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2
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L
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Lord Abbett
Climate Focused Bond Fund
Emerging Markets Equity Fund
International Growth Fund
Investment Grade Floating Rate Fund
Short Duration High Yield Fund
T
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Schedules of Investments (Item 7):
1
Climate Focused Bond Fund
14
Emerging Markets Equity Fund
19
International Growth Fund
24
Investment Grade Floating Rate Fund
39
Short Duration High Yield Fund
80
Statements of Assets and Liabilities (Item 7)
84
Statements of Operations (Item 7)
86
Statements of Changes in Net Assets (Item 7)
90
Financial Highlights (Item 7)
106
Notes to Financial Statements (Item 7)
134
Report of Independent Registered Public Accounting Firm (Item 7)
136
Changes in and Disagreements with Accountants (Item 8)
136
Proxy Disclosures (Item 9)
136
Remuneration Paid to Trustees, Officers, and Others (Item 10)
S
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.
1
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
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CLIMATE FOCUSED BOND FUND
J
u
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y
3
1
,
2
0
2
4
LONG-TERM INVESTMENTS 94.63%
ASSET-BACKED SECURITIES 0.24%
Automobiles 0.24%
Tesla Auto Lease Trust Series 2023-A
Class A3
†
(cost $49,998)
5.89%
6/22/2026 $
50,000 $
50,158
CONVERTIBLE BONDS 0.42%
Energy-Alternate Sources 0.09%
Enphase Energy, Inc.
Zero Coupon
3/1/2028
23,000
19,916
Environmental Control 0.12%
Tetra Tech, Inc.
†
2.25%
8/15/2028
20,000
24,273
REITS 0.21%
HAT Holdings I LLC/HAT Holdings II LLC
†
Zero Coupon
5/1/2025
42,000
44,363
Total Convertible Bonds
(cost $82,426)
88,552
CORPORATE BONDS 68.42%
Auto Manufacturers 1.38%
Ford Motor Co.
3.25%
2/12/2032
83,000
69,703
Hyundai Capital America
†
5.80%
6/26/2025
112,000
112,516
Volvo Car AB
4.75%
5/8/2030 EUR 100,000
109,748
Total
291,967
Auto Parts & Equipment 2.32%
Aptiv PLC (Ireland)
(a)
4.35%
3/15/2029 $
35,000
34,304
BorgWarner, Inc.
3.375%
3/15/2025
65,000
64,110
Dana, Inc.
4.25%
9/1/2030
92,000
81,337
Forvia SE
2.375%
6/15/2029 EUR 100,000
98,349
Valeo SE
5.375%
5/28/2027 EUR 100,000
112,139
ZF Finance GmbH
2.25%
5/3/2028 EUR 100,000
99,908
Total
490,147
Banks 10.01%
AIB Group PLC
0.50%
(1 yr. EUR Swap + 0.75%)
#
11/17/2027 EUR 100,000
101,266
Banco de Sabadell SA
2.625%
(1 yr. EUR Swap + 2.20%)
#
3/24/2026 EUR 100,000
107,510
Bank of America Corp.
2.456%
(3 mo. USD
Term SOFR + 1.13%)
#
10/22/2025 $
210,000
208,492
BNP Paribas SA
1.125%
8/28/2024 EUR 200,000
216,052
2
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.
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Banks (continued)
BNP Paribas SA (France)
†(a)
1.675%
(SOFR + 0.91%)
#
6/30/2027 $
200,000 $
187,266
Caixa Geral de Depositos SA
2.875%
(1 yr. EUR Swap + 1.40%)
#
6/15/2026 EUR 100,000
107,444
CaixaBank SA
1.25%
(5 yr. EUR Swap + 1.63%)
#
6/18/2031 EUR 100,000
103,096
Danske Bank AS
0.75%
(1 yr. EURIBOR ICE Swap + 0.88%)
#
6/9/2029 EUR 100,000
97,857
ING Groep NV
0.875%
(5 yr. EURIBOR ICE Swap + 1.15%)
#
6/9/2032 EUR 100,000
99,731
Intesa Sanpaolo SpA
0.75%
3/16/2028 EUR 100,000
99,101
JPMorgan Chase & Co.
