# EDGAR Filing Document

**Accession Number:** 0000855396
**File Stem:** 0000930413-26-000522
**Filing Date:** 2026-2
**Character Count:** 982517
**Document Hash:** f03e2058571abf3fbc95def8fe85964f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000522.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000930413-26-000522

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**EFFECTIVENESS DATE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT SERIES FUND INC
- **CENTRAL INDEX KEY:** 0000855396

**ORGANIZATION NAME:**
- **EIN:** 133536969
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05876
- **FILM NUMBER:** 26680058

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Fundamental Equity Portfolio (Series ID: S000007297)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020053 | Class VC     |  |

### Dividend Growth Portfolio (Series ID: S000007298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020054 | Class VC     |  |

### Bond-Debenture Portfolio (Series ID: S000007299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020055 | Class VC     |  |

### Growth and Income Portfolio (Series ID: S000007300)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020056 | Class VC     |  |

### Growth Opportunities Portfolio (Series ID: S000007301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020057 | Class VC     |  |

### Mid Cap Stock Portfolio (Series ID: S000007304)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020060 | Class VC     |  |

### Developing Growth Portfolio (Series ID: S000028719)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087850 | Class VC     |  |

### Total Return Portfolio (Series ID: S000028721)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000087852 | Class VC     |  |

### Short Duration Income Portfolio (Series ID: S000045029)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000139705 | Class VC     |  |
| C000272081 | Class I      |  |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-05876

**LORD ABBETT SERIES FUND, INC.**

(Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2025

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Bond Debenture Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Bond Debenture Portfolio | $92 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.33%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in market expectations around the U.S. Federal Reserve's policy strategy. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Allocation to U.S. high yield corporate bonds contributed to relative returns. Allocation to Emerging Market sovereign bonds contributed to relative returns. Allocation to U.S. equities contributed to relative returns.

**Top detractors from performance:** Security selection within commercial mortgage-backed securities (CMBS) detracted from relative returns. Underweight allocation to Agency MBS detracted from relative returns. Portfolio duration exposure detracted from relative returns.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i92fba4935118ca1eecf3b2cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class VC** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9794 | $9842 | $10138 |
| **2/29/2016** | $9767 | $9888 | $10210 |
| **3/31/2016** | $10144 | $10325 | $10303 |
| **4/30/2016** | $10413 | $10737 | $10343 |
| **5/31/2016** | $10476 | $10815 | $10345 |
| **6/30/2016** | $10592 | $10932 | $10531 |
| **7/31/2016** | $10872 | $11208 | $10598 |
| **8/31/2016** | $11034 | $11458 | $10586 |
| **9/30/2016** | $11096 | $11532 | $10580 |
| **10/31/2016** | $11051 | $11568 | $10499 |
| **11/30/2016** | $11078 | $11522 | $10250 |
| **12/31/2016** | $11213 | $11749 | $10265 |
| **1/31/2017** | $11382 | $11907 | $10285 |
| **2/28/2017** | $11533 | $12092 | $10354 |
| **3/31/2017** | $11523 | $12067 | $10349 |
| **4/30/2017** | $11636 | $12203 | $10428 |
| **5/31/2017** | $11720 | $12312 | $10509 |
| **6/30/2017** | $11749 | $12325 | $10498 |
| **7/31/2017** | $11908 | $12467 | $10543 |
| **8/31/2017** | $11936 | $12464 | $10638 |
| **9/30/2017** | $12049 | $12576 | $10587 |
| **10/31/2017** | $12162 | $12625 | $10593 |
| **11/30/2017** | $12181 | $12591 | $10580 |
| **12/31/2017** | $12246 | $12628 | $10628 |
| **1/31/2018** | $12365 | $12709 | $10506 |
| **2/28/2018** | $12207 | $12591 | $10406 |
| **3/31/2018** | $12118 | $12513 | $10473 |
| **4/30/2018** | $12098 | $12596 | $10395 |
| **5/31/2018** | $12137 | $12594 | $10469 |
| **6/30/2018** | $12108 | $12638 | $10456 |
| **7/31/2018** | $12191 | $12779 | $10459 |
| **8/31/2018** | $12341 | $12871 | $10526 |
| **9/30/2018** | $12370 | $12946 | $10458 |
| **10/31/2018** | $12042 | $12734 | $10376 |
| **11/30/2018** | $11982 | $12619 | $10438 |
| **12/31/2018** | $11754 | $12342 | $10629 |
| **1/31/2019** | $12200 | $12909 | $10742 |
| **2/28/2019** | $12369 | $13127 | $10736 |
| **3/31/2019** | $12550 | $13255 | $10942 |
| **4/30/2019** | $12688 | $13441 | $10945 |
| **5/31/2019** | $12666 | $13270 | $11139 |
| **6/30/2019** | $12995 | $13595 | $11279 |
| **7/31/2019** | $13082 | $13665 | $11304 |
| **8/31/2019** | $13145 | $13718 | $11597 |
| **9/30/2019** | $13082 | $13762 | $11535 |
| **10/31/2019** | $13113 | $13794 | $11570 |
| **11/30/2019** | $13135 | $13831 | $11564 |
| **12/31/2019** | $13324 | $14120 | $11556 |
| **1/31/2020** | $13467 | $14121 | $11778 |
| **2/29/2020** | $13379 | $13902 | $11990 |
| **3/31/2020** | $11669 | $12266 | $11920 |
| **4/30/2020** | $12144 | $12732 | $12132 |
| **5/31/2020** | $12651 | $13310 | $12188 |
| **6/30/2020** | $12883 | $13437 | $12265 |
| **7/31/2020** | $13390 | $14074 | $12448 |
| **8/31/2020** | $13610 | $14215 | $12348 |
| **9/30/2020** | $13456 | $14068 | $12341 |
| **10/31/2020** | $13533 | $14131 | $12286 |
| **11/30/2020** | $14041 | $14697 | $12406 |
| **12/31/2020** | $14297 | $14978 | $12423 |
| **1/31/2021** | $14354 | $15036 | $12334 |
| **2/28/2021** | $14491 | $15088 | $12156 |
| **3/31/2021** | $14411 | $15114 | $12005 |
| **4/30/2021** | $14572 | $15280 | $12099 |
| **5/31/2021** | $14606 | $15324 | $12139 |
| **6/30/2021** | $14720 | $15532 | $12224 |
| **7/31/2021** | $14755 | $15587 | $12361 |
| **8/31/2021** | $14835 | $15673 | $12337 |
| **9/30/2021** | $14732 | $15679 | $12230 |
| **10/31/2021** | $14846 | $15650 | $12227 |
| **11/30/2021** | $14709 | $15488 | $12263 |
| **12/31/2021** | $14765 | $15779 | $12232 |
| **1/31/2022** | $14285 | $15346 | $11968 |
| **2/28/2022** | $14105 | $15209 | $11835 |
| **3/31/2022** | $13889 | $15070 | $11506 |
| **4/30/2022** | $13481 | $14522 | $11069 |
| **5/31/2022** | $13445 | $14557 | $11141 |
| **6/30/2022** | $12785 | $13565 | $10966 |
| **7/31/2022** | $13244 | $14383 | $11234 |
| **8/31/2022** | $13040 | $14041 | $10917 |
| **9/30/2022** | $12558 | $13478 | $10445 |
| **10/31/2022** | $12751 | $13862 | $10310 |
| **11/30/2022** | $13028 | $14122 | $10689 |
| **12/31/2022** | $12875 | $14018 | $10641 |
| **1/31/2023** | $13279 | $14566 | $10968 |
| **2/28/2023** | $13001 | $14380 | $10684 |
| **3/31/2023** | $13090 | $14540 | $10956 |
| **4/30/2023** | $13153 | $14683 | $11022 |
| **5/31/2023** | $12964 | $14544 | $10902 |
| **6/30/2023** | $13115 | $14782 | $10863 |
| **7/31/2023** | $13229 | $14994 | $10856 |
| **8/31/2023** | $13140 | $15039 | $10786 |
| **9/30/2023** | $12926 | $14863 | $10512 |
| **10/31/2023** | $12774 | $14679 | $10346 |
| **11/30/2023** | $13317 | $15350 | $10815 |
| **12/31/2023** | $13719 | $15917 | $11229 |
| **1/31/2024** | $13759 | $15921 | $11198 |
| **2/29/2024** | $13799 | $15968 | $11040 |
| **3/31/2024** | $13985 | $16160 | $11142 |
| **4/30/2024** | $13812 | $15999 | $10860 |
| **5/31/2024** | $14025 | $16182 | $11044 |
| **6/30/2024** | $14091 | $16339 | $11149 |
| **7/31/2024** | $14304 | $16661 | $11409 |
| **8/31/2024** | $14530 | $16927 | $11573 |
| **9/30/2024** | $14756 | $17204 | $11728 |
| **10/31/2024** | $14570 | $17110 | $11437 |
| **11/30/2024** | $14796 | $17308 | $11558 |
| **12/31/2024** | $14641 | $17234 | $11369 |
| **1/31/2025** | $14838 | $17473 | $11430 |
| **2/28/2025** | $14936 | $17588 | $11681 |
| **3/31/2025** | $14753 | $17400 | $11685 |
| **4/30/2025** | $14669 | $17402 | $11731 |
| **5/31/2025** | $14838 | $17695 | $11647 |
| **6/30/2025** | $15176 | $18025 | $11826 |
| **7/31/2025** | $15205 | $18098 | $11795 |
| **8/31/2025** | $15472 | $18320 | $11936 |
| **9/30/2025** | $15613 | $18461 | $12067 |
| **10/31/2025** | $15740 | $18499 | $12142 |
| **11/30/2025** | $15796 | $18592 | $12217 |
| **12/31/2025** | $15860 | $18714 | $12199 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 8.33% | 2.10% | 4.72% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1184034243 |
| # of Portfolio Holdings | 885 |
| Portfolio Turnover Rate | 306% |
| Total Advisory Fees Paid | $5328402 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.60% |
| Common Stocks | 5.56% |
| Corporate Bonds | 62.23% |
| Floating Rate Loans | 2.07% |
| Foreign Government Obligations | 7.24% |
| Government Sponsored Enterprises Pass-Throughs | 10.40% |
| Investments in Underlying Funds | 1.16% |
| Municipal Bonds | 0.50% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.71% |
| Preferred Stocks | 0.18% |
| Repurchase Agreements | 0.28% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.86% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.21% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Bond Debenture Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-593-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Fundamental Equity Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Fundamental Equity Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fundamental Equity Portfolio | $116 | 1.08% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 14.29%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 15.91% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 17.88% over the same period.

Positive factors for the markets included the Federal Reserve's (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Communication Services sector contributed to relative performance, led by an overweight allocation to Alphabet Inc. Security selection within the Industrials sector also contributed to relative performance, led by an overweight allocation to RTX Corporation.

**Top detractors from performance:** Security selection within the Financials sector detracted from relative performance, led by an overweight allocation to Kemper Corporation. Security selection within the Consumer Discretionary sector also detracted from relative performance, led by an overweight allocation to Best Buy Co., Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i84044633572cd3acfdd094bf.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class VC** | **Russell 1000 Value Index** | **Russell 3000 Value Index** | **Russell 3000 Index** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9423 | $9483 | $9471 | $9436 | $9504 |
| **2/29/2016** | $9367 | $9481 | $9474 | $9433 | $9491 |
| **3/31/2016** | $9963 | $10164 | $10164 | $10097 | $10135 |
| **4/30/2016** | $10252 | $10377 | $10378 | $10159 | $10174 |
| **5/31/2016** | $10442 | $10538 | $10541 | $10341 | $10357 |
| **6/30/2016** | $10448 | $10630 | $10629 | $10362 | $10384 |
| **7/31/2016** | $10731 | $10938 | $10957 | $10774 | $10766 |
| **8/31/2016** | $10835 | $11023 | $11055 | $10801 | $10782 |
| **9/30/2016** | $10842 | $11000 | $11040 | $10818 | $10784 |
| **10/31/2016** | $10669 | $10829 | $10855 | $10584 | $10587 |
| **11/30/2016** | $11353 | $11448 | $11537 | $11058 | $10979 |
| **12/31/2016** | $11574 | $11734 | $11840 | $11274 | $11196 |
| **1/31/2017** | $11650 | $11818 | $11911 | $11486 | $11408 |
| **2/28/2017** | $11954 | $12242 | $12318 | $11913 | $11861 |
| **3/31/2017** | $11751 | $12117 | $12194 | $11921 | $11875 |
| **4/30/2017** | $11783 | $12095 | $12177 | $12047 | $11997 |
| **5/31/2017** | $11821 | $12083 | $12136 | $12171 | $12166 |
| **6/30/2017** | $12004 | $12280 | $12351 | $12280 | $12242 |
| **7/31/2017** | $12106 | $12444 | $12509 | $12512 | $12494 |
| **8/31/2017** | $12017 | $12299 | $12351 | $12536 | $12532 |
| **9/30/2017** | $12361 | $12663 | $12754 | $12842 | $12790 |
| **10/31/2017** | $12482 | $12755 | $12841 | $13122 | $13089 |
| **11/30/2017** | $12878 | $13146 | $13233 | $13521 | $13490 |
| **12/31/2017** | $13030 | $13337 | $13402 | $13656 | $13640 |
| **1/31/2018** | $13624 | $13853 | $13894 | $14375 | $14421 |
| **2/28/2018** | $12919 | $13192 | $13228 | $13846 | $13890 |
| **3/31/2018** | $12698 | $12959 | $13024 | $13568 | $13537 |
| **4/30/2018** | $12657 | $13002 | $13081 | $13619 | $13589 |
| **5/31/2018** | $12698 | $13079 | $13210 | $14004 | $13916 |
| **6/30/2018** | $12629 | $13112 | $13247 | $14095 | $14002 |
| **7/31/2018** | $13167 | $13631 | $13749 | $14563 | $14523 |
| **8/31/2018** | $13376 | $13832 | $13961 | $15074 | $14996 |
| **9/30/2018** | $13432 | $13860 | $13961 | $15099 | $15081 |
| **10/31/2018** | $12694 | $13142 | $13199 | $13988 | $14050 |
| **11/30/2018** | $13119 | $13534 | $13580 | $14268 | $14337 |
| **12/31/2018** | $11967 | $12235 | $12253 | $12940 | $13042 |
| **1/31/2019** | $12780 | $13187 | $13233 | $14051 | $14087 |
| **2/28/2019** | $13153 | $13608 | $13662 | $14545 | $14540 |
| **3/31/2019** | $13229 | $13695 | $13715 | $14757 | $14822 |
| **4/30/2019** | $13686 | $14181 | $14204 | $15346 | $15422 |
| **5/31/2019** | $12594 | $13269 | $13273 | $14353 | $14442 |
| **6/30/2019** | $13458 | $14221 | $14219 | $15361 | $15460 |
| **7/31/2019** | $13662 | $14339 | $14330 | $15590 | $15682 |
| **8/31/2019** | $13230 | $13918 | $13884 | $15272 | $15434 |
| **9/30/2019** | $13755 | $14414 | $14393 | $15540 | $15723 |
| **10/31/2019** | $13772 | $14616 | $14604 | $15875 | $16063 |
| **11/30/2019** | $14196 | $15068 | $15048 | $16478 | $16646 |
| **12/31/2019** | $14542 | $15482 | $15470 | $16954 | $17149 |
| **1/31/2020** | $14093 | $15149 | $15104 | $16935 | $17142 |
| **2/29/2020** | $12757 | $13682 | $13641 | $15549 | $15731 |
| **3/31/2020** | $10462 | $11344 | $11243 | $13410 | $13788 |
| **4/30/2020** | $11658 | $12619 | $12514 | $15187 | $15555 |
| **5/31/2020** | $12194 | $13051 | $12939 | $15999 | $16296 |
| **6/30/2020** | $12194 | $12965 | $12879 | $16364 | $16620 |
| **7/31/2020** | $12673 | $13477 | $13375 | $17294 | $17558 |
| **8/31/2020** | $13255 | $14035 | $13937 | $18546 | $18820 |
| **9/30/2020** | $12726 | $13690 | $13577 | $17871 | $18105 |
| **10/31/2020** | $12665 | $13510 | $13436 | $17485 | $17623 |
| **11/30/2020** | $14285 | $15327 | $15290 | $19613 | $19552 |
| **12/31/2020** | $14800 | $15915 | $15914 | $20495 | $20304 |
| **1/31/2021** | $14675 | $15769 | $15832 | $20404 | $20099 |
| **2/28/2021** | $15513 | $16722 | $16825 | $21042 | $20653 |
| **3/31/2021** | $16341 | $17706 | $17807 | $21796 | $21558 |
| **4/30/2021** | $17009 | $18414 | $18494 | $22919 | $22708 |
| **5/31/2021** | $17348 | $18844 | $18935 | $23024 | $22867 |
| **6/30/2021** | $17152 | $18628 | $18726 | $23592 | $23401 |
| **7/31/2021** | $17312 | $18777 | $18820 | $23991 | $23956 |
| **8/31/2021** | $17802 | $19149 | $19202 | $24675 | $24685 |
| **9/30/2021** | $17295 | $18483 | $18552 | $23568 | $23537 |
| **10/31/2021** | $18284 | $19421 | $19479 | $25161 | $25186 |
| **11/30/2021** | $17811 | $18737 | $18794 | $24778 | $25011 |
| **12/31/2021** | $18842 | $19919 | $19952 | $25754 | $26132 |
| **1/31/2022** | $18158 | $19455 | $19442 | $24239 | $24780 |
| **2/28/2022** | $18083 | $19229 | $19250 | $23628 | $24038 |
| **3/31/2022** | $18205 | $19772 | $19783 | $24395 | $24931 |
| **4/30/2022** | $16874 | $18657 | $18640 | $22206 | $22757 |
| **5/31/2022** | $17221 | $19020 | $19002 | $22176 | $22798 |
| **6/30/2022** | $15638 | $17358 | $17329 | $20321 | $20916 |
| **7/31/2022** | $16629 | $18509 | $18510 | $22227 | $22845 |
| **8/31/2022** | $16188 | $17957 | $17956 | $21397 | $21913 |
| **9/30/2022** | $14722 | $16383 | $16366 | $19413 | $19895 |
| **10/31/2022** | $16303 | $18062 | $18067 | $21005 | $21506 |
| **11/30/2022** | $17270 | $19191 | $19161 | $22102 | $22708 |
| **12/31/2022** | $16584 | $18418 | $18360 | $20808 | $21399 |
| **1/31/2023** | $17547 | $19372 | $19357 | $22241 | $22744 |
| **2/28/2023** | $17219 | $18689 | $18689 | $21721 | $22189 |
| **3/31/2023** | $16792 | $18603 | $18527 | $22302 | $23004 |
| **4/30/2023** | $17109 | $18883 | $18765 | $22539 | $23363 |
| **5/31/2023** | $16486 | $18155 | $18060 | $22627 | $23464 |
| **6/30/2023** | $17613 | $19361 | $19273 | $24172 | $25015 |
| **7/31/2023** | $18297 | $20042 | $19996 | $25039 | $25818 |
| **8/31/2023** | $17924 | $19501 | $19431 | $24555 | $25407 |
| **9/30/2023** | $17145 | $18748 | $18665 | $23386 | $24196 |
| **10/31/2023** | $16629 | $18087 | $17981 | $22766 | $23687 |
| **11/30/2023** | $18012 | $19451 | $19352 | $24888 | $25850 |
| **12/31/2023** | $19011 | $20529 | $20500 | $26209 | $27025 |
| **1/31/2024** | $19102 | $20550 | $20464 | $26499 | $27479 |
| **2/29/2024** | $20098 | $21308 | $21214 | $27933 | $28946 |
| **3/31/2024** | $21129 | $22373 | $22267 | $28835 | $29878 |
| **4/30/2024** | $20200 | $21418 | $21289 | $27566 | $28657 |
| **5/31/2024** | $21049 | $22097 | $21982 | $28868 | $30078 |
| **6/30/2024** | $20868 | $21889 | $21766 | $29762 | $31157 |
| **7/31/2024** | $21808 | $23008 | $22954 | $30315 | $31537 |
| **8/31/2024** | $22182 | $23625 | $23515 | $30975 | $32302 |
| **9/30/2024** | $22250 | $23953 | $23826 | $31616 | $32992 |
| **10/31/2024** | $22204 | $23689 | $23559 | $31384 | $32692 |
| **11/30/2024** | $23529 | $25202 | $25101 | $33471 | $34611 |
| **12/31/2024** | $22176 | $23478 | $23365 | $32448 | $33786 |
| **1/31/2025** | $23347 | $24565 | $24416 | $33473 | $34727 |
| **2/28/2025** | $22985 | $24665 | $24465 | $32831 | $34274 |
| **3/31/2025** | $21935 | $23980 | $23749 | $30916 | $32343 |
| **4/30/2025** | $21295 | $23249 | $23015 | $30709 | $32124 |
| **5/31/2025** | $22116 | $24065 | $23830 | $32655 | $34146 |
| **6/30/2025** | $22997 | $24888 | $24661 | $34314 | $35882 |
| **7/31/2025** | $23489 | $25031 | $24815 | $35070 | $36687 |
| **8/31/2025** | $23985 | $25829 | $25661 | $35881 | $37431 |
| **9/30/2025** | $24703 | $26215 | $26050 | $37120 | $38797 |
| **10/31/2025** | $24505 | $26330 | $26163 | $37915 | $39706 |
| **11/30/2025** | $25211 | $27030 | $26860 | $38019 | $39803 |
| **12/31/2025** | $25346 | $27213 | $27036 | $38012 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 14.29% | 11.36% | 9.75% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |
| Russell 3000 Value Index | 15.71% | 11.18% | 10.46% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $211155319 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $1287820 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.74% |
| Consumer Discretionary | 7.00% |
| Consumer Staples | 4.80% |
| Energy | 6.17% |
| Financials | 24.72% |
| Health Care | 12.22% |
| Industrials | 18.08% |
| Information Technology | 11.79% |
| Materials | 3.43% |
| Real Estate | 1.63% |
| Utilities | 4.71% |
| Repurchase Agreements | 0.64% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.06% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Fundamental Equity Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-1401-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Growth Opportunities Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Growth Opportunities Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Growth Opportunities Portfolio | $120 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 12.94%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 8.66% return of a securities market index with investment characteristics similar to those of the Fund, the Russell Midcap Growth Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 17.88% over the same period.

Positive factors for the markets included the Federal Reserve (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance**: Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Comfort Systems USA, Inc. Security selection within the Information Technology sector also contributed to relative performance, led by an overweight allocation to AppLovin Corp.

**Top detractors from performance:** Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Stride, Inc. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Freshpet, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2bda7080c47ee6576ac4c34d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class VC** | **Russell Midcap Growth Index** | **Russell Midcap Index** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9150 | $9243 | $9345 | $9504 |
| **2/29/2016** | $9133 | $9388 | $9450 | $9491 |
| **3/31/2016** | $9790 | $10058 | $10224 | $10135 |
| **4/30/2016** | $9806 | $10052 | $10333 | $10174 |
| **5/31/2016** | $10135 | $10217 | $10502 | $10357 |
| **6/30/2016** | $10051 | $10215 | $10550 | $10384 |
| **7/31/2016** | $10470 | $10721 | $11031 | $10766 |
| **8/31/2016** | $10369 | $10689 | $11004 | $10782 |
| **9/30/2016** | $10318 | $10684 | $11026 | $10784 |
| **10/31/2016** | $9920 | $10250 | $10676 | $10587 |
| **11/30/2016** | $10259 | $10696 | $11252 | $10979 |
| **12/31/2016** | $10123 | $10733 | $11380 | $11196 |
| **1/31/2017** | $10572 | $11091 | $11654 | $11408 |
| **2/28/2017** | $10724 | $11410 | $11984 | $11861 |
| **3/31/2017** | $10817 | $11473 | $11966 | $11875 |
| **4/30/2017** | $11071 | $11643 | $12058 | $11997 |
| **5/31/2017** | $11317 | $11921 | $12168 | $12166 |
| **6/30/2017** | $11376 | $11956 | $12289 | $12242 |
| **7/31/2017** | $11486 | $12156 | $12470 | $12494 |
| **8/31/2017** | $11622 | $12242 | $12373 | $12532 |
| **9/30/2017** | $11860 | $12588 | $12716 | $12790 |
| **10/31/2017** | $12090 | $12940 | $12928 | $13089 |
| **11/30/2017** | $12431 | $13373 | $13363 | $13490 |
| **12/31/2017** | $12443 | $13445 | $13487 | $13640 |
| **1/31/2018** | $13065 | $14206 | $13995 | $14421 |
| **2/28/2018** | $12679 | $13760 | $13417 | $13890 |
| **3/31/2018** | $12679 | $13737 | $13425 | $13537 |
| **4/30/2018** | $12556 | $13607 | $13405 | $13589 |
| **5/31/2018** | $12986 | $14116 | $13709 | $13916 |
| **6/30/2018** | $12995 | $14171 | $13804 | $14002 |
| **7/31/2018** | $13342 | $14475 | $14147 | $14523 |
| **8/31/2018** | $13927 | $15309 | $14587 | $14996 |
| **9/30/2018** | $14007 | $15244 | $14493 | $15081 |
| **10/31/2018** | $12722 | $13735 | $13289 | $14050 |
| **11/30/2018** | $13138 | $14084 | $13616 | $14337 |
| **12/31/2018** | $12083 | $12806 | $12265 | $13042 |
| **1/31/2019** | $13317 | $14278 | $13589 | $14087 |
| **2/28/2019** | $14182 | $15115 | $14172 | $14540 |
| **3/31/2019** | $14435 | $15319 | $14294 | $14822 |
| **4/30/2019** | $14989 | $16008 | $14838 | $15422 |
| **5/31/2019** | $14412 | $15087 | $13927 | $14442 |
| **6/30/2019** | $15358 | $16146 | $14884 | $15460 |
| **7/31/2019** | $15611 | $16523 | $15096 | $15682 |
| **8/31/2019** | $15328 | $16222 | $14666 | $15434 |
| **9/30/2019** | $15127 | $16038 | $14955 | $15723 |
| **10/31/2019** | $15505 | $16335 | $15112 | $16063 |
| **11/30/2019** | $16225 | $17148 | $15652 | $16646 |
| **12/31/2019** | $16477 | $17348 | $16012 | $17149 |
| **1/31/2020** | $16819 | $17511 | $15883 | $17142 |
| **2/29/2020** | $15731 | $16303 | $14504 | $15731 |
| **3/31/2020** | $13200 | $13872 | $11677 | $13788 |
| **4/30/2020** | $15224 | $16044 | $13354 | $15555 |
| **5/31/2020** | $16870 | $17656 | $14293 | $16296 |
| **6/30/2020** | $17401 | $18070 | $14550 | $16620 |
| **7/31/2020** | $18757 | $19513 | $15405 | $17558 |
| **8/31/2020** | $19443 | $20044 | $15946 | $18820 |
| **9/30/2020** | $19342 | $19763 | $15636 | $18105 |
| **10/31/2020** | $19545 | $19788 | $15736 | $17623 |
| **11/30/2020** | $21909 | $22445 | $17911 | $19552 |
| **12/31/2020** | $22966 | $23522 | $18750 | $20304 |
| **1/31/2021** | $22519 | $23444 | $18700 | $20099 |
| **2/28/2021** | $23329 | $23844 | $19742 | $20653 |
| **3/31/2021** | $22603 | $23389 | $20276 | $21558 |
| **4/30/2021** | $23916 | $24703 | $21309 | $22708 |
| **5/31/2021** | $22980 | $24326 | $21480 | $22867 |
| **6/30/2021** | $24321 | $25979 | $21796 | $23401 |
| **7/31/2021** | $24908 | $26246 | $21964 | $23956 |
| **8/31/2021** | $25614 | $27094 | $22522 | $24685 |
| **9/30/2021** | $24461 | $25781 | $21594 | $23537 |
| **10/31/2021** | $25816 | $27589 | $22879 | $25186 |
| **11/30/2021** | $24518 | $26423 | $22082 | $25011 |
| **12/31/2021** | $24449 | $26516 | $22984 | $26132 |
| **1/31/2022** | $21038 | $23094 | $21291 | $24780 |
| **2/28/2022** | $20788 | $22814 | $21138 | $24038 |
| **3/31/2022** | $20770 | $23180 | $21679 | $24931 |
| **4/30/2022** | $18591 | $20570 | $20009 | $22757 |
| **5/31/2022** | $17787 | $19774 | $20025 | $22798 |
| **6/30/2022** | $16877 | $18296 | $18026 | $20916 |
| **7/31/2022** | $18767 | $20535 | $19806 | $22845 |
| **8/31/2022** | $17969 | $19862 | $19184 | $21913 |
| **9/30/2022** | $16373 | $18176 | $17406 | $19895 |
| **10/31/2022** | $17293 | $19605 | $18951 | $21506 |
| **11/30/2022** | $17867 | $20671 | $20090 | $22708 |
| **12/31/2022** | $16495 | $19431 | $19004 | $21399 |
| **1/31/2023** | $17498 | $21126 | $20583 | $22744 |
| **2/28/2023** | $17068 | $20918 | $20083 | $22189 |
| **3/31/2023** | $17662 | $21206 | $19775 | $23004 |
| **4/30/2023** | $17089 | $20899 | $19671 | $23363 |
| **5/31/2023** | $17457 | $20912 | $19121 | $23464 |
| **6/30/2023** | $18419 | $22528 | $20717 | $25015 |
| **7/31/2023** | $18808 | $23210 | $21538 | $25818 |
| **8/31/2023** | $17846 | $22444 | $20791 | $25407 |
| **9/30/2023** | $16700 | $21351 | $19747 | $24196 |
| **10/31/2023** | $15452 | $20262 | $18760 | $23687 |
| **11/30/2023** | $17416 | $22733 | $20680 | $25850 |
| **12/31/2023** | $18255 | $24457 | $22278 | $27025 |
| **1/31/2024** | $18849 | $24325 | $21961 | $27479 |
| **2/29/2024** | $20711 | $26154 | $23188 | $28946 |
| **3/31/2024** | $21100 | $26779 | $24194 | $29878 |
| **4/30/2024** | $19811 | $25224 | $22887 | $28657 |
| **5/31/2024** | $20138 | $25493 | $23540 | $30078 |
| **6/30/2024** | $20588 | $25919 | $23384 | $31157 |
| **7/31/2024** | $19893 | $26076 | $24486 | $31537 |
| **8/31/2024** | $20773 | $26724 | $24982 | $32302 |
| **9/30/2024** | $21735 | $27614 | $25538 | $32992 |
| **10/31/2024** | $22451 | $28097 | $25401 | $32692 |
| **11/30/2024** | $25603 | $31842 | $27642 | $34611 |
| **12/31/2024** | $23842 | $29862 | $25697 | $33786 |
| **1/31/2025** | $25521 | $31768 | $26790 | $34727 |
| **2/28/2025** | $23003 | $29958 | $26028 | $34274 |
| **3/31/2025** | $20486 | $27736 | $24822 | $32343 |
| **4/30/2025** | $22021 | $28668 | $24566 | $32124 |
| **5/31/2025** | $24661 | $31416 | $25970 | $34146 |
| **6/30/2025** | $26135 | $32785 | $26940 | $35882 |
| **7/31/2025** | $26769 | $33451 | $27439 | $36687 |
| **8/31/2025** | $27670 | $33785 | $28125 | $37431 |
| **9/30/2025** | $28979 | $33696 | $28375 | $38797 |
| **10/31/2025** | $29123 | $33602 | $28140 | $39706 |
| **11/30/2025** | $27710 | $32889 | $28498 | $39803 |
| **12/31/2025** | $26928 | $32448 | $28420 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 12.94% | 3.23% | 10.41% |
| Russell Midcap Growth Index | 8.66% | 6.65% | 12.49% |
| Russell Midcap Index | 10.60% | 8.67% | 11.01% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $76642380 |
| # of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 135% |
| Total Advisory Fees Paid | $498524 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 8.29% |
| Consumer Discretionary | 11.62% |
| Consumer Staples | 0.81% |
| Financials | 9.26% |
| Health Care | 17.51% |
| Industrials | 25.65% |
| Information Technology | 23.87% |
| Repurchase Agreements | 2.08% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.82% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.09% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Growth Opportunities Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-1400-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Developing Growth Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Developing Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Developing Growth Portfolio | $112 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 14.59%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 13.01% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 2000 Growth Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 17.88% over the same period.

Positive factors for the markets included the Federal Reserve's (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Health Care sector contributed to relative performance, led by an overweight allocation to Guardant Health, Inc. Security selection within the Industrials sector also contributed to relative performance, led by an overweight allocation to Comfort Systems USA, Inc.

**Top detractors from performance:** Security selection within the Consumer Staples sector detracted from relative performance, led by an overweight allocation to Freshpet, Inc. Security selection within the Consumer Discretionary sector also detracted from relative performance, led by an overweight allocation to Global-e Online Ltd.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7abf2ec2bdab13675582d8e7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class VC** | **Russell 2000 Growth Index** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $8707 | $8917 | $9504 |
| **2/29/2016** | $8469 | $8853 | $9491 |
| **3/31/2016** | $8954 | $9532 | $10135 |
| **4/30/2016** | $8895 | $9627 | $10174 |
| **5/31/2016** | $9147 | $9886 | $10357 |
| **6/30/2016** | $9160 | $9841 | $10384 |
| **7/31/2016** | $9865 | $10484 | $10766 |
| **8/31/2016** | $9964 | $10596 | $10782 |
| **9/30/2016** | $10139 | $10748 | $10784 |
| **10/31/2016** | $9430 | $10080 | $10587 |
| **11/30/2016** | $9906 | $10982 | $10979 |
| **12/31/2016** | $9740 | $11132 | $11196 |
| **1/31/2017** | $10135 | $11313 | $11408 |
| **2/28/2017** | $10512 | $11590 | $11861 |
| **3/31/2017** | $10557 | $11727 | $11875 |
| **4/30/2017** | $10642 | $11943 | $11997 |
| **5/31/2017** | $10705 | $11835 | $12166 |
| **6/30/2017** | $10992 | $12242 | $12242 |
| **7/31/2017** | $11190 | $12346 | $12494 |
| **8/31/2017** | $11235 | $12332 | $12532 |
| **9/30/2017** | $11769 | $13003 | $12790 |
| **10/31/2017** | $12124 | $13205 | $13089 |
| **11/30/2017** | $12429 | $13584 | $13490 |
| **12/31/2017** | $12654 | $13599 | $13640 |
| **1/31/2018** | $13143 | $14129 | $14421 |
| **2/28/2018** | $13269 | $13727 | $13890 |
| **3/31/2018** | $13570 | $13912 | $13537 |
| **4/30/2018** | $13871 | $13926 | $13589 |
| **5/31/2018** | $15281 | $14802 | $13916 |
| **6/30/2018** | $15573 | $14918 | $14002 |
| **7/31/2018** | $15505 | $15175 | $14523 |
| **8/31/2018** | $17503 | $16119 | $14996 |
| **9/30/2018** | $17454 | $15742 | $15081 |
| **10/31/2018** | $15007 | $13750 | $14050 |
| **11/30/2018** | $14850 | $13965 | $14337 |
| **12/31/2018** | $13272 | $12334 | $13042 |
| **1/31/2019** | $15382 | $13758 | $14087 |
| **2/28/2019** | $17056 | $14646 | $14540 |
| **3/31/2019** | $16875 | $14448 | $14822 |
| **4/30/2019** | $17285 | $14888 | $15422 |
| **5/31/2019** | $16833 | $13784 | $14442 |
| **6/30/2019** | $18385 | $14845 | $15460 |
| **7/31/2019** | $18911 | $14990 | $15682 |
| **8/31/2019** | $17901 | $14343 | $15434 |
| **9/30/2019** | $16285 | $14226 | $15723 |
| **10/31/2019** | $16636 | $14630 | $16063 |
| **11/30/2019** | $17231 | $15492 | $16646 |
| **12/31/2019** | $17488 | $15847 | $17149 |
| **1/31/2020** | $17856 | $15672 | $17142 |
| **2/29/2020** | $17148 | $14541 | $15731 |
| **3/31/2020** | $14479 | $11764 | $13788 |
| **4/30/2020** | $16937 | $13516 | $15555 |
| **5/31/2020** | $19179 | $14793 | $16296 |
| **6/30/2020** | $20396 | $15362 | $16620 |
| **7/31/2020** | $21754 | $15889 | $17558 |
| **8/31/2020** | $23036 | $16822 | $18820 |
| **9/30/2020** | $23703 | $16461 | $18105 |
| **10/31/2020** | $24259 | $16586 | $17623 |
| **11/30/2020** | $27449 | $19511 | $19552 |
| **12/31/2020** | $30183 | $21335 | $20304 |
| **1/31/2021** | $31456 | $22363 | $20099 |
| **2/28/2021** | $32678 | $23102 | $20653 |
| **3/31/2021** | $30701 | $22375 | $21558 |
| **4/30/2021** | $32051 | $22863 | $22708 |
| **5/31/2021** | $30132 | $22210 | $22867 |
| **6/30/2021** | $31604 | $23251 | $23401 |
| **7/31/2021** | $30995 | $22404 | $23956 |
| **8/31/2021** | $31811 | $22812 | $24685 |
| **9/30/2021** | $30416 | $21937 | $23537 |
| **10/31/2021** | $32114 | $22964 | $25186 |
| **11/30/2021** | $29469 | $21843 | $25011 |
| **12/31/2021** | $29354 | $21939 | $26132 |
| **1/31/2022** | $23908 | $18999 | $24780 |
| **2/28/2022** | $23908 | $19082 | $24038 |
| **3/31/2022** | $23721 | $19169 | $24931 |
| **4/30/2022** | $20556 | $16817 | $22757 |
| **5/31/2022** | $19997 | $16500 | $22798 |
| **6/30/2022** | $18732 | $15478 | $20916 |
| **7/31/2022** | $20523 | $17211 | $22845 |
| **8/31/2022** | $20463 | $17049 | $21913 |
| **9/30/2022** | $18834 | $15516 | $19895 |
| **10/31/2022** | $19988 | $16988 | $21506 |
| **11/30/2022** | $20056 | $17265 | $22708 |
| **12/31/2022** | $18792 | $16157 | $21399 |
| **1/31/2023** | $20353 | $17764 | $22744 |
| **2/28/2023** | $20158 | $17571 | $22189 |
| **3/31/2023** | $20336 | $17138 | $23004 |
| **4/30/2023** | $19835 | $16939 | $23363 |
| **5/31/2023** | $20158 | $16942 | $23464 |
| **6/30/2023** | $20981 | $18347 | $25015 |
| **7/31/2023** | $21252 | $19204 | $25818 |
| **8/31/2023** | $19801 | $18205 | $25407 |
| **9/30/2023** | $18257 | $17004 | $24196 |
| **10/31/2023** | $16696 | $15692 | $23687 |
| **11/30/2023** | $18436 | $17121 | $25850 |
| **12/31/2023** | $20327 | $19171 | $27025 |
| **1/31/2024** | $20446 | $18556 | $27479 |
| **2/29/2024** | $22347 | $20064 | $28946 |
| **3/31/2024** | $22898 | $20625 | $29878 |
| **4/30/2024** | $21532 | $19037 | $28657 |
| **5/31/2024** | $22465 | $20056 | $30078 |
| **6/30/2024** | $23136 | $20023 | $31157 |
| **7/31/2024** | $23136 | $21662 | $31537 |
| **8/31/2024** | $24026 | $21422 | $32302 |
| **9/30/2024** | $24603 | $21707 | $32992 |
| **10/31/2024** | $24357 | $21419 | $32692 |
| **11/30/2024** | $26648 | $24045 | $34611 |
| **12/31/2024** | $24836 | $22077 | $33786 |
| **1/31/2025** | $25295 | $22775 | $34727 |
| **2/28/2025** | $22652 | $21233 | $34274 |
| **3/31/2025** | $20443 | $19623 | $32343 |
| **4/30/2025** | $21267 | $19497 | $32124 |
| **5/31/2025** | $22644 | $20749 | $34146 |
| **6/30/2025** | $24598 | $21971 | $35882 |
| **7/31/2025** | $25140 | $22345 | $36687 |
| **8/31/2025** | $26672 | $23666 | $37431 |
| **9/30/2025** | $27991 | $24650 | $38797 |
| **10/31/2025** | $29277 | $25447 | $39706 |
| **11/30/2025** | $29311 | $25273 | $39803 |
| **12/31/2025** | $28460 | $24949 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 14.59% | (1.17%) | 11.03% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 9.57% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $61066149 |
| # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 117% |
| Total Advisory Fees Paid | $331648 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.82% |
| Consumer Discretionary | 3.98% |
| Consumer Staples | 0.77% |
| Financials | 3.62% |
| Health Care | 30.73% |
| Industrials | 27.50% |
| Information Technology | 25.26% |
| Repurchase Agreements | 1.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 3.93% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.44% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Developing Growth Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-583-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Dividend Growth Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Dividend Growth Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dividend Growth Portfolio | $107 | 0.99% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 15.98%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to the 17.88% return of the Fund's benchmark and broad-based securities market index, S&P 500 Index.

Positive factors for the markets included the Federal Reserve's (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Consumer Staples sector contributed to relative performance, led by an overweight allocation to Philip Morris International Inc. Security selection within the Information Technology sector also contributed to relative performance, led by an overweight allocation to Lam Research Corporation.

**Top detractors from performance:** Security selection within the Industrials sector detracted from relative performance, led by an overweight allocation to Old Dominion Freight Line, Inc. Security selection within the Communication Services sector also detracted from relative performance, led by an underweight allocation to Alphabet Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i83092eee23f67e8bc07f2718.jpg)

---

| | | |
|:---|:---|:---|
| | **Class VC** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9838 | $9504 |
| **2/29/2016** | $9926 | $9491 |
| **3/31/2016** | $10603 | $10135 |
| **4/30/2016** | $10647 | $10174 |
| **5/31/2016** | $10868 | $10357 |
| **6/30/2016** | $11125 | $10384 |
| **7/31/2016** | $11293 | $10766 |
| **8/31/2016** | $11249 | $10782 |
| **9/30/2016** | $11204 | $10784 |
| **10/31/2016** | $10953 | $10587 |
| **11/30/2016** | $11360 | $10979 |
| **12/31/2016** | $11510 | $11196 |
| **1/31/2017** | $11590 | $11408 |
| **2/28/2017** | $12043 | $11861 |
| **3/31/2017** | $12011 | $11875 |
| **4/30/2017** | $12146 | $11997 |
| **5/31/2017** | $12337 | $12166 |
| **6/30/2017** | $12314 | $12242 |
| **7/31/2017** | $12399 | $12494 |
| **8/31/2017** | $12391 | $12532 |
| **9/30/2017** | $12729 | $12790 |
| **10/31/2017** | $12970 | $13089 |
| **11/30/2017** | $13565 | $13490 |
| **12/31/2017** | $13711 | $13640 |
| **1/31/2018** | $14353 | $14421 |
| **2/28/2018** | $13591 | $13890 |
| **3/31/2018** | $13335 | $13537 |
| **4/30/2018** | $13283 | $13589 |
| **5/31/2018** | $13437 | $13916 |
| **6/30/2018** | $13506 | $14002 |
| **7/31/2018** | $14099 | $14523 |
| **8/31/2018** | $14418 | $14996 |
| **9/30/2018** | $14635 | $15081 |
| **10/31/2018** | $13666 | $14050 |
| **11/30/2018** | $14211 | $14337 |
| **12/31/2018** | $13071 | $13042 |
| **1/31/2019** | $13769 | $14087 |
| **2/28/2019** | $14360 | $14540 |
| **3/31/2019** | $14622 | $14822 |
| **4/30/2019** | $15058 | $15422 |
| **5/31/2019** | $14292 | $14442 |
| **6/30/2019** | $15204 | $15460 |
| **7/31/2019** | $15504 | $15682 |
| **8/31/2019** | $15534 | $15434 |
| **9/30/2019** | $15849 | $15723 |
| **10/31/2019** | $15780 | $16063 |
| **11/30/2019** | $16135 | $16646 |
| **12/31/2019** | $16527 | $17149 |
| **1/31/2020** | $16372 | $17142 |
| **2/29/2020** | $15005 | $15731 |
| **3/31/2020** | $13245 | $13788 |
| **4/30/2020** | $14736 | $15555 |
| **5/31/2020** | $15585 | $16296 |
| **6/30/2020** | $15782 | $16620 |
| **7/31/2020** | $16610 | $17558 |
| **8/31/2020** | $17621 | $18820 |
| **9/30/2020** | $17287 | $18105 |
| **10/31/2020** | $16860 | $17623 |
| **11/30/2020** | $18549 | $19552 |
| **12/31/2020** | $19075 | $20304 |
| **1/31/2021** | $18532 | $20099 |
| **2/28/2021** | $19086 | $20653 |
| **3/31/2021** | $19894 | $21558 |
| **4/30/2021** | $20862 | $22708 |
| **5/31/2021** | $21181 | $22867 |
| **6/30/2021** | $21384 | $23401 |
| **7/31/2021** | $21957 | $23956 |
| **8/31/2021** | $22637 | $24685 |
| **9/30/2021** | $21395 | $23537 |
| **10/31/2021** | $23036 | $25186 |
| **11/30/2021** | $22799 | $25011 |
| **12/31/2021** | $23962 | $26132 |
| **1/31/2022** | $22402 | $24780 |
| **2/28/2022** | $21716 | $24038 |
| **3/31/2022** | $22331 | $24931 |
| **4/30/2022** | $20711 | $22757 |
| **5/31/2022** | $20794 | $22798 |
| **6/30/2022** | $19576 | $20916 |
| **7/31/2022** | $21247 | $22845 |
| **8/31/2022** | $20409 | $21913 |
| **9/30/2022** | $18711 | $19895 |
| **10/31/2022** | $20324 | $21506 |
| **11/30/2022** | $21574 | $22708 |
| **12/31/2022** | $20715 | $21399 |
| **1/31/2023** | $21370 | $22744 |
| **2/28/2023** | $20910 | $22189 |
| **3/31/2023** | $21231 | $23004 |
| **4/30/2023** | $21705 | $23363 |
| **5/31/2023** | $21217 | $23464 |
| **6/30/2023** | $22486 | $25015 |
| **7/31/2023** | $22992 | $25818 |
| **8/31/2023** | $22922 | $25407 |
| **9/30/2023** | $21840 | $24196 |
| **10/31/2023** | $21432 | $23687 |
| **11/30/2023** | $23217 | $25850 |
| **12/31/2023** | $24097 | $27025 |
| **1/31/2024** | $24573 | $27479 |
| **2/29/2024** | $25911 | $28946 |
| **3/31/2024** | $26684 | $29878 |
| **4/30/2024** | $25421 | $28657 |
| **5/31/2024** | $26714 | $30078 |
| **6/30/2024** | $27487 | $31157 |
| **7/31/2024** | $28200 | $31537 |
| **8/31/2024** | $29098 | $32302 |
| **9/30/2024** | $29547 | $32992 |
| **10/31/2024** | $29412 | $32692 |
| **11/30/2024** | $30879 | $34611 |
| **12/31/2024** | $29433 | $33786 |
| **1/31/2025** | $30240 | $34727 |
| **2/28/2025** | $30304 | $34274 |
| **3/31/2025** | $28736 | $32343 |
| **4/30/2025** | $28609 | $32124 |
| **5/31/2025** | $29987 | $34146 |
| **6/30/2025** | $31207 | $35882 |
| **7/31/2025** | $31799 | $36687 |
| **8/31/2025** | $32364 | $37431 |
| **9/30/2025** | $33429 | $38797 |
| **10/31/2025** | $33510 | $39706 |
| **11/30/2025** | $34090 | $39803 |
| **12/31/2025** | $34136 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 15.98% | 12.34% | 13.06% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $195070652 |
| # of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid | $1010983 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Consumer Discretionary | 5.62% |
| Consumer Staples | 7.26% |
| Energy | 5.34% |
| Financials | 19.77% |
| Health Care | 12.43% |
| Industrials | 8.35% |
| Information Technology | 29.68% |
| Materials | 6.02% |
| Utilities | 4.42% |
| Repurchase Agreements | 1.11% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Dividend Growth Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-1402-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Growth and Income Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Growth and Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Growth and Income Portfolio | $101 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 17.29%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 15.91% return of a securities market index with investment characteristics similar to those of the Fund, the Russell 1000 Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 17.88% over the same period.

Positive factors for the markets included the Federal Reserve's (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to RTX Corporation. Security selection within the Materials sector also contributed to relative performance, led by an overweight allocation to Steel Dynamics, Inc.

