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: 811-05876

LORD ABBETT SERIES FUND, INC.

(Exact name of Registrant as specified in charter)

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2026

Item 1:

Report(s) to Shareholders.

Class VC

Lord Abbett Bond Debenture Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$44	0.87%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$1,204,819,667
# of Portfolio Holdings	915
Portfolio Turnover Rate	156%

Table Summary
Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	5.07%
Common Stocks	4.79%
Corporate Bonds	60.36%
Floating Rate Loans	1.55%
Foreign Government Obligations	6.04%
Government Sponsored Enterprises Pass-Throughs	11.58%
Investments in Affiliated Funds	1.23%
Municipal Bonds	0.48%
Non-Agency Commercial Mortgage-Backed Securities	3.92%
Preferred Stocks	0.08%
Warrants	0.00%^{Footnote Reference**}
Repurchase Agreements	2.33%
Money Market Funds^{Footnote Reference†}	2.31%
Time Deposits^{Footnote Reference†}	0.26%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote†	Securities were purchased with the cash collateral from loaned securities.

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 www.lordabbett.com/seriesfunds.

TSR-SA-593-VC

08/26

Class VC

Lord Abbett Developing Growth Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$61	1.04%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$79,448,007
# of Portfolio Holdings	96
Portfolio Turnover Rate	56%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	1.53%
Consumer Discretionary	5.43%
Consumer Staples	0.85%
Financials	2.89%
Health Care	19.20%
Industrials	30.29%
Information Technology	31.50%
Repurchase Agreements	1.60%
Money Market Funds^{Footnote Reference†}	6.04%
Time Deposits^{Footnote Reference†}	0.67%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote†	Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

TSR-SA-583-VC

08/26

Class VC

Lord Abbett Dividend Growth Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Dividend Growth Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$51	0.99%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$200,915,792
# of Portfolio Holdings	51
Portfolio Turnover Rate	20%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	3.87%
Consumer Discretionary	5.08%
Consumer Staples	5.81%
Energy	5.83%
Financials	16.10%
Health Care	11.43%
Industrials	10.70%
Information Technology	30.34%
Materials	5.49%
Utilities	4.30%
Repurchase Agreements	1.05%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1402-VC

08/26

Class VC

Lord Abbett Fundamental Equity Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$57	1.08%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$212,528,738
# of Portfolio Holdings	57
Portfolio Turnover Rate	31%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	4.72%
Consumer Discretionary	6.71%
Consumer Staples	1.87%
Energy	7.46%
Financials	21.43%
Health Care	12.00%
Industrials	13.72%
Information Technology	21.15%
Materials	4.54%
Real Estate	1.58%
Utilities	4.49%
Repurchase Agreements	0.33%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1401-VC

08/26

Class VC

Lord Abbett Growth and Income Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Growth and Income Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$47	0.93%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$492,495,687
# of Portfolio Holdings	58
Portfolio Turnover Rate	26%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	4.58%
Consumer Discretionary	6.72%
Consumer Staples	1.89%
Energy	7.43%
Financials	20.33%
Health Care	14.28%
Industrials	14.39%
Information Technology	18.93%
Materials	4.48%
Real Estate	1.50%
Utilities	4.02%
Repurchase Agreements	0.48%
Money Market Funds^{Footnote Reference†}	0.87%
Time Deposits^{Footnote Reference†}	0.10%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote†	Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

TSR-SA-17-VC

08/26

Class VC

Lord Abbett Growth Opportunities Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Growth Opportunities Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$62	1.13%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$84,885,384
# of Portfolio Holdings	80
Portfolio Turnover Rate	68%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	3.56%
Consumer Discretionary	9.03%
Energy	1.74%
Financials	5.01%
Health Care	10.43%
Industrials	34.09%
Information Technology	29.74%
Repurchase Agreements	3.57%
Money Market Funds^{Footnote Reference†}	2.55%
Time Deposits^{Footnote Reference†}	0.28%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote†	Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

TSR-SA-1400-VC

08/26

Class VC

Lord Abbett Mid Cap Stock Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Mid Cap Stock Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$60	1.14%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$256,432,158
# of Portfolio Holdings	61
Portfolio Turnover Rate	39%

Table Summary
Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	0.85%
Consumer Discretionary	6.43%
Consumer Staples	2.96%
Energy	5.98%
Financials	16.82%
Health Care	11.34%
Industrials	19.96%
Information Technology	21.33%
Materials	6.00%
Real Estate	1.58%
Utilities	6.25%
Repurchase Agreements	0.50%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-269-VC

08/26

Class I

Lord Abbett Short Duration Income Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Portfolio for the period of May 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$7	0.42%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$167,980,316
# of Portfolio Holdings	841
Portfolio Turnover Rate	84%

Table Summary
Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	21.37%
Convertible Bonds	0.04%
Corporate Bonds	55.45%
Floating Rate Loans	4.29%
Foreign Government Obligations	1.91%
Government Sponsored Enterprises Collateralized Mortgage Obligations	0.03%
Government Sponsored Enterprises Pass-Throughs	5.06%
Municipal Bonds	0.13%
Non-Agency Commercial Mortgage-Backed Securities	7.68%
U.S. Treasury Obligations	3.52%
Repurchase Agreements	0.52%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3379-I

08/26

Class VC

Lord Abbett Short Duration Income Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$39	0.78%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$167,980,316
# of Portfolio Holdings	841
Portfolio Turnover Rate	84%

Table Summary
Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	21.37%
Convertible Bonds	0.04%
Corporate Bonds	55.45%
Floating Rate Loans	4.29%
Foreign Government Obligations	1.91%
Government Sponsored Enterprises Collateralized Mortgage Obligations	0.03%
Government Sponsored Enterprises Pass-Throughs	5.06%
Municipal Bonds	0.13%
Non-Agency Commercial Mortgage-Backed Securities	7.68%
U.S. Treasury Obligations	3.52%
Repurchase Agreements	0.52%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3384-VC

08/26

Class VC

Lord Abbett Total Return Portfolio

Semi-Annual Shareholder Report

June 30, 2026

www.lordabbett.com/seriesfunds

This semi-annual shareholder report contains important information about the Lord Abbett Total Return Portfolio for the period of January 1, 2026 to June 30, 2026 (the "reporting period"). You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the reporting period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class VC	$35	0.70%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

What did the Fund invest in?

(as of June 30, 2026)

Key Fund Statistics

(as of June 30, 2026)

Table Summary
Total Net Assets	$657,753,340
# of Portfolio Holdings	567
Portfolio Turnover Rate	200%

Table Summary
Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	12.43%
Common Stocks	0.01%
Corporate Bonds	34.62%
Floating Rate Loans	1.53%
Foreign Government Obligations	1.47%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.59%
Government Sponsored Enterprises Pass-Throughs	22.37%
Government Sponsored Enterprises Securities	0.80%
Non-Agency Commercial Mortgage-Backed Securities	9.05%
U.S. Treasury Obligations	15.08%
Repurchase Agreements	1.02%
Money Market Funds^{Footnote Reference**}	0.03%
Time Deposits^{Footnote Reference**}	0.00%^{Footnote Reference†}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Securities were purchased with the cash collateral from loaned securities.
Footnote†	Amount is less than 0.01%

Where can I find additional information about the Fund?

TSR-SA-1454-VC

08/26

(b)

Not applicable.

Item 2:

Code of Ethics.

(a)

Not applicable.

(b)

Not applicable.

(c)

The Registrant has not amended its Sarbanes-Oxley Code of Ethics for the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”) during the six-month period ended June 30, 2026 (the “Period”). Subsequent to the Period, the Registrant updated its Code of Ethics solely to reflect a change to the Registrant’s principal financial officer and principal accounting officer, effective May 22, 2026.

(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.

Not applicable.

Item 4:

Principal Accountant Fees and Services.

Not applicable.

Item 5:

Audit Committee of Listed Registrants.

Not applicable.

Item 6:

Investments.

The Registrant’s “Schedule I - Investments in securities of unaffiliated issuers” as of the close of the reporting period is included under Item 7 of this Form N-CSR.

Item 7:

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 8:

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 9:

Proxy Disclosures for Open-End Management Investment Companies.

Item 10:

Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

Item 11:

Statement Regarding Basis for Approval of Investment Advisory Contract.

The basis for the approval of the investment adviser contract is included as part of the report to shareholders filed under Item 1 (a) of this form N-CSR.

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Bond Debenture Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

48		Statement of Assets and Liabilities (Item 7)

49		Statement of Operations (Item 7)

50		Statements of Changes in Net Assets (Item 7)

52		Financial Highlights (Item 7)

54		Notes to Financial Statements (Item 7)

74		Changes in and Disagreements with Accountants (Item 8)

74		Proxy Disclosures (Item 9)

74		Remuneration Paid to Directors, Officers, and Others (Item 10)

74		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

LONG-TERM INVESTMENTS 108.92%

ASSET-BACKED SECURITIES 5.80%

Automobiles 0.06%

First Investors Auto Owner Trust Series 2025-1A Class D^†

5.22%

12/15/2033

700,000

692,978

Credit Card 0.28%

Continental Finance Credit Card ABS Master Trust Series 2024-A Class A^†

5.78%

12/15/2032

1,798,000

1,807,144

Perimeter Master Note Business Trust Series 2025-1A Class A^†

5.58%

12/16/2030

1,600,000

1,595,466

Total

3,402,610

Other 5.46%

AB BSL CLO 7 Ltd. Series 2025-7A Class C^†

5.572%
(3 mo. USD Term SOFR + 1.90%

)^#

1/15/2039

250,000

251,080

Acore Issuer LLC Series 2026-FL1 Class A^†

5.089%
(1 mo. USD Term SOFR + 1.45%

)^#

8/20/2043

910,000

910,569

ACREC LLC Series 2026-FL5 Class A^†

4.95%
(1 mo. USD Term SOFR + 1.35%

)^#

7/18/2043

590,000

590,501

ACREC LLC Series 2026-FL5 Class AS^†

5.10%
(1 mo. USD Term SOFR + 1.50%

)^#

7/18/2043

1,590,000

1,591,351

Anchorage Capital CLO 7 Ltd. Series 2015-7A Class CR4^†

5.57%
(3 mo. USD Term SOFR + 1.90%

)^#

4/28/2037

420,000

421,962

Arbor Realty Commercial Real Estate Notes LLC Series 2026-FL1 Class A^†

5.139%
(1 mo. USD Term SOFR + 1.50%

)^#

9/20/2043

870,000

873,263

ARES Loan Funding V Ltd. Series 2024-ALF5AR Class CR^†

5.531%
(3 mo. USD Term SOFR + 1.90%

)^#

7/25/2037

480,000

481,308

Ballyrock CLO 28 Ltd. Series 2024-28A Class SUB^†

5.403%

^#(a)

1/20/2038

600,000

363,316

BAR Issuer LLC Series 2026-FL1 Class A^†

5.239%
(1 mo. USD Term SOFR + 1.60%

)^#

8/20/2043

2,300,000

2,310,775

Barrow Hanley CLO III Ltd. Series 2024-3A Class CR^†

5.491%
(3 mo. USD Term SOFR + 1.87%

)^#

4/20/2038

310,000

310,322

BDS LLC Series 2025-FL16 Class A^†

5.039%
(1 mo. USD Term SOFR + 1.40%

)^#

6/19/2043

940,000

943,098

BDS LLC Series 2026-FL17 Class A^†

4.989%
(1 mo. USD Term SOFR + 1.35%

)^#

5/19/2043

1,120,000

1,121,399


	See Notes to Financial Statements.	1

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Other (continued)
Benefit Street Partners CLO XXXIX Ltd. Series 2025-39A Class SUB^†	Zero coupon	^#(a)	4/15/2038	$	1,500,000	$	1,170,051
Bojangles Issuer LLC Series 2024-1A Class A2^†	6.584%		11/20/2054		1,230,700		1,239,475
Bridge Street CLO II Ltd. Series 2021-1A Class CR^†	5.675% (3 mo. USD Term SOFR + 2.00%	)^#	1/20/2039		250,000		250,611
Bryant Park Funding Ltd. Series 2024-22AR Class CR^†	5.384% (3 mo. USD Term SOFR + 1.75%	)^#	3/31/2039		720,000		720,894
BSPDF Issuer LLC Series 2026-FL3 Class A^†	5.087% (1 mo. USD Term SOFR + 1.45%	)^#	9/18/2043		1,590,000		1,594,977
BSPDF Issuer LLC Series 2026-FL4 Class A^†	5.087% (1 mo. USD Term SOFR + 1.45%	)^#	11/18/2043		1,820,000		1,821,490
BSPDF Issuer LLC Series 2026-FL4 Class AS^†	5.287% (1 mo. USD Term SOFR + 1.65%	)^#	11/18/2043		1,360,000		1,362,598
BSPRT Issuer LLC Series 2025-FL12 Class A^†	5.022% (1 mo. USD Term SOFR + 1.39%	)^#	1/17/2043		1,270,000		1,273,593
Cajun Global LLC Series 2025-2A Class A2^†	5.912%		11/20/2055		1,350,000		1,348,667
Canyon CLO Ltd. Series 2021-3A Class CR^†	5.473% (3 mo. USD Term SOFR + 1.80%	)^#	7/15/2034		360,000		360,377
Canyon CLO Ltd. Series 2023-2AR Class CR^†	5.43% (3 mo. USD Term SOFR + 1.75%	)^#	7/15/2039		550,000		549,854
Carlyle U.S. CLO Ltd. Series 2019-4AR Class CR2^†	5.387% (3 mo. USD Term SOFR + 1.75%	)^#	6/22/2039		760,000		760,922
Carlyle U.S. CLO Ltd. Series 2021-6A Class CR^†	5.623% (3 mo. USD Term SOFR + 1.95%	)^#	1/15/2038		250,000		251,197
CBAMR Ltd. Series 2020-12A Class CR2^†	5.475% (3 mo. USD Term SOFR + 1.80%	)^#	1/20/2039		250,000		251,568
Cherry Securitization Trust Series 2024-1A Class A^†	5.70%		4/15/2032		1,455,000		1,458,064
Cherry Securitization Trust Series 2025-1A Class A^†	6.13%		11/15/2032		1,055,000		1,065,573
Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A^†	6.05%		1/20/2031		996,818		1,006,079
DB Master Finance LLC Series 2026-1A Class A2II^†	5.432%		5/20/2056		2,300,000		2,308,699
Dryden 42 Senior Loan Fund Series 2016-42AR Class CR3^†	5.475% (3 mo. USD Term SOFR + 1.85%	)^#	7/15/2037		750,000		751,879
Hardee’s Funding LLC Series 2018-1A Class A23^†	5.71%		6/20/2048		1,143,900		1,133,104


2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

Other (continued)

Hardee’s Funding LLC Series 2024-1A Class A2^†

7.253%

3/20/2054

337,238

344,706

Harvest U.S. CLO Ltd. Series 2026-2A Class C^†(b)

–

^(c)

7/17/2039

430,000

430,323

INCREF LLC Series 2026-FL2 Class A^†

5.12%
(1 mo. USD Term SOFR + 1.45%

)^#

12/19/2043

1,890,000

1,892,283

INCREF LLC Series 2026-FL3 Class A^†

5.05%
(1 mo. USD Term SOFR + 1.40%

)^#

1/19/2044

1,330,000

1,330,617

INCREF LLC Series 2026-FL3 Class AS^†(b)

5.30%
(1 mo. USD Term SOFR + 1.65%

)^#

1/19/2044

1,360,000

1,360,556

Invesco U.S. CLO Ltd. Series 2025-2A Class C^†

5.573%
(3 mo. USD Term SOFR + 1.90%

)^#

7/15/2038

250,000

250,729

Jersey Mike’s Funding LLC Series 2024-1A Class A2^†

5.636%

2/15/2055

913,437

923,264

KKR CLO 50 Ltd. Series 2024-50A Class CR^†

5.553%
(3 mo. USD Term SOFR + 1.90%

)^#

4/20/2039

300,000

300,745

Lightpath Fiber Issuer LLC Series 2026-1A Class A2^†

5.597%

3/25/2056

2,415,000

2,417,296

Madison Park Funding LXXI Ltd. Series 2025-71A Class C^†

5.466%
(3 mo. USD Term SOFR + 1.80%

)^#

4/23/2038

700,000

700,974

Madison Park Funding XXXIII Ltd. Series 2019-33A Class CR2^†

5.587%
(3 mo. USD Term SOFR + 1.95%

)^#

10/15/2032

250,000

250,464

Madison Park Funding XXXVI Ltd. Series 2019-36A Class CRR^†

5.523%
(3 mo. USD Term SOFR + 1.85%

)^#

4/15/2035

250,000

250,298

Market Street CLO Ltd. III Series 2026-3A Class C^†(b)

–

^(c)

7/20/2039

860,000

860,645

MF1 LLC Series 2026-FL22 Class A^†

5.037%
(1 mo. USD Term SOFR + 1.40%

)^#

11/18/2043

2,090,000

2,094,375

MF1 LLC Series 2026-FL22 Class AS^†

5.237%
(1 mo. USD Term SOFR + 1.60%

)^#

11/18/2043

480,000

480,751

OHA Loan Funding Ltd. Series 2013-1AR Class CR4^†

5.384%
(3 mo. USD Term SOFR + 1.72%

)^#

7/23/2039

650,000

650,788

Orion CLO Ltd. Series 2024-3AR Class CR^†

5.433%
(3 mo. USD Term SOFR + 1.80%

)^#

7/25/2039

970,000

970,855

OWN Equipment Fund I LLC Series 2024-2M Class A^†

5.70%

12/20/2032

1,409,007

1,413,123

Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A^†

5.715%

1/20/2034

1,175,000

1,175,751


	See Notes to Financial Statements.	3

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Other (continued)
PFP Ltd. Series 2025-12 Class A^†	5.126% (1 mo. USD Term SOFR + 1.49%	)^#	12/18/2042	$	880,000	$	884,373
PFP Ltd. Series 2026-13 Class A^†	5.137% (1 mo. USD Term SOFR + 1.50%	)^#	8/18/2043		1,230,000		1,236,255
PFP Ltd. Series 2026-14 Class A^†	4.97% (1 mo. USD Term SOFR + 1.32%	)^#	12/18/2043		1,830,000		1,830,858
PFP Ltd. Series 2026-14 Class AS^†	5.25% (1 mo. USD Term SOFR + 1.60%	)^#	12/18/2043		1,390,000		1,390,000
Regatta XVI Funding Ltd. Series 2019-2A Class CR2^†	5.473% (3 mo. USD Term SOFR + 1.80%	)^#	4/15/2039		300,000		301,020
Regatta XXVII Funding Ltd. Series 2024-1AR Class CR^†	5.383% (3 mo. USD Term SOFR + 1.75%	)^#	7/26/2039		300,000		300,525
SEB Funding LLC Series 2026-1A Class A2^†	6.665%		1/30/2056		2,325,000		2,309,912
Silver Point CLO 1 Ltd. Series 2022-1A Class CR^†	5.575% (3 mo. USD Term SOFR + 1.90%	)^#	1/20/2038		710,000		710,710
Sona U.S. CLO 2 Ltd. Series 2026-2A Class C^†	5.625% (3 mo. USD Term SOFR + 1.85%	)^#	7/22/2039		560,000		560,680
Sotheby’s Artfi Master Trust Series 2026-1A Class D^†	5.54%		6/20/2033		835,000		833,625
Stream Innovations Issuer Trust Series 2024-1A Class A^†	6.27%		7/15/2044		341,415		350,396
Symphony CLO XVIII Ltd. Series 2016-18A Class CR4^†	5.616% (3 mo. USD Term SOFR + 1.95%	)^#	10/23/2037		1,050,000		1,051,464
U.S. Bank NA Series 2025-SUP1 Class B^†	5.582%		2/25/2032		604,929		602,786
VB-S1 Issuer LLC Series 2026-1A Class D^†	5.193%		3/15/2056		1,690,000		1,661,957
Wingstop Funding LLC Series 2020-1A Class A2^†	2.841%		12/5/2050		1,334,675		1,297,206
Wingstop Funding LLC Series 2024-1A Class A2^†	5.858%		12/5/2054		1,070,000		1,080,832
Zaxbys Funding LLC Series 2024-1A Class A2I^†	6.594%		4/30/2054		486,338		493,324
Total							65,843,082
Total Asset-Backed Securities (cost $70,292,448)							69,938,670

					Shares
COMMON STOCKS 5.49%

Aerospace & Defense 1.28%
ATI, Inc.*					6,020		1,186,542
DCP Holdings PLC*					224,775		11,027,462	^(d)
Elbit Systems Ltd. (Israel)^(e)					1,937		1,469,641


4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Aerospace & Defense (continued)
Woodward, Inc.		4,177	$	1,777,063
Total				15,460,708

Air Freight & Logistics 0.08%
FedEx Corp.		3,264		1,022,056

Automobiles 0.03%
Ferrari NV (Italy)^(e)(f)		846		314,957

Banks 0.10%
Citigroup, Inc.		8,725		1,221,151

Beverages 0.07%
Monster Beverage Corp.*		8,709		837,109

Biotechnology 0.29%
Natera, Inc.*		4,593		1,246,770
Protagonist Therapeutics, Inc.*		9,913		1,215,135
Twist Bioscience Corp.*		10,395		1,069,438
Total				3,531,343

Building Products 0.10%
Madison Air Solutions Corp. Class A*^(f)		29,857		1,164,423

Capital Markets 0.10%
StoneX Group, Inc.*		9,693		1,148,620

Chemicals 0.20%
Element Solutions, Inc.		24,169		1,154,070
International Flavors & Fragrances, Inc.		15,710		1,244,546
Total				2,398,616

Commercial Services & Supplies 0.01%
Claire’s Holdings LLC*		1,067		0	^(d)
Labels Buyer LLC*		837		79,166
Total				79,166

Construction & Engineering 0.10%
Construction Partners, Inc. Class A*		10,161		1,206,822

Construction Materials 0.08%
James Hardie Industries PLC (Ireland)*^(e)(f)		38,672		1,012,433


	See Notes to Financial Statements.	5

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Electrical Equipment 0.24%
Generac Holdings, Inc.*		5,077	$	1,486,596
Nextpower, Inc. Class A*		9,398		1,119,678
Sensata Technologies Holding PLC		7,244		345,829
Total				2,952,103

Electronic Equipment, Instruments & Components 0.25%
Cognex Corp.		24,225		1,754,374
Littelfuse, Inc.		2,666		1,213,910
Total				2,968,284

Energy Equipment & Services 0.03%
SLB Ltd.		7,754		360,483

Ground Transportation 0.11%
JB Hunt Transport Services, Inc.		4,603		1,332,246

Health Care Equipment & Supplies 0.10%
Glaukos Corp.*		8,701		1,216,052

Hotels, Restaurants & Leisure 0.02%
Arcos Dorados Holdings, Inc. Class A (Uruguay)^(e)		29,243		235,699

Information Technology Services 0.15%
Twilio, Inc. Class A*		8,723		1,799,817

Life Sciences Tools & Services 0.06%
West Pharmaceutical Services, Inc.		2,176		781,184

Machinery 0.25%
RBC Bearings, Inc.*		2,539		1,635,268
Watts Water Technologies, Inc. Class A		3,627		1,419,789
Total				3,055,057

Metals & Mining 0.32%
Aurubis AG^(g)		3,387		702,033
Freeport-McMoRan, Inc.		23,025		1,448,042
Southern Copper Corp.		2,921		509,014
Steel Dynamics, Inc.		5,319		1,220,498
Total				3,879,587

Miscellaneous Financials 0.02%
Utex Industries*		8,205		244,780


6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Personal Care Products 0.06%
Anastasia Parent LLC*		8,104	$	65,845
Gibson Brands Private Equity*		9,315		605,475
Total				671,320

Pharmaceuticals 0.24%
Galderma Group AG^(g)		7,753		1,763,400
Novartis AG Registered Shares^(g)		7,017		1,096,703
Total				2,860,103

Professional Services 0.11%
Planet Labs PBC*		41,658		1,380,130

Semiconductors & Semiconductor Equipment 0.54%
Amkor Technology, Inc.		13,016		1,122,370
ASML Holding NV^(g)		582		1,152,462
Astera Labs, Inc.*		2,665		1,287,248
Lattice Semiconductor Corp.*		4,240		648,551
Marvell Technology, Inc.		2,060		613,653
Teradyne, Inc.		3,387		1,638,766
Total				6,463,050

Software 0.37%
Datadog, Inc. Class A*		5,801		1,510,348
Fortinet, Inc.*		8,219		1,262,603
JFrog Ltd.*		18,172		1,651,471
Total				4,424,422

Specialty Retail 0.07%
Victoria’s Secret & Co.*		9,679		808,003

Textiles, Apparel & Luxury Goods 0.02%
Cie Financiere Richemont SA Class A^(g)		1,210		279,363

Trading Companies & Distributors 0.08%
United Rentals, Inc.		848		960,691

Transportation Infrastructure 0.01%
ACBL Holdings Corp.*		2,356		82,460
Total Common Stocks (cost $52,324,522)				66,152,238


	See Notes to Financial Statements.	7

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
CORPORATE BONDS 69.13%

Aerospace/Defense 1.47%
ATI, Inc.	5.875%	6/15/2033	$	435,000	$	441,302
ATI, Inc.	7.25%	8/15/2030		1,596,000		1,658,161
Boeing Co.	5.805%	5/1/2050		1,169,000		1,155,669
Boeing Co.	6.528%	5/1/2034		2,126,000		2,313,671
Czechoslovak Group AS (Czech Republic)^(e)	6.50%	1/10/2031		748,000		761,442
Efesto Bidco SpA Efesto U.S. LLC (Italy)^†(e)	7.50%	2/15/2032		2,453,000		2,456,971
HEICO Corp.	5.35%	8/1/2033		1,237,000		1,257,969
Moog, Inc.^†	5.50%	10/15/2034		1,178,000		1,163,007
TransDigm, Inc.^†	6.00%	1/15/2033		2,343,000		2,367,423
TransDigm, Inc.^†	6.125%	7/31/2034		1,167,000		1,166,958
TransDigm, Inc.^†	6.75%	1/31/2034		1,208,000		1,239,920
TransDigm, Inc.^†	6.875%	12/15/2030		1,632,000		1,678,308
Total						17,660,801

Agriculture 0.30%
BAT Capital Corp.	7.75%	10/19/2032		1,051,000		1,198,260
Japan Tobacco, Inc. (Japan)^†(e)	5.85%	6/15/2035		1,026,000		1,074,431
JT International Financial Services BV (Netherlands)^†(e)	6.875%	10/24/2032		1,273,000		1,396,411
Total						3,669,102

Airlines 1.82%
Alaska Airlines Pass-Through Trust Class A^†	4.80%	2/15/2029		1,130,903		1,131,055
American Airlines Pass-Through Trust Class AA	3.00%	4/15/2030		478,675		463,895
American Airlines Pass-Through Trust Class A	4.90%	11/11/2039		956,000		934,763
American Airlines Pass-Through Trust Class B	5.65%	5/11/2036		638,000		632,848
American Airlines Pass-Through Trust Class B	5.75%	11/10/2036		784,000		781,762
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^†	5.75%	4/20/2029		5,590,432		5,604,587
AS Mileage Plan IP Ltd. (Cayman Islands)^†(e)(f)	5.308%	10/20/2031		1,211,000		1,198,362
British Airways Pass-Through Trust Class AA (United Kingdom)^†(e)	3.30%	6/15/2034		527,897		496,801
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%	10/20/2028		1,205,112		1,204,273
JetBlue Airways Corp./JetBlue Loyalty LP^†	9.875%	9/20/2031		1,469,000		1,332,483
JetBlue Pass-Through Trust Class A	2.95%	11/15/2029		703,521		656,919
JetBlue Pass-Through Trust Class B	8.00%	5/15/2029		511,378		515,118


8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Airlines (continued)
United Airlines Holdings, Inc.	5.375%	3/1/2031	$	1,513,000	$	1,504,025
United Airlines Pass-Through Trust Class AA	5.45%	8/15/2038		2,159,535		2,202,422
United Airlines Pass-Through Trust Class A	5.80%	7/15/2037		1,227,527		1,277,879
United Airlines Pass-Through Trust Class A	5.875%	4/15/2029		725,611		734,558
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)^†(e)	6.375%	2/1/2030		1,255,000		1,195,404
Total						21,867,154

Apparel 0.19%
Beach Acquisition Bidco LLC^†	10.00%	7/15/2033		410,868		466,740
William Carter Co.^†	7.375%	2/15/2031		1,712,000		1,770,792
Total						2,237,532

Auto Manufacturers 1.58%
Allison Transmission, Inc.^†	3.75%	1/30/2031		1,261,000		1,180,012
Aston Martin Capital Holdings Ltd. (United Kingdom)^†(e)(f)	10.00%	3/31/2029		1,667,000		1,298,454
Ford Motor Credit Co. LLC	3.625%	6/17/2031		2,584,000		2,357,270
Ford Motor Credit Co. LLC	6.125%	3/8/2034		2,843,000		2,862,729
General Motors Financial Co., Inc.	5.45%	9/6/2034		1,133,000		1,135,576
Nissan Motor Acceptance Co. LLC^†	6.125%	9/30/2030		1,762,000		1,733,588
Nissan Motor Acceptance Co. LLC^†	7.05%	9/15/2028		639,000		655,172
Nissan Motor Co. Ltd. (Japan)^†(e)	4.345%	9/17/2027		798,000		785,515
Nissan Motor Co. Ltd. (Japan)^†(e)	4.81%	9/17/2030		3,242,000		3,020,976
Nissan Motor Co. Ltd. (Japan)^†(e)	7.75%	7/17/2032		1,178,000		1,221,418
Nissan Motor Co. Ltd. (Japan)^†(e)(f)	8.125%	7/17/2035		1,191,000		1,261,818
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC^†	10.00%	1/15/2031		1,497,000		1,492,256
Total						19,004,784

Auto Parts & Equipment 1.27%
Clarios Global LP/Clarios U.S. Finance Co.^†	6.75%	9/15/2032		1,107,000		1,131,271
Cooper-Standard Automotive, Inc.^†	9.25%	3/1/2031		1,596,000		1,609,901
Cyprium Corp./Cyprium Holdings Luxembourg SARL^†	6.125%	4/15/2031		1,298,000		1,301,188
Cyprium Corp./Cyprium Holdings Luxembourg SARL^†	6.375%	4/15/2034		1,348,000		1,348,675
Dana, Inc.^(f)	4.25%	9/1/2030		826,000		824,976
Dana, Inc.	4.50%	2/15/2032		1,300,000		1,301,803
Forvia SE (France)^†(e)(f)	6.75%	9/15/2033		1,165,000		1,165,237


	See Notes to Financial Statements.	9

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

Auto Parts & Equipment (continued)

Goodyear Tire & Rubber Co.

6.625%

7/15/2030

900,000

869,944

Tenneco, Inc.^†

8.00%

11/17/2028

1,154,000

1,161,869

ZF North America Capital, Inc.^†

6.75%

4/23/2030

1,158,000

1,149,269

ZF North America Capital, Inc.^†

6.875%

4/14/2028

1,064,000

1,088,979

ZF North America Capital, Inc.^†

7.125%

4/14/2030

2,335,000

2,357,449

Total

15,310,561

Banks 3.89%

Akbank TAS (Turkey)^†(e)

7.95%
(5 yr. CMT + 4.22%

)^#

–

^(h)

1,200,000

1,160,652

Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)^(e)

5.50%
(5 yr. CMT + 4.55%

)

10/26/2031

2,645,000

^(d)

Associated Banc-Corp.

6.455%
(SOFR + 3.03%

)^#

8/29/2030

1,128,000

1,161,182

Australia & New Zealand Banking Group Ltd. (Australia)^†(e)

6.742%

12/8/2032

1,077,000

1,161,615

Banco Santander SA (Spain)^(e)

8.00%
(5 yr. CMT + 3.91%

)^#

–

^(h)

600,000

647,679

Bank Hapoalim BM (Israel)^(e)

5.252%

1/14/2033

1,175,000

1,163,773

Bank Leumi Le-Israel BM (Israel)^(e)

5.74%
(5 yr. CMT + 1.55%

)^#

9/9/2036

2,187,000

2,176,197

Bank OZK^(f)

2.75%
(3 mo. USD Term SOFR + 2.09%

)^#

10/1/2031

2,182,000

2,161,271

Barclays PLC (United Kingdom)^(e)

7.625%
(5 yr. USD SOFR ICE Swap + 3.69%

)^#

–

^(h)

1,152,000

1,204,686

BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico^†

8.125%
(5 yr. CMT + 4.21%

)^#

1/8/2039

1,126,000

1,201,595

BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico^†

8.45%
(5 yr. CMT + 4.66%

)^#

6/29/2038

1,110,000

1,198,364

BOKF NA

6.108%
(5 yr. CMT + 2.00%

)^#

11/6/2040

865,000

886,440

Citigroup, Inc.

6.95%
(5 yr. CMT + 2.73%

)^#

–

^(h)

1,890,000

1,934,368

Citizens Financial Group, Inc.

5.299%
(5 yr. CMT + 1.45%

)^#

1/29/2036

1,170,000

1,158,927

Credit Agricole SA (France)^†(e)

4.75%
(5 yr. CMT + 3.24%

)^#

–

^(h)

1,224,000

1,188,554


10	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

Banks (continued)

Deutsche Bank AG

7.079%
(SOFR + 3.65%

)^#

2/10/2034

1,640,000

1,770,947

First Republic Bank

4.375%

8/1/2046

1,248,000

686

First Republic Bank

4.625%

2/13/2047

500,000

275

First-Citizens Bank & Trust Co.

6.125%

3/9/2028

2,310,000

2,353,910

Goldman Sachs Group, Inc.

6.85%
(5 yr. CMT + 2.46%

)^#

–

^(h)

1,170,000

1,203,525

HSBC Holdings PLC (United Kingdom)^(e)(f)

6.95%
(5 yr. CMT + 3.19%

)^#

–

^(h)

1,139,000

1,183,616

Huntington Bancshares, Inc.

6.25%
(5 yr. CMT + 2.65%

)^#

–

^(h)

1,462,000

1,477,833

Lloyds Banking Group PLC (United Kingdom)^(e)(f)

6.625%
(5 yr. CMT + 2.68%

)^#

–

^(h)

1,103,000

1,099,220

NatWest Group PLC (United Kingdom)^(e)(f)

8.125%
(5 yr. CMT + 3.75%

)^#

–

^(h)

1,159,000

1,283,157

Nordea Bank Abp (Finland)^†(e)(f)

6.30%
(5 yr. CMT + 2.66%

)^#

–

^(h)

677,000

683,241

Pinnacle Financial Partners, Inc.

6.168%
(SOFR + 2.35%

)^#

11/1/2030

935,000

957,239

South State Bank NA

8.375%
(3 mo. USD Term SOFR + 4.61%

)^#

8/15/2034

1,334,000

1,417,375

Standard Chartered PLC (United Kingdom)^†(e)

6.097%
(1 yr. CMT + 2.10%

)^#

1/11/2035

1,470,000

1,536,289

Sumitomo Mitsui Financial Group, Inc. (Japan)^(e)

6.60%
(5 yr. CMT + 2.28%

)^#

–

^(h)

1,242,000

1,257,522

Texas Capital Bancshares, Inc.

5.301%
(SOFR + 1.94%

)^#

2/27/2032

1,133,000

1,122,363

Toronto-Dominion Bank (Canada)^(e)

6.35%
(5 yr. CMT + 2.72%

)^#

10/31/2085

1,119,000

1,126,801

UBS Group AG (Switzerland)^†(e)

7.00%
(5 yr. USD SOFR ICE Swap + 3.08%

)^#

–

^(h)

1,261,000

1,287,366

UBS Group AG (Switzerland)^†(e)

9.25%
(5 yr. CMT + 4.75%

)^#

–

^(h)

1,209,000

1,301,847

UBS Group AG (Switzerland)^†(e)

9.25%
(5 yr. CMT + 4.76%

)^#

–

^(h)

802,000

926,825

UniCredit SpA (Italy)^†(e)

7.296%
(5 yr. USD ICE Swap + 4.91%

)^#

4/2/2034

2,274,000

2,393,799

Western Alliance Bancorp

5.918%
(3 mo. USD Term SOFR + 2.25%

)^#

6/15/2031

2,498,000

2,431,054

Zions Bancorp NA

4.483%
(SOFR + 1.06%

)^#

2/9/2029

447,000

443,287


	See Notes to Financial Statements.	11

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Banks (continued)

Zions Bancorp NA	6.816% (SOFR + 2.83%	)^#	11/19/2035	$	1,140,000	$	1,201,216
Total							46,864,696

Beverages 0.08%
Bacardi Ltd./Bacardi-Martini BV^†	5.25%		1/15/2029		898,000		905,306

Biotechnology 0.38%
Genmab AS/Genmab Finance LLC (Denmark)^†(e)	6.25%		12/15/2032		1,144,000		1,166,494
Genmab AS/Genmab Finance LLC (Denmark)^†(e)	7.25%		12/15/2033		1,356,000		1,414,658
Illumina, Inc.	4.75%		12/12/2030		866,000		860,957
Royalty Pharma PLC	5.40%		9/2/2034		1,142,000		1,153,485
Total							4,595,594

Building Materials 0.74%
ACProducts Holdings, Inc.^†	6.375%		5/15/2032		1,468,000		601,880
CP Atlas Buyer, Inc.^†	12.75%		1/15/2031		1,523,804		1,172,767
EMRLD Borrower LP/Emerald Co-Issuer, Inc.^†	6.625%		12/15/2030		2,711,000		2,774,936
EMRLD Borrower LP/Emerald Co-Issuer, Inc.^†	6.75%		7/15/2031		1,145,000		1,187,799
MIWD Holdco II LLC/MIWD Finance Corp.^†(f)	5.50%		2/1/2030		1,555,000		1,465,064
Quikrete Holdings, Inc.^†	6.375%		3/1/2032		1,671,000		1,707,189
Total							8,909,635

Chemicals 2.05%
ASP Unifrax Holdings, Inc.^†	7.10%		9/30/2029		1,838,115		27,572
ASP Unifrax Holdings, Inc.^†	10.425%		9/30/2029		2,466,009		1,011,064
Cabot Corp.	5.00%		6/30/2032		1,611,000		1,608,872
Celanese U.S. Holdings LLC^(f)	6.75%		4/15/2033		1,154,000		1,176,192
Celanese U.S. Holdings LLC^(f)	7.375%		2/15/2034		1,587,000		1,640,752
Celanese U.S. Holdings LLC	7.70%		11/15/2033		2,140,000		2,287,699
FMC Corp.^(f)	5.65%		5/18/2033		1,298,000		1,165,130
INEOS Finance PLC (United Kingdom)^†(e)	7.50%		4/15/2029		1,164,000		1,132,619
LYB International Finance III LLC^(f)	5.875%		1/15/2036		2,355,000		2,362,327
Ma’aden Sukuk Ltd. (Cayman Islands)^†(e)	5.50%		2/13/2035		696,000		704,409
Olympus Water U.S. Holding Corp.^†	7.25%		6/15/2031		1,429,000		1,448,056
Sasol Financing USA LLC^†	8.75%		4/10/2033		1,673,000		1,732,860
SNF Group SACA (France)^†(e)	5.626%		3/31/2031		1,380,000		1,396,451
Sociedad Quimica y Minera de Chile SA (Chile)^†(e)	5.625% (5 yr. CMT + 1.92%	)^#	4/22/2056		1,190,000		1,181,670


12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Chemicals (continued)
Solstice Advanced Materials, Inc.^†	5.625%	9/30/2033	$	1,181,000	$	1,174,270
Tronox, Inc.^†	4.625%	3/15/2029		1,974,000		1,383,554
Westlake Corp.	5.55%	11/15/2035		1,166,000		1,156,435
WR Grace Holdings LLC^†	6.625%	8/15/2032		2,170,000		2,106,305
Total						24,696,237

Coal 0.29%
Australian Metcoal Financing Pty. Ltd. (Australia)^†(e)	6.25%	10/22/2031		1,167,000		1,188,148
SunCoke Energy, Inc.^†	4.875%	6/30/2029		1,554,000		1,471,567
Warrior Met Coal, Inc.^†	7.875%	12/1/2028		849,000		862,928
Total						3,522,643

Commercial Services 2.42%
Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)^†(e)	7.00%	5/21/2030		1,256,000		1,301,353
Allied Universal Holdco LLC^†	7.875%	2/15/2031		1,947,000		2,036,404
Allied Universal Holdco LLC/Allied Universal Finance Corp.^†	6.875%	6/15/2030		1,545,000		1,588,703
Ashtead Capital, Inc.^†	5.50%	8/11/2032		892,000		911,431
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†(f)	8.375%	6/15/2032		1,776,000		1,789,185
CompoSecure Holdings LLC^†	5.625%	2/1/2033		1,189,000		1,161,436
CoreCivic, Inc.	8.25%	4/15/2029		1,204,000		1,254,692
EquipmentShare.com, Inc.^†(b)	7.125%	7/1/2034		1,754,000		1,725,565
EquipmentShare.com, Inc.^†	8.625%	5/15/2032		1,109,000		1,155,007
EquipmentShare.com, Inc.^†	9.00%	5/15/2028		2,756,000		2,814,876
Garda World Security Corp. (Canada)^†(e)	6.50%	1/15/2031		1,152,000		1,168,812
GEO Group, Inc.	8.625%	4/15/2029		2,243,000		2,338,045
Herc Holdings, Inc.^†	6.00%	3/15/2034		845,000		840,256
Herc Holdings, Inc.^†(f)	7.25%	6/15/2033		1,016,000		1,059,949
Hertz Corp.^†(i)	Zero Coupon	1/15/2028		1,887,000		0
Hertz Corp.^†(i)	Zero Coupon	10/15/2049		987,000		0
Hertz Corp.^†(f)	12.625%	7/15/2029		928,000		756,086
ITR Concession Co. LLC^†	5.183%	7/15/2035		785,000		769,946
J Paul Getty Trust	4.905%	4/1/2035		1,199,000		1,204,939
Quanta Services, Inc.	5.25%	8/9/2034		1,123,000		1,136,179
Rentokil Terminix Funding LLC^†	5.625%	4/28/2035		1,440,000		1,458,574


	See Notes to Financial Statements.	13

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Commercial Services (continued)
Synergy Infrastructure Holdings LLC^†	7.875%		12/1/2030	$	1,160,000	$	1,215,252
Triton Container International Ltd./TAL International Container Corp.	5.15%		2/15/2033		1,498,000		1,472,221
Total							29,158,911

Computers 0.23%
CACI International, Inc.^†	6.375%		6/15/2033		2,219,000		2,251,886
NetApp, Inc.	2.70%		6/22/2030		518,000		477,539
Total							2,729,425

Cosmetics/Personal Care 0.14%
Opal Bidco SAS (France)^†(e)	6.50%		3/31/2032		1,593,000		1,625,977

Distribution/Wholesale 0.31%
ADI Escrow Issuer LLC^†	7.125%		7/15/2034		1,203,000		1,228,015
LKQ Corp.	6.25%		6/15/2033		1,344,000		1,392,424
Marubeni Corp. (Japan)^†(e)(f)	5.383%		4/1/2035		1,079,000		1,097,500
Total							3,717,939

Diversified Financial Services 2.92%
Ally Financial, Inc.^(f)	6.70%		2/14/2033		2,277,000		2,344,716
Azorra Finance Ltd. (Cayman Islands)^†(e)	6.25%		2/15/2034		873,000		845,881
Bread Financial Holdings, Inc.^†	6.75%		5/15/2031		1,047,000		1,072,037
Coinbase Global, Inc.^†	3.375%		10/1/2028		1,278,000		1,213,980
Coinbase Global, Inc.^†(f)	3.625%		10/1/2031		1,249,000		1,088,837
CrossCountry Intermediate HoldCo LLC^†	6.50%		10/1/2030		1,165,000		1,149,718
CrossCountry Intermediate HoldCo LLC^†	6.75%		12/1/2032		392,000		378,826
DAE Sukuk Difc Ltd. (United Arab Emirates)^†(e)	4.50%		10/16/2030		1,532,000		1,477,255
Freedom Mortgage Holdings LLC^†	9.125%		5/15/2031		1,094,000		1,132,454
GGAM Finance Ltd. (Ireland)^†(e)	8.00%		6/15/2028		1,562,000		1,617,485
ILFC E-Capital Trust I^†	6.48%	^#(a)	12/21/2065		1,806,000		1,552,295
ILFC E-Capital Trust II^†	6.73%	^#(a)	12/21/2065		836,000		738,614
Jane Street Group/JSG Finance, Inc.^†	6.75%		5/1/2033		2,010,000		2,068,112
Jane Street Group/JSG Finance, Inc.^†	7.125%		4/30/2031		1,108,000		1,146,183
LPL Holdings, Inc.	6.00%		5/20/2034		1,128,000		1,154,351
Marex Group PLC (United Kingdom)^(e)	5.68%		4/21/2031		1,184,000		1,184,955
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045		1,377,000		1,188,689
OneMain Finance Corp.	6.125%		5/15/2030		2,120,000		2,121,544
OneMain Finance Corp.	7.50%		5/15/2031		1,134,000		1,172,248


14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Diversified Financial Services (continued)
PennyMac Financial Services, Inc.^†	7.125%		11/15/2030		$	1,138,000	$	1,153,990
PennyMac Financial Services, Inc.^†	7.875%		12/15/2029			1,190,000		1,238,313
Rocket Cos., Inc.^†	6.375%		8/1/2033			1,701,000		1,731,983
Stonebriar ABF Issuer LLC^†	7.00%		8/15/2031			794,000		794,596
Stonebriar ABF Issuer LLC^†	8.125%		12/15/2030			1,214,000		1,270,143
Stonex Escrow Issuer LLC^†	6.875%		7/15/2032			1,116,000		1,148,489
Synchrony Financial	7.25%		2/2/2033			1,122,000		1,170,086
VFH Parent LLC/Valor Co-Issuer, Inc.^†	7.50%		6/15/2031			1,306,000		1,366,698
WS Escrow LLC^†	7.75%		6/1/2033			599,000		615,525
Total								35,138,003

Electric 4.75%
AES Corp.	7.60% (5 yr. CMT + 3.20%	)^#	1/15/2055			1,226,000		1,258,724
AES Panama Generation Holdings SRL (Panama)^(e)	4.375%		5/31/2030			1,220,986		1,156,805
Alliant Energy Corp.	5.75% (5 yr. CMT + 2.08%	)^#	4/1/2056			1,164,000		1,151,481
Alpha Generation LLC^†	6.25%		1/15/2034			1,619,000		1,594,116
Alpha Generation LLC^†	6.75%		10/15/2032			1,132,000		1,153,343
Capital Power U.S. Holdings, Inc.^†	6.189%		6/1/2035			1,540,000		1,596,665
CenterPoint Energy, Inc.	5.95% (5 yr. CMT + 2.22%	)^#	4/1/2056			1,022,000		1,022,130
Chpe LLC^†	5.875%		6/29/2046			1,858,000		1,870,100
Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador)^†(e)(f)	8.65%		1/24/2033			1,161,000		1,227,897
Comision Federal de Electricidad (Mexico)^†(e)	6.50%		1/28/2051			952,000		930,580
Constellation Energy Generation LLC	5.60%		6/15/2042			1,031,000		1,017,141
Constellation Energy Generation LLC	5.80%		3/1/2033			1,390,000		1,451,317
Constellation Energy Generation LLC	6.25%		10/1/2039			2,067,000		2,183,568
Dominion Energy, Inc.	6.20% (5 yr. CMT + 2.01%	)^#	2/15/2056			1,428,000		1,432,995
DPL LLC	4.35%		4/15/2029			1,459,000		1,414,182
Electricite de France SA (France)^†(e)	9.125% (5 yr. CMT + 5.41%	)^#	–	^(h)		690,000		801,458
Energuate Trust 2 0 (Cayman Islands)^†(e)	6.35%		9/15/2035			1,130,000		1,125,975
Entergy Corp.	6.10% (5 yr. CMT + 2.01%	)^#	6/15/2056			1,163,000		1,165,878
Evergy, Inc.	6.65% (5 yr. CMT + 2.56%	)^#	6/1/2055			1,690,000		1,733,533

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Electric (continued)
Idaho Power Co.	5.20%		8/15/2034		$	1,113,000	$	1,127,891
Idaho Power Co.	5.70%		3/15/2055			1,315,000		1,319,408
Long Ridge Energy LLC^†	8.75%		2/15/2032			1,615,000		1,705,544
Minejesa Capital BV (Netherlands)^†(e)	4.625%		8/10/2030			1,005,950		993,261
NextEra Energy Capital Holdings, Inc.	6.20% (5 yr. CMT + 1.77%	)^#	10/1/2056			1,393,000		1,392,204
NRG Energy, Inc.^†	6.00%		1/15/2036			716,000		714,124
NRG Energy, Inc.^†	7.00%		3/15/2033			1,501,000		1,629,113
NRG Energy, Inc.^†	10.25% (5 yr. CMT + 5.92%	)^#	–	^(h)		2,111,000		2,284,013
Palomino Funding Trust I^†	7.233%		5/17/2028			2,239,000		2,324,334
PG&E Corp.	6.85% (5 yr. CMT + 3.23%	)^#	9/15/2056			1,173,000		1,169,415
Puget Energy, Inc.	4.10%		6/15/2030			1,000,000		968,254
Puget Energy, Inc.	7.25% (5 yr. CMT + 2.85%	)^#	9/15/2056			1,178,000		1,203,175
Sempra	6.40% (5 yr. CMT + 2.63%	)^#	10/1/2054			1,177,000		1,183,688
Talen Energy Supply LLC^†	6.25%		2/1/2034			1,419,000		1,410,971
Talen Energy Supply LLC^†	6.50%		2/1/2036			2,064,000		2,081,672
Tampa Electric Co.	5.15%		3/1/2035			2,194,000		2,200,374
TXNM Energy, Inc.^†	7.00% (5 yr. CMT + 3.25%	)^#	7/31/2056			1,326,000		1,341,009
Vistra Corp.^†	7.00% (5 yr. CMT + 5.74%	)^#	–	^(h)		1,135,000		1,146,722
Vistra Corp.^†	8.875% (5 yr. CMT + 5.05%	)^#	–	^(h)		384,000		413,495
VoltaGrid LLC^†	7.375%		11/1/2030			1,169,000		1,214,189
WEC Energy Group, Inc.	5.625% (5 yr. CMT + 1.91%	)^#	5/15/2056			1,784,000		1,774,197
XPLR Infrastructure Operating Partners LP^†	8.375%		1/15/2031			1,098,000		1,171,604
XPLR Infrastructure Operating Partners LP^†	8.625%		3/15/2033			1,111,000		1,191,823
Total								57,248,368

Electronics 0.67%
Flex Ltd.	5.25%		1/15/2032			942,000		943,424
Flex Ltd.	5.375%		11/13/2035			598,000		589,878
Ingram Micro, Inc.^†	4.75%		5/15/2029			886,000		870,697
nVent Finance SARL (Luxembourg)^(e)	2.75%		11/15/2031			1,086,000		970,907
nVent Finance SARL (Luxembourg)^(e)	5.65%		5/15/2033			1,794,000		1,846,162

16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Electronics (continued)
TD SYNNEX Corp.	5.30%	10/10/2035	$	1,433,000	$	1,411,326
Trimble, Inc.	6.10%	3/15/2033		1,426,000		1,489,500
Total						8,121,894

