# EDGAR Filing Document

**Accession Number:** 0001139819
**File Stem:** 0000930413-25-003177
**Filing Date:** 2025-10
**Character Count:** 752772
**Document Hash:** b98ea42697da96d8bd0eaf3cb57ab075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003177.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0000930413-25-003177

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT TRUST I
- **CENTRAL INDEX KEY:** 0001139819

**ORGANIZATION NAME:**
- **EIN:** 223805271
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10371
- **FILM NUMBER:** 251372484

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBETT EQUITY TRUST
- **DATE OF NAME CHANGE:** 20110729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBETT BLEND TRUST
- **DATE OF NAME CHANGE:** 20010502

## Series and Classes Contracts Data

### Lord Abbett Short Duration High Yield Fund (Series ID: S000068467)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000218932 | Class R6     | LSYUX           |
| C000218933 | Class R5     | LSYTX           |
| C000218934 | Class R4     | LSYSX           |
| C000218935 | Class R3     | LSYQX           |
| C000218936 | Class A      | LSYAX           |
| C000218937 | Class I      | LSYIX           |
| C000218938 | Class F3     | LSYNX           |
| C000218939 | Class F      | LSYFX           |
| C000218940 | Class C      | LSYCX           |

### Lord Abbett International Growth Fund (Series ID: S000072312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228424 | Class R6     | LAVGX           |
| C000228425 | Class R5     | LTAGX           |
| C000228426 | Class R4     | LASGX           |
| C000228427 | Class R3     | LRAGX           |
| C000228428 | Class A      | LAAGX           |
| C000228429 | Class I      | LIAGX           |
| C000228430 | Class F3     | LOAGX           |
| C000228431 | Class F      | LAFGX           |
| C000228432 | Class C      | LCAGX           |

### Lord Abbett Emerging Markets Equity Fund (Series ID: S000073854)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231074 | Class R6     | EMWLX           |
| C000231078 | Class A      | EAMAX           |
| C000231079 | Class I      | EMILX           |
| C000231080 | Class F3     | EMOLX           |
| C000231081 | Class F      | ELMFX           |
| C000231082 | Class C      | ELMCX           |

### Lord Abbett Investment Grade Floating Rate Fund (Series ID: S000080204)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241940 | Class R6     | LGRUX           |
| C000241941 | Class R5     | IGRSX           |
| C000241944 | Class A      | LGRAX           |
| C000241945 | Class I      | LGRYX           |
| C000241946 | Class F3     | IGRNX           |
| C000241947 | Class F      | LGRFX           |
| C000241948 | Class C      | IGRCX           |

### Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (Series ID: S000084572)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000248998 | LADS: Enhanced Municipal Yield Completion Fund | LAEMX           |

?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: 811-10371

**LORD ABBETT TRUST I**

(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: 7/31

Date of reporting period: 7/31/2025

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![Image](i89f936bbe20063423a43c063.jpg)

# Class A

# EAMAX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $124 | 1.15% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 16.31%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i793906cbc858cb134ae84873.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $9427 | $10000 | $10000 |
| **3/31/2022** | $9704 | $10663 | $10372 |
| **4/30/2022** | $9069 | $9973 | $9795 |
| **5/31/2022** | $9119 | $10047 | $9838 |
| **6/30/2022** | $8609 | $9115 | $9184 |
| **7/31/2022** | $8540 | $9569 | $9162 |
| **8/31/2022** | $8452 | $9115 | $9200 |
| **9/30/2022** | $7640 | $8262 | $8121 |
| **10/31/2022** | $7558 | $8707 | $7869 |
| **11/30/2022** | $8628 | $9687 | $9036 |
| **12/31/2022** | $8369 | $9695 | $8909 |
| **1/31/2023** | $9202 | $10480 | $9613 |
| **2/28/2023** | $8555 | $10261 | $8989 |
| **3/31/2023** | $8805 | $10516 | $9262 |
| **4/30/2023** | $8689 | $10813 | $9157 |
| **5/31/2023** | $8542 | $10355 | $9003 |
| **6/30/2023** | $8888 | $10826 | $9345 |
| **7/31/2023** | $9241 | $11177 | $9926 |
| **8/31/2023** | $8702 | $10748 | $9315 |
| **9/30/2023** | $8446 | $10381 | $9071 |
| **10/31/2023** | $8183 | $9960 | $8719 |
| **11/30/2023** | $8882 | $10885 | $9417 |
| **12/31/2023** | $9211 | $11463 | $9785 |
| **1/31/2024** | $9016 | $11529 | $9331 |
| **2/29/2024** | $9354 | $11740 | $9775 |
| **3/31/2024** | $9666 | $12126 | $10017 |
| **4/30/2024** | $9601 | $11816 | $10062 |
| **5/31/2024** | $9836 | $12273 | $10118 |
| **6/30/2024** | $10245 | $12075 | $10517 |
| **7/31/2024** | $10258 | $12430 | $10549 |
| **8/31/2024** | $10330 | $12834 | $10719 |
| **9/30/2024** | $10753 | $12952 | $11435 |
| **10/31/2024** | $10532 | $12248 | $10926 |
| **11/30/2024** | $10317 | $12178 | $10534 |
| **12/31/2024** | $10202 | $11901 | $10519 |
| **1/31/2025** | $10354 | $12527 | $10707 |
| **2/28/2025** | $10498 | $12770 | $10759 |
| **3/31/2025** | $10571 | $12718 | $10827 |
| **4/30/2025** | $10676 | $13301 | $10969 |
| **5/31/2025** | $11195 | $13909 | $11437 |
| **6/30/2025** | $11879 | $14216 | $12125 |
| **7/31/2025** | $11931 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class A at NAV | 16.31% | 7.19% |
| Class A with sales charge | 9.63% | 5.34% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class A

# EAMAX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9080-A

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class C

# ELMCX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $205 | 1.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 15.41%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i113bf42646d879d7bcb82887.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10287 | $10663 | $10372 |
| **4/30/2022** | $9613 | $9973 | $9795 |
| **5/31/2022** | $9653 | $10047 | $9838 |
| **6/30/2022** | $9105 | $9115 | $9184 |
| **7/31/2022** | $9032 | $9569 | $9162 |
| **8/31/2022** | $8932 | $9115 | $9200 |
| **9/30/2022** | $8071 | $8262 | $8121 |
| **10/31/2022** | $7977 | $8707 | $7869 |
| **11/30/2022** | $9099 | $9687 | $9036 |
| **12/31/2022** | $8823 | $9695 | $8909 |
| **1/31/2023** | $9698 | $10480 | $9613 |
| **2/28/2023** | $9006 | $10261 | $8989 |
| **3/31/2023** | $9264 | $10516 | $9262 |
| **4/30/2023** | $9135 | $10813 | $9157 |
| **5/31/2023** | $8972 | $10355 | $9003 |
| **6/30/2023** | $9339 | $10826 | $9345 |
| **7/31/2023** | $9698 | $11177 | $9926 |
| **8/31/2023** | $9128 | $10748 | $9315 |
| **9/30/2023** | $8857 | $10381 | $9071 |
| **10/31/2023** | $8572 | $9960 | $8719 |
| **11/30/2023** | $9298 | $10885 | $9417 |
| **12/31/2023** | $9637 | $11463 | $9785 |
| **1/31/2024** | $9426 | $11529 | $9331 |
| **2/29/2024** | $9781 | $11740 | $9775 |
| **3/31/2024** | $10095 | $12126 | $10017 |
| **4/30/2024** | $10020 | $11816 | $10062 |
| **5/31/2024** | $10259 | $12273 | $10118 |
| **6/30/2024** | $10676 | $12075 | $10517 |
| **7/31/2024** | $10689 | $12430 | $10549 |
| **8/31/2024** | $10758 | $12834 | $10719 |
| **9/30/2024** | $11188 | $12952 | $11435 |
| **10/31/2024** | $10949 | $12248 | $10926 |
| **11/30/2024** | $10723 | $12178 | $10534 |
| **12/31/2024** | $10595 | $11901 | $10519 |
| **1/31/2025** | $10746 | $12527 | $10707 |
| **2/28/2025** | $10890 | $12770 | $10759 |
| **3/31/2025** | $10959 | $12718 | $10827 |
| **4/30/2025** | $11061 | $13301 | $10969 |
| **5/31/2025** | $11589 | $13909 | $11437 |
| **6/30/2025** | $12289 | $14216 | $12125 |
| **7/31/2025** | $12337 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class C at NAV | 15.41% | 6.39% |
| Class C with sales charge | 14.41% | 6.39% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class C

# ELMCX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9081-C

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F

# ELMFX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $97 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 16.61%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iff053bc1584df59882e59113.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10294 | $10663 | $10372 |
| **4/30/2022** | $9626 | $9973 | $9795 |
| **5/31/2022** | $9673 | $10047 | $9838 |
| **6/30/2022** | $9139 | $9115 | $9184 |
| **7/31/2022** | $9065 | $9569 | $9162 |
| **8/31/2022** | $8979 | $9115 | $9200 |
| **9/30/2022** | $8117 | $8262 | $8121 |
| **10/31/2022** | $8031 | $8707 | $7869 |
| **11/30/2022** | $9172 | $9687 | $9036 |
| **12/31/2022** | $8896 | $9695 | $8909 |
| **1/31/2023** | $9788 | $10480 | $9613 |
| **2/28/2023** | $9100 | $10261 | $8989 |
| **3/31/2023** | $9359 | $10516 | $9262 |
| **4/30/2023** | $9243 | $10813 | $9157 |
| **5/31/2023** | $9087 | $10355 | $9003 |
| **6/30/2023** | $9461 | $10826 | $9345 |
| **7/31/2023** | $9842 | $11177 | $9926 |
| **8/31/2023** | $9263 | $10748 | $9315 |
| **9/30/2023** | $8998 | $10381 | $9071 |
| **10/31/2023** | $8719 | $9960 | $8719 |
| **11/30/2023** | $9461 | $10885 | $9417 |
| **12/31/2023** | $9817 | $11463 | $9785 |
| **1/31/2024** | $9610 | $11529 | $9331 |
| **2/29/2024** | $9976 | $11740 | $9775 |
| **3/31/2024** | $10308 | $12126 | $10017 |
| **4/30/2024** | $10239 | $11816 | $10062 |
| **5/31/2024** | $10495 | $12273 | $10118 |
| **6/30/2024** | $10930 | $12075 | $10517 |
| **7/31/2024** | $10944 | $12430 | $10549 |
| **8/31/2024** | $11027 | $12834 | $10719 |
| **9/30/2024** | $11476 | $12952 | $11435 |
| **10/31/2024** | $11241 | $12248 | $10926 |
| **11/30/2024** | $11020 | $12178 | $10534 |
| **12/31/2024** | $10894 | $11901 | $10519 |
| **1/31/2025** | $11062 | $12527 | $10707 |
| **2/28/2025** | $11223 | $12770 | $10759 |
| **3/31/2025** | $11300 | $12718 | $10827 |
| **4/30/2025** | $11412 | $13301 | $10969 |
| **5/31/2025** | $11972 | $13909 | $11437 |
| **6/30/2025** | $12706 | $14216 | $12125 |
| **7/31/2025** | $12762 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class F at NAV | 16.61% | 7.46% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F

# ELMFX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9082-F

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F3

# EMOLX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $94 | 0.87% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 16.65%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8ab6bbacb04aa0e326810247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10294 | $10663 | $10372 |
| **4/30/2022** | $9626 | $9973 | $9795 |
| **5/31/2022** | $9680 | $10047 | $9838 |
| **6/30/2022** | $9139 | $9115 | $9184 |
| **7/31/2022** | $9072 | $9569 | $9162 |
| **8/31/2022** | $8985 | $9115 | $9200 |
| **9/30/2022** | $8117 | $8262 | $8121 |
| **10/31/2022** | $8031 | $8707 | $7869 |
| **11/30/2022** | $9172 | $9687 | $9036 |
| **12/31/2022** | $8900 | $9695 | $8909 |
| **1/31/2023** | $9792 | $10480 | $9613 |
| **2/28/2023** | $9104 | $10261 | $8989 |
| **3/31/2023** | $9370 | $10516 | $9262 |
| **4/30/2023** | $9254 | $10813 | $9157 |
| **5/31/2023** | $9097 | $10355 | $9003 |
| **6/30/2023** | $9472 | $10826 | $9345 |
| **7/31/2023** | $9853 | $11177 | $9926 |
| **8/31/2023** | $9274 | $10748 | $9315 |
| **9/30/2023** | $9009 | $10381 | $9071 |
| **10/31/2023** | $8730 | $9960 | $8719 |
| **11/30/2023** | $9479 | $10885 | $9417 |
| **12/31/2023** | $9831 | $11463 | $9785 |
| **1/31/2024** | $9623 | $11529 | $9331 |
| **2/29/2024** | $9990 | $11740 | $9775 |
| **3/31/2024** | $10322 | $12126 | $10017 |
| **4/30/2024** | $10260 | $11816 | $10062 |
| **5/31/2024** | $10509 | $12273 | $10118 |
| **6/30/2024** | $10952 | $12075 | $10517 |
| **7/31/2024** | $10966 | $12430 | $10549 |
| **8/31/2024** | $11049 | $12834 | $10719 |
| **9/30/2024** | $11506 | $12952 | $11435 |
| **10/31/2024** | $11271 | $12248 | $10926 |
| **11/30/2024** | $11042 | $12178 | $10534 |
| **12/31/2024** | $10920 | $11901 | $10519 |
| **1/31/2025** | $11088 | $12527 | $10707 |
| **2/28/2025** | $11249 | $12770 | $10759 |
| **3/31/2025** | $11326 | $12718 | $10827 |
| **4/30/2025** | $11439 | $13301 | $10969 |
| **5/31/2025** | $11993 | $13909 | $11437 |
| **6/30/2025** | $12736 | $14216 | $12125 |
| **7/31/2025** | $12792 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class F3 at NAV | 16.65% | 7.53% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **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: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.82% to 0.89% as part of the annual review of transfer agency expenses.

## **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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F3

# EMOLX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9083-F3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class I

# EMILX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $97 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 16.62%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i447c102b03e63f00bebd8fe4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10294 | $10663 | $10372 |
| **4/30/2022** | $9626 | $9973 | $9795 |
| **5/31/2022** | $9673 | $10047 | $9838 |
| **6/30/2022** | $9139 | $9115 | $9184 |
| **7/31/2022** | $9065 | $9569 | $9162 |
| **8/31/2022** | $8979 | $9115 | $9200 |
| **9/30/2022** | $8117 | $8262 | $8121 |
| **10/31/2022** | $8031 | $8707 | $7869 |
| **11/30/2022** | $9172 | $9687 | $9036 |
| **12/31/2022** | $8900 | $9695 | $8909 |
| **1/31/2023** | $9785 | $10480 | $9613 |
| **2/28/2023** | $9097 | $10261 | $8989 |
| **3/31/2023** | $9363 | $10516 | $9262 |
| **4/30/2023** | $9247 | $10813 | $9157 |
| **5/31/2023** | $9090 | $10355 | $9003 |
| **6/30/2023** | $9465 | $10826 | $9345 |
| **7/31/2023** | $9839 | $11177 | $9926 |
| **8/31/2023** | $9260 | $10748 | $9315 |
| **9/30/2023** | $8995 | $10381 | $9071 |
| **10/31/2023** | $8716 | $9960 | $8719 |
| **11/30/2023** | $9465 | $10885 | $9417 |
| **12/31/2023** | $9817 | $11463 | $9785 |
| **1/31/2024** | $9609 | $11529 | $9331 |
| **2/29/2024** | $9976 | $11740 | $9775 |
| **3/31/2024** | $10308 | $12126 | $10017 |
| **4/30/2024** | $10239 | $11816 | $10062 |
| **5/31/2024** | $10495 | $12273 | $10118 |
| **6/30/2024** | $10931 | $12075 | $10517 |
| **7/31/2024** | $10945 | $12430 | $10549 |
| **8/31/2024** | $11028 | $12834 | $10719 |
| **9/30/2024** | $11478 | $12952 | $11435 |
| **10/31/2024** | $11243 | $12248 | $10926 |
| **11/30/2024** | $11021 | $12178 | $10534 |
| **12/31/2024** | $10898 | $11901 | $10519 |
| **1/31/2025** | $11060 | $12527 | $10707 |
| **2/28/2025** | $11221 | $12770 | $10759 |
| **3/31/2025** | $11298 | $12718 | $10827 |
| **4/30/2025** | $11410 | $13301 | $10969 |
| **5/31/2025** | $11972 | $13909 | $11437 |
| **6/30/2025** | $12708 | $14216 | $12125 |
| **7/31/2025** | $12764 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class I at NAV | 16.62% | 7.46% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class I

# EMILX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9084-I

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R6

# EMWLX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 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 | $94 | 0.87% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 16.65%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

**Top detractors from performance:** 

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9c885aafbb46971523e704b0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Net Index** | **MSCI Emerging Markets Index (Net)** |
| **3/10/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $10294 | $10663 | $10372 |
| **4/30/2022** | $9626 | $9973 | $9795 |
| **5/31/2022** | $9680 | $10047 | $9838 |
| **6/30/2022** | $9139 | $9115 | $9184 |
| **7/31/2022** | $9072 | $9569 | $9162 |
| **8/31/2022** | $8985 | $9115 | $9200 |
| **9/30/2022** | $8117 | $8262 | $8121 |
| **10/31/2022** | $8031 | $8707 | $7869 |
| **11/30/2022** | $9172 | $9687 | $9036 |
| **12/31/2022** | $8900 | $9695 | $8909 |
| **1/31/2023** | $9792 | $10480 | $9613 |
| **2/28/2023** | $9104 | $10261 | $8989 |
| **3/31/2023** | $9370 | $10516 | $9262 |
| **4/30/2023** | $9254 | $10813 | $9157 |
| **5/31/2023** | $9097 | $10355 | $9003 |
| **6/30/2023** | $9472 | $10826 | $9345 |
| **7/31/2023** | $9853 | $11177 | $9926 |
| **8/31/2023** | $9274 | $10748 | $9315 |
| **9/30/2023** | $9009 | $10381 | $9071 |
| **10/31/2023** | $8730 | $9960 | $8719 |
| **11/30/2023** | $9479 | $10885 | $9417 |
| **12/31/2023** | $9831 | $11463 | $9785 |
| **1/31/2024** | $9623 | $11529 | $9331 |
| **2/29/2024** | $9990 | $11740 | $9775 |
| **3/31/2024** | $10322 | $12126 | $10017 |
| **4/30/2024** | $10260 | $11816 | $10062 |
| **5/31/2024** | $10509 | $12273 | $10118 |
| **6/30/2024** | $10952 | $12075 | $10517 |
| **7/31/2024** | $10966 | $12430 | $10549 |
| **8/31/2024** | $11049 | $12834 | $10719 |
| **9/30/2024** | $11506 | $12952 | $11435 |
| **10/31/2024** | $11271 | $12248 | $10926 |
| **11/30/2024** | $11042 | $12178 | $10534 |
| **12/31/2024** | $10920 | $11901 | $10519 |
| **1/31/2025** | $11088 | $12527 | $10707 |
| **2/28/2025** | $11249 | $12770 | $10759 |
| **3/31/2025** | $11326 | $12718 | $10827 |
| **4/30/2025** | $11439 | $13301 | $10969 |
| **5/31/2025** | $11993 | $13909 | $11437 |
| **6/30/2025** | $12736 | $14216 | $12125 |
| **7/31/2025** | $12792 | $14016 | $12361 |

---

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 | Since Inception 3/10/22 |
| Class R6 at NAV | 16.65% | 7.53% |
| MSCI Emerging Markets Index (Net) | 17.18% | 6.45% |
| MSCI EAFE Net Index | 12.77% | 10.47% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $6374014 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 80% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.82% |
| Consumer Discretionary | 11.91% |
| Consumer Staples | 4.50% |
| Energy | 3.54% |
| Financials | 25.66% |
| Health Care | 2.86% |
| Industrials | 8.23% |
| Information Technology | 24.02% |
| Materials | 2.01% |
| Real Estate | 0.75% |
| Utilities | 1.92% |
| Repurchase Agreements | 1.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **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: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.82% to 0.89% as part of the annual review of transfer agency expenses.

## **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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R6

# EMWLX

# Lord Abbett Emerging Markets Equity Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9088-R6

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# LAEMX

# Lord Abbett Enhanced Municipal Yield Completion Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/SMADocuments
This annual shareholder report contains important information about the Lord Abbett Enhanced Municipal Yield Completion Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/SMADocuments. 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)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Enhanced Municipal Yield Completion Fund | $0 | 0.00% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 2.21%, reflecting performance at the net asset value (NAV), with all distributions reinvested, compared to the 0.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Positive factors for the municipal market included overall healthy demand for municipal bond funds and a strong fundamental backdrop, as evidenced by growing tax revenue throughout the period. News that the municipal bond tax exemption would be preserved also supported the municipal market. Negative factors included an above-average municipal bond supply, that pressured the market at various times throughout the fiscal year, and periods of interest rate volatility, particularly following the tariff announcements by the new administration in April.

**Top contributors to performance**:

The Fund's yield curve positioning, specifically an underweight allocation to longer-term bonds contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds also contributed to relative performance.

**Top detractors from performance:** 

A modest overweight allocation to the Education sector detracted from relative performance. An overweight allocation to the Industrial Development sector also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i638a19a5f5a9da5f218c2b63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Enhanced Municipal Yield Completion Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Municipal Bond Index** |
| **4/15/2024** | $10000 | $10000 | $10000 |
| **4/30/2024** | $9967 | $9982 | $9962 |
| **5/31/2024** | $10012 | $10151 | $9933 |
| **6/30/2024** | $10179 | $10248 | $10085 |
| **7/31/2024** | $10278 | $10487 | $10177 |
| **8/31/2024** | $10396 | $10638 | $10257 |
| **9/30/2024** | $10494 | $10780 | $10359 |
| **10/31/2024** | $10409 | $10513 | $10208 |
| **11/30/2024** | $10526 | $10624 | $10384 |
| **12/31/2024** | $10440 | $10450 | $10233 |
| **1/31/2025** | $10528 | $10505 | $10284 |
| **2/28/2025** | $10658 | $10737 | $10386 |
| **3/31/2025** | $10510 | $10741 | $10210 |
| **4/30/2025** | $10404 | $10783 | $10128 |
| **5/31/2025** | $10434 | $10706 | $10134 |
| **6/30/2025** | $10537 | $10870 | $10197 |
| **7/31/2025** | $10505 | $10842 | $10177 |

---

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 | Since Inception 4/15/24<sup>Footnote Reference†</sup> |
| Enhanced Municipal Yield Completion Fund at NAV | 2.21% | 3.88% |
| Bloomberg Municipal Bond Index | 0.00% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index<sup>Footnote Reference\*</sup> | 3.38% | 6.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Performance since inception is measured from 4/15/24, the Fund's performance inception date. The Fund commenced operations on 4/9/2024. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index. |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $187663802 |
| # of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A2.50%

* A-3.02%

* A+3.99%

* AA-1.07%

* AA+0.36%

* B1.21%

* B-3.50%

* B+2.40%

* BB7.55%

* BB-2.35%

* BB+5.14%

* BBB13.87%

* BBB-12.39%

* BBB+17.69%

* CCC+0.01%

* NR22.95%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody's, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. |

---

## **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/SMADocuments.

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](i66cd67097c7f5a76a1fbbb12.jpg)

# LAEMX

# Lord Abbett Enhanced Municipal Yield Completion Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/SMADocuments

#### TSR-A-7000-CF

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class A

# LGRAX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 July 31, 2025, the Fund returned 6.41%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0748dfd6b5586f4408431239.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $9775 | $10000 | $10000 |
| **5/31/2023** | $9816 | $9866 | $10056 |
| **6/30/2023** | $9903 | $9831 | $10116 |
| **7/31/2023** | $10013 | $9824 | $10176 |
| **8/31/2023** | $10086 | $9761 | $10230 |
| **9/30/2023** | $10156 | $9513 | $10282 |
| **10/31/2023** | $10190 | $9363 | $10331 |
| **11/30/2023** | $10274 | $9787 | $10387 |
| **12/31/2023** | $10371 | $10161 | $10447 |
| **1/31/2024** | $10468 | $10134 | $10513 |
| **2/29/2024** | $10545 | $9990 | $10576 |
| **3/31/2024** | $10626 | $10083 | $10636 |
| **4/30/2024** | $10684 | $9828 | $10692 |
| **5/31/2024** | $10766 | $9995 | $10753 |
| **6/30/2024** | $10835 | $10089 | $10803 |
| **7/31/2024** | $10899 | $10325 | $10859 |
| **8/31/2024** | $10959 | $10473 | $10907 |
| **9/30/2024** | $11040 | $10613 | $10962 |
| **10/31/2024** | $11099 | $10350 | $11018 |
| **11/30/2024** | $11166 | $10460 | $11067 |
| **12/31/2024** | $11230 | $10288 | $11118 |
| **1/31/2025** | $11309 | $10343 | $11167 |
| **2/28/2025** | $11372 | $10571 | $11215 |
| **3/31/2025** | $11382 | $10575 | $11256 |
| **4/30/2025** | $11382 | $10616 | $11271 |
| **5/31/2025** | $11473 | $10540 | $11334 |
| **6/30/2025** | $11539 | $10702 | $11389 |
| **7/31/2025** | $11597 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class A at NAV | 6.41% | 7.92% |
| Class A with sales charge | 3.97% | 6.83% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class A

# LGRAX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9269-A

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class C

# IGRCX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 5.67%, reflecting performance at the net asset value (NAV) of Class C shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i80ffe2fc8c4faea3fff720a8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10035 | $9866 | $10056 |
| **6/30/2023** | $10118 | $9831 | $10116 |
| **7/31/2023** | $10223 | $9824 | $10176 |
| **8/31/2023** | $10290 | $9761 | $10230 |
| **9/30/2023** | $10355 | $9513 | $10282 |
| **10/31/2023** | $10383 | $9363 | $10331 |
| **11/30/2023** | $10462 | $9787 | $10387 |
| **12/31/2023** | $10554 | $10161 | $10447 |
| **1/31/2024** | $10655 | $10134 | $10513 |
| **2/29/2024** | $10716 | $9990 | $10576 |
| **3/31/2024** | $10791 | $10083 | $10636 |
| **4/30/2024** | $10843 | $9828 | $10692 |
| **5/31/2024** | $10919 | $9995 | $10753 |
| **6/30/2024** | $10982 | $10089 | $10803 |
| **7/31/2024** | $11039 | $10325 | $10859 |
| **8/31/2024** | $11093 | $10473 | $10907 |
| **9/30/2024** | $11167 | $10613 | $10962 |
| **10/31/2024** | $11221 | $10350 | $11018 |
| **11/30/2024** | $11283 | $10460 | $11067 |
| **12/31/2024** | $11342 | $10288 | $11118 |
| **1/31/2025** | $11416 | $10343 | $11167 |
| **2/28/2025** | $11474 | $10571 | $11215 |
| **3/31/2025** | $11479 | $10575 | $11256 |
| **4/30/2025** | $11471 | $10616 | $11271 |
| **5/31/2025** | $11555 | $10540 | $11334 |
| **6/30/2025** | $11614 | $10702 | $11389 |
| **7/31/2025** | $11665 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class C at NAV | 5.67% | 7.11% |
| Class C with sales charge | 4.67% | 7.11% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class C

# IGRCX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9270-C

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F

# LGRFX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 6.61%, reflecting performance at the net asset value (NAV) of Class F shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i91649d81805bfc30e41e43eb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10043 | $9866 | $10056 |
| **6/30/2023** | $10134 | $9831 | $10116 |
| **7/31/2023** | $10249 | $9824 | $10176 |
| **8/31/2023** | $10324 | $9761 | $10230 |
| **9/30/2023** | $10398 | $9513 | $10282 |
| **10/31/2023** | $10435 | $9363 | $10331 |
| **11/30/2023** | $10522 | $9787 | $10387 |
| **12/31/2023** | $10624 | $10161 | $10447 |
| **1/31/2024** | $10736 | $10134 | $10513 |
| **2/29/2024** | $10816 | $9990 | $10576 |
| **3/31/2024** | $10890 | $10083 | $10636 |
| **4/30/2024** | $10951 | $9828 | $10692 |
| **5/31/2024** | $11037 | $9995 | $10753 |
| **6/30/2024** | $11110 | $10089 | $10803 |
| **7/31/2024** | $11177 | $10325 | $10859 |
| **8/31/2024** | $11241 | $10473 | $10907 |
| **9/30/2024** | $11326 | $10613 | $10962 |
| **10/31/2024** | $11388 | $10350 | $11018 |
| **11/30/2024** | $11458 | $10460 | $11067 |
| **12/31/2024** | $11526 | $10288 | $11118 |
| **1/31/2025** | $11609 | $10343 | $11167 |
| **2/28/2025** | $11675 | $10571 | $11215 |
| **3/31/2025** | $11688 | $10575 | $11256 |
| **4/30/2025** | $11690 | $10616 | $11271 |
| **5/31/2025** | $11785 | $10540 | $11334 |
| **6/30/2025** | $11855 | $10702 | $11389 |
| **7/31/2025** | $11916 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class F at NAV | 6.61% | 8.14% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F

# LGRFX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9271-F

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F3

# IGRNX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 | $34 | 0.33% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 6.65%, reflecting performance at the net asset value (NAV) of Class F3 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idac4a36bc22815211f7d2654.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10044 | $9866 | $10056 |
| **6/30/2023** | $10136 | $9831 | $10116 |
| **7/31/2023** | $10250 | $9824 | $10176 |
| **8/31/2023** | $10327 | $9761 | $10230 |
| **9/30/2023** | $10401 | $9513 | $10282 |
| **10/31/2023** | $10439 | $9363 | $10331 |
| **11/30/2023** | $10527 | $9787 | $10387 |
| **12/31/2023** | $10629 | $10161 | $10447 |
| **1/31/2024** | $10731 | $10134 | $10513 |
| **2/29/2024** | $10812 | $9990 | $10576 |
| **3/31/2024** | $10897 | $10083 | $10636 |
| **4/30/2024** | $10959 | $9828 | $10692 |
| **5/31/2024** | $11045 | $9995 | $10753 |
| **6/30/2024** | $11119 | $10089 | $10803 |
| **7/31/2024** | $11187 | $10325 | $10859 |
| **8/31/2024** | $11251 | $10473 | $10907 |
| **9/30/2024** | $11337 | $10613 | $10962 |
| **10/31/2024** | $11400 | $10350 | $11018 |
| **11/30/2024** | $11471 | $10460 | $11067 |
| **12/31/2024** | $11538 | $10288 | $11118 |
| **1/31/2025** | $11621 | $10343 | $11167 |
| **2/28/2025** | $11688 | $10571 | $11215 |
| **3/31/2025** | $11702 | $10575 | $11256 |
| **4/30/2025** | $11704 | $10616 | $11271 |
| **5/31/2025** | $11799 | $10540 | $11334 |
| **6/30/2025** | $11869 | $10702 | $11389 |
| **7/31/2025** | $11931 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class F3 at NAV | 6.65% | 8.20% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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** 
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: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.28% to 0.34% as part of the annual review of transfer agency expenses.

## **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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F3

# IGRNX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9272-F3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class I

# LGRYX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 | $36 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 6.61%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i552658a2e713cda0d13b424a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10044 | $9866 | $10056 |
| **6/30/2023** | $10134 | $9831 | $10116 |
| **7/31/2023** | $10249 | $9824 | $10176 |
| **8/31/2023** | $10324 | $9761 | $10230 |
| **9/30/2023** | $10398 | $9513 | $10282 |
| **10/31/2023** | $10435 | $9363 | $10331 |
| **11/30/2023** | $10522 | $9787 | $10387 |
| **12/31/2023** | $10624 | $10161 | $10447 |
| **1/31/2024** | $10725 | $10134 | $10513 |
| **2/29/2024** | $10805 | $9990 | $10576 |
| **3/31/2024** | $10890 | $10083 | $10636 |
| **4/30/2024** | $10951 | $9828 | $10692 |
| **5/31/2024** | $11037 | $9995 | $10753 |
| **6/30/2024** | $11110 | $10089 | $10803 |
| **7/31/2024** | $11177 | $10325 | $10859 |
| **8/31/2024** | $11241 | $10473 | $10907 |
| **9/30/2024** | $11326 | $10613 | $10962 |
| **10/31/2024** | $11388 | $10350 | $11018 |
| **11/30/2024** | $11459 | $10460 | $11067 |
| **12/31/2024** | $11526 | $10288 | $11118 |
| **1/31/2025** | $11609 | $10343 | $11167 |
| **2/28/2025** | $11675 | $10571 | $11215 |
| **3/31/2025** | $11688 | $10575 | $11256 |
| **4/30/2025** | $11690 | $10616 | $11271 |
| **5/31/2025** | $11785 | $10540 | $11334 |
| **6/30/2025** | $11855 | $10702 | $11389 |
| **7/31/2025** | $11916 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class I at NAV | 6.61% | 8.14% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class I

# LGRYX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9273-I

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R5

# IGRSX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 July 31, 2025, the Fund returned 6.60%, reflecting performance at the net asset value (NAV) of Class R5 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9c994ca3315e040b813d9925.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10043 | $9866 | $10056 |
| **6/30/2023** | $10134 | $9831 | $10116 |
| **7/31/2023** | $10249 | $9824 | $10176 |
| **8/31/2023** | $10324 | $9761 | $10230 |
| **9/30/2023** | $10398 | $9513 | $10282 |
| **10/31/2023** | $10435 | $9363 | $10331 |
| **11/30/2023** | $10522 | $9787 | $10387 |
| **12/31/2023** | $10624 | $10161 | $10447 |
| **1/31/2024** | $10725 | $10134 | $10513 |
| **2/29/2024** | $10805 | $9990 | $10576 |
| **3/31/2024** | $10890 | $10083 | $10636 |
| **4/30/2024** | $10951 | $9828 | $10692 |
| **5/31/2024** | $11037 | $9995 | $10753 |
| **6/30/2024** | $11110 | $10089 | $10803 |
| **7/31/2024** | $11177 | $10325 | $10859 |
| **8/31/2024** | $11241 | $10473 | $10907 |
| **9/30/2024** | $11325 | $10613 | $10962 |
| **10/31/2024** | $11388 | $10350 | $11018 |
| **11/30/2024** | $11458 | $10460 | $11067 |
| **12/31/2024** | $11526 | $10288 | $11118 |
| **1/31/2025** | $11608 | $10343 | $11167 |
| **2/28/2025** | $11674 | $10571 | $11215 |
| **3/31/2025** | $11676 | $10575 | $11256 |
| **4/30/2025** | $11689 | $10616 | $11271 |
| **5/31/2025** | $11783 | $10540 | $11334 |
| **6/30/2025** | $11854 | $10702 | $11389 |
| **7/31/2025** | $11915 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class R5 at NAV | 6.60% | 8.13% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R5

# IGRSX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9277-R5

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R6

# LGRUX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 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 | $30 | 0.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 6.64%, reflecting performance at the net asset value (NAV) of Class R6 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

The Fund's allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

**Top detractors from performance:** 

The Fund's allocation to investment grade corporate bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5e536a7fd66e8554e18979a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Floating Rate Notes Index** |
| **5/4/2023** | $10000 | $10000 | $10000 |
| **5/31/2023** | $10044 | $9866 | $10056 |
| **6/30/2023** | $10136 | $9831 | $10116 |
| **7/31/2023** | $10250 | $9824 | $10176 |
| **8/31/2023** | $10327 | $9761 | $10230 |
| **9/30/2023** | $10401 | $9513 | $10282 |
| **10/31/2023** | $10439 | $9363 | $10331 |
| **11/30/2023** | $10527 | $9787 | $10387 |
| **12/31/2023** | $10629 | $10161 | $10447 |
| **1/31/2024** | $10731 | $10134 | $10513 |
| **2/29/2024** | $10812 | $9990 | $10576 |
| **3/31/2024** | $10897 | $10083 | $10636 |
| **4/30/2024** | $10959 | $9828 | $10692 |
| **5/31/2024** | $11045 | $9995 | $10753 |
| **6/30/2024** | $11119 | $10089 | $10803 |
| **7/31/2024** | $11187 | $10325 | $10859 |
| **8/31/2024** | $11251 | $10473 | $10907 |
| **9/30/2024** | $11337 | $10613 | $10962 |
| **10/31/2024** | $11400 | $10350 | $11018 |
| **11/30/2024** | $11471 | $10460 | $11067 |
| **12/31/2024** | $11539 | $10288 | $11118 |
| **1/31/2025** | $11621 | $10343 | $11167 |
| **2/28/2025** | $11688 | $10571 | $11215 |
| **3/31/2025** | $11690 | $10575 | $11256 |
| **4/30/2025** | $11704 | $10616 | $11271 |
| **5/31/2025** | $11798 | $10540 | $11334 |
| **6/30/2025** | $11869 | $10702 | $11389 |
| **7/31/2025** | $11930 | $10674 | $11449 |

---

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 | Since Inception 5/4/23 |
| Class R6 at NAV | 6.64% | 8.19% |
| Bloomberg U.S. Floating Rate Notes Index | 5.43% | 6.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | 2.95% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2696811591 |
| # of Portfolio Holdings | 580 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $1693699 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 69.99% |
| Corporate Bonds | 6.76% |
| Floating Rate Loans | 8.13% |
| Foreign Government Obligations | 1.92% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.19% |
| Government Sponsored Enterprises Pass-Throughs | 1.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 4.21% |
| Options Purchased | 0.01% |
| U.S. Treasury Obligations | 4.16% |
| Repurchase Agreements | 2.15% |
| 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** 
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: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.28% to 0.34% as part of the annual review of transfer agency expenses.

## **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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R6

# LGRUX

# Lord Abbett Investment Grade Floating Rate Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9278-R6

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class A

# LAAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $101 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.59%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i119985c73edcdd8d57225381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $9427 | $10000 | $10000 |
| **6/30/2021** | $9371 | $9893 | $9981 |
| **7/31/2021** | $9421 | $9967 | $9830 |
| **8/31/2021** | $9626 | $10143 | $10052 |
| **9/30/2021** | $9047 | $9849 | $9620 |
| **10/31/2021** | $9439 | $10091 | $9918 |
| **11/30/2021** | $9165 | $9621 | $9560 |
| **12/31/2021** | $9421 | $10114 | $9847 |
| **1/31/2022** | $8511 | $9625 | $9053 |
| **2/28/2022** | $8118 | $9455 | $8801 |
| **3/31/2022** | $8062 | $9516 | $8787 |
| **4/30/2022** | $7458 | $8900 | $8133 |
| **5/31/2022** | $7358 | $8967 | $8063 |
| **6/30/2022** | $6860 | $8135 | $7406 |
| **7/31/2022** | $7215 | $8540 | $7814 |
| **8/31/2022** | $6822 | $8135 | $7509 |
| **9/30/2022** | $6193 | $7374 | $6712 |
| **10/31/2022** | $6343 | $7770 | $6844 |
| **11/30/2022** | $7209 | $8645 | $7695 |
| **12/31/2022** | $6893 | $8652 | $7577 |
| **1/31/2023** | $7539 | $9353 | $8218 |
| **2/28/2023** | $7219 | $9158 | $7867 |
| **3/31/2023** | $7633 | $9385 | $8228 |
| **4/30/2023** | $7665 | $9650 | $8312 |
| **5/31/2023** | $7577 | $9241 | $8081 |
| **6/30/2023** | $7853 | $9662 | $8388 |
| **7/31/2023** | $7941 | $9974 | $8650 |
| **8/31/2023** | $7608 | $9592 | $8209 |
| **9/30/2023** | $7113 | $9265 | $7775 |
| **10/31/2023** | $6856 | $8889 | $7473 |
| **11/30/2023** | $7577 | $9714 | $8246 |
| **12/31/2023** | $7959 | $10230 | $8641 |
| **1/31/2024** | $8035 | $10289 | $8574 |
| **2/29/2024** | $8552 | $10477 | $8902 |
| **3/31/2024** | $8804 | $10822 | $9151 |
| **4/30/2024** | $8394 | $10545 | $8898 |
| **5/31/2024** | $8791 | $10953 | $9133 |
| **6/30/2024** | $8962 | $10777 | $9218 |
| **7/31/2024** | $8924 | $11093 | $9315 |
| **8/31/2024** | $9201 | $11453 | $9611 |
| **9/30/2024** | $9321 | $11559 | $9855 |
| **10/31/2024** | $8924 | $10931 | $9354 |
| **11/30/2024** | $8943 | $10869 | $9277 |
| **12/31/2024** | $8683 | $10621 | $9078 |
| **1/31/2025** | $9087 | $11180 | $9465 |
| **2/28/2025** | $9163 | $11396 | $9472 |
| **3/31/2025** | $8816 | $11350 | $9257 |
| **4/30/2025** | $9195 | $11870 | $9634 |
| **5/31/2025** | $9725 | $12413 | $10120 |
| **6/30/2025** | $10218 | $12687 | $10521 |
| **7/31/2025** | $10047 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class A at NAV | 12.59% | 1.57% |
| Class A with sales charge | 6.14% | 0.12% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class A

# LAAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9250-A

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class C

# LCAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $180 | 1.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 11.79%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i175aa8aaa39e951851ce6394.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9934 | $9893 | $9981 |
| **7/31/2021** | $9987 | $9967 | $9830 |
| **8/31/2021** | $10198 | $10143 | $10052 |
| **9/30/2021** | $9577 | $9849 | $9620 |
| **10/31/2021** | $9987 | $10091 | $9918 |
| **11/30/2021** | $9689 | $9621 | $9560 |
| **12/31/2021** | $9954 | $10114 | $9847 |
| **1/31/2022** | $8982 | $9625 | $9053 |
| **2/28/2022** | $8566 | $9455 | $8801 |
| **3/31/2022** | $8500 | $9516 | $8787 |
| **4/30/2022** | $7859 | $8900 | $8133 |
| **5/31/2022** | $7746 | $8967 | $8063 |
| **6/30/2022** | $7224 | $8135 | $7406 |
| **7/31/2022** | $7594 | $8540 | $7814 |
| **8/31/2022** | $7171 | $8135 | $7509 |
| **9/30/2022** | $6504 | $7374 | $6712 |
| **10/31/2022** | $6662 | $7770 | $6844 |
| **11/30/2022** | $7561 | $8645 | $7695 |
| **12/31/2022** | $7231 | $8652 | $7577 |
| **1/31/2023** | $7898 | $9353 | $8218 |
| **2/28/2023** | $7561 | $9158 | $7867 |
| **3/31/2023** | $7991 | $9385 | $8228 |
| **4/30/2023** | $8024 | $9650 | $8312 |
| **5/31/2023** | $7918 | $9241 | $8081 |
| **6/30/2023** | $8209 | $9662 | $8388 |
| **7/31/2023** | $8288 | $9974 | $8650 |
| **8/31/2023** | $7938 | $9592 | $8209 |
| **9/30/2023** | $7416 | $9265 | $7775 |
| **10/31/2023** | $7145 | $8889 | $7473 |
| **11/30/2023** | $7898 | $9714 | $8246 |
| **12/31/2023** | $8282 | $10230 | $8641 |
| **1/31/2024** | $8361 | $10289 | $8574 |
| **2/29/2024** | $8890 | $10477 | $8902 |
| **3/31/2024** | $9147 | $10822 | $9151 |
| **4/30/2024** | $8718 | $10545 | $8898 |
| **5/31/2024** | $9121 | $10953 | $9133 |
| **6/30/2024** | $9293 | $10777 | $9218 |
| **7/31/2024** | $9247 | $11093 | $9315 |
| **8/31/2024** | $9531 | $11453 | $9611 |
| **9/30/2024** | $9650 | $11559 | $9855 |
| **10/31/2024** | $9233 | $10931 | $9354 |
| **11/30/2024** | $9247 | $10869 | $9277 |
| **12/31/2024** | $8976 | $10621 | $9078 |
| **1/31/2025** | $9385 | $11180 | $9465 |
| **2/28/2025** | $9458 | $11396 | $9472 |
| **3/31/2025** | $9095 | $11350 | $9257 |
| **4/30/2025** | $9478 | $11870 | $9634 |
| **5/31/2025** | $10020 | $12413 | $10120 |
| **6/30/2025** | $10522 | $12687 | $10521 |
| **7/31/2025** | $10337 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class C at NAV | 11.79% | 0.81% |
| Class C with sales charge | 10.79% | 0.81% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class C

# LCAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9251-C

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F

# LAFGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $75 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.91%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ied659612863f575f5c7278f3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $10000 | $9967 | $9830 |
| **8/31/2021** | $10218 | $10143 | $10052 |
| **9/30/2021** | $9603 | $9849 | $9620 |
| **10/31/2021** | $10020 | $10091 | $9918 |
| **11/30/2021** | $9736 | $9621 | $9560 |
| **12/31/2021** | $10007 | $10114 | $9847 |
| **1/31/2022** | $9042 | $9625 | $9053 |
| **2/28/2022** | $8625 | $9455 | $8801 |
| **3/31/2022** | $8566 | $9516 | $8787 |
| **4/30/2022** | $7925 | $8900 | $8133 |
| **5/31/2022** | $7819 | $8967 | $8063 |
| **6/30/2022** | $7297 | $8135 | $7406 |
| **7/31/2022** | $7673 | $8540 | $7814 |
| **8/31/2022** | $7257 | $8135 | $7509 |
| **9/30/2022** | $6590 | $7374 | $6712 |
| **10/31/2022** | $6748 | $7770 | $6844 |
| **11/30/2022** | $7673 | $8645 | $7695 |
| **12/31/2022** | $7341 | $8652 | $7577 |
| **1/31/2023** | $8027 | $9353 | $8218 |
| **2/28/2023** | $7687 | $9158 | $7867 |
| **3/31/2023** | $8133 | $9385 | $8228 |
| **4/30/2023** | $8173 | $9650 | $8312 |
| **5/31/2023** | $8073 | $9241 | $8081 |
| **6/30/2023** | $8373 | $9662 | $8388 |
| **7/31/2023** | $8466 | $9974 | $8650 |
| **8/31/2023** | $8113 | $9592 | $8209 |
| **9/30/2023** | $7587 | $9265 | $7775 |
| **10/31/2023** | $7314 | $8889 | $7473 |
| **11/30/2023** | $8087 | $9714 | $8246 |
| **12/31/2023** | $8498 | $10230 | $8641 |
| **1/31/2024** | $8579 | $10289 | $8574 |
| **2/29/2024** | $9128 | $10477 | $8902 |
| **3/31/2024** | $9403 | $10822 | $9151 |
| **4/30/2024** | $8967 | $10545 | $8898 |
| **5/31/2024** | $9396 | $10953 | $9133 |
| **6/30/2024** | $9577 | $10777 | $9218 |
| **7/31/2024** | $9537 | $11093 | $9315 |
| **8/31/2024** | $9839 | $11453 | $9611 |
| **9/30/2024** | $9966 | $11559 | $9855 |
| **10/31/2024** | $9544 | $10931 | $9354 |
| **11/30/2024** | $9571 | $10869 | $9277 |
| **12/31/2024** | $9296 | $10621 | $9078 |
| **1/31/2025** | $9726 | $11180 | $9465 |
| **2/28/2025** | $9807 | $11396 | $9472 |
| **3/31/2025** | $9444 | $11350 | $9257 |
| **4/30/2025** | $9847 | $11870 | $9634 |
| **5/31/2025** | $10419 | $12413 | $10120 |
| **6/30/2025** | $10950 | $12687 | $10521 |
| **7/31/2025** | $10769 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class F at NAV | 12.91% | 1.82% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F

# LAFGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9252-F

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F3

# LOAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $70 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.95%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id53d5eb4b020c663b609d575.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $10000 | $9967 | $9830 |
| **8/31/2021** | $10218 | $10143 | $10052 |
| **9/30/2021** | $9603 | $9849 | $9620 |
| **10/31/2021** | $10026 | $10091 | $9918 |
| **11/30/2021** | $9736 | $9621 | $9560 |
| **12/31/2021** | $10013 | $10114 | $9847 |
| **1/31/2022** | $9048 | $9625 | $9053 |
| **2/28/2022** | $8632 | $9455 | $8801 |
| **3/31/2022** | $8572 | $9516 | $8787 |
| **4/30/2022** | $7931 | $8900 | $8133 |
| **5/31/2022** | $7826 | $8967 | $8063 |
| **6/30/2022** | $7303 | $8135 | $7406 |
| **7/31/2022** | $7687 | $8540 | $7814 |
| **8/31/2022** | $7264 | $8135 | $7509 |
| **9/30/2022** | $6596 | $7374 | $6712 |
| **10/31/2022** | $6761 | $7770 | $6844 |
| **11/30/2022** | $7680 | $8645 | $7695 |
| **12/31/2022** | $7350 | $8652 | $7577 |
| **1/31/2023** | $8044 | $9353 | $8218 |
| **2/28/2023** | $7697 | $9158 | $7867 |
| **3/31/2023** | $8151 | $9385 | $8228 |
| **4/30/2023** | $8184 | $9650 | $8312 |
| **5/31/2023** | $8091 | $9241 | $8081 |
| **6/30/2023** | $8391 | $9662 | $8388 |
| **7/31/2023** | $8484 | $9974 | $8650 |
| **8/31/2023** | $8131 | $9592 | $8209 |
| **9/30/2023** | $7604 | $9265 | $7775 |
| **10/31/2023** | $7337 | $8889 | $7473 |
| **11/30/2023** | $8111 | $9714 | $8246 |
| **12/31/2023** | $8519 | $10230 | $8641 |
| **1/31/2024** | $8600 | $10289 | $8574 |
| **2/29/2024** | $9158 | $10477 | $8902 |
| **3/31/2024** | $9426 | $10822 | $9151 |
| **4/30/2024** | $8996 | $10545 | $8898 |
| **5/31/2024** | $9420 | $10953 | $9133 |
| **6/30/2024** | $9601 | $10777 | $9218 |
| **7/31/2024** | $9567 | $11093 | $9315 |
| **8/31/2024** | $9870 | $11453 | $9611 |
| **9/30/2024** | $9997 | $11559 | $9855 |
| **10/31/2024** | $9574 | $10931 | $9354 |
| **11/30/2024** | $9601 | $10869 | $9277 |
| **12/31/2024** | $9321 | $10621 | $9078 |
| **1/31/2025** | $9760 | $11180 | $9465 |
| **2/28/2025** | $9841 | $11396 | $9472 |
| **3/31/2025** | $9470 | $11350 | $9257 |
| **4/30/2025** | $9881 | $11870 | $9634 |
| **5/31/2025** | $10455 | $12413 | $10120 |
| **6/30/2025** | $10988 | $12687 | $10521 |
| **7/31/2025** | $10806 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class F3 at NAV | 12.95% | 1.91% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F3

# LOAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9253-F3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class I

# LIAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $73 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.98%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie1c9bf5547814188fb976f6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $10000 | $9967 | $9830 |
| **8/31/2021** | $10218 | $10143 | $10052 |
| **9/30/2021** | $9603 | $9849 | $9620 |
| **10/31/2021** | $10020 | $10091 | $9918 |
| **11/30/2021** | $9736 | $9621 | $9560 |
| **12/31/2021** | $10007 | $10114 | $9847 |
| **1/31/2022** | $9042 | $9625 | $9053 |
| **2/28/2022** | $8625 | $9455 | $8801 |
| **3/31/2022** | $8566 | $9516 | $8787 |
| **4/30/2022** | $7925 | $8900 | $8133 |
| **5/31/2022** | $7819 | $8967 | $8063 |
| **6/30/2022** | $7297 | $8135 | $7406 |
| **7/31/2022** | $7673 | $8540 | $7814 |
| **8/31/2022** | $7257 | $8135 | $7509 |
| **9/30/2022** | $6590 | $7374 | $6712 |
| **10/31/2022** | $6748 | $7770 | $6844 |
| **11/30/2022** | $7673 | $8645 | $7695 |
| **12/31/2022** | $7341 | $8652 | $7577 |
| **1/31/2023** | $8028 | $9353 | $8218 |
| **2/28/2023** | $7688 | $9158 | $7867 |
| **3/31/2023** | $8135 | $9385 | $8228 |
| **4/30/2023** | $8175 | $9650 | $8312 |
| **5/31/2023** | $8075 | $9241 | $8081 |
| **6/30/2023** | $8375 | $9662 | $8388 |
| **7/31/2023** | $8468 | $9974 | $8650 |
| **8/31/2023** | $8115 | $9592 | $8209 |
| **9/30/2023** | $7588 | $9265 | $7775 |
| **10/31/2023** | $7315 | $8889 | $7473 |
| **11/30/2023** | $8088 | $9714 | $8246 |
| **12/31/2023** | $8496 | $10230 | $8641 |
| **1/31/2024** | $8583 | $10289 | $8574 |
| **2/29/2024** | $9134 | $10477 | $8902 |
| **3/31/2024** | $9402 | $10822 | $9151 |
| **4/30/2024** | $8973 | $10545 | $8898 |
| **5/31/2024** | $9396 | $10953 | $9133 |
| **6/30/2024** | $9577 | $10777 | $9218 |
| **7/31/2024** | $9537 | $11093 | $9315 |
| **8/31/2024** | $9839 | $11453 | $9611 |
| **9/30/2024** | $9967 | $11559 | $9855 |
| **10/31/2024** | $9550 | $10931 | $9354 |
| **11/30/2024** | $9570 | $10869 | $9277 |
| **12/31/2024** | $9297 | $10621 | $9078 |
| **1/31/2025** | $9729 | $11180 | $9465 |
| **2/28/2025** | $9810 | $11396 | $9472 |
| **3/31/2025** | $9446 | $11350 | $9257 |
| **4/30/2025** | $9850 | $11870 | $9634 |
| **5/31/2025** | $10424 | $12413 | $10120 |
| **6/30/2025** | $10950 | $12687 | $10521 |
| **7/31/2025** | $10775 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class I at NAV | 12.98% | 1.84% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class I

# LIAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9254-I

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R3

# LRAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $128 | 1.21% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.39%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i11f61a1d0f4c6002f6ec6005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $9993 | $9967 | $9830 |
| **8/31/2021** | $10212 | $10143 | $10052 |
| **9/30/2021** | $9590 | $9849 | $9620 |
| **10/31/2021** | $10000 | $10091 | $9918 |
| **11/30/2021** | $9709 | $9621 | $9560 |
| **12/31/2021** | $9980 | $10114 | $9847 |
| **1/31/2022** | $9015 | $9625 | $9053 |
| **2/28/2022** | $8599 | $9455 | $8801 |
| **3/31/2022** | $8533 | $9516 | $8787 |
| **4/30/2022** | $7892 | $8900 | $8133 |
| **5/31/2022** | $7786 | $8967 | $8063 |
| **6/30/2022** | $7257 | $8135 | $7406 |
| **7/31/2022** | $7634 | $8540 | $7814 |
| **8/31/2022** | $7211 | $8135 | $7509 |
| **9/30/2022** | $6550 | $7374 | $6712 |
| **10/31/2022** | $6702 | $7770 | $6844 |
| **11/30/2022** | $7614 | $8645 | $7695 |
| **12/31/2022** | $7283 | $8652 | $7577 |
| **1/31/2023** | $7966 | $9353 | $8218 |
| **2/28/2023** | $7621 | $9158 | $7867 |
| **3/31/2023** | $8066 | $9385 | $8228 |
| **4/30/2023** | $8099 | $9650 | $8312 |
| **5/31/2023** | $8000 | $9241 | $8081 |
| **6/30/2023** | $8291 | $9662 | $8388 |
| **7/31/2023** | $8378 | $9974 | $8650 |
| **8/31/2023** | $8026 | $9592 | $8209 |
| **9/30/2023** | $7502 | $9265 | $7775 |
| **10/31/2023** | $7230 | $8889 | $7473 |
| **11/30/2023** | $7993 | $9714 | $8246 |
| **12/31/2023** | $8393 | $10230 | $8641 |
| **1/31/2024** | $8466 | $10289 | $8574 |
| **2/29/2024** | $9011 | $10477 | $8902 |
| **3/31/2024** | $9277 | $10822 | $9151 |
| **4/30/2024** | $8845 | $10545 | $8898 |
| **5/31/2024** | $9257 | $10953 | $9133 |
| **6/30/2024** | $9437 | $10777 | $9218 |
| **7/31/2024** | $9390 | $11093 | $9315 |
| **8/31/2024** | $9683 | $11453 | $9611 |
| **9/30/2024** | $9809 | $11559 | $9855 |
| **10/31/2024** | $9390 | $10931 | $9354 |
| **11/30/2024** | $9410 | $10869 | $9277 |
| **12/31/2024** | $9131 | $10621 | $9078 |
| **1/31/2025** | $9556 | $11180 | $9465 |
| **2/28/2025** | $9630 | $11396 | $9472 |
| **3/31/2025** | $9264 | $11350 | $9257 |
| **4/30/2025** | $9663 | $11870 | $9634 |
| **5/31/2025** | $10221 | $12413 | $10120 |
| **6/30/2025** | $10734 | $12687 | $10521 |
| **7/31/2025** | $10554 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class R3 at NAV | 12.39% | 1.32% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R3

# LRAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9255-R3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R4

# LASGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $99 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.67%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7ed284f0b97cf9d5149d2b8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $9993 | $9967 | $9830 |
| **8/31/2021** | $10212 | $10143 | $10052 |
| **9/30/2021** | $9597 | $9849 | $9620 |
| **10/31/2021** | $10013 | $10091 | $9918 |
| **11/30/2021** | $9722 | $9621 | $9560 |
| **12/31/2021** | $9993 | $10114 | $9847 |
| **1/31/2022** | $9028 | $9625 | $9053 |
| **2/28/2022** | $8612 | $9455 | $8801 |
| **3/31/2022** | $8553 | $9516 | $8787 |
| **4/30/2022** | $7911 | $8900 | $8133 |
| **5/31/2022** | $7799 | $8967 | $8063 |
| **6/30/2022** | $7277 | $8135 | $7406 |
| **7/31/2022** | $7654 | $8540 | $7814 |
| **8/31/2022** | $7237 | $8135 | $7509 |
| **9/30/2022** | $6570 | $7374 | $6712 |
| **10/31/2022** | $6728 | $7770 | $6844 |
| **11/30/2022** | $7640 | $8645 | $7695 |
| **12/31/2022** | $7316 | $8652 | $7577 |
| **1/31/2023** | $7994 | $9353 | $8218 |
| **2/28/2023** | $7655 | $9158 | $7867 |
| **3/31/2023** | $8100 | $9385 | $8228 |
| **4/30/2023** | $8134 | $9650 | $8312 |
| **5/31/2023** | $8034 | $9241 | $8081 |
| **6/30/2023** | $8333 | $9662 | $8388 |
| **7/31/2023** | $8420 | $9974 | $8650 |
| **8/31/2023** | $8067 | $9592 | $8209 |
| **9/30/2023** | $7548 | $9265 | $7775 |
| **10/31/2023** | $7276 | $8889 | $7473 |
| **11/30/2023** | $8040 | $9714 | $8246 |
| **12/31/2023** | $8439 | $10230 | $8641 |
| **1/31/2024** | $8526 | $10289 | $8574 |
| **2/29/2024** | $9067 | $10477 | $8902 |
| **3/31/2024** | $9334 | $10822 | $9151 |
| **4/30/2024** | $8906 | $10545 | $8898 |
| **5/31/2024** | $9327 | $10953 | $9133 |
| **6/30/2024** | $9501 | $10777 | $9218 |
| **7/31/2024** | $9461 | $11093 | $9315 |
| **8/31/2024** | $9762 | $11453 | $9611 |
| **9/30/2024** | $9889 | $11559 | $9855 |
| **10/31/2024** | $9468 | $10931 | $9354 |
| **11/30/2024** | $9488 | $10869 | $9277 |
| **12/31/2024** | $9214 | $10621 | $9078 |
| **1/31/2025** | $9642 | $11180 | $9465 |
| **2/28/2025** | $9716 | $11396 | $9472 |
| **3/31/2025** | $9354 | $11350 | $9257 |
| **4/30/2025** | $9756 | $11870 | $9634 |
| **5/31/2025** | $10318 | $12413 | $10120 |
| **6/30/2025** | $10841 | $12687 | $10521 |
| **7/31/2025** | $10660 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class R4 at NAV | 12.67% | 1.57% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R4

# LASGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9256-R4

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R5

# LTAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $76 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.98%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib8ba161a48901202fe1dab33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $10000 | $9967 | $9830 |
| **8/31/2021** | $10218 | $10143 | $10052 |
| **9/30/2021** | $9603 | $9849 | $9620 |
| **10/31/2021** | $10020 | $10091 | $9918 |
| **11/30/2021** | $9736 | $9621 | $9560 |
| **12/31/2021** | $10007 | $10114 | $9847 |
| **1/31/2022** | $9042 | $9625 | $9053 |
| **2/28/2022** | $8625 | $9455 | $8801 |
| **3/31/2022** | $8566 | $9516 | $8787 |
| **4/30/2022** | $7925 | $8900 | $8133 |
| **5/31/2022** | $7819 | $8967 | $8063 |
| **6/30/2022** | $7297 | $8135 | $7406 |
| **7/31/2022** | $7673 | $8540 | $7814 |
| **8/31/2022** | $7257 | $8135 | $7509 |
| **9/30/2022** | $6590 | $7374 | $6712 |
| **10/31/2022** | $6748 | $7770 | $6844 |
| **11/30/2022** | $7673 | $8645 | $7695 |
| **12/31/2022** | $7341 | $8652 | $7577 |
| **1/31/2023** | $8028 | $9353 | $8218 |
| **2/28/2023** | $7688 | $9158 | $7867 |
| **3/31/2023** | $8135 | $9385 | $8228 |
| **4/30/2023** | $8175 | $9650 | $8312 |
| **5/31/2023** | $8075 | $9241 | $8081 |
| **6/30/2023** | $8375 | $9662 | $8388 |
| **7/31/2023** | $8462 | $9974 | $8650 |
| **8/31/2023** | $8115 | $9592 | $8209 |
| **9/30/2023** | $7588 | $9265 | $7775 |
| **10/31/2023** | $7315 | $8889 | $7473 |
| **11/30/2023** | $8088 | $9714 | $8246 |
| **12/31/2023** | $8495 | $10230 | $8641 |
| **1/31/2024** | $8582 | $10289 | $8574 |
| **2/29/2024** | $9132 | $10477 | $8902 |
| **3/31/2024** | $9401 | $10822 | $9151 |
| **4/30/2024** | $8971 | $10545 | $8898 |
| **5/31/2024** | $9394 | $10953 | $9133 |
| **6/30/2024** | $9576 | $10777 | $9218 |
| **7/31/2024** | $9535 | $11093 | $9315 |
| **8/31/2024** | $9838 | $11453 | $9611 |
| **9/30/2024** | $9965 | $11559 | $9855 |
| **10/31/2024** | $9549 | $10931 | $9354 |
| **11/30/2024** | $9569 | $10869 | $9277 |
| **12/31/2024** | $9296 | $10621 | $9078 |
| **1/31/2025** | $9728 | $11180 | $9465 |
| **2/28/2025** | $9809 | $11396 | $9472 |
| **3/31/2025** | $9444 | $11350 | $9257 |
| **4/30/2025** | $9849 | $11870 | $9634 |
| **5/31/2025** | $10422 | $12413 | $10120 |
| **6/30/2025** | $10949 | $12687 | $10521 |
| **7/31/2025** | $10773 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class R5 at NAV | 12.98% | 1.83% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R5

# LTAGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9257-R5

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R6

# LAVGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 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 | $71 | 0.67% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 12.95%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's "Liberation Day" announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

**Top contributors to performance**:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

**Top detractors from performance:** 

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i324622dfcbb501bffcb27c82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Net Index** | **MSCI All Country World ex USA Growth Index (Net)** |
| **6/24/2021** | $10000 | $10000 | $10000 |
| **6/30/2021** | $9941 | $9893 | $9981 |
| **7/31/2021** | $10000 | $9967 | $9830 |
| **8/31/2021** | $10218 | $10143 | $10052 |
| **9/30/2021** | $9603 | $9849 | $9620 |
| **10/31/2021** | $10026 | $10091 | $9918 |
| **11/30/2021** | $9736 | $9621 | $9560 |
| **12/31/2021** | $10013 | $10114 | $9847 |
| **1/31/2022** | $9048 | $9625 | $9053 |
| **2/28/2022** | $8632 | $9455 | $8801 |
| **3/31/2022** | $8572 | $9516 | $8787 |
| **4/30/2022** | $7931 | $8900 | $8133 |
| **5/31/2022** | $7826 | $8967 | $8063 |
| **6/30/2022** | $7303 | $8135 | $7406 |
| **7/31/2022** | $7687 | $8540 | $7814 |
| **8/31/2022** | $7264 | $8135 | $7509 |
| **9/30/2022** | $6596 | $7374 | $6712 |
| **10/31/2022** | $6755 | $7770 | $6844 |
| **11/30/2022** | $7680 | $8645 | $7695 |
| **12/31/2022** | $7350 | $8652 | $7577 |
| **1/31/2023** | $8037 | $9353 | $8218 |
| **2/28/2023** | $7697 | $9158 | $7867 |
| **3/31/2023** | $8144 | $9385 | $8228 |
| **4/30/2023** | $8184 | $9650 | $8312 |
| **5/31/2023** | $8091 | $9241 | $8081 |
| **6/30/2023** | $8391 | $9662 | $8388 |
| **7/31/2023** | $8484 | $9974 | $8650 |
| **8/31/2023** | $8131 | $9592 | $8209 |
| **9/30/2023** | $7604 | $9265 | $7775 |
| **10/31/2023** | $7330 | $8889 | $7473 |
| **11/30/2023** | $8111 | $9714 | $8246 |
| **12/31/2023** | $8519 | $10230 | $8641 |
| **1/31/2024** | $8600 | $10289 | $8574 |
| **2/29/2024** | $9151 | $10477 | $8902 |
| **3/31/2024** | $9426 | $10822 | $9151 |
| **4/30/2024** | $8990 | $10545 | $8898 |
| **5/31/2024** | $9420 | $10953 | $9133 |
| **6/30/2024** | $9601 | $10777 | $9218 |
| **7/31/2024** | $9568 | $11093 | $9315 |
| **8/31/2024** | $9863 | $11453 | $9611 |
| **9/30/2024** | $9998 | $11559 | $9855 |
| **10/31/2024** | $9574 | $10931 | $9354 |
| **11/30/2024** | $9594 | $10869 | $9277 |
| **12/31/2024** | $9321 | $10621 | $9078 |
| **1/31/2025** | $9760 | $11180 | $9465 |
| **2/28/2025** | $9841 | $11396 | $9472 |
| **3/31/2025** | $9470 | $11350 | $9257 |
| **4/30/2025** | $9882 | $11870 | $9634 |
| **5/31/2025** | $10455 | $12413 | $10120 |
| **6/30/2025** | $10982 | $12687 | $10521 |
| **7/31/2025** | $10806 | $12509 | $10394 |

---

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 | Since Inception 6/24/21 |
| Class R6 at NAV | 12.95% | 1.91% |
| MSCI All Country World ex USA Growth Index (Net) | 11.58% | 0.95% |
| MSCI EAFE Net Index | 12.77% | 5.61% |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3553729 |
| # of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 125% |
| Total Advisory Fees Paid | $0 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 12.12% |
| Consumer Discretionary | 9.50% |
| Consumer Staples | 5.53% |
| Financials | 9.65% |
| Health Care | 11.65% |
| Industrials | 25.93% |
| Information Technology | 20.76% |
| Materials | 4.86% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R6

# LAVGX

# Lord Abbett International Growth Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9258-R6

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class A

# LSYAX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 July 31, 2025, the Fund returned 7.62%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ied1936891b650b4ce5257528.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $9776 | $10000 | $10000 |
| **5/31/2020** | $10080 | $10047 | $10381 |
| **6/30/2020** | $10163 | $10110 | $10474 |
| **7/31/2020** | $10515 | $10261 | $10846 |
| **8/31/2020** | $10627 | $10178 | $10941 |
| **9/30/2020** | $10571 | $10172 | $10851 |
| **10/31/2020** | $10636 | $10127 | $10896 |
| **11/30/2020** | $10972 | $10226 | $11216 |
| **12/31/2020** | $11138 | $10240 | $11367 |
| **1/31/2021** | $11216 | $10167 | $11404 |
| **2/28/2021** | $11305 | $10020 | $11467 |
| **3/31/2021** | $11354 | $9895 | $11538 |
| **4/30/2021** | $11443 | $9973 | $11635 |
| **5/31/2021** | $11501 | $10006 | $11675 |
| **6/30/2021** | $11583 | $10076 | $11761 |
| **7/31/2021** | $11589 | $10189 | $11764 |
| **8/31/2021** | $11626 | $10169 | $11815 |
| **9/30/2021** | $11665 | $10081 | $11832 |
| **10/31/2021** | $11703 | $10079 | $11843 |
| **11/30/2021** | $11592 | $10108 | $11760 |
| **12/31/2021** | $11754 | $10083 | $11921 |
| **1/31/2022** | $11599 | $9865 | $11745 |
| **2/28/2022** | $11529 | $9755 | $11700 |
| **3/31/2022** | $11507 | $9484 | $11650 |
| **4/30/2022** | $11272 | $9124 | $11427 |
| **5/31/2022** | $11261 | $9183 | $11428 |
| **6/30/2022** | $10623 | $9039 | $10843 |
| **7/31/2022** | $11121 | $9260 | $11344 |
| **8/31/2022** | $10989 | $8998 | $11158 |
| **9/30/2022** | $10675 | $8610 | $10869 |
| **10/31/2022** | $10928 | $8498 | $11145 |
| **11/30/2022** | $11117 | $8811 | $11330 |
| **12/31/2022** | $11077 | $8771 | $11278 |
| **1/31/2023** | $11402 | $9041 | $11606 |
| **2/28/2023** | $11298 | $8807 | $11518 |
| **3/31/2023** | $11371 | $9031 | $11618 |
| **4/30/2023** | $11468 | $9085 | $11712 |
| **5/31/2023** | $11411 | $8986 | $11645 |
| **6/30/2023** | $11595 | $8954 | $11805 |
| **7/31/2023** | $11733 | $8948 | $11947 |
| **8/31/2023** | $11786 | $8891 | $11991 |
| **9/30/2023** | $11753 | $8665 | $11916 |
| **10/31/2023** | $11662 | $8528 | $11836 |
| **11/30/2023** | $12065 | $8914 | $12253 |
| **12/31/2023** | $12407 | $9256 | $12592 |
| **1/31/2024** | $12468 | $9230 | $12605 |
| **2/29/2024** | $12540 | $9100 | $12645 |
| **3/31/2024** | $12678 | $9184 | $12770 |
| **4/30/2024** | $12624 | $8952 | $12702 |
| **5/31/2024** | $12751 | $9104 | $12826 |
| **6/30/2024** | $12865 | $9190 | $12942 |
| **7/31/2024** | $13071 | $9405 | $13135 |
| **8/31/2024** | $13227 | $9540 | $13310 |
| **9/30/2024** | $13395 | $9667 | $13450 |
| **10/31/2024** | $13400 | $9428 | $13401 |
| **11/30/2024** | $13540 | $9527 | $13534 |
| **12/31/2024** | $13542 | $9371 | $13500 |
| **1/31/2025** | $13686 | $9421 | $13668 |
| **2/28/2025** | $13772 | $9628 | $13750 |
| **3/31/2025** | $13574 | $9632 | $13644 |
| **4/30/2025** | $13388 | $9670 | $13649 |
| **5/31/2025** | $13719 | $9601 | $13838 |
| **6/30/2025** | $13991 | $9748 | $14066 |
| **7/31/2025** | $14067 | $9723 | $14109 |

---

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 4/30/20 |
| Class A at NAV | 7.62% | 5.99% | 7.18% |
| Class A with sales charge | 5.18% | 5.52% | 6.71% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class A

# LSYAX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9050-A

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class C

# LSYCX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $144 | 1.39% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 6.83%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i23d44b33d4684b7d034e1859.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10304 | $10047 | $10381 |
| **6/30/2020** | $10382 | $10110 | $10474 |
| **7/31/2020** | $10734 | $10261 | $10846 |
| **8/31/2020** | $10842 | $10178 | $10941 |
| **9/30/2020** | $10777 | $10172 | $10851 |
| **10/31/2020** | $10845 | $10127 | $10896 |
| **11/30/2020** | $11169 | $10226 | $11216 |
| **12/31/2020** | $11331 | $10240 | $11367 |
| **1/31/2021** | $11403 | $10167 | $11404 |
| **2/28/2021** | $11487 | $10020 | $11467 |
| **3/31/2021** | $11529 | $9895 | $11538 |
| **4/30/2021** | $11611 | $9973 | $11635 |
| **5/31/2021** | $11663 | $10006 | $11675 |
| **6/30/2021** | $11739 | $10076 | $11761 |
| **7/31/2021** | $11737 | $10189 | $11764 |
| **8/31/2021** | $11768 | $10169 | $11815 |
| **9/30/2021** | $11800 | $10081 | $11832 |
| **10/31/2021** | $11831 | $10079 | $11843 |
| **11/30/2021** | $11712 | $10108 | $11760 |
| **12/31/2021** | $11869 | $10083 | $11921 |
| **1/31/2022** | $11705 | $9865 | $11745 |
| **2/28/2022** | $11629 | $9755 | $11700 |
| **3/31/2022** | $11599 | $9484 | $11650 |
| **4/30/2022** | $11356 | $9124 | $11427 |
| **5/31/2022** | $11338 | $9183 | $11428 |
| **6/30/2022** | $10690 | $9039 | $10843 |
| **7/31/2022** | $11184 | $9260 | $11344 |
| **8/31/2022** | $11045 | $8998 | $11158 |
| **9/30/2022** | $10723 | $8610 | $10869 |
| **10/31/2022** | $10971 | $8498 | $11145 |
| **11/30/2022** | $11155 | $8811 | $11330 |
| **12/31/2022** | $11109 | $8771 | $11278 |
| **1/31/2023** | $11417 | $9041 | $11606 |
| **2/28/2023** | $11307 | $8807 | $11518 |
| **3/31/2023** | $11386 | $9031 | $11618 |
| **4/30/2023** | $11476 | $9085 | $11712 |
| **5/31/2023** | $11413 | $8986 | $11645 |
| **6/30/2023** | $11590 | $8954 | $11805 |
| **7/31/2023** | $11722 | $8948 | $11947 |
| **8/31/2023** | $11757 | $8891 | $11991 |
| **9/30/2023** | $11730 | $8665 | $11916 |
| **10/31/2023** | $11632 | $8528 | $11836 |
| **11/30/2023** | $12027 | $8914 | $12253 |
| **12/31/2023** | $12348 | $9256 | $12592 |
| **1/31/2024** | $12401 | $9230 | $12605 |
| **2/29/2024** | $12478 | $9100 | $12645 |
| **3/31/2024** | $12595 | $9184 | $12770 |
| **4/30/2024** | $12547 | $8952 | $12702 |
| **5/31/2024** | $12665 | $9104 | $12826 |
| **6/30/2024** | $12771 | $9190 | $12942 |
| **7/31/2024** | $12968 | $9405 | $13135 |
| **8/31/2024** | $13115 | $9540 | $13310 |
| **9/30/2024** | $13273 | $9667 | $13450 |
| **10/31/2024** | $13269 | $9428 | $13401 |
| **11/30/2024** | $13400 | $9527 | $13534 |
| **12/31/2024** | $13394 | $9371 | $13500 |
| **1/31/2025** | $13528 | $9421 | $13668 |
| **2/28/2025** | $13605 | $9628 | $13750 |
| **3/31/2025** | $13401 | $9632 | $13644 |
| **4/30/2025** | $13209 | $9670 | $13649 |
| **5/31/2025** | $13513 | $9601 | $13838 |
| **6/30/2025** | $13787 | $9748 | $14066 |
| **7/31/2025** | $13854 | $9723 | $14109 |

---

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 4/30/20 |
| Class C at NAV | 6.83% | 5.23% | 6.40% |
| Class C with sales charge | 5.84% | 5.23% | 6.40% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class C

# LSYCX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9051-C

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F

# LSYFX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $47 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.83%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia6371f6da2dc552c5c46377e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10313 | $10047 | $10381 |
| **6/30/2020** | $10400 | $10110 | $10474 |
| **7/31/2020** | $10761 | $10261 | $10846 |
| **8/31/2020** | $10878 | $10178 | $10941 |
| **9/30/2020** | $10822 | $10172 | $10851 |
| **10/31/2020** | $10890 | $10127 | $10896 |
| **11/30/2020** | $11235 | $10226 | $11216 |
| **12/31/2020** | $11407 | $10240 | $11367 |
| **1/31/2021** | $11489 | $10167 | $11404 |
| **2/28/2021** | $11582 | $10020 | $11467 |
| **3/31/2021** | $11634 | $9895 | $11538 |
| **4/30/2021** | $11727 | $9973 | $11635 |
| **5/31/2021** | $11789 | $10006 | $11675 |
| **6/30/2021** | $11875 | $10076 | $11761 |
| **7/31/2021** | $11883 | $10189 | $11764 |
| **8/31/2021** | $11924 | $10169 | $11815 |
| **9/30/2021** | $11966 | $10081 | $11832 |
| **10/31/2021** | $11996 | $10079 | $11843 |
| **11/30/2021** | $11895 | $10108 | $11760 |
| **12/31/2021** | $12063 | $10083 | $11921 |
| **1/31/2022** | $11905 | $9865 | $11745 |
| **2/28/2022** | $11836 | $9755 | $11700 |
| **3/31/2022** | $11815 | $9484 | $11650 |
| **4/30/2022** | $11575 | $9124 | $11427 |
| **5/31/2022** | $11555 | $9183 | $11428 |
| **6/30/2022** | $10913 | $9039 | $10843 |
| **7/31/2022** | $11426 | $9260 | $11344 |
| **8/31/2022** | $11281 | $8998 | $11158 |
| **9/30/2022** | $10960 | $8610 | $10869 |
| **10/31/2022** | $11233 | $8498 | $11145 |
| **11/30/2022** | $11418 | $8811 | $11330 |
| **12/31/2022** | $11390 | $8771 | $11278 |
| **1/31/2023** | $11715 | $9041 | $11606 |
| **2/28/2023** | $11610 | $8807 | $11518 |
| **3/31/2023** | $11699 | $9031 | $11618 |
| **4/30/2023** | $11799 | $9085 | $11712 |
| **5/31/2023** | $11731 | $8986 | $11645 |
| **6/30/2023** | $11934 | $8954 | $11805 |
| **7/31/2023** | $12066 | $8948 | $11947 |
| **8/31/2023** | $12123 | $8891 | $11991 |
| **9/30/2023** | $12091 | $8665 | $11916 |
| **10/31/2023** | $11999 | $8528 | $11836 |
| **11/30/2023** | $12428 | $8914 | $12253 |
| **12/31/2023** | $12770 | $9256 | $12592 |
| **1/31/2024** | $12835 | $9230 | $12605 |
| **2/29/2024** | $12911 | $9100 | $12645 |
| **3/31/2024** | $13055 | $9184 | $12770 |
| **4/30/2024** | $13001 | $8952 | $12702 |
| **5/31/2024** | $13134 | $9104 | $12826 |
| **6/30/2024** | $13254 | $9190 | $12942 |
| **7/31/2024** | $13469 | $9405 | $13135 |
| **8/31/2024** | $13646 | $9540 | $13310 |
| **9/30/2024** | $13807 | $9667 | $13450 |
| **10/31/2024** | $13815 | $9428 | $13401 |
| **11/30/2024** | $13976 | $9527 | $13534 |
| **12/31/2024** | $13966 | $9371 | $13500 |
| **1/31/2025** | $14117 | $9421 | $13668 |
| **2/28/2025** | $14222 | $9628 | $13750 |
| **3/31/2025** | $14005 | $9632 | $13644 |
| **4/30/2025** | $13815 | $9670 | $13649 |
| **5/31/2025** | $14160 | $9601 | $13838 |
| **6/30/2025** | $14443 | $9748 | $14066 |
| **7/31/2025** | $14524 | $9723 | $14109 |

---

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 4/30/20 |
| Class F at NAV | 7.83% | 6.18% | 7.36% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F

# LSYFX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9052-F

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class F3

# LSYNX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $38 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.92%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9692bb1af5d838cc3ee84b08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10314 | $10047 | $10381 |
| **6/30/2020** | $10401 | $10110 | $10474 |
| **7/31/2020** | $10763 | $10261 | $10846 |
| **8/31/2020** | $10880 | $10178 | $10941 |
| **9/30/2020** | $10825 | $10172 | $10851 |
| **10/31/2020** | $10893 | $10127 | $10896 |
| **11/30/2020** | $11239 | $10226 | $11216 |
| **12/31/2020** | $11411 | $10240 | $11367 |
| **1/31/2021** | $11495 | $10167 | $11404 |
| **2/28/2021** | $11589 | $10020 | $11467 |
| **3/31/2021** | $11641 | $9895 | $11538 |
| **4/30/2021** | $11735 | $9973 | $11635 |
| **5/31/2021** | $11798 | $10006 | $11675 |
| **6/30/2021** | $11884 | $10076 | $11761 |
| **7/31/2021** | $11893 | $10189 | $11764 |
| **8/31/2021** | $11935 | $10169 | $11815 |
| **9/30/2021** | $11977 | $10081 | $11832 |
| **10/31/2021** | $12019 | $10079 | $11843 |
| **11/30/2021** | $11908 | $10108 | $11760 |
| **12/31/2021** | $12077 | $10083 | $11921 |
| **1/31/2022** | $11920 | $9865 | $11745 |
| **2/28/2022** | $11851 | $9755 | $11700 |
| **3/31/2022** | $11830 | $9484 | $11650 |
| **4/30/2022** | $11591 | $9124 | $11427 |
| **5/31/2022** | $11582 | $9183 | $11428 |
| **6/30/2022** | $10929 | $9039 | $10843 |
| **7/31/2022** | $11443 | $9260 | $11344 |
| **8/31/2022** | $11309 | $8998 | $11158 |
| **9/30/2022** | $10988 | $8610 | $10869 |
| **10/31/2022** | $11251 | $8498 | $11145 |
| **11/30/2022** | $11447 | $8811 | $11330 |
| **12/31/2022** | $11408 | $8771 | $11278 |
| **1/31/2023** | $11746 | $9041 | $11606 |
| **2/28/2023** | $11641 | $8807 | $11518 |
| **3/31/2023** | $11718 | $9031 | $11618 |
| **4/30/2023** | $11832 | $9085 | $11712 |
| **5/31/2023** | $11764 | $8986 | $11645 |
| **6/30/2023** | $11968 | $8954 | $11805 |
| **7/31/2023** | $12100 | $8948 | $11947 |
| **8/31/2023** | $12158 | $8891 | $11991 |
| **9/30/2023** | $12126 | $8665 | $11916 |
| **10/31/2023** | $12034 | $8528 | $11836 |
| **11/30/2023** | $12465 | $8914 | $12253 |
| **12/31/2023** | $12808 | $9256 | $12592 |
| **1/31/2024** | $12874 | $9230 | $12605 |
| **2/29/2024** | $12952 | $9100 | $12645 |
| **3/31/2024** | $13097 | $9184 | $12770 |
| **4/30/2024** | $13044 | $8952 | $12702 |
| **5/31/2024** | $13179 | $9104 | $12826 |
| **6/30/2024** | $13300 | $9190 | $12942 |
| **7/31/2024** | $13516 | $9405 | $13135 |
| **8/31/2024** | $13695 | $9540 | $13310 |
| **9/30/2024** | $13858 | $9667 | $13450 |
| **10/31/2024** | $13866 | $9428 | $13401 |
| **11/30/2024** | $14029 | $9527 | $13534 |
| **12/31/2024** | $14020 | $9371 | $13500 |
| **1/31/2025** | $14187 | $9421 | $13668 |
| **2/28/2025** | $14279 | $9628 | $13750 |
| **3/31/2025** | $14063 | $9632 | $13644 |
| **4/30/2025** | $13888 | $9670 | $13649 |
| **5/31/2025** | $14220 | $9601 | $13838 |
| **6/30/2025** | $14505 | $9748 | $14066 |
| **7/31/2025** | $14588 | $9723 | $14109 |

---

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 4/30/20 |
| Class F3 at NAV | 7.92% | 6.27% | 7.45% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class F3

# LSYNX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9054-F3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class I

# LSYIX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $47 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.83%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i86260ee8334e78c4a16c4def.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10313 | $10047 | $10381 |
| **6/30/2020** | $10400 | $10110 | $10474 |
| **7/31/2020** | $10761 | $10261 | $10846 |
| **8/31/2020** | $10878 | $10178 | $10941 |
| **9/30/2020** | $10822 | $10172 | $10851 |
| **10/31/2020** | $10890 | $10127 | $10896 |
| **11/30/2020** | $11235 | $10226 | $11216 |
| **12/31/2020** | $11408 | $10240 | $11367 |
| **1/31/2021** | $11490 | $10167 | $11404 |
| **2/28/2021** | $11584 | $10020 | $11467 |
| **3/31/2021** | $11636 | $9895 | $11538 |
| **4/30/2021** | $11729 | $9973 | $11635 |
| **5/31/2021** | $11791 | $10006 | $11675 |
| **6/30/2021** | $11877 | $10076 | $11761 |
| **7/31/2021** | $11885 | $10189 | $11764 |
| **8/31/2021** | $11926 | $10169 | $11815 |
| **9/30/2021** | $11968 | $10081 | $11832 |
| **10/31/2021** | $12009 | $10079 | $11843 |
| **11/30/2021** | $11897 | $10108 | $11760 |
| **12/31/2021** | $12066 | $10083 | $11921 |
| **1/31/2022** | $11908 | $9865 | $11745 |
| **2/28/2022** | $11839 | $9755 | $11700 |
| **3/31/2022** | $11817 | $9484 | $11650 |
| **4/30/2022** | $11578 | $9124 | $11427 |
| **5/31/2022** | $11558 | $9183 | $11428 |
| **6/30/2022** | $10904 | $9039 | $10843 |
| **7/31/2022** | $11417 | $9260 | $11344 |
| **8/31/2022** | $11283 | $8998 | $11158 |
| **9/30/2022** | $10962 | $8610 | $10869 |
| **10/31/2022** | $11224 | $8498 | $11145 |
| **11/30/2022** | $11408 | $8811 | $11330 |
| **12/31/2022** | $11381 | $8771 | $11278 |
| **1/31/2023** | $11705 | $9041 | $11606 |
| **2/28/2023** | $11600 | $8807 | $11518 |
| **3/31/2023** | $11677 | $9031 | $11618 |
| **4/30/2023** | $11790 | $9085 | $11712 |
| **5/31/2023** | $11722 | $8986 | $11645 |
| **6/30/2023** | $11925 | $8954 | $11805 |
| **7/31/2023** | $12057 | $8948 | $11947 |
| **8/31/2023** | $12113 | $8891 | $11991 |
| **9/30/2023** | $12081 | $8665 | $11916 |
| **10/31/2023** | $11989 | $8528 | $11836 |
| **11/30/2023** | $12418 | $8914 | $12253 |
| **12/31/2023** | $12760 | $9256 | $12592 |
| **1/31/2024** | $12825 | $9230 | $12605 |
| **2/29/2024** | $12901 | $9100 | $12645 |
| **3/31/2024** | $13045 | $9184 | $12770 |
| **4/30/2024** | $12991 | $8952 | $12702 |
| **5/31/2024** | $13124 | $9104 | $12826 |
| **6/30/2024** | $13244 | $9190 | $12942 |
| **7/31/2024** | $13459 | $9405 | $13135 |
| **8/31/2024** | $13622 | $9540 | $13310 |
| **9/30/2024** | $13797 | $9667 | $13450 |
| **10/31/2024** | $13804 | $9428 | $13401 |
| **11/30/2024** | $13951 | $9527 | $13534 |
| **12/31/2024** | $13955 | $9371 | $13500 |
| **1/31/2025** | $14106 | $9421 | $13668 |
| **2/28/2025** | $14197 | $9628 | $13750 |
| **3/31/2025** | $13994 | $9632 | $13644 |
| **4/30/2025** | $13804 | $9670 | $13649 |
| **5/31/2025** | $14149 | $9601 | $13838 |
| **6/30/2025** | $14432 | $9748 | $14066 |
| **7/31/2025** | $14513 | $9723 | $14109 |

---

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 4/30/20 |
| Class I at NAV | 7.83% | 6.16% | 7.35% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class I

# LSYIX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9053-I

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R3

# LSYQX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 July 31, 2025, the Fund returned 7.31%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib36393798648d22645606fa9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10309 | $10047 | $10381 |
| **6/30/2020** | $10391 | $10110 | $10474 |
| **7/31/2020** | $10748 | $10261 | $10846 |
| **8/31/2020** | $10859 | $10178 | $10941 |
| **9/30/2020** | $10799 | $10172 | $10851 |
| **10/31/2020** | $10862 | $10127 | $10896 |
| **11/30/2020** | $11201 | $10226 | $11216 |
| **12/31/2020** | $11368 | $10240 | $11367 |
| **1/31/2021** | $11445 | $10167 | $11404 |
| **2/28/2021** | $11534 | $10020 | $11467 |
| **3/31/2021** | $11581 | $9895 | $11538 |
| **4/30/2021** | $11668 | $9973 | $11635 |
| **5/31/2021** | $11725 | $10006 | $11675 |
| **6/30/2021** | $11805 | $10076 | $11761 |
| **7/31/2021** | $11809 | $10189 | $11764 |
| **8/31/2021** | $11844 | $10169 | $11815 |
| **9/30/2021** | $11881 | $10081 | $11832 |
| **10/31/2021** | $11917 | $10079 | $11843 |
| **11/30/2021** | $11801 | $10108 | $11760 |
| **12/31/2021** | $11963 | $10083 | $11921 |
| **1/31/2022** | $11802 | $9865 | $11745 |
| **2/28/2022** | $11729 | $9755 | $11700 |
| **3/31/2022** | $11703 | $9484 | $11650 |
| **4/30/2022** | $11462 | $9124 | $11427 |
| **5/31/2022** | $11448 | $9183 | $11428 |
| **6/30/2022** | $10797 | $9039 | $10843 |
| **7/31/2022** | $11300 | $9260 | $11344 |
| **8/31/2022** | $11163 | $8998 | $11158 |
| **9/30/2022** | $10841 | $8610 | $10869 |
| **10/31/2022** | $11095 | $8498 | $11145 |
| **11/30/2022** | $11285 | $8811 | $11330 |
| **12/31/2022** | $11241 | $8771 | $11278 |
| **1/31/2023** | $11568 | $9041 | $11606 |
| **2/28/2023** | $11460 | $8807 | $11518 |
| **3/31/2023** | $11532 | $9031 | $11618 |
| **4/30/2023** | $11639 | $9085 | $11712 |
| **5/31/2023** | $11566 | $8986 | $11645 |
| **6/30/2023** | $11762 | $8954 | $11805 |
| **7/31/2023** | $11887 | $8948 | $11947 |
| **8/31/2023** | $11938 | $8891 | $11991 |
| **9/30/2023** | $11901 | $8665 | $11916 |
| **10/31/2023** | $11806 | $8528 | $11836 |
| **11/30/2023** | $12210 | $8914 | $12253 |
| **12/31/2023** | $12554 | $9256 | $12592 |
| **1/31/2024** | $12613 | $9230 | $12605 |
| **2/29/2024** | $12683 | $9100 | $12645 |
| **3/31/2024** | $12806 | $9184 | $12770 |
| **4/30/2024** | $12761 | $8952 | $12702 |
| **5/31/2024** | $12886 | $9104 | $12826 |
| **6/30/2024** | $12998 | $9190 | $12942 |
| **7/31/2024** | $13203 | $9405 | $13135 |
| **8/31/2024** | $13358 | $9540 | $13310 |
| **9/30/2024** | $13524 | $9667 | $13450 |
| **10/31/2024** | $13512 | $9428 | $13401 |
| **11/30/2024** | $13664 | $9527 | $13534 |
| **12/31/2024** | $13663 | $9371 | $13500 |
| **1/31/2025** | $13804 | $9421 | $13668 |
| **2/28/2025** | $13888 | $9628 | $13750 |
| **3/31/2025** | $13684 | $9632 | $13644 |
| **4/30/2025** | $13494 | $9670 | $13649 |
| **5/31/2025** | $13810 | $9601 | $13838 |
| **6/30/2025** | $14095 | $9748 | $14066 |
| **7/31/2025** | $14168 | $9723 | $14109 |

---

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 4/30/20 |
| Class R3 at NAV | 7.31% | 5.68% | 6.86% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R3

# LSYQX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9055-R3

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R4

# LSYSX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $73 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.56%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib3615800a371396bf450a3c6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10311 | $10047 | $10381 |
| **6/30/2020** | $10395 | $10110 | $10474 |
| **7/31/2020** | $10754 | $10261 | $10846 |
| **8/31/2020** | $10869 | $10178 | $10941 |
| **9/30/2020** | $10810 | $10172 | $10851 |
| **10/31/2020** | $10876 | $10127 | $10896 |
| **11/30/2020** | $11218 | $10226 | $11216 |
| **12/31/2020** | $11388 | $10240 | $11367 |
| **1/31/2021** | $11468 | $10167 | $11404 |
| **2/28/2021** | $11559 | $10020 | $11467 |
| **3/31/2021** | $11608 | $9895 | $11538 |
| **4/30/2021** | $11698 | $9973 | $11635 |
| **5/31/2021** | $11757 | $10006 | $11675 |
| **6/30/2021** | $11840 | $10076 | $11761 |
| **7/31/2021** | $11846 | $10189 | $11764 |
| **8/31/2021** | $11884 | $10169 | $11815 |
| **9/30/2021** | $11923 | $10081 | $11832 |
| **10/31/2021** | $11962 | $10079 | $11843 |
| **11/30/2021** | $11847 | $10108 | $11760 |
| **12/31/2021** | $12013 | $10083 | $11921 |
| **1/31/2022** | $11854 | $9865 | $11745 |
| **2/28/2022** | $11782 | $9755 | $11700 |
| **3/31/2022** | $11759 | $9484 | $11650 |
| **4/30/2022** | $11518 | $9124 | $11427 |
| **5/31/2022** | $11507 | $9183 | $11428 |
| **6/30/2022** | $10855 | $9039 | $10843 |
| **7/31/2022** | $11363 | $9260 | $11344 |
| **8/31/2022** | $11228 | $8998 | $11158 |
| **9/30/2022** | $10907 | $8610 | $10869 |
| **10/31/2022** | $11165 | $8498 | $11145 |
| **11/30/2022** | $11357 | $8811 | $11330 |
| **12/31/2022** | $11316 | $8771 | $11278 |
| **1/31/2023** | $11648 | $9041 | $11606 |
| **2/28/2023** | $11541 | $8807 | $11518 |
| **3/31/2023** | $11616 | $9031 | $11618 |
| **4/30/2023** | $11726 | $9085 | $11712 |
| **5/31/2023** | $11655 | $8986 | $11645 |
| **6/30/2023** | $11855 | $8954 | $11805 |
| **7/31/2023** | $11983 | $8948 | $11947 |
| **8/31/2023** | $12038 | $8891 | $11991 |
| **9/30/2023** | $12003 | $8665 | $11916 |
| **10/31/2023** | $11910 | $8528 | $11836 |
| **11/30/2023** | $12333 | $8914 | $12253 |
| **12/31/2023** | $12669 | $9256 | $12592 |
| **1/31/2024** | $12731 | $9230 | $12605 |
| **2/29/2024** | $12805 | $9100 | $12645 |
| **3/31/2024** | $12944 | $9184 | $12770 |
| **4/30/2024** | $12889 | $8952 | $12702 |
| **5/31/2024** | $13018 | $9104 | $12826 |
| **6/30/2024** | $13133 | $9190 | $12942 |
| **7/31/2024** | $13344 | $9405 | $13135 |
| **8/31/2024** | $13503 | $9540 | $13310 |
| **9/30/2024** | $13673 | $9667 | $13450 |
| **10/31/2024** | $13677 | $9428 | $13401 |
| **11/30/2024** | $13820 | $9527 | $13534 |
| **12/31/2024** | $13821 | $9371 | $13500 |
| **1/31/2025** | $13968 | $9421 | $13668 |
| **2/28/2025** | $14055 | $9628 | $13750 |
| **3/31/2025** | $13852 | $9632 | $13644 |
| **4/30/2025** | $13661 | $9670 | $13649 |
| **5/31/2025** | $13984 | $9601 | $13838 |
| **6/30/2025** | $14276 | $9748 | $14066 |
| **7/31/2025** | $14353 | $9723 | $14109 |

---

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 4/30/20 |
| Class R4 at NAV | 7.56% | 5.94% | 7.12% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R4

# LSYSX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9056-R4

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R5

# LSYTX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.84%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie9b350dd4d0b6faf18e56f12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10313 | $10047 | $10381 |
| **6/30/2020** | $10399 | $10110 | $10474 |
| **7/31/2020** | $10761 | $10261 | $10846 |
| **8/31/2020** | $10878 | $10178 | $10941 |
| **9/30/2020** | $10821 | $10172 | $10851 |
| **10/31/2020** | $10889 | $10127 | $10896 |
| **11/30/2020** | $11234 | $10226 | $11216 |
| **12/31/2020** | $11406 | $10240 | $11367 |
| **1/31/2021** | $11489 | $10167 | $11404 |
| **2/28/2021** | $11582 | $10020 | $11467 |
| **3/31/2021** | $11634 | $9895 | $11538 |
| **4/30/2021** | $11727 | $9973 | $11635 |
| **5/31/2021** | $11789 | $10006 | $11675 |
| **6/30/2021** | $11874 | $10076 | $11761 |
| **7/31/2021** | $11883 | $10189 | $11764 |
| **8/31/2021** | $11923 | $10169 | $11815 |
| **9/30/2021** | $11965 | $10081 | $11832 |
| **10/31/2021** | $12007 | $10079 | $11843 |
| **11/30/2021** | $11895 | $10108 | $11760 |
| **12/31/2021** | $12063 | $10083 | $11921 |
| **1/31/2022** | $11906 | $9865 | $11745 |
| **2/28/2022** | $11837 | $9755 | $11700 |
| **3/31/2022** | $11816 | $9484 | $11650 |
| **4/30/2022** | $11576 | $9124 | $11427 |
| **5/31/2022** | $11568 | $9183 | $11428 |
| **6/30/2022** | $10915 | $9039 | $10843 |
| **7/31/2022** | $11428 | $9260 | $11344 |
| **8/31/2022** | $11294 | $8998 | $11158 |
| **9/30/2022** | $10973 | $8610 | $10869 |
| **10/31/2022** | $11235 | $8498 | $11145 |
| **11/30/2022** | $11431 | $8811 | $11330 |
| **12/31/2022** | $11392 | $8771 | $11278 |
| **1/31/2023** | $11728 | $9041 | $11606 |
| **2/28/2023** | $11623 | $8807 | $11518 |
| **3/31/2023** | $11701 | $9031 | $11618 |
| **4/30/2023** | $11814 | $9085 | $11712 |
| **5/31/2023** | $11745 | $8986 | $11645 |
| **6/30/2023** | $11949 | $8954 | $11805 |
| **7/31/2023** | $12081 | $8948 | $11947 |
| **8/31/2023** | $12138 | $8891 | $11991 |
| **9/30/2023** | $12106 | $8665 | $11916 |
| **10/31/2023** | $12015 | $8528 | $11836 |
| **11/30/2023** | $12431 | $8914 | $12253 |
| **12/31/2023** | $12786 | $9256 | $12592 |
| **1/31/2024** | $12851 | $9230 | $12605 |
| **2/29/2024** | $12927 | $9100 | $12645 |
| **3/31/2024** | $13058 | $9184 | $12770 |
| **4/30/2024** | $13017 | $8952 | $12702 |
| **5/31/2024** | $13151 | $9104 | $12826 |
| **6/30/2024** | $13270 | $9190 | $12942 |
| **7/31/2024** | $13486 | $9405 | $13135 |
| **8/31/2024** | $13649 | $9540 | $13310 |
| **9/30/2024** | $13824 | $9667 | $13450 |
| **10/31/2024** | $13818 | $9428 | $13401 |
| **11/30/2024** | $13979 | $9527 | $13534 |
| **12/31/2024** | $13983 | $9371 | $13500 |
| **1/31/2025** | $14135 | $9421 | $13668 |
| **2/28/2025** | $14226 | $9628 | $13750 |
| **3/31/2025** | $14023 | $9632 | $13644 |
| **4/30/2025** | $13833 | $9670 | $13649 |
| **5/31/2025** | $14163 | $9601 | $13838 |
| **6/30/2025** | $14462 | $9748 | $14066 |
| **7/31/2025** | $14543 | $9723 | $14109 |

---

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 4/30/20 |
| Class R5 at NAV | 7.84% | 6.21% | 7.39% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R5

# LSYTX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9057-R5

#### 09/25
![Image](i89f936bbe20063423a43c063.jpg)

# Class R6

# LSYUX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 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 | $38 | 0.37% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended July 31, 2025, the Fund returned 7.92%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2<sup>nd</sup> "Liberation Day" U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

**Top contributors to performance:**

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

**Top detractors from performance:** 

Credit selection within Capital Goods, Automotive and Healthcare sectors.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i3606e719fe2853e4646bbabc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index** |
| **4/30/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10314 | $10047 | $10381 |
| **6/30/2020** | $10401 | $10110 | $10474 |
| **7/31/2020** | $10763 | $10261 | $10846 |
| **8/31/2020** | $10881 | $10178 | $10941 |
| **9/30/2020** | $10825 | $10172 | $10851 |
| **10/31/2020** | $10894 | $10127 | $10896 |
| **11/30/2020** | $11239 | $10226 | $11216 |
| **12/31/2020** | $11412 | $10240 | $11367 |
| **1/31/2021** | $11495 | $10167 | $11404 |
| **2/28/2021** | $11589 | $10020 | $11467 |
| **3/31/2021** | $11642 | $9895 | $11538 |
| **4/30/2021** | $11735 | $9973 | $11635 |
| **5/31/2021** | $11798 | $10006 | $11675 |
| **6/30/2021** | $11884 | $10076 | $11761 |
| **7/31/2021** | $11894 | $10189 | $11764 |
| **8/31/2021** | $11946 | $10169 | $11815 |
| **9/30/2021** | $11988 | $10081 | $11832 |
| **10/31/2021** | $12019 | $10079 | $11843 |
| **11/30/2021** | $11908 | $10108 | $11760 |
| **12/31/2021** | $12076 | $10083 | $11921 |
| **1/31/2022** | $11930 | $9865 | $11745 |
| **2/28/2022** | $11850 | $9755 | $11700 |
| **3/31/2022** | $11829 | $9484 | $11650 |
| **4/30/2022** | $11601 | $9124 | $11427 |
| **5/31/2022** | $11581 | $9183 | $11428 |
| **6/30/2022** | $10927 | $9039 | $10843 |
| **7/31/2022** | $11441 | $9260 | $11344 |
| **8/31/2022** | $11307 | $8998 | $11158 |
| **9/30/2022** | $10987 | $8610 | $10869 |
| **10/31/2022** | $11249 | $8498 | $11145 |
| **11/30/2022** | $11446 | $8811 | $11330 |
| **12/31/2022** | $11407 | $8771 | $11278 |
| **1/31/2023** | $11744 | $9041 | $11606 |
| **2/28/2023** | $11627 | $8807 | $11518 |
| **3/31/2023** | $11717 | $9031 | $11618 |
| **4/30/2023** | $11818 | $9085 | $11712 |
| **5/31/2023** | $11762 | $8986 | $11645 |
| **6/30/2023** | $11954 | $8954 | $11805 |
| **7/31/2023** | $12099 | $8948 | $11947 |
| **8/31/2023** | $12156 | $8891 | $11991 |
| **9/30/2023** | $12124 | $8665 | $11916 |
| **10/31/2023** | $12033 | $8528 | $11836 |
| **11/30/2023** | $12450 | $8914 | $12253 |
| **12/31/2023** | $12794 | $9256 | $12592 |
| **1/31/2024** | $12860 | $9230 | $12605 |
| **2/29/2024** | $12950 | $9100 | $12645 |
| **3/31/2024** | $13082 | $9184 | $12770 |
| **4/30/2024** | $13043 | $8952 | $12702 |
| **5/31/2024** | $13177 | $9104 | $12826 |
| **6/30/2024** | $13298 | $9190 | $12942 |
| **7/31/2024** | $13515 | $9405 | $13135 |
| **8/31/2024** | $13680 | $9540 | $13310 |
| **9/30/2024** | $13856 | $9667 | $13450 |
| **10/31/2024** | $13851 | $9428 | $13401 |
| **11/30/2024** | $14013 | $9527 | $13534 |
| **12/31/2024** | $14004 | $9371 | $13500 |
| **1/31/2025** | $14171 | $9421 | $13668 |
| **2/28/2025** | $14263 | $9628 | $13750 |
| **3/31/2025** | $14061 | $9632 | $13644 |
| **4/30/2025** | $13872 | $9670 | $13649 |
| **5/31/2025** | $14203 | $9601 | $13838 |
| **6/30/2025** | $14504 | $9748 | $14066 |
| **7/31/2025** | $14586 | $9723 | $14109 |

---

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 4/30/20 |
| Class R6 at NAV | 7.92% | 6.27% | 7.45% |
| ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index | 7.41% | 5.40% | 6.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07%) | (0.53%) |

---

**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 *July 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $8607815333 |
| # of Portfolio Holdings | 636 |
| Portfolio Turnover Rate | 140% |
| Total Advisory Fees Paid | $20005780 |

---

## **What did the Fund invest in?** 
(as of July 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.28% |
| Common Stocks | 0.01% |
| Convertible Bonds | 2.25% |
| Corporate Bonds | 82.01% |
| Floating Rate Loans | 10.83% |
| Foreign Government Obligations | 0.21% |
| Repurchase Agreements | 0.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.87% |
| 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(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](i66cd67097c7f5a76a1fbbb12.jpg)

# Class R6

# LSYUX

# Lord Abbett Short Duration High Yield Fund

#### Annual Shareholder Report

#### July 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-9058-R6

#### 09/25
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 July 31, 2025 (the "Period").

(b) Not applicable.

(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(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.

(e) Not applicable.

(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 July 31, 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} | $253250 | $251250 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | $253250 | $251250 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $253250 | $251250 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements.

{b} Fees for the fiscal year ended July 31, 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;• any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds,
 including the Registrant, and

• 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.

