# EDGAR Filing Document

**Accession Number:** 0002005563
**File Stem:** 0000930413-25-002880
**Filing Date:** 2025-9
**Character Count:** 258118
**Document Hash:** 8f395618c25230fbbdb55acc954c5c22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002880.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0000930413-25-002880

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lord Abbett Flexible Income Fund
- **CENTRAL INDEX KEY:** 0002005563

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23923
- **FILM NUMBER:** 251289410

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LORD ABBETT & CO LLC
- **STREET 2:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 888-522-2388

**MAIL ADDRESS:**
- **STREET 1:** C/O LORD ABBETT & CO LLC
- **STREET 2:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**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: 811-23923

**LORD ABBETT FLEXIBLE INCOME FUND**

(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: 6/30

Date of reporting period: 6/30/2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

---

| | |
|:---|:---|
| **Item 1:** | **Report to Shareholders.** |

---

![](x10_c113536x1x1.jpg)

LORD ABBETT <br> ANNUAL REPORT

Lord Abbett

Flexible Income Fund

*For the period ended June 30, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**A Letter to Shareholders**](#x10_c113536a001) |
| 3 | [**Information About Your Fund's Holdings Presented by Asset Allocation**](#x10_c113536a002) |
| 4 | [**Schedule of Investments**](#x10_c113536a003) |
| 19 | [**Statement of Assets and Liabilities**](#x10_c113536a004) |
| 20 | [**Statement of Operations**](#x10_c113536a005) |
| 21 | [**Statement of Changes in Net Assets**](#x10_c113536a006) |
| 22 | [**Statement of Cash Flows**](#x10_c113536a007) |
| 24 | [**Financial Highlights**](#x10_c113536a008) |
| 27 | [**Notes to Financial Statements**](#x10_c113536a009) |
| 47 | [**Report of Independent Registered Public Accounting Firm**](#x10_c113536a010) |
| 48 | [**Statement Regarding Basis for Approval of Investment Advisory Contract**](#x10_c113536a011) |
| 51 | [**Supplemental Information to Shareholders**](#x10_c113536a012) |

---

------

**Lord Abbett Flexible Income Fund**

**Annual Report**

*For the period ended June 30, 2025*

---

| | |
|:---|:---|
| ![](x10_c113536x3x1.jpg)<br>From left to right: John Shaffer, Independent Trustee and Chair of the Lord Abbett Alternatives Funds Board of Trustees and Steven F. Rocco, Interested Trustee, President and Chief Executive Officer of the Lord Abbett Alternatives Funds. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dear Shareholders:** We are pleased to provide you with this overview of the performance of Lord Abbett Flexible Income Fund for the period ended June 30, 2025. On this page and the following pages, we discuss the major factors that influenced fiscal period performance. For detailed and timely information about the Fund, please visit our website at www.lordabbett.com, where you can also access quarterly commentaries that provide updates on the Fund's performance and other portfolio related updates and Fund literature. Thank you for investing in the Lord Abbett Family of Funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.<br>**Best regards,**<br>![](x10_c113536x3x2.jpg)<br>**Steven F. Rocco<br> Trustee, President and Chief Executive Officer**<br>|

---

The Fund commenced operations on February 19, 2025. For the period of February 19, 2025 through June 30, 2025, the Fund returned 2.39%, reflecting performance at the net asset value of Class I shares with all distributions reinvested, compared to its benchmark, the ICE BofA 1-3Yr BBB US Corporate Index\*, which returned 2.49% over the same period.

The Fund's investment objective is to provide total return. The Fund seeks to achieve its investment objective by investing across both short duration fixed income securities and the private credit asset class,

the latter of which shall include private corporate direct lending and asset-backed private credit.

Over the period, the portfolio's allocation to direct lending and asset-backed finance (ABF) contributed to returns. The portfolio's allocation to direct lending and ABF was increased over the period as the portfolio became fully invested in accordance with its investment strategy. The portfolio's allocation to investment grade corporate bonds, high yield corporate bonds, and securitized credit also contributed to returns. There were no detractors to performance over the period.

------

The overarching theme of financial markets during the reporting period was elevated uncertainty. Markets have mostly recovered since intense volatility was triggered by the announcement by President Trump's administration of various country-specific tariffs on April 2, 2025. However, certain indicators show that elevated uncertainty persists. Mixed signals on the health of the U.S. economy include the sharp declines in consumer sentiment and confidence measures (soft data), which contrasts with relatively healthy job growth and consumer spending (hard data). Despite the significant policy changes and heightened uncertainty, a strong economic foundation characterized by full employment and decreasing inflation may help to provide stability and continuity going forward.

*The Fund's portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.*

**\* The ICE BofA 1-3Yr BBB US Corporate Index** is a subset of the broader ICE BofA US Corporate Index and tracks the performance of US dollar-denominated investment-grade corporate debt with a remaining maturity of 1 to 3 years that is publicly issued in the US market and rated BBB.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

**Important Performance and Other Information**

**Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.**

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. The Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see the Fund's prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund's returns would have been lower.

------

**Portfolio Holdings Presented by Asset Allocation**

*June 30, 2025*

---

| | |
|:---|:---|
| **Holdings by Asset Allocation** | **%\*** |
| Asset-Backed Securities | 38.30% |
| Corporate Bonds | 25.14% |
| Corporate Notes | 3.90% |
| Floating Rate Loans | 28.11% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.07% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.12% |
| Commercial Paper | 0.78% |
| Money Market Mutual Funds | 0.58% |
| Total | 100.00% |

---

\* Represents percent of total investments, which excludes derivatives.

**Schedule of Investments**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value**<sup>(a)</sup> |
| **LONG-TERM INVESTMENTS 116.52%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 45.24%** |  |  |  |  |  |
| **Automobiles 0.90%** |  |  |  |  |  |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class D<sup>†</sup> | 9.552%<br> (30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 5/20/2032 | $586981 | $601279 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class D<sup>†</sup> | 8.302%<br> (30 day USD SOFR Average + 4.00% |)<sup>#</sup> | 10/20/2032 | 361650 | 365841 |
| *Total* |  |  |  |  | 967120 |
| **Collateralized Loan Obligation-Debt 12.13%** |  |  |  |  |  |
| Antares CLO Ltd. Series 2017-2A Class CRR (Cayman Islands)<sup>†(b)</sup> | 6.67%<br> (3 mo. USD Term SOFR + 2.40% |)<sup>#</sup> | 4/20/2037 | 1500000 | 1502416 |
| Antares CLO Ltd. Series 2017-2A Class DRR (Cayman Islands)<sup>†(b)</sup> | 8.17%<br> (3 mo. USD Term SOFR + 3.90% |)<sup>#</sup> | 4/20/2037 | 1500000 | 1505686 |
| Audax Senior Debt CLO 8 LLC Series 2023-8A Class A1LN<sup>†</sup> | 6.67% <br> (3 mo. USD Term SOFR + 2.40% |)<sup>#</sup> | 10/20/2035 | 3000000 | 3009168 |
| Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA Class A2R<sup>†</sup> | 7.033%<br> (3 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 1/20/2036 | 1000000 | 1006898 |
| Golub Capital Partners CLO Series 2023-65A Class CR<sup>†</sup> | 9.674%<br> (3 mo. USD Term SOFR + 2.40% |)<sup>#</sup> | 4/20/2037 | 1500000 | 1509721 |
| Golub Capital Partners CLO Series 2023-65A Class DR<sup>†</sup> | 12.174%<br> (3 mo. USD Term SOFR + 3.90% |)<sup>#</sup> | 4/20/2037 | 1500000 | 1506201 |
| Golub Capital Partners CLO Series 2023-69A Class A<sup>†</sup> | 6.648%<br> (3 mo. USD Term SOFR + 2.35% |)<sup>#</sup> | 11/9/2036 | 3000000 | 3011409 |
| *Total* |  |  |  |  | 13051499 |
| **Collateralized Loan Obligation-Warehouse 4.65%** |  |  |  |  |  |
| Fortress Credit Opportunities XXVII CLO B LLC | 8.26% | <sup>#</sup> | 12/30/2033 | 1983333 | 1983333 <sup>(c)</sup> |
| Fortress Credit Opportunities XXVII CLO B LLC Delayed Draw<sup>(d)</sup> |  | <sup>(e)</sup> | 12/30/2033 | 3016667 | 3016667 <sup>(c)</sup> |
| *Total* |  |  |  |  | 5000000 |
| **Credit Card 0.93%** |  |  |  |  |  |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 1000000 | 1000620 |

---

4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value**<sup>(a)</sup> |
| **Other 26.63%** |  |  |  |  |  |
| 37 Capital CLO 3 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.815%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 7/15/2038 | $1500000 | $1506901 |
| ABPCI Direct Lending Fund CLO XVII LLC Series 2024-17A Class A1<sup>†</sup> | 6.126% <br> (3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 8/1/2036 | 1667000 | 1670387 |
| AGL CLO 42 Ltd. Series 2025-42A Class A2<sup>†</sup> | 5.869% <br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/22/2038 | 250000 | 249884 |
| Anchorage Capital CLO 19 Ltd. Series 2021-19A Class C<sup>†</sup> | 6.918% <br> (3 mo. USD Term SOFR + 2.66% |)<sup>#</sup> | 10/15/2034 | 500000 | 500860 |
| Anchorage Capital CLO 7 Ltd. Series 2015-7A Class BR3<sup>†</sup> | 6.333% <br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/28/2037 | 674000 | 676887 |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 6.225%<br> (1 mo. USD Term SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 500000 | 500907 |
| ARES LII CLO Ltd. Series 2019-52A Class DRR<sup>†</sup> | 6.772% <br> (3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 4/22/2031 | 500000 | 500271 |
| ARES LX CLO Ltd. Series 2021-60A Class B<sup>†</sup> | 6.181% <br> (3 mo. USD Term SOFR + 1.91% |)<sup>#</sup> | 7/18/2034 | 750000 | 752481 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class DRR<sup>†</sup> | 7.093% <br> (3 mo. USD Term SOFR + 2.80% |)<sup>#</sup> | 10/21/2034 | 250000 | 250252 |
| Blue Mountain CLO Ltd. Series 2018-3A Class BR<sup>†</sup> | 6.132% <br> (3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 10/25/2030 | 500000 | 501616 |
| Bryant Park Funding Ltd. Series 2023-20A Class BR<sup>†</sup> | 6.225%<br> (3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 4/15/2038 | 350000 | 351082 |
| Cajun Global LLC Series 2021-1 Class A2<sup>†</sup> | 3.931% |  | 11/20/2051 | 483125 | 473261 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 11.176% <br> (3 mo. USD Term SOFR + 6.92% |)<sup>#</sup> | 4/15/2037 | 300000 | 305195 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 1000000 | 1010956 |
| Crown City CLO IV Series 2022-4A Class B1R<sup>†</sup> | 7.07%<br> (3 mo. USD Term SOFR + 2.80% |)<sup>#</sup> | 4/20/2037 | 500000 | 504972 |
| CTM CLO Ltd. Series 2025-1A Class C<sup>†(f)</sup> |  | <sup>(e)</sup> | 7/15/2038 | 400000 | 401000 |
| DailyPay Securitization Trust Series 2025-1A Class A<sup>†</sup> | 5.63% |  | 6/25/2028 | 1000000 | 1007774 |
| Galaxy XXI CLO Ltd. Series 2015-21A Class AR<sup>†</sup> | 5.551%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 4/20/2031 | 82623 | 82662 |

---

*See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value**<sup>(a)</sup> |
| **Other (continued)** |  |  |  |  |  |
| Greystone CRE Notes LLC Series 2025-FL4 Class AS<sup>†</sup> | 6.45%<br> (1 mo. USD Term SOFR + 2.14% |)<sup>#</sup> | 1/15/2043 | $500000 | $503283 |
| HalseyPoint CLO 3 Ltd. Series 2020-3A Class D1R<sup>†</sup> | 8.58%<br> (3 mo. USD Term SOFR + 4.30% |)<sup>#</sup> | 7/30/2037 | 250000 | 252579 |
| Harvest U.S. CLO Ltd. Series 2024-1A Class E<sup>†</sup> | 11.69%<br> (3 mo. USD Term SOFR + 7.42% |)<sup>#</sup> | 4/18/2037 | 250000 | 251167 |
| Island Finance Trust Series 2025-1A Class A<sup>†</sup> | 6.54% |  | 3/19/2035 | 1150000 | 1173752 |
| KKR CLO 61 Ltd. Series 2025-61A Class D1<sup>†</sup> | 8.145%<br> (3 mo. USD Term SOFR + 3.85% |)<sup>#</sup> | 7/15/2037 | 250000 | 250492 |
| Madison Park Funding LIX Ltd. Series 2021-59A Class A2R<sup>†</sup> | 5.97%<br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 4/18/2037 | 500000 | 501398 |
| Navesink CLO 1 Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.962%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 1000000 | 1002373 |
| NBC Funding LLC Series 2021-1 Class A2<sup>†</sup> | 2.989% |  | 7/30/2051 | 982500 | 952277 |
| OneMain Financial Issuance Trust Series 2022-S1 Class D<sup>†</sup> | 5.20% |  | 5/14/2035 | 545000 | 539060 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 500000 | 503286 |
| PFP Ltd. Series 2025-12 Class B<sup>†</sup> | 6.364%<br> (1 mo. USD Term SOFR + 2.04% |)<sup>#</sup> | 12/18/2042 | 500000 | 499531 |
| Post Road Equipment Finance LLC Series 2025-1A Class D<sup>†</sup> | 5.43% |  | 5/15/2031 | 300000 | 301171 |
| Project Panama SPV LLC Series 2024-1<sup>†</sup> | 3.50% | <sup>#</sup> | 12/23/2027 | 5000000 | 5000000 <sup>(c)</sup> |
| Rad CLO 22 Ltd. Series 2023-22A Class A1<sup>†</sup> | 6.10%<br> (3 mo. USD Term SOFR + 1.83% |)<sup>#</sup> | 1/20/2037 | 570000 | 572002 |
| Regatta XVI Funding Ltd. Series 2019-2A Class CR<sup>†</sup> | 6.156%<br> (3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 1/15/2033 | 300000 | 300286 |
| Sandstone Peak III Ltd. Series 2024-1A Class E<sup>†</sup> | 11.362%<br> (3 mo. USD Term SOFR + 7.08% |)<sup>#</sup> | 4/25/2037 | 250000 | 254711 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 513713 | 504584 |
| Sierra Timeshare Receivables Funding LLC Series 2024-2A Class D<sup>†</sup> | 7.48% |  | 6/20/2041 | 798616 | 800244 |
| Silver Point CLO 9 Ltd. Series 2025-9A Class E<sup>†</sup> | 11.188%<br> (3 mo. USD Term SOFR + 6.90% |)<sup>#</sup> | 3/31/2038 | 250000 | 254226 |
| TierPoint Issuer LLC Series 2025-1A Class A2<sup>†</sup> | 6.15% |  | 4/26/2055 | 1000000 | 1014533 |
| Trinitas CLO XXVI Ltd. Series 2023-26A Class C1R<sup>†</sup> | 6.694%<br> (3 mo. USD Term SOFR + 2.40% |)<sup>#</sup> | 7/20/2038 | 250000 | 252122 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value**<sup>(a)</sup> |
| **Other (continued)** |  |  |  |  |  |
| Trinitas CLO XXVII Ltd. Series 2024-27A Class D1<sup>†</sup> | 8.57%<br> (3 mo. USD Term SOFR + 4.30% |)<sup>#</sup> | 4/18/2037 | $370000 | $374273 |
| Vibrant CLO XI Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 5.881%<br> (3 mo. USD Term SOFR + 1.61% |)<sup>#</sup> | 7/20/2032 | 1100000 | 1100516 |
| Vibrant CLO XVI Ltd. Series 2023-16A Class C1R<sup>†</sup> | 7.926%<br> (3 mo. USD Term SOFR + 3.60% |)<sup>#</sup> | 7/15/2036 | 250000 | 250798 |
| *Total* |  |  |  |  | 28656012 |
| *Total Asset-Backed Securities* (cost $48,550,637) |  |  |  |  | 48675251 |
| **CORPORATE BONDS 29.70%** |  |  |  |  |  |
| **Airlines 1.67%** |  |  |  |  |  |
| Air Canada Pass-Through Trust Series 2015-1 Class A (Canada)<sup>†(b)</sup> | 3.60% |  | 9/15/2028 | 247557 | 241905 |
| American Airlines, Inc.<sup>†</sup> | 7.25% |  | 2/15/2028 | 290000 | 296358 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.021% |  | 10/20/2029 | 520000 | 514879 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<sup>†</sup> | 6.50% |  | 6/20/2027 | 440000 | 440852 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(b)</sup> | 9.50% |  | 6/1/2028 | 290000 | 298286 |
| *Total* |  |  |  |  | 1792280 |
| **Auto Manufacturers 1.92%** |  |  |  |  |  |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 10.00% |  | 3/31/2029 | 385000 | 364979 |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 1100000 | 1071262 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 250000 | 259714 |
| Wabash National Corp.<sup>†</sup> | 4.50% |  | 10/15/2028 | 410000 | 371415 |
| *Total* |  |  |  |  | 2067370 |
| **Auto Parts & Equipment 0.75%** |  |  |  |  |  |
| Tenneco, Inc.<sup>†</sup> | 8.00% |  | 11/17/2028 | 350000 | 346488 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 455000 | 456797 |
| *Total* |  |  |  |  | 803285 |
| **Building Materials 0.87%** |  |  |  |  |  |
| AmeriTex HoldCo Intermediate LLC<sup>†</sup> | 10.25% |  | 10/15/2028 | 285000 | 302682 |
| CP Atlas Buyer, Inc.<sup>†</sup> | 7.00% |  | 12/1/2028 | 285000 | 264023 |
| JELD-WEN, Inc.<sup>†</sup> | 4.875% |  | 12/15/2027 | 400000 | 371936 |
| *Total* |  |  |  |  | 938641 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value**<sup>(a)</sup> |
| **Chemicals 0.53%** |  |  |  |  |
| Herens Holdco SARL (Luxembourg)<sup>†(b)</sup> | 4.75% | 5/15/2028 | $340000 | $305415 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 6.625% | 5/1/2029 | 265000 | 259313 |
| *Total* |  |  |  | 564728 |
| **Coal 0.33%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 385000 | 358642 |
| **Commercial Services 1.98%** |  |  |  |  |
| Alta Equipment Group, Inc.<sup>†</sup> | 9.00% | 6/1/2029 | 400000 | 373328 |
| BCP V Modular Services Finance II PLC | 6.125% | 11/30/2028 | 280000 | 372861 |
| Champions Financing, Inc.<sup>†</sup> | 8.75% | 2/15/2029 | $375000 | 362464 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 345000 | 364900 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 340000 | 355950 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 300000 | 298046 |
| *Total* |  |  |  | 2127549 |
| **Computers 0.22%** |  |  |  |  |
| Virtusa Corp.<sup>†</sup> | 7.125% | 12/15/2028 | 245000 | 233712 |
| **Diversified Financial Services 1.11%** |  |  |  |  |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% | 2/1/2029 | 345000 | 358602 |
| LFS Topco LLC<sup>†</sup> | 5.875% | 10/15/2026 | 310000 | 310173 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 3.625% | 3/1/2029 | 550000 | 523055 |
| *Total* |  |  |  | 1191830 |
| **Electric 0.91%** |  |  |  |  |
| Alexander Funding Trust II<sup>†</sup> | 7.467% | 7/31/2028 | 465000 | 497451 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% | 5/17/2028 | 460000 | 486177 |
| *Total* |  |  |  | 983628 |
| **Entertainment 0.82%** |  |  |  |  |
| 888 Acquisitions Ltd. | 7.558% | 7/15/2027 | 305000 | 362453 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | $225000 | 221567 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 316000 | 294895 |
| *Total* |  |  |  | 878915 |
| **Equity Real Estate 0.34%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 390000 | 365849 |
| **Food 0.30%** |  |  |  |  |
| Market Bidco Finco PLC | 5.50% | 11/4/2027 | 235000 | 317336 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **Health Care-Services 0.34%** |  |  |  |  |
| U.S. Acute Care Solutions LLC<sup>†</sup> | 9.75% | 5/15/2029 | $355000 | $366604 |
| **Home Builders 0.49%** |  |  |  |  |
| LGI Homes, Inc.<sup>†</sup> | 8.75% | 12/15/2028 | 509000 | 529444 |
| **Insurance 0.70%** |  |  |  |  |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 720000 | 754501 |
| **Internet 1.16%** |  |  |  |  |
| ANGI Group LLC<sup>†</sup> | 3.875% | 8/15/2028 | 390000 | 363872 |
| GrubHub Holdings, Inc.<sup>†</sup> | 5.50% | 7/1/2027 | 375000 | 364331 |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 9.75% | 4/15/2029 | 475000 | 521632 |
| *Total* |  |  |  | 1249835 |
| **Investment Companies 0.77%** |  |  |  |  |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 697000 | 692711 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 129000 | 134557 |
| *Total* |  |  |  | 827268 |
| **Iron-Steel 0.34%** |  |  |  |  |
| Algoma Steel, Inc. (Canada)<sup>†(b)</sup> | 9.125% | 4/15/2029 | 395000 | 365857 |
| **Leisure Time 0.12%** |  |  |  |  |
| Sabre GLBL, Inc.<sup>†</sup> | 8.625% | 6/1/2027 | 123000 | 125999 |
| **Lodging 0.21%** |  |  |  |  |
| Full House Resorts, Inc.<sup>†</sup> | 8.25% | 2/15/2028 | 235000 | 228507 |
| **Machinery-Diversified 0.54%** |  |  |  |  |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(b)</sup> | 9.00% | 2/15/2029 | 340000 | 355911 |
| Maxim Crane Works Holdings Capital LLC<sup>†</sup> | 11.50% | 9/1/2028 | 210000 | 221924 |
| *Total* |  |  |  | 577835 |
| **Media 1.43%** |  |  |  |  |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 341000 | 353787 |
| Scripps Escrow, Inc.<sup>†</sup> | 5.875% | 7/15/2027 | 255000 | 227164 |
| Sinclair Television Group, Inc.<sup>†</sup> | 5.125% | 2/15/2027 | 250000 | 240753 |
| Univision Communications, Inc.<sup>†</sup> | 8.00% | 8/15/2028 | 355000 | 360541 |
| Virgin Media Vendor Financing Notes III DAC | 4.875% | 7/15/2028 | 275000 | 360492 |
| *Total* |  |  |  | 1542737 |
| **Metal Fabricate-Hardware 0.23%** |  |  |  |  |
| Park-Ohio Industries, Inc. | 6.625% | 4/15/2027 | $255000 | 249252 |