Energy-Alternate Sources 0.17%
Topaz Solar Farms LLC^†	5.75%	9/30/2039		2,137,306		2,106,016

Engineering & Construction 0.89%
Corp. Quiport SA (Ecuador)^†(e)	9.00%	12/15/2037		232,000		255,200
Fluor Corp.	4.25%	9/15/2028		1,340,000		1,329,429
Heathrow Finance PLC	6.625%	3/1/2031	GBP	2,196,000		2,921,821
Jacobs Engineering Group, Inc.	5.90%	3/1/2033	$	1,087,000		1,121,975
MasTec, Inc.	5.90%	6/15/2029		1,047,000		1,077,602
Montego Bay Airport Revenue Finance Ltd. (Cayman Islands)^†(e)	6.60%	6/15/2035		1,174,000		1,164,485
Sydney Airport Finance Co. Pty. Ltd. (Australia)^†(e)	5.248%	3/26/2036		1,643,000		1,624,968
TAV Havalimanlari Holding AS (Turkey)^†(e)	8.50%	12/7/2028		1,080,000		1,115,009
Weekley Homes LLC/Weekley Finance Corp.^†	6.75%	1/15/2034		67,000		67,262
Total						10,677,751

Entertainment 1.25%
Bracelet Holdings, Inc.^†	9.25%	7/2/2028		1,821,000		1,644,181	^(j)
Caesars Entertainment, Inc.^†(f)	4.625%	10/15/2029		1,956,000		1,881,091
Caesars Entertainment, Inc.^†	7.00%	2/15/2030		1,162,000		1,169,374
Merlin Entertainments Group U.S. Holdings, Inc.^†	7.375%	2/15/2031		1,846,000		1,558,991
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.^†	4.875%	5/1/2029		1,234,000		1,201,954
Penn Entertainment, Inc.^†	6.75%	4/1/2031		1,160,000		1,166,756
Resorts World Las Vegas LLC/RWLV Capital, Inc.^†	4.625%	4/16/2029		2,000,000		1,808,581
SeaWorld Parks & Entertainment, Inc.^†(f)	5.25%	8/15/2029		2,394,000		2,344,327
Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC^†	8.625%	1/15/2032		2,233,000		2,300,752
Total						15,076,007

Food 0.87%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	3.50%	3/15/2029		1,795,000		1,706,174
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	6.25%	3/15/2033		826,000		819,194

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Food (continued)
Alicorp SAA^†	7.40%		6/16/2032		PEN	3,897,000	$	1,155,026
Chobani LLC/Chobani Finance Corp., Inc.^†	6.375%		4/15/2034		$	1,172,000		1,190,230
Grupo Nutresa SA (Colombia)^†(e)	7.875% (5 yr. CMT + 4.10%	)^#	–	^(h)		1,853,000		1,853,000
Grupo Nutresa SA (Colombia)^†(e)	9.00%		5/12/2035			1,082,000		1,204,536
Lamb Weston Holdings, Inc.^†	4.125%		1/31/2030			1,505,000		1,443,975
Performance Food Group, Inc.^†	6.125%		9/15/2032			1,140,000		1,155,368
Total								10,527,503

Gas 0.52%
National Fuel Gas Co.	5.50%		3/15/2030			1,127,000		1,147,402
NiSource, Inc.	6.375% (5 yr. CMT + 2.53%	)^#	3/31/2055			1,129,000		1,167,900
Promigas SA ESP/Gases del Pacifico SAC (Colombia)^†(e)	7.75% (5 yr. CMT + 3.63%	)^#	6/24/2056			1,151,000		1,171,142
Snam SpA (Italy)^†(e)	5.75%		5/28/2035			637,000		656,734
Snam SpA (Italy)^†(e)(f)	6.50%		5/28/2055			1,064,000		1,125,378
Southwest Gas Corp.	4.05%		3/15/2032			1,055,000		1,008,561
Total								6,277,117

Health Care-Products 0.19%
Bausch & Lomb Corp. (Canada)^†(e)	8.375%		10/1/2028			1,066,000		1,096,648
VSP Optical Group, Inc.^†	5.45%		12/1/2035			1,162,000		1,155,618
Total								2,252,266

Health Care-Services 0.82%
Acadia Healthcare Co., Inc.^†	7.375%		3/15/2033			1,709,000		1,761,420
Charlotte Buyer, Inc.^†	8.00%		6/30/2031			1,199,000		1,214,511
CHS/Community Health Systems, Inc.^†	5.25%		5/15/2030			1,308,000		1,235,132
Concentra Health Services, Inc.^†	6.875%		7/15/2032			1,123,000		1,163,861
DaVita, Inc.^†	4.625%		6/1/2030			1,162,000		1,126,410
Molina Healthcare, Inc.^†	3.875%		11/15/2030			1,295,000		1,208,492
Rede D’or Finance SARL (Luxembourg)^†(e)	6.55%		4/28/2036			1,751,000		1,699,083
Team Health Holdings, Inc.^†	8.375%		6/30/2028			517,000		518,725
Total								9,927,634

Home Builders 0.45%
Century Communities, Inc.^†	3.875%		8/15/2029			1,468,000		1,407,596
Century Communities, Inc.^†	6.625%		9/15/2033			945,000		955,007
K Hovnanian Enterprises, Inc.^†	8.375%		10/1/2033			1,254,000		1,289,598

18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Home Builders (continued)
LGI Homes, Inc.^†(f)	7.00%		11/15/2032	$	1,833,000	$	1,823,943
Total							5,476,144

Home Furnishings 0.23%
Panasonic Holdings Corp. (Japan)^(b)(e)	5.362%		7/8/2036		974,000		974,089
Whirlpool Corp.^†	7.50%		7/1/2031		1,780,000		1,805,717
Total							2,779,806

Housewares 0.10%
Newell Brands, Inc.^(f)	6.625%		5/15/2032		1,183,000		1,198,612

Insurance 0.42%
Ardonagh Finco Ltd. (United Kingdom)^†(e)	7.75%		2/15/2031		952,000		963,388
CRC Insurance Group LLC^†	7.125%		6/1/2031		1,069,000		1,066,227
HUB International Ltd.^†	7.375%		1/31/2032		909,000		925,821
NMI Holdings, Inc.	6.00%		8/15/2029		944,000		964,428
Transatlantic Holdings, Inc.	8.00%		11/30/2039		934,000		1,136,186
Total							5,056,050

Internet 0.51%
Meituan (China)^†(e)	4.625%		10/2/2029		1,688,000		1,672,813
MercadoLibre, Inc. (Uruguay)^(e)	4.90%		1/15/2033		1,174,000		1,145,354
Rakuten Group, Inc. (Japan)^†(e)	9.75%		4/15/2029		813,000		884,117
Wayfair LLC^†	6.75%		11/15/2032		2,353,000		2,418,230
Total							6,120,514

Investment Companies 0.10%
HA Sustainable Infrastructure Capital, Inc.	7.125% (5 yr. CMT + 3.48%	)^#	11/15/2056		1,223,000		1,244,502

Iron-Steel 1.06%
Carpenter Technology Corp.^†	5.625%		3/1/2034		1,169,000		1,169,576
Cleveland-Cliffs, Inc.^†	7.00%		3/15/2032		1,172,000		1,164,201
Cleveland-Cliffs, Inc.^†	7.625%		1/15/2034		2,386,000		2,384,582
Commercial Metals Co.	4.375%		3/15/2032		791,000		749,754
Commercial Metals Co.^†	5.75%		11/15/2033		1,177,000		1,170,688
CSN Inova Ventures (Cayman Islands)^(e)	6.75%		1/28/2028		2,212,000		1,839,488
Fortescue Treasury Pty. Ltd. (Australia)^†(e)	4.375%		4/1/2031		1,299,000		1,237,078
Fortescue Treasury Pty. Ltd. (Australia)^†(e)	6.125%		4/15/2032		987,000		1,015,390
Mineral Resources Ltd. (Australia)^†(e)	6.25%		5/1/2034		1,443,000		1,419,814
Samarco Mineracao SA (Brazil)^(e)	9.50%		6/30/2031		575,276		578,665
Total							12,729,236

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Leisure Time 1.63%
A&K Travel Group Holdings Ltd. (Jersey)^†(e)	7.50%	5/15/2033	$	1,195,000	$	1,207,100
Carnival Corp. Ltd.^†	5.75%	3/15/2030		2,609,000		2,642,429
Carnival Corp. Ltd.^†	5.75%	8/1/2032		1,173,000		1,185,923
Carnival Corp. Ltd.^†(f)	6.125%	2/15/2033		1,317,000		1,333,588
Gaia Purchaser, Inc.^†(b)	7.625%	7/15/2033		1,787,000		1,808,600
Lindblad Expeditions LLC^†	7.00%	9/15/2030		1,870,000		1,934,593
NCL Corp. Ltd.^†	6.75%	2/1/2032		1,775,000		1,772,260
Patrick Industries, Inc.^†	6.375%	11/1/2032		1,102,000		1,098,536
Polaris, Inc.	5.60%	3/1/2031		1,197,000		1,198,130
Royal Caribbean Cruises Ltd.^†	5.625%	9/30/2031		3,181,000		3,208,649
Royal Caribbean Cruises Ltd.^†	6.00%	2/1/2033		1,121,000		1,137,124
Viking Cruises Ltd.^†	9.125%	7/15/2031		1,060,000		1,111,246
Total						19,638,178

Lodging 2.25%
Choice Hotels International, Inc.	5.85%	8/1/2034		1,123,000		1,141,446
Full House Resorts, Inc.^†	8.25%	2/15/2028		1,694,000		1,660,120
Genting New York LLC/GENNY Capital, Inc.^†	7.25%	10/1/2029		1,302,000		1,339,998
Hilton Domestic Operating Co., Inc.^†	3.625%	2/15/2032		1,818,000		1,664,847
Hilton Domestic Operating Co., Inc.^†	3.75%	5/1/2029		1,268,000		1,226,115
Hilton Domestic Operating Co., Inc.^†	5.50%	3/31/2034		1,693,000		1,679,296
Hilton Domestic Operating Co., Inc.^†	5.875%	3/15/2033		1,840,000		1,857,653
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.^†	6.625%	1/15/2032		1,343,000		1,363,771
Marriott Ownership Resorts, Inc.^†	6.50%	10/1/2033		2,989,000		2,972,333
Melco Resorts Finance Ltd. (Hong Kong)^(e)	5.375%	12/4/2029		504,000		491,323
Melco Resorts Finance Ltd. (Hong Kong)^†(e)	6.50%	9/24/2033		1,190,000		1,166,152
Melco Resorts Finance Ltd. (Hong Kong)^†(e)	7.625%	4/17/2032		645,000		660,765
MGM China Holdings Ltd. (Macau)^†(e)	6.25%	5/15/2033		1,021,000		998,356
Sands China Ltd. (Macau)^(e)	4.375%	6/18/2030		2,240,000		2,172,764
Sands China Ltd. (Macau)^(e)	5.40%	8/8/2028		1,442,000		1,453,304
Studio City Finance Ltd. (Hong Kong)^(e)	5.00%	1/15/2029		1,863,000		1,786,033
Travel & Leisure Co.^†	6.125%	9/1/2033		1,159,000		1,147,631
Wynn Macau Ltd. (Macau)^†(e)	5.50%	10/1/2027		1,193,000		1,189,872
Wynn Macau Ltd. (Macau)^†(e)	6.75%	2/15/2034		1,146,000		1,139,316
Total						27,111,095

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Machinery: Construction & Mining 0.25%
Solaris Energy Infrastructure LLC^†	6.375%	5/15/2031	$	1,775,000	$	1,795,709
Vertiv Holdings Co.	5.80%	3/15/2056		1,202,000		1,183,869
Total						2,979,578

Machinery-Diversified 0.37%
Columbus McKinnon Corp.^†	7.125%	2/1/2033		1,178,000		1,181,450
Regal Rexnord Corp.	6.05%	4/15/2028		1,090,000		1,113,368
Regal Rexnord Corp.	6.40%	4/15/2033		2,079,000		2,207,759
Total						4,502,577

Media 3.78%
AMC Global Media, Inc.^(f)	4.25%	2/15/2029		1,958,000		1,732,641
CCO Holdings LLC/CCO Holdings Capital Corp.^†(f)	7.00%	2/1/2033		1,727,000		1,695,078
Charter Communications Operating LLC/Charter Communications Operating Capital	6.384%	10/23/2035		1,138,000		1,136,746
Cox Communications, Inc.^†	4.80%	2/1/2035		1,578,000		1,420,785
Cox Communications, Inc.^†	5.45%	9/1/2034		861,000		821,520
CSC Holdings LLC^†	4.125%	12/1/2030		471,000		280,276
CSC Holdings LLC^†	6.50%	2/1/2029		1,811,000		1,084,859
CSC Holdings LLC^†	11.75%	1/31/2029		3,033,000		1,867,562
Directv Financing LLC^†	8.875%	2/1/2030		1,229,000		1,252,342
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^†	10.00%	2/15/2031		1,720,000		1,785,971
Discovery Global Holdings, Inc.^(b)	4.279%	3/15/2032		1,658,000		1,488,834
Discovery Global Holdings, Inc.	5.05%	3/15/2042		4,578,000		3,359,428
Discovery Global Holdings, Inc.	5.141%	3/15/2052		2,386,000		1,604,585
DISH DBS Corp.⁽ⁱ⁾	5.125%	6/1/2029		2,478,000		2,232,095
EchoStar Corp.	6.75%	11/30/2030		3,753,369		3,820,370
Gray Media, Inc.^†(f)	5.375%	11/15/2031		2,155,000		1,447,514
Gray Media, Inc.^†	9.625%	7/15/2032		776,000		749,639
McGraw-Hill Education, Inc.^†	7.375%	9/1/2031		1,119,000		1,138,118
Paramount Global	7.875%	7/30/2030		1,035,000		1,087,298
Sinclair Television Group, Inc.^†	8.125%	2/15/2033		1,139,000		1,171,366
Space Exploration Technologies Corp.^†	6.60%	7/15/2046		2,780,000		2,705,284
Space Exploration Technologies Corp.^†	6.65%	7/15/2056		2,316,000		2,235,904
Sunrise FinCo I BV (Netherlands)^†(e)	4.875%	7/15/2031		2,867,000		2,712,698
Univision Communications, Inc.^†	4.50%	5/1/2029		1,490,000		1,423,649
Univision Communications, Inc.^†	8.875%	4/15/2033		1,192,000		1,174,244

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Media (continued)
Virgin Media Finance PLC (United Kingdom)^†(e)	5.00%	7/15/2030	$	2,518,000	$	1,917,208
VZ Secured Financing BV (Netherlands)^†(e)	5.00%	1/15/2032		2,453,000		2,149,282
Total						45,495,296

Metal Fabricate-Hardware 0.08%
Vallourec SACA (France)^†(e)	7.50%	4/15/2032		896,000		937,575

Mining 2.77%
Alcoa Nederland Holding BV (Netherlands)^†(e)	7.125%	3/15/2031		1,062,000		1,102,785
Anglo American Capital PLC (United Kingdom)^†(e)	5.75%	4/5/2034		1,083,000		1,117,505
Aris Mining Corp. (Canada)^†(e)	8.00%	10/31/2029		1,456,000		1,509,712
Capstone Copper Corp. (Canada)^†(e)	6.75%	3/31/2033		1,379,000		1,398,600
First Quantum Minerals Ltd. (Canada)^†(e)	6.375%	2/15/2036		1,364,000		1,339,645
First Quantum Minerals Ltd. (Canada)^†(e)	7.25%	2/15/2034		1,105,000		1,133,648
First Quantum Minerals Ltd. (Canada)^†(e)	8.00%	3/1/2033		1,229,000		1,286,460
First Quantum Minerals Ltd. (Canada)^†(e)	8.625%	6/1/2031		2,292,000		2,389,200
Freeport Indonesia PT (Indonesia)^(e)	6.20%	4/14/2052		1,115,000		1,091,549
Freeport-McMoRan, Inc.	5.40%	11/14/2034		1,782,000		1,813,398
Glencore Funding LLC^†	5.673%	4/1/2035		878,000		900,361
Ivanhoe Mines Ltd. (Canada)^†(e)	7.875%	1/23/2030		1,111,000		1,124,704
Kaiser Aluminum Corp.^†	4.50%	6/1/2031		1,528,000		1,463,622
Kinross Gold Corp. (Canada)^(e)	6.25%	7/15/2033		1,873,000		1,976,424
Minera Mexico SA de CV (Mexico)^†(e)	5.625%	2/12/2032		2,352,000		2,380,459
Minsur SA (Peru)^(e)	4.50%	10/28/2031		1,250,000		1,199,076
Navoi Mining & Metallurgical Co. (Uzbekistan)^†(e)	6.75%	5/14/2030		1,862,000		1,926,495
Navoi Mining & Metallurgical Co. (Uzbekistan)^(e)	6.95%	10/17/2031		225,000		237,234
Nexa Resources SA (Brazil)^†(e)	6.60%	4/8/2037		1,644,000		1,716,186
Nickel Industries Ltd. (Australia)^(e)	9.00%	9/30/2030		1,358,000		1,394,130
Novelis Corp.^†	4.75%	1/30/2030		1,196,000		1,157,557
Novelis Corp.^†	6.875%	1/30/2030		1,719,000		1,763,495
PLS Group Ltd. (Australia)^†(e)	6.875%	5/1/2031		828,000		848,382
Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)^†(e)	5.854%	5/13/2032		1,093,000		1,111,524
Total						33,382,151

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Miscellaneous Manufacturing 0.08%
GrafTech Global Enterprises, Inc.^†	9.875%		12/23/2029		$	1,369,000	$	1,013,060

Office/Business Equipment 0.14%
Zebra Technologies Corp.^†	6.50%		6/1/2032			1,613,000		1,633,577

Oil & Gas 5.93%
Aethon United BR LP/Aethon United Finance Corp.^†	7.50%		10/1/2029			708,000		736,636
APA Corp.	4.25%		1/15/2030			1,119,000		1,100,329
APA Corp.	6.10%		2/15/2035			1,385,000		1,429,488
APA Corp.	6.75%		2/15/2055			1,754,000		1,831,803
Borr IHC Ltd./Borr Finance LLC^†	9.00%		1/15/2034			1,231,000		1,191,336
BP Capital Markets PLC (United Kingdom)^(e)	6.45% (5 yr. CMT + 2.15%	)^#	–	^(h)		1,676,000		1,740,422
Caturus Energy LLC^†	7.125%		5/15/2031			1,204,000		1,192,719
Caturus Energy LLC^†	8.50%		2/15/2030			1,114,000		1,161,439
CITGO Petroleum Corp.^†	8.375%		1/15/2029			1,426,000		1,467,701
Comstock Resources, Inc.^†	5.875%		1/15/2030			568,000		536,074
Comstock Resources, Inc.^†	6.75%		3/1/2029			633,000		621,895
Crescent Energy Finance LLC^†	7.375%		1/15/2033			1,798,000		1,788,188
DBR Land Holdings LLC^†	6.25%		12/1/2030			1,171,000		1,189,888
Ecopetrol SA (Colombia)^(e)	4.625%		11/2/2031			1,294,000		1,187,929
Ecopetrol SA (Colombia)^(e)	5.875%		5/28/2045			4,692,000		3,879,081
Global Marine, Inc.	7.00%		6/1/2028			214,000		217,859
Harbour Energy PLC (United Kingdom)^†(e)	6.327%		4/1/2035			1,155,000		1,177,904
HF Sinclair Corp.	5.50%		9/1/2032			2,307,000		2,324,090
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.875%		5/15/2034			1,828,000		1,779,838
Hilcorp Energy I LP/Hilcorp Finance Co.^†	7.25%		2/15/2035			1,214,000		1,196,054
Kraken Oil & Gas Partners LLC^†	7.125%		5/15/2031			790,000		772,966
Kraken Oil & Gas Partners LLC^†	7.625%		8/15/2029			1,418,000		1,432,933
Matador Resources Co.^†	6.00%		4/15/2034			728,000		710,181
Matador Resources Co.^†	6.50%		4/15/2032			814,000		818,876
MC Brazil Downstream Trading SARL (Luxembourg)^†(e)	7.25%		6/30/2031			1,282,450		1,204,810
Occidental Petroleum Corp.^(f)	5.375%		1/1/2032			615,000		627,595
Occidental Petroleum Corp.	5.55%		10/1/2034			1,052,000		1,076,687
Occidental Petroleum Corp.	6.60%		3/15/2046			2,213,000		2,363,245
Occidental Petroleum Corp.	7.50%		5/1/2031			1,013,000		1,122,545
Occidental Petroleum Corp.	8.875%		7/15/2030			1,000,000		1,126,414

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Oil & Gas (continued)
ORLEN SA (Poland)^†(e)	6.00%		1/30/2035		$	993,000	$	1,028,926
Ovintiv, Inc.	6.50%		2/1/2038			1,379,000		1,454,939
Par Petroleum LLC^†	7.375%		6/1/2034			1,194,000		1,208,972
Patterson-UTI Energy, Inc.	6.05%		5/15/2036			1,189,000		1,185,477
Petroleos de Venezuela SA (Venezuela)^(e)(i)	5.375%		4/12/2027			1,240,000		457,560
Petroleos de Venezuela SA (Venezuela)^(e)(i)	5.375%		4/12/2027			1,390,400		513,058
Petroleos de Venezuela SA (Venezuela)^(e)(i)	6.00%		5/16/2024			6,001,462		2,262,551
Petroleos de Venezuela SA (Venezuela)^(e)(i)	6.00%		11/15/2026			1,997,398		754,018
Petroleos Mexicanos (Mexico)^(e)	6.75%		9/21/2047			2,810,000		2,407,411
Petroleos Mexicanos (Mexico)^(e)	10.00%		2/7/2033			3,545,000		4,175,732
Repsol E&P Capital Markets U.S. LLC^†	5.976%		9/16/2035			2,186,000		2,230,308
Saturn Oil & Gas, Inc. (Canada)^†(e)	9.625%		6/15/2029			516,000		538,295
SM Energy Co.^†	6.625%		4/15/2034			613,000		603,749
SM Energy Co.^†	8.625%		11/1/2030			1,096,000		1,151,542
Suncor Energy, Inc. (Canada)^(e)	7.15%		2/1/2032			1,408,000		1,553,200
Sunoco LP^†	6.25%		7/1/2033			1,723,000		1,739,275
TGNR Intermediate Holdings LLC^†	5.50%		10/15/2029			822,000		809,359
Thaioil Treasury Center Co. Ltd. (Thailand)^†(e)(f)	6.10% (5 yr. CMT + 2.38%	)^#	–	^(h)		1,194,000		1,166,109
Transocean International Ltd.^(f)	6.80%		3/15/2038			1,113,000		1,033,082
Transocean International Ltd.^†	7.875%		10/15/2032			630,000		658,013
Transocean International Ltd.^†	8.50%		5/15/2031			1,141,000		1,185,228
Vermilion Energy, Inc. (Canada)^†(e)	6.875%		5/1/2030			705,000		704,047
Vermilion Energy, Inc. (Canada)^†(e)	7.25%		2/15/2033			818,000		804,620
Viper Energy Partners LLC	5.70%		8/1/2035			1,569,000		1,594,779
YPF SA (Argentina)^(e)	8.25%		1/17/2034			1,166,000		1,221,430
Total								71,448,605

Oil & Gas Services 0.95%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.	5.00%		6/15/2036			694,000		679,064
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.	5.85%		6/15/2056			1,157,000		1,143,767
Enerflex, Inc.^†	6.875%		1/15/2031			1,061,000		1,086,514
Oceaneering International, Inc.	6.00%		2/1/2028			1,740,000		1,769,328
SESI LLC^†	7.875%		9/30/2030			1,413,000		1,436,659
Star Holding LLC^†	8.75%		8/1/2031			348,000		349,239
USA Compression Partners LP/USA Compression Finance Corp.^†	6.25%		10/1/2033			1,155,000		1,145,816

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Oil & Gas Services (continued)
USA Compression Partners LP/USA Compression Finance Corp.^†	7.125%		3/15/2029	$	700,000	$	717,359
WBI Operating LLC^†	6.50%		10/15/2033		1,344,000		1,353,146
Weatherford International Ltd.^†	6.75%		10/15/2033		1,756,000		1,792,614
Total							11,473,506

Packaging & Containers 0.99%
Ardagh Group SA (Luxembourg)^†(e)	11.00%		12/1/2030		1,300,000		1,243,125
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^†	6.25%		1/30/2031		1,590,000		1,608,820
Ball Corp.	5.50%		9/15/2033		1,166,000		1,173,898
Canpack SA/Canpack U.S. LLC (Poland)^†(e)	3.875%		11/15/2029		1,430,000		1,357,799
Clydesdale Acquisition Holdings, Inc.^†	8.75%		4/15/2030		1,744,000		1,721,708
LABL, Inc.^†(f)(i)	5.875%		11/1/2028		86,000		44,201	^(d)
Multi-Color Corp.^†(f)	8.50%		5/11/2033		1,208,318		1,065,920
Sealed Air Corp.^†	6.875%		7/15/2033		1,060,000		1,055,165
Sword Purchaser LLC^†	8.25%		4/15/2033		1,163,000		1,204,100
Trivium Packaging Finance BV (Netherlands)^†(e)	8.25%		7/15/2030		1,424,000		1,505,493
Total							11,980,229

Pharmaceuticals 0.74%
1261229 BC Ltd. (Canada)^†(e)	10.00%		4/15/2032		3,024,000		3,064,842
CVS Health Corp.	5.25%		2/21/2033		1,147,000		1,166,444
CVS Health Corp.	5.70%		6/1/2034		1,123,000		1,159,591
CVS Health Corp.	7.00% (5 yr. CMT + 2.89%	)^#	3/10/2055		1,648,000		1,711,682
HLF Financing SARL LLC/Herbalife International, Inc.^†	7.75%		5/1/2033		1,838,000		1,864,265
Total							8,966,824

Pipelines 3.90%
AL Candelaria -spain- SA (Spain)^†(e)	5.75%		6/15/2033		1,646,000		1,525,340
AL Candelaria -spain- SA (Spain)^(e)	5.75%		6/15/2033		1,012,000		937,815
AL Candelaria -spain- SA (Spain)^(e)	5.75%		6/15/2033		251,000		232,600
Blue Racer Midstream LLC/Blue Racer Finance Corp.^†	7.25%		7/15/2032		1,101,000		1,139,720
Boardwalk Pipelines LP	5.375%		2/15/2036		837,000		832,935
Boardwalk Pipelines LP	5.625%		8/1/2034		1,123,000		1,146,253
Buckeye Partners LP^†	6.75%		2/1/2030		1,699,000		1,755,619

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount^‡		Fair Value
Pipelines (continued)
Colonial Enterprises, Inc.^†	3.25%		5/15/2030		$	1,241,000	$	1,163,109
CQP Holdco LP/BIP-V Chinook Holdco LLC^†	5.50%		6/15/2031			1,161,000		1,140,026
Delek Logistics Partners LP/Delek Logistics Finance Corp.^†	8.625%		3/15/2029			917,000		953,602
DT Midstream, Inc.^†	4.30%		4/15/2032			1,293,000		1,236,245
Esentia Energy Development SAB de CV (Mexico)^†(e)	6.125%		7/30/2033			994,000		992,310
Florida Gas Transmission Co. LLC^†	5.75%		7/15/2035			892,000		919,058
Genesis Energy LP/Genesis Energy Finance Corp.	6.75%		3/15/2034			1,550,000		1,538,941
Genesis Energy LP/Genesis Energy Finance Corp.	7.875%		5/15/2032			1,083,000		1,117,342
Global Partners LP/GLP Finance Corp.^†	7.125%		7/1/2033			1,136,000		1,150,146
Green Palm Bidco SARL (Luxembourg)^†(e)	5.957%		6/30/2041			1,149,000		1,161,825
Green Palm Bidco SARL (Luxembourg)^(e)	5.957%		6/30/2041			1,170,000		1,183,059
Gulfstream Natural Gas System LLC^†	5.60%		7/23/2035			659,000		669,284
Harvest Midstream I LP^†	6.75%		5/15/2034			1,177,000		1,194,325
NGL Energy Operating LLC/NGL Energy Finance Corp.^†	8.375%		2/15/2032			1,116,000		1,162,306
NGPL PipeCo LLC^†	3.25%		7/15/2031			1,530,000		1,408,985
ONEOK, Inc.	6.05%		9/1/2033			1,090,000		1,141,463
ONEOK, Inc.^†	6.50%		9/1/2030			1,057,000		1,111,776
Sabal Trail Transmission LLC^†	4.246%		5/1/2028			1,125,000		1,116,021
South Bow Canadian Infrastructure Holdings Ltd. (Canada)^(e)	7.50% (5 yr. CMT + 3.67%	)^#	3/1/2055			1,132,000		1,210,355
South Bow USA Infrastructure Holdings LLC	5.584%		10/1/2034			1,125,000		1,121,202
Transcontinental Gas Pipe Line Co. LLC	5.10%		3/15/2036			1,169,000		1,157,732
Venture Global LNG, Inc.^†	6.625%		6/15/2036			1,050,000		1,035,566
Venture Global LNG, Inc.^†	9.00% (5 yr. CMT + 5.44%	)^#	–	^(h)		1,772,000		1,730,952
Venture Global LNG, Inc.^†	9.50%		2/1/2029			4,324,000		4,656,131
Venture Global Plaquemines LNG LLC^†	6.50%		1/15/2034			2,161,000		2,252,717
Venture Global Plaquemines LNG LLC^†	6.75%		1/15/2036			556,000		589,794
Western Midstream Operating LP	4.05%		2/1/2030			1,896,000		1,837,307
Western Midstream Operating LP	6.35%		1/15/2029			1,053,000		1,089,443
Whistler Pipeline LLC^†	5.95%		9/30/2034			2,360,000		2,421,415
Total								47,032,719

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Real Estate 0.57%
Corp. Inmobiliaria Vesta SAB de CV (Mexico)^†(e)	5.50%	1/30/2033	$	937,000	$	919,478
Howard Hughes Corp.^†	5.875%	3/1/2032		1,181,000		1,171,720
Hunt Cos., Inc.^†	5.25%	4/15/2029		1,435,000		1,422,621
Kennedy-Wilson, Inc.^†	7.00%	6/1/2031		1,681,000		1,719,385
Newmark Group, Inc.	7.50%	1/12/2029		1,565,000		1,640,378
Total						6,873,582

REITS 2.81%
American Assets Trust LP	6.15%	10/1/2034		1,715,000		1,744,638
Brandywine Operating Partnership LP	4.55%	10/1/2029		765,000		719,879
Brandywine Operating Partnership LP	8.875%	4/12/2029		470,000		497,037
CFE Fibra E (Mexico)^†(e)	5.875%	9/23/2040		1,059,850		1,034,413
Cousins Properties LP	5.875%	10/1/2034		1,929,000		1,974,298
First Industrial LP	5.25%	1/15/2031		898,000		904,125
GLP Capital LP/GLP Financing II, Inc.	4.00%	1/15/2030		1,272,000		1,223,328
GLP Capital LP/GLP Financing II, Inc.	4.00%	1/15/2031		1,278,000		1,207,733
GLP Capital LP/GLP Financing II, Inc.	5.75%	6/1/2028		1,000,000		1,011,711
Goodman U.S. Finance Five LLC^†	4.625%	5/4/2032		1,345,000		1,309,952
Iron Mountain, Inc.^†	4.50%	2/15/2031		3,572,000		3,418,268
Iron Mountain, Inc.^†	6.25%	1/15/2033		1,223,000		1,236,403
Iron Mountain, Inc.^†	6.25%	1/15/2035		1,856,000		1,865,555
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.	5.50%	8/1/2030		1,108,000		1,119,339
Millrose Properties, Inc.^†	6.25%	9/15/2032		936,000		944,992
Millrose Properties, Inc.^†	6.375%	8/1/2030		1,141,000		1,157,202
Phillips Edison Grocery Center Operating Partnership I LP	4.95%	1/15/2035		766,000		751,167
Phillips Edison Grocery Center Operating Partnership I LP	5.75%	7/15/2034		868,000		896,846
Piedmont Operating Partnership LP	5.625%	1/15/2033		718,000		715,124
Piedmont Operating Partnership LP	9.25%	7/20/2028		1,078,000		1,160,983
Rayonier LP	2.75%	5/17/2031		2,532,000		2,275,665
RHP Hotel Properties LP/RHP Finance Corp.^†	5.75%	3/15/2034		1,206,000		1,195,512
RHP Hotel Properties LP/RHP Finance Corp.^†	6.50%	6/15/2033		805,000		826,442
Starwood Property Trust, Inc.^†	6.50%	10/15/2030		2,186,000		2,237,830
Vornado Realty LP	3.40%	6/1/2031		1,300,000		1,194,588
Vornado Realty LP	5.75%	2/1/2033		1,166,000		1,170,572
Total						33,793,602

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Retail 1.89%
1011778 BC ULC/New Red Finance, Inc. (Canada)^†(e)	6.125%	6/15/2029	$	1,098,000	$	1,115,041
Advance Auto Parts, Inc.^†	7.375%	8/1/2033		1,941,000		2,013,079
Bath & Body Works, Inc.	6.875%	11/1/2035		1,304,000		1,336,187
Dick’s Sporting Goods, Inc.	4.10%	1/15/2052		1,524,000		1,112,351
Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)^†(e)	8.375%	1/15/2029		1,297,000		1,278,686
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.^†	7.00%	8/15/2028		185,000		78,625
GPS Hospitality Operating Co. LLC/GPS New Finco, Inc.^†	9.50%	5/28/2030		52,227		52,227
LBM Acquisition LLC^†	9.50%	6/15/2031		2,391,000		2,132,078
Macy’s Retail Holdings LLC^†	7.375%	8/1/2033		1,113,000		1,169,957
Michaels Cos., Inc.^†	8.50%	3/15/2033		1,183,000		1,172,453
Park River Holdings, Inc.^†	8.00%	3/15/2031		2,289,000		2,311,233
PetSmart LLC/PetSmart Finance Corp.^†	7.50%	9/15/2032		1,875,000		1,876,759
Punch Finance PLC^†	7.875%	12/30/2030	GBP	1,055,000		1,447,109
QXO Building Products, Inc.^†	6.75%	4/30/2032	$	1,676,000		1,731,616
QXO Building Products, Inc.^†	6.875%	7/15/2034		1,379,000		1,416,475
Stonegate Pub Co. Financing PLC	10.75%	7/31/2029	GBP	851,000		1,155,239
Tiffany & Co.	4.90%	10/1/2044	$	1,466,000		1,340,805
Total						22,739,920

Savings & Loans 0.00%
Washington Mutual Bank/Debt not acquired by JPMorgan⁽ⁱ⁾	6.875%	6/15/2011		1,250,000		0	^(d)

Semiconductors 1.04%
Entegris, Inc.^†	4.75%	4/15/2029		1,024,000		1,012,525
Foundry JV Holdco LLC^†	5.50%	1/25/2031		1,936,000		1,980,379
Foundry JV Holdco LLC^†	6.25%	1/25/2035		1,463,000		1,554,450
Foundry JV Holdco LLC^†	6.40%	1/25/2038		1,427,000		1,527,909
Intel Corp.	5.30%	5/15/2036		1,158,000		1,152,737
Marvell Technology, Inc.	5.30%	4/15/2036		1,160,000		1,154,662
Marvell Technology, Inc.	5.95%	9/15/2033		1,107,000		1,164,411
Qorvo, Inc.^†	3.375%	4/1/2031		1,324,000		1,212,483
Qorvo, Inc.	4.375%	10/15/2029		1,083,000		1,045,281
SK Hynix, Inc. (South Korea)^(e)	6.50%	1/17/2033		690,000		748,324
Total						12,553,161

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount^‡		Fair Value
Shipbuilding 0.20%
Huntington Ingalls Industries, Inc.	4.20%	5/1/2030	$	1,157,000	$	1,132,988
Huntington Ingalls Industries, Inc.	5.353%	1/15/2030		390,000		396,557
Huntington Ingalls Industries, Inc.	5.749%	1/15/2035		904,000		932,114
Total						2,461,659

Software 1.21%
CoreWeave, Inc.^†(f)	9.00%	2/1/2031		1,471,000		1,455,502
CoreWeave, Inc.^†	9.625%	7/15/2032		580,000		572,054
CoreWeave, Inc.^†	9.75%	10/1/2031		1,536,000		1,533,702
OAK-Eagle Acquireco, Inc.^†	7.25%	7/1/2033		1,056,000		1,105,264
OAK-Eagle Acquireco, Inc.^†	8.75%	7/1/2034		2,176,000		2,310,742
Oracle Corp.	5.20%	9/26/2035		4,269,000		3,998,426
Oracle Corp.	6.70%	2/4/2056		3,809,000		3,587,286
Total						14,562,976

Telecommunications 3.44%
APLD ComputeCo 2 LLC^†	6.75%	3/15/2031		802,000		805,451
APLD ComputeCo 3 LLC^†	7.00%	6/15/2031		1,365,000		1,363,908
APLD ComputeCo LLC^†	9.25%	12/15/2030		1,121,000		1,209,956
Black Pearl Compute LLC^†	6.125%	2/15/2031		1,303,000		1,321,327
Cipher Compute LLC^†	7.125%	11/15/2030		2,080,000		2,164,807
Core Scientific Finance I LLC^†	7.75%	5/15/2031		2,317,000		2,351,293
Digicel International Finance Ltd./Difl U.S. LLC (Jamaica)^†(e)	8.625%	8/1/2032		1,146,000		1,180,838
ELK Grove Village Property LLC^†	7.50%	6/15/2031		1,767,000		1,780,273
Fibercop SpA (Italy)^†(e)	6.00%	9/30/2034		1,147,000		1,110,540
Flash Compute LLC^†	7.25%	12/31/2030		2,134,000		2,196,894
Hughes Satellite Systems Corp.	5.25%	8/1/2026		844,000		714,168
Hughes Satellite Systems Corp.	6.625%	8/1/2026		1,504,000		937,503
Level 3 Financing, Inc.^†	3.75%	7/15/2029		132,000		127,875
Level 3 Financing, Inc.^†	7.50%	2/15/2037		2,462,467		2,529,641
Level 3 Financing, Inc.^†	8.50%	1/15/2036		2,309,779		2,482,156
Lumen Technologies, Inc.^†	4.50%	1/15/2029		1,997,000		1,920,777
Lumen Technologies, Inc.^†	5.375%	6/15/2029		1,615,000		1,574,846
Lumen Technologies, Inc.	7.60%	9/15/2039		634,000		606,978
Lumen Technologies, Inc.	7.65%	3/15/2042		751,000		710,608
Meridian Arc Holdco LLC^†	6.25%	4/30/2031		903,000		905,614
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC^†	5.70%	4/15/2036		2,320,000		2,206,683

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Telecommunications (continued)
SV RNO Property Owner 1 LLC^†	5.875%		3/1/2031	$	1,801,000	$	1,776,179
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC^†	8.625%		6/15/2032		2,336,000		2,438,926
Vmed O2 U.K. Financing I PLC (United Kingdom)^†(e)	4.25%		1/31/2031		2,598,000		2,138,772
Vmed O2 U.K. Financing I PLC (United Kingdom)^†(e)	4.75%		7/15/2031		1,253,000		1,030,710
WULF Compute LLC^†	7.75%		10/15/2030		2,271,000		2,386,737
Zegona Finance PLC (United Kingdom)^†(e)	8.625%		7/15/2029		1,455,000		1,519,833
Total							41,493,293

Transportation 0.65%
Danaos Corp. (Marshall Islands)^†(e)	6.875%		10/15/2032		1,161,000		1,200,505
Fedex Freight Holding Co., Inc.^†	4.95%		3/15/2033		933,000		914,436
GXO Logistics, Inc.	6.25%		5/6/2029		1,090,000		1,127,131
Rand Parent LLC^†	8.50%		2/15/2030		2,076,000		2,152,139
Watco Cos. LLC/Watco Finance Corp.^†	7.125%		8/1/2032		1,348,000		1,385,024
XPO, Inc.^†	7.125%		2/1/2032		961,000		997,357
Total							7,776,592

Trucking & Leasing 0.29%
FTAI Aviation Investors LLC^†	5.875%		4/15/2033		2,335,000		2,337,479
FTAI Aviation Investors LLC^†	7.00%		5/1/2031		1,092,000		1,131,872
Total							3,469,351

Water 0.09%
Sabesp Lux SARL (Luxembourg)^†(e)	5.625%		8/20/2030		1,136,000		1,120,323
Total Corporate Bonds (cost $833,349,550)							832,873,149

FLOATING RATE LOANS^(k) 1.77%

Advertising 0.09%
CMG Media Corp. 2024 Term Loan	7.332% (3 mo. USD Term SOFR + 3.50%	)	6/18/2029		1,213,591		1,100,320

Auto Parts & Equipment 0.00%
First Brands Group LLC 2021 Term Loan⁽ⁱ⁾	–	^(c)	3/30/2027		269,133		659
First Brands Group LLC 2022 Incremental Term Loan⁽ⁱ⁾	–	^(c)	3/30/2027		65,244		160
First Brands Group LLC 2025 DIP Term Loan⁽ⁱ⁾	–	^(c)	6/29/2027		1,409		231
First Brands Group LLC 2025 PIK DIP Roll-Up Term Loan B⁽ⁱ⁾	–	^(c)	6/29/2027		383,792		1,197
Total							2,247

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Building Materials 0.05%
ACProducts, Inc. 2026 First Lien First Out Term Loan	9.232% (3 mo. USD Term SOFR + 5.50%	)	11/14/2031	$	154,025	$	157,587
ACProducts, Inc. 2026 First Lien Second Out Term Loan	9.232% (3 mo. USD Term SOFR + 5.50%	)	11/14/2031		589,088		521,785
Total							679,372

Chemicals 0.44%
Chemours Co. 2025 USD Term Loan B	7.144% (1 mo. USD Term SOFR + 3.50%	)	10/15/2032		1,163,155		1,162,795
INEOS Quattro Holdings U.K. Ltd. 2023 USD 1st Lien Term Loan B (United Kingdom)^(e)	7.994% (1 mo. USD Term SOFR + 4.25%	)	4/2/2029		3,099,203		2,741,834
Ineos U.S. Finance LLC 2023 USD Term Loan B	6.894% (1 mo. USD Term SOFR + 3.25%	)	2/18/2030		1,467,207		1,354,966
Total							5,259,595

Diversified Capital Goods 0.08%
Tank Holding Corp. 2022 Term Loan	9.494% (1 mo. USD Term SOFR + 5.75%	)	3/31/2028		1,008,672		932,013

Electric: Generation 0.01%
Frontera Generation Holdings LLC 2021 2nd Lien Term Loan	5.494% (3 mo. USD Term SOFR + 1.50%	)	7/28/2028		129,376		128,729

Food 0.13%
Bellis Acquisition Co. PLC 2024 EUR Term Loan B	6.488% (6 mo. EURIBOR + 4.00%	)	5/14/2031	EUR	1,473,077		1,598,627

Health Care Products 0.10%
Hologic, Inc. 2026 USD 2nd Lien Term Loan	8.745% (3 mo. USD Term SOFR + 5.00%	)	4/10/2034	$	1,180,000		1,168,200	^(l)

Leisure Time 0.06%
City Football Group Ltd. 2024 Term Loan (United Kingdom)^(e)	6.925% (3 mo. USD Term SOFR + 3.00%	)	7/22/2030		702,660		701,694

Media 0.32%
Discovery Global Holdings, Inc. 2026 USD Term Loan B	6.144% (1 mo. USD Term SOFR + 2.50%	)	6/3/2033		1,139,654		1,141,386

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Media (continued)
Sinclair Television Group, Inc. 2025 Term Loan B6	7.294% (3 mo. USD Term SOFR + 3.30%	)	12/31/2029	$	1,330,808	$	1,171,950
Sinclair Television Group, Inc. 2025 Term Loan B7	7.932% (3 mo. USD Term SOFR + 4.10%	)	12/31/2030		1,470,256		1,287,400
Virgin Media Bristol LLC 2023 USD Term Loan Y	6.967% (6 mo. USD Term SOFR + 3.18%	)	3/31/2031		297,172		264,525
Total							3,865,261

Oil & Gas Services 0.04%
Star Holding LLC 2024 1st Lien Term Loan B	8.144% (1 mo. USD Term SOFR + 4.50%	)	7/31/2031		452,854		453,513

Personal & Household Products 0.00%
FGI Operating Co. LLC Exit Term Loan	–	^(c)	12/31/2026		68,047		0	^(d)

Pharmaceuticals 0.10%
Bausch Health Cos., Inc. 2025 Term Loan B (Canada)^(e)	9.894% (1 mo. USD Term SOFR + 6.25%	)	10/8/2030		1,206,905		1,173,147

Retail 0.06%
Sweetwater Borrower LLC 2026 Term Loan B	7.644% (1 mo. USD Term SOFR + 4.00%	)	2/17/2033		691,538		696,724

Software 0.21%
Boxer Parent Co., Inc. 2025 USD Term Loan B	6.416% (3 mo. USD Term SOFR + 2.75%	)	7/30/2031		2,627,009		2,374,435
VCI Asset Holdings 3 LLC Fixed Term Loan	6.875%		4/24/2031		184,000		182,160	^(l)
Total							2,556,595

Utilities 0.08%
Astoria Energy LLC 2025 Term Loan B	5.894% - 5.98% (1 mo. USD Term SOFR + 2.25% (3 mo. USD Term SOFR + 2.25%	) )	6/23/2032		1,013,278		1,015,599
Total Floating Rate Loans (cost $21,629,746)							21,331,636

FOREIGN GOVERNMENT OBLIGATIONS 6.92%

Angola 0.19%
Angola Government International Bonds^(e)	9.244%		1/15/2031		2,151,000		2,229,195

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Argentina 1.15%
Argentina Republic Government International Bonds^(e)	0.75%	^(m)	7/9/2030	$	5,558,966	$	4,933,582
Ciudad Autonoma De Buenos Aires/ Government Bonds^†(e)	7.05%		5/13/2036		1,253,039		1,230,798
Provincia de Buenos Aires/Government Bonds^(e)	6.625%	^(m)	9/1/2037		127,997		106,139
Provincia de Buenos Aires/Government Bonds^(e)	6.625%	^(m)	9/1/2037		1,365,305		1,132,152
Provincia de Cordoba^(e)	6.875%	^(m)	2/1/2029		934,287		918,171
Provincia de Cordoba^†(e)	8.60%		2/3/2035		1,394,000		1,388,772
Provincia de Cordoba^†(e)	9.75%		7/2/2032		1,626,000		1,741,040
Provincia de Entre Rios Argentina^†(e)	9.55%		3/4/2033		1,158,000		1,130,555
Provincia del Chubut Argentina^†(e)	9.45%		4/29/2036		1,160,000		1,229,600
Total							13,810,809

Benin 0.10%
Benin Government International Bonds^†(e)	7.96%		2/13/2038		1,171,000		1,246,102

Bolivia 0.19%
Bolivia Government International Bonds^(e)	4.50%		3/20/2028		1,323,400		1,275,095
Bolivia Government International Bonds^†(e)	9.45%		5/14/2031		926,000		949,845
Total							2,224,940

Cameroon 0.14%
Republic of Cameroon International Bonds^(e)	9.50%		7/31/2031		1,644,000		1,661,604

Colombia 0.25%
Colombia Government International Bonds^(e)	7.50%		2/2/2034		1,679,000		1,796,530
Colombia Government International Bonds^(e)(f)	7.75%		11/7/2036		1,119,000		1,222,228
Total							3,018,758

Congo 0.15%
DRC International Bonds^†(e)	9.50%		4/16/2037		1,766,000		1,851,567

Costa Rica 0.10%
Costa Rica Government International Bonds^(e)(f)	7.30%		11/13/2054		1,076,000		1,217,198

Dominican Republic 0.39%
Dominican Republic International Bonds^(e)	6.00%		2/22/2033		2,302,000		2,323,869
Dominican Republic International Bonds	10.50%		3/15/2037	DOP	19,500,000		347,283
Dominican Republic International Bonds	10.50%		3/15/2037	DOP	103,700,000		1,856,114
Dominican Republic International Bonds	10.75%		6/1/2036	DOP	11,500,000		208,880
Total							4,736,146

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Ecuador 0.42%
Ecuador Government International Bonds^†(e)	8.75%		1/29/2034	$	2,477,000	$	2,504,247
Ecuador Government International Bonds^†(e)	9.25%		1/29/2039		2,468,000		2,539,572
Total							5,043,819

Egypt 0.19%
Egypt Government International Bonds^(e)	8.50%		1/31/2047		2,322,000		2,278,680

El Salvador 0.57%
El Salvador Government International Bonds^†(e)	4.00%	^(m)	4/17/2030		1,385,000		44,012
El Salvador Government International Bonds^(e)	8.625%		2/28/2029		2,644,000		2,792,427
El Salvador Government International Bonds^†(e)	9.25%		4/17/2030		2,518,000		2,719,742
El Salvador Government International Bonds^†(e)	9.65%		11/21/2054		1,144,000		1,314,639
Total							6,870,820

Ghana 0.35%
Ghana Government International Bonds^(e)	5.00%	^(m)	7/3/2035		4,512,818		4,189,919

Honduras 0.11%
Honduras Government International Bonds^(e)	5.625%		6/24/2030		1,293,000		1,299,594

Montenegro 0.08%
Montenegro Government International Bonds^†(e)	7.25%		3/12/2031		923,000		978,720

Nigeria 0.20%
Nigeria Government International Bonds^(e)	8.631%		1/13/2036		2,265,000		2,461,106

Panama 0.18%
Panama Government International Bonds^(e)	6.40%		2/14/2035		2,044,000		2,163,574

Romania 0.21%
Romania Government International Bonds^(e)	5.75%		3/24/2035		1,194,000		1,158,480
Romania Government International Bonds^†(e)	6.625%		5/16/2036		1,396,000		1,427,620
Total							2,586,100

South Africa 0.48%
Republic of South Africa Government Bonds	8.00%		1/31/2030	ZAR	94,469,000		5,821,584

Sri Lanka 0.15%
Sri Lanka Government International Bonds^(e)	3.60%	^(m)	5/15/2036	$	1,394,623		1,403,625
Sri Lanka Government International Bonds^(e)	3.60%	^(m)	2/15/2038		418,694		423,725
Total							1,827,350

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
Suriname 0.17%
Suriname Government International Bonds^†(e)	8.50%		11/6/2035	$	1,860,000	$	2,038,746

Trinidad And Tobago 0.10%
Trinidad & Tobago Government International Bonds^†(e)	6.40%		6/26/2034		1,161,000		1,196,376

Turkey 0.35%
Hazine Mustesarligi Varlik Kiralama AS^†(b)(e)	6.70%		7/2/2032		2,133,000		2,134,083
Istanbul Metropolitan Municipality^†(e)	10.50%		12/6/2028		1,074,000		1,153,258
Turkiye Government International Bonds^(e)	6.30%		3/14/2033		919,000		899,682
Total							4,187,023

Uzbekistan 0.12%
Republic of Uzbekistan International Bonds^†(e)	6.947%		5/25/2032		1,387,000		1,488,362

Venezuela 0.43%
Venezuela Government International Bonds^(e)(i)	9.00%		5/7/2023		3,091,600		1,468,510
Venezuela Government International Bonds^(e)(i)	11.75%		10/21/2026		5,638,000		3,100,900
Venezuela Government International Bonds^(e)(i)	12.75%		8/23/2022		1,093,200		612,192
Total							5,181,602