**Top detractors from performance:** Security selection within the Financials sector detracted from relative performance, led by an overweight allocation to Arthur J. Gallagher & Co. Security selection within the Consumer Discretionary sector also detracted from relative performance, led by an overweight allocation to Best Buy Co., Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i89a76a1ecd6f59ff3a350378.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class VC** | **Russell 1000 Value Index** | **S&P 500 Value Index** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9447 | $9483 | $9512 | $9504 |
| **2/29/2016** | $9398 | $9481 | $9564 | $9491 |
| **3/31/2016** | $10009 | $10164 | $10220 | $10135 |
| **4/30/2016** | $10307 | $10377 | $10435 | $10174 |
| **5/31/2016** | $10500 | $10538 | $10531 | $10357 |
| **6/30/2016** | $10487 | $10630 | $10624 | $10384 |
| **7/31/2016** | $10784 | $10938 | $10913 | $10766 |
| **8/31/2016** | $10911 | $11023 | $10977 | $10782 |
| **9/30/2016** | $10927 | $11000 | $10936 | $10784 |
| **10/31/2016** | $10762 | $10829 | $10771 | $10587 |
| **11/30/2016** | $11456 | $11448 | $11449 | $10979 |
| **12/31/2016** | $11711 | $11734 | $11740 | $11196 |
| **1/31/2017** | $11791 | $11818 | $11818 | $11408 |
| **2/28/2017** | $12113 | $12242 | $12273 | $11861 |
| **3/31/2017** | $11903 | $12117 | $12126 | $11875 |
| **4/30/2017** | $11954 | $12095 | $12118 | $11997 |
| **5/31/2017** | $11982 | $12083 | $12080 | $12166 |
| **6/30/2017** | $12171 | $12280 | $12309 | $12242 |
| **7/31/2017** | $12278 | $12444 | $12478 | $12494 |
| **8/31/2017** | $12182 | $12299 | $12333 | $12532 |
| **9/30/2017** | $12545 | $12663 | $12737 | $12790 |
| **10/31/2017** | $12686 | $12755 | $12884 | $13089 |
| **11/30/2017** | $13091 | $13146 | $13320 | $13490 |
| **12/31/2017** | $13278 | $13337 | $13543 | $13640 |
| **1/31/2018** | $13890 | $13853 | $14105 | $14421 |
| **2/28/2018** | $13178 | $13192 | $13332 | $13890 |
| **3/31/2018** | $12950 | $12959 | $13059 | $13537 |
| **4/30/2018** | $12903 | $13002 | $13125 | $13589 |
| **5/31/2018** | $12942 | $13079 | $13159 | $13916 |
| **6/30/2018** | $12878 | $13112 | $13242 | $14002 |
| **7/31/2018** | $13428 | $13631 | $13779 | $14523 |
| **8/31/2018** | $13649 | $13832 | $13966 | $14996 |
| **9/30/2018** | $13700 | $13860 | $14019 | $15081 |
| **10/31/2018** | $12961 | $13142 | $13272 | $14050 |
| **11/30/2018** | $13395 | $13534 | $13622 | $14337 |
| **12/31/2018** | $12197 | $12235 | $12331 | $13042 |
| **1/31/2019** | $13029 | $13187 | $13388 | $14087 |
| **2/28/2019** | $13423 | $13608 | $13689 | $14540 |
| **3/31/2019** | $13510 | $13695 | $13834 | $14822 |
| **4/30/2019** | $13992 | $14181 | $14405 | $15422 |
| **5/31/2019** | $12897 | $13269 | $13314 | $14442 |
| **6/30/2019** | $13793 | $14221 | $14390 | $15460 |
| **7/31/2019** | $14029 | $14339 | $14644 | $15682 |
| **8/31/2019** | $13558 | $13918 | $14265 | $15434 |
| **9/30/2019** | $14053 | $14414 | $14798 | $15723 |
| **10/31/2019** | $14085 | $14616 | $15190 | $16063 |
| **11/30/2019** | $14589 | $15068 | $15776 | $16646 |
| **12/31/2019** | $14940 | $15482 | $16268 | $17149 |
| **1/31/2020** | $14521 | $15149 | $15838 | $17142 |
| **2/29/2020** | $13143 | $13682 | $14332 | $15731 |
| **3/31/2020** | $10904 | $11344 | $12146 | $13788 |
| **4/30/2020** | $12157 | $12619 | $13446 | $15555 |
| **5/31/2020** | $12706 | $13051 | $13875 | $16296 |
| **6/30/2020** | $12732 | $12965 | $13743 | $16620 |
| **7/31/2020** | $13199 | $13477 | $14245 | $17558 |
| **8/31/2020** | $13817 | $14035 | $14755 | $18820 |
| **9/30/2020** | $13277 | $13690 | $14402 | $18105 |
| **10/31/2020** | $13186 | $13510 | $14114 | $17623 |
| **11/30/2020** | $14837 | $15327 | $15931 | $19552 |
| **12/31/2020** | $15343 | $15915 | $16489 | $20304 |
| **1/31/2021** | $15264 | $15769 | $16228 | $20099 |
| **2/28/2021** | $16068 | $16722 | $17188 | $20653 |
| **3/31/2021** | $16937 | $17706 | $18264 | $21558 |
| **4/30/2021** | $17627 | $18414 | $18946 | $22708 |
| **5/31/2021** | $17969 | $18844 | $19404 | $22867 |
| **6/30/2021** | $17803 | $18628 | $19176 | $23401 |
| **7/31/2021** | $18018 | $18777 | $19328 | $23956 |
| **8/31/2021** | $18589 | $19149 | $19660 | $24685 |
| **9/30/2021** | $18062 | $18483 | $19014 | $23537 |
| **10/31/2021** | $19111 | $19421 | $19887 | $25186 |
| **11/30/2021** | $18663 | $18737 | $19239 | $25011 |
| **12/31/2021** | $19796 | $19919 | $20594 | $26132 |
| **1/31/2022** | $19213 | $19455 | $20260 | $24780 |
| **2/28/2022** | $19084 | $19229 | $19969 | $24038 |
| **3/31/2022** | $19316 | $19772 | $20561 | $24931 |
| **4/30/2022** | $18031 | $18657 | $19561 | $22757 |
| **5/31/2022** | $18367 | $19020 | $19882 | $22798 |
| **6/30/2022** | $16701 | $17358 | $18245 | $20916 |
| **7/31/2022** | $17760 | $18509 | $19323 | $22845 |
| **8/31/2022** | $17436 | $17957 | $18774 | $21913 |
| **9/30/2022** | $16028 | $16383 | $17183 | $19895 |
| **10/31/2022** | $17805 | $18062 | $19159 | $21506 |
| **11/30/2022** | $18795 | $19191 | $20314 | $22708 |
| **12/31/2022** | $17927 | $18418 | $19519 | $21399 |
| **1/31/2023** | $18785 | $19372 | $20885 | $22744 |
| **2/28/2023** | $18365 | $18689 | $20264 | $22189 |
| **3/31/2023** | $17955 | $18603 | $20528 | $23004 |
| **4/30/2023** | $18277 | $18883 | $20880 | $23363 |
| **5/31/2023** | $17610 | $18155 | $20482 | $23464 |
| **6/30/2023** | $18818 | $19361 | $21891 | $25015 |
| **7/31/2023** | $19649 | $20042 | $22638 | $25818 |
| **8/31/2023** | $19217 | $19501 | $22018 | $25407 |
| **9/30/2023** | $18379 | $18748 | $20995 | $24196 |
| **10/31/2023** | $17974 | $18087 | $20633 | $23687 |
| **11/30/2023** | $19414 | $19451 | $22608 | $25850 |
| **12/31/2023** | $20291 | $20529 | $23858 | $27025 |
| **1/31/2024** | $20471 | $20550 | $23929 | $27479 |
| **2/29/2024** | $21636 | $21308 | $24658 | $28946 |
| **3/31/2024** | $22824 | $22373 | $25780 | $29878 |
| **4/30/2024** | $21856 | $21418 | $24671 | $28657 |
| **5/31/2024** | $22576 | $22097 | $25405 | $30078 |
| **6/30/2024** | $22508 | $21889 | $25239 | $31157 |
| **7/31/2024** | $23572 | $23008 | $26437 | $31537 |
| **8/31/2024** | $24095 | $23625 | $27219 | $32302 |
| **9/30/2024** | $24230 | $23953 | $27524 | $32992 |
| **10/31/2024** | $24275 | $23689 | $27174 | $32692 |
| **11/30/2024** | $25806 | $25202 | $28743 | $34611 |
| **12/31/2024** | $24472 | $23478 | $26790 | $33786 |
| **1/31/2025** | $25833 | $24565 | $27565 | $34727 |
| **2/28/2025** | $25484 | $24665 | $27682 | $34274 |
| **3/31/2025** | $24466 | $23980 | $26864 | $32343 |
| **4/30/2025** | $23773 | $23249 | $25905 | $32124 |
| **5/31/2025** | $24742 | $24065 | $26685 | $34146 |
| **6/30/2025** | $25668 | $24888 | $27669 | $35882 |
| **7/31/2025** | $26168 | $25031 | $27914 | $36687 |
| **8/31/2025** | $26825 | $25829 | $28875 | $37431 |
| **9/30/2025** | $27708 | $26215 | $29383 | $38797 |
| **10/31/2025** | $27620 | $26330 | $29714 | $39706 |
| **11/30/2025** | $28484 | $27030 | $30217 | $39803 |
| **12/31/2025** | $28703 | $27213 | $30323 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 17.29% | 13.34% | 11.12% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |
| S&P 500 Value Index | 13.19% | 12.96% | 11.73% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $499864558 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $2437123 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 4.75% |
| Consumer Discretionary | 8.49% |
| Consumer Staples | 4.89% |
| Energy | 6.01% |
| Financials | 25.89% |
| Health Care | 14.24% |
| Industrials | 14.92% |
| Information Technology | 9.31% |
| Materials | 3.60% |
| Real Estate | 3.26% |
| Utilities | 3.97% |
| Repurchase Agreements | 0.61% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.05% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Growth and Income Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-17-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Short Duration Income Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Short Duration Income Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Short Duration Income Portfolio | $84 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 5.90%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 5.93% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA 1–3 Year U.S. Corporate Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** The Fund's allocation to high-yield corporate bonds contributed to relative performance. Security selection within investment-grade corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's allocation to agency residential mortgage-backed securities detracted from relative performance. The Fund's selection within emerging market sovereign bonds also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id31c1bba0f653e46d05d3526.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class VC** | **ICE BofA 1–3 Year U.S. Corporate Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9986 | $10027 | $10138 |
| **2/29/2016** | $9979 | $10037 | $10210 |
| **3/31/2016** | $10111 | $10122 | $10303 |
| **4/30/2016** | $10194 | $10163 | $10343 |
| **5/31/2016** | $10201 | $10165 | $10345 |
| **6/30/2016** | $10270 | $10227 | $10531 |
| **7/31/2016** | $10318 | $10250 | $10598 |
| **8/31/2016** | $10332 | $10253 | $10586 |
| **9/30/2016** | $10360 | $10261 | $10580 |
| **10/31/2016** | $10367 | $10266 | $10499 |
| **11/30/2016** | $10325 | $10222 | $10250 |
| **12/31/2016** | $10347 | $10239 | $10265 |
| **1/31/2017** | $10382 | $10268 | $10285 |
| **2/28/2017** | $10418 | $10303 | $10354 |
| **3/31/2017** | $10432 | $10311 | $10349 |
| **4/30/2017** | $10468 | $10337 | $10428 |
| **5/31/2017** | $10489 | $10366 | $10509 |
| **6/30/2017** | $10496 | $10373 | $10498 |
| **7/31/2017** | $10532 | $10414 | $10543 |
| **8/31/2017** | $10561 | $10435 | $10638 |
| **9/30/2017** | $10561 | $10436 | $10587 |
| **10/31/2017** | $10568 | $10446 | $10593 |
| **11/30/2017** | $10561 | $10423 | $10580 |
| **12/31/2017** | $10573 | $10434 | $10628 |
| **1/31/2018** | $10551 | $10416 | $10506 |
| **2/28/2018** | $10537 | $10393 | $10406 |
| **3/31/2018** | $10551 | $10394 | $10473 |
| **4/30/2018** | $10544 | $10404 | $10395 |
| **5/31/2018** | $10581 | $10443 | $10469 |
| **6/30/2018** | $10595 | $10443 | $10456 |
| **7/31/2018** | $10605 | $10468 | $10459 |
| **8/31/2018** | $10649 | $10511 | $10526 |
| **9/30/2018** | $10649 | $10519 | $10458 |
| **10/31/2018** | $10634 | $10521 | $10376 |
| **11/30/2018** | $10656 | $10530 | $10438 |
| **12/31/2018** | $10695 | $10603 | $10629 |
| **1/31/2019** | $10779 | $10678 | $10742 |
| **2/28/2019** | $10824 | $10715 | $10736 |
| **3/31/2019** | $10908 | $10799 | $10942 |
| **4/30/2019** | $10946 | $10834 | $10945 |
| **5/31/2019** | $11007 | $10895 | $11139 |
| **6/30/2019** | $11076 | $10972 | $11279 |
| **7/31/2019** | $11091 | $10985 | $11304 |
| **8/31/2019** | $11152 | $11068 | $11597 |
| **9/30/2019** | $11159 | $11081 | $11535 |
| **10/31/2019** | $11190 | $11130 | $11570 |
| **11/30/2019** | $11205 | $11140 | $11564 |
| **12/31/2019** | $11236 | $11179 | $11556 |
| **1/31/2020** | $11322 | $11243 | $11778 |
| **2/29/2020** | $11354 | $11308 | $11990 |
| **3/31/2020** | $10637 | $10992 | $11920 |
| **4/30/2020** | $10937 | $11253 | $12132 |
| **5/31/2020** | $11102 | $11382 | $12188 |
| **6/30/2020** | $11267 | $11474 | $12265 |
| **7/31/2020** | $11362 | $11531 | $12448 |
| **8/31/2020** | $11409 | $11560 | $12348 |
| **9/30/2020** | $11401 | $11559 | $12341 |
| **10/31/2020** | $11433 | $11580 | $12286 |
| **11/30/2020** | $11527 | $11619 | $12406 |
| **12/31/2020** | $11587 | $11644 | $12423 |
| **1/31/2021** | $11612 | $11651 | $12334 |
| **2/28/2021** | $11628 | $11656 | $12156 |
| **3/31/2021** | $11628 | $11646 | $12005 |
| **4/30/2021** | $11660 | $11670 | $12099 |
| **5/31/2021** | $11685 | $11695 | $12139 |
| **6/30/2021** | $11693 | $11686 | $12224 |
| **7/31/2021** | $11701 | $11705 | $12361 |
| **8/31/2021** | $11701 | $11710 | $12337 |
| **9/30/2021** | $11701 | $11707 | $12230 |
| **10/31/2021** | $11676 | $11669 | $12227 |
| **11/30/2021** | $11652 | $11651 | $12263 |
| **12/31/2021** | $11660 | $11643 | $12232 |
| **1/31/2022** | $11569 | $11556 | $11968 |
| **2/28/2022** | $11486 | $11467 | $11835 |
| **3/31/2022** | $11337 | $11276 | $11506 |
| **4/30/2022** | $11246 | $11193 | $11069 |
| **5/31/2022** | $11263 | $11258 | $11141 |
| **6/30/2022** | $11114 | $11162 | $10966 |
| **7/31/2022** | $11221 | $11247 | $11234 |
| **8/31/2022** | $11147 | $11183 | $10917 |
| **9/30/2022** | $10965 | $11021 | $10445 |
| **10/31/2022** | $10924 | $10997 | $10310 |
| **11/30/2022** | $11031 | $11143 | $10689 |
| **12/31/2022** | $11070 | $11177 | $10641 |
| **1/31/2023** | $11215 | $11295 | $10968 |
| **2/28/2023** | $11155 | $11224 | $10684 |
| **3/31/2023** | $11249 | $11323 | $10956 |
| **4/30/2023** | $11300 | $11392 | $11022 |
| **5/31/2023** | $11266 | $11373 | $10902 |
| **6/30/2023** | $11223 | $11358 | $10863 |
| **7/31/2023** | $11294 | $11436 | $10856 |
| **8/31/2023** | $11328 | $11471 | $10786 |
| **9/30/2023** | $11311 | $11464 | $10512 |
| **10/31/2023** | $11311 | $11490 | $10346 |
| **11/30/2023** | $11473 | $11658 | $10815 |
| **12/31/2023** | $11629 | $11813 | $11229 |
| **1/31/2024** | $11700 | $11876 | $11198 |
| **2/29/2024** | $11674 | $11852 | $11040 |
| **3/31/2024** | $11727 | $11914 | $11142 |
| **4/30/2024** | $11709 | $11891 | $10860 |
| **5/31/2024** | $11808 | $11988 | $11044 |
| **6/30/2024** | $11861 | $12048 | $11149 |
| **7/31/2024** | $11995 | $12202 | $11409 |
| **8/31/2024** | $12102 | $12317 | $11573 |
| **9/30/2024** | $12191 | $12430 | $11728 |
| **10/31/2024** | $12138 | $12375 | $11437 |
| **11/30/2024** | $12209 | $12429 | $11558 |
| **12/31/2024** | $12227 | $12457 | $11369 |
| **1/31/2025** | $12292 | $12522 | $11430 |
| **2/28/2025** | $12376 | $12612 | $11681 |
| **3/31/2025** | $12404 | $12663 | $11685 |
| **4/30/2025** | $12460 | $12735 | $11731 |
| **5/31/2025** | $12497 | $12757 | $11647 |
| **6/30/2025** | $12600 | $12850 | $11826 |
| **7/31/2025** | $12619 | $12868 | $11795 |
| **8/31/2025** | $12731 | $12982 | $11936 |
| **9/30/2025** | $12787 | $13038 | $12067 |
| **10/31/2025** | $12834 | $13083 | $12142 |
| **11/30/2025** | $12890 | $13145 | $12217 |
| **12/31/2025** | $12948 | $13197 | $12199 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 5.90% | 2.25% | 2.62% |
| ICE BofA 1–3 Year U.S. Corporate Index | 5.93% | 2.53% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $157009182 |
| # of Portfolio Holdings | 795 |
| Portfolio Turnover Rate | 153% |
| Total Advisory Fees Paid | $495100 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 21.77% |
| Convertible Bonds | 0.13% |
| Corporate Bonds | 53.41% |
| Floating Rate Loans | 3.55% |
| Foreign Government Obligations | 2.32% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.03% |
| Government Sponsored Enterprises Pass-Throughs | 3.69% |
| Municipal Bonds | 0.14% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.50% |
| U.S. Treasury Obligations | 5.68% |
| Repurchase Agreements | 0.78% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Short Duration Income Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-3384-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Total Return Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Total Return Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Total Return Portfolio | $74 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 7.19%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 7.30% return of the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index. The Fund's use of derivatives detracted from relative performance over the period.

Performance over the period was heavily influenced by the Trump Administration's April "Liberation Day" tariff announcement, which introduced a sharp rise in policy uncertainty and contributed to meaningful volatility. Mixed economic data throughout the period including softer inflation prints, signs of labor market cooling, and fluctuations in personal income and spending led to shifts in the market's Federal Reserve expectations throughout the period. These macro headwinds were offset by strong corporate earnings, continued resilience in consumer spending, and ongoing AI-driven investment, while easing trade tensions later in the period helped stabilize sentiment.

**Top contributors to performance:** Security selection within investment-grade corporate bonds contributed to relative performance. The Fund's allocation to high yield corporate bonds also contributed to relative performance.

**Top detractors from performance:** The Fund's overall rates positioning detracted from relative performance. Security selection within emerging market sovereign bonds also detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i5de40fc1089aa1d551ac4b19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class VC** | **Bloomberg U.S. Universal Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $10055 | $10110 | $10138 |
| **2/29/2016** | $10105 | $10182 | $10210 |
| **3/31/2016** | $10289 | $10307 | $10303 |
| **4/30/2016** | $10382 | $10377 | $10343 |
| **5/31/2016** | $10388 | $10385 | $10345 |
| **6/30/2016** | $10560 | $10568 | $10531 |
| **7/31/2016** | $10672 | $10655 | $10598 |
| **8/31/2016** | $10690 | $10667 | $10586 |
| **9/30/2016** | $10697 | $10669 | $10580 |
| **10/31/2016** | $10635 | $10598 | $10499 |
| **11/30/2016** | $10395 | $10360 | $10250 |
| **12/31/2016** | $10426 | $10391 | $10265 |
| **1/31/2017** | $10471 | $10428 | $10285 |
| **2/28/2017** | $10547 | $10508 | $10354 |
| **3/31/2017** | $10547 | $10505 | $10349 |
| **4/30/2017** | $10623 | $10592 | $10428 |
| **5/31/2017** | $10699 | $10674 | $10509 |
| **6/30/2017** | $10693 | $10664 | $10498 |
| **7/31/2017** | $10744 | $10718 | $10543 |
| **8/31/2017** | $10826 | $10810 | $10638 |
| **9/30/2017** | $10782 | $10772 | $10587 |
| **10/31/2017** | $10795 | $10785 | $10593 |
| **11/30/2017** | $10782 | $10769 | $10580 |
| **12/31/2017** | $10829 | $10816 | $10628 |
| **1/31/2018** | $10725 | $10712 | $10506 |
| **2/28/2018** | $10628 | $10610 | $10406 |
| **3/31/2018** | $10673 | $10664 | $10473 |
| **4/30/2018** | $10602 | $10593 | $10395 |
| **5/31/2018** | $10641 | $10651 | $10469 |
| **6/30/2018** | $10628 | $10635 | $10456 |
| **7/31/2018** | $10647 | $10657 | $10459 |
| **8/31/2018** | $10693 | $10710 | $10526 |
| **9/30/2018** | $10654 | $10664 | $10458 |
| **10/31/2018** | $10563 | $10575 | $10376 |
| **11/30/2018** | $10602 | $10622 | $10438 |
| **12/31/2018** | $10718 | $10789 | $10629 |
| **1/31/2019** | $10886 | $10937 | $10742 |
| **2/28/2019** | $10886 | $10949 | $10736 |
| **3/31/2019** | $11074 | $11147 | $10942 |
| **4/30/2019** | $11094 | $11163 | $10945 |
| **5/31/2019** | $11248 | $11334 | $11139 |
| **6/30/2019** | $11403 | $11494 | $11279 |
| **7/31/2019** | $11444 | $11528 | $11304 |
| **8/31/2019** | $11652 | $11789 | $11597 |
| **9/30/2019** | $11591 | $11738 | $11535 |
| **10/31/2019** | $11611 | $11776 | $11570 |
| **11/30/2019** | $11611 | $11773 | $11564 |
| **12/31/2019** | $11619 | $11791 | $11556 |
| **1/31/2020** | $11847 | $12003 | $11778 |
| **2/29/2020** | $11992 | $12182 | $11990 |
| **3/31/2020** | $11474 | $11944 | $11920 |
| **4/30/2020** | $11736 | $12184 | $12132 |
| **5/31/2020** | $11895 | $12297 | $12188 |
| **6/30/2020** | $12047 | $12400 | $12265 |
| **7/31/2020** | $12330 | $12618 | $12448 |
| **8/31/2020** | $12281 | $12545 | $12348 |
| **9/30/2020** | $12254 | $12522 | $12341 |
| **10/31/2020** | $12212 | $12478 | $12286 |
| **11/30/2020** | $12398 | $12641 | $12406 |
| **12/31/2020** | $12482 | $12684 | $12423 |
| **1/31/2021** | $12432 | $12604 | $12334 |
| **2/28/2021** | $12302 | $12442 | $12156 |
| **3/31/2021** | $12180 | $12297 | $12005 |
| **4/30/2021** | $12295 | $12401 | $12099 |
| **5/31/2021** | $12338 | $12448 | $12139 |
| **6/30/2021** | $12439 | $12539 | $12224 |
| **7/31/2021** | $12556 | $12664 | $12361 |
| **8/31/2021** | $12541 | $12656 | $12337 |
| **9/30/2021** | $12440 | $12548 | $12230 |
| **10/31/2021** | $12433 | $12538 | $12227 |
| **11/30/2021** | $12455 | $12553 | $12263 |
| **12/31/2021** | $12452 | $12544 | $12232 |
| **1/31/2022** | $12200 | $12269 | $11968 |
| **2/28/2022** | $12053 | $12102 | $11835 |
| **3/31/2022** | $11713 | $11777 | $11506 |
| **4/30/2022** | $11306 | $11338 | $11069 |
| **5/31/2022** | $11284 | $11401 | $11141 |
| **6/30/2022** | $11011 | $11173 | $10966 |
| **7/31/2022** | $11294 | $11454 | $11234 |
| **8/31/2022** | $11012 | $11156 | $10917 |
| **9/30/2022** | $10524 | $10675 | $10445 |
| **10/31/2022** | $10398 | $10558 | $10310 |
| **11/30/2022** | $10746 | $10952 | $10689 |
| **12/31/2022** | $10702 | $10914 | $10641 |
| **1/31/2023** | $11063 | $11253 | $10968 |
| **2/28/2023** | $10810 | $10977 | $10684 |
| **3/31/2023** | $11040 | $11234 | $10956 |
| **4/30/2023** | $11101 | $11303 | $11022 |
| **5/31/2023** | $10971 | $11185 | $10902 |
| **6/30/2023** | $10963 | $11168 | $10863 |
| **7/31/2023** | $10986 | $11179 | $10856 |
| **8/31/2023** | $10925 | $11112 | $10786 |
| **9/30/2023** | $10656 | $10847 | $10512 |
| **10/31/2023** | $10503 | $10684 | $10346 |
| **11/30/2023** | $10971 | $11165 | $10815 |
| **12/31/2023** | $11381 | $11588 | $11229 |
| **1/31/2024** | $11373 | $11561 | $11198 |
| **2/29/2024** | $11244 | $11422 | $11040 |
| **3/31/2024** | $11356 | $11534 | $11142 |
| **4/30/2024** | $11100 | $11264 | $10860 |
| **5/31/2024** | $11284 | $11451 | $11044 |
| **6/30/2024** | $11389 | $11556 | $11149 |
| **7/31/2024** | $11653 | $11818 | $11409 |
| **8/31/2024** | $11845 | $11992 | $11573 |
| **9/30/2024** | $12006 | $12157 | $11728 |
| **10/31/2024** | $11725 | $11881 | $11437 |
| **11/30/2024** | $11861 | $12006 | $11558 |
| **12/31/2024** | $11683 | $11824 | $11369 |
| **1/31/2025** | $11759 | $11896 | $11430 |
| **2/28/2025** | $12011 | $12142 | $11681 |
| **3/31/2025** | $11977 | $12139 | $11685 |
| **4/30/2025** | $11977 | $12182 | $11731 |
| **5/31/2025** | $11927 | $12120 | $11647 |
| **6/30/2025** | $12120 | $12309 | $11826 |
| **7/31/2025** | $12112 | $12291 | $11795 |
| **8/31/2025** | $12255 | $12439 | $11936 |
| **9/30/2025** | $12398 | $12570 | $12067 |
| **10/31/2025** | $12474 | $12654 | $12142 |
| **11/30/2025** | $12549 | $12730 | $12217 |
| **12/31/2025** | $12522 | $12721 | $12199 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 7.19% | 0.06% | 2.27% |
| Bloomberg U.S. Universal Index | 7.58% | 0.06% | 2.44% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $660277696 |
| # of Portfolio Holdings | 531 |
| Portfolio Turnover Rate | 428% |
| Total Advisory Fees Paid | $1815891 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.85% |
| Common Stocks | 0.01% |
| Corporate Bonds | 36.49% |
| Floating Rate Loans | 1.67% |
| Foreign Government Obligations | 0.31% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.62% |
| Government Sponsored Enterprises Pass-Throughs | 21.83% |
| Non-Agency Commercial Mortgage-Backed Securities | 10.35% |
| U.S. Treasury Obligations | 14.46% |
| Repurchase Agreements | 1.41% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Total Return Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-1454-VC

#### 02/26
![Image](i48125876084c8193254f57b9.jpg)

# Class VC

# Lord Abbett Mid Cap Stock Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds
This annual shareholder report contains important information about the Lord Abbett Mid Cap Stock Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last year?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid Cap Stock Portfolio | $118 | 1.14% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 7.05%, reflecting performance at the net asset value (NAV) of Class VC shares, with all distributions reinvested, compared to the 11.05% return of a securities market index with investment characteristics similar to those of the Fund, the Russell Midcap Value Index. The Fund's broad-based securities market index, the S&P 500 Index, returned 17.88% over the same period.

Positive factors for the markets included the Federal Reserve's (Fed) shift towards dovish monetary policy, with rate cuts delivered in September, October, and December, better-than-expected corporate earnings results and forward earnings guidance, continued generative artificial intelligence growth tailwinds, and economic data resilience, with consumer spending remaining firm. During the period, the market had mixed expectations for additional Fed rate cuts due to uncertainty around the effects of tariffs, persistent inflation, headwinds from trade talks, and mixed employment data.

**Top contributors to performance:** Security selection within the Real Estate sector contributed to relative performance, led by an overweight allocation to CBRE Group, Inc. Security selection within the Materials sector also contributed to relative performance, led by an overweight allocation to Steel Dynamics, Inc.

**Top detractors from performance:** Security selection within the Financials sector detracted from relative performance, led by an overweight allocation to Kemper Corporation. Security selection within the Industrials sector also detracted from relative performance, led by an overweight allocation to Saia, Inc.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i80b518ac67a51c62426008db.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class VC** | **Russell Midcap Value Index** | **S&P MidCap 400 Value Index** | **S&P 500 Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9334 | $9447 | $9445 | $9504 |
| **2/29/2016** | $9334 | $9514 | $9657 | $9491 |
| **3/31/2016** | $10180 | $10392 | $10636 | $10135 |
| **4/30/2016** | $10361 | $10615 | $10819 | $10174 |
| **5/31/2016** | $10619 | $10789 | $10973 | $10357 |
| **6/30/2016** | $10558 | $10887 | $11026 | $10384 |
| **7/31/2016** | $10908 | $11349 | $11477 | $10766 |
| **8/31/2016** | $10969 | $11324 | $11522 | $10782 |
| **9/30/2016** | $11003 | $11372 | $11524 | $10784 |
| **10/31/2016** | $10804 | $11096 | $11283 | $10587 |
| **11/30/2016** | $11484 | $11790 | $12409 | $10979 |
| **12/31/2016** | $11639 | $12000 | $12653 | $11196 |
| **1/31/2017** | $11831 | $12202 | $12827 | $11408 |
| **2/28/2017** | $12032 | $12543 | $13082 | $11861 |
| **3/31/2017** | $11927 | $12451 | $12989 | $11875 |
| **4/30/2017** | $12045 | $12475 | $12986 | $11997 |
| **5/31/2017** | $12027 | $12436 | $12788 | $12166 |
| **6/30/2017** | $12109 | $12621 | $13062 | $12242 |
| **7/31/2017** | $12190 | $12788 | $13188 | $12494 |
| **8/31/2017** | $11878 | $12549 | $12915 | $12532 |
| **9/30/2017** | $12115 | $12892 | $13488 | $12790 |
| **10/31/2017** | $12222 | $12995 | $13623 | $13089 |
| **11/30/2017** | $12422 | $13435 | $14129 | $13490 |
| **12/31/2017** | $12434 | $13601 | $14211 | $13640 |
| **1/31/2018** | $12703 | $13913 | $14399 | $14421 |
| **2/28/2018** | $12155 | $13228 | $13670 | $13890 |
| **3/31/2018** | $12211 | $13261 | $13784 | $13537 |
| **4/30/2018** | $12262 | $13326 | $13874 | $13589 |
| **5/31/2018** | $12404 | $13471 | $14461 | $13916 |
| **6/30/2018** | $12328 | $13580 | $14522 | $14002 |
| **7/31/2018** | $12688 | $13949 | $14836 | $14523 |
| **8/31/2018** | $12886 | $14139 | $15215 | $14996 |
| **9/30/2018** | $12825 | $14027 | $15069 | $15081 |
| **10/31/2018** | $11658 | $13017 | $13732 | $14050 |
| **11/30/2018** | $11846 | $13329 | $14128 | $14337 |
| **12/31/2018** | $10565 | $11930 | $12524 | $13042 |
| **1/31/2019** | $11655 | $13158 | $13989 | $14087 |
| **2/28/2019** | $12049 | $13576 | $14540 | $14540 |
| **3/31/2019** | $11974 | $13644 | $14280 | $14822 |
| **4/30/2019** | $12448 | $14094 | $14960 | $15422 |
| **5/31/2019** | $11347 | $13189 | $13515 | $14442 |
| **6/30/2019** | $12134 | $14080 | $14636 | $15460 |
| **7/31/2019** | $12316 | $14197 | $14800 | $15682 |
| **8/31/2019** | $11779 | $13696 | $14005 | $15434 |
| **9/30/2019** | $12300 | $14252 | $14701 | $15723 |
| **10/31/2019** | $12258 | $14328 | $14897 | $16063 |
| **11/30/2019** | $12587 | $14710 | $15312 | $16646 |
| **12/31/2019** | $12957 | $15158 | $15790 | $17149 |
| **1/31/2020** | $12580 | $14863 | $15138 | $17142 |
| **2/29/2020** | $11368 | $13391 | $13526 | $15731 |
| **3/31/2020** | $9000 | $10352 | $10249 | $13788 |
| **4/30/2020** | $10184 | $11734 | $11719 | $15555 |
| **5/31/2020** | $10692 | $12278 | $12339 | $16296 |
| **6/30/2020** | $10823 | $12417 | $12477 | $16620 |
| **7/31/2020** | $11113 | $13003 | $12818 | $17558 |
| **8/31/2020** | $11277 | $13518 | $13307 | $18820 |
| **9/30/2020** | $10813 | $13211 | $12728 | $18105 |
| **10/31/2020** | $11026 | $13334 | $13173 | $17623 |
| **11/30/2020** | $12696 | $15207 | $15357 | $19552 |
| **12/31/2020** | $13280 | $15910 | $16379 | $20304 |
| **1/31/2021** | $13275 | $15874 | $16569 | $20099 |
| **2/28/2021** | $14184 | $17104 | $18149 | $20653 |
| **3/31/2021** | $15138 | $17987 | $19398 | $21558 |
| **4/30/2021** | $16009 | $18857 | $20331 | $22708 |
| **5/31/2021** | $16097 | $19229 | $20724 | $22867 |
| **6/30/2021** | $15772 | $19005 | $20142 | $23401 |
| **7/31/2021** | $15784 | $19123 | $20105 | $23956 |
| **8/31/2021** | $16136 | $19532 | $20588 | $24685 |
| **9/30/2021** | $15723 | $18813 | $19820 | $23537 |
| **10/31/2021** | $16539 | $19815 | $20698 | $25186 |
| **11/30/2021** | $16065 | $19213 | $20206 | $25011 |
| **12/31/2021** | $17091 | $20419 | $21400 | $26132 |
| **1/31/2022** | $16274 | $19547 | $20552 | $24780 |
| **2/28/2022** | $16371 | $19456 | $20811 | $24038 |
| **3/31/2022** | $16481 | $20047 | $21271 | $24931 |
| **4/30/2022** | $15359 | $18856 | $19862 | $22757 |
| **5/31/2022** | $15737 | $19218 | $20288 | $22798 |
| **6/30/2022** | $14133 | $17105 | $18402 | $20916 |
| **7/31/2022** | $15232 | $18578 | $20094 | $22845 |
| **8/31/2022** | $14836 | $18009 | $19521 | $21913 |
| **9/30/2022** | $13500 | $16262 | $17664 | $19895 |
| **10/31/2022** | $14935 | $17799 | $19701 | $21506 |
| **11/30/2022** | $15814 | $18924 | $20975 | $22708 |
| **12/31/2022** | $15174 | $17962 | $19916 | $21399 |
| **1/31/2023** | $16259 | $19413 | $22186 | $22744 |
| **2/28/2023** | $15963 | $18791 | $21566 | $22189 |
| **3/31/2023** | $15418 | $18199 | $20417 | $23004 |
| **4/30/2023** | $15536 | $18201 | $20198 | $23363 |
| **5/31/2023** | $14911 | $17393 | $19467 | $23464 |
| **6/30/2023** | $16154 | $18902 | $21341 | $25015 |
| **7/31/2023** | $16738 | $19725 | $22296 | $25818 |
| **8/31/2023** | $16500 | $19027 | $21460 | $25407 |
| **9/30/2023** | $15746 | $18059 | $20226 | $24196 |
| **10/31/2023** | $15131 | $17164 | $19037 | $23687 |
| **11/30/2023** | $16480 | $18783 | $20857 | $25850 |
| **12/31/2023** | $17514 | $20246 | $22981 | $27025 |
| **1/31/2024** | $17555 | $19884 | $22270 | $27479 |
| **2/29/2024** | $18506 | $20833 | $22702 | $28946 |
| **3/31/2024** | $19477 | $21911 | $23928 | $29878 |
| **4/30/2024** | $18424 | $20765 | $22481 | $28657 |
| **5/31/2024** | $19137 | $21510 | $23532 | $30078 |
| **6/30/2024** | $18696 | $21166 | $23085 | $31157 |
| **7/31/2024** | $19676 | $22445 | $24831 | $31537 |
| **8/31/2024** | $20085 | $22868 | $24989 | $32302 |
| **9/30/2024** | $20350 | $23299 | $25281 | $32992 |
| **10/31/2024** | $20153 | $23006 | $25269 | $32692 |
| **11/30/2024** | $21569 | $24699 | $27506 | $34611 |
| **12/31/2024** | $20124 | $22892 | $25673 | $33786 |
| **1/31/2025** | $20991 | $23697 | $26689 | $34727 |
| **2/28/2025** | $20360 | $23265 | $25876 | $34274 |
| **3/31/2025** | $19348 | $22409 | $24723 | $32343 |
| **4/30/2025** | $18693 | $21853 | $23645 | $32124 |
| **5/31/2025** | $19310 | $22806 | $24717 | $34146 |
| **6/30/2025** | $19933 | $23607 | $25645 | $35882 |
| **7/31/2025** | $20252 | $24030 | $25904 | $36687 |
| **8/31/2025** | $20734 | $24751 | $27095 | $37431 |
| **9/30/2025** | $21074 | $25066 | $27062 | $38797 |
| **10/31/2025** | $20876 | $24814 | $26706 | $39706 |
| **11/30/2025** | $21564 | $25406 | $27525 | $39803 |
| **12/31/2025** | $21543 | $25421 | $27619 | $39827 |

---

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class VC at NAV | 7.05% | 10.16% | 7.98% |
| Russell Midcap Value Index | 11.05% | 9.83% | 9.78% |
| S&P MidCap 400 Value Index | 7.58% | 11.01% | 10.69% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## **Key Fund Statistics** 
(as of *December 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $241303171 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $1755901 |

---

## **What did the Fund invest in?** 
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.07% |
| Consumer Discretionary | 7.45% |
| Consumer Staples | 5.75% |
| Energy | 5.17% |
| Financials | 20.45% |
| Health Care | 11.88% |
| Industrials | 19.29% |
| Information Technology | 13.90% |
| Materials | 3.99% |
| Real Estate | 2.94% |
| Utilities | 7.57% |
| Repurchase Agreements | 0.54% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;A sector may comprise several industries. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

As of February 10, 2025, the Fund may invest up to 20% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, Global Depositary Receipts, and other similar depositary receipts.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

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.

![Image](ia4a63750fe8cd4222c5cab79.jpg)

# Class VC

# Lord Abbett Mid Cap Stock Portfolio

#### Annual Shareholder Report

#### December 31, 2025

#### www.lordabbett.com/seriesfunds

#### TSR-A-269-VC

#### 02/26

(b): Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |
| (a) | In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 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 December 31, 2025 (the "Period"). |
| (b) | Not applicable. |
| (c) | The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period. |
| (d) | The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period. |
| (e) | Not applicable. |
| (f) | See Item 19(a)(1) concerning the filing of the Code of Ethics. |
| **Item 3:** | **Audit Committee Financial Expert.** |
|  | The Registrant's board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch, and Peter J. McNamara. 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 December 31, 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: |

---

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| Audit Fees {a} | $384000 | $384000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 384000 | 384000 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fees | $384000 | $384000 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements. <br>{b} Fees for the fiscal year ended December 31, 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;● any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

&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 December 31, 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 December 31, 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.** |
|  | The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR. |

---

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | The Fund's Board of Directors did not approve any investment advisory contract during the Fund's most recent fiscal half-year. |

---

![](x8_c114824x1x1m1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Bond Debenture Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx8xc114824a001xm1xm4) |
| 47 | [**Statement of Assets and Liabilities (Item 7)**](#xx8xc114824a002xm1xm4) |
| 48 | [**Statement of Operations (Item 7)**](#xx8xc114824a003xm1xm4) |
| 49 | [**Statements of Changes in Net Assets (Item 7)**](#xx8xc114824a004xm1xm4) |
| 50 | [**Financial Highlights (Item 7)**](#xx8xc114824a005xm1xm4) |
| 52 | [**Notes to Financial Statements (Item 7)**](#xx8xc114824a006xm1xm4) |
| 71 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx8xc114824a007xm1xm4) |
| 72 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx8xc114824a008xm1xm4) |
| 72 | [**Proxy Disclosures (Item 9)**](#xx8xc114824a009xm1xm4) |
| 72 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx8xc114824a010xm1xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 109.42%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 2.92%** |  |  |  |  |  |
| **Automobiles 0.43%** |  |  |  |  |  |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% |  | 7/15/2027 | $122971 | $122954 |
| Consumer Portfolio Services Auto Trust Series 2025-D Class C<sup>†</sup> | 4.85% |  | 2/17/2032 | 900000 | 904809 |
| Exeter Automobile Receivables Trust Series 2025-5A Class C | 4.68% |  | 3/15/2032 | 1795000 | 1802077 |
| Exeter Automobile Receivables Trust Series 2025-5A Class D | 5.16% |  | 3/15/2032 | 1505000 | 1516863 |
| First Investors Auto Owner Trust Series 2025-1A Class D<sup>†</sup> | 5.22% |  | 12/15/2033 | 700000 | 704147 |
| *Total* |  |  |  |  | 5050850 |
| **Credit Card 0.38%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65% |  | 10/15/2037 | 1040000 | 1042959 |
| Continental Finance Credit Card ABS Master Trust Series 2024-A Class A<sup>†</sup> | 5.78% |  | 12/15/2032 | 1798000 | 1825531 |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 1600000 | 1610558 |
| *Total* |  |  |  |  | 4479048 |
| **Other 2.11%** |  |  |  |  |  |
| AIMCO CLO 15 Ltd. Series 2021-15A Class SUB<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 4/17/2038 | 928500 | 504872 |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 5.659%<br> (1 mo. USD Term SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 1330000 | 1334746 |
| Ballyrock CLO 28 Ltd. Series 2024-28A Class SUB<sup>†</sup> | 7.858% | <sup>#(a)</sup> | 1/20/2038 | 600000 | 428045 |
| Benefit Street Partners CLO XXXIX Ltd. Series 2025-39A Class SUB<sup>†</sup> | Zero Coupon | <sup>#(a)</sup> | 4/15/2038 | 1500000 | 1256856 <sup>(b)</sup> |
| Bojangles Issuer LLC Series 2024-1A Class A2<sup>†</sup> | 6.584% |  | 11/20/2054 | 1236900 | 1252119 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 1350000 | 1358352 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 1455000 | 1467288 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | $1055000 | $1071772 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 1131095 | 1152233 |
| Driven Brands Funding LLC Series 2020-2A Class A2<sup>†</sup> | 3.237% |  | 1/20/2051 | 450697 | 437219 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 691250 | 716096 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 980000 | 978753 |
| Hardee's Funding LLC Series 2018-1A Class A23<sup>†</sup> | 5.71% |  | 6/20/2048 | 1150100 | 1145278 |
| Hardee's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 7.253% |  | 3/20/2054 | 338963 | 350964 |
| Jersey Mike's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.636% |  | 2/15/2055 | 918062 | 937931 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 1572445 | 1596960 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 1175000 | 1184647 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 1134157 | 1133383 |
| Sotheby's Artfi Master Trust Series 2024-1A Class A2<sup>†</sup> | 5.195%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 12/22/2031 | 1356000 | 1356460 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 376606 | 391866 |
| Sycamore Tree CLO Ltd. Series 2025-7A Class D1<sup>†</sup> | 7.282%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 8/28/2038 | 420000 | 420840 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 758948 | 762986 |
| Wingstop Funding LLC Series 2020-1A Class A2<sup>†</sup> | 2.841% |  | 12/5/2050 | 1334675 | 1294458 |
| Wingstop Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.858% |  | 12/5/2054 | 1070000 | 1101541 |
| Wise CLO Ltd. Series 2025-4A Class C<sup>†</sup> | 6.193%<br> (3 mo. USD Term SOFR + 1.96% |)<sup>#</sup> | 9/20/2038 | 900000 | 900950 |
| Zaxbys Funding LLC Series 2024-1A Class A2I<sup>†</sup> | 6.594% |  | 4/30/2054 | 488813 | 498928 |
| *Total* |  |  |  |  | 25035543 |
| *Total Asset-Backed Securities* (cost $34,538,304) | *Total Asset-Backed Securities* (cost $34,538,304) |  |  |  | 34565441 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS 6.23%** |  |  |
| **Aerospace & Defense 0.35%** |  |  |
| ATI, Inc.\* | 13045 | $1497044 |
| Embraer SA ADR | 21772 | 1401464 |
| Woodward, Inc. | 3991 | 1206559 |
| *Total* |  | 4105067 |
| **Air Freight & Logistics 0.22%** |  |  |
| CH Robinson Worldwide, Inc. | 8789 | 1412920 |
| Expeditors International of Washington, Inc. | 7814 | 1164364 |
| *Total* |  | 2577284 |
| **Automobiles 0.12%** |  |  |
| Tesla, Inc.\* | 3272 | 1471484 |
| **Banks 0.10%** |  |  |
| NU Holdings Ltd. Class A (Brazil)<sup>\*(c)</sup> | 70127 | 1173926 |
| **Beverages 0.10%** |  |  |
| Monster Beverage Corp.\* | 15463 | 1185548 |
| **Biotechnology 0.20%** |  |  |
| Natera, Inc.\* | 5223 | 1196537 |
| Rhythm Pharmaceuticals, Inc.\* | 10881 | 1164702 |
| *Total* |  | 2361239 |
| **Building Products 0.11%** |  |  |
| Armstrong World Industries, Inc. | 6735 | 1287059 |
| **Capital Markets 0.11%** |  |  |
| Cboe Global Markets, Inc. | 5081 | 1275331 |
| **Communications Equipment 0.12%** |  |  |
| Ciena Corp.\* | 6214 | 1453268 |
| **Consumer Finance 0.11%** |  |  |
| OneMain Holdings, Inc. | 19046 | 1286557 |
| **Consumer Staples Distribution & Retail 0.08%** |  |  |
| Dollar General Corp. | 6838 | 907881 |
| **Diversified Telecommunication Services 0.05%** |  |  |
| Luxco Co. Ltd.<sup>\*(d)</sup> | 31158 | 561154 |

---

*See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Electric: Utilities 0.24%** |  |  |
| Frontera Generation Holdings LLC\* | 9472 | $137344 |
| IDACORP, Inc. | 10886 | 1377732 |
| NextEra Energy, Inc. | 15973 | 1282313 |
| *Total* |  | 2797389 |
| **Electrical Equipment 0.44%** |  |  |
| GE Vernova, Inc. | 2309 | 1509093 |
| Nextpower, Inc. Class A\* | 14970 | 1304037 |
| Powell Industries, Inc. | 3937 | 1255037 |
| Rockwell Automation, Inc. | 2932 | 1140753 |
| *Total* |  | 5208920 |
| **Entertainment 0.13%** |  |  |
| Madison Square Garden Entertainment Corp.\* | 12209 | 657943 |
| TKO Group Holdings, Inc. | 4399 | 919391 |
| *Total* |  | 1577334 |
| **Financial Services 0.09%** |  |  |
| Affirm Holdings, Inc.\* | 15076 | 1122107 |
| **Ground Transportation 0.12%** |  |  |
| JB Hunt Transport Services, Inc. | 7325 | 1423541 |
| **Health Care Equipment & Supplies 0.26%** |  |  |
| Artivion, Inc.\* | 12486 | 569486 |
| IDEXX Laboratories, Inc.\* | 1856 | 1255640 |
| Intuitive Surgical, Inc.\* | 2203 | 1247691 |
| *Total* |  | 3072817 |
| **Health Care Providers & Services 0.10%** |  |  |
| Guardant Health, Inc.\* | 11791 | 1204333 |
| **Hotels, Restaurants & Leisure 0.32%** |  |  |
| Expedia Group, Inc. | 3635 | 1029832 |
| InterContinental Hotels Group PLC ADR<sup>(e)</sup> | 9275 | 1306198 |
| Viking Holdings Ltd.\* | 20864 | 1489898 |
| *Total* |  | 3825928 |
| **Household Durables 0.09%** |  |  |
| DR Horton, Inc. | 7570 | 1090307 |

---

4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Information Technology Services 0.19%** |  |  |
| Snowflake, Inc.\* | 5302 | $1163047 |
| Twilio, Inc. Class A\* | 7336 | 1043472 |
| *Total* |  | 2206519 |
| **Interactive Media & Services 0.11%** |  |  |
| Reddit, Inc. Class A\* | 5621 | 1292099 |
| **Machinery 0.24%** |  |  |
| Caterpillar, Inc. | 3029 | 1735223 |
| Symbotic, Inc.\* | 19537 | 1162452 |
| *Total* |  | 2897675 |
| **Metals & Mining 0.69%** |  |  |
| Fresnillo PLC<sup>(d)</sup> | 24907 | 1110614 |
| Harmony Gold Mining Co. Ltd. ADR | 57255 | 1139375 |
| Sibanye Stillwater Ltd. ADR\* | 114225 | 1627706 |
| Southern Copper Corp. | 11941 | 1713175 |
| Steel Dynamics, Inc. | 7568 | 1282398 |
| Vale SA ADR | 102640 | 1337399 |
| *Total* |  | 8210667 |
| **Miscellaneous Financials 0.02%** |  |  |
| Utex Industries\* | 8205 | 239996 |
| **Oil, Gas & Consumable Fuels 0.11%** |  |  |
| APA Corp. | 53340 | 1304696 |
| **Personal Care Products 0.06%** |  |  |
| Anastasia Parent LLC\* | 8104 | 151950 |
| Gibson Brands Private Equity\* | 9315 | 605475 |
| *Total* |  | 757425 |
| **Pharmaceuticals 0.21%** |  |  |
| Galderma Group AG<sup>(d)</sup> | 5711 | 1162946 |
| Roche Holding AG<sup>(d)</sup> | 3174 | 1310767 |
| *Total* |  | 2473713 |
| **Semiconductors & Semiconductor Equipment 0.28%** |  |  |
| Credo Technology Group Holding Ltd.\* | 8847 | 1272995 |
| SolarEdge Technologies, Inc. (Israel)<sup>\*(c)(e)</sup> | 37614 | 1085164 |
| Teradyne, Inc. | 4886 | 945734 |
| *Total* |  | 3303893 |