---

<br> *See Notes to Financial Statements.* 9

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **Mining 0.34%** |  |  |  |  |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 9.375% | 3/1/2029 | $340000 | $361283 |
| **Miscellaneous Manufacturing 0.29%** |  |  |  |  |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 310000 | 308013 |
| **Oil & Gas 4.62%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 250000 | 256837 |
| APA Corp.<sup>†</sup> | 4.375% | 10/15/2028 | 500000 | 481239 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 496000 | 508480 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 365000 | 364179 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 380000 | 396353 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2027 | 1000000 | 1018431 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.25% | 11/1/2028 | 355000 | 356044 |
| Nabors Industries, Inc.<sup>†</sup> | 7.375% | 5/15/2027 | 374000 | 369609 |
| Talos Production, Inc.<sup>†</sup> | 9.00% | 2/1/2029 | 350000 | 358597 |
| Transocean Aquila Ltd.<sup>†</sup> | 8.00% | 9/30/2028 | 358769 | 362562 |
| Viper Energy, Inc.<sup>†</sup> | 5.375% | 11/1/2027 | 500000 | 500872 |
| *Total* |  |  |  | 4973203 |
| **Packaging & Containers 0.68%** |  |  |  |  |
| LABL, Inc.<sup>†</sup> | 10.50% | 7/15/2027 | 260000 | 248981 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% | 4/15/2027 | 260000 | 258368 |
| Trident TPI Holdings, Inc.<sup>†</sup> | 12.75% | 12/31/2028 | 215000 | 228337 |
| *Total* |  |  |  | 735686 |
| **Pharmaceuticals 1.24%** |  |  |  |  |
| Cheplapharm Arzneimittel GmbH (Germany)<sup>†(b)</sup> | 5.50% | 1/15/2028 | 315000 | 304703 |
| Curaleaf Holdings, Inc. | 8.00% | 12/15/2026 | 315000 | 283500 |
| CVS Pass-Through Trust<sup>†</sup> | 5.298% | 1/11/2027 | 463255 | 463697 |
| Trulieve Cannabis Corp. | 8.00% | 10/6/2026 | 290000 | 284568 |
| *Total* |  |  |  | 1336468 |
| **Pipelines 1.42%** |  |  |  |  |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% | 6/1/2028 | 340000 | 341627 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% | 8/15/2027 | 750000 | 746411 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.125% | 6/1/2028 | 425000 | 439522 |
| *Total* |  |  |  | 1527560 |
| **REITS 1.15%** |  |  |  |  |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% | 4/15/2026 | 500000 | 500422 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 750000 | 739897 |
| *Total* |  |  |  | 1240319 |

---

<br> 10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **Retail 0.60%** |  |  |  |  |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% | 2/15/2028 | $350000 | $341605 |
| Stonegate Pub Co. Financing PLC | 10.75% | 7/31/2029 | 210000 | 299152 |
| *Total* |  |  |  | 640757 |
| **Telecommunications 0.36%** |  |  |  |  |
| CommScope LLC<sup>†</sup> | 7.125% | 7/1/2028 | $160000 | 157367 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 250000 | 230493 |
| *Total* |  |  |  | 387860 |
| **Transportation 0.92%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(b)</sup> | 4.75% | 3/22/2028 | 500000 | 485668 |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 500000 | 508403 |
| *Total* |  |  |  | 994071 |
| *Total Corporate Bonds* (cost $31,720,500) |  |  |  | 31946824 |
| **CORPORATE NOTES 4.61%** |  |  |  |  |
| **Financial Services 4.61%** |  |  |  |  |
| QualityTech LP 2025 Term Loan | 7.15%<br>(1 mo. USD Term SOFR + 2.75% | 10/31/2028 | 3800000 | 3769220 <sup>(c)</sup> |
| QualityTech LP 2025 Upsize Revolver<sup>(d)</sup> | 7.45%<br>(1 mo. USD Term SOFR + 3.00% | 10/31/2028 | 1200000 | 1190280 <sup>(c)</sup> |
| *Total Corporate Notes* (cost $4,957,155) |  |  |  | 4959500 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **33.20%** |  |  |  |  |
| **Commercial Services & Supplies 0.45%** |  |  |  |  |
| RR Donnelley & Sons Co. 2024 Term Loan | 9.077%<br>(1 mo. USD Term SOFR + 4.75% | 8/8/2029 | 495000 | 485100 <sup>(c)</sup> |
| **Consumer Staples Distribution & Retail 3.11%** |  |  |  |  |
| Bellis Acquisition Co. PLC 2023 Incremental Term Loan (United Kingdom) | 10.482%<br> (SONIA + 5.75% | 10/22/2029 | 2500000 | 3348236 <sup>(c)</sup> |
| **Diversified Consumer Services 2.29%** |  |  |  |  |
| CI MG Group LLC First Lien Delayed Draw Term Loan<sup>(d)</sup> | 9.796%<br> (3 mo. USD Term SOFR + 5.50% | 3/27/2027 | $743412 | 732261 <sup>(c)</sup> |
| CI MG Group LLC First Lien Term Loan | 9.796%<br> (3 mo. USD Term SOFR + 5.50% | 3/27/2030 | 1581081 | 1557365 <sup>(c)</sup> |
| CI MG Group LLC First Lien Revolver<sup>(d)</sup> | 9.796%<br> (3 mo. USD Term SOFR + 5.50% | 3/27/2030 | 168919 | 166385 <sup>(c)</sup> |
| *Total* |  |  |  | 2456011 |

---

<br> *See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **Financial Services 4.26%** |  |  |  |  |
| Harp Finco Ltd. First Lien Term Loan (Jersey) | 9.717%<br> (SONIA + 5.50%) | 3/27/2032 | 1500000 | $2017795 <sup>(c)</sup> |
| Tulip Bidco Ltd. PIK Incremental Acquisition Facility (United Kingdom)<sup>(d)</sup> | 9.22%<br> (SONIA + 5.00%) | 12/13/2027 | 1900000 | 2568914 <sup>(c)</sup> |
| *Total* |  |  |  | 4586709 |
| **Health Care Technology 2.31%** |  |  |  |  |
| Goldeneye Parent LLC Term Loan | 9.296% <br> (3 mo. USD Term SOFR + 5.00%) | 3/31/2032 | $2183811 | 2172892 <sup>(c)</sup> |
| Goldeneye Parent LLC Revolver<sup>(d)</sup> | – <sup>(e)</sup> | 3/31/2032 | 316189 | 314608 <sup>(c)</sup> |
| *Total* |  |  |  | 2487500 |
| **Healthcare Equipment & Supplies 2.30%** |  |  |  |  |
| DRS Holdings III, Inc. 2025 Term Loan | 9.583%<br> (3 mo. USD Term SOFR + 5.25%) | 11/1/2028 | 2345604 | 2333875 <sup>(c)</sup> |
| DRS Holdings III, Inc. 2025 Revolver<sup>(d)</sup> | – <sup>(e)</sup> | 11/1/2028 | 142624 | 141911 <sup>(c)</sup> |
| *Total* |  |  |  | 2475786 |
| **Hotels, Restaurants & Leisure 4.60%** |  |  |  |  |
| Accommodations Plus Technologies Holdings LLC 2025 Term Loan | 8.829%<br> (3 mo. USD Term SOFR + 4.50%) | 5/28/2032 | 2166667 | 2145000 <sup>(c)</sup> |
| Accommodations Plus Technologies Holdings LLC 2025 Revolver<sup>(d)</sup> | – <sup>(e)</sup> | 5/28/2032 | 333333 | 330000 <sup>(c)</sup> |
| OB Global Openbet Holdings 2 LLC Term Loan | 10.321%<br> (3 mo. USD Term SOFR + 6.00%) | 9/24/2029 | 2493750 | 2468812 <sup>(c)</sup> |
| *Total* |  |  |  | 4943812 |
| **Life Sciences Tools & Services 2.30%** |  |  |  |  |
| Cambrex Corp. 2025 Unitranche Term Loan | 9.077% <br> (3 mo. USD Term SOFR + 4.75%) | 3/5/2032 | 1953353 | 1933819 <sup>(c)</sup> |
| Cambrex Corp. 2025 Delayed Draw Term Loan<sup>(d)</sup> | – <sup>(e)</sup> | 3/5/2032 | 291545 | 290088 <sup>(c)</sup> |
| Cambrex Corp. 2025 Revolver<sup>(d)</sup> | – <sup>(e)</sup> | 3/5/2032 | 255102 | 252551 <sup>(c)</sup> |
| *Total* |  |  |  | 2476458 |
| **Media 4.57%** |  |  |  |  |
| Associations, Inc. 2024 2nd Amendment Term Loan A | 11.021%<br> (3 mo. USD Term SOFR + 6.50%) | 7/3/2028 | 2187020 | 2192488 <sup>(c)</sup> |
| Associations, Inc. 2024 Special Purpose Delayed Draw Term Loan<sup>(d)</sup> | 11.021%<br> (3 mo. USD Term SOFR + 6.50%) | 7/3/2028 | 170460 | 170886 <sup>(c)</sup> |

---

<br> 12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **Media (continued)** |  |  |  |  |  |
| Associations, Inc. 2024 2nd Amendment Revolver<sup>(d)</sup> | 11.021%<br> (3 mo. USD Term SOFR + 6.50% | 7/3/2028 | $| 136842 | $136842 <sup>(c)</sup> |
| Gannett Holdings LLC 2024 Term Loan | 9.325% | 10/15/2029 |  | 2425534 | 2416438 |
| *Total* |  |  |  |  | 4916654 |
| **Professional Services 4.70%** |  |  |  |  |  |
| Pacioli U.K. Midco Ltd. Term Loan B (United Kingdom) | 9.456%<br> (SONIA + 5.00% | 4/14/2032 | GBP | 1410000 | 1901566 <sup>(c)</sup> |
| Sigma Irish Acquico Ltd. 2025 EUR Term Loan B (Ireland) | 7.189% <br> (3 mo. EURIBOR + 5.25% | 3/19/2032 | EUR | 1242249 | 1434042 <sup>(c)</sup> |
| Sigma Irish Acquico Ltd. 2025 USD Term Loan B (Ireland)<sup>(b)</sup> | 9.546% <br> (3 mo. USD Term SOFR + 5.25% | 3/19/2032 | $| 1304138 | 1278055 <sup>(c)</sup> |
| Sigma Irish Acquico Ltd. 2025 Delayed Draw Term Loan (Ireland)<sup>(d)</sup> |  | 3/19/2032 |  | 453613 | 444541 <sup>(c)</sup> |
| *Total* |  |  |  |  | 5058204 |
| **Transportation Infrastructure 2.31%** |  |  |  |  |  |
| Elk Bidco, Inc. Term Loan | 8.823% <br> (3 mo. USD Term SOFR + 4.50% | 6/14/2032 |  | 1791045 | 1782089 <sup>(c)</sup> |
| Elk Bidco, Inc. Delayed Draw Term Loan<sup>(d)</sup> |  | 6/14/2032 |  | 373134 | 371269 <sup>(c)</sup> |
| Elk Bidco, Inc. Revolver<sup>(d)</sup> |  | 6/14/2032 |  | 335821 | 334142 <sup>(c)</sup> |
| *Total* |  |  |  |  | 2487500 |
| *Total Floating Rate Loans* (cost $35,173,866) | *Total Floating Rate Loans* (cost $35,173,866) | *Total Floating Rate Loans* (cost $35,173,866) |  |  | 35721970 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.08%** |  |
| Multifamily Connecticut Avenue Securities Trust Series 2025-01 Class M1<sup>†</sup> <br> (Cost $89,994) | 6.705%<br> (30 day USD SOFR Average + 2.40% | 5/25/2055 |  | 89994 | 90265 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.69%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.69%** |  |
| 1345 Trust Series 2025-AOA Class B<sup>†</sup> | 6.30%<br>(1 mo. USD Term SOFR + 2.00% | 6/15/2030 |  | 500000 | 501659 |
| ALA Trust Series 2025-OANA Class C<sup>†</sup> | 6.392%<br>(1 mo. USD Term SOFR + 2.09% | 6/15/2040 |  | 500000 | 501245 |
| BAHA Trust Series 2024-MAR Class B<sup>†</sup> | 7.069% | 12/10/2041 |  | 500000 | 523498 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class B<sup>†</sup> | 5.947% | 6/15/2044 |  | 500000 | 512064 |
| BX Trust Series 2025-TAIL Class C<sup>†</sup> | 6.212%<br>(1 mo. USD Term SOFR + 1.90% | 6/15/2035 |  | 500000 | 501132 |