Zambia 0.15%
Zambia Government International Bonds^(e)	5.75%	^(m)	6/30/2033		1,790,558		1,768,410
Total Foreign Government Obligations (cost $76,370,700)							83,378,104

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 13.26%
Government National Mortgage Association⁽ⁿ⁾	4.50%		TBA		4,385,000		4,210,949
Government National Mortgage Association⁽ⁿ⁾	5.00%		TBA		5,871,000		5,787,448
Government National Mortgage Association⁽ⁿ⁾	5.50%		TBA		3,879,000		3,898,667
Government National Mortgage Association⁽ⁿ⁾	6.00%		TBA		3,269,000		3,335,350
Uniform Mortgage-Backed Security⁽ⁿ⁾	2.50%		TBA		28,157,000		23,522,441
Uniform Mortgage-Backed Security⁽ⁿ⁾	4.50%		TBA		8,459,000		8,354,774
Uniform Mortgage-Backed Security⁽ⁿ⁾	5.00%		TBA		48,614,000		48,059,476
Uniform Mortgage-Backed Security⁽ⁿ⁾	5.50%		TBA		35,864,000		35,959,905
Uniform Mortgage-Backed Security⁽ⁿ⁾	6.00%		TBA		12,490,000		12,747,356
Uniform Mortgage-Backed Security⁽ⁿ⁾	6.50%		TBA		7,063,000		7,304,122
Uniform Mortgage-Backed Security⁽ⁿ⁾	7.00%		TBA		6,250,000		6,575,962
Total Government Sponsored Enterprises Pass-Throughs (cost $159,556,407)							159,756,450

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments					Shares		Fair Value
INVESTMENTS IN AFFILIATED FUNDS 1.41%
Lord Abbett Private Credit Fund^(o)(p)(q)(cost $17,206,796)						684,740	$	16,974,708

		Interest Rate		Maturity Date		Principal Amount^‡
MUNICIPAL BONDS 0.55%

Corporate-Backed 0.10%
Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT	4.75%			12/1/2054	$	1,205,000		1,169,061

Lease Obligation 0.09%
Maryland Stadium Authority - State of Maryland	5.578%			6/15/2055		1,110,000		1,123,233

Miscellaneous 0.16%
Dallas Convention Center Hotel Development Corp. TX	7.088%			1/1/2042		1,185,000		1,307,803
New York City Industrial Development Agency NY^†	11.00%			3/1/2029		535,000		579,550
Total								1,887,353

Tax Revenue 0.09%
Memphis-Shelby County Industrial Development Board Tax Allocation TN⁽ⁱ⁾	7.00%			7/1/2045		1,410,000		1,075,724

Transportation 0.11%
Public Finance Authority - SR 400 Peach Partners LLC WI AMT	5.75%			12/31/2065		1,300,000		1,362,761
Total Municipal Bonds (cost $6,905,563)								6,618,132

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 4.50%
BAHA Trust Series 2024-MAR Class B^†	7.069%		^#(r)	12/10/2041		1,570,000		1,618,445
BX Commercial Mortgage Trust Series 2019-IMC Class A^†	4.671% (1 mo. USD Term SOFR + 1.05%		)^#	4/15/2034		1,737,914		1,730,479
BX Commercial Mortgage Trust Series 2024-SLCT Class B^†	5.418% (1 mo. USD Term SOFR + 1.79%		)^#	1/15/2042		860,000		859,124
BX Commercial Mortgage Trust Series 2026-CSMO Class D^†	6.075% (1 mo. USD Term SOFR + 2.45%		)^#	2/15/2043		1,850,000		1,873,701
BX Trust Series 2024-VLT4 Class A^†	5.117% (1 mo. USD Term SOFR + 1.49%		)^#	6/15/2041		1,055,450		1,057,189
BX Trust Series 2025-ARIA Class C^†	5.701%		^#(r)	12/13/2042		1,490,000		1,487,941

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

BX Trust Series 2025-ROIC Class E^†

6.567%
(1 mo. USD Term SOFR + 2.94%

)^#

3/15/2030

1,378,455

1,381,212

BX Trust Series 2025-TAIL Class E^†

6.925%
(1 mo. USD Term SOFR + 3.30%

)^#

6/15/2035

900,000

898,147

BX Trust Series 2025-VLT6 Class B^†

5.518%
(1 mo. USD Term SOFR + 1.89%

)^#

3/15/2042

980,000

977,939

BX Trust Series 2025-VLT7 Class E^†

7.375%
(1 mo. USD Term SOFR + 3.75%

)^#

7/15/2044

570,000

572,167

BX Trust Series 2025-VOLT Class D^†

6.375%
(1 mo. USD Term SOFR + 2.75%

)^#

12/15/2044

1,860,000

1,861,395

CALI Mortgage Trust Series 2019-101C Class A^†

3.957%

3/10/2039

1,160,000

1,115,289

CONE Trust Series 2024-DFW1 Class B^†

5.916%
(1 mo. USD Term SOFR + 2.29%

)^#

8/15/2041

1,130,000

1,130,839

DBC Mortgage Trust Series 2025-DBC Class C^†

5.676%
(1 mo. USD Term SOFR + 2.05%

)^#

11/15/2042

1,290,000

1,296,476

DBC Mortgage Trust Series 2025-DBC Class D^†

6.226%
(1 mo. USD Term SOFR + 2.60%

)^#

11/15/2042

560,000

563,927

ESTN Trust Series 2026-TOWN Class D^†

6.686%

^#(r)

5/12/2046

700,000

717,057

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA1 Class B2^†

8.842%
(30 day USD SOFR Average + 5.21%

)^#

1/25/2050

290,000

319,664

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA5 Class B2^†

11.028%
(30 day USD SOFR Average + 7.40%

)^#

11/25/2050

930,000

1,130,446

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1 Class B2^†

8.378%
(30 day USD SOFR Average + 4.75%

)^#

1/25/2051

370,000

412,614

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA2 Class B2^†

9.628%
(30 day USD SOFR Average + 6.00%

)^#

8/25/2033

1,025,000

1,264,384

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA3 Class B2^†

9.878%
(30 day USD SOFR Average + 6.25%

)^#

10/25/2033

418,000

524,013

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA1 Class B2^†

8.628%
(30 day USD SOFR Average + 5.00%

)^#

8/25/2033

500,000

591,903

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3 Class B2^†

9.878%
(30 day USD SOFR Average + 6.25%

)^#

9/25/2041

175,000

176,834

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class B2^†

10.628%
(30 day USD SOFR Average + 7.00%

)^#

12/25/2041

235,000

241,180

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA2 Class B2^†

12.128%
(30 day USD SOFR Average + 8.50%

)^#

2/25/2042

565,000

590,385

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class B2^†

14.628%
(30 day USD SOFR Average + 11.00%

)^#

3/25/2042

2,400,000

2,563,163

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-DNA1 Class B2^†

14.492%
(30 day USD SOFR Average + 10.86%

)^#

1/25/2049

1,821,000

2,203,466

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-DNA3 Class B2^†

11.892%
(30 day USD SOFR Average + 8.26%

)^#

7/25/2049

1,510,000

1,651,950

Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA1 Class B2^†

15.992%
(30 day USD SOFR Average + 12.36%

)^#

2/25/2049

1,420,000

1,691,349

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02 Class 2B2^†

9.828%
(30 day USD SOFR Average + 6.20%

)^#

11/25/2041

112,000

114,094

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R02 Class 2B2^†

11.278%
(30 day USD SOFR Average + 7.65%

)^#

1/25/2042

240,000

248,153

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R06 Class 1B2^†

14.228%
(30 day USD SOFR Average + 10.60%

)^#

5/25/2042

668,000

720,511

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R07 Class 1B2^†

15.628%
(30 day USD SOFR Average + 12.00%

)^#

6/25/2042

87,000

95,607

Hudson Yards Mortgage Trust Series 2025- SPRL Class D^†

6.551%

^#(r)

1/13/2040

590,000

603,386

Hudson Yards Mortgage Trust Series 2025-SPRL Class F^†

7.649%

^#(r)

1/13/2040

250,000

252,655

JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-BOLT Class D^†

11.137%
(1 mo. USD Term SOFR + 6.81%

)^#

8/15/2033

2,110,000

30,417

MAD Commercial Mortgage Trust Series 2025-11MD Class C^†

5.818%

^#(r)

10/15/2042

2,390,000

2,401,812

MLTI Trust Series 2026-MLTI Class B10^†

5.221%
(1 mo. USD Term SOFR + 1.60%

)^#

6/15/2031

1,600,000

1,601,360

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount^‡

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

NY Commercial Mortgage Trust Series 2025-299P Class B^†

6.125%

^#(r)

2/10/2047

660,000

680,674

NYC Commercial Mortgage Trust Series 2026-1PARK Class C^†

5.483%
(1 mo. USD Term SOFR + 1.85%

)^#

2/15/2043

380,000

381,459

NYC Commercial Mortgage Trust Series 2026-1PARK Class D^†

5.933%
(1 mo. USD Term SOFR + 2.30%

)^#

2/15/2043

550,000

552,560

NYO Commercial Mortgage Trust Series 2021-1290 Class B^†

5.285%
(1 mo. USD Term SOFR + 1.66%

)^#

12/15/2038

500,000

499,318

NYO Commercial Mortgage Trust Series 2021-1290 Class C^†

5.736%
(1 mo. USD Term SOFR + 2.11%

)^#

11/15/2038

870,000

867,941

PLYM Commercial Mortgage Trust Series 2026-IND Class D^†

5.775%
(1 mo. USD Term SOFR + 2.15%

)^#

3/15/2043

1,430,000

1,433,554

ROCK Trust Series 2024-CNTR Class B^†

5.93%

11/13/2041

720,000

733,036

ROCK Trust Series 2024-CNTR Class E^†

8.819%

11/13/2041

2,930,000

3,062,132

SCG Trust Series 2025-SNIP Class D^†

6.225%
(1 mo. USD Term SOFR + 2.60%

)^#

9/15/2042

690,000

694,142

SHOW Trust Series 2022-BIZ Class A^†

6.596%
(1 mo. USD Term SOFR + 2.98%

)^#

1/15/2027

3,850,000

1,347,500

SHRN Trust Series 2025-MF18 Class D^†

5.875%
(1 mo. USD Term SOFR + 2.25%

)^#

10/15/2040

450,000

452,320

SHRN Trust Series 2025-MF18 Class E^†

6.575%
(1 mo. USD Term SOFR + 2.95%

)^#

10/15/2040

500,000

500,757

SWCH Commercial Mortgage Trust Series 2025-DATA Class D^†

6.267%
(1 mo. USD Term SOFR + 2.64%

)^#

2/15/2042

1,880,000

1,865,473

TCO Commercial Mortgage Trust Series 2024-DPM Class B^†

5.218%
(1 mo. USD Term SOFR + 1.59%

)^#

12/15/2039

800,000

800,995

TCO Commercial Mortgage Trust Series 2024-DPM Class C^†

5.617%
(1 mo. USD Term SOFR + 1.99%

)^#

12/15/2039

450,000

451,244

TEXAS Commercial Mortgage Trust Series 2025-TWR Class C^†

5.767%
(1 mo. USD Term SOFR + 2.14%

)^#

4/15/2042

710,000

710,814

Velocity Commercial Capital Loan Trust Series 2024-3 Class A^†

6.65%

^#(r)

6/25/2054

558,848

563,405

Total Non-Agency Commercial Mortgage-Backed Securities (cost $58,953,952)

54,167,997

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Dividend Rate	Maturity Date	Shares		Fair Value
PREFERRED STOCKS 0.09%

Commercial Services & Supplies 0.03%
Labels Buyer LLC	Zero Coupon			432	$	360,720
SVB Financial Trust Class C	Zero Coupon			156,880		15,688
Total						376,408

Transportation Infrastructure 0.06%
ACBL Holdings Corp.	Zero Coupon			16,904		676,160
Total Preferred Stocks (cost $861,897)						1,052,568

	Exercise Price	Expiration Date
WARRANTS 0.00%

Commercial Services & Supplies 0.00%
Labels Buyer LLC* (cost $3,870)	$256.00	4/29/2033		387		1,838
Total Long-Term Investments (cost $1,297,455,451)						1,312,245,490

				Principal Amount^‡
SHORT-TERM INVESTMENTS 5.61%

REPURCHASE AGREEMENTS 2.67%
Repurchase Agreement dated 6/30/2026, 3.650% due 7/1/2026 with Barclays Capital, Inc. collateralized by $1,101,300 of U.S. Treasury Note at 4.250% due 5/31/2033; value: $1,104,082; proceeds: $1,082,110 (cost $1,082,000)			$	1,082,000		1,082,000

Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $9,375,400 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $9,306,532; proceeds: $9,124,779 (cost $9,123,955)				9,123,955		9,123,955

Repurchase Agreement dated 6/30/2026, 3.610% due 7/1/2026 with RBC Dominion Securities, Inc. collateralized by $22,422,600 of U.S. Treasury Note at 2.750% due 7/31/2027; value: $22,365,306; proceeds: $21,920,198 (cost $21,918,000)				21,918,000		21,918,000
Total Repurchase Agreements (cost $32,123,955)						32,123,955


40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Principal Amount^‡		Fair Value
TIME DEPOSITS 0.29%
CitiBank N.A.^(s)(cost $3,546,359)	$	3,546,359	$	3,546,359

		Shares
MONEY MARKET FUNDS 2.65%
Fidelity Government Portfolio^(s)(cost $31,917,107)		31,917,107		31,917,107
Total Short-Term Investments (cost $67,587,421)				67,587,421
Total Investments in Securities 114.53% (cost $1,365,042,872)				1,379,832,911
Other Assets and Liabilities – Net (14.53)%				(175,013,244	)
Net Assets 100.00%			$	1,204,819,667


DOP		Dominican Peso.
EUR		Euro.
GBP		British Pound.
PEN		Peruvian Nuevo Sol.
ZAR		South African Rand.
AMT		Income from the security may be subject to Alternative Minimum Tax.
CMT		Constant Maturity Rate.
EURIBOR		Euro Interbank Offered Rate.
ICE		Intercontinental Exchange.
PIK		Payment-in-kind.
REITS		Real Estate Investment Trusts.
REMICS		Real Estate Mortgage Investment Conduits.
SOFR		Secured Overnight Financing Rate.
STACR		Structured Agency Credit Risk.

	^‡		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 June 30, 2026, the total value of Rule 144A securities was $697,706,483, which represents 57.91% of net assets (See Note 2(i)).
	^#		Variable rate security. The interest rate represents the rate in effect at June 30, 2026.
	*		Non-income producing security.
	^(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
	^(b)		Securities purchased on a when-issued basis (See Note 2(l)).
	^(c)		Interest rate to be determined.
	^(d)		Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee.
	^(e)		Foreign security traded in U.S. dollars.
	^(f)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
	^(g)		Investment in non-U.S. dollar denominated securities.
	^(h)		Security is perpetual in nature and has no stated maturity.
	⁽ⁱ⁾		Defaulted.
	^(j)		Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
	^(k)		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 June 30, 2026.
	^(l)		Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Generally accepted accounting principles in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
	^(m)		Step Bond – Security with a predetermined schedule of interest rate changes.


	See Notes to Financial Statements.	41

Schedule of Investments (unaudited)(continued)

June 30, 2026

⁽ⁿ⁾		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.
^(o)		See Note 11.
^(p)		Restricted securities (including private placement) - investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At June 30, 2026, the value of restricted securities (excluding 144A issues) amounted to $16,974,708 or 1.41% of net assets (See Note 2(i)).
^(q)		Fund is a business development company under the Investment Company Act of 1940.
^(r)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(s)		Security was purchased with the cash collateral from loaned securities.

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Buy Protection at June 30, 2026⁽¹⁾:

Referenced
Indexes/Issuers

Fund
Pays
(Quarterly)

Termination
Date

Notional
Amount

Upfront
Payments
Paid/
(Received)
Net of
Amortization

Unrealized
Appreciation/
(Depreciation)

⁽²⁾

Value

Lincoln National Corp.

1.00

12/20/2030

$1,162,000

$22,023

$(8,825)

$13,198


⁽¹⁾		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.
⁽²⁾		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 $8,825.

Centrally Cleared Consumer Price Index (“CPI”) Swap Contracts at June 30, 2026:

Payments to be Made By The Fund at Termination Date	Payments to be Received By The Fund at Termination Date	Termination Date	Notional Amount		Value/Unrealized Appreciation
2.665%	CPI Urban Consumer NSA	10/23/2028	$	10,000,000		$	45,789
2.813%	CPI Urban Consumer NSA	3/30/2028		107,520,000			192,038	⁽¹⁾
Total						$	237,827

Centrally Cleared Consumer Price Index (“CPI”) Swap Contracts at June 30, 2026:

Payments to be Made By The Fund at Termination Date	Payments to be Received By The Fund at Termination Date	Termination Date	Notional Amount		Value/Unrealized Depreciation
3.180%	CPI Urban Consumer NSA	3/30/2027	$	107,520,000		$	(267,682	)⁽²⁾
2.665%	CPI Urban Consumer NSA	5/12/2052		4,373,000			(152,480	)
2.785%	CPI Urban Consumer NSA	5/15/2031		35,900,000			(367,894	)
2.919%	CPI Urban Consumer NSA	5/26/2028		61,197,000			(324,254	)
Total						$	(1,112,310	)

	CPI	Consumer Price Index: Rate fluctuates based on CPI.
	NSA	Non-seasonally adjusted.
	⁽¹⁾	Unrealized appreciation on Centrally Cleared CPI Swap Contract is $184,241, which includes upfront payment of $7,797. Upfront payments paid (received) are presented net of amortization.
	⁽²⁾	Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(246,297), which includes upfront payment of $(21,385). Upfront payments paid (received) are presented net of amortization.


42	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Forward Foreign Currency Exchange Contracts at June 30, 2026:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Canadian dollar	Buy	Citibank	7/17/2026	743,000	$	523,358	$	524,224		$	866
Euro	Buy	Barclays Bank PLC	9/18/2026	82,000		93,956		93,997			41
Kazakh tenge	Buy	Citibank	5/17/2027	499,397,000		934,238		950,211			15,973
Kazakh tenge	Buy	Citibank	5/17/2027	493,964,000		933,769		939,874			6,105
Kazakh tenge	Buy	Citibank	5/17/2027	263,015,000		497,193		500,443			3,250
British pound	Sell	State Street Bank And Trust	8/7/2026	4,239,000		5,720,043		5,622,700			97,343
Canadian dollar	Sell	State Street Bank And Trust	7/17/2026	2,125,000		1,556,900		1,499,294			57,606
Euro	Sell	Wells Fargo	9/18/2026	4,633,000		5,405,042		5,310,858			94,184
Norwegian krone	Sell	Bank Of America	9/25/2026	21,890,484		2,301,403		2,208,871			92,532
Norwegian krone	Sell	Bank Of America	9/25/2026	22,111,600		2,325,334		2,231,183			94,151
Norwegian krone	Sell	Bank Of America	9/25/2026	66,298,689		6,813,685		6,689,905			123,780
Norwegian krone	Sell	Bank Of America	9/25/2026	47,625,647		4,905,410		4,805,691			99,719
Norwegian krone	Sell	State Street Bank And Trust	9/25/2026	11,276,916		1,184,015		1,137,903			46,112
Swedish krona	Sell	State Street Bank And Trust	7/31/2026	10,942,000		1,200,806		1,130,235			70,571
Swiss franc	Sell	Bank Of America	7/24/2026	82,000		106,094		101,729			4,365
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	463,000		591,100		574,398			16,702
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	410,000		530,621		508,646			21,975
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	278,000		360,196		344,887			15,309
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	78,000		100,437		96,767			3,670
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	112,000		143,357		138,947			4,410
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	157,000		200,752		194,774			5,978
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	82,000		103,378		101,729			1,649


	See Notes to Financial Statements.	43

Schedule of Investments (unaudited)(continued)

June 30, 2026

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	87,000	$	108,559	$	107,932		$	627
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	123,000		152,738		152,594			144
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	321,000		398,241		398,233			8
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	877,070


Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Buy	Bank Of America	7/17/2026	104,000	$	75,285	$	73,377	$	(1,908	)
Canadian dollar	Buy	Barclays Bank PLC	7/17/2026	846,000		597,913		596,895		(1,018	)
Canadian dollar	Buy	Citibank	7/17/2026	115,000		83,809		81,138		(2,671	)
Canadian dollar	Buy	Wells Fargo	7/17/2026	317,000		227,540		223,659		(3,881	)
Euro	Buy	State Street Bank And Trust	9/18/2026	104,000		120,630		119,216		(1,414	)
Euro	Buy	State Street Bank And Trust	9/18/2026	175,000		203,323		200,604		(2,719	)
Euro	Buy	State Street Bank And Trust	9/18/2026	113,000		131,553		129,533		(2,020	)
Euro	Buy	State Street Bank And Trust	9/18/2026	76,000		88,571		87,120		(1,451	)
Euro	Buy	State Street Bank And Trust	9/18/2026	155,000		180,289		177,678		(2,611	)
Euro	Buy	Wells Fargo	9/18/2026	370,000		429,107		424,135		(4,972	)
Norwegian krone	Buy	State Street Bank And Trust	9/25/2026	4,974,000		523,954		501,904		(22,050	)
Norwegian krone	Buy	State Street Bank And Trust	9/25/2026	4,309,000		442,143		434,802		(7,341	)
Norwegian krone	Buy	Wells Fargo	9/25/2026	158,752,000		16,635,788		16,018,955		(616,833	)
Swedish krona	Buy	Citibank	7/31/2026	2,058,000		222,971		212,578		(10,393	)
Swedish krona	Buy	State Street Bank And Trust	7/31/2026	4,945,000		539,781		510,785		(28,996	)
Swedish krona	Buy	State Street Bank And Trust	7/31/2026	2,752,000		299,578		284,263		(15,315	)


44	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Swedish krona	Buy	State Street Bank And Trust	7/31/2026	692,000	$	75,394	$	71,479		$	(3,915	)
Swiss franc	Buy	State Street Bank And Trust	7/24/2026	456,000		583,397		565,714			(17,683	)
Peruvian Nuevo sol	Sell	State Street Bank And Trust	8/7/2026	3,600,000		1,018,042		1,051,898			(33,856	)
Swiss franc	Sell	Barclays Bank PLC	7/24/2026	75,000		92,883		93,045			(162	)
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	477,000		590,500		591,767			(1,267	)
Swiss franc	Sell	State Street Bank And Trust	7/24/2026	105,000		129,589		130,263			(674	)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(783,150	)

Futures Contracts at June 30, 2026:

Type		Expiration		Contracts		Position		Notional Amount				Notional Value				Unrealized Appreciation
U.S. Long Bond		September 2026		48		Long		$	5,328,838			$	5,448,000				$	119,162


Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Ultra Treasury Note	September 2026	34	Short	$	(3,795,965	)	$	(3,823,938	)		$	(27,973	)
U.S. 5-Year Treasury Note	September 2026	299	Short		(31,895,749	)		(32,007,016	)			(111,267	)
U.S. Ultra Treasury Bond	September 2026	99	Short		(11,236,261	)		(11,499,469	)			(263,208	)
Total Unrealized Depreciation on Futures Contracts											$	(402,448	)


	See Notes to Financial Statements.	45

Schedule of Investments (unaudited)(continued)

June 30, 2026

The following is a summary of the inputs used as of June 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	$	–	$	69,938,670	$	–	$	69,938,670
Common Stocks
Commercial Services & Supplies		–		79,166		0		79,166
Metals & Mining		3,177,554		702,033		–		3,879,587
Miscellaneous Financials		–		244,780		–		244,780
Personal Care Products		–		671,320		–		671,320
Pharmaceuticals		–		2,860,103		–		2,860,103
Semiconductors & Semiconductor Equipment		5,310,588		1,152,462		–		6,463,050
Textiles, Apparel & Luxury Goods		–		279,363		–		279,363
Transportation Infrastructure		–		82,460		–		82,460
Remaining Industries		51,592,409		–		–		51,592,409
Corporate Bonds
Banks		–		46,864,696		0		46,864,696
Entertainment		–		13,431,826		1,644,181		15,076,007
Packaging & Containers		–		11,936,028		44,201		11,980,229
Savings & Loans		–		–		0		0
Remaining Industries		–		758,952,217		–		758,952,217
Floating Rate Loans
Health Care Products		–		–		1,168,200		1,168,200
Personal & Household Products		–		–		0		0
Software		–		2,374,435		182,160		2,556,595
Remaining Industries		–		17,606,841		–		17,606,841
Foreign Government Obligations		–		83,378,104		–		83,378,104
Government Sponsored Enterprises Pass-Throughs		–		159,756,450		–		159,756,450
Investments in Affiliated Funds		16,974,708		–		–		16,974,708
Municipal Bonds		–		6,618,132		–		6,618,132
Non-Agency Commercial Mortgage-Backed Securities		–		54,167,997		–		54,167,997
Preferred Stocks		–		1,052,568		–		1,052,568
Warrants		–		1,838		–		1,838
Short-Term Investments
Repurchase Agreements		–		32,123,955		–		32,123,955
Time Deposits		–		3,546,359		–		3,546,359
Money Market Funds		31,917,107		–		–		31,917,107
Total	$	108,972,366	$	1,267,821,803	$	3,038,742	$	1,379,832,911


46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	13,198		$	–	$	13,198
Liabilities		–			–			–		–
Centrally Cleared CPI Swap Contracts		–			237,827			–		237,827
Assets		–			(1,112,310	)		–		(1,112,310	)
Liabilities
Forward Foreign Currency Exchange Contracts
Assets		–			877,070			–		877,070
Liabilities		–			(783,150	)		–		(783,150	)
Futures Contracts
Assets		119,162			–			–		119,162
Liabilities		(402,448	)		–			–		(402,448	)
Total	$	(283,286	)	$	(767,365	)	$	–	$	(1,050,651	)


⁽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. Management has determined not to provide a reconciliation and a summary of unobservable inputs 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 period.

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	1,347,836,076
Investments in Affiliated Funds, at cost		17,206,796
Investments in securities, at fair value including $34,396,117 of securities loaned	$	1,362,858,203
Investments in Affiliated Funds, at fair value		16,974,708
Cash		396,682
Cash at brokers for forwards, swap contracts and TBA collateral		260,000
Deposits with brokers for futures collateral		854,860
Deposits with brokers for forwards and swap contracts collateral		4,382,092
Foreign cash, at value (cost $969,220)		966,863
Receivables:
Investment securities sold		217,835,620
Interest and dividends		17,781,437
Capital shares sold		970,688
Variation margin for futures contracts		496,268
Variation margin for centrally cleared swap contract agreements		232,706
From advisor (See Note 4)		13,948
Securities lending income		15,849
Unrealized appreciation on forward foreign currency exchange contracts		877,070
Prepaid expenses and other assets		15,011
Total assets		1,624,932,005
LIABILITIES:
Payables:
Investment securities purchased		380,296,516
Collateral due to broker for securities lending		35,463,466
Transfer agent fees		1,997,761
Management fee		463,156
To broker		286,467
Capital shares reacquired		275,071
To brokers for forwards, swap contracts and TBA collateral		260,000
Directors’ fees		147,075
Fund administration		39,343
Unrealized depreciation on forward foreign currency exchange contracts		783,150
Accrued expenses		100,333
Total liabilities		420,112,338
Commitments and contingent liabilities		–
NET ASSETS	$	1,204,819,667
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,315,417,513
Total distributable earnings/(loss)		(110,597,846	)
Net Assets	$	1,204,819,667
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		111,556,775
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$10.80


48	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $36,729)	$	421,505
Dividend income from Affiliated Funds (See Note 11)		878,927
Securities lending net income		109,252
Interest and other (net of foreign withholding taxes of $10,927)		38,501,709
Total investment income		39,911,393
Expenses:
Management fee		2,779,396
Non-12b-1 service fees		1,475,335
Shareholder servicing		590,416
Fund administration		236,038
Custody		54,599
Professional		39,245
Directors’ fees		16,045
Reports to shareholders		15,591
Other		68,652
Gross expenses		5,275,317
Fees waived and expenses reimbursed (See Note 4)		(136,592	)
Net expenses		5,138,725
Net investment income		34,772,668
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		4,048,693
Net realized gain/(loss) on futures contracts		(8,570,924	)
Net realized gain/(loss) on forward foreign currency exchange contracts		(764,108	)
Net realized gain/(loss) on swap contracts		(245,560	)
Net realized gain/(loss) on foreign currency related transactions		(221,126	)
Net change in unrealized appreciation/(depreciation) on Investments in Affiliated Funds		(261,738	)
Net change in unrealized appreciation/(depreciation) on investments		(8,429,036	)
Net change in unrealized appreciation/(depreciation) on futures contracts		480,318
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts		1,076,125
Net change in unrealized appreciation/(depreciation) on swap contracts		(563,415	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(46,220	)
Net realized and unrealized gain/(loss)		(13,496,991	)
Net Increase in Net Assets Resulting From Operations	$	21,275,677


	See Notes to Financial Statements.	49

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	34,772,668			$	64,972,673
Net realized gain/(loss)			(5,753,025	)			2,781,750
Net change in unrealized appreciation/(depreciation)			(7,743,966	)			24,029,250
Net increase in net assets resulting from operations			21,275,677				91,783,673
Distributions to shareholders:			–				(68,737,035	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			66,799,378				113,908,446
Reinvestment of distributions			–				68,737,035
Cost of shares reacquired			(67,289,631	)			(163,950,389	)
Net increase (decrease) in net assets resulting from capital share transactions			(490,253	)			18,695,092
Net increase in net assets			20,785,424				41,741,730
NET ASSETS:
Beginning of period		$	1,184,034,243			$	1,142,292,513
End of period		$	1,204,819,667			$	1,184,034,243


50	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

	Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(b)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(e)	$	10.61	$	0.31	$	(0.12	)	$	0.19		$	–		$	–		$	–
12/31/2025		10.40		0.61		0.25			0.86			(0.65	)		–			(0.65	)
12/31/2024		10.32		0.60		0.09			0.69			(0.61	)		–			(0.61	)
12/31/2023		10.20		0.51		0.16			0.67			(0.55	)		–			(0.55	)
12/31/2022		12.29		0.45		(2.01	)		(1.56	)		(0.50	)		(0.03	)		(0.53	)
12/31/2021		12.48		0.40		0.01			0.41			(0.39	)		(0.21	)		(0.60	)

^(a)	Does not include expenses of the Affiliated Funds in which the Fund invests.
^(b)	Calculated using average shares outstanding during the period.
^(c)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(d)	Includes the effect of To-Be-Announced (TBA) transactions, if applicable.
^(e)	Unaudited.
^(f)	Not annualized.
^(g)	Annualized.


52	See Notes to Financial Statements.

					Ratios to Average Net Assets:^(a)									Supplemental Data:

Net asset value, end of period		Total return^(c) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate^(d)(%)
$	10.80		1.79	^(f)		0.87	^(g)		0.89	^(g)		5.89	^(g)	$	1,204,820		156	^(f)
	10.61		8.33			0.88			0.89			5.65			1,184,034		306
	10.40		6.72			0.89			0.89			5.65			1,142,293		284
	10.32		6.55			0.89			0.90			4.97			1,094,465		259
	10.20		(12.80	)		0.89			0.89			4.02			1,084,170		182
	12.29		3.28			0.89			0.89			3.11			1,330,920		96


	See Notes to Financial Statements.	53

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2026. This report covers Bond Debenture Portfolio (the “Fund”).

The Fund’s investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies. The Fund also invests in the Lord Abbett Private Credit Fund (“PCF”), which is a non-diversified, closed-end management investment company which elected to be regulated as a business development company under the 1940 Act.

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

Segment Reporting

An operating segment is defined in FASB Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is the Investment Committee of Lord, Abbett & Co. LLC (“Lord Abbett”), which represents the highest-level body responsible for evaluating the Fund’s operating performance and making decisions regarding resource allocation. The Investment Committee regularly reviews the Fund’s operating results, including investment performance and financial information, in making strategic and operational decisions.

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.

Notes to Financial Statements (unaudited)(continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Fund’s Board of Directors (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 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. Investments in the PCF are valued at their net asset value (“NAV”) each month end. 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 are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.

Notes to Financial Statements (unaudited)(continued)

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:

●	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 and other financial instruments as of June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Floating Rate Loans–The 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. The 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

Notes to Financial Statements (unaudited)(continued)

rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate.

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/(depreciation) on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities and represents the mark to market of the unfunded portion of the Fund’s floating rate notes.

As of June 30, 2026, the Fund did not have any unfunded loan commitments.

(d)

Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

The 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)

Income Taxes–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.

Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years remain subject to examination

Notes to Financial Statements (unaudited)(continued)

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.

(f)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign interest and dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(g)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(h)	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.

Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(i)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(j)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(k)	To-Be-Announced (“TBA”) Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed

Notes to Financial Statements (unaudited)(continued)

through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

(l)

When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the 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 the Fund’s custodian in order to pay for the commitment. At the time the 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. The 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.	DERIVATIVE TRANSACTIONS

Derivatives–During the six months ended June 30, 2026, the Fund used derivative instruments including forward foreign currency exchange contracts, futures contracts and swap contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund 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 Fund 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 Fund’s risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s 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 Fund in the event the Fund’s 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 Fund 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 Fund 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 Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default,

Notes to Financial Statements (unaudited)(continued)

to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

Forward Foreign Currency Exchange Contracts–During the six months ended June 30, 2026, the Fund was exposed to foreign currency risks associated with some or all of its portfolio investments and, during the six months ended June 30, 2026, 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 Fund records 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 Fund also records 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 Fund’s 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 Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

Futures Contracts–During the six months ended June 30, 2026, the Fund entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the six months ended June 30, 2026, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is 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 Fund 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 Statement 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 Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is

Notes to Financial Statements (unaudited)(continued)

considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund 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 Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s 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 Fund’s 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 Fund may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter (“OTC”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits with brokers for swap contracts collateral on the Statement 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 Statement 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 Statement 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 Fund’s OTC swap contract agreements are subject to master netting arrangements.

Credit Default Swap Contracts–During the six months ended June 30, 2026, the Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long

Notes to Financial Statements (unaudited)(continued)

and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, 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 Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligations.

Inflation-Linked Swap Contracts–During the six months ended June 30, 2026, the Fund entered into inflation-linked derivatives, such as Consumer Price Index swap contract agreements (“CPI swap contracts”). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract’s maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized appreciation/(depreciation) on swap contracts in the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net realized gain/(loss) on swap contracts in the Fund’s Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Fund since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default.

Notes to Financial Statements (unaudited)(continued)

Summary of Derivatives Information–As of June 30, 2026, the Fund had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities:

Series Fund-Bond Debenture Portfolio

Asset Derivatives

Statement of Assets
and Liabilities
Location

Interest
Rate
Risk

Foreign
Currency
Risk

Credit
Risk

Inflation
Linked
Risk

Centrally Cleared CPI Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

237,827

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

13,198

–

Forward Foreign Currency Exchange Contracts

Unrealized appreciation on forward foreign currency exchange contracts

–

877,070

–

Futures Contracts⁽²⁾

Variation margin for futures contracts

119,162

–

Liability Derivatives

Centrally Cleared CPI Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

1,112,310

Forward Foreign Currency Exchange Contracts

Unrealized depreciation on forward foreign currency exchange contracts

–

783,150

–

Futures Contracts⁽²⁾

Variation margin for futures contracts

402,448

–


⁽¹⁾	Includes the value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin, presented as either a receivable or a payable, is reported within the Statement of Assets and Liabilities.
⁽²⁾	Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin, presented as either a receivable or a payable, is reported within the Statement of Assets and Liabilities.

Notes to Financial Statements (unaudited)(continued)

The following table presents the effect of derivatives for the Fund on the Statement of Operations for the six months ended June 30, 2026:

Series Fund-Bond Debenture Portfolio

Statement of
Operations
Location

Equity
Risk

Inflation
Linked/
Interest
Rate
Risk

Foreign
Currency
Risk

Credit
Risk

Amount of Realized Gain/(Loss) on Derivatives

CPI/Interest Rate Swap Contracts

Net realized gain/(loss) on swap contracts

–

(255,415

)

–

Credit Default Swap Contracts

Net realized gain/(loss) on swap contracts

–

9,855

Forward Foreign Currency Exchange Contracts

Net realized gain/(loss) on forward foreign currency exchange contracts

–

(764,108

)

–

Futures Contracts

Net realized gain/(loss) on futures contracts

(2,268,564

)

(6,302,360

)

–

Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives

CPI/Interest Rate Swap Contracts

Net change in unrealized appreciation/(depreciation) on swap contracts

–

(546,460

)

–

Credit Default Swap Contracts

Net change in unrealized appreciation/(depreciation) on swap contracts

–

(16,955

)

Forward Foreign Currency Exchange Contracts

Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts

–

1,076,125

–

Futures Contracts

Net change in unrealized appreciation/(depreciation) on futures contracts

–

480,318

–

Average derivatives volume calculated based on the number of contracts or notional amounts

CPI/Interest Rate Swap Contracts

–

173,737,857

–

Credit Default Swap Contracts

–

1,693,571

Forward Foreign Currency Exchange Contracts

–

58,891,411

–

Futures Contracts

2,082

–

Disclosures About Offsetting Assets and Liabilities–FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities, and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the

Notes to Financial Statements (unaudited)(continued)

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 Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	877,070	$	–	$	877,070
Total	$	877,070	$	–	$	877,070

	Net Amounts of Assets		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received*			Securities Collateral Received*		Net Amount Owed to the Fund by the Counterparty
Bank of America	$	414,547	$	(1,908	)	$	–		$	–	$	412,639
Barclays Bank PLC		41		(41	)		–			–		–
Citibank		26,194		(13,064	)		–			–		13,130
State Street Bank And Trust		342,104		(141,312	)		(200,792	)		–		–
Wells Fargo		94,184		(94,184	)		–			–		–
Total	$	877,070	$	(250,509	)	$	(200,792	)	$	–	$	425,769

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	783,150	$	–	$	783,150
Total	$	783,150	$	–	$	783,150

	Net Amounts of Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged*		Securities Collateral Pledged*		Net Amount Owed to the Counterparty by the Fund
Bank of America	$	1,908	$	(1,908	)	$	–	$	–	$	–
Barclays Bank PLC		1,180		(41	)		–		–		1,139
Citibank		13,064		(13,064	)		–		–		–
State Street Bank And Trust		141,312		(141,312	)		–		–		–
Wells Fargo		625,686		(94,184	)		–		–		531,502
Total	$	783,150	$	(250,509	)	$	–	$	–	$	532,641

*	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.

Notes to Financial Statements (unaudited)(continued)

4.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company has a management fee agreement with Lord Abbett, pursuant to which Lord Abbett provides the 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 the Fund’s investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $500 million	.50%
Next $9.5 billion	.45%
Over $10 billion	.40%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .46% of the Fund’s average daily net assets.

For the Fund’s investment in the PCF, Lord Abbett has voluntarily agreed to waive management fees in an amount sufficient to offset the respective management fee that Lord Abbett collects from the PCF. Lord Abbett voluntarily waived the following management fees for the six months ended June 30, 2026:

Fund	Management Fee
Series Fund–Bond Debenture Portfolio	$81,993

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

Lord Abbett voluntarily waived $54,599 of certain fees and expenses during the six months ended June 30, 2026.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in non-12b-1 service fees in the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

Notes to Financial Statements (unaudited)(continued)

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 six months ended June 30, 2026 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Bond Debenture Portfolio		$ –		$ –		$ –		$ –

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Bond Debenture Portfolio		$68,737,035		$ –		$ –		$68,737,035

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 Losses		Long-Term Losses		Net Capital Losses
Series Fund-Bond Debenture Portfolio		$(66,851,330	)	$(86,486,444	)	$(153,337,774	)

As of June 30, 2026, the tax cost of investments and the breakdown of unrealized appreciation/ (depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

Fund		Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Series Fund–Bond Debenture Portfolio		$1,364,875,628		$44,301,366		$(30,416,757	)	$13,884,609

Notes to Financial Statements (unaudited)(continued)

6.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$1,545,770,480		$523,406,616		$1,511,013,116		$538,643,310


*	Includes U.S. Government sponsored enterprises securities.

The 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 six months ended June 30, 2026, the Fund did not engage in cross-trade purchases or sales.

7.	DIRECTORS’ REMUNERATION

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ 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 Directors under which Independent Directors may elect to defer receipt of a portion of Directors’ 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 Directors’ fees in the Statement of Operations and in Directors’ fees payable in the Statement 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 4, 2026, 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 $1.675 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, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 5, 2026, the Participating Funds renewed the Syndicated Facility for $1.8 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, $500 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 4, 2026, 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.

Notes to Financial Statements (unaudited)(continued)

Effective June 5, 2026, 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.

Interest associated with these credit facilities is charged to each Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing line loans. In addition, there is a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which is allocated among the Participating Funds at the end of each quarter and is included with Other Expenses on the Statement of Operations. There is no fee associated with the unused portion of the Bilateral Facility.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund 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 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 six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

10.	CUSTODIAN AND ACCOUNTING AGENT

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

11.	TRANSACTIONS WITH AFFILIATED FUNDS

An affiliated fund is one in which the Fund has ownership of at least 5% of the outstanding voting securities of the underlying fund at any point during the fiscal year or any company which is under common ownership or control. The Fund invested in the affiliated fund noted in the table below, which consisted of a pooled investment vehicle, during the six months ended June 30, 2026.

Through the PCF, the Fund intends to obtain exposure to less liquid or illiquid private credit investments, generally involving corporate borrowers, through their investments in pooled investment vehicles, including those managed by Lord Abbett. Typically, private credit investments are not traded in public markets and are illiquid, such that a pooled investment vehicle may not be able to dispose of its holdings for extended periods, which may be several years, or at the price at which such pooled investment vehicles are valuing investments. Such pooled investment vehicles may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of such pooled investment vehicle or the Fund indirectly. Additionally, private credit investments can range in credit quality depending on security-specific factors, including

Notes to Financial Statements (unaudited)(continued)

total leverage, amount of leverage senior to the security in question, variability in the issuer’s cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company’s debt obligations. The issuers of such pooled investment vehicle’s private credit investments will often be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

The Fund’s investment in the PCF is subject to restrictions on transfer and the PCF currently expects to repurchase shares pursuant to tender offers each quarter, up to 5% of the PCF’s common shares outstanding, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter.

There will be no trading market for the Fund’s investments in the PCF. The Schedule of Investments lists the PCF as an investment as of year end, but does not include the underlying holdings of the PCF. The Fund indirectly bears the proportionate share of the expenses of the PCF. The Fund incurs two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. The Fund had the following transactions with the PCF during the six months ended June 30, 2026:

Affiliated Funds		Value at 12/31/2025				Purchases at cost				Proceeds from Sales				Net Realized Gain/(Loss)				Net Change in Appreciation/ (Depreciation)				Value at 6/30/2026				Dividend Income
Lord Abbett Private Credit Fund		$	15,366,316			$	1,870,130			$	–			$	–				$(261,738	)		$	16,974,708			$	878,927

12.	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.

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2026, the market value of securities loaned and collateral received were as follows:

Funds		Market Value of Securities Loaned		Collateral Received⁽¹⁾		Non-Cash Collateral
Bond Debenture Portfolio		$34,396,117		$35,463,466		$ –

⁽¹⁾	Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

13.	INVESTMENT RISKS

The 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 Fund invests. 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 the Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”) in which the Fund may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. 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.

The Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

The asset backed securities and mortgage-related securities in which the 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 the 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, the Fund may invest in non-agency asset backed and mortgage-related securities, which are issued by private institutions, not by government sponsored enterprises.

Notes to Financial Statements (unaudited)(continued)

The Fund may invest up to 20% of its net assets in equity securities, the value of which fluctuates in response to movements in the equity securities market in general, changing prospects of individual companies in which the Fund invests, or an individual company’s financial condition.

The 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.

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector, liquidity, currency, political, information and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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.

The 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 Fund’s returns since the Fund 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 the Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements and other factors. If the Fund incorrectly forecasts these and other factors, the Fund’s 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.

The Fund may invest up to 15% of its net assets in floating rate or adjustable rate senior loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which the Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. Below investment grade senior loans may be affected by interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

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.

Notes to Financial Statements (unaudited)(concluded)

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact the Fund’s 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.

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.

14.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		6,234,965			10,564,987
Reinvestment of distributions		–			6,490,595
Shares reacquired		(6,292,634	)		(15,301,662	)
Increase (decrease)		(57,669	)		1,753,920

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The Board, including all of the Directors 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 Directors”), 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, including information about the Fund’s investment performance compared to the performance of two benchmarks. 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 Directors 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 included, but were not limited to: (1) 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 two 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; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, risk oversight and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements and 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, the fees charged for the services, 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. 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 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. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and five- year periods, and equal to the median of the performance peer group for the ten-year period. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 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 strategy, 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 oversight of third-party service providers, including the Fund’s transfer agent and custodian.

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

and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that both the net total expense ratio of the Fund and the actual management fee of the Fund were below 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 the 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. The Board considered the level of Lord Abbett’s operating margin in managing the Fund, including the administrative services it provides to the Fund, and reviewed Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether the 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 the 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 the Fund was not excessive.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with a contractual breakpoint in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Other Benefits to Lord Abbett. 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 the 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 the 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 has entered into revenue sharing arrangements with certain entities that distribute shares of the

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

Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions, including its mutual fund clients.

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 Directors 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.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Bond-Debenture Portfolio

LASFBD-3
(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Developing Growth Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

5		Statement of Assets and Liabilities (Item 7)

6		Statement of Operations (Item 7)

7		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

10		Notes to Financial Statements (Item 7)

19		Changes in and Disagreements with Accountants (Item 8)

19		Proxy Disclosures (Item 9)

19		Remuneration Paid to Directors, Officers, and Others (Item 10)

19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.56%

COMMON STOCKS 98.56%

Aerospace & Defense 6.87%
Applied Aerospace & Defense, Inc.*^(a)		14,511	$	330,561
Carpenter Technology Corp.		2,882		1,777,733
FTAI Aviation Ltd.		2,261		611,668
Hawkeye 360, Inc.*		303		6,127
Mercury Systems, Inc.*		9,926		1,214,247
Moog, Inc. Class A		1,652		700,184
VSE Corp.		3,591		820,543
Total				5,461,063

Beverages 0.92%
Vita Coco Co., Inc.*		10,979		726,151

Biotechnology 13.18%
Arrowhead Pharmaceuticals, Inc.*		12,022		979,913
Ascendis Pharma AS (Denmark)*^(b)		2,626		700,407
Bridgebio Pharma, Inc.*		11,085		825,611
Celcuity, Inc.*^(a)		4,567		477,800
CG oncology, Inc.*		6,232		442,784
Cogent Biosciences, Inc.*		26,048		1,008,058
Dianthus Therapeutics, Inc.*		6,411		624,944
Madrigal Pharmaceuticals, Inc.*		2,545		1,366,538
Mirum Pharmaceuticals, Inc.*		7,986		934,921
Oruka Therapeutics, Inc.*^(a)		6,624		630,406
Protagonist Therapeutics, Inc.*		4,199		514,713
PTC Therapeutics, Inc.*		10,228		834,298
Revolution Medicines, Inc.*		4,090		765,975
Tango Therapeutics, Inc.*		11,728		366,617
Total				10,472,985

Broadline Retail 0.94%
Pattern Group, Inc. Class A*		29,660		747,135

Investments	Shares		Fair Value
Building Products 2.55%
Madison Air Solutions Corp. Class A*^(a)		19,013	$	741,507
Modine Manufacturing Co.*		4,819		1,286,769
Total				2,028,276

Capital Markets 2.59%
Evercore, Inc. Class A		1,583		540,500
Miami International Holdings, Inc.*		17,347		644,615
StoneX Group, Inc.*		3,224		382,044
WisdomTree, Inc.		28,792		487,736
Total				2,054,895

Communications Equipment 0.60%
Extreme Networks, Inc.*		14,621		473,282

Construction & Engineering 13.67%
Argan, Inc.		1,654		1,320,802
Cardinal Infrastructure Group, Inc. Class A*^(a)		13,043		1,228,650
Comfort Systems USA, Inc.		1,111		2,201,946
Construction Partners, Inc. Class A*		8,339		990,423
IES Holdings, Inc.*		1,645		1,208,516
Legence Corp. Class A*		11,230		957,133
MasTec, Inc.*		2,279		948,201
Sterling Infrastructure, Inc.*		2,391		2,006,910
Total				10,862,581

Diversified Consumer Services 1.30%
Lincoln Educational Services Corp.*		7,076		353,093
Universal Technical Institute, Inc.*		15,916		680,727
Total				1,033,820

Electrical Equipment 2.84%
Bloom Energy Corp. Class A*		2,310		699,237
Dpc Holdings Ltd. (United Kingdom)*^(b)		10,197		500,265
Nextpower, Inc. Class A*		8,881		1,058,082
Total				2,257,584

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Electronic Equipment, Instruments & Components 6.44%
Bel Fuse, Inc. Class B		3,035	$	1,010,776
Cognex Corp.		9,138		661,774
Fabrinet (Thailand)*^(b)		1,666		936,425
Littelfuse, Inc.		1,738		791,364
Sanmina Corp.*		3,776		955,630
TTM Technologies, Inc.*		4,081		763,229
Total				5,119,198

Entertainment 1.35%
IMAX Corp. (Canada)*^(b)		8,706		347,021
Sphere Entertainment Co.*		4,201		726,899
Total				1,073,920

Ground Transportation 1.51%
Landstar System, Inc.		1,884		389,630
Saia, Inc.*		1,927		811,575
Total				1,201,205

Health Care Equipment & Supplies 0.94%
Glaukos Corp.*		5,341		746,458

Health Care Providers & Services 4.04%
Guardant Health, Inc.*		18,176		2,726,945
Hinge Health, Inc. Class A*		5,802		481,566
Total				3,208,511

Hotels, Restaurants & Leisure 3.14%
Cava Group, Inc.*		13,557		1,063,954
Lindblad Expeditions Holdings, Inc.*		16,676		470,930
Navan, Inc. Class A*		41,893		958,093
Total				2,492,977

Information Technology Services 3.33%
Applied Digital Corp.*		14,161		528,206
DigitalOcean Holdings, Inc.*		10,869		1,706,759
Fastly, Inc. Class A*		22,420		411,631
Total				2,646,596

Insurance 0.52%
Neptune Insurance Holdings, Inc. Class A*		12,992		409,248

Investments	Shares		Fair Value
Life Sciences Tools & Services 0.95%
Adaptive Biotechnologies Corp.*		35,318	$	757,571

Machinery 2.88%
CECO Environmental Corp.*		8,953		812,395
RBC Bearings, Inc.*		1,304		839,854
SPX Technologies, Inc.*		2,603		638,178
Total				2,290,427

Media 0.29%
Liftoff Mobile, Inc.*		9,601		230,616

Pharmaceuticals 1.53%
Axsome Therapeutics, Inc.*		1,646		402,891
Nektar Therapeutics*		5,204		363,291
Tarsus Pharmaceuticals, Inc.*		7,108		447,378
Total				1,213,560

Professional Services 1.18%
Planet Labs PBC*		28,371		939,931

Semiconductors & Semiconductor Equipment 16.91%
Allegro MicroSystems, Inc.*		11,572		805,643
Amkor Technology, Inc.		9,901		853,763
Astera Labs, Inc.*		2,195		1,060,229
Credo Technology Group Holding Ltd.*		2,206		599,922
Lattice Semiconductor Corp.*		9,453		1,445,931
MACOM Technology Solutions Holdings, Inc.*		4,292		1,632,548
MaxLinear, Inc.*		3,920		501,877
MKS, Inc.		1,966		874,477
Nova Ltd. (Israel)*^(b)		2,693		1,462,137
Rambus, Inc.*		3,573		474,280
Semtech Corp.*		9,554		1,546,315
SiTime Corp.*		2,920		2,177,035
Total				13,434,157

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Software 6.59%
Cipher Digital, Inc.*^(a)		35,931	$	880,310
Clear Secure, Inc. Class A		10,054		560,310
D-Wave Quantum, Inc.*^(a)		12,994		311,726
Hut 8 Corp.*		7,625		880,268
JFrog Ltd.*		16,384		1,488,978
ServiceTitan, Inc. Class A*^(a)		4,237		299,598
Terawulf, Inc.*^(a)		32,832		810,950
Total				5,232,140

Specialty Retail 0.46%
Boot Barn Holdings, Inc.*		2,206		362,380

Trading Companies & Distributors 1.04%
Xometry, Inc. Class A*		8,541		824,377
Total Common Stocks (cost $49,282,621)				78,301,044

		Principal Amount
SHORT-TERM INVESTMENTS 8.93%

REPURCHASE AGREEMENTS 1.72%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $1,403,500 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $1,393,238; proceeds: $1,365,935 (cost $1,365,812)	$	1,365,812		1,365,812

Time Deposits 0.72%
CitiBank N.A.^(c) (cost $573,384)		573,384		573,384

Investments	Shares		Fair Value
Money Market Funds 6.49%
Fidelity Government Portfolio^(c) (cost $5,160,456)		5,160,456	$	5,160,456
Total Short-Term Investments (cost $7,099,652)				7,099,652
Total Investments in Securities 107.49% (cost $56,382,273)				85,400,696
Other Assets and Liabilities – Net (7.49)%				(5,952,689	)
Net Assets 100.00%			$	79,448,007


*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

The following is a summary of the inputs used as of June 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
Common Stocks	$	78,301,044	$	–	$	–	$	78,301,044
Short-Term Investments
Repurchase Agreements		–		1,365,812		–		1,365,812
Time Deposits		–		573,384		–		573,384
Money Market Funds		5,160,456		–		–		5,160,456
Total	$	83,461,500	$	1,939,196	$	–	$	85,400,696


⁽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.

