Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
Diversification Shares - Core Plus Completion Fund
For the period ended April 30, 2026
Lord Abbett
Quarterly Portfolio Holdings Report
Lord Abbett
Diversification Shares - Core Plus 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 116.17% | ||||||||||||
| ASSET-BACKED SECURITIES 15.77% | ||||||||||||
| Automobiles 10.47% | ||||||||||||
| CarMax Auto Owner Trust Series 2023-4 Class A3 | 6.00% | 7/17/2028 | $ | 36,831 | $ | 37,170 | ||||||
| CarMax Auto Owner Trust Series 2024-1 Class D | 6.00% | 7/15/2030 | 75,000 | 76,198 | ||||||||
| CarMax Select Receivables Trust Series 2026-A Class D | 4.90% | 5/17/2032 | 85,000 | 84,252 | ||||||||
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% | 7/15/2031 | 83,000 | 84,338 | ||||||||
| Exeter Automobile Receivables Trust Series 2025-5A Class A3 | 4.24% | 11/15/2029 | 65,000 | 65,025 | ||||||||
| 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 | ||||||||
| Santander Drive Auto Receivables Trust Series 2024-3 Class D | 5.97% | 10/15/2031 | 83,000 | 84,831 | ||||||||
| Toyota Auto Receivables Owner Trust Series 2023-D Class A3 | 5.54% | 8/15/2028 | 184,384 | 185,885 | ||||||||
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% | 2/15/2029 | 142,606 | 143,882 | ||||||||
| Total | 1,061,636 | |||||||||||
| Other 5.30% | ||||||||||||
| Affirm Master Trust Series 2026-1A Class A† | 4.37% | 2/15/2034 | 223,000 | 222,044 | ||||||||
| Mariner Finance Issuance Trust Series 2024-BA Class C† | 5.73% | 11/20/2038 | 115,000 | 116,185 | ||||||||
| PEAC Solutions Receivables LLC Series 2026-1A Class A3† | 4.39% | 7/20/2033 | 200,000 | 199,645 | ||||||||
| Total | 537,874 | |||||||||||
| Total Asset-Backed Securities (cost $1,599,190) | 1,599,510 | |||||||||||
| CORPORATE BONDS 38.86% | ||||||||||||
| Aerospace/Defense 1.04% | ||||||||||||
| ATI, Inc. | 7.25% | 8/15/2030 | 29,000 | 30,224 | ||||||||
| Moog, Inc.† | 5.50% | 10/15/2034 | 30,000 | 30,102 | ||||||||
| TransDigm, Inc.† | 6.75% | 1/31/2034 | 44,000 | 45,232 | ||||||||
| Total | 105,558 | |||||||||||
| Airlines 0.74% | ||||||||||||
| JetBlue Airways Corp./JetBlue Loyalty LP† | 9.875% | 9/20/2031 | 32,000 | 29,845 | ||||||||
| United Airlines Holdings, Inc. | 4.875% | 3/1/2029 | 46,000 | 45,428 | ||||||||
| Total | 75,273 | |||||||||||
| See Notes to Schedule of Investments. | 1 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| Apparel 0.44% | ||||||||||||
| William Carter Co.† | 7.375% | 2/15/2031 | $ | 43,000 | $ | 44,256 | ||||||
| Auto Manufacturers 1.04% | ||||||||||||
| JB Poindexter & Co., Inc.† | 8.75% | 12/15/2031 | 29,000 | 30,087 | ||||||||
| Nissan Motor Acceptance Co. LLC† | 7.05% | 9/15/2028 | 73,000 | 74,905 | ||||||||
| Total | 104,992 | |||||||||||
| Auto Parts & Equipment 0.30% | ||||||||||||
| Clarios Global LP/Clarios U.S. Finance Co.† | 6.75% | 9/15/2032 | 30,000 | 30,706 | ||||||||
| Banks 2.31% | ||||||||||||
| Banco de Credito del Peru SA (Peru)†(a) | 5.65% (5 yr. CMT + 1.96% | )# | 1/15/2037 | 86,000 | 85,592 | |||||||
| Banco Santander Chile (Chile)†(a) | 4.55% | 11/20/2030 | 150,000 | 148,762 | ||||||||
| Total | 234,354 | |||||||||||
| Building Materials 0.89% | ||||||||||||
| Ameritex Holdco Intermediate LLC† | 7.625% | 8/15/2033 | 29,000 | 30,181 | ||||||||
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.† | 6.75% | 7/15/2031 | 29,000 | 30,001 | ||||||||