(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 July 31, 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 July 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| All Other Fees | $- 0 - | $- 0 - |

---

(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.** |

---

![](x7_c113415x1x1m1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Emerging Markets Equity Fund

International Growth Fund

Investment Grade Floating Rate Fund

Short Duration High Yield Fund

*For the fiscal year ended July 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | **Schedules of Investments (Item 7):** |
| &nbsp;&nbsp;&nbsp;1 | [Emerging Markets Equity Fund](#xx7xc113415a001xm1xm4) |
| &nbsp;&nbsp;&nbsp;6 | [International Growth Fund](#xx7xc113415a002xm1xm4) |
| &nbsp;&nbsp;&nbsp;10 | [Investment Grade Floating Rate Fund](#xx7xc113415a003xm1xm4) |
| &nbsp;&nbsp;&nbsp;55 | [Short Duration High Yield Fund](#xx7xc113415a004xm1xm4) |
| &nbsp;&nbsp;&nbsp;90 | **[Statements of Assets and Liabilities (Item 7)](#xx7xc113415a005xm1xm4)** |
| &nbsp;&nbsp;&nbsp;94 | **[Statements of Operations (Item 7)](#xx7xc113415a006xm1xm4)** |
| &nbsp;&nbsp;&nbsp;96 | **[Statements of Changes in Net Assets (Item 7)](#xx7xc113415a007xm1xm4)** |
| &nbsp;&nbsp;&nbsp;98 | **[Financial Highlights (Item 7)](#xx7xc113415a008xm1xm4)** |
| &nbsp;&nbsp;&nbsp;110 | **[Notes to Financial Statements (Item 7)](#xx7xc113415a009xm1xm4)** |
| &nbsp;&nbsp;&nbsp;135 | **[Report of Independent Registered Public Accounting Firm (Item 7)](#xx7xc113415a010xm1xm4)** |
| &nbsp;&nbsp;&nbsp;137 | **[Changes in and Disagreements with Accountants (Item 8)](#xx7xc113415a011xm1xm4)** |
| &nbsp;&nbsp;&nbsp;137 | **[Proxy Disclosures (Item 9)](#xx7xc113415a012xm1xm4)** |
| &nbsp;&nbsp;&nbsp;137 | **[Remuneration Paid to Trustees, Officers, and Others (Item 10)](#xx7xc113415a013xm1xm4)** |
| &nbsp;&nbsp;&nbsp;137 | **[Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx7xc113415a014xm1xm4)** |

---

**Schedule of Investments**

EMERGING MARKETS EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 97.73%** |  |  |
| **COMMON STOCKS 95.37%** |  |  |
| **Brazil 4.08%** |  |  |
| *Consumer Discretionary 1.23%* |  |  |
| MercadoLibre, Inc.\* | 33 | $78338 |
| *Financials 0.60%* |  |  |
| B3 SA - Brasil Bolsa Balcao | 17157 | 38545 |
| *Industrials 0.78%* |  |  |
| Embraer SA | 3473 | 50028 |
| *Materials 0.92%* |  |  |
| Vale SA | 6118 | 58410 |
| *Utilities 0.55%* |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 1813 | 35068 |
| *Total Brazil* |  | 260389 |
| **Canada 0.48%** |  |  |
| *Materials 0.48%* |  |  |
| Teck Resources Ltd. Class B | 946 | 30707 |
| **China 25.78%** |  |  |
| *Communication Services 8.25%* |  |  |
| Tencent Holdings Ltd. | 5157 | 361053 |
| Tencent Music Entertainment Group ADR | 2847 | 59759 |
| NetEase, Inc. | 2703 | 70662 |
| Kuaishou Technology<sup>†</sup>\* | 3500 | 34174 |
| *Consumer Discretionary 7.23%* |  |  |
| Meituan Class B<sup>†</sup>\* | 2102 | 32429 |
| Alibaba Group Holding Ltd. | 14162 | 212922 |
| JD.com, Inc. Class A | 1152 | 18158 |
| BYD Co. Ltd. Class H | 5203 | 75968 |
| PDD Holdings, Inc. ADR\* | 201 | 22803 |
| ANTA Sports Products Ltd. | 6007 | 68949 |
| Trip.com Group Ltd. | 479 | 29738 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China (continued)** |  |  |
| *Consumer Staples 1.17%* |  |  |
| China Resources Beer Holdings Co. Ltd. | 12800 | $42559 |
| Kweichow Moutai Co. Ltd. Class A | 162 | 31961 |
| *Financials 5.21%* |  |  |
| PICC Property & Casualty Co. Ltd. Class H | 32822 | 68125 |
| Ping An Insurance Group Co. of China Ltd. Class H | 7315 | 50220 |
| China Construction Bank Corp. Class H | 124780 | 127625 |
| Industrial & Commercial Bank of China Ltd. Class H | 112763 | 86402 |
| *Health Care 0.52%* |  |  |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 3800 | 33213 |
| *Industrials 1.16%* |  |  |
| SITC International Holdings Co. Ltd. | 10355 | 33571 |
| NARI Technology Co. Ltd. Class A | 13209 | 40155 |
| *Information Technology 1.50%* |  |  |
| Xiaomi Corp. Class B<sup>†</sup>\* | 14203 | 95557 |
| *Real Estate 0.74%* |  |  |
| China Resources Land Ltd. | 7146 | 26204 |
| KE Holdings, Inc. Class A | 3481 | 21290 |
| *Total China* |  | 1643497 |
| **France 0.64%** |  |  |
| *Energy 0.64%* |  |  |
| TotalEnergies SE | 683 | 40615 |
| **Greece 1.18%** |  |  |
| *Financials 1.18%* |  |  |
| Alpha Bank SA | 20176 | 75521 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

EMERGING MARKETS EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Hong Kong 2.02%** | | |
| *Financials 1.52%* |  |  |
| Prudential PLC | 3480 | $44148 |
| Hong Kong Exchanges & Clearing Ltd. | 975 | 52766 |
| *Industrials 0.50%* |  |  |
| Techtronic Industries Co. Ltd. | 2679 | 32034 |
| *Total Hong Kong* |  | 128948 |
| **Hungary 1.44%** |  |  |
| *Financials 1.44%* |  |  |
| OTP Bank Nyrt | 1128 | 91533 |
| **India 15.53%** |  |  |
| *Communication Services 2.58%* |  |  |
| Bharti Airtel Ltd. | 7563 | 164640 |
| *Consumer Discretionary 2.31%* |  |  |
| Maruti Suzuki India Ltd. | 295 | 42315 |
| Indian Hotels Co. Ltd. | 3368 | 28328 |
| MakeMyTrip Ltd.\* | 481 | 45017 |
| Eternal Ltd.\* | 3861 | 13475 |
| ITC Hotels Ltd.\* | 6872 | 18013 |
| *Consumer Staples 1.02%* |  |  |
| United Spirits Ltd. | 2698 | 41192 |
| Varun Beverages Ltd. | 3960 | 23535 |
| *Energy 0.77%* |  |  |
| Reliance Industries Ltd. | 3086 | 48736 |
| *Financials 4.18%* |  |  |
| ICICI Bank Ltd. ADR | 3049 | 102751 |
| HDFC Bank Ltd. | 4837 | 111001 |
| PB Fintech Ltd.\* | 242 | 4966 |
| Shriram Finance Ltd. | 6693 | 47936 |
| *Health Care 1.83%* |  |  |
| Torrent Pharmaceuticals Ltd. | 841 | 35798 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **India (continued)** | | |
| Max Healthcare Institute Ltd. | 4714 | $66880 |
| Mankind Pharma Ltd.\* | 485 | 14150 |
| Industrials 1.17% |  |  |
| GMR Airports Ltd.\* | 28586 | 29178 |
| Adani Ports & Special Economic Zone Ltd. | 2916 | 45481 |
| Information Technology 0.74% |  |  |
| Tata Consultancy Services Ltd. | 1374 | 47384 |
| Utilities 0.93% |  |  |
| Power Grid Corp. of India Ltd. | 17888 | 59134 |
| Total India |  | 989910 |
| **Indonesia 0.88%** |  |  |
| Financials 0.88% |  |  |
| Bank Mandiri Persero Tbk. PT | 79759 | 21713 |
| Bank Central Asia Tbk. PT | 68254 | 34208 |
| Total Indonesia |  | 55921 |
| **Mexico 2.61%** |  |  |
| Consumer Staples 0.73% |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 517 | 46768 |
| Financials 1.88% |  |  |
| Grupo Financiero Banorte SAB de CV Class O | 6443 | 57418 |
| Gentera SAB de CV | 27492 | 62125 |
| Total Mexico |  | 166311 |
| **Peru 1.25%** |  |  |
| Financials 1.25% |  |  |
| Credicorp Ltd. | 336 | 79632 |
| **Philippines 0.60%** |  |  |
| Financials 0.60% |  |  |
| BDO Unibank, Inc. | 15623 | 38138 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

EMERGING MARKETS EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Poland 1.31%** | | |
| Consumer Staples 0.54% |  |  |
| Dino Polska SA<sup>†</sup>\* | 2600 | $34289 |
| Financials 0.77% |  |  |
| Powszechny Zaklad Ubezpieczen SA | 2939 | 49261 |
| Total Poland |  | 83550 |
| **Singapore 1.04%** |  |  |
| Communication Services 1.04% |  |  |
| Sea Ltd. ADR\* | 423 | 66263 |
| **South Africa 1.25%** |  |  |
| Financials 0.92% |  |  |
| Capitec Bank Holdings Ltd. | 304 | 58930 |
| Materials 0.33% |  |  |
| Gold Fields Ltd. ADR | 856 | 20852 |
| Total South Africa |  | 79782 |
| **South Korea 12.35%** |  |  |
| Consumer Discretionary 1.08% |  |  |
| Kia Corp. | 941 | 68854 |
| Consumer Staples 1.03% |  |  |
| KT&G Corp. | 696 | 65232 |
| Financials 2.18% |  |  |
| Shinhan Financial Group Co. Ltd. | 1107 | 53904 |
| KB Financial Group, Inc. | 1067 | 84771 |
| Health Care 0.49% |  |  |
| Samsung Biologics Co. Ltd.<sup>†</sup>\* | 41 | 31325 |
| Industrials 3.41% |  |  |
| LS Electric Co. Ltd. | 416 | 91817 |
| Hyundai Engineering & Construction Co. Ltd. | 371 | 17955 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **South Korea (continued)** | | |
| Hanwha Aerospace Co. Ltd. | 151 | $107731 |
| *Information Technology 3.73%* |  |  |
| SK Hynix, Inc. | 391 | 75782 |
| Samsung Electronics Co. Ltd. | 3182 | 162167 |
| *Utilities 0.43%* |  |  |
| Korea Electric Power Corp. | 994 | 27456 |
| *Total South Korea* |  | 786994 |
| **Taiwan 17.18%** |  |  |
| *Information Technology 17.18%* |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 20023 | 770870 |
| Accton Technology Corp. | 3320 | 98053 |
| MediaTek, Inc. | 1416 | 64123 |
| Hon Hai Precision Industry Co. Ltd. | 5699 | 33513 |
| King Yuan Electronics Co. Ltd. | 7392 | 28915 |
| Lotes Co. Ltd. | 572 | 26747 |
| Asia Vital Components Co. Ltd. | 2394 | 72764 |
| *Total Taiwan* |  | 1094985 |
| **Thailand 0.89%** |  |  |
| *Communication Services 0.89%* |  |  |
| Advanced Info Service PCL | 6389 | 56765 |
| **Turkey 0.68%** |  |  |
| *Financials 0.68%* |  |  |
| Akbank TAS | 26057 | 43201 |
| **United Arab Emirates 1.68%** |  |  |
| *Energy 0.51%* |  |  |
| ADNOC Drilling Co. PJSC | 20657 | 32844 |
| *Industrials 1.17%* |  |  |
| Air Arabia PJSC | 17457 | 17648 |
| Salik Co. PJSC | 32566 | 56678 |
| *Total United Arab Emirates* |  | 107170 |

---

*See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

EMERGING MARKETS EQUITY FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom 0.76%** |  |  |
| *Financials 0.49%* |  |  |
| HSBC Holdings PLC | 2538 | $30902 |
| *Materials 0.27%* |  |  |
| Anglogold Ashanti PLC | 375 | 17344 |
| *Total United Kingdom* |  | 48246 |
| **United States 1.74%** |  |  |
| *Energy 0.99%* |  |  |
| Shell PLC | 1762 | 63314 |
| *Information Technology 0.75%* |  |  |
| Broadcom, Inc. | 162 | 47580 |
| *Total United States* |  | 110894 |
| *Total Common Stocks* (cost $4,493,815) |  | 6078972 |
| **PREFERRED STOCKS 2.36%** |  |  |
| **Brazil 2.36%** |  |  |
| *Banks 1.75%* |  |  |
| Banco Bradesco SA | 18640 | 51697 |
| Itau Unibanco Holding SA | 9516 | 59752 |
|  |  | 111449 |
| *Oil, Gas & Consumable Fuels 0.61%* |  |  |
| Petroleo Brasileiro SA - Petrobras | 6673 | 38897 |
| *Total Brazil* |  | 150346 |
| *Total Preferred Stocks*<br> (cost $140,878) |  | 150346 |
| *Total Long-Term Investments*<br> (cost $4,634,693) |  | 6229318 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **U.S. $ Fair Value** |
| **SHORT-TERM INVESTMENTS 1.78%** |  |  |
| **Repurchase Agreements 1.78%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $113,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $115,522; proceeds: $113,165<br> (cost $113,152) | $113152 | $113152 |
| *Total Investments in Securities 99.51%*<br> (cost $4,747,845) |  | 6342470 |
| *Other Assets and Liabilities – Net 0.49%* |  | 31544 |
| *Net Assets 100.00%* |  | $6374014 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | 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 July 31, 2025, the total value of Rule 144A securities was $227,774, which represents 3.57% of net assets. |

---

4 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

EMERGING MARKETS EQUITY FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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;Brazil | $260389 | $– | $– | $260389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 30707 |  |  | 30707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 116134 | 1527363 |  | 1643497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 40615 |  | 40615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 75521 |  | 75521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 128948 |  | 128948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 91533 |  | 91533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 147768 | 842142 |  | 989910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 55921 |  | 55921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 166311 |  |  | 166311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 79632 |  |  | 79632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 38138 |  | 38138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 83550 |  | 83550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 66263 |  |  | 66263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 20852 | 58930 |  | 79782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 786994 |  | 786994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 1094985 |  | 1094985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 56765 |  | 56765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 43201 |  | 43201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 32844 | 74326 |  | 107170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 17344 | 30902 |  | 48246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 47580 | 63314 |  | 110894 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 98649 | 51697 |  | 150346 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 113152 | – | 113152 |
| Total | $1084473 | $5257997 | $– | $6342470 |

---

<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.* 5

**Schedule of Investments**

INTERNATIONAL GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **LONG-TERM INVESTMENTS 96.03%** |  |  |
| **COMMON STOCKS 96.03%** |  |  |
| **Australia 0.75%** |  |  |
| Health Care 0.75% |  |  |
| Pro Medicus Ltd. | 130 | $26696 |
| **Austria 1.68%** |  |  |
| Financials 1.68% |  |  |
| Erste Group Bank AG | 330 | 30177 |
| BAWAG Group AG<sup>†</sup> | 233 | 29406 |
| **Belgium 0.93%** |  |  |
| Health Care 0.93% |  |  |
| UCB SA | 154 | 33087 |
| **Brazil 1.40%** |  |  |
| Consumer Discretionary 1.40% |  |  |
| MercadoLibre, Inc.\* | 21 | 49852 |
| **Canada 4.09%** |  |  |
| Consumer Discretionary 1.05% |  |  |
| Dollarama, Inc. | 273 | 37313 |
| Information Technology 3.04% |  |  |
| Constellation Software, Inc. | 10 | 34499 |
| Shopify, Inc. Class A\* | 400 | 48884 |
| Celestica, Inc.\* | 123 | 24583 |
| Total Canada |  | 145279 |
| **China 7.18%** |  |  |
| Communication Services 3.80% |  |  |
| Tencent Holdings Ltd. | 1930 | 135123 |
| Consumer Discretionary 2.24% |  |  |
| Alibaba Group Holding Ltd. | 1662 | 24988 |
| BYD Co. Ltd. Class H | 1890 | 27596 |
| ANTA Sports Products Ltd. | 2360 | 27088 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **China (continued)** |  |  |
| *Information Technology 1.14%* |  |  |
| Xiaomi Corp. Class B<sup>†</sup>\* | 6025 | $40536 |
| *Total China* |  | 255331 |
| **Denmark 1.63%** |  |  |
| *Consumer Staples 0.68%* |  |  |
| Carlsberg AS Class B | 195 | 24310 |
| *Industrials 0.95%* |  |  |
| DSV AS | 150 | 33613 |
| *Total Denmark* |  | 57923 |
| **France 7.57%** |  |  |
| *Consumer Staples 1.99%* |  |  |
| L'Oreal SA | 105 | 46461 |
| Pernod Ricard SA | 235 | 24150 |
| *Health Care 2.37%* |  |  |
| EssilorLuxottica SA | 181 | 53821 |
| BioMerieux | 125 | 17886 |
| Abivax SA ADR\* | 175 | 12560 |
| *Industrials 1.68%* |  |  |
| Safran SA | 181 | 59685 |
| *Materials 1.53%* |  |  |
| Air Liquide SA | 277 | 54496 |
| *Total France* |  | 269059 |
| **Germany 10.90%** |  |  |
| *Industrials 5.63%* |  |  |
| Rheinmetall AG | 34 | 67303 |
| Siemens AG | 205 | 52214 |
| Siemens Energy AG\* | 695 | 80466 |
| *Information Technology 4.25%* |  |  |
| SAP SE | 390 | 111523 |
| Infineon Technologies AG | 1007 | 39558 |

---

6 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERNATIONAL GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Germany (continued)** |  |  |
| *Materials 1.02%* |  |  |
| Heidelberg Materials AG | 158 | $36450 |
| Total Germany |  | 387514 |
| **Hungary 0.79%** |  |  |
| *Financials 0.79%* |  |  |
| OTP Bank Nyrt | 348 | 28239 |
| **India 4.27%** |  |  |
| *Communication Services 1.29%* |  |  |
| Bharti Airtel Ltd. | 2110 | 45933 |
| *Consumer Discretionary 0.73%* |  |  |
| Indian Hotels Co. Ltd. | 3085 | 25948 |
| *Financials 1.27%* |  |  |
| ICICI Bank Ltd. ADR | 1341 | 45192 |
| *Health Care 0.98%* |  |  |
| Max Healthcare Institute Ltd. | 2456 | 34844 |
| Total India |  | 151917 |
| **Italy 2.87%** |  |  |
| *Consumer Discretionary 0.85%* |  |  |
| Brunello Cucinelli SpA | 269 | 30167 |
| *Consumer Staples 0.88%* |  |  |
| Coca-Cola HBC AG | 600 | 31183 |
| *Financials 1.14%* |  |  |
| UniCredit SpA | 553 | 40686 |
| *Total Italy* |  | 102036 |
| **Japan 12.14%** |  |  |
| *Communication Services 1.80%* |  |  |
| Nintendo Co. Ltd. | 767 | 64105 |
| *Consumer Discretionary 1.98%* |  |  |
| Asics Corp. | 1567 | 36839 |
| Sony Group Corp. | 1400 | 33674 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **Japan (continued)** |  |  |
| Health Care 0.72% |  |  |
| Terumo Corp. | 1500 | $25436 |
| Industrials 6.17% |  |  |
| Fujikura Ltd. | 400 | 27153 |
| Hitachi Ltd. | 3000 | 91802 |
| Mitsubishi Heavy Industries Ltd. | 2450 | 58497 |
| BayCurrent, Inc. | 728 | 41802 |
| Information Technology 1.47% |  |  |
| Disco Corp. | 90 | 26597 |
| Tokyo Electron Ltd. | 160 | 25437 |
| Total Japan |  | 431342 |
| **Netherlands 0.87%** |  |  |
| Financials 0.87% |  |  |
| Adyen NV<sup>†</sup>\* | 18 | 30873 |
| **Norway 0.86%** |  |  |
| Industrials 0.86% |  |  |
| Kongsberg Gruppen ASA | 1018 | 30421 |
| **Peru 0.85%** |  |  |
| Financials 0.85% |  |  |
| Credicorp Ltd. | 127 | 30099 |
| **Singapore 2.45%** |  |  |
| Communication Services 1.61% |  |  |
| Sea Ltd. ADR\* | 365 | 57177 |
| Financials 0.84% |  |  |
| DBS Group Holdings Ltd. | 810 | 29731 |
| Total Singapore |  | 86908 |
| **South Korea 2.53%** |  |  |
| Industrials 2.12% |  |  |
| LS Electric Co. Ltd. | 115 | 25382 |
| Hanwha Aerospace Co. Ltd. | 70 | 49942 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

INTERNATIONAL GROWTH FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **South Korea (continued)** |  |  |
| *Information Technology 0.41%* |  |  |
| SK Hynix, Inc. | 75 | $14536 |
| *Total South Korea* |  | 89860 |
| **Spain 0.85%** |  |  |
| *Financials 0.85%* |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 1802 | 30054 |
| **Switzerland 7.20%** |  |  |
| *Consumer Discretionary 0.86%* |  |  |
| Cie Financiere Richemont SA Class A | 188 | 30696 |
| *Consumer Staples 0.41%* |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 14711 |
| *Health Care 2.63%* |  |  |
| Lonza Group AG Registered Shares | 62 | 43212 |
| Galderma Group AG | 325 | 50088 |
| *Industrials 2.71%* |  |  |
| ABB Ltd. Registered Shares | 940 | 61380 |
| Belimo Holding AG Registered Shares | 30 | 34912 |
| *Materials 0.59%* |  |  |
| Givaudan SA | 5 | 20902 |
| *Total Switzerland* |  | 255901 |
| **Taiwan 8.23%** |  |  |
| *Information Technology 8.23%* |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6815 | 262372 |
| MediaTek, Inc. | 260 | 11774 |
| Asia Vital Components Co. Ltd. | 600 | 18237 |
| *Total Taiwan* |  | 292383 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **U.S. $ Fair Value** |
| **United Kingdom 6.87%** |  |  |
| *Consumer Staples 1.35%* |  |  |
| Unilever PLC | 825 | $47867 |
| *Financials 0.98%* |  |  |
| St. James's Place PLC | 2015 | 34680 |
| *Health Care 2.01%* |  |  |
| AstraZeneca PLC | 489 | 71341 |
| *Industrials 2.53%* |  |  |
| Diploma PLC | 370 | 26192 |
| RELX PLC | 1230 | 63912 |
| *Total United Kingdom* |  | 243992 |
| **United States 9.12%** |  |  |
| *Communication Services 3.13%* |  |  |
| Meta Platforms, Inc. Class A | 63 | 48727 |
| Spotify Technology SA\* | 100 | 62654 |
| *Health Care 0.80%* |  |  |
| Alcon AG | 327 | 28667 |
| *Industrials 2.26%* |  |  |
| Schneider Electric SE | 310 | 80226 |
| *Information Technology 1.41%* |  |  |
| Broadcom, Inc. | 112 | 32894 |
| Arista Networks, Inc.\* | 139 | 17128 |
| *Materials 1.52%* |  |  |
| Holcim AG | 348 | 27753 |
| Linde PLC | 57 | 26235 |
| *Total United States* |  | 324284 |
| *Total Common Stocks*<br> (cost $2,565,393) |  | 3412633 |
| *Total Investments in Securities 96.03%*<br> (cost $2,565,393) |  | $3412633 |
| *Other Assets and Liabilities – Net 3.97%* |  | 141096 |
| *Net Assets 100.00%* |  | $3553729 |

---

8 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

INTERNATIONAL GROWTH FUND *July 31, 2025*

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| <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 July 31, 2025, the total value of Rule 144A securities was $100,815, which represents 2.84% of net assets. |
| \* | Non-income producing security. |

---

The following is a summary of the inputs used as of July 31, 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;Australia | $– | $26696 | $– | $26696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 59583 |  | 59583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 33087 |  | 33087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 49852 |  |  | 49852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 145279 |  |  | 145279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 255331 |  | 255331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 57923 |  | 57923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 12560 | 256499 |  | 269059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 387514 |  | 387514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 28239 |  | 28239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 45192 | 106725 |  | 151917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 102036 |  | 102036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 431342 |  | 431342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 30873 |  | 30873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 30421 |  | 30421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 30099 |  |  | 30099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 57177 | 29731 |  | 86908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 89860 |  | 89860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 30054 |  | 30054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 255901 |  | 255901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 292383 |  | 292383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 243992 |  | 243992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 187638 | 136646 | – | 324284 |
| Total | $527797 | $2884836 | $– | $3412633 |

---

---

| | |
|:---|:---|
| |  |
| <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.* 9

**Schedule of Investments**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 103.71%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 74.20%** |  |  |  |  |  |
| **Automobiles 7.42%** |  |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2024-A Class E<sup>†</sup> | 7.917% |  | 5/17/2032 | $2124673 | $2169371 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B Class E<sup>†</sup> | 6.678% |  | 9/15/2032 | 1073477 | 1080504 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class B<sup>†</sup> | 5.65%<br>(30 day USD<br>SOFR Average + 1.30% |)<sup>#</sup> | 12/26/2031 | 128634 | 129242 |
| Bayview Opportunity Master Fund VII Trust Series 2024-SN1 Class E<sup>†</sup> | 8.00% |  | 10/15/2029 | 2000000 | 2060753 |
| CAL Receivables LLC Series 2022-1 Class B<sup>†</sup> | 8.69%<br> (30 day USD<br>SOFR Average + 4.35% |)<sup>#</sup> | 10/15/2026 | 2054603 | 2051571 |
| Carmax Auto Owner Trust Series 2023-1 Class C | 5.19% |  | 1/16/2029 | 2465000 | 2481815 |
| Carmax Auto Owner Trust Series 2023-3 Class C | 5.61% |  | 2/15/2029 | 5000000 | 5087696 |
| Carvana Auto Receivables Trust Series 2023-N4 Class D<sup>†</sup> | 7.22% |  | 2/11/2030 | 2325000 | 2423446 |
| CPS Auto Receivables Trust Series 2022-A Class E<sup>†</sup> | 4.88% |  | 4/16/2029 | 8000000 | 7921712 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% |  | 10/15/2029 | 4500000 | 4563225 |
| CPS Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 10.59% |  | 8/15/2030 | 8884000 | 9657669 |
| CPS Auto Receivables Trust Series 2023-C Class D<sup>†</sup> | 6.77% |  | 10/15/2029 | 4250000 | 4356058 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% |  | 1/15/2031 | 5500000 | 5482116 |
| Drive Auto Receivables Trust Series 2024-1 Class C | 5.43% |  | 11/17/2031 | 2330000 | 2353637 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% |  | 6/15/2029 | 1590000 | 1619548 |
| Exeter Automobile Receivables Trust Series 2023-1A Class E<sup>†</sup> | 12.07% |  | 9/16/2030 | 5900000 | 6700602 |
| Exeter Automobile Receivables Trust Series 2023-2A Class D | 6.32% |  | 8/15/2029 | 8742000 | 8945023 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% |  | 4/16/2029 | 2416000 | 2467701 |
| Exeter Automobile Receivables Trust Series 2023-3A Class E<sup>†</sup> | 9.98% |  | 1/15/2031 | 6004000 | 6551325 |
| Exeter Automobile Receivables Trust Series 2023-5A Class C | 6.85% |  | 1/16/2029 | 6515000 | 6641620 |
| Exeter Automobile Receivables Trust Series 2024-1A Class D | 5.84% |  | 6/17/2030 | 3900000 | 3960589 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Exeter Automobile Receivables Trust Series 2025-1A Class E<sup>†</sup> | 7.48% |  | 9/15/2032 | $4000000 | $4124496 |
| Flagship Credit Auto Trust Series 2020-4 Class E<sup>†</sup> | 3.84% |  | 7/17/2028 | 1000000 | 989841 |
| GLS Auto Receivables Issuer Trust Series 2021-4A Class E<sup>†</sup> | 4.43% |  | 10/16/2028 | 1000000 | 979917 |
| GLS Auto Receivables Issuer Trust Series 2023-4A Class D<sup>†</sup> | 7.18% |  | 8/15/2029 | 2193000 | 2270664 |
| GLS Auto Select Receivables Trust Series 2023-1A Class D<sup>†</sup> | 7.93% |  | 7/15/2030 | 2000000 | 2130226 |
| GLS Auto Select Receivables Trust Series 2023-2A Class D<sup>†</sup> | 8.22% |  | 2/18/2031 | 5590000 | 6030565 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class D<sup>†</sup> | 9.598%<br> (30 day USD<br>SOFR Average + 5.25% |)<sup>#</sup> | 5/20/2032 | 3516369 | 3600341 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B2<sup>†</sup> | 5.698%<br>(30 day USD<br>SOFR Average + 1.35% |)<sup>#</sup> | 10/20/2032 | 6741919 | 6778861 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class C<sup>†</sup> | 6.948%<br>(30 day USD<br>SOFR Average + 2.60% |)<sup>#</sup> | 10/20/2032 | 4178362 | 4196706 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class D<sup>†</sup> | 8.348%<br>(30 day USD<br>SOFR Average + 4.00% |)<sup>#</sup> | 10/20/2032 | 2568097 | 2597365 |
| Kinetic Advantage Master Owner Trust Series 2024-1A Class A<sup>†</sup> | 6.99%<br>(30 day USD<br>SOFR Average + 2.65% |)<sup>#</sup> | 11/15/2027 | 8205000 | 8227098 |
| LAD Auto Receivables Trust Series 2023-1A Class D<sup>†</sup> | 7.30% |  | 6/17/2030 | 728000 | 742855 |
| LAD Auto Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.43% |  | 12/15/2028 | 3250000 | 3321944 |
| LAD Auto Receivables Trust Series 2023-3A Class D<sup>†</sup> | 6.92% |  | 12/16/2030 | 1100000 | 1137942 |
| Santander Bank Auto Credit-Linked Notes Series 2021-1A Class E<sup>†</sup> | 6.171% |  | 12/15/2031 | 591448 | 591772 |
| Santander Bank Auto Credit-Linked Notes Series 2022-A Class E<sup>†</sup> | 12.662% |  | 5/15/2032 | 2023992 | 2068196 |
| Santander Bank Auto Credit-Linked Notes Series 2022-B Class G<sup>†</sup> | 14.552% |  | 8/16/2032 | 2000000 | 2061663 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Santander Bank Auto Credit-Linked Notes Series 2022-C Class F<sup>†</sup> | 14.592% | 12/15/2032 | $2000000 | $2067763 |
| Santander Consumer Auto Receivables Trust Series 2021-AA Class F<sup>†</sup> | 5.79% | 8/15/2028 | 4500000 | 4529654 |
| Santander Drive Auto Receivables Trust Series 2023-4 Class C | 6.04% | 12/15/2031 | 2780000 | 2851749 |
| SBNA Auto Receivables Trust Series 2024-A Class C<sup>†</sup> | 5.59% | 1/15/2030 | 5700000 | 5794394 |
| SBNA Auto Receivables Trust Series 2024-A Class E<sup>†</sup> | 8.00% | 4/15/2032 | 4860000 | 5087459 |
| SBNA Auto Receivables Trust Series 2025-SF1 Class D<sup>†</sup> | 5.34% | 9/15/2031 | 6750000 | 6762149 |
| SBNA Auto Receivables Trust Series 2025-SF1 Class E<sup>†</sup> | 6.74% | 10/15/2031 | 2750000 | 2759987 |
| Securitized Term Auto Receivables Trust Series 2025-A Class D<sup>†</sup> | 6.746% | 7/25/2031 | 3713976 | 3767491 |
| U.S. Bank NA Series 2023-1 Class C<sup>†</sup> | 9.785% | 8/25/2032 | 1323089 | 1359741 |
| VStrong Auto Receivables Trust Series 2023-A Class D<sup>†</sup> | 9.31% | 2/15/2030 | 2000000 | 2174962 |
| VStrong Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 9.99% | 12/16/2030 | 2000000 | 2199109 |
| VStrong Auto Receivables Trust Series 2024-A Class C<sup>†</sup> | 6.44% | 7/15/2030 | 3010000 | 3085917 |
| VStrong Auto Receivables Trust Series 2024-A Class D<sup>†</sup> | 7.29% | 7/15/2030 | 3000000 | 3118749 |
| Westlake Automobile Receivables Trust Series 2023-3A Class D<sup>†</sup> | 6.47% | 3/15/2029 | 1375000 | 1412353 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% | 2/15/2029 | 4750000 | 4790036 |
| Westlake Flooring Master Trust Series 2024-1A Class B<sup>†</sup> | 6.07% | 2/15/2028 | 7690000 | 7726114 |
| *Total* |  |  |  | 200043302 |
| **Credit Card 1.03%** |  |  |  |  |
| Continental Finance Credit Card ABS Master Trust Series 2024-A Class A<sup>†</sup> | 5.78% | 12/15/2032 | 9000000 | 9077031 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% | 9/17/2029 | 4600000 | 4610120 <sup>(a)</sup> |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% | 7/20/2029 | 6700000 | 6745305 |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% | 12/16/2030 | 7500000 | 7463490 |
| *Total* |  |  |  | 27895946 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other 65.75%** |  |  |  |  |  |
| 1988 CLO 1 Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.678%<br> (3 mo. USD Term<br> SOFR + 1.36% |)<sup>#</sup> | 10/15/2039 | $8270000 | $8309373 |
| 1988 CLO 3 Ltd. Series 2023-3A Class C<sup>†</sup> | 7.568%<br> (3 mo. USD Term<br>SOFR + 3.25% |)<sup>#</sup> | 10/15/2038 | 4000000 | 4019600 |
| 1988 CLO 4 Ltd. Series 2024-4A Class D<sup>†</sup> | 8.568%<br> (3 mo. USD Term<br>SOFR + 4.25% |)<sup>#</sup> | 4/15/2037 | 2000000 | 2018940 |
| 1988 CLO 6 Ltd. Series 2025-6A Class D1<sup>†</sup> | 6.94%<br> (3 mo. USD Term<br>SOFR + 2.65% |)<sup>#</sup> | 4/15/2038 | 8500000 | 8401867 |
| 37 Capital CLO 3 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.818%<br> (3 mo. USD Term<br>SOFR + 1.50% |)<sup>#</sup> | 7/15/2038 | 3250000 | 3264384 |
| 37 Capital CLO 4 Ltd. Series 2023-2A Class ER<sup>†</sup> | 9.668%<br> (3 mo. USD Term<br>SOFR + 5.35% |)<sup>#</sup> | 4/15/2035 | 2400000 | 2397086 |
| 720 East CLO Ltd. Series 2022-1A Class ER<sup>†</sup> | 10.226%<br> (3 mo. USD Term<br> SOFR + 5.90% |)<sup>#</sup> | 1/20/2038 | 2000000 | 2024124 |
| AB BSL CLO 6 Ltd. Series 2025-6A Class D1<sup>†</sup> | 7.722%<br> (3 mo. USD Term<br> SOFR + 3.45% |)<sup>#</sup> | 7/20/2037 | 5000000 | 5024285 |
| AB BSL CLO 6 Ltd. Series 2025-6A Class E<sup>†</sup> | 10.272%<br> (3 mo. USD Term<br> SOFR + 6.00% |)<sup>#</sup> | 7/20/2037 | 6000000 | 6015366 |
| Affirm Asset Securitization Trust Series 2023-B Class D<sup>†</sup> | 8.78% |  | 9/15/2028 | 3750000 | 3763846 |
| Affirm Asset Securitization Trust Series 2024-A Class 1E<sup>†</sup> | 9.17% |  | 2/15/2029 | 1530000 | 1544346 |
| Affirm Asset Securitization Trust Series 2024-A Class E<sup>†</sup> | 9.17% |  | 2/15/2029 | 2310000 | 2331660 |
| Affirm Asset Securitization Trust Series 2024-B Class B<sup>†</sup> | 4.88% |  | 9/15/2029 | 6075000 | 6066717 |
| Affirm Master Trust Series 2025-1A Class E<sup>†</sup> | 7.18% |  | 2/15/2033 | 5000000 | 4974441 |
| AGL CLO 24 Ltd. Series 2023-24A Class A2R<sup>†</sup> | 6.029%<br> (3 mo. USD Term<br> SOFR + 1.71% |)<sup>#</sup> | 3/31/2038 | 6000000 | 6012702 |
| AGL CLO 26 Ltd. Series 2023-26A Class E<sup>†</sup> | 12.576%<br> (3 mo. USD Term<br> SOFR + 8.25% |)<sup>#</sup> | 10/21/2036 | 650000 | 650033 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| AGL CLO 28 Ltd. Series 2023-28A Class D<sup>†</sup> | 9.176%<br>(3 mo. USD Term<br>SOFR + 4.85% |)<sup>#</sup> | 1/21/2037 | $11200000 | $11333123 |
| AGL CLO 35 Ltd. Series 2024-35A Class A1<sup>†</sup> | 5.666%<br>(3 mo. USD Term<br>SOFR + 1.34% |)<sup>#</sup> | 1/21/2038 | 1500000 | 1503585 |
| Allegro CLO V-S Ltd. Series 2024-2A Class CT<sup>†</sup> | 6.769%<br>(3 mo. USD Term<br>SOFR + 2.45% |)<sup>#</sup> | 7/24/2037 | 3000000 | 3023826 |
| AMMC CLO 23 Ltd. Series 2020-23A Class AR3<sup>†</sup> | 5.712%<br>(3 mo. USD Term<br>SOFR + 1.39% |)<sup>#</sup> | 7/17/2038 | 16300000 | 16351834 |
| AMMC CLO 25 Ltd. Series 2022-25A Class BR<sup>†</sup> | 6.068%<br>(3 mo. USD Term<br>SOFR + 1.75% |)<sup>#</sup> | 4/15/2035 | 500000 | 500875 |
| AMMC CLO 28 Ltd. Series 2024-28A Class D1<sup>†</sup> | 7.826%<br>(3 mo. USD Term<br>SOFR + 3.50% |)<sup>#</sup> | 7/20/2037 | 6750000 | 6801475 |
| AMMC CLO 30 Ltd. Series 2024-30A Class A1<sup>†</sup> | 5.998%<br>(3 mo. USD Term<br>SOFR + 1.68% |)<sup>#</sup> | 1/15/2037 | 1050000 | 1053016 |
| AMMC CLO 30 Ltd. Series 2024-30A Class C<sup>†</sup> | 6.968%<br>(3 mo. USD Term<br>SOFR + 2.65% |)<sup>#</sup> | 1/15/2037 | 1031745 | 1037361 |
| AMMC CLO 30 Ltd. Series 2024-30A Class D<sup>†</sup> | 8.818%<br>(3 mo. USD Term<br>SOFR + 4.50% |)<sup>#</sup> | 1/15/2037 | 2440000 | 2478930 |
| AMMC CLO 31 Ltd. Series 2025-31A Class D<sup>†</sup> | 7.276%<br>(3 mo. USD Term<br>SOFR + 2.95% |)<sup>#</sup> | 2/20/2038 | 3500000 | 3517146 |
| AMMC CLO 31 Ltd. Series 2025-31A Class E<sup>†</sup> | 9.776%<br>(3 mo. USD Term<br>SOFR + 5.45% |)<sup>#</sup> | 2/20/2038 | 2380000 | 2397726 |
| Anchorage Capital CLO 19 Ltd. Series 2021-19A Class C<sup>†</sup> | 6.979%<br>(3 mo. USD Term<br>SOFR + 2.66% |)<sup>#</sup> | 10/15/2034 | 1000000 | 1002284 |
| Apidos CLO XLVIII Ltd. Series 2024-48A Class E<sup>†</sup> | 10.069%<br>(3 mo. USD Term<br>SOFR + 5.75% |)<sup>#</sup> | 7/25/2037 | 150000 | 151525 |
| ARES LII CLO Ltd. Series 2019-52A Class DRR<sup>†</sup> | 6.832%<br> (3 mo. USD Term<br>SOFR + 2.50% |)<sup>#</sup> | 4/22/2031 | 3075000 | 3076845 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| ARES LV CLO Ltd. Series 2020-55A Class ER2<sup>†</sup> | 10.818%<br> (3 mo. USD Term<br> SOFR + 6.50% |)<sup>#</sup> | 10/15/2037 | $750000 | $759368 |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.509%<br> (3 mo. USD Term<br> SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | 2000000 | 1996278 |
| ARES LX CLO Ltd. Series 2021-60A Class B<sup>†</sup> | 6.241%<br> (3 mo. USD Term<br> SOFR + 1.91% |)<sup>#</sup> | 7/18/2034 | 3250000 | 3252454 |
| ARES LXIII CLO Ltd. Series 2022-63A Class A1R<sup>†(b)</sup> |  | <sup>(c)</sup> | 10/15/2038 | 10000000 | 10008590 |
| ARES LXVIII CLO Ltd. Series 2023-68A Class ER<sup>†</sup> | 10.319%<br> (3 mo. USD Term<br> SOFR + 6.00% |)<sup>#</sup> | 7/25/2037 | 4560000 | 4583429 |
| ARES XLIII CLO Ltd. Series 2017-43A Class D1R2<sup>†</sup> | 7.318%<br> (3 mo. USD Term<br> SOFR + 3.00% |)<sup>#</sup> | 1/15/2038 | 3500000 | 3533509 |
| ARES XLIV CLO Ltd. Series 2017-44A Class CRR<sup>†(b)</sup> |  | <sup>(c)</sup> | 4/15/2034 | 5350000 | 5363375 |
| Arini U.S. CLO I Ltd. Series 1A Class B<sup>†</sup> | 6.576%<br> (3 mo. USD Term<br> SOFR + 2.25% |)<sup>#</sup> | 4/15/2038 | 2600000 | 2632417 |
| Arini U.S. CLO I Ltd. Series 1A Class C<sup>†</sup> | 7.226%<br> (3 mo. USD Term<br> SOFR + 2.90% |)<sup>#</sup> | 4/15/2038 | 9300000 | 9471920 |
| Atlantic Avenue Ltd. Series 2023-1A Class D1<sup>†</sup> | 9.926%<br> (3 mo. USD Term<br> SOFR + 5.60% |)<sup>#</sup> | 10/20/2036 | 9900000 | 9953143 |
| Atlantic Avenue Ltd. Series 2024-2A Class D<sup>†</sup> | 9.076%<br> (3 mo. USD Term<br> SOFR + 4.75% |)<sup>#</sup> | 4/20/2037 | 1000000 | 1012561 |
| Atlantic Avenue Ltd. Series 2024-3A Class C<sup>†</sup> | 6.526%<br> (3 mo. USD Term<br> SOFR + 2.20% |)<sup>#</sup> | 1/20/2035 | 2500000 | 2508600 |
| Atlas Senior Loan Fund XXII Ltd. Series 2023-22A Class A1<sup>†</sup> | 6.306%<br> (3 mo. USD Term<br> SOFR + 1.98% |)<sup>#</sup> | 1/20/2036 | 2000000 | 2006994 |
| Atlas Senior Loan Fund XXII Ltd. Series 2023-22A Class D<sup>†</sup> | 10.076%<br> (3 mo. USD Term<br> SOFR + 5.75% |)<sup>#</sup> | 1/20/2036 | 5000000 | 5020060 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.869%<br> (3 mo. USD Term<br> SOFR + 1.55% |)<sup>#</sup> | 7/24/2034 | 4500000 | 4504311 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Bain Capital Credit CLO Ltd. Series 2023-3A Class B<sup>†</sup> | 7.019%<br> (3 mo. USD Term<br> SOFR + 2.70% |)<sup>#</sup> | 7/24/2036 | $2620000 | $2628764 |
| Bain Capital Credit CLO Ltd. Series 2023-3A Class E<sup>†</sup> | 12.869%<br> (3 mo. USD Term<br> SOFR + 8.55% |)<sup>#</sup> | 7/24/2036 | 500000 | 507753 |
| Bain Capital Credit CLO Ltd. Series 2023-4A Class D<sup>†</sup> | 9.326%<br> (3 mo. USD Term<br> SOFR + 5.00% |)<sup>#</sup> | 10/21/2036 | 13170000 | 13238128 |
| Bain Capital Credit CLO Ltd. Series 2024-5A Class E<sup>†</sup> | 10.476%<br> (3 mo. USD Term<br> SOFR + 6.15% |)<sup>#</sup> | 10/21/2037 | 500000 | 508563 |
| Balboa Bay Loan Funding Ltd. Series 2023-2A Class D<sup>†</sup> | 8.826%<br> (3 mo. USD Term<br> SOFR + 4.50% |)<sup>#</sup> | 10/20/2036 | 1000000 | 1008521 |
| Ballyrock CLO 20 Ltd. Series 2022-20A Class DR2<sup>†</sup> | 10.518%<br> (3 mo. USD Term<br> SOFR + 6.20% |)<sup>#</sup> | 10/15/2036 | 500000 | 496486 |
| Ballyrock CLO 21 Ltd. Series 2022-21A Class C1R<sup>†</sup> | 7.476%<br> (3 mo. USD Term<br> SOFR + 3.15% |)<sup>#</sup> | 10/20/2037 | 1030000 | 1034333 |
| Ballyrock CLO 21 Ltd. Series 2022-21A Class DR<sup>†</sup> | 10.326%<br> (3 mo. USD Term<br> SOFR + 6.00% |)<sup>#</sup> | 10/20/2037 | 2500000 | 2511243 |
| Ballyrock CLO 22 Ltd. Series 2024-22A Class B<sup>†</sup> | 6.668%<br> (3 mo. USD Term<br> SOFR + 2.35% |)<sup>#</sup> | 4/15/2037 | 2000000 | 2010616 |
| Barings CLO Ltd. Series 2023-1A Class A2R<sup>†</sup> | 6.026%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 4/20/2038 | 1000000 | 999502 |
| Barings CLO Ltd. Series 2024-1A Class D<sup>†</sup> | 8.326%<br> (3 mo. USD Term<br> SOFR + 4.00% |)<sup>#</sup> | 1/20/2037 | 2500000 | 2517923 |
| Barings CLO Ltd. Series 2025-1A Class D1<sup>†</sup> | 6.926%<br> (3 mo. USD Term<br> SOFR + 2.60% |)<sup>#</sup> | 4/20/2038 | 8000000 | 8050880 |
| Barrow Hanley CLO I Ltd. Series 2023-1A Class A2R<sup>†</sup> | 5.866%<br> (3 mo. USD Term<br> SOFR + 1.54% |)<sup>#</sup> | 1/20/2038 | 6200000 | 6206547 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Barrow Hanley CLO I Ltd. Series 2023-1A Class D1R<sup>†</sup> | 7.426%<br>(3 mo. USD Term<br>SOFR + 3.10% |)<sup>#</sup> | 1/20/2038 | $3500000 | $3516527 |
| Barrow Hanley CLO II Ltd. Series 2023-2A Class ER<sup>†</sup> | 9.426%<br>(3 mo. USD Term<br>SOFR + 5.10% |)<sup>#</sup> | 10/20/2035 | 2000000 | 2008992 |
| Barrow Hanley CLO III Ltd. Series 2024-3A Class D<sup>†</sup> | 8.476%<br>(3 mo. USD Term<br>SOFR + 4.15% |)<sup>#</sup> | 4/20/2037 | 1000000 | 1009235 |
| Battalion CLO 18 Ltd. Series 2024-25A Class B<sup>†</sup> | 6.526%<br>(3 mo. USD Term<br>SOFR + 2.20% |)<sup>#</sup> | 3/13/2037 | 8450000 | 8488093 |
| Battalion CLO IX Ltd. Series 2015-9A Class BRR<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/15/2031 | 13280000 | 13298380 |
| Battalion CLO XXVIII Ltd. Series 2025-28A Class D1<sup>†</sup> | 7.376%<br>(3 mo. USD Term<br>SOFR + 3.05% |)<sup>#</sup> | 1/20/2038 | 5000000 | 5022800 |
| Battery Park CLO II Ltd. Series 2022-1A Class CR<sup>†</sup> | 6.676%<br>(3 mo. USD Term<br>SOFR + 2.35% |)<sup>#</sup> | 10/20/2037 | 1250000 | 1258006 |
| Benefit Street Partners CLO 42 Ltd. Series 2025-42A Class A<sup>†(b)</sup> |  | <sup>(c)</sup> | 10/25/2038 | 8000000 | 8006000 |
| Benefit Street Partners CLO 42 Ltd. Series 2025-42A Class B<sup>†(b)</sup> |  | <sup>(c)</sup> | 10/25/2038 | 3200000 | 3204000 |
| Benefit Street Partners CLO Ltd. Series 2015-6BR Class BR<sup>†</sup> | 5.876%<br> (3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | 6500000 | 6518427 |
| Benefit Street Partners CLO X Ltd. Series 2016-10A Class A1R3<sup>†</sup> | 5.626%<br> (3 mo. USD Term<br>SOFR + 1.30% |)<sup>#</sup> | 7/20/2038 | 11520000 | 11578902 |
| Benefit Street Partners CLO XXVIII Ltd. Series 2022-28A Class AR<sup>†</sup> | 5.676%<br> (3 mo. USD Term<br>SOFR + 1.35% |)<sup>#</sup> | 10/20/2037 | 6500000 | 6515275 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A Class D<sup>†</sup> | 8.569%<br> (3 mo. USD Term<br>SOFR + 4.25% |)<sup>#</sup> | 1/25/2036 | 7750000 | 7807590 |
| Benefit Street Partners CLO XXXVII Ltd. Series 2024-37A Class A<sup>†</sup> | 5.669%<br> (3 mo. USD Term<br>SOFR + 1.35% |)<sup>#</sup> | 1/25/2038 | 2000000 | 2004288 |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Birch Grove CLO 12 Ltd. Series 2025-12A Class B<sup>†</sup> | 5.893%<br>(3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 4/22/2038 | $12000000 | $11978040 |
| Birch Grove CLO 14 Ltd. Series 2025-14A Class E<sup>†</sup> | 10.98%<br>(3 mo. USD Term<br>SOFR + 6.65% |)<sup>#</sup> | 7/22/2037 | 5000000 | 5018570 |
| Birch Grove CLO 4 Ltd. Series 2022-4A Class A1R<sup>†</sup> | 5.798%<br>(3 mo. USD Term<br>SOFR + 1.48% |)<sup>#</sup> | 7/15/2037 | 160000 | 160501 |
| Birch Grove CLO 5 Ltd. Series 2023-5A Class D1R<sup>†</sup> | 7.676%<br>(3 mo. USD Term<br>SOFR + 3.35% |)<sup>#</sup> | 10/20/2037 | 750000 | 753255 |
| Birch Grove CLO 6 Ltd. Series 2023-6A Class A1R<sup>†</sup> | 5.751%<br>(3 mo. USD Term<br>SOFR + 1.38% |)<sup>#</sup> | 7/20/2037 | 10000000 | 10030130 |
| Birch Grove CLO Ltd. Series 19A Class A1RR<sup>†</sup> | 5.912%<br>(3 mo. USD Term<br>SOFR + 1.59% |)<sup>#</sup> | 7/17/2037 | 4570000 | 4594358 |
| Black Diamond CLO Ltd. Series 2022-1A Class B<sup>†</sup> | 7.169%<br>(3 mo. USD Term<br>SOFR + 2.85% |)<sup>#</sup> | 10/25/2035 | 2000000 | 2012512 |
| Black Diamond CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 6.339%<br>(3 mo. USD Term<br>SOFR + 2.02% |)<sup>#</sup> | 10/25/2037 | 8000000 | 8030184 |
| Black Diamond CLO Ltd. Series 2025-1A Class B<sup>†</sup> | 6.466%<br>(3 mo. USD Term<br>SOFR + 2.15% |)<sup>#</sup> | 7/15/2038 | 7000000 | 7050533 |
| Black Diamond CLO Ltd. Series 2025-1A Class C1<sup>†</sup> | 6.716%<br>(3 mo. USD Term<br>SOFR + 2.40% |)<sup>#</sup> | 7/15/2038 | 10000000 | 10056920 |
| Brant Point CLO Ltd. Series 2024-3A Class C<sup>†</sup> | 6.872%<br>(3 mo. USD Term<br>SOFR + 2.55% |)<sup>#</sup> | 2/20/2037 | 2000000 | 2010074 |
| Brant Point CLO Ltd. Series 2025-7A Class D1<sup>†</sup> | 7.529%<br>(3 mo. USD Term<br>SOFR + 3.20% |)<sup>#</sup> | 7/25/2038 | 4900000 | 4922310 |
| Bridge Street CLO IV Ltd. Series 2024-1A Class E<sup>†</sup> | 11.316%<br>(3 mo. USD Term<br>SOFR + 6.99% |)<sup>#</sup> | 4/20/2037 | 3000000 | 3013902 |
| Bridge Street CLO Ltd. Series 2025-1A Class A1<sup>†</sup> | 5.546%<br>(3 mo. USD Term<br>SOFR + 1.22% |)<sup>#</sup> | 4/20/2038 | 10000000 | 10004890 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Bridge Street CLO Ltd. Series 2025-1A Class E<sup>†</sup> | 9.676%<br> (3 mo. USD Term<br> SOFR + 5.35% |)<sup>#</sup> | 4/20/2038 | $1500000 | $1507734 |
| Bryant Park Funding Ltd. Series 2023-20A Class BR<sup>†</sup> | 6.225%<br> (3 mo. USD Term<br> SOFR + 1.90% |)<sup>#</sup> | 4/15/2038 | 8450000 | 8475967 |
| Bryant Park Funding Ltd. Series 2023-20A Class ER<sup>†</sup> | 11.075%<br> (3 mo. USD Term<br> SOFR + 6.75% |)<sup>#</sup> | 4/15/2038 | 7750000 | 7957134 |
| Bryant Park Funding Ltd. Series 2024-25A Class A2<sup>†</sup> | 5.929%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 1/18/2038 | 3000000 | 3003135 |
| Cajun Global LLC Series 2021-1 Class A2<sup>†</sup> | 3.931% |  | 11/20/2051 | 9334941 | 9138732 |
| Canyon Capital CLO Ltd. Series 2023-1A Class E<sup>†</sup> | 12.298%<br> (3 mo. USD Term<br> SOFR + 7.98% |)<sup>#</sup> | 10/15/2036 | 1000000 | 1014263 |
| Canyon CLO Ltd. Series 2023-2A Class B<sup>†</sup> | 6.368%<br> (3 mo. USD Term<br> SOFR + 2.05% |)<sup>#</sup> | 5/15/2037 | 540000 | 542020 |
| Carlyle U.S. CLO Ltd. Series 2019-3A Class A2RR<sup>†</sup> | 6.376%<br> (3 mo. USD Term<br> SOFR + 2.05% |)<sup>#</sup> | 4/20/2037 | 5000000 | 5022275 |
| Carlyle U.S. CLO Ltd. Series 2021-10A Class A2R<sup>†</sup> | 5.896%<br> (3 mo. USD Term<br> SOFR + 1.57% |)<sup>#</sup> | 1/20/2038 | 5000000 | 5017670 |
| Carlyle U.S. CLO Ltd. Series 2021-4A Class A2<sup>†</sup> | 5.987%<br> (3 mo. USD Term<br> SOFR + 1.66% |)<sup>#</sup> | 4/20/2034 | 3700000 | 3704011 |
| Carlyle U.S. CLO Ltd. Series 2023-2A Class BR<sup>†</sup> | 6.069%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 7/20/2038 | 6350000 | 6358788 |
| Carlyle U.S. CLO Ltd. Series 2023-5A Class E<sup>†</sup> | 12.214%<br> (3 mo. USD Term<br> SOFR + 7.90% |)<sup>#</sup> | 1/27/2036 | 2000000 | 2043628 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 11.238%<br> (3 mo. USD Term<br> SOFR + 6.92% |)<sup>#</sup> | 4/15/2037 | 1200000 | 1219366 |
| CarVal CLO III Ltd. Series 2019-2A Class CR2<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 7/20/2032 | 6000000 | 5971080 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| CBAMR Ltd. Series 2018-8A Class DR<sup>†</sup> | 8.318%<br>(3 mo. USD Term<br>SOFR + 4.00% |)<sup>#</sup> | 7/15/2037 | $9750000 | $9822530 |
| CBAMR Ltd. Series 2019-9A Class DR<sup>†</sup> | 8.468%<br>(3 mo. USD Term<br>SOFR + 4.15% |)<sup>#</sup> | 7/15/2037 | 11000000 | 11153681 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 3950000 | 3968100 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 5625000 | 5676388 |
| CIFC Funding Ltd. Series 2013-3RA Class A2R<sup>†</sup> | 5.519%<br>(3 mo. USD Term<br>SOFR + 1.20% |)<sup>#</sup> | 4/24/2031 | 8000000 | 7993104 |
| CIFC Funding Ltd. Series 2019-1A Class ER<sup>†</sup> | 10.076%<br>(3 mo. USD Term<br>SOFR + 5.75% |)<sup>#</sup> | 10/20/2037 | 750000 | 760769 |
| CIFC Funding Ltd. Series 2022-6A Class BR<sup>†</sup> | 6.068%<br>(3 mo. USD Term<br>SOFR + 1.75% |)<sup>#</sup> | 10/16/2038 | 2000000 | 2011748 |
| CIFC Funding Ltd. Series 2023-3A Class C<sup>†</sup> | 6.976%<br>(3 mo. USD Term<br>SOFR + 2.65% |)<sup>#</sup> | 1/20/2037 | 625000 | 629089 |
| CIFC Funding Ltd. Series 2023-3A Class D<sup>†</sup> | 8.576%<br>(3 mo. USD Term<br>SOFR + 4.25% |)<sup>#</sup> | 1/20/2037 | 1000000 | 1009712 |
| CIFC Funding Ltd. Series 2024-3A Class A1<sup>†</sup> | 5.806%<br>(3 mo. USD Term<br>SOFR + 1.48% |)<sup>#</sup> | 7/21/2037 | 4000000 | 4017792 |
| CIFC Funding Ltd. Series 2024-4A Class A<sup>†</sup> | 5.668%<br>(3 mo. USD Term<br>SOFR + 1.35% |)<sup>#</sup> | 10/16/2037 | 1000000 | 1002787 |
| Clover CLO LLC Series 2018-1A Class D1RR<sup>†</sup> | 7.776%<br>(3 mo. USD Term<br>SOFR + 3.45% |)<sup>#</sup> | 4/20/2037 | 1450000 | 1456860 |
| Columbia Cent CLO 33 Ltd. Series 2024-33A Class A1<sup>†</sup> | 5.926%<br>(3 mo. USD Term<br>SOFR + 1.60% |)<sup>#</sup> | 4/20/2037 | 2100000 | 2109282 |
| Columbia Cent CLO 33 Ltd. Series 2024-33A Class C1<sup>†</sup> | 7.026%<br>(3 mo. USD Term<br>SOFR + 2.70% |)<sup>#</sup> | 4/20/2037 | 2000000 | 2014140 |
| Columbia Cent CLO 34 Ltd. Series 2024-34A Class D1N<sup>†</sup> | 7.619%<br>(3 mo. USD Term<br>SOFR + 3.30% |)<sup>#</sup> | 1/25/2038 | 3000000 | 3013749 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| CQS U.S. CLO Ltd. Series 2025-4A Class D1<sup>†</sup> | 7.772%<br> (3 mo. USD Term<br> SOFR + 3.50% |)<sup>#</sup> | 7/20/2036 | $3000000 | $3015219 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 4305036 | 4334348 |
| Crossroads Asset Trust Series 2025-A Class A2<sup>†</sup> | 4.91% |  | 2/20/2032 | 5500000 | 5506871 |
| Crown City CLO IV Series 2022-4A Class B1R<sup>†</sup> | 7.126%<br> (3 mo. USD Term<br> SOFR + 2.80% |)<sup>#</sup> | 4/20/2037 | 3000000 | 3027765 |
| Crown City CLO V Series 2023-5A Class A1R<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 4/20/2037 | 5300000 | 5315842 |
| Crown City CLO V Series 2023-5A Class BR<sup>†</sup> | 6.926%<br> (3 mo. USD Term<br> SOFR + 2.60% |)<sup>#</sup> | 4/20/2037 | 2000000 | 2013578 |
| Crown City CLO V Series 2023-5A Class C1AR<sup>†</sup> | 8.426%<br> (3 mo. USD Term<br> SOFR + 4.10% |)<sup>#</sup> | 4/20/2037 | 6250000 | 6291744 |
| Crown City CLO VI Series 2024-6A Class D1<sup>†</sup> | 7.818%<br> (3 mo. USD Term<br> SOFR + 3.50% |)<sup>#</sup> | 7/15/2037 | 1000000 | 1007586 |
| CTM CLO Ltd. Series 2025-1A Class C<sup>†</sup> | 6.685%<br> (3 mo. USD Term<br> SOFR + 2.35% |)<sup>#</sup> | 7/15/2038 | 13080000 | 13093041 |
| CTM CLO Ltd. Series 2025-1A Class D1<sup>†</sup> | 7.835%<br> (3 mo. USD Term<br> SOFR + 3.50% |)<sup>#</sup> | 7/15/2038 | 2000000 | 2002482 |
| DailyPay Securitization Trust Series 2025-1A Class A<sup>†</sup> | 5.63% |  | 6/26/2028 | 5725000 | 5742741 |
| Danby Park CLO Ltd. Series 2022-1A Class B1R<sup>†</sup> | 6.026%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 10/21/2037 | 1250000 | 1257394 |
| Davis Park CLO Ltd. Series 2022-1A Class ER<sup>†</sup> | 10.319%<br> (3 mo. USD Term<br> SOFR + 6.00% |)<sup>#</sup> | 7/20/2038 | 6500000 | 6532142 |
| Dell Equipment Finance Trust Series 2025-1 Class D<sup>†</sup> | 5.64% |  | 8/22/2031 | 4740000 | 4806425 |
| Diameter Capital CLO 4 Ltd. Series 2022-4A Class A1R<sup>†</sup> | 6.148%<br> (3 mo. USD Term<br> SOFR + 1.83% |)<sup>#</sup> | 1/15/2037 | 20000000 | 20079000 |