---

<br> *See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup>** | **Fair**<br> **Value**<sup>(a)</sup> |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 5.127%<br>(1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | $500000 | $491123 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class B<sup>†</sup> | 6.154%<br>(1 mo. USD Term SOFR + 1.84% |)<sup>#</sup> | 2/15/2042 | 500000 | 496811 |
| U.S. Bank NA Series 2025-SUP1 Class C<sup>†</sup> | 6.205%<br> (30 day USD SOFR Average + 1.90% |)<sup>#</sup> | 2/25/2032 | 438151 | 436622 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,931,876) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,931,876) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,931,876) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,931,876) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,931,876) | 3964154 |
| *Total Long-Term Investments* (cost $124,424,028) |  |  |  |  | 125357964 |
| **SHORT-TERM INVESTMENTS 1.61%** |  |  |  |  |  |
| **COMMERCIAL PAPER 0.93%** |  |  |  |  |  |
| **Packaging & Containers 0.93%** |  |  |  |  |  |
| Sonoco Products Co. (cost $997,875) | 5.196% |  | 7/16/2025 | 1000000 | 997875 |
|  |  |  |  | **Shares** |  |
| **MONEY MARKET MUTUAL FUNDS 0.68%** |  |  |  |  |  |
| State Street Institutional U.S. Government Money Market Fund Opportunity Class, 4.25%<sup>(i)</sup> (cost $738,245) | State Street Institutional U.S. Government Money Market Fund Opportunity Class, 4.25%<sup>(i)</sup> (cost $738,245) |  |  | 738245 | 738245 |
| *Total Short-Term Investments* (cost $1,736,120) |  |  |  |  | 1736120 |
| *Total Investments in Securities 118.13%* (cost $126,160,148) | *Total Investments in Securities 118.13%* (cost $126,160,148) | *Total Investments in Securities 118.13%* (cost $126,160,148) | *Total Investments in Securities 118.13%* (cost $126,160,148) |  | 127094084 |
| *Less Unfunded Commitments (8.37)%* (cost $8,888,956) | *Less Unfunded Commitments (8.37)%* (cost $8,888,956) | *Less Unfunded Commitments (8.37)%* (cost $8,888,956) | *Less Unfunded Commitments (8.37)%* (cost $8,888,956) |  | (9009929) |
| *Net Investments in Securities 109.76%* (cost $117,271,192) | *Net Investments in Securities 109.76%* (cost $117,271,192) | *Net Investments in Securities 109.76%* (cost $117,271,192) | *Net Investments in Securities 109.76%* (cost $117,271,192) |  | 118084155 |
| *Borrowings (11.01%)* |  |  |  |  | (11850000) |
| *Other Assets and Liabilities – Net*<sup>(j)</sup> *1.25%* |  |  |  |  | 1349993 |
| *Net Assets 100.00%* |  |  |  |  | $107584148 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2025, the total value of Rule 144A securities was $72,721,858, which represents 67.60% of net assets. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at June 30, 2025. |
| <sup>(a)</sup> | Investment holdings denominated in foreign currencies are converted to U.S. Dollars using period end spot rates. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Level 3 investment as described in Note 2(a) in the Notes to Financial Statements. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Adviser as "valuation designee." |
| <sup>(d)</sup> | Security partially/fully unfunded. See Note 2(c). |

---

<br> 14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

<sup>(e)</sup> Interest Rate to be determined.

<sup>(f)</sup> Security purchased on a when-issued basis (See Note 2(i)).

<sup>(g)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2025.

<sup>(h)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(i)</sup> The rate shown is the current yield as of June 30, 2025.

<sup>(j)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and swap contracts as follows:

**Centrally Cleared Interest Rate Swap Contracts at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments** <br> **Upfront**<sup>(1)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 3.905% | 12-Month USD SOFR Index | 9/19/2026 | $8590000 | $– | $(17152) | $(17152) |
| Bank of America<sup>(2)</sup> | 3.756% | 12-Month USD SOFR Index | 5/19/2027 | 15100000 | (26398) | (38734) | (65132) |
| Bank of America<sup>(2)</sup> | 3.685% | 12-Month USD SOFR Index | 5/19/2028 | 3130000 | (718) | (22781) | (23499) |
| Bank of America<sup>(2)</sup> | 3.396% | 12-Month USD SOFR Index | 6/30/2029 | 3000000 | – | (516) | (516) |
| *Total* |  |  |  |  | $(27116) | $(79183) | $(106299) |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate. |
| <sup>(1)</sup> | Upfront payments paid (received) are presented net of amortization. |
| <sup>(2)</sup> | Central clearinghouse: Chicago Mercantile Exchange (CME). |

---

**Forward Foreign Currency Exchange Contracts at June 30, 2025:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Appreciation** |
| GBP | Sell | Goldman Sachs | 10/10/2025 | 274000 | $376522 | $376341 |  | $181 |
| GBP | Sell | Goldman Sachs | 10/10/2025 | 6102000 | 8381744 | 8381146 |  | 598 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | $779 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | Goldman Sachs | 8/22/2025 | 1230000 | $1401939 | $1453771 | $(51832) |
| Euro | Sell | Goldman Sachs | 8/22/2025 | 319000 | 376949 | 377035 | (86) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | $(51918) |

---

<br> *See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

*June 30, 2025*

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligation-Warehouse<sup>(3)</sup> | $– | $– | $5000000 | $5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 23656012 | 5000000 | 28656012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 15019239 |  | 15019239 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 31946824 |  | 31946824 |
| &nbsp;&nbsp;&nbsp;Corporate Notes<sup>(4)</sup> |  |  | 4959500 | 4959500 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans<sup>(5)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services & Supplies |  |  | 485100 | 485100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples Distribution & Retail |  |  | 3348236 | 3348236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Consumer Services |  |  | 2456011 | 2456011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services |  |  | 4586709 | 4586709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology |  |  | 2487500 | 2487500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Equipment & Supplies |  |  | 2475786 | 2475786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hotels, Restaurants & Leisure |  |  | 4943812 | 4943812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  |  | 2476458 | 2476458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media |  | 2416438 | 2500216 | 4916654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Services |  |  | 5058204 | 5058204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  |  | 2487500 | 2487500 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 90265 |  | 90265 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 3964154 |  | 3964154 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 997875 |  | 997875 |
| &nbsp;&nbsp;&nbsp;Money Market Mutual Funds | 738245 | – | – | 738245 |
| **Total** | $738245 | $78090807 | $48265032 | $127094084 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (106299) |  | (106299) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 779 |  | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (51918) | – | (51918) |
| **Total** | $– | $(157438) | $– | $(157438) |

---

<sup>(1)</sup> Refer to Note 2(a) in the Notes to Financial Statements for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments.

<sup>(3)</sup> The level 3 investments include unfunded commitments of $3,016,667.

<sup>(4)</sup> The level 3 investments include unfunded commitments of $158,777.

<sup>(5)</sup> The level 3 investments include unfunded commitments of $5,834,485.

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.

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*June 30, 2025*

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Asset Backed**<br> **Securities**<sup>(a)</sup> | **Corporate**<br> **Notes**<sup>(b)</sup> | **Floating Rate**<br> **Loans**<sup>(c)</sup> |
| Balance as of February 19, 2025<sup>(d)</sup> | $– | $– | $– |
| Accrued Discounts/(Premiums) |  | 2155 | 16430 |
| Realized Gain/(Loss) |  |  | 889 |
| Change in Unrealized Appreciation/(Depreciation) |  | 2345 | 551136 |
| Purchases | 10733333 | 4955000 | 32791521 |
| Sales | (733333) |  | (54444) |
| Transfers into Level 3<sup>(e)</sup> |  |  |  |
| Transfers out of Level 3<sup>(e)</sup> | – | – | – |
| Balance as of June 30, 2025 | $10000000 | $4959500 | $33305532 |
| **Change in unrealized appreciation/(depreciation) for the period ended June 30, 2025, related to Level 3 investments held at June 30, 2025** | $– | $2345 | $551136 |

---

<sup>(a)</sup> Includes unfunded commitments of $3,016,667.

<sup>(b)</sup> Includes unfunded commitments of $158,777.

<sup>(c)</sup> Includes unfunded commitments of $5,834,485.

<sup>(d)</sup> Commencement of operations.

<sup>(e)</sup> The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period.

The following table summarizes the significant unobservable inputs the Fund used to value its investments categorized within Level 3 as of June 30, 2025. In addition to the techniques and inputs noted in the table below, according to the valuation policy we may also use other valuation techniques and methodologies when determining the fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Fund's determination of fair values.

The unobservable inputs used in the fair value measurement of the Fund's Level 3 investments as of June 30, 2025 were as follows:

**Quantitative Information about Level 3 Fair Value Measurements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets** | **6-30-2025<br> Fair Value ($)** | **Valuation<br> Technique(s)/ <br> Methodologies** | **Unobservable<br> Input(s)** | **Range of<br> Unobservable <br> Input(s) Utilized** | **Weighted<br> Average<br> Unobservable<br> Input(s)** |
| Asset-Backed Securities<sup>(a)</sup> | 5000000 | Market Approach | Transaction Price | N/A | N/A |
| Asset-Backed Securities | 5000000 | Income Approach | Discount Rate | 6.41% – 7.41% | 6.91% |
| Corporate Notes<sup>(b)</sup> | 4959500 | Income Approach | Discount Rate | 6.69% – 7.46% | 7.00% |
| Floating Rate Loans<sup>(c)</sup> | 9432980 | Market Approach | Transaction Price | N/A | N/A |
| Floating Rate Loans<sup>(d)</sup> | 23872552 | Income Approach | Discount Rate | 7.72% – 11.19% | 9.85% |
| Total Level 3 | 48265032 |  |  |  |  |

---

---

| | |
|:---|:---|
| |  |
| <sup>(a)</sup> | Includes unfunded commitments of $3,016,667. |
| <sup>(b)</sup> | Includes unfunded commitments of $158,777. |
| <sup>(c)</sup> | Includes unfunded commitments of $3,507,269. |
| <sup>(d)</sup> | Includes unfunded commitments of $2,327,216. |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (concluded)**

*June 30, 2025*

The significant unobservable input used in the market approach is the transaction price to acquire the position. There have been no changes to the valuation based on the underlying assumptions used at the closing of such transaction. The significant unobservable input used in the income approach is the discount rate. The discount rate is used to discount the estimated future cash flows, which include both future principal and interest payments expected to be received from the underlying investment. An increase/decrease in the discount rate would result in a decrease/increase, respectively, in the fair value.

18 *See Notes to Financial Statements.*

**Statement of Assets and Liabilities**

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $117271192 |
| Investments in securities, at fair value | $118084155 |
| Cash | 4207000 |
| Deposits with brokers for forwards and swap contracts collateral | 461400 |
| Foreign cash, at value (cost $23,561) | 23926 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest | 1488454 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 418510 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 15312 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 7129 |
| Deferred financing costs | 150048 |
| Unrealized appreciation on forward foreign currency exchange contracts | 779 |
| Unrealized appreciation on unfunded commitments | 120973 |
| Prepaid expenses | 12304 |
| **Total assets** | 124989990 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Credit facility | 11850000 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 4502253 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements | 14484 |
| &nbsp;&nbsp;&nbsp;Interest | 8100 |
| &nbsp;&nbsp;&nbsp;Fund administration | 3439 |
| &nbsp;&nbsp;&nbsp;Distribution and Servicing Plan | 88 |
| Unrealized depreciation on forward foreign currency exchange contracts | 51918 |
| Distributions payable | 710550 |
| Accrued expenses | 265010 |
| **Total liabilities** | 17405842 |
| **Commitments and contingent liabilities (See Note 2(c))** | – |
| **NET ASSETS** | $107584148 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $107227060 |
| Total distributable earnings/(loss) | 357088 |
| **Net Assets** | $107584148 |
| **Net assets by class:** |  |
| Class A Shares | $145662 |
| Class I Shares | $107428451 |
| Class U Shares | $10035 |
| **Outstanding shares by class (Unlimited number of authorized shares):** |  |
| Class A Shares | 14516 |
| Class I Shares | 10705592 |
| Class U Shares | 1000 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |
| Class A Shares-Net asset value | $10.03 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.50%) | $10.29 |
| Class I Shares-Net asset value | $10.03 |
| Class U Shares-Net asset value\* | $10.03 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

*See Notes to Financial Statements.* 19

**Statement of Operations**

*For the Period Ended June 30, 2025<sup>(1)</sup>*

---

| | |
|:---|:---|
| **Investment income:** | |
| Interest and other | $2368431 |
| **Expenses:** |  |
| Management fee | 365598 |
| Distribution and Servicing Plan-Class A | 296 |
| Distribution and Servicing Plan-Class U | 28 |
| Professional | 204999 |
| Reports to shareholders | 35000 |
| Custody | 16666 |
| Registration | 15889 |
| Fund administration | 14624 |
| Shareholder servicing | 13296 |
| Trustees' fees | 6018 |
| Interest expense and fees (See Note 10) | 9762 |
| Other | 46002 |
| Gross expenses | 728178 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (450505) |
| **Net expenses** | 277673 |
| **Net investment income** | 2090758 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 44691 |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (382917) |
| Net realized gain/(loss) on swap contracts | 734 |
| Net realized gain/(loss) on foreign currency related transactions | (92792) |
| Net change in unrealized appreciation/(depreciation) on investments | 812963 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | (51139) |
| Net change in unrealized appreciation/(depreciation) on swap contracts | (79183) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (1125) |
| Net change in unrealized appreciation/(depreciation) on unfunded commitments | 120973 |
| **Net realized and unrealized gain/(loss)** | 372205 |
| **Net Increase in Net Assets Resulting From Operations** | $2462963 |

---

<sup>(1)</sup> For the period February 19, 2025, commencement of operations, to June 30, 2025.

20 *See Notes to Financial Statements.*

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
| **INCREASE IN NET ASSETS** | **For the Period Ended<br> June 30, 2025<sup>(1)</sup>** |
| **Operations:** |  |
| Net investment income | $2090758 |
| Net realized gain/(loss) | (430284) |
| Net change in unrealized appreciation/(depreciation) | 802489 |
| Net increase in net assets resulting from operations | 2462963 |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;Class A | (2043) |
| &nbsp;&nbsp;&nbsp;Class I | (2103653) |
| &nbsp;&nbsp;&nbsp;Class U | (179) |
| Total distribution to shareholders | (2105875) |
| **Capital share transactions (See Note 14):** |  |
| Net proceeds from sales of shares | 106894471 |
| Reinvestment of distributions | 332589 |
| Net increase in net assets resulting from capital share transactions | 107227060 |
| Net increase in net assets | 107584148 |
| **NET ASSETS:** |  |
| Beginning of period | $– |
| **End of period** | $107584148 |

---

<sup>(1)</sup> For the period February 19, 2025, commencement of operations, to June 30, 2025.

 

*See Notes to Financial Statements.* 21

**Statement of Cash Flows**

*For the Period Ended June 30, 2025<sup>(1)</sup>*

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| Net increase in net assets resulting from operations | $2462963 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | (120783635) |
| &nbsp;&nbsp;&nbsp;Investments sold and principal repayments | 9709652 |
| &nbsp;&nbsp;&nbsp;Net increase in short-term investments | (1736120) |
| &nbsp;&nbsp;&nbsp;Net amortization/(accretion) of premium (discount) | (44409) |
| &nbsp;&nbsp;&nbsp;Increase in receivable from advisor | (15312) |
| &nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 1662 |
| &nbsp;&nbsp;&nbsp;Increase in interest receivable | (1487782) |
| &nbsp;&nbsp;&nbsp;Increase in unrealized appreciation on unfunded commitments | 120973 |
| &nbsp;&nbsp;&nbsp;Increase in prepaid expenses | (12304) |
| &nbsp;&nbsp;&nbsp;Increase in variation margin payable for centrally cleared swap contract agreements | 14484 |
| &nbsp;&nbsp;&nbsp;Increase in distribution and servicing plan payable | 88 |
| &nbsp;&nbsp;&nbsp;Increase in interest payable | 8100 |
| &nbsp;&nbsp;&nbsp;Increase in fund administration payable | 3439 |
| &nbsp;&nbsp;&nbsp;Increase in accrued expenses and other liabilities | 265010 |
| **Net realized (gain)/loss on:** |  |
| &nbsp;&nbsp;&nbsp;Net realized (gain)/loss on investments | (44691) |
| **Net change in unrealized (appreciation)/depreciation on:** |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on investments | (812963) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on forward foreign currency exchange contracts | 51139 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on translation of assets and liabilities denominated in foreign currencies | 1125 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation)/depreciation on unfunded commitments | (120973) |
| **Net Cash Used in Operating Activities** | (112419554) |

---

<sup>(1)</sup> For the period February 19, 2025, commencement of operations, to June 30, 2025.