| Smyrna Ready Mix Concrete LLC† | 8.875% | 11/15/2031 | 29,000 | 30,382 | ||||||||
| Total | 90,564 | |||||||||||
| Chemicals 1.18% | ||||||||||||
| Celanese U.S. Holdings LLC | 7.00% | 2/15/2031 | 86,000 | 89,542 | ||||||||
| Rain Carbon, Inc.† | 12.25% | 9/1/2029 | 29,000 | 30,548 | ||||||||
| Total | 120,090 | |||||||||||
| Coal 0.30% | ||||||||||||
| SunCoke Energy, Inc.† | 4.875% | 6/30/2029 | 33,000 | 30,451 | ||||||||
| Commercial Services 1.49% | ||||||||||||
| Allied Universal Holdco LLC† | 7.875% | 2/15/2031 | 29,000 | 30,439 | ||||||||
| CompoSecure Holdings LLC† | 5.625% | 2/1/2033 | 31,000 | 30,402 | ||||||||
| EquipmentShare.com, Inc.† | 9.00% | 5/15/2028 | 28,000 | 29,064 | ||||||||
| Herc Holdings, Inc.† | 7.25% | 6/15/2033 | 29,000 | 30,387 | ||||||||
| Synergy Infrastructure Holdings LLC† | 7.875% | 12/1/2030 | 29,000 | 30,520 | ||||||||
| Total | 150,812 | |||||||||||
| Diversified Financial Services 1.32% | ||||||||||||
| Aretec Group, Inc.† | 10.00% | 8/15/2030 | 28,000 | 29,690 | ||||||||
| CrossCountry Intermediate HoldCo LLC† | 6.50% | 10/1/2030 | 46,000 | 45,250 | ||||||||
| GGAM Finance Ltd. (Ireland)†(a) | 8.00% | 2/15/2027 | 29,000 | 29,183 | ||||||||
| Jane Street Group/JSG Finance, Inc.† | 6.75% | 5/1/2033 | 29,000 | 29,808 | ||||||||
| Total | 133,931 | |||||||||||
| 2 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| Electric 2.79% | ||||||||||||
| Alpha Generation LLC† | 6.75% | 10/15/2032 | $ | 58,000 | $ | 59,437 | ||||||
| Emera, Inc. (Canada)(a) | 6.75% (3 mo. USD LIBOR + 5.44% | )# | 6/15/2076 | 59,000 | 59,064 | |||||||
| Long Ridge Energy LLC† | 8.75% | 2/15/2032 | 43,000 | 45,980 | ||||||||
| NRG Energy, Inc.† | 6.00% | 2/1/2033 | 30,000 | 30,248 | ||||||||
| PG&E Corp. | 6.85% (5 yr. CMT + 3.23% | )# | 9/15/2056 | 30,000 | 30,008 | |||||||
| Talen Energy Supply LLC† | 6.25% | 2/1/2034 | 59,000 | 58,596 | ||||||||
| Total | 283,333 | |||||||||||
| Engineering & Construction 0.29% | ||||||||||||
| Weekley Homes LLC/Weekley Finance Corp.† | 6.75% | 1/15/2034 | 30,000 | 29,692 | ||||||||
| Entertainment 0.68% | ||||||||||||
| Discovery Global Holdings, Inc. | 4.279% | 3/15/2032 | 20,000 | 18,140 | ||||||||
| Discovery Global Holdings, Inc. | 5.05% | 3/15/2042 | 28,000 | 20,049 | ||||||||
| Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC† | 8.625% | 1/15/2032 | 30,000 | 30,516 | ||||||||
| Total | 68,705 | |||||||||||
| Forest Products & Paper 0.30% | ||||||||||||
| Magnera Corp.† | 4.75% | 11/15/2029 | 33,000 | 30,255 | ||||||||
| Home Builders 0.76% | ||||||||||||
| Century Communities, Inc.† | 3.875% | 8/15/2029 | 32,000 | 30,329 | ||||||||
| LGI Homes, Inc.† | 4.00% | 7/15/2029 | 51,000 | 46,310 | ||||||||
| Total | 76,639 | |||||||||||
| Home Furnishings 0.29% | ||||||||||||
| Whirlpool Corp. | 6.125% | 6/15/2030 | 30,000 | 29,441 | ||||||||
| Insurance 0.29% | ||||||||||||
| Asurion LLC/Asurion Co-Issuer, Inc.† | 8.00% | 12/31/2032 | 28,000 | 29,266 | ||||||||
| Internet 0.29% | ||||||||||||
| Wayfair LLC† | 6.75% | 11/15/2032 | 29,000 | 29,338 | ||||||||
| Iron-Steel 1.49% | ||||||||||||
| Carpenter Technology Corp.† | 5.625% | 3/1/2034 | 30,000 | 30,056 | ||||||||
| Commercial Metals Co.† | 5.75% | 11/15/2033 | 30,000 | 30,067 | ||||||||
| Vale Overseas Ltd. (Brazil)(a) | 6.40% | 6/28/2054 | 88,000 | 90,418 | ||||||||