---

*See Notes to Financial Statements.* 21

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Diameter Capital CLO 6 Ltd. Series 2024-6A Class C2<sup>†</sup> | 9.318%<br> (3 mo. USD Term<br> SOFR + 5.00% |)<sup>#</sup> | 4/15/2037 | $3500000 | $3545031 |
| Driven Brands Funding LLC Series 2019-2A Class A2<sup>†</sup> | 3.981% |  | 10/20/2049 | 1839147 | 1810852 |
| Driven Brands Funding LLC Series 2022-1A Class A2<sup>†</sup> | 7.393% |  | 10/20/2052 | 2846554 | 2857541 |
| Dryden 102 CLO Ltd. Series 2023-102A Class B<sup>†</sup> | 6.768%<br> (3 mo. USD Term<br> SOFR + 2.45% |)<sup>#</sup> | 10/15/2036 | 775000 | 777127 |
| Dryden 104 CLO Ltd. Series 2022-104A Class BR<sup>†</sup> | 6.072%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 8/20/2034 | 2000000 | 2001564 |
| Dryden 115 CLO Ltd. Series 2024-115A Class B<sup>†</sup> | 6.329%<br> (3 mo. USD Term<br> SOFR + 2.00% |)<sup>#</sup> | 4/18/2037 | 5090000 | 5109693 |
| Dryden 130 CLO Ltd. Series 2025-130A Class B<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/15/2038 | 4500000 | 4506223 |
| Dryden 83 CLO Ltd. Series 2020-83A Class B1R<sup>†</sup> | 6.279% <br> (3 mo. USD Term<br> SOFR + 1.95% |)<sup>#</sup> | 4/18/2037 | 3355000 | 3366716 |
| Eaton Vance CLO Ltd. Series 2019-1A Class AR2<sup>†</sup> | 5.828%<br> (3 mo. USD Term<br> SOFR + 1.51% |)<sup>#</sup> | 7/15/2037 | 2500000 | 2507030 |
| Elmwood CLO X Ltd. Series 2021-3A Class AR2<sup>†</sup> | 5.558%<br> (3 mo. USD Term<br> SOFR + 1.30% |)<sup>#</sup> | 7/20/2038 | 9000000 | 9019728 |
| Empower CLO Ltd. Series 2022-1A Class ER<sup>†</sup> | 10.226%<br> (3 mo. USD Term<br> SOFR + 5.90% |)<sup>#</sup> | 10/20/2037 | 750000 | 746213 |
| Empower CLO Ltd. Series 2023-1A Class D1R<sup>†</sup> | 8.169%<br> (3 mo. USD Term<br> SOFR + 3.85% |)<sup>#</sup> | 4/25/2038 | 4000000 | 4102048 |
| Empower CLO Ltd. Series 2023-2A Class A1<sup>†</sup> | 6.518%<br> (3 mo. USD Term<br> SOFR + 2.20% |)<sup>#</sup> | 7/15/2036 | 1000000 | 1003554 |
| Empower CLO Ltd. Series 2023-2A Class A2<sup>†</sup> | 6.718%<br> (3 mo. USD Term<br> SOFR + 2.40% |)<sup>#</sup> | 7/15/2036 | 6000000 | 6021576 |
| Empower CLO Ltd. Series 2023-2A Class C<sup>†</sup> | 7.718%<br> (3 mo. USD Term<br> SOFR + 3.40% |)<sup>#</sup> | 7/15/2036 | 500000 | 502608 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Empower CLO Ltd. Series 2023-2A Class D<sup>†</sup> | 9.718%<br> (3 mo. USD Term<br> SOFR + 5.40% |)<sup>#</sup> | 7/15/2036 | $1150000 | $1157841 |
| Empower CLO Ltd. Series 2023-3A Class E<sup>†</sup> | 12.146%<br> (3 mo. USD Term<br> SOFR + 7.82% |)<sup>#</sup> | 1/20/2037 | 1800000 | 1814092 |
| Empower CLO Ltd. Series 2024-2A Class A1<sup>†</sup> | 5.838%<br> (3 mo. USD Term<br> SOFR + 1.52% |)<sup>#</sup> | 7/15/2037 | 1000000 | 1003886 |
| Empower CLO Ltd. Series 2024-2A Class E<sup>†</sup> | 10.368%<br> (3 mo. USD Term<br> SOFR + 6.05% |)<sup>#</sup> | 7/15/2037 | 100000 | 100780 |
| eStruxture Issuer LP Series 2025-1 Class A2<sup>†</sup> | 5.894% |  | 7/20/2055 | 17700000 | 12836588 |
| Fairstone Financial Issuance Trust I Series 2020-1A Class D<sup>†</sup> | 6.873% |  | 10/20/2039 | 1650000 | 1183320 |
| Galaxy 31 CLO Ltd. Series 2023-31A Class DR<sup>†</sup> | 7.511%<br> (3 mo. USD Term<br> SOFR + 3.20% |)<sup>#</sup> | 7/15/2038 | $4000000 | 4004972 |
| Garnet CLO Ltd. Series 2025-1A Class A<sup>†</sup> | 5.77%<br> (3 mo. USD Term<br> SOFR + 1.50% |)<sup>#</sup> | 7/20/2037 | 10000000 | 10028850 |
| Garnet CLO Ltd. Series 2025-1A Class B<sup>†</sup> | 6.17%<br> (3 mo. USD Term<br> SOFR + 1.90% |)<sup>#</sup> | 7/20/2037 | 18100000 | 18174898 |
| Generate CLO 13 Ltd. Series 2023-13A Class A1<sup>†</sup> | 6.132%<br> (3 mo. USD Term<br> SOFR + 1.80% |)<sup>#</sup> | 1/20/2037 | 4950000 | 4977829 |
| Generate CLO 15 Ltd. Series 2024-15A Class C<sup>†</sup> | 6.876%<br> (3 mo. USD Term<br> SOFR + 2.55% |)<sup>#</sup> | 7/20/2037 | 4500000 | 4535190 |
| Generate CLO 16 Ltd. Series 2024-16A Class E<sup>†</sup> | 10.476%<br> (3 mo. USD Term<br> SOFR + 6.15% |)<sup>#</sup> | 7/20/2037 | 200000 | 201147 |
| Generate CLO 20 Ltd. Series 2024-20A Class E<sup>†</sup> | 9.669%<br> (3 mo. USD Term<br> SOFR + 5.35% |)<sup>#</sup> | 1/25/2038 | 1730000 | 1757190 |
| Generate CLO 22 Ltd. Series 2025-22A Class E<sup>†</sup> | 9.821%<br> (3 mo. USD Term<br> SOFR + 5.50% |)<sup>#</sup> | 7/20/2038 | 6000000 | 6016380 |
| Generate CLO 3 Ltd. Series 3A Class E2R<sup>†</sup> | 12.156%<br> (3 mo. USD Term<br> SOFR + 7.83% |)<sup>#</sup> | 10/20/2036 | 700000 | 702850 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Generate CLO 6 Ltd. Series 6A Class AR2<sup>†</sup> | 5.732%<br> (3 mo. USD Term<br> SOFR + 1.40% |)<sup>#</sup> | 10/22/2037 | $1000000 | $1003590 |
| Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA Class A2R<sup>†</sup> | 7.064%<br> (3 mo. USD Term<br> SOFR + 2.75% |)<sup>#</sup> | 1/20/2036 | 3575000 | 3597455 |
| Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA Class CR<sup>†</sup> | 8.514%<br> (3 mo. USD Term<br> SOFR + 4.20% |)<sup>#</sup> | 1/20/2036 | 8750000 | 8807934 |
| Golub Capital Partners CLO 68B Ltd. Series 2023-68A Class A2R<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/25/2038 | 2000000 | 2001500 |
| Golub Capital Partners CLO 68B Ltd. Series 2023-68A Class D1R<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/25/2038 | 6500000 | 6524375 |
| Golub Capital Partners CLO 72 B Ltd. Series 2024-72A Class AJ<sup>†</sup> | 6.069%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 4/25/2037 | 18000000 | 18043344 |
| Gracie Point International Funding LLC Series 2023-1A Class B<sup>†</sup> | 6.948%<br> (90 day USD<br> SOFR Average + 2.60% |)<sup>#</sup> | 9/1/2026 | 2000000 | 2001065 |
| Gracie Point International Funding LLC Series 2023-2A Class B<sup>†</sup> | 8.348%<br> (90 day USD<br> SOFR Average + 4.00% |)<sup>#</sup> | 3/1/2027 | 1000000 | 1007374 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A Class A3<sup>†</sup> | 5.32% |  | 3/25/2060 | 5775000 | 5869283 |
| Greywolf CLO IV Ltd. Series 2019-1A Class A2R2<sup>†(b)</sup> |  | <sup>(c)</sup> | 4/17/2034 | 5800000 | 5804350 |
| Greywolf CLO VII Ltd. Series 2018-2A Class A2<sup>†</sup> | 6.486%<br> (3 mo. USD Term<br> SOFR + 2.16% |)<sup>#</sup> | 10/20/2031 | 250000 | 250638 |
| HalseyPoint CLO 3 Ltd. Series 2020-3A Class A1R<sup>†</sup> | 5.79%<br> (3 mo. USD Term<br> SOFR + 1.48% |)<sup>#</sup> | 7/30/2037 | 7687000 | 7707855 |
| HalseyPoint CLO 3 Ltd. Series 2020-3A Class D1R<sup>†</sup> | 8.61%<br> (3 mo. USD Term<br> SOFR + 4.30% |)<sup>#</sup> | 7/30/2037 | 2500000 | 2524643 |
| HalseyPoint CLO 7 Ltd. Series 2023-7A Class A1R<sup>†</sup> | 5.78%<br> (3 mo. USD Term<br> SOFR + 1.45% |)<sup>#</sup> | 7/20/2038 | 20000000 | 20044880 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Harmony-Peace Park CLO Ltd. Series 2024-1A Class A<sup>†</sup> | 5.676%<br> (3 mo. USD Term<br> SOFR + 1.35% |)<sup>#</sup> | 10/20/2037 | $1500000 | $1504746 |
| Harvest U.S. CLO Ltd. Series 2024-1A Class D<sup>†</sup> | 8.829%<br> (3 mo. USD Term<br> SOFR + 4.50% |)<sup>#</sup> | 4/18/2037 | 6500000 | 6542724 |
| Harvest U.S. CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 11.749%<br> (3 mo. USD Term<br> SOFR + 7.42% |)<sup>#</sup> | 4/18/2037 | 1750000 | 1757854 |
| Harvest U.S. CLO Ltd. Series 2024-3A Class E<sup>†</sup> | 11.029%<br> (3 mo. USD Term<br> SOFR + 6.70% |)<sup>#</sup> | 1/18/2038 | 3000000 | 3012102 |
| Harvest U.S. CLO Ltd. Series 2025-2A Class D1<sup>†</sup> | 7.758%<br> (3 mo. USD Term<br> SOFR + 3.45% |)<sup>#</sup> | 7/17/2038 | 7500000 | 7529160 |
| Hayfin U.S. XV Ltd. Series 2024-15A Class D1<sup>†</sup> | 8.574%<br> (3 mo. USD Term<br> SOFR + 4.26% |)<sup>#</sup> | 4/28/2037 | 1030000 | 1041012 |
| HPS Loan Management Ltd. Series 2021-16A Class BR<sup>†(b)</sup> |  | <sup>(c)</sup> | 1/23/2035 | 10900000 | 10913625 |
| HPS Loan Management Ltd. Series 2023-18A Class ER<sup>†</sup> | 10.326%<br> (3 mo. USD Term<br> SOFR + 6.00% |)<sup>#</sup> | 7/20/2039 | 2000000 | 2005240 |
| HPS Loan Management Ltd. Series 2024-19A Class B2<sup>†</sup> | 6.568%<br> (3 mo. USD Term<br> SOFR + 2.25% |)<sup>#</sup> | 4/15/2037 | 9750000 | 9781843 |
| HPS Loan Management Ltd. Series 2024-19A Class E<sup>†</sup> | 11.318%<br> (3 mo. USD Term<br> SOFR + 7.00% |)<sup>#</sup> | 4/15/2037 | 5000000 | 5046590 |
| HPS Loan Management Ltd. Series 2025-26A Class E<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/20/2038 | 8000000 | 8041112 |
| ICG U.S. CLO I Ltd. Series 2023-1A Class ER<sup>†</sup> | 11.329%<br> (3 mo. USD Term<br> SOFR + 7.00% |)<sup>#</sup> | 7/18/2038 | 6500000 | 6579937 |
| ICG U.S. CLO Ltd. Series 2022-1A Class A1<sup>†</sup> | 5.866%<br> (3 mo. USD Term<br> SOFR + 1.54% |)<sup>#</sup> | 7/20/2035 | 3000000 | 3002574 |
| ICG U.S. CLO Ltd. Series 2024-1A Class A1<sup>†</sup> | 5.918%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 4/15/2037 | 5000000 | 5014705 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| ICG U.S. CLO Ltd. Series 2024-R1A Class D1<sup>†</sup> | 7.969%<br> (3 mo. USD Term<br> SOFR + 3.65% |)<sup>#</sup> | 1/25/2038 | $2250000 | $2270250 |
| ICG U.S. CLO Ltd. Series 2025-1A Class D1<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/25/2038 | 8250000 | 8280937 |
| Invesco CLO Ltd. Series 2022-3A Class A1R<sup>†</sup> | 5.702%<br> (3 mo. USD Term<br> SOFR + 1.37% |)<sup>#</sup> | 10/22/2037 | 1750000 | 1756435 |
| Invesco U.S. CLO Ltd. Series 2024-2A Class D<sup>†</sup> | 7.918%<br> (3 mo. USD Term<br> SOFR + 3.60% |)<sup>#</sup> | 7/15/2037 | 3750000 | 3783780 |
| Invesco U.S. CLO Ltd. Series 2024-3A Class C<sup>†</sup> | 6.576%<br> (3 mo. USD Term<br> SOFR + 2.25% |)<sup>#</sup> | 7/20/2037 | 2500000 | 2515273 |
| Invesco U.S. CLO Ltd. Series 2024-3A Class D<sup>†</sup> | 7.876%<br> (3 mo. USD Term<br> SOFR + 3.55% |)<sup>#</sup> | 7/20/2037 | 750000 | 756175 |
| Invesco U.S. CLO Ltd. Series 2025-1A Class D<sup>†</sup> | 7.381%<br> (3 mo. USD Term<br> SOFR + 3.10% |)<sup>#</sup> | 7/15/2038 | 2800000 | 2816786 |
| Island Finance Trust Series 2025-1A Class A<sup>†</sup> | 6.54% |  | 3/19/2035 | 6910000 | 6997761 |
| Jamestown CLO XII Ltd. Series 2019-1A Class BR<sup>†</sup> | 6.826%<br> (3 mo. USD Term<br> SOFR + 2.50% |)<sup>#</sup> | 4/20/2032 | 1000000 | 1003878 |
| Katayma CLO I Ltd. Series 2023-1A Class A1<sup>†</sup> | 6.326%<br> (3 mo. USD Term<br> SOFR + 2.00% |)<sup>#</sup> | 10/20/2036 | 2000000 | 2008206 |
| Katayma CLO II Ltd. Series 2024-2A Class D<sup>†</sup> | 8.826%<br> (3 mo. USD Term<br> SOFR + 4.50% |)<sup>#</sup> | 4/20/2037 | 2220000 | 2241787 |
| KKR CLO 23 Ltd. Series 23 Class CR<sup>†</sup> | 6.226%<br> (3 mo. USD Term<br> SOFR + 1.90% |)<sup>#</sup> | 10/20/2031 | 1250000 | 1251438 |
| KKR CLO 45a Ltd. Series 2024-45A Class C<sup>†</sup> | 6.818%<br> (3 mo. USD Term<br> SOFR + 2.50% |)<sup>#</sup> | 4/15/2035 | 900000 | 900045 |
| KKR CLO 47 Ltd. Series 2024-47A Class E<sup>†</sup> | 10.818%<br> (3 mo. USD Term<br> SOFR + 6.50% |)<sup>#</sup> | 1/15/2038 | 1250000 | 1279360 |
| KKR CLO 51 Ltd. Series 2024-51A Class B<sup>†</sup> | 6.176%<br> (3 mo. USD Term<br> SOFR + 1.85% |)<sup>#</sup> | 10/20/2037 | 4300000 | 4319789 |
| KKR CLO 54 Ltd. Series 2024-54A Class A<sup>†</sup> | 5.638%<br> (3 mo. USD Term<br> SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 4000000 | 4009064 |

---

26 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 59 Ltd. Series 2024-56A Class E<sup>†</sup> | 10.818%<br> (3 mo. USD Term<br> SOFR + 6.50% |)<sup>#</sup> | 10/15/2037 | $250000 | $254708 |
| KKR CLO 61 Ltd. Series 2025-61A Class A2<sup>†</sup> | 6.115%<br> (3 mo. USD Term<br> SOFR + 1.82% |)<sup>#</sup> | 7/15/2037 | 5000000 | 5016400 |
| KKR CLO 61 Ltd. Series 2025-61A Class B<sup>†</sup> | 6.245%<br> (3 mo. USD Term<br> SOFR + 1.95% |)<sup>#</sup> | 7/15/2037 | 12480000 | 12494227 |
| KKR CLO 61 Ltd. Series 2025-61A Class D1<sup>†</sup> | 8.145%<br> (3 mo. USD Term<br> SOFR + 3.85% |)<sup>#</sup> | 7/15/2037 | 2980000 | 3000216 |
| KKR Financial CLO Ltd. Series 2013-1A Class A2R2<sup>†</sup> | 5.768%<br> (3 mo. USD Term<br> SOFR + 1.45% |)<sup>#</sup> | 4/15/2029 | 924453 | 925219 |
| Lendmark Funding Trust Series 2025-1A Class E<sup>†</sup> | 8.91% |  | 9/20/2034 | 5000000 | 5202086 |
| Long Point Park CLO Ltd. Series 2017-1A Class A2<sup>†</sup> | 5.959%<br> (3 mo. USD Term<br> SOFR + 1.64% |)<sup>#</sup> | 1/17/2030 | 1000000 | 1001580 |
| Madison Park Funding LVIII Ltd. Series 2024-58A Class D<sup>†</sup> | 7.969%<br> (3 mo. USD Term<br> SOFR + 3.65% |)<sup>#</sup> | 4/25/2037 | 6360000 | 6414060 |
| Madison Park Funding LXI Ltd. Series 2023-61A Class B<sup>†</sup> | 6.726%<br> (3 mo. USD Term<br> SOFR + 2.40% |)<sup>#</sup> | 1/20/2037 | 3300000 | 3318269 |
| Madison Park Funding LXII Ltd. Series 2022-62A Class BR2<sup>†</sup> | 6.073%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 7/16/2038 | 5200000 | 5207197 |
| Madison Park Funding LXVII Ltd. Series 2024-67A Class A2<sup>†</sup> | 6.024%<br> (3 mo. USD Term<br> SOFR + 1.71% |)<sup>#</sup> | 4/25/2037 | 3000000 | 3007152 |
| Madison Park Funding LXVIII Ltd. Series 2024-68A Class A2<sup>†</sup> | 5.826%<br> (3 mo. USD Term<br> SOFR + 1.50% |)<sup>#</sup> | 1/20/2038 | 10000000 | 10008910 |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Madison Park Funding XLII Ltd. Series 13A Class AR<sup>†</sup> | 5.469%<br> (3 mo. USD Term<br> SOFR + 1.15% |)<sup>#</sup> | 11/21/2030 | $621905 | $622560 |
| Madison Park Funding XLII Ltd. Series 13A Class B<sup>†</sup> | 6.081%<br> (3 mo. USD Term<br> SOFR + 1.76% |)<sup>#</sup> | 11/21/2030 | 1100000 | 1103612 |
| Magnetite XXXV Ltd. Series 2022-35A Class DR<sup>†</sup> | 8.319%<br> (3 mo. USD Term<br> SOFR + 4.00% |)<sup>#</sup> | 10/25/2036 | 250000 | 250953 |
| Marathon CLO 14 Ltd. Series 2019-2A Class A2A<sup>†</sup> | 7.047%<br> (3 mo. USD Term<br> SOFR + 2.72% |)<sup>#</sup> | 1/20/2033 | 1000000 | 1005368 |
| Marble Point CLO XV Ltd. Series 2019-1A Class BR2<sup>†</sup> | 5.919%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 7/23/2032 | 6390000 | 6398901 |
| Mariner Finance Issuance Trust Series 2024-AA Class E<sup>†</sup> | 9.02% |  | 9/22/2036 | 2200000 | 2285142 |
| Mariner Finance Issuance Trust Series 2025-AA Class E<sup>†</sup> | 8.64% |  | 5/20/2038 | 5325000 | 5461332 |
| MidOcean Credit CLO XV Ltd. Series 2024-15A Class E<sup>†</sup> | 10.576%<br> (3 mo. USD Term<br> SOFR + 6.25% |)<sup>#</sup> | 7/21/2037 | 2750000 | 2786173 |
| Mountain View CLO LLC Series 2016-1A Class CR2<sup>†</sup> | 6.67%<br> (3 mo. USD Term<br> SOFR + 2.35% |)<sup>#</sup> | 4/14/2033 | 3250000 | 3259279 |
| Navesink CLO 1 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.999%<br> (3 mo. USD Term<br> SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 4000000 | 4008884 |
| Navesink CLO 3 Ltd. Series 2025-3A Class A1<sup>†</sup> | 5.804%<br> (3 mo. USD Term<br> SOFR + 1.48% |)<sup>#</sup> | 7/15/2037 | 5630000 | 5634825 |
| NBC Funding LLC Series 2021-1 Class A2<sup>†</sup> | 2.989% |  | 7/30/2051 | 678021 | 657888 |
| Neuberger Berman CLO 32R Ltd. Series 2019-32RA Class A<sup>†</sup> | 5.639%<br> (3 mo. USD Term<br> SOFR + 1.31% |)<sup>#</sup> | 7/20/2039 | 26000000 | 26012402 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Neuberger Berman CLO XVII Ltd. Series 2014-17A Class ER3<sup>†</sup> | 11.082%<br> (3 mo. USD Term<br> SOFR + 6.75% |)<sup>#</sup> | 7/22/2038 | $1000000 | $1018355 |
| Neuberger Berman CLO XXII Ltd. Series 2016-22A Class CR2<sup>†</sup> | 6.772%<br> (3 mo. USD Term<br> SOFR + 2.45% |)<sup>#</sup> | 4/15/2038 | 2000000 | 2014228 |
| Neuberger Berman Loan Advisers CLO 28 Ltd. Series 2018-28A Class ER<sup>†</sup> | 11.276%<br> (3 mo. USD Term<br> SOFR + 6.95% |)<sup>#</sup> | 10/20/2038 | 2000000 | 2056272 |
| Neuberger Berman Loan Advisers CLO 34 Ltd. Series 2019-34A Class D1R2<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/20/2039 | 5000000 | 5019445 |
| Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A Class A2<sup>†</sup> | 6.032%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 4/22/2038 | 14000000 | 14032536 |
| New Mountain CLO 7 Ltd. Series CLO-7A Class A1<sup>†</sup> | 5.484%<br> (3 mo. USD Term<br> SOFR + 1.20% |)<sup>#</sup> | 3/31/2038 | 15000000 | 14965770 |
| NGC CLO 2 Ltd. Series 2025-2A Class C1<sup>†</sup> | 6.48%<br> (3 mo. USD Term<br> SOFR + 2.20% |)<sup>#</sup> | 4/20/2038 | 7000000 | 7029106 |
| NGC CLO 2 Ltd. Series 2025-2A Class D1<sup>†</sup> | 7.83%<br> (3 mo. USD Term<br> SOFR + 3.55% |)<sup>#</sup> | 4/20/2038 | 4700000 | 4709348 |
| Northwoods Capital 22 Ltd. Series 2020-22A Class DRR<sup>†</sup> | 9.269%<br> (3 mo. USD Term<br> SOFR + 4.95% |)<sup>#</sup> | 9/16/2031 | 1070000 | 1085207 |
| Oaktree CLO Ltd. Series 2021-2A Class D2R<sup>†</sup> | 7.818%<br> (3 mo. USD Term<br> SOFR + 3.50% |)<sup>#</sup> | 1/15/2035 | 2000000 | 1987312 |
| Oaktree CLO Ltd. Series 2022-2A Class A2R2<sup>†</sup> | 5.888%<br> (3 mo. USD Term<br> SOFR + 1.57% |)<sup>#</sup> | 10/15/2037 | 6000000 | 6006552 |
| Oaktree CLO Ltd. Series 2022-3A Class ER<sup>†</sup> | 10.818%<br> (3 mo. USD Term<br> SOFR + 6.50% |)<sup>#</sup> | 10/15/2037 | 2500000 | 2514265 |
| Oaktree CLO Ltd. Series 2023-2A Class A1R<sup>†</sup> | 5.676%<br> (3 mo. USD Term<br> SOFR + 1.35% |)<sup>#</sup> | 7/20/2038 | 10000000 | 10033420 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Ocean Trails CLO XV Ltd. Series 2024-15A Class C<sup>†</sup> | 7.168%<br> (3 mo. USD Term<br> SOFR + 2.85% |)<sup>#</sup> | 1/15/2037 | $5000000 | $5028225 |
| Ocean Trails CLO XV Ltd. Series 2024-15A Class D1<sup>†</sup> | 9.018%<br> (3 mo. USD Term<br> SOFR + 4.70% |)<sup>#</sup> | 1/15/2037 | 7500000 | 7574955 |
| OCP CLO Ltd. Series 2019-17A Class BR2<sup>†</sup> | 6.076%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 7/20/2037 | 1750000 | 1757084 |
| OCP CLO Ltd. Series 2024-32A Class E<sup>†</sup> | 11.079%<br> (3 mo. USD Term<br> SOFR + 6.76% |)<sup>#</sup> | 4/23/2037 | 5000000 | 5087215 |
| OCP CLO Ltd. Series 2024-33A Class A2<sup>†</sup> | 6.026%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 7/20/2037 | 12000000 | 12036192 |
| Octagon 66 Ltd. Series 2022-1A Class DR<sup>†</sup> | 9.415%<br> (3 mo. USD Term<br> SOFR + 5.09% |)<sup>#</sup> | 11/16/2036 | 3000000 | 3024684 |
| OFSI BSL XV CLO Ltd. Series 2025-15A Class D1<sup>†</sup> | 8.032%<br> (3 mo. USD Term<br> SOFR + 3.75% |)<sup>#</sup> | 3/31/2038 | 10000000 | 10034110 |
| OHA Credit Funding 16 Ltd. Series 2023-16A Class C<sup>†</sup> | 6.976%<br> (3 mo. USD Term<br> SOFR + 2.65% |)<sup>#</sup> | 10/20/2036 | 250000 | 251169 |
| OHA Credit Funding 16 Ltd. Series 2023-16A Class D<sup>†</sup> | 8.326%<br> (3 mo. USD Term<br> SOFR + 4.00% |)<sup>#</sup> | 10/20/2036 | 1000000 | 1005457 |
| OHA Credit Funding 17 Ltd. Series 2024-17A Class C<sup>†</sup> | 6.626%<br> (3 mo. USD Term<br> SOFR + 2.30% |)<sup>#</sup> | 4/20/2037 | 500000 | 502754 |
| OHA Credit Funding 18 Ltd. Series 2024-18A Class D1<sup>†</sup> | 7.776%<br> (3 mo. USD Term<br> SOFR + 3.45% |)<sup>#</sup> | 4/20/2037 | 350000 | 352616 |
| Orion CLO Ltd. Series 2023-1A Class E<sup>†</sup> | 12.219%<br> (3 mo. USD Term<br> SOFR + 7.90% |)<sup>#</sup> | 10/25/2036 | 1000000 | 1018544 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | $2008247 | $2028504 |
| OZLM IX Ltd. Series 2014-9A Class BR3<sup>†</sup> | 6.626%<br> (3 mo. USD Term<br> SOFR + 2.30% |)<sup>#</sup> | 10/20/2031 | 7000000 | 7019453 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 6950000 | 6987833 |
| Palmer Square CLO Ltd. Series 2018-2A Class BR<sup>†</sup> | 6.818%<br> (3 mo. USD Term<br> SOFR + 2.50% |)<sup>#</sup> | 4/16/2037 | 5000000 | 5015250 |
| Palmer Square CLO Ltd. Series 2020-3A Class A1R2<sup>†</sup> | 5.976%<br> (3 mo. USD Term<br> SOFR + 1.65% |)<sup>#</sup> | 11/15/2036 | 3420000 | 3429005 |
| Palmer Square CLO Ltd. Series 2022-5A Class A1R<sup>†</sup> | 5.676%<br> (3 mo. USD Term<br> SOFR + 1.35% |)<sup>#</sup> | 10/20/2037 | 1500000 | 1505349 |
| Palmer Square CLO Ltd. Series 2025-3A Class A<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/20/2037 | 13500000 | 13511596 |
| Parallel Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.716%<br> (3 mo. USD Term<br> SOFR + 1.39% |)<sup>#</sup> | 7/20/2036 | 5720000 | 5735021 |
| Park Blue CLO Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.746%<br> (3 mo. USD Term<br> SOFR + 1.42% |)<sup>#</sup> | 10/20/2037 | 9050000 | 9070181 |
| Park Blue CLO Ltd. Series 2022-2A Class A1R<sup>†</sup> | 5.746%<br> (3 mo. USD Term<br> SOFR + 1.42% |)<sup>#</sup> | 7/20/2037 | 8720000 | 8740492 |
| Park Blue CLO Ltd. Series 2023-3A Class D1R<sup>†</sup> | 7.826%<br> (3 mo. USD Term<br> SOFR + 3.50% |)<sup>#</sup> | 4/20/2038 | 12250000 | 12302491 |
| Park Blue CLO Ltd. Series 2023-4A Class B<sup>†</sup> | 7.019%<br> (3 mo. USD Term<br> SOFR + 2.70% |)<sup>#</sup> | 1/25/2037 | 4000000 | 4024128 |
| Park Blue CLO Ltd. Series 2024-5A Class A1<sup>†</sup> | 5.799%<br> (3 mo. USD Term<br> SOFR + 1.48% |)<sup>#</sup> | 7/25/2037 | 6015000 | 6035228 |
| Pikes Peak CLO 3 Series 2019-3A Class ARR<sup>†</sup> | 5.78%<br> (3 mo. USD Term<br> SOFR + 1.46% |)<sup>#</sup> | 10/25/2034 | 1900000 | 1906460 |
| Pikes Peak CLO 6 Series 2020-6A Class DRR<sup>†</sup> | 6.824%<br> (3 mo. USD Term<br> SOFR + 2.50% |)<sup>#</sup> | 5/18/2034 | 6250000 | 6229025 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Pikes Peak CLO 9 Series 2021-9A Class BR<sup>†</sup> | 6.014%<br> (3 mo. USD Term<br>SOFR + 1.70% |)<sup>#</sup> | 10/27/2038 | $9100000 | $9111375 |
| Pikes Peak CLO Ltd. Series 2023-14A Class D1R<sup>†</sup> | 7.476%<br> (3 mo. USD Term<br>SOFR + 3.15% |)<sup>#</sup> | 7/20/2038 | 4900000 | 4909805 |
| POLUS U.S. CLO I Ltd. Series 2024-1A Class C<sup>†</sup> | 6.726%<br> (3 mo. USD Term<br>SOFR + 2.40% |)<sup>#</sup> | 10/20/2037 | 2800000 | 2816332 |
| Post CLO Ltd. Series 2018-1A Class ER<sup>†</sup> | 11.998%<br> (3 mo. USD Term<br>SOFR + 7.68% |)<sup>#</sup> | 10/16/2037 | 1000000 | 1023060 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.918%<br> (3 mo. USD Term<br>SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 10000000 | 10005260 |
| Post CLO Ltd. Series 2023-1A Class B1<sup>†</sup> | 6.826%<br> (3 mo. USD Term<br>SOFR + 2.50% |)<sup>#</sup> | 4/20/2036 | 250000 | 250753 |
| Post CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 6.426%<br> (3 mo. USD Term<br>SOFR + 2.10% |)<sup>#</sup> | 4/20/2037 | 5000000 | 5021260 |
| Post CLO Ltd. Series 2024-1A Class C<sup>†</sup> | 6.826%<br> (3 mo. USD Term<br>SOFR + 2.50% |)<sup>#</sup> | 4/20/2037 | 5000000 | 5032775 |
| Post Road Equipment Finance LLC Series 2025-1A Class E<sup>†</sup> | 7.08% |  | 5/17/2032 | 3350000 | 3382487 |
| PPM CLO 6-R Ltd. Series 2022-6RA Class BR<sup>†</sup> | 7.076%<br> (3 mo. USD Term<br>SOFR + 2.75% |)<sup>#</sup> | 1/20/2037 | 5000000 | 5031615 |
| Rad CLO 16 Ltd. Series 2022-16A Class A1R<sup>†</sup> | 5.868%<br> (3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 7/15/2037 | 5000000 | 5032395 |
| Rad CLO 22 Ltd. Series 2023-22A Class A1<sup>†</sup> | 6.156%<br> (3 mo. USD Term<br>SOFR + 1.83% |)<sup>#</sup> | 1/20/2037 | 4610000 | 4624369 |
| Rad CLO 25 Ltd. Series 2024-25A Class A1<sup>†</sup> | 5.786%<br> (3 mo. USD Term<br>SOFR + 1.46% |)<sup>#</sup> | 7/20/2037 | 13000000 | 13037076 |
| Rad CLO 25 Ltd. Series 2024-25A Class B<sup>†</sup> | 6.126%<br> (3 mo. USD Term<br>SOFR + 1.80% |)<sup>#</sup> | 7/20/2037 | 3660000 | 3673937 |
| RAD CLO 27 Ltd. Series 2024-27A Class A1<sup>†</sup> | 5.638%<br> (3 mo. USD Term<br>SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 1460000 | 1466100 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Reach ABS Trust Series 2025-1A Class A<sup>†</sup> | 4.96% |  | 8/16/2032 | $828071 | $828308 |
| Regatta 32 Funding Ltd. Series 2025-4A Class A1<sup>†</sup> | 5.628%<br> (3 mo. USD Term<br>SOFR + 1.34% |)<sup>#</sup> | 7/25/2038 | 15510000 | 15565945 |
| Regatta XIII Funding Ltd. Series 2018-2A Class BR<sup>†</sup> | 6.118%<br> (3 mo. USD Term<br>SOFR + 1.80% |)<sup>#</sup> | 7/15/2031 | 1705000 | 1710338 |
| Regatta XXI Funding Ltd. Series 2021-3A Class BR<sup>†</sup> | 6.068%<br> (3 mo. USD Term<br>SOFR + 1.75% |)<sup>#</sup> | 10/15/2037 | 1500000 | 1507701 |
| Republic Finance Issuance Trust Series 2024-A Class D<sup>†</sup> | 9.49% |  | 8/20/2032 | 5400000 | 5514111 |
| Republic Finance Issuance Trust Series 2024-B Class C<sup>†</sup> | 6.60% |  | 11/20/2037 | 2000000 | 2032801 |
| Rockford Tower CLO Ltd. Series 2021-3A Class CBR<sup>†</sup> | 6.518%<br> (3 mo. USD Term<br>SOFR + 2.20% |)<sup>#</sup> | 1/15/2038 | 2250000 | 2267753 |
| Rockford Tower CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 11.806%<br> (3 mo. USD Term<br>SOFR + 7.48% |)<sup>#</sup> | 4/20/2037 | 2500000 | 2523785 |
| Rockford Tower CLO Ltd. Series 2025-1A Class E<sup>†</sup> | 9.857%<br> (3 mo. USD Term<br>SOFR + 5.60% |)<sup>#</sup> | 3/31/2038 | 2570000 | 2576589 |
| Rockland Park CLO Ltd. Series 2021-1A Class ER<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/20/2038 | 5000000 | 5025000 |
| RR 34 Ltd. Series 2024-34RA Class DR<sup>†</sup> | 9.818%<br> (3 mo. USD Term<br>SOFR + 5.50% |)<sup>#</sup> | 10/15/2039 | 1000000 | 1011464 |
| RR 5 Ltd. Series 2018-5A Class A1R<sup>†</sup> | 5.818%<br> (3 mo. USD Term<br>SOFR + 1.50% |)<sup>#</sup> | 7/15/2039 | 1000000 | 1004735 |
| RR 5 Ltd. Series 2018-5A Class A2R<sup>†</sup> | 6.268%<br> (3 mo. USD Term<br>SOFR + 1.95% |)<sup>#</sup> | 7/15/2039 | 2000000 | 2007478 |
| Sagard-Halseypoint CLO 8 Ltd. Series 2024-8A Class D2<sup>†</sup> | 8.31%<br> (3 mo. USD Term<br>SOFR + 4.00% |)<sup>#</sup> | 1/30/2038 | 5625000 | 5594715 |
| Sandstone Peak II Ltd. Series 2023-1A Class D1R<sup>†</sup> | 7.626%<br> (3 mo. USD Term<br>SOFR + 3.30% |)<sup>#</sup> | 7/20/2038 | 5000000 | 5027600 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Sandstone Peak III Ltd. Series 2024-1A Class A1<sup>†</sup> | 5.949%<br> (3 mo. USD Term<br>SOFR + 1.63% |)<sup>#</sup> | 4/25/2037 | $3500000 | $3511291 |
| Sandstone Peak Ltd. Series 2021-1A Class B1R<sup>†</sup> | 6.148%<br> (3 mo. USD Term<br>SOFR + 1.83% |)<sup>#</sup> | 10/15/2034 | 1250000 | 1252588 |
| Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class C<sup>†</sup> | 8.326%<br> (3 mo. USD Term<br>SOFR + 4.00% |)<sup>#</sup> | 10/20/2033 | 5000000 | 5025095 |
| SCF Equipment Trust LLC Series 2025-1A Class E<sup>†</sup> | 6.75% |  | 11/20/2035 | 3200000 | 3280876 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 4961565 | 4872078 |
| Sierra Timeshare Receivables Funding LLC Series 2024-3A Class D<sup>†</sup> | 6.93% |  | 8/20/2041 | 2184850 | 2189963 |
| Signal Peak CLO 5 Ltd. Series 2018-5A Class A1R<sup>†</sup> | 5.869%<br> (3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 4/25/2037 | 4600000 | 4613961 |
| Silver Point CLO 1 Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.646%<br> (3 mo. USD Term<br>SOFR + 1.32% |)<sup>#</sup> | 1/20/2038 | 4000000 | 4010284 |
| Silver Point CLO 1 Ltd. Series 2022-1A Class D1R<sup>†</sup> | 7.226%<br> (3 mo. USD Term<br> SOFR + 2.90% |)<sup>#</sup> | 1/20/2038 | 1500000 | 1505867 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class A1<sup>†</sup> | 5.718%<br> (3 mo. USD Term<br>SOFR + 1.45% |)<sup>#</sup> | 7/15/2038 | 5135000 | 5142389 |
| Silver Point CLO 11 Ltd. Series 2025-11A Class A1<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/15/2038 | 8300000 | 8307121 |
| Silver Point CLO 4 Ltd. Series 2024-4A Class A1<sup>†</sup> | 5.948%<br> (3 mo. USD Term<br>SOFR + 1.63% |)<sup>#</sup> | 4/15/2037 | 30000000 | 30093840 |
| Silver Point CLO 6 Ltd. Series 2024-6A Class E<sup>†</sup> | 10.618%<br> (3 mo. USD Term<br>SOFR + 6.30% |)<sup>#</sup> | 10/15/2037 | 750000 | 755887 |
| Silver Point CLO 7 Ltd. Series 2024-7A Class A1<sup>†</sup> | 5.678%<br> (3 mo. USD Term<br>SOFR + 1.36% |)<sup>#</sup> | 1/15/2038 | 5000000 | 5015925 |
| Silver Point CLO 8 Ltd. Series 2025-8A Class A1<sup>†</sup> | 5.432%<br> (3 mo. USD Term<br>SOFR + 1.21% |)<sup>#</sup> | 4/15/2038 | 5750000 | 5751725 |
| Silver Point CLO 8 Ltd. Series 2025-8A Class A2<sup>†</sup> | 5.672%<br> (3 mo. USD Term<br>SOFR + 1.45% |)<sup>#</sup> | 4/15/2038 | 10000000 | 10004280 |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Silver Point CLO 9 Ltd. Series 2025-9A Class A1<sup>†</sup> | 5.808%<br> (3 mo. USD Term<br>SOFR + 1.52% |)<sup>#</sup> | 3/31/2038 | $11500000 | $11558351 |
| Silver Point CLO 9 Ltd. Series 2025-9A Class E<sup>†</sup> | 11.188%<br> (3 mo. USD Term<br>SOFR + 6.90% |)<sup>#</sup> | 3/31/2038 | 2000000 | 2060118 |
| Sixth Street CLO VIII Ltd. Series 2017-8A Class BR2<sup>†</sup> | 6.126%<br> (3 mo. USD Term<br>SOFR + 1.80% |)<sup>#</sup> | 10/20/2034 | 2380950 | 2386160 |
| Sixth Street CLO XV Ltd. Series 2020-15A Class AR<sup>†</sup> | 5.689%<br> (3 mo. USD Term<br>SOFR + 1.37% |)<sup>#</sup> | 10/24/2037 | 1500000 | 1506000 |
| Sixth Street CLO XVI Ltd. Series 2020-16A Class DR<sup>†</sup> | 8.976%<br> (3 mo. USD Term<br>SOFR + 4.65% |)<sup>#</sup> | 1/20/2037 | 3000000 | 3035676 |
| Sixth Street CLO XVI Ltd. Series 2020-16A Class ER<sup>†</sup> | 11.746%<br> (3 mo. USD Term<br>SOFR + 7.42% |)<sup>#</sup> | 1/20/2037 | 5000000 | 5045790 |
| Sixth Street CLO XXI Ltd. Series 2022-21A Class AR<sup>†</sup> | 5.696%<br> (3 mo. USD Term<br>SOFR + 1.37% |)<sup>#</sup> | 10/21/2037 | 1500000 | 1505504 |
| Sixth Street CLO XXII Ltd. Series 2023-22A Class BR<sup>†</sup> | 5.876%<br> (3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 4/21/2038 | 4000000 | 4001256 |
| Sotheby's Artfi Master Trust Series 2024-1A Class A2<sup>†</sup> | 5.819%<br> (3 mo. USD Term<br>SOFR + 1.50% |)<sup>#</sup> | 12/22/2031 | 5000000 | 5004898 |
| Steele Creek CLO Ltd. Series 2022-1A Class C2R<sup>†</sup> | 7.318%<br> (3 mo. USD Term<br>SOFR + 3.00% |)<sup>#</sup> | 4/15/2038 | 11000000 | 11127930 |
| Stream Innovations Issuer Trust Series 2024-2A Class A<sup>†</sup> | 5.21% |  | 2/15/2045 | 4723566 | 4753277 |
| Stream Innovations Issuer Trust Series 2025-1A Class A<sup>†</sup> | 5.05% |  | 9/15/2045 | 5422174 | 5435902 |
| Sunbit Asset Securitization Trust Series 2025-1 Class A<sup>†</sup> | 5.36% |  | 7/15/2030 | 4670000 | 4673442 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Sycamore Tree CLO Ltd. Series 2021-1A Class AR<sup>†</sup> | 5.716%<br> (3 mo. USD Term<br>SOFR + 1.39% |)<sup>#</sup> | 1/20/2038 | $5550000 | $5571767 |
| Sycamore Tree CLO Ltd. Series 2023-2A Class BR<sup>†</sup> | 6.676%<br> (3 mo. USD Term<br>SOFR + 2.35% |)<sup>#</sup> | 1/20/2037 | 3000000 | 3013137 |
| Sycamore Tree CLO Ltd. Series 2023-2A Class ER<sup>†</sup> | 12.006%<br> (3 mo. USD Term<br>SOFR + 7.68% |)<sup>#</sup> | 1/20/2037 | 2375000 | 2387635 |
| Sycamore Tree CLO Ltd. Series 2023-3A Class BR<sup>†</sup> | 6.476%<br> (3 mo. USD Term<br>SOFR + 2.15% |)<sup>#</sup> | 4/20/2037 | 4400000 | 4417956 |
| Sycamore Tree CLO Ltd. Series 2023-3A Class D1R<sup>†</sup> | 8.576%<br> (3 mo. USD Term<br>SOFR + 4.25% |)<sup>#</sup> | 4/20/2037 | 5750000 | 5787875 |
| Sycamore Tree CLO Ltd. Series 2023-4A Class D<sup>†</sup> | 9.876%<br> (3 mo. USD Term<br>SOFR + 5.55% |)<sup>#</sup> | 10/20/2036 | 5500000 | 5562870 |
| Sycamore Tree CLO Ltd. Series 2024-5A Class D1<sup>†</sup> | 8.576%<br> (3 mo. USD Term<br>SOFR + 4.25% |)<sup>#</sup> | 4/20/2036 | 1010000 | 1011908 |
| Sycamore Tree CLO Ltd. Series 2025-6A Class A1<sup>†</sup> | 5.526%<br> (3 mo. USD Term<br>SOFR + 1.20% |)<sup>#</sup> | 4/20/2038 | 15000000 | 15003885 |
| Sycamore Tree CLO Ltd. Series 2025-6A Class B<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br>SOFR + 1.60% |)<sup>#</sup> | 4/20/2038 | 2550000 | 2559042 |
| Sycamore Tree CLO Ltd. Series 2025-7A Class E<sup>†(b)</sup> |  | <sup>(c)</sup> | 8/28/2038 | 5000000 | 5025695 |
| TCW CLO Ltd. Series 2024-1A Class AJ<sup>†</sup> | 6.118%<br> (3 mo. USD Term<br>SOFR + 1.80% |)<sup>#</sup> | 1/16/2037 | 6000000 | 6015696 |
| Tikehau U.S. CLO VII Ltd. Series 2025-1A Class D1<sup>†</sup> | 7.372%<br> (3 mo. USD Term<br>SOFR + 3.10% |)<sup>#</sup> | 2/25/2038 | 5000000 | 5017425 |
| Trestles CLO V Ltd. Series 2021-5A Class CR<sup>†</sup> | 6.576%<br> (3 mo. USD Term<br>SOFR + 2.25% |)<sup>#</sup> | 10/20/2034 | 8000000 | 8023224 |
| Trimaran CAVU Ltd. Series 2022-1A Class ER<sup>†</sup> | 11.252%<br> (3 mo. USD Term<br>SOFR + 6.92% |)<sup>#</sup> | 10/22/2037 | 1750000 | 1757606 |
| Trimaran CAVU Ltd. Series 2024-1A Class E<sup>†</sup> | 10.569%<br> (3 mo. USD Term<br>SOFR + 6.25% |)<sup>#</sup> | 1/25/2038 | 4400000 | 4474813 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Trinitas CLO XX Ltd. Series 2022-20A Class D1R<sup>†</sup> | 7.326%<br> (3 mo. USD Term<br>SOFR + 3.00% |)<sup>#</sup> | 7/20/2035 | $5000000 | $5006400 |
| Trinitas CLO XXIII Ltd. Series 2023-23A Class D<sup>†</sup> | 9.676%<br> (3 mo. USD Term<br>SOFR + 5.35% |)<sup>#</sup> | 10/20/2036 | 1000000 | 1008471 |
| Trinitas CLO XXIV Ltd. Series 2024-24A Class C<sup>†</sup> | 7.069%<br> (3 mo. USD Term<br>SOFR + 2.75% |)<sup>#</sup> | 4/25/2037 | 9450000 | 9524986 |
| Trinitas CLO XXIV Ltd. Series 2024-24A Class D1<sup>†</sup> | 8.419%<br> (3 mo. USD Term<br>SOFR + 4.10% |)<sup>#</sup> | 4/25/2037 | 1240000 | 1252086 |
| Trinitas CLO XXIX Ltd. Series 2024-29A Class A1<sup>†</sup> | 5.809%<br> (3 mo. USD Term<br>SOFR + 1.49% |)<sup>#</sup> | 7/23/2037 | 3240000 | 3249159 |
| Trinitas CLO XXIX Ltd. Series 2024-29A Class C<sup>†</sup> | 6.669%<br> (3 mo. USD Term<br>SOFR + 2.35% |)<sup>#</sup> | 7/23/2037 | 3780000 | 3800102 |
| Trinitas CLO XXIX Ltd. Series 2024-29A Class E<sup>†</sup> | 10.819%<br> (3 mo. USD Term<br>SOFR + 6.50% |)<sup>#</sup> | 7/23/2037 | 6250000 | 6299962 |
| Trinitas CLO XXVI Ltd. Series 2023-26A Class C1R<sup>†</sup> | 6.694%<br> (3 mo. USD Term<br>SOFR + 2.40% |)<sup>#</sup> | 7/20/2038 | 9750000 | 9853594 |
| Trinitas CLO XXVI Ltd. Series 2023-26A Class ER<sup>†</sup> | 11.044%<br> (3 mo. USD Term<br>SOFR + 6.75% |)<sup>#</sup> | 7/20/2038 | 5000000 | 5086770 |
| Trinitas CLO XXVII Ltd. Series 2024-27A Class C1<sup>†</sup> | 7.129%<br> (3 mo. USD Term<br>SOFR + 2.80% |)<sup>#</sup> | 4/18/2037 | 1376189 | 1385853 |
| Trinitas CLO XXVIII Ltd. Series 2024-28A Class B<sup>†</sup> | 6.419%<br> (3 mo. USD Term<br>SOFR + 2.10% |)<sup>#</sup> | 4/25/2037 | 1000000 | 1003465 |
| Trinitas CLO XXXII Ltd. Series 2025-32A Class E<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/23/2038 | 7500000 | 7538542 |
| Venture 48 CLO Ltd. Series 2023-48A Class B1<sup>†</sup> | 7.076%<br> (3 mo. USD Term<br>SOFR + 2.75% |)<sup>#</sup> | 10/20/2036 | 9000000 | 9030879 |
| Verdant Receivables LLC Series 2024-1A Class D<sup>†</sup> | 7.23% |  | 12/12/2031 | 1550000 | 1611205 |
| Verdant Receivables LLC Series 2025-1A Class D<sup>†</sup> | 6.49% |  | 5/12/2033 | 2750000 | 2812443 |
| Vibrant CLO XR Ltd. Series 2018-10RA Class C1<sup>†</sup> | 9.326%<br> (3 mo. USD Term<br>SOFR + 5.00% |)<sup>#</sup> | 4/20/2036 | 2920000 | 2963403 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Vibrant CLO XVI Ltd. Series 2023-16A Class C1R<sup>†</sup> | 7.918%<br> (3 mo. USD Term<br>SOFR + 3.60% |)<sup>#</sup> | 7/15/2036 | $3250000 | $3259760 |
| Voya CLO Ltd. Series 2016-3A Class A3R2<sup>†</sup> | 6.029%<br> (3 mo. USD Term<br>SOFR + 1.70% |)<sup>#</sup> | 10/18/2031 | 630000 | 630766 |
| Voya CLO Ltd. Series 2023-1A Class C<sup>†</sup> | 7.176%<br> (3 mo. USD Term<br>SOFR + 2.85% |)<sup>#</sup> | 1/20/2037 | 4730000 | 4757926 |
| Voya CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 10.968%<br> (3 mo. USD Term<br>SOFR + 6.65% |)<sup>#</sup> | 4/15/2037 | 6000000 | 6104100 |
| Warwick Capital CLO 1 Ltd. Series 2023-1A Class A<sup>†</sup> | 6.426%<br> (3 mo. USD Term<br>SOFR + 2.10% |)<sup>#</sup> | 10/20/2036 | 5000000 | 5017740 |
| Warwick Capital CLO 1 Ltd. Series 2023-1A Class D<sup>†</sup> | 9.926%<br> (3 mo. USD Term<br>SOFR + 5.60% |)<sup>#</sup> | 10/20/2036 | 4000000 | 4047036 |
| Warwick Capital CLO 3 Ltd. Series 2024-3A Class D<sup>†</sup> | 8.826%<br> (3 mo. USD Term<br>SOFR + 4.50% |)<sup>#</sup> | 4/20/2037 | 1610000 | 1623923 |
| Warwick Capital CLO 5 Ltd. Series 2024-5A Class A2<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br>SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 3000000 | 3005010 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class B<sup>†</sup> | 6.025%<br> (3 mo. USD Term<br>SOFR + 1.75% |)<sup>#</sup> | 7/20/2038 | 6025000 | 6054077 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class E<sup>†</sup> | 10.275%<br> (3 mo. USD Term<br>SOFR + 6.00% |)<sup>#</sup> | 7/20/2038 | 6000000 | 6028134 |
| Wellfleet CLO Ltd. Series 2021-2A Class A1<sup>†</sup> | 5.779%<br> (3 mo. USD Term<br>SOFR + 1.46% |)<sup>#</sup> | 7/15/2034 | 3000000 | 3000849 |
| Wellington Management CLO 1 Ltd. Series 2023-1A Class B<sup>†</sup> | 6.776%<br> (3 mo. USD Term<br>SOFR + 2.45% |)<sup>#</sup> | 10/20/2036 | 4535000 | 4553952 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Wellington Management CLO 2 Ltd. Series 2024-2A Class A<sup>†</sup> | 5.876%<br> (3 mo. USD Term<br>SOFR + 1.55% |)<sup>#</sup> | 4/20/2037 | $3300000 | $3308293 |
| Whitebox CLO IV Ltd. Series 2023-4A Class A2R<sup>†</sup> | 6.126%<br> (3 mo. USD Term<br>SOFR + 1.80% |)<sup>#</sup> | 4/20/2036 | 16000000 | 16053840 |
| Wind River CLO Ltd. Series 2024-1A Class A<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br>SOFR + 1.60% |)<sup>#</sup> | 4/20/2037 | 18700000 | 18755894 |
| Wise CLO Ltd. Series 2025-2A Class C<sup>†</sup> | 6.58%<br> (3 mo. USD Term<br>SOFR + 2.30% |)<sup>#</sup> | 4/20/2038 | 7000000 | 7040460 |
| Zais CLO 15 Ltd. Series 2020-15A Class A1RR<sup>†</sup> | 5.804%<br> (3 mo. USD Term<br>SOFR + 1.49% |)<sup>#</sup> | 7/28/2037 | 4300000 | 4295876 |
| Zaxbys Funding LLC Series 2021-1A Class A2<sup>†</sup> | 3.238% |  | 7/30/2051 | 3153600 | 2940215 |
| Total |  |  |  |  | 1773017067 |
| Total Asset-Backed Securities (cost $2,000,359,001) | Total Asset-Backed Securities (cost $2,000,359,001) |  |  |  | 2000956315 |
| **CORPORATE BONDS 7.17%** |  |  |  |  |  |
| **Auto Manufacturers 1.01%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 6.381%<br> (SOFR + 2.03% |)<sup>#</sup> | 3/20/2028 | 3000000 | 2997378 |
| General Motors Financial Co., Inc. | 5.637%<br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 10000000 | 9885674 |
| Hyundai Capital America<sup>†</sup> | 5.703%<br> (SOFR + 1.35% |)<sup>#</sup> | 3/27/2030 | 9000000 | 9046536 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.398%<br> (SOFR + 2.05%) | <sup>#</sup> | 9/13/2027 | 5416000 | 5367399 |
| Total |  |  |  |  | 27296987 |
| **Banks 3.39%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 6.13%<br> (SOFR + 1.78% |)<sup>#</sup> | 9/18/2027 | 700000 | 708631 |
| Bank of Montreal (Canada)<sup>(d)</sup> | 5.227%<br> (SOFR + 0.88% |)<sup>#</sup> | 9/10/2027 | 1000000 | 1003283 |
| Bank of Nova Scotia (Canada)<sup>(d)</sup> | 5.423%<br> (SOFR + 1.08% |)<sup>#</sup> | 8/1/2029 | 1570000 | 1578246 |
| BPCE SA (France)<sup>†(d)</sup> | 6.323%<br> (SOFR + 1.98% |)<sup>#</sup> | 10/19/2027 | 250000 | 254012 |

---

*See Notes to Financial Statements.* 39

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Canadian Imperial Bank of Commerce (Canada)<sup>(d)</sup> | 5.278%<br> (SOFR + 0.93% |)<sup>#</sup> | 9/11/2027 | $938000 | $942697 |
| Citibank NA | 5.464%<br> (SOFR + 1.12% |)<sup>#</sup> | 5/29/2030 | 6481000 | 6560126 |
| Citigroup, Inc. | 5.141%<br> (3 mo. USD Term<br>SOFR + 0.81% |)<sup>#</sup> | 8/25/2036 | 4217000 | 3788481 |
| Deutsche Bank AG<sup>(b)</sup> | 5.644%<br> (SOFR + 1.30% |)<sup>#</sup> | 8/4/2031 | 4703000 | 4705412 |
| Goldman Sachs Group, Inc. | 5.425%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 5000000 | 4988338 |
| Goldman Sachs Group, Inc. | 5.634%<br> (SOFR + 1.29% |)<sup>#</sup> | 4/23/2028 | 3877000 | 3912224 |
| Goldman Sachs Group, Inc. | 6.199%<br> (SOFR + 1.85% |)<sup>#</sup> | 3/15/2028 | 1633000 | 1662055 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 5.377%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 5000000 | 5010982 |
| HSBC USA, Inc. | 5.317%<br> (SOFR + 0.97% |)<sup>#</sup> | 6/3/2028 | 1867000 | 1881708 |
| Huntington National Bank | 5.064%<br> (SOFR + 0.72% |)<sup>#</sup> | 4/12/2028 | 3777000 | 3777430 |
| JPMorgan Chase & Co. | 5.145%<br> (SOFR + 0.80% |)<sup>#</sup> | 1/24/2029 | 5000000 | 5010223 |
| JPMorgan Chase & Co. | 5.274%<br> (SOFR + 0.93% |)<sup>#</sup> | 7/22/2028 | 1967000 | 1979580 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 5.402%<br> (SOFR + 1.06% |)<sup>#</sup> | 11/26/2028 | 5000000 | 5028485 |
| Morgan Stanley | 5.725%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 6000000 | 6087845 |
| Morgan Stanley Bank NA | 5.212%<br> (SOFR + 0.87% |)<sup>#</sup> | 5/26/2028 | 800000 | 803742 |
| National Australia Bank Ltd. (Australia)<sup>†(d)</sup> | 4.983%<br> (SOFR + 0.60% |)<sup>#</sup> | 10/26/2027 | 781000 | 783424 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 5.639%<br> (SOFR + 1.30% |)<sup>#</sup> | 11/15/2028 | 200000 | 201773 |
| NatWest Markets PLC (United Kingdom)<sup>†(d)</sup> | 5.301%<br> (SOFR + 0.95% |)<sup>#</sup> | 3/21/2028 | 3959000 | 3983126 |
| NatWest Markets PLC (United Kingdom)<sup>†(d)(e)</sup> | 5.481%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/17/2029 | 5528000 | 5572959 |
| Societe Generale SA (France)<sup>†(d)</sup> | 5.442%<br> (SOFR + 1.10% |)<sup>#</sup> | 2/19/2027 | 710000 | 711473 |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Swedbank AB (Sweden)<sup>†(d)</sup> | 5.372%<br> (SOFR + 1.03% |)<sup>#</sup> | 11/20/2029 | $1824000 | $1852804 |
| Toronto-Dominion Bank (Canada)<sup>(d)</sup> | 5.164%<br> (SOFR + 0.82% |)<sup>#</sup> | 1/31/2028 | 2413000 | 2420850 |
| Toronto-Dominion Bank (Canada)<sup>(d)</sup> | 5.38%<br> (SOFR + 1.03% |)<sup>#</sup> | 12/17/2029 | 4000000 | 4013373 |
| U.S. Bank NA | 5.251%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 7007000 | 7046239 |
| Wells Fargo & Co. | 5.714%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 5000000 | 5072782 |
| *Total* |  |  |  |  | 91342303 |
| **Diversified Financial Services 0.45%** |  |  |  |  |  |
| American Express Co. | 5.364%<br> (SOFR + 1.02% |)<sup>#</sup> | 1/30/2031 | 6000000 | 6027676 |
| American Express Co. | 5.605%<br> (SOFR + 1.26% |)<sup>#</sup> | 4/25/2029 | 6000000 | 6089994 |
| *Total* |  |  |  |  | 12117670 |
| **Electric 0.03%** |  |  |  |  |  |
| Pacific Gas & Electric Co. | 5.296%<br> (SOFR + 0.95% |)<sup>#</sup> | 9/4/2025 | 818000 | 818168 |
| **Health Care-Services 0.04%** |  |  |  |  |  |
| HCA, Inc. | 5.217%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/1/2028 | 1134000 | 1142393 |
| **Insurance 0.27%** |  |  |  |  |  |
| Athene Global Funding<sup>†</sup> | 5.177%<br> (SOFR + 0.83% |)<sup>#</sup> | 1/7/2027 | 3000000 | 3007394 |
| Corebridge Global Funding<sup>†</sup> | 5.097%<br> (SOFR + 0.75% |)<sup>#</sup> | 1/7/2028 | 2071000 | 2067965 |
| Jackson National Life Global Funding<sup>†</sup> | 5.314%<br> (SOFR + 0.97% |)<sup>#</sup> | 1/14/2028 | 2161000 | 2168451 |
| *Total* |  |  |  |  | 7243810 |
| **Mining 0.21%** |  |  |  |  |  |
| Glencore Funding LLC<sup>†</sup> | 5.102%<br> (SOFR + 0.75% |)<sup>#</sup> | 10/1/2026 | 2064000 | 2066510 |
| Glencore Funding LLC<sup>†</sup> | 5.407%<br> (SOFR + 1.06% |)<sup>#</sup> | 4/4/2027 | 1737000 | 1745483 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(d)</sup> | 5.189%<br> (SOFR + 0.84% |)<sup>#</sup> | 3/14/2028 | 1844000 | 1858456 |
| *Total* |  |  |  |  | 5670449 |