0.768%
(SOFR + 0.49%)
#
8/9/2025 $
221,000
220,767
Kreditanstalt fuer Wiederaufbau
0.875%
9/15/2026 GBP 100,000
119,698
NatWest Group PLC
2.057%
(1 yr. U.K. Government Bond + 1.27%)
#
11/9/2028 GBP 100,000
117,852
Nordea Bank Abp
0.50%
3/19/2031 EUR 100,000
91,233
Royal Bank of Canada (Canada)
(a)
1.15%
7/14/2026 $
150,000
140,035
Toronto-Dominion Bank (Canada)
(a)
5.264%
12/11/2026
100,000
101,191
Total
2,118,591
Building Materials 1.03%
Eco Material Technologies, Inc.
†
7.875%
1/31/2027
51,000
51,937
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
†
6.375%
12/15/2030 EUR 100,000
113,346
Owens Corning
3.95%
8/15/2029 $
55,000
52,862
Total
218,145
Chemicals 1.96%
Air Liquide Finance SA
0.375%
5/27/2031 EUR 100,000
90,687
Air Products & Chemicals, Inc.
4.85%
2/8/2034 $
100,000
100,334
Itelyum Regeneration SpA
4.625%
10/1/2026 EUR 100,000
106,791
Olympus Water U.S. Holding Corp.
9.625%
11/15/2028 EUR 100,000
116,451
Total
414,263
Commercial Services 2.01%
Bureau Veritas SA
1.875%
1/6/2025 EUR 100,000
107,462
Global Payments, Inc.
3.20%
8/15/2029 $
98,000
89,839
Massachusetts Institute of Technology
3.959%
7/1/2038
75,000
70,486
Quanta Services, Inc.
2.35%
1/15/2032
75,000
62,630
Techem Verwaltungsgesellschaft 674 GmbH
6.00%
7/30/2026
EUR 87,920
95,375
Total
425,792
S
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t
s
(
c
o
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t
i
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u
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d
)
CLIMATE FOCUSED BOND FUND
J
u
l
y
3
1
,
2
0
2
4
S
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N
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s
.
3
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Distribution/Wholesale 0.47%
Rexel SA
2.125%
12/15/2028 EUR 100,000 $
100,069
Diversified Financial Services 0.49%
LeasePlan Corp. NV
0.25%
2/23/2026 EUR 100,000
103,226
Electric 12.38%
AES Corp.
2.45%
1/15/2031 $
60,000
50,530
AES Corp.
5.45%
6/1/2028
56,000
56,558
CenterPoint Energy Houston Electric LLC
5.30%
4/1/2053
96,000
94,056
Clearway Energy Operating LLC
†
3.75%
2/15/2031
75,000
66,486
Enel Finance International NV (Netherlands)
†(a)
2.50%
7/12/2031
200,000
168,558
Enel Finance International NV (Netherlands)
†(a)
5.125%
6/26/2029
200,000
201,023
Engie SA
0.375%
6/21/2027 EUR 100,000
100,145
Engie SA
3.625%
1/11/2030 EUR 100,000
109,800
Iberdrola International BV
1.45%
(5 yr. EUR Swap + 1.83%)
#
–
(b)
EUR 100,000
101,815
Iberdrola International BV
1.45%
(5 yr. EUR Swap + 1.83%)
#
–
(b)
EUR 100,000
101,815
Ignitis Grupe AB
2.00%
5/21/2030 EUR 100,000
97,013
Leeward Renewable Energy Operations LLC
†
4.25%
7/1/2029 $
82,000
74,668
Liberty Utilities Finance GP 1
†
2.05%
9/15/2030
70,000
58,906
MidAmerican Energy Co.
3.95%
8/1/2047
65,000
52,230
MidAmerican Energy Co.
5.85%
9/15/2054
28,000
29,521
NextEra Energy Capital Holdings, Inc.
1.90%
6/15/2028
47,000
42,368
NextEra Energy Operating Partners LP
†
4.50%
9/15/2027
56,000
53,658
Orsted AS
2.125%
5/17/2027 GBP 100,000
119,194
Pattern Energy Operations LP/Pattern Energy
Operations, Inc.