---

*See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **Software 0.33%** |  |  |  |  |
| AppLovin Corp. Class A\* |  |  | 1465 | $987146 |
| JFrog Ltd.\* |  |  | 26542 | 1657814 |
| Palantir Technologies, Inc. Class A\* |  |  | 7091 | 1260425 |
| *Total* |  |  |  | 3905385 |
| **Specialty Retail 0.26%** |  |  |  |  |
| Aritzia, Inc.<sup>\*(d)</sup> |  |  | 7254 | 620201 |
| Boot Barn Holdings, Inc.\* |  |  | 7336 | 1294584 |
| Carvana Co.\* |  |  | 2690 | 1135234 |
| Claire's Holdings LLC\* |  |  | 1067 | 0 <sup>(f)</sup> |
| *Total* |  |  |  | 3050019 |
| **Textiles, Apparel & Luxury Goods 0.14%** |  |  |  |  |
| Cie Financiere Richemont SA Class A<sup>(d)(g)</sup> |  |  | 1711 | 368979 |
| Tapestry, Inc. |  |  | 9770 | 1248313 |
| *Total* |  |  |  | 1617292 |
| **Tobacco 0.12%** |  |  |  |  |
| Turning Point Brands, Inc. |  |  | 12818 | 1389471 |
| **Transportation Infrastructure 0.01%** |  |  |  |  |
| ACBL Holdings Corp.\* |  |  | 2356 | 110732 |
| *Total Common Stocks* (cost $71,705,183) |  |  |  | 73728056 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **CORPORATE BONDS 69.73%** |  |  |  |  |
| **Advertising 0.10%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.<sup>†</sup> | 7.50% | 6/1/2029 | $1190000 | 1182689 |
| **Aerospace/Defense 1.56%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | 1596000 | 1687079 |
| Boeing Co. | 5.805% | 5/1/2050 | 1169000 | 1151560 |
| Boeing Co. | 6.528% | 5/1/2034 | 2726000 | 3016892 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.50% | 2/1/2029 | 1112000 | 1160334 |
| Czechoslovak Group AS (Czechia)<sup>†(c)</sup> | 6.50% | 1/10/2031 | 1121000 | 1152959 |
| Czechoslovak Group AS (Czechia)<sup>(c)</sup> | 6.50% | 1/10/2031 | 748000 | 769325 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(c)</sup> | 7.50% | 2/15/2032 | 2453000 | 2483650 |
| Embraer Netherlands Finance BV (Netherlands)<sup>(c)</sup> | 5.40% | 1/9/2038 | 1674000 | 1657762 |
| HEICO Corp. | 5.35% | 8/1/2033 | 1237000 | 1284900 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | $1123000 | $1150267 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 1/31/2034 | 1208000 | 1259122 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 1632000 | 1708748 |
| *Total* |  |  |  | 18482598 |
| **Agriculture 0.39%** |  |  |  |  |
| BAT Capital Corp. | 7.75% | 10/19/2032 | 1051000 | 1230471 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.625% | 7/1/2035 | 866000 | 890615 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% | 6/15/2035 | 1026000 | 1095655 |
| JT International Financial Services BV (Netherlands)<sup>†(c)</sup> | 6.875% | 10/24/2032 | 1273000 | 1428485 |
| *Total* |  |  |  | 4645226 |
| **Airlines 1.87%** |  |  |  |  |
| Alaska Airlines Pass-Through Trust Class A<sup>†</sup> | 4.80% | 2/15/2029 | 1208821 | 1216699 |
| American Airlines Pass-Through Trust Class AA | 3.00% | 4/15/2030 | 500248 | 484103 |
| American Airlines Pass-Through Trust Class A | 4.90% | 11/11/2039 | 956000 | 951868 |
| American Airlines Pass-Through Trust Class B | 5.65% | 5/11/2036 | 638000 | 641990 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 6751487 | 6879387 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% | 10/20/2031 | 1756000 | 1772457 |
| British Airways Pass-Through Trust Class AA (United Kingdom)<sup>†(c)</sup> | 3.30% | 6/15/2034 | 552633 | 522929 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.75% | 10/20/2028 | 1446135 | 1455158 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 1858000 | 1873489 |
| JetBlue Pass-Through Trust Class A | 2.95% | 11/15/2029 | 728199 | 678384 |
| JetBlue Pass-Through Trust Class B | 8.00% | 5/15/2029 | 597096 | 608062 |
| United Airlines Pass-Through Trust Class AA | 5.45% | 8/15/2038 | 2218768 | 2288656 |
| United Airlines Pass-Through Trust Class A | 5.80% | 7/15/2037 | 1257645 | 1318230 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 793016 | 813694 |
| United Airlines, Inc.<sup>†</sup> | 4.625% | 4/15/2029 | 696000 | 693472 |
| *Total* |  |  |  | 22198578 |
| **Apparel 0.20%** |  |  |  |  |
| Gildan Activewear, Inc. (Canada)<sup>†(c)</sup> | 5.40% | 10/7/2035 | 573000 | 572028 |
| William Carter Co.<sup>†(e)</sup> | 7.375% | 2/15/2031 | 1712000 | 1772180 |
| *Total* |  |  |  | 2344208 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Auto Manufacturers 1.21%** |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% | 1/30/2031 | $1261000 | $1188249 |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 10.00% | 3/31/2029 | 1667000 | 1552804 |
| Ford Motor Credit Co. LLC | 3.625% | 6/17/2031 | 677000 | 620552 |
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 1187000 | 1206709 |
| General Motors Financial Co., Inc. | 5.45% | 9/6/2034 | 1133000 | 1149790 |
| Nissan Motor Acceptance Co. LLC<sup>†(e)</sup> | 5.30% | 9/13/2027 | 255000 | 255529 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.125% | 9/30/2030 | 1762000 | 1763541 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 404000 | 419313 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.345% | 9/17/2027 | 798000 | 787765 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.81% | 9/17/2030 | 3242000 | 3058505 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 7.75% | 7/17/2032 | 978000 | 1039722 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 8.125% | 7/17/2035 | 1191000 | 1266655 |
| *Total* |  |  |  | 14309134 |
| **Auto Parts & Equipment 0.76%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 9/15/2032 | 1107000 | 1148609 |
| Forvia SE (France)<sup>†(c)</sup> | 6.75% | 9/15/2033 | 1165000 | 1203673 |
| Goodyear Tire & Rubber Co. | 6.625% | 7/15/2030 | 900000 | 922302 |
| Tenneco, Inc.<sup>†</sup> | 8.00% | 11/17/2028 | 1154000 | 1158477 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 1158000 | 1145090 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% | 4/14/2028 | 1064000 | 1089851 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% | 4/14/2030 | 2335000 | 2357869 |
| *Total* |  |  |  | 9025871 |
| **Banks 5.68%** |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 yr. CMT + 1.90% | 3/13/2037 | 1600000 | 1465666 |
| Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)<sup>(c)</sup> | 5.50%<br> (5 yr. CMT + 4.55% | 10/26/2031 | 2645000 | 0 <sup>(f)</sup> |
| ANZ Bank New Zealand Ltd. (New Zealand)<sup>†(c)</sup> | 5.898%<br> (5 yr. CMT + 1.50% | 7/10/2034 | 935000 | 972056 |
| Associated Banc-Corp. | 6.455%<br> (SOFR + 3.03% | 8/29/2030 | 1128000 | 1172460 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(c)</sup> | 6.742% | 12/8/2032 | 2525000 | 2796676 |
| Banc of California | 3.25%<br> (3 mo. USD Term SOFR + 2.52% | 5/1/2031 | 950000 | 891195 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Banco Santander SA (Spain)<sup>(c)</sup> | 8.00%<br> (5 yr. CMT + 3.91% |)<sup>#</sup> | – <sup>(h)</sup> | $600000 | $664168 |
| Bank OZK | 2.75%<br> (3 mo. USD Term SOFR + 2.09% |)<sup>#</sup> | 10/1/2031 | 2182000 | 2056535 |
| Barclays PLC (United Kingdom)<sup>(c)(e)</sup> | 7.625%<br> (5 yr. USD SOFR ICE Swap + 3.69% |)<sup>#</sup> | – <sup>(h)</sup> | 1152000 | 1233910 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.125%<br> (5 yr. CMT + 4.21% |)<sup>#</sup> | 1/8/2039 | 1126000 | 1218882 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.45%<br> (5 yr. CMT + 4.66% |)<sup>#</sup> | 6/29/2038 | 1110000 | 1228373 |
| BOKF NA<sup>(e)</sup> | 6.108%<br> (5 yr. CMT + 2.00% |)<sup>#</sup> | 11/6/2040 | 865000 | 882398 |
| Citigroup, Inc. | 6.95%<br> (5 yr. CMT + 2.73% |)<sup>#</sup> | – <sup>(h)</sup> | 1890000 | 1950045 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 1088000 | 1135005 |
| Credit Agricole SA (France)<sup>†(c)</sup> | 4.75%<br> (5 yr. CMT + 3.24% |)<sup>#</sup> | – <sup>(h)</sup> | 3166000 | 3078756 |
| Deutsche Bank AG | 7.079%<br> (SOFR + 3.65% |)<sup>#</sup> | 2/10/2034 | 3219000 | 3538048 |
| First Citizens BancShares, Inc. | 6.254%<br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 1278000 | 1304082 |
| First Citizens BancShares, Inc. | 7.00%<br> (5 yr. CMT + 3.30% |)<sup>#</sup> | – <sup>(h)</sup> | 2392000 | 2447396 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 886000 | 916609 |
| First Republic Bank | 4.375% |  | 8/1/2046 | 1248000 | 3245 |
| First Republic Bank | 4.625% |  | 2/13/2047 | 500000 | 1300 |
| First-Citizens Bank & Trust Co. | 6.125% |  | 3/9/2028 | 2543000 | 2636513 |
| FNB Corp. | 5.722%<br> (SOFR + 1.93% |)<sup>#</sup> | 12/11/2030 | 1326000 | 1354489 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 402000 | 446135 |
| Goldman Sachs Group, Inc. | 6.85%<br> (5 yr. CMT + 2.46% |)<sup>#</sup> | – <sup>(h)</sup> | 1170000 | 1221409 |
| Home BancShares, Inc. | 3.125%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/30/2032 | 1058000 | 1002019 |
| HSBC Holdings PLC (United Kingdom)<sup>(c)(e)</sup> | 6.95%<br> (5 yr. CMT + 3.19% |)<sup>#</sup> | – <sup>(h)</sup> | 1139000 | 1199267 |
| Huntington Bancshares, Inc. | 6.141%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 1615000 | 1687892 |

---

See Notes to Financial Statements. 9

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Huntington Bancshares, Inc. | 6.25%<br> (5 yr. CMT + 2.65% |)<sup>#</sup> | – <sup>(h)</sup> | $883000 | $887185 |
| KeyBank NA | 3.90% |  | 4/13/2029 | 1946000 | 1912499 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(c)(e)</sup> | 6.625%<br> (5 yr. CMT + 2.68% |)<sup>#</sup> | – <sup>(h)</sup> | 1103000 | 1101747 |
| Macquarie Bank Ltd. (United Kingdom)<sup>(c)</sup> | 6.125%<br> (5 yr. USD Swap + 3.70% |)<sup>#</sup> | – <sup>(h)</sup> | 501000 | 509904 |
| NatWest Group PLC (United Kingdom)<sup>(c)(e)</sup> | 8.125%<br> (5 yr. CMT + 3.75% |)<sup>#</sup> | – <sup>(h)</sup> | 1159000 | 1307359 |
| Nordea Bank Abp (Finland)<sup>†(c)(e)</sup> | 6.30%<br> (5 yr. CMT + 2.66% |)<sup>#</sup> | – <sup>(h)</sup> | 677000 | 694130 |
| PNC Financial Services Group, Inc. | 3.40%<br> (5 yr. CMT + 2.60% |)<sup>#</sup> | – <sup>(h)</sup> | 1256000 | 1232273 |
| Regions Financial Corp. | 5.502%<br> (SOFR + 2.06% |)<sup>#</sup> | 9/6/2035 | 941000 | 970490 |
| Societe Generale SA (France)<sup>†(c)</sup> | 6.066%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/19/2035 | 1095000 | 1157839 |
| South State Bank NA | 8.375%<br> (3 mo. USD Term SOFR + 4.61% |)<sup>#</sup> | 8/15/2034 | 1334000 | 1424045 |
| Standard Chartered PLC (United Kingdom)<sup>†(c)(e)</sup> | 6.097%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/11/2035 | 1470000 | 1575634 |
| State Street Corp. | 6.45%<br> (5 yr. CMT + 2.14% |)<sup>#</sup> | – <sup>(h)</sup> | 1341000 | 1390327 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(c)</sup> | 6.60%<br> (5 yr. CMT + 2.28% |)<sup>#</sup> | – <sup>(h)</sup> | 669000 | 692434 |
| Synovus Financial Corp. | 6.168%<br> (SOFR + 2.35% |)<sup>#</sup> | 11/1/2030 | 935000 | 972005 |
| Toronto-Dominion Bank (Canada)<sup>(c)</sup> | 6.35%<br> (5 yr. CMT + 2.72% |)<sup>#</sup> | 10/31/2085 | 1119000 | 1138953 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(h)</sup> | 1261000 | 1293883 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(h)</sup> | 1209000 | 1330141 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.76% |)<sup>#</sup> | – <sup>(h)</sup> | 802000 | 941008 |
| UniCredit SpA (Italy)<sup>†(c)</sup> | 7.296%<br> (5 yr. USD ICE Swap + 4.91% |)<sup>#</sup> | 4/2/2034 | 2274000 | 2440029 |
| Webster Financial Corp. | 4.10% |  | 3/25/2029 | 1622000 | 1598638 |

---

10 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Western Alliance Bancorp | 3.00% <br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | $3026000 | $2916126 |
| Zions Bancorp NA | 6.816%<br> (SOFR + 2.83% |)<sup>#</sup> | 11/19/2035 | 1140000 | 1214050 |
| *Total* |  |  |  |  | 67205228 |
| **Beverages 0.14%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 898000 | 916071 |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(c)</sup> | 5.10% |  | 5/6/2035 | 713000 | 724573 |
| *Total* |  |  |  |  | 1640644 |
| **Biotechnology 0.44%** |  |  |  |  |  |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(c)</sup> | 6.25% |  | 12/15/2032 | 1144000 | 1173219 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(c)</sup> | 7.25% |  | 12/15/2033 | 1356000 | 1425498 |
| Illumina, Inc. | 4.75% |  | 12/12/2030 | 866000 | 874528 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 1702000 | 1744811 |
| *Total* |  |  |  |  | 5218056 |
| **Building Materials 1.12%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 1468000 | 704466 |
| Amrize Finance U.S. LLC | 5.40% |  | 4/7/2035 | 659000 | 679952 |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% |  | 2/1/2032 | 1275000 | 1215153 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% |  | 6/15/2032 | 1079000 | 1118794 |
| CP Atlas Buyer, Inc.<sup>†</sup> | 12.75% |  | 1/15/2031 | 632015 | 599372 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% |  | 12/15/2030 | 3301000 | 3442158 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% |  | 7/15/2031 | 1145000 | 1207783 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†(e)</sup> | 5.50% |  | 2/1/2030 | 1800000 | 1747999 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% |  | 3/1/2032 | 1671000 | 1740405 |
| Standard Industries, Inc.<sup>†</sup> | 4.375% |  | 7/15/2030 | 891000 | 860158 |
| *Total* |  |  |  |  | 13316240 |
| **Chemicals 1.79%** |  |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% |  | 9/30/2029 | 1832389 | 219887 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% |  | 9/30/2029 | 2437069 | 1928806 |
| Cabot Corp. | 5.00% |  | 6/30/2032 | 1611000 | 1640097 |
| Celanese U.S. Holdings LLC<sup>(e)</sup> | 6.75% |  | 4/15/2033 | 1745000 | 1737424 |
| Celanese U.S. Holdings LLC | 7.20% |  | 11/15/2033 | 1123000 | 1187338 |
| Celanese U.S. Holdings LLC | 7.375% |  | 2/15/2034 | 1362000 | 1384644 |
| Chemours Co.<sup>†</sup> | 4.625% |  | 11/15/2029 | 1306000 | 1182151 |

---

See Notes to Financial Statements. 11

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Chemicals (continued)** |  |  |  |  |
| LYB International Finance III LLC | 5.875% | 1/15/2036 | $1170000 | $1164970 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.50% | 2/13/2035 | 696000 | 721602 |
| Olin Corp. | 5.00% | 2/1/2030 | 1347000 | 1325683 |
| Olin Corp.<sup>†</sup> | 6.625% | 4/1/2033 | 1172000 | 1164638 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 4.25% | 10/1/2028 | 1206000 | 1171587 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 1429000 | 1468030 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% | 9/30/2033 | 1181000 | 1192118 |
| Tronox, Inc.<sup>†</sup> | 4.625% | 3/15/2029 | 2666000 | 1868643 |
| WR Grace Holdings LLC<sup>†</sup> | 6.625% | 8/15/2032 | 1804000 | 1828335 |
| *Total* |  |  |  | 21185953 |
| **Coal 0.22%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 1912000 | 1777138 |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 849000 | 869499 |
| *Total* |  |  |  | 2646637 |
| **Commercial Services 2.98%** |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(c)</sup> | 7.00% | 5/21/2030 | 1256000 | 1315981 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 1947000 | 2053060 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(e)</sup> | 6.00% | 6/1/2029 | 1173000 | 1161824 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 1545000 | 1609506 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.50% | 8/11/2032 | 892000 | 923107 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | 3376000 | 3488307 |
| Block, Inc. | 6.50% | 5/15/2032 | 1123000 | 1168498 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 1204000 | 1266695 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 1109000 | 1172792 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 2756000 | 2867428 |
| Garda World Security Corp. (Canada)<sup>†(c)</sup> | 6.50% | 1/15/2031 | 1152000 | 1179500 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 2243000 | 2360719 |
| Herc Holdings, Inc.<sup>†</sup> | 6.00% | 3/15/2034 | 845000 | 856785 |
| Herc Holdings, Inc.<sup>†(e)</sup> | 7.25% | 6/15/2033 | 1016000 | 1077950 |
| Hertz Corp.<sup>†(i)</sup> | Zero Coupon | 10/15/2024 | 987000 | 69090 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 1887000 | 382117 |
| Hertz Corp.<sup>†(e)</sup> | 5.00% | 12/1/2029 | 1923000 | 1314947 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 3191000 | 3220708 |
| ITR Concession Co. LLC<sup>†</sup> | 5.183% | 7/15/2035 | 785000 | 773680 |

---

12 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |  |
| J Paul Getty Trust | 4.905% |  | 4/1/2035 | $1199000 | $1220177 |
| Quanta Services, Inc. | 5.25% |  | 8/9/2034 | 1123000 | 1151927 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% |  | 4/28/2035 | 1440000 | 1487756 |
| Rollins, Inc. | 5.25% |  | 2/24/2035 | 1133000 | 1156536 |
| Sotheby's<sup>†</sup> | 7.375% |  | 10/15/2027 | 752000 | 748069 |
| Synergy Infrastructure Holdings LLC<sup>†</sup> | 7.875% |  | 12/1/2030 | 1160000 | 1205498 |
| *Total* |  |  |  |  | 35232657 |
| **Computers 0.70%** |  |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% |  | 6/15/2033 | 988000 | 1023497 |
| Crowdstrike Holdings, Inc. | 3.00% |  | 2/15/2029 | 4008000 | 3849547 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% |  | 4/1/2029 | 1485000 | 1612645 |
| NetApp, Inc. | 2.70% |  | 6/22/2030 | 518000 | 482771 |
| Western Digital Corp. | 3.10% |  | 2/1/2032 | 1421000 | 1311224 |
| *Total* |  |  |  |  | 8279684 |
| **Cosmetics/Personal Care 0.36%** |  |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% |  | 3/31/2032 | 1593000 | 1632695 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 4.90% |  | 6/15/2030 | 1197000 | 1158798 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 6.125% |  | 9/30/2032 | 1489000 | 1451473 |
| *Total* |  |  |  |  | 4242966 |
| **Distribution/Wholesale 0.22%** |  |  |  |  |  |
| LKQ Corp. | 6.25% |  | 6/15/2033 | 1344000 | 1442059 |
| Marubeni Corp. (Japan)<sup>†(c)(e)</sup> | 5.383% |  | 4/1/2035 | 1079000 | 1115493 |
| *Total* |  |  |  |  | 2557552 |
| **Diversified Financial Services 4.52%** |  |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 1132000 | 1190428 |
| Ally Financial, Inc.<sup>(e)</sup> | 6.70% |  | 2/14/2033 | 2277000 | 2382064 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 1346000 | 1417859 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 6.75% |  | 5/15/2031 | 815000 | 844800 |
| Capital One Financial Corp. | 5.50%<br> (3 mo. USD Term SOFR + 3.34% |)<sup>#</sup> | – <sup>(h)</sup> | 1166000 | 1170751 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 1868000 | 1780996 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% |  | 10/1/2031 | 1249000 | 1114590 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.50% |  | 10/1/2030 | 1165000 | 1189752 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.75% |  | 12/1/2032 | 1448000 | 1478715 |
| DAE Sukuk Difc Ltd. (United Arab Emirates)<sup>†(c)</sup> | 4.50% |  | 10/16/2030 | 1532000 | 1514153 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% |  | 5/15/2031 | 1794000 | 1929101 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 1089000 | 1142773 |

---

See Notes to Financial Statements. 13

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% |  | 6/15/2028 | $2161000 | $2289966 |
| ILFC E-Capital Trust I<sup>†</sup> | 6.35% | <sup>#(a)</sup> | 12/21/2065 | 1806000 | 1517962 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.60% | <sup>#(a)</sup> | 12/21/2065 | 836000 | 724068 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 2010000 | 2099357 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 1531000 | 1609619 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 880000 | 906347 |
| LPL Holdings, Inc. | 6.00% |  | 5/20/2034 | 1574000 | 1659883 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 6.50% |  | 3/26/2031 | 2152000 | 2306010 |
| Navient Corp.<sup>(e)</sup> | 5.50% |  | 3/15/2029 | 816000 | 810644 |
| Navient Corp.<sup>(e)</sup> | 7.875% |  | 6/15/2032 | 1437000 | 1505173 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 1377000 | 1202386 |
| OneMain Finance Corp. | 6.125% |  | 5/15/2030 | 1844000 | 1884443 |
| OneMain Finance Corp. | 6.75% |  | 9/15/2033 | 1351000 | 1369750 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 1623000 | 1708823 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% |  | 9/15/2031 | 440000 | 443736 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% |  | 5/15/2032 | 2055000 | 2152499 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 1138000 | 1200686 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% |  | 12/15/2029 | 1190000 | 1266972 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 1701000 | 1775621 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†(e)</sup> | 4.00% |  | 10/15/2033 | 1269000 | 1179937 |
| Stonebriar ABF Issuer LLC<sup>†</sup> | 8.125% |  | 12/15/2030 | 1214000 | 1250371 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 2687000 | 2888644 |
| UWM Holdings LLC<sup>†</sup> | 6.25% |  | 3/15/2031 | 1194000 | 1192670 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 1306000 | 1371133 |
| *Total* |  |  |  |  | 53472682 |
| **Electric 4.47%** |  |  |  |  |  |
| AES Corp. | 7.60%<br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | 1226000 | 1249420 |
| AES Panama Generation Holdings SRL (Panama)<sup>(c)</sup> | 4.375% |  | 5/31/2030 | 1231299 | 1159514 |
| Alliant Energy Corp. | 5.75%<br> (5 yr. CMT + 2.08% |)<sup>#</sup> | 4/1/2056 | 1164000 | 1163561 |
| Alpha Generation LLC<sup>†</sup> | 6.25% |  | 1/15/2034 | 1619000 | 1636553 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 1132000 | 1172452 |
| American Electric Power Co., Inc. | 6.05%<br> (5 yr. CMT + 1.94% |)<sup>#</sup> | 3/15/2056 | 1147000 | 1127518 |
| Calpine Corp.<sup>†</sup> | 4.625% |  | 2/1/2029 | 3814000 | 3814462 |

---

14 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | $959000 | $1004153 |
| CenterPoint Energy, Inc.<sup>(e)</sup> | 5.95%<br> (5 yr. CMT + 2.22% |)<sup>#</sup> | 4/1/2056 | 1022000 | 1032845 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador)<sup>†(c)</sup> | 8.65% |  | 1/24/2033 | 1161000 | 1246914 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 1031000 | 1035524 |
| Constellation Energy Generation LLC | 5.80% |  | 3/1/2033 | 1390000 | 1484308 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 2067000 | 2245377 |
| Dominion Energy, Inc. | 6.20%<br> (5 yr. CMT + 2.01% |)<sup>#</sup> | 2/15/2056 | 1103000 | 1104486 |
| DPL LLC | 4.35% |  | 4/15/2029 | 1459000 | 1442436 |
| Energuate Trust 2 0 (Cayman Islands)<sup>†(c)</sup> | 6.35% |  | 9/15/2035 | 1130000 | 1130610 |
| Evergy, Inc. | 6.65%<br> (5 yr. CMT + 2.56% |)<sup>#</sup> | 6/1/2055 | 1690000 | 1735483 |
| Idaho Power Co. | 5.20% |  | 8/15/2034 | 1113000 | 1147295 |
| Idaho Power Co. | 5.70% |  | 3/15/2055 | 1315000 | 1315687 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 2754000 | 2930025 |
| Minejesa Capital BV (Netherlands)<sup>†(c)(e)</sup> | 4.625% |  | 8/10/2030 | 1114760 | 1111536 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 1/15/2036 | 716000 | 725858 |
| NRG Energy, Inc.<sup>†</sup> | 7.00% |  | 3/15/2033 | 1501000 | 1664472 |
| NRG Energy, Inc.<sup>†</sup> | 10.25%<br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(h)</sup> | 2111000 | 2307051 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 2239000 | 2368856 |
| Puget Energy, Inc. | 4.10% |  | 6/15/2030 | 1000000 | 980819 |
| Sempra | 6.40%<br> (5 yr. CMT + 2.63% |)<sup>#</sup> | 10/1/2054 | 1411000 | 1435953 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% |  | 2/1/2034 | 793000 | 809164 |
| Talen Energy Supply LLC<sup>†</sup> | 6.50% |  | 2/1/2036 | 1529000 | 1582079 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 1237000 | 1310260 |
| Tampa Electric Co. | 5.15% |  | 3/1/2035 | 2194000 | 2229252 |
| TXNM Energy, Inc.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 3.25% |)<sup>#</sup> | 7/31/2056 | 1177000 | 1173816 |
| Vistra Corp.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(h)</sup> | 1135000 | 1159066 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(h)</sup> | 384000 | 424697 |
| VoltaGrid LLC<sup>†</sup> | 7.375% |  | 11/1/2030 | 1169000 | 1158749 |
| WEC Energy Group, Inc. | 5.625%<br> (5 yr. CMT + 1.91% |)<sup>#</sup> | 5/15/2056 | 1179000 | 1187304 |
| XPLR Infrastructure Operating Partners LP<sup>†(e)</sup> | 8.375% |  | 1/15/2031 | 1098000 | 1154477 |
| *Total* |  |  |  |  | 52962032 |

---

See Notes to Financial Statements. 15

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electronics 0.52%** |  |  |  |  |
| Allegion U.S. Holding Co., Inc. | 5.60% | 5/29/2034 | $709000 | $742246 |
| Flex Ltd. | 5.25% | 1/15/2032 | 942000 | 960594 |
| Flex Ltd. | 5.375% | 11/13/2035 | 598000 | 596820 |
| Imola Merger Corp.<sup>†</sup> | 4.75% | 5/15/2029 | 886000 | 875244 |
| TD SYNNEX Corp. | 5.30% | 10/10/2035 | 1433000 | 1419625 |
| Trimble, Inc. | 6.10% | 3/15/2033 | 1426000 | 1536056 |
| *Total* |  |  |  | 6130585 |
| **Energy-Alternate Sources 0.19%** |  |  |  |  |
| Topaz Solar Farms LLC<sup>†</sup> | 5.75% | 9/30/2039 | 2183870 | 2198316 |
| **Engineering & Construction 0.77%** |  |  |  |  |
| Corp. Quiport SA (Ecuador)<sup>†(c)</sup> | 9.00% | 12/15/2037 | 232000 | 248879 |
| Fluor Corp. | 4.25% | 9/15/2028 | 1340000 | 1331208 |
| Heathrow Finance PLC | 6.625% | 3/1/2031 | 2196000 | 2981283 |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | $1087000 | 1147663 |
| MasTec, Inc. | 5.90% | 6/15/2029 | 1047000 | 1092473 |
| Montego Bay Airport Revenue Finance Ltd. (Cayman Islands)<sup>†(c)</sup> | 6.60% | 6/15/2035 | 1174000 | 1176923 |
| TAV Havalimanlari Holding AS (Turkey)<sup>†(c)</sup> | 8.50% | 12/7/2028 | 1080000 | 1129561 |
| *Total* |  |  |  | 9107990 |
| **Entertainment 1.47%** |  |  |  |  |
| Bracelet Holdings, Inc.<sup>†</sup> | 9.25% | 7/2/2028 | 1821000 | 1738873 <sup>(b)</sup> |
| Caesars Entertainment, Inc.<sup>†(e)</sup> | 4.625% | 10/15/2029 | 1956000 | 1877552 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% | 2/15/2030 | 2112000 | 2188300 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% | 5/1/2029 | 1234000 | 1214673 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% | 4/16/2029 | 2000000 | 1784001 |
| SeaWorld Parks & Entertainment, Inc.<sup>†</sup> | 5.25% | 8/15/2029 | 2394000 | 2333598 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 2012000 | 1768689 |
| Warnermedia Holdings, Inc. | 5.05% | 3/15/2042 | 2514000 | 1775513 |
| Warnermedia Holdings, Inc. | 5.141% | 3/15/2052 | 2386000 | 1577981 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% | 12/1/2029 | 1209000 | 1164789 |
| *Total* |  |  |  | 17423969 |

---

16 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Food 1.01%** |  |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% |  | 3/15/2029 | $1795000 | $1726229 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% |  | 3/15/2033 | 687000 | 707016 |
| Alicorp SAA<sup>†</sup> | 7.40% |  | 6/16/2032 | 4397000 | 1326438 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | $692000 | 724851 |
| Gruma SAB de CV (Mexico)<sup>†(c)</sup> | 5.39% |  | 12/9/2034 | 1154000 | 1189186 |
| Grupo Nutresa SA (Colombia)<sup>†(c)</sup> | 9.00% |  | 5/12/2035 | 1082000 | 1223425 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% |  | 1/31/2030 | 1505000 | 1457172 |
| McCormick & Co., Inc. | 4.95% |  | 4/15/2033 | 934000 | 948557 |
| Performance Food Group, Inc.<sup>†</sup> | 6.125% |  | 9/15/2032 | 1140000 | 1176660 |
| Smithfield Foods, Inc.<sup>†</sup> | 5.20% |  | 4/1/2029 | 1446000 | 1466465 |
| *Total* |  |  |  |  | 11945999 |
| **Gas 0.44%** |  |  |  |  |  |
| National Fuel Gas Co. | 5.50% |  | 3/15/2030 | 1127000 | 1164013 |
| NiSource, Inc. | 6.375%<br> (5 yr. CMT + 2.53% |)<sup>#</sup> | 3/31/2055 | 1129000 | 1169902 |
| Snam SpA (Italy)<sup>†(c)</sup> | 5.75% |  | 5/28/2035 | 637000 | 666536 |
| Snam SpA (Italy)<sup>†(c)</sup> | 6.50% |  | 5/28/2055 | 1064000 | 1144609 |
| Southwest Gas Corp. | 4.05% |  | 3/15/2032 | 1055000 | 1018491 |
| *Total* |  |  |  |  | 5163551 |
| **Health Care-Products 0.19%** |  |  |  |  |  |
| Bausch & Lomb Corp. (Canada)<sup>†(c)</sup> | 8.375% |  | 10/1/2028 | 1066000 | 1113970 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% |  | 12/1/2035 | 1162000 | 1170173 |
| *Total* |  |  |  |  | 2284143 |
| **Health Care-Services 1.29%** |  |  |  |  |  |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 4.75% |  | 2/15/2031 | 2561000 | 2283286 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% |  | 5/15/2030 | 3148000 | 2962245 |
| Concentra Health Services, Inc.<sup>†</sup> | 6.875% |  | 7/15/2032 | 578000 | 605197 |
| DaVita, Inc.<sup>†</sup> | 4.625% |  | 6/1/2030 | 1162000 | 1130702 |
| HCA, Inc. | 5.75% |  | 3/1/2035 | 1101000 | 1156224 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% |  | 10/15/2030 | 996000 | 1093494 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 11/15/2030 | 1975000 | 1834461 |
| Roche Holdings, Inc.<sup>†</sup> | 4.666% |  | 12/2/2035 | 1389000 | 1382975 |
| Team Health Holdings, Inc.<sup>†</sup> | 8.375% |  | 6/30/2028 | 517000 | 524168 |
| Tenet Healthcare Corp. | 6.75% |  | 5/15/2031 | 1057000 | 1100389 |
| Universal Health Services, Inc. | 5.05% |  | 10/15/2034 | 1204000 | 1182018 |
| *Total* |  |  |  |  | 15255159 |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Holding Companies-Diversified 0.09%** |  |  |  |  |  |
| Benteler International AG<sup>†</sup> | 7.25% |  | 6/15/2031 | 149000 | $188488 |
| Clue Opco LLC<sup>†(e)</sup> | 9.50% |  | 10/15/2031 | $869000 | 921079 |
| *Total* |  |  |  |  | 1109567 |
| **Home Builders 0.48%** |  |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% |  | 8/15/2029 | 1468000 | 1397077 |
| Century Communities, Inc.<sup>†</sup> | 6.625% |  | 9/15/2033 | 849000 | 859102 |
| LGI Homes, Inc.<sup>†(e)</sup> | 7.00% |  | 11/15/2032 | 2412000 | 2307771 |
| PulteGroup, Inc. | 6.375% |  | 5/15/2033 | 1041000 | 1142315 |
| *Total* |  |  |  |  | 5706265 |
| **Insurance 1.45%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 4/15/2028 | 2130000 | 2176073 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(c)</sup> | 7.75% |  | 2/15/2031 | 952000 | 998719 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(c)</sup> | 8.875% |  | 2/15/2032 | 2036000 | 2124311 |
| Asurion LLC & Asurion Co-Issuer, Inc.<sup>†</sup> | 8.00% |  | 12/31/2032 | 1832000 | 1901847 |
| First American Financial Corp. | 5.45% |  | 9/30/2034 | 541000 | 541250 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95%<br> (5 yr. CMT + 3.61% |)<sup>#</sup> | 10/15/2054 | 1325000 | 1375431 |
| HUB International Ltd.<sup>†</sup> | 7.25% |  | 6/15/2030 | 1322000 | 1388735 |
| HUB International Ltd.<sup>†</sup> | 7.375% |  | 1/31/2032 | 909000 | 954613 |
| NMI Holdings, Inc. | 6.00% |  | 8/15/2029 | 944000 | 978673 |
| Old Republic International Corp. | 5.75% |  | 3/28/2034 | 1098000 | 1143841 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% |  | 6/1/2031 | 1069000 | 1108422 |
| Swiss RE Subordinated Finance PLC (United Kingdom)<sup>†(c)(e)</sup> | 5.698%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 4/5/2035 | 1200000 | 1249208 |
| Transatlantic Holdings, Inc. | 8.00% |  | 11/30/2039 | 934000 | 1169602 |
| *Total* |  |  |  |  | 17110725 |
| **Internet 0.46%** |  |  |  |  |  |
| Meituan (China)<sup>†(c)</sup> | 4.625% |  | 10/2/2029 | 1688000 | 1696501 |
| MercadoLibre, Inc. (Uruguay)<sup>(c)</sup> | 4.90% |  | 1/15/2033 | 1174000 | 1164125 |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% |  | 4/15/2029 | 813000 | 910040 |
| Wayfair LLC<sup>†</sup> | 6.75% |  | 11/15/2032 | 1170000 | 1204223 |
| Wayfair LLC<sup>†</sup> | 7.75% |  | 9/15/2030 | 468000 | 500250 |
| *Total* |  |  |  |  | 5475139 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Iron-Steel 1.19%** |  |  |  |  |  |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% |  | 3/1/2034 | $1169000 | $1188844 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.00% |  | 3/15/2032 | 1722000 | 1767203 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.625% |  | 1/15/2034 | 3356000 | 3509658 |
| Commercial Metals Co. | 4.375% |  | 3/15/2032 | 791000 | 764023 |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 1177000 | 1204203 |
| CSN Inova Ventures (Cayman Islands)<sup>(c)</sup> | 6.75% |  | 1/28/2028 | 1772000 | 1644189 |
| Samarco Mineracao SA (Brazil)<sup>(c)</sup> | 9.50% |  | 6/30/2031 | 2610337 | 2647247 |
| Vale Overseas Ltd. (Brazil)<sup>†(c)</sup> | 6.00%<br> (5 yr. CMT + 2.43% |)<sup>#</sup> | 2/25/2056 | 1402000 | 1403823 |
| *Total* |  |  |  |  | 14129190 |
| **Leisure Time 1.41%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 3/15/2030 | 2609000 | 2685331 |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 8/1/2032 | 1173000 | 1205294 |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 1317000 | 1360612 |
| Lindblad Expeditions LLC<sup>†</sup> | 7.00% |  | 9/15/2030 | 1691000 | 1764821 |
| NCL Corp. Ltd.<sup>†</sup> | 6.75% |  | 2/1/2032 | 1717000 | 1759131 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% |  | 11/1/2032 | 1102000 | 1131543 |
| Polaris, Inc. | 5.60% |  | 3/1/2031 | 1197000 | 1209968 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% |  | 9/30/2031 | 3181000 | 3253031 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 6.00% |  | 2/1/2033 | 1121000 | 1152215 |
| Viking Cruises Ltd.<sup>†</sup> | 9.125% |  | 7/15/2031 | 1060000 | 1135679 |
| *Total* |  |  |  |  | 16657625 |
| **Lodging 1.85%** |  |  |  |  |  |
| Choice Hotels International, Inc.<sup>(e)</sup> | 5.85% |  | 8/1/2034 | 1123000 | 1145402 |
| Full House Resorts, Inc.<sup>†</sup> | 8.25% |  | 2/15/2028 | 1694000 | 1478015 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% |  | 10/1/2029 | 1102000 | 1130866 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.625% |  | 2/15/2032 | 1818000 | 1689059 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.75% |  | 5/1/2029 | 1268000 | 1236093 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.50% |  | 3/31/2034 | 1693000 | 1705482 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.875% |  | 3/15/2033 | 1840000 | 1900014 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% |  | 1/15/2032 | 1343000 | 1381493 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.375% |  | 12/4/2029 | 504000 | 499316 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 6.50% |  | 9/24/2033 | 1190000 | 1194119 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 7.625% |  | 4/17/2032 | 645000 | 678996 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 4.375% |  | 6/18/2030 | 2240000 | 2212218 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 5.40% |  | 8/8/2028 | 1442000 | 1470426 |
| Studio City Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.00% |  | 1/15/2029 | 1863000 | 1800511 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Lodging (continued)** |  |  |  |  |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 5.50% | 10/1/2027 | $1193000 | $1192896 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 6.75% | 2/15/2034 | 1146000 | 1161780 |
| *Total* |  |  |  | 21876686 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 921000 | 910224 |
| **Machinery-Diversified 0.63%** |  |  |  |  |
| GrafTech Global Enterprises, Inc.<sup>†</sup> | 9.875% | 12/23/2029 | 1369000 | 1197875 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 2.75% | 11/15/2031 | 1086000 | 980355 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 5.65% | 5/15/2033 | 1794000 | 1871722 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 1090000 | 1128073 |
| Regal Rexnord Corp. | 6.40% | 4/15/2033 | 2079000 | 2237395 |
| *Total* |  |  |  | 7415420 |
| **Media 2.64%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 2379000 | 2116224 |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 1080000 | 1133235 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 471000 | 289236 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 5975000 | 2139325 |
| CSC Holdings LLC<sup>†</sup> | 5.375% | 2/1/2028 | 820000 | 595772 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 2193000 | 812505 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 875000 | 580581 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 2491000 | 1852239 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 1229000 | 1245031 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 10.00% | 2/15/2031 | 581000 | 594132 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 2478000 | 2201428 |
| EW Scripps Co.<sup>†</sup> | 9.875% | 8/15/2030 | 1805000 | 1804040 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 4122000 | 3094612 |
| Gray Media, Inc.<sup>†</sup> | 9.625% | 7/15/2032 | 776000 | 805894 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 976000 | 1051246 |
| McGraw-Hill Education, Inc.<sup>†</sup> | 7.375% | 9/1/2031 | 1119000 | 1181465 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 1139000 | 1190392 |
| Sunrise FinCo I BV (Netherlands)<sup>†(c)</sup> | 4.875% | 7/15/2031 | 2867000 | 2733111 |
| Univision Communications, Inc.<sup>†</sup> | 4.50% | 5/1/2029 | 1490000 | 1432418 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.00% | 7/15/2030 | 2518000 | 2222405 |
| VZ Secured Financing BV (Netherlands)<sup>†(c)</sup> | 5.00% | 1/15/2032 | 2453000 | 2221763 |
| *Total* |  |  |  | 31297054 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Metal Fabricate-Hardware 0.10%** |  |  |  |  |
| Vallourec SACA (France)<sup>†(c)</sup> | 7.50% | 4/15/2032 | $1088000 | $1156580 |
| **Mining 2.82%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 7.125% | 3/15/2031 | 1062000 | 1132282 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.75% | 4/5/2034 | 1083000 | 1138321 |
| Aris Mining Corp. (Canada)<sup>†(c)</sup> | 8.00% | 10/31/2029 | 1456000 | 1520744 |
| Capstone Copper Corp. (Canada)<sup>†(c)</sup> | 6.75% | 3/31/2033 | 1737000 | 1804059 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 7.25% | 2/15/2034 | 1105000 | 1162581 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.00% | 3/1/2033 | 1229000 | 1314043 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.625% | 6/1/2031 | 2292000 | 2414838 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 682000 | 660192 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.125% | 4/15/2032 | 1345000 | 1404696 |
| Freeport Indonesia PT (Indonesia)<sup>(c)(e)</sup> | 6.20% | 4/14/2052 | 1115000 | 1136465 |
| Freeport-McMoRan, Inc. | 5.40% | 11/14/2034 | 1782000 | 1838846 |
| Glencore Funding LLC<sup>†</sup> | 5.673% | 4/1/2035 | 878000 | 917390 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 661000 | 665936 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 1111000 | 1150250 |
| Kaiser Aluminum Corp.<sup>†</sup> | 4.50% | 6/1/2031 | 1528000 | 1482418 |
| Kinross Gold Corp. (Canada)<sup>(c)</sup> | 6.25% | 7/15/2033 | 1873000 | 2044631 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | 5.625% | 2/12/2032 | 2352000 | 2436672 |
| Mirabela Nickel Ltd. | Zero Coupon | 9/10/2044 | 15172 | 0 <sup>(f)</sup> |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | 6.75% | 5/14/2030 | 1862000 | 1949757 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>(c)</sup> | 6.95% | 10/17/2031 | 225000 | 240444 |
| Nexa Resources SA (Brazil)<sup>†(c)(e)</sup> | 6.60% | 4/8/2037 | 1644000 | 1697342 |
| Nickel Industries Ltd. (Australia)<sup>(c)</sup> | 9.00% | 9/30/2030 | 1158000 | 1202083 |
| Novelis Corp.<sup>†</sup> | 4.75% | 1/30/2030 | 1196000 | 1156168 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 1719000 | 1785768 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% | 5/13/2032 | 1093000 | 1142309 |
| *Total* |  |  |  | 33398235 |
| **Miscellaneous Manufacturing 0.20%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% | 3/15/2030 | 770000 | 796830 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 551000 | 575515 |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 1024000 | 1027253 |
| *Total* |  |  |  | 2399598 |

