicable. |
| Item 19: | Exhibits. |

---

---

| | |
|:---|:---|
| (a)(1) | [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c114823_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c114823_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c114823_ex99-906cert.htm) |

---

**SIGNATURES**

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

---

| | |
|:---|:---|
| LORD ABBETT INVESTMENT TRUST | LORD ABBETT INVESTMENT TRUST |
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: January 26, 2026

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: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: January 26, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

Date: January 26, 2026

## Ex-99.Code

**EX-99.CODE ETH**

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS**

**FOR THE PRINCIPAL EXECUTIVE OFFICER**

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and
professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits
to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather
than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers,
other than Lord Abbett or any affiliated person of Lord Abbett;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio
transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such
as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether
within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and
employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in
the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has
received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds'
Annual Directors & Officers Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation of this Code. Failure to do
so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required
to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and
conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and
appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation
to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: January 26, 2026

---

| |
|:---|
| <u><u>/s/ Douglas B. Sieg</u></u> |
| Douglas B. Sieg |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: January 26, 2026

---

| |
|:---|
| <u><u>/s/ Michael J. Hebert</u></u> |
| Michael J. Hebert |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Investment Trust (the "Report") fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: January 26, 2026

---

| | |
|:---|:---|
| By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: | <u><u>/s/ Michael J. Hebert</u></u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.