†
4.50%
8/15/2028 $
49,000
46,271
Ren Finance BV
0.50%
4/16/2029 EUR 100,000
95,859
ReNew Wind Energy AP2/ReNew Power Pvt Ltd.
other 9 Subsidiaries (India)
(a)
4.50%
7/14/2028 $
200,000
184,265
Solar Star Funding LLC
†
5.375%
6/30/2035
73,351
73,008
Sorik Marapi Geothermal Power PT (Indonesia)
†(a)(c)
7.75%
8/5/2031
200,000
201,000
Southwestern Public Service Co.
3.75%
6/15/2049
50,000
37,248
SSE PLC
4.00%
9/5/2031 EUR 100,000
112,228
Terna - Rete Elettrica Nazionale
0.75%
7/24/2032 EUR 100,000
88,967
TransAlta Corp. (Canada)
(a)
7.75%
11/15/2029 $
48,000
50,393
Tucson Electric Power Co.
1.50%
8/1/2030
60,000
50,139
Vattenfall AB
0.50%
6/24/2026 EUR 100,000
102,874
Total
2,620,596
S
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(
c
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t
i
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u
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d
)
CLIMATE FOCUSED BOND FUND
J
u
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3
1
,
2
0
2
4
4
S
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Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Electrical Components & Equipment 1.02%
Acuity Brands Lighting, Inc.
2.15%
12/15/2030 $
125,000 $
106,157
Nexans SA
4.25%
3/11/2030 EUR 100,000
109,478
Total
215,635
Electronics 0.25%
Hubbell, Inc.
3.50%
2/15/2028 $
55,000
52,850
Energy-Alternate Sources 3.33%
Continental Wind LLC
†
6.00%
2/28/2033
49,200
49,463
EEW Energy from Waste GmbH
0.361%
6/30/2026 EUR 200,000
203,066
Scatec ASA
6.33%
(3 mo. EURIBOR + 2.50%)
#
8/19/2025 EUR 100,000
108,225
Sunnova Energy Corp.
†
5.875%
9/1/2026 $
97,000
80,629
Sweihan PV Power Co. PJSC
(United Arab Emirates)
†(a)
3.625%
1/31/2049
188,782
153,132
TerraForm Power Operating LLC
†
4.75%
1/15/2030
55,000
51,152
Topaz Solar Farms LLC
†
5.75%
9/30/2039
61,417
60,048
Total
705,715
Engineering & Construction 0.49%
Jacobs Engineering Group, Inc.
5.90%
3/1/2033
101,000
103,271
Environmental Control 2.83%
Clean Harbors, Inc.
†
6.375%
2/1/2031
53,000
53,651
FCC Servicios Medio Ambiente Holding SAU
1.661%
12/4/2026 EUR 100,000
104,467
GFL Environmental, Inc. (Canada)
†(a)
6.75%
1/15/2031 $
60,000
61,774
Madison IAQ LLC
†
5.875%
6/30/2029
54,000
50,613
Paprec Holding SA
†
3.50%
7/1/2028 EUR 100,000
104,469
Veralto Corp.
†
4.15%
9/19/2031 EUR 200,000
224,470
Total
599,444
Food 0.44%
Kerry Group Financial Services Unltd. Co.
0.875%
12/1/2031 EUR 100,000
92,586
Forest Products & Paper 0.49%
Ahlstrom Holding 3 OY
3.625%
2/4/2028 EUR 100,000
104,700
Health Care-Services 0.48%
Kaiser Foundation Hospitals
3.15%
5/1/2027 $
67,000
64,912
Seattle Children’s Hospital
2.719%
10/1/2050
55,000
36,136
Total
101,048
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(
c
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t
i
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u
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d
)
CLIMATE FOCUSED BOND FUND
J
u
l
y
3
1
,
2
0
2
4
S
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.
5
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Insurance 0.92%
AXA SA
1.375%
(3 mo. EURIBOR + 2.40%)
#
10/7/2041 EUR 100,000 $
91,635
PartnerRe Ireland Finance DAC
1.25%
9/15/2026 EUR 100,000
103,519
Total
195,154
Machinery: Construction & Mining 0.34%
Vertiv Group Corp.