---

*See Notes to Financial Statements.* 21

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Office/Business Equipment 0.14%** |  |  |  |  |  |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% |  | 6/1/2032 | $1613000 | $1671865 |
| **Oil & Gas 4.23%** |  |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% |  | 10/1/2029 | 1599000 | 1676049 |
| APA Corp.<sup>(e)</sup> | 4.25% |  | 1/15/2030 | 1119000 | 1099830 |
| APA Corp. | 6.10% |  | 2/15/2035 | 1153000 | 1185672 |
| APA Corp. | 6.75% |  | 2/15/2055 | 1754000 | 1751700 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.00% |  | 11/15/2028 | 1778171 | 1789474 |
| Borr IHC Ltd./Borr Finance LLC<sup>†(e)</sup> | 10.375% |  | 11/15/2030 | 716010 | 714730 |
| BP Capital Markets PLC (United Kingdom)<sup>(c)</sup> | 6.45%<br> (5 yr. CMT + 2.15% |)<sup>#</sup> | – <sup>(h)</sup> | 1057000 | 1126221 |
| Caturus Energy LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 1114000 | 1161026 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% |  | 1/15/2029 | 1426000 | 1488108 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% |  | 11/1/2030 | 1096000 | 1149348 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% |  | 1/15/2030 | 1183000 | 1151491 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% |  | 3/1/2029 | 872000 | 870933 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 1183000 | 1123391 |
| DBR Land Holdings LLC<sup>†</sup> | 6.25% |  | 12/1/2030 | 1171000 | 1198518 |
| Global Marine, Inc. | 7.00% |  | 6/1/2028 | 214000 | 209452 |
| HF Sinclair Corp. | 5.50% |  | 9/1/2032 | 1146000 | 1163639 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% |  | 5/15/2034 | 1172000 | 1099847 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% |  | 2/15/2032 | 1615000 | 1720421 |
| Matador Resources Co.<sup>†</sup> | 6.50% |  | 4/15/2032 | 1172000 | 1189363 |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(c)</sup> | 7.25% |  | 6/30/2031 | 1323912 | 1161960 |
| Occidental Petroleum Corp. | 5.375% |  | 1/1/2032 | 615000 | 630137 |
| Occidental Petroleum Corp. | 5.55% |  | 10/1/2034 | 1052000 | 1073711 |
| Occidental Petroleum Corp. | 6.125% |  | 1/1/2031 | 921000 | 974056 |
| Occidental Petroleum Corp. | 6.60% |  | 3/15/2046 | 1103000 | 1144139 |
| Occidental Petroleum Corp. | 7.50% |  | 5/1/2031 | 1013000 | 1140401 |
| Occidental Petroleum Corp. | 8.875% |  | 7/15/2030 | 1000000 | 1159602 |
| ORLEN SA (Poland)<sup>†(c)</sup> | 6.00% |  | 1/30/2035 | 993000 | 1048149 |
| Ovintiv, Inc. | 6.50% |  | 2/1/2038 | 1147000 | 1203197 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)</sup> | 5.375% |  | 4/12/2027 | 1240000 | 290780 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)</sup> | 5.375% |  | 4/12/2027 | 1390400 | 326049 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)</sup> | 6.00% |  | 5/16/2024 | 6001462 | 1407343 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)</sup> | 6.00% |  | 11/15/2026 | 1997398 | 479376 |
| Petroleos Mexicanos (Mexico)<sup>(c)</sup> | 6.75% |  | 9/21/2047 | 1415000 | 1164359 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Petroleos Mexicanos (Mexico)<sup>(c)(e)</sup> | 10.00% | 2/7/2033 | $2534000 | $2937983 |
| Repsol E&P Capital Markets U.S. LLC<sup>†</sup> | 5.976% | 9/16/2035 | 611000 | 623395 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(c)</sup> | 9.625% | 6/15/2029 | 1147000 | 1131678 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup> | 7.15% | 2/1/2032 | 1408000 | 1583432 |
| Sunoco LP<sup>†</sup> | 6.25% | 7/1/2033 | 1723000 | 1765786 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 434000 | 431323 |
| Transocean International Ltd. | 6.80% | 3/15/2038 | 853000 | 734148 |
| Transocean International Ltd. | 7.50% | 4/15/2031 | 191000 | 181241 |
| Transocean International Ltd.<sup>†</sup> | 7.875% | 10/15/2032 | 1168000 | 1225391 |
| Transocean International Ltd.<sup>†</sup> | 8.50% | 5/15/2031 | 1195000 | 1184473 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% | 5/1/2030 | 1169000 | 1157307 |
| Viper Energy Partners LLC | 5.70% | 8/1/2035 | 991000 | 1011960 |
| *Total* |  |  |  | 50040589 |
| **Oil & Gas Services 0.82%** |  |  |  |  |
| Enerflex, Inc.<sup>†</sup> | 6.875% | 1/15/2031 | 1162000 | 1188659 |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 1740000 | 1766197 |
| SESI LLC<sup>†</sup> | 7.875% | 9/30/2030 | 1258000 | 1239263 |
| Star Holding LLC<sup>†</sup> | 8.75% | 8/1/2031 | 546000 | 526404 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 6.25% | 10/1/2033 | 1155000 | 1169403 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% | 3/15/2029 | 700000 | 724907 |
| WBI Operating LLC<sup>†</sup> | 6.50% | 10/15/2033 | 1344000 | 1339629 |
| Weatherford International Ltd.<sup>†</sup> | 6.75% | 10/15/2033 | 1756000 | 1799271 |
| *Total* |  |  |  | 9753733 |
| **Packaging & Containers 0.99%** |  |  |  |  |
| Ardagh Metal Packaging Finance USA |  |  |  |  |
| LLC/Ardagh Metal Packaging Finance PLC<sup>†</sup> | 6.25% | 1/30/2031 | 1166000 | 1193273 |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(c)</sup> | 3.875% | 11/15/2029 | 1430000 | 1369479 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% | 4/15/2032 | 1294000 | 1331454 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% | 4/15/2030 | 1141000 | 1160858 |
| LABL, Inc.<sup>†</sup> | 5.875% | 11/1/2028 | 1275000 | 805332 |
| LABL, Inc.<sup>†</sup> | 8.625% | 10/1/2031 | 1288000 | 686263 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2030 | 1312000 | 1302862 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% | 4/15/2030 | 1131000 | 1091415 |
| Sealed Air Corp.<sup>†</sup> | 6.875% | 7/15/2033 | 1060000 | 1120875 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(c)</sup> | 8.25% | 7/15/2030 | 1604000 | 1720693 |
| *Total* |  |  |  | 11782504 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pharmaceuticals 1.00%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(c)</sup> | 10.00% |  | 4/15/2032 | $4137000 | $4305653 |
| Bausch Health Cos., Inc. (Canada)<sup>†(c)</sup> | 11.00% |  | 9/30/2028 | 1404000 | 1455407 |
| CVS Health Corp. | 4.78% |  | 3/25/2038 | 1255000 | 1185146 |
| CVS Health Corp. | 5.25% |  | 2/21/2033 | 1881000 | 1937215 |
| CVS Health Corp. | 5.70% |  | 6/1/2034 | 1123000 | 1177209 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 1648000 | 1729903 |
| *Total* |  |  |  |  | 11790533 |
| **Pipelines 2.84%** |  |  |  |  |  |
| AL Candelaria - spain- SA (Spain)<sup>†(c)</sup> | 5.75% |  | 6/15/2033 | 1646000 | 1461887 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 1012000 | 898803 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 251000 | 222924 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.25% |  | 7/15/2032 | 1101000 | 1169122 |
| Boardwalk Pipelines LP | 5.375% |  | 2/15/2036 | 837000 | 841917 |
| Boardwalk Pipelines LP | 5.625% |  | 8/1/2034 | 1123000 | 1176836 |
| Buckeye Partners LP<sup>†</sup> | 6.75% |  | 2/1/2030 | 1699000 | 1784512 |
| Colonial Enterprises, Inc.<sup>†</sup> | 3.25% |  | 5/15/2030 | 1241000 | 1167067 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 1161000 | 1149365 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 8.625% |  | 3/15/2029 | 1482000 | 1554320 |
| DT Midstream, Inc.<sup>†</sup> | 4.30% |  | 4/15/2032 | 1293000 | 1250750 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 892000 | 928087 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.875% |  | 5/15/2032 | 1083000 | 1129715 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 7.125% |  | 7/1/2033 | 480000 | 490631 |
| Gulfstream Natural Gas System LLC<sup>†</sup> | 5.60% |  | 7/23/2035 | 659000 | 677059 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 1530000 | 1409963 |
| ONEOK, Inc. | 6.05% |  | 9/1/2033 | 1090000 | 1161905 |
| ONEOK, Inc.<sup>†</sup> | 6.50% |  | 9/1/2030 | 1057000 | 1133727 |
| Sabal Trail Transmission LLC<sup>†</sup> | 4.246% |  | 5/1/2028 | 1125000 | 1120172 |
| South Bow Canadian Infrastructure |  |  |  |  |  |
| Holdings Ltd. (Canada)<sup>(c)</sup> | 7.50%<br> (5 yr. CMT + 3.67% |)<sup>#</sup> | 3/1/2055 | 1132000 | 1210645 |
| South Bow USA Infrastructure |  |  |  |  |  |
| Holdings LLC | 5.584% |  | 10/1/2034 | 1125000 | 1136700 |
| Transcontinental Gas Pipe Line Co. LLC<sup>†</sup> | 5.10% |  | 3/15/2036 | 1169000 | 1177407 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 2160000 | 2240140 |
| Venture Global Plaquemines LNG LLC<sup>†</sup> | 6.50% |  | 1/15/2034 | 1644000 | 1684689 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |
| Western Midstream Operating LP | 4.05% | 2/1/2030 | $1896000 | $1858319 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 1053000 | 1108512 |
| Whistler Pipeline LLC<sup>†</sup> | 5.95% | 9/30/2034 | 2360000 | 2446123 |
| *Total* |  |  |  | 33591297 |
| **Real Estate 0.34%** |  |  |  |  |
| Corp. Inmobiliaria Vesta SAB de CV (Mexico)<sup>†(c)</sup> | 5.50% | 1/30/2033 | 937000 | 950109 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% | 4/15/2029 | 1435000 | 1407120 |
| Newmark Group, Inc. | 7.50% | 1/12/2029 | 1565000 | 1680346 |
| *Total* |  |  |  | 4037575 |
| **REITS 2.69%** |  |  |  |  |
| American Assets Trust LP | 6.15% | 10/1/2034 | 1715000 | 1744407 |
| Brandywine Operating Partnership LP | 4.55% | 10/1/2029 | 1968000 | 1880079 |
| Brandywine Operating Partnership LP | 8.875% | 4/12/2029 | 470000 | 506920 |
| CFE Fibra E (Mexico)<sup>†(c)</sup> | 5.875% | 9/23/2040 | 1081911 | 1082526 |
| Cousins Properties LP | 5.875% | 10/1/2034 | 1929000 | 2018710 |
| First Industrial LP | 5.25% | 1/15/2031 | 898000 | 917011 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% | 1/15/2030 | 1272000 | 1240374 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% | 1/15/2031 | 1278000 | 1228441 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 1000000 | 1029692 |
| Goodman U.S. Finance Five LLC<sup>†</sup> | 4.625% | 5/4/2032 | 1345000 | 1329108 |
| Iron Mountain, Inc.<sup>†</sup> | 4.50% | 2/15/2031 | 3572000 | 3407571 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% | 1/15/2033 | 1223000 | 1234027 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | 5.50% | 8/1/2030 | 1108000 | 1134590 |
| Millrose Properties, Inc.<sup>†</sup> | 6.25% | 9/15/2032 | 936000 | 945134 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% | 8/1/2030 | 1141000 | 1168235 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% | 1/15/2035 | 766000 | 757897 |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | 868000 | 910267 |
| Piedmont Operating Partnership LP | 5.625% | 1/15/2033 | 718000 | 725737 |
| Piedmont Operating Partnership LP | 9.25% | 7/20/2028 | 1728000 | 1911416 |
| Rayonier LP | 2.75% | 5/17/2031 | 2532000 | 2283924 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†</sup> | 6.50% | 6/15/2033 | 805000 | 840071 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 7/1/2030 | 134000 | 140247 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 2186000 | 2280652 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 1300000 | 1180129 |
| *Total* |  |  |  | 31897165 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail 1.81%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(c)</sup> | 6.125% | 6/15/2029 | $1098000 | $1128383 |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.375% | 8/1/2033 | 1941000 | 1950084 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 1079993 | 1133339 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 1524000 | 1114726 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 8.375% | 1/15/2029 | 1297000 | 1278291 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 185000 | 94328 |
| LBM Acquisition LLC<sup>†</sup> | 9.50% | 6/15/2031 | 1271000 | 1326530 |
| Murphy Oil USA, Inc. | 4.75% | 9/15/2029 | 1500000 | 1496537 |
| Park River Holdings, Inc.<sup>†</sup> | 8.00% | 3/15/2031 | 1959000 | 2028270 |
| Park River Holdings, Inc.<sup>†</sup> | 8.75% | 12/31/2030 | 1207524 | 1193939 |
| PetSmart LLC/PetSmart Finance Corp.<sup>†</sup> | 7.50% | 9/15/2032 | 1190000 | 1212478 |
| Punch Finance PLC<sup>†</sup> | 7.875% | 12/30/2030 | 1055000 | 1449817 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | $2198000 | 2297391 |
| Staples, Inc.<sup>†</sup> | 10.75% | 9/1/2029 | 1154000 | 1148739 |
| Tiffany & Co. | 4.90% | 10/1/2044 | 1466000 | 1388281 |
| White Cap Supply Holdings LLC<sup>†</sup> | 7.375% | 11/15/2030 | 1175000 | 1219960 |
| *Total* |  |  |  | 21461093 |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(i)</sup> | 6.875% | 6/15/2011 | 1250000 | 0 <sup>(f)</sup> |
| **Semiconductors 0.85%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 1936000 | 1999627 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 1463000 | 1552934 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.40% | 1/25/2038 | 1427000 | 1524056 |
| Marvell Technology, Inc. | 5.95% | 9/15/2033 | 1107000 | 1184183 |
| Micron Technology, Inc. | 5.30% | 1/15/2031 | 665000 | 689573 |
| Qorvo, Inc.<sup>†</sup> | 3.375% | 4/1/2031 | 1324000 | 1229247 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 1083000 | 1068548 |
| SK Hynix, Inc. (South Korea)<sup>(c)</sup> | 6.50% | 1/17/2033 | 690000 | 761396 |
| *Total* |  |  |  | 10009564 |
| **Shipbuilding 0.21%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 4.20% | 5/1/2030 | 1157000 | 1146676 |
| Huntington Ingalls Industries, Inc. | 5.353% | 1/15/2030 | 390000 | 403187 |
| Huntington Ingalls Industries, Inc. | 5.749% | 1/15/2035 | 904000 | 958640 |
| *Total* |  |  |  | 2508503 |

---

26 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software 1.54%** |  |  | | |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<sup>†</sup> | 8.00% | 6/15/2029 | $1367000 | $1189828 |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | 1075000 | 1124009 |
| CoreWeave, Inc.<sup>†</sup> | 9.00% | 2/1/2031 | 1614000 | 1481281 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 1828000 | 1883447 |
| Oracle Corp. | 5.20% | 9/26/2035 | 4200000 | 4025447 |
| Oracle Corp. | 5.95% | 9/26/2055 | 1814000 | 1608396 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 1928000 | 1846256 |
| Roper Technologies, Inc. | 1.75% | 2/15/2031 | 960000 | 842573 |
| Roper Technologies, Inc. | 4.75% | 2/15/2032 | 706000 | 714000 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% | 6/30/2030 | 3345000 | 3568970 |
| *Total* |  |  |  | 18284207 |
| **Telecommunications 3.03%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 6.50% | 4/15/2032 | 1816594 | 1742635 |
| Altice France SA (France)<sup>†(c)</sup> | 6.875% | 10/15/2030 | 2205565 | 2141200 |
| Altice France SA (France)<sup>†(c)</sup> | 6.875% | 7/15/2032 | 1360766 | 1305790 |
| Altice France SA (France)<sup>†(c)(e)</sup> | 9.50% | 11/1/2029 | 1133495 | 1171014 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 2080000 | 2121044 |
| Digicel International Finance Ltd./Difl U.S. LLC (Jamaica)<sup>†(c)</sup> | 8.625% | 8/1/2032 | 1146000 | 1189860 |
| EchoStar Corp. | 6.75% | 11/30/2030 | 3753369 | 3849900 |
| Fibercop SpA (Italy)<sup>†(c)</sup> | 6.00% | 9/30/2034 | 1147000 | 1092339 |
| Flash Compute LLC<sup>†</sup> | 7.25% | 12/31/2030 | 1226000 | 1216208 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 844000 | 807150 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 1504000 | 1375021 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.625% | 1/15/2029 | 3161000 | 2933124 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.75% | 7/15/2029 | 980000 | 895975 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 661000 | 634560 |
| Level 3 Financing, Inc.<sup>†</sup> | 8.50% | 1/15/2036 | 1557779 | 1597249 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 1997000 | 1858278 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 1292000 | 1221541 |
| Lumen Technologies, Inc. | 7.60% | 9/15/2039 | 634000 | 610061 |
| Lumen Technologies, Inc. | 7.65% | 3/15/2042 | 751000 | 710469 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.25% | 1/31/2031 | 2598000 | 2371401 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.75% | 7/15/2031 | 1253000 | 1157770 |

---

<br> *See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Telecommunications (continued)** |  |  |  |  |
| WULF Compute LLC<sup>†</sup> | 7.75% | 10/15/2030 | $2271000 | $2341420 |
| Zegona Finance PLC (United Kingdom)<sup>†(c)</sup> | 8.625% | 7/15/2029 | 1455000 | 1547716 |
| *Total* |  |  |  | 35891725 |
| **Transportation 0.69%** |  |  |  |  |
| Danaos Corp. (Greec)<sup>†(c)</sup> | 6.875% | 10/15/2032 | 1161000 | 1201672 |
| GXO Logistics, Inc. | 2.65% | 7/15/2031 | 1389000 | 1252556 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 1090000 | 1149476 |
| Rand Parent LLC<sup>†(e)</sup> | 8.50% | 2/15/2030 | 2076000 | 2164350 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 1348000 | 1412525 |
| XPO, Inc.<sup>†</sup> | 7.125% | 2/1/2032 | 961000 | 1014305 |
| *Total* |  |  |  | 8194884 |
| **Trucking & Leasing 0.30%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†(e)</sup> | 5.875% | 4/15/2033 | 2335000 | 2374980 |
| FTAI Aviation Investors LLC<sup>†</sup> | 7.00% | 5/1/2031 | 1092000 | 1150769 |
| *Total* |  |  |  | 3525749 |
| **Water 0.24%** |  |  |  |  |
| Aegea Finance SARL (Luxembourg)<sup>(c)</sup> | 9.00% | 1/20/2031 | 1628000 | 1724249 |
| Sabesp Lux SARL (Luxembourg)<sup>†(c)</sup> | 5.625% | 8/20/2030 | 1136000 | 1141280 |
| *Total* |  |  |  | 2865529 |
| *Total Corporate Bonds* (cost $812,321,946) |  |  |  | 825607170 |
| **FLOATING RATE LOANS**<sup>(j)</sup> **2.32%** |  |  |  |  |
| **Advertising 0.14%** |  |  |  |  |
| CMG Media Corp. 2024 Term Loan | 7.272%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 1733806 | 1623189 |
| **Aerospace/Defense 0.37%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(c)</sup> | 0.50% | 3/6/2028 | 1860722 | 4419214 |
| **Auto Parts & Equipment 0.00%** |  |  |  |  |
| First Brands Group LLC 2021 Term Loan | 10.987%<br> (3 mo. USD Term SOFR + 7.00%) | 3/30/2027 | 531133 | 6379 |
| First Brands Group LLC 2022 Incremental Term Loan | 10.987%<br> (1 mo. USD Term SOFR + 7.11%) | 3/30/2027 | 128000 | 1538 |
| First Brands Group LLC 2025 DIP Term Loan | 13.843%<br> (1 mo. USD Term SOFR + 10.00%) | 6/29/2026 | 126360 | 24956 |
| *Total* |  |  |  | 32873 |

---

<br> 28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Building Materials 0.04%** |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B | 8.184%<br> (3 mo. USD Term SOFR + 4.25%) | 5/17/2028 | $604198 | $495494 |
| **Commercial Services 0.18%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 8.572%<br> (3 mo. USD Term SOFR + 4.75%) | 2/23/2029 | 1195395 | 1137615 |
| Spin Holdco, Inc. 2021 Term Loan | 8.022%<br> (3 mo. USD Term SOFR + 4.00%) | 3/4/2028 | 1337953 | 1038586 |
| *Total* |  |  |  | 2176201 |
| **Computers 0.34%** |  |  |  |  |
| X Corp. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 1143000 | 1141160 |
| X Corp. Term Loan | 10.448%<br> (3 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 2885255 | 2840952 |
| *Total* |  |  |  | 3982112 |
| **Diversified Capital Goods 0.08%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 9.566%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 1013925 | 935980 |
| **Electric: Generation 0.01%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 5.434%<br> (3 mo. USD Term SOFR + 1.50%) | 7/28/2028 | 129376 | 126789 |
| **Food 0.13%** |  |  |  |  |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.079%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 1473077 | 1578757 |
| **Health Care Products 0.04%** |  |  |  |  |
| Argent Finco LLC Term Loan B | – <sup>(k)</sup> | 11/12/2032 | $469000 | 473397 |
| **Health Care Services 0.06%** |  |  |  |  |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 7.655%<br> (3 mo. USD Term SOFR + 3.75%) | 5/19/2031 | 656370 | 659258 |
| **Internet 0.05%** |  |  |  |  |
| Anastasia Parent LLC 2025 Term Loan | 8.672%<br> (3 mo. USD Term SOFR + 5.00%) | 6/24/2030 | 573844 | 530806 |
| **Leisure Time 0.06%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(c)</sup> | 6.934%<br> (3 mo. USD Term SOFR + 3.00%) | 7/22/2030 | 706245 | 707128 |

---

<br> *See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Media 0.50%** |  |  | | |
| EW Scripps Co. 2025 Term Loan B2 | 9.60%<br> (1 mo. USD Term SOFR + 5.75% | 6/30/2028 | $891513 | $903932 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.402%<br> (3 mo. USD Term SOFR + 3.30% | 12/31/2029 | 2695690 | 2475317 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 7.916%<br> (1 mo. USD Term SOFR + 4.10% | 12/31/2030 | 1477663 | 1347629 |
| Virgin Media Bristol LLC 2023 USD Term Loan Y | 7.052%<br> (6 mo. USD Term SOFR + 3.18% | 3/31/2031 | 1146000 | 1137210 |
| *Total* |  |  |  | 5864088 |
| **Oil & Gas Services 0.04%** |  |  |  |  |
| Star Holding LLC 2024 1st Lien Term Loan B | 8.216%<br> (1 mo. USD Term SOFR + 4.50% | 7/31/2031 | 455159 | 448331 |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan |  | 12/31/2026 | 68047 | 0 <sup>(f)</sup> |
| **Software 0.11%** |  |  |  |  |
| Central Parent, Inc. 2024 Term Loan B | 6.922%<br> (3 mo. USD Term SOFR + 3.25% | 7/6/2029 | 658000 | 559491 |
| Modena Buyer LLC Term Loan | 8.09%<br> (3 mo. USD Term SOFR + 4.25% | 7/1/2031 | 801870 | 799300 |
| *Total* |  |  |  | 1358791 |
| **Transportation 0.08%** |  |  |  |  |
| Forward Air Corp. Term Loan B | 8.338%<br> (3 mo. USD Term SOFR + 4.50% | 12/19/2030 | 975000 | 970188 |
| **Utilities 0.09%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | 6.422% - 6.47%<br> (1 mo. USD Term SOFR + 2.75%<br> (3 mo. USD Term SOFR + 2.75% | 6/23/2032 | 1080929 | 1090895 |
| *Total Floating Rate Loans* (cost $25,251,700) |  |  |  | 27473491 |
| **FOREIGN GOVERNMENT OBLIGATIONS 8.12%** |  |  |  |  |
| **Angola 0.18%** |  |  |  |  |
| Angola Government International Bonds<sup>(c)</sup> | 8.75% | 4/14/2032 | 710000 | 692682 |
| Angolan Government International Bonds<sup>(c)</sup> | 9.244% | 1/15/2031 | 1405000 | 1415132 |
| *Total* |  |  |  | 2107814 |

---

<br> 30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Argentina 0.69%** |  |  | | |
| Argentina Republic Government International Bonds<sup>(c)</sup> | 0.75% <sup>(l)</sup> | 7/9/2030 | $5131585 | $4374677 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% <sup>(l)</sup> | 9/1/2037 | 132171 | 101795 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% <sup>(l)</sup> | 9/1/2037 | 1409823 | 1085817 |
| Provincia de Cordoba<sup>(c)</sup> | 6.875% <sup>(l)</sup> | 2/1/2029 | 934287 | 895794 |
| Provincia de Cordoba<sup>†(c)</sup> | 9.75% | 7/2/2032 | 1626000 | 1714211 |
| *Total* |  |  |  | 8172294 |
| **Bahamas 0.04%** |  |  |  |  |
| Bahamas Government International Bonds<sup>†(c)</sup> | 8.25% | 6/24/2036 | 454000 | 507717 |
| **Bolivia 0.15%** |  |  |  |  |
| Bolivia Government International Bonds<sup>(c)(e)</sup> | 4.50% | 3/20/2028 | 1985000 | 1835391 |
| **Brazil 0.71%** |  |  |  |  |
| Brazil Letras do Tesouro Nacional | Zero Coupon | 4/1/2027 | 26424000 | 4125588 |
| Brazil Notas do Tesouro Nacional | 10.00% | 1/1/2031 | 26365000 | 4228165 |
| *Total* |  |  |  | 8353753 |
| **Cameroon 0.14%** |  |  |  |  |
| Republic of Cameroon International Bonds<sup>(c)</sup> | 9.50% | 7/31/2031 | $1644000 | 1641033 |
| **Chile 0.25%** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos | 4.70% | 9/1/2030 | 2700000000 | 2948605 |
| **Costa Rica 0.10%** |  |  |  |  |
| Costa Rica Government International Bonds<sup>(c)</sup> | 7.30% | 11/13/2054 | $1076000 | 1211173 |
| **Dominican Republic 0.20%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(c)</sup> | 6.00% | 2/22/2033 | 2302000 | 2362658 |
| **Ecuador 0.41%** |  |  |  |  |
| Ecuador Government International Bonds<sup>†(c)</sup> | 6.90% <sup>(l)</sup> | 7/31/2030 | 4957627 | 4905621 |
| **Egypt 0.32%** |  |  |  |  |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 239000 | 235157 |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 3575000 | 3517511 |
| *Total* |  |  |  | 3752668 |

---

<br> *See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **El Salvador 0.58%** |  |  |  |  |
| El Salvador Government International Bonds<sup>†(c)</sup> | 0.25% | 4/17/2030 | $1385000 | $41521 |
| El Salvador Government International Bonds<sup>(c)</sup> | 8.625% | 2/28/2029 | 2644000 | 2825775 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.25% | 4/17/2030 | 2518000 | 2746508 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.65% | 11/21/2054 | 1144000 | 1312740 |
| *Total* |  |  |  | 6926544 |
| **Ghana 0.35%** |  |  |  |  |
| Ghana Government International Bonds<sup>(c)</sup> | 5.00% <sup>(l)</sup> | 7/3/2035 | 4512818 | 4139863 |
| **Honduras 0.11%** |  |  |  |  |
| Honduras Government International Bonds<sup>(c)</sup> | 5.625% | 6/24/2030 | 1293000 | 1285242 |
| **Hungary 0.20%** |  |  |  |  |
| Hungary Government Bonds | 7.00% | 10/24/2035 | 188940000 | 585844 |
| Hungary Government Bonds | 7.00% | 10/24/2035 | 580830000 | 1800973 |
| *Total* |  |  |  | 2386817 |
| **Lebanon 0.06%** |  |  |  |  |
| Lebanon Government International Bonds<sup>(c)(i)</sup> | 6.85% | 3/23/2027 | $3165000 | 740093 |
| **Mexico 0.75%** |  |  |  |  |
| Mexico Bonos | 7.75% | 5/29/2031 | 165600000 | 8866851 |
| **Montenegro 0.08%** |  |  |  |  |
| Montenegro Government International Bonds<sup>†(c)</sup> | 7.25% | 3/12/2031 | $923000 | 984519 |
| **Panama 0.18%** |  |  |  |  |
| Panama Government International Bonds<sup>(c)</sup> | 6.40% | 2/14/2035 | 2044000 | 2160712 |
| **Peru 0.28%** |  |  |  |  |
| Peru Government Bonds | 6.85% | 8/12/2035 | 10276000 | 3291890 |
| **Romania 0.22%** |  |  |  |  |
| Romania Government International Bonds<sup>(c)</sup> | 5.75% | 3/24/2035 | $1194000 | 1185886 |
| Romania Government International Bonds<sup>†(c)</sup> | 6.625% | 5/16/2036 | 1396000 | 1457577 |
| *Total* |  |  |  | 2643463 |

---

<br> 32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **South Africa 0.80%** |  |  |  |  |
| Republic of South Africa Government Bonds | 8.00% | 1/31/2030 | 97563393 | $6018504 |
| Republic of South Africa Government International Bonds<sup>(c)</sup> | 5.75% | 9/30/2049 | $2306000 | 1946376 |
| Republic of South Africa Government International Bonds<sup>†(c)</sup> | 7.25% | 12/11/2055 | 1517000 | 1506369 |
| *Total* |  |  |  | 9471249 |
| **Sri Lanka 0.23%** |  |  |  |  |
| Sri Lanka Government International Bonds<sup>(c)</sup> | &nbsp;&nbsp;3.60% <sup>(l)</sup> | 5/15/2036 | 2511260 | 2290944 |
| Sri Lanka Government International Bonds<sup>(c)</sup> | &nbsp;&nbsp;3.60% <sup>(l)</sup> | 2/15/2038 | 481153 | 440019 |
| *Total* |  |  |  | 2730963 |
| **Suriname 0.11%** |  |  |  |  |
| Suriname Government International Bonds<sup>†(c)</sup> | 8.50% | 11/6/2035 | 1158000 | 1254983 |
| **Trinidad And Tobago 0.10%** |  |  |  |  |
| Trinidad & Tobago Government International Bonds<sup>†(c)</sup> | 6.40% | 6/26/2034 | 1161000 | 1175513 |
| **Turkey 0.20%** |  |  |  |  |
| Istanbul Metropolitan Municipality<sup>†(c)</sup> | 10.50% | 12/6/2028 | 1074000 | 1180558 |
| Turkiye Government International Bonds<sup>(c)</sup> | 9.375% | 3/14/2029 | 1014000 | 1141896 |
| *Total* |  |  |  | 2322454 |
| **Ukraine 0.18%** |  |  |  |  |
| Ukraine Government International Bonds<sup>(c)</sup> | &nbsp;&nbsp;3.00% <sup>(l)</sup> | 2/1/2035 | 3826943 | 2165326 |
| **Uzbekistan 0.13%** |  |  |  |  |
| Republic of Uzbekistan International Bonds<sup>†(c)</sup> | 6.947% | 5/25/2032 | 1387000 | 1501282 |
| **Venezuela 0.17%** |  |  |  |  |
| Venezuela Government International Bonds<sup>(c)(i)</sup> | 9.00% | 5/7/2023 | 3091600 | 877242 |
| Venezuela Government International Bonds<sup>(c)(i)</sup> | 11.75% | 10/21/2026 | 2721600 | 895406 |
| Venezuela Government International Bonds<sup>(c)(i)</sup> | 12.75% | 8/23/2022 | 607800 | 192369 |
| *Total* |  |  |  | 1965017 |

---

<br> *See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Zambia 0.20%** |  |  | | |
| Zambia Government International Bonds<sup>(c)</sup> | 5.75% <sup>(l)</sup> | 6/30/2033 | $2357338 | $2327644 |
| *Total Foreign Government Obligations* (cost $87,327,972) |  |  |  | 96139152 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.65%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.65%** |  |  |  |
| Government National Mortgage Association<sup>(m)</sup> | 5.00% | TBA | 2909000 | 2900405 |
| Government National Mortgage Association<sup>(m)</sup> | 5.50% | TBA | 5710000 | 5763561 |
| Government National Mortgage Association<sup>(m)</sup> | 6.00% | TBA | 5100000 | 5194230 |
| Government National Mortgage Association<sup>(m)</sup> | 6.50% | TBA | 9784000 | 10108962 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 4.50% | TBA | 8459000 | 8459868 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.00% | TBA | 51445000 | 51496964 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.50% | TBA | 29596000 | 30027235 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.00% | TBA | 9828000 | 10086455 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.50% | TBA | 7063000 | 7342087 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 7.00% | TBA | 6250000 | 6578825 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $137,622,595) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $137,622,595) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $137,622,595) |  | 137958592 |
|  |  |  | **Shares** |  |
| **INVESTMENTS IN UNDERLYING FUNDS 1.30%** |  |  |  |  |
| Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $15,336,666) | Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $15,336,666) |  | 609774 | 15366316 |
|  |  |  | **Principal<br> Amount**<sup>‡</sup> |  |
| **MUNICIPAL BONDS 0.56%** |  |  |  |  |
| **Corporate-Backed 0.09%** |  |  |  |  |
| Mobile County Industrial Development Authority – AM/NS Calvert LLC AL AMT | 4.75% | 12/1/2054 | $1205000 | 1107455 |
| **Lease Obligation 0.09%** |  |  |  |  |
| Maryland Stadium Authority – State of Maryland | 5.578% | 6/15/2055 | 1110000 | 1111155 |
| **Miscellaneous 0.18%** |  |  |  |  |
| Dallas Convention Center Hotel Development Corp. TX | 7.088% | 1/1/2042 | 1185000 | 1315847 |
| New York City Industrial Development Agency NY<sup>†</sup> | 11.00% | 3/1/2029 | 685000 | 750069 |
| *Total* |  |  |  | 2065916 |
| **Tax Revenue 0.09%** |  |  |  |  |
| Memphis-Shelby County Industrial Development Board Tax Allocation TN<sup>(i)</sup> | 7.00% | 7/1/2045 | 1415000 | 1079184 |

---

<br> 34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Transportation 0.11%** |  |  |  | | |
| Public Finance Authority – SR 400 Peach Partners LLC WI AMT | &nbsp;&nbsp;5.75% |  | 12/31/2065 | $1300000 | $1339599 |
| *Total Municipal Bonds* (cost $7,098,117) |  |  |  |  | 6703309 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.39%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.39%** |  |  |  |  |
| 1301 Trust Series 2025-1301 Class C<sup>†</sup> | 5.641% | <sup>#(q)</sup> | 8/11/2042 | 790000 | 802515 |
| 1301 Trust Series 2025-1301 Class D<sup>†</sup> | 6.223% | <sup>#(q)</sup> | 8/11/2042 | 770000 | 783036 |
| 1345 Trust Series 2025-AOA Class A<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%<br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 6/15/2042 | 980000 | 984521 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.494%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 1870000 | 1880044 |
| ALA Trust Series 2025-OANA Class C<sup>†</sup> | 5.843%<br> (1 mo. USD Term SOFR + 2.09% |)<sup>#</sup> | 6/15/2040 | 1780000 | 1787962 |
| ARZ Trust Series 2024-BILT Class A<sup>†</sup> | 5.772% |  | 6/11/2039 | 660000 | 679114 |
| BAHA Trust Series 2024-MAR Class A<sup>†</sup> | 5.972% | <sup>#(q)</sup> | 12/10/2041 | 690000 | 715064 |
| BAHA Trust Series 2024-MAR Class B<sup>†</sup> | 6.841% | <sup>#(q)</sup> | 12/10/2041 | 1570000 | 1645882 |
| BFLD Trust Series 2025-FPM Class A<sup>†</sup> | 5.011% | <sup>#(q)</sup> | 10/10/2040 | 600000 | 607514 |
| BHMS Commercial Mortgage Trust Series 2025-ATLS Class A<sup>†</sup> | 5.60%<br> (1 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 8/15/2042 | 1730000 | 1739795 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A<sup>†</sup> | 5.092%<br> (1 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 3/15/2041 | 2501435 | 2505424 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class B<sup>†</sup> | 5.755% | <sup>#(q)</sup> | 6/15/2044 | 450000 | 464908 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class C<sup>†</sup> | 6.236% | <sup>#(q)</sup> | 6/15/2044 | 370000 | 385345 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A<sup>†</sup> | 4.796%<br> (1 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/15/2034 | 1737914 | 1729927 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class B<sup>†</sup> | 5.393%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 12/15/2039 | 826739 | 829700 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class B<sup>†</sup> | 5.543%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 1/15/2042 | 860000 | 860871 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 965157 | 966742 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.142%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 531681 | 532547 |

---

<br> *See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **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)** |  |  |
| BX Commercial Mortgage Trust Series 2025-COPT Class A<sup>†</sup> | 5.50%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 8/15/2042 | $2070000 | $2077465 |
| BX Trust Series 2024-VLT4 Class A<sup>†</sup> | 5.242%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 6/15/2041 | 1100000 | 1100962 |
| BX Trust Series 2025-ARIA Class C<sup>†</sup> | 5.517% | <sup>#(q)</sup> | 12/13/2042 | 380000 | 383283 |
| BX Trust Series 2025-GW Class A<sup>†</sup> | 5.35%<br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2042 | 980000 | 983378 |
| BX Trust Series 2025-ROIC Class E<sup>†</sup> | 6.691%<br> (1 mo. USD Term SOFR + 2.94% |)<sup>#</sup> | 3/15/2030 | 1424444 | 1420194 |
| BX Trust Series 2025-TAIL Class E<sup>†</sup> | 7.05%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 6/15/2035 | 900000 | 902160 |
| BX Trust Series 2025-VLT6 Class B<sup>†</sup> | 5.643%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 3/15/2042 | 980000 | 979950 |
| BX Trust Series 2025-VLT7 Class A<sup>†</sup> | 5.45%<br> (1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/15/2044 | 1180000 | 1183787 |
| BX Trust Series 2025-VLT7 Class E<sup>†</sup> | 7.50%<br> (1 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 7/15/2044 | 570000 | 570565 |
| BX Trust Series 2025-VOLT Class D<sup>†</sup> | 6.50%<br> (1 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 12/15/2044 | 1860000 | 1865257 |
| CALI Mortgage Trust Series 2019-101C Class A<sup>†</sup> | 3.957% |  | 3/10/2039 | 1160000 | 1122450 |
| CENT Series 2025-CITY Class A<sup>†</sup> | 4.92% | <sup>#(q)</sup> | 7/10/2040 | 450000 | 455935 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.041%<br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 1130000 | 1131895 |
| DBC Mortgage Trust Series 2025-DBC Class C<sup>†</sup> | 5.801%<br> (1 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 11/15/2042 | 1290000 | 1292774 |
| DBC Mortgage Trust Series 2025-DBC Class D<sup>†</sup> | 6.351%<br> (1 mo. USD Term SOFR + 2.60% |)<sup>#</sup> | 11/15/2042 | 450000 | 453159 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA1 Class B2<sup>†</sup> | 9.089%<br> (30 day USD SOFR Average + 5.21% |)<sup>#</sup> | 1/25/2050 | 290000 | 322681 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3 Class B2<sup>†</sup> | 10.124%<br> (30 day USD SOFR Average + 6.25% |)<sup>#</sup> | 9/25/2041 | 175000 | 180345 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class B2<sup>†</sup> | 10.874%<br> (30 day USD SOFR Average + 7.00% |)<sup>#</sup> | 12/25/2041 | 235000 | 246387 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **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)** |  |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA2 Class B2<sup>†</sup> | 12.374%<br> (30 day USD SOFR Average + 8.50% |)<sup>#</sup> | 2/25/2042 | $565000 | $605917 |
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA1 Class B2<sup>†</sup> | 16.239%<br> (30 day USD SOFR Average + 12.36% |)<sup>#</sup> | 2/25/2049 | 290000 | 353276 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02 Class 2B2<sup>†</sup> | 10.074%<br> (30 day USD SOFR Average + 6.20% |)<sup>#</sup> | 11/25/2041 | 112000 | 116180 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R02 Class 2B2<sup>†</sup> | 11.524%<br> (30 day USD SOFR Average + 7.65% |)<sup>#</sup> | 1/25/2042 | 240000 | 253539 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R06 Class 1B2<sup>†</sup> | 14.474%<br> (30 day USD SOFR Average + 10.60% |)<sup>#</sup> | 5/25/2042 | 668000 | 745828 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R07 Class 1B2<sup>†</sup> | 15.874%<br> (30 day USD SOFR Average + 12.00% |)<sup>#</sup> | 6/25/2042 | 87000 | 99474 |
| Great Wolf Trust Series 2024-WOLF Class A<sup>†</sup> | 5.292%<br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 3/15/2039 | 1500000 | 1503966 |
| GS Mortgage Securities Corp. Trust Series 2024-MARK Class A<sup>†</sup> | 5.541%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 6/15/2034 | 1320000 | 1321852 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class D<sup>†</sup> | 6.34% | <sup>#(q)</sup> | 1/13/2040 | 590000 | 614469 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class F<sup>†</sup> | 7.403% | <sup>#(q)</sup> | 1/13/2040 | 250000 | 254674 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-BOLT Class D<sup>†</sup> | 11.137%<br> (1 mo. USD Term SOFR + 6.81% |)<sup>#</sup> | 8/15/2033 | 2110000 | 30417 <sup>(f)</sup> |
| JW Commercial Mortgage Trust Series 2024-MRCO Class A<sup>†</sup> | 5.371%<br> (1 mo. USD Term SOFR + 1.62% |)<sup>#</sup> | 6/15/2039 | 2030000 | 2035660 |
| JW Trust Series 2024-BERY Class A<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 11/15/2039 | 810000 | 812600 |
| MAD Commercial Mortgage Trust Series 2025-11MD Class C<sup>†</sup> | 5.631% | <sup>#(q)</sup> | 10/15/2042 | 2390000 | 2414998 |
| NRTH Commercial Mortgage Trust Series 2025-PARK Class A<sup>†</sup> | 5.143%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/15/2040 | 1010000 | 1012408 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **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)** |  |  |
| NY Commercial Mortgage Trust Series 2025-299P Class B<sup>†</sup> | 5.928% | <sup>#(q)</sup> | 2/10/2047 | $660000 | $689297 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class A<sup>†</sup> | 4.961%<br> (1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 11/15/2038 | 1920000 | 1918565 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class B<sup>†</sup> | 5.41%<br> (1 mo. USD Term SOFR + 1.66% |)<sup>#</sup> | 12/15/2038 | 500000 | 498258 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class C<sup>†</sup> | 5.861%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 11/15/2038 | 870000 | 865037 |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 4.565%<br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | 2750000 | 2743612 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.438% | <sup>#(q)</sup> | 2/14/2047 | 1630000 | 1679169 |
| ROCK Trust Series 2024-CNTR Class B<sup>†</sup> | 5.93% |  | 11/13/2041 | 1200000 | 1241364 |
| ROCK Trust Series 2024-CNTR Class C<sup>†</sup> | 6.471% |  | 11/13/2041 | 1160000 | 1207876 |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% |  | 11/13/2041 | 2930000 | 3125852 |
| SCG Trust Series 2025-SNIP Class D<sup>†</sup> | 6.35%<br> (1 mo. USD Term SOFR + 2.60% |)<sup>#</sup> | 9/15/2042 | 690000 | 694751 |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class A<sup>†</sup> | 5.142%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 5/15/2039 | 730000 | 729893 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 6.762%<br> (1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 3850000 | 1850927 |
| SHRN Trust Series 2025-MF18 Class D<sup>†</sup> | 6.00%<br> (1 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 10/15/2040 | 450000 | 451856 |
| SHRN Trust Series 2025-MF18 Class E<sup>†</sup> | 6.70%<br> (1 mo. USD Term SOFR + 2.95% |)<sup>#</sup> | 10/15/2040 | 500000 | 502676 |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 4.751%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 750000 | 750188 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.391%<br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 1640000 | 1627782 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 12/15/2039 | 800000 | 801619 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C<sup>†</sup> | 5.742%<br> (1 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 12/15/2039 | 450000 | 451342 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **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)** |  |  |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class C<sup>†</sup> | 5.892%<br> (1 mo. USD Term SOFR + 2.14% |)<sup>#</sup> | 4/15/2042 | $710000 | $711393 |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(q)</sup> | 6/25/2054 | 646319 | 664179 |
| WB Commercial Mortgage Trust Series 2024-HQ Class A<sup>†</sup> | 5.937% | <sup>#(q)</sup> | 3/15/2040 | 630000 | 629633 |
| Wells Fargo Commercial Mortgage Trust Series 2025-609M Class A<sup>†</sup> | 5.293%<br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 8/15/2042 | 2220000 | 2225496 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A<sup>†</sup> | 5.35% | <sup>#(q)</sup> | 7/15/2040 | 880000 | 905217 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $79,149,756) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $79,149,756) |  |  |  | 75714778 |
|  | **Dividend<br> Rate** |  |  | **Shares** |  |
| **PREFERRED STOCKS 0.20%** |  |  |  |  |  |
| **Automobiles 0.11%** |  |  |  |  |  |
| Dr. Ing hc F Porsche AG<sup>†(d)</sup> | 5.031% |  |  | 24431 | 1301252 |
| **Commercial Services & Supplies 0.00%** |  |  |  |  |  |
| SVB Financial Trust Class C | Zero Coupon |  |  | 156880 | 20394 |
| **Transportation Infrastructure 0.09%** |  |  |  |  |  |
| ACBL Holdings Corp. | Zero Coupon |  |  | 16904 | 1031144 |
| *Total Preferred Stocks* (cost $1,776,043) |  |  |  |  | 2352790 |
| *Total Long-Term Investments* (cost $1,272,128,282) | *Total Long-Term Investments* (cost $1,272,128,282) |  |  |  | 1295609095 |
|  |  |  |  | **Principal<br> Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 2.63%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.31%** |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $3,699,500 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $3,731,821; proceeds: $3,659,260<br> (cost $3,658,599) | Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $3,699,500 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $3,731,821; proceeds: $3,659,260<br> (cost $3,658,599) |  |  | $3658599 | 3658599 |
| **TIME DEPOSITS 0.23%** |  |  |  |  |  |
| CitiBank N.A.<sup>(r)</sup> (cost $2,748,333) |  |  |  | 2748333 | 2748333 |

---

*See Notes to Financial Statements.* 39

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **MONEY MARKET FUNDS 2.09%** |  |  |
| Fidelity Government Portfolio<sup>(r)</sup> (cost $24,734,994) | 24734994 | $24734994 |
| *Total Short-Term Investments* (cost $31,141,926) |  | 31141926 |
| *Total Investments in Securities 112.05%* (cost $1,303,270,208) |  | 1326751021 |
| *Other Assets and Liabilities – Net*<sup>(s)</sup> *(12.05)%* |  | (142716778) |
| *Net Assets 100.00%* |  | $1184034243 |

---

---

| | |
|:---|:---|
| BRL | Brazilian Real. |
| CLP | Chilean Peso. |
| EUR | Euro. |
| GBP | British Pound. |
| HUF | Hungarian Forint. |
| MXN | Mexican Peso. |
| PEN | Peruvian Nuevo Sol. |
| ZAR | South African Rand. |
| ADR | American Depositary Receipt. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <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 December 31, 2025, the total value of Rule 144A securities was $656,983,051, which represents 55.49% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(b)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(e)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(g)</sup> | Securities purchased on a when-issued basis (See Note 2(k)). |
| <sup>(h)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(i)</sup> | Defaulted (non-income producing security). |
| <sup>(j)</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 December 31, 2025. |
| <sup>(k)</sup> | Interest Rate to be determined. |
| <sup>(l)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(m)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(n)</sup> | Affiliated funds (See Note 11). |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

<sup>(o)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At December 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $15,366,316 or 1.30% of net assets.

<sup>(p)</sup> Fund is a business development company under the Investment Company Act of 1940.

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

<sup>(r)</sup> Security was purchased with the cash collateral from loaned securities.

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

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at December 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.HY.S45<sup>(4)</sup> | Bank of America | 5.00% | 12/20/2030 | $2559000 | $186872 | $8130 | $195002 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $8,130. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | Payments to be<br> Made By<br> The Fund at<br> Termination Date | Payments to be<br> Received By<br> The Fund at<br> Termination Date | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Appreciation** |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | $1392911 | $17492<sup>(1)</sup> |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | 2807089 | 35251 |
| *Total* |  |  |  |  | $52743 |
| **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** |
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Depreciation** |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 10/23/2028 | $10000000 | $(58432) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 5/12/2052 | 4373000 | (92281) |
| Bank of America | 2.748% | CPI Urban Consumer NSA | 4/20/2052 | 6000000 | (210530) |
| *Total* |  |  |  |  | $(361243) |

---

---

| | |
|:---|:---|
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Unrealized appreciation on Centrally Cleared CPI Swap Contract is $11,556, which includes upfront payment of $5,936. Upfront payments paid (received) are presented net of amortization. |

---

*See Notes to Financial Statements.* 41

**Schedule of Investments (continued)**

*December 31, 2025*

**Forward Foreign Currency Exchange Contracts at December 31, 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** |
| British pound | Buy | Barclays PLC | 2/6/2026 | 33000 | $44334 | $44480 | $146 |
| British pound | Buy | Barclays PLC | 2/6/2026 | 38000 | 51145 | 51220 | 75 |
| British pound | Buy | Citibank | 2/6/2026 | 48000 | 64089 | 64699 | 610 |
| British pound | Buy | Citibank | 2/6/2026 | 198000 | 264044 | 266883 | 2839 |
| British pound | Buy | Goldman Sachs | 2/6/2026 | 195000 | 255516 | 262839 | 7323 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 218000 | 286587 | 293840 | 7253 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 134000 | 174973 | 180618 | 5645 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 82000 | 107448 | 110527 | 3079 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 79000 | 105400 | 106483 | 1083 |
| British pound | Buy | State Street Bank And Trust | 2/6/2026 | 197000 | 263656 | 265535 | 1879 |
| Canadian dollar | Buy | Bank of America | 1/23/2026 | 145000 | 103804 | 105744 | 1940 |
| Canadian dollar | Buy | Barclays PLC | 1/23/2026 | 162000 | 118038 | 118141 | 103 |
| Canadian dollar | Buy | Barclays PLC | 1/23/2026 | 130000 | 94481 | 94805 | 324 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 299000 | 214139 | 218051 | 3912 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 181000 | 129979 | 131997 | 2018 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 69000 | 49488 | 50319 | 831 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 69000 | 49577 | 50319 | 742 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 316000 | 226673 | 230448 | 3775 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 140000 | 99556 | 102097 | 2541 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 145000 | 103798 | 105744 | 1946 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 241000 | 172506 | 175753 | 3247 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 145000 | 103169 | 105744 | 2575 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 139000 | 99352 | 101368 | 2016 |
| Canadian dollar | Buy | State Street Bank And Trust | 1/23/2026 | 440000 | 315918 | 320877 | 4959 |
| Euro | Buy | Morgan Stanley | 3/6/2026 | 171000 | 197956 | 201527 | 3571 |
| Swedish krona | Buy | Barclays PLC | 1/30/2026 | 5926000 | 623122 | 644528 | 21406 |
| Swedish krona | Buy | Goldman Sachs | 1/30/2026 | 1114000 | 117345 | 121162 | 3817 |
| Swedish krona | Buy | Goldman Sachs | 1/30/2026 | 1135000 | 120685 | 123446 | 2761 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 1139000 | 121981 | 123881 | 1900 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 1157000 | 123241 | 125839 | 2598 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 1153000 | 122948 | 125404 | 2456 |
| Swiss franc | Buy | Citibank | 1/16/2026 | 61000 | 76322 | 77094 | 772 |
| Swiss franc | Buy | Goldman Sachs | 1/16/2026 | 85256 | 106457 | 107749 | 1292 |
| Swiss franc | Buy | Morgan Stanley | 1/16/2026 | 60000 | 75806 | 75830 | 24 |
| Swiss franc | Buy | State Street Bank And Trust | 1/16/2026 | 46000 | 58132 | 58136 | 4 |

---

42 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 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** |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 111000 | $81038 | $80949 | $89 |
| Euro | Sell | Barclays PLC | 3/6/2026 | 58000 | 68386 | 68354 | 32 |
| Euro | Sell | Goldman Sachs | 3/6/2026 | 107000 | 126216 | 126102 | 114 |
| Euro | Sell | Goldman Sachs | 3/6/2026 | 111000 | 131338 | 130816 | 522 |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 113000 | 133325 | 133173 | 152 |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 113000 | 133311 | 133173 | 138 |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 3084000 | 3913904 | 3897667 | 16237 |
| Swiss franc | Sell | Citibank | 1/16/2026 | 3854000 | 4891788 | 4870820 | 20968 |
| Swiss franc | Sell | Goldman Sachs | 1/16/2026 | 144000 | 182681 | 181992 | 689 |
| Swiss franc | Sell | Goldman Sachs | 1/16/2026 | 7529000 | 9557419 | 9515414 | 42005 |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 4075000 | 5175983 | 5150128 | 25855 |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 139000 | 177053 | 175673 | 1380 |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 105000 | 133492 | 132703 | 789 |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 166000 | 210401 | 209797 | 604 |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 126000 | 159441 | 159243 | 198 |
| *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* |  | $211234 |
| 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 |
| British pound | Buy | Barclays PLC | 2/6/2026 | 40000 | $54058 | $53916 | $(142) |
| Swiss franc | Buy | Goldman Sachs | 1/16/2026 | 56000 | 71280 | 70775 | (505) |
| Swiss franc | Buy | Morgan Stanley | 1/16/2026 | 18187000 | 23427195 | 22985368 | (441827) |
| Swiss franc | Buy | State Street Bank And Trust | 1/16/2026 | 18187000 | 23426591 | 22985368 | (441223) |
| British pound | Sell | Barclays PLC | 2/6/2026 | 175000 | 229913 | 235881 | (5968) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 88000 | 115693 | 118615 | (2922) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 80000 | 106225 | 107831 | (1606) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 231000 | 305476 | 311363 | (5887) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 4096000 | 5484167 | 5520966 | (36799) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 101000 | 131546 | 136137 | (4591) |

---

*See Notes to Financial Statements.* 43

**Schedule of Investments (continued)**

*December 31, 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> Depreciation** |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 51000 | $66509 | $68742 | $(2233) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 50000 | 65691 | 67395 | (1704) |
| British pound | Sell | State Street Bank And Trust | 2/6/2026 | 234000 | 308377 | 315407 | (7030) |
| Canadian dollar | Sell | Citibank | 1/23/2026 | 145000 | 104363 | 105744 | (1381) |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 2581000 | 1882108 | 1882237 | (129) |
| Canadian dollar | Sell | State Street Bank And Trust | 1/23/2026 | 154000 | 110131 | 112307 | (2176) |
| Canadian dollar | Sell | State Street Bank And Trust | 1/23/2026 | 204000 | 146363 | 148770 | (2407) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 523000 | 611764 | 616368 | (4604) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 100000 | 116851 | 117852 | (1001) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 418000 | 492151 | 492623 | (472) |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 3390000 | 3929180 | 3995194 | (66014) |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 58000 | 67799 | 68354 | (555) |
| Euro | Sell | State Street Bank And Trust | 3/6/2026 | 57000 | 66727 | 67176 | (449) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 2904000 | 310422 | 315847 | (5425) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 1424000 | 152380 | 154878 | (2498) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 661000 | 70292 | 71892 | (1600) |
| Swedish krona | Sell | Citibank | 1/30/2026 | 1299000 | 137264 | 141283 | (4019) |
| Swedish krona | Sell | Goldman Sachs | 1/30/2026 | 668000 | 71522 | 72654 | (1132) |
| Swedish krona | Sell | Morgan Stanley | 1/30/2026 | 1432000 | 153609 | 155748 | (2139) |
| Swedish krona | Sell | State Street Bank And Trust | 1/30/2026 | 5678000 | 607600 | 617555 | (9955) |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 7801000 | 9813134 | 9859177 | (46043) |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 3046000 | 3828798 | 3849642 | (20844) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 7808000 | 9813752 | 9868024 | (54272) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 143000 | 178715 | 180728 | (2013) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 154000 | 192577 | 194631 | (2054) |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 230000 | 286335 | 290682 | (4347) |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 153000 | 191367 | 193367 | (2000) |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 36000 | 44940 | 45498 | (558) |
| Swiss franc | Sell | State Street Bank And Trust | 1/16/2026 | 155000 | 192979 | 195894 | (2915) |
| *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* |  | $(1193439) |