---

See Notes to Financial Statements. 41

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Multi-National 1.33%** |  |  |  |  |
| European Bank for Reconstruction & Development (United Kingdom)<sup>(d)</sup> | 4.671%<br> (SOFR + 0.33% | 2/20/2028 | $14000000 | $14018198 |
| Inter-American Development Bank | 4.737%<br> (SOFR + 0.39% | 3/13/2030 | 21850000 | 21850229 |
| *Total* |  |  |  | 35868427 |
| **Software 0.21%** |  |  |  |  |
| Oracle Corp. | 5.101%<br> (SOFR + 0.76% | 8/3/2028 | 5688000 | 5726087 |
| **Telecommunications 0.23%** |  |  |  |  |
| NTT Finance Corp. (Japan)<sup>†(d)</sup> | 5.688%<br> (SOFR + 1.31% | 7/16/2030 | 6000000 | 6109897 |
| *Total Corporate Bonds* (cost $192,263,524) |  |  |  | 193336191 |
| **FLOATING RATE LOANS**<sup>(f)</sup> **8.62%** |  |  |  |  |
| **Aerospace/Defense 0.30%** |  |  |  |  |
| TransDigm, Inc. 2023 Term Loan J | 6.796%<br> (3 mo. USD Term<br> SOFR + 2.50% | 2/28/2031 | 7979849 | 8012447 |
| **Airlines 0.33%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.576%<br> (3 mo. USD Term<br> SOFR + 2.25% | 4/20/2028 | 4987500 | 4973784 |
| Vista Management Holding, Inc. 2025 Term Loan B | 8.041%<br> (3 mo. USD Term<br> SOFR + 3.75% | 4/1/2031 | 4000000 | 4021660 |
| *Total* |  |  |  | 8995444 |
| **Auto Parts & Equipment 0.13%** |  |  |  |  |
| Tenneco, Inc. 2022 Term Loan B | 9.396% - 9.42%<br> (3 mo. USD Term<br> SOFR + 5.00% | 11/17/2028 | 3500000 | 3464807 |
| **Commercial Services 0.66%** |  |  |  |  |
| Avis Budget Car Rental LLC 2025 Term Loan B | 6.856%<br> (1 mo. USD Term<br> SOFR + 2.50% | 7/16/2032 | 5281000 | 5263678 |
| First Advantage Holdings LLC 2024 Term Loan B | 7.106%<br> (1 mo. USD Term<br> SOFR + 2.75% | 10/31/2031 | 5955658 | 5984841 |

---

42 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Garda World Security Corp. 2025 Term Loan B (Canada)<sup>(d)</sup> | 7.343%<br> (1 mo. USD Term<br> SOFR + 3.00%) | 2/1/2029 | $4975000 | $4981592 |
| Trans Union LLC 2024 Term Loan B9 | 6.106%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 6/24/2031 | 1535143 | 1538313 |
| *Total* |  |  |  | 17768424 |
| **Diversified Financial Services 1.52%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.099%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 6/24/2030 | 7663490 | 7675675 |
| Citadel Securities LP 2024 First Lien Term Loan | 6.356%<br> (1 mo. USD Term<br> SOFR + 2.00%) | 10/31/2031 | 180095 | 180770 |
| Citadel Securities LP 2024 Term Loan B | 6.356%<br> (1 mo. USD Term<br> SOFR + 2.00%) | 7/29/2030 | 99250 | 99622 |
| Colossus Acquireco LLC Term Loan B | – <sup>(c)</sup> | 6/11/2032 | 3500000 | 3485633 |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 6.106%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 4/28/2028 | 2713365 | 2714125 |
| DRW Holdings LLC 2024 Term Loan B | 7.856%<br> (1 mo. USD Term<br> SOFR + 3.50%) | 6/26/2031 | 4921440 | 4927592 |
| GC Ferry Acquisition I, Inc. Delayed Draw Term Loan<sup>(g)</sup> | – <sup>(c)</sup> | 6/6/2032 | 933333 | 920939 |
| GC Ferry Acquisition I, Inc. Term Loan | – <sup>(c)</sup> | 6/6/2032 | 5466667 | 5394069 |
| Guggenheim Partners LLC 2024 Term Loan B | 6.796%<br> (3 mo. USD Term<br> SOFR + 2.50%) | 11/26/2031 | 5890400 | 5914698 |
| Hudson River Trading LLC 2024 Term Loan B | 7.343%<br> (1 mo. USD Term<br> SOFR + 3.00%) | 3/18/2030 | 6873757 | 6899637 |
| Jump Financial LLC 2025 Term Loan B | 8.546%<br> (3 mo. USD Term<br> SOFR + 4.25%) | 2/26/2032 | 2794995 | 2801982 |
| *Total* |  |  |  | 41014742 |

---

See Notes to Financial Statements. 43

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Manufacturing Operations 0.31%** |  |  |  |  |
| First Eagle Investment Management LLC 2024 Term Loan B2 | 7.296%<br> (3 mo. USD Term<br> SOFR + 3.00%) | 3/5/2029 | $8462342 | $8467208 |
| **Electric 1.29%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B5 | 6.106%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 2/15/2032 | 6600000 | 6605511 |
| Lackawanna Energy Center LLC 2025 Term Loan B | – <sup>(c)</sup> | 7/23/2032 | 7667000 | 7714919 |
| NRG Energy, Inc. 2024 Term Loan | 6.064% - 6.10%<br> (1 mo. USD Term<br> SOFR + 1.75%)<br> (3 mo. USD Term<br> SOFR + 1.75% | 4/16/2031 | 13109711 | 13132456 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.106%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 12/20/2030 | 7202167 | 7221541 |
| *Total* |  |  |  | 34674427 |
| **Electronics 0.11%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 5.231%<br> (1 mo. USD Term<br> SOFR + 0.88%) | 5/7/2027 | 3000000 | 3003750 |
| **Entertainment 0.51%** |  |  |  |  |
| Caesars Entertainment, Inc. Term Loan B | 6.606%<br> (1 mo. USD Term<br> SOFR + 2.25%) | 2/6/2030 | 3987805 | 3990716 |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(d)</sup> | 6.046%<br> (3 mo. USD Term<br> SOFR + 1.75%) | 11/30/2030 | 6215140 | 6204264 |
| Flutter Financing BV 2025 Term Loan B (Netherlands)<sup>(d)</sup> | 6.296%<br> (3 mo. USD Term<br> SOFR + 2.00%) | 6/4/2032 | 3533000 | 3538882 |
| GVC Holdings Ltd. 2024 EUR Term Loan B4 | 5.287%<br> (6 mo. EURIBOR + 3.25%) | 6/30/2028 | 73000 | 83772 |
| *Total* |  |  |  | 13817634 |
| **Environmental Control 0.22%** |  |  |  |  |
| GFL Environmental, Inc. 2025 Term Loan B (Canada)<sup>(d)</sup> | 6.824%<br> (3 mo. USD Term<br> SOFR + 2.50%) | 3/3/2032 | $6000000 | 6015000 |

---

44 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Food 0.34%** |  |  |  |  |
| Froneri Lux Finco SARL 2024 USD Term Loan B4 (Luxembourg)<sup>(d)</sup> | – <sup>(c)</sup> | 9/30/2031 | $5000000 | $4967175 |
| Froneri Lux Finco SARL 2025 USD Term Loan (Luxembourg)<sup>(d)</sup> | – <sup>(c)</sup> | 7/16/2032 | 4200000 | 4196598 |
| *Total* |  |  |  | 9163773 |
| **Food Service 0.01%** |  |  |  |  |
| Aramark Services, Inc. 2024 Term Loan B8 | 6.356%<br> (1 mo. USD Term<br> SOFR + 2.00%) | 6/22/2030 | 397276 | 398377 |
| **Household Products 0.18%** |  |  |  |  |
| Reynolds Consumer Products LLC 2025 Term Loan B | 6.106%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 3/4/2032 | 4750000 | 4776742 |
| **Insurance 0.71%** |  |  |  |  |
| AmWINS Group, Inc. 2025 Term Loan B | 6.606%<br> (1 mo. USD Term<br> SOFR + 2.25%) | 1/30/2032 | 5927731 | 5938727 |
| Aon Corp. Term Loan A | 5.456%<br> (1 mo. USD Term<br> SOFR + 1.00%) | 6/15/2027 | 355840 | 356285 |
| Asurion LLC 2021 Term Loan B9 | 7.721%<br> (1 mo. USD Term<br> SOFR + 3.25%) | 7/31/2027 | 6816913 | 6823594 |
| Asurion LLC 2023 Term Loan B11 | 8.706%<br> (1 mo. USD Term<br> SOFR + 4.25%) | 8/19/2028 | 6143240 | 6095875 |
| *Total* |  |  |  | 19214481 |
| **Media 0.57%** |  |  |  |  |
| Charter Communications Operating LLC 2023 Term Loan B4 | 6.291%<br> (3 mo. USD Term<br> SOFR + 2.00%) | 12/7/2030 | 6589276 | 6587003 |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.541%<br> (3 mo. USD Term<br> SOFR + 2.25%) | 12/15/2031 | 8828151 | 8838082 |
| *Total* |  |  |  | 15425085 |

---

*See Notes to Financial Statements.* 45

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Mining & Metals 0.19%** |  |  |  |  |
| Novelis Corp. 2025 Term Loan B | 6.296%<br> (3 mo. USD Term<br> SOFR + 2.00%) | 3/11/2032 | $4987500 | $5010368 |
| **Oil & Gas 0.20%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 6.343%<br> (1 mo. USD Term<br> SOFR + 2.00%) | 2/11/2030 | 946528 | 950375 |
| Pasadena Performance Products LLC Term Loan B | 7.796%<br> (3 mo. USD Term<br> SOFR + 3.50%) | 2/27/2032 | 4407136 | 4445699 |
| *Total* |  |  |  | 5396074 |
| **Real Estate Investment Trusts 0.30%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc. 2025 Term Loan B6 | 7.356%<br> (1 mo. USD Term<br> SOFR + 3.00%) | 12/10/2030 | 5110000 | 5139791 |
| Host Hotels & Resorts LP 2023 Term Loan A2 | 5.356%<br> (1 mo. USD Term<br> SOFR + 0.90%) | 1/4/2028 | 917000 | 914708 |
| Invitation Homes Operating Partnership LP 2024 Term Loan | – <sup>(c)</sup> | 9/9/2028 | 2000000 | 1970000 |
| *Total* |  |  |  | 8024499 |
| **Retail 0.12%** |  |  |  |  |
| Murphy USA, Inc. Term Loan B | 6.079%<br> (1 mo. USD Term<br> SOFR + 1.75%) | 4/7/2032 | 3205000 | 3237050 |
| **Software 0.18%** |  |  |  |  |
| Clearwater Analytics LLC 2025 Term Loan B | 6.461%<br> (6 mo. USD Term<br> SOFR + 2.25%) | 4/21/2032 | 3000000 | 3011265 |
| QXO, Inc. Term Loan B | 7.296%<br> (3 mo. USD Term<br> SOFR + 3.00%) | 4/30/2032 | 1789533 | 1807071 |
| *Total* |  |  |  | 4818336 |
| **Transportation 0.38%** |  |  |  |  |
| Rand Parent LLC 2025 Term Loan B | 7.296%<br> (3 mo. USD Term<br> SOFR + 3.00%) | 3/18/2030 | 10290975 | 10206229 |

---

46 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Utilities 0.06%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | 7.106%<br> (1 mo. USD Term<br> SOFR + 2.75% | 6/23/2032 | $1588889 | $1595586 |
| *Total Floating Rate Loans* (cost $231,657,734) |  |  |  | 232500483 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(d)</sup> **2.03%** |  |  |  |  |
| **Norway 1.42%** |  |  |  |  |
| Kommunalbanken AS<sup>†</sup> | 4.747%<br> (SOFR + 0.40% | 3/3/2028 | 20000000 | 20019976 |
| Kommunalbanken AS<sup>†</sup> | 4.758%<br> (SOFR + 0.41% | 4/9/2029 | 18300000 | 18306575 |
| *Total* |  |  |  | 38326551 |
| **South Korea 0.01%** |  |  |  |  |
| Korea National Oil Corp.<sup>†</sup> | 5.277%<br> (SOFR + 0.90% | 9/30/2027 | 302000 | 303625 |
| **Sweden 0.60%** |  |  |  |  |
| Svensk Exportkredit AB | 5.342%<br> (SOFR + 1.00% | 5/5/2027 | 16000000 | 16191320 |
| *Total Foreign Government Obligations* (cost $54,832,789) | *Total Foreign Government Obligations* (cost $54,832,789) |  |  | 54821496 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.26%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.26%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.26%** |  |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.60%<br> (30 day USD<br> SOFR Average + 1.25% | 5/25/2044 | 5203330 | 5227771 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1<sup>†</sup> | 5.60%<br> (30 day USD<br> SOFR Average + 1.25% | 3/25/2044 | 12196518 | 12238404 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.60%<br> (30 day USD<br> SOFR Average + 1.25% | 8/25/2044 | 3633333 | 3651522 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.30%<br> (30 day USD<br> SOFR Average + 0.95% | 1/25/2045 | 1364375 | 1365994 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.50%<br> (30 day USD<br> SOFR Average + 1.15% | 9/25/2044 | 524899 | 526179 |

---

See Notes to Financial Statements. 47

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **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)** |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R04 Class 1A1<sup>†</sup> | 5.35%<br> (30 day USD<br> SOFR Average + 1.00% |)<sup>#</sup> | 5/25/2045 | $8692895 | $8697637 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R05 Class 2A1<sup>†</sup> | 5.319%<br> (30 day USD<br> SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2045 | 2380000 | 2383720 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $34,092,163) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $34,092,163) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $34,092,163) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $34,092,163) |  | 34091227 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 1.54%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 1.54%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 1.54%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 1.54%** |  |  |
| Federal Home Loan Mortgage Corp. (cost $41,500,000) | 4.54%<br> (SOFR + 0.22% |)<sup>#</sup> | 5/23/2028 | 41500000 | 41501190 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.47%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.47%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.47%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.47%** |  |  |
| 1301 Trust Series 2025-1301 Class A<sup>(b)</sup> | 5.227% | <sup>#(h)</sup> | 8/11/2030 | 6700000 | 6700000 |
| 1345 Trust Series 2025-AOA Class A<sup>†</sup> | 5.942%<br> (1 mo. USD <br>Term SOFR + 1.60% |)<sup>#</sup> | 6/15/2030 | 2660000 | 2668445 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 6.085%<br> (1 mo. USD Term <br> SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 3320000 | 3344279 |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 6.28%<br> (1 mo. USD Term<br> SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 1940000 | 1943447 |
| ARDN Mortgage Trust Series 2025-ARCP Class A<sup>†</sup> | 6.092%<br> (1 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 6/15/2035 | 12690000 | 12718904 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A<sup>†</sup> | 5.684%<br> (1 mo. USD Term<br> SOFR + 1.34% |)<sup>#</sup> | 3/15/2041 | 1494403 | 1498965 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†(b)</sup> | 5.73%<br> (1 mo. USD Term<br> SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 3840000 | 3840000 |
| BX Trust Series 2021-RISE Class B<sup>†</sup> | 5.707%<br> (1 mo. USD Term<br> SOFR + 1.36% |)<sup>#</sup> | 11/15/2036 | 5297817 | 5296821 |

---

48 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 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-LUNR Class A<sup>†</sup> | 5.842%<br> (1 mo. USD Term<br> SOFR + 1.50% |)<sup>#</sup> | 6/15/2040 | $14200000 | $14263920 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.486%<br> (1 mo. USD Term<br> SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 5996612 | 5992551 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.742%<br> (1 mo. USD Term<br> SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 2400000 | 2408005 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.984%<br> (1 mo. USD Term<br> SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 5613000 | 5617892 |
| JW Commercial Mortgage Trust Series 2024-MRCO Class A<sup>†</sup> | 5.963%<br> (1 mo. USD Term<br> SOFR + 1.62% |)<sup>#</sup> | 6/15/2039 | 1300000 | 1303416 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.728%<br> (1 mo. USD Term<br> SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 4800000 | 4804228 |
| Multifamily Connecticut Avenue Securities Trust Series 2024-01 Class M7<sup>†</sup> | 7.10%<br> (30 day USD<br> SOFR Average + 2.75% |)<sup>#</sup> | 7/25/2054 | 624039 | 633810 |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 5.157%<br> (1 mo. USD Term<br> SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | 7889424 | 7755846 |
| PFP Ltd. Series 2023-10 Class A<sup>†</sup> | 6.708%<br> (1 mo. USD Term<br> SOFR + 2.36% |)<sup>#</sup> | 9/16/2038 | 73138 | 73271 |
| PFP Ltd. Series 2025-12 Class A<sup>†</sup> | 5.839%<br> (1 mo. USD Term<br> SOFR + 1.49% |)<sup>#</sup> | 12/18/2042 | 4040000 | 4052625 |
| PFP Ltd. Series 2025-12 Class B<sup>†</sup> | 6.392%<br> (1 mo. USD Term<br> SOFR + 2.04% |)<sup>#</sup> | 12/18/2042 | 5100000 | 5111155 |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class A<sup>†</sup> | 5.734%<br> (1 mo. USD Term<br> SOFR + 1.39% |)<sup>#</sup> | 5/15/2039 | 1765000 | 1767065 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.785%<br> (1 mo. USD Term<br> SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 8500000 | 8470830 |

---

See Notes to Financial Statements. 49

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 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)** |  |  |  |  |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A<sup>†</sup> | 5.585%<br> (1 mo. USD Term<br> SOFR + 1.24% |)<sup>#</sup> | 12/15/2039 | $3850000 | $3858207 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class A<sup>†</sup> | 5.635%<br> (1 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 4/15/2042 | 6100000 | 6107935 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 2682048 | 2676866 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.033%<br> (1 mo. USD Term<br> SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 400000 | 400911 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A<sup>†</sup> | 5.35% | <sup>#(h)</sup> | 7/15/2040 | 7000000 | 7119722 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $120,133,480) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $120,133,480) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $120,133,480) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $120,133,480) |  | 120429116 |
| **U.S. TREASURY OBLIGATIONS 4.41%** |  |  |  |  |  |
| U.S. Treasury Floating Rate Notes | 4.379%<br> (3 mo. Treasury<br> money market<br> yield + 0.10% |)<sup>#</sup> | 1/31/2027 | 37819000 | 37814353 |
| U.S. Treasury Floating Rate Notes | 4.441%<br> (3 mo. Treasury<br> money market<br> yield + 0.16% |)<sup>#</sup> | 4/30/2027 | 36000000 | 36024289 |
| U.S. Treasury Floating Rate Notes | 4.486%<br> (3 mo. Treasury<br> money market<br> yield + 0.21% |)<sup>#</sup> | 10/31/2026 | 45000000 | 45051858 |
| *Total U.S. Treasury Obligations* (cost $118,870,641) |  |  |  |  | 118890500 |
| **OPTIONS PURCHASED 0.01%** |  |  |  |  |  |
| *Total Options Purchased* (cost $613,200) |  |  |  |  | 358056 |
| *Total Long-Term Investments* (cost $2,794,322,532) | *Total Long-Term Investments* (cost $2,794,322,532) | *Total Long-Term Investments* (cost $2,794,322,532) |  |  | 2796884574 |
| **SHORT-TERM INVESTMENTS 2.31%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 2.28%** |  |  |  |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $24,923,800 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $25,378,584; proceeds: $24,883,578<br> (cost $24,880,813) |  |  |  | 24880813 | 24880813 |

---

50 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS (continued)** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.350% due 8/1/2025 with TD Securities (USA) LLC collateralized by $37,103,000 of U.S. Treasury Note at 4.000% due 7/31/2029; value: $37,244,898; proceeds: $36,504,410 (cost $36,500,000) | $36500000 | $36500000 |
| *Total Repurchase Agreements* (cost $61,380,813) |  | 61380813 |
| **TIME DEPOSITS 0.00%** |  |  |
| CitiBank N.A.<sup>(i)</sup> (cost $88,400) | 88400 | 88400 |
|  | Shares |  |
| **MONEY MARKET FUNDS 0.03%** |  |  |
| Fidelity Government Portfolio<sup>(i)</sup> (cost $795,600) | 795600 | 795600 |
| *Total Short-Term Investments* (cost $62,264,813) |  | 62264813 |
| *Total Investments in Securities 106.02%* (cost $2,856,587,345) |  | 2859149387 |
| *Less Unfunded Loan Commitments (0.03%)* (cost $919,333) |  | (920939) |
| *Net Investments in Securities 105.99%* (cost $2,855,668,012) |  | 2858228448 |
| *Other Assets and Liabilities - Net<sup>(j)</sup> (5.99)%* |  | (161416857) |
| *Net Assets 100.00%* |  | $2696811591 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| EUR | Euro. |
| EURIBOR | Euro Interbank Offered Rate. |
| 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 July 31, 2025, the total value of Rule 144A securities was $2,196,443,520, which represents 81.45% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at July 31, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(i)). |
| <sup>(c)</sup> | Interest Rate to be determined. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <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 July 31, 2025. |
| <sup>(g)</sup> | Security partially/fully unfunded (See Note 2(c)). |
| <sup>(h)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <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 forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

See Notes to Financial Statements. 51

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

**Options Purchased at July 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of**<br> Contracts** | Expiration**<br> Date** | Exercise**<br> Price** | Notional**<br> Amount** | Value |
| CDX.NA.IG.S44 | Goldman Sachs | 425000000 | 6/20/2030 | $0.0075 | $425000000 | $220651 |
| CDX.NA.IG.S44 | Goldman Sachs | 125000000 | 6/20/2030 | 0.007 | 125000000 | 137405 |
| *Total OTC Options Purchased* |  |  |  |  |  | $358056 |

---

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Buy Protection at July 31, 2025<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced**<br> Indexes/Issuers** | Central**<br> Clearing<br> Party** | Fund**<br> Pays <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.S44<sup>(4)</sup> | Bank of America | 1.00% | 6/20/2030 | $347553000 | $(6248866) | $(1277141) | $(7526007) |

---

<sup>(1)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap contracts and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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 $1,277,141.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Interest Rate Swap Contracts at July 31, 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 | 3/19/2030 | $32035000 | $932144 | $(141192) | $790952 |

---

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).

**Forward Foreign Currency Exchange Contracts at July 31, 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 | 9/19/2025 | 1682000 | $1242237 | $1216823 | $25414 |
| Canadian dollar | Sell | Morgan Stanley | 9/19/2025 | 17700000 | 12975625 | 12804851 | 170774 |
| *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* |  |  | $196188 |

---

52 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 2025*

**Futures Contracts at July 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional**<br> Amount** | Notional**<br> Value** | Unrealized**<br> Appreciation** |
| U.S. 10-Year Treasury Note | September 2025 | 375 | Long | $41601285 | $41648437 | $47152 |
| Type | Expiration | Contracts | Position | Notional**<br> Amount** | Notional**<br> Value** | Unrealized**<br> Depreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 535 | Long | $110856350 | $110736641 | $(119709) |

---

The following is a summary of the inputs used as of July 31, 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 | $– | $23285826 | $4610120 | $27895946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 1973060369 |  | 1973060369 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 193336191 |  | 193336191 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 232500483 |  | 232500483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (920939) |  | (920939) |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 54821496 |  | 54821496 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 34091227 |  | 34091227 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 41501190 |  | 41501190 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 120429116 |  | 120429116 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 118890500 |  | 118890500 |
| &nbsp;&nbsp;&nbsp;Options Purchased |  | 358056 |  | 358056 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 61380813 |  | 61380813 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 88400 |  | 88400 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 795600 | – | – | 795600 |
| Total | $795600 | $2852822728 | $4610120 | $2858228448 |

---

See Notes to Financial Statements. 53

**Schedule of Investments (concluded)**

INVESTMENT GRADE FLOATING RATE FUND *July 31, 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;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (7526007) |  | (7526007) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 790952 |  | 790952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 196188 |  | 196188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 47152 |  |  | 47152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (119709) | – | – | (119709) |
| Total | $(72557) | $(6538867) | $– | $(6611424) |

---

<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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. 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.

54 See Notes to Financial Statements.

**Schedule of Investments**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.70%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 1.32%** |  |  |  |  |  |
| **Credit Card 0.21%** |  |  |  |  |  |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | $18200000 | $18240040 <sup>(a)</sup> |
| **Other 1.11%** |  |  |  |  |  |
| 1988 CLO 2 Ltd. Series 2023-2A Class CR<sup>†</sup> | 6.168%<br> (3 mo. USD Term<br> SOFR + 1.85% |)<sup>#</sup> | 4/15/2038 | 3500000 | 3504407 |
| AMMC CLO 27 Ltd. Series 2022-27A Class B1R<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 1/20/2037 | 16220000 | 16227477 |
| Barrow Hanley CLO I Ltd. Series 2023-1A Class BR<sup>†</sup> | 6.066%<br> (3 mo. USD Term<br> SOFR + 1.74% |)<sup>#</sup> | 1/20/2038 | 7250000 | 7293079 |
| Birch Grove CLO 6 Ltd. Series 2023-6A Class CR<sup>†</sup> | 6.321%<br> (3 mo. USD Term<br> SOFR + 1.95% |)<sup>#</sup> | 7/20/2038 | 5000000 | 5021035 |
| Brant Point CLO Ltd. Series 2024-6A Class C<sup>†</sup> | 6.368%<br> (3 mo. USD Term<br> SOFR + 2.05% |)<sup>#</sup> | 1/15/2038 | 4000000 | 4011712 |
| Empower CLO Ltd. Series 2022-1A Class BR<sup>†</sup> | 6.076%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 10/20/2037 | 6000000 | 6007134 |
| Madison Park Funding XXVIII Ltd. Series 2018-28A Class CR<sup>†</sup> | 6.318%<br> (3 mo. USD Term<br> SOFR + 2.00% |)<sup>#</sup> | 1/15/2038 | 4000000 | 4026268 |
| Neuberger Berman Loan Advisers CLO 55 Ltd. Series 2024-55A Class A2<sup>†</sup> | 6.032%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 4/22/2038 | 6000000 | 6013944 |
| OHA Credit Partners XVI Series 2021-16A Class B1R<sup>†</sup> | 6.029%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 10/18/2037 | 3900000 | 3913022 |
| Palmer Square CLO Ltd. Series 2021-4A Class BR<sup>†</sup> | 5.972%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 7/15/2038 | 4250000 | 4262750 |

---

*See Notes to Financial Statements.* 55

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Regatta XVI Funding Ltd. Series 2019-2A Class BR<sup>†</sup> | 6.018%<br> (3 mo. USD Term<br> SOFR + 1.70% |)<sup>#</sup> | 1/15/2033 | $8235000 | $8253216 |
| Signal Peak CLO 7 Ltd. Series 2019-1A Class CR<sup>†</sup> | 6.476%<br> (3 mo. USD Term<br> SOFR + 2.15% |)<sup>#</sup> | 10/20/2037 | 3500000 | 3524217 |
| Sixth Street CLO VIII Ltd. Series 2017-8A Class BR2<sup>†</sup> | 6.126%<br> (3 mo. USD Term<br> SOFR + 1.80% |)<sup>#</sup> | 10/20/2034 | 4729050 | 4739397 |
| Trimaran CAVU Ltd. Series 2024-1A Class B<sup>†</sup> | 6.069%<br> (3 mo. USD Term<br> SOFR + 1.75% |)<sup>#</sup> | 1/25/2038 | 5500000 | 5516285 |
| Trinitas CLO XXVI Ltd. Series 2023-26A Class C1R<sup>†</sup> | 6.694%<br> (3 mo. USD Term<br> SOFR + 2.40% |)<sup>#</sup> | 7/20/2038 | 3000000 | 3031875 |
| Voya CLO Ltd. Series 2017-3A Class AAR2<sup>†</sup> | 5.926%<br> (3 mo. USD Term<br> SOFR + 1.60% |)<sup>#</sup> | 4/20/2034 | 9650000 | 9667322 |
| *Total* |  |  |  |  | 95013140 |
| *Total Asset-Backed Securities* (cost $113,200,640) |  |  |  |  | 113253180 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.01%** |  |  |  |  |  |
| **Health Care Providers & Services 0.01%** |  |  |  |  |  |
| Recovery Solutions LLC\* |  |  |  | 65196 | 1010535 |
| Wellpath Holdings, Inc. Class A\* |  |  |  | 31403 | 15702 |
| Wellpath Holdings, Inc.\* |  |  |  | 30430 | 182580 |
| *Total Common Stocks* (cost $1,124,137) |  |  |  |  | 1208817 |
|  |  |  |  | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **CONVERTIBLE BONDS 2.32%** |  |  |  |  |  |
| **Aerospace/Defense 0.05%** |  |  |  |  |  |
| Astronics Corp.<sup>†</sup> | 5.50% |  | 3/15/2030 | $2452000 | 4471562 |
| **Diversified Financial Services 0.11%** |  |  |  |  |  |
| WisdomTree, Inc.<sup>†</sup> | 3.25% |  | 8/15/2029 | 7460000 | 9362300 |

---

56 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electronics 0.22%** |  |  |  |  |
| Mirion Technologies, Inc.<sup>†</sup> | 0.25% | 6/1/2030 | $8880000 | $10500600 |
| OSI Systems, Inc.<sup>†</sup> | 2.25% | 8/1/2029 | 6541000 | 8742282 |
| *Total* |  |  |  | 19242882 |
| **Engineering & Construction 0.20%** |  |  |  |  |
| Granite Construction, Inc. | 3.75% | 5/15/2028 | 4006000 | 8418609 |
| SPIE SA | 2.00% | 1/17/2028 | 4800000 | 8765250 |
| *Total* |  |  |  | 17183859 |
| **Entertainment 0.19%** |  |  |  |  |
| Cinemark Holdings, Inc. | 4.50% | 8/15/2025 | $4548000 | 8992533 |
| IMAX Corp. (Canada)<sup>(b)</sup> | 0.50% | 4/1/2026 | 7248000 | 7736868 |
| *Total* |  |  |  | 16729401 |
| **Health Care-Products 0.20%** |  |  |  |  |
| Guardant Health, Inc. | 1.25% | 2/15/2031 | 7300000 | 7624282 |
| Insulet Corp. | 0.375% | 9/1/2026 | 7212000 | 9576454 |
| *Total* |  |  |  | 17200736 |
| **Internet 0.05%** |  |  |  |  |
| DoorDash, Inc.<sup>†</sup> | Zero Coupon | 5/15/2030 | 3972000 | 4321536 |
| **Lodging 0.10%** |  |  |  |  |
| Wynn Macau Ltd. (Macau)<sup>†(b)</sup> | 4.50% | 3/7/2029 | 8230000 | 8524436 |
| **Media 0.19%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 3885000 | 3214095 |
| Liberty Media Corp.-Liberty Formula One | 2.25% | 8/15/2027 | 6372000 | 8219880 |
| Sphere Entertainment Co. | 3.50% | 12/1/2028 | 3100000 | 4440750 |
| *Total* |  |  |  | 15874725 |
| **Mining 0.09%** |  |  |  |  |
| Stillwater Mining Co. | 4.25% | 11/28/2028 | 4600000 | 7951100 |
| **Oil & Gas 0.20%** |  |  |  |  |
| CNX Resources Corp. | 2.25% | 5/1/2026 | 2099000 | 4962036 |
| Transocean, Inc. | 4.625% | 9/30/2029 | 10802000 | 12238666 |
| *Total* |  |  |  | 17200702 |
| **REITS 0.18%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc. | 5.50% | 3/15/2027 | 7034000 | 6921456 |
| Redwood Trust, Inc. | 7.75% | 6/15/2027 | 8575000 | 8574415 |
| *Total* |  |  |  | 15495871 |

---

*See Notes to Financial Statements.* 57

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail 0.19%** |  |  |  |  |
| Cracker Barrel Old Country Store, Inc.<sup>†</sup> | 1.75% | 9/15/2030 | $7447000 | $8071600 |
| Shake Shack, Inc. | Zero Coupon | 3/1/2028 | 7840000 | 7913500 |
| *Total* |  |  |  | 15985100 |
| **Software 0.10%** |  |  |  |  |
| Cloudflare, Inc. | Zero Coupon | 8/15/2026 | 7099000 | 8737094 |
| **Telecommunications 0.25%** |  |  |  |  |
| GDS Holdings Ltd. (China)<sup>(b)</sup> | 4.50% | 1/31/2030 | 7050000 | 12104850 |
| Xiaomi Best Time International Ltd. (Hong Kong)<sup>(b)</sup> | Zero Coupon | 12/17/2027 | 6600000 | 9614550 |
| *Total* |  |  |  | 21719400 |
| *Total Convertible Bonds* (cost $197,736,171) |  |  |  | 200000704 |
| **CORPORATE BONDS 84.65%** |  |  |  |  |
| **Advertising 0.97%** |  |  |  |  |
| Advantage Sales & Marketing, Inc.<sup>†</sup> | 6.50% | 11/15/2028 | 25962000 | 19494866 |
| CMG Media Corp.<sup>†</sup> | 8.875% | 6/18/2029 | 16085580 | 15646465 |
| Neptune Bidco U.S., Inc.<sup>†</sup> | 9.29% | 4/15/2029 | 16250000 | 15742187 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†(c)</sup> | 4.625% | 3/15/2030 | 14550000 | 13828307 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†</sup> | 5.00% | 8/15/2027 | 18693000 | 18517583 |
| *Total* |  |  |  | 83229408 |
| **Aerospace/Defense 0.67%** |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(b)</sup> | 7.50% | 2/1/2029 | 6610000 | 6870513 |
| Czechoslovak Group AS (Czechia)<sup>†(b)</sup> | 6.50% | 1/10/2031 | 26707000 | 27089749 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 16000000 | 15656227 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 7522000 | 7801608 |
| *Total* |  |  |  | 57418097 |
| **Agriculture 0.23%** |  |  |  |  |
| Kernel Holding SA (Ukraine)<sup>(b)</sup> | 6.75% | 10/27/2027 | 12786000 | 11442064 |
| MHP Lux SA (Luxembourg)<sup>(b)</sup> | 6.95% | 4/3/2026 | 8500000 | 7991742 |
| *Total* |  |  |  | 19433806 |
| **Airlines 1.27%** |  |  |  |  |
| American Airlines, Inc.<sup>†(c)</sup> | 7.25% | 2/15/2028 | 24233000 | 24750581 |
| American Airlines, Inc.<sup>†</sup> | 8.50% | 5/15/2029 | 11669000 | 12202857 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 16225000 | 16229616 |

---

58 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Airlines (continued)** |  |  |  |  |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | $9838000 | $9520037 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(b)(c)</sup> | 9.50% | 6/1/2028 | 45531000 | 46713167 |
| *Total* |  |  |  | 109416258 |
| **Apparel 0.10%** |  |  |  |  |
| Kontoor Brands, Inc.<sup>†</sup> | 4.125% | 11/15/2029 | 8856000 | 8253231 |
| **Auto Manufacturers 2.08%** |  |  |  |  |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 10.00% | 3/31/2029 | 21966000 | 20967701 |
| Ford Motor Credit Co. LLC | 7.20% | 6/10/2030 | 22150000 | 23316698 |
| General Motors Co. | 5.625% | 4/15/2030 | 19375000 | 19884706 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% | 12/15/2031 | 12399000 | 12696421 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 8000000 | 8248120 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(b)</sup> | 4.81% | 9/17/2030 | 28920000 | 26602399 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(b)</sup> | 7.50% | 7/17/2030 | 21310000 | 21998674 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC<sup>†</sup> | 10.00% | 1/15/2031 | 17101000 | 16285990 |
| Wabash National Corp.<sup>†</sup> | 4.50% | 10/15/2028 | 32401000 | 29041441 |
| *Total* |  |  |  | 179042150 |
| **Auto Parts & Equipment 1.85%** |  |  |  |  |
| American Axle & Manufacturing, Inc.<sup>(c)</sup> | 5.00% | 10/1/2029 | 14584000 | 13243844 |
| American Axle & Manufacturing, Inc. | 6.50% | 4/1/2027 | 7375000 | 7387250 |
| American Axle & Manufacturing, Inc.<sup>(c)</sup> | 6.875% | 7/1/2028 | 10500000 | 10467295 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 2/15/2030 | 3560000 | 3672692 |
| Dana, Inc. | 5.625% | 6/15/2028 | 3425000 | 3429042 |
| Dornoch Debt Merger Sub, Inc.<sup>†(c)</sup> | 6.625% | 10/15/2029 | 8000000 | 6323929 |
| Forvia SE (France)<sup>†(b)(c)</sup> | 8.00% | 6/15/2030 | 16506000 | 17212833 |
| Goodyear Tire & Rubber Co.<sup>(c)</sup> | 5.25% | 4/30/2031 | 8500000 | 8080434 |
| Goodyear Tire & Rubber Co. | 6.625% | 7/15/2030 | 14665000 | 14932035 |
| Grupo Antolin-Irausa SA | 10.375% | 1/30/2030 | 6256000 | 4604698 |
| IHO Verwaltungs GmbH (Germany)<sup>†(b)</sup> | 6.375% | 5/15/2029 | $12000000 | 12024612 |
| IHO Verwaltungs GmbH (Germany)<sup>†(b)</sup> | 7.75% | 11/15/2030 | 13250000 | 13611142 |
| Tenneco, Inc.<sup>†</sup> | 8.00% | 11/17/2028 | 18865000 | 18738431 |
| ZF Europe Finance BV | 7.00% | 6/12/2030 | 6000000 | 6931291 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% | 4/14/2028 | $5850000 | 5843073 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% | 4/14/2030 | 13056000 | 12665302 |
| *Total* |  |  |  | 159167903 |

---

*See Notes to Financial Statements.* 59

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 2.43%** |  |  |  |  |  |
| BNP Paribas SA (France)<sup>†(b)</sup> | 7.375%<br> (5 yr. USD ICE Swap + 5.15% |)<sup>#</sup> | – <sup>(d)</sup> | $5500000 | $5512375 |
| Citigroup, Inc. | 6.95%<br> (5 yr. CMT + 2.73% |)<sup>#</sup> | – <sup>(d)</sup> | 25102000 | 25368131 |
| Danske Bank AS (Denmark)<sup>(b)</sup> | 4.375%<br> (5 yr. CMT + 3.39% |)<sup>#</sup> | – <sup>(d)</sup> | 8000000 | 7905200 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 23214000 | 24846223 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 15725000 | 17408519 |
| Goldman Sachs Group, Inc. | 6.85%<br> (5 yr. CMT + 2.46% |)<sup>#</sup> | – <sup>(d)</sup> | 24530000 | 25112822 |
| KeyCorp<sup>(c)</sup> | 5.00%<br> (3 mo. USD Term<br> SOFR + 3.87% |)<sup>#</sup> | – <sup>(d)</sup> | 6860000 | 6771947 |
| M&T Bank Corp. | 3.50%<br> (5 yr. CMT + 2.68% |)<sup>#</sup> | – <sup>(d)</sup> | 15674000 | 15102912 |
| Popular, Inc. | 7.25% |  | 3/13/2028 | 8530000 | 8928594 |
| Societe Generale SA (France)<sup>†(b)</sup> | 9.375%<br> (5 yr. CMT + 5.39% |)<sup>#</sup> | – <sup>(d)</sup> | 5308000 | 5694385 |
| State Street Corp. | 6.45%<br> (5 yr. CMT + 2.14% |)<sup>#</sup> | – <sup>(d)</sup> | 9091000 | 9259938 |
| UBS Group AG (Switzerland)<sup>(b)</sup> | 5.125%<br> (5 yr. CMT + 4.86% |)<sup>#</sup> | – <sup>(d)</sup> | 3630000 | 3623920 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(d)</sup> | 25043000 | 25607366 |
| Valley National Bancorp | 3.00%<br> (3 mo. USD Term<br> SOFR + 2.36% |)<sup>#</sup> | 6/15/2031 | 22885000 | 20460984 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term<br> SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 8380000 | 7937117 |
| *Total* |  |  |  |  | 209540433 |
| **Biotechnology 0.25%** |  |  |  |  |  |
| Biocon Biologics Global PLC (United Kingdom)<sup>†(b)</sup> | 6.67% |  | 10/9/2029 | 13075000 | 12316483 |
| Emergent BioSolutions, Inc.<sup>†(c)</sup> | 3.875% |  | 8/15/2028 | 11653000 | 8951632 |
| *Total* |  |  |  |  | 21268115 |

---

60 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials 2.31%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | $5165000 | $2362988 |
| AmeriTex HoldCo Intermediate LLC<sup>†</sup> | 10.25% |  | 10/15/2028 | 14766000 | 15679262 |
| Builders FirstSource, Inc.<sup>†</sup> | 5.00% |  | 3/1/2030 | 8190000 | 8023810 |
| Camelot Return Merger Sub, Inc.<sup>†</sup> | 8.75% |  | 8/1/2028 | 19235000 | 17643688 |
| Cornerstone Building Brands, Inc.<sup>†</sup> | 9.50% |  | 8/15/2029 | 10850000 | 9956672 |
| CP Atlas Buyer, Inc.<sup>†</sup> | 7.00% |  | 12/1/2028 | 11512000 | 10914472 |
| Griffon Corp. | 5.75% |  | 3/1/2028 | 31562000 | 31450697 |
| JELD-WEN, Inc.<sup>†</sup> | 4.875% |  | 12/15/2027 | 13700000 | 13009423 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% |  | 2/1/2030 | 4854000 | 4632379 |
| New Enterprise Stone & Lime Co., Inc.<sup>†</sup> | 5.25% |  | 7/15/2028 | 7000000 | 6955789 |
| Oscar AcquisitionCo LLC/Oscar Finance, Inc.<sup>†(c)</sup> | 9.50% |  | 4/15/2030 | 5838000 | 4437363 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% |  | 11/1/2028 | 35678000 | 35589804 |
| Standard Industries, Inc.<sup>†</sup> | 5.00% |  | 2/15/2027 | 12445000 | 12446467 |
| West China Cement Ltd. (China)<sup>(b)</sup> | 4.95% |  | 7/8/2026 | 27500000 | 25397144 |
| *Total* |  |  |  |  | 198499958 |
| **Chemicals 2.91%** |  |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% |  | 9/30/2029 | 18188466 | 9503473 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% |  | 9/30/2029 | 10567461 | 9782087 |
| Celanese U.S. Holdings LLC | 6.50% |  | 4/15/2030 | 38220000 | 38684602 |
| Cerdia Finanz GmbH (Germany)<sup>†(b)</sup> | 9.375% |  | 10/3/2031 | 27962000 | 29333220 |
| Chemours Co.<sup>†</sup> | 5.75% |  | 11/15/2028 | 4462000 | 4101475 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% |  | 6/15/2028 | 32820000 | 32606598 |
| FMC Corp. | 8.45%<br> (5 yr. CMT + 4.37% |)<sup>#</sup> | 11/1/2055 | 8484000 | 8792241 |
| Herens Midco SARL | 5.25% |  | 5/15/2029 | 16057000 | 13078926 |
| INEOS Finance PLC (United Kingdom)<sup>†(b)</sup> | 6.75% |  | 5/15/2028 | $10300000 | 10153186 |
| INEOS Quattro Finance 2 PLC (United Kingdom)<sup>†(b)(c)</sup> | 9.625% |  | 3/15/2029 | 8250000 | 8410628 |
| Kobe U.S. Midco 2, Inc.<sup>†</sup> | 9.25% |  | 11/1/2026 | 16091161 | 14461931 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 9.75% |  | 11/15/2028 | 23332000 | 24488684 |
| Rain Carbon, Inc.<sup>†(c)</sup> | 12.25% |  | 9/1/2029 | 27336000 | 29466103 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 4.875% |  | 5/1/2028 | 5000000 | 4859244 |
| SNF Group SACA (France)<sup>†(b)</sup> | 3.125% |  | 3/15/2027 | 7150000 | 6911706 |
| Synthomer PLC | 7.375% |  | 5/2/2029 | 3120000 | 3311772 |
| Synthomer PLC<sup>†</sup> | 7.375% |  | 5/2/2029 | 2235000 | 2372375 |
| *Total* |  |  |  |  | 250318251 |

---

*See Notes to Financial Statements.* 61

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Coal 0.94%** |  |  |  |  |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<sup>†</sup> | 8.625% | 6/15/2029 | $23686000 | $25110737 |
| Coronado Finance Pty. Ltd. (Australia)<sup>†(b)</sup> | 9.25% | 10/1/2029 | 30784000 | 23549760 |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 35039000 | 32075930 |
| *Total* |  |  |  | 80736427 |
| **Commercial Services 5.31%** |  |  |  |  |
| AA Bond Co. Ltd. | 6.50% | 1/31/2026 | 414848 | 547773 |
| AA Bond Co. Ltd. | 6.50% | 1/31/2026 | 207857 | 274458 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>†</sup> | 5.375% | 5/21/2030 | 1158000 | 1369311 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(b)</sup> | 7.00% | 5/21/2030 | $21497000 | 22180304 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 20733000 | 21238699 |
| Alta Equipment Group, Inc.<sup>†(c)</sup> | 9.00% | 6/1/2029 | 32827000 | 31167201 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†(c)</sup> | 5.75% | 7/15/2027 | 8388000 | 8343284 |
| BCP V Modular Services Finance II PLC | 6.125% | 11/30/2028 | 7500000 | 9557150 |
| BCP V Modular Services Finance PLC | 6.75% | 11/30/2029 | 6300000 | 6296030 |
| Champions Financing, Inc.<sup>†(c)</sup> | 8.75% | 2/15/2029 | $4862000 | 4506290 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 19612000 | 20753301 |
| CPI CG, Inc.<sup>†</sup> | 10.00% | 7/15/2029 | 18786000 | 19541055 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 4899000 | 5220497 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 35224000 | 37167519 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 12035000 | 12786764 |
| Herc Holdings, Inc.<sup>†</sup> | 5.50% | 7/15/2027 | 14387000 | 14339804 |
| Herc Holdings, Inc.<sup>†</sup> | 7.00% | 6/15/2030 | 17463000 | 18059547 |
| Hertz Corp.<sup>(e)</sup> | Zero Coupon | 10/15/2022 | 2000 | 145 |
| Hertz Corp.<sup>†(e)</sup> | Zero Coupon | 10/15/2024 | 22000 | 1375 |
| Hertz Corp.<sup>†(c)</sup> | 4.625% | 12/1/2026 | 13545000 | 12261904 |
| NESCO Holdings II, Inc.<sup>†</sup> | 5.50% | 4/15/2029 | 35936000 | 35066114 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>†</sup> | 6.25% | 1/15/2028 | 25743000 | 25767286 |
| RAC Bond Co. PLC | 5.25% | 11/4/2046 | 15725000 | 20617523 |
| Rekeep SpA | 9.00% | 9/15/2029 | 9134000 | 10617278 |
| Rekeep SpA<sup>†</sup> | 9.00% | 9/15/2029 | 2963000 | 3444164 |
| RR Donnelley & Sons Co.<sup>†</sup> | 9.50% | 8/1/2029 | $30302000 | 30990765 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 38635000 | 38049505 |
| United Rentals North America, Inc. | 5.50% | 5/15/2027 | 11392000 | 11403039 |

---

62 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |  |
| WASH Multifamily Acquisition, Inc.<sup>†</sup> | 5.75% |  | 4/15/2026 | $23758000 | $23784174 |
| Williams Scotsman, Inc.<sup>†</sup> | 6.625% |  | 4/15/2030 | 11828000 | 12204432 |
| *Total* |  |  |  |  | 457556691 |
| **Computers 0.26%** |  |  |  |  |  |
| CA Magnum Holdings (Mauritius)<sup>(b)</sup> | 5.375% |  | 10/31/2026 | 15200000 | 15141761 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% |  | 4/1/2029 | 6472000 | 7017234 |
| *Total* |  |  |  |  | 22158995 |
| **Diversified Financial Services 5.34%** |  |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% |  | 3/1/2028 | 18071000 | 18066656 |
| Air Lease Corp. | 6.00%<br> (5 yr. CMT + 2.56% |)<sup>#</sup> | – <sup>(d)</sup> | 6498000 | 6399439 |
| Aircastle Ltd.<sup>†</sup> | 5.25%<br> (5 yr. CMT + 4.41% |)<sup>#</sup> | – <sup>(d)</sup> | 2046000 | 2036956 |
| Ally Financial, Inc. | 4.70%<br> (5 yr. CMT + 3.87% |)<sup>#</sup> | – <sup>(d)</sup> | 18529000 | 18044528 |
| Ally Financial, Inc. | 8.00% |  | 11/1/2031 | 5579000 | 6305890 |
| Aretec Group, Inc.<sup>†</sup> | 10.00% |  | 8/15/2030 | 3916000 | 4274976 |
| Azorra Finance Ltd. (Cayman Islands)<sup>†(b)</sup> | 7.25% |  | 1/15/2031 | 21468000 | 21964566 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | 22675000 | 24346669 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 12879000 | 12129141 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% |  | 5/15/2031 | 4235000 | 4407640 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 8402000 | 8764603 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 5.875% |  | 3/15/2030 | 8345000 | 8355780 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 6.875% |  | 4/15/2029 | 7074000 | 7305405 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 2/15/2027 | 26286000 | 27088228 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 6/15/2028 | 15577000 | 16506433 |
| ILFC E-Capital Trust I<sup>†</sup> | 6.43% | <sup>#(f)</sup> | 12/21/2065 | 21756000 | 18246881 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.68% | <sup>#(f)</sup> | 12/21/2065 | 13901000 | 11860231 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>†</sup> | 5.00% |  | 8/15/2028 | 35714000 | 34474392 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 8491000 | 8495060 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 8.25% |  | 5/15/2030 | 7655000 | 7993450 |
| LFS Topco LLC<sup>†</sup> | 8.75% |  | 7/15/2030 | 9529000 | 9225516 |
| Midcap Financial Issuer Trust<sup>†</sup> | 6.50% |  | 5/1/2028 | 24495000 | 24304273 |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 5.50% |  | 8/15/2028 | 10980000 | 10973174 |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 6.50% |  | 8/1/2029 | 5784000 | 5920325 |
| OneMain Finance Corp.<sup>(g)</sup> | 6.125% |  | 5/15/2030 | 13888000 | 13922442 |
| OneMain Finance Corp. | 6.625% |  | 1/15/2028 | 57967000 | 59392738 |
| OneMain Finance Corp. | 7.875% |  | 3/15/2030 | 11665000 | 12290151 |

---

*See Notes to Financial Statements.* 63

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | $23775000 | $24530046 |
| PHH Escrow Issuer LLC/PHH Corp.<sup>†</sup> | 9.875% |  | 11/1/2029 | 15418000 | 15461463 |
| PRA Group, Inc.<sup>†(c)</sup> | 5.00% |  | 10/1/2029 | 9225000 | 8531374 |
| Rfna LP<sup>†</sup> | 7.875% |  | 2/15/2030 | 8025000 | 8158439 |
| *Total* |  |  |  |  | 459776865 |
| **Electric 0.82%** |  |  |  |  |  |
| AES Corp. | 7.60%<br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | 7568000 | 7662932 |
| Calpine Corp.<sup>†</sup> | 5.125% |  | 3/15/2028 | 8370000 | 8335072 |
| ContourGlobal Power Holdings SA (Luxembourg)<sup>†(b)</sup> | 6.75% |  | 2/28/2030 | 20376000 | 20910870 |
| Vistra Corp.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(d)</sup> | 18308000 | 18502852 |
| Vistra Corp.<sup>†</sup> | 8.00%<br> (5 yr. CMT + 6.93% |)<sup>#</sup> | – <sup>(d)</sup> | 4510000 | 4607060 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(d)</sup> | 10130000 | 11003996 |
| *Total* |  |  |  |  | 71022782 |
| **Electrical Components & Equipment 0.22%** |  |  |  |  |  |
| Energizer Holdings, Inc.<sup>†</sup> | 4.75% |  | 6/15/2028 | 3745000 | 3642895 |
| Energizer Holdings, Inc.<sup>†</sup> | 6.50% |  | 12/31/2027 | 7800000 | 7921758 |
| EnerSys<sup>†</sup> | 4.375% |  | 12/15/2027 | 7803000 | 7674019 |
| *Total* |  |  |  |  | 19238672 |
| **Energy-Alternate Sources 0.18%** |  |  |  |  |  |
| TerraForm Power Operating LLC<sup>†</sup> | 5.00% |  | 1/31/2028 | 15573000 | 15375450 |
| **Engineering & Construction 0.45%** |  |  |  |  |  |
| ASG Finance DAC (Ireland)<sup>†(b)</sup> | 9.75% |  | 5/15/2029 | 10949000 | 10305598 |
| ASG Finance DAC (Ireland)<sup>(b)</sup> | 9.75% |  | 5/15/2029 | 1446000 | 1361028 |
| Brand Industrial Services, Inc.<sup>†</sup> | 10.375% |  | 8/1/2030 | 24074000 | 21880928 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% |  | 9/15/2028 | 5022000 | 4836976 |
| *Total* |  |  |  |  | 38384530 |
| **Entertainment 1.59%** |  |  |  |  |  |
| 888 Acquisitions Ltd. | 7.558% |  | 7/15/2027 | 2726000 | 3140161 |
| 888 Acquisitions Ltd. | 10.75% |  | 5/15/2030 | 10578000 | 14468382 |
| Bracelet Holdings, Inc.<sup>†</sup> | 9.25% |  | 7/2/2028 | $13450000 | 12936210 |
| Cinemark USA, Inc.<sup>†</sup> | 5.25% |  | 7/15/2028 | 7816000 | 7766830 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% |  | 11/1/2026 | 15799000 | 15614893 |

---

64 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Entertainment (continued)** |  |  |  |  |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | $2518000 | $2460741 |
| Light & Wonder International, Inc.<sup>†</sup> | 7.00% | 5/15/2028 | 37718000 | 37781366 |
| Penn Entertainment, Inc.<sup>†(c)</sup> | 4.125% | 7/1/2029 | 12613000 | 11699824 |
| Penn Entertainment, Inc.<sup>†</sup> | 5.625% | 1/15/2027 | 7000000 | 6963316 |
| Pinewood Finco PLC | 3.625% | 11/15/2027 | 12391000 | 15814792 |
| Starz Capital Holdings 1, Inc.<sup>†</sup> | 5.50% | 4/15/2029 | $8762000 | 8192470 |
| *Total* |  |  |  | 136838985 |
| **Environmental Control 0.24%** |  |  |  |  |
| Enviri Corp.<sup>†</sup> | 5.75% | 7/31/2027 | 21000000 | 20675785 |
| **Food 0.56%** |  |  |  |  |
| Bellis Acquisition Co. PLC<sup>†</sup> | 8.125% | 5/14/2030 | 4788000 | 6029445 |
| C&S Group Enterprises LLC<sup>†</sup> | 5.00% | 12/15/2028 | $9600000 | 8595127 |
| Market Bidco Finco PLC | 8.75% | 1/31/2031 | 13539000 | 17779701 |
| Ocado Group PLC | 10.50% | 8/8/2029 | 8199000 | 11032298 |
| Ocado Group PLC<sup>†</sup> | 10.50% | 8/8/2029 | 3692000 | 4967830 |
| *Total* |  |  |  | 48404401 |
| **Forest Products & Paper 0.57%** |  |  |  |  |
| Ahlstrom Holding 3 OYJ (Finland)<sup>†(b)</sup> | 4.875% | 2/4/2028 | $21746000 | 20956192 |
| Mercer International, Inc. (Canada)<sup>(b)</sup> | 5.125% | 2/1/2029 | 13634000 | 10995308 |
| Mercer International, Inc. (Canada)<sup>†(b)</sup> | 12.875% | 10/1/2028 | 17265000 | 17435181 |
| *Total* |  |  |  | 49386681 |
| **Health Care-Products 0.25%** |  |  |  |  |
| Bausch & Lomb Corp. (Canada)<sup>†(b)</sup> | 8.375% | 10/1/2028 | 6228000 | 6501098 |
| Embecta Corp.<sup>†(c)</sup> | 5.00% | 2/15/2030 | 16175000 | 14684806 |
| *Total* |  |  |  | 21185904 |
| **Health Care-Services 1.84%** |  |  |  |  |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.625% | 3/15/2027 | 14761000 | 14793459 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 6.00% | 1/15/2029 | 8000000 | 7610720 |
| Global Medical Response, Inc.<sup>†</sup> | 6.50% | 10/1/2025 | 6981000 | 6361332 |
| Heartland Dental LLC/Heartland Dental Finance Corp.<sup>†</sup> | 10.50% | 4/30/2028 | 32720000 | 34532066 |
| Kedrion SpA (Italy)<sup>†(b)</sup> | 6.50% | 9/1/2029 | 29876000 | 28933266 |
| Team Health Holdings, Inc.<sup>†(g)</sup> | 8.375% | 6/30/2028 | 3888000 | 3910298 |
| Tenet Healthcare Corp. | 6.125% | 10/1/2028 | 54200000 | 54237181 |
| U.S. Acute Care Solutions LLC<sup>†</sup> | 9.75% | 5/15/2029 | 8290000 | 8480430 |
| *Total* |  |  |  | 158858752 |