†
4.125%
11/15/2028 $
75,000
71,105
Machinery-Diversified 0.83%
Mueller Water Products, Inc.
†
4.00%
6/15/2029
59,000
55,107
nVent Finance SARL (Luxembourg)
(
a)
2.75%
11/15/2031
144,000
121,396
Total
176,503
Media 0.83%
VZ Secured Financing BV (Netherlands)
†(a)
5.00%
1/15/2032
200,000
175,678
Mining 1.51%
Constellium SE
†(c)
5.375%
8/15/2032 EUR 200,000
217,235
Novelis Sheet Ingot GmbH
†
3.375%
4/15/2029 EUR 100,000
103,214
Total
320,449
Miscellaneous Manufacturing 1.50%
Eaton Corp.
4.15%
3/15/2033 $
62,000
59,470
Pentair Finance SARL (Luxembourg)
(a)
4.50%
7/1/2029
45,000
44,235
Siemens Financieringsmaatschappij NV
3.375%
8/24/2031 EUR 100,000
111,060
Wabtec Transportation Netherlands BV
1.25%
12/3/2027 EUR 100,000
101,802
Total
316,567
Municipal 1.19%
Transport for London
2.125%
4/24/2025 GBP 200,000
251,790
Packaging & Containers 1.62%
Canpack SA/Canpack U.S. LLC (Poland)
†(a)
3.125%
11/1/2025 $
200,000
192,935
Owens-Brockway Glass Container, Inc.
†
7.25%
5/15/2031
56,000
55,479
Smurfit Kappa Treasury ULC
0.50%
9/22/2029 EUR 100,000
94,399
Total
342,813
Pharmaceuticals 0.61%
Eli Lilly & Co.
0.50%
9/14/2033 EUR 100,000
88,050
Pfizer, Inc.
2.625%
4/1/2030 $
45,000
40,830
Total
128,880
S
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(
c
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t
i
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u
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d
)
CLIMATE FOCUSED BOND FUND
J
u
l
y
3
1
,
2
0
2
4
6
S
e
e
N
o
t
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s
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i
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c
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s
.
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Real Estate 2.77%
Blackstone Property Partners Europe Holdings SARL 1.625%
4/20/2030 EUR 100,000 $
95,115
Kojamo OYJ
0.875%
5/28/2029 EUR 100,000
93,597
LEG Immobilien SE
0.75%
6/30/2031 EUR 100,000
88,542
Logicor Financing SARL
2.00%
1/17/2034 EUR 100,000
90,419
P3 Group SARL
4.625%
2/13/2030 EUR 100,000
110,773
Prologis International Funding II SA
3.625%
3/7/2030 EUR 100,000
108,831
Total
587,277
REITS 2.54%
CBRE Global Investors Open-Ended Funds SCA
SICAV-SIF-Pan European Core Fund
4.75%
3/27/2034 EUR 100,000
113,805
Digital Dutch Finco BV
1.00%
1/15/2032 EUR 100,000
88,264
Goodman U.S. Finance Five LLC
†
4.625%
5/4/2032 $
140,000
133,336
HAT Holdings I LLC/HAT Holdings II LLC
†
3.75%
9/15/2030
72,000
63,260
Merlin Properties Socimi SA
1.375%
6/1/2030 EUR 100,000
95,066
Weyerhaeuser Co.
6.875%
12/15/2033 $
40,000
44,423
Total
538,154
Sovereign 0.85%
European Union
1.25%
2/4/2043 EUR 226,755
178,924
Telecommunications 1.97%
NTT Finance Corp. (Japan)
†(a)
4.372%
7/27/2027 $
200,000
198,612
Vmed O2 U.K. Financing I PLC
†
4.50%
7/15/2031 GBP 200,000
217,570
Total
416,182
Transportation 5.41%
Central Japan Railway Co. (Japan)
(a)
2.20%
10/2/2024 $
400,000
397,639
Deutsche Bahn Finance GmbH
0.95%
(5 yr. EUR Swap + 1.26%)
#
–
(b)
EUR 100,000
106,046
Ferrovie dello Stato Italiane SpA
0.375%
3/25/2028 EUR 100,000
97,977
Firstgroup PLC
6.875%
9/18/2024 GBP 100,000
128,670
Getlink SE
3.50%
10/30/2025 EUR 100,000
107,876
Hamburger Hochbahn AG
0.125%
2/24/2031 EUR 100,000
90,049
Ile-de-France Mobilites
0.40%
5/28/2031 EUR 100,000
90,742
Stagecoach Group Ltd.