---

44 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 367 | Long | $42494115 | $42210734 | $(283381) |
| U.S. 2-Year Treasury Note | March 2026 | 1731 | Long | 361437075 | 361413866 | (23209) |
| U.S. 5-Year Treasury Note | March 2026 | 624 | Long | 68383423 | 68206125 | (177298) |
| U.S. Long Bond | March 2026 | 109 | Long | 12731405 | 12599719 | (131685) |
| U.S. Ultra Treasury Bond | March 2026 | 69 | Long | 8290031 | 8142000 | (148031) |
| *Total Unrealized Depreciation on Futures Contracts* |  |  |  |  |  | $(763604) |

---

The following is a summary of the inputs used as of December 31, 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;Other | $– | $23778687 | $1256856 | $25035543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 9529898 |  | 9529898 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 561154 |  | 561154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Utilities | 2660045 | 137344 |  | 2797389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 7100053 | 1110614 |  | 8210667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Financials |  | 239996 |  | 239996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products |  | 757425 |  | 757425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 2473713 |  | 2473713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 3050019 |  | 0 | 3050019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 1248313 | 368979 |  | 1617292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 110732 |  | 110732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 53909669 |  |  | 53909669 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  | 67205228 | 0 | 67205228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  | 15685096 | 1738873 | 17423969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  | 33398235 | 0 | 33398235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 707579738 |  | 707579738 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal & Household Products |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 27473491 |  | 27473491 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 96139152 |  | 96139152 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 137958592 |  | 137958592 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds |  | 15366316 |  | 15366316 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 6703309 |  | 6703309 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 75684361 | 30417 | 75714778 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 2352790 |  | 2352790 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3658599 |  | 3658599 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 2748333 |  | 2748333 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 24734994 | – | – | 24734994 |
| **Total** | $92703093 | $1231021782 | $3026146 | $1326751021 |

---

*See Notes to Financial Statements.* 45

**Schedule of Investments (concluded)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** |  |  |  |  |
| Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $195002 | $– | $195002 |
| &nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  | 52743 |  | 52743 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (361243) |  | (361243) |
| Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  | 211234 |  | 211234 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (1193439) |  | (1193439) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities | (763604) | – | – | (763604) |
| **Total** | $(763604) | $(1095703) | $– | $(1859307) |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| |  |

---

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

46 *See Notes to Financial Statements.*

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $1287933542 |
| Investments in Underlying Funds, at cost | 15336666 |
| Investments in securities, at fair value including $26,567,399 of securities loaned | $1311384705 |
| Investments in Underlying Funds, at fair value | 15366316 |
| Cash | 194157 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 200000 |
| Deposits with brokers for futures collateral | 4551700 |
| Deposits with brokers for forwards and swap contracts collateral | 4345078 |
| Foreign cash, at value (cost $85,042) | 85162 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 197789979 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 16473094 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 845361 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 11777 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 22041 |
| Unrealized appreciation on forward foreign currency exchange contracts | 211234 |
| Prepaid expenses and other assets | 14315 |
| **Total assets** | 1551494919 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 333690002 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 27483327 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1963308 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements | 1575699 |
| &nbsp;&nbsp;&nbsp;Management fee | 469978 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 309525 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 265810 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 200000 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 156814 |
| &nbsp;&nbsp;&nbsp;Fund administration | 39888 |
| Unrealized depreciation on forward foreign currency exchange contracts | 1193439 |
| Accrued expenses | 112886 |
| **Total liabilities** | 367460676 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $1184034243 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $1315907766 |
| Total distributable earnings/(loss) | (131873523) |
| **Net Assets** | $1184034243 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 111614444 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $10.61 |

---

<br> *See Notes to Financial Statements.* 47

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $28,763) | $654776 |
| Dividend income from Underlying Funds (See Note 11) | 1077704 |
| Securities lending net income | 213085 |
| Interest and other (net of foreign withholding taxes of $3,892) | 73131041 |
| Total investment income | 75076606 |
| **Expenses:** |  |
| Management fee | 5420777 |
| Non-12b-1 service fees | 2873322 |
| Shareholder servicing | 1148803 |
| Fund administration | 459625 |
| Professional | 94559 |
| Custody | 76133 |
| Directors' fees | 49336 |
| Reports to shareholders | 17904 |
| Other | 131996 |
| Gross expenses | 10272455 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (168522) |
| **Net expenses** | 10103933 |
| **Net investment income** | 64972673 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 8371779 |
| Net realized gain/(loss) on futures contracts | (3956951) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (1903022) |
| Net realized gain/(loss) on swap contracts | 76408 |
| Net realized gain/(loss) on foreign currency related transactions | 193536 |
| Net change in unrealized appreciation/(depreciation) on Investments in Underlying Funds | (18459) |
| Net change in unrealized appreciation/(depreciation) on investments | 23455912 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | (557128) |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | 955664 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | 120427 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 64959 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | 7875 |
| **Net realized and unrealized gain/(loss)** | 26811000 |
| **Net Increase in Net Assets Resulting From Operations** | $91783673 |

---

<br> 48 *See Notes to Financial Statements.*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **<br> For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** | | |
| Net investment income | $64972673 | $63261803 |
| Net realized gain/(loss) | 2781750 | (299158) |
| Net change in unrealized appreciation/(depreciation) | 24029250 | 9612934 |
| **Net increase in net assets resulting from operations** | 91783673 | 72575579 |
| **Distributions to shareholders:** | (68737035) | (63481707) |
| **Capital share transactions (See Note 14):** |  |  |
| Net proceeds from sales of shares | 113908446 | 112843941 |
| Reinvestment of distributions | 68737035 | 63481707 |
| Cost of shares reacquired | (163950389) | (137591562) |
| **Net increase in net assets resulting from capital share transactions** | 18695092 | 38734086 |
| **Net increase in net assets** | 41741730 | 47827958 |
| **NET ASSETS:** |  |  |
| Beginning of year | $1142292513 | $1094464555 |
| **End of year** | $1184034243 | $1142292513 |

---

<br> *See Notes to Financial Statements.* 49

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<sup>(b)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> operations** | **Net<br> invest-<br> ment<br> income** | **Net<br> realized<br> gain** | **Total<br> distributions** |
| 12/31/2025 | $10.40 | $0.61 | $0.25 | $0.86 | $(0.65) | $– | $(0.65)&nbsp;&nbsp;&nbsp;&nbsp; |
| 12/31/2024 | 10.32 | 0.60 | 0.09 | 0.69 | (0.61) |  | (0.61) |
| 12/31/2023 | 10.20 | 0.51 | 0.16 | 0.67 | (0.55) |  | (0.55) |
| 12/31/2022 | 12.29 | 0.45 | (2.01) | (1.56) | (0.50) | (0.03) | (0.53) |
| 12/31/2021 | 12.48 | 0.40 | 0.01 | 0.41 | (0.39) | (0.21) | (0.60) |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

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

<sup>(c)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

<br> 50 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $10.61 | 8.33 | 0.88 | 0.89 | 5.65 | $1184034 | 306 |
| 10.40 | 6.72 | 0.89 | 0.89 | 5.65 | 1142293 | 284 |
| 10.32 | 6.55 | 0.89 | 0.90 | 4.97 | 1094465 | 259 |
| 10.20 | (12.80) | 0.89 | 0.89 | 4.02 | 1084170 | 182 |
| 12.29 | 3.28 | 0.89 | 0.89 | 3.11 | 1330920 | 96 |

---

<br> *See Notes to Financial Statements.* 51

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Bond Debenture Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation **–** Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
 is responsible for, among other things, assessing and managing valuation risks, establishing, applying and

**Notes to Financial Statements (continued)**

testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Investments in the PCF are valued at their net asset value ("NAV") each month end. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

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

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

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

**Notes to Financial Statements (continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest
 rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining
 the fair value of investments).

A summary of inputs used in valuing the Fund's investments and other financial instruments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year 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.

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

(c) Floating Rate Loans **–** The
 Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations
 and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities
 (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated,
 negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent")
 for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf
 of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations
 and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower
 withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference
 to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank
 or Secured Overnight Financing Rate.

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to 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

**Notes to Financial Statements (continued)**

Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

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

As of December 31, 2025, the Fund did not have any unfunded loan commitments.

---

| | |
|:---|:---|
| (d) | Foreign Transactions**–**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (e) | Income Taxes**–**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (f) | Investment Income**–**Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on 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 Statement of Operations. Withholding taxes on foreign interest and dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |

---

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (g) | Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (h) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (i) | 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. |
| (j) | To-Be-Announced ("TBA") Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation" above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. |
| (k) | When-Issued, Forward Transactions or TBA Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the |

---

**Notes to Financial Statements (continued)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **DERIVATIVE TRANSACTIONS** 

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

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

Forward Foreign Currency Exchange Contracts**–**During the fiscal year, the Fund listed in the tables below is exposed to foreign currency risks associated with some or all of its portfolio investments and, during the fiscal year ended, 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

**Notes to Financial Statements (continued)**

recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

Futures Contracts**–**During the fiscal year, the Fund listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the fiscal year, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Notes to Financial Statements (continued)**

Swap Contracts**–**The Fund may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter ("OTC") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits with brokers for swap contracts collateral on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Net change in unrealized appreciation/(depreciation) on swap contracts on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's OTC swap contract agreements are subject to master netting arrangements.

Credit Default Swap Contracts**–**During the fiscal year, the Fund listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

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

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

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the

**Notes to Financial Statements (continued)**

maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation.

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

**Notes to Financial Statements (continued)**

Summary of Derivatives Information**–**As of December 31, 2025, the Fund in the table below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** |
| **Asset Derivatives** | **Statement of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Payables, variation margin for centrally cleared swap contract agreements |  |  |  | $52743 |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Payables, variation margin for centrally cleared swap contract agreements |  |  | $195002 |  |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts | – | $211234 | – | – |
| **Liability Derivatives** |  |  |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Payables, variation margin for centrally cleared swap contract agreements |  |  |  | $361243 |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $1193439 |  |  |
| Futures Contracts<sup>(2)</sup> | Payables, variation margin for futures contracts | 763604 | – | – | – |

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<sup>(1)</sup> Includes the value 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.

<sup>(2)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures 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 for the Fund on the Statement of Operations for the fiscal year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** | **Series Fund—Bond Debenture Portfolio** |
| | **Statement of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $68583 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $7825 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $(1903022) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(3956951) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $112297 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | $8130 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $955664 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(557128) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $24573000 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $196846 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $86721909 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 1716 | – | – |

---

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

**Notes to Financial Statements (continued)**

agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty.

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| | | | |
|:---|:---|:---|:---|
| **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 | $211234 | $– | $211234 |
| &nbsp;&nbsp;&nbsp;Total | $211234 | $– | $211234 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **<br> Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Received**<sup>(a)</sup> | **Securities <br> Collateral <br> Received**<sup>(a)</sup> |<br>**Net<br> Amount**<sup>(b)</sup> |
| Bank of America | $18177 | $(18177) | $– | $– | $– |
| Barclays PLC | 22086 | (15633) |  |  | 6453 |
| Citibank | 32692 | (5400) | (27292) |  |  |
| Goldman Sachs | 66785 | (1637) |  |  | 65148 |
| Morgan Stanley | 61543 | (61543) |  |  |  |
| State Street Bank And Trust | 9951 | (9951) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $211234 | $(112341) | $(27292) | $– | $71601 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $1193439 | $– | $1193439 |
| &nbsp;&nbsp;&nbsp;Total | $1193439 | $– | $1193439 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | <br> **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | <br> **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | <br> **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amounts<br> of Liabilities<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | **Cash<br> Collateral<br> Pledged**<sup>(a)</sup> | **Securities<br> Collateral<br> Pledged**<sup>(a)</sup> |<br>**Net<br> Amount**<sup>(c)</sup> |
| Bank of America | $66887 | $(18177) | $(48710) | $– | $– |
| Barclays PLC | 15633 | (15633) |  |  |  |
| Citibank | 5400 | (5400) |  |  |  |
| Goldman Sachs | 1637 | (1637) |  |  |  |
| Morgan Stanley | 508511 | (61543) | (446968) |  |  |
| State Street Bank And Trust | 595371 | (9951) | (380000) | – | 205420 |
| &nbsp;&nbsp;&nbsp;Total | $1193439 | $(112341) | $(875678) | $– | $205420 |

---

<sup>(a)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.

<sup>(b)</sup> Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2025.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2025.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** MANAGEMENT
 FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

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

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .46% of the Fund's average daily net assets.

For the Fund's investment in the PCF, Lord Abbett has voluntarily agreed to waive management fees in an amount sufficient to offset the respective management fee that Lord Abbett collects from the PCF. Lord Abbett voluntarily waived the following management fees for the fiscal year ended December 31, 2025:

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| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Series Fund—Bond Debenture Portfolio | $92375 |

---

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

Lord Abbett voluntarily waived $76,147 of certain fees and expenses during the fiscal year ended December 31, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**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.

**Notes to Financial Statements (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Bond Debenture Portfolio | $68737035 | $– $– | $68737035 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Bond Debenture Portfolio | $63481707 | $– $– | $63481707 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Series Fund-Bond Debenture Portfolio | $– $– | $(153337774) | $21625288 | $(161037) | $(131873523) |

---

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** |
| Series Fund-Bond Debenture Portfolio | $(66851330) | $(86486444) | $(153337774) |

---

As of December 31, 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)** |
| Series Fund-Bond Debenture Portfolio | $1303102964 | $46057358 | $(24455480) | $21601878 |

---

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total<br> Distributable<br> Earnings/(Loss)** | **Paid-in<br> Capital** |
| Series Fund-Bond Debenture Portfolio | $268801 | $(268801) |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**6.** PORTFOLIO
 SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases** | **\*** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **\*** | **Non-U.S.<br> Government<br> Sales** |
| $2782198100 |  | $1082997458 | $2801877356 |  | $1046150114 |

---

<br> \* Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** DIRECTORS'
 REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** LINE
 OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

**Notes to Financial Statements (continued)**

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** INTERFUND
 LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** CUSTODIAN
 AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;**11.** TRANSACTIONS
 WITH AFFILIATED FUNDS

An affiliated fund is one in which the Fund has ownership of at least 5% of the outstanding voting securities of the underlying fund at any point during the fiscal year or any company which is under common ownership or control. The Fund invested in the underlying fund noted in the table below, which consisted of a pooled investment vehicle, during the fiscal year ended December 31, 2025.

Through the PCF, the Fund intends to obtain exposure to less liquid or illiquid private credit investments, generally involving corporate borrowers, through their investments in pooled investment vehicles, including those managed by Lord Abbett. Typically, private credit investments are not traded in public markets and are illiquid, such that a pooled investment vehicle may not be able to dispose of its holdings for extended periods, which may be several years, or at the price at which such pooled investment vehicles are valuing investments. Such pooled investment vehicle may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of such pooled investment vehicle or the Fund indirectly. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. The issuers of such pooled investment vehicle's private credit investments will often be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

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

**Notes to Financial Statements (continued)**

There will be no trading market for the Fund's investments in the PCF. The Schedule of Investments lists the PCF as an investment as of year end, but does not include the underlying holdings of the PCF. The Fund indirectly bears the proportionate share of the expenses of the PCF. The Fund incurs two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. The Fund had the following transactions with the PCF during the fiscal year ended December 31, 2025:

**Bond Debenture Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated<br> Funds** | **Value at<br> 12/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| Lord Abbett Private Credit Fund | $6345814 | $9038961 | $– | $– | $(18459) | $15366316 | $1077704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** SECURITIES
 LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

As of December 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of <br> Securities Loaned** | **Collateral <br> Received**<sup>(1)</sup> |
| Bond Debenture Portfolio | $26567399 | $27483327 |

---

<br> <sup>(1)</sup> Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** INVESTMENT
 RISKS

The Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called "lower-rated bonds" or "junk bonds") in which the Fund may substantially invest. Some issuers,

**Notes to Financial Statements (continued)**

particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

The asset backed securities and mortgage-related securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and/or defaults. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. Alternatively, rising interest rates may cause prepayments to occur at a slower-than-expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security. In addition, the Fund may invest in non-agency asset backed and mortgage-related securities, which are issued by private institutions, not by government sponsored enterprises.

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

The Fund may invest in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the market for convertible securities may be less liquid than the markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Due to the Fund's investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector, liquidity, currency, political, information and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund's returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying

**Notes to Financial Statements (concluded)**

asset, rate or index. Whether the Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements and other factors. If the Fund incorrectly forecasts these and other factors, the Fund's performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

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

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

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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** SUMMARY
 OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31, 2025** | **Year Ended <br> December 31, 2024** |
| Shares sold | 10564987 | 10560827 |
| Reinvestment of distributions | 6490595 | 6115772 |
| Shares reacquired | (15301662) | (12891356) |
| Increase | 1753920 | 3785243 |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Bond-Debenture Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Bond-Debenture Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from custodian or counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

![](x8_c114824x81x1m1m4.jpg)

![](x8_c114824x81x2m1m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
|  | Lord Abbett Series Fund, Inc. |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | <br> Bond-Debenture Portfolio | LASFBD-2<br> (02/26) |

---

![](x6_c114825x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Dividend Growth Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx6xc114825a001xm2xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx6xc114825a002xm2xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx6xc114825a003xm2xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc114825a004xm2xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx6xc114825a005xm2xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx6xc114825a006xm2xm4) |
| 19 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx6xc114825a007xm2xm4) |
| 20 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc114825a008xm2xm4) |
| 20 | [**Proxy Disclosures (Item 9)**](#xx6xc114825a009xm2xm4) |
| 20 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx6xc114825a010xm2xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.18%** |  |  |
| **COMMON STOCKS 99.18%** |  |  |
| **Aerospace & Defense 2.22%** |  |  |
| L3Harris Technologies, Inc. | 5293 | $1553866 |
| Northrop Grumman Corp. | 4873 | 2778633 |
| *Total* |  | 4332499 |
| **Banks 7.59%** |  |  |
| Bank of America Corp. | 61898 | 3404390 |
| JPMorgan Chase & Co. | 21957 | 7074985 |
| Wells Fargo & Co. | 46390 | 4323548 |
| *Total* |  | 14802923 |
| **Beverages 1.57%** |  |  |
| Coca-Cola Co. | 43782 | 3060800 |
| **Biotechnology 1.72%** |  |  |
| AbbVie, Inc. | 14666 | 3351034 |
| **Building Products 0.78%** |  |  |
| Allegion PLC (Ireland)<sup>(a)</sup> | 9555 | 1521347 |
| **Capital Markets 7.01%** |  |  |
| ARES Management Corp. Class A | 9619 | 1554719 |
| Charles Schwab Corp. | 46669 | 4662700 |
| Morgan Stanley | 30489 | 5412712 |
| S&P Global, Inc. | 3924 | 2050643 |
| *Total* |  | 13680774 |
| **Chemicals 2.26%** |  |  |
| Linde PLC | 6210 | 2647882 |
| Sherwin-Williams Co. | 5450 | 1765963 |
| *Total* |  | 4413845 |
| **Commercial Services & Supplies 1.64%** |  |  |
| Cintas Corp. | 6287 | 1182396 |
| Waste Management, Inc. | 9180 | 2016938 |
| *Total* |  | 3199334 |
| **Communications Equipment 0.33%** |  |  |
| Motorola Solutions, Inc. | 1687 | 646661 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Construction Materials 2.31%** |  |  |
| CRH PLC (Ireland)<sup>(a)</sup> | 36080 | $4502784 |
| **Consumer Staples Distribution & Retail 3.68%** |  |  |
| Costco Wholesale Corp. | 2133 | 1839371 |
| Walmart, Inc. | 47987 | 5346232 |
| *Total* |  | 7185603 |
| **Electric: Utilities 3.11%** |  |  |
| Entergy Corp. | 30105 | 2782605 |
| NextEra Energy, Inc. | 40889 | 3282569 |
| *Total* |  | 6065174 |
| **Financial Services 2.40%** |  |  |
| Mastercard, Inc. Class A | 8199 | 4680645 |
| **Health Care Equipment & Supplies 3.20%** |  |  |
| Abbott Laboratories | 30582 | 3831619 |
| Stryker Corp. | 6846 | 2406163 |
| *Total* |  | 6237782 |
| **Health Care Providers & Services 0.55%** |  |  |
| UnitedHealth Group, Inc. | 3247 | 1071867 |
| **Hotels, Restaurants & Leisure 1.26%** |  |  |
| McDonald's Corp. | 8049 | 2460016 |
| **Insurance 2.83%** |  |  |
| Arthur J Gallagher & Co. | 11667 | 3019303 |
| Chubb Ltd. (Switzerland)<sup>(a)</sup> | 8010 | 2500081 |
| *Total* |  | 5519384 |
| **Life Sciences Tools & Services 1.54%** |  |  |
| Danaher Corp. | 13102 | 2999310 |
| **Machinery 3.52%** |  |  |
| Deere & Co. | 4207 | 1958653 |
| Parker-Hannifin Corp. | 5592 | 4915144 |
| *Total* |  | 6873797 |
| **Metals & Mining 1.47%** |  |  |
| Steel Dynamics, Inc. | 16927 | 2868280 |
| **Multi-Utilities 1.32%** |  |  |
| CMS Energy Corp. | 36966 | 2585032 |

---

<br> *See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Oil, Gas & Consumable Fuels 5.35%** |  |  |  |
| Enbridge, Inc. (Canada)<sup>(a)</sup> | 79342 | $| 3794928 |
| Exxon Mobil Corp. | 43855 |  | 5277511 |
| Marathon Petroleum Corp. | 8454 |  | 1374874 |
| *Total* |  |  | 10447313 |
| **Pharmaceuticals 5.46%** |  |  |  |
| Eli Lilly & Co. | 5322 |  | 5719447 |
| Johnson & Johnson | 23829 |  | 4931412 |
| *Total* |  |  | 10650859 |
| **Professional Services 0.21%** |  |  |  |
| Verisk Analytics, Inc. | 1796 |  | 401747 |
| **Semiconductors & Semiconductor Equipment 18.36%** | **Semiconductors & Semiconductor Equipment 18.36%** | **Semiconductors & Semiconductor Equipment 18.36%** | **Semiconductors & Semiconductor Equipment 18.36%** |
| Analog Devices, Inc. | 11667 |  | 3164090 |
| Broadcom, Inc. | 27264 |  | 9436070 |
| Lam Research Corp. | 29532 |  | 5055288 |
| NVIDIA Corp. | 68404 |  | 12757346 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 17776 |  | 5401949 |
| *Total* |  |  | 35814743 |
| **Software 8.54%** |  |  |  |
| Microsoft Corp. | 31247 |  | 15111674 |
| Oracle Corp. | 4649 |  | 906137 |
| SAP SE ADR | 2624 |  | 637396 |
| *Total* |  |  | 16655207 |
| **Specialty Retail 4.38%** |  |  |  |
| Home Depot, Inc. | 5342 |  | 1838182 |
| Lowe's Cos., Inc. | 11162 |  | 2691828 |
| TJX Cos., Inc. | 26109 |  | 4010604 |
| *Total* |  |  | 8540614 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Technology Hardware, Storage & Peripherals 2.54%** | **Technology Hardware, Storage & Peripherals 2.54%** | **Technology Hardware, Storage & Peripherals 2.54%** |
| Apple, Inc. | 18197 | $4947037 |
| **Tobacco 2.03%** |  |  |
| Philip Morris International, Inc. | 24730 | 3966692 |
| *Total Common Stocks*<br> (cost $133,376,698) |  | 193483103 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 1.12%** | **SHORT-TERM INVESTMENTS 1.12%** |  |
| **REPURCHASE AGREEMENTS 1.12%** | **REPURCHASE AGREEMENTS 1.12%** |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $2,204,500 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $2,223,812; proceeds: $2,180,470 <br> (cost $2,180,076) | $2180076 | 2180076 |
| *Total Investments in Securities 100.30%*<br> (cost $135,556,774) |  | 195663179 |
| *Other Assets and Liabilities – Net (0.30)%* |  | (592527) |
| *Net Assets 100.00%* |  | $195070652 |

---

<br> ADR American Depositary Receipt. <br> <sup>(a)</sup> Foreign security traded in U.S. dollars.

<br> 2 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 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;Common Stocks | $193483103 | $– | $– | $193483103 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 2180076 | – | 2180076 |
| Total | $193483103 | $2180076 | $– | $195663179 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $135556774 |
| Investments in securities, at fair value | $195663179 |
| Cash | 12 |
| Foreign cash, at value (cost $31) | 34 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 107909 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 7605 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 1211 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 261 |
| Prepaid expenses | 1748 |
| **Total assets** | 195781959 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 474041 |
| &nbsp;&nbsp;&nbsp;Management fee | 91141 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 69550 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 24344 |
| &nbsp;&nbsp;&nbsp;Fund administration | 6628 |
| Accrued expenses | 45603 |
| **Total liabilities** | 711307 |
| Commitments and contingent liabilities | – |
| **NET ASSETS** | $195070652 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $132140945 |
| Total distributable earnings/(loss) | 62929707 |
| **Net Assets** | $195070652 |
| **Outstanding shares (50 million shares of common stock authorized, $.001 par value)** | 9831222 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $19.84 |

---

4 *See Notes to Financial Statements.*

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $43,095) | $2840450 |
| Securities lending net income | 725 |
| Interest and other | 83354 |
| **Total investment income** | 2924529 |
| **Expenses:** |  |
| Management fee | 1018369 |
| Non-12b-1 service fees | 462926 |
| Shareholder servicing | 185234 |
| Fund administration | 74063 |
| Professional | 49747 |
| Reports to shareholders | 11749 |
| Directors' fees | 7951 |
| Custody | 5971 |
| Other | 30411 |
| Gross expenses | 1846421 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (13357) |
| **Net expenses** | 1833064 |
| **Net investment income** | 1091465 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 14775337 |
| Net realized gain/(loss) on foreign currency related transactions | 1167 |
| Net change in unrealized appreciation/(depreciation) on investments | 11300846 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (524) |
| **Net realized and unrealized gain/(loss)** | 26076826 |
| **Net Increase in Net Assets Resulting From Operations** | $27168291 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $1091465 | $1034388 |
| Net realized gain/(loss) | 14776504 | 12825847 |
| Net change in unrealized appreciation/(depreciation) | 11300322 | 23339791 |
| **Net increase in net assets resulting from operations** | 27168291 | 37200026 |
| **Distributions to shareholders:** | (15702280) | (11562355) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 23136504 | 12740875 |
| Reinvestment of distributions | 15702280 | 11562355 |
| Cost of shares reacquired | (42445553) | (41771163) |
| **Net decrease in net assets resulting from capital share transactions** | (3606769) | (17467933) |
| Net increase in net assets | 7859242 | 8169738 |
| **NET ASSETS:** |  |  |
| Beginning of year | $187211410 | $179041672 |
| **End of year** | $195070652 | $187211410 |

---

6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 12/31/2025 | $18.58 | $0.12 | $2.83 | $2.95 | $(0.12)&nbsp;&nbsp;&nbsp;&nbsp; | $(1.57)&nbsp;&nbsp;&nbsp;&nbsp; | $(1.69)&nbsp;&nbsp;&nbsp;&nbsp; |
| 12/31/2024 | 16.21 | 0.10 | 3.48 | 3.58 | (0.11) | (1.10) | (1.21) |
| 12/31/2023 | 14.86 | 0.12 | 2.29 | 2.41 | (0.13) | (0.93) | (1.06) |
| 12/31/2022 | 20.27 | 0.15 | (2.91) | (2.76) | (0.15) | (2.50) | (2.65) |
| 12/31/2021 | 17.93 | 0.15 | 4.38 | 4.53 | (0.15) | (2.04) | (2.19) |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $19.84 | 15.98 | 0.99 | 1.00 | 0.59 | $195071 | 32 |
| 18.58 | 22.14 | 0.99 | 0.99 | 0.55 | 187211 | 26 |
| 16.21 | 16.33 | 0.99 | 1.00 | 0.76 | 179042 | 47 |
| 14.86 | (13.55) | 0.99 | 1.01 | 0.86 | 159988 | 56 |
| 20.27 | 25.62 | 0.99 | 1.01 | 0.75 | 220150 | 44 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Dividend Growth Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation– Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination of
 fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible
 for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating
 pricing services. Lord Abbett

**Notes to Financial Statements (continued)**

---

| |
|:---|
| has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day. |
| Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy |

---

**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;**•** Level 1 – unadjusted quoted prices in active markets for identical investments;

**•** Level 2 – other significant observable inputs (including quoted prices for similar investments,
 interest rates, prepayment speeds, credit risk, etc.); and

**•** Level 3 – significant unobservable inputs (including the Fund's own assumptions in
 determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund may use foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (e) | Investment Income–Dividend income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

| | |
|:---|:---|
| First $2 billion | .55% |
| Over $2 billion | .49% |

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .55% of the Fund's average daily net assets.

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

For the fiscal year ended December 31, 2025 and continuing through April 30, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses, such as acquired fund fees and expenses, if applicable) to an annual rate of 0.99%. This agreement may be terminated only upon the approval of the Board.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be

**Notes to Financial Statements (continued)**

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

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

**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Dividend Growth Portfolio | $1097236 | $14605044 | $– | $15702280 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Dividend Growth Portfolio | $1025812 | $10536543 | $– | $11562355 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Net<br> 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)** |
| Series Fund-Dividend Growth Portfolio | $2032 | $3261791 | $– | $59690228 | $(24344) | $62929707 |

---

**Notes to Financial Statements (continued)**

As of December 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Dividend Growth Portfolio | $135972954 | $62301033 | $(2610808) | $59690225 |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $58360181 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $77950092 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

**Notes to Financial Statements (continued)**

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans

**Notes to Financial Statements (continued)**

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 December 31, 2025, the Fund did not have any securities on loan.

**11.** INVESTMENT RISKS

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

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

The Fund's exposure to foreign companies and markets presents increased market, industry and sector, liquidity, currency, political and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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.

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** |
| Shares sold | 1209626 | 687279 |
| Reinvestment of distributions | 787859 | 625553 |
| Shares reacquired | (2240303) | (2284608) |
| Decrease | (242818) | (971776) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Dividend Growth Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Dividend Growth Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Series Fund-Dividend Growth Portfolio | 100% | 0% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amount represents long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term**<br> **Capital Gains** |
| Series Fund-Dividend Growth Portfolio | $14605044 |

---

![](x6_c114825x29x1m2m4.jpg)

![](x6_c114825x29x2m2m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
| Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Dividend Growth Portfolio | SFCS-PORT-2<br> (02/26) |

---

![](x7_c114826x1x1m3m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Developing Growth Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx7xc114826a001xm3xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx7xc114826a002xm3xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx7xc114826a003xm3xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx7xc114826a004xm3xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx7xc114826a005xm3xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx7xc114826a006xm3xm4) |
| 19 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx7xc114826a007xm3xm4) |
| 20 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc114826a008xm3xm4) |
| 20 | [**Proxy Disclosures (Item 9)**](#xx7xc114826a009xm3xm4) |
| 20 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx7xc114826a010xm3xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.24%** |  |  |
| **COMMON STOCKS 98.24%** |  |  |
| **Aerospace & Defense 10.37%** |  |  |
| AeroVironment, Inc.\* | 1992 | $481845 |
| Carpenter Technology Corp. | 4119 | 1296826 |
| Karman Holdings, Inc.\*<sup>(a)</sup> | 13871 | 1014941 |
| Kratos Defense & Security Solutions, Inc.\* | 14560 | 1105249 |
| Loar Holdings, Inc.\* | 4538 | 308584 |
| Mercury Systems, Inc.\* | 10060 | 734481 |
| Rocket Lab Corp.\* | 9601 | 669766 |
| Woodward, Inc. | 2384 | 720731 |
| *Total* |  | 6332423 |
| **Beverages 0.81%** |  |  |
| Celsius Holdings, Inc.\* | 10795 | 493763 |
| **Biotechnology 16.84%** |  |  |
| Abivax SA ADR\* | 5712 | 770292 |
| Arcellx, Inc.\* | 7577 | 494020 |
| Ascendis Pharma AS ADR\* | 2661 | 567432 |
| Bridgebio Pharma, Inc.\* | 17381 | 1329473 |
| Cogent Biosciences, Inc.\* | 20793 | 738567 |
| Insmed, Inc.\* | 3739 | 650736 |
| Madrigal Pharmaceuticals, Inc.\* | 2579 | 1501855 |
| Mirum Pharmaceuticals, Inc.\* | 8094 | 639345 |
| Natera, Inc.\* | 3405 | 780051 |
| Nuvalent, Inc. Class A\* | 6319 | 635628 |
| PTC Therapeutics, Inc.\* | 10366 | 787401 |
| Revolution Medicines, Inc.\* | 9001 | 716930 |
| Rhythm Pharmaceuticals, Inc.\* | 6294 | 673710 |
| *Total* |  | 10285440 |
| **Building Products 1.87%** |  |  |
| Modine Manufacturing Co.\* | 8556 | 1142312 |
| **Capital Markets 3.08%** |  |  |
| Evercore, Inc. Class A | 2199 | 748210 |
| Miami International Holdings, Inc.\*<sup>(a)</sup> | 10979 | 487248 |
| Piper Sandler Cos. | 1893 | 643071 |
| *Total* |  | 1878529 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Communications Equipment 1.26%** | | | |
| Calix, Inc.\* | 14585 | $| 771984 |
| **Construction & Engineering 8.75%** |  |  |  |
| Argan, Inc. | 1028 |  | 322093 |
| Comfort Systems USA, Inc. | 1706 |  | 1592192 |
| Construction Partners, Inc. Class A\* | 9725 |  | 1055649 |
| IES Holdings, Inc.\* | 1958 |  | 761701 |
| MasTec, Inc.\* | 5175 |  | 1124890 |
| Sterling Infrastructure, Inc.\* | 1595 |  | 488437 |
| *Total* |  |  | 5344962 |
| **Consumer Finance 0.72%** |  |  |  |
| Figure Technology Solutions, Inc. Class A\*<sup>(a)</sup> | 10749 |  | 438989 |
| **Diversified Consumer Services 0.74%** |  |  |  |
| Universal Technical Institute, Inc.\* | 17198 |  | 449384 |
| **Electrical Equipment 1.92%** |  |  |  |
| Bloom Energy Corp. Class A\* | 4545 |  | 394915 |
| Nextpower, Inc. Class A\* | 8899 |  | 775192 |
| *Total* |  |  | 1170107 |
| **Electronic Equipment, Instruments & Components 4.18%** | **Electronic Equipment, Instruments & Components 4.18%** | **Electronic Equipment, Instruments & Components 4.18%** | **Electronic Equipment, Instruments & Components 4.18%** |
| Fabrinet (Thailand)\*<sup>(b)</sup> | 2232 |  | 1016185 |
| Mirion Technologies, Inc.\* | 46086 |  | 1079334 |
| Sanmina Corp.\* | 3059 |  | 459064 |
| *Total* |  |  | 2554583 |
| **Ground Transportation 1.02%** |  |  |  |
| Lyft, Inc. Class A\* | 32006 |  | 619956 |
| **Health Care Equipment & Supplies 3.84%** |  |  |  |
| iRhythm Technologies, Inc.\* | 6159 |  | 1092853 |
| Penumbra, Inc.\* | 2614 |  | 812719 |
| TransMedics Group, Inc.\* | 3633 |  | 441954 |
| *Total* |  |  | 2347526 |
| **Health Care Providers & Services 6.57%** |  |  |  |
| GeneDx Holdings Corp.\* | 8746 |  | 1137505 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Health Care Providers & Services (continue)** |  |  |  |
| Guardant Health, Inc.\* | 21987 | $| 2245752 |
| Hinge Health, Inc. Class A\* | 13477 |  | 626007 |
| *Total* |  |  | 4009264 |
| **Health Care Technology 0.58%** |  |  |  |
| HeartFlow, Inc.\*<sup>(a)</sup> | 12217 |  | 356125 |
| **Hotels, Restaurants & Leisure 3.43%** |  |  |  |
| Dutch Bros, Inc. Class A\* | 5519 |  | 337873 |
| Life Time Group Holdings, Inc.\* | 12073 |  | 320900 |
| Planet Fitness, Inc. Class A\* | 8708 |  | 944557 |
| Sportradar Group AG Class A (Switzerland)\*<sup>(b)</sup> | 20738 |  | 492942 |
| *Total* |  |  | 2096272 |
| **Information Technology Services 0.42%** |  |  |  |
| Applied Digital Corp.\*<sup>(a)</sup> | 10329 |  | 253267 |
| **Interactive Media & Services 1.91%** |  |  |  |
| Reddit, Inc. Class A\* | 5083 |  | 1168429 |
| **Life Sciences Tools & Services 1.09%** |  |  |  |
| Adaptive Biotechnologies Corp.\* | 41125 |  | 667870 |
| **Machinery 2.67%** |  |  |  |
| Crane Co. | 4231 |  | 780323 |
| RBC Bearings, Inc.\* | 1893 |  | 848878 |
| *Total* |  |  | 1629201 |
| **Pharmaceuticals 3.30%** |  |  |  |
| Tarsus Pharmaceuticals, Inc.\* | 12881 |  | 1054696 |
| Terns Pharmaceuticals, Inc.\* | 23694 |  | 957238 |
| *Total* |  |  | 2011934 |
| **Semiconductors & Semiconductor Equipment 12.35%** | **Semiconductors & Semiconductor Equipment 12.35%** | **Semiconductors & Semiconductor Equipment 12.35%** | **Semiconductors & Semiconductor Equipment 12.35%** |
| Astera Labs, Inc.\* | 5027 |  | 836292 |
| Credo Technology Group Holding Ltd.\* | 12755 |  | 1835317 |
| Lattice Semiconductor Corp.\* | 6021 |  | 443025 |
| MACOM Technology Solutions Holdings, Inc.\* | 4993 |  | 855201 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Semiconductors & Semiconductor Equipment (continue)** | **Semiconductors & Semiconductor Equipment (continue)** | **Semiconductors & Semiconductor Equipment (continue)** |
| Nova Ltd. (Israel)\*<sup>(b)</sup> | 3130 | $1027861 |
| Rambus, Inc.\* | 10621 | 975964 |
| Semtech Corp.\* | 6318 | 465573 |
| SiTime Corp.\* | 3121 | 1102306 |
| *Total* |  | 7541539 |
| **Software 8.27%** |  |  |
| Agilysys, Inc.\* | 2498 | 296862 |
| D-Wave Quantum, Inc.\*<sup>(a)</sup> | 19095 | 499334 |
| Guidewire Software, Inc.\* | 4828 | 970476 |
| JFrog Ltd.\* | 13919 | 869381 |
| Netskope, Inc. Class A\* | 13956 | 244788 |
| Rubrik, Inc. Class A\* | 7737 | 591726 |
| ServiceTitan, Inc. Class A\* | 5253 | 559445 |
| Unity Software, Inc.\* | 23110 | 1020769 |
| *Total* |  | 5052781 |
| **Trading Companies & Distributors 2.25%** |  |  |
| FTAI Aviation Ltd. | 5328 | 1048817 |
| Xometry, Inc. Class A\* | 5475 | 325598 |
| *Total* |  | 1374415 |
| *Total Common Stocks*<br> (cost $44,465,639) |  | 59991055 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 6.62%** |  |  |
| **REPURCHASE AGREEMENTS 2.04%** |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,262,200 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $1,273,231; proceeds: $1,248,467<br> (cost $1,248,242) | $1248242 | $1248242 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **TIME DEPOSITS 0.46%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $279,353) | 279353 | $279353 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS 4.12%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $2,514,177) | 2514177 | 2514177 |
| *Total Short-Term Investments*<br> (cost $4,041,772) |  | 4041772 |
| *Total Investments in Securities 104.86%*<br> (cost $48,507,411) |  | 64032827 |
| *Other Assets and Liabilities – Net (4.86)%* |  | (2966678) |
| *Net Assets 100.00%* |  | $61066149 |

---

ADR American Depositary Receipt.

\* Non-income producing security.

<sup>(a)</sup> All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

<sup>(b)</sup> Foreign security traded in U.S. dollars.

<sup>(c)</sup> Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of December 31, 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;Common Stocks | $59991055 | $– | $– | $59991055 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1248242 |  | 1248242 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 279353 |  | 279353 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2514177 | – | – | 2514177 |
| Total | $62505232 | $1527595 | $– | $64032827 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $48507411 |
| Investments in securities, at fair value including $2,672,463 of securities loaned | 64032827 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 37304 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 11312 |
| &nbsp;&nbsp;&nbsp;Interest | 113 |
| Prepaid expenses | 2057 |
| **Total assets** | 64083613 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 2793530 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 66504 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 63657 |
| &nbsp;&nbsp;&nbsp;Management fee | 39950 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 8512 |
| &nbsp;&nbsp;&nbsp;Fund administration | 2131 |
| Accrued expenses | 43180 |
| **Total liabilities** | 3017464 |
| Commitments and contingent liabilities | – |
| **NET ASSETS** | $61066149 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $59787006 |
| Total distributable earnings/(loss) | 1279143 |
| **Net Assets** | $61066149 |
| **Outstanding shares (50 million shares of common stock authorized, $.001 par value)** | 1826875 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $33.43 |

---

4 *See Notes to Financial Statements.*

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends | $65671 |
| Securities lending net income | 11418 |
| Interest and other | 44599 |
| **Total investment income** | 121688 |
| **Expenses:** |  |
| Management fee | 457659 |
| Non-12b-1 service fees | 152463 |
| Shareholder servicing | 62300 |
| Professional | 41392 |
| Fund administration | 24409 |
| Custody | 14676 |
| Reports to shareholders | 6663 |
| Directors' fees | 2658 |
| Other | 13087 |
| Gross expenses | 775307 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (140687) |
| **Net expenses** | 634620 |
| **Net investment loss** | (512932) |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 8237928 |
| Net change in unrealized appreciation/(depreciation) on investments | 29874 |
| **Net realized and unrealized gain/(loss)** | 8267802 |
| **Net Increase in Net Assets Resulting From Operations** | $7754870 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment loss | $(512932) | $(545862) |
| Net realized gain/(loss) | 8237928 | 9933687 |
| Net change in unrealized appreciation/(depreciation) | 29874 | 4208795 |
| **Net increase in net assets resulting from operations** | 7754870 | 13596620 |
| Distributions to shareholders: | (111884) | (104342) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 3696740 | 7033239 |
| Reinvestment of distributions | 111884 | 104342 |
| Cost of shares reacquired | (19369862) | (18449647) |
| **Net decrease in net assets resulting from capital share transactions** | (15561238) | (11312066) |
| **Net increase (decrease) in net assets** | (7918252) | 2180212 |
| **NET ASSETS:** |  |  |
| Beginning of year | $68984401 | $66804189 |
| **End of year** | $61066149 | $68984401 |

---

6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 12/31/2025 | $29.23 | $(0.25)&nbsp;&nbsp;&nbsp;&nbsp; | $4.51 | $4.26 | $(0.06)&nbsp;&nbsp;&nbsp;&nbsp; | $- | $(0.06) |
| 12/31/2024 | 23.96 | (0.21) | 5.52 | 5.31 | (0.04) |  | (0.04) |
| 12/31/2023 | 22.15 | (0.18) | 1.99 | 1.81 |  |  |  |
| 12/31/2022 | 34.61 | (0.18) | (12.28) | (12.46) |  |  |  |
| 12/31/2021 | 47.18 | (0.42) | (0.93) | (1.35) |  | (11.22) | (11.22) |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $33.43 | 14.59 | 1.04 | 1.27 | (0.84)&nbsp;&nbsp;&nbsp;&nbsp; | $61066 | 117 |
| 29.23 | 22.18 | 1.04 | 1.25 | (0.78) | 68984 | 101 |
| 23.96 | 8.17 | 1.04 | 1.25 | (0.77) | 66804 | 139 |
| 22.15 | (35.98) | 1.04 | 1.30 | (0.74) | 68892 | 125 |
| 34.61 | (2.75) | 1.04 | 1.15 | (0.87) | 116990 | 121 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Developing Growth Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation– Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
 is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value
 methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee")
 that performs these responsibilities on behalf of Lord

**Notes to Financial Statements (continued)**

---

| |
|:---|
| Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day. |
| Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: |

---

• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
 credit risk, etc.); and

**Notes to Financial Statements (continued)**

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in
 determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions**–**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund may use foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes**–**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income**–**Dividend income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (f) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

| | |
|:---|:---|
| First $100 million | .75% |
| Over $100 million | .50% |

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .54% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets.

For the fiscal year ended December 31, 2025 and continuing through April 30, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses, such as acquired fund fees and expenses, if applicable) to an annual rate of 1.04%. This agreement may be terminated only upon the approval of the Board.

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

**Notes to Financial Statements (continued)**

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

**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund–Developing Growth Portfolio | $111884 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $111884 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund–Developing Growth Portfolio | $104342 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $104342 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **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)** |
| Series Fund–Developing Growth Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(14075320) | $15362975 | $(8512) | $1279143 |

---

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** |
| Series Fund-Developing Growth Portfolio | $(14075320) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(14075320) |

---

**Notes to Financial Statements (continued)**

As of December 31, 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)** |
| Series Fund–Developing Growth Portfolio | $48669852 | $16560527 | $(1197552) | $15362975 |

---

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total**<br> **Distributable**<br> **Earnings/(Loss)** | **Paid-in**<br> **Capital** |
| Series Fund-Developing Growth Portfolio | $514362 | $(514362) |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases** | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $70574628 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $85813751 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds

**Notes to Financial Statements (continued)**

were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

**Notes to Financial Statements (continued)**

with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

As of December 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value**<br> **of Securities**<br> **Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Developing Growth Portfolio | $2672463 | $2793530 |

---

<sup>(1)</sup> Statement of Assets and Liabilities location: Payable: Collateral due to broker for securities lending.

**11.** INVESTMENT RISKS

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

The Fund has particular risks associated with growth stocks. Different types of stocks shift in and out of favor over time depending on market and economic conditions. Growth stocks tend to be more volatile than other stocks. Growth stocks are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. In addition, if the Fund's assessment of a company's potential for growth or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a favorable market. The Fund invests primarily in small-cap growth company stocks, which tend to be more volatile and can be less liquid than other types of stocks. The shares of small and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. Small-cap companies may also have more limited product lines, markets or financial resources, and typically experience a higher risk of failure than large-cap companies. Because the Fund may invest a portion of its assets in foreign securities and American Depositary Receipts, it may experience increased market, industry and sector, liquidity, currency, political, information and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and

**Notes to Financial Statements (concluded)**

governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

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.

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.