---

*See Notes to Financial Statements.* 65

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Holding Companies-Diversified 0.17%** |  |  |  |  |  |
| Benteler International AG<sup>†</sup> | 7.25% |  | 6/15/2031 | 3757000 | $4557201 |
| Clue Opco LLC<sup>†(c)</sup> | 9.50% |  | 10/15/2031 | $9319000 | 9890497 |
| *Total* |  |  |  |  | 14447698 |
| **Home Builders 0.94%** |  |  |  |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>†</sup> | 4.625% |  | 8/1/2029 | 19579000 | 18517462 |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>†</sup> | 4.625% |  | 4/1/2030 | 4865000 | 4567496 |
| LGI Homes, Inc.<sup>†</sup> | 8.75% |  | 12/15/2028 | 20263000 | 21264965 |
| Maison Finco PLC | 6.00% |  | 10/31/2027 | 8575000 | 11248944 |
| Miller Homes Group Finco PLC | 7.00% |  | 5/15/2029 | 10203000 | 13620963 |
| Shea Homes LP/Shea Homes Funding Corp. | 4.75% |  | 2/15/2028 | $4242000 | 4144604 |
| Shea Homes LP/Shea Homes Funding Corp. | 4.75% |  | 4/1/2029 | 7625000 | 7396968 |
| *Total* |  |  |  |  | 80761402 |
| **Housewares 0.12%** |  |  |  |  |  |
| Newell Brands, Inc. | 6.375% |  | 9/15/2027 | 9965000 | 10074118 |
| **Insurance 0.25%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 4/15/2028 | 13761000 | 13958127 |
| Global Atlantic Fin Co.<sup>†</sup> | 4.70%<br> (5 yr. CMT + 3.80% |)<sup>#</sup> | 10/15/2051 | 7889000 | 7723994 |
| *Total* |  |  |  |  | 21682121 |
| **Internet 1.94%** |  |  |  |  |  |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>†</sup> | 5.00% |  | 5/1/2028 | 6070000 | 5830197 |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>†</sup> | 9.00% |  | 8/1/2029 | 12576000 | 12841950 |
| ANGI Group LLC<sup>†</sup> | 3.875% |  | 8/15/2028 | 15953000 | 14875694 |
| Gen Digital, Inc.<sup>†</sup> | 6.75% |  | 9/30/2027 | 6431000 | 6542641 |
| GrubHub Holdings, Inc.<sup>†(c)</sup> | 5.50% |  | 7/1/2027 | 35649000 | 34940593 |
| ION Trading Technologies SARL (Luxembourg)<sup>†(b)</sup> | 5.75% |  | 5/15/2028 | 4808000 | 4654544 |
| ION Trading Technologies SARL (Luxembourg)<sup>†(b)</sup> | 9.50% |  | 5/30/2029 | 16390000 | 17065825 |
| Millennium Escrow Corp.<sup>†</sup> | 6.625% |  | 8/1/2026 | 21420000 | 20226261 |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 9.75% |  | 4/15/2029 | 33279000 | 36634097 |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 11.25% |  | 2/15/2027 | 12050000 | 13078505 |
| *Total* |  |  |  |  | 166690307 |
| **Investment Companies 0.34%** |  |  |  |  |  |
| Blue Owl Technology Finance Corp. | 6.75% |  | 4/4/2029 | 20045000 | 20533366 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% |  | 6/15/2027 | 2150000 | 2229471 |
| Sixth Street Lending Partners | 6.50% |  | 3/11/2029 | 6553000 | 6755793 |
| *Total* |  |  |  |  | 29518630 |

---

66 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Iron-Steel 1.30%** |  |  |  |  |
| Algoma Steel, Inc. (Canada)<sup>†(b)</sup> | 9.125% | 4/15/2029 | $24824000 | $22537372 |
| ATI, Inc. | 4.875% | 10/1/2029 | 6708000 | 6564309 |
| ATI, Inc. | 5.125% | 10/1/2031 | 7818000 | 7596294 |
| ATI, Inc. | 5.875% | 12/1/2027 | 10551000 | 10538007 |
| ATI, Inc. | 7.25% | 8/15/2030 | 1558000 | 1634476 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 6.875% | 11/1/2029 | 8521000 | 8532733 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.50% | 9/15/2031 | 17086000 | 17071504 |
| CSN Inova Ventures (Brazil)<sup>(b)(c)</sup> | 6.75% | 1/28/2028 | 21575000 | 20560332 |
| Samarco Mineracao SA (Brazil)<sup>(b)</sup> | 9.50% | 6/30/2031 | 16817494 | 16665806 |
| *Total* |  |  |  | 111700833 |
| **Leisure Time 1.45%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/15/2030 | 26486000 | 26882280 |
| Carnival Corp.<sup>†</sup> | 5.875% | 6/15/2031 | 8335000 | 8465234 |
| Carnival Corp.<sup>†</sup> | 6.00% | 5/1/2029 | 4689000 | 4733513 |
| Deuce Finco PLC | 5.50% | 6/15/2027 | 20875000 | 27525213 |
| NCL Corp. Ltd.<sup>†</sup> | 8.125% | 1/15/2029 | $2534000 | 2663817 |
| NCL Finance Ltd.<sup>†</sup> | 6.125% | 3/15/2028 | 16460000 | 16669026 |
| Pinnacle Bidco PLC | 10.00% | 10/11/2028 | 4500000 | 6287210 |
| Sabre GLBL, Inc.<sup>†</sup> | 8.625% | 6/1/2027 | $2990000 | 3039858 |
| Sabre GLBL, Inc.<sup>†</sup> | 10.75% | 11/15/2029 | 7738000 | 7998925 |
| Sabre GLBL, Inc.<sup>†</sup> | 11.25% | 12/15/2027 | 7192000 | 7599376 |
| Viking Cruises Ltd.<sup>†</sup> | 5.875% | 9/15/2027 | 13133000 | 13133192 |
| *Total* |  |  |  | 124997644 |
| **Lodging 1.39%** |  |  |  |  |
| Full House Resorts, Inc.<sup>†(c)</sup> | 8.25% | 2/15/2028 | 27284000 | 26433413 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 9740000 | 10035043 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(b)</sup> | 5.75% | 7/21/2028 | 17750000 | 17423238 |
| MGM Resorts International | 5.50% | 4/15/2027 | 21777000 | 21866706 |
| Studio City Finance Ltd. (Hong Kong)<sup>(b)</sup> | 5.00% | 1/15/2029 | 17900000 | 16562442 |
| Studio City Finance Ltd. (Hong Kong)<sup>(b)</sup> | 6.50% | 1/15/2028 | 7240000 | 7172354 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†(c)</sup> | 5.25% | 5/15/2027 | 12180000 | 12165487 |
| Wynn Macau Ltd. (Macau)<sup>†(b)</sup> | 5.50% | 10/1/2027 | 8241000 | 8219773 |
| *Total* |  |  |  | 119878456 |

---

*See Notes to Financial Statements.* 67

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Machinery-Diversified 1.21%** |  |  |  |  |
| ATS Corp. (Canada)<sup>†(b)</sup> | 4.125% | 12/15/2028 | $13997000 | $13346426 |
| GrafTech Global Enterprises, Inc.<sup>†(c)</sup> | 9.875% | 12/23/2029 | 20560000 | 18196217 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(b)</sup> | 9.00% | 2/15/2029 | 36825000 | 38047075 |
| Maxim Crane Works Holdings Capital LLC<sup>†</sup> | 11.50% | 9/1/2028 | 28700000 | 30444930 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 4000000 | 3985208 |
| *Total* |  |  |  | 104019856 |
| **Media 4.47%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 45614000 | 36560077 |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 3875000 | 3980574 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 8094000 | 7696817 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.125% | 5/1/2027 | 11598000 | 11510300 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 6.375% | 9/1/2029 | 7775000 | 7851708 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†(c)</sup> | 7.375% | 3/1/2031 | 8265000 | 8501999 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 4800000 | 3231819 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 11988000 | 5619100 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 7755000 | 3830758 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 20704000 | 19379234 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 24289000 | 24170676 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 10.00% | 2/15/2031 | 21300000 | 20557716 |
| DISH DBS Corp. | 7.375% | 7/1/2028 | 21188000 | 16282978 |
| DISH DBS Corp. | 7.75% | 7/1/2026 | 2938000 | 2614041 |
| Gray Media, Inc.<sup>†</sup> | 4.75% | 10/15/2030 | 10000000 | 7487500 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 10600000 | 11478787 |
| McGraw-Hill Education, Inc.<sup>†</sup> | 5.75% | 8/1/2028 | 26567000 | 26485004 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 18730000 | 18705355 |
| Scripps Escrow, Inc.<sup>†</sup> | 5.875% | 7/15/2027 | 453000 | 452851 |
| Sinclair Television Group, Inc.<sup>†</sup> | 5.125% | 2/15/2027 | 8750000 | 8443156 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 30905000 | 30236188 |
| TEGNA, Inc.<sup>(c)</sup> | 4.625% | 3/15/2028 | 10762000 | 10487210 |
| Telenet Finance Luxembourg Notes SARL (Luxembourg)<sup>†(b)</sup> | 5.50% | 3/1/2028 | 20800000 | 20642166 |
| Univision Communications, Inc.<sup>†</sup> | 7.375% | 6/30/2030 | 8700000 | 8660807 |
| Univision Communications, Inc.<sup>†</sup> | 8.00% | 8/15/2028 | 36195000 | 37214324 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 8000000 | 8131960 |
| Virgin Media Vendor Financing Notes III DAC | 4.875% | 7/15/2028 | 4925000 | 6301757 |
| Virgin Media Vendor Financing Notes IV DAC (Ireland)<sup>†(b)</sup> | 5.00% | 7/15/2028 | $19300000 | 18734280 |
| *Total* |  |  |  | 385249142 |

---

68 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Metal Fabricate-Hardware 0.34%** |  |  |  |  |
| Park-Ohio Industries, Inc.<sup>(c)</sup> | 6.625% | 4/15/2027 | $14619000 | $14626109 |
| Park-Ohio Industries, Inc.<sup>†</sup> | 8.50% | 8/1/2030 | 15143000 | 14552196 |
| *Total* |  |  |  | 29178305 |
| **Mining 3.87%** |  |  |  |  |
| Alumina Pty. Ltd. (Australia)<sup>†(b)</sup> | 6.125% | 3/15/2030 | 36498000 | 36933348 |
| Aris Mining Corp. (Canada)<sup>†(b)</sup> | 8.00% | 10/31/2029 | 11222000 | 11549234 |
| Arsenal AIC Parent LLC<sup>†</sup> | 8.00% | 10/1/2030 | 15400000 | 16343373 |
| Compass Minerals International, Inc.<sup>†</sup> | 6.75% | 12/1/2027 | 3059000 | 3059047 |
| Compass Minerals International, Inc.<sup>†</sup> | 8.00% | 7/1/2030 | 28038000 | 29065812 |
| Eldorado Gold Corp. (Canada)<sup>†(b)</sup> | 6.25% | 9/1/2029 | 23477000 | 23529619 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)(c)</sup> | 6.875% | 10/15/2027 | 7965000 | 7984156 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 9.375% | 3/1/2029 | 14752000 | 15651297 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 31658000 | 32038371 |
| Hudbay Minerals, Inc. (Canada)<sup>†(b)</sup> | 4.50% | 4/1/2026 | 11638000 | 11552529 |
| IAMGOLD Corp. (Canada)<sup>†(b)</sup> | 5.75% | 10/15/2028 | 12629000 | 12501677 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(b)</sup> | 7.875% | 1/23/2030 | 16811000 | 16907848 |
| JW Aluminum Continuous Cast Co.<sup>†</sup> | 10.25% | 4/1/2030 | 15892000 | 16389362 |
| New Gold, Inc. (Canada)<sup>†(b)</sup> | 6.875% | 4/1/2032 | 15535000 | 15956841 |
| Novelis Corp.<sup>†</sup> | 4.75% | 1/30/2030 | 9720000 | 9317648 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 41626000 | 42921026 |
| Stillwater Mining Co.<sup>(c)</sup> | 4.50% | 11/16/2029 | 14300000 | 13107290 |
| Taseko Mines Ltd. (Canada)<sup>†(b)</sup> | 8.25% | 5/1/2030 | 5740000 | 6000501 |
| WE Soda Investments Holding PLC (United Kingdom)<sup>(b)</sup> | 9.50% | 10/6/2028 | 11575000 | 12079877 |
| *Total* |  |  |  | 332888856 |
| **Miscellaneous Manufacturing 0.73%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% | 3/15/2030 | 25283000 | 25884770 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 29032000 | 28566939 |
| Maxam Prill SARL (Luxembourg)<sup>†(b)</sup> | 7.75% | 7/15/2030 | 8715000 | 8529101 |
| *Total* |  |  |  | 62980810 |
| **Office/Business Equipment 0.50%** |  |  |  |  |
| Pitney Bowes, Inc.<sup>†</sup> | 6.875% | 3/15/2027 | 31935000 | 31918579 |
| Xerox Holdings Corp.<sup>†</sup> | 5.00% | 8/15/2025 | 11132000 | 11148303 |
| *Total* |  |  |  | 43066882 |
| **Oil & Gas 12.44%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 20325000 | 21313120 |

---

<br> *See Notes to Financial Statements.* 69

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 5.875% | 6/30/2029 | $6250000 | $6232705 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 6.625% | 7/15/2033 | 8605000 | 8731614 |
| Azule Energy Finance PLC (United Kingdom)<sup>(b)</sup> | 8.125% | 1/23/2030 | 12225000 | 12324988 |
| Baytex Energy Corp. (Canada)<sup>†(b)</sup> | 8.50% | 4/30/2030 | 30030000 | 30585804 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.00% | 11/15/2028 | 36281890 | 34848328 |
| Borr IHC Ltd./Borr Finance LLC<sup>†(c)</sup> | 10.375% | 11/15/2030 | 8808253 | 8321817 |
| California Resources Corp.<sup>†</sup> | 8.25% | 6/15/2029 | 36318000 | 37339813 |
| Canacol Energy Ltd. (Canada)<sup>(b)</sup> | 5.75% | 11/24/2028 | 7465000 | 2255872 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 21556000 | 22407613 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 8419000 | 8334004 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 26999000 | 27797519 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% | 11/1/2030 | 9776000 | 9984375 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% | 7/1/2031 | 1944000 | 1970416 |
| CNX Resources Corp.<sup>†</sup> | 6.00% | 1/15/2029 | 11141000 | 11144621 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 10975000 | 10369015 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 28852000 | 28549022 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.625% | 4/1/2032 | 4800000 | 4694654 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 17266000 | 17943634 |
| Diamond Foreign Asset Co./Diamond Finance LLC (Cayman Islands)<sup>†(b)</sup> | 8.50% | 10/1/2030 | 15253000 | 15911975 |
| EnQuest PLC (United Kingdom)<sup>†(b)(c)</sup> | 11.625% | 11/1/2027 | 13670000 | 14064530 |
| Global Marine, Inc. | 7.00% | 6/1/2028 | 29526000 | 27427706 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 14177000 | 14425219 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 5.75% | 2/1/2029 | 5000000 | 4915703 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.00% | 2/1/2031 | 12900000 | 12474584 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.25% | 11/1/2028 | 29693000 | 29832587 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% | 2/15/2030 | 30497000 | 31362108 |
| Kosmos Energy Ltd.<sup>†</sup> | 7.125% | 4/4/2026 | 3572000 | 3514715 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 8747000 | 8606724 |
| Kosmos Energy Ltd.<sup>†(c)</sup> | 7.50% | 3/1/2028 | 3601000 | 3095024 |
| Kosmos Energy Ltd. | 7.75% | 5/1/2027 | 10475000 | 9914902 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% | 8/15/2029 | 34534000 | 33891623 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 8751000 | 9082788 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 1326000 | 1348880 |
| MEG Energy Corp. (Canada)<sup>†(b)</sup> | 5.875% | 2/1/2029 | 17498000 | 17547764 |
| Moss Creek Resources Holdings, Inc.<sup>†</sup> | 8.25% | 9/1/2031 | 25369000 | 24788326 |
| Nabors Industries Ltd.<sup>†(c)</sup> | 7.50% | 1/15/2028 | 12898000 | 11914404 |

---

<br> 70 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Nabors Industries, Inc.<sup>†</sup> | 7.375% | 5/15/2027 | $22319000 | $22545730 |
| Nabors Industries, Inc.<sup>†</sup> | 9.125% | 1/31/2030 | 4700000 | 4656503 |
| Noble Finance II LLC<sup>†</sup> | 8.00% | 4/15/2030 | 25299000 | 25826282 |
| PBF Holding Co. LLC/PBF Finance Corp. | 6.00% | 2/15/2028 | 19888000 | 19156507 |
| PBF Holding Co. LLC/PBF Finance Corp.<sup>†</sup> | 7.875% | 9/15/2030 | 1700000 | 1552136 |
| PBF Holding Co. LLC/PBF Finance Corp.<sup>†</sup> | 9.875% | 3/15/2030 | 8384000 | 8318581 |
| Petroleos Mexicanos (Mexico)<sup>(b)</sup> | 8.75% | 6/2/2029 | 24320000 | 25645002 |
| Precision Drilling Corp. (Canada)<sup>†(b)</sup> | 6.875% | 1/15/2029 | 6592000 | 6593350 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 9165000 | 9404262 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(b)(c)</sup> | 9.625% | 6/15/2029 | 35946000 | 35627385 |
| Seadrill Finance Ltd.<sup>†</sup> | 8.375% | 8/1/2030 | 15393000 | 15738619 |
| Shelf Drilling Holdings Ltd. (United Arab Emirates)<sup>†(b)(c)</sup> | 9.625% | 4/15/2029 | 7994000 | 6852483 |
| SierraCol Energy Andina LLC<sup>†</sup> | 6.00% | 6/15/2028 | 18300000 | 17185440 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>†</sup> | 7.875% | 11/1/2028 | 16387000 | 17111355 |
| SM Energy Co. | 6.50% | 7/15/2028 | 12615000 | 12703772 |
| SM Energy Co. | 6.625% | 1/15/2027 | 17731000 | 17706535 |
| SM Energy Co. | 6.75% | 9/15/2026 | 10132000 | 10162842 |
| SM Energy Co.<sup>†</sup> | 6.75% | 8/1/2029 | 17304000 | 17332725 |
| Sunoco LP/Sunoco Finance Corp.<sup>†</sup> | 7.00% | 9/15/2028 | 4150000 | 4278115 |
| Talos Production, Inc.<sup>†</sup> | 9.00% | 2/1/2029 | 25929000 | 26598928 |
| Talos Production, Inc.<sup>†</sup> | 9.375% | 2/1/2031 | 6463000 | 6596551 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 26220000 | 25562206 |
| Transocean Aquila Ltd.<sup>†</sup> | 8.00% | 9/30/2028 | 5185031 | 5255355 |
| Transocean, Inc.<sup>†</sup> | 8.25% | 5/15/2029 | 24134000 | 22816667 |
| Valaris Ltd.<sup>†</sup> | 8.375% | 4/30/2030 | 31836000 | 32912065 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)</sup> | 6.875% | 5/1/2030 | 28270000 | 27451698 |
| Vital Energy, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 29650000 | 27006528 |
| Vital Energy, Inc. | 9.75% | 10/15/2030 | 4375000 | 4107681 |
| Wildfire Intermediate Holdings LLC<sup>†</sup> | 7.50% | 10/15/2029 | 34632000 | 34546834 |
| *Total* |  |  |  | 1070520633 |
| **Oil & Gas Services 1.49%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.25% | 4/1/2028 | 7800000 | 7805133 |
| Aris Water Holdings LLC<sup>†</sup> | 7.25% | 4/1/2030 | 17161000 | 17613844 |
| Helix Energy Solutions Group, Inc.<sup>†</sup> | 9.75% | 3/1/2029 | 12326000 | 12882346 |
| Kodiak Gas Services LLC<sup>†</sup> | 7.25% | 2/15/2029 | 12273000 | 12580574 |

---

<br> *See Notes to Financial Statements.* 71

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Oil & Gas Services (continued)** |  |  |  |  |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | $2735000 | $2753155 |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 2815000 | 2833686 |
| Star Holding LLC<sup>†</sup> | 8.75% | 8/1/2031 | 9250000 | 9075862 |
| USA Compression Partners LP/USA Compression Finance Corp. | 6.875% | 9/1/2027 | 32668000 | 32686921 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% | 3/15/2029 | 14605000 | 14939868 |
| Welltec International ApS (Denmark)<sup>†(b)</sup> | 8.25% | 10/15/2026 | 896000 | 900634 |
| Welltec International ApS (Denmark)<sup>(b)</sup> | 8.25% | 10/15/2026 | 14250000 | 14323701 |
| *Total* |  |  |  | 128395724 |
| **Packaging & Containers 0.95%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% | 4/15/2030 | 8750000 | 8938018 |
| LABL, Inc.<sup>†</sup> | 9.50% | 11/1/2028 | 10724000 | 10020382 |
| LABL, Inc.<sup>†</sup> | 10.50% | 7/15/2027 | 4702000 | 4437108 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 8/15/2026 | 6236000 | 6209466 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% | 4/15/2027 | 21098000 | 20901694 |
| OI European Group BV (Netherlands)<sup>†(b)(c)</sup> | 4.75% | 2/15/2030 | 17240000 | 16353184 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(b)</sup> | 12.25% | 1/15/2031 | 14139000 | 14858124 |
| *Total* |  |  |  | 81717976 |
| **Pharmaceuticals 1.76%** |  |  |  |  |
| AdaptHealth LLC<sup>†</sup> | 5.125% | 3/1/2030 | 8350000 | 7856442 |
| AdaptHealth LLC<sup>†</sup> | 6.125% | 8/1/2028 | 11550000 | 11488095 |
| Cheplapharm Arzneimittel GmbH (Germany)<sup>†(b)</sup> | 5.50% | 1/15/2028 | 8986000 | 8730546 |
| Cheplapharm Arzneimittel GmbH<sup>†</sup> | 7.125% | 6/15/2031 | 2987000 | 3493430 |
| Cheplapharm Arzneimittel GmbH | 7.50% | 5/15/2030 | 10500000 | 12380259 |
| Curaleaf Holdings, Inc. | 8.00% | 12/15/2026 | $22821000 | 20710058 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 4.875% | 6/1/2029 | 21049000 | 17646819 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% | 4/15/2029 | 17426000 | 18971719 |
| Owens & Minor, Inc.<sup>†(c)</sup> | 6.625% | 4/1/2030 | 4460000 | 4020256 |
| P&L Development LLC/PLD Finance Corp.<sup>†</sup> | 12.00% | 5/15/2029 | 14402286 | 14854878 |
| Teva Pharmaceutical Finance Netherlands IV BV (Netherlands)<sup>(b)</sup> | 5.75% | 12/1/2030 | 8170000 | 8295017 |
| Trulieve Cannabis Corp. | 8.00% | 10/6/2026 | 23172000 | 22672759 |
| *Total* |  |  |  | 151120278 |

---

<br> 72 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Pipelines 2.35%** |  |  |  |  |  |
| Buckeye Partners LP<sup>†</sup> | 6.75% |  | 2/1/2030 | $40998000 | $42475076 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 24241000 | 24380289 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 8.625% |  | 3/15/2029 | 9674000 | 10076284 |
| Energy Transfer LP | 6.50%<br>(5 yr. CMT + 5.69% |)<sup>#</sup> | – <sup>(d)</sup> | 11090000 | 11138885 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.25% |  | 1/15/2029 | 4917000 | 5132802 |
| Harvest Midstream I LP<sup>†</sup> | 7.50% |  | 9/1/2028 | 11236000 | 11382753 |
| Howard Midstream Energy Partners LLC<sup>†</sup> | 8.875% |  | 7/15/2028 | 8277000 | 8637877 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.125% |  | 6/1/2028 | 23213000 | 24048286 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.00%<br>(5 yr. CMT + 5.44% |)<sup>#</sup> | – <sup>(d)</sup> | 20820000 | 20844047 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 40755000 | 44472019 |
| *Total* |  |  |  |  | 202588318 |
| **Real Estate 1.50%** |  |  |  |  |  |
| CPI Property Group SA | 7.50%<br>(5 yr. EURIBOR ICE Swap + 5.23% |)<sup>#</sup> | – <sup>(d)</sup> | 7310000 | 8033585 |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 6.75% |  | 5/15/2028 | $23576000 | 23775076 |
| Howard Hughes Corp.<sup>†</sup> | 4.125% |  | 2/1/2029 | 10040000 | 9594949 |
| Howard Hughes Corp.<sup>†</sup> | 5.375% |  | 8/1/2028 | 11078000 | 11019562 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 21166000 | 20693763 |
| Kennedy Wilson Europe Real Estate Ltd. | 3.25% |  | 11/12/2025 | 2968421 | 3380161 |
| Kennedy-Wilson, Inc. | 4.75% |  | 2/1/2030 | $22878000 | 21102667 |
| Kennedy-Wilson, Inc.<sup>(c)</sup> | 5.00% |  | 3/1/2031 | 18200000 | 16606934 |
| Newmark Group, Inc. | 7.50% |  | 1/12/2029 | 6581000 | 6990690 |
| Vivion Investments SARL | 6.50% |  | 8/31/2028 | 7200000 | 8129756 |
| *Total* |  |  |  |  | 129327143 |
| **REITS 1.56%** |  |  |  |  |  |
| Blackstone Mortgage Trust, Inc.<sup>†(c)</sup> | 3.75% |  | 1/15/2027 | $4250000 | 4144253 |
| Blackstone Mortgage Trust, Inc.<sup>†</sup> | 7.75% |  | 12/1/2029 | 10255000 | 10849554 |
| Brandywine Operating Partnership LP<sup>(c)</sup> | 4.55% |  | 10/1/2029 | 4150000 | 3905242 |
| Brandywine Operating Partnership LP | 8.875% |  | 4/12/2029 | 27561000 | 29578498 |
| Iron Mountain, Inc.<sup>†</sup> | 5.25% |  | 7/15/2030 | 16519000 | 16247292 |
| Piedmont Operating Partnership LP | 6.875% |  | 7/15/2029 | 8838000 | 9249742 |
| Piedmont Operating Partnership LP | 9.25% |  | 7/20/2028 | 7830000 | 8623564 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% |  | 7/1/2030 | 16525000 | 17011727 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% |  | 10/15/2030 | 8568000 | 8840574 |
| Starwood Property Trust, Inc.<sup>†</sup> | 7.25% |  | 4/1/2029 | 24833000 | 26002375 |
| *Total* |  |  |  |  | 134452821 |

---

<br> *See Notes to Financial Statements.* 73

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Retail 4.15%** |  |  |  |  |  |
| Advance Auto Parts, Inc.<sup>†(g)</sup> | 7.00% |  | 8/1/2030 | $17004000 | $17101162 |
| Arko Corp.<sup>†</sup> | 5.125% |  | 11/15/2029 | 7581000 | 6225155 |
| BCPE Ulysses Intermediate, Inc.<sup>†</sup> | 7.75% |  | 4/1/2027 | 20840000 | 20854744 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>†(c)</sup> | 5.125% |  | 4/15/2029 | 26610000 | 24870278 |
| CEC Entertainment LLC<sup>†</sup> | 6.75% |  | 5/1/2026 | 25245000 | 25091043 |
| FirstCash, Inc.<sup>†</sup> | 4.625% |  | 9/1/2028 | 9850000 | 9638816 |
| Gap, Inc.<sup>†</sup> | 3.875% |  | 10/1/2031 | 9201000 | 8222609 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(b)</sup> | 8.375% |  | 1/15/2029 | 19948000 | 18579573 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(b)</sup> | 11.50% |  | 8/15/2029 | 19560000 | 19433005 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% |  | 8/15/2028 | 12121000 | 7084240 |
| LBM Acquisition LLC<sup>†</sup> | 6.25% |  | 1/15/2029 | 4840000 | 4251432 |
| Lithia Motors, Inc.<sup>†(c)</sup> | 4.375% |  | 1/15/2031 | 4240000 | 3991154 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% |  | 2/15/2028 | 7500000 | 7368291 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 7.75% |  | 2/15/2029 | 38308000 | 37537534 |
| Punch Finance PLC<sup>†</sup> | 7.875% |  | 12/30/2030 | 7468000 | 10095467 |
| Saks Global Enterprises LLC<sup>†</sup> | 11.00% |  | 12/15/2029 | $36732000 | 17998680 |
| SGUS LLC<sup>†</sup> | 11.00% |  | 12/15/2029 | 10017818 | 9416749 |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>†</sup> | 7.75% |  | 10/15/2029 | 7421000 | 7280497 |
| Staples, Inc.<sup>†</sup> | 10.75% |  | 9/1/2029 | 13740000 | 12952168 |
| Staples, Inc.<sup>†</sup> | 12.75% |  | 1/15/2030 | 6104232 | 4300212 |
| Stonegate Pub Co. Financing PLC | 10.75% |  | 7/31/2029 | 19462000 | 26190834 |
| Victoria's Secret & Co.<sup>†(c)</sup> | 4.625% |  | 7/15/2029 | $18303000 | 17055028 |
| Victra Holdings LLC/Victra Finance Corp.<sup>†(c)</sup> | 8.75% |  | 9/15/2029 | 31259000 | 32802069 |
| Waga Bondco Ltd. | 8.50% |  | 6/15/2030 | 6800000 | 8782850 |
| *Total* |  |  |  |  | 357123590 |
| **Savings & Loans 0.09%** |  |  |  |  |  |
| Flagstar Financial, Inc.<sup>(c)</sup> | 7.302%<br>(3 mo. USD Term<br>SOFR + 3.04% |)<sup>#</sup> | 11/6/2028 | $8091000 | 7643084 |
| **Semiconductors 0.27%** |  |  |  |  |  |
| Amkor Technology, Inc.<sup>†</sup> | 6.625% |  | 9/15/2027 | 7284000 | 7282465 |
| ams-OSRAM AG (Austria)<sup>†(b)(c)</sup> | 12.25% |  | 3/30/2029 | 14496000 | 15641118 |
| *Total* |  |  |  |  | 22923583 |

---

<br> 74 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Software 1.78%** |  |  |  |  |  |
| Central Parent, Inc./CDK Global, Inc.<sup>†</sup> | 7.25% |  | 6/15/2029 | $22846000 | $18857709 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% |  | 3/31/2029 | 29188000 | 29496955 |
| CoreWeave, Inc.<sup>†</sup> | 9.00% |  | 2/1/2031 | 7660000 | 7636916 |
| CoreWeave, Inc.<sup>†</sup> | 9.25% |  | 6/1/2030 | 38419000 | 38641865 |
| Dye & Durham Ltd. (Canada)<sup>†(b)</sup> | 8.625% |  | 4/15/2029 | 13340000 | 13912108 |
| Rocket Software, Inc.<sup>†</sup> | 6.50% |  | 2/15/2029 | 14328000 | 13945247 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% |  | 9/30/2027 | 14635000 | 14650187 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% |  | 6/30/2030 | 16029000 | 16218641 |
| *Total* |  |  |  |  | 153359628 |
| **Telecommunications 2.20%** |  |  |  |  |  |
| CommScope LLC<sup>†</sup> | 4.75% |  | 9/1/2029 | 14980000 | 14565054 |
| CommScope LLC<sup>†(c)</sup> | 7.125% |  | 7/1/2028 | 4842000 | 4796243 |
| CommScope LLC<sup>†(c)</sup> | 8.25% |  | 3/1/2027 | 22326000 | 22437295 |
| EchoStar Corp. | 6.75% |  | 11/30/2030 | 18296987 | 17355607 |
| EchoStar Corp. | 10.75% |  | 11/30/2029 | 24300000 | 25625686 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% |  | 5/1/2028 | 17006000 | 16999227 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% |  | 5/1/2029 | 22950000 | 23187946 |
| Hughes Satellite Systems Corp. | 5.25% |  | 8/1/2026 | 7552000 | 6968523 |
| Hughes Satellite Systems Corp. | 6.625% |  | 8/1/2026 | 15822000 | 11985337 |
| Iliad Holding SASU (France)<sup>†(b)</sup> | 7.00% |  | 10/15/2028 | 11800000 | 11988092 |
| Level 3 Financing, Inc.<sup>†(c)</sup> | 3.625% |  | 1/15/2029 | 8280000 | 7079400 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% |  | 1/15/2029 | 1864000 | 1694833 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% |  | 6/15/2029 | 3440000 | 3091484 |
| Sunrise HoldCo IV BV (Netherlands)<sup>†(b)</sup> | 5.50% |  | 1/15/2028 | 14680000 | 14602177 |
| VF Ukraine PAT via VFU Funding PLC (Ukraine)<sup>†(b)</sup> | 9.625% |  | 2/11/2027 | 6575723 | 6289884 |
| VF Ukraine PAT via VFU Funding PLC (Ukraine)<sup>(b)</sup> | 9.625% |  | 2/11/2027 | 747224 | 714743 |
| *Total* |  |  |  |  | 189381531 |
| **Transportation 1.31%** |  |  |  |  |  |
| Brightline East LLC<sup>†(c)</sup> | 11.00% |  | 1/31/2030 | 10665000 | 6942861 |
| Carriage Purchaser, Inc.<sup>†</sup> | 7.875% |  | 10/15/2029 | 13899000 | 12901191 |
| Mobico Group PLC | 4.25%<br>(5 yr. U.K. Government Bond + 4.14% |)<sup>#</sup> | – <sup>(d)</sup> | 10674000 | 8765285 |
| Rand Parent LLC<sup>†(c)</sup> | 8.50% |  | 2/15/2030 | $30829000 | 31031731 |
| Seaspan Corp. (Hong Kong)<sup>†(b)</sup> | 5.50% |  | 8/1/2029 | 28987000 | 27627278 |
| Star Leasing Co. LLC<sup>†</sup> | 7.625% |  | 2/15/2030 | 21450000 | 21178795 |
| Yunda Holding Investment Ltd. | 2.25% |  | 8/19/2025 | 4750000 | 4744186 |
| *Total* |  |  |  |  | 113191327 |

---

<br> *See Notes to Financial Statements.* 75

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Trucking & Leasing 0.14%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | $12347000 | $12326515 |
| *Total Corporate Bonds* (cost $7,247,156,352) |  |  |  | 7286395741 |
| **FLOATING RATE LOANS**<sup>(h)</sup> **11.18%** |  |  |  |  |
| **Advertising 0.05%** |  |  |  |  |
| Advantage Sales & Marketing, Inc. 2024 Term Loan | 8.797%<br>(3 mo. USD Term<br>SOFR + 4.25%) | 10/28/2027 | 6018489 | 4711123 |
| **Aerospace/Defense 0.11%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(b)</sup> | 0.50% | 3/6/2028 | 5389655 | 9182625 |
| **Airlines 0.11%** |  |  |  |  |
| JetBlue Airways Corp. 2024 Term Loan B | 9.069%<br>(3 mo. USD Term<br>SOFR + 4.75%) | 8/27/2029 | 9651259 | 9132504 |
| **Automobile Manufacturers 0.20%** |  |  |  |  |
| American Trailer World Corp. Term Loan B | 8.206%<br>(1 mo. USD Term<br>SOFR + 3.75%) | 3/3/2028 | 20325000 | 17022187 |
| **Automotive 0.25%** |  |  |  |  |
| DexKo Global, Inc. 2021 USD Term Loan B | 8.221%<br>(1 mo. USD Term<br>SOFR + 3.75%) | 10/4/2028 | 22249143 | 21268178 |
| **Beverages 0.28%** |  |  |  |  |
| Triton Water Holdings 2025 Term Loan B | 6.546%<br>(3 mo. USD Term<br>SOFR + 2.25%) | 3/31/2028 | 24131369 | 24215225 |
| **Building Materials 0.19%** |  |  |  |  |
| Quikrete Holdings, Inc. 2025 Term Loan B | 6.606%<br>(1 mo. USD Term<br>SOFR + 2.25%) | 2/10/2032 | 16294163 | 16300273 |
| **Chemicals 0.21%** |  |  |  |  |
| Aruba Investments Holdings LLC 2020 2nd Lien Term Loan | 12.206%<br>(1 mo. USD Term<br>SOFR + 7.75%) | 11/24/2028 | 5000000 | 4722500 |

---

<br> 76 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Chemicals (continued)** |  |  |  |  |
| Lonza Group AG USD Term Loan B (Luxembourg)<sup>(b)</sup> | 8.321%<br>(3 mo. USD Term<br>SOFR + 3.93%) | 7/3/2028 | $14843925 | $13309137 |
| *Total* |  |  |  | 18031637 |
| **Commercial Services 0.71%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 9.08%<br>(3 mo. USD Term<br>SOFR + 4.75%) | 2/23/2029 | 20191356 | 18832983 |
| Mavis Tire Express Services Corp. 2025 Repriced Term Loan | 7.333%<br>(3 mo. USD Term<br>SOFR + 3.00%) | 5/4/2028 | 2402978 | 2408732 |
| Spin Holdco, Inc. 2021 Term Loan | 8.577%<br>(3 mo. USD Term<br>SOFR + 4.00%) | 3/4/2028 | 26983996 | 23931431 |
| Stonepeak Taurus Lower Holdings LLC 2022 2nd Lien Term Loan | 11.396%<br>(3 mo. USD Term<br>SOFR + 7.00%) | 1/28/2030 | 9795000 | 8684933 |
| TruGreen LP 2020 Term Loan | 8.456%<br>(1 mo. USD Term<br>SOFR + 4.00%) | 11/2/2027 | 7768987 | 7506784 |
| *Total* |  |  |  | 61364863 |
| **Computers 0.55%** |  |  |  |  |
| Amentum Government Services Holdings LLC 2024 Term Loan B | 6.606%<br>(1 mo. USD Term<br>SOFR + 2.25%) | 9/29/2031 | 18083867 | 18115513 |
| X Holdings 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 14367000 | 13958977 |
| X Holdings Term Loan | 10.958%<br>(3 mo. USD Term<br>SOFR + 6.50%) | 10/26/2029 | 15624605 | 15252271 |
| *Total* |  |  |  | 47326761 |
| **Consumer Non-Durables 0.09%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B<sup>(e)</sup> | – <sup>(i)</sup> | 8/11/2025 | 8962547 | 7842229 |
| **Containers & Packaging 0.08%** |  |  |  |  |
| Tosca Services LLC 2024 Second Out Superpriority PIK Term Loan B 5.95% | 3.25% | 11/30/2028 | 7370158 | 6596291 |

---

<br> *See Notes to Financial Statements.* 77

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Cosmetics/Personal Care 0.23%** |  |  |  |  |
| Conair Holdings LLC Term Loan B | 8.221%<br>(1 mo. USD Term<br>SOFR + 3.75%) | 5/17/2028 | $26492453 | $19703762 |
| **Diversified Financial Services 0.18%** |  |  |  |  |
| Jane Street Group LLC 2024 Term Loan B1 | 6.333%<br>(3 mo. USD Term<br>SOFR + 2.00%) | 12/15/2031 | 15442575 | 15392927 |
| **Electric 0.36%** |  |  |  |  |
| Lackawanna Energy Center LLC 2025 Term Loan B | – <sup>(i)</sup> | 7/23/2032 | 10339000 | 10403619 |
| Red Oak Power LLC 2025 Term Loan | 8.046%<br>(3 mo. USD Term<br>SOFR + 3.75%) | 10/1/2030 | 10677495 | 10670822 |
| Talen Energy Supply LLC 2024-1 Incremental Term Loan | 6.808%<br>(3 mo. USD Term<br>SOFR + 2.50%) | 12/15/2031 | 9652747 | 9686676 |
| *Total* |  |  |  | 30761117 |
| **Electronics 0.20%** |  |  |  |  |
| LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | 7.856%<br>(1 mo. USD Term<br>SOFR + 3.50%) | 12/2/2031 | 16944000 | 17067606 |
| **Entertainment 0.59%** |  |  |  |  |
| AMC Entertainment Holdings, Inc. 2024 Term Loan | 11.351%<br>(1 mo. USD Term<br>SOFR + 7.00%) | 1/4/2029 | 6795776 | 6854185 |
| Caesars Entertainment, Inc. Term Loan B | 6.606%<br>(1 mo. USD Term<br>SOFR + 2.25%) | 2/6/2030 | 15951219 | 15962864 |
| Caesars Entertainment, Inc. 2024 Term Loan B1 | – <sup>(i)</sup> | 2/6/2031 | 15000000 | 15001875 |
| Delta 2 Lux SARL 2024 Term Loan B1 (Luxembourg)<sup>(b)</sup> | 6.296%<br>(3 mo. USD Term<br>SOFR + 2.00%) | 9/30/2031 | 6666667 | 6677767 |
| Delta 2 Lux SARL 2024 Term Loan B2 (Luxembourg)<sup>(b)</sup> | – <sup>(i)</sup> | 9/30/2031 | 3333333 | 3347083 |
| Flutter Financing BV 2025 Term Loan B (Netherlands)<sup>(b)</sup> | – <sup>(i)</sup> | 6/4/2032 | 2585000 | 2589304 |
| *Total* |  |  |  | 50433078 |

---

<br> 78 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br>**Amount**<sup>‡</sup> | **Fair<br>Value** |
| **Financial 0.15%** |  |  |  |  |  |
| Asurion LLC 2021 Second Lien Term Loan B4 |  | 9.721%<br>(1 mo. USD Term<br>SOFR + 5.25%) | 1/20/2029 | $13898000 | $13103243 |
| **Food 0.05%** |  |  |  |  |  |
| Froneri Lux Finco SARL 2025 USD Term Loan (Luxembourg)<sup>(b)</sup> |  | – <sup>(i)</sup> | 7/16/2032 | 4494000 | 4490360 |
| **Food Service 0.10%** |  |  |  |  |  |
| Gategroup Fin Luxembourg SA USD Term Loan B (Luxembourg)<sup>(b)</sup> |  | – <sup>(i)</sup> | 5/28/2032 | 4476000 | 4499790 |
| Gategroup Finance Luxembourg SA EUR Term Loan B | 6.238%<br>(3 mo. EURIBOR + 4.25% | 6.238%<br>(3 mo. EURIBOR + 4.25%) | 5/28/2032 | 3274000 | 3766644 |
| *Total* |  |  |  |  | 8266434 |
| **Gaming/Leisure 0.26%** |  |  |  |  |  |
| 888 Acquisitions Ltd. USD Term Loan B (United Kingdom)<sup>(b)</sup> |  | 9.658%<br>(3 mo. USD Term<br>SOFR + 5.25%) | 7/1/2028 | $6144234 | 5892720 |
| United FP Holdings LLC 2019 1st Lien Term Loan |  | 8.57%<br>(3 mo. USD Term<br>SOFR + 4.00%) | 12/30/2026 | 17483207 | 16945598 |
| *Total* |  |  |  |  | 22838318 |
| **Health Care Products 0.55%** |  |  |  |  |  |
| Medline Borrower LP 2024 USD Add-on Term Loan B |  | 6.606%<br>(1 mo. USD Term<br>SOFR + 2.25%) | 10/23/2028 | 16293957 | 16326790 |
| Medline Borrower LP 2025 Incremental Term Loan B |  | – <sup>(i)</sup> | 10/23/2030 | 15662801 | 15702036 |
| Paradigm Parent LLC 1st Lien Term Loan |  | – <sup>(i)</sup> | 4/16/2032 | 17205000 | 15678056 |
| *Total* |  |  |  |  | 47706882 |
| **Health Care Services 0.18%** |  |  |  |  |  |
| ADMI Corp. 2023 Term Loan B5 |  | – <sup>(i)</sup> | 12/23/2027 | 8720000 | 8462760 |
| Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B |  | 9.808%<br>(3 mo. USD Term<br>SOFR + 5.50%) | 3/30/2029 | 7261087 | 6462368 |

---

<br> *See Notes to Financial Statements.* 79

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 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 | 13.796%<br> (3 mo. USD Term <br> SOFR + 9.50%) | 5/9/2030 | $806074 | $745618 |
| *Total* |  |  |  | 15670746 |
| **Healthcare 0.02%** |  |  |  |  |
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | 8.558%<br> (3 mo. USD Term <br> SOFR + 4.25%) | 3/30/2029 | 2309705 | 2046976 |
| **Household Products 0.18%** |  |  |  |  |
| Kronos Acquisition Holdings, Inc. 2024 Term Loan | 8.296%<br> (3 mo. USD Term <br> SOFR + 4.00%) | 7/8/2031 | 18197233 | 15588933 |
| **Housing 0.07%** |  |  |  |  |
| Oscar AcquisitionCo LLC Term Loan B | 8.546%<br> (3 mo. USD Term <br> SOFR + 4.25%) | 4/29/2029 | 6781666 | 6193730 |
| **Information Technology Services 0.01%** |  |  |  |  |
| Recovery Solutions Parent LLC Term Loan | 11.796%<br> (3 mo. USD Term <br> SOFR + 7.50%) | 1/28/2030 | 1188344 | 1188344 |
| **Insurance 0.33%** |  |  |  |  |
| Asurion LLC 2021 2nd Lien Term Loan B3 | 9.721%<br> (1 mo. USD Term <br> SOFR + 5.25%) | 1/31/2028 | 1005020 | 969301 |
| Asurion LLC 2025 Term Loan B13 | 8.606%<br> (1 mo. USD Term <br> SOFR + 4.25%) | 9/19/2030 | 14513000 | 14233625 |
| Sedgwick Claims Management Services, Inc. 2023 Term Loan B | – <sup>(i)</sup> | 7/31/2031 | 13000000 | 13030680 |
| *Total* |  |  |  | 28233606 |
| **Internet 0.09%** |  |  |  |  |
| Gen Digital, Inc. 2024 Term Loan B | 6.106%<br> (1 mo. USD Term <br> SOFR + 1.75%) | 9/12/2029 | 7710957 | 7709145 |

---

80 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Machinery: Diversified 0.37%** |  |  |  |  |
| CPM Holdings, Inc. 2023 Term Loan | 8.829%<br> (1 mo. USD Term<br>SOFR + 4.50%) | 9/28/2028 | $25939812 | $25553050 |
| LSF12 Badger Bidco LLC Term Loan B | 10.356%<br> (1 mo. USD Term<br>SOFR + 6.00%) | 8/30/2030 | 6461221 | 6364302 |
| *Total* |  |  |  | 31917352 |
| **Media 0.53%** |  |  |  |  |
| Nexstar Broadcasting, Inc. 2025 Term Loan B5 | 6.856%<br> (1 mo. USD Term<br>SOFR + 2.50%) | 6/28/2032 | 19364000 | 19419671 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.87%<br> (3 mo. USD Term<br>SOFR + 3.30%) | 12/31/2029 | 14397960 | 13447695 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.556%<br> (1 mo. USD Term<br>SOFR + 4.10%) | 12/31/2030 | 13402941 | 12518347 |
| *Total* |  |  |  | 45385713 |
| **Metal Fabricate/Hardware 0.36%** |  |  |  |  |
| Grinding Media, Inc. 2024 Term Loan B | 7.83%<br> (3 mo. USD Term<br>SOFR + 3.50%) | 10/12/2028 | 12529428 | 12529428 |
| Tank Holding Corp. 2022 Term Loan | 10.206%<br> (1 mo. USD Term<br>SOFR + 5.75%) | 3/31/2028 | 15058776 | 14406280 |
| Tank Holding Corp. 2023 Incremental Term Loan | 10.456%<br> (1 mo. USD Term<br>SOFR + 6.00%) | 3/31/2028 | 2712712 | 2599117 |
| Tank Holding Corp. 2023 Incremental Delayed Draw Term Loan | 10.44% - 10.46% <br> (1 mo. USD Term<br>SOFR + 6.00%) | 3/31/2028 | 1150261 | 1102093 |
| *Total* |  |  |  | 30636918 |
| **Pharmaceuticals 0.14%** |  |  |  |  |
| Jazz Financing Lux SARL 2024 1st Lien Term Loan B (Luxembourg)<sup>(b)</sup> | – <sup>(i)</sup> | 5/5/2028 | 12051506 | 12112728 |
| **Real Estate 0.10%** |  |  |  |  |
| CoreLogic, Inc. 2nd Lien Term Loan | 10.971% <br> (1 mo. USD Term<br>SOFR + 6.50%) | 6/4/2029 | 8430000 | 8293013 |

---

See Notes to Financial Statements. 81

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Real Estate Investment Trusts 0.11%** |  |  |  |  |
| Claros Mortgage Trust, Inc. 2021 Term Loan B | 8.956%<br> (1 mo. USD Term<br>SOFR + 4.50%) | 8/9/2026 | $9671345 | $9405383 |
| **Retail 1.28%** |  |  |  |  |
| BCPE Grill Parent 2023 Term Loan B | 9.046%<br> (3 mo. USD Term<br>SOFR + 4.75%) | 9/30/2030 | 12525231 | 11951826 |
| Great Outdoors Group LLC 2025 Term Loan B | 7.606%<br> (1 mo. USD Term<br>SOFR + 3.25%) | 1/23/2032 | 12558446 | 12586703 |
| Kodiak Building Partners, Inc. 2024 Term Loan B | 8.041%<br> (3 mo. USD Term<br>SOFR + 3.75%) | 12/4/2031 | 4830880 | 4682934 |
| LBM Acquisition LLC 2024 Incremental Term Loan B | – <sup>(i)</sup> | 6/6/2031 | 5805000 | 5439488 |
| LBM Acquisition LLC Term Loan B | – <sup>(i)</sup> | 12/17/2027 | 2902000 | 2897052 |
| Park River Holdings, Inc. Term Loan | 7.802%<br> (3 mo. USD Term<br>SOFR + 3.25%) | 12/28/2027 | 14106633 | 13931782 |
| Restoration Hardware, Inc. Term Loan B | 6.971%<br> (1 mo. USD Term<br>SOFR + 2.50%) | 10/20/2028 | 17392922 | 16853829 |
| RVR Dealership Holdings LLC Term Loan B | 8.206%<br> (1 mo. USD Term<br>SOFR + 3.75%) | 2/8/2028 | 16080237 | 15477228 |
| Staples, Inc. 2024 Term Loan B | 10.026%<br> (3 mo. USD Term<br>SOFR + 5.75%) | 9/4/2029 | 10689225 | 9859153 |
| Torrid LLC 2021 Term Loan B | 9.942%<br> (1 mo. USD Term<br>SOFR + 5.50%) | 6/14/2028 | 18356298 | 16355461 |
| *Total* |  |  |  | 110035456 |
| **Software 0.93%** |  |  |  |  |
| Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | 10.083%<br> (3 mo. USD Term<br>SOFR + 5.75%) | 7/30/2032 | 10476000 | 10371240 |
| Central Parent, Inc. 2024 Term Loan B | 7.546%<br> (3 mo. USD Term<br>SOFR + 3.25%) | 7/6/2029 | 8333020 | 6812244 |
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B | 7.796%<br> (3 mo. USD Term<br>SOFR + 3.50%) | 3/29/2029 | 23017000 | 23082368 |

---

82 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |
| DTI Holdco, Inc. 2025 Term Loan B | – <sup>(i)</sup> | 4/26/2029 | $8602000 | $8503421 |
| Mitchell International, Inc. 2024 2nd Lien Term Loan | 9.606%<br> (1 mo. USD Term<br>SOFR + 5.25%) | 6/17/2032 | 4942000 | 4900833 |
| Rackspace Finance LLC 2024 First Lien Second Out Term Loan | 7.211%<br> (1 mo. USD Term<br>SOFR + 2.75%) | 5/15/2028 | 17604120 | 9235914 |
| Skopima Merger Sub, Inc. 2024 Repriced Term Loan | – <sup>(i)</sup> | 5/12/2028 | 9715000 | 9613284 |
| Storable, Inc. 2025 Term Loan B | 7.606%<br> (1 mo. USD Term<br>SOFR + 3.25%) | 6/16/2032 | 7960050 | 8000686 |
| *Total* |  |  |  | 80519990 |
| **Telecommunications 0.26%** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.821%<br> (1 mo. USD Term<br>SOFR + 2.35%) | 4/16/2029 | 22757416 | 22668548 |
| **Transportation 0.19%** |  |  |  |  |
| Genesee & Wyoming, Inc. 2024 Term Loan | 6.046%<br> (3 mo. USD Term<br>SOFR + 1.75%) | 4/10/2031 | 16408668 | 16392506 |
| **Utilities 0.53%** |  |  |  |  |
| Alpha Generation LLC Term Loan B | 6.356%<br> (1 mo. USD Term<br>SOFR + 2.00%) | 9/30/2031 | 13995746 | 13994837 |
| Astoria Energy LLC 2025 Term Loan B | 7.106%<br> (1 mo. USD Term<br>SOFR + 2.75%) | 6/23/2032 | 8129244 | 8163509 |
| Lightning Power LLC Term Loan B | 6.546%<br> (3 mo. USD Term<br>SOFR + 2.25%) | 8/16/2025 | 15443220 | 15472176 |
| Long Ridge Energy LLC Term Loan B | 8.796%<br> (3 mo. USD Term<br>SOFR + 4.50%) | 2/19/2032 | 8205435 | 8119975 |
| *Total* |  |  |  | 45750497 |
| *Total Floating Rate Loans (cost $969,416,515)* |  |  |  | 962507207 |

---

See Notes to Financial Statements. 83

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(b)</sup> **0.22%** |  |  |  |  |
| **Angola 0.10%** |  |  |  |  |
| Angola Government International Bonds | 8.00% | 11/26/2029 | $3750000 | $3515042 |
| Angola Government International Bonds | 8.25% | 5/9/2028 | 5000000 | 4852965 |
| *Total* |  |  |  | 8368007 |
| **Nigeria 0.12%** |  |  |  |  |
| Nigeria Government International Bonds | 8.375% | 3/24/2029 | 10350000 | 10652389 |
| *Total Foreign Government Obligations (cost $18,358,982)* | *Total Foreign Government Obligations (cost $18,358,982)* |  |  | 19020396 |
| *Total Long-Term Investments (cost $8,546,992,797)* |  |  |  | 8582386045 |
| **SHORT-TERM INVESTMENTS 3.52%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.23%** |  |  |  |  |
| Repurchase Agreement dated 7/31/2025, 4.360% due 8/1/2025 with Barclays Capital, Inc. collateralized by $1,029,700 of U.S. Treasury Bond at 4.750% due 5/15/2055; value: $1,020,408; proceeds: $1,000,121 (cost $1,000,000) |  |  | 1000000 | 1000000 |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $18,770,100 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $19,112,567; proceeds: $18,739,839 (cost $18,737,757) |  |  | 18737757 | 18737757 |
| *Total Repurchase Agreements (cost $19,737,757)* |  |  |  | 19737757 |
| **TIME DEPOSITS 0.33%** |  |  |  |  |
| CitiBank N.A.<sup>(j)</sup> (cost $28,308,862) |  |  | 28308862 | 28308862 |
|  |  |  | **Shares** |  |
| **MONEY MARKET FUNDS 2.96%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(j)</sup> (cost $254,779,761) |  |  | 254779761 | 254779761 |
| *Total Short-Term Investments (cost $302,826,380)* |  |  |  | 302826380 |
| *Total Investments in Securities 103.22% (cost $8,849,819,177)* | *Total Investments in Securities 103.22% (cost $8,849,819,177)* |  |  | 8885212425 |
| *Other Assets and Liabilities - Net*<sup>(k)</sup> *(3.22)%* |  |  |  | (277397092) |
| *Net Assets 100.00%* |  |  |  | $8607815333 |

---

84 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <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 July 31, 2025, the total value of Rule 144A securities was $5,790,461,505, which represents 67.27% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at July 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <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> | Defaulted (non-income producing security). |
| <sup>(f)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(g)</sup> | Securities purchased on a when-issued basis (See Note 2(i)). |
| <sup>(h)</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 July 31, 2025. |
| <sup>(i)</sup> | Interest Rate to be determined. |
| <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 July 31, 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** |
| CHS/Community Health Systems, Inc.<sup>(4)</sup> | Bank of America | 5.00% | 12/20/2025 | $3000000 | $(66942) | $89414 | $22472 |

---

<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 $89,414. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

*See Notes to Financial Statements.* 85

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

**Forward Foreign Currency Exchange Contracts at July 31, 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** |
| Euro | Buy | State Street Bank and Trust | 8/22/2025 | 1000000 | $1142334 | $1142560 | $226 |
| Swiss franc | Buy | Bank of America | 9/19/2025 | 3897000 | 4823878 | 4824909 | 1031 |
| Swiss franc | Buy | Morgan Stanley | 9/19/2025 | 2739000 | 3384472 | 3391179 | 6707 |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 1971000 | 2438841 | 2440312 | 1471 |
| British pound | Sell | Bank of America | 10/10/2025 | 3010000 | 4045004 | 3977733 | 67271 |
| British pound | Sell | Morgan Stanley | 10/10/2025 | 4433000 | 5954702 | 5858236 | 96466 |
| British pound | Sell | Morgan Stanley | 10/10/2025 | 871000 | 1169483 | 1151032 | 18451 |
| British pound | Sell | Morgan Stanley | 10/10/2025 | 3190000 | 4335902 | 4215604 | 120298 |
| British pound | Sell | State Street Bank and Trust | 10/10/2025 | 169677000 | 233042027 | 224229158 | 8812869 |
| British pound | Sell | State Street Bank and Trust | 10/10/2025 | 3017000 | 4078920 | 3986983 | 91937 |
| Euro | Sell | Bank of America | 8/22/2025 | 2987000 | 3460548 | 3412826 | 47722 |
| Euro | Sell | Bank of America | 8/22/2025 | 3258000 | 3802041 | 3722460 | 79581 |
| Euro | Sell | Goldman Sachs | 8/22/2025 | 3757000 | 4331389 | 4292597 | 38792 |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 7277000 | 8368490 | 8314408 | 54082 |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 7121000 | 8189663 | 8136169 | 53494 |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 73000000 | 84464358 | 83406868 | 1057490 |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 3613000 | 4202484 | 4128069 | 74415 |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 7277000 | 8599526 | 8314408 | 285118 |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 3488000 | 4069402 | 3985249 | 84153 |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 3750000 | 4369239 | 4284599 | 84640 |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 3540000 | 4163353 | 4044662 | 118691 |
| *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* |  |  | $11194905 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | Toronto Dominion Bank | 10/10/2025 | 13180000 | $18008506 | $17417448 | $(591058) |
| Euro | Buy | Bank of America | 8/22/2025 | 17598000 | 20424994 | 20106768 | (318226) |
| Euro | Buy | Goldman Sachs | 8/22/2025 | 3655000 | 4212790 | 4176056 | (36734) |
| Euro | Buy | Goldman Sachs | 8/22/2025 | 72000000 | 83777400 | 82264308 | (1513092) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 6299000 | 7242306 | 7196984 | (45322) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 437000 | 501379 | 499299 | (2080) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 3815000 | 4422842 | 4358866 | (63976) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 604000 | 701303 | 690106 | (11197) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 7040000 | 8118482 | 8043621 | (74861) |

---

86 See Notes to Financial Statements.

**Schedule of Investments (continued)**

SHORT DURATION HIGH YIELD FUND *July 31, 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** |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 12041000 | $14238634 | $13757563 | $(481071) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 5114000 | 6014631 | 5843051 | (171580) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 5423000 | 6371409 | 6196102 | (175307) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 2560000 | 3000954 | 2924953 | (76001) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 8248000 | 9588848 | 9423834 | (165014) |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 4823000 | 5519327 | 5510566 | (8761) |
| Euro | Buy | State Street Bank and Trust | 8/22/2025 | 3496000 | 4012003 | 3994389 | (17614) |
| Euro | Buy | State Street Bank and Trust | 8/22/2025 | 2881000 | 3334365 | 3291715 | (42650) |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 3833000 | 4748263 | 4745670 | (2593) |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 3407000 | 4337041 | 4218236 | (118805) |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 64112000 | 73034467 | 73251796 | (217329) |
| Swiss franc | Sell | State Street Bank and Trust | 9/19/2025 | 15847000 | 19522862 | 19620306 | (97444) |
| *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* |  |  | $(4230715) |

---

**Futures Contracts at July 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized Appreciation** |
| U.S. 10-Year Treasury Note | September 2025 | 643 | Long | $71305257 | $71413188 | $107931 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 4402 | Long | $913847832 | $911145223 | $(2702609) |
| U.S. 5-Year Treasury Note | September 2025 | 4000 | Long | 433917943 | 432687500 | (1230443) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  | $(3933052) |

---

See Notes to Financial Statements. 87

**Schedule of Investments (concluded)**

SHORT DURATION HIGH YIELD FUND *July 31, 2025*

The following is a summary of the inputs used as of July 31, 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 | $– | $– | $18240040 | $18240040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 95013140 |  | 95013140 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 1208817 |  | 1208817 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 200000704 |  | 200000704 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 7286395741 |  | 7286395741 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 962507207 |  | 962507207 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 19020396 |  | 19020396 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 19737757 |  | 19737757 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 28308862 |  | 28308862 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 254779761 | – | – | 254779761 |
| Total | $254779761 | $8612192624 | $18240040 | $8885212425 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $22472 | $– | $22472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 11194905 |  | 11194905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (4230715) |  | (4230715) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 107931 |  |  | 107931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (3933052) | – | – | (3933052) |
| Total | $(3825121) | $6986662 | $– | $3161541 |

---

<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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. 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.