4.00%
9/29/2025 GBP 100,000
125,814
Total
1,144,813
Water 4.15%
Aegea Finance SARL (Luxembourg)
†(a)
9.00%
1/20/2031 $
200,000
211,109
American Water Capital Corp.
2.80%
5/1/2030
62,000
55,883
S
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s
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m
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t
s
(
c
o
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t
i
n
u
e
d
)
CLIMATE FOCUSED BOND FUND
J
u
l
y
3
1
,
2
0
2
4
S
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e
N
o
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e
s
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s
.
7
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Water (continued)
Severn Trent Utilities Finance PLC
4.625%
11/30/2034 GBP 100,000 $
120,192
Severn Trent Utilities Finance PLC
4.625%
11/30/2034 GBP 100,000
120,192
Suez SACA
2.875%
5/24/2034 EUR 100,000
100,976
United Utilities PLC (United Kingdom)
(a)
6.875%
8/15/2028 $
50,000
53,429
Veolia Environnement SA
2.50%
(5 yr. EUR Swap + 2.84%)
#
–
(b)
EUR 100,000
98,414
Yorkshire Water Finance PLC
1.75%
11/26/2026 GBP 100,000
117,228
Total
877,423
Total Corporate Bonds
(cost $14,825,867)
14,479,757
FLOATING RATE LOANS
(
d)
1.92%
Building & Construction 0.09%
Legence Holdings LLC 2021 Term Loan
8.944%
(1 mo. USD Term
SOFR + 3.50%) 12/16/2027 $
19,153
19,246
Building Materials 0.18%
Hobbs & Associates LLC Delayed Draw Term Loan
(e)
–
(f)
7/16/2031
3,364
3,368
Hobbs & Associates LLC Term Loan B
8.589%
(3 mo. USD Term
SOFR + 3.25%)
7/16/2031
33,636
33,678
Total
37,046
Commercial Services 0.41%
IFCO Management GmbH 2024 EUR Term Loan B 7.652%
(6 mo. EURIBOR + 4.00%) 11/29/2029
EUR 33,371
36,336
Techem Verwaltungsgesellschaft 675 GmbH
2024 EUR Term Loan B
7.374%
(1 mo. EURIBOR + 3.75%)
7/15/2029
EUR 46,967
51,037
Total
87,373
Containers & Packaging 0.26%
Kouti BV 2021 EUR Term Loan
7.219%
(3 mo. EURIBOR + 3.43%)
8/31/2028
EUR 50,000
54,233
Electric: Generation 0.25%
ExGen Renewables IV LLC 2020 Term Loan
8.109%
(3 mo. USD Term
SOFR + 2.50%) 12/15/2027 $
26,886
26,971
ExGen Renewables IV, LLC 2024 Term Loan B
–
(f)
12/15/2027
26,886
26,970
Total
53,941
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2
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8
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Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Energy: Alternate Sources 0.24%
TerraForm Power Operating LLC 2023
Term Loan B
7.935%
(3 mo. USD Term SOFR + 2.50%)
5/21/2029 $
49,984 $
50,213
Integrated Energy 0.08%