22 *See Notes to Financial Statements.*

**Statement of Cash Flows (concluded)**

*For the Period Ended June 30, 2025<sup>(1)</sup>*

---

| | |
|:---|:---|
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | |
| Cash provided by credit facility | $11850000 |
| Deferred financing costs | (151710) |
| Distributions to shareholders | (1062736) |
| Net proceeds from sales of shares | 106475961 |
| **Net Cash Provided by Financing Activities** | 117111515 |
| Effect of exchange rate changes on cash | 365 |
| Net change in cash | 4692326 |
| Cash at beginning of period | $– |
| Cash at end of period | $4692326 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid for interest expense and fees on credit facility | $1662 |
| Reinvestment of distributions | 332589 |
| **Reconciliation of restricted and unrestricted cash to the Statement of Assets and Liabilities, ending balance:** |  |
| Cash | $4207000 |
| Foreign cash, at value | $23926 |
| Deposits with brokers for forwards and swap contracts collateral | $461400 |
| **Total restricted and unrestricted cash ending balance** | $4692326 |

---

<sup>(1)</sup> For the period February 19, 2025, commencement of operations, to June 30, 2025.

 

*See Notes to Financial Statements.* 23

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income/**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 2/19/2025 to 6/30/2025<sup>(e)</sup> | $10.00 | $0.18 | $0.03 | $0.21 | $(0.18) | $10.03 |
| **Class I** |  |  |  |  |  |  |
| 2/19/2025 to 6/30/2025<sup>(e)</sup> | 10.00 | 0.21 | 0.03 | 0.24 | (0.21) | 10.03 |
| **Class U** |  |  |  |  |  |  |
| 2/19/2025 to 6/30/2025<sup>(e)</sup> | 10.00 | 0.18 | 0.03 | 0.21 | (0.18) | 10.03 |

---

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

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

<sup>(c)</sup> Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for Class I and Class U assumes the reinvestment of all distributions.

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

<sup>(e)</sup> Commenced on February 19, 2025.

24 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental<br> Data:** | **Supplemental<br> Data:** |
|<br>**Total**<br> **return**<br> **(%)**<sup>(b)(c)</sup> | **Total**<br> **expenses after**<br> **waivers and/or**<br> **reimburse-**<br> **ments**<br> **(includes**<br> **interest**<br> **expense)**<br> **(%)**<sup>(d)</sup> | **Total**<br> **expenses after**<br> **waivers and/or**<br> **reimburse-**<br> **ments**<br> **(excludes**<br> **interest**<br> **expense)**<br> **(%)**<sup>(d)</sup> | **Total**<br> **expenses**<br> **(%)**<sup>(d)</sup> | **Net**<br> **investment**<br> **income/**<br> **(loss)**<br> **(%)**<sup>(d)</sup> | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio**<br> **turnover**<br> **rate**<br> **(%)**<sup>(b)</sup> |
| 2.12 | 1.51 | 1.48 | 2.74 | 5.10 | $146 | 13 |
| 2.39 | 0.76 | 0.73 | 1.99 | 5.72 | 107428 | 13 |
| 2.11 | 1.47 | 1.47 | 2.68 | 4.98 | 10 | 13 |

---

*See Notes to Financial Statements.* 25

**Financial Highlights (concluded)**

Information about the Fund's senior securities is shown in the following table:

---

| | |
|:---|:---|
| | **June 30, 2025** |
| Lines of Credit Total Amount Outstanding (000's) | $11.850 |
| Asset Coverage Per $1,000 of Lines of Credit Outstanding<sup>(a)</sup> | $10078 |

---

<sup>(a)</sup> The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness of the 1940 Act.

26 *See Notes to Financial Statements.*

**Notes to Financial Statements**

**1. ORGANIZATION**

Lord Abbett Flexible Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that continuously offers its common shares (the "Shares") and is operated as an interval fund. The Fund was organized as a Delaware statutory trust on December 15, 2023. The Fund commenced operations on February 19, 2025.

The Fund's investment objective is to provide total return. The Fund currently offers three classes of Shares: Class A, Class I and Class U. A front-end sales charge of 2.50% is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class I and Class U Shares.

The Fund will not list its Shares for trading on any securities exchange. There is currently no secondary market for its Shares and the Fund does not expect any secondary market to develop for its Shares. Shareholders of the Fund are not able to have their Shares redeemed or otherwise sell their Shares on a daily basis because the Fund is an unlisted closed-end fund. In order to provide liquidity to shareholders, the Fund is structured as an interval fund and conducts periodic repurchase offers for a portion of its outstanding Shares.

The Fund's investment adviser is Lord Abbett FIF Advisor LLC (the "Adviser") and the Fund's sub-adviser is Apollo Credit Management, LLC (the "Sub-Adviser" and together with the Adviser, the "Advisers"). The Adviser is a wholly-owned subsidiary of Lord, Abbett & Co. LLC (together with the Adviser, "Lord Abbett"). The Sub-Adviser is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries.

**Basis of Preparation**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies*. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

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

The CODM for the Fund is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team.

**Notes to Financial Statements (continued)**

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, Statement of Changes in Net Assets, Statement of Cash Flows and Financial Highlights.

**2. SIGNIFICANT ACCOUNTING POLICIES**

---

| | |
|:---|:---|
| (a) | **Investment Valuation** **—**Under procedures approved by the Fund's Board of Trustees (the "Board"), the Board has delegated the determination of fair value of the Fund's portfolio investments to the Adviser as its valuation designee. Accordingly, the Adviser 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 the Adviser, 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 that are 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. 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. |
|  | Private investments are not anticipated to have readily available market values. Such investments are valued at fair value determined in good faith using observable and unobservable inputs and generally represent an estimate of a transactable level or "exit price". These investments are generally valued using one or more valuation methods including the market approach, the income approach and cost approach. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities. The Fund may use amortized cost as a pricing technique for investments that have recently transacted. |
|  | Investments may be valued using a range of fair valuations from an independent pricing service, including an external fair value specialist ("EFVS"). If the range of fair valuations received from an EFVS are determined to be materially different from recent transaction prices, fair value may be determined using both the transaction prices and the EFVS prices as inputs to the fair value |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| for a reasonable period of time subject to the determination of the Pricing Committee. The Pricing Committee will determine the appropriate valuation methodology as outlined above for each private investment. |
| 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, 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 regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing 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. |
| **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: |

---

---

| |
|:---|
| A summary of inputs used in valuing the Fund's investments and other financial instruments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the fiscal period then ended is included in the Fund's Schedule of Investments. |
| Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (b) | **Expenses** **—**Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A and Class U Shares bear their class-specific share of all expenses and fees relating to the Fund's Distribution and Servicing Plan. |
| (c) | **Floating Rate Loans** **—**Floating rate loans include bank loans, direct lending arrangements and middle market 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 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. Unfunded commitments include commitments to bank loans, direct lending, middle market loans, CLO warehouse facilities and revolving promissory notes. 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 investments. |
|  | As of June 30, 2025 the Fund had the following unfunded commitments: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br> Amount** | **Market<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Accommodations Plus Technologies Holdings LLC 2025 Revolver | $333333 | $330000 | $330043 | $(43) |
| Associations, Inc. 2024 Special Purpose Delayed Draw Term Loan | 114422 | 114708 | 114003 | 705 |
| Associations, Inc. 2024 2nd Amendment Revolver | 16749 | 16749 | 16688 | 61 |
| Cambrex Corp. 2025 Delayed Draw Term Loan | 291545 | 290088 | 290154 | (66) |
| Cambrex Corp. 2025 Revolver | 255102 | 252551 | 252667 | (116) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br> Amount** | **Market<br> Value** | **Cost** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CI MG Group LLC First Lien Delayed Draw Term Loan | $675676 | $665540 | $670504 | $(4964) |
| CI MG Group LLC First Lien Revolver | 87838 | 86520 | 86590 | (70) |
| DRS Holdings III, Inc. 2025 Revolver | 142624 | 141911 | 141963 | (52) |
| Elk Bidco, Inc. Delayed Draw Term Loan | 373134 | 371269 | 372202 | (933) |
| Elk Bidco, Inc. Revolver | 335821 | 334142 | 334154 | (12) |
| Fortress Credit Opportunities XXVII CLO B LLC Delayed Draw Term Loan | 3016667 | 3016667 | 3016667 |  |
| Goldeneye Parent LLC Revolver | 316189 | 314608 | 314665 | (57) |
| QualityTech LP 2025 Upsize Revolver | 160074 | 158777 | 158709 | 68 |
| Sigma Irish Acquico Ltd. 2025 Delayed Draw Term Loan (Ireland) | 453613 | 444541 | 449263 | (4722) |
| Tulip Bidco Ltd. PIK Incremental Acquisition Facility | 2509500 | 2471858 | 2340684 | 131174 |
| &nbsp;&nbsp;&nbsp;Total | $9082287 | $9009929 | $8888956 | $120973 |

---

---

| | |
|:---|:---|
| (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. |
|  | The Fund files U.S. federal and various state and local tax returns. The Fund will begin to file tax returns for the tax year ended June 30, 2025. |
| (f) | **Investment Income** **—**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Fund's Statement of Operations. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Fund's investments in revolving and delayed draw floating rate loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are |

---

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
|  | deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any unamortized premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Investment income is allocated to each class of Shares based upon the relative proportion of net assets at the beginning of the day. |
| (g) | **Repurchase Agreements** **—**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. The Fund's repurchase agreements are not subject to master netting arrangements. |
| (h) | **Security Transactions** **—**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (i) | **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 fiscal 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 fiscal period, the Fund used derivative instruments including forward foreign currency exchange 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 |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| 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 Fund's 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, 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** **—**The Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and, during the fiscal period, 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. |
| **Swaps** **—**The Fund may engage in swap transactions to manage interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| 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 an OTC swap agreement is 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 Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps 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. |
| **Interest Rate Swaps** **—**During the fiscal period, 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, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset Derivatives** | **Statement of<br> Assets and<br> Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts | $– | $779 |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(1)</sup> | Payables, variation margin for centrally cleared swap contract agreements | $106299 | $– |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | $– | $51918 |

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

**Notes to Financial Statements (continued)**

The following table presents the effect of derivatives on the Statement of Operations for the fiscal period ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on swap contracts | $734 | $– |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on forward foreign currency exchange contracts | $– | $(382917) |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on swap contracts | $(79183) | $– |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | $– | $(51139) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | $4126923 | $– |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $– | $2173628 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $779 | $– | $779 |
| &nbsp;&nbsp;&nbsp;Total | $779 | $– | $779 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the** | **Amounts Not Offset in the** | **Amounts Not Offset in the** | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts**<br>**of Assets**<br>**Presented in the**<br>**Statement<br> of Assets<br> and Liabilities** | **Financial <br>Instruments** | **Cash <br>Collateral <br>Received** | **Securities <br>Collateral <br>Received** |<br><br>**Net <br>Amount** |
| Goldman Sachs | $779 | $(779) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Total | $779 | $(779) | $– | $– | $– |

---

**Notes to Financial Statements (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $51918 | $– | $51918 |
| &nbsp;&nbsp;&nbsp;Total | $51918 | $– | $51918 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the** | **Amounts Not Offset in the** | **Amounts Not Offset in the** | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts**<br>**of Liabilities**<br>**Presented in the**<br>**Statement<br> of Assets<br> and Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged** | **Securities<br> Collateral<br> Pledged** |<br><br>**Net<br> Amount** |
| Goldman Sachs | $51918 | $(779) | $(40000) | $– | $11139 |
| Total | $51918 | $(779) | $(40000) | $– | $11139 |

---

**4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

**Management Fee and Other Expenses Transactions**

The Fund has entered into a management agreement (the "Management Agreement") with the Adviser, pursuant to which the Adviser supplies the Fund with investment management services and, pursuant to certain arrangements with Lord Abbett, 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 based on the Fund's average daily net assets at the annual rate of 1.00%.

For the period ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .00% of the Fund's average daily net assets.

The Adviser, the Sub-Adviser, and the Fund have entered into a sub-advisory agreement (the "Sub-Advisory Agreement"), pursuant to which the Sub-Adviser will provide general investment sub-advisory services for the Fund. For providing these services, the Sub-Adviser will receive a fee from the Adviser based on the terms of the Sub-Advisory Agreement.

In addition, Lord, Abbett & Co. LLC 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 for each month. The fund administration fee is accrued daily and payable monthly. Lord, Abbett & Co. LLC voluntarily waived $16,666 of fund administration fees for the fiscal period ended June 30, 2025.

The Adviser, the Sub-Adviser and the Fund have entered into the Expense Limitation and Reimbursement Agreement under which the Adviser and Sub-Adviser have agreed contractually for a one-year period from the date of the Fund's prospectus to waive, pay or otherwise bear management fees and all other expenses incurred in the business of the Fund ("Specified Expenses"), calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class I and Class U with the exception of (i) distribution and shareholder servicing expenses, (ii) dividend and interest expenses (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (iii) taxes and costs to reclaim foreign taxes, (iv) expenses related to litigation and potential litigation; (v) investment expenses (such as fees and expenses of outside legal counsel or third-party consultants, due diligence-related fees, and other costs, expenses and liabilities with respect to consummated and unconsummated investments), (vi) acquired fund fees and expenses, and

**Notes to Financial Statements (continued)**

(vii) extraordinary expenses (as determined in the discretion of the Adviser and Sub-Adviser), to the extent necessary so that the Fund's monthly Specified Expenses in respect of each class of the Fund do not exceed 0.75% of the average daily net asset value of such class (the "Expense Cap").

If the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Cap, the Adviser and Sub-Adviser shall be entitled to reimbursement by the Fund of the expenses borne by the Adviser and/or Sub-Adviser, as applicable, on behalf of the Fund pursuant to the Expense Limitation and Reimbursement Agreement (the "Reimbursement Amount"). A reimbursement will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expense payment was made by the Adviser and Sub-Adviser; and (ii) the Reimbursement Amount does not cause the Fund's total annual operating expenses (on an annualized basis and net of any reimbursements received by the Fund during such fiscal period) during the applicable quarter to exceed the Expense Cap of such class. The Reimbursement Amount for a class of Shares will not cause Fund expenses in respect of that class to exceed the lesser of (1) the expense limitation in effect at the time of waiver or reimbursement, and (2) the expense limitation in effect at the time of recapture. The Expense Limitation and Reimbursement Agreement will remain in effect for a one-year period from the date of the Fund's prospectus, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation and Reimbursement Agreement may be renewed annually with the written agreement of the Adviser, the Sub-Adviser, and the Fund.

Based on the terms described above, the Fund may be obligated to make reimbursement payments to the Adviser and Sub-Adviser in accordance with the Expense Limitation and Reimbursement Agreement. As of June 30, 2025, no such reimbursements were required.

The following table presents a cumulative summary of the expense payments and reimbursement payments as of June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Expenses**<br> **Reimbursed by the**<br> **Adviser and**<br> **Sub-Adviser** | **Reimbursement**<br> **made by the Fund**<br> **to the Adviser and**<br> **Sub-Adviser** | **Unreimbursed**<br> **Expense Payments**<br> **to the Adviser and**<br> **Sub-Adviser** |
| $450505 | $0 | $450505 |

---

**Distribution and Servicing Plan**

The Fund has adopted a Distribution and Servicing Plan for Class A and Class U shares of the Fund, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | |
|:---|:---|:---|
| **Fees\*** | **Class A** | **Class U** |
| Service | .25% | .25% |
| Distribution | .50% | .50% |

---

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

Class I shares do not have a distribution plan.

**Distributor**

The Distributor is the principal underwriter and distributor of the Fund's Shares pursuant to a distribution agreement (the "Distribution Agreement") with the Fund. The Distributor is a wholly-owned

**Notes to Financial Statements (continued)**

subsidiary of Lord, Abbett & Co. LLC. The Distributor does not participate in the distribution of non-Lord Abbett managed products. The Distributor acts as the distributor of Shares for the Fund on a best efforts basis, subject to various conditions, pursuant to the terms of the Distribution Agreement. The Distributor is not obligated to sell any specific amount of Shares of the Fund.

The Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, during the fiscal period ended June 30, 2025:

---

| | |
|:---|:---|
| **Distributor**<br> **Commissions** | **Dealers'**<br> **Concessions** |
| $7 | $625 |

---

**5. DISTRIBUTIONS AND TAX INFORMATION**

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal period ended June 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Flexible Income Fund | $– | $2105875 | $– | $– | $2105875 |

---

As of June 30, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary <br> Income** | **Undistributed<br> Net Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings<br> (Loss)** |
| Flexible Income Fund | $– | $233952 | $– | $(19950) | $853613 | $(710527) | $357088 |

---

Net capital losses recognized by the Fund may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Flexible Income Fund | $– | $(19950) | $(19950) |

---

As of June 30, 2025, 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, amortization of premium, and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Flexible Income Fund | $117187138 | $1013667 | $(158929) | $854738 |

---

**Notes to Financial Statements (continued)**

**6.** **PORTFOLIO SECURITIES TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal period ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $122908890 | $8449732 |

---

There were no purchases or sales of U.S. Government securities during the fiscal period ended June 30, 2025.

**7.** **TRUSTEES' REMUNERATION** 

The Fund's officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Fund for serving in such capacities. Independent Trustees' fees are allocated among certain Lord Abbett-sponsored closed-end funds primarily based on the relative net assets of each fund.

**8.** **CUSTODIAN AND ACCOUNTING AGENT** 

State Street Bank and Trust Company ("SSB") is the Fund's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

**9.** **SECURITIES LENDING** 

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 in the Fund's Statement of Operations. The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of June 30, 2025, the Fund did not have any securities on loan.

