Lord Abbett
Quarterly Portfolio Holdings Report

 

Lord Abbett
Diversification Shares - Core Completion Fund

 

For the period ended April 30, 2026

 

Schedule of Investments (unaudited)

April 30, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value		 
LONG-TERM INVESTMENTS 114.13%                
                 
ASSET-BACKED SECURITIES 36.93%                
                 
Automobiles 29.62%                
Ally Bank Auto Credit-Linked Notes Series 2024-A Class A2†  5.681%  5/17/2032  $196,900   $199,639 
CarMax Auto Owner Trust Series 2023-4 Class A3  6.00%  7/17/2028   176,788    178,415 
Citizens Auto Receivables Trust Series 2023-1 Class A4†  5.78%  10/15/2030   210,000    212,147 
Exeter Automobile Receivables Trust Series 2023-1A Class D  6.69%  6/15/2029   194,919    197,084 
Exeter Automobile Receivables Trust Series 2024-5A Class C  4.64%  1/15/2030   200,000    200,506 
Exeter Automobile Receivables Trust Series 2025-1A Class B  4.91%  8/15/2029   215,000    215,914 
Exeter Automobile Receivables Trust Series 2025-2A Class D  5.89%  7/15/2031   44,000    44,709 
First Investors Auto Owner Trust Series 2026-1A Class A2†  4.31%  7/16/2029   150,000    150,042 
First Investors Auto Owner Trust Series 2026-1A Class A3†  4.50%  5/15/2031   150,000    150,013 
GM Financial Consumer Automobile Receivables Trust Series 2023-3 Class C  5.92%  2/16/2029   200,000    202,761 
Honda Auto Receivables Owner Trust Series 2023-3 Class A4  5.30%  12/18/2029   215,000    216,645 
Nissan Auto Receivables Owner Trust Series 2023-A Class A4  4.85%  6/17/2030   215,000    216,152 
Santander Drive Auto Receivables Trust Series 2023-5 Class B  6.16%  12/17/2029   222,883    224,810 
Santander Drive Auto Receivables Trust Series 2024-3 Class D  5.97%  10/15/2031   44,000    44,971 
Toyota Auto Receivables Owner Trust Series 2023-D Class A3  5.54%  8/15/2028   201,593    203,234 
Volkswagen Auto Loan Enhanced Trust Series 2023-2 Class A3  5.48%  12/20/2028   183,471    185,270 
World Omni Auto Receivables Trust Series 2023-D Class A3  5.79%  2/15/2029   142,606    143,882 
Total              2,986,194 
                 
Other 7.31%                
Affirm Master Trust Series 2025-2A Class A†  4.67%  7/15/2033   215,000    215,736 
Affirm Master Trust Series 2026-1A Class A†  4.37%  2/15/2034   223,000    222,043 
PEAC Solutions Receivables LLC Series 2026-1A Class A3†  4.39%  7/20/2033   200,000    199,645 
     
  See Notes to Schedule of Investments. 1
 

Schedule of Investments (unaudited)(continued)

April 30, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value		 
Other (continued)                
Post Road Equipment Finance LLC Series 2026-1A Class A2†  4.47%  1/18/2033  $100,000   $100,073 
Total              737,497 
Total Asset-Backed Securities (cost $3,723,861)              3,723,691 
                 
CORPORATE BONDS 2.37%                
                 
Banks 1.47%                
Banco Santander Chile (Chile)†(a)  4.55%  11/20/2030   150,000    148,763 
                 
Iron-Steel 0.90%                
Vale Overseas Ltd. (Brazil)(a)  6.40%  6/28/2054   88,000    90,418 
Total Corporate Bonds (cost $237,386)              239,181 
                 
FOREIGN GOVERNMENT OBLIGATIONS(a) 6.98%                
                 
Chile 1.21%                
Chile Government International Bonds  3.625%  10/30/2042   150,000    121,418 
                 
Mexico 3.46%                
Mexico Government International Bonds  5.55%  1/21/2045   128,000    116,435 
Mexico Government International Bonds  6.05%  1/11/2040   118,000    115,929 
Mexico Government International Bonds  6.75%  9/27/2034   109,000    116,603 
Total              348,967 
                 
Peru 2.31%                
Peru Government International Bonds  5.375%  2/8/2035   115,000    116,207 
Peru Government International Bonds  5.50%  3/30/2036   116,000    117,085 
Total              233,292 
Total Foreign Government Obligations (cost $694,525)              703,677 
                 
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 8.61%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K140 Class A2  2.25%  1/25/2032   250,000    223,486 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-159 Class A2  4.50%#(b)  7/25/2033   150,000    149,903 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K536 Class A2  4.85%#(b)  1/25/2030   230,000    234,403 
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K543 Class A2  4.329%#(b)  6/25/2030   260,000    260,310 
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $870,001)     868,102 
     