Esdec Solar Group BV Term Loan B
(Netherlands)
(
a)
10.596%
(3 mo. USD Term SOFR + 5.00%)
8/30/2028
18,223
17,084
Machinery 0.11%
Array Technologies, Inc. Term Loan B
8.71%
(3 mo. USD Term SOFR + 3.25%) 10/14/2027
24,191
24,233
Retail 0.06%
Thermostat Purchaser III, Inc. 2024 Term Loan B
9.594%
(3 mo. USD Term SOFR + 4.25%)
8/31/2028
13,652
13,669
Service 0.24%
Service Logic Acquisition, Inc. Term Loan 9.458% - 9.51%
(1 mo. USD Term
SOFR + 4.00%)
(3 mo. USD Term
SOFR + 4.00%) 10/29/2027
49,743
50,085
Total Floating Rate Loans
(cost $405,536)
407,123
FOREIGN GOVERNMENT OBLIGATIONS 18.10%
Chile 0.50%
Chile Government International Bonds
0.83%
7/2/2031 EUR 117,000
106,054
France 4.40%
Action Logement Services
0.50%
10/30/2034 EUR 200,000
164,331
French Republic Government Bonds OAT
1.75%
6/25/2039 EUR 194,320
174,495
French Republic Government Bonds OAT
3.00%
6/25/2049 EUR 165,000
166,640
Ile-de-France Mobilites
0.40%
5/28/2031 EUR 100,000
90,742
SNCF Reseau
0.75%
5/25/2036 EUR 100,000
80,612
Societe Des Grands Projets EPIC
0.30%
9/2/2036 EUR 100,000
75,772
Societe Des Grands Projets EPIC
1.125%
5/25/2034 EUR 200,000
178,763
Total
931,355
Germany 3.40%
Bundesrepublik Deutschland Bundesanleihe Zero Coupon
8/15/2030 EUR 156,315
148,796
Bundesrepublik Deutschland Bundesanleihe
3.25%
7/4/2042 EUR 478,611
571,600
Total
720,396
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9
Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Italy 1.26%
Italy Buoni Poliennali Del Tesoro
1.50%
4/30/2045 EUR 149,000 $
104,625
Italy Buoni Poliennali Del Tesoro
4.00%
4/30/2035 EUR 145,000
161,897
Total
266,522
Japan 2.75%
Development Bank of Japan, Inc.
(a)
4.375%
9/22/2025 $
200,000
198,718
Japan Bank for International Cooperation
(a)
1.625%
1/20/2027
200,000
187,380
Japan Finance Organization for Municipalities
0.01%
2/2/2028 EUR 200,000
195,503
Total
581,601
Netherlands 1.04%
Nederlandse Financierings-Maatschappij voor
Ontwikkelingslanden NV
3.00%
10/25/2027 EUR 200,000
219,178
South Korea 0.95%
Korea Electric Power Corp.
†(a)
4.875%
1/31/2027 $
200,000
200,868
Spain 1.44%
Adif Alta Velocidad
0.55%
4/30/2030 EUR 200,000
187,125
Autonomous Community of Madrid
0.419%
4/30/2030
EUR 75,000
70,374
Spain Government Bonds
1.00%
7/30/2042
EUR 66,000
47,878
Total
305,377
United Kingdom 2.36%
U.K. Gilts
0.875%
7/31/2033 GBP 243,000
240,377
U.K. Gilts
1.50%
7/31/2053 GBP 390,000
259,458
Total
499,835
Total Foreign Government Obligations
(cost $3,928,377)
3,831,186
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.43%
Federal Home Loan Mortgage Corp.