**10.** **CREDIT FACILITY** 

In pursuing its investment objective, the Fund may seek to enhance returns through the use of leverage, including through loans obtained from certain financial institutions. On June 23, 2025, the Fund (the "Borrower") entered into a revolving credit facility with the Toronto-Dominion Bank, New York Branch (the "Lender") for an initial commitment amount of $20,000,000 (the "Credit

**Notes to Financial Statements (continued)**

Facility"). The Credit Facility provides for secured borrowings for an initial 364-day term and is reviewed periodically by the Board. Borrowings accrue interest based on, for each day, the greater of such day's (a) Prime Rate, (b) the Federal Funds Rate plus ½ of 1% and (c) the Term Secured Overnight Financing Rate plus a spread of 1%. The maturity date of the Credit Facility is June 23, 2026. As security for borrowings under the Credit Facility, the Fund has pledged all of its assets to the Lender, and the Lender holds a first-priority lien on the Fund's investments.

Structuring fees on the Credit Facility accrue at a rate of 0.10% of the commitment amount. An unused commitment fee accrues, with respect to unused amounts of the commitment amount, up to .30%. The Credit Facility contains certain financial and operating covenants that require the maintenance of ratios and benchmarks throughout the borrowing period. As of June 30, 2025, the Fund was in compliance in all material respects with these covenants. As of June 30, 2025, the outstanding aggregate drawn down amount under the Credit Facility was $11,850,000. During the fiscal period there were no repayments under the Credit Facility. The components of interest expense, average interest rates (i.e. base interest rate in effect plus the spread) and average outstanding balance for the Credit Facility for the fiscal period ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| Stated interest expense | $7047 |
| Unused commitment fees | 1053 |
| Amortization of deferred financing costs | 1662 \* |
| Total interest expense | $9762 |
| Average interest rate | 7.85% |
| Average borrowing | $8400000 |

---

\* The Fund is amortizing over a 364-day period, $151,710 of deferred financing costs ending June 30, 2025.

In the event the Fund defaults under a credit facility, the Fund's business could be adversely affected as the Fund may be forced to sell a portion of its investments quickly and prematurely at prices that may be disadvantageous to the Fund in order to meet its outstanding payment obligations and/or support working capital requirements under the credit facility or such future borrowing facility, any of which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under a credit facility could assume control of the disposition of any or all of the Fund's assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

**Notes to Financial Statements (continued)**

**11.** **REPURCHASE OFFERS** 

In order to provide liquidity to shareholders, the Fund has adopted a fundamental investment policy to make quarterly offers to repurchase its outstanding Shares at NAV per share, reduced by any applicable repurchase fee. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at NAV, which is the minimum amount permitted. For the fiscal period ended June 30, 2025, the Fund did not repurchase any shares.

Repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective and will tend to increase the Fund's expense ratio per common share for remaining shareholders. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments. If the Fund employs investment leverage, repurchases of Shares would compound the adverse effects of leverage in a declining market. Also, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income.

If a repurchase offer is oversubscribed, the Board may determine to increase the amount repurchased by up to 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline (as defined in the Fund's prospectus). In the event that the Board determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. Consequently, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to shareholders, potentially including even shareholders who do not tender any Shares in such repurchase.

**12.** **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. For many fixed income securities, market risk is significantly, but not necessarily exclusively, influenced by changes in interest rates. A rise in interest rates typically causes a decrease in the value of investments in bonds and other debt securities, while a fall in rates typically causes an increase in value. Equity securities have experienced significantly more volatility in returns than fixed income

**Notes to Financial Statements (continued)**

securities over the long term, although under certain market conditions fixed income securities may have comparable or greater price volatility. 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 the 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 may invest in loans, which include, among other things, loans to U.S. or foreign corporations, partnerships, other business entities, or to U.S. and non-U.S. governments. The Fund may invest in fixed rate and variable rate loans and floating or adjustable-rate loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. The loans in which the Fund invests will usually be rated below investment grade or may also be unrated. Below investment grade loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. The Fund may invest in debtor-in-possession financings (commonly known as "DIP financings"). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. Such financings constitute senior liens on an unencumbered security (i.e., security not subject to other creditors' claims).

The Fund may invest in collateralized loan obligations ("CLOs"). The cash flows from a CLO are divided into two or more classes called "tranches," each having a different risk-reward structure in terms of the right (or priority) to receive interest payments from the CLO. The riskiest portion is the equity tranche which generally bears losses in connection with the first defaults, if any, on the bonds or loans in the trust and serves to provide some measure of protection to the other, more senior tranches from defaults. A senior tranche from a CLO trust typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, and aversion to CLO securities as a class. The risks of an investment in a CLO depend largely on the type of the collateral held in the CLO portfolio and the tranche of securities in which the Fund invests. The risks of investing in a CLO can be generally summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others. A CLO's collateral manager may have discretion to manage the CLO's portfolio, and the fees and expenses of the CLO may reduce the returns of certain CLO tranches.

The Fund may invest in, or obtain exposure to, obligations that may be "covenant-lite," which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than other loans made by the same borrower as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan

**Notes to Financial Statements (continued)**

agreement. Should a loan held by the Fund begin to deteriorate in quality, the Fund's ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund's ability to seek to recover its investment.

Senior secured loans are usually rated below investment-grade or may also be unrated. As a result, the risks associated with senior secured loans are similar to the risks of below investment-grade fixed income instruments, although senior secured loans are senior and secured in contrast to other below investment-grade fixed income instruments, which are often subordinated or unsecured. Investment in senior secured loans rated below investment-grade is considered speculative because of the credit risk of their issuers. There may be less readily available and reliable information about most senior secured loans than is the case for many other types of securities. As a result, the Sub-Adviser will rely primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Sub-Adviser.

In general, the secondary trading market for senior secured loans is not well developed. No active trading market may exist for certain senior secured loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell senior secured loans quickly or at a fair price. To the extent that a secondary market does exist for certain senior secured loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Certain of the Fund's investments may consist of loans or securities, or interests in pools of securities that are subordinated or may be subordinated in right of payment and ranked junior to other securities issued by, or loans made to obligors. If an obligor experiences financial difficulty, holders of its more senior securities will be entitled to payments in priority to the Fund. Some of the Fund's asset-backed investments may also have structural features that divert payments of interest and/or principal to more senior classes of loans or securities backed by the same assets when loss rates or delinquency exceed certain levels. This may interrupt the income the Fund receives from its investments, which may lead to the Fund having less income to distribute to investors.

In addition, many of the obligors are highly leveraged and many of the Fund's investments will be in securities which are unrated or rated below investment-grade. Such investments are subject to additional risks, including an increased risk of default during periods of economic downturn, the possibility that the obligor may not be able to meet its debt payments and limited secondary market support, among other risks.

Loans to private and middle-market companies involve risks that may not exist in the case of large, more established and/or publicly traded companies.

The Fund will make investments in private and middle-market companies, which involve a number of significant risks. The term "middle market" refers to companies with approximately $10 million to $100 million of EBITDA, which the Advisers believe is a useful proxy for cash flow although there may be other metrics to define "middle market." Generally, little public information exists about these companies, and the Fund relies on the ability of the Advisers' investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Advisers are unable to uncover all material information about these companies, they may not make a fully informed investment decision, and the Fund may lose money on the Fund's investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their

**Notes to Financial Statements (continued)**

operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund's realizing any guarantees the Fund may have obtained in connection with the Fund's investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the Fund's investment and, in turn, on the Fund. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. The Fund or the Advisers may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments.

The Fund may invest in unlisted business development companies ("BDCs") and publicly traded BDCs. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. BDCs invest in diverse industries such as healthcare, chemical and manufacturing, technology and service companies. Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund.

The Fund is also 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"). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. 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 mortgage-related and asset-backed 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

**Notes to Financial Statements (continued)**

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.

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. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, 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.

Geopolitical and other events, such as tariffs and other trade barriers, war, acts of terrorism, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

**Notes to Financial Statements (concluded)**

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the Fund.

As of June 30, 2025, the Fund had an individual shareholder owning approximately 70% of the Fund's outstanding shares.

These factors, and others, can affect the Fund's performance.

**13.** **RECENT ACCOUNTING PRONOUNCEMENT** 

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. The Fund does not expect the adoption of ASU 2023-09 to have a material impact to its financial statements.

**14.** **SUMMARY OF CAPITAL TRANSACTIONS** 

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| | **For the period ended** <br> **June 30, 2025**<sup>(a)</sup> | **For the period ended** <br> **June 30, 2025**<sup>(a)</sup> |
| **Class A Shares** | **Shares** | **Amount** |
| Shares sold | 14492 | $144994 |
| Reinvestment of distributions | 24 | 238 |
| Increase | 14516 | $145232 |
| **Class I Shares** |  |  |
| Shares sold | 10672401 | $106739477 |
| Reinvestment of distributions | 33191 | 332351 |
| Increase | 10705592 | $107071828 |
| **Class U Shares** |  |  |
| Shares sold | 1000 | $10000 |
| Increase | 1000 | $10000 |

---

<sup>(a)</sup> Commenced on February 19, 2025.

**15.** **SUBSEQUENT EVENTS** 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Trustees of Lord Abbett Flexible Income Fund:**

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

We have audited the accompanying statement of assets and liabilities of Lord Abbett Flexible Income Fund (the "Fund"), including the schedule of investments, as of June 30, 2025, and the related statements of operations, cash flows, and changes in net assets, and the financial highlights for the period from February 19, 2025, commencement of operations, to June 30, 2025, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, and the results of its operations, its cash flows, the changes in its net assets, and the financial highlights for the period from February 19, 2025, commencement of operations, to June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

August 28, 2025

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

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

At the initial organizational meeting for the Lord Abbett Flexible Income Fund (the "Fund"), the Board, including all of the Trustees who are not "interested persons" of the Fund or of Lord Abbett FIF Advisor LLC ("Lord Abbett"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered whether to approve the proposed management agreement between the Fund and Lord Abbett (the "Advisory Agreement") and the sub-management agreement among the Fund, Apollo Credit Management, LLC ("Apollo") and Lord Abbett (the "Sub-Advisory Agreement"). The Board reviewed and evaluated the written information that Lord Abbett and Apollo had presented for the Board's review, as well as Lord Abbett's and Apollo's presentations during the meeting. Before making its decision as to the Fund, the Board had the opportunity to meet with their independent legal counsel and to ask questions of Lord Abbett and Apollo and request further information, taking into account its knowledge of Lord Abbett and Apollo gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received and reviewed by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and for certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics (the "expense peer group"); (2) information provided by Lord Abbett and Apollo on the estimated expense ratios, management fee rates, and other expense components for the Fund; and (3) information regarding the investment strategies and risks of the Fund and the personnel and other resources devoted by Lord Abbett and Apollo to managing the Fund.

**Investment Management and Related Services Generally.** The Board considered the services to be provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements. 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. 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 funds advised by Lord Abbett or an affiliate, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to benefit from the nature, extent and quality of the investment services to be provided by Lord Abbett under the Advisory Agreement.

**Apollo's Investment Management Services.** In addition, the Board considered the sub-advisory services to be provided by Apollo to the Fund, including investment research, portfolio management, and trading, and Apollo's commitment to compliance with all applicable legal requirements. The Board considered the investment advisory services provided by Apollo to other clients with investment strategies similar to that of the Fund, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other funds advised by Apollo, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to benefit from the nature, extent and quality of the investment services to be provided by Apollo under the Sub-Advisory Agreement.

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

**Investment Performance.** Because the Fund had not yet begun operations, the Board did not have any investment performance to review. The Board considered each of Lord Abbett's and Apollo's performance and reputation generally, as well Lord Abbett's and Apollo's track records managing funds with strategies similar to those of the Fund.

**Personnel and Methods.** The Board considered the qualifications of the Lord Abbett and Apollo personnel who would be providing investment management services to the Fund, in light of its investment objective and discipline, and other services to be provided to the Fund by Lord Abbett and/or Apollo. Among other things, the Board considered each of Lord Abbett's and Apollo's approach to: (i) staffing, including the size, experience, and turnover of their respective staff; (ii) implementing their investment methodology and philosophy; and (iii) 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 to be performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including Apollo and the Fund's transfer agent and custodian.

**Expenses.** The Board considered the estimated expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how the expense level and the management fee of the Fund related to those of the expense peer group and the amount and nature of the fees expected to be paid by shareholders. The Board observed that the estimated net expense ratio and the management fee rate of the Fund were each below the median of the expense peer group. The Board then reviewed and considered the sub-advisory fee that Lord Abbett will pay to Apollo under the Sub-Advisory Agreement and comparisons to other funds and accounts managed by Apollo, as discussed in Apollo's response to the Board's Section 15(c) information request. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Advisory Agreement and the Sub-Advisory Agreement, that the management fees paid by the Fund to Lord Abbett and the sub-advisory fees to be paid by Lord Abbett to Apollo were reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by each of Lord Abbett and Apollo.

**Profitability.** Because the Fund has not yet begun operations, the Board was not able to consider the level of Lord Abbett's or Apollo's profits in managing the Fund. The Board recognized that overall profitability was a factor in enabling each of Lord Abbett and Apollo 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 Advisory Agreement and the Sub-Advisory Agreement that the overall profitability of each of Lord Abbett and Apollo, respectively, was not excessive.

**Economies of Scale.** The Board considered whether there might be economies of scale in managing the Fund and whether the Fund's shareholders might benefit from such economies of scale. The Board concluded that the proposed management fee, as well as Lord Abbett's and Apollo's undertaking to enter into an expense limitation agreement with the Fund, adequately reflected any economies of scale in managing the Fund and provided a mechanism for the Fund's shareholders to benefit from economies of scale.

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

**Other Benefits to Lord Abbett.** The Board considered the amount and nature of the fees to be paid by the Fund and the Fund's shareholders to Lord Abbett and Lord Abbett Distributor LLC (the "Distributor") for services other than investment advisory services, such as the fee that Lord, Abbett & Co. LLC, an affiliate of Lord Abbett, will receive from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett and its affiliates' investment advisory business apart from their registered fund business, and the intangible benefits expected to be enjoyed by Lord Abbett and its affiliates by virtue of their relationship with the Fund. The Board observed that the Distributor will receive Rule 12b-1 fees from certain share classes of the Fund as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of such Rule 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 Fund. In addition, the Board observed that Lord Abbett and its affiliates accrue certain benefits for their business of providing investment advice to clients other than the Fund, but that business could also benefit the Fund. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, may enter into revenue sharing arrangements with certain entities that distribute shares of the Fund. The Board also took into consideration the investment research that Lord Abbett may receive as a result of client brokerage transactions.

**Alternative Arrangements.** After considering all of the relevant factors described above, the Board, including the Independent Trustees, unanimously found that the approval of the Advisory Agreement and Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the Advisory Agreement and Sub-Advisory Agreement. In considering whether to approve the Advisory Agreement and Sub-Advisory Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

**Basic Information About Management**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position Held**<br> **(Length of Time**<br> **Served)** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of**<br> **Portfolios in**<br> **Fund Complex** <br> **Overseen by**<br> **Trustee** | **Other Directorships<br> Held During Past**<br> **5 Years** |
| **Independent Trustees** |  |  |  |  |
| **John Shaffer**<br> (1966) | Chair and Trustee (since 2024) | Co-Head of the Americas' Credit Sales at Goldman Sachs (2007–2014); Head of America's Credit Sales at Merrill Lynch (2001–2006). | 4 | Advisory Council Member of Strategic Partners (2021–2023). |
| **Lisa Shalett**<br> (1966) | Trustee (since 2024) | Managing Partner, Head of Strategic Innovation at Brookfield Asset Management (2018–2019); Partner at Goldman Sachs (2002–2015) and formerly other roles (1995–2002); and Co-Founder of Extraordinary Women on Boards (since 2021). | 4 | Currently Board member of PennyMac Financial Services (since 2020), MPower Partners (since 2021), and FTAC Emerald Acquisition Corp. (since 2021); Board member of AccuWeather (2019–2023); Board member of Bully Pulpit Interactive (2017–2022); and Board member of PerformLine (2015–2019). |
| **Sharon French**<br> (1965) | Trustee (since 2025) | President and CEO of SunAmerica Asset Management, LLC and AIG Life & Retirement Funds (2019–2021). | 4 | Board member of BNY/Newton Investment Management (2021–Q4 2025); Board member of Seasons Series Trust (2019–2021); Board member of SunAmerica Series Trust (2019–2021). |
| **Interested Trustee** |  |  |  |  |
| **Steven F. Rocco**<br> (1979) | Trustee; President; Chief Executive Officer (since 2024) | Co-Head of Taxable Fixed Income and Partner of Lord Abbett (since 2011), and was formerly Associate Portfolio Manager, joined Lord Abbett in 2004. | 4 | None. |

---

**Basic Information About Management (continued)**

**Officers**

No officer listed below has received compensation from the Fund. All officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 30 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the "Principal Occupation(s) During Past 5 Years" column indicates each officer's position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position Held**<br> **with the Fund** | **Year**<br> **Elected** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| **Steven F. Rocco**<br> (1979) | President and Chief Executive Officer | Since inception | Co-Head of Taxable Fixed Income and Partner of Lord Abbett (since 2011), and was formerly Associate Portfolio Managed, joined Lord Abbett in 2004. |
| **Christian Corkery**<br> (1984) | Vice President and Assistant Secretary | 2025 | Counsel, joined Lord Abbett in 2025 and was formerly Senior Counsel at the U.S. Securities and Exchange Commission (2022–2025) and an Associate Counsel at Cohen & Steers, Inc. (2019–2022). |
| **Christopher J. Costello**<br> (1973) | Vice President and Assistant Secretary | Since inception | Managing Director, Senior Counsel, joined Lord Abbett in 2024 and was formerly Counsel at Linklaters LLP (2023–2024) and Director & Associate General Counsel at Allianz Global Investors (2012–2021). |
| **Nicholas D. Emguschowa**<br> (1986) | Data Protection Officer | Since inception | Managing Director, Senior Counsel, joined Lord Abbett in 2018. |
| **Brooke A. Fapohunda**<br> (1975) | Vice President, Secretary and Chief Legal Officer | Since inception | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2006. |
| **Juliet M. Han**<br> (1988) | Vice President and Assistant Secretary | 2025 | Counsel, joined Lord Abbett in 2025 and was formerly Senior Counsel at the U.S. Securities and Exchange Commission (2020–2025) and an Associate at Willkie Farr & Gallagher LLP (2015–2019). |