| Total | 150,541 | |||||||||||
| See Notes to Schedule of Investments. | 3 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| Leisure Time 1.05% | ||||||||||||
| Carnival Corp.† | 6.125% | 2/15/2033 | $ | 45,000 | $ | 45,685 | ||||||
| Lindblad Expeditions LLC† | 7.00% | 9/15/2030 | 59,000 | 60,641 | ||||||||
| Total | 106,326 | |||||||||||
| Lodging 0.45% | ||||||||||||
| Hilton Domestic Operating Co., Inc.† | 5.50% | 3/31/2034 | 46,000 | 45,688 | ||||||||
| Media 1.48% | ||||||||||||
| CCO Holdings LLC/CCO Holdings Capital Corp.† | 4.75% | 2/1/2032 | 33,000 | 29,573 | ||||||||
| Directv Financing LLC† | 8.875% | 2/1/2030 | 59,000 | 60,164 | ||||||||
| Sinclair Television Group, Inc.† | 8.125% | 2/15/2033 | 29,000 | 30,050 | ||||||||
| Univision Communications, Inc.† | 8.50% | 7/31/2031 | 30,000 | 30,468 | ||||||||
| Total | 150,255 | |||||||||||
| Mining 1.06% | ||||||||||||
| Capstone Copper Corp. (Canada)†(a) | 6.75% | 3/31/2033 | 45,000 | 45,826 | ||||||||
| Novelis Corp.† | 6.875% | 1/30/2030 | 29,000 | 29,750 | ||||||||
| PLS Group Ltd. (Australia)†(a) | 6.875% | 5/1/2031 | 31,000 | 31,751 | ||||||||
| Total | 107,327 | |||||||||||
| Miscellaneous Manufacturing 0.58% | ||||||||||||
| LSB Industries, Inc.† | 6.25% | 10/15/2028 | 59,000 | 59,066 | ||||||||
| Oil & Gas 5.07% | ||||||||||||
| Caturus Energy LLC† | 8.50% | 2/15/2030 | 43,000 | 44,980 | ||||||||
| Crescent Energy Finance LLC† | 7.375% | 1/15/2033 | 45,000 | 46,081 | ||||||||
| Hilcorp Energy I LP/Hilcorp Finance Co.† | 8.375% | 11/1/2033 | 56,000 | 59,908 | ||||||||
| Kraken Oil & Gas Partners LLC† | 7.625% | 8/15/2029 | 44,000 | 44,857 | ||||||||
| Matador Resources Co.† | 6.25% | 4/15/2033 | 29,000 | 29,509 | ||||||||
| Nabors Industries, Inc.† | 8.875% | 8/15/2031 | 43,000 | 45,425 | ||||||||
| Petroleos Mexicanos (Mexico)(a) | 6.70% | 2/16/2032 | 93,000 | 93,361 | ||||||||
| SM Energy Co.† | 6.625% | 4/15/2034 | 60,000 | 60,855 | ||||||||
| Transocean International Ltd.† | 7.875% | 10/15/2032 | 27,000 | 28,944 | ||||||||
| Wildfire Intermediate Holdings LLC† | 7.50% | 10/15/2029 | 58,000 | 59,727 | ||||||||
| Total | 513,647 | |||||||||||
| Oil & Gas Services 1.18% | ||||||||||||
| Kodiak Gas Services LLC† | 6.50% | 10/1/2033 | 29,000 | 29,680 | ||||||||
| SESI LLC† | 7.875% | 9/30/2030 | 59,000 | 60,953 | ||||||||
| WBI Operating LLC† | 6.25% | 10/15/2030 | 29,000 | 29,419 | ||||||||
| Total | 120,052 | |||||||||||
| 4 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| Packaging & Containers 0.29% | ||||||||||||
| Clydesdale Acquisition Holdings, Inc.† | 6.75% | 4/15/2032 | $ | 31,000 | $ | 29,191 | ||||||
| Pharmaceuticals 0.60% | ||||||||||||
| CVS Health Corp. | 7.00% (5 yr. CMT + 2.89% | )# | 3/10/2055 | 59,000 | 61,253 | |||||||
| Pipelines 2.34% | ||||||||||||
| Delek Logistics Partners LP/Delek Logistics Finance Corp.† | 7.125% | 6/1/2028 | 29,000 | 29,030 | ||||||||
| Energy Transfer LP | 6.50% (5 yr. CMT + 5.69% | )# | – | (b) | 59,000 | 59,247 | ||||||
| Energy Transfer LP | 6.943% (3 mo. USD Term SOFR + 3.28% | )# | 11/1/2066 | 30,000 | 29,773 | |||||||
| Plains All American Pipeline LP | 8.024% (3 mo. USD Term SOFR + 4.37% | )# | – | (b) | 30,000 | 30,075 | ||||||
| Rockies Express Pipeline LLC† | 6.75% | 3/15/2033 | 29,000 | 30,251 | ||||||||
| Venture Global Plaquemines LNG LLC† | 7.50% | 5/1/2033 | 53,000 | 58,798 | ||||||||