88 See Notes to Financial Statements.

This page is intentionally left blank.

**Statements of Assets and Liabilities**

*July 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Emerging <br> Markets <br> Equity Fund** | **International <br> Growth Fund** |
| **ASSETS:** | | |
| Investments in securities, at cost | $4747845 | $2565393 |
| Investments in securities, at fair value including $0, $0, $856,913 and $268,650,784, respectively, of securities loaned | $6342470 | $3412633 |
| Cash | 108 | 67322 |
| Cash at brokers for forwards and swap contracts collateral |  |  |
| Deposits with brokers for futures collateral |  |  |
| Deposits with brokers for forwards and swap contracts collateral |  |  |
| Foreign cash, at value (cost $10,112, $50,094, $5,701 and $8,680,125, respectively) | 3999 | 48345 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 31844 | 20726 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 27340 | 25198 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 14051 | 937 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 83 | 61 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  |
| Unrealized appreciation on unfunded loan commitments |  |  |
| Prepaid expenses | 63413 | 77103 |
| **Total assets** | 6483308 | 3652325 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 27783 | 43099 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes deferred | 24330 | 1488 |
| &nbsp;&nbsp;&nbsp;Management fee | 3525 | 1355 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 2000 |  |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 1431 | 516 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 773 | 1140 |
| &nbsp;&nbsp;&nbsp;Fund administration | 217 | 120 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards and swap contracts collateral |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;To bank |  |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  |
| Distributions payable |  |  |
| Accrued expenses and other liabilities | 49235 | 50878 |
| **Total liabilities** | 109294 | 98596 |
| **Commitments and contingent liabilities** |  |  |
| **NET ASSETS** | $6374014 | $3553729 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $5233580 | $3140434 |
| Total distributable earnings/(loss) | 1140434 | 413295 |
| **Net Assets** | $6374014 | $3553729 |

---

90 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Investment <br> Grade Floating <br> Rate Fund** | **Short Duration <br> High Yield Fund** |
| $2855668012 | $8849819177 |
| $2858228448 | $8885212425 |
| 1939502 |  |
| 300000 | 50000 |
| 1345125 | 11488025 |
| 3851909 | 4052147 |
| 5626 | 8572284 |
| 345210 | 486434 |
| 40882890 | 111760194 |
| 11840419 | 152278957 |
| 12096275 | 14806570 |
| 47256 | 20716 |
| 50 | 331910 |
| 196188 | 11194905 |
| 1606 |  |
| 272321 | 289814 |
| 2931352825 | 9200544381 |
| 225997914 | 271190680 |
| 491743 | 2263168 |
| 6376958 | 24238416 |
| 67740 | 55920 |
| 103 | 174710 |
| 85576 | 287638 |
| 300000 | 50000 |
| 14196 | 331880 |
|  | 2562538 |
| 884000 | 283088623 |
|  | 4230715 |
| 12739 | 2505603 |
| 310265 | 1749157 |
| 234541234 | 592729048 |
| $2696811591 | $8607815333 |
| $2698887793 | $8639448593 |
| (2076202) | (31633260) |
| $2696811591 | $8607815333 |

---

*See Notes to Financial Statements.* 91

**Statements of Assets and Liabilities (concluded)**

*July 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Emerging <br> Markets <br> Equity Fund** | **International <br> Growth Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $3760887 | $1803559 |
| Class C Shares | $737421 | $137322 |
| Class F Shares | $30399 | $106738 |
| Class F3 Shares | $303972 | $10671 |
| Class I Shares | $629421 | $224859 |
| Class R3 Shares | $– | $15555 |
| Class R4 Shares | $– | $10612 |
| Class R5 Shares | $– | $10643 |
| Class R6 Shares | $911914 | $1233770 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 207253 | 113340 |
| Class C Shares | 41000 | 8780 |
| Class F Shares | 1667 | 6667 |
| Class F3 Shares | 16667 | 667 |
| Class I Shares | 34589 | 14084 |
| Class R3 Shares |  | 980 |
| Class R4 Shares |  | 667 |
| Class R5 Shares |  | 667 |
| Class R6 Shares | 50000 | 77088 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |
| Class A Shares-Net asset value | $18.15 | $15.91 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%, 5.75%, 2.25% and 2.25%, respectively) | $19.26 | $16.88 |
| Class C Shares-Net asset value | $17.99 | $15.64 |
| Class F Shares-Net asset value | $18.24 | $16.01 |
| Class F3 Shares-Net asset value | $18.24 | $16.01 |
| Class I Shares-Net asset value | $18.20 | $15.96 |
| Class R3 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $15.87 |
| Class R4 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $15.92 |
| Class R5 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $15.96 |
| Class R6 Shares-Net asset value | $18.24 | $16.00 |

---

92 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Investment <br> Grade Floating <br> Rate Fund** | **Short Duration <br> High Yield Fund** |
| $221468311 | $886415311 |
| $41983381 | $310004243 |
| $74847319 | $102054160 |
| $66473485 | $439455927 |
| $2292016434 | $6853399910 |
| $– | $921416 |
| $– | $94433 |
| $10632 | $3344099 |
| $12029 | $12125834 |
| 21621084 | 90548743 |
| 4098349 | 31669078 |
| 7306254 | 10434686 |
| 6489614 | 44872290 |
| 223745852 | 701497844 |
|  | 94135 |
|  | 9648 |
| 1038 | 341660 |
| 1174 | 1239032 |
| $10.24 | $9.79 |
| $10.48 | $10.02 |
| $10.24 | $9.79 |
| $10.24 | $9.78 |
| $10.24 | $9.79 |
| $10.24 | $9.77 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $9.79 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $9.79 |
| $10.24 | $9.79 |
| $10.24 | $9.79 |

---

*See Notes to Financial Statements.* 93

**Statements of Operations**

*For the Year Ended July 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Emerging <br> Markets <br> Equity Fund** | **International <br> Growth Fund** |
| **Investment income:** | | |
| Dividends (net of foreign withholding taxes of $17,636, $6,431, $0 and $0, respectively) | $139657 | $38316 |
| Securities lending net income |  |  |
| Interest and other (net of foreign withholding taxes of $3, $0, $0 and $97,432, respectively) | 1252 | 553 |
| **Total investment income** | 140909 | 38869 |
| **Expenses:** |  |  |
| Management fee | 37735 | 14313 |
| 12b-1 distribution plan–Class A | 8799 | 4220 |
| 12b-1 distribution plan–Class C | 6240 | 1324 |
| 12b-1 distribution plan–Class F | 27 | 98 |
| 12b-1 distribution plan–Class R3 |  | 71 |
| 12b-1 distribution plan–Class R4 |  | 24 |
| Registration | 138369 | 134375 |
| Professional | 76043 | 60236 |
| Custody | 39604 | 3691 |
| Fund administration | 2322 | 1272 |
| Shareholder servicing | 2115 | 1687 |
| Reports to shareholders | 1130 | 618 |
| Trustees' fees | 521 | 521 |
| Other | 11880 | 17761 |
| Gross expenses | 324785 | 240211 |
| Fees waived and expenses reimbursed (See Note 4) | (257863) | (212614) |
| **Net expenses** | 66922 | 27597 |
| **Net investment income** | 73987 | 11272 |
| **Net realized and unrealized gain/(loss):** |  |  |
| Net realized gain/(loss) on investments | 141565 | 141877 |
| Net realized gain/(loss) on futures contracts |  |  |
| Net realized gain/(loss) on forward foreign currency exchange contracts |  |  |
| Net realized gain/(loss) on swap contracts |  |  |
| Net realized gain/(loss) on foreign capital gains taxes | (11610) | (380) |
| Net realized gain/(loss) on foreign currency related transactions | (11643) | (1425) |
| Net change in unrealized appreciation/(depreciation) on investments | 699144 | 237583 |
| Net change in unrealized appreciation/(depreciation) on futures contracts |  |  |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  |  |
| Net change in unrealized appreciation/(depreciation) on swap contracts |  |  |
| Net change in unrealized appreciation/(depreciation) on deferred foreign capital gains taxes | 7248 | 525 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 3560 | 1539 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | – | – |
| **Net realized and unrealized gain/(loss)** | 828264 | 379719 |
| **Net Increase in Net Assets Resulting From Operations** | $902251 | $390991 |

---

94 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Investment <br> Grade Floating<br> Rate Fund** | **Short Duration <br> High Yield Fund** |
| $– | $319214 |
| 831 | 3506587 |
| 69528334 | 599132005 |
| 69529165 | 602957806 |
| 2543983 | 22970727 |
| 168509 | 1434682 |
| 145408 | 2295742 |
| 39444 | 113277 |
|  | 4425 |
|  | 279 |
| 506643 | 1460481 |
| 80047 | 291814 |
| 5286 | 140402 |
| 429022 | 2912352 |
| 895882 | 6385811 |
| 72994 | 769106 |
| 7843 | 305422 |
| 66436 | 343901 |
| 4961497 | 39428421 |
| (895014) | (3218626) |
| 4066483 | 36209795 |
| 65462682 | 566748011 |
| (525550) | 12869488 |
| (472031) | (16188224) |
| 15605 | (22579259) |
| (1985412) | 5323247 |
| (4767) | 1678823 |
| 2445393 | (46960781) |
| (54591) | (2630996) |
| 195358 | 7158003 |
| (1418333) | (457769) |
| (1350) | (82137) |
| 1606 | (3960) |
| (1804072) | (61873565) |
| $63658610 | $504874446 |

---

*See Notes to Financial Statements.* 95

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Emerging <br> Markets <br> Equity Fund** | **Emerging <br> Markets <br> Equity Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the <br> Year Ended <br> July 31, 2025** | **For the <br> Year Ended <br> July 31, 2024** |
| **Operations:** | | |
| Net investment income | $73987 | $83560 |
| Net realized gain/(loss) | 118312 | (46990) |
| Net change in unrealized appreciation/(depreciation) | 709952 | 522902 |
| **Net increase in net assets resulting from operations** | 902251 | 559472 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (35541) | (43887) |
| &nbsp;&nbsp;&nbsp;Class C | (2405) | (3450) |
| &nbsp;&nbsp;&nbsp;Class F | (319) | (368) |
| &nbsp;&nbsp;&nbsp;Class F3 | (3441) | (3901) |
| &nbsp;&nbsp;&nbsp;Class I | (6567) | (7397) |
| &nbsp;&nbsp;&nbsp;Class R3 |  |  |
| &nbsp;&nbsp;&nbsp;Class R4 |  |  |
| &nbsp;&nbsp;&nbsp;Class R5 |  |  |
| &nbsp;&nbsp;&nbsp;Class R6 | (10325) | (11705) |
| **Total distribution to shareholders** | (58598) | (70708) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 384785 | 189535 |
| Reinvestment of distributions | 3701 | 3843 |
| Cost of shares reacquired | (394510) | (93588) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (6024) | 99790 |
| **Net increase (decrease) in net assets** | 837629 | 588554 |
| **NET ASSETS:** |  |  |
| Beginning of year | $5536385 | $4947831 |
| **End of year** | $6374014 | $5536385 |

---

96 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **International <br> Growth Fund** | **International <br> Growth Fund** | **Investment <br> Grade Floating <br> Rate Fund** | **Investment <br> Grade Floating <br> Rate Fund** | **Short <br> Duration High <br> Yield Fund** | **Short <br> Duration High <br> Yield Fund** |
| **For the <br> Year Ended <br> July 31, 2025** | **For the <br> Year Ended <br> July 31, 2024** | **For the <br> Year Ended <br> July 31, 2025** | **For the <br> Year Ended <br> July 31, 2024** | **For the <br> Year Ended <br> July 31, 2025** | **For the <br> Year Ended <br> July 31, 2024** |
| $11272 | $13709 | $65462682 | $932440 | $566748011 | $235349481 |
| 140072 | (25854) | (2972155) | 222456 | (18895925) | 21759355 |
| 239647 | 317416 | 1168083 | 10896 | (42977640) | 73922028 |
| 390991 | 305271 | 63658610 | 1165792 | 504874446 | 331030864 |
| (3384) | (7180) | (5056070) | (213308) | (60924518) | (21136831) |
|  |  | (803556) | (32939) | (18774936) | (5399466) |
| (343) | (515) | (2422391) | (9124) | (10004617) | (4440104) |
| (44) | (61) | (639479) | (1902) | (29770687) | (9533432) |
| (927) | (1440) | (57058280) | (627023) | (509467615) | (200687533) |
|  | (30) |  |  | (73004) | (10588) |
| (20) | (39) |  |  | (9452) | (7179) |
| (44) | (59) | (1057) | (1884) | (88419) | (5208) |
| (4126) | (4957) | (38328) | (108450) | (890856) | (175897) |
| (8888) | (14281) | (66019161) | (994630) | (630004104) | (241396238) |
| 952665 | 215449 | 3120321932 | 29924769 | 6007596042 | 4642206940 |
| 2703 | 5023 | 65680433 | 224593 | 605777606 | 238040808 |
| (709888) | (572125) | (527756974) | (456883) | (3079874612) | (972225871) |
| 245480 | (351653) | 2658245391 | 29692479 | 3533499036 | 3908021877 |
| 627583 | (60663) | 2655884840 | 29863641 | 3408369378 | 3997656503 |
| $2926146 | $2986809 | $40926751 | $11063110 | $5199445955 | $1201789452 |
| $3553729 | $2926146 | $2696811591 | $40926751 | $8607815333 | $5199445955 |

---

*See Notes to Financial Statements.* 97

**Financial Highlights**

EMERGING MARKETS EQUITY FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> invest-<br> ment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** | | | | | | |
| 7/31/2025 | $15.77 | $0.21 | $2.34 | $2.55 | $(0.17) | $18.15 |
| 7/31/2024 | 14.41 | 0.24 | 1.32 | 1.56 | (0.20) | 15.77 |
| 7/31/2023 | 13.56 | 0.21 | 0.89 | 1.10 | (0.25) | 14.41 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.17 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.44) |  | 13.56 |
| **Class C** |  |  |  |  |  |  |
| 7/31/2025 | 15.65 | 0.09 | 2.31 | 2.40 | (0.06) | 17.99 |
| 7/31/2024 | 14.30 | 0.13 | 1.32 | 1.45 | (0.10) | 15.65 |
| 7/31/2023 | 13.52 | 0.11 | 0.88 | 0.99 | (0.21) | 14.30 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.13 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.48) |  | 13.52 |
| **Class F** |  |  |  |  |  |  |
| 7/31/2025 | 15.84 | 0.25 | 2.34 | 2.59 | (0.19) | 18.24 |
| 7/31/2024 | 14.46 | 0.27 | 1.33 | 1.60 | (0.22) | 15.84 |
| 7/31/2023 | 13.58 | 0.25 | 0.89 | 1.14 | (0.26) | 14.46 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.19 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.42) |  | 13.58 |
| **Class F3** |  |  |  |  |  |  |
| 7/31/2025 | 15.84 | 0.26 | 2.35 | 2.61 | (0.21) | 18.24 |
| 7/31/2024 | 14.47 | 0.28 | 1.32 | 1.60 | (0.23) | 15.84 |
| 7/31/2023 | 13.58 | 0.26 | 0.89 | 1.15 | (0.26) | 14.47 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.19 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.42) |  | 13.58 |
| **Class I** |  |  |  |  |  |  |
| 7/31/2025 | 15.81 | 0.26 | 2.34 | 2.60 | (0.21) | 18.20 |
| 7/31/2024 | 14.45 | 0.27 | 1.32 | 1.59 | (0.23) | 15.81 |
| 7/31/2023 | 13.58 | 0.25 | 0.88 | 1.13 | (0.26) | 14.45 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.19 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.42) |  | 13.58 |
| **Class R6** |  |  |  |  |  |  |
| 7/31/2025 | 15.84 | 0.26 | 2.35 | 2.61 | (0.21) | 18.24 |
| 7/31/2024 | 14.47 | 0.28 | 1.32 | 1.60 | (0.23) | 15.84 |
| 7/31/2023 | 13.58 | 0.26 | 0.89 | 1.15 | (0.26) | 14.47 |
| 3/2/2022 to 7/31/2022<sup>(c)</sup> | 15.00 | 0.19 <sup>(d)</sup> | (1.61)<sup>(d)</sup> | (1.42) |  | 13.58 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Class A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Commencement of operations was on 3/2/2022, SEC effective date and date shares first became available to the public was 3/10/2022.

<sup>(d)</sup> Net investment income and net realized and unrealized gain/(loss) amounted to less than $0.01 for the period 3/2/2022 through 3/10/2022.

<sup>(e)</sup> Total return for the period 3/10/2022 through 7/31/2022 was (9.41%) for Class A, (9.68%) for Class C, (9.35%) for Class F, (9.28%) for Class F3, (9.35%) for Class I, and (9.28%) for Class R6.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

98 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 reim-<br> bursements <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> (%)** |
| 16.31 | 1.15 | 5.58 | 1.27 | $3761 | 80 |
| 11.01 | 1.15 | 6.03 | 1.65 | 3410 | 79 |
| 8.21 | 1.18 | 5.10 | 1.59 | 3006 | 145 |
| (9.53)<sup>(e)(f)</sup> | 1.24 <sup>(g)</sup> | 3.77 <sup>(g)</sup> | 2.86 <sup>(g)</sup> | 2727 | 56 <sup>(f)</sup> |
| 15.41 | 1.90 | 6.37 | 0.55 | 737 | 80 |
| 10.22 | 1.90 | 6.77 | 0.90 | 543 | 79 |
| 7.37 | 1.93 | 5.85 | 0.84 | 496 | 145 |
| (9.80)<sup>(e)(f)</sup> | 1.99 <sup>(g)</sup> | 4.52 <sup>(g)</sup> | 2.11 <sup>(g)</sup> | 451 | 56 <sup>(f)</sup> |
| 16.61 | 0.90 | 5.45 | 1.52 | 30 | 80 |
| 11.20 | 0.90 | 5.86 | 1.90 | 26 | 79 |
| 8.57 | 0.94 | 4.93 | 1.83 | 24 | 145 |
| (9.47)<sup>(e)(f)</sup> | 0.99 <sup>(g)</sup> | 3.62 <sup>(g)</sup> | 3.11 <sup>(g)</sup> | 23 | 56 <sup>(f)</sup> |
| 16.65 | 0.87 | 5.32 | 1.56 | 304 | 80 |
| 11.30 | 0.82 | 5.76 | 1.98 | 264 | 79 |
| 8.61 | 0.85 | 4.74 | 1.91 | 241 | 145 |
| (9.40)<sup>(e)(f)</sup> | 0.91 <sup>(g)</sup> | 3.41 <sup>(g)</sup> | 3.20 <sup>(g)</sup> | 226 | 56 <sup>(f)</sup> |
| 16.62 | 0.90 | 5.37 | 1.55 | 629 | 80 |
| 11.24 | 0.90 | 5.77 | 1.90 | 501 | 79 |
| 8.54 | 0.93 | 4.82 | 1.83 | 458 | 145 |
| (9.47)<sup>(e)(f)</sup> | 0.99 <sup>(g)</sup> | 3.52 <sup>(g)</sup> | 3.11 <sup>(g)</sup> | 430 | 56 <sup>(f)</sup> |
| 16.65 | 0.87 | 5.32 | 1.56 | 912 | 80 |
| 11.30 | 0.82 | 5.76 | 1.98 | 792 | 79 |
| 8.61 | 0.85 | 4.75 | 1.91 | 723 | 145 |
| (9.40)<sup>(e)(f)</sup> | 0.91 <sup>(g)</sup> | 3.41 <sup>(g)</sup> | 3.19 <sup>(g)</sup> | 679 | 56 <sup>(f)</sup> |

---

See Notes to Financial Statements. 99

**Financial Highlights (continued)**

INTERNATIONAL GROWTH FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> invest-<br> ment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 7/31/2025 | $14.15 | $0.04 | $1.75 | $1.79 | $(0.03) | $15.91 |
| 7/31/2024 | 12.66 | 0.06 | 1.49 | 1.55 | (0.06) | 14.15 |
| 7/31/2023 | 11.58 | 0.05 | 1.10 | 1.15 | (0.07) | 12.66 |
| 7/31/2022 | 15.12 | 0.06 | (3.60) | (3.54) |  | 11.58 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | (0.01)<sup>(d)</sup> | 0.13 <sup>(d)</sup> | 0.12 |  | 15.12 |
| **Class C** |  |  |  |  |  |  |
| 7/31/2025 | 13.99 | (0.07) | 1.72 | 1.65 |  | 15.64 |
| 7/31/2024 | 12.54 | (0.04) | 1.49 | 1.45 |  | 13.99 |
| 7/31/2023 | 11.49 | (0.04) | 1.09 | 1.05 |  | 12.54 |
| 7/31/2022 | 15.11 | (0.04) | (3.58) | (3.62) |  | 11.49 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | (0.02)<sup>(d)</sup> | 0.13 <sup>(d)</sup> | 0.11 |  | 15.11 |
| **Class F** |  |  |  |  |  |  |
| 7/31/2025 | 14.23 | 0.07 | 1.76 | 1.83 | (0.05) | 16.01 |
| 7/31/2024 | 12.71 | 0.09 | 1.51 | 1.60 | (0.08) | 14.23 |
| 7/31/2023 | 11.62 | 0.08 | 1.10 | 1.18 | (0.09) | 12.71 |
| 7/31/2022 | 15.13 | 0.09 | (3.60) | (3.51) |  | 11.62 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | – <sup>(d)(h)</sup> | 0.13 <sup>(d)</sup> | 0.13 |  | 15.13 |
| **Class F3** |  |  |  |  |  |  |
| 7/31/2025 | 14.23 | 0.08 | 1.77 | 1.85 | (0.07) | 16.01 |
| 7/31/2024 | 12.72 | 0.09 | 1.51 | 1.60 | (0.09) | 14.23 |
| 7/31/2023 | 11.63 | 0.09 | 1.10 | 1.19 | (0.10) | 12.72 |
| 7/31/2022 | 15.12 | 0.10 | (3.59) | (3.49) |  | 11.63 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | – <sup>(d)(h)</sup> | 0.12 <sup>(d)</sup> | 0.12 |  | 15.12 |
| **Class I** |  |  |  |  |  |  |
| 7/31/2025 | 14.20 | 0.09 | 1.74 | 1.83 | (0.07) | 15.96 |
| 7/31/2024 | 12.70 | 0.09 | 1.50 | 1.59 | (0.09) | 14.20 |
| 7/31/2023 | 11.62 | 0.02 | 1.16 | 1.18 | (0.10) | 12.70 |
| 7/31/2022 | 15.12 | 0.09 | (3.59) | (3.50) |  | 11.62 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | – <sup>(d)(h)</sup> | 0.12 <sup>(d)</sup> | 0.12 |  | 15.12 |
| **Class R3** |  |  |  |  |  |  |
| 7/31/2025 | 14.12 | – <sup>(h)</sup> | 1.75 | 1.75 |  | 15.87 |
| 7/31/2024 | 12.63 | 0.02 | 1.50 | 1.52 | (0.03) | 14.12 |
| 7/31/2023 | 11.55 | 0.03 | 1.09 | 1.12 | (0.04) | 12.63 |
| 7/31/2022 | 15.11 | 0.02 | (3.58) | (3.56) |  | 11.55 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | (0.01)<sup>(d)</sup> | 0.12 <sup>(d)</sup> | 0.11 |  | 15.11 |

---

100 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 reim-<br> bursements<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> (%)** |
| 12.59 | 0.95 | 7.65 | 0.24 | $1804 | 125 |
| 12.38 | 0.95 | 9.37 | 0.43 | 1672 | 88 |
| 10.06 | 0.98 | 12.38 | 0.46 | 1747 | 86 |
| (23.41) | 1.06 | 6.90 | 0.45 | 1242 | 84 |
| 0.80 <sup>(e)(f)</sup> | 1.06 <sup>(g)</sup> | 16.19 <sup>(g)</sup> | (0.38)<sup>(g)</sup> | 1058 | 5 <sup>(f)</sup> |
| 11.79 | 1.70 | 8.40 | (0.51) | 137 | 125 |
| 11.56 | 1.70 | 10.20 | (0.30) | 130 | 88 |
| 9.14 | 1.74 | 13.30 | (0.33) | 93 | 86 |
| (23.96) | 1.81 | 7.51 | (0.29) | 92 | 84 |
| 0.73 <sup>(e)(f)</sup> | 1.81 <sup>(g)</sup> | 16.91 <sup>(g)</sup> | (1.13)<sup>(g)</sup> | 102 | 5 <sup>(f)</sup> |
| 12.91 | 0.70 | 7.50 | 0.49 | 107 | 125 |
| 12.65 | 0.70 | 9.23 | 0.67 | 95 | 88 |
| 10.33 | 0.73 | 12.35 | 0.69 | 85 | 86 |
| (23.27) | 0.81 | 6.51 | 0.68 | 77 | 84 |
| 0.87 <sup>(e)(f)</sup> | 0.81 <sup>(g)</sup> | 16.02 <sup>(g)</sup> | (0.14)<sup>(g)</sup> | 101 | 5 <sup>(f)</sup> |
| 12.95 | 0.66 | 7.34 | 0.52 | 11 | 125 |
| 12.77 | 0.65 | 9.12 | 0.73 | 9 | 88 |
| 10.38 | 0.63 | 12.23 | 0.80 | 8 | 86 |
| (23.13) | 0.73 | 6.27 | 0.74 | 8 | 84 |
| 0.87 <sup>(e)(f)</sup> | 0.73 <sup>(g)</sup> | 15.76 <sup>(g)</sup> | (0.15)<sup>(g)</sup> | 10 | 5 <sup>(f)</sup> |
| 12.98 | 0.69 | 7.29 | 0.62 | 225 | 125 |
| 12.62 | 0.70 | 9.09 | 0.66 | 201 | 88 |
| 10.36 | 0.69 | 9.81 | 0.15 | 233 | 86 |
| (23.27) | 0.81 | 6.43 | 0.67 | 8 | 84 |
| 0.87 <sup>(e)(f)</sup> | 0.81 <sup>(g)</sup> | 15.85 <sup>(g)</sup> | (0.09)<sup>(g)</sup> | 10 | 5 <sup>(f)</sup> |
| 12.39 | 1.21 | 7.90 | (0.01) | 16 | 125 |
| 12.09 | 1.20 | 9.64 | 0.17 | 13 | 88 |
| 9.74 | 1.22 | 12.58 | 0.25 | 12 | 86 |
| (23.61) | 1.31 | 6.93 | 0.18 | 8 | 84 |
| 0.80 <sup>(e)(f)</sup> | 1.31 <sup>(g)</sup> | 16.38 <sup>(g)</sup> | (0.62)<sup>(g)</sup> | 10 | 5 <sup>(f)</sup> |

---

See Notes to Financial Statements. 101

**Financial Highlights (continued)**

INTERNATIONAL GROWTH FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders <br> from:** | |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> invest-<br> ment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R4** | | | | | | |
| 7/31/2025 | $14.16 | $0.04 | $1.75 | $1.79 | $(0.03) | $15.92 |
| 7/31/2024 | 12.66 | 0.05 | 1.51 | 1.56 | (0.06) | 14.16 |
| 7/31/2023 | 11.58 | 0.05 | 1.10 | 1.15 | (0.07) | 12.66 |
| 7/31/2022 | 15.12 | 0.06 | (3.60) | (3.54) |  | 11.58 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | (0.01)<sup>(d)</sup> | 0.13 <sup>(d)</sup> | 0.12 |  | 15.12 |
| **Class R5** |  |  |  |  |  |  |
| 7/31/2025 | 14.20 | 0.07 | 1.76 | 1.83 | (0.07) | 15.96 |
| 7/31/2024 | 12.70 | 0.09 | 1.50 | 1.59 | (0.09) | 14.20 |
| 7/31/2023 | 11.62 | 0.08 | 1.10 | 1.18 | (0.10) | 12.70 |
| 7/31/2022 | 15.13 | 0.09 | (3.60) | (3.51) |  | 11.62 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | – <sup>(d)(h)</sup> | 0.13 <sup>(d)</sup> | 0.13 |  | 15.13 |
| **Class R6** |  |  |  |  |  |  |
| 7/31/2025 | 14.23 | 0.09 | 1.75 | 1.84 | (0.07) | 16.00 |
| 7/31/2024 | 12.72 | 0.10 | 1.50 | 1.60 | (0.09) | 14.23 |
| 7/31/2023 | 11.63 | 0.10 | 1.09 | 1.19 | (0.10) | 12.72 |
| 7/31/2022 | 15.13 | 0.10 | (3.60) | (3.50) |  | 11.63 |
| 6/18/2021 to 7/31/2021<sup>(c)</sup> | 15.00 | – <sup>(d)(h)</sup> | 0.13 <sup>(d)</sup> | 0.13 |  | 15.13 |

---

<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> Commencement of operations was on 6/18/2021, SEC effective date and date shares first became available to the public was 6/28/2021.

<sup>(d)</sup> Net investment income and net realized and unrealized gain/(loss) amounted to less than $0.01 for the period 6/18/2021 through 6/28/2021.

<sup>(e)</sup> Total return for the period 6/28/2021 through 7/31/2021 was (0.40%) for Class A, (0.46%) for Class C, (0.33%) for Class F, (0.33%) for Class F3, (0.33%) for Class I, (0.40%) for Class R3, (0.40%) for Class R4, (0.33%) for Class R5, and (0.33%) for Class R6.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Amount less than $0.01.

102 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 reim-<br> bursements <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> (%)** |
| 12.67 | 0.93 | 7.62 | 0.25 | $11 | 125 |
| 12.37 | 0.95 | 9.39 | 0.42 | 9 | 88 |
| 10.01 | 1.00 | 12.52 | 0.43 | 8 | 86 |
| (23.41) | 1.06 | 6.68 | 0.41 | 8 | 84 |
| 0.80 <sup>(e)(f)</sup> | 1.06 <sup>(g)</sup> | 16.12 <sup>(g)</sup> | (0.35)<sup>(g)</sup> | 10 | 5 <sup>(f)</sup> |
| 12.98 | 0.71 | 7.40 | 0.48 | 11 | 125 |
| 12.69 | 0.71 | 9.14 | 0.66 | 9 | 88 |
| 10.27 | 0.75 | 12.29 | 0.69 | 8 | 86 |
| (23.27) | 0.81 | 6.43 | 0.67 | 8 | 84 |
| 0.87 <sup>(e)(f)</sup> | 0.81 <sup>(g)</sup> | 15.85 <sup>(g)</sup> | (0.09)<sup>(g)</sup> | 10 | 5 <sup>(f)</sup> |
| 12.95 | 0.67 | 7.31 | 0.58 | 1234 | 125 |
| 12.77 | 0.62 | 9.11 | 0.75 | 787 | 88 |
| 10.38 | 0.61 | 12.08 | 0.86 | 792 | 86 |
| (23.13) | 0.73 | 6.28 | 0.76 | 584 | 84 |
| 0.87 <sup>(e)(f)</sup> | 0.73 <sup>(g)</sup> | 15.78 <sup>(g)</sup> | (0.06)<sup>(g)</sup> | 756 | 5 <sup>(f)</sup> |

---

See Notes to Financial Statements. 103

**Financial Highlights (continued)**

INVESTMENT GRADE FLOATING RATE 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<br> from:** | **Distributions to<br> shareholders<br> from:** | **Distributions to<br> shareholders<br> from:** |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distributions** |
| **Class A** |  |  |  |  |  |  |  |
| 7/31/2025 | $10.23 | $0.60 | $0.04 <sup>(c)</sup> | $0.64 | $(0.62) | $(0.01) | $(0.63) |
| 7/31/2024 | 10.10 | 0.68 | 0.18 | 0.86 | (0.66) | (0.07) | (0.73) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.09 | 0.24 | (0.14) |  | (0.14) |
| **Class C** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.53 | 0.04 <sup>(c)</sup> | 0.57 | (0.55) | (0.01) | (0.56) |
| 7/31/2024 | 10.10 | 0.60 | 0.18 | 0.78 | (0.58) | (0.07) | (0.65) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.13 | 0.09 | 0.22 | (0.12) |  | (0.12) |
| **Class F** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.62 | 0.04 <sup>(c)</sup> | 0.66 | (0.64) | (0.01) | (0.65) |
| 7/31/2024 | 10.10 | 0.70 | 0.18 | 0.88 | (0.68) | (0.07) | (0.75) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.10 | 0.25 | (0.15) |  | (0.15) |
| **Class F3** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.62 | 0.05 <sup>(c)</sup> | 0.67 | (0.65) | (0.01) | (0.66) |
| 7/31/2024 | 10.10 | 0.71 | 0.18 | 0.89 | (0.69) | (0.07) | (0.76) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.10 | 0.25 | (0.15) |  | (0.15) |
| **Class I** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.62 | 0.04 <sup>(c)</sup> | 0.66 | (0.64) | (0.01) | (0.65) |
| 7/31/2024 | 10.10 | 0.70 | 0.18 | 0.88 | (0.68) | (0.07) | (0.75) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.10 | 0.25 | (0.15) |  | (0.15) |
| **Class R5** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.65 | 0.01 <sup>(c)</sup> | 0.66 | (0.64) | (0.01) | (0.65) |
| 7/31/2024 | 10.10 | 0.70 | 0.18 | 0.88 | (0.68) | (0.07) | (0.75) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.10 | 0.25 | (0.15) |  | (0.15) |
| **Class R6** |  |  |  |  |  |  |  |
| 7/31/2025 | 10.23 | 0.67 | (0.01) | 0.66 | (0.64) | (0.01) | (0.65) |
| 7/31/2024 | 10.10 | 0.71 | 0.18 | 0.89 | (0.69) | (0.07) | (0.76) |
| 5/1/2023 to 7/31/2023<sup>(d)</sup> | 10.00 | 0.15 | 0.10 | 0.25 | (0.15) |  | (0.15) |

---

<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> Net 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 July 31, 2025, 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.

<sup>(d)</sup> Commenced on May 1, 2023.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

104 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 reim-<br> bursements<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> (%)** |
| $10.24 | 6.41 | 0.55 | 0.62 | 5.88 | $221468 | 119 |
| 10.23 | 8.84 | 0.55 | 1.50 | 6.72 | 4933 | 171 |
| 10.10 | 2.44 <sup>(e)</sup> | 0.55 <sup>(f)</sup> | 1.95 <sup>(f)</sup> | 5.88 <sup>(f)</sup> | 1970 | 39 <sup>(e)</sup> |
| 10.24 | 5.67 | 1.28 | 1.37 | 5.14 | 41983 | 119 |
| 10.23 | 7.98 | 1.35 | 2.23 | 5.88 | 579 | 171 |
| 10.10 | 2.23 <sup>(e)</sup> | 1.35 <sup>(f)</sup> | 2.75 <sup>(f)</sup> | 4.96 <sup>(f)</sup> | 506 | 39 <sup>(e)</sup> |
| 10.24 | 6.61 | 0.35 | 0.51 | 6.05 | 74847 | 119 |
| 10.23 | 9.06 | 0.35 | 1.54 | 6.92 | 503 | 171 |
| 10.10 | 2.49 <sup>(e)</sup> | 0.35 <sup>(f)</sup> | 1.85 <sup>(f)</sup> | 5.95 <sup>(f)</sup> | 25 | 39 <sup>(e)</sup> |
| 10.24 | 6.65 | 0.33 | 0.36 | 6.10 | 66473 | 119 |
| 10.23 | 9.13 | 0.28 | 1.19 | 6.95 | 26 | 171 |
| 10.10 | 2.50 <sup>(e)</sup> | 0.28 <sup>(f)</sup> | 1.69 <sup>(f)</sup> | 6.00 <sup>(f)</sup> | 25 | 39 <sup>(e)</sup> |
| 10.24 | 6.61 | 0.35 | 0.43 | 6.07 | 2292016 | 119 |
| 10.23 | 9.06 | 0.35 | 1.37 | 6.91 | 33403 | 171 |
| 10.10 | 2.49 <sup>(e)</sup> | 0.35 <sup>(f)</sup> | 1.76 <sup>(f)</sup> | 5.94 <sup>(f)</sup> | 7071 | 39 <sup>(e)</sup> |
| 10.24 | 6.60 | 0.35 | 0.43 | 6.33 | 11 | 119 |
| 10.23 | 9.06 | 0.35 | 1.22 | 6.87 | 26 | 171 |
| 10.10 | 2.49 <sup>(e)</sup> | 0.35 <sup>(f)</sup> | 1.76 <sup>(f)</sup> | 5.93 <sup>(f)</sup> | 25 | 39 <sup>(e)</sup> |
| 10.24 | 6.64 | 0.29 | 0.46 | 6.56 | 12 | 119 |
| 10.23 | 9.13 | 0.28 | 1.20 | 6.94 | 1458 | 171 |
| 10.10 | 2.50 <sup>(e)</sup> | 0.28 <sup>(f)</sup> | 1.68 <sup>(f)</sup> | 6.01 <sup>(f)</sup> | 1440 | 39 <sup>(e)</sup> |

---

<br> *See Notes to Financial Statements.* 105

**Financial Highlights (continued)**

SHORT DURATION 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<br> from:** | **Distributions to<br> shareholders<br> from:** | **Distributions to<br> shareholders<br> from:** |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distributions** |
| **Class A** |  |  |  |  |  |  |  |
| 7/31/2025 | $9.90 | $0.75 | $(0.02) | $0.73 | $(0.79) | $(0.05) | $(0.84) |
| 7/31/2024 | 9.64 | 0.78 | 0.28 | 1.06 | (0.80) |  | (0.80) |
| 7/31/2023 | 9.83 | 0.70 | (0.19) | 0.51 | (0.70) |  | (0.70) |
| 7/31/2022 | 11.00 | 0.49 | (0.92) | (0.43) | (0.59) | (0.15) | (0.74) |
| 7/31/2021 | 10.61 | 0.48 | 0.57 | 1.05 | (0.59) | (0.07) | (0.66) |
| **Class C** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.90 | 0.67 | (0.02) | 0.65 | (0.71) | (0.05) | (0.76) |
| 7/31/2024 | 9.64 | 0.71 | 0.28 | 0.99 | (0.73) |  | (0.73) |
| 7/31/2023 | 9.83 | 0.65 | (0.20) | 0.45 | (0.64) |  | (0.64) |
| 7/31/2022 | 11.00 | 0.42 | (0.92) | (0.50) | (0.52) | (0.15) | (0.67) |
| 7/31/2021 | 10.61 | 0.42 | 0.55 | 0.97 | (0.51) | (0.07) | (0.58) |
| **Class F** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.89 | 0.77 | (0.02) | 0.75 | (0.81) | (0.05) | (0.86) |
| 7/31/2024 | 9.63 | 0.80 | 0.27 | 1.07 | (0.81) |  | (0.81) |
| 7/31/2023 | 9.83 | 0.70 | (0.18) | 0.52 | (0.72) |  | (0.72) |
| 7/31/2022 | 11.00 | 0.52 | (0.92) | (0.40) | (0.62) | (0.15) | (0.77) |
| 7/31/2021 | 10.61 | 0.52 | 0.55 | 1.07 | (0.61) | (0.07) | (0.68) |
| **Class F3** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.90 | 0.77 | (0.01) | 0.76 | (0.82) | (0.05) | (0.87) |
| 7/31/2024 | 9.64 | 0.81 | 0.27 | 1.08 | (0.82) |  | (0.82) |
| 7/31/2023 | 9.83 | 0.68 | (0.15) | 0.53 | (0.72) |  | (0.72) |
| 7/31/2022 | 11.00 | 0.52 | (0.92) | (0.40) | (0.62) | (0.15) | (0.77) |
| 7/31/2021 | 10.61 | 0.54 | 0.54 | 1.08 | (0.62) | (0.07) | (0.69) |
| **Class I** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.88 | 0.77 | (0.02) | 0.75 | (0.81) | (0.05) | (0.86) |
| 7/31/2024 | 9.62 | 0.80 | 0.27 | 1.07 | (0.81) |  | (0.81) |
| 7/31/2023 | 9.82 | 0.74 | (0.22) | 0.52 | (0.72) |  | (0.72) |
| 7/31/2022 | 11.00 | 0.52 | (0.93) | (0.41) | (0.62) | (0.15) | (0.77) |
| 7/31/2021 | 10.61 | 0.54 | 0.53 | 1.07 | (0.61) | (0.07) | (0.68) |
| **Class R3** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.90 | 0.72 | (0.02) | 0.70 | (0.76) | (0.05) | (0.81) |
| 7/31/2024 | 9.64 | 0.76 | 0.27 | 1.03 | (0.77) |  | (0.77) |
| 7/31/2023 | 9.83 | 0.67 | (0.19) | 0.48 | (0.67) |  | (0.67) |
| 7/31/2022 | 11.00 | 0.46 | (0.92) | (0.46) | (0.56) | (0.15) | (0.71) |
| 7/31/2021 | 10.62 | 0.48 | 0.53 | 1.01 | (0.56) | (0.07) | (0.63) |
| **Class R4** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.90 | 0.75 | (0.03) | 0.72 | (0.78) | (0.05) | (0.83) |
| 7/31/2024 | 9.64 | 0.78 | 0.27 | 1.05 | (0.79) |  | (0.79) |
| 7/31/2023 | 9.83 | 0.66 | (0.15) | 0.51 | (0.70) |  | (0.70) |
| 7/31/2022 | 11.00 | 0.48 | (0.91) | (0.43) | (0.59) | (0.15) | (0.74) |
| 7/31/2021 | 10.62 | 0.51 | 0.53 | 1.04 | (0.59) | (0.07) | (0.66) |

---

<br> 106 *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 reim-<br> bursements<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> (%)** |
| $9.79 | 7.62 | 0.65 | 0.69 | 7.61 | $886415 | 140 |
| 9.90 | 11.41 | 0.65 | 0.71 | 8.00 | 480252 | 160 |
| 9.64 | 5.50 | 0.65 | 0.86 | 7.31 | 92165 | 65 |
| 9.83 | (4.04) | 0.71 | 1.70 | 4.69 | 11090 | 123 |
| 11.00 | 10.22 | 0.71 | 2.00 | 4.43 | 9849 | 69 |
| 9.79 | 6.83 | 1.39 | 1.44 | 6.87 | 310004 | 140 |
| 9.90 | 10.62 | 1.36 | 1.43 | 7.28 | 143009 | 160 |
| 9.64 | 4.81 | 1.30 | 1.48 | 6.74 | 25681 | 65 |
| 9.83 | (4.71) | 1.42 | 2.41 | 4.00 | 1399 | 123 |
| 11.00 | 9.34 | 1.51 | 2.91 | 3.81 | 1324 | 69 |
| 9.78 | 7.83 | 0.45 | 0.59 | 7.82 | 102054 | 140 |
| 9.89 | 11.63 | 0.45 | 0.60 | 8.19 | 84124 | 160 |
| 9.63 | 5.60 | 0.46 | 0.73 | 7.28 | 28477 | 65 |
| 9.83 | (3.85) | 0.51 | 1.61 | 5.12 | 16197 | 123 |
| 11.00 | 10.43 | 0.51 | 2.03 | 4.80 | 6071 | 69 |
| 9.79 | 7.92 | 0.37 | 0.40 | 7.90 | 439456 | 140 |
| 9.90 | 11.70 | 0.36 | 0.42 | 8.29 | 235131 | 160 |
| 9.64 | 5.75 | 0.44 | 0.70 | 7.13 | 9 | 65 |
| 9.83 | (3.79) | 0.47 | 1.48 | 4.92 | 9 | 123 |
| 11.00 | 10.50 | 0.44 | 1.97 | 5.01 | 11 | 69 |
| 9.77 | 7.83 | 0.45 | 0.49 | 7.82 | 6853400 | 140 |
| 9.88 | 11.63 | 0.45 | 0.51 | 8.19 | 4250474 | 160 |
| 9.62 | 5.60 | 0.45 | 0.61 | 7.68 | 1054582 | 65 |
| 9.82 | (3.94) | 0.51 | 1.54 | 5.14 | 2061 | 123 |
| 11.00 | 10.44 | 0.51 | 2.02 | 4.94 | 550 | 69 |
| 9.79 | 7.31 | 0.95 | 0.99 | 7.31 | 921 | 140 |
| 9.90 | 11.08 | 0.95 | 1.01 | 7.73 | 207 | 160 |
| 9.64 | 5.19 | 0.95 | 1.23 | 6.99 | 63 | 65 |
| 9.83 | (4.31) | 1.01 | 2.02 | 4.38 | 10 | 123 |
| 11.00 | 9.88 | 1.01 | 2.52 | 4.43 | 11 | 69 |
| 9.79 | 7.56 | 0.70 | 0.74 | 7.58 | 94 | 140 |
| 9.90 | 11.35 | 0.70 | 0.76 | 7.98 | 128 | 160 |
| 9.64 | 5.46 | 0.73 | 1.01 | 6.89 | 9 | 65 |
| 9.83 | (4.08) | 0.76 | 1.75 | 4.61 | 9 | 123 |
| 11.00 | 10.15 | 0.76 | 2.26 | 4.69 | 11 | 69 |

---

<br> *See Notes to Financial Statements.* 107

**Financial Highlights (concluded)**

SHORT DURATION 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<br> from:** | **Distributions to<br> shareholders<br> from:** | **Distributions to<br> shareholders<br> from:** |
|  |<br>**Net 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/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distributions** |
| **Class R5** |  |  |  |  |  |  |  |
| 7/31/2025 | $9.90 | $0.76 | $(0.01) | $0.75 | $(0.81) | $(0.05) | $(0.86) |
| 7/31/2024 | 9.64 | 0.80 | 0.27 | 1.07 | (0.81) |  | (0.81) |
| 7/31/2023 | 9.83 | 0.69 | (0.16) | 0.53 | (0.72) |  | (0.72) |
| 7/31/2022 | 11.00 | 0.51 | (0.91) | (0.40) | (0.62) | (0.15) | (0.77) |
| 7/31/2021 | 10.61 | 0.54 | 0.53 | 1.07 | (0.61) | (0.07) | (0.68) |
| **Class R6** |  |  |  |  |  |  |  |
| 7/31/2025 | 9.90 | 0.77 | (0.02) | 0.75 | (0.81) | (0.05) | (0.86) |
| 7/31/2024 | 9.64 | 0.81 | 0.27 | 1.08 | (0.82) |  | (0.82) |
| 7/31/2023 | 9.83 | 0.72 | (0.19) | 0.53 | (0.72) |  | (0.72) |
| 7/31/2022 | 11.00 | 0.51 | (0.91) | (0.40) | (0.62) | (0.15) | (0.77) |
| 7/31/2021 | 10.61 | 0.52 | 0.56 | 1.08 | (0.62) | (0.07) | (0.69) |

---

<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> 108 *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 reim-<br> bursements<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> (%)** |
| $9.79 | 7.84 | 0.44 | 0.51 | 7.75 | $3344 | 140 |
| 9.90 | 11.63 | 0.45 | 0.51 | 8.19 | 234 | 160 |
| 9.64 | 5.72 | 0.47 | 0.75 | 7.14 | 9 | 65 |
| 9.83 | (3.83) | 0.51 | 1.49 | 4.86 | 9 | 123 |
| 11.00 | 10.43 | 0.51 | 2.01 | 4.94 | 11 | 69 |
| 9.79 | 7.92 | 0.37 | 0.40 | 7.89 | 12126 | 140 |
| 9.90 | 11.71 | 0.36 | 0.42 | 8.25 | 5888 | 160 |
| 9.64 | 5.74 | 0.43 | 0.58 | 7.47 | 796 | 65 |
| 9.83 | (3.80) | 0.47 | 1.48 | 4.90 | 169 | 123 |
| 11.00 | 10.50 | 0.44 | 1.85 | 4.81 | 192 | 69 |

---

<br> *See Notes to Financial Statements.* 109

**Notes to Financial Statements**

1. ORGANIZATION

Lord Abbett Trust I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Delaware statutory trust on May 1, 2001.

The Trust currently consists of eight funds as of July 31, 2025. This report covers the following four funds (each, a "Fund" and collectively, the "Funds") and their respective active share classes:

---

| | |
|:---|:---|
| **Funds** | **Classes** |
| &nbsp;&nbsp;&nbsp;Lord Abbett Emerging Markets Equity Fund<br> ("Emerging Markets Equity Fund") | A, C, F, F3, I and R6 |
| &nbsp;&nbsp;&nbsp;Lord Abbett International Growth Fund<br> ("International Growth Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |
| &nbsp;&nbsp;&nbsp;Lord Abbett Investment Grade Floating Rate Fund<br> ("Investment Grade Floating Rate Fund") | A, C, F, F3, I, R5 and R6 |
| &nbsp;&nbsp;&nbsp;Lord Abbett Short Duration High Yield Fund<br> ("Short Duration High Yield Fund") | A, C, F, F3, I, R3, R4, R5 and R6 |

---

As of July 31, 2025, each Fund is diversified within the meaning of the 1940 Act. Effective February 7, 2025, Emerging Markets Equity Fund's classification changed from non-diversified to diversified.

Emerging Markets Equity Fund's and International Growth Fund's investment objective is to seek long-term capital appreciation. Investment Grade Floating Rate Fund's investment objective is to seek a high level of current income. Short Duration High Yield Fund's investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the 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 accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**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 & 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.

2.&nbsp;&nbsp;&nbsp;&nbsp; SIGNIFICANT ACCOUNTING POLICIES <br>

&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. 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.

**Notes to Financial Statements (continued)**

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use 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 Pricing Committee may also 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.<br>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.<br>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:<br>

&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 July 31, 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. |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses **–** Expenses,
 excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets
 at the beginning of the day. In addition, Class F3 and R6 shares bear their class-specific share of shareholder servicing
 expenses. Class A, C, F, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds'
 12b-1 Distribution Plan.

(c) 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 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 loan 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 loan commitments are not recognized as an asset on the Statements of Assets and
 Liabilities. Unrealized appreciation/ (depreciation) on unfunded loan 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate Fund** |
| **Borrower** | **Principal**<br> **Amount** | **Market**<br> **Value** | **Cost** | **Unrealized**<br> **Appreciation** |
| GC Ferry Acquisition I, Inc. Delayed Draw Term Loan | $933333 | $920939 | $919333 | $1606 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | 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. <br> 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. |
| (e) | <br> 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.<br>Management has reviewed each Fund's tax positions for all open tax years and has determined that as of July 31, 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.<br>|
| (f) | Investment Income**–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, 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.<br>|
| (g) | 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.<br>Due to the absence of a master netting agreement related to the Funds' participation in repurchase agreements, no additional offsetting disclosures have been made on behalf of the Funds.<br>|
| (h) | 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. |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(i) When-Issued,
 Forward Transactions or To-Be-Announced ("TBA") Transactions **–** Each Fund may purchase portfolio
 securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by
 a Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order
 to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the
 period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or
 marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market
 daily in an amount sufficient to make payment at settlement will be segregated at each Fund's custodian in order to
 pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will
 record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each
 Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery
 of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase
 date.

3.&nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVE TRANSACTIONS

Derivatives–During the fiscal year, the Funds used derivative instruments including forward foreign currency exchange contracts, futures contracts and swap 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 Funds' 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.

**Notes to Financial Statements (continued)**

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**–**The Funds are exposed to foreign currency risks associated with some or all of their portfolio investments and, during the fiscal year, 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.

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**–**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.

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;

**Notes to Financial Statements (continued)**

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).

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 swaps") 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 an OTC swap agreement is 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 brokers 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 contracts are subject to master netting arrangements.

Credit Default Swap Contracts**–**During the 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.

**Notes to Financial Statements (continued)**

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 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 an identical reference obligation.

Interest Rate Swap Contracts**–**During the 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.

Options**–**During the year, the Funds listed in the below table have purchased 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 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.

**Notes to Financial Statements (continued)**

Summary of Derivatives Information–As of July 31, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate Fund** |
| **Asset Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Interest Rate Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $790952 | $– | $– |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | 196188 |  |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | 47152 |  |  |
| Options Purchased | Investments in securities, at fair value | – | – | 358056 |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | 7526007 |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | 119709 | – | – |
|  |  | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** |
| **Asset Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $– | $– | $22472 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | 11194905 |  |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | 107931 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | 4230715 |  |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | 3933052 | – | – |

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<sup>(1)</sup> Includes cumulative unrealized appreciation/(depreciation) of centrally cleared swap contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(2)</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.