2 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(continued)

April 30, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value		 
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 17.08%
Government National Mortgage Association(c)  2.00%  TBA  $75,000   $61,726 
Government National Mortgage Association(c)  2.50%  TBA   50,000    42,837 
Government National Mortgage Association(c)  3.00%  TBA   100,000    89,029 
Government National Mortgage Association(c)  4.50%  TBA   50,000    48,214 
Government National Mortgage Association(c)  5.00%  TBA   75,000    74,258 
Government National Mortgage Association(c)  5.50%  TBA   100,000    100,616 
Government National Mortgage Association(c)  6.00%  TBA   50,000    50,983 
Uniform Mortgage-Backed Security(c)  2.00%  TBA   200,000    165,903 
Uniform Mortgage-Backed Security(c)  2.50%  TBA   175,000    146,519 
Uniform Mortgage-Backed Security(c)  3.00%  TBA   100,000    87,560 
Uniform Mortgage-Backed Security(c)  3.50%  TBA   50,000    45,519 
Uniform Mortgage-Backed Security(c)  4.00%  TBA   50,000    47,795 
Uniform Mortgage-Backed Security(c)  4.50%  TBA   125,000    122,486 
Uniform Mortgage-Backed Security(c)  5.00%  TBA   272,000    269,956 
Uniform Mortgage-Backed Security(c)  5.50%  TBA   201,000    202,292 
Uniform Mortgage-Backed Security(c)  6.00%  TBA   112,000    114,435 
Uniform Mortgage-Backed Security(c)  6.50%  TBA   50,000    51,867 
Total Government Sponsored Enterprises Pass-Throughs (cost $1,726,375)     1,721,995 
                 
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 42.16%
Bank5 Series 2024-5YR8 Class A3  5.884%  8/15/2057   125,000    129,304 
Bank5 Series 2025-5YR14 Class A3  5.646%  4/15/2058   135,000    139,457 
Bank5 Series 2025-5YR17 Class A3  5.225%  11/15/2058   125,000    127,511 
Bank5 Series 2024-5YR6 Class A3  6.225%  5/15/2057   125,000    129,941 
BBCMS Mortgage Trust Series 2025-5C33 Class A4  5.839%  3/15/2058   100,000    103,842 
BBCMS Mortgage Trust Series 2025-5C34 Class A3  5.659%  5/15/2058   63,000    65,192 
Benchmark Mortgage Trust Series 2018-B3 Class A5  4.025%  4/10/2051   63,000    62,248 
Benchmark Mortgage Trust Series 2024-V11 Class A3  5.909%#(b)  11/15/2057   125,000    129,804 
Benchmark Mortgage Trust Series 2024-V7 Class A3  6.228%#(b)  5/15/2056   135,000    140,596 
Benchmark Mortgage Trust Series 2025-V18 Class A3  5.184%  10/15/2058   130,000    132,466 
BMO Mortgage Trust Series 2024-5C8 Class A3  5.625%#(b)  12/15/2057   135,000    138,827 
BMO Mortgage Trust Series 2025-5C11 Class A3  5.669%  7/15/2058   125,000    129,202 
BMO Mortgage Trust Series 2026-5C14 Class A3  5.209%  3/15/2059   145,000    147,581 
CIM Trust Series 2021-J1 Class A1†  2.50%#(b)  3/25/2051   162,975    135,134 
DBGS Mortgage Trust Series 2018-C1 Class A4  4.466%  10/15/2051   100,000    99,389 
Flagstar Mortgage Trust Series 2021-4 Class A1†  2.50%#(b)  6/1/2051   162,344    134,659 
Flagstar Mortgage Trust Series 2021-7 Class A1†  2.50%#(b)  8/25/2051   161,606    134,144 
GCAT Trust Series 2022-INV1 Class A1†  3.00%#(b)  12/25/2051   156,676    135,968 
GS Mortgage-Backed Securities Trust Series 2021-PJ1 Class A2†  2.50%#(b)  6/25/2051   161,654    134,135 
     
  See Notes to Schedule of Investments. 3
 

Schedule of Investments (unaudited)(continued)