| Total | 237,174 | |||||||||||
| REITS 2.23% | ||||||||||||
| Brandywine Operating Partnership LP | 8.875% | 4/12/2029 | 29,000 | 30,374 | ||||||||
| Iron Mountain Information Management Services, Inc.† | 5.00% | 7/15/2032 | 47,000 | 45,407 | ||||||||
| Millrose Properties, Inc.† | 6.375% | 8/1/2030 | 30,000 | 30,405 | ||||||||
| Starwood Property Trust, Inc.† | 6.50% | 10/15/2030 | 43,000 | 44,251 | ||||||||
| Vornado Realty LP | 5.75% | 2/1/2033 | 76,000 | 76,150 | ||||||||
| Total | 226,587 | |||||||||||
| Retail 0.59% | ||||||||||||
| Advance Auto Parts, Inc.† | 7.00% | 8/1/2030 | 29,000 | 29,930 | ||||||||
| QXO Building Products, Inc.† | 6.75% | 4/30/2032 | 29,000 | 29,600 | ||||||||
| Total | 59,530 | |||||||||||
| Software 0.30% | ||||||||||||
| CoreWeave, Inc.† | 9.00% | 2/1/2031 | 31,000 | 30,842 | ||||||||
| Telecommunications 2.81% | ||||||||||||
| Cipher Compute LLC† | 7.125% | 11/15/2030 | 43,000 | 44,624 | ||||||||
| Core Scientific Finance I LLC†(c) | 7.75% | 5/15/2031 | 60,000 | 59,882 | ||||||||
| Level 3 Financing, Inc.† | 8.50% | 1/15/2036 | 71,000 | 76,130 | ||||||||
| SV RNO Property Owner 1 LLC† | 5.875% | 3/1/2031 | 61,000 | 59,890 | ||||||||
| WULF Compute LLC† | 7.75% | 10/15/2030 | 42,000 | 44,167 | ||||||||
| Total | 284,693 | |||||||||||
| See Notes to Schedule of Investments. | 5 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| Transportation 0.60% | ||||||||||||
| Rand Parent LLC† | 8.50% | 2/15/2030 | $ | 29,000 | $ | 30,205 | ||||||
| Watco Cos. LLC/Watco Finance Corp.† | 7.125% | 8/1/2032 | 29,000 | 30,160 | ||||||||
| Total | 60,365 | |||||||||||
| Total Corporate Bonds (cost $3,895,035) | 3,940,193 | |||||||||||
| FOREIGN GOVERNMENT OBLIGATIONS(a) 10.02% | ||||||||||||
| Brazil 0.84% | ||||||||||||
| Brazil Government International Bonds | 7.125% | 1/20/2037 | 78,000 | 85,387 | ||||||||
| Chile 1.20% | ||||||||||||
| Chile Government International Bonds | 3.625% | 10/30/2042 | 150,000 | 121,417 | ||||||||
| Dominican Republic 1.00% | ||||||||||||
| Dominican Republic International Bonds | 5.95% | 1/25/2027 | 100,000 | 100,955 | ||||||||
| Mexico 3.44% | ||||||||||||
| 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 | |||||||||||
| Panama 0.76% | ||||||||||||
| Panama Government International Bonds | 6.70% | 1/26/2036 | 71,000 | 77,479 | ||||||||
| Peru 2.00% | ||||||||||||
| Peru Government International Bonds | 5.375% | 2/8/2035 | 100,000 | 101,050 | ||||||||
| Peru Government International Bonds | 5.50% | 3/30/2036 | 101,000 | 101,944 | ||||||||
| Total | 202,994 | |||||||||||
| Romania 0.78% | ||||||||||||
| Romania Government International Bonds† | 6.625% | 5/16/2036 | 78,000 | 78,848 | ||||||||
| Total Foreign Government Obligations (cost $1,001,586) | 1,016,047 | |||||||||||
| GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 20.00% | ||||||||||||
| Government National Mortgage Association(d) | 2.00% | TBA | 75,000 | 61,726 | ||||||||
| Government National Mortgage Association(d) | 2.50% | TBA | 50,000 | 42,837 | ||||||||
| Government National Mortgage Association(d) | 3.00% | TBA | 100,000 | 89,029 | ||||||||
| Government National Mortgage Association(d) | 4.50% | TBA | 75,000 | 72,319 | ||||||||
| Government National Mortgage Association(d) | 5.00% | TBA | 150,000 | 148,515 | ||||||||