4	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	56,382,273
Investments in securities, at fair value including $5,643,569 of securities loaned	$	85,400,696
Receivables:
From advisor (See Note 3)		11,096
Capital shares sold		731
Interest		123
Securities lending income		994
Total assets		85,413,640
LIABILITIES:
Payables:
Collateral due to broker for securities lending		5,733,840
Capital shares reacquired		105,116
Transfer agent fees		47,626
Management fee		47,008
Directors’ fees		8,004
Fund administration		2,507
Accrued expenses		21,532
Total liabilities		5,965,633
Commitments and contingent liabilities		–
NET ASSETS	$	79,448,007
COMPOSITION OF NET ASSETS:
Paid-in capital	$	55,883,302
Total distributable earnings/(loss)		23,564,705
Net Assets	$	79,448,007
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		1,721,348
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$46.15

See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends	$	32,634
Securities lending net income		5,547
Interest and other		18,996
Total investment income		57,177
Expenses:
Management fee		247,898
Non-12b-1 service fees		82,718
Shareholder servicing		33,531
Professional		19,624
Fund administration		13,221
Reports to shareholders		4,448
Custody		2,390
Directors’ fees		866
Other		5,658
Gross expenses		410,354
Fees waived and expenses reimbursed (See Note 3)		(66,602	)
Net expenses		343,752
Net investment loss		(286,575	)
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		9,079,130
Net change in unrealized appreciation/(depreciation) on investments		13,493,007
Net realized and unrealized gain/(loss)		22,572,137
Net Increase in Net Assets Resulting From Operations	$	22,285,562

6	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment loss		$	(286,575	)		$	(512,932	)
Net realized gain/(loss)			9,079,130				8,237,928
Net change in unrealized appreciation/(depreciation)			13,493,007				29,874
Net increase in net assets resulting from operations			22,285,562				7,754,870
Distributions to shareholders:			–				(111,884	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			2,969,054				3,696,740
Reinvestment of distributions			–				111,884
Cost of shares reacquired			(6,872,758	)			(19,369,862	)
Net decrease in net assets resulting from capital share transactions			(3,903,704	)			(15,561,238	)
Net increase (decrease) in net assets			18,381,858				(7,918,252	)
NET ASSETS:
Beginning of period		$	61,066,149			$	68,984,401
End of period		$	79,448,007			$	61,066,149

See Notes to Financial Statements.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(c)		$33.43		$(0.16	)		$ 12.88			$ 12.72		$	–		$	–		$	–
12/31/2025		29.23		(0.25	)		4.51			4.26			(0.06	)		–			(0.06	)
12/31/2024		23.96		(0.21	)		5.52			5.31			(0.04	)		–			(0.04	)
12/31/2023		22.15		(0.18	)		1.99			1.81			–			–			–
12/31/2022		34.61		(0.18	)		(12.28	)		(12.46	)		–			–			–
12/31/2021		47.18		(0.42	)		(0.93	)		(1.35	)		–			(11.22	)		(11.22	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

8	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	46.15		38.05	^(d)		1.04	^(e)		1.24	^(e)		(0.87	)^(e)	$	79,448		56	^(d)
	33.43		14.59			1.04			1.27			(0.84	)		61,066		117
	29.23		22.18			1.04			1.25			(0.78	)		68,984		101
	23.96		8.17			1.04			1.25			(0.77	)		66,804		139
	22.15		(35.98	)		1.04			1.30			(0.74	)		68,892		125
	34.61		(2.75	)		1.04			1.15			(0.87	)		116,990		121

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is long-term growth of capital. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies. Although the Fund generally is not available for purchase by new investors, existing shareholders may continue to purchase Fund shares.

Basis of Preparation

Segment Reporting

Notes to Financial Statements (unaudited)(continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (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 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.

	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. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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

Notes to Financial Statements (unaudited)(continued)

	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 three fiscal years 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.

(e)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $100 million		.75%
Over $100 million		.50%

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .56% of the Fund’s average daily net assets.

For the six months ended June 30, 2026 and continuing through April 30, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses, such as acquired fund fees and expenses, if applicable) to an annual rate of 1.04%. This agreement may be terminated only upon the approval of the Board.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Developing Growth Portfolio

$ –

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Developing Growth Portfolio

111,884

$ –

Fund		Short-Term Losses				Long-Term Losses				Net Capital Losses
Series Fund-Developing Growth Portfolio		$	(14,075,320	)			$ –			$	(14,075,320	)

Fund		Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund-Developing Growth Portfolio			$56,544,714				$29,337,673				$(481,691	)			$28,855,982


5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S.
Government
Purchases

Non-U.S.
Government
Purchases

U.S.
Government
Sales

Non-U.S.
Government
Sales

$ –

$36,608,018

$ –

$40,863,543

6.	DIRECTORS’ REMUNERATION

Notes to Financial Statements (unaudited)(continued)

amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors’ fees in the Statement of Operations and in Directors’ fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7.	LINE OF CREDIT

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

Notes to Financial Statements (unaudited)(continued)

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

10.	SECURITIES LENDING AGREEMENT

As of June 30, 2026, the market value of securities loaned and collateral received were as follows:

Funds

Market Value of
Securities Loaned

Collateral
Received⁽¹⁾

Non-Cash
Collateral

Developing Growth Portfolio

$5,643,569

$5,733,840

$ –

⁽¹⁾	Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.


11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Fund invests.

The Fund has particular risks associated with growth stocks. Different types of stocks shift in and out of favor over time depending on market and economic conditions. Growth stocks tend to be more volatile than other stocks. Growth stocks are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. In addition, if the Fund’s assessment of a company’s potential for growth

Notes to Financial Statements (unaudited)(concluded)

or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a favorable market. The Fund invests primarily in small-cap growth company stocks, which tend to be more volatile and can be less liquid than other types of stocks. The shares of small and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. Small-cap companies may also have more limited product lines, markets or financial resources, and typically experience a higher risk of failure than large-cap companies. Because the Fund may invest a portion of its assets in foreign securities and American Depositary Receipts, it may experience increased market, industry and sector, liquidity, currency, political, information and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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.

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		73,579			134,128
Reinvestment of distributions		–			3,846
Shares reacquired		(179,106	)		(670,875	)
Decrease		(105,527	)		(532,901	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five- and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

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

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 the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with a contractual breakpoint in the level of the 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 the Fund.

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

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Developing Growth Portfolio

SFDG-PORT-3

(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Dividend Growth Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

4		Statement of Assets and Liabilities (Item 7)

5		Statement of Operations (Item 7)

6		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

10		Notes to Financial Statements (Item 7)

19		Changes in and Disagreements with Accountants (Item 8)

19		Proxy Disclosures (Item 9)

19		Remuneration Paid to Directors, Officers, and Others (Item 10)

19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.26%

COMMON STOCKS 99.26%

Aerospace & Defense 1.34%
L3Harris Technologies, Inc.		9,290	$	2,699,581

Air Freight & Logistics 1.27%
CH Robinson Worldwide, Inc.		13,529		2,548,052

Banks 6.40%
Bank of America Corp.		60,470		3,445,581
JPMorgan Chase & Co.		19,184		6,279,499
Wells Fargo & Co.		37,910		3,132,882
Total				12,857,962

Beverages 1.73%
Coca-Cola Co.		42,807		3,478,925

Capital Markets 6.58%
Bank of New York Mellon Corp.		23,559		3,406,867
Cboe Global Markets, Inc.		6,160		1,494,847
Charles Schwab Corp.		26,681		2,461,856
Morgan Stanley		27,994		5,851,866
Total				13,215,436

Chemicals 2.79%
Linde PLC		6,073		3,151,523
Sherwin-Williams Co.		7,142		2,459,133
Total				5,610,656

Commercial Services & Supplies 1.79%
Cintas Corp.		8,333		1,417,277
Waste Management, Inc.		9,751		2,173,303
Total				3,590,580

Construction Materials 1.36%
CRH PLC (Ireland)^(a)		25,602		2,739,414

Consumer Staples Distribution & Retail 1.92%
Walmart, Inc.		34,083		3,860,241

Electric: Utilities 3.44%
Entergy Corp.		29,575		3,396,984
NextEra Energy, Inc.		39,980		3,509,045
Total				6,906,029

Investments	Shares		Fair Value
Electrical Equipment 1.27%
AMETEK, Inc.		10,530	$	2,547,628

Electronic Equipment, Instruments & Components 1.60%
Corning, Inc.		12,547		3,204,880

Financial Services 0.99%
Mastercard, Inc. Class A		3,880		1,992,768

Ground Transportation 1.29%
Old Dominion Freight Line, Inc.		11,985		2,595,951

Health Care Equipment & Supplies 0.52%
Stryker Corp.		3,347		1,053,769

Health Care Providers & Services 2.69%
UnitedHealth Group, Inc.		13,020		5,411,503

Hotels, Restaurants & Leisure 1.06%
McDonald’s Corp.		7,869		2,127,069

Insurance 2.18%
Arthur J Gallagher & Co.		7,462		1,713,051
Chubb Ltd. (Switzerland)^(a)		7,833		2,669,017
Total				4,382,068

Interactive Media & Services 3.88%
Alphabet, Inc. Class A		21,818		7,797,099

Life Sciences Tools & Services 1.51%
Danaher Corp.		6,074		1,156,976
West Pharmaceutical Services, Inc.		5,206		1,868,954
Total				3,025,930

Machinery 3.77%
Deere & Co.		4,114		2,609,633
Parker-Hannifin Corp.		5,082		4,970,806
Total				7,580,439

Metals & Mining 1.35%
Steel Dynamics, Inc.		11,827		2,713,823

Multi-Utilities 0.88%
CMS Energy Corp.		23,107		1,767,685

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 5.85%
Enbridge, Inc. (Canada)^(a)		77,537	$	4,203,281
Exxon Mobil Corp.		29,268		4,001,521
Marathon Petroleum Corp.		13,882		3,549,211
Total				11,754,013

Pharmaceuticals 6.74%
Eli Lilly & Co.		5,831		6,993,876
Johnson & Johnson		25,739		6,536,934
Total				13,530,810

Semiconductors & Semiconductor Equipment 22.50%
Analog Devices, Inc.		11,407		4,530,518
Broadcom, Inc.		22,958		8,672,385
Lam Research Corp.		18,475		8,005,772
NVIDIA Corp.		76,683		15,343,501
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		18,112		8,649,748
Total				45,201,924

Software 6.34%
Microsoft Corp.		30,556		11,397,999
Oracle Corp.		9,142		1,339,760
Total				12,737,759

Specialty Retail 4.04%
Home Depot, Inc.		5,223		1,842,048
Lowe’s Cos., Inc.		10,914		2,406,428
TJX Cos., Inc.		25,527		3,867,340
Total				8,115,816

Tobacco 2.18%
Philip Morris International, Inc.		24,180		4,374,404
Total Common Stocks (cost $133,664,650)				199,422,214

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.05%

REPURCHASE AGREEMENTS 1.05%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $2,176,900 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $2,160,962; proceeds: $2,118,656 (cost $2,118,464)	$	2,118,464	$	2,118,464
Total Investments in Securities 100.31% (cost $135,783,114)				201,540,678
Other Assets and Liabilities – Net (0.31)%				(624,886	)
Net Assets 100.00%			$	200,915,792


ADR		American Depositary Receipt.
^(a)		Foreign security traded in U.S. dollars.

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

The following is a summary of the inputs used as of June 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
Common Stocks	$	199,422,214	$	–	$	–	$	199,422,214
Short-Term Investments
Repurchase Agreements		–		2,118,464		–		2,118,464
Total	$	199,422,214	$	2,118,464	$	–	$	201,540,678


⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	135,783,114
Investments in securities, at fair value	$	201,540,678
Cash		2
Foreign cash, at value (cost $31)		33
Receivables:
Investment securities sold		691,533
Interest and dividends		119,932
Capital shares sold		32,069
From advisor (See Note 3)		467
Securities lending income		5
Total assets		202,384,719
LIABILITIES:
Payables:
Investment securities purchased		659,255
Transfer agent fees		558,818
Capital shares reacquired		112,391
Management fee		90,557
Directors’ fees		22,893
Fund administration		6,586
Accrued expenses		18,427
Total liabilities		1,468,927
Commitments and contingent liabilities		—
NET ASSETS	$	200,915,792
COMPOSITION OF NET ASSETS:
Paid-in capital	$	122,383,901
Total distributable earnings/(loss)		78,531,891
Net Assets	$	200,915,792
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		9,356,972
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$21.47


4	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $23,878)	$	1,445,523
Securities lending net income		73
Interest and other		35,268
Total investment income		1,480,864
Expenses:
Management fee		537,905
Non-12b-1 service fees		244,518
Shareholder servicing		97,899
Fund administration		39,121
Professional		23,724
Reports to shareholders		8,004
Directors’ fees		2,652
Custody		1,391
Other		16,529
Gross expenses		971,743
Fees waived and expenses reimbursed (See Note 3)		(3,513	)
Net expenses		968,230
Net investment income		512,634
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		9,439,004
Net realized gain/(loss) on foreign currency related transactions		(612	)
Net change in unrealized appreciation/(depreciation) on investments		5,651,159
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(1	)
Net realized and unrealized gain/(loss)		15,089,550
Net Increase in Net Assets Resulting From Operations	$	15,602,184


	See Notes to Financial Statements.	5

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	512,634			$	1,091,465
Net realized gain/(loss)			9,438,392				14,776,504
Net change in unrealized appreciation/(depreciation)			5,651,158				11,300,322
Net increase in net assets resulting from operations			15,602,184				27,168,291
Distributions to shareholders:			–				(15,702,280	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			5,438,959				23,136,504
Reinvestment of distributions			–				15,702,280
Cost of shares reacquired			(15,196,003	)			(42,445,553	)
Net decrease in net assets resulting from capital share transactions			(9,757,044	)			(3,606,769	)
Net increase in net assets			5,845,140				7,859,242
NET ASSETS:
Beginning of period		$	195,070,652			$	187,211,410
End of period		$	200,915,792			$	195,070,652


6	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(c)		$19.84		$0.05		$ 1.58			$1.63		$	–		$	–		$	–
12/31/2025		18.58		0.12		2.83			2.95			(0.12	)		(1.57	)		(1.69	)
12/31/2024		16.21		0.10		3.48			3.58			(0.11	)		(1.10	)		(1.21	)
12/31/2023		14.86		0.12		2.29			2.41			(0.13	)		(0.93	)		(1.06	)
12/31/2022		20.27		0.15		(2.91	)		(2.76	)		(0.15	)		(2.50	)		(2.65	)
12/31/2021		17.93		0.15		4.38			4.53			(0.15	)		(2.04	)		(2.19	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.


8	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	21.47		8.22	^(d)		0.99	^(e)		0.99	^(e)		0.52	^(e)	$	200,916		20	^(d)
	19.84		15.98			0.99			1.00			0.59			195,071		32
	18.58		22.14			0.99			0.99			0.55			187,211		26
	16.21		16.33			0.99			1.00			0.76			179,042		47
	14.86		(13.55	)		0.99			1.01			0.86			159,988		56
	20.27		25.62			0.99			1.01			0.75			220,150		44


	See Notes to Financial Statements.	9

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek current income and capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

Basis of Preparation

Segment Reporting

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Notes to Financial Statements (unaudited)(continued)

	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.

	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. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years 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.

Notes to Financial Statements (unaudited)(continued)

(e)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.55%
Over $2 billion	.49%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .55% of the Fund’s average daily net assets.

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2026 and continuing through April 30, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses, such as acquired fund fees and expenses, if applicable) to an annual rate of 0.99%. This agreement may be terminated only upon the approval of the Board.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Dividend Growth Portfolio

$ –

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Dividend Growth Portfolio

1,097,236

14,605,044

–

15,702,280

Notes to Financial Statements (unaudited)(continued)

Fund		Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund-Dividend Growth Portfolio		$	136,199,294			$	67,024,175			$	(1,682,791	)		$	65,341,384

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
$ –		$38,561,371		$ –		$47,707,241

6.	DIRECTORS’ REMUNERATION

7.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

10.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

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.

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

11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. The Fund invests primarily in equity securities of large and mid-sized company stocks that have a history of growing their dividends, but there is no guarantee that a company will pay a dividend. At times, the performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. The value of the Fund’s investments in equity securities will fluctuate in response to general economic conditions and to the changes in the prospects of particular companies and/or sectors in the economy. If the Fund’s fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark or other funds with the same investment objective or similar strategies, even in a rising market.

Large and mid-sized company stocks each may perform differently than the market as a whole and other types of stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions. Mid-sized company stocks may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or under perform.

The Fund’s exposure to foreign companies and markets presents increased market, industry and sector, liquidity, currency, political and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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.

Notes to Financial Statements (unaudited)(concluded)

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.

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		265,838			1,209,626
Reinvestment of distributions		–			787,859
Shares reacquired		(740,088	)		(2,240,303	)
Decrease		(474,250	)		(242,818	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The Board, including all of the Directors 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 Directors”), 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, including information about the Fund’s investment performance compared to the performance of a benchmark. 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 Directors 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 included, but were not limited to: (1) 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 a benchmark; (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; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

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 the 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 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. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and a benchmark as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, the expense levels of the Fund’s expense peer group, and the nature of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, the actual management fee of the Fund was below 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 the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with its contractual breakpoints in the level of the 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 the Fund.

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

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 Directors 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.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett Series Fund, Inc.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Dividend Growth Portfolio

SFCS-PORT-3
(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Fundamental Equity Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

4		Statement of Assets and Liabilities (Item 7)

5		Statement of Operations (Item 7)

6		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

10		Notes to Financial Statements (Item 7)

19		Changes in and Disagreements with Accountants (Item 8)

19		Proxy Disclosures (Item 9)

19		Remuneration Paid to Directors, Officers, and Others (Item 10)

19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.62%

COMMON STOCKS 99.62%

Aerospace & Defense 5.14%
Boeing Co.*		20,060	$	4,342,388
General Dynamics Corp.		7,170		2,539,901
RTX Corp.		21,319		4,044,854
Total				10,927,143

Banks 7.29%
Citizens Financial Group, Inc.		40,350		2,827,325
JPMorgan Chase & Co.		24,274		7,945,608
Wells Fargo & Co.		57,155		4,723,289
Total				15,496,222

Beverages 1.87%
Carlsberg AS Class B^(a)		30,296		3,964,517

Biotechnology 5.14%
Biogen, Inc.*		15,994		3,455,664
Gilead Sciences, Inc.		22,810		2,881,815
United Therapeutics Corp.*		8,447		4,576,838
Total				10,914,317

Building Products 1.64%
Lennox International, Inc.		6,072		3,478,952

Capital Markets 6.02%
Charles Schwab Corp.		31,554		2,911,488
KKR & Co., Inc.		26,797		2,459,429
Morgan Stanley		16,536		3,456,685
SEI Investments Co.		45,144		3,959,580
Total				12,787,182

Chemicals 2.86%
CF Industries Holdings, Inc.		20,550		2,224,743
Element Solutions, Inc.		80,500		3,843,875
Total				6,068,618

Construction & Engineering 1.22%
EMCOR Group, Inc.		3,130		2,597,524

Investments	Shares		Fair Value
Electric: Utilities 3.20%
Entergy Corp.		30,846	$	3,542,972
IDACORP, Inc.		21,520		3,255,976
Total				6,798,948

Electrical Equipment 0.97%
Hubbell, Inc.		3,940		2,061,408

Electronic Equipment, Instruments & Components 9.70%
Amphenol Corp. Class A		17,800		3,138,496
Jabil, Inc.		8,550		3,295,854
Keysight Technologies, Inc.*		13,560		4,746,949
Littelfuse, Inc.		10,220		4,653,473
TD SYNNEX Corp.		17,867		4,776,564
Total				20,611,336

Energy Equipment & Services 1.22%
Halliburton Co.		76,290		2,590,046

Health Care Providers & Services 1.90%
UnitedHealth Group, Inc.		9,700		4,031,611

Hotels, Restaurants & Leisure 1.48%
Expedia Group, Inc.		12,320		3,152,442

Insurance 8.11%
Aon PLC Class A (United Kingdom)^(b)		11,667		3,869,827
Arch Capital Group Ltd.*		36,163		3,509,981
Arthur J Gallagher & Co.		14,900		3,420,593
Progressive Corp.		13,940		3,045,193
White Mountains Insurance Group Ltd.		1,636		3,392,066
Total				17,237,660

Interactive Media & Services 4.71%
Alphabet, Inc. Class A		28,040		10,020,655

Life Sciences Tools & Services 1.73%
IQVIA Holdings, Inc.*		19,024		3,675,817

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Machinery 3.02%
Mueller Industries, Inc.		24,590	$	3,022,849
Parker-Hannifin Corp.		3,480		3,403,857
Total				6,426,706

Metals & Mining 1.68%
Steel Dynamics, Inc.		15,579		3,574,757

Multi-Utilities1.29%
CMS Energy Corp.		35,790		2,737,935

Oil, Gas & Consumable Fuels 6.24%
Expand Energy Corp.		29,049		2,648,978
Permian Resources Corp. Class A		175,990		3,239,976
Shell PLC ADR		51,865		4,021,612
Williams Cos., Inc.		45,110		3,353,478
Total				13,264,044

Pharmaceuticals 3.23%
Novartis AG ADR		27,520		4,312,934
Teva Pharmaceutical Industries Ltd. ADR*		75,503		2,558,042
Total				6,870,976

Real Estate Management & Development 1.58%
CBRE Group, Inc. Class A*		24,884		3,351,626

Semiconductors & Semiconductor Equipment 8.40%
ASML Holding NV NY Reg Shares (Netherlands)^(b)		2,170		4,317,085
Silicon Motion Technology Corp. ADR		23,968		7,989,253
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		11,619		5,548,886
Total				17,855,224
Software 2.14%
Microsoft Corp.		12,199		4,550,471

Investments	Shares		Fair Value
Specialty Retail 5.22%
Dick’s Sporting Goods, Inc.		18,620	$	4,223,202
Lowe’s Cos., Inc.		16,369		3,609,201
Ross Stores, Inc.		15,320		3,260,862
Total				11,093,265

Technology Hardware, Storage & Peripherals 0.90%
NetApp, Inc.		12,380		1,915,929

Trading Companies & Distributors 1.72%
AerCap Holdings NV (Ireland)^(b)		25,125		3,662,722
Total Common Stocks (cost $163,589,060)				211,718,053

	Principal Amount

SHORT-TERM INVESTMENTS 0.33%

REPURCHASE AGREEMENTS 0.33%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $717,200 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $712,003; proceeds: $697,958 (cost $697,895)	$	697,895		697,895
Total Investments in Securities 99.95% (cost $164,286,955)				212,415,948
Other Assets and Liabilities – Net 0.05%				112,790
Net Assets 100.00%			$	212,528,738

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

The following is a summary of the inputs used as of June 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
Common Stocks
Beverages	$	–	$	3,964,517	$	–	$	3,964,517
Remaining Industries		207,753,536		–		–		207,753,536
Short-Term Investments
Repurchase Agreements		–		697,895		–		697,895
Total	$	207,753,536	$	4,662,412	$	–	$	212,415,948


⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	164,286,955
Investments in securities, at fair value	$	212,415,948
Receivables:
Investment securities sold		574,579
Interest and dividends		115,599
From advisor (See Note 3)		16,991
Capital shares sold		1,242
Prepaid expenses		610
Total assets		213,124,969
LIABILITIES:
Payables:
Transfer agent fees		271,358
Management fee		129,998
Capital shares reacquired		99,960
Directors’ fees		36,728
Fund administration		6,988
Foreign currency overdraft (cost $5)		5
Accrued expenses		51,194
Total liabilities		596,231
Commitments and contingent liabilities		–
NET ASSETS	$	212,528,738
COMPOSITION OF NET ASSETS:
Paid-in capital	$	149,011,534
Total distributable earnings/(loss)		63,517,204
Net Assets	$	212,528,738
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		10,069,494
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$21.11

4	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $48,753)	$	1,730,863
Securities lending net income		99
Interest and other		19,465
Total investment income		1,750,427
Expenses:
Management fee		778,019
Non-12b-1 service fees		261,057
Shareholder servicing		104,655
Fund administration		41,777
Professional		21,822
Custody		7,771
Reports to shareholders		3,880
Directors’ fees		2,835
Other		18,645
Gross expenses		1,240,461
Fees waived and expenses reimbursed (See Note 3)		(112,463	)
Net expenses		1,127,998
Net investment income		622,429
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		14,335,184
Net realized gain/(loss) on foreign currency related transactions		161
Net change in unrealized appreciation/(depreciation) on investments		7,511,283
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(1,310	)
Net realized and unrealized gain/(loss)		21,845,318
Net Increase in Net Assets Resulting From Operations	$	22,467,747

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	622,429			$	860,077
Net realized gain/(loss)			14,335,345				17,712,983
Net change in unrealized appreciation/(depreciation)			7,509,973				5,867,670
Net increase in net assets resulting from operations			22,467,747				24,440,730
Distributions to shareholders:			–				(20,938,900	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			1,591,550				69,004,795
Reinvestment of distributions			–				20,938,899
Cost of shares reacquired			(22,685,878	)			(101,607,860	)
Net decrease in net assets resulting from capital share transactions			(21,094,328	)			(11,664,166	)
Net increase (decrease) in net assets			1,373,419				(8,162,336	)
NET ASSETS:
Beginning of period		$	211,155,319			$	219,317,655
End of period		$	212,528,738			$	211,155,319

6	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(c)		$18.98		$0.06		$2.07			$2.13			$ –			$ –			$ –
12/31/2025		18.37		0.08		2.52			2.60			(0.08	)		(1.91	)		(1.99	)
12/31/2024		16.79		0.13		2.65			2.78			(0.14	)		(1.06	)		(1.20	)
12/31/2023		15.16		0.11		2.11			2.22			(0.10	)		(0.49	)		(0.59	)
12/31/2022		20.11		0.18		(2.62	)		(2.44	)		(0.19	)		(2.32	)		(2.51	)
12/31/2021		16.61		0.15		4.36			4.51			(0.16	)		(0.85	)		(1.01	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

8	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$21.11		11.22	^(d)		1.08	^(e)		1.19	^(e)		0.60	^(e)		$212,529		31	^(d)
	18.98		14.29			1.08			1.19			0.43			211,155		74
	18.37		16.65			1.08			1.19			0.71			219,318		52
	16.79		14.63			1.08			1.20			0.68			231,522		102
	15.16		(11.98	)		1.08			1.21			1.03			173,600		62
	20.11		27.31			1.08			1.17			0.78			315,166		76

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

Basis of Preparation

Segment Reporting

Notes to Financial Statements (unaudited)(continued)

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation—Under procedures approved by the Fund’s Board of Directors (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 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.

	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. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions—The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, no liability for Federal Income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s

Notes to Financial Statements (unaudited)(continued)

	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 three fiscal years 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.

(e)	Investment Income—Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities—The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Notes to Financial Statements (unaudited)(continued)

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $200 million		.75%
Next $300 million		.65%
Over $500 million		.50%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .64% of the Fund’s average daily net assets.

For the six months ended June 30, 2026 and continuing through April 30, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses such as acquired fund fees and expenses, if applicable) to an annual rate of 1.08%. This agreement may be terminated only upon the approval of the Board.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Fundamental Equity Portfolio

–

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Fundamental Equity Portfolio

$862,115

$20,076,785

$ –

$20,938,900

Fund			Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund-Fundamental Equity Portfolio			$165,839,480				$50,007,614				$(3,431,146	)			$46,576,468

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S.
Government
Purchases

Non-U.S.
Government
Purchases

U.S.
Government
Sales

Non-U.S.
Government
Sales

$ –

$65,582,270

$ –

$85,900,515

6.	DIRECTORS’ REMUNERATION

7.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

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, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

Notes to Financial Statements (unaudited)(continued)

10.	SECURITIES LENDING AGREEMENT

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

11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or under perform. In addition, if the 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 rising market.

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector, liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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.

Notes to Financial Statements (unaudited)(concluded)

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025
Shares sold	80,441		3,685,793
Reinvestment of distributions	–		1,093,348
Shares reacquired	(1,136,315	)	(5,595,472	)
Decrease	(1,055,874	)	(816,331	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below the median of the performance peer group for the one-, five- and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

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

total expense ratio and the actual management fee of the Fund were both above 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 the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with contractual breakpoints in the level of the 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 the Fund.

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

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Fundamental Equity Portfolio

SFFE-PORT-3

(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Growth and Income Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

4		Statement of Assets and Liabilities (Item 7)

5		Statement of Operations (Item 7)

6		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

10		Notes to Financial Statements (Item 7)

19		Changes in and Disagreements with Accountants (Item 8)

19		Proxy Disclosures (Item 9)

19		Remuneration Paid to Directors, Officers, and Others (Item 10)

19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.77%

COMMON STOCKS 99.77%

Aerospace & Defense 6.04%
Boeing Co.*		48,677	$	10,537,110
General Dynamics Corp.		24,010		8,505,303
RTX Corp.		56,537		10,726,765
Total				29,769,178

Banks 7.53%
Citizens Financial Group, Inc.		94,680		6,634,228
JPMorgan Chase & Co.		57,848		18,935,386
Wells Fargo & Co.		139,505		11,528,693
Total				37,098,307

Beverages 1.92%
Carlsberg AS Class B^(a)		72,096		9,434,441

Biotechnology 3.66%
Gilead Sciences, Inc.		54,410		6,874,159
United Therapeutics Corp.*		20,543		11,130,814
Total				18,004,973

Building Products 2.66%
Allegion PLC (Ireland)^(b)		35,507		4,988,379
Lennox International, Inc.		14,133		8,097,502
Total				13,085,881

Capital Markets 6.23%
Charles Schwab Corp.		76,372		7,046,845
KKR & Co., Inc.		65,022		5,967,719
Morgan Stanley		39,505		8,258,125
SEI Investments Co.		107,371		9,417,510
Total				30,690,199

Chemicals 1.05%
CF Industries Holdings, Inc.		47,660		5,159,672

Construction & Engineering 1.22%
EMCOR Group, Inc.		7,247		6,014,140

Investments	Shares		Fair Value
Construction Materials 1.40%
CRH PLC (Ireland)^(b)		64,606	$	6,912,842

Electric: Utilities 2.76%
Entergy Corp.		71,074		8,163,560
FirstEnergy Corp.		114,123		5,425,407
Total				13,588,967

Electrical Equipment 0.98%
Hubbell, Inc.		9,190		4,808,208

Electronic Equipment, Instruments & Components 8.11%
Amphenol Corp. Class A		54,980		9,694,074
Jabil, Inc.		19,240		7,416,635
Keysight Technologies, Inc.*		35,010		12,255,951
TD SYNNEX Corp.		39,597		10,585,862
Total				39,952,522

Energy Equipment & Services 1.21%
Halliburton Co.		175,020		5,941,929

Health Care Providers & Services 5.84%
Labcorp Holdings, Inc.		27,843		7,796,040
McKesson Corp.		10,945		8,270,042
UnitedHealth Group, Inc.		30,610		12,722,434
Total				28,788,516

Hotels, Restaurants & Leisure 1.36%
Booking Holdings, Inc.		37,720		6,723,213

Insurance 6.82%
Aon PLC Class A (United Kingdom)^(b)		28,294		9,384,837
Arch Capital Group Ltd.*		101,126		9,815,290
Arthur J Gallagher & Co.		27,902		6,405,462
Progressive Corp.		36,470		7,966,871
Total				33,572,460

Interactive Media & Services 4.64%
Alphabet, Inc. Class A		63,895		22,834,156

Life Sciences Tools & Services 1.42%
IQVIA Holdings, Inc.*		36,159		6,986,642

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

Investments	Shares		Fair Value
Machinery 1.81%
Parker-Hannifin Corp.		9,112	$	8,912,629

Metals & Mining 2.08%
Steel Dynamics, Inc.		44,681		10,252,502

Multi-Utilities 1.31%
CMS Energy Corp.		84,370		6,454,305

Oil, Gas & Consumable Fuels 6.32%
Expand Energy Corp.		68,044		6,204,932
Permian Resources Corp. Class A		405,540		7,465,991
Shell PLC ADR^(c)		129,923		10,074,230
Williams Cos., Inc.		99,250		7,378,245
Total				31,123,398

Pharmaceuticals 3.54%
Novartis AG ADR		65,630		10,285,533
Teva Pharmaceutical Industries Ltd. ADR*		210,910		7,145,631
Total				17,431,164

Real Estate Management & Development 1.52%
CBRE Group, Inc. Class A*		55,560		7,483,376

Semiconductors & Semiconductor Equipment 7.02%
Analog Devices, Inc.		18,610		7,391,334
ASML Holding NV NY Reg Shares (Netherlands)^(b)		5,960		11,857,062
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		32,145		15,351,488
Total				34,599,884

Software 2.38%
Microsoft Corp.		31,435		11,725,884

Specialty Retail 5.44%
Dick’s Sporting Goods, Inc.		44,520		10,097,581
Lowe’s Cos., Inc.		39,680		8,749,043
Ross Stores, Inc.		37,250		7,928,663
Total				26,775,287

Investments	Shares		Fair Value
Technology Hardware, Storage & Peripherals 1.65%
NetApp, Inc.		52,430	$	8,114,067

Trading Companies & Distributors 1.85%
AerCap Holdings NV (Ireland)^(b)		62,627		9,129,764
Total Common Stocks (cost $339,260,584)				491,368,506

	Principal Amount

SHORT-TERM INVESTMENTS 1.46%

REPURCHASE AGREEMENTS 0.48%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $2,434,500 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $2,416,657; proceeds: $2,369,382 (cost $2,369,169)	$	2,369,169		2,369,169

TIME DEPOSITS 0.10%
CitiBank N.A.^(d) (cost $482,824)		482,824		482,824

	Shares
MONEY MARKET FUNDS 0.88%
Fidelity Government Portfolio^(d) (cost $4,345,419)		4,345,419		4,345,419
Total Short-Term Investments (cost $7,197,412)				7,197,412
Total Investments in Securities 101.23% (cost $346,457,996)				498,565,918
Other Assets and Liabilities – Net (1.23)%				(6,070,231	)
Net Assets 100.00%			$	492,495,687

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.
^(c)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(d)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of June 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
Common Stocks
Beverages	$	–	$	9,434,441	$	–	$	9,434,441
Remaining Industries		481,934,065		–		–		481,934,065
Short-Term Investments
Repurchase Agreements		–		2,369,169		–		2,369,169
Time Deposits		–		482,824		–		482,824
Money Market Funds		4,345,419		–		–		4,345,419
Total	$	486,279,484	$	12,286,434	$	–	$	498,565,918

⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	346,457,996
Investments in securities, at fair value including $4,739,012 of securities loaned	$	498,565,918
Cash		19,588
Receivables:
Interest and dividends		312,318
Capital shares sold		83,491
Investment securities sold		9,380
Securities lending income		100
Prepaid expenses		458
Total assets		498,991,253
LIABILITIES:
Payables:
Collateral due to broker for securities lending		4,828,243
Transfer agent fees		1,169,597
Management fee		201,663
Capital shares reacquired		116,015
Directors’ fees		102,023
Fund administration		16,133
Foreign currency overdraft (cost $3)		3
Accrued expenses		61,889
Total liabilities		6,495,566
Commitments and contingent liabilities		—
NET ASSETS	$	492,495,687
COMPOSITION OF NET ASSETS:
Paid-in capital	$	290,106,735
Total distributable earnings/(loss)		202,388,952
Net Assets	$	492,495,687
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		11,076,710
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$44.46

4	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $115,032)	$	4,093,634
Securities lending net income		247
Interest and other		43,059
Total investment income		4,136,940
Expenses:
Management fee		1,226,130
Non-12b-1 service fees		612,746
Shareholder servicing		245,765
Fund administration		98,090
Professional		24,360
Reports to shareholders		17,259
Directors’ fees		6,683
Custody		3,901
Other		42,745
Gross expenses		2,277,679
Fees waived and expenses reimbursed (See Note 3)		(3,901	)
Net expenses		2,273,778
Net investment income		1,863,162
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		39,490,725
Net realized gain/(loss) on foreign currency related transactions		(8	)
Net change in unrealized appreciation/(depreciation) on investments		(12,643,546	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(2,940	)
Net realized and unrealized gain/(loss)		26,844,231
Net Increase in Net Assets Resulting From Operations	$	28,707,393

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	1,863,162			$	2,726,577
Net realized gain/(loss)			39,490,717				50,507,580
Net change in unrealized appreciation/(depreciation)			(12,646,486	)			24,770,233
Net increase in net assets resulting from operations			28,707,393				78,004,390
Distributions to shareholders:			–				(53,389,795	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			3,278,107				10,668,622
Reinvestment of distributions			–				53,389,794
Cost of shares reacquired			(39,354,371	)			(82,713,459	)
Net decrease in net assets resulting from capital share transactions			(36,076,264	)			(18,655,043	)
Net increase (decrease) in net assets			(7,368,871	)			5,959,552
NET ASSETS:
Beginning of period		$	499,864,558			$	493,905,006
End of period		$	492,495,687			$	499,864,558

6	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(c)	$	41.96	$	0.16	$	2.34		$	2.50		$	—		$	—		$	—
12/31/2025		39.92		0.23		6.64			6.87			(0.25	)		(4.58	)		(4.83	)
12/31/2024		36.06		0.36		7.02			7.38			(0.36	)		(3.16	)		(3.52	)
12/31/2023		32.80		0.33		3.98			4.31			(0.33	)		(0.72	)		(1.05	)
12/31/2022		40.04		0.48		(4.29	)		(3.81	)		(0.48	)		(2.95	)		(3.43	)
12/31/2021		34.94		0.41		9.63			10.04			(0.44	)		(4.50	)		(4.94	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

8	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$44.46		5.96	^(d)		0.93	^(e)		0.93	^(e)		0.76	^(e)	$	492,496		26	^(d)
	41.96		17.29			0.93			0.93			0.56			499,865		38
	39.92		20.60			0.93			0.93			0.88			493,905		30
	36.06		13.19			0.92			0.93			0.96			491,645		28
	32.80		(9.44	)		0.93			0.94			1.31			486,259		36
	40.04		29.02			0.92			0.93			1.03			610,598		66

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Basis of Preparation

Segment Reporting

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Notes to Financial Statements (unaudited)(continued)

	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.

	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. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

(b)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years 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.

Notes to Financial Statements (unaudited)(continued)

(e)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion		.50%
Over $1 billion		.45%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .50% of the Fund’s average daily net assets.

Lord Abbett voluntarily waived $3,901 of certain fees and expenses during the six months ended June 30, 2026.

Notes to Financial Statements (unaudited)(continued)

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Growth & Income Portfolio		$ –		$ –		$ –		$ –

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Growth & Income Portfolio		$2,709,711		$50,680,084		$ –		$53,389,795

As of June 30, 2026, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

Fund		Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Series Fund-Growth & Income Portfolio		$346,597,079		$155,452,245		$(3,483,406)		$151,968,839

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
$ –		$126,891,384		$ –		$161,966,765

6.	DIRECTORS’ REMUNERATION

7.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

10.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026, the market value of securities loaned and collateral received were as follows:

Funds		Market Value of Securities Loaned		Collateral Received⁽¹⁾		Non-Cash Collateral
Growth and Income Portfolio		$4,739,012		$4,828,243		$ –

⁽¹⁾	Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies. In addition, if the 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 rising market.

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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.

Notes to Financial Statements (unaudited)(concluded)

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		76,138			253,852
Reinvestment of distributions		—			1,260,016
Shares reacquired		(912,715	)		(1,972,798	)
Decrease		(836,577	)		(458,930	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The materials received by the Board included, but were not limited to: (1) 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 two 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; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

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, the fees charged for the services, 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. 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 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. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. 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, but below the median of the performance peer group for the five- and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

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

context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

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 Directors 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.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth and Income Portfolio

LASFGI-3

(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett

Series Fund—Growth Opportunities Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)
4		Statement of Assets and Liabilities (Item 7)
5		Statement of Operations (Item 7)
6		Statements of Changes in Net Assets (Item 7)
8		Financial Highlights (Item 7)
10		Notes to Financial Statements (Item 7)
19		Changes in and Disagreements with Accountants (Item 8)
19		Proxy Disclosures (Item 9)
19		Remuneration Paid to Directors, Officers, and Others (Item 10)
19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.71%

COMMON STOCKS 96.71%

Aerospace & Defense 10.41%
Axon Enterprise, Inc.*		1,013	$	567,898
Carpenter Technology Corp.		2,910		1,795,004
Curtiss-Wright Corp.		1,152		872,939
FTAI Aviation Ltd.		4,741		1,282,583
Howmet Aerospace, Inc.		7,995		2,149,536
Mercury Systems, Inc.*		5,743		702,541
Rocket Lab Corp.*		4,835		491,478
Woodward, Inc.		2,293		975,534
Total				8,837,513

Biotechnology 8.22%
Argenx SE ADR*		1,059		982,508
Ascendis Pharma AS (Denmark)*^(a)		2,395		638,795
Cogent Biosciences, Inc.*		21,968		850,162
Madrigal Pharmaceuticals, Inc.*		1,798		965,436
Mirum Pharmaceuticals, Inc.*		5,700		667,299
Natera, Inc.*		5,203		1,412,354
Revolution Medicines, Inc.*		3,993		747,809
Roivant Sciences Ltd.*		20,018		708,437
Total				6,972,800

Building Products 2.55%
Madison Air Solutions Corp. Class A*		25,793		1,005,927
Modine Manufacturing Co.*		4,352		1,162,071
Total				2,167,998

Capital Markets 4.10%
Cboe Global Markets, Inc.		2,422		587,747
Evercore, Inc. Class A		1,799		614,251
Interactive Brokers Group, Inc. Class A		15,026		1,307,863
Nasdaq, Inc.		4,402		346,966
Raymond James Financial, Inc.		4,118		626,059
Total				3,482,886

Investments	Shares		Fair Value
Communications Equipment 1.54%
Ciena Corp.*		1,149	$	563,653
Lumentum Holdings, Inc.*		867		743,938
Total				1,307,591

Construction & Engineering 11.90%
API Group Corp.*		15,790		668,706
Comfort Systems USA, Inc.		1,945		3,854,893
EMCOR Group, Inc.		1,287		1,068,056
MasTec, Inc.*		3,234		1,345,538
Quanta Services, Inc.		3,297		2,373,972
Sterling Infrastructure, Inc.*		937		786,480
Total				10,097,645

Electrical Equipment 6.24%
Bloom Energy Corp. Class A*		4,108		1,243,491
Innio NV (Germany)*^(a)(b)		12,707		502,562
Nextpower, Inc. Class A*		5,269		627,749
Vertiv Holdings Co. Class A		8,723		2,920,635
Total				5,294,437

Electronic Equipment, Instruments & Components 2.11%
Fabrinet (Thailand)*^(a)		1,440		809,395
TTM Technologies, Inc.*		5,257		983,164
Total				1,792,559

Energy Equipment & Services 0.78%
TechnipFMC PLC (United Kingdom)^(a)		9,973		661,210

Entertainment 2.92%
Live Nation Entertainment, Inc.*		7,362		1,348,056
Take-Two Interactive Software, Inc.*		1,894		473,462
TKO Group Holdings, Inc.		3,266		657,478
Total				2,478,996

Financial Services 1.08%
Affirm Holdings, Inc.*		11,196		913,034

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Ground Transportation 0.62%
XPO, Inc.*		2,545	$	522,463

Health Care Equipment & Supplies 0.39%
IDEXX Laboratories, Inc.*		630		331,657

Health Care Providers & Services 2.17%
Guardant Health, Inc.*		12,296		1,844,769

Hotels, Restaurants & Leisure 4.88%
Cava Group, Inc.*		10,573		829,769
Hilton Worldwide Holdings, Inc.		5,149		1,701,539
Viking Holdings Ltd.*		15,421		1,614,116
Total				4,145,424

Household Durables 0.74%
SharkNinja, Inc.*		4,103		624,764

Information Technology Services 6.15%
Cloudflare, Inc. Class A*		5,567		1,365,474
CoreWeave, Inc. Class A*		8,340		830,163
DigitalOcean Holdings, Inc.*		3,834		602,053
Quantinuum, Inc. Class A*^(b)		9,362		765,250
Snowflake, Inc.*		2,536		645,412
Twilio, Inc. Class A*		4,912		1,013,493
Total				5,221,845

Interactive Media & Services 0.75%
Reddit, Inc. Class A*		3,684		639,469

Machinery 2.39%
IDEX Corp.		3,374		765,729
RBC Bearings, Inc.*		1,966		1,266,222
Total				2,031,951

Oil, Gas & Consumable Fuels 1.02%
Cheniere Energy, Inc.		3,611		863,065

Professional Services 0.59%
Planet Labs PBC*		15,117		500,826

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 11.05%
Astera Labs, Inc.*		4,678	$	2,259,568
Cerebras Systems, Inc. Class A*^(b)		1,214		268,294
Credo Technology Group Holding Ltd.*		3,170		862,081
Lattice Semiconductor Corp.*		9,738		1,489,524
Monolithic Power Systems, Inc.		1,432		1,979,539
Nova Ltd. (Israel)*^(a)		2,974		1,614,704
Teradyne, Inc.		1,877		908,168
Total				9,381,878

Software 6.04%
AppLovin Corp. Class A*		1,296		667,738
Datadog, Inc. Class A*		9,243		2,406,508
JFrog Ltd.*		10,830		984,231
Nebius Group NV (Netherlands)*^(a)(b)		3,860		1,066,016
Total				5,124,493

Specialty Retail 2.48%
Carvana Co.*		18,277		1,202,992
Ross Stores, Inc.		4,235		901,420
Total				2,104,412

Technology Hardware, Storage & Peripherals 3.84%
Sandisk Corp.*		1,432		3,255,981

Textiles, Apparel & Luxury Goods 1.23%
Amer Sports, Inc. (Finland)*^(a)		17,741		600,356
Deckers Outdoor Corp.*		4,484		445,216
Total				1,045,572

Trading Companies & Distributors 0.52%
Xometry, Inc. Class A*		4,609		444,861
Total Common Stocks (cost $59,799,912)				82,090,099

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 6.61%

REPURCHASE AGREEMENTS 3.69%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $3,217,700 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $3,194,092; proceeds: $3,131,658 (cost $3,131,375)	$	3,131,375	$	3,131,375

TIME DEPOSITS 0.29%
CitiBank N.A.^(c) (cost $248,161)		248,161		248,161

Investments	Shares		Fair Value
MONEY MARKET FUNDS 2.63%
Fidelity Government Portfolio^(c) (cost $2,233,445)		2,233,445	$	2,233,445
Total Short-Term Investments (cost $5,612,981)				5,612,981
Total Investments in Securities 103.32% (cost $65,412,893)				87,703,080
Other Assets and Liabilities – Net (3.32)%				(2,817,696	)
Net Assets 100.00%			$	84,885,384

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of June 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
Common Stocks	$	82,090,099	$	–	$	–	$	82,090,099
Short-Term Investments
Repurchase Agreements		–		3,131,375		–		3,131,375
Time Deposits		–		248,161		–		248,161
Money Market Funds		2,233,445		–		–		2,233,445
Total	$	84,323,544	$	3,379,536	$	–	$	87,703,080

⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	65,412,893
Investments in securities, at fair value including $2,575,732 of securities loaned	$	87,703,080
Receivables:
Interest and dividends		3,454
Total assets		87,706,534
LIABILITIES:
Payables:
Collateral due to broker for securities lending		2,481,606
Capital shares reacquired		169,844
Transfer agent fees		81,711
Management fee		44,281
Directors’ fees		13,944
Fund administration		2,725
Accrued expenses		27,039
Total liabilities		2,821,150
Commitments and contingent liabilities		–
NET ASSETS	$	84,885,384
COMPOSITION OF NET ASSETS:
Paid-in capital	$	57,631,119
Total distributable earnings/(loss)		27,254,265
Net Assets	$	84,885,384
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		6,263,340
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$13.55

4	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends	$	79,479
Securities lending net income		1,351
Interest and other		30,850
Total investment income		111,680
Expenses:
Management fee		246,584
Non-12b-1 service fees		94,800
Shareholder servicing		38,422
Professional		21,410
Fund administration		15,174
Custody		4,586
Reports to shareholders		4,263
Directors’ fees		996
Other		6,534
Gross expenses		432,769
Fees waived and expenses reimbursed (See Note 3)		(4,586	)
Net expenses		428,183
Net investment loss		(316,503	)
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		3,530,292
Net change in unrealized appreciation/(depreciation) on investments		11,081,432
Net realized and unrealized gain/(loss)		14,611,724
Net Increase in Net Assets Resulting From Operations	$	14,295,221


	See Notes to Financial Statements.	5

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025
Operations:
Net investment loss	$	(316,503	)	$	(648,636	)
Net realized gain/(loss)		3,530,292			17,800,018
Net change in unrealized appreciation/(depreciation)		11,081,432			(10,531,177	)
Net increase in net assets resulting from operations		14,295,221			6,620,205
Distributions to shareholders:		–			(12,208,735	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		15,635,625			32,973,032
Reinvestment of distributions		–			12,208,735
Cost of shares reacquired		(21,687,842	)		(48,334,786	)
Net decrease in net assets resulting from capital share transactions		(6,052,217	)		(3,153,019	)
Net increase (decrease) in net assets		8,243,004			(8,741,549	)
NET ASSETS:
Beginning of period	$	76,642,380		$	85,383,929
End of period	$	84,885,384		$	76,642,380


6	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain(loss)			Total from investment operations			Net realized gain			Net asset value, end of period
6/30/2026^(c)	$	11.11	$	(0.05	)	$	2.49		$	2.44		$	–		$	13.55
12/31/2025		11.66		(0.11	)		1.65			1.54			(2.09	)		11.11
12/31/2024		8.92		(0.09	)		2.83			2.74			–			11.66
12/31/2023		8.06		(0.07	)		0.93			0.86			–			8.92
12/31/2022		13.69		(0.06	)		(4.24	)		(4.30	)		(1.33	)		8.06
12/31/2021		16.44		(0.14	)		1.18			1.04			(3.79	)		13.69


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.