April 30, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value		 
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage-Backed Securities Trust Series 2021-GR3 Class A2†  2.50%#(b)  4/25/2052  $129,748   $107,742 
GS Mortgage-Backed Securities Trust Series 2022-PJ1 Class A2†  2.50%#(b)  5/28/2052   163,683    136,096 
GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4†  3.00%#(b)  1/25/2053   154,467    133,573 
JP Morgan Mortgage Trust Series 2021-14 Class A3†  2.50%#(b)  5/25/2052   161,124    133,695 
JP Morgan Mortgage Trust Series 2021-4 Class A3†  2.50%#(b)  8/25/2051   161,159    133,917 
JP Morgan Mortgage Trust Series 2021-6 Class A3†  2.50%#(b)  10/25/2051   129,526    107,961 
JP Morgan Mortgage Trust Series 2021-INV8 Class A2†  3.00%#(b)  5/25/2052   153,711    134,112 
JP Morgan Mortgage Trust Series 2022-1 Class A2†  3.00%#(b)  7/25/2052   149,852    129,582 
JP Morgan Mortgage Trust Series 2022-3 Class A2†  3.00%#(b)  8/25/2052   150,998    130,573 
Morgan Stanley BAML Trust Series 2025-5C1 Class A3  5.635%  3/15/2058   140,000    144,437 
OBX Trust Series 2021-J2 Class A1†  2.50%#(b)  7/25/2051   127,951    106,208 
RCKT Mortgage Trust Series 2021-5 Class A1†  2.50%#(b)  11/25/2051   161,817    134,061 
RCKT Mortgage Trust Series 2022-2 Class A1†  3.00%#(b)  2/25/2052   124,304    107,719 
RCKT Mortgage Trust Series 2022-2 Class A2†  2.50%#(b)  2/25/2052   1,443    1,199 
Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3  5.928%  7/15/2057   125,000    129,163 
Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3  6.096%  1/15/2058   125,000    130,549 
Total Non-Agency Commercial Mortgage-Backed Securities (cost $4,262,710)          4,249,987 
Total Long-Term Investments (cost $11,514,858)              11,506,633 
                 
SHORT-TERM INVESTMENTS 4.18%                
                 
U.S. TREASURY OBLIGATIONS 1.97%                
U.S. Treasury Bills (cost $198,756)  Zero Coupon  7/2/2026   200,000    198,758 
                 
REPURCHASE AGREEMENTS 2.21%                
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $224,200 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $226,820; proceeds: $222,239 (cost $222,219)         222,219    222,219 
Total Short-Term Investments (cost $420,975)              420,977 
Total Investments in Securities 118.31% (cost $11,935,833)              11,927,610 
Other Assets and Liabilities – Net (18.31)%              (1,845,752)
Net Assets 100.00%             $10,081,858 
     
4 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(concluded)

April 30, 2026

 

†   Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total value of Rule 144A securities was $3,768,579, which represents 37.38% of net assets.
#   Variable rate security. The interest rate represents the rate in effect at April 30, 2026.
(a)   Foreign security traded in U.S. dollars.
(b)   Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(c)   To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

 

The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Asset-Backed Securities  $–   $3,723,691   $–   $3,723,691 
Corporate Bonds   –    239,181    –    239,181 
Foreign Government Obligations   –    703,677    –    703,677 
Government Sponsored Enterprises Collateralized Mortgage Obligations   –    868,102    –    868,102 
Government Sponsored Enterprises Pass-Throughs   –    1,721,995    –    1,721,995 
Non-Agency Commercial Mortgage-Backed Securities   –    4,249,987    –    4,249,987 
Short-Term Investments                    
U.S. Treasury Obligations   –    198,758    –    198,758 
Repurchase Agreements   –    222,219    –    222,219 
Total  $–   $11,927,610   $–   $11,927,610 
     
(1)   Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

 

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

 

  See Notes to Schedule of Investments. 5
 

Notes to Schedule of Investments (unaudited)

 

1. ORGANIZATION  

 

Lord Abbett Trust I (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “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 April 30, 2026. This report covers Lord Abbett Diversification Shares: Core Completion Fund (the “Fund”). The Fund is diversified within the meaning of the 1940 Act. The Fund commenced operations on April 26, 2026.

 

2. SIGNIFICANT ACCOUNTING POLICIES  

 

(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 & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. 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.
   
  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. 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 observable inputs such as yield curves, broker quotes, observable trading activity, option-adjusted spread models and other relevant information to determine 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

 

6

 

Notes to Schedule of Investments (unaudited)(continued)

 

asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

 

  ● Level 1 – unadjusted quoted prices in active markets for identical investments;
       
  ● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
       
  ● Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

A summary of inputs used in valuing the Fund’s investments as of April 30, 2026 and, if applicable, Level 3 rollforwards for the period 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.

 

3. FEDERAL TAX INFORMATION  

 

It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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.

 

The Fund files U.S. federal and various state and local tax returns. The Fund will begin to file tax returns for the tax year ending July 31, 2026.

 

4. 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.

 

7

 

Notes to Schedule of Investments (unaudited)(concluded)

 

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 to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

 

As of April 30, 2026, the Fund did not have any securities on loan.

 

8

 

 

QPHR-CORE-3Q

(06/26)