| Government National Mortgage Association(d) | 5.50% | TBA | 150,000 | 150,925 | ||||||||
| Government National Mortgage Association(d) | 6.00% | TBA | 100,000 | 101,965 | ||||||||
| Uniform Mortgage-Backed Security(d) | 2.00% | TBA | 100,000 | 85,878 | ||||||||
| 6 | 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 (continued) | ||||||||||||
| Uniform Mortgage-Backed Security(d) | 2.50% | TBA | $ | 125,000 | $ | 104,657 | ||||||
| Uniform Mortgage-Backed Security(d) | 3.00% | TBA | 60,000 | 52,536 | ||||||||
| Uniform Mortgage-Backed Security(d) | 3.50% | TBA | 50,000 | 45,519 | ||||||||
| Uniform Mortgage-Backed Security(d) | 4.00% | TBA | 50,000 | 47,796 | ||||||||
| Uniform Mortgage-Backed Security(d) | 4.50% | TBA | 225,000 | 220,922 | ||||||||
| Uniform Mortgage-Backed Security(d) | 5.00% | TBA | 354,000 | 351,957 | ||||||||
| Uniform Mortgage-Backed Security(d) | 5.50% | TBA | 231,000 | 232,504 | ||||||||
| Uniform Mortgage-Backed Security(d) | 6.00% | TBA | 164,000 | 167,528 | ||||||||
| Uniform Mortgage-Backed Security(d) | 6.50% | TBA | 50,000 | 51,867 | ||||||||
| Total Government Sponsored Enterprises Pass-Throughs (cost $2,032,558) | 2,028,480 | |||||||||||
| NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 31.52% | ||||||||||||
| 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 | 125,000 | 129,127 | ||||||||
| 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 | ||||||||
| Benchmark Mortgage Trust Series 2024-V11 Class A3 | 5.909% | #(e) | 11/15/2057 | 125,000 | 129,804 | |||||||
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | #(e) | 5/15/2056 | 125,000 | 130,182 | |||||||
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | #(e) | 12/15/2057 | 125,000 | 128,543 | |||||||
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% | 7/15/2058 | 135,000 | 139,538 | ||||||||
| 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% | #(e) | 3/25/2051 | 162,975 | 135,134 | |||||||
| Flagstar Mortgage Trust Series 2021-4 Class A1† | 2.50% | #(e) | 6/1/2051 | 162,344 | 134,659 | |||||||
| Flagstar Mortgage Trust Series 2021-7 Class A1† | 2.50% | #(e) | 8/25/2051 | 161,606 | 134,144 | |||||||
| GCAT Trust Series 2022-INV1 Class A1† | 3.00% | #(e) | 12/25/2051 | 157,394 | 136,591 | |||||||
| GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ1 Class A2† | 2.50% | #(e) | 6/25/2051 | 161,027 | 133,615 | |||||||
| GS Mortgage-Backed Securities Trust Series 2022-PJ1 Class A2† | 2.50% | #(e) | 5/28/2052 | 163,683 | 136,096 | |||||||
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4† | 3.00% | #(e) | 1/25/2053 | 154,467 | 133,573 | |||||||
| JP Morgan Mortgage Trust Series 2021-14 Class A3† | 2.50% | #(e) | 5/25/2052 | 161,124 | 133,695 | |||||||
| JP Morgan Mortgage Trust Series 2021-4 Class A3† | 2.50% | #(e) | 8/25/2051 | 161,159 | 133,917 | |||||||
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2† | 3.00% | #(e) | 5/25/2052 | 153,021 | 133,511 | |||||||
| JP Morgan Mortgage Trust Series 2022-1 Class A2† | 3.00% | #(e) | 7/25/2052 | 149,852 | 129,582 | |||||||
| JP Morgan Mortgage Trust Series 2022-3 Class A2† | 3.00% | #(e) | 8/25/2052 | 156,283 | 135,143 | |||||||
| RCKT Mortgage Trust Series 2021-5 Class A1† | 2.50% | #(e) | 11/25/2051 | 161,818 | 134,061 | |||||||
| RCKT Mortgage Trust Series 2022-2 Class A2† | 2.50% | #(e) | 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 | ||||||||