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 134128 | 257078 |
| Reinvestment of distributions | 3846 | 3554 |
| Shares reacquired | (670875) | (688464) |
| Decrease | (532901) | (427832) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Developing Growth Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Developing Growth Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Series Fund-Developing Growth Portfolio | 34% | 0% |

---

![](x6_c114825x29x1m2m4.jpg)

![](x6_c114825x29x2m2m4.jpg)

---

| | | |
|:---|:---|:---|
| 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 Series Fund, Inc. |  |
|  | Developing Growth Portfolio | SFDG-PORT-2<br> (02/26) |

---

![](x6_c114827x1x1m4m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Fundamental Equity Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx6xc114827a001xm4xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx6xc114827a002xm4xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx6xc114827a003xm4xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc114827a004xm4xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx6xc114827a005xm4xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx6xc114827a006xm4xm4) |
| 18 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx6xc114827a007xm4xm4) |
| 19 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc114827a008xm4xm4) |
| 19 | [**Proxy Disclosures (Item 9)**](#xx6xc114827a009xm4xm4) |
| 19 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx6xc114827a010xm4xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.54%** |  |  |  |
| **COMMON STOCKS 99.54%** |  |  |  |
| **Aerospace & Defense 4.90%** |  |  |  |
| Boeing Co.\* | 21800 | $| 4733216 |
| RTX Corp. | 30599 |  | 5611856 |
| *Total* |  |  | 10345072 |
| **Banks 7.03%** |  |  |  |
| JPMorgan Chase & Co. | 28054 |  | 9039560 |
| Wells Fargo & Co. | 62255 |  | 5802166 |
| *Total* |  |  | 14841726 |
| **Beverages 2.07%** |  |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 33376 |  | 4368365 |
| **Biotechnology 4.94%** |  |  |  |
| AbbVie, Inc. | 14027 |  | 3205029 |
| Gilead Sciences, Inc. | 22490 |  | 2760422 |
| United Therapeutics Corp.\* | 9167 |  | 4466621 |
| *Total* |  |  | 10432072 |
| **Building Products 3.20%** |  |  |  |
| A.O. Smith Corp. | 41260 |  | 2759469 |
| Allegion PLC (Ireland)<sup>(b)</sup> | 25155 |  | 4005179 |
| *Total* |  |  | 6764648 |
| **Capital Markets 8.34%** |  |  |  |
| Charles Schwab Corp. | 38884 |  | 3884900 |
| KKR & Co., Inc. | 22067 |  | 2813101 |
| Morgan Stanley | 20626 |  | 3661734 |
| Nasdaq, Inc. | 32782 |  | 3184116 |
| SEI Investments Co. | 49492 |  | 4059334 |
| *Total* |  |  | 17603185 |
| **Construction & Engineering 1.59%** |  |  |  |
| AECOM | 35290 |  | 3364196 |
| **Construction Materials 1.82%** |  |  |  |
| CRH PLC (Ireland)<sup>(b)</sup> | 30722 |  | 3834106 |
| **Consumer Staples Distribution & Retail 1.14%** | **Consumer Staples Distribution & Retail 1.14%** | **Consumer Staples Distribution & Retail 1.14%** | **Consumer Staples Distribution & Retail 1.14%** |
| BJ's Wholesale Club Holdings, Inc.\* | 26834 |  | 2415865 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Electric: Utilities 3.14%** |  |  |  |
| Entergy Corp. | 36146 | $| 3340975 |
| IDACORP, Inc. | 26050 |  | 3296888 |
| *Total* |  |  | 6637863 |
| **Electronic Equipment, Instruments & Components 2.96%** | **Electronic Equipment, Instruments & Components 2.96%** | **Electronic Equipment, Instruments & Components 2.96%** | **Electronic Equipment, Instruments & Components 2.96%** |
| Keysight Technologies, Inc.\* | 17690 |  | 3594431 |
| TD SYNNEX Corp. | 17637 |  | 2649607 |
| *Total* |  |  | 6244038 |
| **Health Care Providers & Services 1.87%** | **Health Care Providers & Services 1.87%** |  |  |
| Labcorp Holdings, Inc. | 15772 |  | 3956879 |
| **Insurance 9.41%** |  |  |  |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 11937 |  | 4212329 |
| Arch Capital Group Ltd.\* | 46783 |  | 4487425 |
| Arthur J Gallagher & Co. | 16190 |  | 4189810 |
| Progressive Corp. | 15200 |  | 3461344 |
| White Mountains Insurance Group Ltd. | 1696 |  | 3524339 |
| *Total* |  |  | 19875247 |
| **Interactive Media & Services 4.75%** |  |  |  |
| Alphabet, Inc. Class A | 32040 |  | 10028520 |
| **Life Sciences Tools & Services 1.74%** | **Life Sciences Tools & Services 1.74%** |  |  |
| IQVIA Holdings, Inc.\* | 16314 |  | 3677339 |
| **Machinery 3.15%** |  |  |  |
| AGCO Corp. | 29130 |  | 3038842 |
| Parker-Hannifin Corp. | 4110 |  | 3612525 |
| *Total* |  |  | 6651367 |
| **Metals & Mining 1.63%** |  |  |  |
| Steel Dynamics, Inc. | 20259 |  | 3432887 |
| **Multi-Utilities 1.58%** |  |  |  |
| CMS Energy Corp. | 47730 |  | 3337759 |
| **Oil, Gas & Consumable Fuels 6.18%** |  |  |  |
| Expand Energy Corp. | 30629 |  | 3380217 |
| Permian Resources Corp. | 182580 |  | 2561597 |

---

<br> *See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |  |
| Shell PLC ADR | 56505 | $| 4151987 |
| Williams Cos., Inc. | 49250 |  | 2960418 |
| *Total* |  |  | 13054219 |
| **Pharmaceuticals 3.69%** |  |  |  |
| Novartis AG ADR<sup>(c)</sup> | 23300 |  | 3212371 |
| Teva Pharmaceutical Industries Ltd. ADR\* | 146803 |  | 4581722 |
| *Total* |  |  | 7794093 |
| **Professional Services 3.42%** |  |  |  |
| CACI International, Inc. Class A\* | 6317 |  | 3365761 |
| Genpact Ltd. | 82396 |  | 3854485 |
| *Total* |  |  | 7220246 |
| **Real Estate Management & Development 1.64%** | **Real Estate Management & Development 1.64%** |  |  |
| CBRE Group, Inc. Class A\* | 21494 |  | 3456020 |
| **Semiconductors & Semiconductor Equipment 4.35%** | **Semiconductors & Semiconductor Equipment 4.35%** | **Semiconductors & Semiconductor Equipment 4.35%** | **Semiconductors & Semiconductor Equipment 4.35%** |
| Silicon Motion Technology Corp. ADR | 53268 |  | 4937943 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 13949 |  | 4238962 |
| *Total* |  |  | 9176905 |
| **Software 2.92%** |  |  |  |
| Microsoft Corp. | 12769 |  | 6175344 |
| **Specialty Retail 7.03%** |  |  |  |
| AutoZone, Inc.\* | 935 |  | 3171052 |
| Dick's Sporting Goods, Inc. | 20270 |  | 4012852 |
| Lowe's Cos., Inc. | 16719 |  | 4031954 |
| Ross Stores, Inc. | 20090 |  | 3619013 |
| *Total* |  |  | 14834871 |
| **Technology Hardware, Storage & Peripherals 1.59%** | **Technology Hardware, Storage & Peripherals 1.59%** | **Technology Hardware, Storage & Peripherals 1.59%** | **Technology Hardware, Storage & Peripherals 1.59%** |
| NetApp, Inc. | 31309 |  | 3352881 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Tobacco 1.60%** |  |  |
| Philip Morris International, Inc. | 21100 | $3384440 |
| **Trading Companies & Distributors 1.86%** | **Trading Companies & Distributors 1.86%** | **Trading Companies & Distributors 1.86%** |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 27335 | 3929679 |
| *Total Common Stocks*<br> (cost $169,572,122) | *Total Common Stocks*<br> (cost $169,572,122) | 210189832 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.71%** | **SHORT-TERM INVESTMENTS 0.71%** |  |
| **REPURCHASE AGREEMENTS 0.64%** | **REPURCHASE AGREEMENTS 0.64%** |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,360,900 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $1,387,163; proceeds: $1,360,142 <br> (cost $1,359,896) | $1359896 | 1359896 |
| **TIME DEPOSITS 0.01%** |  |  |
| CitiBank N.A.<sup>(d)</sup> <br> (cost $14,150) | 14150 | 14150 |
| **MONEY MARKET FUNDS 0.06%** |  |  |
| Fidelity Government Portfolio<sup>(d)</sup> (cost $127,350) | 127350 | 127350 |
| *Total Short-Term Investments* (cost $1,501,396) | *Total Short-Term Investments* (cost $1,501,396) | 1501396 |
| *Total Investments in Securities 100.25%* <br> (cost $171,073,518) | *Total Investments in Securities 100.25%* <br> (cost $171,073,518) | 211691228 |
| *Other Assets and Liabilities – Net (0.25)%* | *Other Assets and Liabilities – Net (0.25)%* | (535909) |
| *Net Assets 100.00%* |  | $211155319 |

---

---

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

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 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;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | $– | $4368365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4368365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 205821467 |  |  | 205821467 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1359896 |  | 1359896 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 14150 |  | 14150 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 127350 | – | – | 127350 |
| Total | $205948817 | $5742411 | $– | $211691228 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $171073518 |
| Investments in securities, at fair value including $137,870 of securities loaned | $211691228 |
| Cash | 2 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 116815 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 18547 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 9196 |
| Prepaid expenses | 1776 |
| **Total assets** | 211837564 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 219064 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 141500 |
| &nbsp;&nbsp;&nbsp;Management fee | 134166 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 65513 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 39575 |
| &nbsp;&nbsp;&nbsp;Fund administration | 7212 |
| Foreign currency overdraft (cost $5) | 5 |
| Accrued expenses | 75210 |
| **Total liabilities** | 682245 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $211155319 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $170105862 |
| Total distributable earnings/(loss) | 41049457 |
| **Net Assets** | $211155319 |
| **Outstanding shares (110 million shares of common stock authorized, $.001 par value)** | 11125368 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $18.98 |

---

4 See Notes to Financial Statements.

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $25,565) | $2957260 |
| Securities lending net income | 18 |
| Interest and other | 75053 |
| **Total investment income** | 3032331 |
| **Expenses:** |  |
| Management fee | 1498070 |
| Non-12b-1 service fees | 502799 |
| Shareholder servicing | 201322 |
| Fund administration | 80454 |
| Professional | 45685 |
| Reports to shareholders | 9765 |
| Custody | 9413 |
| Directors' fees | 8643 |
| Other | 35766 |
| Gross expenses | 2391917 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (219663) |
| **Net expenses** | 2172254 |
| **Net investment income** | 860077 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 17714039 |
| Net realized gain/(loss) on foreign currency related transactions | (1056) |
| Net change in unrealized appreciation/(depreciation) on investments | 5863604 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 4066 |
| **Net realized and unrealized gain/(loss)** | 23580653 |
| **Net Increase in Net Assets Resulting From Operations** | $24440730 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $860077 | $1634022 |
| Net realized gain/(loss) | 17712983 | 23465737 |
| Net change in unrealized appreciation/(depreciation) | 5867670 | 10968246 |
| **Net increase in net assets resulting from operations** | 24440730 | 36068005 |
| **Distributions to shareholders:** | (20938900) | (13523989) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 69004795 | 2491219 |
| Reinvestment of distributions | 20938899 | 13523989 |
| Cost of shares reacquired | (101607860) | (50763179) |
| **Net decrease in net assets resulting from capital share transactions** | (11664166) | (34747971) |
| **Net decrease in net assets** | (8162336) | (12203955) |
| **NET ASSETS:** |  |  |
| Beginning of year | $219317655 | $231521610 |
| **End of year** | $211155319 | $219317655 |

---

6 See Notes to Financial Statements.

This page is intentionally left blank.

**Financial Highlights**

---

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

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $18.98 | 14.29 | 1.08 | 1.19 | 0.43 | $211155 | 74 |
| 18.37 | 16.65 | 1.08 | 1.19 | 0.71 | 219318 | 52 |
| 16.79 | 14.63 | 1.08 | 1.20 | 0.68 | 231522 | 102 |
| 15.16 | (11.98) | 1.08 | 1.21 | 1.03 | 173600 | 62 |
| 20.11 | 27.31 | 1.08 | 1.17 | 0.78 | 315166 | 76 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Fundamental Equity Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation **—** Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible
 for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and
 evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these
 responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices
 utilized reasonably reflect fair value. Among other things, these procedures allow

**Notes to Financial Statements (continued)**

Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

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

Fair Value Measurements**—**Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit
 risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**—**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions**—**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes**—**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income**—**Dividend income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements**—**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | 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. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | Security Transactions**—**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

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

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .64% of the Fund's average daily net assets.

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

For the fiscal year ended December 31, 2025 and continuing through April 30, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses (excluding certain expenses such as acquired fund fees and expenses, if applicable) to an annual rate of 1.08%. This agreement may be terminated only upon the approval of the Board.

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

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

**Notes to Financial Statements (continued)**

**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Fundamental Equity Portfolio | $862115 | $20076785 | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 20938900 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Fundamental Equity Portfolio | $5393603 | $8130386 | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 13523989 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **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)** |
| Series Fund-Fundamental Equity Portfolio | $1478 | $2019382 | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp; $| 39068172 | $(39575) | $41049457 |

---

As of December 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Fundamental Equity Portfolio | $172626043 | $40668374 | $(1603185) | $39065189 |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| $– $| 148302296 | $– $| 179788638 |

---

**Notes to Financial Statements (continued)**

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program

**Notes to Financial Statements (continued)**

(the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

As of December 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value**<br> **of Securities**<br> **Loaned** | **Collateral**<br> **Received<sup>(1)</sup>** |
| Fundamental Equity Portfolio | $137870 | $141500 |

---

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

**11.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential

**Notes to Financial Statements (concluded)**

for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or under perform. In addition, if the Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Due to the Fund's investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector, liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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.

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.

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** |
| Shares sold | 3685793 | 134788 |
| Reinvestment of distributions | 1093348 | 745123 |
| Shares reacquired | (5595472) | (2730032) |
| Decrease | (816331) | (1850121) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Fundamental Equity Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fundamental Equity Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Series Fund-Fundamental Equity Portfolio | 100% | 0% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amount represents long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term<br> Capital Gains** |
| Series Fund-Fundamental Equity Portfolio | $20076785 |

---

![](x6_c114827x28x1m4m4.jpg)

![](x6_c114827x28x2m4m4.jpg)

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| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
|  | Lord Abbett Series Fund, Inc. |  |
| Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | Fundamental Equity Portfolio | SFFE-PORT-2<br> (02/26) |

---

![](x6_c114828x1x1m5m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Growth and Income Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [Schedule of Investments (Item 7)](#xx6xc114828a001xm5xm4) |
| 4 | [Statement of Assets and Liabilities (Item 7)](#xx6xc114828a002xm5xm4) |
| 5 | [Statement of Operations (Item 7)](#xx6xc114828a003xm5xm4) |
| 6 | [Statements of Changes in Net Assets (Item 7)](#xx6xc114828a004xm5xm4) |
| 8 | [Financial Highlights (Item 7)](#xx6xc114828a005xm5xm4) |
| 10 | [Notes to Financial Statements (Item 7)](#xx6xc114828a006xm5xm4) |
| 19 | [Report of Independent Registered Public Accounting Firm (Item 7)](#xx6xc114828a007xm5xm4) |
| 20 | [Changes in and Disagreements with Accountants (Item 8)](#xx6xc114828a008xm5xm4) |
| 20 | [Proxy Disclosures (Item 9)](#xx6xc114828a009xm5xm4) |
| 20 | [Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx6xc114828a010xm5xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.95%** |  |  |
| **COMMON STOCKS 99.95%** |  |  |
| **Aerospace & Defense 5.42%** |  |  |
| Boeing Co.\* | 52527 | $11404662 |
| RTX Corp. | 85557 | 15691154 |
| *Total* |  | 27095816 |
| **Banks 7.08%** |  |  |
| JPMorgan Chase & Co. | 66418 | 21401208 |
| Wells Fargo & Co. | 150275 | 14005630 |
| *Total* |  | 35406838 |
| **Beverages 2.08%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 79456 | 10399473 |
| **Biotechnology 4.99%** |  |  |
| AbbVie, Inc. | 33477 | 7649160 |
| Gilead Sciences, Inc. | 52940 | 6497856 |
| United Therapeutics Corp.\* | 22173 | 10803794 |
| *Total* |  | 24950810 |
| **Building Products 1.87%** |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 58617 | 9332999 |
| **Capital Markets 8.22%** |  |  |
| Charles Schwab Corp. | 90592 | 9051047 |
| KKR & Co., Inc. | 51452 | 6559101 |
| Morgan Stanley | 48315 | 8577362 |
| Nasdaq, Inc. | 76329 | 7413836 |
| SEI Investments Co. | 115560 | 9478231 |
| *Total* |  | 41079577 |
| **Construction & Engineering 2.55%** |  |  |
| AECOM | 83440 | 7954335 |
| EMCOR Group, Inc. | 7847 | 4800716 |
| *Total* |  | 12755051 |
| **Construction Materials 1.89%** |  |  |
| CRH PLC (Ireland)<sup>(b)</sup> | 75796 | 9459341 |
| **Consumer Finance 1.44%** |  |  |
| American Express Co. | 19430 | 7188128 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 1.25%** | **Consumer Staples Distribution & Retail 1.25%** | **Consumer Staples Distribution & Retail 1.25%** | **Consumer Staples Distribution & Retail 1.25%** |  |
| BJ's Wholesale Club Holdings, Inc.\* |  | 69488 | $| 6256005 |
| **Electric: Utilities 2.53%** |  |  |  |  |
| Entergy Corp. |  | 76794 |  | 7098070 |
| FirstEnergy Corp. |  | 123433 |  | 5526095 |
| *Total* |  |  |  | 12624165 |
| **Electronic Equipment, Instruments & Components 2.82%** | **Electronic Equipment, Instruments & Components 2.82%** | **Electronic Equipment, Instruments & Components 2.82%** | **Electronic Equipment, Instruments & Components 2.82%** | **Electronic Equipment, Instruments & Components 2.82%** |
| Keysight Technologies, Inc.\* |  | 45350 |  | 9214667 |
| TD SYNNEX Corp. |  | 32667 |  | 4907563 |
| *Total* |  |  |  | 14122230 |
| **Health Care Providers & Services 3.61%** | **Health Care Providers & Services 3.61%** | **Health Care Providers & Services 3.61%** |  |  |
| Labcorp Holdings, Inc. |  | 33363 |  | 8370109 |
| McKesson Corp. |  | 11805 |  | 9683524 |
| *Total* |  |  |  | 18053633 |
| **Hotels, Restaurants & Leisure 1.16%** | **Hotels, Restaurants & Leisure 1.16%** |  |  |  |
| Booking Holdings, Inc. |  | 1080 |  | 5783756 |
| **Industrial REITS 1.59%** |  |  |  |  |
| Prologis, Inc. |  | 62072 |  | 7924111 |
| **Insurance 9.31%** |  |  |  |  |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> |  | 27754 |  | 9793831 |
| Arch Capital Group Ltd.\* |  | 109156 |  | 10470243 |
| Arthur J Gallagher & Co. |  | 30092 |  | 7787509 |
| Progressive Corp. |  | 35750 |  | 8140990 |
| RenaissanceRe Holdings Ltd. |  | 36774 |  | 10339378 |
| *Total* |  |  |  | 46531951 |
| **Interactive Media & Services 4.78%** | **Interactive Media & Services 4.78%** |  |  |  |
| Alphabet, Inc. Class A |  | 76325 |  | 23889725 |
| **Life Sciences Tools & Services 1.78%** | **Life Sciences Tools & Services 1.78%** |  |  |  |
| IQVIA Holdings, Inc.\* |  | 39426 |  | 8887015 |
| **Machinery 3.23%** |  |  |  |  |
| AGCO Corp. |  | 67750 |  | 7067680 |
| Parker-Hannifin Corp. |  | 10302 |  | 9055046 |
| *Total* |  |  |  | 16122726 |

---

See Notes to Financial Statements. 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Metals & Mining 1.73%** |  |  |  |
| Steel Dynamics, Inc. | 51071 | $| 8653981 |
| **Multi-Utilities 1.47%** |  |  |  |
| CMS Energy Corp. | 104920 |  | 7337056 |
| **Oil, Gas & Consumable Fuels 6.05%** | **Oil, Gas & Consumable Fuels 6.05%** |  |  |
| Expand Energy Corp. | 73114 |  | 8068861 |
| Permian Resources Corp. | 436180 |  | 6119605 |
| Shell PLC ADR | 139853 |  | 10276399 |
| Williams Cos., Inc. | 95900 |  | 5764549 |
| *Total* |  |  | 30229414 |
| **Pharmaceuticals 3.95%** |  |  |  |
| Novartis AG ADR<sup>(c)</sup> | 55610 |  | 7666951 |
| Teva Pharmaceutical Industries Ltd. ADR\* | 386245 |  | 12054706 |
| *Total* |  |  | 19721657 |
| **Real Estate Management & Development 1.69%** | **Real Estate Management & Development 1.69%** |  |  |
| CBRE Group, Inc. Class A\* | 52580 |  | 8454338 |
| **Semiconductors & Semiconductor Equipment 1.99%** | **Semiconductors & Semiconductor Equipment 1.99%** | **Semiconductors & Semiconductor Equipment 1.99%** | **Semiconductors & Semiconductor Equipment 1.99%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 32755 |  | 9953917 |
| **Software 2.98%** |  |  |  |
| Microsoft Corp. | 30835 |  | 14912423 |
| **Specialty Retail 7.39%** |  |  |  |
| AutoZone, Inc.\* | 2400 |  | 8139600 |
| Dick's Sporting Goods, Inc. | 47990 |  | 9500580 |
| Lowe's Cos., Inc. | 39340 |  | 9487234 |
| Ross Stores, Inc. | 54460 |  | 9810425 |
| *Total* |  |  | 36937839 |
| **Technology Hardware, Storage & Peripherals 1.57%** | **Technology Hardware, Storage & Peripherals 1.57%** | **Technology Hardware, Storage & Peripherals 1.57%** | **Technology Hardware, Storage & Peripherals 1.57%** |
| NetApp, Inc. | 73348 |  | 7854837 |
| **Tobacco 1.59%** |  |  |  |
| Philip Morris International, Inc. | 49600 |  | 7955840 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Trading Companies & Distributors 1.94%** | **Trading Companies & Distributors 1.94%** | **Trading Companies & Distributors 1.94%** |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 67627 | $9722057 |
| *Total Common Stocks*<br> (cost $334,845,241) |  | 499596709 |
|  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 0.67%** | **SHORT-TERM INVESTMENTS 0.67%** |  |
| **REPURCHASE AGREEMENTS 0.62%** | **REPURCHASE AGREEMENTS 0.62%** |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $3,085,200 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $3,144,698; proceeds: $3,083,521 <br> (cost $3,082,965) | $3082965 | 3082965 |
| **TIME DEPOSITS 0.00%** |  |  |
| CitiBank N.A.<sup>(d)</sup><br> (cost $28,300) | 28300 | 28300 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS 0.05%** |  |  |
| Fidelity Government Portfolio<sup>(d)</sup><br> (cost $254,700) | 254700 | 254700 |
| *Total Short-Term Investments*<br> (cost $3,365,965) |  | 3365965 |
| *Total Investments in Securities 100.62%*<br> (cost $338,211,206) | *Total Investments in Securities 100.62%*<br> (cost $338,211,206) | 502962674 |
| *Other Assets and Liabilities – Net (0.62)%* | *Other Assets and Liabilities – Net (0.62)%* | (3098116) |
| *Net Assets 100.00%* |  | $499864558 |

---

---

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

---

2 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 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;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | $– | $10399473 | $– | $10399473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 489197236 |  |  | 489197236 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3082965 |  | 3082965 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 28300 |  | 28300 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 254700 | – | – | 254700 |
| Total | $489451936 | $13510738 | $– | $502962674 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements. 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $338211206 |
| Investments in securities, at fair value including $275,740 of securities loaned | $502962674 |
| Cash | 15 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 310374 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 306378 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 15763 |
| Prepaid expenses | 1744 |
| **Total assets** | 503596948 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 2020722 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 997291 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 283000 |
| &nbsp;&nbsp;&nbsp;Management fee | 213090 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 110385 |
| &nbsp;&nbsp;&nbsp;Fund administration | 17047 |
| Foreign currency overdraft (cost $3) | 3 |
| Accrued expenses | 90852 |
| **Total liabilities** | 3732390 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $499864558 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $326182999 |
| Total distributable earnings/(loss) | 173681559 |
| **Net Assets** | $499864558 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 11913287 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $41.96 |

---

4 *See Notes to Financial Statements.*

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $62,162) | $7100166 |
| Securities lending net income | 53 |
| Interest and other | 157520 |
| **Total investment income** | 7257739 |
| **Expenses:** |  |
| Management fee | 2437123 |
| Non-12b-1 service fees | 1218683 |
| Shareholder servicing | 487481 |
| Fund administration | 194970 |
| Professional | 53635 |
| Reports to shareholders | 37723 |
| Directors' fees | 20953 |
| Custody | 16007 |
| Other | 80597 |
| Gross expenses | 4547172 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (16010) |
| **Net expenses** | 4531162 |
| **Net investment income** | 2726577 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 50510467 |
| Net realized gain/(loss) on foreign currency related transactions | (2887) |
| Net change in unrealized appreciation/(depreciation) on investments | 24761270 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 8963 |
| **Net realized and unrealized gain/(loss)** | 75277813 |
| **Net Increase in Net Assets Resulting From Operations** | $78004390 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $2726577 | $4471687 |
| Net realized gain/(loss) | 50507580 | 48376268 |
| Net change in unrealized appreciation/(depreciation) | 24770233 | 42244740 |
| **Net increase in net assets resulting from operations** | 78004390 | 95092695 |
| Distributions to shareholders: | (53389795) | (40430979) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 10668622 | 10872740 |
| Reinvestment of distributions | 53389794 | 40430979 |
| Cost of shares reacquired | (82713459) | (103705845) |
| **Net decrease in net assets resulting from capital share transactions** | (18655043) | (52402126) |
| **Net increase in net assets** | 5959552 | 2259590 |
| **NET ASSETS:** |  |  |
| Beginning of year | $493905006 | $491645416 |
| **End of year** | $499864558 | $493905006 |

---

6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> oper-<br> ations** | **Net<br> invest-<br> ment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 12/31/2025 | $39.92 | $0.23 | $6.64 | $6.87 | $(0.25) | $(4.58)&nbsp;&nbsp;&nbsp;&nbsp; | $(4.83) |
| 12/31/2024 | 36.06 | 0.36 | 7.02 | 7.38 | (0.36) | (3.16) | (3.52) |
| 12/31/2023 | 32.80 | 0.33 | 3.98 | 4.31 | (0.33) | (0.72) | (1.05) |
| 12/31/2022 | 40.04 | 0.48 | (4.29) | (3.81) | (0.48) | (2.95) | (3.43) |
| 12/31/2021 | 34.94 | 0.41 | 9.63 | 10.04 | (0.44) | (4.50) | (4.94) |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $41.96 | 17.29 | 0.93 | 0.93 | 0.56 | $499865 | 38 |
| 39.92 | 20.60 | 0.93 | 0.93 | 0.88 | 493905 | 30 |
| 36.06 | 13.19 | 0.92 | 0.93 | 0.96 | 491645 | 28 |
| 32.80 | (9.44) | 0.93 | 0.94 | 1.31 | 486259 | 36 |
| 40.04 | 29.02 | 0.92 | 0.93 | 1.03 | 610598 | 66 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Growth and Income Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment
 Valuation— Under procedures approved by the Fund's Board of Directors (the "Board"), the
 Board has designated the determination of fair value of the Fund's portfolio investments to Lord Abbett as its valuation
 designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing,
 applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee
 (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing
 and valuation of portfolio investments and ensures that

**Notes to Financial Statements (continued)**

---

| |
|:---|
| prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day. |
| Fair Value Measurements—Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification 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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates,
 prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses—Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions—The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes—It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income—Dividend income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (f) | Repurchase Agreements—The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

| | |
|:---|:---|
| First $1 billion | .50% |
| Over $1 billion | .45% |

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .50% of the Fund's average daily net assets.

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

Lord Abbett voluntarily waived $16,010 of certain fees and expenses during the fiscal year ended December 31, 2025.

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

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund–Growth & Income Portfolio | $2709711 | $50680084 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 53389795 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund–Growth & Income Portfolio | $7701958 | $32729021 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| 40430979 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **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)** |
| Series Fund–Growth & Income Portfolio | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $| 9170188 | $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $| 164621756 | $(110385) | $173681559 |

---

As of December 31, 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)** |
| Series Fund–Growth & Income Portfolio | $338347568 | $167859059 | $(3243953) | $164615106 |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| $– $| 184760688 | $– $| 254609807 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

**Notes to Financial Statements (continued)**

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** CUSTODIAN AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

As of December 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value**<br> **of Securities**<br> **Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Growth and Income Portfolio | $275740 | $283000 |

---

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**11.** INVESTMENT RISKS

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

Due to the Fund's investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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.

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.

**Notes to Financial Statements (concluded)**

&nbsp;&nbsp;&nbsp;&nbsp;**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 253852 | 271354 |
| Reinvestment of distributions | 1260016 | 1025646 |
| Shares reacquired | (1972798) | (2557372) |
| Decrease | (458930) | (1260372) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Growth and Income Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth and Income Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Series Fund-Growth & Income Portfolio | 100% | 0% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amount represents long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term**<br> **Capital Gains** |
| Series Fund-Growth & Income Portfolio | $50680084 |

---

![](x6_c114828x29x1m5m4.jpg)

![](x6_c114828x29x2m5m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
|  | Lord Abbett Series Fund, Inc. |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | Growth and Income Portfolio | LASFGI-2<br> (02/26) |

---

![](x6_c114829x1x1m6m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Growth Opportunities Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx6xc114829a001xm6xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx6xc114829a002xm6xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx6xc114829a003xm6xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc114829a004xm6xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx6xc114829a005xm6xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx6xc114829a006xm6xm4) |
| 19 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx6xc114829a007xm6xm4) |
| 20 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc114829a008xm6xm4) |
| 20 | [**Proxy Disclosures (Item 9)**](#xx6xc114829a009xm6xm4) |
| 20 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx6xc114829a010xm6xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.15%** |  |  |
| **COMMON STOCKS 98.15%** |  |  |
| **Aerospace & Defense 8.53%** |  |  |
| Axon Enterprise, Inc.\* | 1106 | $628131 |
| Curtiss-Wright Corp. | 2066 | 1138924 |
| Howmet Aerospace, Inc. | 12106 | 2481972 |
| Karman Holdings, Inc.\*<sup>(a)</sup> | 9313 | 681432 |
| Kratos Defense & Security Solutions, Inc.\* | 9433 | 716059 |
| Woodward, Inc. | 2938 | 888216 |
| *Total* |  | 6534734 |
| **Beverages 0.82%** |  |  |
| Celsius Holdings, Inc.\* | 13684 | 625906 |
| **Biotechnology 11.19%** |  |  |
| Abivax SA ADR\* | 5690 | 767325 |
| Alnylam Pharmaceuticals, Inc.\* | 3600 | 1431540 |
| Argenx SE ADR\* | 1667 | 1401864 |
| Cogent Biosciences, Inc.\* | 15402 | 547079 |
| Insmed, Inc.\* | 6098 | 1061296 |
| Madrigal Pharmaceuticals, Inc.\* | 1975 | 1150121 |
| Natera, Inc.\* | 9685 | 2218737 |
| *Total* |  | 8577962 |
| **Broadline Retail 2.84%** |  |  |
| Coupang, Inc.\* | 23380 | 551534 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(b)</sup> | 442 | 890303 |
| Sea Ltd. ADR\* | 5732 | 731231 |
| *Total* |  | 2173068 |
| **Building Products 0.72%** |  |  |
| Modine Manufacturing Co.\* | 4139 | 552598 |
| **Capital Markets 7.05%** |  |  |
| Coinbase Global, Inc. Class A\* | 2418 | 546806 |
| Evercore, Inc. Class A | 2423 | 824426 |
| Interactive Brokers Group, Inc. Class A | 13967 | 898218 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Capital Markets (continued)** |  |  |  |
| Nasdaq, Inc. | 6009 | $| 583654 |
| Piper Sandler Cos. | 2030 |  | 689611 |
| Raymond James Financial, Inc. | 4522 |  | 726188 |
| Robinhood Markets, Inc. Class A\* | 10029 |  | 1134280 |
| *Total* |  |  | 5403183 |
| **Communications Equipment 0.66%** |  |  |  |
| Calix, Inc.\* | 9553 |  | 505640 |
| **Construction & Engineering 8.87%** |  |  |  |
| API Group Corp.\* | 17345 |  | 663620 |
| Comfort Systems USA, Inc. | 2398 |  | 2238029 |
| EMCOR Group, Inc. | 2405 |  | 1471355 |
| MasTec, Inc.\* | 4124 |  | 896434 |
| Quanta Services, Inc. | 3622 |  | 1528701 |
| *Total* |  |  | 6798139 |
| **Electrical Equipment 3.90%** |  |  |  |
| Nextpower, Inc. Class A\* | 5506 |  | 479628 |
| Vertiv Holdings Co. Class A | 15505 |  | 2511965 |
| *Total* |  |  | 2991593 |
| **Electronic Equipment, Instruments & Components 0.94%** | **Electronic Equipment, Instruments & Components 0.94%** | **Electronic Equipment, Instruments & Components 0.94%** | **Electronic Equipment, Instruments & Components 0.94%** |
| Fabrinet (Thailand)\*<sup>(b)</sup> | 1580 |  | 719343 |
| **Entertainment 5.82%** |  |  |  |
| Liberty Media Corp.-Liberty Formula One Class A\* | 6519 |  | 582668 |
| Live Nation Entertainment, Inc.\* | 4357 |  | 620873 |
| ROBLOX Corp. Class A\* | 8590 |  | 696048 |
| Spotify Technology SA (Sweden)\*<sup>(b)</sup> | 1182 |  | 686399 |
| Take-Two Interactive Software, Inc.\* | 3345 |  | 856420 |
| TKO Group Holdings, Inc. | 4877 |  | 1019293 |
| *Total* |  |  | 4461701 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Financial Services 2.32%** |  |  |  |
| Affirm Holdings, Inc.\* | 15943 | $| 1186638 |
| Toast, Inc. Class A\* | 16741 |  | 594473 |
| *Total* |  |  | 1781111 |
| **Health Care Equipment & Supplies 3.92%** | **Health Care Equipment & Supplies 3.92%** | **Health Care Equipment & Supplies 3.92%** | **Health Care Equipment & Supplies 3.92%** |
| IDEXX Laboratories, Inc.\* | 2737 |  | 1851662 |
| Insulet Corp.\* | 4053 |  | 1152025 |
| *Total* |  |  | 3003687 |
| **Health Care Providers & Services 1.80%** | **Health Care Providers & Services 1.80%** | **Health Care Providers & Services 1.80%** |  |
| Guardant Health, Inc.\* | 13503 |  | 1379197 |
| **Hotels, Restaurants & Leisure 4.09%** | **Hotels, Restaurants & Leisure 4.09%** |  |  |
| DoorDash, Inc. Class A\* | 3450 |  | 781356 |
| Planet Fitness, Inc. Class A\* | 6092 |  | 660799 |
| Royal Caribbean Cruises Ltd. | 3091 |  | 862142 |
| Viking Holdings Ltd.\* | 11622 |  | 829927 |
| *Total* |  |  | 3134224 |
| **Information Technology Services 5.60%** | **Information Technology Services 5.60%** |  |  |
| Cloudflare, Inc. Class A\* | 12295 |  | 2423959 |
| MongoDB, Inc.\* | 1805 |  | 757541 |
| Snowflake, Inc.\* | 5072 |  | 1112594 |
| *Total* |  |  | 4294094 |
| **Interactive Media & Services 2.57%** |  |  |  |
| Reddit, Inc. Class A\* | 8560 |  | 1967687 |
| **Machinery 2.04%** |  |  |  |
| Crane Co. | 3983 |  | 734585 |
| RBC Bearings, Inc.\* | 1850 |  | 829595 |
| *Total* |  |  | 1564180 |
| **Pharmaceuticals 0.80%** |  |  |  |
| Terns Pharmaceuticals, Inc.\* | 15201 |  | 614120 |
| **Semiconductors & Semiconductor Equipment 7.16%** | **Semiconductors & Semiconductor Equipment 7.16%** | **Semiconductors & Semiconductor Equipment 7.16%** | **Semiconductors & Semiconductor Equipment 7.16%** |
| Astera Labs, Inc.\* | 10201 |  | 1697038 |
| Credo Technology Group Holding Ltd.\* | 8426 |  | 1212417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Monolithic Power Systems, Inc. | 1055 | $| 956210 |
| Nova Ltd. (Israel)\*<sup>(b)</sup> | 3264 |  | 1071865 |
| Rambus, Inc.\* | 6012 |  | 552443 |
| *Total* |  |  | 5489973 |
| **Software 9.14%** |  |  |  |
| AppLovin Corp. Class A\* | 2173 |  | 1464211 |
| Datadog, Inc. Class A\* | 10595 |  | 1440814 |
| Figma, Inc. Class A\* | 8388 |  | 313460 |
| Guidewire Software, Inc.\* | 6101 |  | 1226362 |
| Netskope, Inc. Class A\* | 18836 |  | 330383 |
| Palantir Technologies, Inc. Class A\* | 4370 |  | 776768 |
| Samsara, Inc. Class A\* | 13728 |  | 486658 |
| ServiceTitan, Inc. Class A\* | 3674 |  | 391281 |
| Unity Software, Inc.\* | 13044 |  | 576153 |
| *Total* |  |  | 7006090 |
| **Specialty Retail 4.12%** |  |  |  |
| Carvana Co.\* | 6045 |  | 2551111 |
| Ross Stores, Inc. | 3358 |  | 604910 |
| *Total* |  |  | 3156021 |
| **Technology Hardware, Storage & Peripherals 0.65%** | **Technology Hardware, Storage & Peripherals 0.65%** | **Technology Hardware, Storage & Peripherals 0.65%** | **Technology Hardware, Storage & Peripherals 0.65%** |
| Pure Storage, Inc. Class A\* | 7384 |  | 494802 |
| **Textiles, Apparel & Luxury Goods 0.71%** | **Textiles, Apparel & Luxury Goods 0.71%** |  |  |
| Amer Sports, Inc. (Finland)\*<sup>(b)</sup> | 14578 |  | 544488 |
| **Trading Companies & Distributors 1.89%** | **Trading Companies & Distributors 1.89%** | **Trading Companies & Distributors 1.89%** | **Trading Companies & Distributors 1.89%** |
| FTAI Aviation Ltd. | 7372 |  | 1451178 |
| *Total Common Stocks*<br> (cost $64,015,964) |  |  | 75224719 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.03%** |  |  |
| **REPURCHASE AGREEMENTS 2.10%** |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,612,000 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $1,643,102; proceeds: $1,611,108<br> (cost $1,610,817) | $1610817 | $1610817 |
| **TIME DEPOSITS 0.09%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $70,986) | 70986 | 70986 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **MONEY MARKET FUNDS 0.84%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $638,877) | 638877 | $638877 |
| *Total Short-Term Investments*<br> (cost $2,320,680) | *Total Short-Term Investments*<br> (cost $2,320,680) | 2320680 |
| *Total Investments in Securities 101.18%*<br> (cost $66,336,644) | *Total Investments in Securities 101.18%*<br> (cost $66,336,644) | 77545399 |
| *Other Assets and Liabilities - Net (1.18)%* | *Other Assets and Liabilities - Net (1.18)%* | (903019) |
| *Net Assets 100.00%* |  | $76642380 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Security was purchased with the cash collateral from loaned securities. |

---

The following is a summary of the inputs used as of December 31, 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;Common Stocks | $75224719 | $– | $– | $75224719 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1610817 |  | 1610817 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 70986 |  | 70986 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 638877 | – | – | 638877 |
| **Total** | $75863596 | $1681803 | $– | $77545399 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $66336644 |
| Investments in securities, at fair value including $674,554 of securities loaned | $77545399 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 4883 |
| Prepaid expenses | 3848 |
| **Total assets** | 77554130 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 709863 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 70489 |
| &nbsp;&nbsp;&nbsp;Management fee | 42588 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 24891 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 15073 |
| &nbsp;&nbsp;&nbsp;Fund administration | 2621 |
| Accrued expenses | 46225 |
| **Total liabilities** | 911750 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $76642380 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $63683336 |
| Total distributable earnings/(loss) | 12959044 |
| **Net Assets** | $76642380 |
| **Outstanding shares (110 million shares of common stock authorized, $.001 par value)** | 6899769 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $11.11 |

---

4 See Notes to Financial Statements.

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | $167920 |
| Securities lending net income | 1707 |
| Interest and other | 51089 |
| **Total investment income** | 220716 |
| **Expenses:** |  |
| Management fee | 498524 |
| Non-12b-1 service fees | 191730 |
| Shareholder servicing | 76800 |
| Professional | 43770 |
| Fund administration | 30678 |
| Custody | 11521 |
| Reports to shareholders | 9332 |
| Directors' fees | 3345 |
| Other | 15173 |
| Gross expenses | 880873 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (11521) |
| Net expenses | 869352 |
| Net investment loss | (648636) |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 17800018 |
| Net change in unrealized appreciation/(depreciation) on investments | (10531177) |
| **Net realized and unrealized gain/(loss)** | 7268841 |
| **Net Increase in Net Assets Resulting From Operations** | $6620205 |

---

See Notes to Financial Statements. 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment loss | $(648636) | $(713386) |
| Net realized gain/(loss) | 17800018 | 8961546 |
| Net change in unrealized appreciation/(depreciation) | (10531177) | 14532378 |
| **Net increase in net assets resulting from operations** | 6620205 | 22780538 |
| Distributions to shareholders: | (12208735) | – |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 32973032 | 12146976 |
| Reinvestment of distributions | 12208735 |  |
| Cost of shares reacquired | (48334786) | (29250121) |
| **Net decrease in net assets resulting from capital share transactions** | (3153019) | (17103145) |
| **Net increase (decrease) in net assets** | (8741549) | 5677393 |
| **NET ASSETS:** |  |  |
| Beginning of year | $85383929 | $79706536 |
| **End of year** | $76642380 | $85383929 |

---

6 See Notes to Financial Statements.

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> (loss)<sup>(a)</sup>** | **Net<br> realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** | **Net<br> realized<br> gain** | **Net asset<br> value,<br> end of<br> period** |
| 12/31/2025 | $11.66 | $(0.11)&nbsp;&nbsp;&nbsp;&nbsp; | $1.65 | $1.54 | $(2.09) | $11.11 |
| 12/31/2024 | 8.92 | (0.09) | 2.83 | 2.74 |  | 11.66 |
| 12/31/2023 | 8.06 | (0.07) | 0.93 | 0.86 |  | 8.92 |
| 12/31/2022 | 13.69 | (0.06) | (4.24) | (4.30) | (1.33) | 8.06 |
| 12/31/2021 | 16.44 | (0.14) | 1.18 | 1.04 | (3.79) | 13.69 |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

8 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses after<br> waivers and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 12.94 | 1.13 | 1.15 | (0.85) | $76642 | 135 |
| 30.61 | 1.12 | 1.13 | (0.84) | 85384 | 115 |
| 10.67 | 1.16 | 1.16 | (0.80) | 79707 | 214 |
| (32.53) | 1.25 | 1.26 | (0.61) | 49206 | 121 |
| 6.46 | 1.20 | 1.26 | (0.85) | 93787 | 58 |

---

See Notes to Financial Statements. 9

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Growth Opportunities Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation– Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
 is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value
 methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee")
 that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments
 and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject
 to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and
 other market sources to determine fair value.

**Notes to Financial Statements (continued)**

Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

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

Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
 credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**Notes to Financial Statements (continued)**

A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year 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.

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

(c) Foreign Transactions– The
 books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded
 in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated
 in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable,
 is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in
 foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of
 such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the
 Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result
 of changes in the foreign exchange rates from the changes in market prices of the securities.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Income Taxes– It
 is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment
 companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax
 provision is required.

Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Investment Income– Dividend
 income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance
 with the applicable country's tax rules and rates.

(f) Repurchase Agreements– The
 Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund
 acquires a security and

**Notes to Financial Statements (continued)**

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.

Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

| | |
|:---|:---|
| First $1 billion | .65% |
| Next $3 billion | .63% |
| Next $1 billion | .60% |
| Over $5 billion | .58% |

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .65% of the Fund's average daily net assets.

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

Lord Abbett voluntarily waived $11,521 of certain fees and expenses during the fiscal year ended December 31, 2025.

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

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Growth Opportunities Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $12208735 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $12208735 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Growth Opportunities Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Net**<br> **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)** |
| Series Fund-Growth Opportunities Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $2028017 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $10946100 | $(15073) | $12959044 |

---

As of December 31, 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)** |
| Series Fund-Growth Opportunities Portfolio | $66599299 | $14268328 | $(3322228) | $10946100 |

---

**Notes to Financial Statements (continued)**

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable**<br> **Earnings/(Loss)** | **Paid-in**<br> **Capital** |
| Series Fund-Growth Opportunities Portfolio | $709330 | $(709330) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases** | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $102199337 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $117209128 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the

**Notes to Financial Statements (continued)**

Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** CUSTODIAN AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

**Notes to Financial Statements (continued)**

As of December 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value<br> of Securities<br> Loaned** | **Collateral<br> Received<sup>(1)</sup>** |
| Growth Opportunities Portfolio | $674554 | $709863 |

---

<br> <sup>(1)</sup> Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** INVESTMENT RISKS

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

Due to the Fund's investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 2836136 | 1263507 |
| Reinvestment of distributions | 1074713 |  |
| Shares reacquired | (4336710) | (2870099) |
| Decrease | (425861) | (1606592) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Growth Opportunities Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth Opportunities Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amount represents long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term**<br> **Capital Gains** |
| Series Fund-Growth Opportunities Portfolio | $12208735 |

---

![](x6_c114829x29x1m6m4.jpg)

![](x6_c114829x29x2m6m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc. |  |
|  | Growth Opportunities Portfolio | LASFGO-2<br> (02/26) |

---

![](x7_c114830x1x1m7m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx7xc114830a001xm7xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx7xc114830a002xm7xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx7xc114830a003xm7xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx7xc114830a004xm7xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx7xc114830a005xm7xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx7xc114830a006xm7xm4) |
| 19 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx7xc114830a007xm7xm4) |
| 20 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc114830a008xm7xm4) |
| 20 | [**Proxy Disclosures (Item 9)**](#xx7xc114830a009xm7xm4) |
| 20 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx7xc114830a010xm7xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.70%** |  |  |
| **COMMON STOCKS 99.70%** |  |  |
| **Banks 1.99%** |  |  |
| East West Bancorp, Inc. | 42770 | $4806920 |
| **Beverages 3.61%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 38616 | 5054194 |
| Coca-Cola Consolidated, Inc. | 23890 | 3662337 |
| *Total* |  | 8716531 |
| **Biotechnology 2.54%** |  |  |
| United Therapeutics Corp.\* | 12579 | 6129118 |
| **Building Products 3.59%** |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 33016 | 5256807 |
| Builders FirstSource, Inc.\* | 33200 | 3415948 |
| *Total* |  | 8672755 |
| **Capital Markets 4.62%** |  |  |
| Nasdaq, Inc. | 27586 | 2679428 |
| SEI Investments Co. | 54592 | 4477636 |
| TPG, Inc. | 62373 | 3981892 |
| *Total* |  | 11138956 |
| **Construction & Engineering 1.61%** |  |  |
| AECOM | 40800 | 3889464 |
| **Construction Materials 2.05%** |  |  |
| CRH PLC (Ireland)<sup>(b)</sup> | 39667 | 4950442 |
| **Consumer Staples Distribution & Retail 2.15%** | **Consumer Staples Distribution & Retail 2.15%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 32639 | 2938489 |
| Maplebear, Inc.\* | 49790 | 2239554 |
| *Total* |  | 5178043 |
| **Electric: Utilities 5.75%** |  |  |
| Entergy Corp. | 56050 | 5180702 |
| FirstEnergy Corp. | 93865 | 4202336 |
| IDACORP, Inc. | 35490 | 4491614 |
| *Total* |  | 13874652 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Electronic Equipment, Instruments & Components 7.83%** | **Electronic Equipment, Instruments & Components 7.83%** | **Electronic Equipment, Instruments & Components 7.83%** |
| Belden, Inc. | 31226 | $3639390 |
| Crane NXT Co. | 31917 | 1502333 |
| Keysight Technologies, Inc.\* | 24971 | 5073857 |
| Littelfuse, Inc. | 9580 | 2422974 |
| TD SYNNEX Corp. | 22912 | 3442070 |
| Teledyne Technologies, Inc.\* | 5500 | 2809015 |
| *Total* |  | 18889639 |
| **Ground Transportation 1.80%** |  |  |
| Landstar System, Inc. | 30280 | 4351236 |
| **Health Care Providers & Services 3.58%** | **Health Care Providers & Services 3.58%** |  |
| Cencora, Inc. | 12418 | 4194180 |
| Labcorp Holdings, Inc. | 17705 | 4441830 |
| *Total* |  | 8636010 |
| **Hotels, Restaurants & Leisure 2.50%** | **Hotels, Restaurants & Leisure 2.50%** |  |
| Expedia Group, Inc. | 12790 | 3623535 |
| Yum! Brands, Inc. | 15940 | 2411403 |
| *Total* |  | 6034938 |
| **Insurance 13.89%** |  |  |
| American Financial Group, Inc. | 35853 | 4900388 |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 13684 | 4828810 |
| Arch Capital Group Ltd.\* | 60947 | 5846036 |
| Arthur J Gallagher & Co. | 7876 | 2038230 |
| Assurant, Inc. | 20450 | 4925382 |
| Kemper Corp. | 68211 | 2765274 |
| RenaissanceRe Holdings Ltd. | 9611 | 2702229 |
| White Mountains Insurance Group Ltd. | 2656 | 5519248 |
| *Total* |  | 33525597 |
| **Life Sciences Tools & Services 3.44%** | **Life Sciences Tools & Services 3.44%** |  |
| Agilent Technologies, Inc. | 26614 | 3621367 |
| IQVIA Holdings, Inc.\* | 20759 | 4679286 |
| *Total* |  | 8300653 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Machinery 6.28%** |  |  |  |
| AGCO Corp. | 37170 | $| 3877574 |
| Lincoln Electric Holdings, Inc. | 13190 |  | 3160852 |
| Middleby Corp.\* | 26286 |  | 3907940 |
| Parker-Hannifin Corp. | 4796 |  | 4215492 |
| *Total* |  |  | 15161858 |
| **Media 1.07%** |  |  |  |
| Nexstar Media Group, Inc. | 12690 |  | 2576704 |
| **Metals & Mining 1.95%** |  |  |  |
| Steel Dynamics, Inc. | 27733 |  | 4699357 |
| **Multi-Utilities 1.84%** |  |  |  |
| CMS Energy Corp. | 63520 |  | 4441954 |
| **Oil, Gas & Consumable Fuels 5.18%** |  |  |  |
| Expand Energy Corp. | 40673 |  | 4488672 |
| Permian Resources Corp. | 322746 |  | 4528126 |
| Williams Cos., Inc. | 57950 |  | 3483375 |
| *Total* |  |  | 12500173 |
| **Pharmaceuticals 2.35%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 181689 |  | 5670514 |
| **Professional Services 3.64%** |  |  |  |
| CACI International, Inc. Class A\* | 8247 |  | 4394084 |
| Genpact Ltd. | 93830 |  | 4389367 |
| *Total* |  |  | 8783451 |
| **Real Estate Management & Development 1.57%** | **Real Estate Management & Development 1.57%** |  |  |
| CBRE Group, Inc. Class A\* | 23610 |  | 3796252 |
| **Retail REITS 1.38%** |  |  |  |
| Kimco Realty Corp. | 163839 |  | 3321017 |
| **Semiconductors & Semiconductor Equipment 3.11%** | **Semiconductors & Semiconductor Equipment 3.11%** | **Semiconductors & Semiconductor Equipment 3.11%** | **Semiconductors & Semiconductor Equipment 3.11%** |
| Silicon Motion Technology Corp. ADR | 80957 |  | 7504714 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Software 1.29%** |  |  |
| Docusign, Inc.\* | 45540 | $3114936 |
| **Specialty Retail 4.97%** |  |  |
| AutoZone, Inc.\* | 714 | 2421531 |
| Dick's Sporting Goods, Inc. | 26360 | 5218489 |
| Ross Stores, Inc. | 24120 | 4344977 |
| *Total* |  | 11984997 |
| **Technology Hardware, Storage & Peripherals 1.71%** | **Technology Hardware, Storage & Peripherals 1.71%** | **Technology Hardware, Storage & Peripherals 1.71%** |
| NetApp, Inc. | 38476 | 4120395 |
| **Trading Companies & Distributors 2.41%** | **Trading Companies & Distributors 2.41%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 40393 | 5806898 |
| *Total Common Stocks* <br> (cost $193,973,837) |  | 240578174 |
|  | **Principal** <br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 0.54%** | **SHORT-TERM INVESTMENTS 0.54%** |  |
| **REPURCHASE AGREEMENTS 0.54%** | **REPURCHASE AGREEMENTS 0.54%** |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $1,310,700 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $1,322,204; proceeds: $1,296,391 <br> (cost $1,296,157) | $1296157 | 1296157 |
| *Total Investments in Securities 100.24%* <br> (cost $195,269,994) | *Total Investments in Securities 100.24%* <br> (cost $195,269,994) | 241874331 |
| *Other Assets and Liabilities – Net (0.24)%* | *Other Assets and Liabilities – Net (0.24)%* | (571160) |
| *Net Assets 100.00%* |  | $241303171 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 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** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beverages | $3662337 | $5054194 | $– | $8716531 |
| &nbsp;&nbsp;&nbsp;Remaining Industries | 231861643 |  |  | 231861643 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1296157 | – | 1296157 |
| **Total** | $235523980 | $6350351 | $– | $241874331 |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 3

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $195269994 |
| Investments in securities, at fair value | $241874331 |
| Cash | 3 |
| Foreign cash, at value (cost $2) | 2 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 166437 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 109523 |
| Prepaid expenses | 3353 |
| **Total assets** | 242153649 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 541529 |
| &nbsp;&nbsp;&nbsp;Management fee | 151442 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 54545 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 28721 |
| &nbsp;&nbsp;&nbsp;Fund administration | 8274 |
| Accrued expenses | 65967 |
| **Total liabilities** | 850478 |
| **Commitments and contingent liabilities** | – |
| **Net Assets** | $241303171 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $191733557 |
| Total distributable earnings/(loss) | 49569614 |
| **Net Assets** | $241303171 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 9263307 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $26.05 |

---

<br> 4 *See Notes to Financial Statements.*

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $19,043) | $3592856 |
| Interest and other | 100404 |
| Total investment income | 3693260 |
| **Expenses:** |  |
| Management fee | 1755901 |
| Non-12b-1 service fees | 598306 |
| Shareholder servicing | 167838 |
| Fund administration | 95748 |
| Professional | 49878 |
| Custody | 14256 |
| Directors' fees | 10327 |
| Reports to shareholders | 9494 |
| Other | 41431 |
| Gross expenses | 2743179 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (14256) |
| **Net expenses** | 2728923 |
| **Net investment income** | 964337 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 12439655 |
| Net realized gain/(loss) on foreign currency related transactions | (1692) |
| Net change in unrealized appreciation/(depreciation) on investments | 2606066 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 6787 |
| **Net realized and unrealized gain/(loss)** | 15050816 |
| **Net Increase in Net Assets Resulting From Operations** | $16015153 |

---

<br> *See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended**<br> **December 31, 2025** | **For the Year Ended**<br> **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $964337 | $1626383 |
| Net realized gain/(loss) | 12437963 | 34214947 |
| Net change in unrealized appreciation/(depreciation) | 2612853 | (187550) |
| **Net increase in net assets resulting from operations** | 16015153 | 35653780 |
| **Distributions to shareholders:** | (19817960) | (26992776) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 11562431 | 8085418 |
| Reinvestment of distributions | 19817960 | 26992776 |
| Cost of shares reacquired | (38208128) | (39057562) |
| **Net decrease in net assets resulting from capital share transactions** | (6827737) | (3979368) |
| **Net increase (decrease) in net assets** | (10630544) | 4681636 |
| **NET ASSETS:** |  |  |
| Beginning of year | $251933715 | $247252079 |
| **End of year** | $241303171 | $251933715 |

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<br> 6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 12/31/2025 | $26.45 | $0.11 | $1.72 | $1.83 | $(0.09)&nbsp;&nbsp;&nbsp;&nbsp; | $(2.14)&nbsp;&nbsp;&nbsp;&nbsp; | $(2.23)&nbsp;&nbsp;&nbsp;&nbsp; |
| 12/31/2024 | 25.79 | 0.18 | 3.63 | 3.81 | (0.13) | (3.02) | (3.15) |
| 12/31/2023 | 23.09 | 0.16 | 3.38 | 3.54 | (0.12) | (0.72) | (0.84) |
| 12/31/2022 | 28.02 | 0.24 | (3.39) | (3.15) | (0.21) | (1.57) | (1.78) |
| 12/31/2021 | 24.09 | 0.17 | 6.67 | 6.84 | (0.17) | (2.74) | (2.91) |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

<br> 8 *See Notes to Financial Statements.*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $26.05 | 7.05 | 1.14 | 1.15 | 0.40 | $241303 | 45 |
| 26.45 | 14.90 | 1.14 | 1.14 | 0.63 | 251934 | 52 |
| 25.79 | 15.42 | 1.15 | 1.15 | 0.65 | 247252 | 44 |
| 23.09 | (11.21) | 1.15 | 1.16 | 0.94 | 232935 | 36 |
| 28.02 | 28.70 | 1.13 | 1.14 | 0.59 | 294089 | 60 |

---

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

**Notes to Financial Statements**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Mid Cap Stock Portfolio (the "Fund").