8	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	21.96	^(d)		1.13	^(e)		1.14	^(e)		(0.83	)^(e)	$	84,885		68	^(d)
	12.94			1.13			1.15			(0.85	)		76,642		135
	30.61			1.12			1.13			(0.84	)		85,384		115
	10.67			1.16			1.16			(0.80	)		79,707		214
	(32.53	)		1.25			1.26			(0.61	)		49,206		121
	6.46			1.20			1.26			(0.85	)		93,787		58


	See Notes to Financial Statements.	9

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is capital appreciation. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

Basis of Preparation

Segment Reporting

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (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

Notes to Financial Statements (unaudited)(continued)

	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.

	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. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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

Notes to Financial Statements (unaudited)(continued)

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).

(b)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years remain subject to examination by the Internal

Notes to Financial Statements (unaudited)(continued)

	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.

(e)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion		.65%
Next $3 billion		.63%
Next $1 billion		.60%
Over $5 billion		.58%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .65% of the Fund’s average daily net assets.

Notes to Financial Statements (unaudited)(continued)

Lord Abbett voluntarily waived $4,586 of certain fees and expenses during the six months ended June 30, 2026.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Growth Opportunities Portfolio

$ –

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Growth Opportunities Portfolio

12,208,735

–

12,208,735

Notes to Financial Statements (unaudited)(continued)

Fund		Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund-Growth Opportunities Portfolio			$65,675,548				$23,135,920				$(1,108,388	)			$22,027,532

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
$ –		$51,140,773		$ –		$58,847,619

6.	DIRECTORS’ REMUNERATION

7.	LINE OF CREDIT

Effective June 5, 2026, the Participating Funds renewed the Syndicated Facility for $1.8 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third

Notes to Financial Statements (unaudited)(continued)

or one-fifth of unencumbered fund net assets and $250 million, $500 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

10.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(concluded)

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.

As of June 30, 2026, the market value of securities loaned and collateral received were as follows:

Funds

Market Value of
Securities Loaned

Collateral
Received⁽¹⁾

Non-Cash
Collateral

Growth Opportunities Portfolio

$2,575,732

$2,481,606

$ –


⁽¹⁾	Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform. In addition, if the 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 rising market.

Notes to Financial Statements (unaudited)(concluded)

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.

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		1,301,141			2,836,136
Reinvestment of distributions		–			1,074,713
Shares reacquired		(1,937,570	)		(4,336,710	)
Decrease		(636,429	)		(425,861	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The materials received by the Board included, but were not limited to: (1) 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 two 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; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

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 the 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 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. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period, but below the median of the performance peer group for the three-, five-, and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, the expense levels of the Fund’s expense peer group and the nature of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, the actual management fee was below 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 the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with contractual breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

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

the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors 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.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth Opportunities Portfolio

LASFGO-3

(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Series Fund—Mid Cap Stock Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

4		Statement of Assets and Liabilities (Item 7)

5		Statement of Operations (Item 7)

6		Statements of Changes in Net Assets (Item 7)

8		Financial Highlights (Item 7)

10		Notes to Financial Statements (Item 7)

19		Changes in and Disagreements with Accountants (Item 8)

19		Proxy Disclosures (Item 9)

19		Remuneration Paid to Directors, Officers, and Others (Item 10)

19		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.71%

COMMON STOCKS 99.71%

Banks 3.45%
Citizens Financial Group, Inc.		51,010	$	3,574,271
East West Bancorp, Inc.		40,910		5,281,072
Total				8,855,343

Beverages 2.97%
Carlsberg AS Class B^(a)		37,016		4,843,893
Coca-Cola Consolidated, Inc.		14,510		2,770,249
Total				7,614,142

Biotechnology 4.17%
Biogen, Inc.*		19,263		4,161,964
United Therapeutics Corp.*		12,029		6,517,673
Total				10,679,637

Building Products 1.62%
Lennox International, Inc.		7,242		4,149,304

Capital Markets 5.26%
Affiliated Managers Group, Inc.		13,060		4,419,504
SEI Investments Co.		61,861		5,425,828
TPG, Inc.		89,643		3,635,024
Total				13,480,356

Chemicals 3.07%
CF Industries Holdings, Inc.		31,060		3,362,556
Element Solutions, Inc.		94,420		4,508,555
Total				7,871,111

Construction & Engineering 4.75%
EMCOR Group, Inc.		4,180		3,468,898
Valmont Industries, Inc.		8,230		4,753,648
WillScot Holdings Corp.		137,060		3,955,552
Total				12,178,098

Construction Materials 0.95%
CRH PLC (Ireland)^(b)		22,747		2,433,929

Investments	Shares		Fair Value
Electric: Utilities 4.70%
Entergy Corp.		39,730	$	4,563,388
FirstEnergy Corp.		68,315		3,247,695
IDACORP, Inc.		28,040		4,242,452
Total				12,053,535

Electrical Equipment 2.89%
Hubbell, Inc.		7,200		3,767,040
Sensata Technologies Holding PLC		76,440		3,649,246
Total				7,416,286

Electronic Equipment, Instruments & Components 14.96%
Belden, Inc.		28,194		3,380,743
CDW Corp.		18,890		2,656,690
Jabil, Inc.		16,830		6,487,628
Keysight Technologies, Inc.*		19,661		6,882,726
Littelfuse, Inc.		14,360		6,538,539
TD SYNNEX Corp.		24,212		6,472,836
Teledyne Technologies, Inc.*		8,920		5,948,748
Total				38,367,910

Energy Equipment & Services 1.50%
Halliburton Co.		113,590		3,856,380

Ground Transportation 2.48%
Landstar System, Inc.		30,740		6,357,339

Health Care Providers & Services 4.44%
Cencora, Inc.		9,788		2,769,808
Labcorp Holdings, Inc.		14,565		4,078,200
Molina Healthcare, Inc.*		19,830		4,535,121
Total				11,383,129

Hotels, Restaurants & Leisure 2.67%
Expedia Group, Inc.		15,180		3,884,258
Yum! Brands, Inc.		18,550		2,965,403
Total				6,849,661

Insurance 8.15%
Aon PLC Class A (United Kingdom)^(b)		14,144		4,691,423
Arch Capital Group Ltd.*		26,927		2,613,535

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Shares		Fair Value
Insurance (continued)
Arthur J Gallagher & Co.		11,556	$	2,652,911
Assurant, Inc.		21,100		5,665,983
White Mountains Insurance Group Ltd.		2,546		5,278,851
Total				20,902,703

Life Sciences Tools & Services 1.35%
IQVIA Holdings, Inc.*		17,959		3,470,038

Machinery 5.09%
Lincoln Electric Holdings, Inc.		13,970		3,709,175
Middleby Corp.*		16,216		2,789,314
Mueller Industries, Inc.		30,250		3,718,633
Parker-Hannifin Corp.		2,886		2,822,854
Total				13,039,976

Media 0.85%
Nexstar Media Group, Inc.		12,150		2,169,868

Metals & Mining 2.00%
Steel Dynamics, Inc.		22,343		5,126,825

Multi-Utilities 1.56%
CMS Energy Corp.		52,350		4,004,775

Oil, Gas & Consumable Fuels 4.49%
Expand Energy Corp.		28,953		2,640,224
Permian Resources Corp. Class A		230,556		4,244,536
Williams Cos., Inc.		62,410		4,639,559
Total				11,524,319

Pharmaceuticals 1.40%
Teva Pharmaceutical Industries Ltd. ADR*		106,185		3,597,548

Professional Services 0.98%
CACI International, Inc. Class A*		5,437		2,518,745

Real Estate Management & Development 1.58%
CBRE Group, Inc. Class A*		30,040		4,046,088

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 3.80%
Silicon Motion Technology Corp. ADR		29,247	$	9,748,902

Software 0.90%
Descartes Systems Group, Inc. (Canada)*^(b)		33,300		2,305,692

Specialty Retail 3.77%
Dick’s Sporting Goods, Inc.		25,260		5,729,221
Ross Stores, Inc.		18,510		3,939,853
Total				9,669,074

Technology Hardware, Storage & Peripherals 1.71%
NetApp, Inc.		28,395		4,394,410

Trading Companies & Distributors 2.20%
AerCap Holdings NV (Ireland)^(b)		38,623		5,630,461
Total Common Stocks (cost $194,599,706)				255,695,584

	Principal Amount
SHORT-TERM INVESTMENTS 0.51%

REPURCHASE AGREEMENTS 0.51%
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $1,330,800 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $1,321,089; proceeds: $1,295,162 (cost $1,295,045)	$	1,295,045		1,295,045
Total Investments in Securities 100.22% (cost $195,894,751)				256,990,629
Other Assets and Liabilities – Net (0.22)%				(558,471	)
Net Assets 100.00%			$	256,432,158

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of June 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
Common Stocks
Beverages	$	2,770,249	$	4,843,893	$	–	$	7,614,142
Remaining Industries		248,081,442		–		–		248,081,442
Short-Term Investments
Repurchase Agreements		–		1,295,045		–		1,295,045
Total	$	250,851,691	$	6,138,938	$	–	$	256,990,629


⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	195,894,751
Investments in securities, at fair value	$	256,990,629
Foreign cash, at value (cost $2)		2
Receivables:
Capital shares sold		227,433
Interest and dividends		104,277
Prepaid expenses		449
Total assets		257,322,790
LIABILITIES:
Payables:
Transfer agent fees		518,969
Management fee		152,595
Capital shares reacquired		83,879
Directors’ fees		50,435
Fund administration		8,379
Accrued expenses		76,375
Total liabilities		890,632
Commitments and contingent liabilities		–
NET ASSETS	$	256,432,158
COMPOSITION OF NET ASSETS:
Paid-in capital	$	174,891,100
Total distributable earnings/(loss)		81,541,058
Net Assets	$	256,432,158
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		8,654,482
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$29.63

4	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Dividends (net of foreign withholding taxes of $25,272)	$	1,754,206
Securities lending net income		110
Interest and other		27,672
Total investment income		1,781,988
Expenses:
Management fee		895,297
Non-12b-1 service fees		306,206
Shareholder servicing		85,919
Fund administration		48,992
Professional		23,309
Reports to shareholders		15,910
Custody		3,868
Directors’ fees		3,298
Other		21,839
Gross expenses		1,404,638
Fees waived and expenses reimbursed (See Note 3)		(3,867	)
Net expenses		1,400,771
Net investment income		381,217
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		17,099,779
Net realized gain/(loss) on foreign currency related transactions		1,009
Net change in unrealized appreciation/(depreciation) on investments		14,491,541
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(2,102	)
Net realized and unrealized gain/(loss)		31,590,227
Net Increase in Net Assets Resulting From Operations	$	31,971,444

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	381,217			$	964,337
Net realized gain/(loss)			17,100,788				12,437,963
Net change in unrealized appreciation/(depreciation)			14,489,439				2,612,853
Net increase in net assets resulting from operations			31,971,444				16,015,153
Distributions to shareholders:			–				(19,817,960	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			3,374,642				11,562,431
Reinvestment of distributions			–				19,817,960
Cost of shares reacquired			(20,217,099	)			(38,208,128	)
Net decrease in net assets resulting from capital share transactions			(16,842,457	)			(6,827,737	)
Net increase (decrease) in net assets			15,128,987				(10,630,544	)
NET ASSETS:
Beginning of period		$	241,303,171			$	251,933,715
End of period		$	256,432,158			$	241,303,171

6	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2026^(c)		$26.05		$0.04		$3.54		$	3.58		$	–		$	–		$	–
12/31/2025		26.45		0.11		1.72			1.83			(0.09	)		(2.14	)		(2.23	)
12/31/2024		25.79		0.18		3.63			3.81			(0.13	)		(3.02	)		(3.15	)
12/31/2023		23.09		0.16		3.38			3.54			(0.12	)		(0.72	)		(0.84	)
12/31/2022		28.02		0.24		(3.39	)		(3.15	)		(0.21	)		(1.57	)		(1.78	)
12/31/2021		24.09		0.17		6.67			6.84			(0.17	)		(2.74	)		(2.91	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

8	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	29.63		13.74	^(d)		1.14	^(e)		1.15	^(e)		0.31	^(e)	$	256,432		39	^(d)
	26.05		7.05			1.14			1.15			0.40			241,303		45
	26.45		14.90			1.14			1.14			0.63			251,934		52
	25.79		15.42			1.15			1.15			0.65			247,252		44
	23.09		(11.21	)		1.15			1.16			0.94			232,935		36
	28.02		28.70			1.13			1.14			0.59			294,089		60

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

Basis of Preparation

Segment Reporting

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Notes to Financial Statements (unaudited)(continued)

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.

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.

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

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(d)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years 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.

Notes to Financial Statements (unaudited)(continued)

(e)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country’s tax rules and rates.

(f)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(g)	Restricted Securities – The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(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.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $200 million	.75%
Next $300 million	.65%
Over $500 million	.50%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .73% of the Fund’s average daily net assets.

Notes to Financial Statements (unaudited)(continued)

Lord Abbett voluntarily waived $3,867 of certain fees and expenses during the six months ended June 30, 2026.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Mid Cap Stock Portfolio

–

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Mid Cap Stock Portfolio

905,355

18,912,605

–

19,817,960

Notes to Financial Statements (unaudited)(continued)

Fund		Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund–Mid Cap Stock Portfolio		$	195,802,918			$	63,149,269			$	(1,961,558	)		$	61,187,711

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases				Non-U.S. Government Purchases				U.S. Government Sales				Non-U.S. Government Sales
$	–			$	96,966,217			$	–			$	113,432,787

The 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 six months ended June 30, 2026, the Fund did not engage in cross–trade purchases or sales.

6.	DIRECTORS’ REMUNERATION

7.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9.	CUSTODIAN AND ACCOUNTING AGENT

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

10.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

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.

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

11.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform. In addition, if the 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 rising market.

Notes to Financial Statements (unaudited)(concluded)

12.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		122,489			441,827
Reinvestment of distributions		–			758,170
Shares reacquired		(731,314	)		(1,460,300	)
Decrease		(608,825	)		(260,303	)

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N–CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The materials received by the Board included, but were not limited to: (1) 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 two 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; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below the median of the performance peer group for the one-, five- and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

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

the amount and nature of the fees paid by shareholders. The Board observed that although the Fund’s net total expense ratio was above the median of the expense peer group, the Fund’s actual management fee rate was below 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 the 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. The Board considered the level of Lord Abbett’s operating margin in managing the Fund, including the administrative services it provides to the Fund, and reviewed Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether the 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 the 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 the Fund was not excessive.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with contractual breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

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

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Mid Cap Stock Portfolio

LASFMCV-3

(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett

Series Fund—Short Duration Income Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

39		Statement of Assets and Liabilities (Item 7)

40		Statement of Operations (Item 7)

41		Statements of Changes in Net Assets (Item 7)

42		Financial Highlights (Item 7)

44		Notes to Financial Statements (Item 7)

61		Changes in and Disagreements with Accountants (Item 8)

61		Proxy Disclosures (Item 9)

61		Remuneration Paid to Directors, Officers, and Others (Item 10)

61		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 102.47%

ASSET-BACKED SECURITIES 22.01%

Automobiles 6.44%
Americredit Automobile Receivables Trust Series 2023-1 Class C	5.80%		12/18/2028	$	100,000	$	100,976
Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A^†	4.728% (30 day USD SOFR Average + 1.10%	)^#	12/26/2031		67,180		67,413
CarMax Auto Owner Trust Series 2023-1 Class B	4.98%		1/16/2029		385,000		386,339
CarMax Auto Owner Trust Series 2023-4 Class B	6.39%		5/15/2029		400,000		408,184
CarMax Auto Owner Trust Series 2024-2 Class A4	5.51%		11/15/2029		70,000		71,083
CarMax Select Receivables Trust Series 2026-A Class A3	3.99%		5/17/2032		125,000		123,736
Carvana Auto Receivables Trust Series 2021-N1 Class A	0.70%		1/10/2028		604		603
Carvana Auto Receivables Trust Series 2022-P2 Class A4	4.68%		2/10/2028		35,993		36,030
Citizens Auto Receivables Trust Series 2023-1 Class A4^†	5.78%		10/15/2030		785,000		790,045
Citizens Auto Receivables Trust Series 2023-2 Class A4^†	5.74%		10/15/2030		240,000		241,771
Citizens Auto Receivables Trust Series 2024-2 Class A3^†	5.33%		8/15/2028		121,275		121,713
Credit Acceptance Auto Loan Trust Series 2024-2A Class A^†	5.95%		6/15/2034		100,000		100,655
Drive Auto Receivables Trust Series 2025-1 Class A2	4.87%		8/15/2028		1,001		1,002
Exeter Automobile Receivables Trust Series 2023-1A Class D	6.69%		6/15/2029		137,870		139,080
Exeter Automobile Receivables Trust Series 2024-3A Class B	5.57%		9/15/2028		36,083		36,116
Exeter Automobile Receivables Trust Series 2024-3A Class D	5.98%		9/16/2030		130,000		132,344
Exeter Automobile Receivables Trust Series 2026-3A Class A3	4.47%		7/15/2030		110,000		109,911
Ford Credit Auto Lease Trust Series 2024-A Class B	5.29%		6/15/2027		55,587		55,610
Ford Credit Auto Owner Trust Series 2026-1 Class A^†	4.32%	^(a)	8/15/2038		375,000		371,275
Ford Credit Floorplan Master Owner Trust A Series 2024-2 Class A^†	5.24%		4/15/2031		179,000		182,646
GLS Auto Receivables Issuer Trust Series 2024-2A Class D^†	6.19%		2/15/2030		310,000		315,292

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Automobiles (continued)
GLS Auto Receivables Issuer Trust Series 2026-1A Class A3^†	3.97%		11/15/2029	$	75,000	$	74,598
GLS Auto Receivables Issuer Trust Series 2026-2A Class A3^†	4.33%		11/15/2029		100,000		99,725
Huntington Auto Trust Series 2024-1A Class A3^†	5.23%		1/16/2029		256,880		258,061
Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1^†	6.153%		5/20/2032		194,918		196,665
Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1^†	5.442%		10/20/2032		103,720		104,194
Kinetic Advantage Master Owner Trust Series 2025-1A Class A^†	5.793% (30 day USD SOFR Average + 2.20%	)^#	10/15/2029		115,000		115,531
LAD Auto Receivables Trust Series 2023-3A Class C^†	6.43%		12/15/2028		385,000		388,023
LAD Auto Receivables Trust Series 2024-2A Class A3^†	5.61%		8/15/2028		46,674		46,763
M&T Bank Auto Receivables Trust Series 2026-1A Class A3^†	4.66%		6/16/2031		140,000		140,305
Mercedes-Benz Auto Lease Trust Series 2024-A Class A4	5.32%		2/15/2030		310,000		311,882
Merchants Fleet Funding LLC Series 2024-1A Class A^†	5.82%		4/20/2037		206,699		207,686
Nissan Auto Lease Trust Series 2026-A Class A3	3.87%		3/15/2029		105,000		104,158
Octane Receivables Trust Series 2024-2A Class A2^†	5.80%		7/20/2032		27,849		27,984
Octane Receivables Trust Series 2024-3A Class A2^†	4.94%		5/20/2030		185,463		185,948
Santander Drive Auto Receivables Trust Series 2023-1 Class C	5.09%		5/15/2030		326,230		327,389
Santander Drive Auto Receivables Trust Series 2023-3 Class C	5.77%		11/15/2030		185,000		186,749
Santander Drive Auto Receivables Trust Series 2023-6 Class C	6.40%		3/17/2031		100,000		102,327
Santander Drive Auto Receivables Trust Series 2024-2 Class A3	5.63%		11/15/2028		697		698
Santander Drive Auto Receivables Trust Series 2024-2 Class C	5.84%		6/17/2030		220,000		222,756
Santander Drive Auto Receivables Trust Series 2024-3 Class B	5.55%		9/17/2029		110,000		110,572
Santander Drive Auto Receivables Trust Series 2025-1 Class B	4.88%		3/17/2031		105,000		105,302
Santander Drive Auto Receivables Trust Series 2025-4 Class A3	4.17%		4/15/2030		180,000		179,762

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust Series 2026-1 Class A3	3.93%	7/15/2030	$	165,000	$	163,557
SCCU Auto Receivables Trust Series 2023-1A Class A4^†	5.70%	8/15/2029		310,000		312,896
SCCU Auto Receivables Trust Series 2025-1A Class A4^†	4.68%	9/15/2031		235,000		234,760
SFS Auto Receivables Securitization Trust Series 2023-1A Class A3^†	5.47%	10/20/2028		43,648		43,781
SFS Auto Receivables Securitization Trust Series 2024-1A Class A3^†	4.95%	5/21/2029		45,301		45,435
SFS Auto Receivables Securitization Trust Series 2024-2A Class A4^†	5.26%	8/20/2030		693,000		701,139
SFS Auto Receivables Securitization Trust Series 2024-3A Class A3^†	4.55%	6/20/2030		82,496		82,626
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA Class A4^†	4.50%	3/20/2029		110,000		110,027
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA Class A3^†	4.35%	11/20/2029		120,000		119,570
Toyota Auto Loan Extended Note Trust Series 2026-1A Class A^†	4.58%	4/25/2039		220,000		220,096
U.S. Bank NA Series 2026-RVM1 Class B1^†	4.959%	12/25/2046		294,527		291,360
Volkswagen Credit Auto Master Trust Series 2026-1A Class A^†	4.71%	5/20/2031		160,000		160,758
Western Funding Auto Loan Trust Series 2025-1 Class A^†	4.75%	7/16/2035		340,000		339,718
Westlake Automobile Receivables Trust Series 2023-1A Class D^†	6.79%	11/15/2028		185,000		186,906
Westlake Automobile Receivables Trust Series 2023-3A Class C^†	6.02%	9/15/2028		155,828		156,405
Westlake Automobile Receivables Trust Series 2024-1A Class B^†	5.55%	11/15/2027		58,384		58,423
Westlake Automobile Receivables Trust Series 2024-2A Class D^†	5.91%	4/15/2030		140,000		141,889
Westlake Automobile Receivables Trust Series 2024-3A Class A3^†	4.71%	4/17/2028		68,833		68,915
Westlake Automobile Receivables Trust Series 2026-2A Class A3^†	4.35%	4/15/2030		100,000		99,857
Total						10,827,020

Credit Card 0.41%
First National Master Note Trust Series 2026-1 I Class A	4.61%	5/15/2031		190,000		190,455
Synchrony Card Funding LLC Series 2026-A1 Class A	4.18%	3/15/2032		500,000		496,222
Total						686,677

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other 15.02%

Acore Issuer LLC Series 2026-FL1 Class A^†

5.089%
(1 mo. USD Term SOFR + 1.45%

)^#

8/20/2043

110,000

110,069

ACREC LLC Series 2026-FL5 Class A^†

4.95%
(1 mo. USD Term SOFR + 1.35%

)^#

7/18/2043

100,000

100,085

Affirm Master Trust Series 2025-3A Class A^†

4.45%

10/16/2034

215,000

213,468

Affirm Master Trust Series 2026-1A Class A^†

4.37%

2/15/2034

240,000

238,797

Affirm Master Trust Series 2026-2A Class A^†

4.67%

4/16/2035

255,000

254,311

AGL CLO 1 Ltd. Series 2019-1A Class ARR^†

4.875%
(3 mo. USD Term SOFR + 1.20%

)^#

10/20/2034

610,000

610,268

Allegany Park CLO Ltd. Series 2019-1A Class ARR^†

4.775%
(3 mo. USD Term SOFR + 1.10%

)^#

1/20/2035

310,000

310,098

Annisa CLO Ltd. Series 2016-2A Class BRR^†

5.175%
(3 mo. USD Term SOFR + 1.50%

)^#

7/20/2031

118,657

118,773

Apidos CLO XXX Ltd. Series XXXA Class BR^†

5.525%
(3 mo. USD Term SOFR + 1.85%

)^#

10/18/2031

270,000

269,914

Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class A^†

4.993%
(1 mo. USD Term SOFR + 1.35%

)^#

1/20/2043

100,000

100,231

Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A^†

5.043%
(30 day USD SOFR Average + 1.45%

)^#

1/15/2037

31,736

31,738

ARES Loan Funding V Ltd. Series 2024-ALF5AR Class A1R^†

4.851%
(3 mo. USD Term SOFR + 1.22%

)^#

7/25/2037

410,000

410,147

BAR Issuer LLC Series 2026-FL1 Class A^†

5.239%
(1 mo. USD Term SOFR + 1.60%

)^#

8/20/2043

290,000

291,359

Barrow Hanley CLO III Ltd. Series 2024-3A Class AR^†

4.891%
(3 mo. USD Term SOFR + 1.27%

)^#

4/20/2038

250,000

250,250

Battalion CLO XI Ltd. Series 2017-11A Class AR2^†

4.797%
(3 mo. USD Term SOFR + 1.13%

)^#

4/24/2034

246,914

246,991

BDS LLC Series 2025-FL15 Class A^†

5.039%
(1 mo. USD Term SOFR + 1.40%

)^#

3/19/2043

150,000

150,489

BDS LLC Series 2025-FL16 Class A^†

5.039%
(1 mo. USD Term SOFR + 1.40%

)^#

6/19/2043

170,000

170,560

BDS LLC Series 2026-FL17 Class A^†

4.989%
(1 mo. USD Term SOFR + 1.35%

)^#

5/19/2043

300,000

300,375

Bethpage Park CLO Ltd. Series 2021-1A Class AR^†

4.696%
(3 mo. USD Term SOFR + 1.06%

)^#

10/15/2036

500,000

500,371

Black Diamond CLO Ltd. Series 2021-1A Class A1AR^†

4.914%
(3 mo. USD Term SOFR + 1.25%

)^#

11/22/2034

600,000

599,827

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

BlueMountain CLO XXIX Ltd. Series 2020-29AR Class AR2^†

4.685%
(3 mo. USD Term SOFR + 1.05%

)^#

7/25/2034

430,000

430,061

Bowling Green Park CLO LLC Series 2019-1A Class ARR^†

4.675%
(3 mo. USD Term SOFR + 1.00%

)^#

4/18/2035

270,000

270,151

BSPDF Issuer LLC Series 2026-FL3 Class A^†

5.087%
(1 mo. USD Term SOFR + 1.45%

)^#

9/18/2043

200,000

200,626

BSPDF Issuer LLC Series 2026-FL4 Class A^†

5.087%
(1 mo. USD Term SOFR + 1.45%

)^#

11/18/2043

250,000

250,205

BSPRT Issuer LLC Series 2025-FL12 Class A^†

5.022%
(1 mo. USD Term SOFR + 1.39%

)^#

1/17/2043

160,000

160,453

Buckhorn Park CLO Ltd. Series 2019-1A Class ARR^†

4.745%
(3 mo. USD Term SOFR + 1.07%

)^#

7/18/2034

400,000

400,102

Canyon CLO Ltd. Series 2020-2A Class AR2^†

4.703%
(3 mo. USD Term SOFR + 1.03%

)^#

10/15/2034

400,000

400,117

Capital Four U.S. CLO I Ltd. Series 2021-1A Class AR^†

4.815%
(3 mo. USD Term SOFR + 1.14%

)^#

1/18/2035

300,000

299,955

Carlyle Global Market Strategies CLO Ltd. Series 2016-1A Class A1R3^†

4.765%
(3 mo. USD Term SOFR + 1.09%

)^#

4/20/2034

250,000

250,078

Cathedral Lake VI Ltd. Series 2021-6A Class ANR^†

4.867%
(3 mo. USD Term SOFR + 1.20%

)^#

4/25/2034

250,000

250,099

Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2^†

4.726%
(3 mo. USD Term SOFR + 1.06%

)^#

5/29/2032

130,851

131,100

Columbia Cent CLO 30 Ltd. Series 2020-30A Class A1R2^†

4.725%
(3 mo. USD Term SOFR + 1.05%

)^#

1/20/2034

215,449

215,382

Columbia Cent CLO 32 Ltd. Series 2022-32A Class A1R2^†

4.787%
(3 mo. USD Term SOFR + 1.12%

)^#

7/24/2034

300,000

300,150

Crown City CLO IV Series 2022-4A Class A1R2^†

4.905%
(3 mo. USD Term SOFR + 1.28%

)^#

4/20/2037

300,000

300,373

Crown City CLO V Series 2023-5AR Class A1R2^†

4.925%
(3 mo. USD Term SOFR + 1.25%

)^#

4/22/2037

250,000

250,268

Dell Equipment Finance Trust Series 2026-1A Class A3^†

4.32%

12/22/2031

100,000

99,731

Dryden 104 CLO Ltd. Series 2022-104A Class A1R^†

4.932%
(3 mo. USD Term SOFR + 1.29%

)^#

8/20/2034

560,000

560,338

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

Dryden 42 Senior Loan Fund Series 2016-42AR Class A1R3^†

5.525%
(3 mo. USD Term SOFR + 1.19%

)^#

7/15/2037

250,000

250,186

Eaton Vance CLO Ltd. Series 2019-1AR Class AR3^†

4.868%
(3 mo. USD Term SOFR + 1.25%

)^#

7/15/2037

250,000

250,437

FS Rialto Issuer LLC Series 2025-FL10 Class A^†

5.024%
(1 mo. USD Term SOFR + 1.39%

)^#

8/19/2042

150,000

150,292

Golub Capital Partners CLO 19B-R3 Ltd. Series 2017-19RA Class A1R3^†

4.825%
(3 mo. USD Term SOFR + 1.15%

)^#

10/20/2036

250,000

250,064

HPEFS Equipment Trust Series 2023-2A Class D^†

6.97%

7/21/2031

137,750

138,338

INCREF LLC Series 2026-FL3 Class A^†

5.05%
(1 mo. USD Term SOFR + 1.40%

)^#

1/19/2044

120,000

120,056

KKR CLO 15 Ltd. Series 15 Class BR2^†

5.225%
(3 mo. USD Term SOFR + 1.55%

)^#

1/18/2032

260,000

260,177

KKR CLO 24 Ltd. Series 24 Class A1R^†

5.017%
(3 mo. USD Term SOFR + 1.34%

)^#

4/20/2032

81,084

81,135

KKR CLO 40 Ltd. Series 40A Class AR^†

4.975%
(3 mo. USD Term SOFR + 1.30%

)^#

10/20/2034

590,000

590,418

LCM 34 Ltd. Series 34A Class A1R^†

4.855%
(3 mo. USD Term SOFR + 1.18%

)^#

10/20/2034

430,000

430,057

LCM 35 Ltd. Series 35A Class A1R^†

4.753%
(3 mo. USD Term SOFR + 1.08%

)^#

10/15/2034

250,000

250,109

Lendmark Funding Trust Series 2021-2A Class A^†

2.00%

4/20/2032

260,000

253,065

Lendmark Funding Trust Series 2026-1A Class A^†

4.80%

11/20/2035

125,000

124,353

LoanCore Issuer Ltd. Series 2025-CRE8 Class A^†

5.021%
(1 mo. USD Term SOFR + 1.39%

)^#

8/17/2042

160,000

160,311

M&T Equipment Notes Series 2024-1A Class A4^†

4.94%

8/18/2031

300,000

301,635

Madison Park Funding LVII Ltd. Series 2022-57A Class A1R^†

4.947%
(3 mo. USD Term SOFR + 1.28%

)^#

7/27/2034

390,000

390,238

Mariner Finance Issuance Trust Series 2021-AA Class A^†

1.86%

3/20/2036

177,592

175,630

Mariner Finance Issuance Trust Series 2021-BA Class A^†

2.10%

11/20/2036

305,000

298,996

MF1 LLC Series 2022-FL9 Class A^†

5.789%
(1 mo. USD Term SOFR + 2.15%

)^#

6/19/2037

55,517

55,600

MF1 LLC Series 2026-FL22 Class A^†

5.037%
(1 mo. USD Term SOFR + 1.40%

)^#

11/18/2043

290,000

290,607

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Other (continued)
MF1 Ltd. Series 2021-FL7 Class A^†	4.832% (1 mo. USD Term SOFR + 1.19%	)^#	10/16/2036	$	18,291	$	18,302
Nassau LLC Series 2020-1AR Class A1RR^†	4.718% (3 mo. USD Term SOFR + 1.10%	)^#	1/15/2035		530,000		530,045
Navesink CLO 4 Ltd. Series 2025-4A Class A1^†	4.953% (3 mo. USD Term SOFR + 1.28%	)^#	10/15/2037		250,000		250,071
Ocean Trails CLO XI Series 2021-11A Class AR^†	4.705% (3 mo. USD Term SOFR + 1.03%	)^#	7/20/2034		440,000		440,154
Octagon Investment Partners 45 Ltd. Series 2019-1A Class A1RR^†	4.823% (3 mo. USD Term SOFR + 1.15%	)^#	4/15/2035		260,000		260,266
OneMain Financial Issuance Trust Series 2021-1A Class A1^†	1.55%		6/16/2036		133,312		130,837
OneMain Financial Issuance Trust Series 2023-1A Class A^†	5.50%		6/14/2038		440,000		448,135
PEAC Solutions Receivables LLC Series 2026-1A Class A2^†	4.27%		10/20/2028		425,000		424,090
PEAC Solutions Receivables LLC Series 2026-1A Class A3^†	4.39%		7/20/2033		380,000		377,288
PFP Ltd. Series 2025-12 Class A^†	5.126% (1 mo. USD Term SOFR + 1.49%	)^#	12/18/2042		260,000		261,292
PFP Ltd. Series 2026-13 Class A^†	5.137% (1 mo. USD Term SOFR + 1.50%	)^#	8/18/2043		200,000		201,017
PFP Ltd. Series 2026-14 Class A^†	4.97% (1 mo. USD Term SOFR + 1.32%	)^#	12/18/2043		250,000		250,117
PPM CLO 2 Ltd. Series 2019-2A Class AR3^†	4.83% (3 mo. USD Term SOFR + 1.15%	)^#	4/16/2037		270,000		270,010
RR 20 Ltd. Series 2022-20A Class A1R^†	4.663% (3 mo. USD Term SOFR + 0.99%	)^#	7/15/2037		300,000		299,927
Sandstone Peak III Ltd. Series 2024-1A Class A1R^†	4.947% (3 mo. USD Term SOFR + 1.30%	)^#	4/25/2037		250,000		250,500
Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class A1R^†	5.065% (3 mo. USD Term SOFR + 1.39%	)^#	10/20/2037		400,000		400,311
SCF Equipment Leasing LLC Series 2024-1A Class A3^†	5.52%		1/20/2032		126,922		128,309
SCF Equipment Leasing LLC Series 2025-2A Class A3^†	4.33%		6/20/2036		205,000		203,512
SCF Equipment Trust LLC Series 2025-1A Class A3^†	5.11%		11/21/2033		305,000		307,883
Signal Peak CLO 4 Ltd. Series 2017-4A Class AR2^†	4.787% (3 mo. USD Term SOFR + 1.12%	)^#	10/26/2034		960,000		960,771

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Other (continued)
Silver Point CLO 42 Ltd. Series 2024-42A Class A1R^†	4.869% (3 mo. USD Term SOFR + 1.24%	)^#	4/17/2037	$	420,000	$	421,928
Sound Point CLO XXXI Ltd. Series 2021-3AR Class AR^†	4.693% (3 mo. USD Term SOFR + 1.07%	)^#	10/25/2034		410,000		410,201
THL Credit Wind River CLO Ltd. Series 2019-3A Class AR3^†	4.873% (3 mo. USD Term SOFR + 1.20%	)^#	1/15/2038		250,000		250,104
T-Mobile U.S. Trust Series 2024-2A Class A^†	4.25%		5/21/2029		300,000		300,010
Trysail CLO Ltd. Series 2021-1A Class A1R^†	5.025% (3 mo. USD Term SOFR + 1.35%	)^#	10/20/2036		330,000		330,496
U.S. Bank NA Series 2025-SUP1 Class B^†	5.582%		2/25/2032		112,024		111,627
Venture 45 CLO Ltd. Series 2022-45A Class A1R^†	4.945% (3 mo. USD Term SOFR + 1.27%	)^#	7/20/2035		690,000		690,425
Verdant Receivables LLC Series 2025-1A Class A3^†	4.96%		5/12/2033		345,000		346,632
Verizon Master Trust Series 2026-2 Class A1A	4.51%		6/21/2032		180,000		180,532
Vibrant CLO XII Ltd. Series 2021-12A Class A1A2^†	4.825% (3 mo. USD Term SOFR + 1.15%	)^#	4/20/2034		250,000		250,333
Vibrant CLO XR Ltd. Series 2018-10RAR Class A1R^†(b)	–	^(c)	4/20/2036		310,000		310,153
Wind River CLO Ltd. Series 2022-1AR Class ARR^†	4.808% (3 mo. USD Term SOFR + 1.15%	)^#	7/20/2035		340,000		340,087
Total							25,224,379

Student Loan 0.14%
Navient Private Education Refi Loan Trust Series 2021-CA Class A^†	1.06%		10/15/2069		69,640		63,199
Navient Private Education Refi Loan Trust Series 2022-A Class A^†	2.23%		7/15/2070		61,253		56,023
Navient Refinance Loan Trust Series 2026-A Class A^†	4.50%		1/18/2056		90,419		89,228
Nelnet Student Loan Trust Series 2021-A Class APT1^†	1.36%		4/20/2062		29,744		28,341
Total							236,791
Total Asset-Backed Securities (cost $36,969,563)							36,974,867

CONVERTIBLE BONDS 0.05%

Equity Real Estate 0.05%
Redfin Corp. (cost $75,173)	0.50%		4/1/2027		78,000		75,270

8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
CORPORATE BONDS 57.12%

Advertising 0.36%
Clear Channel Outdoor Holdings, Inc.^†	7.50%		6/1/2029	$	593,000	$	593,700
Clear Channel Outdoor Holdings, Inc.^†	7.75%		4/15/2028		14,000		14,060
Total							607,760

Aerospace/Defense 0.60%
ATI, Inc.	7.25%		8/15/2030		117,000		121,557
Boeing Co.	5.04%		5/1/2027		46,000		46,137
Boeing Co.	5.15%		5/1/2030		67,000		67,829
Boeing Co.	6.298%		5/1/2029		20,000		20,825
Czechoslovak Group AS (Czech Republic)^†(d)	6.50%		1/10/2031		200,000		203,594
Hexcel Corp.	4.90%		5/15/2031		152,000		151,581
TransDigm, Inc.^†	6.75%		8/15/2028		395,000		399,427
Total							1,010,950

Agriculture 0.42%
Imperial Brands Finance PLC (United Kingdom)^†(b)(d)	4.875%		2/7/2032		200,000		198,791
Imperial Brands Finance PLC (United Kingdom)^†(d)	5.50%		2/1/2030		200,000		204,373
Japan Tobacco, Inc. (Japan)^†(d)	5.25%		6/15/2030		300,000		305,616
Total							708,780

Airlines 0.15%
Air Canada (Canada)^†(d)	3.875%		8/15/2026		178,000		177,952
United Airlines Pass-Through Trust Class A	5.875%		4/15/2029		69,076		69,928
Total							247,880

Auto Manufacturers 1.91%
Allison Transmission, Inc.^†	5.875%		6/1/2029		59,000		59,485
Ford Motor Credit Co. LLC	4.271%		1/9/2027		301,000		300,156
Ford Motor Credit Co. LLC	4.97%		4/6/2029		200,000		198,000
Ford Motor Credit Co. LLC	5.125%		11/5/2026		513,000		513,646
Ford Motor Credit Co. LLC	5.85%		5/17/2027		200,000		201,551
Ford Motor Credit Co. LLC	7.35%		11/4/2027		280,000		287,783
General Motors Financial Co., Inc.	4.923% (SOFR + 1.29%	)^#	1/7/2030		74,000		74,561
General Motors Financial Co., Inc.	5.55%		7/15/2029		142,000		144,940
General Motors Financial Co., Inc.	5.65%		1/17/2029		209,000		213,084
Hyundai Capital America^†	2.00%		6/15/2028		121,000		114,910
Hyundai Capital America^†	4.30%		9/24/2027		138,000		137,530
Hyundai Capital America^†	4.90%		6/23/2028		128,000		128,364


	See Notes to Financial Statements.	9

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Auto Manufacturers (continued)
Hyundai Capital America^†	6.10%		9/21/2028	$	128,000	$	131,473
Hyundai Capital America^†	6.50%		1/16/2029		31,000		32,188
Nissan Motor Acceptance Co. LLC^†	1.85%		9/16/2026		211,000		209,165
Nissan Motor Acceptance Co. LLC^†	6.95%		9/15/2026		254,000		255,212
Stellantis Financial Services U.S. Corp.^†	5.40%		6/15/2029		200,000		199,322
Total							3,201,370

Auto Parts & Equipment 0.11%
American Axle & Manufacturing, Inc.	6.875%		7/1/2028		33,000		33,220
ZF North America Capital, Inc.^†	6.875%		4/14/2028		150,000		153,521
Total							186,741

Banks 9.40%
AIB Group PLC (Ireland)^†(d)	6.608% (SOFR + 2.33%	)^#	9/13/2029		400,000		415,078
Banco Internacional del Peru SAA Interbank (Peru)^†(d)	4.80%		7/15/2031		150,000		147,429
Bank Hapoalim BM (Israel)^(d)	4.722%		7/14/2029		200,000		197,656
Bank Leumi Le-Israel BM (Israel)^(d)	5.343%		6/29/2029		200,000		200,818
Bank of Ireland Group PLC (Ireland)^†(d)	2.029% (1 yr. CMT + 1.10%	)^#	9/30/2027		600,000		596,650
Bank of Ireland Group PLC (Ireland)^†(d)	4.997% (SOFR + 1.16%	)^#	11/12/2032		200,000		199,911
Barclays PLC (United Kingdom)^(d)	6.496% (SOFR + 1.88%	)^#	9/13/2027		200,000		200,751
Barclays PLC (United Kingdom)^(d)	7.385% (1 yr. CMT + 3.30%	)^#	11/2/2028		200,000		206,875
BNP Paribas SA (France)^†(d)	1.904% (SOFR + 1.61%	)^#	9/30/2028		200,000		193,503
BNP Paribas SA (France)^†(d)	5.283% (SOFR + 1.28%	)^#	11/19/2030		200,000		202,249
Canadian Imperial Bank of Commerce (Canada)^(d)	4.283% (SOFR + 0.79%	)^#	1/29/2030		113,000		111,775
Citigroup, Inc.	3.07% (SOFR + 1.28%	)^#	2/24/2028		178,000		176,339
Citigroup, Inc.	3.887% (3 mo. USD Term SOFR + 1.82%	)^#	1/10/2028		160,000		159,471
Citigroup, Inc.	4.503% (SOFR + 1.17%	)^#	9/11/2031		335,000		330,714
Citigroup, Inc.	4.786% (SOFR + 0.87%	)^#	3/4/2029		6,000		6,015
Citigroup, Inc.	5.174% (SOFR + 1.36%	)^#	2/13/2030		406,000		410,381


10	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

Citizens Bank NA

4.575%
(SOFR + 2.00%

)^#

8/9/2028

250,000

Citizens Financial Group, Inc.

5.253%
(SOFR + 1.26%

)^#

3/5/2031

119,000

120,293

Citizens Financial Group, Inc.

5.841%
(SOFR + 2.01%

)^#

1/23/2030

205,000

210,145

Federation des Caisses Desjardins du Quebec (Canada)^†(d)

5.021%

5/27/2031

200,000

201,372

First Citizens BancShares, Inc.

5.231%
(SOFR + 1.41%

)^#

3/12/2031

265,000

264,515

First Horizon Corp.

5.514%
(SOFR + 1.77%

)^#

3/7/2031

104,000

105,341

First-Citizens Bank & Trust Co.

5.097%
(SOFR + 1.15%

)^#

7/13/2029

250,000

250,369

Freedom Mortgage Corp.^†

6.625%

1/15/2027

310,000

310,169

Goldman Sachs Bank USA

4.656%
(SOFR + 0.72%

)^#

6/3/2029

432,000

432,335

Goldman Sachs Group, Inc.

1.948%
(SOFR + 0.91%

)^#

10/21/2027

174,000

172,654

Goldman Sachs Group, Inc.

2.64%
(SOFR + 1.11%

)^#

2/24/2028

171,000

168,955

Goldman Sachs Group, Inc.

3.615%
(SOFR + 1.85%

)^#

3/15/2028

29,000

28,812

Goldman Sachs Group, Inc.

3.814%
(3 mo. USD Term SOFR + 1.42%

)^#

4/23/2029

48,000

47,258

Goldman Sachs Group, Inc.

4.148%
(SOFR + 0.71%

)^#

1/21/2029

405,000

401,575

Goldman Sachs Group, Inc.

4.369%
(SOFR + 1.06%

)^#

10/21/2031

96,000

93,912

Goldman Sachs Group, Inc.

4.516%
(SOFR + 0.96%

)^#

1/21/2032

215,000

210,985

Goldman Sachs Group, Inc.

5.207%
(SOFR + 1.08%

)^#

1/28/2031

53,000

53,581

Goldman Sachs Group, Inc.

5.218%
(SOFR + 1.58%

)^#

4/23/2031

126,000

127,278

Goldman Sachs Group, Inc.

5.727%
(SOFR + 1.27%

)^#

4/25/2030

194,000

198,851

HSBC Holdings PLC (United Kingdom)^(d)

4.899%
(SOFR + 1.03%

)^#

3/3/2029

200,000

200,789

HSBC Holdings PLC (United Kingdom)^(d)

5.597%
(SOFR + 1.06%

)^#

5/17/2028

200,000

201,763

Intesa Sanpaolo SpA (Italy)^†(d)

4.198%
(1 yr. CMT + 2.60%

)^#

6/1/2032

200,000

188,862


	See Notes to Financial Statements.	11

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

Intesa Sanpaolo SpA (Italy)^†(d)

5.00%
(1 yr. CMT + 0.80%

)^#

6/29/2030

200,000

200,264

JPMorgan Chase & Co.

2.947%
(SOFR + 1.17%

)^#

2/24/2028

59,000

58,414

JPMorgan Chase & Co.

2.956%
(3 mo. USD Term SOFR + 2.52%

)^#

5/13/2031

97,000

90,588

JPMorgan Chase & Co.

3.54%
(3 mo. USD Term SOFR + 1.64%

)^#

5/1/2028

230,000

228,140

JPMorgan Chase & Co.

3.702%
(3 mo. USD Term SOFR + 1.42%

)^#

5/6/2030

43,000

41,825

JPMorgan Chase & Co.

3.782%
(3 mo. USD Term SOFR + 1.60%

)^#

2/1/2028

83,000

82,671

JPMorgan Chase & Co.

4.323%
(SOFR + 1.56%

)^#

4/26/2028

56,000

55,907

JPMorgan Chase & Co.

4.408%
(SOFR + 0.82%

)^#

4/23/2030

215,000

213,199

JPMorgan Chase & Co.

4.851%
(SOFR + 1.99%

)^#

7/25/2028

53,000

53,159

JPMorgan Chase & Co.

5.012%
(SOFR + 1.31%

)^#

1/23/2030

41,000

41,283

JPMorgan Chase & Co.

5.14%
(SOFR + 1.01%

)^#

1/24/2031

83,000

83,947

JPMorgan Chase & Co.

5.571%
(SOFR + 0.93%

)^#

4/22/2028

295,000

297,501

JPMorgan Chase & Co.

5.581%
(SOFR + 1.16%

)^#

4/22/2030

40,000

40,882

Macquarie Bank Ltd. (Australia)^†(d)

3.624%

6/3/2030

200,000

189,932

Macquarie Group Ltd. (Australia)^†(d)

3.763%
(3 mo. USD Term SOFR + 1.63%

)^#

11/28/2028

28,000

27,638

Morgan Stanley

4.21%
(SOFR + 1.61%

)^#

4/20/2028

96,000

95,813

Morgan Stanley

4.238%
(SOFR + 0.80%

)^#

1/9/2030

182,000

179,645

Morgan Stanley

4.356%
(SOFR + 1.07%

)^#

10/22/2031

238,000

232,754

Morgan Stanley

4.493%
(SOFR + 0.95%

)^#

1/16/2032

220,000

215,773

Morgan Stanley

4.555%
(SOFR + 0.96%

)^#

4/10/2030

285,000

283,229

Morgan Stanley

4.708%
(SOFR + 1.20%

)^#

3/12/2032

244,000

241,043

Morgan Stanley

5.042%
(SOFR + 1.22%

)^#

7/19/2030

75,000

75,534


12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

Morgan Stanley

5.173%
(SOFR + 1.45%

)^#

1/16/2030

119,000

120,087

Morgan Stanley

5.449%
(SOFR + 1.63%

)^#

7/20/2029

106,000

107,414

Morgan Stanley

5.656%
(SOFR + 1.26%

)^#

4/18/2030

146,000

149,164

Morgan Stanley Bank NA

4.788%
(SOFR + 0.97%

)^#

5/10/2030

250,000

250,281

Morgan Stanley Private Bank NA

4.734%
(SOFR + 1.08%

)^#

7/18/2031

250,000

248,927

PNC Financial Services Group, Inc.

4.899%
(SOFR + 1.33%

)^#

5/13/2031

56,000

56,313

Santander U.K. Group Holdings PLC (United Kingdom)^(d)

2.469%
(SOFR + 1.22%

)^#

1/11/2028

200,000

197,715

Santander U.K. Group Holdings PLC (United Kingdom)^(d)

6.534%
(SOFR + 2.60%

)^#

1/10/2029

400,000

410,640

Societe Generale SA (France)^†(d)

5.25%

2/19/2027

222,000

223,101

Standard Chartered PLC (United Kingdom)^†(d)

4.299%
(1 yr. CMT + 0.77%

)^#

1/13/2030

200,000

197,490

Standard Chartered PLC (United Kingdom)^†(d)

5.688%
(1 yr. CMT + 1.05%

)^#

5/14/2028

200,000

201,909

Synchrony Bank

5.625%

8/23/2027

250,000

252,666

Toronto-Dominion Bank (Canada)^(d)

3.625%
(5 yr. USD Swap + 2.21%

)^#

9/15/2031

333,000

332,245

U.S. Bancorp

4.653%
(SOFR + 1.23%

)^#

2/1/2029

112,000

112,098

U.S. Bancorp

5.046%
(SOFR + 1.06%

)^#

2/12/2031

337,000

340,276

U.S. Bancorp

5.10%
(SOFR + 1.25%

)^#

7/23/2030

126,000

127,567

UBS Group AG (Switzerland)^†(d)

1.494%
(1 yr. CMT + 0.85%

)^#

8/10/2027

200,000

199,302

UBS Group AG (Switzerland)^†(d)

5.428%
(1 yr. CMT + 1.52%

)^#

2/8/2030

200,000

202,865

UniCredit SpA (Italy)^†(d)

5.861%
(5 yr. USD ICE Swap + 3.70%

)^#

6/19/2032

200,000

201,078

Wells Fargo & Co.