---

**Basic Information About Management (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name**<br> **(Year of Birth)** | **Position Held**<br> **with the Fund** | **Year**<br> **Elected** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| **Michael J. Hebert**<br> (1976) | Chief Financial Officer and Treasurer | Since inception | Managing Director, Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. |
| **Parker J. Milender**<br> (1989) | Vice President and Assistant Secretary | Since inception | Counsel, joined Lord Abbett in 2021 and was formerly an Associate at Milbank LLP (2017–2021). |
| **Mary Ann Picciotto**<br> (1973) | Chief Compliance Officer | Since inception | Partner and Global Chief Compliance Officer, joined Lord Abbett in 2023 and was formerly Vice President and Head of Global Compliance at T. Rowe Price (2019–2023) and Senior Vice President, Head of Compliance at OppenheimerFunds, Inc. (2014–2019). |
| **Kunjan Sheth**<br> (1982) | AML Compliance Officer | Since inception | Head of Distribution & Marketing Compliance, joined Lord Abbett in 2023 and was formerly a Compliance Manager at Invesco Distributors, Inc. (2018–2023). |
| **Randolph A. Stuzin**<br> (1966) | Vice President and Assistant Secretary | Since inception | Partner and Chief Legal Officer, joined Lord Abbett in 2023 and was formerly Partner and General Counsel at King Street Capital Management (2014–2023). |
| **Christine Y. Sun**<br> (1991) | Vice President and Assistant Secretary | Since inception | Counsel, joined Lord Abbett in 2024 and was formerly an Associate at Willkie Farr & Gallagher LLP (2017–2024). |

---

**Householding**

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

**Proxy Voting Policies, Procedures and Records**

A description of the policies and procedures that Lord Abbett uses to vote proxies related to the Fund's portfolio securities, and information on how Lord Abbett voted the Fund's proxies during the period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett's website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

**Shareholder Reports and Quarterly Portfolio Disclosure**

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

**Tax Information (unaudited)**

For foreign shareholders, the percentages below reflect the portion of net investment income distributions that represent interest-related dividends:

---

| | |
|:---|:---|
| **Fund Name** | **Interest-related<br> dividends** |
| Flexible Income Fund | 100% |

---

---

| | | |
|:---|:---|:---|
| ![](x10_c113536x64x1.jpg)<br>![](x10_c113536x64x2.jpg)<br>This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Flexible Income Fund** | LAFIF-2<br> (08/25) |

---

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant has adopted a Sarbanes-Oxley Code of Ethics that applies to the principal
executive officer and senior financial officers of the Registrant ("Code of Ethics"). The Code of Ethics was in effect during
the fiscal year ended 6/30/2025 (the "Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics has been filed as an exhibit to this Form N-CSR.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.** |

---

The Registrant's board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: Sharon French, John Shaffer and Lisa Shalett. Each of these persons is independent within the meaning of the Form N-CSR.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.** |

---

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended June 30, 2025 and 2024 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | *2025* | *2024* |
| Audit Fees {a} | $85000 | - 0 - |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 85000 | - 0 - |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $85000 | - 0 - |

---

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

{b} Fees for the fiscal year ended June 30, 2025 and 2024 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit, audit-related, tax, and other services to be provided to the Lord
Abbett Funds, including the Registrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit-related, tax, and other services to be provided to the Registrant's
investment adviser and any entity controlling, controlled by or under common

control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor's independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant's Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as "All Other Fees".

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended June 30, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| All Other Fees {a} | $260000 | $250000 |

---

{a} Consist of fees for Independent Services Auditors' Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett's Asset Management Services ("SOC-1 Report").

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended June 30, 2025 and 2024 were:

---

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

---

(h) The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte's independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |

---

Included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |

---

The Fund has delegated proxy voting responsibilities to the Fund's investment adviser, Lord Abbett FIF Advisor LLC (together with its affiliates, "Lord Abbett") subject to the Board of Trustees' general oversight. Lord Abbett has adopted its own proxy voting policies and procedures for this purpose. A copy of Lord Abbett's proxy voting policies and procedures is attached hereto as Exhibit 19(c).

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.** |

---

**(a)(1) Investment Team**

As of the date of filing this Report:

---

| | | |
|:---|:---|:---|
| **Name** | **Since** | **Recent Professional Experience** |
| Steven F. Rocco | Inception | Mr. Rocco, Co-Head of Taxable Fixed Income, joined Lord Abbett in 2004, and was named Partner in 2011. Prior to his current role, he served as Associate Portfolio Manager for the firm's investment grade fixed income strategies. He has worked in the financial services industry since 2001. He earned a BA in economics from Cornell University and is a holder of the Chartered Financial Analyst® (CFA) designation. |
| Adam C. Castle | Inception | Mr. Castle joined Lord Abbett in 2015, and is a Portfolio Manager, and was named Partner in 2022. His previous experience includes serving as Vice President, Securitized Products Group at Credit Suisse; Assistant Vice President and Research Analyst, Securitized Assets at AllianceBernstein; and Analyst, Fixed Income Rotational Program at AllianceBernstein. He began his career in the financial services industry in 2008. He earned a BS from Cornell University and is a holder of the Chartered Financial Analyst® (CFA) designation. |

---

---

| | | |
|:---|:---|:---|
| Andrew H. O'Brien | Inception | Mr. O'Brien joined Lord Abbett in 1998, and is a Portfolio Manager, and was named Partner in 2008. Prior to his current role, he served in various roles on the taxable fixed income portfolio management team. He has worked in the financial services industry since 1998. He earned an AB in economics from Princeton University and is a holder of the Chartered Financial Analyst® (CFA) designation. |
| Gregory H. Benz | 2025 | Mr. Benz joined Lord Abbett in 2016, and is a Portfolio Manager, and was named Managing Director in 2025. Prior to his current role, he served as an Associate Trader responsible for covering Investment Grade Credit for Lord Abbett's Global Fixed Income Trading team. His previous experience includes serving as Emerging Market Corporate Debt Trader, Strategist and Emerging Market Trader/Portfolio Structure Analyst, and Cash Desk, US Treasury/IG Corporate Debt Trader at Payden & Rygel Investment Management. He has worked in the financial services industry since 2011. He earned a BA in economics from Occidental College and is a holder of the Chartered Financial Analyst® (CFA) designation. |
| **Portfolio Managers with the Sub-Adviser** | **Portfolio Managers with the Sub-Adviser** | **Portfolio Managers with the Sub-Adviser** |
| James Vanek | Inception | Mr. Vanek is a Partner and the Co-Head of Apollo's Global Performing Credit business. Prior to joining Apollo in 2008, Mr. Vanek was an Associate Director, Loan Sales & Trading in the Leveraged Finance group at Bear Stearns. He is a board member of the Loan Syndications and Trading Association, a leading advocate for the U.S. syndicated loan market. Mr. Vanek graduated from Duke University with a BS in Economics and a BA in Computer Science, and received his MBA from Columbia Business School. |
| Bret Leas | Inception | Mr. Leas is a Partner and the Co-Head of Apollo's Asset-Backed Finance business. He concurrently serves as Managing Director and member of the Board of Directors of Redding Ridge Asset Management. Prior to joining Apollo in 2009, Mr. Leas was Director in the Credit Structuring Group at Barclays Capital with primary responsibility for the loan structuring and advisory team. Previously, he was an associate at Weil, Gotshal & Manges LLP, primarily focusing on asset-backed securities, CDOs and credit derivatives. Mr. Leas graduated cum laude from the University of Maryland with a BA in History and received his JD cum laude from Georgetown University Law Center. He is the former Chairman of the board of directors of the Make-A-Wish Foundation of Metro New York and Western New York. |

---

**(a)(2) Other Accounts Managed by Portfolio Managers**

The following table sets forth information about the other accounts managed by the Fund's portfolio managers as of June 30, 2025.

Included in the Registered Investment Companies category are those U.S.-registered funds managed or sub-advised by Lord Abbett, including funds underlying variable annuity contracts and variable life insurance policies offered through insurance companies. The Other Pooled Investment Vehicles category includes collective investment funds, offshore funds and similar non-registered investment vehicles. The

Other Accounts category encompasses retirement and benefit plans (including both defined contribution and defined benefit plans) sponsored by various corporations and other entities, individually managed institutional accounts of various corporations, other entities and individuals, and separately managed accounts in so-called wrap fee programs sponsored by financial intermediaries unaffiliated with Lord Abbett.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of <br> Registered <br> Investment<br> Companies** | **Total <br> Assets <br> ($MM)** | **Number of <br> Other <br> Pooled <br> Investment <br> Vehicles** | **Total <br> Assets<br> ($MM)** | **Number <br> of Other<br> Accounts** | **Total <br> Assets <br> ($MM)** |
| Steven F. Rocco | 20 | 102311.86 | 13 | 11107.94 | 11 | 3757.30 |
| Adam C. Castle | 13 | 74699.60 | 7 | 10724.67 | 0 | 0 |
| Andrew H. O'Brien | 15 | 98585.41 | 8 | 11236.23 | 24 | 3375.69 |
| Gregory Benz | 5 | 52740.78 | 0 | 0 | 0 | 0 |
| James Vanek | 4 | 25919.00 | 7 | 11699.00 | 10 | 4798.00 |
| Bret Leas | 0 | 0 | 3 | 5143.00 | 0 | 0 |

---

None of the registered investment companies, pooled investment vehicles or other accounts listed above are subject to an advisory fee that is based on the performance of the account.

Conflicts of interest may arise in connection with the portfolio managers' management of the investments of the Fund and the investments of the other accounts included in the table above. Such conflicts may arise with respect to the allocation of investment opportunities between the Fund and other accounts with similar investment objectives and policies. A portfolio manager potentially could use information concerning the Fund's transactions to the advantage of other accounts and to the detriment of the Fund. To address these potential conflicts of interest, Lord Abbett has adopted and implemented a number of policies and procedures. Lord Abbett has adopted Policies and Procedures Relating to Client Brokerage and Soft Dollars, as well as Evaluation of Proprietary Research Policy and Procedures. The objective of these policies and procedures is to ensure the fair and equitable treatment of transactions and allocation of investment opportunities on behalf of all accounts managed by Lord Abbett. In addition, Lord Abbett's Code of Ethics sets forth general principles for the conduct of employee personal securities transactions in a manner that avoids any actual or potential conflicts of interest with the interests of Lord Abbett's clients, including the Funds. Moreover, Lord Abbett's Insider Trading and Receipt of Material Non-Public Information Policy and Procedure sets forth procedures for personnel to follow when they have material non-public information. Lord Abbett is not affiliated with a full service broker-dealer and, therefore, does not execute any portfolio transactions through such an entity, a structure that could give rise to additional conflicts. Lord Abbett does not conduct any investment banking functions and does not manage any hedge funds. Lord Abbett does not believe that any material conflicts of interest exist in connection with the portfolio managers' management of the investments of the Funds and the investments of the other accounts in the table referenced above.

**(a)(3) Portfolio Manager Compensation**

The discussion below describes the portfolio managers' compensation as of June 30, 2025.

When used in this section, the term "fund" refers to the Fund, as well as any other registered investment companies, pooled investment vehicles, and accounts managed by a portfolio manager. Each portfolio manager receives compensation from Lord Abbett consisting of a salary, bonus, and profit-sharing plan contributions. The level of base compensation takes into account the portfolio manager's experience, reputation, and competitive market rates, as well as the portfolio manager's leadership and management of the investment team.

Fiscal year-end bonuses, which can be a substantial percentage of overall compensation, are determined after an evaluation of various factors. These factors include the portfolio manager's investment results

and style consistency, the dispersion among funds with similar objectives, the risk taken to achieve the returns, and similar factors. In considering the portfolio manager's investment results, Lord Abbett's senior leaders may evaluate the Fund's performance against one or more benchmarks from among the Fund's primary benchmark and any supplemental benchmarks as disclosed in the prospectus, indices disclosed as performance benchmarks by the portfolio manager's other accounts, and other indices within one or more of the Fund's peer groups (as defined from time to time by third party investment research companies), as well as the Fund's peer group. In particular, investment results are evaluated based on an assessment of the portfolio manager's one-, three-, and five-year investment returns on a pre-tax basis versus the benchmark. Finally, there is a component of the bonus that rewards leadership and management of the investment team. The evaluation does not follow a formulaic approach, but rather is reached following a review of these factors. No part of the bonus payment is based on the portfolio manager's assets under management, the revenues generated by those assets, or the profitability of the portfolio manager's team. In addition, Lord Abbett may designate a bonus payment of a manager for participation in the firm's deferred compensation plan. Depending on the employee's level they will receive either an award under the Managing Director Award Plan or the Investment Capital Appreciation Plan. Both of these plans, following a three-year qualification period, provide for a deferred payout over a five-year period. The plan's earnings are based on the overall average net asset growth of the firm as a whole or percentile performance of our funds against benchmarks as a whole. Lord Abbett believes these incentives focus portfolio managers on the impact their Fund's performance has on the overall reputation of the firm as a whole and encourages exchanges of investment ideas among investment professionals managing different mandates.

Lord Abbett provides a 401(k) profit-sharing plan for all eligible employees. Contributions to a portfolio manager's profit-sharing account are based on a percentage of the portfolio manager's total base and bonus paid during the fiscal year, subject to a specified maximum amount.

(a)(4) Securities Ownership of Portfolio Managers

The following table indicates the dollar range of securities beneficially owned by each portfolio manager in the Fund he or she manages, as of June 30, 2025. This table includes the value of securities beneficially owned by such portfolio managers through 401(k) plans and certain other plans or accounts, if any.

---

| | |
|:---|:---|
| **Ownership of Securities** | **Aggregate Dollar Range of Securities\*** |
| Steven F. Rocco | $500001 - $1000000 |
| Adam C. Castle | $10001 - $50000 |
| Andrew H. O'Brien | $50001 - $100000 |
| Gregory Benz | $10001 - $50000 |
| James Vanek |  |
| Bret Leas |  |

---

\*Dollar ranges are as follows: None, $1–$10,000, $10,001–$50,000, $50,001–$100,000, $100,001–$500,000, $500,001–$1,000,000 or Over $1,000,000.

**(b) Portfolio Manager Changes Since Most Recent Annual Report** 

None.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

No purchases were made during the reporting period by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |

---

During the period ended June 30, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the
filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that
material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the
time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund did not participate in any securities lending activities during its most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Citibank, N.A. ("Citi") serves as securities lending agent for the Fund and in that role administers the Fund's
securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and Citi.

---

| | |
|:---|:---|
| **Item 18:** | **Reward of Erroneously Awarded Compensation.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.** |

---

(a)(1) [The Lord Abbett Alternatives Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c113536_ex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certification of each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c113536_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](c113536_ex99-906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant's Proxy Voting Policies and Procedures are attached hereto in response to Item 12.

**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 FLEXIBLE INCOME FUND** | **LORD ABBETT FLEXIBLE INCOME FUND** |
| By: | <u>/s/Steven F. Rocco</u> |
|  | Steven F. Rocco |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: August 28, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/Steven F. Rocco</u> |
|  | Steven F. Rocco |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: August 28, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

Date: August 28, 2025

## Ex-99.Code

EX-99.CODEETH.

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

May 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>APPLIES TO:</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Lord Abbett Alternatives Funds<br><u>Risks Addressed By This Policy</u><br> &nbsp;&nbsp;&nbsp;&nbsp;·  The Alternative Funds' principal executive and senior financial officers do not comply with written standards that are reasonably designed to deter wrongdoing and promote, among other things, honest and ethical conduct.<br><u>RELEVANT LAW AND OTHER SOURCES</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Section 406 of Sarbanes Oxley<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Rule 30b2-1 under the Investment Company Act<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Form N-CSR, Item 2, Code of Ethics<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  FINRA Release Nos. 34-47262; IC-25914 (January 27, 2003) *Certification of Management Investment Company Shareholder Reports and Designation of Certified Shareholder Reports as Exchange Act Periodic Reporting Forms; Disclosure Required by Schedules 406 and 407 of the Sarbanes-Oxley Act of 2002*<br><u>RELATED POLICIES AND PROCEDURES</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Code of Business Conduct<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Personal Trading Policy<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>OVERVIEW</u>** 

As a means of implementing Section 406 of Sarbanes Oxley ("Section 406"), the SEC has adopted certain rules that require a mutual fund to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether or not it has adopted a code of
ethics that applies to the mutual funds' principal executive officer, principal financial officer, principal accounting officer,
controller or any other person that performs similar functions (each, a "Covered Officer" and collectively, the "Covered
Officers");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· why, if it has not adopted such code, it
has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· amendments to, and waivers from the code
of ethics relating to any of the Covered Officers.

Section 406 defines a "code of ethics" to mean such standards as are reasonably necessary to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the
ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable
disclosure in periodic reports filed by the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable rules, laws
and regulations.