The Fund's investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. The Fund has Variable Contract class shares ("Class VC Shares"), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

(a) Investment Valuation— Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
 is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value
 methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee")
 that performs these responsibilities on behalf

**Notes to Financial Statements (continued)**

---

| |
|:---|
| of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day. |
| Fair Value Measurements—Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level |

---

**Notes to Financial Statements (continued)**

of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses—Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions—The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund may use foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes—It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (e) | Investment Income—Dividend income, if any, 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 Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements—The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (g) | Security Transactions—Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

---

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

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .73% of the Fund's average daily net assets.

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

Lord Abbett voluntarily waived $14,256 of certain fees and expenses during the fiscal year ended December 31, 2025.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund's Class VC Shares held in the

**Notes to Financial Statements (continued)**

insurance company's separate account to service and maintain the Variable Contract owners' accounts. This amount is included in non-12b-1 service fees in the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

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

**4.** 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 year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund-Mid Cap Stock Portfolio | $905355 | $18912605 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $19817960 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund-Mid Cap Stock Portfolio | $1965894 | $25026882 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $26992776 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Net**<br> **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)** |
| Series Fund-Mid Cap Stock Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $2924048 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $46700111 | $(54545) | $49569614 |

---

**Notes to Financial Statements (continued)**

As of December 31, 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)** |
| Series Fund-Mid Cap Stock Portfolio | $195178161 | $51147496 | $(4451326) | $46696170 |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases** | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $– | $107107945 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $130957541 |

---

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or

**Notes to Financial Statements (continued)**

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

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the

**Notes to Financial Statements (continued)**

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 December 31, 2025, the Fund did not have any securities on loan.

**11.** INVESTMENT RISKS

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

Because the Fund invests in real estate investment trusts ("REITS"), it may be subject to the risks that impact the value of the underlying properties or mortgages of the REITs in which it invests. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for tax-free distribution of income, and changes in local, regional, or general economic conditions.

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.

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

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

**Notes to Financial Statements (concluded)**

pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 441827 | 289518 |
| Reinvestment of distributions | 758170 | 1027220 |
| Shares reacquired | (1460300) | (1379603) |
| Decrease | (260303) | (62865) |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Mid Cap Stock Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Mid Cap Stock Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Series Fund-Mid Cap Stock Portfolio | 100% | 0% |

---

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amount represents long-term capital gains:

---

| | |
|:---|:---|
| **Fund Name** | **Long-Term<br> Capital Gains** |
| Series Fund-Mid Cap Stock Portfolio | $18912605 |

---

![](x7_c114830x29x1m7m4.jpg)

![](x7_c114830x29x2m7m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
|  | Lord Abbett Series Fund, Inc. |  |
| Lord Abbett mutual fund shares are distributed by<br>LORD ABBETT DISTRIBUTOR LLC. | Mid Cap Stock Portfolio | LASFMCV-2<br>(02/26) |

---

![](x7_c114831x1x1m8m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Short Duration Income Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx7xc114831a001xm8xm4) |
| 38 | [**Statement of Assets and Liabilities (Item 7)**](#xx7xc114831a002xm8xm4) |
| 39 | [**Statement of Operations (Item 7)**](#xx7xc114831a003xm8xm4) |
| 40 | [**Statements of Changes in Net Assets (Item 7)**](#xx7xc114831a004xm8xm4) |
| 42 | [**Financial Highlights (Item 7)**](#xx7xc114831a005xm8xm4) |
| 44 | [**Notes to Financial Statements (Item 7)**](#xx7xc114831a006xm8xm4) |
| 60 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx7xc114831a007xm8xm4) |
| 61 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc114831a008xm8xm4) |
| 61 | [**Proxy Disclosures (Item 9)**](#xx7xc114831a009xm8xm4) |
| 61 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx7xc114831a010xm8xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.62%** |  |  |  | | |
| **ASSET-BACKED SECURITIES 22.08%** |  |  |  | | |
| **Automobiles 7.55%** |  |  |  |  |  |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% |  | 12/18/2028 | $100000 | $101605 |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-2A Class A<sup>†</sup> | 2.02% |  | 2/20/2027 | 86667 | 86495 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A<sup>†</sup> | 4.974%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 12/26/2031 | 98365 | 98669 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% |  | 1/16/2029 | 385000 | 389753 |
| CarMax Auto Owner Trust Series 2023-4 Class B | 6.39% |  | 5/15/2029 | 400000 | 415166 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 130000 | 131817 |
| CarMax Auto Owner Trust Series 2024-2 Class A4 | 5.51% |  | 11/15/2029 | 70000 | 71983 |
| CarMax Select Receivables Trust Series 2025-B Class A3 | 4.12% |  | 3/15/2030 | 325000 | 325990 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% |  | 1/10/2028 | 2946 | 2918 |
| Carvana Auto Receivables Trust Series 2022-P2 Class A4 | 4.68% |  | 2/10/2028 | 85281 | 85502 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% |  | 7/25/2029 | 165000 | 166983 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% |  | 10/15/2030 | 785000 | 797958 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% |  | 10/15/2030 | 240000 | 244627 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3<sup>†</sup> | 5.33% |  | 8/15/2028 | 231803 | 233441 |
| Credit Acceptance Auto Loan Trust Series 2024-2A Class A<sup>†</sup> | 5.95% |  | 6/15/2034 | 100000 | 101803 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% |  | 8/15/2028 | 65812 | 65928 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% |  | 6/15/2029 | 225000 | 228421 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% |  | 9/15/2028 | 226618 | 227460 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% |  | 9/16/2030 | 40000 | 40910 |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% |  | 7/15/2031 | 95000 | 97356 |
| Exeter Automobile Receivables Trust Series 2025-4A Class A3 | 4.39% |  | 9/17/2029 | 580000 | 582742 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% | 6/15/2027 | $310000 | $311945 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 394614 | 398563 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 268206 | 272802 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 138965 | 140522 |
| LAD Auto Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.43% | 12/15/2028 | 385000 | 392670 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% | 8/15/2028 | 171483 | 172503 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% | 11/15/2027 | 26938 | 26955 |
| M&T Bank Auto Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.22% | 2/17/2032 | 317399 | 320978 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.73% | 6/17/2030 | 100000 | 101413 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 310000 | 315231 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 271642 | 273437 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 52915 | 53369 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 294902 | 296611 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class C | 4.96% | 11/15/2028 | 141127 | 141399 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% | 5/15/2030 | 464930 | 468047 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class C | 5.77% | 11/15/2030 | 125000 | 127370 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 | 5.63% | 11/15/2028 | 118744 | 119164 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 220000 | 224890 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 110000 | 111368 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 100000 | 100837 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class A3 | 4.17% | 4/15/2030 | 180000 | 180778 |
| SCCU Auto Receivables Trust Series 2025-1A Class A4<sup>†</sup> | 4.68% | 9/15/2031 | 235000 | 238809 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| SFS Auto Receivables Securitization Trust Series 2023-1A Class A3<sup>†</sup> | 5.47% |  | 10/20/2028 | $101667 | $102338 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3<sup>†</sup> | 4.95% |  | 5/21/2029 | 74003 | 74474 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3<sup>†</sup> | 5.33% |  | 11/20/2029 | 256294 | 259139 |
| SFS Auto Receivables Securitization Trust Series 2024-3A Class A3<sup>†</sup> | 4.55% |  | 6/20/2030 | 120000 | 120842 |
| Western Funding Auto Loan Trust Series 2025-1 Class A<sup>†</sup> | 4.75% |  | 7/16/2035 | 340000 | 343080 |
| Westlake Automobile Receivables Trust Series 2023-1A Class D<sup>†</sup> | 6.79% |  | 11/15/2028 | 185000 | 189282 |
| Westlake Automobile Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.02% |  | 9/15/2028 | 220000 | 222383 |
| Westlake Automobile Receivables Trust Series 2024-1A Class B<sup>†</sup> | 5.55% |  | 11/15/2027 | 310000 | 311358 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% |  | 4/15/2030 | 140000 | 143051 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.71% |  | 4/17/2028 | 95000 | 95320 |
| Westlake Automobile Receivables Trust Series 2025-2A Class B<sup>†</sup> | 4.63% |  | 1/15/2031 | 500000 | 503071 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 210000 | 210329 |
| *Total* |  |  |  |  | 11861855 |
| **Other 14.42%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 4.999%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | 54989 | 54947 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 215000 | 215345 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 100000 | 100159 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 145000 | 146508 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 215000 | 215891 |
| AGL CLO 1 Ltd. Series 2019-1A Class ARR<sup>†</sup> | 5.084%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/20/2034 | 610000 | 610818 |
| Allegany Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 4.984%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 1/20/2035 | 310000 | 310078 |
| Annisa CLO Ltd. Series 2016-2A Class BRR<sup>†</sup> | 5.384%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 7/20/2031 | 390000 | 390287 |

---

*See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Apidos CLO XXX Ltd. Series XXXA Class BR<sup>†</sup> | 5.734%<br> (3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 10/18/2031 | $270000 | $270281 |
| Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class A<sup>†</sup> | 5.088%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 1/20/2043 | 100000 | 99934 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.434%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 52513 | 52522 |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | 275000 | 275095 |
| ARES LXV CLO Ltd. Series 2022-65A Class A1R<sup>†</sup> | 4.978%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 7/25/2034 | 500000 | 500202 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 4.90%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 350000 | 349615 |
| Bain Capital Credit CLO Ltd. Series 2020-5A Class ARR<sup>†</sup> | 5.034%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/20/2034 | 280000 | 280335 |
| Bain Capital Credit CLO Ltd. Series 2022-3A Class A1R<sup>†</sup> | 5.042%<br> (3 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 7/17/2035 | 530000 | 530158 |
| Barings CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 1/18/2035 | 250000 | 250250 |
| Battalion CLO XI Ltd. Series 2017-11A Class AR2<sup>†</sup> | 4.995%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 4/24/2034 | 250000 | 249930 |
| BDS LLC Series 2025-FL15 Class A<sup>†</sup> | 5.131%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 3/19/2043 | 150000 | 150229 |
| BDS LLC Series 2025-FL16 Class A<sup>†</sup> | 5.40%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 7/19/2043 | 170000 | 170213 |
| Black Diamond CLO Ltd. Series 2021-1A Class A1AR<sup>†</sup> | 5.107%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 11/22/2034 | 250000 | 248759 |
| BSPRT Issuer LLC Series 2025-FL12 Class A<sup>†</sup> | 5.122%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 1/17/2043 | 160000 | 160245 |
| Buckhorn Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 4.954%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 7/18/2034 | 400000 | 400181 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 4.935%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 400000 | 399932 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-5A Class A2R4<sup>†</sup> | 5.084%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 1/20/2032 | 490000 | 490181 |

---

4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Carlyle Global Market Strategies CLO Ltd. Series 2016-1A Class A1R3<sup>†</sup> | 4.974%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 4/20/2034 | $250000 | $250117 |
| Carlyle U.S. CLO Ltd. Series 2021-9A Class AR<sup>†</sup> | 4.994%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 270000 | 270082 |
| Cathedral Lake VI Ltd. Series 2021-6A Class ANR<sup>†</sup> | 5.058%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 4/25/2034 | 250000 | 249823 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 4.852%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 175767 | 176047 |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 4.928%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | 250000 | 250134 |
| Columbia Cent CLO 30 Ltd. Series 2020-30A Class A1R2<sup>†</sup> | 4.654%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 1/20/2034 | 250000 | 250151 |
| Columbia Cent CLO 32 Ltd. Series 2022-32A Class A1R2<sup>†</sup> | 4.985%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 7/24/2034 | 300000 | 300165 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.179%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 560000 | 560869 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 4.954%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 680000 | 679777 |
| Dryden 86 CLO Ltd. Series 2020-86A Class A1R2<sup>†</sup> | 5.012%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/17/2034 | 410000 | 410604 |
| Dryden 95 CLO Ltd. Series 2021-95A Class AR<sup>†</sup> | 4.929%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 8/20/2034 | 440000 | 439906 |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.116%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | 100000 | 99989 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 4.885%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 13425 | 13417 |
| HPEFS Equipment Trust Series 2023-2A Class D<sup>†</sup> | 6.97% |  | 7/21/2031 | 235000 | 237501 |
| HPEFS Equipment Trust Series 2025-1A Class A3<sup>†</sup> | 4.43% |  | 9/20/2032 | 185000 | 186443 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.434%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 260000 | 260259 |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.434%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | 400000 | 400416 |
| KKR CLO 24 Ltd. Series 24 Class A1R<sup>†</sup> | 5.226%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2032 | 131077 | 131167 |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.184%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | 590000 | 590238 |

---

*See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| LCM 34 Ltd. Series 34A Class A1R<sup>†</sup> | 5.064%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 10/20/2034 | $430000 | $430374 |
| LCM 35 Ltd. Series 35A Class A1R<sup>†</sup> | 4.985%<br> (3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 10/15/2034 | 250000 | 250068 |
| Lendmark Funding Trust Series 2021-2A Class A<sup>†</sup> | 2.00% |  | 4/20/2032 | 260000 | 251863 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.493%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 75163 | 75085 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.121%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 160000 | 160129 |
| M&T Equipment Notes Series 2024-1A Class A4<sup>†</sup> | 4.94% |  | 8/18/2031 | 300000 | 306421 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.138%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 390000 | 390004 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 295000 | 290507 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 305000 | 297288 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 5.881%<br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 82734 | 82783 |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 4.929%<br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | 29488 | 29474 |
| Navesink CLO 4 Ltd. Series 2025-4A Class A1<sup>†</sup> | 5.198%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 10/15/2037 | 250000 | 250047 |
| Ocean Trails CLO XI Series 2021-11A Class AR<sup>†</sup> | 4.914%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 7/20/2034 | 440000 | 439261 |
| Octagon Investment Partners 41 Ltd. Series 2019-2A Class A1R2<sup>†</sup> | 4.995%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 10/15/2033 | 250000 | 250064 |
| Octagon Investment Partners 44 Ltd. Series 2019-1A Class AR2<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 10/15/2034 | 250000 | 250063 |
| Octagon Investment Partners 45 Ltd. Series 2019-1A Class A1RR<sup>†</sup> | 5.055%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 4/15/2035 | 260000 | 260166 |
| OneMain Financial Issuance Trust Series 2021-1A Class A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 140000 | 136317 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 62149 | 62379 |
| OneMain Financial Issuance Trust Series 2023-1A Class A<sup>†</sup> | 5.50% |  | 6/14/2038 | 440000 | 454941 |
| Parallel Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.274%<br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 7/20/2036 | 350000 | 350837 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| PFP Ltd. Series 2025-12 Class A<sup>†</sup> | 5.224%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 12/18/2042 | $260000 | $260798 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.505%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 300000 | 300238 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.151%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 7038 | 7040 |
| Saratoga Investment Corp. Senior Loan Fund Ltd. Series 2022-1A Class A1R<sup>†</sup> | 5.344%<br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/20/2037 | 400000 | 400287 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 140000 | 142798 |
| SCF Equipment Leasing LLC Series 2025-2A Class A3<sup>†</sup> | 4.33% |  | 6/20/2036 | 205000 | 205966 |
| SCF Equipment Trust LLC Series 2025-1A Class A3<sup>†</sup> | 5.11% |  | 11/21/2033 | 305000 | 311708 |
| Signal Peak CLO 4 Ltd. Series 2017-4A Class AR2<sup>†</sup> | 4.978%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 10/26/2034 | 380000 | 379744 |
| Trinitas CLO XII Ltd. Series 2020-12A Class A1R2<sup>†</sup> | 4.908%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/25/2033 | 214154 | 214384 |
| Trinitas CLO XVI Ltd. Series 2021-16A Class A1R<sup>†</sup> | 5.014%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/20/2034 | 270000 | 270085 |
| Trysail CLO Ltd. Series 2021-1A Class A1R<sup>†</sup> | 5.273%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 10/20/2036 | 330000 | 330065 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 161478 | 162338 |
| Venture 28A CLO Ltd. Series 2017-28AA Class A1RR<sup>†</sup> | 4.994%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 400000 | 399843 |
| Venture 45 CLO Ltd. Series 2022-45A Class A1R<sup>†</sup> | 5.154%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 7/20/2035 | 250000 | 250149 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 345000 | 351837 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 100000 | 101003 |
| Voya CLO Ltd. Series 2017-3A Class AAR2<sup>†</sup> | 5.484%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 4/20/2034 | 250000 | 250129 |
| Wind River CLO Ltd. Series 2021-4A Class AR<sup>†</sup> | 5.10%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 1/20/2035 | 300000 | 300007 |
| Wind River CLO Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.234%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/20/2035 | 300000 | 300148 |
| *Total* |  |  |  |  | 22635838 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Student Loan 0.11%** |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% | 10/15/2069 | $79402 | $72880 |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% | 7/15/2070 | 67440 | 61858 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% | 4/20/2062 | 36271 | 34336 |
| *Total* |  |  |  | 169074 |
| *Total Asset-Backed Securities* (cost $34,537,101) | *Total Asset-Backed Securities* (cost $34,537,101) |  |  | 34666767 |
| **CONVERTIBLE BONDS 0.13%** |  |  |  |  |
| **Commercial Services 0.08%** |  |  |  |  |
| Block, Inc. | Zero Coupon | 5/1/2026 | 133000 | 131012 |
| **Equity Real Estate 0.05%** |  |  |  |  |
| Redfin Corp. | 0.50% | 4/1/2027 | 78000 | 73398 |
| *Total Convertible Bonds* (cost $204,069) |  |  |  | 204410 |
| **CORPORATE BONDS 54.17%** |  |  |  |  |
| **Aerospace/Defense 1.11%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | 117000 | 123677 |
| Boeing Co. | 2.196% | 2/4/2026 | 297000 | 296447 |
| Boeing Co. | 2.25% | 6/15/2026 | 105000 | 104097 |
| Boeing Co. | 2.70% | 2/1/2027 | 97000 | 95630 |
| Boeing Co. | 3.20% | 3/1/2029 | 38000 | 36855 |
| Boeing Co. | 3.25% | 2/1/2028 | 82000 | 80669 |
| Boeing Co. | 5.04% | 5/1/2027 | 46000 | 46491 |
| Boeing Co. | 5.15% | 5/1/2030 | 67000 | 68866 |
| Boeing Co. | 6.259% | 5/1/2027 | 231000 | 237112 |
| Boeing Co. | 6.298% | 5/1/2029 | 183000 | 194308 |
| Bombardier, Inc. (Canada)<sup>†(a)</sup> | 6.00% | 2/15/2028 | 5000 | 5018 |
| Spirit AeroSystems, Inc. | 3.85% | 6/15/2026 | 217000 | 216377 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 8/15/2028 | 237000 | 241471 |
| *Total* |  |  |  | 1747018 |
| **Agriculture 0.72%** |  |  |  |  |
| Bunge Ltd. Finance Corp. | 2.00% | 4/21/2026 | 411000 | 408511 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 5.50% | 2/1/2030 | 200000 | 207394 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 6.125% | 7/27/2027 | 200000 | 206007 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.25% | 6/15/2030 | 300000 | 311427 |
| *Total* |  |  |  | 1133339 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Airlines 0.37%** |  |  |  |  |  |
| Air Canada (Canada)<sup>†(a)</sup> | 3.875% |  | 8/15/2026 | $178000 | $177253 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.50% |  | 4/20/2026 | 73315 | 73457 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(a)</sup> | 5.021% |  | 10/20/2029 | 176000 | 177524 |
| Southwest Airlines Co. | 4.375% |  | 11/15/2028 | 82000 | 82192 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 75493 | 77461 |
| *Total* |  |  |  |  | 587887 |
| **Auto Manufacturers 2.69%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 4.271% |  | 1/9/2027 | 301000 | 299549 |
| Ford Motor Credit Co. LLC | 5.125% |  | 11/5/2026 | 513000 | 515936 |
| Ford Motor Credit Co. LLC | 5.303% |  | 9/6/2029 | 204000 | 205697 |
| Ford Motor Credit Co. LLC | 5.80% |  | 3/8/2029 | 237000 | 242235 |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | 200000 | 203151 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 280000 | 292451 |
| General Motors Financial Co., Inc. | 4.20% |  | 10/27/2028 | 55000 | 55091 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 75000 | 76024 |
| General Motors Financial Co., Inc. | 5.284% <br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 74000 | 74349 |
| General Motors Financial Co., Inc. | 5.40% |  | 4/6/2026 | 73000 | 73260 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 13000 | 13217 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 142000 | 147310 |
| General Motors Financial Co., Inc. | 5.65% |  | 1/17/2029 | 209000 | 216738 |
| Hyundai Capital America<sup>†</sup> | 2.00% |  | 6/15/2028 | 121000 | 114832 |
| Hyundai Capital America<sup>†</sup> | 4.30% |  | 9/24/2027 | 138000 | 138487 |
| Hyundai Capital America<sup>†</sup> | 4.875% |  | 6/23/2027 | 91000 | 92030 |
| Hyundai Capital America<sup>†</sup> | 4.90% |  | 6/23/2028 | 128000 | 130035 |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | 128000 | 133955 |
| Hyundai Capital America<sup>†</sup> | 6.50% |  | 1/16/2029 | 31000 | 32851 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 1.85% |  | 9/16/2026 | 35000 | 34256 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.00% |  | 3/9/2026 | 70000 | 69719 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.95% |  | 9/15/2026 | 254000 | 257630 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | 200000 | 203969 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 200000 | 200855 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 200000 | 201763 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 200000 | 202144 |
| *Total* |  |  |  |  | 4227534 |
| **Auto Parts & Equipment 0.20%** |  |  |  |  |  |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 300000 | 307289 |

---

*See Notes to Financial Statements.* 9

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks 6.04%** |  |  |  |  |  |
| AIB Group PLC (Ireland)<sup>†(a)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | $400000 | $424904 |
| Bank Negara Indonesia Persero Tbk. PT (Indonesia)<sup>(a)</sup> | 3.75% |  | 3/30/2026 | 200000 | 198997 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 600000 | 590640 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 5.367%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 200000 | 206753 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 200000 | 203156 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 200000 | 211450 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 200000 | 192593 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 5.283%<br> (SOFR + 1.28% |)<sup>#</sup> | 11/19/2030 | 200000 | 205940 |
| BPCE SA (France)<sup>†(a)</sup> | 4.875% |  | 4/1/2026 | 200000 | 200201 |
| Citigroup, Inc. | 4.503%<br> (SOFR + 1.17% |)<sup>#</sup> | 9/11/2031 | 119000 | 119401 |
| Citigroup, Inc. | 4.786%<br> (SOFR + .87% |)<sup>#</sup> | 3/4/2029 | 209000 | 212022 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 231000 | 237098 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 250000 | 251942 |
| Citizens Financial Group, Inc. | 5.253%<br> (SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 119000 | 122316 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 205000 | 213856 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 265000 | 269427 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 104000 | 107593 |
| Freedom Mortgage Corp.<sup>†</sup> | 6.625% |  | 1/15/2027 | 230000 | 231680 |
| Goldman Sachs Group, Inc. | 1.948%<br> (SOFR + .91% |)<sup>#</sup> | 10/21/2027 | 174000 | 171097 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 53000 | 54773 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 126000 | 130164 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 200000 | 202951 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 5.597%<br> (SOFR + 1.06% |)<sup>#</sup> | 5/17/2028 | $200000 | $203778 |
| JPMorgan Chase & Co. | 2.956%<br> (3 mo. USD Term SOFR + 2.52% |)<sup>#</sup> | 5/13/2031 | 97000 | 91536 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 41000 | 42043 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 83000 | 85804 |
| M&T Bank Corp. | 4.553%<br> (SOFR + 1.78% |)<sup>#</sup> | 8/16/2028 | 94000 | 94570 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 3.624% |  | 6/3/2030 | 200000 | 191453 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 3.763%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 28000 | 27814 |
| Morgan Stanley | 4.356%<br> (SOFR + 1.07% |)<sup>#</sup> | 10/22/2031 | 91000 | 90721 |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | 75000 | 76918 |
| Morgan Stanley | 5.123%<br> (SOFR + 1.73% |)<sup>#</sup> | 2/1/2029 | 76000 | 77591 |
| Morgan Stanley | 5.449%<br> (SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 106000 | 109405 |
| Morgan Stanley Private Bank NA | 4.734%<br> (SOFR + 1.08% |)<sup>#</sup> | 7/18/2031 | 250000 | 253476 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 5.847%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 3/2/2027 | 200000 | 200547 |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 56000 | 57330 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 2.469%<br> (SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 200000 | 196647 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.534%<br> (SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 400000 | 418040 |
| Societe Generale SA (France)<sup>†(a)</sup> | 5.25% |  | 2/19/2027 | 222000 | 224596 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 200000 | 204140 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 250000 | 255141 |
| Truist Financial Corp. | 1.267%<br> (SOFR + .61% |)<sup>#</sup> | 3/2/2027 | 90000 | 89558 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 69000 | 71448 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Truist Financial Corp. | 6.047%<br> (SOFR + 2.05% |)<sup>#</sup> | 6/8/2027 | $71000 | $71581 |
| U.S. Bancorp | 4.653%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/1/2029 | 112000 | 113419 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 337000 | 346271 |
| U.S. Bancorp | 5.10%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/23/2030 | 126000 | 129784 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 200000 | 196847 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 5.428%<br> (1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 200000 | 206911 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 102000 | 103915 |
| Wells Fargo & Co. | 5.198%<br> (SOFR + 1.50% |)<sup>#</sup> | 1/23/2030 | 177000 | 182318 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 195000 | 202087 |
| Wells Fargo & Co. | 6.303%<br> (SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 99000 | 104630 |
| *Total* |  |  |  |  | 9479273 |
| **Beverages 0.40%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 177000 | 178364 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 140000 | 142817 |
| Bacardi-Martini BV (Netherlands)<sup>†(a)</sup> | 5.55% |  | 2/1/2030 | 133000 | 137400 |
| Keurig Dr. Pepper, Inc. | 4.35% |  | 5/15/2028 | 100000 | 100333 |
| Keurig Dr. Pepper, Inc. | 5.10% |  | 3/15/2027 | 65000 | 65756 |
| *Total* |  |  |  |  | 624670 |
| **Biotechnology 0.48%** |  |  |  |  |  |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 82000 | 82290 |
| Illumina, Inc. | 4.75% |  | 12/12/2030 | 189000 | 190861 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 154000 | 158734 |
| Royalty Pharma PLC | 2.20% |  | 9/2/2030 | 37000 | 33554 |
| Royalty Pharma PLC | 4.45% |  | 3/25/2031 | 176000 | 175549 |
| Royalty Pharma PLC | 5.15% |  | 9/2/2029 | 109000 | 112078 |
| *Total* |  |  |  |  | 753066 |
| **Building Materials 0.00%** |  |  |  |  |  |
| Griffon Corp. | 5.75% |  | 3/1/2028 | 6000 | 6015 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Chemicals 0.18%** |  |  |  |  |
| Albemarle Corp. | 4.65% | 6/1/2027 | $204000 | $205356 |
| Celanese U.S. Holdings LLC | 1.40% | 8/5/2026 | 80000 | 78784 |
| *Total* |  |  |  | 284140 |
| **Commercial Services 1.19%** |  |  |  |  |
| Ashtead Capital, Inc.<sup>†</sup> | 4.375% | 8/15/2027 | 200000 | 199966 |
| Block, Inc. | 2.75% | 6/1/2026 | 202000 | 200898 |
| Block, Inc.<sup>†</sup> | 5.625% | 8/15/2030 | 46000 | 46959 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 175000 | 184185 |
| Global Payments, Inc. | 4.50% | 11/15/2028 | 161000 | 161330 |
| Global Payments, Inc. | 4.875% | 11/15/2030 | 271000 | 271364 |
| Matthews International Corp.<sup>†</sup> | 8.625% | 10/1/2027 | 203000 | 210032 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 200000 | 203571 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 200000 | 198954 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 196000 | 194488 |
| *Total* |  |  |  | 1871747 |
| **Computers 0.35%** |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 130000 | 127659 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 171000 | 164240 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 258000 | 257228 |
| *Total* |  |  |  | 549127 |
| **Diversified Financial Services 4.69%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 6.45% | 4/15/2027 | 156000 | 160309 |
| AG Issuer LLC<sup>†</sup> | 6.25% | 3/1/2028 | 130000 | 131019 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.00% | 9/15/2030 | 150000 | 151655 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% | 3/15/2030 | 150000 | 153331 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.625% | 11/15/2028 | 250000 | 251025 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% | 1/15/2028 | 250000 | 258063 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% | 1/15/2030 | 250000 | 263347 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% | 11/1/2027 | 119000 | 117279 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% | 7/15/2029 | 65000 | 66633 |
| Aviation Capital Group LLC<sup>†</sup> | 6.25% | 4/15/2028 | 174000 | 180875 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(a)</sup> | 4.75% | 11/12/2030 | 200000 | 198562 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% | 2/21/2026 | 100000 | 99681 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.528% | 11/18/2027 | 33000 | 32020 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.75% | 2/21/2028 | 110000 | 106624 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 3.25% | 2/15/2027 | 68000 | 67281 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 4.95% |  | 1/15/2028 | $105000 | $106326 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.75% |  | 3/1/2029 | 193000 | 199794 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.75% |  | 11/15/2029 | 218000 | 226283 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 6.375% |  | 5/4/2028 | 33000 | 34396 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 5.50% |  | 6/18/2030 | 350000 | 359448 |
| Equitable America Global Funding<sup>†</sup> | 4.65% |  | 6/9/2028 | 76000 | 76828 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 24000 | 25185 |
| GGAM Finance Ltd. (Ireland)<sup>†(a)</sup> | 8.00% |  | 2/15/2027 | 115000 | 117814 |
| GGAM Finance Ltd. (Ireland)<sup>†(a)</sup> | 8.00% |  | 6/15/2028 | 75000 | 79476 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 276000 | 272974 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 200000 | 200156 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 169000 | 166261 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 189000 | 189028 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 59000 | 59878 |
| LPL Holdings, Inc. | 5.15% |  | 6/15/2030 | 91000 | 92850 |
| LPL Holdings, Inc. | 5.20% |  | 3/15/2030 | 40000 | 40953 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 47000 | 47930 |
| LPL Holdings, Inc. | 6.75% |  | 11/17/2028 | 98000 | 104626 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 5.15% |  | 3/17/2030 | 34000 | 34493 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 6.40% |  | 3/26/2029 | 114000 | 119631 |
| Navient Corp. | 5.00% |  | 3/15/2027 | 28000 | 28079 |
| Navient Corp. | 6.75% |  | 6/15/2026 | 221000 | 224108 |
| OneMain Finance Corp. | 6.625% |  | 1/15/2028 | 136000 | 140024 |
| OneMain Finance Corp. | 7.125% |  | 3/15/2026 | 90000 | 90940 |
| Rocket Cos., Inc.<sup>†</sup> | 6.125% |  | 8/1/2030 | 139000 | 143761 |
| Rocket Cos., Inc.<sup>†</sup> | 6.50% |  | 8/1/2029 | 260000 | 268486 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% |  | 10/15/2026 | 423000 | 417118 |
| SLM Corp. | 3.125% |  | 11/2/2026 | 250000 | 245906 |
| Stellantis Financial Services U.S. Corp.<sup>†</sup> | 4.95% |  | 9/15/2028 | 452000 | 458316 |
| Synchrony Financial | 3.70% |  | 8/4/2026 | 50000 | 49835 |
| Synchrony Financial | 3.95% |  | 12/1/2027 | 45000 | 44825 |
| Synchrony Financial | 5.019%<br> (SOFR + 1.40% |)<sup>#</sup> | 7/29/2029 | 77000 | 77994 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.75% |  | 6/15/2027 | 200000 | 201265 |
| Voya Global Funding<sup>†</sup> | 4.60% |  | 11/24/2030 | 174000 | 175106 |
| *Total* |  |  |  |  | 7357797 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric 3.33%** |  |  |  |  |
| AES Corp. | 5.45% | 6/1/2028 | $136000 | $139200 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% | 7/31/2028 | 300000 | 319989 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% <sup>(b)</sup> | 6/15/2026 | 196000 | 196967 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% | 6/6/2027 | 45000 | 45638 |
| Ameren Corp. | 5.00% | 1/15/2029 | 20000 | 20453 |
| Black Hills Corp. | 5.95% | 3/15/2028 | 105000 | 108980 |
| Calpine Corp.<sup>†</sup> | 5.125% | 3/15/2028 | 136000 | 136216 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 265000 | 270407 |
| CenterPoint Energy, Inc. | 5.40% | 6/1/2029 | 37000 | 38333 |
| Cleco Corporate Holdings LLC | 3.743% | 5/1/2026 | 87000 | 86775 |
| Comision Federal de Electricidad (Mexico)<sup>†(a)</sup> | 4.688% | 5/15/2029 | 200000 | 198248 |
| Comision Federal de Electricidad (Mexico)<sup>(a)</sup> | 5.70% | 1/24/2030 | 200000 | 203780 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 95000 | 97380 |
| Electricite de France SA (France)<sup>†(a)</sup> | 5.70% | 5/23/2028 | 201000 | 207750 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 4.125% | 9/30/2028 | 200000 | 199703 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 4.375% | 9/30/2030 | 200000 | 199310 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 5.125% | 6/26/2029 | 200000 | 205354 |
| Eversource Energy | 5.95% | 2/1/2029 | 106000 | 110853 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 355000 | 350896 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% | 3/30/2026 | 65000 | 65161 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% | 9/22/2027 | 78000 | 79087 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 80000 | 82670 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 4.647% | 10/3/2030 | 90000 | 90699 |
| NRG Energy, Inc.<sup>†</sup> | 4.734% | 10/15/2030 | 154000 | 154295 |
| Ohio Edison Co.<sup>†</sup> | 4.95% | 12/15/2029 | 26000 | 26600 |
| Pacific Gas & Electric Co. | 3.15% | 1/1/2026 | 184363 | 184363 |
| Pacific Gas & Electric Co. | 3.30% | 12/1/2027 | 100000 | 98525 |
| Pacific Gas & Electric Co. | 5.00% | 6/4/2028 | 113000 | 115042 |
| Pacific Gas & Electric Co. | 5.45% | 6/15/2027 | 48000 | 48829 |
| Pacific Gas & Electric Co. | 5.55% | 5/15/2029 | 84000 | 86789 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 30000 | 30566 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 76000 | 77777 |
| System Energy Resources, Inc. | 6.00% | 4/15/2028 | 300000 | 311597 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 46000 | 45735 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.30% | 10/15/2028 | 260000 | 260922 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 35000 | 35268 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% | 2/15/2027 | 298000 | 298270 |
| *Total* |  |  |  | 5228427 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electrical Components & Equipment 0.08%** |  |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | $125000 | $126493 |
| **Electronics 0.06%** |  |  |  |  |
| TD SYNNEX Corp. | 4.30% | 1/17/2029 | 94000 | 93849 |
| **Energy-Alternate Sources 0.34%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(a)</sup> | 3.85% | 3/29/2026 | 190300 | 188949 |
| Greenko Dutch BV (Netherlands)<sup>(a)</sup> | 3.85% | 3/29/2026 | 346000 | 343543 |
| *Total* |  |  |  | 532492 |
| **Engineering & Construction 0.37%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 240000 | 252650 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 204000 | 202964 |
| MasTec, Inc. | 5.90% | 6/15/2029 | 116000 | 121038 |
| *Total* |  |  |  | 576652 |
| **Entertainment 0.67%** |  |  |  |  |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 200000 | 196904 |
| Flutter Treasury DAC (Ireland)<sup>†(a)</sup> | 6.375% | 4/29/2029 | 400000 | 414174 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | 5.375% | 4/15/2027 | 235000 | 234476 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 102000 | 101500 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 105000 | 102154 |
| *Total* |  |  |  | 1049208 |
| **Food 0.89%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 570000 | 569979 |
| Conagra Brands, Inc. | 4.85% | 11/1/2028 | 322000 | 325811 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 3.00% | 2/2/2029 | 110000 | 105983 |
| NBM U.S. Holdings, Inc.<sup>†</sup> | 7.00% | 5/14/2026 | 400000 | 400754 |
| *Total* |  |  |  | 1402527 |
| **Food Service 0.13%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 200000 | 205293 |
| **Gas 0.36%** |  |  |  |  |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 82000 | 82924 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 80000 | 80819 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 111000 | 114645 |
| Snam SpA (Italy)<sup>†(a)</sup> | 5.00% | 5/28/2030 | 200000 | 204102 |
| Southwest Gas Corp. | 5.45% | 3/23/2028 | 80000 | 82100 |
| *Total* |  |  |  | 564590 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care-Products 0.40%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 3.875% | 10/15/2029 | $200000 | $195208 |
| Baxter International, Inc. | 2.272% | 12/1/2028 | 85000 | 80261 |
| Baxter International, Inc. | 4.45% | 2/15/2029 | 40000 | 40150 |
| Baxter International, Inc. | 4.90% | 12/15/2030 | 189000 | 190550 |
| Solventum Corp. | 5.45% | 2/25/2027 | 113000 | 114671 |
| *Total* |  |  |  | 620840 |
| **Health Care-Services 2.01%** |  |  |  |  |
| Adventist Health System | 4.742% | 12/1/2030 | 355000 | 356539 |
| Centene Corp. | 2.45% | 7/15/2028 | 170000 | 159311 |
| Centene Corp. | 4.25% | 12/15/2027 | 825000 | 820654 |
| CommonSpirit Health | 4.352% | 9/1/2030 | 55000 | 54786 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 150000 | 146659 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 2.375% | 2/16/2031 | 150000 | 133310 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.75% | 6/15/2029 | 150000 | 146600 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 58000 | 59469 |
| Heartland Dental LLC/Heartland Dental Finance Corp.<sup>†</sup> | 10.50% | 4/30/2028 | 145000 | 152218 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.809% | 5/8/2027 | 200000 | 204193 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 200000 | 200094 |
| IQVIA, Inc. | 6.25% | 2/1/2029 | 155000 | 163481 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% | 6/15/2028 | 110000 | 108258 |
| Rede D'or Finance SARL (Luxembourg)<sup>(a)</sup> | 4.95% | 1/17/2028 | 200000 | 200322 |
| Tenet Healthcare Corp. | 6.125% | 10/1/2028 | 147000 | 147747 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 106000 | 106590 |
| *Total* |  |  |  | 3160231 |
| **Home Builders 0.10%** |  |  |  |  |
| LGI Homes, Inc.<sup>†</sup> | 8.75% | 12/15/2028 | 150000 | 156554 |
| **Home Furnishings 0.00%** |  |  |  |  |
| Leggett & Platt, Inc. | 3.50% | 11/15/2027 | 7000 | 6906 |
| **Insurance 3.76%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 700000 | 707370 |
| Aon Corp. | 8.205% | 1/1/2027 | 100000 | 103755 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 35000 | 32893 |
| Athene Global Funding<sup>†</sup> | 4.721% | 10/8/2029 | 104000 | 104176 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 160000 | 163840 |

---

See Notes to Financial Statements. 17

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  | | |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | $138000 | $140213 |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | 117000 | 120240 |
| Brighthouse Financial Global Funding<sup>†</sup> | 1.55% | 5/24/2026 | 256217 | 253499 |
| Brighthouse Financial Global Funding<sup>†</sup> | 2.00% | 6/28/2028 | 150000 | 140830 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 172000 | 174512 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 203000 | 207755 |
| Brown & Brown, Inc. | 4.70% | 6/23/2028 | 31000 | 31382 |
| Brown & Brown, Inc. | 4.90% | 6/23/2030 | 39000 | 39567 |
| CNO Global Funding<sup>†</sup> | 4.375% | 9/8/2028 | 79000 | 79179 |
| CNO Global Funding<sup>†</sup> | 4.70% | 12/11/2030 | 82000 | 82161 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 101000 | 102389 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 51000 | 51842 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 176000 | 180008 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 70000 | 71881 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 113000 | 116065 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 96000 | 100558 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 332000 | 327978 |
| F&G Global Funding<sup>†</sup> | 4.65% | 9/8/2028 | 51000 | 51378 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 53000 | 54147 |
| FWD Group Holdings Ltd. (Hong Kong)<sup>†(a)</sup> | 5.252% | 9/22/2030 | 200000 | 201303 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 195000 | 195852 |
| GA Global Funding Trust<sup>†</sup> | 4.50% | 9/18/2030 | 309000 | 305911 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 163000 | 167639 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 46000 | 46608 |
| Jackson National Life Global Funding<sup>†</sup> | 4.55% | 9/9/2030 | 134000 | 133588 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 150000 | 150559 |
| Jackson National Life Global Funding<sup>†</sup> | 4.70% | 6/5/2028 | 181000 | 182997 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 5/28/2028 | 93000 | 93948 |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | 106000 | 109789 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 165000 | 165006 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 75000 | 76759 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 35000 | 36286 |
| Protective Life Corp.<sup>†</sup> | 4.70% | 1/15/2031 | 150000 | 150736 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 94000 | 97401 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 64000 | 65056 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 89000 | 91290 |
| Western-Southern Global Funding<sup>†</sup> | 4.50% | 7/16/2028 | 104000 | 104894 |
| Western-Southern Global Funding<sup>†</sup> | 4.90% | 5/1/2030 | 80000 | 81939 |
| *Total* |  |  |  | 5895179 |

---

18 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Internet 1.01%** |  |  | | |
| AppLovin Corp. | 5.125% | 12/1/2029 | $601000 | $616665 |
| MercadoLibre, Inc. (Uruguay)<sup>(a)</sup> | 2.375% | 1/14/2026 | 220000 | 219900 |
| Rakuten Group, Inc. (Japan)<sup>†(a)</sup> | 11.25% | 2/15/2027 | 250000 | 267525 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 478000 | 478955 |
| *Total* |  |  |  | 1583045 |
| **Investment Companies 0.57%** |  |  |  |  |
| Apollo Debt Solutions BDC<sup>†</sup> | 5.20% | 12/8/2028 | 34000 | 34005 |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 209000 | 205395 |
| Blackstone Private Credit Fund | 3.25% | 3/15/2027 | 14000 | 13766 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 37000 | 37228 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 74000 | 72030 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 207000 | 206830 |
| Blackstone Secured Lending Fund | 5.875% | 11/15/2027 | 53000 | 54148 |
| Blue Owl Credit Income Corp. | 3.125% | 9/23/2026 | 14000 | 13847 |
| Blue Owl Credit Income Corp. | 4.70% | 2/8/2027 | 51000 | 50826 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 63000 | 62612 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 136000 | 141245 |
| *Total* |  |  |  | 891932 |
| **Leisure Time 0.81%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 455000 | 448518 |
| Carnival Corp.<sup>†</sup> | 7.00% | 8/15/2029 | 139000 | 145965 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 296000 | 292871 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 162000 | 162018 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 151000 | 152188 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 75000 | 75121 |
| *Total* |  |  |  | 1276681 |
| **Lodging 0.19%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.25% | 6/30/2029 | 66000 | 67957 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 212000 | 211136 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 12000 | 12245 |
| *Total* |  |  |  | 291338 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 132000 | 130456 |
| **Machinery-Diversified 1.03%** |  |  |  |  |
| Chart Industries, Inc.<sup>†</sup> | 7.50% | 1/1/2030 | 238000 | 248352 |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 34000 | 34419 |

---

See Notes to Financial Statements. 19

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Machinery-Diversified (continued)** |  |  | | |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(a)</sup> | 9.00% | 2/15/2029 | $200000 | $209996 |
| Maxim Crane Works Holdings Capital LLC<sup>†</sup> | 11.50% | 9/1/2028 | 175000 | 186375 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 187000 | 187370 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 318000 | 329108 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 158000 | 167520 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 250000 | 250212 |
| *Total* |  |  |  | 1613352 |
| **Media 0.98%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.125% | 5/1/2027 | 9000 | 8993 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.50% | 5/1/2026 | 191000 | 191412 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 188000 | 189209 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 380000 | 373540 |
| Fox Corp. | 4.709% | 1/25/2029 | 243000 | 246169 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 131000 | 131793 |
| Paramount Global | 2.90% | 1/15/2027 | 62000 | 61021 |
| Paramount Global | 3.70% | 6/1/2028 | 45000 | 44011 |
| Paramount Global | 4.20% | 6/1/2029 | 103000 | 100385 |
| Paramount Global | 7.875% | 7/30/2030 | 128000 | 138519 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 57000 | 56676 |
| *Total* |  |  |  | 1541728 |
| **Mining 1.20%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.50% | 3/15/2028 | 200000 | 201269 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.75% | 4/10/2027 | 200000 | 201626 |
| First Quantum Minerals Ltd. (Canada)<sup>†(a)</sup> | 9.375% | 3/1/2029 | 200000 | 210853 |
| Freeport Indonesia PT (Indonesia)<sup>(a)</sup> | 4.763% | 4/14/2027 | 400000 | 402686 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 189000 | 194404 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 366000 | 377925 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 85000 | 89271 |
| Stillwater Mining Co. | 4.00% | 11/16/2026 | 200000 | 198715 |
| *Total* |  |  |  | 1876749 |
| **Miscellaneous Manufacturing 0.50%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 305000 | 305969 |
| Hillenbrand, Inc. | 6.25% | 2/15/2029 | 253000 | 258971 |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 218000 | 226616 |
| *Total* |  |  |  | 791556 |