4.97%
(SOFR + 1.37%

)^#

4/23/2029

102,000

102,513

Wells Fargo & Co.

5.198%
(SOFR + 1.50%

)^#

1/23/2030

177,000

179,011

Wells Fargo & Co.

5.574%
(SOFR + 1.74%

)^#

7/25/2029

195,000

198,313


	See Notes to Financial Statements.	13

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Banks (continued)
Wells Fargo & Co.	5.707% (SOFR + 1.07%	)^#	4/22/2028	$	201,000	$	202,835
Wells Fargo & Co.	6.303% (SOFR + 1.79%	)^#	10/23/2029		99,000		102,422
Westpac Banking Corp. (Australia)^(d)	4.322% (5 yr. USD SOFR ICE Swap + 2.24%	)^#	11/23/2031		54,000		53,907
Total							15,794,709

Beverages 0.48%
Bacardi Ltd.^†	4.70%		5/15/2028		177,000		176,541
Bacardi Ltd./Bacardi-Martini BV^†	5.25%		1/15/2029		140,000		141,139
Bacardi-Martini BV (Netherlands)^†(d)	5.55%		2/1/2030		233,000		237,341
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)^†(d)	5.25%		4/27/2029		165,000		162,282
Keurig Dr. Pepper, Inc.	4.35%		5/15/2028		87,000		86,636
Total							803,939

Biotechnology 0.30%
Illumina, Inc.	4.65%		9/9/2026		82,000		82,030
Illumina, Inc.	4.75%		12/12/2030		189,000		187,899
Illumina, Inc.	5.75%		12/13/2027		124,000		125,927
Royalty Pharma PLC	2.20%		9/2/2030		37,000		33,445
Royalty Pharma PLC	5.15%		9/2/2029		78,000		79,050
Total							508,351

Building Materials 0.07%
Griffon Corp.	5.75%		3/1/2028		116,000		116,085

Chemicals 0.51%
Celanese U.S. Holdings LLC	1.40%		8/5/2026		88,000		87,640
Equate Petrochemical Co. KSCC (Kuwait)^(d)	4.25%		11/3/2026		300,000		299,203
Methanex Corp. (Canada)^(d)	5.125%		10/15/2027		80,000		79,962
SNF Group SACA (France)^†(d)	3.375%		3/15/2030		200,000		186,313
SNF Group SACA (France)^†(d)	5.626%		3/31/2031		200,000		202,384
Total							855,502

Coal 0.05%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.^†	8.625%		6/15/2029		83,000		86,860

Commercial Services 1.14%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^†	6.00%		6/1/2029		206,000		205,231
Ashtead Capital, Inc.^†	4.25%		11/1/2029		200,000		195,959
Ashtead Capital, Inc.^†	4.375%		8/15/2027		200,000		199,267


14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Commercial Services (continued)
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	5.75%	7/15/2027	$	54,000	$	54,255
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	5.75%	7/15/2027		54,000		54,190
EquipmentShare.com, Inc.^†	9.00%	5/15/2028		150,000		153,204
GEO Group, Inc.	8.625%	4/15/2029		175,000		182,416
Global Payments, Inc.	4.50%	11/15/2028		161,000		159,113
Global Payments, Inc.	4.875%	11/15/2030		129,000		126,846
Mobility Global, Inc.^†	5.05%	6/15/2029		88,000		88,166
Mobility Global, Inc.^†	5.45%	6/15/2031		200,000		202,231
Rentokil Terminix Funding LLC^†	5.00%	4/28/2030		200,000		200,672
Triton Container International Ltd.^†	3.15%	6/15/2031		105,000		95,134
Total						1,916,684

Computers 0.05%
Seagate Data Storage Technology Pte. Ltd. (Singapore)^†(d)	8.25%	12/15/2029		80,000		83,703

Diversified Financial Services 5.49%
Aercap Funding DAC (Ireland)^(b)(d)	4.875%	7/7/2031		150,000		149,323
Aircastle Ltd./Aircastle Ireland DAC^†	5.00%	9/15/2030		150,000		149,457
Aircastle Ltd./Aircastle Ireland DAC^†	5.00%	5/15/2031		150,000		148,679
Aircastle Ltd./Aircastle Ireland DAC^†	5.25%	3/15/2030		300,000		302,216
Aretec Group, Inc.^†	7.50%	4/1/2029		240,000		239,248
Atlas Warehouse Lending Co. LP^†	4.625%	11/15/2028		500,000		493,364
Atlas Warehouse Lending Co. LP^†	6.05%	1/15/2028		250,000		253,313
Aviation Capital Group LLC^†	3.50%	11/1/2027		119,000		117,088
Aviation Capital Group LLC^†	4.25%	4/30/2029		51,000		50,179
Aviation Capital Group LLC^†	5.375%	7/15/2029		404,000		408,857
Aviation Capital Group LLC^†	6.25%	4/15/2028		174,000		178,071
Avilease Capital Ltd. (Cayman Islands)^†(d)	4.75%	11/12/2030		200,000		195,828
Avilease Capital Ltd. (Cayman Islands)^†(d)	5.50%	6/30/2031		200,000		201,562
Avolon Holdings Funding Ltd. (Ireland)^†(d)	2.528%	11/18/2027		33,000		32,031
Avolon Holdings Funding Ltd. (Ireland)^†(d)	2.75%	2/21/2028		110,000		106,630
Avolon Holdings Funding Ltd. (Ireland)^†(d)	3.25%	2/15/2027		68,000		67,429
Avolon Holdings Funding Ltd. (Ireland)^†(d)	4.20%	4/15/2029		72,000		70,728
Avolon Holdings Funding Ltd. (Ireland)^†(d)	4.95%	1/15/2028		105,000		105,270
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.375%	5/30/2030		240,000		242,485
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.75%	3/1/2029		325,000		331,589
Avolon Holdings Funding Ltd. (Ireland)^†(d)	5.75%	11/15/2029		331,000		338,549
Avolon Holdings Funding Ltd. (Ireland)^†(d)	6.375%	5/4/2028		33,000		33,861
Azorra Finance Ltd. (Cayman Islands)^†(d)	7.75%	4/15/2030		220,000		228,379

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Diversified Financial Services (continued)
Citadel Securities Global Holdings LLC^†	5.50%		6/18/2030	$	350,000	$	354,589
Freedom Mortgage Holdings LLC^†	9.25%		2/1/2029		24,000		24,889
GGAM Finance Ltd. (Ireland)^†(d)	8.00%		2/15/2027		199,000		199,804
GGAM Finance Ltd. (Ireland)^†(d)	8.00%		6/15/2028		135,000		139,795
Jane Street Group/JSG Finance, Inc.^†	4.50%		11/15/2029		276,000		269,195
Jefferson Capital Holdings LLC^†	6.00%		8/15/2026		200,000		200,051
LPL Holdings, Inc.^†	4.00%		3/15/2029		169,000		164,339
LPL Holdings, Inc.^†	4.625%		11/15/2027		189,000		188,136
LPL Holdings, Inc.	4.90%		4/3/2028		59,000		59,051
LPL Holdings, Inc.	5.15%		6/15/2030		91,000		91,318
LPL Holdings, Inc.	5.20%		3/15/2030		40,000		40,274
LPL Holdings, Inc.	5.70%		5/20/2027		47,000		47,365
LPL Holdings, Inc.	6.75%		11/17/2028		98,000		101,976
Macquarie Airfinance Holdings Ltd. (United Kingdom)^†(d)	5.15%		3/17/2030		204,000		203,499
Macquarie Airfinance Holdings Ltd. (United Kingdom)^†(d)	6.40%		3/26/2029		314,000		323,292
Macquarie Airfinance Holdings Ltd. (United Kingdom)^†(d)	6.50%		3/26/2031		65,000		67,957
Midcap Financial Issuer Trust^†	6.50%		5/1/2028		200,000		199,832
Navient Corp.	5.00%		3/15/2027		128,000		127,070
Nomura Holdings, Inc. (Japan)^(d)	4.996%		6/29/2029		200,000		200,508
OneMain Finance Corp.	6.625%		1/15/2028		136,000		138,080
Rocket Cos., Inc.^†	6.125%		8/1/2030		139,000		141,453
Rocket Cos., Inc.^†	6.50%		8/1/2029		306,000		312,715
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^†	3.875%		3/1/2031		9,000		8,426
Stellantis Financial Services U.S. Corp.^†	4.95%		9/15/2028		252,000		250,241
Sumisho Air Lease Corp.^†	4.50%		3/24/2029		113,000		112,069
Sumisho Air Lease Corp.^†	4.85%		3/24/2031		141,000		139,566
Sumisho Air Lease Corp.	5.10%		3/1/2029		155,000		156,028
Synchrony Financial	3.70%		8/4/2026		50,000		49,930
Synchrony Financial	3.95%		12/1/2027		45,000		44,558
Synchrony Financial	5.019% (SOFR + 1.40%	)^#	7/29/2029		77,000		77,072
United Wholesale Mortgage LLC^†	5.75%		6/15/2027		340,000		336,934
Total							9,214,148

Electric 4.94%
AES Corp.	5.45%		6/1/2028		362,000		366,098
Alexander Funding Trust II^†	7.467%		7/31/2028		500,000		522,377
Alliant Energy Finance LLC^†	5.40%		6/6/2027		45,000		45,313


16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electric (continued)
Capital Power U.S. Holdings, Inc.^†	5.257%	6/1/2028	$	411,000	$	413,624
Chpe LLC^†	4.875%	6/30/2031		290,000		289,499
Cleco Corporate Holdings LLC	3.375%	9/15/2029		250,000		235,464
Comision Federal de Electricidad (Mexico)^(d)	5.70%	1/24/2030		400,000		401,108
Constellation Energy Generation LLC^†	4.625%	2/1/2029		210,000		208,832
Constellation Energy Generation LLC^†	5.00%	2/1/2031		331,000		330,993
Emera U.S. Finance LLC	4.50%	4/1/2029		71,000		70,525
ENEL Finance International NV (Netherlands)^†(d)	4.125%	9/30/2028		200,000		197,650
ENEL Finance International NV (Netherlands)^†(d)	4.375%	9/30/2030		200,000		196,539
ENEL Finance International NV (Netherlands)^†(d)	5.125%	6/26/2029		200,000		202,444
FirstEnergy Pennsylvania Electric Co.^†	4.15%	3/15/2028		43,000		42,782
Hydro One, Inc. (Canada)^(d)	4.75%	5/30/2031		96,000		96,208
ITC Holdings Corp.^†	4.875%	4/15/2031		281,000		280,048
ITC Holdings Corp.^†	4.95%	9/22/2027		78,000		78,219
Jersey Central Power & Light Co.^†	4.60%	1/15/2030		34,000		33,785
Liberty Utilities Co.^†	5.10%	5/15/2031		247,000		246,476
Liberty Utilities Co.^†	5.577%	1/31/2029		80,000		81,534
Niagara Mohawk Power Corp.^†	4.647%	10/3/2030		90,000		89,436
NRG Energy, Inc.^†	4.734%	10/15/2030		315,000		311,325
NRG Energy, Inc.^†	4.955%	4/30/2031		45,000		44,518
NRG Energy, Inc.	5.75%	1/15/2028		20,000		20,019
NRG Energy, Inc.^†	5.75%	7/15/2029		73,000		73,111
Oncor Electric Delivery Co. LLC^†	4.50%	3/15/2031		79,000		78,239
Pacific Gas & Electric Co.	4.55%	7/1/2030		148,624		146,399
Pacific Gas & Electric Co.	5.00%	6/4/2028		113,000		113,642
Pacific Gas & Electric Co.	5.45%	6/15/2027		48,000		48,376
Pacific Gas & Electric Co.	5.55%	5/15/2029		96,000		98,007
Pacific Gas & Electric Co.	6.10%	1/15/2029		51,000		52,523
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^(d)	5.375%	1/25/2029		200,000		201,094
PG&E Corp.	5.25%	7/1/2030		151,000		148,766
PSEG Power LLC^†	5.20%	5/15/2030		76,000		76,882
System Energy Resources, Inc.	6.00%	4/15/2028		300,000		306,791
Vistra Operations Co. LLC^†	3.70%	1/30/2027		46,000		45,758
Vistra Operations Co. LLC^†	4.30%	10/15/2028		428,000		423,202
Vistra Operations Co. LLC^†	4.375%	5/1/2029		275,000		270,293
Vistra Operations Co. LLC^†	4.55%	10/30/2028		67,000		66,582
Vistra Operations Co. LLC^†	4.70%	1/31/2031		155,000		152,118
Vistra Operations Co. LLC^†	5.00%	4/30/2031		149,000		147,927
Vistra Operations Co. LLC^†	5.05%	12/30/2026		35,000		35,053
Vistra Operations Co. LLC^†	6.875%	4/15/2032		293,000		303,587
Vistra Operations Co. LLC^†	7.75%	10/15/2031		666,000		697,079
Total						8,290,245


	See Notes to Financial Statements.	17

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electrical Components & Equipment 0.07%
Molex Electronic Technologies LLC^†	4.75%	4/30/2028	$	125,000	$	125,171

Electronics 0.09%
TD SYNNEX Corp.	4.30%	1/17/2029		94,000		92,841
Vontier Corp.	2.95%	4/1/2031		61,000		55,309
Total						148,150

Engineering & Construction 0.73%
Jacobs Engineering Group, Inc.	6.35%	8/18/2028		385,000		397,805
Jacobs Solutions, Inc.	4.75%	3/3/2031		505,000		500,687
MasTec, Inc.^†	4.50%	8/15/2028		204,000		202,081
MasTec, Inc.	5.90%	6/15/2029		116,000		119,390
Total						1,219,963

Entertainment 0.72%
Churchill Downs, Inc.^†	4.75%	1/15/2028		160,000		158,536
Empire Resorts, Inc.^†	7.75%	11/1/2026		200,000		200,246
Flutter Treasury DAC (Ireland)^†(d)	5.875%	6/4/2031		200,000		199,396
Flutter Treasury DAC (Ireland)^†(d)	6.375%	4/29/2029		400,000		406,842
Penn Entertainment, Inc.^†	5.625%	1/15/2027		240,000		240,140
Total						1,205,160

Environmental Control 0.18%
Madison IAQ LLC^†	4.125%	6/30/2028		307,000		302,247

Food 0.50%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^†	6.50%	2/15/2028		216,000		217,907
Conagra Brands, Inc.	4.85%	11/1/2028		322,000		322,577
Conagra Brands, Inc.	7.00%	10/1/2028		35,000		36,570
JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings (Netherlands)^(d)	3.00%	2/2/2029		110,000		105,609
Pilgrim’s Pride Corp.	4.25%	4/15/2031		155,000		148,732
Total						831,395

Food Service 0.05%
Aramark Services, Inc.^†	5.00%	2/1/2028		80,000		79,879

Gas 0.41%
National Fuel Gas Co.	4.75%	9/1/2028		82,000		81,870
National Fuel Gas Co.	4.75%	5/15/2029		65,000		64,838
National Fuel Gas Co.	5.05%	10/15/2031		183,000		182,237
National Fuel Gas Co.	5.50%	3/15/2030		111,000		113,009


18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Gas (continued)
Snam SpA (Italy)^†(d)	5.00%	5/28/2030	$	200,000	$	201,102
Southwest Gas Corp.	5.45%	3/23/2028		50,000		50,671
Total						693,727

Health Care-Products 0.95%
180 Medical, Inc.^†	3.875%	10/15/2029		400,000		383,759
Baxter International, Inc.	2.272%	12/1/2028		85,000		80,060
Baxter International, Inc.	4.45%	2/15/2029		40,000		39,551
Baxter International, Inc.	4.90%	12/15/2030		300,000		297,842
Dentsply Sirona, Inc.	3.25%	6/1/2030		251,000		232,282
Medline Borrower LP^†	3.875%	4/1/2029		174,000		169,066
Medline Borrower LP/Medline Co-Issuer, Inc.^†	5.00%	6/15/2031		147,000		146,381
Medline Borrower LP/Medline Co-Issuer, Inc.^†	6.25%	4/1/2029		249,000		254,440
Total						1,603,381

Health Care-Services 1.94%
Adventist Health System	4.742%	12/1/2030		405,000		401,585
Centene Corp.	2.45%	7/15/2028		170,000		161,631
Centene Corp.	3.00%	10/15/2030		167,000		151,236
Centene Corp.	4.25%	12/15/2027		419,000		417,011
CommonSpirit Health	4.352%	9/1/2030		123,000		120,343
Fresenius Medical Care U.S. Finance III, Inc.^†	1.875%	12/1/2026		150,000		148,128
Fresenius Medical Care U.S. Finance III, Inc.^†	2.375%	2/16/2031		150,000		133,056
Fresenius Medical Care U.S. Finance III, Inc.^†	3.75%	6/15/2029		150,000		145,206
Health Care Service Corp. A Mutual Legal Reserve Co.^†	5.20%	6/15/2029		58,000		58,510
Icon Investments Six DAC (Ireland)^(d)	5.809%	5/8/2027		400,000		403,203
Icon Investments Six DAC (Ireland)^(d)	5.849%	5/8/2029		200,000		204,399
IQVIA, Inc.^†	5.00%	5/15/2027		200,000		199,995
IQVIA, Inc.	6.25%	2/1/2029		155,000		160,217
Rede D’or Finance SARL (Luxembourg)^(d)	4.95%	1/17/2028		200,000		197,678
Tenet Healthcare Corp.	6.125%	10/1/2028		246,000		247,119
Universal Health Services, Inc.	2.65%	10/15/2030		49,000		44,076
Universal Health Services, Inc.	4.625%	10/15/2029		71,000		70,144
Total						3,263,537

Home Builders 0.24%
Dream Finders Homes, Inc.^†	8.25%	8/15/2028		179,000		183,171
LGI Homes, Inc.^†	8.75%	12/15/2028		220,000		227,478
Total						410,649


	See Notes to Financial Statements.	19

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Home Furnishings 0.14%
Leggett & Platt, Inc.	3.50%	11/15/2027	$	245,000	$	239,995

Insurance 1.51%
Aon Corp.	8.205%	1/1/2027		100,000		101,659
Athene Global Funding^†	1.985%	8/19/2028		35,000		32,890
Brighthouse Financial Global Funding^†	2.00%	6/28/2028		150,000		140,900
Brighthouse Financial Global Funding^†	5.55%	4/9/2027		172,000		173,074
Brighthouse Financial Global Funding^†	5.65%	6/10/2029		203,000		204,125
CNO Global Funding^†	4.375%	9/8/2028		79,000		78,129
CNO Global Funding^†	4.70%	12/11/2030		108,000		106,337
CNO Global Funding^†	4.875%	12/10/2027		101,000		101,064
CNO Global Funding^†	4.95%	9/9/2029		51,000		50,980
CNO Global Funding^†	5.875%	6/4/2027		176,000		178,013
Corebridge Global Funding^†	5.20%	1/12/2029		52,000		52,509
Equitable Financial Life Global Funding^†	5.45%	3/3/2028		113,000		114,216
F&G Annuities & Life, Inc.	7.40%	1/13/2028		96,000		98,749
F&G Global Funding^†	4.65%	9/8/2028		88,000		86,994
F&G Global Funding^†	5.875%	6/10/2027		53,000		53,530
Jackson Financial, Inc.	5.17%	6/8/2027		46,000		46,190
Jackson National Life Global Funding^†	4.55%	9/9/2030		134,000		131,519
Jackson National Life Global Funding^†	4.60%	10/1/2029		150,000		147,934
Jackson National Life Global Funding^†	4.70%	6/5/2028		181,000		180,515
MGIC Investment Corp.	5.25%	8/15/2028		236,000		235,779
Mutual of Omaha Cos Global Funding^†	4.546%	1/13/2031		73,000		72,097
Mutual of Omaha Cos Global Funding^†	5.00%	4/1/2030		75,000		75,561
NMI Holdings, Inc.	6.00%	8/15/2029		35,000		35,757
Sammons Financial Group Global Funding^†	5.10%	12/10/2029		42,000		42,188
Total						2,540,709

Internet 0.79%
Prosus NV (Netherlands)^†(d)	3.257%	1/19/2027		230,000		227,815
Rakuten Group, Inc. (Japan)^†(d)	11.25%	2/15/2027		450,000		465,173
Uber Technologies, Inc.^†	4.50%	8/15/2029		557,000		553,218
VeriSign, Inc.	5.10%	7/15/2031		76,000		76,244
Total						1,322,450

Investment Companies 0.17%
Blackstone Private Credit Fund	2.625%	12/15/2026		209,000		206,749
Blackstone Secured Lending Fund	2.125%	2/15/2027		74,000		72,606
Total						279,355


20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Leisure Time 1.22%
Carnival Corp. Ltd.^†	4.00%	8/1/2028	$	740,000	$	726,676
Carnival Corp. Ltd.^†	5.125%	5/1/2029		229,000		228,756
Carnival Corp. Ltd.^†	5.75%	3/15/2030		210,000		212,691
Carnival Corp. Ltd.^†	7.00%	8/15/2029		139,000		144,107
Royal Caribbean Cruises Ltd.	3.70%	3/15/2028		296,000		291,795
Royal Caribbean Cruises Ltd.^†	5.375%	7/15/2027		151,000		151,341
Royal Caribbean Cruises Ltd.^†	5.625%	9/30/2031		220,000		221,912
Viking Ocean Cruises Ship VII Ltd.^†	5.625%	2/15/2029		80,000		80,035
Total						2,057,313

Lodging 0.13%
Las Vegas Sands Corp.	5.90%	6/1/2027		12,000		12,114
Melco Resorts Finance Ltd. (Hong Kong)^†(d)	5.75%	7/21/2028		200,000		198,938
Total						211,052

Machinery: Construction & Mining 0.11%
Vertiv Group Corp.^†	4.125%	11/15/2028		191,000		189,233

Machinery-Diversified 0.67%
Chart Industries, Inc.^†	7.50%	1/1/2030		238,000		246,017
Maxim Crane Works Holdings Capital LLC^†	11.50%	9/1/2028		175,000		181,461
Regal Rexnord Corp.	6.05%	4/15/2028		318,000		324,818
Regal Rexnord Corp.	6.30%	2/15/2030		158,000		164,943
TK Elevator U.S. Newco, Inc.^†	5.25%	7/15/2027		200,000		200,171
Total						1,117,410

Media 1.03%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.125%	5/1/2027		96,000		95,855
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^†	5.875%	8/15/2027		55,000		54,953
Discovery Communications LLC	3.95%	3/20/2028		380,000		374,537
Discovery Global Holdings, Inc.	3.755%	3/15/2027		102,000		101,358
Discovery Global Holdings, Inc.	4.054%	3/15/2029		105,000		104,019
Fox Corp.	4.709%	1/25/2029		215,000		214,878
Paramount Global	2.90%	1/15/2027		99,000		97,804
Paramount Global	3.375%	2/15/2028		174,000		169,418
Paramount Global	3.70%	6/1/2028		45,000		43,670
Paramount Global	4.20%	6/1/2029		51,000		48,939
Paramount Global	7.875%	7/30/2030		41,000		43,072
Space Exploration Technologies Corp.^†	5.35%	7/15/2031		389,000		388,087
Total						1,736,590


	See Notes to Financial Statements.	21

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Mining 1.46%
Anglo American Capital PLC (United Kingdom)^†(d)	4.50%	3/15/2028	$	200,000	$	199,767
Anglo American Capital PLC (United Kingdom)^†(d)	4.625%	3/19/2031		200,000		197,209
Anglo American Capital PLC (United Kingdom)^†(d)	4.75%	4/10/2027		200,000		200,448
First Quantum Minerals Ltd. (Canada)^†(d)	8.625%	6/1/2031		400,000		416,963
Freeport Indonesia PT (Indonesia)^(d)	4.763%	4/14/2027		400,000		401,821
Freeport-McMoRan, Inc.	5.25%	9/1/2029		114,000		114,803
Glencore Funding LLC^†	5.186%	4/1/2030		268,000		271,071
Glencore Funding LLC^†	5.371%	4/4/2029		366,000		371,778
Glencore Funding LLC^†	6.125%	10/6/2028		85,000		87,433
Glencore Funding LLC^†	6.375%	10/6/2030		176,000		185,573
Total						2,446,866

Miscellaneous Manufacturing 0.27%
Hillenbrand, Inc.	6.25%	2/15/2029		253,000		237,217
Trinity Industries, Inc.^†	7.75%	7/15/2028		218,000		223,222
Total						460,439

Oil & Gas 5.72%
Aethon United BR LP/Aethon United Finance Corp.^†	7.50%	10/1/2029		480,000		499,414
Antero Resources Corp.^†	5.375%	3/1/2030		330,000		332,522
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^†	5.875%	6/30/2029		80,000		79,995
Chord Energy Corp.^†	6.00%	10/1/2030		245,000		246,165
CITGO Petroleum Corp.^†	8.375%	1/15/2029		560,000		576,376
Continental Resources, Inc.^†	2.268%	11/15/2026		661,000		655,015
Continental Resources, Inc.	4.375%	1/15/2028		268,000		266,261
Continental Resources, Inc.^†	5.75%	1/15/2031		479,000		487,872
Crescent Energy Finance LLC^†	7.75%	7/31/2029		78,000		78,238
Crescent Energy Finance LLC^†	9.75%	10/15/2030		155,000		164,381
Devon Energy Corp.^†	3.90%	5/15/2027		300,000		298,010
Devon Energy Corp.	5.25%	10/15/2027		225,000		225,024
Ecopetrol SA (Colombia)^(d)	8.625%	1/19/2029		395,000		419,296
EQT Corp.	7.50%	6/1/2030		61,000		65,876
Expand Energy Corp.	5.375%	2/1/2029		99,000		99,007
Expand Energy Corp.	5.375%	3/15/2030		213,000		213,831
Gulfport Energy Operating Corp.^†	6.75%	9/1/2029		197,000		201,169
Helmerich & Payne, Inc.	4.65%	12/1/2027		102,000		101,848
HF Sinclair Corp.	5.00%	2/1/2028		361,000		360,407
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		125,000		124,578
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		120,000		120,376


22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Oil & Gas (continued)
Medco Laurel Tree Pte. Ltd. (Singapore)^(d)	6.95%	11/12/2028	$	200,000	$	200,562
Noble Finance II LLC^†	8.00%	4/15/2030		170,000		176,226
Occidental Petroleum Corp.	7.50%	5/1/2031		39,000		43,217
Occidental Petroleum Corp.	8.875%	7/15/2030		220,000		247,811
Permian Resources Operating LLC^†	5.875%	7/1/2029		327,000		327,125
Permian Resources Operating LLC^†	7.00%	1/15/2032		258,000		266,976
Petrobras Global Finance BV (Netherlands)^(d)	5.125%	9/10/2030		265,000		260,685
SM Energy Co.	6.50%	7/15/2028		132,000		132,326
SM Energy Co.	6.625%	1/15/2027		80,000		80,157
SM Energy Co.^†	6.75%	8/1/2029		288,000		293,417
SM Energy Co.^†	8.375%	7/1/2028		291,000		297,948
SM Energy Co.^†	8.75%	7/1/2031		240,000		250,787
Sunoco LP^†	5.875%	7/15/2027		80,000		80,006
Sunoco LP^†	7.00%	5/1/2029		170,000		174,768
Sunoco LP/Sunoco Finance Corp.^†	7.00%	9/15/2028		63,000		64,290
Tengizchevroil Finance Co. International Ltd.^†	3.25%	8/15/2030		200,000		185,702
Tengizchevroil Finance Co. International Ltd.	4.00%	8/15/2026		300,000		299,692
TGNR Intermediate Holdings LLC^†	5.50%	10/15/2029		320,000		315,079
Transocean Aquila Ltd.^†	8.00%	9/30/2028		160,000		164,221
Viper Energy Partners LLC	4.90%	8/1/2030		96,000		95,733
Wildfire Intermediate Holdings LLC^†	7.50%	10/15/2029		32,000		32,836
Total						9,605,225

Oil & Gas Services 0.18%
Helix Energy Solutions Group, Inc.^†	9.75%	3/1/2029		150,000		157,322
USA Compression Partners LP/USA Compression Finance Corp.^†	7.125%	3/15/2029		70,000		71,736
Weatherford International Ltd.^†	8.625%	4/30/2030		80,000		81,317
Total						310,375

Packaging & Containers 0.03%
Mauser Packaging Solutions Holding Co.^†	7.875%	4/15/2027		48,000		48,300

Pharmaceuticals 1.03%
Bayer U.S. Finance II LLC^†	4.375%	12/15/2028		646,000		639,208
Bayer U.S. Finance LLC^†	6.125%	11/21/2026		200,000		201,051
Bayer U.S. Finance LLC^†	6.375%	11/21/2030		400,000		421,103
Organon & Co./Organon Foreign Debt Co-Issuer BV^†	4.125%	4/30/2028		200,000		197,607
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)^(d)	3.15%	10/1/2026		267,000		265,820
Total						1,724,789


	See Notes to Financial Statements.	23

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Pipelines 3.11%
Antero Midstream Partners LP/Antero Midstream Finance Corp.^†	5.375%	6/15/2029	$	305,000	$	304,193
Buckeye Partners LP	3.95%	12/1/2026		181,000		179,954
Buckeye Partners LP^†	6.875%	7/1/2029		80,000		81,713
Cheniere Energy Partners LP	4.00%	3/1/2031		64,000		61,595
Colonial Enterprises, Inc.^†	3.25%	5/15/2030		435,000		407,697
Columbia Pipelines Holding Co. LLC^†	6.042%	8/15/2028		109,000		111,786
Columbia Pipelines Holding Co. LLC^†	6.055%	8/15/2026		269,000		269,162
Delek Logistics Partners LP/Delek Logistics Finance Corp.^†	8.625%	3/15/2029		196,000		203,823
DT Midstream, Inc.^†	4.125%	6/15/2029		436,000		427,393
DT Midstream, Inc.^†	4.375%	6/15/2031		118,000		114,022
Energy Transfer LP^†	6.00%	2/1/2029		360,000		362,899
Energy Transfer LP^†	7.375%	2/1/2031		194,000		199,821
Genesis Energy LP/Genesis Energy Finance Corp.	8.25%	1/15/2029		305,000		315,117
Hess Midstream Operations LP^†	5.125%	6/15/2028		145,000		144,783
Hess Midstream Operations LP^†	5.875%	3/1/2028		129,000		129,981
Kinetik Holdings LP^†	6.625%	12/15/2028		260,000		264,425
South Bow USA Infrastructure Holdings LLC	4.911%	9/1/2027		197,000		197,538
South Bow USA Infrastructure Holdings LLC	5.026%	10/1/2029		151,000		151,550
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^†	7.375%	2/15/2029		210,000		216,161
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.875%	2/1/2031		170,000		169,414
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.00%	1/15/2028		28,000		27,990
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.50%	3/1/2030		394,000		397,327
Western Midstream Operating LP	4.75%	8/15/2028		65,000		64,876
Western Midstream Operating LP	6.35%	1/15/2029		39,000		40,350
Western Midstream Operating LP^†	7.25%	4/1/2030		256,000		268,537
Whistler Pipeline LLC^†	5.40%	9/30/2029		111,000		112,702
Total						5,224,809

REITS 2.19%
Crown Castle, Inc.	4.80%	9/1/2028		70,000		70,217
EPR Properties	3.75%	8/15/2029		65,000		62,520
EPR Properties	4.50%	6/1/2027		148,000		147,730
EPR Properties	4.75%	12/15/2026		171,000		171,032
Equinix Europe 2 Financing Corp. LLC	4.60%	11/15/2030		107,000		105,790
GLP Capital LP/GLP Financing II, Inc.	5.30%	1/15/2029		295,000		296,564


24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
REITS (continued)
Iron Mountain, Inc.^†	4.875%	9/15/2027	$	103,000	$	102,865
Iron Mountain, Inc.^†	5.25%	3/15/2028		186,000		185,865
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.25%	2/1/2027		138,000		137,278
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.75%	6/15/2029		404,000		395,070
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	7.00%	7/15/2031		91,000		94,412
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		150,000		150,021
Prologis Targeted U.S. Logistics Fund LP^†	4.25%	1/15/2031		165,000		160,970
Starwood Property Trust, Inc.^†	3.625%	7/15/2026		90,000		89,920
Tanger Properties LP	2.75%	9/1/2031		297,000		267,276
VICI Properties LP/VICI Note Co., Inc.^†	3.75%	2/15/2027		178,000		176,918
VICI Properties LP/VICI Note Co., Inc.^†	3.875%	2/15/2029		431,000		418,838
VICI Properties LP/VICI Note Co., Inc.^†	4.25%	12/1/2026		122,000		121,776
VICI Properties LP/VICI Note Co., Inc.^†	4.50%	9/1/2026		180,000		179,900
VICI Properties LP/VICI Note Co., Inc.^†	4.625%	12/1/2029		169,000		165,926
WEA Finance LLC^†	2.875%	1/15/2027		117,000		115,887
WEA Finance LLC^†	3.50%	6/15/2029		62,000		59,618
Total						3,676,393

Retail 0.48%
7-Eleven, Inc.^†	1.80%	2/10/2031		130,000		113,163
Brinker International, Inc.^†	8.25%	7/15/2030		370,000		387,061
Dick’s Sporting Goods, Inc.^†	4.00%	10/1/2029		103,000		100,311
EG Global Finance PLC (United Kingdom)^†(d)	12.00%	11/30/2028		200,000		212,510
Total						813,045

Semiconductors 1.17%
Entegris, Inc.^†	4.75%	4/15/2029		305,000		301,582
Foundry JV Holdco LLC^†	5.90%	1/25/2030		740,000		763,835
Foundry JV Holdco LLC^†	6.15%	1/25/2032		200,000		209,924
Intel Corp.	2.45%	11/15/2029		64,000		59,562
Intel Corp.	4.65%	6/1/2031		225,000		222,887
Kioxia Holdings Corp. (Japan)^†(d)	6.25%	7/24/2030		200,000		206,355
Microchip Technology, Inc.	5.05%	3/15/2029		106,000		106,843
Microchip Technology, Inc.	5.05%	2/15/2030		92,000		92,406
Total						1,963,394


	See Notes to Financial Statements.	25

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Software 1.19%
Fiserv, Inc.	5.45%	3/2/2028	$	82,000	$	82,832
MSCI, Inc.^†	3.625%	9/1/2030		67,000		63,406
MSCI, Inc.^†	4.00%	11/15/2029		164,000		158,716
Oracle Corp.	2.95%	4/1/2030		74,000		68,128
Oracle Corp.	4.45%	9/26/2030		531,000		512,775
Oracle Corp.	4.55%	2/4/2029		459,000		452,558
Oracle Corp.	4.95%	2/4/2031		281,000		275,164
ROBLOX Corp.^†	3.875%	5/1/2030		156,000		147,528
SS&C Technologies, Inc.^†	5.50%	9/30/2027		235,000		235,075
Total						1,996,182

Telecommunications 0.79%
AT&T Mobility LLC	7.125%	12/15/2031		315,000		339,244
Deutsche Telekom International Finance BV (Netherlands)^(d)	8.25%	6/15/2030		187,000		210,430
NTT Finance Corp. (Japan)^†(b)(d)	4.741%	3/31/2028		200,000		200,147
Sprint Capital Corp.	6.875%	11/15/2028		205,000		214,797
Telefonica Europe BV (Netherlands)^(d)	8.25%	9/15/2030		101,000		113,418
Viasat, Inc.^†	5.625%	4/15/2027		250,000		250,244
Total						1,328,280

Toys/Games/Hobbies 0.75%
Hasbro, Inc.	3.90%	11/19/2029		453,000		440,569
Mattel, Inc.^†	3.75%	4/1/2029		227,000		220,190
Mattel, Inc.	5.00%	11/17/2030		254,000		253,219
Mattel, Inc.^†	5.875%	12/15/2027		338,000		338,135
Total						1,252,113

Transportation 0.60%
GXO Logistics, Inc.	6.25%	5/6/2029		215,000		222,324
Kazakhstan Temir Zholy National Co. JSC (Kazakhstan)^†(d)	4.875%	4/29/2031		200,000		195,982
Rumo Luxembourg SARL (Luxembourg)^(d)	5.25%	1/10/2028		200,000		196,665
XPO, Inc.^†	6.25%	6/1/2028		390,000		394,633
Total						1,009,604

Trucking & Leasing 0.40%
FTAI Aviation Investors LLC^†	5.50%	5/1/2028		410,000		409,255
Penske Truck Leasing Co. LP/PTL Finance Corp.^†	4.20%	4/1/2027		271,000		270,095
Total						679,350


26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Water 0.12%

Nova Securitisation SARL (Luxembourg)^†(d)

5.75%

2/3/2031

200,000

193,025

Total Corporate Bonds (cost $95,880,735)

95,943,262

FLOATING RATE LOANS^(e)4.41%

Aerospace & Defense 0.11%

TransDigm, Inc. 2025 Term Loan K

5.894%
(1 mo. USD Term SOFR + 2.25%

)

3/22/2030

180,000

180,218

Airlines 0.06%

American Airlines, Inc. 2025 Term Loan

5.925%
(3 mo. USD Term SOFR + 2.25%

)

4/20/2028

100,758

100,782

Biotechnology 0.19%

RPI Intermediate Finance Partnership LP 2025 Term Loan

5.119%
(1 mo. USD Term SOFR + 1.38%

)

2/4/2030

325,481

314,903

^(f)

Building Materials 0.07%

EMRLD Borrower LP Term Loan B

5.916%
(3 mo. USD Term SOFR + 2.25%

)

5/31/2030

114,710

114,756

Commercial Services 0.21%

Mavis Tire Express Services Corp. 2025 Repriced Term Loan

6.669%
(6 mo. USD Term SOFR + 3.00%

)

5/4/2028

355,097

354,985

Diversified Financial Services 0.04%

Setanta Aircraft Leasing DAC 2024 Term Loan B (Ireland)^(d)

5.482%
(3 mo. USD Term SOFR + 1.75%

)

11/5/2028

65,679

65,954

Electric 0.15%

Lightning Power LLC Term Loan B

–

^(c)

8/18/2031

90,000

90,203

NRG Energy, Inc. 2024 Term Loan

–

^(c)

4/16/2031

170,000

170,070

Total

260,273

Health Care Services 0.10%

DaVita, Inc. 2025 Term Loan B

–

^(c)

5/9/2031

179,547

179,589

Internet 0.24%

Arches Buyer, Inc. 2021 Term Loan B

6.994%
(1 mo. USD Term SOFR + 3.25%

)

12/6/2027

398,945

398,446

Leisure Time 0.29%

GBT U.S. III LLC 2026 Term Loan B

5.667%
(3 mo. USD Term SOFR + 2.00%

)

7/25/2031

169,570

169,671

Peloton Interactive, Inc. 2024 Term Loan B

9.144%
(1 mo. USD Term SOFR + 5.50%

)

5/30/2029

316,921

318,506

Total

488,177


	See Notes to Financial Statements.	27

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Lodging 0.05%
Fertitta Entertainment LLC 2022 Term Loan B	6.894% (1 mo. USD Term SOFR + 3.25%	)	1/27/2029	$	84,219	$	84,228

Machinery: Diversified 0.18%
TK Elevator Midco GmbH 2026 USD Term Loan B (Germany)^(d)	6.48% (3 mo. USD Term SOFR + 2.75%	)	4/30/2030		300,000		301,641

Media 0.79%
Charter Communications Operating LLC 2023 Term Loan B4	5.692% (3 mo. USD Term SOFR + 2.00%	)	12/7/2030		441,274		436,835
Charter Communications Operating LLC 2024 Term Loan B5	5.942% (3 mo. USD Term SOFR + 2.25%	)	12/15/2031		355,098		350,638
Telenet Financing USD LLC 2020 USD Term Loan AR	5.74% (1 mo. USD Term SOFR + 2.00%	)	4/28/2028		544,000		540,907
Total							1,328,380

Miscellaneous Manufacture 0.18%
ITT, Inc. Delayed Draw Term Loan	4.777% (1 mo. USD Term SOFR + 1.13%	)	2/18/2028		300,000		299,250

Oil & Gas 0.17%
Hilcorp Energy I LP Term Loan B	5.389% (1 mo. USD Term SOFR + 1.75%	)	2/11/2030		282,030		282,471

Pharmaceuticals 0.33%
Organon & Co. 2024 USD Term Loan	5.894% (1 mo. USD Term SOFR + 2.25%	)	5/19/2031		550,000		550,344

Pipelines 0.28%
Venture Global Plaquemines LNG LLC 2024 Contingency Reserve Delayed Draw Term Loan	5.869% (1 mo. USD Term SOFR + 2.23%	)	5/25/2029		34,696		34,696
Venture Global Plaquemines LNG LLC Base Term Loan	5.869% (1 mo. USD Term SOFR + 2.23%	)	5/25/2029		434,248		434,337
Total							469,033

Retail 0.77%
7-Eleven, Inc. Term Loan (2028)	5.108% (3 mo. USD Term SOFR + 1.45%	)	12/11/2028		480,000		480,000
KFC Holding Co. 2021 Term Loan B	5.502% (1 mo. USD Term SOFR + 1.75%	)	3/15/2028		319,023		320,784
Lowes Cos., Inc. Delayed Draw Term Loan	–	^(c)	9/15/2028		500,000		498,700
Total							1,299,484


28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Software 0.11%
RealPage, Inc. 1st Lien Term Loan	6.994% (3 mo. USD Term SOFR + 3.00%	)	4/24/2028	$	203,398	$	190,623
Telecommunications 0.09%
Iridium Satellite LLC 2024 Term Loan B	–	^(c)	9/20/2030		150,000		150,275
Total Floating Rate Loans (cost $7,448,241)							7,413,812

FOREIGN GOVERNMENT OBLIGATIONS^(d)1.96%

Colombia 0.24%
Colombia Government International Bonds	5.375%		1/21/2029		400,000		399,280

Dominican Republic 0.27%
Dominican Republic International Bonds	5.50%		2/22/2029		150,000		150,398
Dominican Republic International Bonds	5.95%		1/25/2027		230,000		231,690
Dominican Republic International Bonds	8.625%		4/20/2027		66,667		68,565
Total							450,653

Guatemala 0.12%
Guatemala Government Bonds	4.875%		2/13/2028		200,000		199,901

Mexico 0.46%
Eagle Funding Luxco SARL^†	5.50%		8/17/2030		775,000		779,108

Romania 0.63%
Romania Government International Bonds	5.25%		11/25/2027		376,000		377,502
Romania Government International Bonds^†	5.75%		9/16/2030		170,000		170,974
Romania Government International Bonds^†	5.875%		1/30/2029		270,000		272,613
Romania Government International Bonds	6.625%		2/17/2028		238,000		243,243
Total							1,064,332

Serbia 0.12%
Serbia International Bonds	6.25%		5/26/2028		200,000		204,059

Turkey 0.12%
Turkiye Ihracat Kredi Bankasi AS^†	6.125%		5/2/2029		200,000		198,289
Total Foreign Government Obligations (cost $3,297,633)							3,295,622

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%
Government National Mortgage Association Series 2014-78 IO^(g)	Zero Coupon	^#(h)	3/16/2056		6,137		0
Government National Mortgage Association Series 2017-23 Class AB	2.60%		12/16/2057		9,872		8,734
Government National Mortgage Association Series 2017-44 Class AD	2.65%		11/17/2048		4,115		4,000


	See Notes to Financial Statements.	29

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)

Government National Mortgage Association Series 2017-53 Class B

2.75%

3/16/2050

21,599

19,439

Government National Mortgage Association Series 2017-61 Class A

2.60%

8/16/2058

5,793

5,483

Government National Mortgage Association Series 2017-76 Class AS

2.65%

11/16/2050

12,274

10,827

Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $53,406)

48,483

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.22%

Federal Home Loan Mortgage Corp.

4.855%
(30 day USD SOFR Average + 2.14%

)^#

10/1/2055

74,161

74,099

Federal Home Loan Mortgage Corp.

4.884%
(30 day USD SOFR Average + 2.12%

)^#

3/1/2056

278,589

278,069

Federal Home Loan Mortgage Corp.

4.999%
(30 day USD SOFR Average + 2.23%

)^#

9/1/2055

68,156

68,278

Federal Home Loan Mortgage Corp.

5.352%
(30 day USD SOFR Average + 2.18%

)^#

8/1/2055

54,982

55,568

Federal Home Loan Mortgage Corp.

5.423%
(30 day USD SOFR Average + 2.08%

)^#

10/1/2055

81,840

82,442

Federal Home Loan Mortgage Corp.

5.504%
(30 day USD SOFR Average + 2.29%

)^#

7/1/2055

152,000

153,835

Federal Home Loan Mortgage Corp.

5.622%
(30 day USD SOFR Average + 2.13%

)^#

8/1/2055

84,258

85,512

Federal Home Loan Mortgage Corp.

5.844%
(30 day USD SOFR Average + 2.12%

)^#

5/1/2055

101,859

103,686

Federal Home Loan Mortgage Corp.