| See Notes to Schedule of Investments. | 7 |
Schedule of Investments (unaudited)(continued)
April 30, 2026
| Investments | Interest Rate | Maturity Date | Principal Amount | Fair Value | ||||||||
| NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||||||
| 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 $3,207,105) | 3,196,163 | |||||||||||
| Total Long-Term Investments (cost $11,735,474) | 11,780,393 | |||||||||||
| SHORT-TERM INVESTMENTS 5.18% | ||||||||||||
| U.S. TREASURY OBLIGATIONS 1.96% | ||||||||||||
| U.S. Treasury Bills (cost $198,756) | Zero Coupon | 7/2/2026 | 200,000 | 198,758 | ||||||||
| REPURCHASE AGREEMENTS 3.22% | ||||||||||||
| Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $329,000 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $332,773; proceeds: $326,193 (cost $326,164) | 326,164 | 326,164 | ||||||||||
| Total Short-Term Investments (cost $524,920) | 524,922 | |||||||||||
| Total Investments in Securities 121.35% (cost $12,260,394) | 12,305,315 | |||||||||||
| Other Assets and Liabilities – Net (21.35)% | (2,165,114 | ) | ||||||||||
| Net Assets 100.00% | $ | 10,140,201 | ||||||||||
| CMT | Constant Maturity Rate. | |
| LIBOR | London Interbank Offered Rate. | |
| REITS | Real Estate Investment Trusts. | |
| SOFR | Secured Overnight Financing Rate. | |
| † | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At April 30, 2026, the total value of Rule 144A securities was $5,809,343, which represents 57.29% 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) | Security is perpetual in nature and has no stated maturity. | |
| (c) | Securities purchased on a when-issued basis. | |
| (d) | 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. | |
| (e) | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| 8 | See Notes to Schedule of Investments. |
Schedule of Investments (unaudited)(concluded)
April 30, 2026
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 | $ | – | $ | 1,599,510 | $ | – | $ | 1,599,510 | ||||||||
| Corporate Bonds | – | 3,940,193 | – | 3,940,193 | ||||||||||||
| Foreign Government Obligations | – | 1,016,047 | – | 1,016,047 | ||||||||||||
| Government Sponsored Enterprises Pass-Throughs | – | 2,028,480 | – | 2,028,480 | ||||||||||||
| Non-Agency Commercial Mortgage-Backed Securities | – | 3,196,163 | – | 3,196,163 | ||||||||||||
| Short-Term Investments | ||||||||||||||||
| U.S. Treasury Obligations | – | 198,758 | – | 198,758 | ||||||||||||
| Repurchase Agreements | – | 326,164 | – | 326,164 | ||||||||||||
| Total | $ | – | $ | 12,305,315 | $ | – | $ | 12,305,315 | ||||||||
| (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. | 9 |
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 Plus 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 |
10
Notes to Schedule of Investments (unaudited)(continued)
| use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |
| ● | Level 1 – | unadjusted quoted prices in active markets for identical investments; | |
| ● | Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and | |
| ● | Level 3 – | significant unobservable inputs (including 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.
11
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 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 April 30, 2026, the Fund did not have any securities on loan.
12
QPHR-COREPL-3Q
(06/26)