Multifamily Structured Pass-Through
Certificates Series G07 Class A2 (Cost $91,039)
3.123%
#(g)
8/25/2032 $
100,000
91,420
MUNICIPAL BONDS 1.98%
Sales Tax 0.30%
Dallas Area Rapid Transit TX
2.534%
12/1/2036
80,000
62,958
Taxable Revenue - Water & Sewer 1.68%
City of Aurora Water Revenue CO
2.348%
8/1/2036
30,000
24,100
City of Dallas Waterworks & Sewer
System Revenue TX
2.772%
10/1/2040
75,000
56,867
City of Los Angeles Wastewater
System Revenue CA
5.713%
6/1/2039
50,000
52,571
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2
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2
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10
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Interest Maturity
Principal
Fair
Investments
Rate
Date
Amount
‡
Value
Taxable Revenue - Water & Sewer (continued)
City of San Francisco Public Utilities Commission
Water Revenue CA
6.00%
11/1/2040 $
100,000 $
105,701
Metropolitan Government of Nashville
& Davidson County Water & Sewer Revenue TN
2.611%
7/1/2036
20,000
16,110
New York City Municipal Water Finance
Authority NY
5.75%
6/15/2041
50,000
52,277
San Diego County Water Authority CA
1.951%
5/1/2034
60,000
47,687
Total
355,313
Total Municipal Bonds
(cost $534,465)
418,271
U.S. TREASURY OBLIGATIONS 3.12%
U.S. Treasury Bonds
4.25%
2/15/2054
260,000
255,755
U.S. Treasury Notes
4.625%
2/28/2026
403,000
404,086
Total U.S. Treasury Obligations
(cost $645,719)
659,841
Total Long-Term Investments
(cost $20,563,427)
20,026,308
SHORT-TERM INVESTMENTS 5.05%
U.S. TREASURY OBLIGATIONS 3.48%
U.S. Treasury Bills (Cost $736,202)
Zero Coupon
9/5/2024
740,000
736,207
REPURCHASE AGREEMENTS 1.57%
Repurchase Agreement dated 7/31/2024,
2.800% due 8/1/2024 with Fixed Income
Clearing Corp. collateralized by $360,600
of U.S. Treasury Note at 0.375%
due 12/31/2025; value: $340,121;
proceeds: $333,338 (cost $333,313)
333,313
333,313
Total Short-Term Investments
(cost $1,069,515)
1,069,520
Total Investments in Securities 99.68%
(cost $21,632,942)
21,095,828
Less Unfunded Loan Commitments (0.02%)
(cost $3,364)
(3,368)
Net Investments in Securities 99.66%
(cost $21,629,578)
21,092,460
Other Assets and Liabilities – Net
(h)
0.33%
70,511
Net Assets 100.00%
$21,162,971
EUR
Euro.
GBP
British Pound.
EURIBOR Euro Interbank Offered Rate.
ICE
Intercontinental Exchange.
REITS
Real Estate Investment Trusts.
SOFR
Secured Overnight Financing Rate.
‡
Principal Amount is denominated in U.S. dollars unless otherwise noted.
†
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, 2024, the total
value of Rule 144A securities was $4,312,346, which represents 20.38% of net assets.
#
Variable rate security. The interest rate represents the rate in effect at July 31, 2024.
(a)
Foreign security traded in U.S. dollars.
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CLIMATE FOCUSED BOND FUND
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11
(b)
Security is perpetual in nature and has no stated maturity.
(c)
Securities purchased on a when-issued basis (See Note 2(k)).
(d)
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, 2024.
(e)
Security partially/fully unfunded. (See Note 2(l)).
(f)
Interest Rate to be determined.
(g)
Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(h)
Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency
exchange contracts and futures contracts as follows:
Forward Foreign Currency Exchange Contracts at July 31, 2024:
Forward
Foreign
U.S. $
Currency
Cost on
U.S. $
Exchange Transaction
Expiration Foreign Origination
Current Unrealized
Contracts
Type
Counterparty
Date Currency
Date
Value Appreciation
Euro
Buy Bank of America 8/20/2024
47,000 $ 50,726 $ 50,908
$ 182
Euro
Buy Morgan Stanley 8/20/2024
139,000
149,727
150,558
831
Euro
Buy
State Street
Bank and Trust 8/20/2024
91,000
97,950
98,567
617
Euro
Buy
State Street
Bank and Trust 8/20/2024
95,000
102,827
102,900
73
Euro
Sell Bank of America 8/20/2024
77,000
83,580
83,403
177
Euro
Sell Morgan Stanley 8/20/2024 9,435,000 10,300,375 10,219,545
80,830
Euro
Sell Morgan Stanley 8/20/2024
102,000
111,276
110,482
794
Euro