6.002%

(30 day USD SOFR Average + 2.32%

)^#

8/1/2054

53,736

54,919

Federal National Mortgage Association

4.541%
(30 day USD SOFR Average + 2.25%

)^#

4/1/2056

133,099

132,650

Federal National Mortgage Association

4.601%
(30 day USD SOFR Average + 2.08%

)^#

4/1/2056

128,516

128,172

Federal National Mortgage Association

4.881%
(30 day USD SOFR Average + 2.16%

)^#

3/1/2056

438,716

438,447

Federal National Mortgage Association

5.464%
(30 day USD SOFR Average + 2.03%

)^#

10/1/2055

30,076

30,463

Federal National Mortgage Association

5.523%
(30 day USD SOFR Average + 2.11%

)^#

10/1/2053

19,266

19,562

Federal National Mortgage Association

5.727%

(30 day USD SOFR Average + 2.20%

)^#

8/1/2055

127,453

129,769

Federal National Mortgage Association

5.853%
(30 day USD SOFR Average + 2.13%

)^#

2/1/2054

31,068

31,686

Federal National Mortgage Association

5.969%
(30 day USD SOFR Average + 2.16%

)^#

9/1/2055

413,784

423,033

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Government National Mortgage Association	7.00%		4/20/2054- 1/20/2055	$	1,257,215	$	1,304,975
Uniform Mortgage-Backed Security⁽ⁱ⁾	4.50%		TBA		1,070,000		1,056,815
Uniform Mortgage-Backed Security⁽ⁱ⁾	5.00%		TBA		3,049,000		3,058,299
Uniform Mortgage-Backed Security⁽ⁱ⁾	5.50%		TBA		799,000		811,102
Uniform Mortgage-Backed Security⁽ⁱ⁾	6.00%		TBA		235,000		241,021
Total Government Sponsored Enterprises Pass-Throughs (cost $8,779,077)							8,762,402

MUNICIPAL BONDS 0.13%

Health Care 0.13%
Oklahoma Development Finance Authority - OU Medicine Obligated Group (cost $218,509)	5.45%		8/15/2028		220,000		217,911

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.91%
ALA Trust Series 2025-OANA Class A^†	5.369% (1 mo. USD Term SOFR + 1.74%	)^#	6/15/2040		80,000		80,465
ARES Commercial Mortgage Trust Series 2026-AZURE Class A^†	4.975% (1 mo. USD Term SOFR + 1.35%	)^#	3/15/2038		130,000		130,184
Bank Series 2019-BN18 Class A4	3.584%		5/15/2062		245,000		235,390
Bank Series 2019-BN21 Class A5	2.851%		10/17/2052		180,000		169,733
Bank5 Series 2023-5YR2 Class A3	6.656%	^#(h)	7/15/2056		140,000		144,064
Bank5 Series 2024-5YR11 Class A3	5.893%		11/15/2057		140,000		143,882
Bank5 Series 2024-5YR8 Class A3	5.884%		8/15/2057		320,000		328,934
BBCMS Mortgage Trust Series 2024-5C29 Class A2	4.738%		9/15/2057		198,187		197,201
BBCMS Mortgage Trust Series 2025-5C33 Class A4	5.839%		3/15/2058		100,000		102,992
Benchmark Mortgage Trust Series 2018-B2 Class A5	3.882%	^#(h)	2/15/2051		70,000		68,974
Benchmark Mortgage Trust Series 2019-B11 Class A5	3.542%		5/15/2052		100,000		96,168
Benchmark Mortgage Trust Series 2024-V11 Class A3	5.909%	^#(h)	11/15/2057		340,000		350,398
Benchmark Mortgage Trust Series 2024-V7 Class A3	6.228%	^#(h)	5/15/2056		120,000		124,106
Benchmark Mortgage Trust Series 2024-V8 Class A3	6.189%	^#(h)	7/15/2057		90,000		93,036
Benchmark Mortgage Trust Series 2024-V9 Class A3	5.602%		8/15/2057		330,000		336,147
Benchmark Mortgage Trust Series 2025-V14 Class A4	5.66%		4/15/2057		240,000		245,979

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BMO Mortgage Trust Series 2023-5C2 Class A3	7.296%	^#(h)	11/15/2056	$	110,000	$	114,809
BMO Mortgage Trust Series 2024-5C5 Class A3	5.857%		2/15/2057		150,000		153,956
BMO Mortgage Trust Series 2024-5C8 Class A3	5.625%	^#(h)	12/15/2057		220,000		224,747
BMO Mortgage Trust Series 2025-5C11 Class A3	5.669%		7/15/2058		210,000		215,459
BX Commercial Mortgage Trust Series 2024-XL4 Class A^†	5.067% (1 mo. USD Term SOFR + 1.44%	)^#	2/15/2039		134,722		135,127
BX Commercial Mortgage Trust Series 2025-BCAT Class A^†	5.005% (1 mo. USD Term SOFR + 1.38%	)^#	8/15/2042		85,204		85,495
BX Trust Series 2024-CNYN Class A^†	5.067% (1 mo. USD Term SOFR + 1.44%	)^#	4/15/2041		138,437		138,776
BX Trust Series 2025-ROIC Class A^†	4.769% (1 mo. USD Term SOFR + 1.14%	)^#	3/15/2030		96,395		96,312
BX Trust Series 2025-TAIL Class A^†	5.025% (1 mo. USD Term SOFR + 1.40%	)^#	6/15/2035		100,000		100,371
BX Trust Series 2025-VOLT Class A^†	5.325% (1 mo. USD Term SOFR + 1.70%	)^#	12/15/2044		290,000		290,750
Cantor Commercial Real Estate Lending Series 2019-CF1 Class A4	3.523%		5/15/2052		240,000		232,254
CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA^(g)	1.178%	^#(h)	11/10/2049		98,394		36
CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA^(g)	0.769%	^#(h)	12/10/2054		159,186		69
Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA^(g)	0.008%	^#(h)	6/10/2048		171,842		2
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5	3.616%		2/10/2049		47,750		47,171
Commercial Mortgage Pass-Through Certificates Series 2014-UBS5 Class XB1^†(g)	0.369%	^#(h)	9/10/2047		2,000,000		21
Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA^(g)	1.347%	^#(h)	8/10/2049		20,061		1
CONE Trust Series 2024-DFW1 Class A^†	5.267% (1 mo. USD Term SOFR + 1.64%	)^#	8/15/2041		100,000		99,720
Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1^†(g)	0.686%	^#(h)	9/15/2037		978,382		7,489
CSAIL Commercial Mortgage Trust Series 2016-C6 Class XA^(g)	1.539%	^#(h)	1/15/2049		11,894		0
CSAIL Commercial Mortgage Trust Series 2017-CX10 Class A5	3.458%	^#(h)	11/15/2050		250,000		243,868
CSAIL Commercial Mortgage Trust Series 2020-C19 Class A2	2.32%		3/15/2053		180,000		167,010

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

DBC Mortgage Trust Series 2025-DBC Class A^†

4.976%
(1 mo. USD Term SOFR + 1.35%

)^#

11/15/2042

130,000

130,290

DBGS Mortgage Trust Series 2018-C1 Class A4

4.466%

10/15/2051

400,000

396,084

DBJPM Mortgage Trust Series 2016-C3 Class XA^(g)

1.406%

^#(h)

8/10/2049

59,869

DBWF Mortgage Trust Series 2016-85T Class XA^†(g)

0.116%

^#(h)

12/10/2036

3,140,000

459

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2^†

8.878%
(30 day USD SOFR Average + 5.25%

)^#

3/25/2042

302,000

310,794

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA1 Class A1^†

4.978%
(30 day USD SOFR Average + 1.35%

)^#

2/25/2044

74,669

74,942

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1^†

4.878%
(30 day USD SOFR Average + 1.25%

)^#

5/25/2044

273,051

274,049

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1^†

4.878%
(30 day USD SOFR Average + 1.25%

)^#

3/25/2044

84,031

84,324

Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1^†

4.878%
(30 day USD SOFR Average + 1.25%

)^#

3/25/2044

46,371

46,398

Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1^†

4.628%
(30 day USD SOFR Average + 1.00%

)^#

2/25/2045

61,436

61,535

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1^†

4.778%
(30 day USD SOFR Average + 1.15%

)^#

3/25/2044

25,089

25,096

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1^†

4.778%
(30 day USD SOFR Average + 1.15%

)^#

9/25/2044

75,422

75,638

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1^†

4.578%
(30 day USD SOFR Average + 0.95%

)^#

1/25/2045

84,449

84,533

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1^†

4.728%
(30 day USD SOFR Average + 1.10%

)^#

1/25/2045

57,873

57,900

Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R05 Class 2A1^†

4.628%
(30 day USD SOFR Average + 1.00%

)^#

7/25/2045

54,445

54,545

GS Mortgage Securities Corp. Trust Series 2017-485L Class XB^†(g)

0.244%

^#(h)

2/10/2037

1,590,000

867

GS Mortgage Securities Trust Series 2015-GS1 Class XB^(g)

0.25%

^#(h)

11/10/2048

961,627

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust Series 2017-GS7 Class A4	3.43%		8/10/2050	$	490,000	$	483,650
GS Mortgage Securities Trust Series 2019-GSA1 Class A4	3.048%		11/10/2052		520,000		492,311
Hudson Yards Mortgage Trust Series 2025-SPRL Class A^†	5.649%	^#(h)	1/13/2040		270,000		274,460
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A^†	3.429%		6/10/2027		200,000		37,800
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA^(g)	0.782%	^#(h)	12/15/2049		619,399		163
JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA^(g)	1.15%	^#(h)	9/15/2050		632,753		3,800
JP Morgan Mortgage Trust Series 2025-NQM5 Class A1FC^†	4.787%	^(a)	5/25/2066		169,120		167,782
JP Morgan Mortgage Trust Series 2026-NQM1 Class A1FC^†	4.601%	^(a)	6/25/2066		175,773		174,051
JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class XA^(g)	0.017%	^#(h)	7/15/2048		74,878		1
JPMDB Commercial Mortgage Securities Trust Series 2017-C5 Class A4	3.414%		3/15/2050		566,713		563,656
KIND Commercial Mortgage Trust Series 2024-1 Class A^†	5.515% (1 mo. USD Term SOFR + 1.89%	)^#	8/15/2041		110,000		110,214
LBA Trust Series 2024-7IND Class A^†	5.068% (1 mo. USD Term SOFR + 1.44%	)^#	10/15/2041		63,917		64,045
Morgan Stanley BAML Trust Series 2025-5C1 Class A3	5.635%		3/15/2058		200,000		204,696
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA^(g)	1.309%	^#(h)	11/15/2049		535,477		20
Morgan Stanley Capital I Trust Series 2016-UB11 Class XB^(g)	1.157%	^#(h)	8/15/2049		1,000,000		28
Morgan Stanley Capital I Trust Series 2024-NSTB Class A^†	3.90%	^#(h)	9/24/2057		226,779		222,494
Morgan Stanley Residential Mortgage Loan Trust Series 2026-DSC1 Class A1FC^†	4.617%	^(a)	1/25/2071		135,631		134,512
Morgan Stanley Residential Mortgage Loan Trust Series 2026-NQM3 Class A1FC^†	5.134%	^(a)	3/25/2071		93,878		93,501
OBX Trust Series 2025-NQM17 Class A1FC^†	4.848%	^(a)	8/25/2065		173,908		172,904
OBX Trust Series 2025-NQM21 Class A1FC^†	4.917%	^(a)	10/25/2065		190,141		189,093
OBX Trust Series 2026-NQM6 Class A1FC^†	5.063%	^(a)	4/26/2066		313,770		312,488
OBX Trust Series 2026-NQM7 Class A1FC^†	5.22%	^(a)	4/25/2066		98,178		97,985
ROCK Trust Series 2024-CNTR Class A^†	5.388%		11/13/2041		280,000		283,187

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
SCG Trust Series 2025-SNIP Class A^†	5.125% (1 mo. USD Term SOFR + 1.50%	)^#	9/15/2042	$	170,000	$	170,757
SG Commercial Mortgage Securities Trust Series 2019-787E Class X^†(g)	0.456%	^#(h)	2/15/2041		4,149,000		31,854
SG Residential Mortgage Trust Series 2026-3 Class A1FC^†	5.078%	^(a)	4/25/2066		99,049		98,562
SWCH Commercial Mortgage Trust Series 2025-DATA Class A^†	5.068% (1 mo. USD Term SOFR + 1.44%	)^#	2/15/2042		270,000		268,670
UBS Commercial Mortgage Trust Series 2019-C18 Class A4	3.035%		12/15/2052		20,000		18,723
Verus Securitization Trust Series 2025-10 Class A1FC^†	5.017%	^(a)	6/25/2070		70,058		69,802
Verus Securitization Trust Series 2025-12 Class A1FC^†	4.858%	^(a)	12/25/2070		91,129		90,606
Verus Securitization Trust Series 2026-1 Class A1FC^†	4.743%	^(a)	1/25/2071		94,221		93,513
Verus Securitization Trust Series 2026-2 Class A1FC^†	4.507%	^(a)	2/25/2071		128,150		126,640
Verus Securitization Trust Series 2026-3 Class A1FC^†	4.927%	^(a)	3/25/2071		96,439		96,216
Verus Securitization Trust Series 2026-4 Class A1FC^†	4.998%	^(a)	4/25/2071		123,734		123,044
Verus Securitization Trust Series 2026-R3 Class A1FC^†	5.19%	^(a)	2/27/2068		93,231		92,954
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA^(g)	1.885%	^#(h)	8/15/2049		94,631		5
Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5	3.729%		5/15/2052		30,000		28,985
Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3	5.928%		7/15/2057		310,000		317,988
Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3	6.096%		1/15/2058		340,000		352,436
Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3	5.673%		5/15/2058		340,000		348,024
Total Non-Agency Commercial Mortgage-Backed Securities (cost $13,477,952)							13,290,230

U.S. TREASURY OBLIGATIONS 3.63%
U.S. Treasury Notes	3.50%		12/15/2028		522,000		513,986
U.S. Treasury Notes	3.75%		4/30/2028		3,140,000		3,117,677
U.S. Treasury Notes	4.125%		6/30/2028		2,467,000		2,465,795
Total U.S. Treasury Obligations (cost $6,116,259)							6,097,458
Total Long-Term Investments (cost $172,316,548)							172,119,317

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.53%

REPURCHASE AGREEMENTS 0.53%
Repurchase Agreement dated 6/30/2026, 3.680% due 7/1/2026 with Barclays Capital, Inc. collateralized by $463,900 of U.S. Treasury Note at 4.250% due 6/30/2033; value: $463,265; proceeds: $454,046 (cost $454,000)	$	454,000	$	454,000
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $453,400 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $450,129; proceeds: $441,221 (cost $441,181)		441,181		441,181
Total Repurchase Agreements (cost $895,181)				895,181
Total Investments in Securities 103.00% (cost $173,211,729)				173,014,498
Other Assets and Liabilities – Net (3.00)%				(5,034,182	)
Net Assets 100.00%			$	167,980,316

CMT	Constant Maturity Rate.
ICE	Intercontinental Exchange.
IO	Interest Only.
REITS	Real Estate Investment Trusts.
REMICS	Real Estate Mortgage Investment Conduits.
SOFR	Secured Overnight Financing Rate.
STACR	Structured Agency Credit Risk.
^†	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 June 30, 2026, the total value of Rule 144A securities was $97,396,752, which represents 57.98% of net assets (See Note 2(j)).
^#	Variable rate security. The interest rate represents the rate in effect at June 30, 2026.
^(a)	Step Bond – Security with a predetermined schedule of interest rate changes.
^(b)	Securities purchased on a when-issued basis (See Note 2(m)).
^(c)	Interest rate to be determined.
^(d)	Foreign security traded in U.S. dollars.
^(e)	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 June 30, 2026.
^(f)	Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Generally accepted accounting principles in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(g)	Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest-only securities do not receive principal payments on the underlying debt obligation(s).
^(h)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
⁽ⁱ⁾	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.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at June 30, 2026⁽¹⁾:

Referenced Indexes/Issuers	Central Clearing Party	Fund Receives (Quarterly)	Termination Date	Notional Amount		Upfront Payments Paid/ (Received) Net of Amortization			Unrealized Appreciation/ (Depreciation)⁽²⁾			Value
CDX.NA.HY.S41	Goldman Sachs	5.00%	12/20/2028	$	373,380		$23,580		$	1,287		$	24,867
CDX.NA.IG.S42	Goldman Sachs	1.00%	6/20/2029		2,113,000		33,657			6,897			40,554
CDX.NA.IG.S43	Goldman Sachs	1.00%	12/20/2029		2,051,000		33,233			8,371			41,604
Oracle Corp.	Goldman Sachs	1.00%	12/20/2027		350,000		1,987			(989	)		998
Total							$92,457		$	15,566		$	108,023

Referenced Indexes/Issuers	Central Clearing Party	Fund Receives (Quarterly)	Termination Date	Notional Amount		Upfront Payments Paid/ (Received) Net of Amortization			Unrealized Appreciation/ (Depreciation)⁽²⁾			Value
Oracle Corp.	Goldman Sachs	1.00%	12/20/2030		$80,000		$(1,236	)		$(589	)		$(1,825	)

	⁽¹⁾	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.
	⁽²⁾	Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $16,555. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $1,578.

Centrally Cleared Consumer Price Index (“CPI”) Swap Contracts at June 30, 2026:

Payments to be Made By The Fund at Termination Date		Payments to be Received By The Fund at Termination Date		Termination Date		Notional Amount		Value/ Unrealized Appreciation
2.135%		CPI Urban Consumer NSA		6/30/2027		$1,680,000		$601

CPI	Consumer Price Index: Rate fluctuates based on CPI.
NSA	Non-seasonally adjusted.

Futures Contracts at June 30, 2026:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note	September 2026	320	Long	$ 66,022,798		$ 65,962,500			$ (60,298	)
U.S. 5-Year Treasury Note	September 2026	164	Short	(17,510,244	)	(17,555,688	)		(45,444	)
Total Unrealized Depreciation on Futures Contracts									$(105,742	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

The following is a summary of the inputs used as of June 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	$	–		$	36,974,867		$	–	$	36,974,867
Convertible Bonds		–			75,270			–		75,270
Corporate Bonds		–			95,943,262			–		95,943,262
Floating Rate Loans Biotechnology		–			–			314,903		314,903
Remaining Industries		–			7,098,909			–		7,098,909
Foreign Government Obligations		–			3,295,622			–		3,295,622
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			48,483			–		48,483
Government Sponsored Enterprises Pass-Throughs		–			8,762,402			–		8,762,402
Municipal Bonds		–			217,911			–		217,911
Non-Agency Commercial Mortgage-Backed Securities		–			13,290,230			–		13,290,230
U.S. Treasury Obligations		2,465,795			3,631,663			–		6,097,458
Short-Term Investments
Repurchase Agreements		–			895,181			–		895,181
Total	$	2,465,795		$	170,233,800		$	314,903	$	173,014,498

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	108,023		$	–	$	108,023
Liabilities		–			(1,825	)		–		(1,825	)
Centrally Cleared CPI Swap Contracts
Assets		–			601			–		601
Liabilities		–			–			–		–
Futures Contracts
Assets		–			–			–		–
Liabilities		(105,742	)		–			–		(105,742	)
Total	$	(105,742	)	$	106,799		$	–	$	1,057

	⁽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.

38	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	173,211,729
Investments in securities, at fair value	$	173,014,498
Cash		80,573
Deposits with brokers for futures collateral		355,300
Deposits with brokers for swap contracts collateral		445,284
Foreign cash, at value (cost $7)		7
Receivables:
Investment securities sold		6,307,808
Interest		1,701,955
Capital shares sold		85,635
From advisor (See Note 4)		12,788
Prepaid expenses		2,045
Total assets		182,005,893
LIABILITIES:
Payables:
Investment securities purchased		13,589,505
Transfer agent fees		181,759
Capital shares reacquired		156,233
Management fee		47,908
Directors’ fees		11,798
Variation margin for futures contracts		6,712
Fund administration		5,475
Variation margin for centrally cleared swap contract agreements		871
Accrued expenses		25,316
Total liabilities		14,025,577
Commitments and contingent liabilities		–
NET ASSETS	$	167,980,316
COMPOSITION OF NET ASSETS:
Paid-in capital	$	178,776,097
Total distributable earnings/(loss)		(10,795,781	)
Net Assets	$	167,980,316
Net assets by class:
Class VC Shares	$	167,970,198
Class I Shares	$	10,118
Outstanding shares by class:
Class VC Shares (250 million shares of common stock authorized, $.001 par value)		12,551,536
Class I Shares (100 million shares of common stock authorized, $.001 par value)		1,008
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class VC Shares-Net asset value		$13.38
Class I Shares-Net asset value		$10.04


	See Notes to Financial Statements.	39

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Interest and other (net of foreign withholding taxes of $166)	$	4,058,527
Securities lending net income		17
Total investment income		4,058,544
Expenses:
Management fee		277,824
Non-12b-1 service fees		198,567
Shareholder servicing		87,445
Fund administration		31,751
Professional		26,865
Custody		12,434
Reports to shareholders		8,290
Directors’ fees		2,132
Reverse repurchase agreements interest expense (See Note 2(k))		524
Other		13,225
Gross expenses		659,057
Fees waived and expenses reimbursed (See Note 4)		(38,270	)
Net expenses		620,787
Net investment income		3,437,757
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		94,420
Net realized gain/(loss) on futures contracts		(326,617	)
Net realized gain/(loss) on swap contracts		(258,869	)
Net change in unrealized appreciation/(depreciation) on investments		(1,468,710	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(162,358	)
Net change in unrealized appreciation/(depreciation) on swap contracts		191,603
Net realized and unrealized gain/(loss)		(1,930,531	)
Net Increase in Net Assets Resulting From Operations	$	1,507,226


40	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	3,437,757			$	6,316,279
Net realized gain/(loss)			(491,066	)			885,076
Net change in unrealized appreciation/(depreciation)			(1,439,465	)			895,246
Net increase in net assets resulting from operations			1,507,226				8,096,601
Distributions to shareholders:
Class VC			–				(6,787,489	)
Class I^(a)			–				–
Total distribution to shareholders			–				(6,787,489	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares			19,356,253				44,639,243
Reinvestment of distributions			–				6,787,489
Cost of shares reacquired			(9,892,345	)			(31,348,629	)
Net increase in net assets resulting from capital share transactions			9,463,908				20,078,103
Net increase in net assets			10,971,134				21,387,215
NET ASSETS:
Beginning of period		$	157,009,182			$	135,621,967
End of period		$	167,980,316			$	157,009,182


^(a)	For the period May 1, 2026, commencement of operations, to June 30, 2026.


	See Notes to Financial Statements.	41

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain/(loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class VC
6/30/2026^(d)	$	13.26	$	0.29	$	(0.17	)	$	0.12		$	–		$	13.38
12/31/2025		13.09		0.60		0.17			0.77			(0.60	)		13.26
12/31/2024		13.03		0.61		0.06			0.67			(0.61	)		13.09
12/31/2023		12.99		0.53		0.12			0.65			(0.61	)		13.03
12/31/2022		14.09		0.29		(1.00	)		(0.71	)		(0.39	)		12.99
12/31/2021		14.31		0.20		(0.10	)		0.10			(0.32	)		14.09
Class I
5/1/2026 to 6/30/2026^(d)(g)		10.00		0.07		(0.03	)		0.04			–			10.04


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Includes the effect of To-Be-Announced (TBA) transactions, if applicable.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Commenced on May 1, 2026.


42	See Notes to Financial Statements.

			Ratios to Average Net Assets:												Supplemental Data:

Total return^(b) (%)			Total expenses after waivers and/or reimbursements (includes interest expense) (%)			Total expenses after waivers and/or reimbursements (excludes interest expense) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate^(c) (%)

	0.90	^(f)		0.78	^(f)		0.78	^(f)		0.83	^(f)		4.33	^(f)	$	167,970		84	^(e)
	5.90			0.82			0.82			0.84			4.46			157,009		153
	5.14			0.82			0.82			0.84			4.61			135,622		107
	5.05			0.83			0.83			0.85			4.04			124,479		79
	(5.06	)		0.83			0.83			0.84			2.12			119,180		71
	0.63			0.81			0.81			0.83			1.40			120,559		66

	0.40	^(e)		0.42	^(f)		0.42	^(f)		0.48	^(f)		4.45	^(f)		10		84	^(e)


	See Notes to Financial Statements.	43

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek a high level of income consistent with preservation of capital. The Fund has two share classes, Variable Contract class shares (“Class VC Shares”) and Class I shares, each with different expenses and dividends. Shares of the Fund are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies. Class I shares commenced operations on May 1, 2026 and are only offered to separate accounts of insurance companies that have entered into an agreement with Lord Abbett Distributor to specifically offer Class I shares.

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

Segment Reporting

Notes to Financial Statements (unaudited)(continued)

2.	SIGNIFICANT ACCOUNTING POLICIES


(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (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 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 are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

Notes to Financial Statements (unaudited)(continued)

●	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 and other financial instruments as of June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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)	Commercial Paper–The Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes.

(c)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Floating Rate Loans–The 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

Notes to Financial Statements (unaudited)(continued)

	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. The 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.

	The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/(depreciation) on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities and represents the mark to market of the unfunded portion of the Fund’s floating rate notes.

	As of June 30, 2026, the Fund did not have any unfunded loan commitments.

(e)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(f)	Income Taxes–It is the policy of 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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, no liability for Federal Income tax is required in

Notes to Financial Statements (unaudited)(continued)

	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 three fiscal years 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.

(g)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an 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. Withholding taxes on foreign dividends 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.

(h)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(i)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(j)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(k)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that a Fund may reinvest the cash it receives in additional

Notes to Financial Statements (unaudited)(continued)

	securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price.

(l)	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.

(m)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the 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 the Fund’s custodian in order to pay for the commitment. At the time the 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. The 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.	DERIVATIVE TRANSACTIONS

Derivatives–During the six months ended June 30, 2026, the Fund used derivative instruments including futures contracts and swap contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Notes to Financial Statements (unaudited)(continued)

a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund 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 Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

Notes to Financial Statements (unaudited)(continued)

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is 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 Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits with broker for swap contracts collateral on the Statement 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 Statement 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 Statement 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 Fund’s OTC swap contract agreements are subject to master netting arrangements.

Credit Default Swap Contracts–During the six months ended June 30, 2026, the Fund 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.

Notes to Financial Statements (unaudited)(continued)

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 Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligations.

Inflation-Linked Swap Contracts–During the six months ended June 30, 2026, the Fund entered into inflation-linked derivatives, such as Consumer Price Index Swap Contract Agreements (“CPI swap contracts”). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract’s maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized appreciation/(depreciation) on swap contracts in the Fund’s Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net realized gain/(loss) on swap contracts in the Fund’s Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Fund since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default.

Interest Rate Swap Contracts–During the six months ended June 30, 2026, the Fund 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 its portfolio. 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.

Summary of Derivatives Information–As of June 30, 2026, the Fund in the table below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities:

Notes to Financial Statements (unaudited)(continued)

Series Fund—Short Duration Income Portfolio

Asset Derivatives

Statement of Assets
and Liabilities
Location

Interest
Rate
Risk

Credit
Risk

Inflation
Linked
Risk

Centrally Cleared CPI Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

$601

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

108,023

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

Variation margin for centrally cleared swap contract agreements

–

1,825

–

Futures Contracts⁽²⁾

Variation margin for futures contracts

$105,742

–

⁽¹⁾		Includes the value of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin, presented as either a receivable or a payable, is reported within the Statement of Assets and Liabilities.
⁽²⁾		Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin, presented as either a receivable or a payable, is reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivatives for the Fund on the Statement of Operations for the six months ended June 30, 2026:

Series Fund—Short Duration Income Portfolio
	Statement of Operations Location	Inflation Linked/ Interest Rate Risk			Credit Risk
Amount of Realized Gain/(Loss) on Derivatives
CPI/Interest Rate Swap Contracts	Net realized gain/(loss) on swap contracts		$(271,804	)		–
Credit Default Swap Contracts	Net realized gain/(loss) on swap contracts		–			$12,935
Futures Contracts	Net realized gain/(loss) on futures contracts		$(326,617	)		–
Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
CPI/Interest Rate Swap Contracts	Net change in unrealized appreciation/(depreciation) on swap contracts		$ 188,136			–
Credit Default Swap Contracts	Net change in unrealized appreciation/(depreciation) on swap contracts		–			$3,467
Futures Contracts	Net change in unrealized appreciation/(depreciation) on futures contracts		$(162,358	)		–
Average derivatives volume calculated based on the number of contracts or notional amounts
CPI/Interest Rate Swap Contracts			$10,355,714			–
Credit Default Swap Contracts			–			$4,935,646
Futures Contracts			476			–

Notes to Financial Statements (unaudited)(continued)

4.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.35%
Next $1 billion	.30%
Over $2 billion	.25%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .32% of the Fund’s average daily net assets.

Effective May 1, 2026 and continuing through April 30, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding certain of the Fund’s expenses, to the following annual rates:

	Effective May 1, 2026
	Classes
Fund	VC	I
Short Duration Income Portfolio	.72%	.47%

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

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in non-12b-1 service fees in the Statement of Operations. The Fund’s Class I Shares are not subject to a non-12b-1 shareholder service fee. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

Notes to Financial Statements (unaudited)(continued)

5.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Short Duration Income Portfolio		$ –		$ –		$ –		$ –

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Series Fund-Short Duration Income Portfolio		$6,787,489		$ –		$ –		$6,787,489

Fund	Short-Term Losses		Long-Term Losses		Net Capital Losses
Series Fund-Short Duration Income Portfolio	$(2,015,659	)	$(10,209,776	)	$(12,225,435	)

As of June 30, 2026, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

Fund		Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Series Fund-Short Duration Income Portfolio		$174,419,599		$553,079		$(2,048,344	)	$(1,495,265	)

Notes to Financial Statements (unaudited)(continued)

6.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases		Non-U.S. Government Purchases		U.S. Government Sales		Non-U.S. Government Sales
$65,547,766		$86,593,869		$65,430,886		$69,316,631

7.	DIRECTORS’ REMUNERATION

8.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

9.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

10.	CUSTODIAN AND ACCOUNTING AGENT

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

11.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

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

12.	INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to the Fund, a risk that is greater with high-yield bonds (sometimes called “junk bonds”) in which the Fund may substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, 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.

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

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions 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. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

Notes to Financial Statements (unaudited)(continued)

forecast market movements, changes in foreign exchange and interest rates, and other factors. 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.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund’s investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

The Fund may invest in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships, or other business entities. The senior loans in which the Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics,

Notes to Financial Statements (unaudited)(concluded)

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.

13.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)						Year Ended December 31, 2025
	Shares			Amount				Shares			Amount
Class VC Shares
Shares sold		1,450,479		$	19,329,497				3,311,224		$	44,639,243
Reinvestment of distributions		–			–				513,038			6,787,489
Shares reacquired		(741,542	)		(9,875,674	)			(2,343,017	)		(31,348,629	)
Increase		708,937		$	9,453,823				1,481,245		$	20,078,103
Class I Shares^(a)
Shares sold		2,675		$	26,756				–			–
Shares reacquired		(1,667	)		(16,671	)			–			–
Increase		1,008		$	10,085				–			–

^(a)	For the period May 1, 2026, commencement of operations, to June 30, 2026.

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

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

legal requirements and 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, the fees charged for the services, 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. 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 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. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two benchmarks as of various periods ended June 30, 2025. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, five- and ten-year periods but below the median of the performance peer group for the three-year period. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group and the nature of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, the Fund’s net total expense ratio and actual management fee were below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of

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

its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with contractual breakpoints in the level of the 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 the Fund.

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

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Short Duration Income Portfolio

SFSDI-PORT-3
(08/26)

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett

Series Fund—Total Return Portfolio

For the six-month period ended June 30, 2026

Table of Contents

1		Schedule of Investments (Item 7)

26		Statement of Assets and Liabilities (Item 7)

27		Statement of Operations (Item 7)

28		Statements of Changes in Net Assets (Item 7)

30		Financial Highlights (Item 7)

32		Notes to Financial Statements (Item 7)

46		Changes in and Disagreements with Accountants (Item 8)

46		Proxy Disclosures (Item 9)

46		Remuneration Paid to Directors, Officers, and Others (Item 10)

46		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Schedule of Investments (unaudited)

June 30, 2026

Investments	Interest Rate	Maturity Date		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 115.16%

ASSET-BACKED SECURITIES 14.58%

Automobiles 7.10%
AmeriCredit Automobile Receivables Trust Series 2022-2 Class C	5.32%	4/18/2028	$	481,095	$	482,519
BofA Auto Trust Series 2024-1A Class A3^†	5.35%	11/15/2028		486,698		488,930
BofA Auto Trust Series 2026-1A Class A3^†	4.18%	10/15/2030		1,705,000		1,694,777
Bridgecrest Lending Auto Securitization Trust Series 2025-2 Class A3	4.78%	12/15/2028		569,914		570,868
CarMax Auto Owner Trust Series 2023-1 Class B	4.98%	1/16/2029		2,130,000		2,137,408
CarMax Auto Owner Trust Series 2023-2 Class A4	5.01%	11/15/2028		160,000		160,669
CarMax Select Receivables Trust Series 2024-A Class A3	5.40%	11/15/2028		971,048		975,648
Citizens Auto Receivables Trust Series 2024-2 Class A4^†	5.26%	4/15/2031		1,821,000		1,837,705
CPS Auto Receivables Trust Series 2022-B Class E^†	7.14%	10/15/2029		1,104,702		1,112,449
CPS Auto Receivables Trust Series 2024-A Class D^†	6.13%	4/15/2030		1,005,000		1,017,364
CPS Auto Receivables Trust Series 2024-D Class C^†	4.76%	1/15/2031		1,555,000		1,554,227
CPS Auto Receivables Trust Series 2026-B Class C^†	4.93%	7/15/2032		815,000		812,977
Drive Auto Receivables Trust Series 2025-2 Class A3	4.14%	9/15/2032		1,135,000		1,133,351
Enterprise Fleet Financing LLC Series 2023-1 Class A3^†	5.42%	10/22/2029		886,088		888,886
Enterprise Fleet Financing LLC Series 2024-1 Class A3^†	5.16%	9/20/2030		650,000		655,723
Exeter Automobile Receivables Trust Series 2023-3A Class D	6.68%	4/16/2029		870,000		880,670
Exeter Automobile Receivables Trust Series 2023-4A Class D	6.95%	12/17/2029		720,000		731,173
Exeter Automobile Receivables Trust Series 2024-3A Class B	5.57%	9/15/2028		289,449		289,716
Exeter Automobile Receivables Trust Series 2024-4A Class C	5.48%	8/15/2030		688,000		692,716
Exeter Automobile Receivables Trust Series 2024-5A Class C	4.64%	1/15/2030		1,060,000		1,061,640
Exeter Automobile Receivables Trust Series 2025-2A Class B	4.92%	9/17/2029		1,450,000		1,452,731
Exeter Automobile Receivables Trust Series 2025-3A Class B	4.86%	2/15/2030		745,000		747,401
Ford Credit Auto Owner Trust Series 2023-2 Class A^†	5.28%	2/15/2036		990,000		1,006,871
Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class A1^†	5.29%	4/15/2029		3,275,000		3,302,169

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date		Principal Amount		Fair Value
Automobiles (continued)
GM Financial Automobile Leasing Trust Series 2024-3 Class A3	4.21%	10/20/2027	$	754,285	$	754,509
GM Financial Automobile Leasing Trust Series 2026-1 Class A4	3.98%	1/22/2030		1,270,000		1,259,167
GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class B	6.16%	4/16/2029		675,000		685,926
GM Financial Revolving Receivables Trust Series 2022-1 Class A^†	5.91%	10/11/2035		1,410,000		1,438,480
Harley-Davidson Motorcycle Trust Series 2023-B Class A4	5.78%	4/15/2031		811,000		821,493
Huntington Auto Trust Series 2024-1A Class A3^†	5.23%	1/16/2029		863,795		867,765
Hyundai Auto Lease Securitization Trust Series 2025-B Class B^†	4.94%	8/15/2029		730,000		732,376
LAD Auto Receivables Trust Series 2023-2A Class D^†	6.30%	2/15/2031		1,575,000		1,587,521
Nissan Auto Lease Trust Series 2025-A Class A3	4.75%	3/15/2028		1,555,000		1,561,034
OneMain Direct Auto Receivables Trust Series 2023-1A Class A^†	5.41%	11/14/2029		759,861		763,227
Santander Drive Auto Receivables Trust Series 2024-1 Class C	5.45%	3/15/2030		620,000		623,689
Santander Drive Auto Receivables Trust Series 2024-2 Class C	5.84%	6/17/2030		615,000		622,704
Santander Drive Auto Receivables Trust Series 2025-2 Class B	4.87%	5/15/2031		1,010,000		1,015,437
Santander Drive Auto Receivables Trust Series 2025-4 Class C	4.52%	1/15/2032		1,995,000		1,983,318
SBNA Auto Receivables Trust Series 2024-A Class A3^†	5.32%	12/15/2028		193,709		193,893
Toyota Lease Owner Trust Series 2025-A Class A3^†	4.75%	2/22/2028		895,000		896,954
Westlake Automobile Receivables Trust Series 2023-1A Class C^†	5.74%	8/15/2028		349,865		350,300
Westlake Automobile Receivables Trust Series 2024-2A Class C^†	5.68%	3/15/2030		1,535,000		1,547,735
World Omni Auto Receivables Trust Series 2024-B Class A3	5.27%	9/17/2029		1,270,035		1,277,409
World Omni Automobile Lease Securitization Trust Series 2025-A Class B	4.68%	5/15/2030		1,420,000		1,421,228
World Omni Select Auto Trust Series 2025-A Class A2A	4.14%	5/15/2030		622,586		621,901
Total						46,714,654

2	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Credit Card 0.53%
First National Master Note Trust Series 2024-1 Class A	5.34%		5/15/2030	$	1,200,000	$	1,210,171
WF Card Issuance Trust Series 2024-A1 Class A	4.94%		2/15/2029		859,000		863,143
World Financial Network Credit Card Master Note Trust Series 2024-B Class A	4.62%		5/15/2031		1,430,000		1,433,708
Total							3,507,022

Other 6.95%
AB BSL CLO 3 Ltd. Series 2021-3A Class BR^†	5.225% (3 mo. USD Term SOFR + 1.55%	)^#	4/20/2038		1,000,000		1,001,607
ACREC LLC Series 2026-FL5 Class A^†	4.95% (1 mo. USD Term SOFR + 1.35%	)^#	7/18/2043		390,000		390,331
Affirm Master Trust Series 2025-3A Class A^†	4.45%		10/16/2034		1,010,000		1,002,805
Affirm Master Trust Series 2026-1A Class A^†	4.37%		2/15/2034		1,105,000		1,099,463
Arbor Realty Commercial Real Estate Notes LLC Series 2026-FL1 Class A^†	5.139% (1 mo. USD Term SOFR + 1.50%	)^#	9/20/2043		780,000		782,925
ARES Loan Funding V Ltd. Series 2024-ALF5AR Class A1R^†	4.851% (3 mo. USD Term SOFR + 1.22%	)^#	7/25/2037		1,630,000		1,630,585
Avant Loans Funding Trust Series 2024-REV1 Class A^†	5.92%		10/15/2033		1,240,000		1,241,907
Ballyrock CLO Ltd. Series 2024-22AR Class A2R^†	5.125% (3 mo. USD Term SOFR + 1.50%	)^#	7/15/2039		1,080,000		1,084,382
Barrow Hanley CLO III Ltd. Series 2024-3A Class AR^†	4.891% (3 mo. USD Term SOFR + 1.27%	)^#	4/20/2038		1,240,000		1,241,240
BlueMountain CLO XXIX Ltd. Series 2020-29AR Class BR2^†	5.185% (3 mo. USD Term SOFR + 1.55%	)^#	7/25/2034		1,560,000		1,561,064
BSPDF Issuer LLC Series 2026-FL3 Class A^†	5.087% (1 mo. USD Term SOFR + 1.45%	)^#	9/18/2043		680,000		682,128
BSPDF Issuer LLC Series 2026-FL4 Class A^†	5.087% (1 mo. USD Term SOFR + 1.45%	)^#	11/18/2043		1,000,000		1,000,819
BSPRT Issuer LLC Series 2025-FL12 Class A^†	5.022% (1 mo. USD Term SOFR + 1.39%	)^#	1/17/2043		710,000		712,009
Cajun Global LLC Series 2025-2A Class A2^†	5.912%		11/20/2055		550,000		549,457
Cherry Securitization Trust Series 2025-1A Class A^†	6.13%		11/15/2032		920,000		929,220
DLLAD LLC Series 2023-1A Class A4^†	4.80%		6/20/2030		1,780,000		1,787,002
Driven Brands Funding LLC Series 2025-1A Class A2^†	5.296%		10/20/2055		547,250		532,225

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date		Principal Amount		Fair Value
Other (continued)
GreatAmerica Leasing Receivables Funding LLC Series 2026-1 Class A3^†	4.76%		9/16/2030	$	965,000	$	970,776
GreenSky Home Improvement Issuer Trust Series 2026-REV1 Class A^†	4.93%		5/15/2041		1,410,000		1,410,496
KKR CLO 35 Ltd. Series 35A Class BR^†	5.275% (3 mo. USD Term SOFR + 1.60%	)^#	1/20/2038		1,280,000		1,280,703
Lending Funding Trust Series 2020-2A Class A^†	2.32%		4/21/2031		660,731		654,975
LoanCore Issuer Ltd. Series 2025-CRE8 Class A^†	5.021% (1 mo. USD Term SOFR + 1.39%	)^#	8/17/2042		1,080,000		1,082,098
Mariner Finance Issuance Trust Series 2021-AA Class A^†	1.86%		3/20/2036		899,998		890,055
MF1 LLC Series 2026-FL22 Class A^†	5.037% (1 mo. USD Term SOFR + 1.40%	)^#	11/18/2043		1,630,000		1,633,412
Neuberger Berman Loan Advisers CLO 54 Ltd. Series 2024-54AR Class AR^†	4.823% (3 mo. USD Term SOFR + 1.20%	)^#	4/23/2038		1,620,000		1,629,064
PEAC Solutions Receivables LLC Series 2024-1A Class A3^†	5.64%		11/20/2030		1,400,000		1,417,493
PEAC Solutions Receivables LLC Series 2024-2A Class A2^†	4.74%		4/20/2027		187,177		187,357
PFP Ltd. Series 2026-13 Class A^†	5.137% (1 mo. USD Term SOFR + 1.50%	)^#	8/18/2043		1,070,000		1,075,441
PFP Ltd. Series 2026-14 Class A^†	4.97% (1 mo. USD Term SOFR + 1.32%	)^#	12/18/2043		1,010,000		1,010,474
Post Road Equipment Finance LLC Series 2026-1A Class A2^†	4.47%		1/18/2033		2,340,000		2,334,364
RAD CLO 27 Ltd. Series 2024-27A Class A1^†	4.993% (3 mo. USD Term SOFR + 1.32%	)^#	1/15/2038		890,000		890,969
Regatta XXVIII Funding Ltd. Series 2024-2AR Class A2R^†	5.128% (3 mo. USD Term SOFR + 1.40%	)^#	7/25/2039		470,000		470,200
SEB Funding LLC Series 2026-1A Class A2^†	6.665%		1/30/2056		1,310,000		1,301,499
T-Mobile U.S. Trust Series 2024-2A Class A^†	4.25%		5/21/2029		1,235,000		1,235,043
U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2 Class B1^†	4.818%		9/25/2032		439,181		431,606
Verdant Receivables LLC Series 2025-1A Class A3^†	4.96%		5/12/2033		2,525,000		2,536,941
Verizon Master Trust Series 2024-3 Class A1A	5.34%		4/22/2030		1,775,000		1,790,578
Verizon Master Trust Series 2024-6 Class A1A	4.17%		8/20/2030		1,155,000		1,154,005
Verizon Master Trust Series 2025-3 Class A1A	4.51%		3/20/2030		615,000		616,213
Warwick Capital CLO 2 Ltd. Series 2023-2A Class A2R^†	5.211% (3 mo. USD Term SOFR + 1.55%	)^#	3/15/2039		800,000		800,662

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments		Interest Rate		Maturity Date		Principal Amount		Fair Value
Other (continued)
Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1^†	5.105% (3 mo. USD Term SOFR + 1.43%		)^#	7/20/2038	$	1,665,000	$	1,668,974
Total								45,702,567
Total Asset-Backed Securities (cost $95,917,944)								95,924,243

						Shares

COMMON STOCKS 0.01%

Diversified Telecommunication Services 0.01%
Luxco Co. Ltd.*^(a)(cost $54,808)						3,060		61,118

						Principal Amount

CORPORATE BONDS 40.61%

Aerospace/Defense 0.72%
ATI, Inc.		5.875%		6/15/2033	$	238,000		241,448
ATI, Inc.		7.25%		8/15/2030		626,000		650,381
Hexcel Corp.		5.875%		2/26/2035		1,077,000		1,116,653
Howmet Aerospace, Inc.		3.75%		3/3/2028		729,000		720,503
Northrop Grumman Corp.		3.25%		1/15/2028		1,315,000		1,292,639
TransDigm, Inc.^†		6.75%		1/31/2034		693,000		711,312
Total								4,732,936

Agriculture 0.69%
Altria Group, Inc.		4.875%		2/4/2028		1,779,000		1,788,251
BAT Capital Corp.		5.625%		8/15/2035		643,000		662,896
Imperial Brands Finance PLC (United Kingdom)^†(b)		5.875%		7/1/2034		1,318,000		1,356,057
Japan Tobacco, Inc. (Japan)^†(b)		5.85%		6/15/2035		697,000		729,901
Total								4,537,105

Airlines 0.20%
JetBlue Airways Corp./JetBlue Loyalty LP^†		9.875%		9/20/2031		702,000		636,761
United Airlines Holdings, Inc.		4.875%		3/1/2029		674,000		667,790
Total								1,304,551

Auto Manufacturers 0.75%
Ford Motor Credit Co. LLC		2.90%		2/10/2029		901,000		848,164
Ford Motor Credit Co. LLC		5.303%		9/6/2029		754,000		751,441
Ford Motor Credit Co. LLC		7.20%		6/10/2030		831,000		876,121
JB Poindexter & Co., Inc.^†		8.75%		12/15/2031		618,000		636,154
Nissan Motor Acceptance Co. LLC^†		7.05%		9/15/2028		918,000		941,232

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Auto Manufacturers (continued)

Stellantis Financial Services U.S. Corp.^†

5.40%

6/15/2029

412,000

410,604

Toyota Motor Credit Corp.

4.55%

9/20/2027

504,000

505,675

Total

4,969,391

Auto Parts & Equipment 0.20%

Clarios Global LP/Clarios U.S. Finance Co.^†

6.75%

9/15/2032

635,000

648,923

ZF North America Capital, Inc.^†

6.75%

4/23/2030

648,000

643,114

Total

1,292,037

Banks 7.22%

ABN AMRO Bank NV (Netherlands)^†(b)

3.324%
(5 yr. CMT + 1.90%

)^#

3/13/2037

800,000

719,994

Banco de Credito del Peru SA (Peru)^†(b)

5.65%
(5 yr. CMT + 1.96%

)^#

1/15/2037

1,080,000

1,086,588

Bank of America Corp.

2.087%
(SOFR + 1.06%

)^#

6/14/2029

2,750,000

2,619,093

Bank of America Corp.

3.97%
(3 mo. USD Term SOFR + 1.33%

)^#

3/5/2029

3,996,000

3,953,904

BankUnited, Inc.

5.125%

6/11/2030

501,000

497,547

Cassa Depositi e Prestiti SpA (Italy)^(b)

4.375%

10/1/2030

1,843,000

1,817,813

Citigroup, Inc.

3.887%
(3 mo. USD Term SOFR + 1.82%

)^#

1/10/2028

1,186,000

1,182,081

Citigroup, Inc.

3.98%
(3 mo. USD Term SOFR + 1.60%

)^#

3/20/2030

2,173,000

2,131,358

Citizens Financial Group, Inc.

5.718%
(SOFR + 1.91%

)^#

7/23/2032

1,956,000

2,008,283

First Citizens BancShares, Inc.

5.60%
(5 yr. CMT + 1.85%

)^#

9/5/2035

1,324,000

1,300,422

Goldman Sachs Group, Inc.

2.383%
(SOFR + 1.25%

)^#

7/21/2032

1,193,000

1,054,710

Goldman Sachs Group, Inc.

4.153%
(SOFR + 0.90%

)^#

10/21/2029

1,106,000

1,090,529

Goldman Sachs Group, Inc.

5.094%
(SOFR + 1.34%

)^#

4/20/2034

731,000

728,275

JPMorgan Chase & Co.

2.069%
(SOFR + 1.02%

)^#

6/1/2029

924,000

881,023

JPMorgan Chase & Co.

3.54%
(3 mo. USD Term SOFR + 1.64%

)^#

5/1/2028

1,436,000

1,424,388

JPMorgan Chase & Co.

5.148%
(SOFR + 1.26%

)^#

4/23/2037

645,000

640,598

JPMorgan Chase & Co.

5.193%
(SOFR + 1.30%

)^#

2/5/2037

1,669,000

1,642,084

JPMorgan Chase & Co.

5.294%

(SOFR + 1.46%

)^#

7/22/2035

739,000

746,974

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

JPMorgan Chase & Co.

5.576%
(SOFR + 1.64%

)^#

7/23/2036

759,000

770,850

Macquarie Group Ltd. (Australia)^†(b)

4.654%
(3 mo. USD Term SOFR + 1.99%

)^#

3/27/2029

1,500,000

1,496,336

Morgan Stanley

2.239%
(SOFR + 1.18%

)^#

7/21/2032

1,171,000

1,027,513

Morgan Stanley

5.25%
(SOFR + 1.87%

)^#

4/21/2034

444,000

446,922

Morgan Stanley

5.296%
(SOFR + 1.41%

)^#

4/10/2037

652,000

649,006

Morgan Stanley

5.297%
(SOFR + 2.62%

)^#

4/20/2037

907,000

903,590

Morgan Stanley

5.32%
(SOFR + 1.56%

)^#

7/19/2035

713,000

716,733

Morgan Stanley

5.424%
(SOFR + 1.88%

)^#

7/21/2034

912,000

926,492

PNC Financial Services Group, Inc.

5.676%
(SOFR + 1.90%

)^#

1/22/2035

916,000

944,281

Truist Financial Corp.

5.711%
(SOFR + 1.92%

)^#

1/24/2035

1,332,000

1,372,053

U.S. Bancorp

4.839%
(SOFR + 1.60%

)^#

2/1/2034

1,407,000

1,388,699

UBS Group AG (Switzerland)^†(b)

1.494%
(1 yr. CMT + 0.85%

)^#

8/10/2027

1,717,000

1,711,009

UBS Group AG (Switzerland)^†(b)

4.703%
(1 yr. CMT + 2.05%

)^#

8/5/2027

869,000

869,007

UBS Group AG (Switzerland)^†(b)

4.988%
(1 yr. CMT + 2.40%

)^#

8/5/2033

757,000

752,902

UBS Group AG (Switzerland)^†(b)

6.327%
(1 yr. CMT + 1.60%

)^#

12/22/2027

662,000

667,590

Wells Fargo & Co.

2.393%
(SOFR + 2.10%

)^#

6/2/2028

3,925,000

3,847,448

Wells Fargo & Co.

3.584%
(3 mo. USD Term SOFR + 1.57%

)^#

5/22/2028

1,873,000

1,857,574

Westpac Banking Corp. (Australia)^(b)

3.371%

6/7/2027

1,618,000

1,605,773

Total

47,479,442

Biotechnology 0.45%

Amgen, Inc.

5.15%

3/2/2028

2,110,000

2,130,534

Regeneron Pharmaceuticals, Inc.