---

| | |
|:---|:---|
| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
|  | ![](x11_c113536x68x2.jpg) |

---

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE<br> AND FINANCIAL OFFICERS**

This Code of Ethics for Principal Executive and Financial Officers (the "Code") sets forth the standards and procedures to ensure compliance with Section 406 and shall apply to each Covered Officer of the Lord Abbett Alternatives Funds (referred to individually as a "Fund" or collectively, the "Alternatives Funds"). The Covered Officers are set forth on Exhibit A.

Certain terms used in this Code are defined in Section VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>HONEST AND ETHICAL CONDUCT</u>** 

This Code is designed to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the
ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable
disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made
by the Alternatives Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations
of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer shall adhere to a high standard of business ethics and be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*<u>Conflicts of Interest.</u>* A conflict of interest occurs when a Covered Officer allows or appears to allow advantages that could otherwise be avoided or ameliorated, to other parties at the expense of a Fund. Such advantages may benefit a Covered Officer's own private interests over the interests of a Fund. Conflicts of interest may also arise when, in addition to serving as a Covered Officer of the Alternatives Funds, a Covered Officer also holds a position as an officer or employee of an investment adviser or other entity retained by a Fund. A conflict of interest may be created if a Covered Officer who also serves as an officer or employee of an investment adviser to the Alternatives Funds, provides benefits to another party that are improper or that are a breach of the Covered Officer's fiduciary relationship to the Alternatives Funds, if the benefit was derived from the Covered Officer's position with the Alternatives Funds.

The compliance programs and procedures of the Alternatives Funds and Lord Abbett are designed to prevent, or identify and correct, violations of requirements of the Investment Company Act and the Investment Advisers Act. The obligations imposed by this Code on Covered Officers are separate and in addition to any obligations imposed on such persons under any other procedures, such as the *Code of Business Principles* or the *Personal Trading Policy* adopted pursuant to Rule 17j-1 under the Investment Company Act. This Code does not, and is not intended to, repeat or replace those programs and procedures. Violations of such other policies

---

| | |
|:---|:---|
| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 2 | ![](x11_c113536x68x2.jpg) |

---

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE<br> AND FINANCIAL OFFICERS**

and procedures shall be addressed in accordance with the provisions of such other policies unless it is determined that such violation is also a violation of this Code.

This Code shall be the sole code of ethics adopted by the Alternatives Funds for purposes of Section 406 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Alternatives Funds, the Alternatives Funds' adviser(s), principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Alternatives Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

*<u>Reporting a conflict of interest</u>*. If a Covered Officer becomes aware of a conflict of interest or perceives there to be a conflict of interest, such Covered Officer shall promptly report the matter to Lord Abbett's Chief Legal Officer ("CLO") or the Alternatives Funds' Chief Compliance Officer ("CCO"). Upon receipt of a report, the CLO or CCO will promptly take steps to determine whether a conflict of perceived conflict of interest exists. The CLO or CCO, as applicable, may consult, if appropriate, with the Audit Committee of the Board of Trustees (the "Committee"), and/or counsel to the Independent Trustees.

If it is determined that no conflict of appearance of a conflict of interest exists, the CLO or CCO, as applicable, shall not be required to take any further action but shall discuss the matter with the Committee at its next regularly scheduled meeting.

Any matter that the CLO or CCO believes is a violation will be reported to the Committee. If the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer.

Certain potential conflicts of interest that should always be discussed with the CLO or the CCO, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any
public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct ownership interest in, or any
consulting or employment relationship with, any of the Alternatives Funds' service providers, other than Lord Abbett or any
affiliated person of Lord Abbett;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest
in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming
shares, other than an interest arising from the Covered Officer's employment, such as compensation or as a member of Lord
Abbett.

---

| | |
|:---|:---|
| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 3 | ![](x11_c113536x68x2.jpg) |

---

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE<br> AND FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>RESPONSIBILITIES OF COVERED OFFICERS</u>** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· familiarize themselves with the disclosure
requirements generally applicable to the Alternatives Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to the extent appropriate within their
area of responsibility, consult with other officers and employees of the Alternatives Funds and Lord Abbett with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and documents the Alternatives Funds file with, or submit
to, the SEC and in other public communications made by the Alternatives Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing
to the Committee that they have received, read, and understand the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Committee
that they have complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually such affiliations
or other relationships related to conflicts of interest as covered by the annual directors and officers questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the CLO or the CCO promptly if they
allege any violation of this Code. Failure to do so is itself a violation of this Code.

Covered Officers may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use their personal influence or personal
relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit
personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a knowingly misrepresent, or cause others
to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund's Independent
Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cause a Fund to take action, or fail to
take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· retaliate against any employee or member
of Lord Abbett for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>WAIVERS AND AMENDMENTS</u>** 

*<u>Waivers</u>.* The Committee shall be responsible for granting waivers of this Code. Any waivers granted shall be disclosed to the SEC, as applicable.

*<u>Amendments</u>.* Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the alternatives Funds' Independent Trustees.

---

| | |
|:---|:---|
| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 4 | ![](x11_c113536x68x2.jpg) |

---

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE<br> AND FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>DEFINED TERMS</u>** 

***Independent Trustee*** means an individual who does not currently have, nor at any time during the previous two years had, a significant business relationship with the Alternatives Funds, Lord Abbett or its affiliates.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company act of 1940, as amended.

***Sarbanes Oxley*** means the U.S. Sarbanes Oxley Act of 2002.

***SEC*** means the U.S. Securities and Exchange Commission.

---

| | |
|:---|:---|
| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 5 | ![](x11_c113536x68x2.jpg) |

---

![](x11_c113536x68x1.jpg)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE<br> AND FINANCIAL OFFICERS**

**EXHIBIT A**

**<u>COVERED OFFICERS</u>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title** | &nbsp;&nbsp;**Position with the<br> Alternatives Funds** |
| &nbsp;&nbsp;Steven Rocco | &nbsp;&nbsp;Principal Executive Officer | &nbsp;&nbsp;President and Chief Executive Officer |
| &nbsp;&nbsp;Michael Hebert | &nbsp;&nbsp;Principal Financial Officer and Principal Accounting Officer | &nbsp;&nbsp;Chief Financial Officer |

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**PROXY VOTING POLICY**

February 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>APPLIES TO:</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Lord, Abbett & Co. LLC, and its advisory affiliates (the "Lord Abbett Advisers")<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Lord Abbett Family of Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Lord Abbett Alternatives Funds<br><u>Risks Addressed By This Policy:</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Proxies are not voted in the best interests of clients.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Proxies are not identified and voted in a timely manner.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Conflicts between an adviser's interests and those of the client are not identified and addressed.<br><u>RELEVANT LAW AND OTHER SOURCES</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Rule 206(4)-6 of the Investment Advisers Act<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Rule 204-2 of the Investment Advisers Act<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Rule 14Ad-1 of the Securities Exchange Act<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Form N-PX<br><u>RELATED POLICIES AND PROCEDURES</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Conflicts of Interest Policy<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  Sustainable Investing at Lord Abbett: Our Approach<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>POLICY SCOPE</u>** 

Lord, Abbett & Co. LLC, and its advisory affiliates (the "Lord Abbett Advisers") view proxy voting as an important element of the portfolio management services they provide to advisory clients who have granted the Lord Abbett Advisers with the authority to vote proxies on their behalf. The Lord Abbett Advisers will vote proxies in a prudent and diligent manner and in the best interests of clients in accordance with their fiduciary obligations or in accordance with written client instructions, if applicable. In this regard, the Lord Abbett Advisers seek to ensure that all votes are free from unwarranted and inappropriate influences. Accordingly, the guiding principle of the Lord Abbett Advisers' approach to proxy voting is the belief that effective proxy voting creates a sound corporate governance framework that best serves the long-term interests of a company's shareholders.

This Proxy Voting Policy (the "Policy") and the related proxy voting guidelines set forth in Appendix A (the "Guidelines") were developed to implement the Lord Abbett Advisers' proxy voting philosophy and address a broad range of issues that arise most frequently. These Guidelines are not exhaustive, and these Guidelines represent our general views. The Lord Abbett Advisers will vote in their discretion on any specific proposal consistent with a client's long term best interest. The Lord Abbett Advisers are not obligated to vote pursuant to the Guidelines, and, when voting, will review each matter on a case-by-case basis.

Certain terms used in this Policy are defined in Section VII.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>OVERVIEW</u>** 

Investment teams vote proxies on behalf of: (i) pooled investment vehicles advised by a Lord Abbett Adviser, including the Lord Abbett Family of Funds and the Lord Abbett Alternatives Funds (the "Lord Abbett Funds") and; (ii) advisory clients that have explicitly granted a Lord Abbett Adviser the authority to vote proxies on their behalf. The Lord Abbett Advisers will generally vote proxies in accordance with the Guidelines, unless the client has provided specific proxy voting instructions in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Securities held across multiple client accounts*: When multiple investment teams manage one or more portfolios that hold the same voting security, the Proxy Governance
Team may engage with the investment teams, as needed, to determine a vote recommendation. In these situations, the Lord Abbett
Advisers will generally vote with the investment team that manages the largest number of shares of the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign security considerations:* Voting proxies of companies located in certain jurisdictions may raise issues that will restrict or prevent the ability to vote
such proxies or entail significant costs. These issues include but are not limited to: (i) ballots written in a language other
than English: (ii) untimely or insufficient notice of shareholder meetings; and (iii) restrictions on the ability of holders outside
the issuer's jurisdiction of organization to exercise votes. Accordingly, a Lord Abbett Adviser will vote non-U.S. proxies
on a reasonable best efforts basis only, after weighing the costs and benefits of voting such proxies.

In certain foreign jurisdictions the voting of proxies can result in other restrictions that have an economic impact or cost to the security, such as "share blocking." Share blocking would prevent a Lord Abbett Adviser from selling the shares of the foreign security for a period of time if the Lord Abbett Adviser votes the proxy. In determining whether to vote proxies subject to such restrictions, the Lord Abbett Advisers, in consultation with the Proxy Governance Team, consider whether the vote itself or together with the votes of other shareholders, is expected to have an effect on the value of the investment that will outweigh the cost of voting. Accordingly, the Lord Abbett Advisers may determine not to vote such proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Securities lending:* Certain Lord
Abbett Funds may participate in a securities lending program. In circumstances where shares are on loan, the voting rights of those
shares are transferred to the borrower. A Lord Abbett Adviser will generally attempt to recall all securities that are on loan
prior to the meeting record date, so that the relevant Fund will be entitled to vote those shares. However, a Lord Abbett Adviser
may be unable to recall shares or may choose not to recall shares for several reasons, including if timely notice of a meeting
is not received or if the Lord Abbett Adviser determines that the opportunity for the Fund to generate securities lending revenue
outweighs the benefits of voting.

Clients other than the Lord Abbett Funds may participate in externally managed securities lending programs. In these cases, client preference, operational processes, and other factors determine whether the loaned securities are recalled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Funds of funds:* Certain Lord Abbett
Funds are structured as funds of funds and invest their assets primarily in other Lord Abbett Funds (the "Funds of Funds").
Accordingly, a Fund of Funds is a shareholder in an underlying Lord Abbett Fund (the "Underlying Fund") and may be
requested to vote on a matter pertaining to such Underlying Fund. With respect to any such scenario, the Fund of Funds shall vote
its shares of the Underlying Fund in accordance with the recommendation set forth in the proxy statement.

A Fund of Funds may also invest in funds that are not affiliated with the Fund of Funds (the "Unaffiliated Underlying Fund"). If a Fund of Fund's ownership in an Unaffiliated Underlying Fund exceeds 25% of the voting securities of the Unaffiliated Underlying Fund (10% for a business development company or closed end fund), the Fund of Funds will vote its shares in the Unaffiliated Underlying Fund in the same proportion as the votes of all other shareholders of the Unaffiliated Underlying Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>CONFLICTS OF INTEREST</u>** 

There may be occasions where voting a proxy may present a perceived or actual conflict of interest between the Firm, including the Lord Abbett Advisers, and one or more clients or vendors. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firm-level: A conflict of interest may
exist if the Firm has a material business relationship with either the issuer soliciting the proxy or a third party that has a
material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships
may include, among others, when the company soliciting the proxy is a client or serves as a vendor or service provider to the Firm,
a Lord Abbett Adviser, or the Lord Abbett Funds.

When Firm-level conflicts exist, it is possible that by voting against the company management recommendations, the Firm may lose revenue or jeopardize a strategic business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual: A conflict may exist where
a Firm employee has a known personal or business relationship with participants in proxy contests, corporate directors or candidates
for directorship. Firm employees must always act in the best interests of clients and must avoid any situation that gives rise
to an actual or perceived conflict of interest.

Individuals with proxy voting responsibilities must report any known personal or business conflicts of interest regarding proxy issues with which they are involved to the Proxy Governance Team. In such instances, the individual(s) with the conflict will be excluded from the decision-making process relating to such issues.

When conflicts of interest arise in connection with proxy voting, the Firm's Standards & Practices Committee ("SPC") serves as the primary point of escalation. (See Section IV).

**<br>** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV*.***  **<u>PROXY GOVERNANCE: OVERSIGHT AND ADMINISTRATION</u>** 

***Proxy Governance Team***

The Proxy Governance Team oversees the proxy voting process. Absent a conflict of interest, the Proxy Governance Team will review all relevant information pursuant to the voting process and communicate the decision to the Proxy Service Provider.

***Proxy Service Provider***

The Lord Abbett Advisers have retained an independent third party service provider (the "Proxy Service Provider") to analyze proxy issues and recommend how to vote on those issues, and to support the administration of the proxy process.

When voting proxies, the Lord Abbett Advisers consider the recommendations of the Proxy Service Provider but make an independent voting decision while taking into account the best interest of clients, including the Lord Abbett Funds and their shareholders.

The Proxy Governance Team is also responsible for oversight of the Proxy Service Provider and performs periodic due diligence which includes conflicts of interest, methodologies for developing vote recommendations, changes in leadership and resources.

***Standards & Practices Committee***

The SPC serves as a point of escalation for proxy voting matters that pose a conflict of interest and involve a recommendation that is contrary to that of the Proxy Service Provider. In those circumstances, the matter shall be reviewed by the SPC for resolution of the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>OTHER MATTERS</u>** 

***Material Non-Public Information***

On occasion, a proxy solicitor may contact investment or other personnel in advance of the distribution of proxy solicitation materials to solicit support for certain proposals. This contact and subsequent discussion may result in the receipt of material, non-public information by the investment person or other recipient. In such a case, Global Compliance must be contacted immediately and such information may not be shared with others at the Firm, and no trading or recommendation regarding trading may be done or made while in possession of such information, in each case without the approval of Global Compliance.

In certain circumstances, it may be appropriate to share the Lord Abbett Advisers' general approach to voting certain issues. However, employees are prohibited from disclosing to proxy solicitors or other third parties how a Lord Abbett Adviser is expecting to vote during a pre-solicitation communication without the prior approval of Global Compliance. Employees who are contacted in advance of the distribution of proxy solicitation materials must contact the Proxy Governance Team immediately.

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***Shareholder Resolutions***

The Lord Abbett Advisers may consider sponsoring or co-sponsoring a shareholder resolution to address an issue of concern if engagement and proxy voting are deemed to be ineffective. In such a case, the Legal Department must be consulted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.**  **<u>REGULATORY FILINGS AND REPORTING</u>** 

***Filings***

The Lord Abbett Advisers make their proxy voting records publicly available in compliance with applicable regulatory requirements and industry best practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Lord Abbett Funds and the applicable
Lord Abbett Alternatives Funds shall annually disclose their proxy voting record for the most recent 12-month period ended June
30 on Form N-PX and shall post a link to the completed Form N-PX on the Lord Abbett Funds' public web-site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Lord Abbett Advisers that are Form
13F filers shall annually report on Form N-PX how it voted proxies concerning certain shareholder advisory votes on executive compensation
("say on pay").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If a Lord Abbett Adviser serves as a sub-adviser
to a registered investment company with a Form N-PX filing requirement (a "Sub-Advised Fund"), the Lord Abbett Adviser
shall, upon request, promptly furnish the Sub-Advised Fund's proxy voting information to the sponsor of the Sub-Advised Fund.

***Reporting***

At least annually (and if applicable) the Proxy Governance Team shall provide the Boards of the Lord Abbett Funds with a proxy voting report which shall include, among other things, the results of the most recently completed proxy voting season, conflicts of interest resolution, including conflicts that were escalated to the SPC and the outcome of such votes, proxies involving foreign securities, proxies involving securities on loan, enhancements or changes made to this Policy or the Guidelines and any other proxy voting information that the Boards or their counsel shall request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.**  **<u>DEFINED TERMS</u>** 

***Firm*** means Lord, Abbett & Co. LLC, and its affiliates.

***Investment Advisers Act*** means the U.S. Investment Advisers Act of 1940, as amended.

***Investment Company Act*** means the U.S. Investment Company Act of 1940, as amended.

***Lord Abbett Advisers*** means Lord, Abbett & Co. LLC, and its advisory affiliates.

***Lord Abbett Alternatives Funds*** means the family of funds consisting of: (i) closed-end investment companies that have elected to be regulated as business development companies

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**PROXY VOTING POLICY**

under the Investment Company Act and advised by a Lord Abbett Adviser, and (ii) the closed-end interval funds registered under the Investment Company and advised by a Lord Abbett Adviser.

***Lord Abbett Family of Funds*** means the family of open-end mutual funds registered under the Investment Company Act and advised by a Lord Abbett Adviser.