**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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate Fund** | **Investment Grade Floating Rate 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** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $183620 | $– | $– |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | (2169032) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | 15605 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | (472031) |  |  |
| **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;CPI/Interest Rate Swap Contracts | Net change in unrealized<br> appreciation/(depreciation)<br> on swap contracts | (141192) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized<br> appreciation/(depreciation)<br> on swap contracts |  |  | (1277141) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | 195358 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | (54591) |  |  |
| &nbsp;&nbsp;&nbsp;Options Purchased | Net change in unrealized appreciation/(depreciation) on investments |  |  | (255144) |
| **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;CPI/Interest Rate Swap Contracts |  | $27467846 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $119890231 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts |  |  | $2122361 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 180 |  |  |
| &nbsp;&nbsp;&nbsp;Options Purchased |  | – | – | $75000000 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Short Duration High Yield Fund** | **Short Duration High Yield Fund** | **Short Duration 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** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts | $– | $– | $5323247 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | (22579259) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | (16188224) |  |  |
| &nbsp;&nbsp;&nbsp;Options Purchased | Net realized gain/(loss) on investments | (41850) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation)** | **Amount of Change in Unrealized Appreciation/(Depreciation)** | **Amount of Change in Unrealized Appreciation/(Depreciation)** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | (457769) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | 7158003 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | (2630996) |  |  |
| **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;Credit Default Swap Contracts |  |  |  | $275649846 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency<br> Exchange Contracts |  |  | $510538650 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 5167 |  |  |
| &nbsp;&nbsp;&nbsp;Options Purchased |  | $19230769 | – | – |

---

Disclosures About Offsetting Assets and Liabilities–The 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 the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds' accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the

**Notes to Financial Statements (continued)**

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:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Investment Grade Floating Rate Fund** | **Investment Grade 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** |
| OTC Options Purchased | $358056 | $– | $358056 |
| Forward Foreign Currency Exchange Contracts | 196188 | – | 196188 |
| &nbsp;&nbsp;&nbsp;Total | $554244 | $– | $554244 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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> |
| Goldman Sachs | $358056 | $– | $(300000) | $– | $58056 |
| Morgan Stanley | 196188 | – | – | – | 196188 |
| &nbsp;&nbsp;&nbsp;Total | $554244 | $– | $(300000) | $– | $254244 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration High Yield Fund** | **Short Duration 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 | $11194905 | $– | $11194905 |
| &nbsp;&nbsp;&nbsp;Total | $11194905 | $– | $11194905 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $195605 | $(195605) | $– | $– | $– |
| Goldman Sachs | 38792 | (38792) |  |  |  |
| Morgan Stanley | 1406988 | (1275170) | (50000) |  | 81818 |
| State Street Bank and Trust | 9553520 | (496435) | – | (8260752) | 796333 |
| &nbsp;&nbsp;&nbsp;Total | $11194905 | $(2006002) | $(50000) | $(8260752) | $878151 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $4230715 | $– | $4230715 |
| &nbsp;&nbsp;&nbsp;Total | $4230715 | $– | $4230715 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $318226 | $(195605) | $(122621) | $– | $– |
| Goldman Sachs | 1549826 | (38792) | (1400000) |  | 111034 |
| Morgan Stanley | 1275170 | (1275170) |  |  |  |
| State Street Bank and Trust | 496435 | (496435) |  |  |  |
| Toronto Dominion Bank | 591058 | – | (300000) | – | 291058 |
| &nbsp;&nbsp;&nbsp;Total | $4230715 | $(2006002) | $(1822621) | $– | $402092 |

---

<sup>(a)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets/(liabilities) presented in the Statement 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 July 31, 2025.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of July 31, 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:

---

| | |
|:---|:---|
| **Emerging Markets Equity Fund** |  |
| First $3 billion | .65% |
| Over $3 billion | .60% |
| **International Growth Fund** |  |
| First $1 billion | .45% |
| Over $1 billion | .42% |
| **Investment Grade Floating Rate Fund** |  |
| First $1 billion | .25% |
| Next $1 billion | .22% |
| Over $2 billion | .21% |
| **Short Duration High Yield Fund** |  |
| First $1 billion | .35% |
| Over $1 billion | .31% |

---

For the fiscal year ended July 31, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| | **Net Effective**<br> **Management Fee** |
| Emerging Markets Equity Fund | .00% |
| International Growth Fund | .00% |
| Investment Grade Floating Rate Fund | .16% |
| Short Duration High Yield Fund | .27% |

---

**Notes to Financial Statements (continued)**

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly.

For the fiscal year ended July 31, 2025 and continuing through November 30, 2025, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding certain of the Funds' expenses, to the following annual rates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Effective<br> December 1, 2024** | **Effective<br> December 1, 2024** | **Prior to<br> December 1, 2024** | **Prior to<br> December 1, 2024** |
| | **Classes** | **Classes** | **Classes** | **Classes** |
| <br>**Fund** | **A, C, F, I, R3,<br> R4 and R5** | **F3 and<br> R6** | **A, C, F, I, R3,<br> R4 and R5** | **F3 and<br> R6** |
| Emerging Markets Equity Fund | .90% | .89% | .90% | .82% |
| International Growth Fund | .70% | .68% | .70% | .64% |
| Investment Grade Floating Rate Fund | .35% | .34% | .35% | .28% |
| Short Duration High Yield Fund | .45% | .37% | .45% | .36% |

---

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

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C, F, R3 and R4 shares pursuant to Rule 12b-1 under the 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 C**<sup>(1)</sup> | **Class F**<sup>(2)</sup> | **Class R3** | **Class R4** |
| Service.15%/.25%<sup>(3)</sup> | .25% |  | .25% | .25% |
| Distribution.05%<sup>(4)</sup> | .75% | .10% | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The 12b-1 fees that Investment Grade Floating Rate Fund and Short Duration High Yield Fund pay on Class C shares is a blended rate calculated based on 1.00% of each Fund's average daily net assets attributable to shares held less than 1 year and 0.80% of each Fund's average daily net assets attributable to shares held for one year or more. All Class C shareholders of each Fund will bear 12b-1 fees at the same rate.

<sup>(2)</sup> For the fiscal year ended July 31, 2025 and continuing through November 30, 2025, the Distributor has contractually agreed to waive each Fund's 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Board.

<sup>(3)</sup> The 12b-1 service fees on Class A shares that Investment Grade Floating Rate Fund and Short Duration High Yield Fund pay are 0.15% of each Fund's average daily net assets and for Emerging Markets Equity Fund and International Growth Fund, 0.25% of each Fund's average daily net assets.

<sup>(4)</sup> Not applicable for Emerging Markets Equity Fund or International Growth Fund.

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

**Notes to Financial Statements (continued)**

**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 July 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Emerging Markets Equity Fund | $364 | $1806 |
| International Growth Fund | 335 | 1807 |
| Investment Grade Floating Rate Fund | 79980 | 1667416 |
| Short Duration High Yield Fund | 273998 | 3902794 |

---

The Distributor received the following amounts of CDSCs for the fiscal year ended July 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Emerging Markets Equity Fund | $– | $21 |
| International Growth Fund |  |  |
| Investment Grade Floating Rate Fund | 17450 | 4263 |
| Short Duration High Yield Fund | 124923 | 96967 |

---

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 July 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Emerging Markets Equity Fund | $58598 | $– | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 58598 |
| International Growth Fund | 8888 |  | – | 8888 |
| Investment Grade Floating Rate Fund | 65990684 | 28477 | – | 66019161 |
| Short Duration High Yield Fund | 629399728 | 604376 | – | 630004104 |

---

The tax character of distributions paid during the fiscal year ended July 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Emerging Markets Equity Fund | $70708 | $– | $– &nbsp;&nbsp;&nbsp;&nbsp; $| 70708 |
| International Growth Fund | 14281 |  | – | 14281 |
| Investment Grade Floating Rate Fund | 964929 | 29701 | – | 994630 |
| Short Duration High Yield Fund | 241396238 |  | – | 241396238 |

---

**Notes to Financial Statements (continued)**

As of July 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Net<br> Long-Term <br> Capital<br> Gains** | **Accumulated <br> Capital and<br> Other<br> Losses** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Temporary <br> Differences** | **Total <br> Distributable <br> Earnings/ <br> (Loss)** |
| Emerging Markets Equity Fund | $41389 | $– $| (332683) | $1432501 | $(773) | $1140434 |
| International Growth Fund | 9506 | – | (393648) | 798577 | (1140) | 413295 |
| Investment Grade Floating Rate Fund | 56668 | – | (1278689) | (841339) | (12842) | (2076202) |
| Short Duration High Yield Fund | 12375761 | – | (65379142) | 24050434 | (2680313) | (31633260) |

---

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** |
| Emerging Markets Equity Fund | $(332683) | $– &nbsp;&nbsp;&nbsp;&nbsp;$| (332683) |
| International Growth Fund | (393648) | – | (393648) |
| Investment Grade Floating Rate Fund |  | – |  |
| Short Duration High Yield Fund |  | – |  |

---

At each Fund's election, certain losses incurred within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. The Funds incurred and will elect to defer qualified late-year ordinary losses and/or post-October capital losses as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Late-Year Ordinary <br> Losses** | **Short-Term <br> Losses** | **Long-Term <br> Losses** |
| Emerging Markets Equity Fund | $– $|  | $– |
| International Growth Fund | – |  |  |
| Investment Grade Floating Rate Fund | – | (1092577) | (186112) |
| Short Duration High Yield Fund | – | (48028418) | (17350724) |

---

As of July 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/ (depreciation) for each Fund are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of <br> Investments** | **Gross <br> Unrealized <br> Appreciation** | **Gross <br> Unrealized <br> Depreciation** | **Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Emerging Markets Equity Fund | $4874197 | $1577268 | $(108995) | $1468273 |
| International Growth Fund | 2610872 | 828898 | (27137) | 801761 |
| Investment Grade Floating Rate Fund | 2857776433 | 7521878 | (8362959) | (841081) |
| Short Duration High Yield Fund | 8864346028 | 140640481 | (116545601) | 24094880 |

---

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 <br> Capital** |
| Emerging Markets Equity Fund | $– | $– |
| International Growth Fund |  |  |
| Investment Grade Floating Rate Fund | 127 | (127) |
| Short Duration High Yield Fund |  |  |

---

**Notes to Financial Statements (continued)**

**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended July 31, 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** |
| Emerging Markets Equity Fund | $– | $4596589 | $– | $4482726 |
| International Growth Fund |  | 4118674 |  | 3855001 |
| Investment Grade Floating <br> Rate Fund | 570093362 | 3580118933 | 378136606 | 1022834034 |
| Short Duration High Yield Fund | 3398502453 | 9915068079 | 3571540561 | 6587055425 |

---

\* Includes U.S. Government sponsored enterprises securities.

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 July 31, 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

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 the lesser

**Notes to Financial Statements (continued)**

of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

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 July 31, 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 July 31, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

**10.** CUSTODIAN AND ACCOUNTING AGENT

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

**11.** SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income 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 July 31, 2025, the market value of securities loaned and collateral received were as follows:

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| | | |
|:---|:---|:---|
| **Funds** | **Market Value of <br> Securities Loaned** | **Collateral Received**<sup>(1)</sup> |
| Investment Grade Floating Rate Fund | $856913 | $884000 |
| Short Duration High Yield Fund | 268650784 | 283088623 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Collateral due to broker for securities lending.

**12.** INVESTMENT RISKS

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

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds' investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

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

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

Each of the Investment Grade Floating Rate Fund and Short Duration High Yield Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the

**Notes to Financial Statements (continued)**

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 Funds may be required to look principally to the agency issuing or guaranteeing the obligation.

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

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

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

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the 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 and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

**Notes to Financial Statements (continued)**

The Investment Grade Floating Rate Fund and Short Duration High Yield Fund may invest in loans, which include, among other things, loans to U.S. or foreign corporations, partnerships, other business entities, or to U.S. and non-U.S. governments. Each Fund may invest in fixed rate and variable rate loans and floating or adjustable rate loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Floating rate or adjustable rate senior loans are subject to increased credit and liquidity risks. The loans in which the Short Duration High Yield Fund invests will usually be rated below investment grade or may also be unrated. Below investment grade loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. The Short Duration High Yield Fund may also invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. Should a loan held by the Fund begin to deteriorate in quality, the Fund's ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund's ability to seek to recover its investment. The Investment Grade Floating Rate Fund may also invest in, or obtain exposure to, collateralized loan obligations ("CLOs") and may be subject to the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.

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.

**Notes to Financial Statements (continued)**

**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Fund** | | **Year Ended<br> July 31, 2025** | | **Year Ended<br> July 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 13827 | $232000 | 13644 | $188085 |
| Reinvestment of distributions | 213 | 3375 | 265 | 3707 |
| Shares reacquired | (22989) | (386679) | (6243) | (92606) |
| Increase (decrease) | (8949) | $(151304) | 7666 | $99186 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 6757 | $106715 | 97 | $1450 |
| Reinvestment of distributions | 19 | 298 | 10 | 136 |
| Shares reacquired | (491) | (7831) | (64) | (982) |
| Increase | 6285 | $99182 | 43 | $604 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 2920 | $46070 |  | $– |
| Reinvestment of distributions | 2 | 28 | – | – |
| Increase | 2922 | $46098 | – | $– |
| **International Growth Fund** |  | **Year Ended**<br> **July 31, 2025** |  | **Year Ended**<br> **July 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10175 | $156338 | 11983 | $145539 |
| Reinvestment of distributions | 99 | 1417 | 258 | 3226 |
| Shares reacquired | (15087) | (225957) | (32120) | (392441) |
| Decrease | (4813) | $(68202) | (19879) | $(243676) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 599 | $8636 | 2967 | $38686 |
| Shares reacquired | (1078) | (16035) | (1152) | (15136) |
| Increase (decrease) | (479) | $(7399) | 1815 | $23550 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 31512 | $465782 | 547 | $7705 |
| Reinvestment of distributions | 65 | 927 | 115 | 1440 |
| Shares reacquired | (31641) | (461730) | (4854) | (60212) |
| Increase (decrease) | (64) | $4979 | (4192) | $(51067) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 33 | $472 | 28 | $375 |
| Reinvestment of distributions |  |  | 1 | 9 |
| Shares reacquired | (2) | (32) | – | – |
| Increase | 31 | $440 | 29 | $384 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 22202 | $321437 | 1729 | $23144 |
| Reinvestment of distributions | 25 | 359 | 27 | 348 |
| Shares reacquired | (428) | (6134) | (8745) | (104336) |
| Increase (decrease) | 21799 | $315662 | (6989) | $(80844) |

---

**Notes to Financial Statements (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Grade Floating Rate Fund** | | **Year Ended<br> July 31, 2025** | | **Year Ended<br> July 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 24026827 | $246241404 | 288310 | $2938566 |
| Reinvestment of distributions | 488865 | 5007048 | 11332 | 115459 |
| Shares reacquired | (3376654) | (34623598) | (12643) | (129135) |
| Increase | 21139038 | $216624854 | 286999 | $2924890 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 4273064 | $43785704 | 7621 | $77854 |
| Reinvestment of distributions | 77332 | 791818 | 30 | 307 |
| Shares reacquired | (308628) | (3162272) | (1169) | (11854) |
| Increase | 4041768 | $41415250 | 6482 | $66307 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 8750785 | $89771601 | 49992 | $510285 |
| Reinvestment of distributions | 236366 | 2421240 | 711 | 7239 |
| Shares reacquired | (1730052) | (17671933) | (4048) | (41239) |
| Increase | 7257099 | $74520908 | 46655 | $476285 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 6592750 | $67412232 |  | $– |
| Reinvestment of distributions | 62380 | 638519 |  |  |
| Shares reacquired | (168016) | (1718321) | – | – |
| Increase | 6487114 | $66332430 | – | $– |
| **Class I Shares** |  |  |  |  |
| Shares sold | 260778166 | $2673110991 | 2581066 | $26398064 |
| Reinvestment of distributions | 5548143 | 56821808 | 9930 | 101588 |
| Shares reacquired | (45844573) | (469115850) | (26880) | (274655) |
| Increase | 220481736 | $2260816949 | 2564116 | $26224997 |
| **Class R5 Shares** |  |  |  |  |
| Shares reacquired | (1462) | (15000) | – | – |
| Decrease | (1462) | $(15000) | – | $– |
| **Class R6 Shares** |  |  |  |  |
| Shares reacquired | (141326) | (1450000) | – | – |
| Decrease | (141326) | $(1450000) | – | $– |
| **Short Duration High Yield Fund** |  | **Year Ended**<br> **July 31, 2025** |  | **Year Ended**<br> **July 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 65789148 | $648074776 | 42395026 | $413714475 |
| Reinvestment of distributions | 6056436 | 59488534 | 2127012 | 20807440 |
| Shares reacquired | (29817383) | (289542910) | (5560295) | (54315393) |
| Increase | 42028201 | $418020400 | 38961743 | $380206522 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 20537998 | $202650311 | 12244212 | $119643772 |
| Reinvestment of distributions | 1856919 | 18229163 | 549138 | 5371788 |
| Shares reacquired | (5175539) | (50396305) | (1007780) | (9850673) |
| Increase | 17219378 | $170483169 | 11785570 | $115164887 |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Yield Fund** | | **Year Ended<br> July 31, 2025** | | **Year Ended<br> July 31, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10152944 | $100511703 | 8950714 | $86916794 |
| Reinvestment of distributions | 1009767 | 9928923 | 452104 | 4407784 |
| Shares reacquired | (9233151) | (89992927) | (3853499) | (37159617) |
| Increase | 1929560 | $20447699 | 5549319 | $54164961 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 28075338 | $276315096 | 24764409 | $240889670 |
| Reinvestment of distributions | 2986504 | 29337476 | 972336 | 9530401 |
| Shares reacquired | (9935426) | (96722281) | (1991804) | (19530583) |
| Increase | 21126416 | $208930291 | 23744941 | $230889488 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 484812443 | $4767046275 | 387990386 | $3775170879 |
| Reinvestment of distributions | 49757568 | 487874721 | 20277680 | 197844593 |
| Shares reacquired | (263376322) | (2549461260) | (87547649) | (850916993) |
| Increase | 271193689 | $2705459736 | 320720417 | $3122098479 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 87261 | $866878 | 13499 | $132478 |
| Reinvestment of distributions | 7412 | 72769 | 1009 | 9875 |
| Shares reacquired | (21412) | (208996) | (145) | (1423) |
| Increase | 73261 | $730651 | 14363 | $140930 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 447 | $4376 | 11487 | $112002 |
| Reinvestment of distributions | 921 | 9077 | 658 | 6443 |
| Shares reacquired | (4624) | (45896) | (173) | (1696) |
| Increase (decrease) | (3256) | $(32443) | 11972 | $116749 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 359845 | $3474881 | 22218 | $218838 |
| Reinvestment of distributions | 9020 | 88170 | 452 | 4448 |
| Shares reacquired | (50803) | (486342) | (4) | (39) |
| Increase | 318062 | $3076709 | 22666 | $223247 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 878329 | $8651746 | 552642 | $5408032 |
| Reinvestment of distributions | 76258 | 748773 | 5889 | 58036 |
| Shares reacquired | (310587) | (3017695) | (46073) | (449454) |
| Increase | 644000 | $6382824 | 512458 | $5016614 |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Trust I**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lord Abbett Trust I comprising the Lord Abbett Emerging Markets Equity Fund, Lord Abbett International Growth Fund, Lord Abbett Investment Grade Floating Rate Fund, and Lord Abbett Short Duration High Yield Fund (the "Funds"), including the schedules of investments, as of July 31, 2025, and 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, and the financial highlights for each of the five years in the period then ended for Lord Abbett Short Duration High Yield Fund, and for the periods indicated in the table below for Lord Abbett Emerging Markets Equity Fund, Lord Abbett International Growth Fund and Lord Abbett Investment Grade Floating Rate Fund, 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 each of the funds listed above constituting Lord Abbett Trust I as of July 31, 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 (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Comprising**<br> **Lord Abbett Trust I** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in Net Assets** | **Financial**<br> **Highlights** |
| Lord Abbett Emerging Markets Equity Fund | For the year ended <br> July 31, 2025 | For the years ended July 31, 2025 and 2024 | For the years ended July 31, 2025, 2024, 2023, and the period from March 2, 2022 (commencement of operations) through July 31, 2022 |
| Lord Abbett International Growth Fund | For the year ended <br> July 31, 2025 | For the years ended July 31, 2025 and 2024 | For the years ended July 31, 2025, 2024, 2023, 2022, and the period from June 18, 2021 (commencement of operations) through July 31, 2021 |
| Lord Abbett Investment Grade Floating Rate Fund | For the year ended <br> July 31, 2025 | For the years ended July 31, 2025 and 2024 | For the years ended July 31, 2025, 2024, and the period from May 1, 2023 (commencement of operations) through July 31, 2023 |

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**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 July 31, 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

September 25, 2025

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.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

The Board, including all of the Trustees who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

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

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

**Investment Performance.** The Board reviewed each Fund's investment performance in relation to that of its performance peer group and an appropriate benchmark as of the one-year period ended June 30, 2024. As to each of the Short Duration High Yield Fund and International Growth Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and three-year periods. As to each of the Emerging Markets Equity Fund and Investment Grade Floating Rate Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-year period. In each case, the Board considered Lord Abbett's explanation of the Fund's performance. The Board also considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund's Agreement should be continued.

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

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

**Expenses.** The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Short Duration High Yield Fund, Emerging Markets Equity Fund, and International Growth Fund, the Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. As to

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

Investment Grade Floating Rate Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group and that the actual management fee of the Fund was equal to the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

**Profitability.** As to each Fund, the Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to each Fund was not excessive.

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

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

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

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

**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 |
| Emerging Markets Equity Fund | 0% | 90% |
| International Growth Fund | 0% | 100% |
| Investment Grade Floating Rate Fund | 0% | 0% |
| Short Duration High Yield 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 |
| Emerging Markets Equity Fund | 0% |
| International Growth Fund | 0% |
| Investment Grade Floating Rate Fund | 41% |
| Short Duration High Yield Fund | 69% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amounts represent long-term capital gains:

---

| | |
|:---|:---|
| Fund Name | Long-Term<br> Capital Gains |
| Emerging Markets Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| International Growth Fund |  |
| Investment Grade Floating Rate Fund | 28477 |
| Short Duration High Yield Fund | 604376 |

---

The Funds listed below intend to pass through foreign source income and foreign taxes as follows:

---

| | | |
|:---|:---|:---|
| Fund Name | Foreign<br> Source Income | Foreign Taxes |
| Emerging Markets Equity Fund | $78745 | $28567 |
| International Growth Fund | 15132 | 5621 |
| Investment Grade Floating Rate Fund |  |  |
| Short Duration High Yield Fund |  |  |

---

![](x7_c113415x144x1m1m4.jpg)

![](x7_c113415x144x2m1m4.jpg)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Trust I |  |
| 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;&nbsp;&nbsp;Emerging Markets Equity Fund<br> International Growth Fund<br> Investment Grade Floating Rate Fund<br> Short Duration High Yield Fund | TRUST-I-2 <br> (09/25) |

---

![](x6_c113416x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Diversification Shares – Enhanced Municipal Yield

Completion Fund

*For the fiscal year ended July 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx6xc113416a001xm2xm4) |
| 13 | [**Statement of Assets and Liabilities (Item 7)**](#xx6xc113416a002xm2xm4) |
| 14 | [**Statement of Operations (Item 7)**](#xx6xc113416a003xm2xm4) |
| 15 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc113416a004xm2xm4) |
| 16 | [**Financial Highlights (Item 7)**](#xx6xc113416a005xm2xm4) |
| 18 | [**Notes to Financial Statements (Item 7)**](#xx6xc113416a006xm2xm4) |
| 27 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx6xc113416a007xm2xm4) |
| 28 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc113416a008xm2xm4) |
| 28 | [**Proxy Disclosures (Item 9)**](#xx6xc113416a009xm2xm4) |
| 28 | [**Remuneration Paid to Trustees, Officers, and Others (Item 10)**](#xx6xc113416a010xm2xm4) |
| 28 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx6xc113416a011xm2xm4) |

---

**Schedule of Investments**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.83%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 99.83%** |  |  |  |  |  |  |
| **Corporate-Backed 18.09%** |  |  |  |  |  |  |
| Baldwin County Industrial Development Authority - Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 6/1/2055 | BB | $2000000 | $1997394 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 430000 | 435022 |
| California Infrastructure & Economic Development Bank - Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 1750000 | 1561299 |
| Chandler Industrial Development Authority - Intel Corp AZ AMT | 4.00% | <sup>#(b)</sup> | 6/1/2049 | Baa1 | 2270000 | 2258150 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB <sup>(c)</sup> | 1500000 | 1506268 |
| Fort Bend County Industrial Development Corp. - NRG Energy Inc TX | 4.75% |  | 5/1/2038 | Baa2 | 180000 | 176559 |
| Grapevine Wash Local District - Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 750000 | 696796 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A | 5.60% |  | 5/1/2044 | NR | 1900000 | 1876612 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 4.75% |  | 5/1/2031 | NR | 980000 | 1007591 |
| Illinois Finance Authority - LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(b)</sup> | 9/1/2042 | NR | 1000000 | 1089894 |
| Industrial Development Board of The City of Kingsport Tennessee - Domtar Paper Co LLC TN AMT<sup>†</sup> | 5.25% | <sup>#(b)</sup> | 12/1/2054 | B1 | 300000 | 296177 |
| Iowa Finance Authority - Howmet Aerospace Inc | 4.75% |  | 8/1/2042 | Baa1 | 1730000 | 1616182 |
| Iowa Finance Authority - Iowa Fertilizer Co LLC | 5.00% |  | 12/1/2050 | AA+ | 100000 | 112935 |
| Louisiana Local Government Environmental Facilities & Community Development Authority - Westlake Corp | 3.50% |  | 11/1/2032 | BBB+ | 3125000 | 2989343 |
| Maryland Economic Development Corp. - Core Natural Resources Inc<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 7/1/2048 | NR | 1200000 | 1206489 |
| Mission Economic Development Corp. - Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 1100000 | 1100331 |
| Mississippi Business Finance Corp. - Huntington Ingalls Industries Inc | 4.55% |  | 12/1/2028 | BBB- | 305000 | 305077 |

---

See Notes to Financial Statements. 1

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - United Airlines Inc | 5.25% |  | 9/15/2029 | BB | $10000 | $10010 |
| New York City Industrial Development Agency - TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 1010000 | 1010231 |
| New York Liberty Development Corp. - 3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 2600000 | 2492580 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 3.00% |  | 8/1/2031 | BB <sup>(c)</sup> | 1000000 | 919199 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 1000000 | 999944 |
| New York Transportation Development Corp. - American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 1000000 | 1018622 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% |  | 10/1/2035 | Baa2 | 1225000 | 1240239 |
| Niagara Area Development Corp. - Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B | 1250000 | 1109396 |
| Ohio Air Quality Development Authority - American Electric Power Co Inc AMT | 2.60% | <sup>#(b)</sup> | 6/1/2041 | BBB | 115000 | 109470 |
| Parish of St. James - NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 7/1/2040 | BB+ | 500000 | 535883 |
| Phenix City Industrial Development Board AL | 3.625% |  | 5/15/2030 | BBB | 45000 | 44351 |
| Port of Beaumont Navigation District - Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.00% |  | 1/1/2039 | NR | 1100000 | 1028682 |
| Port of Seattle Industrial Development Corp. - Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 1000000 | 999962 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | 300000 | 280822 |
| Public Finance Authority - Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 1000000 | 849846 |
| Tuscaloosa County Industrial Development Authority - Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 1100000 | 1060887 |
| Total |  |  |  |  |  | 33942243 |
| **Education 8.34%** |  |  |  |  |  |  |
| California School Finance Authority - Aspire Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2046 | BBB- | 335000 | 305574 |
| Capital Trust Agency, Inc. - Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2039 | NR | 830000 | 769672 |

---

2 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Clifton Higher Education Finance Corp. - International Leadership of Texas Inc | 5.75% |  | 8/15/2033 | Baa3 | $1000000 | $1001194 |
| Development Authority Of The City Of Marietta - Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2037 | Ba3 | 500000 | 472560 |
| District of Columbia - Georgetown University | 5.00% | <sup>#(b)</sup> | 4/1/2060 | A- | 1000000 | 1078971 |
| Florida Higher Educational Facilities Financing Authority - Keiser University Obligated Group<sup>†</sup> | 6.00% |  | 7/1/2045 | BB+ | 2500000 | 2448065 |
| Iowa Higher Education Loan Authority - University of Dubuque | 5.00% |  | 10/1/2031 | BBB- | 1440000 | 1522660 |
| Massachusetts Development Finance Agency - Emmanuel College/MA | 5.00% |  | 10/1/2036 | Baa3 | 1000000 | 994721 |
| Massachusetts Development Finance Agency - Suffolk University | 5.50% |  | 7/1/2041 | Baa3 | 2995000 | 3063862 |
| Ohio Air Quality Development Authority - Duke Energy Corp AMT | 4.25% | <sup>#(b)</sup> | 11/1/2039 | BBB | 1500000 | 1521874 |
| Public Finance Authority - Wingate University WI | 5.25% |  | 10/1/2038 | BBB- | 1000000 | 971011 |
| Sierra Vista Industrial Development Authority - American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2044 | NR | 1670000 | 1507651 |
| *Total* |  |  |  |  |  | 15657815 |
| **Energy 0.09%** |  |  |  |  |  |  |
| PEFA, Inc. IA | 5.00% | <sup>#(b)</sup> | 9/1/2049 | A3 | 170000 | 171795 |
| **General Obligation 6.32%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.25% | <sup>#(b)</sup> | 1/1/2054 | Baa1 | 210000 | 219219 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2030 | BB+ | 1000000 | 1019148 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2032 | BB+ | 1105000 | 1116301 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 245000 | 237809 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2039 | BB+ | 1495000 | 1468753 |
| Chicago Board of Education IL GO | 7.00% |  | 12/1/2044 | BB+ | 550000 | 552023 |
| City of Chicago IL GO | 6.00% |  | 1/1/2044 | BBB | 1000000 | 1041623 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 173787 | 120641 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 607623 | 572654 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2041 | NR | 4996000 | 4357757 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 180773 | 186361 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 124000 | 131325 |

---

See Notes to Financial Statements. 3

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Jefferson County Civic Facility Development Corp. - Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | $885000 | $837953 |
| *Total* |  |  |  |  | 11861567 |
| **Health Care 17.16%** |  |  |  |  |  |
| Berks County Municipal Authority - Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 556000 | 401210 |
| Berks County Municipal Authority - Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 1395000 | 1264566 |
| Bucks County Industrial Development Authority - Grand View Hospital/ Sellersville Obligated Group PA | 4.00% | 7/1/2046 | B+ | 245000 | 197710 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2030 | B- | 1100000 | 1096166 |
| Buffalo & Erie County Industrial Land Development Corp. - Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B- | 350000 | 331988 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2036 | BB | 1000000 | 1001837 |
| California Statewide Communities Development Authority - Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2048 | BB | 2500000 | 2381179 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB | 100000 | 101149 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB | 475000 | 466549 |
| California Statewide Communities Development Authority - Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 1000000 | 968520 |
| City of Colby KS - Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 100000 | 100267 |
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2034 | BBB+ | 175000 | 175403 |
| City of Minneapolis - Fairview Health Services Obligated Group MN | 5.00% | 11/15/2035 | BBB+ | 2600000 | 2651923 |
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 290000 | 262280 |

---

4 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Connecticut State Health & Educational Facilities Authority - Nuvance Health Obligated Group | 5.00% | 7/1/2033 | BBB+ | $130000 | $135166 |
| County of Cuyahoga - MetroHealth System OH | 5.00% | 2/15/2037 | Baa2 | 2000000 | 1983803 |
| County of Cuyahoga - MetroHealth System/The OH | 5.00% | 2/15/2042 | Baa2 | 750000 | 710875 |
| County of Washington - Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 1000000 | 1029159 |
| Doylestown Hospital Authority - Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 30000 | 31671 |
| Dutchess County Local Development Corp. - Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 500000 | 499284 |
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2036 | A- | 500000 | 509256 |
| Greeneville Health & Educational Facilities Board - Ballad Health Obligated Group TN | 5.00% | 7/1/2037 | A- | 500000 | 507776 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB | 1000000 | 1011171 |
| Massachusetts Development Finance Agency - Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2035 | BBB | 205000 | 207176 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2036 | BBB- | 2000000 | 1992071 |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 210000 | 195457 |
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2039 | BBB+ | 490000 | 449512 |
| Monroe County Industrial Development Corp. - Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2032 | BBB+ | 845000 | 853850 |
| New Jersey Economic Development Authority - Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1000000 | 993010 |
| New Jersey Health Care Facilities Financing Authority - St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2034 | BBB- | 500000 | 483970 |

---

See Notes to Financial Statements. 5

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 3.00% | 7/1/2033 | B- | $160000 | $136079 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2038 | B- | 2175000 | 1879702 |
| New York State Dormitory Authority - Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B- | 1585000 | 1343420 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 175000 | 166177 |
| New York State Dormitory Authority - Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 570000 | 522530 |
| New York State Dormitory Authority - White Plains Hospital Obligated Group | 5.00% | 10/1/2030 | BBB- | 250000 | 267962 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB | 235000 | 236064 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB | 2000000 | 1958094 |
| Oklahoma Development Finance Authority - OU Medicine Obligated Group | 5.50% | 8/15/2041 | NR | 285000 | 283801 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | B | 50000 | 44064 |
| Public Finance Authority - Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 4.625% | 6/1/2036 | NR | 125000 | 119256 |
| Public Finance Authority - RBS Evolution LLC WI<sup>†</sup> | 10.00% | 11/1/2038 | NR | 150000 | 168877 |
| Rhode Island Health & Educational Building Corp. - Care New England Health System Obligated Group | 5.00% | 9/1/2031 | BB- | 1250000 | 1253206 |
| Vermont Educational & Health Buildings Financing Agency - University of Vermont Health Network Obligated Group | 5.00% | 12/1/2035 | A | 500000 | 502511 |
| Wisconsin Health & Educational Facilities Authority - Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2029 | A+ | 310000 | 331132 |
| *Total* |  |  |  |  | 32206829 |
| **Housing 3.55%** |  |  |  |  |  |
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 941663 | 878011 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% | 1/1/2056 | Aa1 | 500000 | 560052 |
| Indiana Finance Authority - SFP-PUFW I LLC | 4.00% | 7/1/2034 | BBB- | 250000 | 245596 |
| New Hampshire Business Finance Authority | 4.375% | 9/20/2036 | BBB | 996844 | 963518 |

---

6 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(b)</sup> | 6/20/2041 | AA- | $1999403 | $1996138 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 646020 | 649680 |
| New York City Housing Development Corp. - 8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 750000 | 768544 |
| Washington State Housing Finance Commission | 3.50% |  | 12/20/2035 | BBB+ | 646081 | 607229 |
| *Total* |  |  |  |  |  | 6668768 |
| **Lease Obligation 0.56%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority - State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% |  | 7/1/2034 | Baa2 | 1080000 | 1048541 |
| **Other Revenue 1.18%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 1000000 | 973093 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.00% |  | 12/1/2034 | NR | 225000 | 228685 |
| Public Finance Authority - Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 500000 | 484482 |
| Territory of Guam<sup>(d)</sup> | 5.00% |  | 1/1/2036 | Baa3 | 500000 | 529599 |
| *Total* |  |  |  |  |  | 2215859 |
| **Pollution Control 0.25%** |  |  |  |  |  |  |
| Finance Authority of Maine - Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(b)</sup> | 12/1/2047 | B+ | 500000 | 478505 |
| **Special Tax 1.42%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 385000 | 382827 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 250000 | 239748 |
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% |  | 11/15/2029 | NR | 265000 | 253505 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% |  | 11/15/2035 | NR | 575000 | 519462 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% |  | 9/1/2028 | NR | 160000 | 161391 |
| West Villages Improvement District Unit of Development No 7 FL | 4.25% |  | 5/1/2029 | NR | 410000 | 414360 |

---

See Notes to Financial Statements. 7

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | $700000 | $684162 |
| *Total* |  |  |  |  | 2655455 |
| **Tax Revenue 3.73%** |  |  |  |  |  |
| Matching Fund Special Purpose Securitization Corp. - United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 1000000 | 1021162 |
| Mida Mountain Village Public Infrastructure District - Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.50% | 6/15/2039 | NR | 375000 | 373260 |
| Military Installation Development Authority - Military Installation Development Auth Military Recreation Fac Project Area UT | 4.00% | 6/1/2041 | NR | 1250000 | 1088549 |
| Public Finance Authority - Southeast Overtown Park West Community Redevelopment Agency WI Tax Allocation<sup>†</sup> | 5.00% | 6/1/2041 | NR | 1100000 | 1071043 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 701000 | 652485 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 872000 | 811650 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 1976000 | 1975901 |
| *Total* |  |  |  |  | 6994050 |
| **Tobacco 1.55%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 730000 | 593805 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 20114 | 19821 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 1000000 | 539201 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 2100000 | 1752223 |
| *Total* |  |  |  |  | 2905050 |
| **Transportation 24.03%** |  |  |  |  |  |
| Build NYC Resource Corp. - TrIPs Obligated Group NY AMT | 5.50% | 7/1/2042 | BBB+ | 1135000 | 1164290 |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2031 | BB+ <sup>(c)</sup> | 2125000 | 2177750 |

---

8 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| California Municipal Finance Authority - LAX Integrated Express Solutions LLC AMT | 5.00% |  | 12/31/2035 | BB+ <sup>(c)</sup> | $50000 | $50352 |
| Chicago O'Hare International Airport | 5.00% |  | 1/1/2037 | A+ | 2845000 | 2881521 |
| Chicago O'Hare International Airport - TrIPs Obligated Group IL AMT | 5.00% |  | 7/1/2038 | BBB+ | 1000000 | 1002372 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.00% |  | 7/15/2035 | BB | 1750000 | 1749896 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.25% |  | 7/15/2034 | Ba3 | 1000000 | 1039488 |
| City of Houston Airport System Revenue - United Airlines Inc TX AMT | 5.50% |  | 7/15/2035 | Ba3 | 500000 | 528843 |
| Eagle County Airport Terminal Corp. CO AMT | 5.00% |  | 5/1/2041 | Baa2 | 515000 | 497546 |
| Florida Development Finance Corp. - Brightline Florida Holdings LLC AMT<sup>†</sup> | 8.25% | <sup>#(b)</sup> | 7/1/2057 | NR | 250000 | 212501 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(b)</sup> | 12/1/2050 | BBB+ | 1200000 | 1150316 |
| Illinois Finance Authority - Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 4250000 | 4248687 |
| Maryland Economic Development Corp. - Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 785000 | 793420 |
| New Jersey Economic Development Authority - DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% |  | 1/1/2035 | NR | 1000000 | 1016283 |
| New York City Transitional Development Corp. - JFK NTO LLC NY AMT | 6.00% |  | 6/30/2054 | Baa3 | 1395000 | 1417630 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 4.00% |  | 1/1/2036 | Baa2 | 150000 | 139502 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.00% |  | 10/1/2040 | Baa2 | 1235000 | 1215181 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 5.625% |  | 4/1/2040 | Baa2 | 2400000 | 2462710 |
| New York Transportation Development Corp. - Delta Air Lines Inc AMT | 6.00% |  | 4/1/2035 | Baa2 | 1145000 | 1240543 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC | 4.00% |  | 12/1/2040 | Baa1 | 2000000 | 1835287 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% |  | 12/1/2032 | Baa1 | 2370000 | 2558330 |
| New York Transportation Development Corp. - JFK International Air Terminal LLC AMT | 5.00% |  | 12/1/2036 | Baa1 | 300000 | 307671 |

---

See Notes to Financial Statements. 9

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | $740000 | $745219 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2040 | Baa3 | 1425000 | 1545343 |
| New York Transportation Development Corp. - JFK NTO LLC AMT | 6.00% | 6/30/2041 | Baa3 | 1250000 | 1343641 |
| New York Transportation Development Corp. - Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 1000000 | 986269 |
| Pennsylvania Economic Development Financing Authority - Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% | 6/30/2036 | Baa2 | 105000 | 109731 |
| Pennsylvania Economic Development Financing Authority - PA Bridges Finco LP | 5.00% | 12/31/2034 | BBB | 2240000 | 2249076 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.50% | 9/1/2030 | NR | 250000 | 260603 |
| Public Finance Authority - Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.75% | 9/1/2035 | NR | 250000 | 258126 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.375% | 6/30/2037 | Baa1 | 155000 | 161442 |
| Texas Private Activity Bond Surface Transportation Corp. - NTE Mobility Partners Segments 3 LLC AMT | 5.50% | 6/30/2040 | Baa1 | 1900000 | 1951699 |
| Tulsa Municipal Airport Trust Trustees - American Airlines Inc OK AMT | 6.25% | 12/1/2035 | B+ | 1360000 | 1502720 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2033 | BBB | 1000000 | 1050757 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 7/1/2036 | BBB | 500000 | 511622 |
| Virginia Small Business Financing Authority - 95 Express Lanes LLC AMT | 5.00% | 1/1/2036 | BBB | 300000 | 308147 |
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo AMT | 4.00% | 1/1/2040 | BBB | 500000 | 449886 |
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo LLC AMT | 4.00% | 7/1/2033 | BBB | 1000000 | 997601 |
| Virginia Small Business Financing Authority - Elizabeth River Crossings OpCo LLC AMT | 4.00% | 1/1/2036 | BBB | 1000000 | 968685 |
| *Total* |  |  |  |  | 45090686 |

---

10 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*July 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities 13.56%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(b)</sup> | 12/1/2052 | Baa1 | $990000 | $977611 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 10/1/2055 | A2 | 4000000 | 4169306 |
| California Pollution Control Financing Authority - Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 7/1/2037 | Baa3 | 220000 | 219335 |
| Delaware State Economic Development Authority - NRG Energy Inc | 1.25% | <sup>#(b)</sup> | 10/1/2045 | BBB- | 1000000 | 994202 |
| Florida Development Finance Corp. - Waste Pro USA Inc AMT | 3.00% |  | 6/1/2032 | NR | 1000000 | 905556 |
| Guam Government Waterworks Authority<sup>(d)</sup> | 5.00% |  | 7/1/2035 | A- | 610000 | 660713 |
| Guam Government Waterworks Authority<sup>(d)</sup> | 5.00% |  | 7/1/2036 | A- | 585000 | 625689 |
| Guam Government Waterworks Authority<sup>(d)</sup> | 5.00% |  | 7/1/2037 | A- | 820000 | 863589 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(b)</sup> | 8/1/2052 | BBB- | 1600000 | 1598266 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(b)</sup> | 5/1/2054 | A3 | 1160000 | 1224808 |
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% |  | 2/1/2040 | Baa2 | 50000 | 43222 |
| Maricopa County Pollution Control Corp. - El Paso Electric Co AZ | 3.60% |  | 4/1/2040 | Baa2 | 105000 | 90635 |
| Ohio Air Quality Development Authority - Ohio Valley Electric Corp | 3.25% |  | 9/1/2029 | Baa3 | 950000 | 936644 |
| Pennsylvania Economic Development Financing Authority - Talen Energy Supply LLC | 5.25% | <sup>#(b)</sup> | 12/1/2038 | B | 1100000 | 1106278 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2033 | NR | 1000000 | 1043915 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 3860000 | 3981815 |
| Southeast Energy Authority A Cooperative District AL | 5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | 2775000 | 2802001 |
| Southeast Energy Authority A Cooperative District AL<sup>(e)</sup> | 5.00% |  | 1/1/2056 | A1 | 1500000 | 1514595 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(c)</sup> | 1000000 | 1018699 |
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% |  | 12/15/2026 | A1 | 655000 | 671812 |
| *Total* |  |  |  |  |  | 25448691 |
| *Total Municipal Bonds* (cost $189,080,853) |  |  |  |  |  | 187345854 |

---

See Notes to Financial Statements. 11

**Schedule of Investments (concluded)**

*July 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 0.20%** |  |  |
| **REPURCHASE AGREEMENTS 0.20%** |  |  |
| Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $368,100 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $374,892; proceeds: $367,432 (cost $367,391) | $367391 | $367391 |
| *Total Short-Term Investments* (cost $367,391) |  | 367391 |
| *Total Investments in Securities 100.03%* (cost $189,448,244) |  | 187713245 |
| *Other Assets and Liabilities – Net (0.03)%* |  | (49443) |
| *Net Assets 100.00%* |  | $187663802 |

---

---

| | |
|:---|:---|
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| FHLMC | Insured by Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| NR | Not Rated. |
| TRIPS | Tax Refund Intercept Programs. |

---

---

| | |
|:---|:---|
| <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 July 31, 2025, the total value of Rule 144A securities was $38,350,914, which represents 20.44% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at July 31, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(e)</sup> | Municipal Bonds Held in Trust – Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(e) to Financial Statements for details of Municipal Bonds Held in Trust. |

---

The following is a summary of the inputs used as of July 31, 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;Municipal Bonds | $– | $187345854 | $– | $187345854 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 367391 | – | 367391 |
| Total | $– | $187713245 | $– | $187713245 |

---

<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. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

12 See Notes to Financial Statements.

**Statement of Assets and Liabilities**

*July 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $189448244 |
| Investments in securities, at fair value | $187713245 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 1964667 |
| &nbsp;&nbsp;&nbsp;Interest | 1691099 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 377192 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 26509 |
| Prepaid expenses | 34959 |
| **Total assets** | 191807671 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 2666577 |
| &nbsp;&nbsp;&nbsp;Trust certificates (See Note 2(e)) | 750000 |
| &nbsp;&nbsp;&nbsp;Interest expense and fees | 4111 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 2990 |
| Distributions payable | 690890 |
| Accrued expenses | 29301 |
| **Total liabilities** | 4143869 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $187663802 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $189662370 |
| Total distributable earnings/(loss) | (1998568) |
| **Net Assets** | $187663802 |
| **Outstanding shares (unlimited number of authorized shares of beneficial interest):** | 18847743 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $9.96 |

---

See Notes to Financial Statements. 13

**Statement of Operations**

*For the Year Ended July 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Interest and other | $2717689 |
| **Expenses:** |  |
| Registration | 47599 |
| Professional | 44352 |
| Interest expense and fees (See Note 2(e)) | 8503 |
| Reports to shareholders | 5438 |
| Shareholder servicing | 1225 |
| Custody | 1017 |
| Trustees' fees | 800 |
| Other | 4264 |
| Gross expenses | 113198 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (104695) |
| **Net expenses** | 8503 |
| **Net investment income** | 2709186 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | (329613) |
| Net change in unrealized appreciation/(depreciation) on investments | (1805995) |
| **Net realized and unrealized gain/(loss)** | (2135608) |
| **Net Increase in Net Assets Resulting From Operations** | $573578 |

---

14 See Notes to Financial Statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **For the Year Ended<br> July 31, 2025** | **For the Period Ended**<br> **July 31, 2024**<sup>(1)</sup> |
| **Operations:** |  |  |
| Net investment income | $2709186 | $47355 |
| Net realized gain/(loss) | (329613) | (1893) |
| Net change in unrealized appreciation/(depreciation) | (1805995) | 70996 |
| **Net increase in net assets resulting from operations** | 573578 | 116458 |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders: | (2642502) | (46102) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 196977808 | 4712815 |
| Reinvestment of distributions | 262399 | 7774 |
| Cost of shares reacquired | (12291751) | (6675) |
| **Net increase in net assets resulting from capital share transactions** | 184948456 | 4713914 |
| **Net increase in net assets** | 182879532 | 4784270 |
| **NET ASSETS:** |  |  |
| Beginning of period | $4784270 | $– |
| **End of period** | $187663802 | $4784270 |

---

<sup>(1)</sup> For the period April 9, 2024 (commencement of operations) to July 31, 2024.

See Notes to Financial Statements. 15

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<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 asset<br> value,<br> end of<br> period** |
| 7/31/2025 | $10.18 | $0.47 | $(0.25) | $0.22 | $(0.44)&nbsp;&nbsp;&nbsp;&nbsp; | $9.96 |
| 4/9/2024 to 7/31/2024<sup>(c)</sup> | 10.00 | 0.13 | 0.18 | 0.31 | (0.13) | 10.18 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return assumes the reinvestment of all distributions.

<sup>(c)</sup> Commencement of operations was on 4/9/2024, SEC effective date and date shares first became available to the public was 4/15/2024.

<sup>(d)</sup> Total return for the period 4/15/2024 through 7/31/2024 was 2.78%.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

16 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **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 after<br> waivers and/or<br> reimburse-<br> ments<br> (includes<br> interest<br> expense)<br> (%)** | **Total<br> expenses after<br> waivers and/or<br> reimburse-<br> ments<br> (excludes<br> interest<br> expense)<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.21 | 0.01 | 0.00 | 0.19 | 4.66 | $187664 | 19 |
| 3.09 <sup>(d)(e)</sup> | - <sup>(f)</sup> | - <sup>(f)</sup> | 3.40 <sup>(f)</sup> | 4.27 <sup>(f)</sup> | 4784 | 24 <sup>(e)</sup> |

---

See Notes to Financial Statements. 17

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Trust I (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and was organized as a Delaware statutory trust on May 1, 2001. The Trust consists of eight funds as of July 31, 2025. This report covers Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (the "Fund"). The Fund is diversified within the meaning of the 1940 Act. The Fund commenced operations on April 9, 2024.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients. Lord, Abbett & Co. LLC ("Lord Abbett") has an agreement with the managed account program sponsor, or directly with the client, to provide advisory and administrative and other similar services for compensation to the managed account.

The Fund's investment objective is to seek a high level of income exempt from U.S. federal income tax.

**Basis of Preparation**

The Fund is an investment company and applies 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 accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**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 Fund 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 the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement 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 Fund's Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Fund's 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

**Notes to Financial Statements (continued)**

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| 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. |
| 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. 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. |
| 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. |
| **Fair Value Measurements**–Fair value is defined as the price that the 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: |

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&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 the Fund's own assumptions in determining the fair value of investments).

**Notes to Financial Statements (continued)**

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|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of July 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the 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. |
| (c) | **Income Taxes**–It is the policy of the 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 the Fund's tax positions for all open tax years and has determined that as of July 31, 2025, no liability for Federal Income tax is required in the 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. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior period remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (d) | **Investment Income**–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 Statement of Operations. |
| (e) | **Municipal Bonds Held in Trust**–The Fund may invest in leveraged residual certificates ("TOB Residuals") issued by tender option bond trusts ("TOBs"). A TOB is established by a third party sponsor forming a special purpose entity into which the Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to the Fund which made the transfer or to affiliates of the Fund. The Fund's transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in the Fund's Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statement of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by the Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by the Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the |

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**Notes to Financial Statements (continued)**

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| municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. |
| The following is a summary of the Fund's liability for trust certificates, the range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred to TOBs as of July 31, 2025, as well as the average trust certificates for the fiscal year ended July 31, 2025: |

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|:---|:---|:---|:---|
| **Liability for**<br> **Trust Certificates** | **Interest Rate**<br> **or Range of**<br> **Interest Rates** | **Underlying**<br> **Municipal Bonds**<br> **Transferred**<br> **to TOBs** | **Average**<br> **Trust**<br> **Certificates**<br> **Outstanding** |
| $750000 | 2.95% | $1514595 | $290000 |

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|  | Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, the Fund's investment in TOB Residuals likely will adversely affect the Fund's net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect the Fund's net asset value ("NAV") per share. The carrying value of the Fund's liability for Trust certificates approximates its fair value. |
|  | While the Fund's investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Fund to borrow money for purposes of making investments. The Fund's management believes that the Fund's restrictions on borrowings do not apply to TOB transactions accounted for as secured borrowings. |
| (f) | **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. |
| (g) | **Repurchase Agreements**–The 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. The 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, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (h) | **When-Issued Municipal Bonds**–The Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis. Payment and delivery may take place after a customary settlement period for that security. |

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**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Fund does not pay a management fee to Lord Abbett under the management agreement between the Trust and Lord Abbett.

For the fiscal year ended July 31, 2025, Lord Abbett has contractually agreed to waive all fees and to bear and/or reimburse all expenses of the Fund, but excluding acquired fund fees and expenses, brokerage fees and commissions and other portfolio transaction expenses, investment-related expenses including, but not limited to costs of borrowing money and other leveraging methods, interest-related expenses, taxes, governmental fees, expenses related to litigation and potential litigation, and extraordinary expenses. This agreement will continue in effect, unless sooner terminated by the Trust's Board, for so long as Lord Abbett serves as the investment adviser to the Fund pursuant to the management agreement between the Trust and Lord Abbett.

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

&nbsp;&nbsp;&nbsp;&nbsp;**4.** 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 July 31, 2025 was as follows:

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|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total<br>Distributions<br>Paid** |
| LADS: Enhanced Municipal Yield Completion Fund | $2580639 | $61863 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $2642502 |
| The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: | The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: | The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: | The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: | The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: | The tax character of distributions paid during the fiscal period ended July 31, 2024 was as follows: |
| **Fund** | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total<br>Distributions<br>Paid** |
| LADS: Enhanced Municipal Yield Completion Fund | $46102 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $46102 |

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As of July 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

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|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Tax-Exempt<br>Income** | **Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Capital and<br>Other<br>Losses** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Temporary<br>Differences** | **Total<br>Distributable<br>Earnings/<br>(loss)** |
| LADS: Enhanced Municipal Yield Completion Fund | $692181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | $(322018) | $(1678054) | $(690677) | $(1998568) |

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**Notes to Financial Statements (continued)**

Net capital losses recognized by the Fund 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:

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|:---|:---|:---|:---|
| **Fund** | **Short-Term<br>Losses** | **Long-Term<br>Losses** | **Net Capital<br>Losses** |
| LADS: Enhanced Municipal Yield Completion Fund | $(311976) | $(10042) | $(322018) |

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As of July 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below.

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|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost<br>of Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| LADS: Enhanced Municipal Yield Completion Fund | $189391299 | $718629 | $(2396683) | $(1678054) |

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&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended July 31, 2025 were as follows:

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| Purchases | Sales |
| $195954294 | $11106484 |

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There were no purchases or sales of U.S. Government securities during the fiscal year ended July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;6. 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 the 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 Fund. Such amounts and earnings accrued thereon are included in Trustees' fees in the Statement of Operations and in Trustees' fees payable, if any, in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;7. LINE OF CREDIT

For the period ended June 5, 2025, the Fund 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

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 July 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&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 the 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 July 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;9. CUSTODIAN AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;10. SECURITIES LENDING AGREEMENT

The Fund has 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 Fund's 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 Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 the Fund's Statement of Operations.

The initial collateral received by the Fund 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 Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of July 31, 2025, the Fund did not have any securities on loan.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;11. INVESTMENT RISKS

The Fund's performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, the Fund's investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, the Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, the Fund's investments may gain value.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to the Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called "lower rated bonds" or "junk bonds"). Some issuers, particularly of junk 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 or the deterioration in the creditworthiness of an issuer, may result in losses to the Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

The Fund may invest in private activity bonds (sometimes called "AMT paper"). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.

The Fund may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond, is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in 16the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals' interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

The Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.

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 the 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 the 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.

**Notes to Financial Statements (concluded)**

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 the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance and your investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

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|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **For the**<br>**period ended**<br>**July 31, 2024**<sup>(a)</sup> |
| Shares sold | 19577473 | 469751 |
| Reinvestment of distributions | 25693 | 765 |
| Shares reacquired | (1225282) | (657) |
| Increase | 18377884 | 469859 |

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<br> <sup>(a)</sup> For the period April 9, 2024 (commencement of operations) to July 31, 2024.

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund and the Board of Trustees of Lord Abbett Trust I**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (the "Fund"), one of the funds constituting Lord Abbett Trust I, as of July 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets, and the financial highlights for the year then ended and the period from April 9, 2024 (commencement of operations) through July 31, 2024, 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 Fund as of July 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and for the period from April 9, 2024 (commencement of operations) through July 31, 2024, 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 Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 July 31, 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

September 25, 2025

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 year.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the year.

**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.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

The Board, including all of the Trustees who are not "interested persons" of the Fund or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to the Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics (the "expense peer group"); (2) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (3) sales and redemption information for the Fund; (4) information regarding Lord Abbett's financial condition; (5) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; and (6) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

**Investment Performance.** Because the Fund commenced operations in April 2024, the Fund did not have investment performance for a full calendar year. The Board considered Lord Abbett's performance

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

and reputation generally and the performance of other Lord Abbett-managed funds overseen by the Board. After reviewing these and other factors, including those described below, the Board concluded that the Fund's Agreement should be continued.

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

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

**Expenses.** The Board noted that the Fund is only available to separately managed account clients where Lord Abbett has an agreement with the separately managed account program sponsor, or directly with the client, to provide advisory and administrative and other similar services. The Board considered the expense level of the Fund and noted that the Fund does not pay a management or administrative fee to Lord Abbett. The Board also noted that Lord Abbett had agreed to waive fees and/or reimburse expenses of the Fund to the extent that expenses of the Fund (excluding certain items) exceed an annual rate of 0.00% of the Fund's average net assets.

**Profitability.** The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board understood that, given that the Fund does not pay Lord Abbett an advisory or administrative fee and that Lord Abbett was obligated to pay certain expenses of the Fund, the Fund was not profitable to Lord Abbett based on revenues received from the Fund.

**Economies of Scale.** The Board understood that, given that the Fund does not pay Lord Abbett an advisory or administrative fee and that Lord Abbett was obligated to pay certain expenses of the Fund, the question of sharing of any economies of scale that might exist was not relevant.

Other Benefits to Lord Abbett. The Board considered the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund, including direct or indirect compensation by separately managed account program sponsors. The Board also observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended July 31, 2025 that is tax-exempt dividend income.

---

| | |
|:---|:---|
| Fund Name | Tax-Exempt Dividends |
| LADS: Enhanced Municipal Yield Completion Fund | 98% |

---

![](x6_c113416x39x1m2m4.jpg)

![](x6_c113416x39x2m2m4.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.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Trust I**<br>Diversification Shares – Enhanced Municipal Yield <br> Completion Fund | EMYC-2<br> (09/25) |

---

---

| | |
|:---|:---|
| **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.

(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.](c113417_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.](c113417_ex-99cert.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.](c113417_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 TRUST I**

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u><br> Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: September 25, 2025

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><br> Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: September 25, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u><br> Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date: September 25, 2025

## Ex-99.Code

EX-99.CODE ETH

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS** 

**FOR THE PRINCIPAL EXECUTIVE OFFICER** <br> **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;

· 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;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

June 2003

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<br> Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this
 report on Form N-CSR of Lord Abbett Trust I;

&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;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;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;(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;(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;(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;(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;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;(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;(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: September 25, 2025

<u>/s/ Douglas B. Sieg</u><br> Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer)<br>

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this
 report on Form N-CSR of Lord Abbett Trust I;

&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;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;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;(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;(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;(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;(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;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;(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;(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: September 25, 2025

<u>/s/ Michael J. Hebert</u><br> Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer)<br>

## 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 Trust I (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: September 25, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</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.