2.80%

9/15/2050

1,309,000

801,118

Total

2,931,652


	See Notes to Financial Statements.	7

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Building Materials 0.20%
EMRLD Borrower LP/Emerald Co-Issuer, Inc.^†	6.75%	7/15/2031	$	651,000	$	675,334
Smyrna Ready Mix Concrete LLC^†	6.00%	11/1/2028		631,000		632,610
Total						1,307,944

Chemicals 0.31%
Celanese U.S. Holdings LLC	7.00%	2/15/2031		1,286,000		1,324,534
Rain Carbon, Inc.^†	12.25%	9/1/2029		645,000		688,753
Total						2,013,287

Coal 0.10%
SunCoke Energy, Inc.^†	4.875%	6/30/2029		709,000		671,391

Commercial Services 0.53%
Allied Universal Holdco LLC^†	7.875%	2/15/2031		633,000		662,067
CompoSecure Holdings LLC^†	5.625%	2/1/2033		661,000		645,676
EquipmentShare.com, Inc.^†	9.00%	5/15/2028		623,000		636,309
Global Payments, Inc.	2.90%	11/15/2031		1,102,000		971,623
Herc Holdings, Inc.^†	7.25%	6/15/2033		562,000		586,310
Total						3,501,985

Computers 0.18%
Gartner, Inc.^†	4.50%	7/1/2028		1,188,000		1,167,197

Cosmetics/Personal Care 0.10%
Opal Bidco SAS (France)^†(b)	6.50%	3/31/2032		661,000		674,683

Diversified Financial Services 2.25%
Aircastle Ltd.^†	2.85%	1/26/2028		1,114,000		1,080,740
Aircastle Ltd.^†	6.50%	7/18/2028		998,000		1,027,670
Atlas Warehouse Lending Co. LP^†	4.95%	11/15/2030		885,000		872,845
Aviation Capital Group LLC^†	4.875%	1/28/2033		426,000		414,675
Aviation Capital Group LLC^†	6.375%	7/15/2030		1,471,000		1,543,582
Aviation Capital Group LLC^†	6.75%	10/25/2028		594,000		617,338
Avilease Capital Ltd. (Cayman Islands)^†(b)	5.50%	6/30/2031		980,000		987,652
Avolon Holdings Funding Ltd. (Ireland)^†(b)	2.528%	11/18/2027		133,000		129,095
Avolon Holdings Funding Ltd. (Ireland)^†(b)	6.375%	5/4/2028		470,000		482,265
Citadel Securities Global Holdings LLC^†	6.20%	6/18/2035		1,656,000		1,693,892
Jane Street Group/JSG Finance, Inc.^†	6.75%	5/1/2033		798,000		821,071
LPL Holdings, Inc.^†	4.00%	3/15/2029		1,291,000		1,255,395
LPL Holdings, Inc.	5.75%	6/15/2035		747,000		749,186
Muthoot Finance Ltd. (India)^(b)	6.375%	4/23/2029		750,000		751,585
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%	3/15/2027		913,000		911,697


8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Diversified Financial Services (continued)
Nuveen LLC^†	5.85%		4/15/2034	$	936,000	$	958,885
OneMain Finance Corp.	7.50%		5/15/2031		497,000		513,763
Total							14,811,336

Electric 4.17%
AEP Texas, Inc.	5.20%		4/15/2036		663,000		654,238
AES Corp.^†	3.95%		7/15/2030		1,193,000		1,143,256
Capital Power U.S. Holdings, Inc.^†	6.189%		6/1/2035		1,259,000		1,305,325
Chpe LLC^†	5.10%		6/30/2033		460,000		458,923
Chpe LLC^†	5.35%		6/30/2036		775,000		772,858
Comision Federal de Electricidad (Mexico)^†(b)	6.045%		1/28/2034		357,000		349,946
Comision Federal de Electricidad (Mexico)^(b)	6.45%		1/24/2035		666,000		666,761
Constellation Energy Generation LLC^†	5.00%		2/1/2031		1,548,000		1,547,969
COX Asset Mexico SA de CV (Mexico)^†(b)	7.75%		5/8/2036		635,000		650,240
Dominion Energy, Inc.	5.45%		3/15/2035		678,000		688,485
Electricite de France SA (France)^(b)	4.50%		12/4/2069		400,000		286,689
Entergy Louisiana LLC	4.90%		4/15/2036		341,000		332,651
Entergy Mississippi LLC	5.05%		4/15/2036		1,009,000		992,397
Florida Power & Light Co.	5.60%		2/15/2066		658,000		633,992
Florida Power & Light Co.	5.80%		3/15/2065		405,000		403,412
Indiana Michigan Power Co.	5.60%		3/15/2056		305,000		297,091
Indianapolis Power & Light Co.^†	5.65%		12/1/2032		1,762,000		1,826,424
ITC Holdings Corp.^†	5.50%		4/15/2036		649,000		658,378
Louisville Gas & Electric Co.	5.85%		8/15/2055		669,000		673,582
Narragansett Electric Co.^†	5.35%		5/1/2034		1,005,000		1,019,798
NRG Energy, Inc.^†	4.45%		6/15/2029		537,000		529,103
NRG Energy, Inc.^†	5.407%		10/15/2035		747,000		734,667
NRG Energy, Inc.^†	6.00%		2/1/2033		796,000		800,557
Oglethorpe Power Corp.	5.80%		6/1/2054		620,000		610,254
Pacific Gas & Electric Co.	5.20%		5/1/2036		556,000		540,257
Pacific Gas & Electric Co.	5.80%		5/15/2034		1,611,000		1,647,465
PG&E Corp.	6.85% (5 yr. CMT + 3.23%	)^#	9/15/2056		356,000		354,912
PSEG Power LLC^†	5.75%		5/15/2035		983,000		1,003,896
Talen Energy Supply LLC^†	6.25%		2/1/2034		773,000		768,626
Virginia Electric & Power Co.	4.95%		3/15/2036		345,000		337,826
Virginia Electric & Power Co.	5.05%		8/15/2034		1,793,000		1,795,065
Vistra Operations Co. LLC^†	5.70%		12/30/2034		2,292,000		2,318,072
Vistra Operations Co. LLC^†	7.75%		10/15/2031		591,000		618,579
Total							27,421,694


	See Notes to Financial Statements.	9

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electronics 0.68%
Flex Ltd.	5.25%	1/15/2032	$	401,000	$	401,606
Flex Ltd.	5.375%	11/13/2035		658,000		649,063
nVent Finance SARL (Luxembourg)^(b)	4.55%	4/15/2028		2,361,000		2,352,131
Vontier Corp.	2.95%	4/1/2031		1,159,000		1,050,872
Total						4,453,672

Engineering & Construction 0.30%
MasTec, Inc.^†	4.50%	8/15/2028		1,319,000		1,306,593
Weekley Homes LLC/Weekley Finance Corp.^†	4.875%	9/15/2028		690,000		681,002
Total						1,987,595

Entertainment 0.26%
Flutter Treasury DAC (Ireland)^†(b)	5.875%	6/4/2031		1,039,000		1,035,862
Pioneer Opco LLC^†	7.00%	5/15/2033		641,000		653,086
Total						1,688,948

Equity Real Estate 0.13%
Kennedy-Wilson, Inc.^†	7.00%	6/1/2031		839,000		858,158

Food 0.37%
JBS NV/JBS USA Foods Group Holdings, Inc./ JBS USA Food Co. Holdings (Netherlands)^(b)	6.375%	4/15/2066		894,000		878,584
Pilgrim’s Pride Corp.	3.50%	3/1/2032		830,000		757,157
Smithfield Foods, Inc.^†	2.625%	9/13/2031		936,000		827,730
Total						2,463,471

Gas 0.65%
CenterPoint Energy Resources Corp.	4.40%	7/1/2032		1,443,000		1,407,555
National Fuel Gas Co.	5.50%	5/15/2036		532,000		528,923
National Fuel Gas Co.	5.95%	3/15/2035		1,234,000		1,272,584
NiSource, Inc.	5.30%	5/18/2036		237,000		237,271
Piedmont Natural Gas Co., Inc.	3.50%	6/1/2029		836,000		811,382
Total						4,257,715

Health Care-Products 1.11%
180 Medical, Inc.^†	5.30%	10/8/2035		1,037,000		1,019,067
Augusta SpinCo Corp.	4.945%	3/23/2033		639,000		635,278
Baxter International, Inc.	2.539%	2/1/2032		2,007,000		1,728,147
Baxter International, Inc.	5.65%	12/15/2035		1,952,000		1,937,100
Medline Borrower LP/Medline Co-Issuer, Inc.^†	6.25%	4/1/2029		592,000		604,933
VSP Optical Group, Inc.^†	5.40%	6/1/2033		326,000		326,980
VSP Optical Group, Inc.^†	5.45%	12/1/2035		1,041,000		1,035,283
Total						7,286,788


10	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Health Care-Services 1.34%
Centene Corp.	2.45%		7/15/2028	$	2,405,000	$	2,286,606
CommonSpirit Health	5.318%		12/1/2034		638,000		639,278
Fresenius Medical Care U.S. Finance III, Inc.^†	2.375%		2/16/2031		1,106,000		981,067
HCA, Inc.	5.50%		3/1/2032		1,727,000		1,765,288
HCA, Inc.	5.50%		6/1/2033		315,000		321,949
Icon Investments Six DAC (Ireland)^(b)	6.00%		5/8/2034		1,243,000		1,277,982
UnitedHealth Group, Inc.	3.45%		1/15/2027		686,000		683,476
Universal Health Services, Inc.	2.65%		10/15/2030		936,000		841,945
Total							8,797,591

Home Furnishings 0.09%
Whirlpool Corp.	6.125%		6/15/2030		675,000		623,320

Insurance 1.15%
Arch Capital Group Ltd.	5.95%		6/15/2056		414,000		418,089
Brighthouse Financial Global Funding^†	5.65%		6/10/2029		1,292,000		1,299,161
Brown & Brown, Inc.	2.375%		3/15/2031		2,445,000		2,171,497
CNO Global Funding^†	5.875%		6/4/2027		1,145,000		1,158,099
Jackson National Life Global Funding^†	4.60%		10/1/2029		1,025,000		1,010,879
New York Life Global Funding^†	4.55%		1/28/2033		1,027,000		1,007,923
Sammons Financial Group Global Funding^†	5.10%		12/10/2029		471,000		473,104
Total							7,538,752

Internet 1.49%
Amazon.com, Inc.	5.80%		3/13/2056		971,000		965,483
Beignet Investor LLC^†	6.581%		5/30/2049		1,880,000		1,918,819
Meta Platforms, Inc.	5.625%		11/15/2055		750,000		680,079
Meta Platforms, Inc.	6.30%		5/15/2056		741,000		738,098
Prosus NV (Netherlands)^(b)	4.027%		8/3/2050		856,000		600,536
Tencent Holdings Ltd. (China)^†(b)	5.00%		6/16/2036		847,000		846,306
Uber Technologies, Inc.^†	4.50%		8/15/2029		2,504,000		2,486,999
Weibo Corp. (China)^(b)	3.375%		7/8/2030		1,698,000		1,593,933
Total							9,830,253

Iron-Steel 0.26%
Carpenter Technology Corp.^†	5.625%		3/1/2034		652,000		652,322
Commercial Metals Co.^†	5.75%		11/15/2033		656,000		652,482
Vale Overseas Ltd. (Brazil)^†(b)	6.00% (5 yr. CMT + 2.43%	)^#	2/25/2056		436,000		436,654
Total							1,741,458


	See Notes to Financial Statements.	11

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Leisure Time 0.50%
Carnival Corp. Ltd.^†	6.125%	2/15/2033	$	978,000	$	990,318
Royal Caribbean Cruises Ltd.^†	5.375%	7/15/2027		947,000		949,140
Royal Caribbean Cruises Ltd.	5.375%	1/15/2036		380,000		377,393
Royal Caribbean Cruises Ltd.^†	6.00%	2/1/2033		963,000		976,851
Total						3,293,702

Lodging 0.31%
Hilton Domestic Operating Co., Inc.^†	5.50%	3/31/2034		641,000		635,811
MGM China Holdings Ltd. (Macau)^(b)	4.75%	2/1/2027		450,000		448,327
Wynn Macau Ltd. (Macau)^†(b)	6.75%	2/15/2034		978,000		972,296
Total						2,056,434

Machinery: Construction & Mining 0.10%
Solaris Energy Infrastructure LLC^†	6.375%	5/15/2031		639,000		646,455

Machinery-Diversified 0.33%
Flowserve Corp.	2.80%	1/15/2032		917,000		814,279
Flowserve Corp.	5.70%	5/15/2036		577,000		580,139
Regal Rexnord Corp.	6.40%	4/15/2033		729,000		774,149
Total						2,168,567

Media 1.13%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%	2/1/2032		713,000		636,457
Cox Communications, Inc.^†	1.80%	10/1/2030		854,000		742,668
Cox Communications, Inc.^†	2.60%	6/15/2031		560,000		494,409
Directv Financing LLC^†	8.875%	2/1/2030		710,000		723,485
Discovery Global Holdings, Inc.	5.05%	3/15/2042		898,000		658,970
Paramount Global	3.375%	2/15/2028		1,174,000		1,143,088
Space Exploration Technologies Corp.^†	5.65%	7/15/2033		1,050,000		1,044,044
Space Exploration Technologies Corp.^†	5.875%	7/15/2036		1,041,000		1,027,815
Univision Communications, Inc.^†	8.50%	7/31/2031		946,000		950,812
Total						7,421,748

Metal Fabricate-Hardware 0.04%
Advanced Drainage Systems, Inc.^†	5.375%	3/1/2034		271,000		265,453

Mining 1.17%
Anglo American Capital PLC (United Kingdom)^†(b)	3.875%	3/16/2029		1,083,000		1,062,343
Anglo American Capital PLC (United Kingdom)^†(b)	5.75%	4/5/2034		424,000		437,509
Corp. Nacional del Cobre de Chile (Chile)^†(b)	6.33%	1/13/2035		1,382,000		1,454,633
Freeport Indonesia PT (Indonesia)^(b)	6.20%	4/14/2052		641,000		627,518
Glencore Funding LLC^†	5.371%	4/4/2029		1,115,000		1,132,601
Glencore Funding LLC^†	6.375%	10/6/2030		570,000		601,003


12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Mining (continued)
Ivanhoe Mines Ltd. (Canada)^†(b)	7.875%	1/23/2030	$	631,000	$	638,783
Navoi Mining & Metallurgical Co. (Uzbekistan)^†(b)	6.75%	5/14/2030		741,000		766,666
Novelis Corp.^†	6.875%	1/30/2030		934,000		958,176
Total						7,679,232

Miscellaneous Manufacturing 0.20%
LSB Industries, Inc.^†	6.25%	10/15/2028		646,000		648,667
Parker-Hannifin Corp.	4.25%	9/15/2027		694,000		692,942
Total						1,341,609

Multi-National 0.08%
Asian Development Bank (Philippines)^(b)	1.50%	1/20/2027		533,000		525,752

Oil & Gas 1.85%
Caturus Energy LLC^†	8.50%	2/15/2030		1,267,000		1,320,954
Continental Resources, Inc.^†	5.75%	1/15/2031		1,016,000		1,034,819
Crescent Energy Finance LLC^†	7.375%	1/15/2033		684,000		680,267
EQT Corp.	7.00%	2/1/2030		1,178,000		1,253,971
Expand Energy Corp.	5.375%	3/15/2030		353,000		354,378
Hilcorp Energy I LP/Hilcorp Finance Co.^†	8.375%	11/1/2033		1,239,000		1,290,833
Nabors Industries, Inc.^†(c)	8.875%	8/15/2031		661,000		679,104
Petroleos Mexicanos (Mexico)^(b)	6.70%	2/16/2032		1,683,000		1,698,945
Saudi Arabian Oil Co. (Saudi Arabia)^†(b)	4.375%	2/2/2031		857,000		838,341
SM Energy Co.^†	6.75%	8/1/2029		643,000		655,094
Transocean International Ltd.^†	7.875%	10/15/2032		673,000		702,925
Viper Energy Partners LLC	5.70%	8/1/2035		686,000		697,271
Wildfire Intermediate Holdings LLC^†	7.50%	10/15/2029		955,000		979,953
Total						12,186,855

Oil & Gas Services 0.21%
Kodiak Gas Services LLC^†	6.50%	10/1/2033		659,000		668,376
WBI Operating LLC^†	6.25%	10/15/2030		688,000		692,197
Total						1,360,573

Packaging & Containers 0.10%
Clydesdale Acquisition Holdings, Inc.^†	6.75%	4/15/2032		675,000		655,661

Pharmaceuticals 1.00%
AbbVie, Inc.	4.80%	3/15/2027		1,154,000		1,158,054
Bayer Corp.^†	6.65%	2/15/2028		670,000		689,899
Bayer U.S. Finance LLC^†	6.375%	11/21/2030		1,065,000		1,121,185
Bayer U.S. Finance LLC^†	6.50%	11/21/2033		650,000		698,037


	See Notes to Financial Statements.	13

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Pharmaceuticals (continued)
CVS Health Corp.	7.00% (5 yr. CMT + 2.89%	)^#	3/10/2055	$	994,000	$	1,032,410
EMD Finance LLC^†	4.125%		8/15/2028		351,000		347,472
Pfizer Investment Enterprises Pte. Ltd. (Singapore)^(b)	4.45%		5/19/2028		1,160,000		1,161,230
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)^(b)	3.15%		10/1/2026		380,000		378,321
Total							6,586,608

Pipelines 2.21%
Colonial Enterprises, Inc.^†	5.627%		11/15/2035		1,020,000		1,021,349
Columbia Pipelines Holding Co. LLC^†	4.999%		11/17/2032		1,511,000		1,494,704
Columbia Pipelines Holding Co. LLC^†	5.097%		10/1/2031		479,000		480,098
DT Midstream, Inc.^†	4.125%		6/15/2029		1,295,000		1,269,437
Eastern Energy Gas Holdings LLC	5.65%		10/15/2054		490,000		469,255
Eastern Energy Gas Holdings LLC	5.80%		1/15/2035		866,000		896,528
Enbridge, Inc. (Canada)^(b)	8.50% (5 yr. CMT + 4.43%	)^#	1/15/2084		1,449,000		1,656,949
Esentia Energy Development SAB de CV (Mexico)^†(b)	6.50%		7/30/2038		1,190,000		1,170,127
Florida Gas Transmission Co. LLC^†	5.75%		7/15/2035		1,306,000		1,345,616
Gulfstream Natural Gas System LLC^†	5.60%		7/23/2035		1,297,000		1,317,240
NGPL PipeCo LLC^†	3.25%		7/15/2031		750,000		690,679
QazaqGaz NC JSC (Kazakhstan)^†(b)	5.625%		5/8/2036		647,000		637,018
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.50%		3/1/2030		817,000		823,900
Venture Global Plaquemines LNG LLC^†	7.50%		5/1/2033		1,168,000		1,282,409
Total							14,555,309

REITS 1.96%
Brandywine Operating Partnership LP	4.55%		10/1/2029		678,000		638,011
Brixmor Operating Partnership LP	5.375%		6/15/2036		977,000		975,566
Crown Castle, Inc.	3.30%		7/1/2030		3,417,000		3,220,636
EPR Properties	4.50%		6/1/2027		522,000		521,048
EPR Properties	4.95%		4/15/2028		511,000		511,277
Goodman U.S. Finance Seven LLC^†	5.25%		4/28/2036		1,053,000		1,035,531
Iron Mountain Information Management Services, Inc.^†	5.00%		7/15/2032		697,000		670,085
Millrose Properties, Inc.^†	6.375%		8/1/2030		747,000		757,607
VICI Properties LP/VICI Note Co., Inc.^†	4.25%		12/1/2026		2,203,000		2,198,952
VICI Properties LP/VICI Note Co., Inc.^†	4.625%		12/1/2029		910,000		893,447
VICI Properties LP/VICI Note Co., Inc.^†	5.75%		2/1/2027		1,500,000		1,504,019
Total							12,926,179


14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Retail 0.25%
Advance Auto Parts, Inc.^†	7.00%	8/1/2030	$	955,000	$	979,794
QXO Building Products, Inc.^†	6.75%	4/30/2032		631,000		651,939
Total						1,631,733

Semiconductors 1.03%
Foundry JV Holdco LLC^†	5.90%	1/25/2033		1,154,000		1,203,715
Foundry JV Holdco LLC^†	6.15%	1/25/2032		605,000		635,020
Foundry JV Holdco LLC^†	6.25%	1/25/2035		1,208,000		1,283,510
Intel Corp.	4.10%	5/19/2046		718,000		558,042
Intel Corp.	5.00%	8/15/2033		467,000		463,594
Intel Corp.	5.30%	5/15/2036		481,000		478,814
Kioxia Holdings Corp. (Japan)^†(b)	6.625%	7/24/2033		1,155,000		1,208,394
Marvell Technology, Inc.	5.30%	4/15/2036		966,000		961,555
Total						6,792,644

Software 0.58%
Fiserv, Inc.	5.15%	8/12/2034		404,000		392,494
Fiserv, Inc.	5.45%	3/15/2034		479,000		475,373
Oracle Corp.	5.95%	9/26/2055		2,372,000		2,017,036
Oracle Corp.	6.55%	2/4/2046		971,000		915,848
Total						3,800,751

Telecommunications 1.00%
Cipher Compute LLC^†	7.125%	11/15/2030		965,000		1,004,345
Core Scientific Finance I LLC^†	7.75%	5/15/2031		1,250,000		1,268,501
Level 3 Financing, Inc.^†	8.50%	1/15/2036		1,287,941		1,384,059
NTT Finance Corp. (Japan)^†(b)	5.11%	7/2/2029		662,000		667,827
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC^†	5.70%	4/15/2036		1,671,000		1,589,383
SV RNO Property Owner 1 LLC^†	5.875%	3/1/2031		676,000		666,684
Total						6,580,799

Transportation 0.46%
GXO Logistics, Inc.	6.50%	5/6/2034		1,267,000		1,329,262
Rand Parent LLC^†	8.50%	2/15/2030		635,000		658,289
Watco Cos. LLC/Watco Finance Corp.^†	7.125%	8/1/2032		982,000		1,008,972
Total						2,996,523

Water 0.20%
Nova Securitisation SARL (Luxembourg)^†(b)	5.75%	2/3/2031		1,347,000		1,300,025
Total Corporate Bonds (cost $267,254,086)						267,116,964


	See Notes to Financial Statements.	15

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
FLOATING RATE LOANS^(d)1.80%

Aerospace & Defense 0.08%
TransDigm, Inc. 2026 Term Loan N	6.144% (1 mo. USD Term SOFR + 2.50%	)	2/13/2033	$	554,000	$	554,623

Airlines 0.10%
American Airlines, Inc. 2025 Term Loan	5.925% (3 mo. USD Term SOFR + 2.25%	)	4/20/2028		660,463		660,619

Diversified Financial Services 0.61%
Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6	5.389% (1 mo. USD Term SOFR + 1.75%	)	6/24/2030		1,656,018		1,658,262
Citadel Securities LP 2026 Term Loan B	5.661% (3 mo. USD Term SOFR + 2.00%	)	6/10/2033		736,675		735,909
Hudson River Trading LLC 2026 Repriced Term Loan B	6.139% (1 mo. USD Term SOFR + 2.50%	)	3/18/2030		1,623,454		1,614,249
Total							4,008,420

Electric 0.22%
NRG Energy, Inc. 2024 Term Loan	5.419% (3 mo. USD Term SOFR + 1.75%	)	4/16/2031		1,412,353		1,412,939

Entertainment 0.21%
Flutter Financing BV 2024 Term Loan B (Netherlands)^(b)	5.482% (3 mo. USD Term SOFR + 1.75%	)	11/30/2030		1,375,315		1,365,344

Environmental Control 0.14%
Clean Harbors, Inc. 2025 Term Loan	5.144% (1 mo. USD Term SOFR + 1.50%	)	10/8/2032		944,255		949,231

Health Care Products 0.06%
Mckesson Medical-Surgical Top Holdings Inc. Term Loan B	5.982% (3 mo. USD Term SOFR + 2.25%	)	6/9/2032		374,000		374,546

Media 0.15%
Charter Communications Operating LLC 2024 Term Loan B5	5.942% (3 mo. USD Term SOFR + 2.25%	)	12/15/2031		979,514		967,211
Pipelines 0.15%
Colossus Acquireco LLC Term Loan B	5.37% (3 mo. USD Term SOFR + 1.75%	)	7/30/2032		988,035		982,892

16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Retail 0.08%
Raising Cane’s Restaurants LLC 2026 Term Loan B	5.621% (1 mo. USD Term SOFR + 2.00%	)	6/6/2033	$	550,000	$	547,594
Total Floating Rate Loans (cost $11,863,102)							11,823,419

FOREIGN GOVERNMENT OBLIGATIONS^(b)1.73%

Canada 0.29%
Province of Ontario	4.85%		5/29/2036		869,000		881,213
Province of Quebec	4.625%		6/3/2036		1,059,000		1,052,823
Total							1,934,036

France 0.25%
Caisse d’Amortissement de la Dette Sociale	4.00%		2/12/2031		1,650,000		1,621,317

Hungary 0.24%
Hungary Government International Bonds	5.25%		6/16/2029		200,000		202,667
Hungary Government International Bonds	5.375%		9/26/2030		1,368,000		1,389,867
Total							1,592,534

Japan 0.24%
Japan Finance Organization for Municipalities	4.125%		4/2/2031		1,632,000		1,608,111

Mexico 0.20%
Eagle Funding Luxco SARL^†	5.50%		8/17/2030		1,278,000		1,284,773

Panama 0.22%
Panama Government International Bonds	5.227%		2/23/2034		1,503,000		1,479,027

Romania 0.22%
Romania Government International Bonds^†	5.75%		7/4/2036		482,000		461,842
Romania Government International Bonds^†	6.625%		5/16/2036		946,000		967,427
Total							1,429,269

Uzbekistan 0.07%
Republic of Uzbekistan International Bonds	5.375%		2/20/2029		200,000		201,060
Republic of Uzbekistan International Bonds	7.85%		10/12/2028		220,000		233,013
Total							434,073
Total Foreign Government Obligations (cost $11,384,797)							11,383,140

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.87%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2	2.35%		3/25/2032		2,080,000		1,858,224

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2	2.92%		6/25/2032	$	1,640,000	$	1,504,187
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2	3.82%	^#(e)	12/25/2032		1,600,000		1,535,203
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2	4.35%	^#(e)	1/25/2033		880,000		868,550
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2	4.90%	^#(e)	10/25/2033		960,000		976,563
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2	3.123%	^#(e)	8/25/2032		2,510,000		2,322,166
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2	4.134%	^#(e)	5/25/2033		2,260,000		2,198,535
FREMF Mortgage Trust Series K-169 Class A2	4.66%	^#(e)	12/25/2034		1,030,000		1,030,114
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $12,219,061)							12,293,542

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.25%
Federal Home Loan Mortgage Corp.	2.00%		9/1/2050		1,601,336		1,295,141
Federal Home Loan Mortgage Corp.	3.00%		5/1/2050 - 7/1/2050		3,667,636		3,249,747
Federal Home Loan Mortgage Corp.	3.50%		1/1/2035 - 9/1/2051		4,696,302		4,342,118
Federal Home Loan Mortgage Corp.	5.00%		7/1/2052 - 4/1/2054		4,897,736		4,876,179
Federal Home Loan Mortgage Corp.	5.427% (30 day USD SOFR Average + 2.35%	)^#	9/1/2055		1,132,430		1,145,247
Federal Home Loan Mortgage Corp.	5.50%		7/1/2054 - 11/1/2054		4,546,197		4,634,021
Federal Home Loan Mortgage Corp.	6.00%		2/1/2055 - 3/1/2056		3,657,668		3,771,088
Federal Home Loan Mortgage Corp.	6.50%		11/1/2053		1,604,248		1,673,455
Federal National Mortgage Association	2.50%		8/1/2050 - 3/1/2052		9,064,365		7,713,780
Federal National Mortgage Association	3.00%		4/1/2051		2,915,851		2,573,212
Federal National Mortgage Association	3.50%		9/1/2051 - 6/1/2052		2,157,678		1,979,851
Federal National Mortgage Association	4.00%		5/1/2053		1,658,214		1,552,443
Federal National Mortgage Association	5.00%		7/1/2052 - 1/1/2053		3,342,011		3,333,965

18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal National Mortgage Association	5.462% (30 day USD SOFR Average + 2.31%	)^#	10/1/2055	$	4,045,873	$	4,104,880
Federal National Mortgage Association	5.50%		10/1/2054		2,360,930		2,410,828
Federal National Mortgage Association	6.00%		10/1/2053 - 1/1/2055		4,148,271		4,275,875
Federal National Mortgage Association	6.239% (30 day USD SOFR Average + 2.11%	)^#	11/1/2054		2,427,114		2,503,018
Government National Mortgage Association^(f)	2.00%		TBA		1,644,000		1,347,045
Government National Mortgage Association^(f)	2.50%		TBA		5,018,000		4,285,294
Government National Mortgage Association^(f)	3.00%		TBA		10,076,000		8,942,220
Government National Mortgage Association^(f)	4.50%		TBA		8,280,000		7,951,347
Government National Mortgage Association^(f)	5.00%		TBA		7,304,000		7,200,054
Government National Mortgage Association^(f)	5.50%		TBA		1,271,000		1,277,444
Government National Mortgage Association^(f)	6.00%		TBA		5,702,192		5,844,435
Uniform Mortgage-Backed Security^(f)	2.00%		TBA		5,076,000		4,052,879
Uniform Mortgage-Backed Security^(f)	2.50%		TBA		12,228,000		10,215,307
Uniform Mortgage-Backed Security^(f)	3.00%		TBA		1,028,000		896,448
Uniform Mortgage-Backed Security^(f)	3.50%		TBA		2,059,000		1,868,382
Uniform Mortgage-Backed Security^(f)	4.00%		TBA		2,024,000		1,891,961
Uniform Mortgage-Backed Security^(f)	4.50%		TBA		12,429,000		12,243,639
Uniform Mortgage-Backed Security^(f)	5.00%		TBA		15,501,000		15,422,344
Uniform Mortgage-Backed Security^(f)	5.50%		TBA		25,109,000		25,234,296
Uniform Mortgage-Backed Security^(f)	6.00%		TBA		6,537,000		6,679,538
Uniform Mortgage-Backed Security^(f)	6.50%		TBA		1,028,000		1,063,094
Uniform Mortgage-Backed Security^(f)	7.00%		TBA		737,000		775,439
Total Government Sponsored Enterprises Pass-Throughs (cost $173,151,085)							172,626,014

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 10.62%
Bank Series 2019-BN21 Class A5	2.851%		10/17/2052		950,000		895,814
Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2^†	2.50%	^#(e)	10/25/2051		1,117,544		920,300
BBCMS Mortgage Trust Series 2023-C21 Class A5	6.00%	^#(e)	9/15/2056		1,200,000		1,266,062
BBCMS Mortgage Trust Series 2025-5C33 Class A4	5.839%		3/15/2058		1,220,000		1,256,502
BBCMS Mortgage Trust Series 2025-5C34 Class A3	5.659%		5/15/2058		1,430,000		1,466,349
Benchmark Mortgage Trust Series 2024-V11 Class A3	5.909%	^#(e)	11/15/2057		880,000		906,911
Benchmark Mortgage Trust Series 2024-V12 Class A3	5.739%		12/15/2057		1,460,000		1,496,742
Benchmark Mortgage Trust Series 2024-V9 Class A3	5.602%		8/15/2057		1,330,000		1,354,774

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Benchmark Mortgage Trust Series 2025-V18 Class A3	5.184%		10/15/2058	$	960,000	$	970,049
BMO Mortgage Trust Series 2024-5C5 Class A3	5.857%		2/15/2057		1,050,000		1,077,695
BMO Mortgage Trust Series 2024-5C8 Class A3	5.625%	^#(e)	12/15/2057		1,070,000		1,093,088
BMO Mortgage Trust Series 2025-5C12 Class A3	5.18%		10/15/2058		840,000		847,648
BX Commercial Mortgage Trust Series 2026-CSMO Class B^†	5.325% (1 mo. USD Term SOFR + 1.70%	)^#	2/15/2043		660,000		665,569
BX Trust Series 2025-ARIA Class A^†	5.199%	^#(e)	12/13/2042		920,000		922,490
BX Trust Series 2025-ROIC Class B^†	5.019% (1 mo. USD Term SOFR + 1.39%	)^#	3/15/2030		1,127,827		1,126,390
BX Trust Series 2025-VOLT Class D^†	6.375% (1 mo. USD Term SOFR + 2.75%	)^#	12/15/2044		760,000		760,570
CIM Trust Series 2021-INV1 Class A2^†	2.50%	^#(e)	7/1/2051		1,524,788		1,261,450
CIM Trust Series 2021-J3 Class A1^†	2.50%	^#(e)	6/25/2051		1,781,972		1,468,525
Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B^†	3.00%	^#(e)	11/27/2051		360,456		310,097
CONE Trust Series 2024-DFW1 Class A^†	5.267% (1 mo. USD Term SOFR + 1.64%	)^#	8/15/2041		700,000		698,042
DBC Mortgage Trust Series 2025-DBC Class A^†	4.976% (1 mo. USD Term SOFR + 1.35%	)^#	11/15/2042		880,000		881,965
EFMT Series 2025-INV2 Class A1^†	5.387%	^(g)	5/26/2070		973,289		972,957
ESTN Trust Series 2026-TOWN Class A^†	5.538%	^#(e)	5/12/2046		940,000		951,658
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2^†	6.128% (30 day USD SOFR Average + 2.50%	)^#	1/25/2042		950,000		958,243
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3 Class M2^†	7.978% (30 day USD SOFR Average + 4.35%	)^#	4/25/2042		680,000		698,303
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1^†	4.878% (30 day USD SOFR Average + 1.25%	)^#	5/25/2044		380,293		381,684
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1^†	4.878% (30 day USD SOFR Average + 1.25%	)^#	3/25/2044		548,202		550,112
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1^†	5.928% (30 day USD SOFR Average + 2.30%	)^#	5/25/2043		470,944		477,815
Federal National Mortgage Association-ACES Series 2025-M4 Class A2	4.389%		8/25/2035		2,170,000		2,124,965
Flagstar Mortgage Trust Series 2021-3INV Class A2^†	2.50%	^#(e)	6/25/2051		1,217,905		1,008,996
GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2^†	2.50%	^#(e)	4/25/2052		2,007,205		1,659,158

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 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-PJ2 Class A2^†	2.50%	^#(e)	7/25/2051	$	1,689,163	$	1,400,473
GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A2^†	2.50%	^#(e)	1/25/2052		1,400,080		1,157,307
GS Mortgage-Backed Securities Trust Series 2021-PJ9 Class A2^†	2.50%	^#(e)	2/26/2052		602,999		497,715
GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4^†	3.00%	^#(e)	1/25/2053		1,870,275		1,610,287
JP Morgan Mortgage Trust Series 2021-13 Class A3^†	2.50%	^#(e)	4/25/2052		968,952		800,353
JP Morgan Mortgage Trust Series 2021-14 Class A3^†	2.50%	^#(e)	5/25/2052		104,864		86,879
JP Morgan Mortgage Trust Series 2021-15 Class A2^†	3.00%	^#(e)	6/25/2052		1,733,415		1,489,164
JP Morgan Mortgage Trust Series 2021-8 Class A3^†	2.50%	^#(e)	12/25/2051		474,770		393,060
JP Morgan Mortgage Trust Series 2021-INV6 Class A2^†	3.00%	^#(e)	4/25/2052		1,787,076		1,545,255
JP Morgan Mortgage Trust Series 2021-INV8 Class A2^†	3.00%	^#(e)	5/25/2052		1,782,091		1,538,810
JP Morgan Mortgage Trust Series 2022-1 Class A3^†	2.50%	^#(e)	7/25/2052		151,628		125,062
JP Morgan Mortgage Trust Series 2022-3 Class A2^†	3.00%	^#(e)	8/25/2052		96,241		82,920
JP Morgan Mortgage Trust Series 2022-4 Class A3^†	3.00%	^#(e)	10/25/2052		866,926		745,851
JP Morgan Mortgage Trust Series 2022-INV1 Class A3^†	3.00%	^#(e)	3/25/2052		901,099		775,207
JP Morgan Mortgage Trust Series 2022-INV3 Class A3B^†	3.00%	^#(e)	9/25/2052		965,664		833,837
JP Morgan Mortgage Trust Series 2025-VIS3 Class A1^†	5.062%	^#(e)	2/25/2066		873,906		866,214
JP Morgan Mortgage Trust Series 2026-NQM1 Class A1FC^†	4.601%	^(g)	6/25/2066		740,096		732,846
JP Morgan Mortgage Trust Series 2026-NQM2 Class A1FC^†	5.05%	^(g)	9/25/2066		961,124		956,198
KIND Commercial Mortgage Trust Series 2024-1 Class A^†	5.515% (1 mo. USD Term SOFR + 1.89%	)^#	8/15/2041		430,000		430,838
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC2 Class A1^†	5.443%	^#(e)	7/25/2070		1,226,404		1,225,092
Morgan Stanley Residential Mortgage Loan Trust Series 2026-DSC1 Class A1FC^†	4.617%	^(g)	1/25/2071		590,965		586,088

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
NYC Commercial Mortgage Trust Series 2026-1PARK Class C^†	5.483% (1 mo. USD Term SOFR + 1.85%	)^#	2/15/2043	$	530,000	$	532,035
NYMT Loan Trust Series 2025-INV2 Class A1^†	5.00%	^#(e)	10/25/2060		1,289,343		1,279,878
NYMT Loan Trust Series 2026-INV1 Class A1FC^†	4.614%	^(g)	2/25/2061		258,923		257,023
OBX Trust Series 2025-NQM16 Class A1^†	4.905%	^#(e)	8/25/2065		450,246		446,947
OBX Trust Series 2025-NQM17 Class A1FC^†	4.848%	^(g)	8/25/2065		1,434,741		1,426,457
OBX Trust Series 2026-NQM6 Class A1FC^†	5.063%	^(g)	4/26/2066		1,245,427		1,240,337
OBX Trust Series 2026-NQM7 Class A1FC^†	5.22%	^(g)	4/25/2066		633,246		632,003
Rate Mortgage Trust Series 2021-HB1 Class A1^†	2.50%	^#(e)	12/25/2051		844,501		698,062
RCKT Mortgage Trust Series 2021-4 Class A1^†	2.50%	^#(e)	9/25/2051		918,899		759,562
RCKT Mortgage Trust Series 2021-5 Class A1^†	2.50%	^#(e)	11/25/2051		1,949,357		1,615,030
ROCK Trust Series 2024-CNTR Class A^†	5.388%		11/13/2041		840,000		849,560
Starwood Mortgage Residential Trust Series 2020-1 Class A1^†	2.275%	^#(e)	2/25/2050		8,926		8,623
SWCH Commercial Mortgage Trust Series 2025-DATA Class A^†	5.068% (1 mo. USD Term SOFR + 1.44%	)^#	2/15/2042		1,580,000		1,572,218
TEXAS Commercial Mortgage Trust Series 2025-TWR Class B^†	5.218% (1 mo. USD Term SOFR + 1.59%	)^#	4/15/2042		1,170,000		1,170,841
Verus Securitization Trust Series 2025-9 Class A1^†	4.935%	^#(e)	10/27/2070		805,898		800,264
Verus Securitization Trust Series 2026-1 Class A1FC^†	4.743%	^(g)	1/25/2071		508,793		504,969
Verus Securitization Trust Series 2026-2 Class A1FC^†	4.507%	^(g)	2/25/2071		536,332		530,012
Verus Securitization Trust Series 2026-3 Class A1FC^†	4.927%	^(g)	3/25/2071		1,268,285		1,265,358
Verus Securitization Trust Series 2026-R3 Class A1FC^†	5.19%	^(g)	2/27/2068		167,815		167,316
Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3	3.055%		6/15/2052		1,065,504		1,017,386
Wells Fargo Commercial Mortgage Trust Series 2021-C61 Class A4	2.658%		11/15/2054		1,120,000		998,496
Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3	6.096%		1/15/2058		820,000		849,994
Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class A5	5.292%		10/15/2058		1,710,000		1,735,214
Wells Fargo Mortgage-Backed Securities Trust Series 2022-2 Class A2^†	2.50%	^#(e)	12/25/2051		200,367		165,632
Total Non-Agency Commercial Mortgage-Backed Securities (cost $70,151,778)							69,833,596

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS 17.69%
U.S. Treasury Bonds	4.00%	11/15/2042	$	7,373,000	$	6,655,573
U.S. Treasury Bonds	4.625%	11/15/2044		9,163,000		8,833,526
U.S. Treasury Bonds	4.75%	2/15/2045		18,535,000		18,135,701
U.S. Treasury Bonds	4.75%	11/15/2053		25,628,000		24,799,595
U.S. Treasury Bonds	4.75%	5/15/2055		12,441,000		12,070,200
U.S. Treasury Bonds	4.75%	2/15/2056		8,581,000		8,337,648
U.S. Treasury Bonds	4.875%	8/15/2045		16,710,000		16,587,286
U.S. Treasury Notes	3.625%	12/31/2030		5,000,000		4,882,617
U.S. Treasury Notes	3.875%	3/31/2031		16,298,000		16,068,809
Total U.S. Treasury Obligations (cost $117,248,921)						116,370,955
Total Long-Term Investments (cost $759,245,582)						757,432,991

SHORT-TERM INVESTMENTS 2.16%

GOVERNMENT SPONSORED ENTERPRISES SECURITIES 0.93%
U.S. Treasury Bills (cost $6,143,729)	Zero Coupon	4/15/2027		6,331,000		6,140,477

REPURCHASE AGREEMENTS 1.20%
Repurchase Agreement dated 6/30/2026, 3.650% due 7/1/2026 with Barclays Capital, Inc. collateralized by $2,951,700 of U.S. Treasury Note at 4.250% due 5/31/2033; value: $2,959,184; proceeds: $2,900,294 (cost $2,900,000)				2,900,000		2,900,000
Repurchase Agreement dated 6/30/2026, 3.250% due 7/1/2026 with Fixed Income Clearing Corp. collateralized by $5,096,900 of U.S. Treasury Note at 3.375% due 11/30/2027; value: $5,059,521; proceeds: $4,960,591 (cost $4,960,143)				4,960,143		4,960,143
Total Repurchase Agreements (cost $7,860,143)						7,860,143

TIME DEPOSITS 0.00%
CitiBank N.A.^(h)(cost $21,097)				21,097		21,097

			Shares

MONEY MARKET FUNDS 0.03%
Fidelity Government Portfolio^(h) (cost $189,872)				189,872		189,872
Total Short-Term Investments (cost $14,214,841)						14,211,589
Total Investments in Securities 117.32% (cost $773,460,423)						771,644,580
Other Assets and Liabilities – Net (17.32)%						(113,891,240	)
Net Assets 100.00%					$	657,753,340

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2026

CMT		Constant Maturity Rate.
REITS		Real Estate Investment Trusts.
REMICS		Real Estate Mortgage Investment Conduits.
SOFR		Secured Overnight Financing Rate.
STACR		Structured Agency Credit Risk.
†		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 June 30, 2026, the total value of Rule 144A securities was $254,806,078, which represents 38.74% of net assets (See Note 2(i)).
^#		Variable rate security. The interest rate represents the rate in effect at June 30, 2026.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.
^(c)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(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 June 30, 2026.
^(e)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(f)		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.
^(g)		Step Bond – Security with a predetermined schedule of interest rate changes.
^(h)		Security was purchased with the cash collateral from loaned securities.

Futures Contracts at June 30, 2026:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Ultra Treasury Note	September 2026	38	Short	$	(4,246,046	)	$	(4,273,812	)	$	(27,766	)
U.S. 2-Year Treasury Note	September 2026	118	Long		24,387,286			24,323,672			(63,614	)
U.S. 5-Year Treasury Note	September 2026	42	Short		(4,483,803	)		(4,495,969	)		(12,166	)
Total Unrealized Depreciation on Futures Contracts										$	(103,546	)

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2026

The following is a summary of the inputs used as of June 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	$	–		$	95,924,243	$	–	$	95,924,243
Common Stocks		61,118			–		–		61,118
Corporate Bonds		–			267,116,964		–		267,116,964
Floating Rate Loans		–			11,823,419		–		11,823,419
Foreign Government Obligations		–			11,383,140		–		11,383,140
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			12,293,542		–		12,293,542
Government Sponsored Enterprises Pass-Throughs		–			172,626,014		–		172,626,014
Non-Agency Commercial Mortgage-Backed Securities		–			69,833,596		–		69,833,596
U.S. Treasury Obligations		8,337,648			108,033,307		–		116,370,955
Short-Term Investments
Government Sponsored Enterprises Securities		6,140,477			–		–		6,140,477
Repurchase Agreements		–			7,860,143		–		7,860,143
Time Deposits		–			21,097		–		21,097
Money Market Funds		189,872			–		–		189,872
Total	$	14,729,115		$	756,915,465	$	–	$	771,644,580
Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(103,546	)		–		–		(103,546	)
Total	$	(103,546	)	$	–	$	–	$	(103,546	)

⁽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 Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2026

ASSETS:
Investments in securities, at cost	$	773,460,423
Investments in securities, at fair value including $201,625 of securities loaned	$	771,644,580
Cash at brokers for TBA collateral		120,000
Deposits with brokers for futures collateral		168,349
Receivables:
Investment securities sold		141,033,754
Interest		6,169,536
Capital shares sold		690,242
Variation margin for futures contracts		117,539
Securities lending income		144
Prepaid expenses		2,409
Total assets		919,946,553
LIABILITIES:
Payables:
Investment securities purchased		261,007,286
Transfer agent fees		470,414
Collateral due to broker for securities lending		210,969
Management fee		150,908
To brokers for TBA collateral		120,000
Directors’ fees		69,483
Capital shares reacquired		42,026
Fund administration		21,558
To bank		2,203
Foreign currency overdraft (cost $54,491)		54,718
Accrued expenses		43,648
Total liabilities		262,193,213
Commitments and contingent liabilities		–
NET ASSETS	$	657,753,340
COMPOSITION OF NET ASSETS:
Paid-in capital	$	753,658,852
Total distributable earnings/(loss)		(95,905,512	)
Net Assets	$	657,753,340
Outstanding shares (130 million shares of common stock authorized, $.001 par value)		46,044,149
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.29

26	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2026

Investment income:
Securities lending net income	$	1,142
Interest and other (net of foreign withholding taxes of $643)		16,508,432
Total investment income		16,509,574
Expenses:
Management fee		918,088
Non-12b-1 service fees		819,649
Shareholder servicing		328,181
Fund administration		131,155
Professional		32,612
Custody		13,029
Reports to shareholders		12,578
Directors’ fees		8,963
Reverse repurchase agreements interest expense (See Note 2(j))		921
Other		56,682
Gross expenses		2,321,858
Fees waived and expenses reimbursed (See Note 4)		(13,029	)
Net expenses		2,308,829
Net investment income		14,200,745
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		(2,237,447	)
Net realized gain/(loss) on futures contracts		(657,973	)
Net realized gain/(loss) on foreign currency related transactions		(10	)
Net change in unrealized appreciation/(depreciation) on investments		(7,383,663	)
Net change in unrealized appreciation/(depreciation) on futures contracts		(11,215	)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		(227	)
Net realized and unrealized gain/(loss)		(10,290,535	)
Net Increase in Net Assets Resulting From Operations	$	3,910,210

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2026 (unaudited)				For the Year Ended December 31, 2025
Operations:
Net investment income		$	14,200,745			$	28,952,434
Net realized gain/(loss)			(2,895,430	)			(2,214,132	)
Net change in unrealized appreciation/(depreciation)			(7,395,105	)			18,629,317
Net increase in net assets resulting from operations			3,910,210				45,367,619
Distributions to shareholders:			–				(30,430,240	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares			46,732,855				107,304,821
Reinvestment of distributions			–				30,430,240
Cost of shares reacquired			(53,167,421	)			(123,189,404	)
Net increase (decrease) in net assets resulting from capital share transactions			(6,434,566	)			14,545,657
Net increase (decrease) in net assets			(2,524,356	)			29,483,036
NET ASSETS:
Beginning of period		$	660,277,696			$	630,794,660
End of period		$	657,753,340			$	660,277,696

28	See Notes to Financial Statements.

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Financial Highlights

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Return of capital			Total distri- butions
6/30/2026^(d)	$	14.20	$	0.31	$	(0.22	)	$	0.09		$	–		$	–		$	–		$	–
12/31/2025		13.88		0.64		0.37			1.01			(0.69	)		–			–			(0.69	)
12/31/2024		14.20		0.66		(0.29	)		0.37			(0.69	)		–			–			(0.69	)
12/31/2023		13.95		0.60		0.28			0.88			(0.63	)		–			–			(0.63	)
12/31/2022		16.85		0.41		(2.77	)		(2.36	)		(0.48	)		(0.03	)		(0.03	)		(0.54	)
12/31/2021		17.34		0.27		(0.30	)		(0.03	)		(0.34	)		(0.12	)		–			(0.46	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Includes the effect of To-Be-Announced (TBA) transactions.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Annualized.

30	See Notes to Financial Statements.

					Ratios to Average Net Assets:												Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (includes interest expense) (%)			Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate^(c) (%)
$	14.29		0.63	^(e)		0.70	^(f)		0.70	^(f)		0.71	^(f)		4.33	^(f)	$	657,753		200	^(e)
	14.20		7.19			0.71			0.71			0.71			4.46			660,278		428
	13.88		2.66			0.70			0.70			0.71			4.59			630,795		404
	14.20		6.34			0.70			0.70			0.71			4.21			629,716		413
	13.95		(14.05	)		0.71			0.71			0.71			2.70			585,096		485
	16.85		(0.24	)		0.70			0.70			0.71			1.59			660,623		376

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2026. This report covers Total Return Portfolio (the “Fund”).

The Fund’s investment objective is to seek income and capital appreciation to produce a high total return. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

Basis of Preparation

Segment Reporting

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (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

Notes to Financial Statements (unaudited)(continued)

	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. Swaps, options and options on swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value (“NAV”) as of the close of each business day.

	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.

Notes to Financial Statements (unaudited)(continued)

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:

●	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 and other financial instruments as of June 30, 2026 and, if applicable, Level 3 rollforwards for the six months 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 Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(c)	Floating Rate Loans–The 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. The 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.

	The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to

Notes to Financial Statements (unaudited)(continued)

	enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/ (depreciation) on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities and represents the mark to market of the unfunded portion of the Fund’s floating rate notes.

	As of June 30, 2026, the Fund did not have any unfunded loan commitments.

(d)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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 the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does 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.

	The 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)	Income Taxes–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.

	Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2026, 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 three fiscal years 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.

(f)	Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on an accrual basis as earned. Discounts are accreted and premiums

Notes to Financial Statements (unaudited)(continued)

	are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement 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.

(g)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(h)	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.

	Because the Fund’s repurchase agreements are not subject to master netting arrangements, no offsetting disclosures have been presented for these transactions.

(i)	Restricted Securities–The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of the Fund’s Schedule of Investments.

(j)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that a Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price.

(k)	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.

(l)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the 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

Notes to Financial Statements (unaudited)(continued)

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 the Fund’s custodian in order to pay for the commitment. At the time the 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. The 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.	DERIVATIVE TRANSACTIONS

Derivatives–During the six months ended June 30, 2026, the Fund used derivative instruments including futures contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

Notes to Financial Statements (unaudited)(continued)

invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is 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 Fund 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 Statement 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 Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Fund’s 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).

	Series Fund-Total Return Portfolio
Liability Derivatives	Statement of Assets and Liabilities Location	Interest Rate Risk
Futures Contracts⁽¹⁾	Variation margin for futures contracts	$103,546

⁽¹⁾	Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin, presented as either a receivable or a payable, is reported within the Statement of Assets and Liabilities.

Notes to Financial Statements (unaudited)(continued)

The following table presents the effect of derivatives for the Fund on the Statement of Operations for the six months ended June 30, 2026:

	Series Fund-Total Return Portfolio
	Statement of Operations Location	Interest Rate Risk
Amount of Realized Gain/(Loss) on Derivatives
Futures Contracts	Net realized gain/(loss) on futures contracts	$	(657,973	)
Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
Futures Contracts	Net change in unrealized appreciation/(depreciation) on futures contracts	$	(11,215	)
Average derivatives volume calculated based on the number of contracts or notional amounts
Futures Contracts			243

4.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the following annual rates:

First $4 billion	.28%
Next $11 billion	.26%
Over $15 billion	.25%

For the six months ended June 30, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .28% of the Fund’s average daily net assets.

Lord Abbett voluntarily waived $13,029 of certain fees and expenses during the six months ended June 30, 2026.

Notes to Financial Statements (unaudited)(continued)

the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

One Director and certain of the Company’s officers have an interest in Lord Abbett.

5.	DISTRIBUTIONS AND TAX INFORMATION

The tax character of distributions paid during the six months ended June 30, 2026 was as follows:

Fund

Ordinary
Income

Net
Long-Term
Capital Gains

Return of
Capital

Total
Distributions
Paid

Series Fund-Total Return Portfolio

–

The tax character of distributions paid during the period ended December 31, 2025 was as follows:

Fund		Ordinary Income			Net Long-Term Capital Gains				Return of Capital				Total Distributions Paid
Series Fund-Total Return Portfolio		$	30,430,240			$	–			$	–			$	30,430,240

Fund		Short-Term Losses				Long-Term Losses				Net Capital Losses
Series Fund-Total Return Portfolio		$	(36,083,723	)		$	(67,098,492	)		$	(103,182,215	)

Fund		Tax Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ (Depreciation)
Series Fund-Total Return Portfolio		$	775,076,079			$	3,530,628			$	(7,065,673	)		$	(3,535,045	)

Notes to Financial Statements (unaudited)(continued)

6.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2026 were as follows:

U.S. Government Purchases*		Non-U.S. Government Purchases		U.S. Government Sales*		Non-U.S. Government Sales
$1,343,690,127		$184,699,995		$1,331,076,159		$187,964,189

*	Includes U.S. Government sponsored enterprises securities.

7.	DIRECTORS’ REMUNERATION

8.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

9.	INTERFUND LENDING PROGRAM

During the six months ended June 30, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

10.	CUSTODIAN AND ACCOUNTING AGENT

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

11.	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

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 June 30, 2026, the market value of securities loaned and collateral received were as follows:

Funds

Market Value of
Securities Loaned

Collateral
Received⁽¹⁾

Non-Cash
Collateral

Total Return Portfolio

$201,625

$210,969

–

⁽¹⁾	Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

12.	INVESTMENT RISKS

Notes to Financial Statements (unaudited)(continued)

The 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 Fund’s returns since the Fund 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 the Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If 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 (unaudited)(concluded)

In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

13.	SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2026 (unaudited)			Year Ended December 31, 2025
Shares sold		3,278,645			7,452,349
Reinvestment of distributions		–			2,145,997
Shares reacquired		(3,734,531	)		(8,530,024	)
Increase (decrease)		(455,886	)		1,068,322

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 Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Directors’ Remuneration” under Item 7 of this Form N-CSR.

Statement Regarding Basis for Approval of Investment Advisory Contract

The Board, including all of the Directors 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 Directors”), 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, including information about the Fund’s investment performance compared to the performance of a benchmark. 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 Directors 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 included, but were not limited to: (1) 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 a benchmark; (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; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and a benchmark as of various periods ended June 30, 2025. The Board observed that although the Fund’s investment performance was below the median of the performance peer group for the three-, five-, and ten-year periods, the Fund’s investment performance was above the median of the performance peer group for the one-year period, and the Fund outperformed its benchmark for the one-, three-, five- and ten-year periods. The Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further 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 the Fund’s Agreement should be continued.

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, the expense levels of the Fund’s expense peer group and the nature of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. 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. 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 the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Economies of Scale. 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 any such economies of scale, and whether, to the extent there were economies of scale, 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 the Fund’s existing management fee schedule, with contractual breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

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

business also benefits the Funds. The Board also noted that Lord Abbett 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, including its mutual fund clients.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Total Return Portfolio

SFTR-PORT-3

(08/26)

Item 12:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15:

Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16:

Controls and Procedures.

(a)

The principal executive officer and interim 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 Financial Officer and Senior Financial Officers is attached hereto as part of EX-99. CODEETH.

(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.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(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.

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 SERIES FUND, INC.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 18, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 18, 2026

	By:	/s/ Gina Andes
		Gina Andes
		Assistant Treasurer
		(Interim Principal Financial Officer)

Date: August 18, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

CERTIFICATION

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