***Lord Abbett Funds*** means collectively, the Lord Abbett Family of Funds and the Lord Abbett Alternative Funds.

***Proxy Governance Team*** means the team within the Office of the Chief Operating Officer (Investments) that is responsible for the oversight of the proxy voting process for the Lord Abbett Advisers.

***SEC*** means the U.S. Securities and Exchange Commission.

***Securities Act*** means the U.S. Securities Act of 1933, as amended.

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**<u>APPENDIX A</u>**

**PROXY VOTING GUIDELINES**

The Lord Abbett Advisers' Proxy Voting Guidelines pertaining to specific issues are set forth below. Proposals will generally be voted consistent with these Guidelines but may deviate based on the facts and circumstances of the matter under consideration.

**Corporate Governance**

Investors and businesses have benefited from positive changes in corporate governance. Shareholders have taken a more active role in businesses in which they invest, and companies are communicating more with shareholders. Companies are more conscious of the need for transparent and effective governance policies, and there has been progress in the evolution of these practices. Companies with a principled governance approach are better positioned to manage the risks inherent in business and recognize opportunities that help deliver sustainable growth and returns for shareholders. In formulating an approach, the Lord Abbett Advisers are focused on best practice standards for governance, including industry approved frameworks and guidance.

**Directors**

A company's board of directors oversees all aspects of its business. Companies and, under certain circumstances, their shareholders, may nominate directors for election by shareholders. In evaluating the candidacy of a director nominee to the board of a company, the Lord Abbett Advisers will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nominee's experience, qualifications,
attributes, and skills, as disclosed in the company's proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the composition of the board and its committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the nominee is independent of the
company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nominee's board meeting attendance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nominee's history of representing
shareholder interests on the company's board or other boards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the total number of outside board positions
held by the nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nominee's investment in the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the company's long-term performance
relative to a relevant market index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· takeover activity.

We may withhold votes for some or all a company's director nominees on a case-by-case basis. In evaluating an audit, nominating, governance, or compensation committee nominee's candidacy, the Lord Abbett Advisers will consider additional factors related to the specific committee's oversight responsibilities.

Competent boards add value and represent shareholders' perspectives effectively during board deliberations. Companies with effective boards have a competitive advantage, as boards provide invaluable oversight and actively contribute to critical management choices that bolster long-term

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financial performance. With this in mind, the Lord Abbett Advisers believe companies that draw from a larger pool of candidates and attract and retain a diversity of talent from many backgrounds are better positioned for long-term, sustainable success. The Lord Abbett Advisers encourages boards to periodically assess director qualifications and skills to ensure relevant experience and diverse perspectives are represented.

The Lord Abbett Advisers believe that diversity and inclusivity presents the flow of novel perspectives and skills that lead to overall better risk management and the company's competitiveness over time. We encourage boards to pursue diversity and inclusivity. We recognize that diversity can be defined across a number of dimensions. However, if a board is to be considered meaningfully diverse, we take the view that diversity across gender, race, or ethnicity should be evident.

The Lord Abbett Advisers will consider their engagement history with a company and vote on proposals related to board diversity on a case-by-case basis taking into consideration if the company has articulated a plan for advancing diversity on the board.

**Governance Practices**

The Lord Abbett Advisers may consider a vote against, or withhold votes for, certain director nominees at companies that have material governance shortcomings, including those implemented at the time of an initial public offering, with no articulated plan to sunset certain provisions. Governance shortcomings may include dual-class voting structures, or supermajority vote standards, among others**.**

**Majority Voting**

The Lord Abbett Advisers generally favor a majority voting standard, under which director nominees are elected by an affirmative majority of the votes cast and we will generally support proposals that seek to adopt a majority voting standard.

**Board Classification**

The Lord Abbett Advisers generally believe that directors should be elected annually and will typically support proposals that seek to remove a classified board structure though not for investment products (such as business development companies) where such structures are usual and customary. When evaluating board classification proposals, the following factors, may be considered, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the company's long-term strategic
plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the extent to which continuity of leadership
is necessary to advance that plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the need to guard against takeover attempts.

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**Board Independence**

Director independence – from management, significant shareholders, or other related parties – is a key principle of sound corporate governance. The Lord Abbett Advisers encourage boards to have a sufficient number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity in the board's decision-making and oversight of the company's management. We generally consider it a sound practice for the board to be comprised of a majority of independent members.

Circumstances that may raise questions as to independence include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· current or recent employment at the company
or a related entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· being, or representing, a shareholder with
a substantial ownership interest in the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· having any other interest, business or
other relationship which could, or be perceived to, materially interfere with a director's ability to act in the best interests
of the company and its shareholders.

We may withhold votes or vote against non-independent board nominees if their election would cause a majority of board members to be non-independent.

**Independent Board Chair**

Proponents of proposals to require independent board chair seek to enhance board accountability and mitigate a company's risk-taking behavior by requiring that the role of the chair of the company's board of directors be filled by an independent director. The Lord Abbett Advisers vote on a case-by-case basis on proposals that call for an independent board chair, and will consider a variety of factors, including whether we believe that a company's governance structure promotes independent oversight through other means, such as a lead director, a board composed of a majority of independent directors, or independent board committees. In evaluating independent chair proposals, we will focus on the presence of a lead director, who is an independent director designated by a board with a non-independent chair to serve as the primary liaison between company management and the independent directors and act as the independent directors' spokesperson.

**Overboarding**

The Lord Abbett Advisers believe that director nominees should be able to dedicate sufficient time to each of the companies they represent to fully execute their board oversight responsibilities. It is important that directors not be "overboarded" to avoid excessive time-commitments and provide consistent contributions to all boards on which they serve. We may vote against directors that we deem to be "overboarded" and will consider voting against director nominees if they sit on more than five public company boards, or if they are an active executive who sits on more than two outside public company boards.

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**Compensation and Benefits**

The Lord Abbett Advisers pay particular attention to the nature and amount of compensation paid by a company to its executive officers and other employees. Because a company has exclusive knowledge of material information not available to shareholders regarding its business, financial condition, and prospects, the company itself usually is in the best position to make decisions about compensation and benefits. However, we believe that companies should provide detailed disclosure of their compensation practices to allow investors to properly analyze the effectiveness and appropriateness of the company's compensation structure.

The Lord Abbett Advisers review all issues related to compensation on a case-by-case basis and may oppose management if we believe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a company's compensation ratio to
be excessive or inconsistent with that of its peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a company's compensation measures
do not foster a long-term focus among its executive officers and other employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a company has not met performance expectations,
among other reasons.

**Advisory Vote on Executive Compensation**

"Say-on-pay" proposals give shareholders a nonbinding vote on executive compensation and serve as a means of conveying to company management shareholder concerns, if any, about executive compensation. The Lord Abbett Advisers generally prefer that say-on-pay proposals occur on an annual basis and will evaluate say-on-pay proposals on a case-by-case basis. We consider a variety of factors in evaluating compensation, including whether we believe that compensation has been excessive or not properly aligned with long-term performance and whether we engaged with the company and they provided more detailed information regarding compensation.

**Equity Compensation Plans**

Equity compensation plans are intended to reward an executive's performance through various stock-based incentives and should be designed to align an executive's compensation with a company's long-term performance. The Lord Abbett Advisers will vote on equity compensation plans on a case-by-case basis. In evaluating such proposals, we will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether or to what extent the plan has
any potential to dilute the voting power or economic interests of other shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the rate at which a company grants equity
awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the features of the plan and costs associated
with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the plan allows for repricing or
replacement of underwater stock options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· quantitative data regarding compensation
ranges by industry and company size.

We scrutinize any proposed repricing or replacement of underwater stock options, taking into consideration the stock's volatility, management's rationale for the repricing or replacement, the new exercise price, and any other factors we deem relevant.

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**Employee Stock Purchase Plans**

Employee stock purchase plans permit employees to purchase company stock at discounted prices and, under certain circumstances, receive favorable tax treatment when they sell the stock. The Lord Abbett Advisers will vote on a case-by-case basis on employee stock purchase plans and will consider overall incentive structure and any dilutive effects of such plans, among other factors.

**Clawback Provisions**

The Lord Abbett Advisers believe that clawback provisions generally encourage executive accountability and help mitigate a company's risk-taking behavior. We will evaluate proposals to require clawback provisions on a case-by-case basis and will consider a variety of factors, including concerns about the amount of compensation paid to the executive, the executive's or the company's performance, or accounting irregularities, among other relevant factors.

**Tax Gross-ups**

The Lord Abbett Advisers generally support the adoption of anti-tax gross-up policies, which limit payments by a company to an executive intended to reimburse some or all the executive's tax liability with respect to compensation, perquisites, and other benefits.

**Severance Agreements**

Severance (also referred to as "golden parachute") payments are sometimes made to departing executives after termination or upon a company's change in control. The Lord Abbett Advisers will consider severance arrangements in the overall evaluation of executive compensation and may scrutinize cases in which benefits are especially lucrative, granted despite the executive's or the company's poor performance, or materially amended shortly before a triggering event. We will vote shareholder proposals related to severance agreements on a case-by-case basis.

**Shareholder Rights**

**Proxy Access**

Proxy access proposals advocate permitting shareholders to have their nominees for election to a company's board of directors included in the company's proxy statement in opposition to the company's own nominees. Proxy access initiatives enable shareholders to nominate their own directors without incurring the often substantial cost of preparing and mailing a proxy statement, making it less expensive and easier for shareholders to challenge incumbent directors. The Lord Abbett Advisers vote on a case-by-case basis and will evaluate proposals that seek to allow proxy access based on the merits of each situation.

Similarly, we evaluate proposals that seek to amend the terms of an already existing proxy access by-law ("proxy fix-it" proposals) on a case-by-case basis but may vote against these proposals if the existing proxy access by-law has reasonable provisions already in place.

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| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
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![](x11_c113536x68x1.jpg)

**PROXY VOTING POLICY**

**Shareholder Rights Plans**

Shareholder rights plans or "poison pills" are a mechanism of defending a company against takeover efforts. Poison pills allow current shareholders to purchase stock at discounted prices or redeem shares at a premium after a takeover, effectively making the company more expensive and less attractive to potential acquirers. The Lord Abbett Advisers believe that poison pills can serve to entrench management and discourage takeover offers that may be attractive to shareholders. Accordingly, we generally vote in favor of proposals to eliminate poison pills and proposals to require that companies submit poison pills for shareholder ratification.

In evaluating a poison pill proposal, however, the Lord Abbett Advisers may consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duration of the poison pill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether we believe the poison pill facilitates
a legitimate business strategy that is likely to enhance shareholder value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our level of confidence in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether we believe the poison pill will
be used to force potential acquirers to negotiate with management and assure a degree of stability that will support long-term
corporate goals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the need to guard against takeover attempts.

**Rights to Call Special Shareholder Meetings**

The Lord Abbett Advisers typically support the right to call special shareholder meetings. In evaluating such a proposal, we will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the stock ownership threshold required
to call a special meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the purposes for which shareholders may
call a special meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the company's annual meetings
offer an adequate forum in which shareholders may raise their concerns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the anticipated economic impact on the
company of having to hold additional shareholder meetings.

Similarly, we evaluate proposals that seek to amend the terms of an existing special meeting right on a case-by-case basis. We may vote against these proposals if the existing provision has a reasonable threshold in place.

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| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 12 | ![](x11_c113536x68x2.jpg) |

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![](x11_c113536x68x1.jpg)

**PROXY VOTING POLICY**

**Rights to Act by Written Consent**

The Lord Abbett Advisers vote on a case-by-case basis on proposals requesting rights to act by written consent, though we may vote against these proposals if the company already grants shareholders the right to call special shareholder meetings at a reasonable threshold.

**Virtual Shareholder Meetings**

Companies should hold annual special shareholder meetings in a manner that best services the needs of its shareholders and the company. Shareholders should have the opportunity to participate in such meetings. Shareholder meetings provide shareholders with the opportunity to provide feedback or raise concerns and hear from the board and company management.

The Lord Abbett Advisers will generally support management proposals seeking to allow for the convening of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform). We will consider proposals to authorize the company to hold virtual only meetings (held entirely through a virtual platform with no in-person component) on a case-by-case basis.

**Supermajority Vote Requirements**

A proposal that is subject to a supermajority vote must receive the support of more than a simple majority to pass. Supermajority vote requirements can have the effect of entrenching management by making it more difficult to effect change for a company and its corporate governance practices. The Lord Abbett Advisers typically support the ability of shareholders to approve or reject proposals based on a simple majority vote and will generally vote for proposals to remove supermajority vote requirements and against proposals to add them.

**Cumulative Voting**

The Lord Abbett Advisers generally vote against cumulative voting proposals. Cumulative voting provides that shareholders may concentrate their votes for one or more candidates, a system that can enable a minority block to place representation on a board.

**Confidential Voting**

The Lord Abbett Advisers believe that confidential voting allows shareholders to vote without fear of retribution or coercion based on their views. Thus, we generally support proposals that seek to preserve shareholders' anonymity.

**Reimbursing Proxy Solicitation Expenses**

The Lord Abbett Advisers vote on a case-by-case basis on shareholder proposals to require a company to reimburse reasonable expenses incurred by one or more shareholders in a successful proxy contest.

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| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 13 | ![](x11_c113536x68x2.jpg) |

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![](x11_c113536x68x1.jpg)

**PROXY VOTING POLICY**

**Transacting Other Business**

The Lord Abbett Advisers believe that proposals to allow shareholders to transact other business at a meeting may deprive other shareholders of sufficient time and information needed to carefully evaluate the relevant business issues and determine how to vote with respect to them. Therefore, we typically vote against such proposals.

**Corporate Matters**

**Charter Amendments**

A company's charter documents, which may consist of articles of incorporation or a declaration of trust and bylaws, govern the company's organizational matters and affairs. The Lord Abbett Advisers consider proposals related to charter amendments on a case-by-case basis to the extent they are not explicitly covered by these Guidelines.

**Capital Structure**

A company may propose amendments to its charter documents to change the number of authorized shares or create new classes of stock. The Lord Abbett Advisers will generally support proposals to increase a company's number of authorized shares if the company has articulated a clear and reasonable purpose for the increase (*e.g*., to facilitate a stock split, merger, acquisition, or restructuring). However, we generally oppose share capital increases that would have a substantial dilutive effect.

The Lord Abbett Advisers generally believe that all shares should have equal voting rights at publicly traded companies and will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· generally oppose proposals to create a
new class of stock with superior voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· typically vote for proposals to eliminate
a dual or multi-class voting structure.

**Reincorporation**

The Lord Abbett Advisers generally follow management's recommendation regarding proposals to change a company's state of incorporation, although we consider the rationale for the reincorporation and the financial, legal, and corporate governance implications of the reincorporation. We will vote against reincorporation proposals that we believe contravene shareholders' interests.

**Mergers, Acquisitions, and Restructurings**

The Lord Abbett Advisers view the decision to approve or reject a potential merger, acquisition, or restructuring as being equivalent to an investment decision and evaluate such proposals on a case-by-case basis. In evaluating such proposals, we may consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the anticipated financial and operating
benefits;

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| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 14 | ![](x11_c113536x68x2.jpg) |

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![](x11_c113536x68x1.jpg)

**PROXY VOTING POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the offer price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prospects of the resulting company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any expected changes in corporate governance
and their impact on shareholder rights.

**Political Contributions and Lobbying**

The Lord Abbett Advisers recognize that companies may participate in the political process within legal limits to help shape public policy consistent with a company's strategy. While we understand the rationale for involvement in certain political activities, we generally encourage transparency in the process to help stakeholders evaluate potential risks that may impact returns. The Lord Abbett Advisers generally encourage the disclosure of oversight mechanisms related to political contributions and lobbying processes, including board oversight.

We will vote proposals related to political contributions and lobbying on a case-by-case basis. In evaluating these proposals, we will consider the current level of disclosure, peer disclosure, previous litigation or controversies, the consistency between a company's public statements on issues and the nature of its lobbying activity, engagement, and reputational or legal risks, among other factors.

**Climate Proposals**

The Lord Abbett Advisers will vote proposals relating to environmental matters on a case-by-case basis. In evaluating these proposals, we consider materiality and risk and return potential as well as a company's governance framework, current disclosures, peer disclosures, engagement, related controversies, and environmental commitments, among other factors.

**Human Rights**

The Lord Abbett Advisers support and respect the protection of internationally proclaimed human rights and companies that are not complicit in human rights abuses. In evaluating proposals related to human rights, the Lord Abbett Advisers will consider current company disclosures, peer disclosures, engagement, and related controversies, among other factors and vote such matters on a case-by-case basis.

**Auditors**

The Lord Abbett Advisers believe that companies normally are in the best position to select their auditors. However, we will evaluate such proposals on a case-by-case basis and may consider any concerns about impaired independence, accounting irregularities, controversies, or failure of the auditors to act in shareholders' best economic interests, among other relevant factors.

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| This policy is proprietary and may not be distributed to, or shared with, any third-parties, unless required by applicable law or approved by Lord Abbett Global Compliance. | ![](x11_c113536x68x2.jpg) |
| 15 | ![](x11_c113536x68x2.jpg) |

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## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Steven F. Rocco, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Flexible Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: August 28, 2025

<u>/s/Steven F. Rocco</u> <br> Steven F. Rocco<br> President and Chief Executive Officer<br> (Principal Executive Officer)

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Flexible Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: August 28, 2025

<u>/s/ Michael J. Hebert</u> <br> Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer)

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Flexible Income Fund (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: August 28, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Steven F. Rocco</u><br> Steven F. Rocco<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u><br> Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.