Sell Morgan Stanley 8/20/2024
5,000
5,448
5,416
32
Euro
Sell Morgan Stanley 8/20/2024
62,000
67,691
67,155
536
Euro
Sell
State Street
Bank and Trust 8/20/2024
200,000
217,127
216,631
496
Euro
Sell
Toronto
Dominion Bank 8/20/2024
33,000
36,023
35,744
279
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts
$84,847
Forward
Foreign
U.S. $
Currency
Cost on
U.S. $
Exchange Transaction
Expiration Foreign Origination
Current Unrealized
Contracts
Type
Counterparty
Date Currency
Date
Value Depreciation
Euro
Buy
State Street
Bank and Trust
8/8/2024
200,000 $ 217,006 $ 216,509
$ (497)
Euro
Buy Bank of America 8/20/2024
190,000
206,305
205,799
(506)
Euro
Buy Bank of America 8/20/2024
93,000
101,231
100,733
(498)
Euro
Buy
State Street
Bank and Trust 8/20/2024
101,000
110,204
109,398
(806)
Euro
Buy
State Street
Bank and Trust 8/20/2024
76,000
82,760
82,320
(440)
Euro
Buy
State Street
Bank and Trust 8/20/2024
24,000
26,221
25,996
(225)
Euro
Buy
Toronto
Dominion Bank 8/20/2024
100,000
108,672
108,315
(357)
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12
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F
orward
F
oreign
U.S. $
Currency
Cost on
U.S. $
Exchange Transaction
Expiration Foreign Origination
Current Unrealized
C
ontracts
Type
Counterparty
Date Currency
Date
Value Depreciation
British pound
Sell
State Street
Bank and Trust 8/30/2024 1,303,000 $1,654,015 $1,675,529
$(21,514)
British pound
Sell
State Street
Bank and Trust 8/30/2024
116,000
148,234
149,164
(930)
British pound
Sell
Toronto
Dominion Bank 8/30/2024
85,000
108,667
109,302
(635)
Euro
Sell Bank of America 8/20/2024
36,000
38,648
38,993
(345)
Euro
Sell Morgan Stanley 8/20/2024
47,000
50,506
50,908
(402)
Euro
Sell
State Street
Bank and Trust 8/20/2024
55,000
59,264
59,573
(309)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts
$(27,464)
Futures Contracts at July 31, 2024:
Notional Notional
Unrealized
Type
Expiration
Contracts Position
Amount
Value Appreciation
Euro-Bund
September 2024
12
Long EUR 1,560,191 EUR 1,604,760
$ 48,235
Euro-Buxl
September 2024
7
Long
893,906
943,180
53,327
Euro-Schatz
September 2024
20
Long
2,104,918
2,121,500
17,946
U.S. 2-Year Treasury Note
September 2024
12
Long
$2,445,349
$2,464,406
19,057
Total Unrealized Appreciation on Futures Contracts
$138,565
Notional Notional
Unrealized
Type
Expiration
Contracts Position
Amount
Value Depreciation
U.S. 10-Year Ultra Treasury Note September 2024
7
Short
$ (790,399) $ (809,047)
$(18,648)
U.S. 5-Year Treasury Note
September 2024
23
Short
(2,440,044)
(2,481,484)
(41,440)
U.S. Long Bond
September 2024
2
Short
(234,338)
(241,563)
(7,225)
Total Unrealized Depreciation on Futures Contracts
$(67,313)
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13
The following is a summary of the inputs used as of July 31, 2024 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 $
– $
50,158 $ – $
50,158
Convertible Bonds
–
88,552 –
88,552
Corporate Bonds
–
14,479,757 –
14,479,757
Floating Rate Loans
–
407,123 –
407,123
Less Unfunded Loan Commitments
–
(3,368) –
(3,368)
Foreign Government Obligations
–
3,831,186 –
3,831,186
Government Sponsored Enterprises
Collateralized Mortgage Obligations
–
91,420 –
91,420
Municipal Bonds
–
418,271 –
418,271
U.S. Treasury Obligations
–
659,841 –
659,841
Short-Term Investments
U.S. Treasury Obligations
–
736,207 –
736,207
Repurchase Agreements
–
333,313 –
333,313
Total $
– $
21,092,460 $ – $
21,092,460
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets $
– $
84,847 $ – $
84,847
Liabilities
–
(27,464) –
(27,464)
Futures Contracts
Assets
138,565
– –
138,565
Liabilities
(67,313)
– –
(67,313)
Total $
71,252 $
57,383 $ – $
128,635
(1)
Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)
See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The
table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment
Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each
Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3
investments at the beginning or end of the year in relation to the Fund’s net assets.
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2
4