---

20 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas 6.87%** |  |  | | |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | $242000 | $245493 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 129000 | 131439 |
| APA Corp. | 4.375% | 10/15/2028 | 415000 | 414218 |
| Chord Energy Corp.<sup>†</sup> | 6.00% | 10/1/2030 | 119000 | 120912 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 349000 | 364200 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 388000 | 388313 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 291000 | 300208 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 661000 | 647482 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 209000 | 208759 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 184000 | 188781 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 300000 | 299051 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 76000 | 76299 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 296000 | 306288 |
| Devon Energy Corp. | 5.25% | 10/15/2027 | 225000 | 225016 |
| Ecopetrol SA (Colombia)<sup>(a)</sup> | 8.625% | 1/19/2029 | 395000 | 423636 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 243000 | 241656 |
| EQT Corp. | 4.50% | 1/15/2029 | 60000 | 60154 |
| EQT Corp. | 6.375% | 4/1/2029 | 558000 | 577588 |
| EQT Corp. | 7.50% | 6/1/2030 | 61000 | 67194 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 99000 | 99003 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 274000 | 274031 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 278000 | 279654 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 197000 | 203684 |
| Helmerich & Payne, Inc. | 4.65% | 12/1/2027 | 102000 | 102865 |
| Helmerich & Payne, Inc. | 4.85% | 12/1/2029 | 110000 | 110895 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 201000 | 201044 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 200000 | 199276 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 243000 | 249264 |
| Occidental Petroleum Corp. | 5.20% | 8/1/2029 | 59000 | 60505 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 238000 | 251710 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 38000 | 40936 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 39000 | 43905 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 220000 | 255112 |
| Ovintiv, Inc. | 5.375% | 1/1/2026 | 250000 | 250000 |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 42000 | 43251 |
| Permian Resources Operating LLC<sup>†</sup> | 5.875% | 7/1/2029 | 12000 | 12110 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 326000 | 331381 |
| Petrobras Global Finance BV (Netherlands)<sup>(a)</sup> | 5.125% | 9/10/2030 | 265000 | 260013 |

---

See Notes to Financial Statements. 21

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  | | |
| Petroleos Mexicanos (Mexico)<sup>(a)</sup> | 8.75% | 6/2/2029 | $150000 | $160908 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 257000 | 262254 |
| SM Energy Co. | 6.50% | 7/15/2028 | 132000 | 134057 |
| SM Energy Co. | 6.75% | 9/15/2026 | 477000 | 479453 |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% | 6/15/2026 | 103000 | 104648 |
| Tengizchevroil Finance Co. International Ltd.<sup>†</sup> | 3.25% | 8/15/2030 | 200000 | 185780 |
| Tengizchevroil Finance Co. International Ltd. | 4.00% | 8/15/2026 | 600000 | 597633 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 200000 | 198766 |
| Viper Energy Partners LLC | 4.90% | 8/1/2030 | 103000 | 104248 |
| *Total* |  |  |  | 10783073 |
| **Oil & Gas Services 0.05%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.25% | 4/1/2028 | 82000 | 82548 |
| **Packaging & Containers 0.05%** |  |  |  |  |
| Amcor Flexibles North America, Inc. | 4.80% | 3/17/2028 | 34000 | 34500 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 48000 | 46320 |
| *Total* |  |  |  | 80820 |
| **Pharmaceuticals 1.25%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 646000 | 646827 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 200000 | 202930 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | 400000 | 427815 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% | 4/15/2029 | 207000 | 223774 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>†</sup> | 4.125% | 4/30/2028 | 200000 | 195721 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(a)</sup> | 3.15% | 10/1/2026 | 267000 | 264516 |
| *Total* |  |  |  | 1961583 |
| **Pipelines 2.51%** |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.375% | 6/15/2029 | 145000 | 145096 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 6.625% | 7/15/2026 | 200000 | 200930 |
| Buckeye Partners LP | 3.95% | 12/1/2026 | 181000 | 179130 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | 109000 | 113405 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.055% | 8/15/2026 | 269000 | 271543 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% | 6/1/2028 | 22000 | 22138 |

---

22 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  | | |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | $351000 | $346538 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 177000 | 177096 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 360000 | 363934 |
| Energy Transfer LP<sup>†</sup> | 7.375% | 2/1/2031 | 106000 | 110133 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% | 6/15/2028 | 45000 | 45210 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 49000 | 50097 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 102000 | 104391 |
| Kinetik Holdings LP<sup>†</sup> | 6.625% | 12/15/2028 | 179000 | 184422 |
| South Bow USA Infrastructure Holdings LLC | 4.911% | 9/1/2027 | 122000 | 123187 |
| South Bow USA Infrastructure Holdings LLC | 5.026% | 10/1/2029 | 151000 | 153227 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.00% | 1/15/2028 | 28000 | 28008 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 394000 | 400205 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 238000 | 240841 |
| Western Midstream Operating LP | 4.75% | 8/15/2028 | 65000 | 65824 |
| Western Midstream Operating LP | 4.80% | 3/1/2031 | 71000 | 70988 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 39000 | 41056 |
| Western Midstream Operating LP<sup>†</sup> | 7.25% | 4/1/2030 | 256000 | 273407 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 111000 | 114616 |
| Williams Cos., Inc. | 4.90% | 3/15/2029 | 115000 | 117522 |
| *Total* |  |  |  | 3942944 |
| **Private Equity 0.15%** |  |  |  |  |
| Blackstone Reg Finance Co. LLC | 4.30% | 11/3/2030 | 230000 | 229995 |
| **REITS 1.85%** |  |  |  |  |
| Crown Castle, Inc. | 3.65% | 9/1/2027 | 40000 | 39712 |
| Crown Castle, Inc. | 4.80% | 9/1/2028 | 70000 | 71105 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 74000 | 75205 |
| EPR Properties | 4.50% | 6/1/2027 | 148000 | 148307 |
| EPR Properties | 4.75% | 12/15/2026 | 171000 | 171535 |
| EPR Properties | 4.75% | 11/15/2030 | 134000 | 133006 |
| Equinix Europe 2 Financing Corp. LLC | 4.60% | 11/15/2030 | 107000 | 107347 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2027 | 103000 | 102946 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 138000 | 137169 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% | 6/15/2029 | 404000 | 399823 |

---

See Notes to Financial Statements. 23

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  | | |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<sup>†</sup> | 5.875% | 10/1/2028 | $99000 | $99144 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 4.25% | 1/15/2031 | 165000 | 163855 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 178000 | 176909 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% | 2/15/2029 | 431000 | 423205 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 197000 | 197023 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% | 9/1/2026 | 180000 | 180212 |
| Vornado Realty LP | 2.15% | 6/1/2026 | 111000 | 109798 |
| WEA Finance LLC<sup>†</sup> | 2.875% | 1/15/2027 | 117000 | 115212 |
| WEA Finance LLC<sup>†</sup> | 3.50% | 6/15/2029 | 62000 | 60025 |
| *Total* |  |  |  | 2911538 |
| **Retail 0.06%** |  |  |  |  |
| Dick's Sporting Goods, Inc.<sup>†</sup> | 4.00% | 10/1/2029 | 103000 | 101050 |
| **Semiconductors 0.76%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | 740000 | 774358 |
| Intel Corp. | 2.45% | 11/15/2029 | 64000 | 59750 |
| Intel Corp. | 3.75% | 8/5/2027 | 73000 | 72626 |
| Microchip Technology, Inc. | 4.90% | 3/15/2028 | 79000 | 80112 |
| Microchip Technology, Inc. | 5.05% | 3/15/2029 | 106000 | 108209 |
| Microchip Technology, Inc. | 5.05% | 2/15/2030 | 92000 | 93907 |
| *Total* |  |  |  | 1188962 |
| **Shipbuilding 0.09%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 2.043% | 8/16/2028 | 143000 | 135481 |
| **Software 1.07%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.25% | 5/15/2029 | 140000 | 144084 |
| Fidelity National Information Services, Inc. | 3.75% | 5/21/2029 | 254000 | 248918 |
| Fiserv, Inc. | 5.45% | 3/2/2028 | 82000 | 84007 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | 67000 | 64049 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 27000 | 25947 |
| MSCI, Inc.<sup>†</sup> | 4.00% | 11/15/2029 | 164000 | 160428 |
| Open Text Corp. (Canada)<sup>†(a)</sup> | 6.90% | 12/1/2027 | 135000 | 140544 |
| Oracle Corp. | 4.45% | 9/26/2030 | 531000 | 519616 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 180000 | 172368 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% | 9/30/2027 | 125000 | 125195 |
| *Total* |  |  |  | 1685156 |

---

24 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Telecommunications 0.82%** |  |  | | |
| CommScope LLC<sup>†</sup> | 8.25% | 3/1/2027 | $117000 | $117991 |
| CommScope Technologies LLC<sup>†</sup> | 5.00% | 3/15/2027 | 122000 | 121809 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 186000 | 186500 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 316000 | 317929 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 97810 | 99078 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 13000 | 13231 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 142000 | 143167 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 229000 | 245826 |
| Telefonica Europe BV (Netherlands)<sup>(a)</sup> | 8.25% | 9/15/2030 | 39000 | 44768 |
| *Total* |  |  |  | 1290299 |
| **Toys/Games/Hobbies 0.64%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 453000 | 446219 |
| Mattel, Inc. | 5.00% | 11/17/2030 | 206000 | 207490 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 350000 | 350077 |
| *Total* |  |  |  | 1003786 |
| **Transportation 0.40%** |  |  |  |  |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 215000 | 226732 |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 390000 | 398387 |
| *Total* |  |  |  | 625119 |
| **Trucking & Leasing 0.31%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 164000 | 164499 |
| GATX Corp. | 5.40% | 3/15/2027 | 50000 | 50732 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 4.20% | 4/1/2027 | 271000 | 271187 |
| *Total* |  |  |  | 486418 |
| *Total Corporate Bonds (cost $83,930,358)* |  |  |  | 85053752 |
| **FLOATING RATE LOANS<sup>(c)</sup> 3.60%** |  |  |  |  |
| **Airlines 0.36%** |  |  |  |  |
| American Airlines, Inc. 2017 1st Lien Term Loan | 5.693% <br> (3 mo. USD Term SOFR + 1.75%) | 1/29/2027 | 470000 | 470035 |
| American Airlines, Inc. 2025 Term Loan | 6.134% <br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 101267 | 101634 |
| *Total* |  |  |  | 571669 |
| **Biotechnology 0.22%** |  |  |  |  |
| RPI Intermediate Finance Partnership LP 2025 Term Loan | 5.191% <br> (1 mo. USD Term SOFR + 1.38%) | 2/4/2030 | 359112 | 351480 <sup>(d)</sup> |

---

See Notes to Financial Statements. 25

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Commercial Services & Supplies 0.21%** |  |  | | |
| Boost Newco Borrower LLC 2025 USD Term Loan B2 | 5.672% <br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | $322562 | $323470 |
| **Diversified Financial Services 0.25%** |  |  |  |  |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 5.466% <br> (1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | 332073 | 332786 |
| Setanta Aircraft Leasing DAC 2024 Term Loan B (Ireland)<sup>(a)</sup> | 5.422% <br> (3 mo. USD Term SOFR + 1.75%) | 11/5/2028 | 65679 | 66084 |
| *Total* |  |  |  | 398870 |
| **Electric 0.38%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.466% <br> (1 mo. USD Term SOFR + 1.75%) | 1/31/2031 | 125000 | 125132 |
| Calpine Corp. 2024 Term Loan B5 | 5.466% <br> (1 mo. USD Term SOFR + 1.75%) | 2/15/2032 | 475000 | 475446 |
| *Total* |  |  |  | 600578 |
| **Health Care Products 0.04%** |  |  |  |  |
| Medline Borrower LP 2025 Term Loan B | 5.466% <br> (1 mo. USD Term SOFR + 1.75%) | 10/23/2028 | 63121 | 63380 |
| **Internet 0.37%** |  |  |  |  |
| Gen Digital, Inc. 2021 Term Loan A | 5.191% <br> (1 mo. USD Term SOFR + 1.38%) | 9/10/2027 | 585976 | 586709 |
| **Machinery: Diversified 0.05%** |  |  |  |  |
| INNIO Group Holding GmbH 2025 Term Loan B2 (Austria)<sup>(a)</sup> | 6.134% <br> (3 mo. USD Term SOFR + 2.25%) | 11/2/2028 | 77000 | 77369 |
| **Manufacturing 0.02%** |  |  |  |  |
| DirecTV Financing LLC Term Loan | 9.102% <br> (3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 29413 | 29505 |
| **Oil & Gas 0.40%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 5.736% <br> (1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | 283458 | 284345 |
| Occidental Petroleum Corp. 2 Year Term Loan | 5.475% <br> (1 mo. USD Term SOFR + 1.63%) | 8/3/2026 | 350356 | 350794 |
| *Total* |  |  |  | 635139 |

---

26 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines 0.11%** |  |  |  |  |
| Venture Global Plaquemines LNG LLC 2024 Contingency Reserve Delayed Draw Term Loan | 5.941%<br> (1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | $17065 | $17022 |
| Venture Global Plaquemines LNG LLC Base Term Loan | 5.941%<br> (1 mo. USD Term SOFR + 2.23%) | 5/25/2029 | 153285 | 152775 |
| *Total* |  |  |  | 169797 |
| **Retail 0.21%** |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 5.599%<br> (1 mo. USD Term SOFR + 1.75%) | 3/15/2028 | 320707 | 322409 |
| **Software 0.39%** |  |  |  |  |
| Press Ganey Holdings, Inc. 2025 Repriced Term Loan B | 6.716%<br> (1 mo. USD Term SOFR + 3.00%) | 4/30/2031 | 398060 | 399304 |
| RealPage, Inc. 1st Lien Term Loan | 6.934%<br> (3 mo. USD Term SOFR + 3.00%) | 4/24/2028 | 204466 | 204545 |
| *Total* |  |  |  | 603849 |
| **Telecommunications 0.59%** |  |  |  |  |
| CommScope, Inc. 2024 Term Loan | 8.466%<br> (1 mo. USD Term SOFR + 4.75%) | 12/17/2029 | 350000 | 351113 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.181%<br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 570585 | 568220 |
| *Total* |  |  |  | 919333 |
| *Total Floating Rate Loans* (cost $5,669,322) |  |  |  | 5653557 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **2.35%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **2.35%** |  |  |  |
| **Dominican Republic 0.27%** |  |  |  |  |
| Dominican Republic International Bonds | 5.50% | 2/22/2029 | 150000 | 152190 |
| Dominican Republic International Bonds | 5.95% | 1/25/2027 | 100000 | 101205 |
| Dominican Republic International Bonds | 6.875% | 1/29/2026 | 100000 | 100080 |
| Dominican Republic International Bonds | 8.625% | 4/20/2027 | 66667 | 68918 |
| *Total* |  |  |  | 422393 |
| **Hungary 0.26%** |  |  |  |  |
| Hungary Government International Bonds | 5.25% | 6/16/2029 | 200000 | 204288 |
| Hungary Government International Bonds<sup>†</sup> | 5.375% | 9/26/2030 | 200000 | 205547 |
| *Total* |  |  |  | 409835 |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **Kazakhstan 0.52%** |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 4.65% |  | 10/1/2030 | 200000 | $199922 |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% |  | 5/8/2028 | 200000 | 203170 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.25% |  | 10/23/2029 | 200000 | 205683 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.625% |  | 4/7/2030 | 200000 | 207151 |
| *Total* |  |  |  |  | 815926 |
| **Mexico 0.50%** |  |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% |  | 8/17/2030 | 775000 | 790376 |
| **Panama 0.21%** |  |  |  |  |  |
| Panama Government International Bonds | 7.125% |  | 1/29/2026 | 200000 | 200730 |
| Panama Government International Bonds | 8.875% |  | 9/30/2027 | 125000 | 134275 |
| *Total* |  |  |  |  | 335005 |
| **Romania 0.59%** |  |  |  |  |  |
| Romania Government International Bonds | 5.25% |  | 11/25/2027 | 376000 | 382350 |
| Romania Government International Bonds<sup>†</sup> | 5.75% |  | 9/16/2030 | 170000 | 175610 |
| Romania Government International Bonds<sup>†</sup> | 5.875% |  | 1/30/2029 | 110000 | 113676 |
| Romania Government International Bonds | 6.625% |  | 2/17/2028 | 238000 | 248384 |
| *Total* |  |  |  |  | 920020 |
| *Total Foreign Government Obligations* (cost $3,635,002) | *Total Foreign Government Obligations* (cost $3,635,002) |  |  |  | 3693555 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.03%** |  |
| Government National Mortgage Association Series 2014-78 IO<sup>(e)</sup> | Zero Coupon | <sup>#(f)</sup> | 3/16/2056 | 7918 | 0 |
| Government National Mortgage Association Series 2017-23 Class AB | 2.60% |  | 12/16/2057 | 10042 | 9003 |
| Government National Mortgage Association Series 2017-44 Class AD | 2.65% |  | 11/17/2048 | 4610 | 4474 |
| Government National Mortgage Association Series 2017-53 Class B | 2.75% |  | 3/16/2050 | 22016 | 20111 |
| Government National Mortgage Association Series 2017-61 Class A | 2.60% |  | 8/16/2058 | 5923 | 5628 |
| Government National Mortgage Association Series 2017-76 Class AS | 2.65% |  | 11/16/2050 | 12471 | 11162 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $54,811) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $54,811) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $54,811) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $54,811) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $54,811) | 50378 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.74%** |  |  |  |  |
| Federal Home Loan Mortgage Corp. | 5.198%<br> (30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 8/1/2055 | 164204 | 166175 |
| Federal Home Loan Mortgage Corp. | 5.436%<br> (30 day USD SOFR Average + 2.08% |)<sup>#</sup> | 10/1/2055 | 96838 | 98062 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal Home Loan Mortgage Corp. | 5.439%<br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 8/1/2055 | $67464 | $68570 |
| Federal Home Loan Mortgage Corp. | 5.526%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 7/1/2055 | 172095 | 174954 |
| Federal Home Loan Mortgage Corp. | 5.639%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 8/1/2055 | 95805 | 97602 |
| Federal Home Loan Mortgage Corp. | 5.884%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 5/1/2055 | 133316 | 136662 |
| Federal Home Loan Mortgage Corp. | 6.01%<br> (30 day USD SOFR Average + 2.32% |)<sup>#</sup> | 8/1/2054 | 63991 | 65704 |
| Federal National Mortgage Association | 5.022%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 2/1/2055 | 93149 | 94457 |
| Federal National Mortgage Association | 5.473%<br> (30 day USD SOFR Average + 2.03% |)<sup>#</sup> | 10/1/2055 | 37891 | 38486 |
| Federal National Mortgage Association | 5.575%<br> (30 day USD SOFR Average + 2.11% |)<sup>#</sup> | 10/1/2053 | 22337 | 22799 |
| Federal National Mortgage Association | 5.717%<br> (30 day USD SOFR Average + 2.21% |)<sup>#</sup> | 8/1/2055 | 142875 | 146051 |
| Federal National Mortgage Association | 5.901%<br> (30 day USD SOFR Average + 2.13% |)<sup>#</sup> | 2/1/2054 | 38368 | 39428 |
| Federal National Mortgage Association | 5.995%<br> (30 day USD SOFR Average + 2.16% |)<sup>#</sup> | 9/1/2055 | 501416 | 516665 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 4.50% |  | TBA | 1070000 | 1070110 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 5.00% |  | TBA | 2247000 | 2275180 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 5.50% |  | TBA | 842000 | 863125 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $5,866,322) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $5,866,322) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $5,866,322) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $5,866,322) |  | 5874030 |
| **MUNICIPAL BONDS 0.14%** |  |  |  |  |  |
| **Health Care 0.14%** |  |  |  |  |  |
| Oklahoma Development Finance Authority – OU Medicine Obligated Group (cost $218,184) | 5.45% |  | 8/15/2028 | 220000 | 218796 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.62%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.62%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.62%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.62%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.494%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 110000 | 110591 |
| ARDN Mortgage Trust Series 2025-ARCP Class A<sup>†</sup> | 5.50%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 6/15/2035 | 170000 | 170553 |
| Bank Series 2019-BN18 Class A4 | 3.584% |  | 5/15/2062 | 245000 | 236043 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 140000 | 147267 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 320000 | 335354 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 670000 | 701208 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** |  |  |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | $200000 | $202519 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 100000 | 105355 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 180000 | 188595 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(f)</sup> | 2/15/2051 | 70000 | 69478 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 100000 | 97120 |
| Benchmark Mortgage Trust Series 2024-V11 Class A3 | 5.909% | <sup>#(f)</sup> | 11/15/2057 | 340000 | 357590 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(f)</sup> | 5/15/2056 | 90000 | 95045 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 330000 | 343125 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 | 5.66% |  | 4/15/2057 | 240000 | 251225 |
| Benchmark Mortgage Trust Series 2025-V16 Class A3 | 5.439% | <sup>#(f)</sup> | 8/15/2058 | 160000 | 166405 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 360000 | 371043 |
| BMO Mortgage Trust Series 2023-5C2 Class A3 | 7.055% | <sup>#(f)</sup> | 11/15/2056 | 110000 | 117606 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(f)</sup> | 12/15/2057 | 220000 | 229189 |
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% |  | 7/15/2058 | 210000 | 219835 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.192%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 167046 | 167321 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†</sup> | 5.13%<br> (1 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 124577 | 124904 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.192%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 144242 | 144530 |
| BX Trust Series 2025-ARIA Class A<sup>†</sup> | 5.031% | <sup>#(f)</sup> | 12/13/2042 | 200000 | 202069 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 4.894%<br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 99612 | 99597 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.15%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 100000 | 100140 |
| BX Trust Series 2025-VOLT Class A<sup>†</sup> | 5.45%<br> (1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 12/15/2044 | 390000 | 390951 |
| Cantor Commercial Real Estate Lending Series 2019-CF1 Class A4 | 3.523% |  | 5/15/2052 | 240000 | 234433 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** |  |  |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(e)</sup> | 1.057% | <sup>#(f)</sup> | 11/10/2049 | $164746 | $602 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(e)</sup> | 0.627% | <sup>#(f)</sup> | 12/10/2054 | 165058 | 541 |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(e)</sup> | Zero Coupon | <sup>#(f)</sup> | 6/10/2048 | 182415 | 2 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 124209 | 123630 |
| Commercial Mortgage Pass-Through Certificates Series 2014-UBS5 Class XB1<sup>†(e)</sup> | 0.211% | <sup>#(f)</sup> | 9/10/2047 | 2000000 | 20 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(e)</sup> | 1.319% | <sup>#(f)</sup> | 8/10/2049 | 43498 | 69 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.392%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 100000 | 99983 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(e)</sup> | 0.54% | <sup>#(f)</sup> | 9/15/2037 | 978382 | 8321 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(e)</sup> | 1.751% | <sup>#(f)</sup> | 1/15/2049 | 349547 | 4 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> | 5.101%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 130000 | 130286 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 400000 | 400545 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(e)</sup> | 1.395% | <sup>#(f)</sup> | 8/10/2049 | 152724 | 239 |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 1344 | 1330 |
| DBWF Mortgage Trust Series 2016-85T Class XA<sup>†(e)</sup> | 0.014% | <sup>#(f)</sup> | 12/10/2036 | 3140000 | 1185 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.124%<br> (30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 340000 | 356832 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.124%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 241033 | 242003 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 4.874%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 324 | 324 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.124%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 56272 | 56269 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 4.874%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 76755 | 76905 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.024%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | $65358 | $65415 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.024%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | 93125 | 93345 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 4.824%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 103410 | 103458 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 4.974%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 126963 | 127068 |
| GS Mortgage Securities Corp. Trust Series 2017-485L Class XB<sup>†(e)</sup> | 0.111% | <sup>#(f)</sup> | 2/10/2037 | 1590000 | 2362 |
| GS Mortgage Securities Trust Series 2015-GS1 Class XB<sup>(e)</sup> | 0.106% | <sup>#(f)</sup> | 11/10/2048 | 978118 | 59 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 520000 | 493450 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.467% | <sup>#(f)</sup> | 1/13/2040 | 170000 | 176399 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 200000 | 46202 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(e)</sup> | 0.556% | <sup>#(f)</sup> | 12/15/2049 | 715643 | 1908 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(e)</sup> | 1.009% | <sup>#(f)</sup> | 9/15/2050 | 660172 | 7091 |
| JP Morgan Mortgage Trust Series 2025-NQM4 Class A1<sup>†</sup> | 4.954% | <sup>#(f)</sup> | 3/25/2066 | 166050 | 166296 |
| JP Morgan Mortgage Trust Series 2025-NQM5 Class A1FC<sup>†</sup> | 4.787% | <sup>(b)</sup> | 5/25/2065 | 250000 | 250284 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> | 5.062% | <sup>#(f)</sup> | 2/25/2066 | 127851 | 128385 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class XA<sup>(e)</sup> | 0.034% | <sup>#(f)</sup> | 7/15/2048 | 90276 | 1 |
| JPMDB Commercial Mortgage Securities Trust Series 2017-C5 Class A4 | 3.414% |  | 3/15/2050 | 581939 | 576033 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.64%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 110000 | 110237 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** |  |  |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.193%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | $68237 | $68363 |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 23793 | 23756 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 200000 | 209099 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(e)</sup> | 1.242% | <sup>#(f)</sup> | 11/15/2049 | 703916 | 2753 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XB<sup>(e)</sup> | 0.873% | <sup>#(f)</sup> | 8/15/2049 | 1000000 | 3556 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(f)</sup> | 9/24/2057 | 251694 | 248741 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC3 Class A1<sup>†</sup> | 4.912% | <sup>#(f)</sup> | 9/25/2070 | 132639 | 132748 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> | 4.905% | <sup>#(f)</sup> | 8/25/2065 | 119662 | 119828 |
| OBX Trust Series 2025-NQM17 Class A1FC<sup>†</sup> | 4.848% | <sup>(b)</sup> | 8/25/2065 | 223133 | 223104 |
| OBX Trust Series 2025-NQM20 Class A1<sup>†</sup> | 5.021% | <sup>#(f)</sup> | 10/25/2065 | 126923 | 127367 |
| OBX Trust Series 2025-NQM21 Class A1FC<sup>†</sup> | 4.917% | <sup>(b)</sup> | 10/25/2065 | 227119 | 227362 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 100000 | 102825 |
| SCG Trust Series 2025-SNIP Class A<sup>†</sup> | 5.25%<br> (1 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 9/15/2042 | 170000 | 170526 |
| SG Commercial Mortgage Securities Trust Series 2019-787E Class X<sup>†(e)</sup> | 0.305% | <sup>#(f)</sup> | 2/15/2041 | 4149000 | 38581 |
| Shops at Crystals Trust Series 2016-CSTL Class XB<sup>†(e)</sup> | 0.203% | <sup>#(f)</sup> | 7/5/2036 | 1000000 | 60 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.193%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 170000 | 168682 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 5.846%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 130000 | 135371 |
| UBS Commercial Mortgage Trust Series 2018-C9 Class A4 | 4.117% | <sup>#(f)</sup> | 3/15/2051 | 220000 | 217800 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 20000 | 18880 |
| Verus Securitization Trust Series 2025-10 Class A1FC<sup>†</sup> | 5.017% | <sup>(b)</sup> | 6/25/2070 | 91619 | 92259 |
| Verus Securitization Trust Series 2025-12 Class A1FC<sup>†</sup> | 4.858% | <sup>(b)</sup> | 12/25/2070 | 100000 | 100205 |
| Verus Securitization Trust Series 2025-8 Class A1<sup>†</sup> | 4.869% | <sup>#(f)</sup> | 9/25/2070 | 96202 | 96277 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** |  |  |
| Verus Securitization Trust Series 2025-9 Class A1<sup>†</sup> | 4.935% | <sup>#(f)</sup> | 10/27/2070 | $187795 | $188156 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(e)</sup> | 1.67% | <sup>#(f)</sup> | 8/15/2049 | 814253 | 2533 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 30000 | 29308 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 310000 | 324778 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 260000 | 275507 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 340000 | 355647 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $13,570,658) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $13,570,658) |  |  |  | 13530246 |
| **U.S. TREASURY OBLIGATIONS 5.76%** |  |  |  |  |  |
| U.S. Treasury Notes (cost $9,026,969) | 3.625% |  | 8/31/2027 | 9018000 | 9038784 |
| *Total Long-Term Investments* (cost $156,712,796) |  |  |  |  | 157984275 |
| **SHORT-TERM INVESTMENTS 0.80%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.80%** |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $653,300 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $665,897; proceeds: $652,946 <br>(cost $652,828) |  |  |  | 652828 | 652828 |
| Repurchase Agreement dated 12/31/2025, 3.550% due 1/2/2026 with JPMorgan Securities LLC collateralized by $596,300 of Treasury Note at 3.500% due 12/15/2028; value: $597,000; proceeds: $597,118<br> (cost $597,000) |  |  |  | 597000 | 597000 |
| *Total Repurchase Agreements* (cost $1,249,828) |  |  |  |  | 1249828 |
| *Total Investments in Securities 101.42%* (cost $157,962,624) |  |  |  |  | 159234103 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(1.42)%* |  |  |  |  | (2224921) |
| *Net Assets 100.00%* |  |  |  |  | $157009182 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| IO | Interest Only. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | |
|:---|:---|
| <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 December 31, 2025, the total value of Rule 144A securities was $84,708,895, which represents 53.95% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(c)</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 December 31, 2025. |
| <sup>(d)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(e)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(f)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(g)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(h)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows: |

---

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at December 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront**<sup>(2)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.IG.S42<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2029 | $2113000 | $39272 | $5924 | $45196 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 2051000 | 37977 | 7779 | 45756 |
| Oracle Corp.<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2027 | 350000 | 2656 | (1855) | 801 |
| *Total* |  |  |  |  | $79905 | $11848 | $91753 |
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront**<sup>(2)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Oracle Corp.<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2030 | $148000 | $(2549) | $(338) | $(2887) |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $13,703. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $2,193.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

*See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

*December 31, 2025*

**Centrally Cleared Interest Rate Swap Contracts at December 31, 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** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month<br> USD SOFR Index | 3/20/2030 | $4610000 | $– | $(157521) | $(157521) |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month<br> USD SOFR Index | 10/16/2029 | 4300000 | – | (30014) | (30014) |
| *Total* |  |  |  |  | $– | $(187535) | $(187535) |

---

SOFR Secured Overnight Financing Rate.

<sup>(1)</sup> Upfront payments paid (received) are presented net of amortization. <br> <sup>(2)</sup> Central Clearinghouse: Chicago Mercantile Exchange (CME).

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Appreciation |
| U.S. 2-Year Treasury Note | March 2026 | 433 | Long | $90382902 | $90405664 | $22762 |
| U.S. 5-Year Treasury Note | March 2026 | 141 | Short | (15445815) | (15411961) | 33854 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $56616 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 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 | $– | $34666767 | $– | $34666767 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 204410 |  | 204410 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 85053752 |  | 85053752 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology |  |  | 351480 | 351480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 5302077 |  | 5302077 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 3693555 |  | 3693555 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 50378 |  | 50378 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 5874030 |  | 5874030 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 218796 |  | 218796 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 13530246 |  | 13530246 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 9038784 |  | 9038784 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1249828 | – | 1249828 |
| &nbsp;&nbsp;&nbsp;Total | $– | $158882623 | $351480 | $159234103 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $91753 | $– | $91753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2887) |  | (2887) |
| &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 |  | (187535) |  | (187535) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 56616 |  |  | 56616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $56616 | $(98669) | $– | $(42053) |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the year.

*See Notes to Financial Statements.* 37

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $157962624 |
| Investments in securities, at fair value | $159234103 |
| Deposits with brokers for futures collateral | 494925 |
| Deposits with brokers for swap contracts collateral | 674005 |
| Foreign cash, at value (cost $7) | 7 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 5470621 |
| &nbsp;&nbsp;&nbsp;Interest | 1647916 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 149239 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements | 12566 |
| Prepaid expenses | 2434 |
| **Total assets** | 167685816 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 10299893 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 219872 |
| &nbsp;&nbsp;&nbsp;Management fee | 46070 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 28099 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 13935 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 12277 |
| &nbsp;&nbsp;&nbsp;Fund administration | 5265 |
| &nbsp;&nbsp;&nbsp;To bank | 1088 |
| Accrued expenses and other liabilities | 50135 |
| **Total liabilities** | **10676634** |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $157009182 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $169312189 |
| Total distributable earnings/(loss) | (12303007) |
| **Net Assets** | $157009182 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 11842599 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $13.26 |

---

<br> 38 *See Notes to Financial Statements.*

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Interest and other | $7478781 |
| **Expenses:** |  |
| Management fee | 495100 |
| Non-12b-1 service fees | 353878 |
| Shareholder servicing | 155509 |
| Fund administration | 56583 |
| Professional | 55240 |
| Custody | 22352 |
| Reports to shareholders | 17016 |
| Directors' fees | 6007 |
| Other | 23169 |
| Gross expenses | 1184854 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (22352) |
| **Net expenses** | 1162502 |
| **Net investment income** | 6316279 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 686052 |
| Net realized gain/(loss) on futures contracts | (43043) |
| Net realized gain/(loss) on swap contracts | 242069 |
| Net realized gain/(loss) on foreign currency related transactions | (2) |
| Net change in unrealized appreciation/(depreciation) on investments | 1144067 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 23147 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | (271968) |
| **Net realized and unrealized gain/(loss)** | 1780322 |
| **Net Increase in Net Assets Resulting From Operations** | $8096601 |

---

<br> *See Notes to Financial Statements.* 39

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $6316279 | $5913669 |
| Net realized gain/(loss) | 885076 | (536814) |
| Net change in unrealized appreciation/(depreciation) | 895246 | 1089410 |
| **Net increase in net assets resulting from operations** | 8096601 | 6466265 |
| **Distributions to shareholders:** | (6787489) | (6022531) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 44639243 | 34388213 |
| Reinvestment of distributions | 6787489 | 6022531 |
| Cost of shares reacquired | (31348629) | (29711435) |
| **Net increase in net assets resulting from capital share transactions** | 20078103 | 10699309 |
| **Net increase in net assets** | 21387215 | 11143043 |
| **NET ASSETS:** |  |  |
| Beginning of year | $135621967 | $124478924 |
| **End of year** | $157009182 | $135621967 |

---

<br> 40 *See Notes to Financial Statements.*

This page is intentionally left blank.

**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<br> of period** | **Net**<br> **investment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| 12/31/2025 | $13.09 | $0.60 | $0.17 | $0.77 | $(0.60)&nbsp;&nbsp;&nbsp;&nbsp; | $13.26 |
| 12/31/2024 | 13.03 | 0.61 | 0.06 | 0.67 | (0.61) | 13.09 |
| 12/31/2023 | 12.99 | 0.53 | 0.12 | 0.65 | (0.61) | 13.03 |
| 12/31/2022 | 14.09 | 0.29 | (1.00) | (0.71) | (0.39) | 12.99 |
| 12/31/2021 | 14.31 | 0.20 | (0.10) | 0.10 | (0.32) | 14.09 |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

42 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 5.90 | 0.82 | 0.84 | 4.46 | $157009 | 153 |
| 5.14 | 0.82 | 0.84 | 4.61 | 135622 | 107 |
| 5.05 | 0.83 | 0.85 | 4.04 | 124479 | 79 |
| (5.06) | 0.83 | 0.84 | 2.12 | 119180 | 71 |
| 0.63 | 0.81 | 0.83 | 1.40 | 120559 | 66 |

---

<br> *See Notes to Financial Statements.* 43

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Short Duration Income Portfolio (the "Fund").

The Fund's investment objective is to seek a high level of income consistent with preservation of capital. The Fund has Variable Contract class shares ("Class VC Shares"), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation **—** Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible
 for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and
 evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these
 responsibilities on behalf of

**Notes to Financial Statements (continued)**

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| |
|:---|
| Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day. |
| Fair Value Measurements**—**Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. 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 |

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**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments and other financial instruments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Commercial Paper**—**The Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes. |
| (c) | Expenses**—**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (d) | Floating Rate Loans**—**The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the 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 |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. |
|  | Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/(depreciation) on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities and represents the mark to market of the unfunded portion of the Fund's floating rate notes. |
|  | As of December 31, 2025, the Fund did not have any unfunded loan commitments. |
| (e) | Foreign Transactions**—**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (f) | Income Taxes**—**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (g) | Investment Income**—**Dividend income, if any, 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 |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | applicable, in the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. |
| (h) | Mortgage Dollar Rolls**—**The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (i) | Repurchase Agreements**—**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (j) | Security Transactions**—**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |
| (k) | When-Issued, Forward Transactions or To-Be-Announced ("TBA") Transactions**—**The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

Derivatives**—**During the fiscal year, the Fund used derivative instruments including futures contracts and swap contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

**Notes to Financial Statements (continued)**

---

| |
|:---|
| The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities. |
| The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, 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. |
| Futures Contracts**—**During the fiscal year, the Fund listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the fiscal year, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities. |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions. |
| The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). |
| Swap Contracts**—**The Fund may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter ("OTC") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. |
| Upfront payments made and/or received by the Fund is recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits with brokers for swap contracts collateral on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. |
| The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Net change in unrealized appreciation/(depreciation) on swap contracts on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement. |
| The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse. |
| The Fund's OTC swap contract agreements are subject to master netting arrangements. |
| Credit Default Swap Contracts**—**During the fiscal year, the Fund listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation. |
| The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically. |
| Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default. |
| If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation. |
| Interest Rate Swap Contracts**—**During the fiscal year, the Fund listed in the table below 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 December 31, 2025, the Fund in the table below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities: |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Series Fund-Short Duration Income Portfolio** | **Series Fund-Short Duration Income Portfolio** | **Series Fund-Short Duration Income Portfolio** |
| <br>**Asset Derivatives** | **Statement of<br> Assets and<br> Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements |  | $91753 |
| Futures Contracts<sup>(2)</sup> | Payables, variation margin for futures contracts | $56616 |  |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements |  | $2887 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements | $187535 | – |

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<sup>(1)</sup> Includes the value 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.

<sup>(2)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures 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 for the Fund on the Statement of Operations for the fiscal year ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Series Fund-Short Duration Income Portfolio** | **Series Fund-Short Duration Income Portfolio** | **Series Fund-Short Duration Income Portfolio** |
|  | **Statement of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $216544 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  | $25525 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(43043) |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $(281492) |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  | $9524 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $23147 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $20964846 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $3411615 |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 356 | – |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

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| | |
|:---|:---|
| First $1 billion | .35% |
| Next $1 billion | .30% |
| Over $2 billion | .25% |

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For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .35% of the Fund's average daily net assets.

**Notes to Financial Statements (continued)**

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

Lord Abbett voluntarily waived $22,352 of certain fees and expenses during the fiscal year ended December 31, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ended December 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Short Duration Income Portfolio | $6787489 | $– $– &nbsp;&nbsp;&nbsp;&nbsp; $| 6787489 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Short Duration Income Portfolio | $6022531 | $– $– &nbsp;&nbsp;&nbsp;&nbsp; $| 6022531 |

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**Notes to Financial Statements (continued)**

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Net<br> 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)** |
| Series Fund-Short Duration Income Portfolio | $383 | $– &nbsp;&nbsp;&nbsp;&nbsp;$| (12235312) | $(55800) | $(12278) | $(12303007) |

---

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** |
| Series Fund-Short Duration Income Portfolio | $(2015659) | $(10209776) | $(12225435) |

---

As of December 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Short Duration Income Portfolio | $159170494 | $396776 | $(452576) | $(55800) |

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Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

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| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br> Earnings/(Loss)** | **Paid-in<br> Capital** |
| Series Fund-Short Duration Income Portfolio | $(187206) | $187206 |

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases**\* | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $119723574 | $116182817 | $116985138 | $99465149 |

---

\* Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees.

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

&nbsp;&nbsp;&nbsp;&nbsp;**8.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the

**Notes to Financial Statements (continued)**

Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** CUSTODIAN AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;**11.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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

As of December 31, 2025, the Fund did not have any securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to the Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which the Fund may substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an

**Notes to Financial Statements (continued)**

acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the general risks and considerations associated with investing in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

The Fund's investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund's returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund's investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

The Fund may invest in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships, or other business entities. The senior loans in which the Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below

**Notes to Financial Statements (continued)**

investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac")). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, 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.

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.

**Notes to Financial Statements (concluded)**

&nbsp;&nbsp;&nbsp;&nbsp;**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 3311224 | 2574376 |
| Reinvestment of distributions | 513038 | 461143 |
| Shares reacquired | (2343017) | (2229483) |
| Increase | 1481245 | 806036 |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Short Duration Income Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Income Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

![](x7_c114831x70x1m8m4.jpg)

![](x7_c114831x70x2m8m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Short Duration Income Portfolio | SFSDI-PORT-2<br> (02/26) |

---

![](x7_c114832x1x1m9m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Total Return Portfolio

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx7xc114832a001xm9xm4) |
| 25 | [**Statement of Assets and Liabilities (Item 7)**](#xx7xc114832a002xm9xm4) |
| 26 | [**Statement of Operations (Item 7)**](#xx7xc114832a003xm9xm4) |
| 27 | [**Statements of Changes in Net Assets (Item 7)**](#xx7xc114832a004xm9xm4) |
| 28 | [**Financial Highlights (Item 7)**](#xx7xc114832a005xm9xm4) |
| 30 | [**Notes to Financial Statements (Item 7)**](#xx7xc114832a006xm9xm4) |
| 45 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx7xc114832a007xm9xm4) |
| 46 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc114832a008xm9xm4) |
| 46 | [**Proxy Disclosures (Item 9)**](#xx7xc114832a009xm9xm4) |
| 46 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx7xc114832a010xm9xm4) |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 114.59%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 13.78%** |  |  |  |  |
| **Automobiles 7.86%** |  |  |  |  |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class C | 5.32% | 4/18/2028 | $770000 | $774618 |
| AmeriCredit Automobile Receivables Trust Series 2025-1 Class A3<sup>†</sup> | 4.12% | 5/20/2030 | 1205000 | 1209249 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 1028883 | 1039518 |
| CarMax Auto Owner Trust Series 2022-3 Class B | 4.69% | 2/15/2028 | 1700000 | 1705011 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% | 1/16/2029 | 2130000 | 2156296 |
| CarMax Auto Owner Trust Series 2024-3 Class A3 | 4.89% | 7/16/2029 | 1415000 | 1432835 |
| CarMax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | 1215000 | 1226345 |
| CarMax Select Receivables Trust Series 2025-B Class A3 | 4.12% | 3/15/2030 | 1515000 | 1519616 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 147565 | 147545 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 1675000 | 1705407 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 1200000 | 1213249 |
| CPS Auto Receivables Trust Series 2024-A Class D<sup>†</sup> | 6.13% | 4/15/2030 | 1005000 | 1025917 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% | 1/15/2031 | 1555000 | 1558900 |
| Drive Auto Receivables Trust Series 2025-2 Class A3 | 4.14% | 9/15/2032 | 1135000 | 1138205 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 870000 | 890718 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 1817869 | 1824623 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 630000 | 637293 |
| Exeter Automobile Receivables Trust Series 2025-3A Class B | 4.86% | 2/15/2030 | 745000 | 754742 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 3285000 | 3259264 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 1630000 | 1632811 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class B | 6.16% | 4/16/2029 | 660000 | 679316 |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class C | 5.43% | 12/17/2029 | 395000 | 402620 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 1326943 | 1340223 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | $730000 | $740279 |
| LAD Auto Receivables Trust Series 2023-2A Class D<sup>†</sup> | 6.30% | 2/15/2031 | 1100000 | 1120268 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 965000 | 974488 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 1555000 | 1574580 |
| Octane Receivables Trust Series 2023-1A Class A<sup>†</sup> | 5.87% | 5/21/2029 | 707 | 708 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 3670000 | 3744545 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 | 5.25% | 4/17/2028 | 278314 | 278495 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 615000 | 628669 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% | 5/15/2031 | 1010000 | 1021494 |
| Santander Drive Auto Receivables Trust Series 2025-4 Class C | 4.52% | 1/15/2032 | 1995000 | 2001456 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 863248 | 866323 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A4 | 5.01% | 1/22/2030 | 2300000 | 2328602 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 1489417 | 1496866 |
| Westlake Automobile Receivables Trust Series 2024-2A Class C<sup>†</sup> | 5.68% | 3/15/2030 | 1535000 | 1559750 |
| World Omni Auto Receivables Trust Series 2024-B Class A3 | 5.27% | 9/17/2029 | 1794370 | 1811420 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% | 5/15/2030 | 1635000 | 1652842 |
| World Omni Select Auto Trust Series 2025-A Class A2A | 4.14% | 5/15/2030 | 845000 | 846939 |
| *Total* |  |  |  | 51922045 |
| **Credit Card 0.89%** |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65% | 10/15/2037 | 631000 | 632795 |
| Citibank Credit Card Issuance Trust Series 2025-A1 Class A | 4.30% | 6/21/2030 | 1365000 | 1381880 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% | 5/15/2030 | 2530000 | 2581118 |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% | 7/20/2029 | 1250000 | 1257083 |
| *Total* |  |  |  | 5852876 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other 5.03%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.434%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | $1000000 | $1000967 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 1130000 | 1131811 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 485000 | 485771 |
| Affirm Master Trust Series 2025-3A Class A<sup>†</sup> | 4.45% |  | 10/16/2034 | 1010000 | 1014188 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 1240000 | 1251726 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.484%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 370000 | 370358 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 550000 | 553402 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 920000 | 934626 |
| DLLAD LLC Series 2023-1A Class A4<sup>†</sup> | 4.80% |  | 6/20/2030 | 1780000 | 1804137 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 550000 | 549300 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.484%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 1280000 | 1281411 |
| KKR CLO 57 Ltd. Series 2025-57A Class B<sup>†</sup> | 5.979%<br>(3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/15/2038 | 900000 | 904913 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 1414359 | 1393296 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.493%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 346907 | 346547 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.121%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 1080000 | 1080871 |
| M&T Equipment Notes Series 2025-1A Class A3<sup>†</sup> | 4.78% |  | 9/17/2029 | 1475000 | 1494827 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†</sup> | 5.62%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/21/2038 | 1250000 | 1255464 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 1495000 | 1472230 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 5.634%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2037 | 1380000 | 1382027 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A3<sup>†</sup> | 5.64% |  | 11/20/2030 | 1400000 | 1436183 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 587242 | 588660 |
| PFS Financing Corp. Series 2023-B Class A<sup>†</sup> | 5.27% |  | 5/15/2028 | 865000 | 869072 |
| RAD CLO 27 Ltd. Series 2024-27A Class A1<sup>†</sup> | 5.225%<br>(3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 890000 | 891970 |

---

*See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class A2<sup>†</sup> | 5.608%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 4/25/2037 | $870000 | $871213 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 1147125 | 1146342 |
| Silver Point CLO 4 Ltd. Series 2024-4A Class A2<sup>†</sup> | 5.735%<br>(3 mo. USD Term SOFR + 1.83% |)<sup>#</sup> | 4/15/2037 | 1620000 | 1622261 |
| U.S. Bank C&I Credit-Linked Notes Series 2025-SUP2 Class B1<sup>†</sup> | 4.818% |  | 9/25/2032 | 588006 | 584031 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 2525000 | 2575040 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 1205000 | 1235487 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1<sup>†</sup> | 5.531%<br>(3 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 7/20/2038 | 1665000 | 1670120 |
| *Total* |  |  |  |  | 33198251 |
| *Total Asset-Backed Securities* (cost $90,347,089) | *Total Asset-Backed Securities* (cost $90,347,089) | *Total Asset-Backed Securities* (cost $90,347,089) | *Total Asset-Backed Securities* (cost $90,347,089) |  | 90973172 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 0.01%** |  |  |  |  |  |
| **Diversified Telecommunication Services 0.01%** |  |  |  |  |  |
| Luxco Co. Ltd.\*<sup>(a)</sup> (cost $54,808) |  |  |  | 3060 | 55110 |
|  |  |  |  | **Principal<br> Amount** |  |
| **CORPORATE BONDS 42.42%** |  |  |  |  |  |
| **Aerospace/Defense 0.78%** |  |  |  |  |  |
| ATI, Inc. | 7.25% |  | 8/15/2030 | $626000 | 661724 |
| Boeing Co. | 6.528% |  | 5/1/2034 | 647000 | 716041 |
| Boeing Co. | 6.858% |  | 5/1/2054 | 568000 | 638363 |
| Hexcel Corp. | 5.875% |  | 2/26/2035 | 1077000 | 1129705 |
| Northrop Grumman Corp. | 3.25% |  | 1/15/2028 | 1315000 | 1298620 |
| TransDigm, Inc.<sup>†</sup> | 6.75% |  | 1/31/2034 | 693000 | 722327 |
| *Total* |  |  |  |  | 5166780 |
| **Agriculture 0.50%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | 1136000 | 1155116 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(b)</sup> | 5.875% |  | 7/1/2034 | 1318000 | 1378804 |
| Japan Tobacco, Inc. (Japan)<sup>†(b)</sup> | 5.85% |  | 6/15/2035 | 697000 | 744320 |
| *Total* |  |  |  |  | 3278240 |

---

4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Airlines 0.41%** |  |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.308% |  | 10/20/2031 | $1693000 | $1708866 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% |  | 9/20/2031 | 974000 | 982120 |
| *Total* |  |  |  |  | 2690986 |
| **Auto Manufacturers 0.80%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.90% |  | 2/10/2029 | 901000 | 847082 |
| Ford Motor Credit Co. LLC | 5.303% |  | 9/6/2029 | 754000 | 760272 |
| Ford Motor Credit Co. LLC | 6.054% |  | 11/5/2031 | 668000 | 685208 |
| Ford Motor Credit Co. LLC | 7.20% |  | 6/10/2030 | 831000 | 891357 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% |  | 12/15/2031 | 618000 | 648113 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% |  | 9/15/2028 | 918000 | 952796 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 504000 | 510659 |
| *Total* |  |  |  |  | 5295487 |
| **Auto Parts & Equipment 0.20%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% |  | 9/15/2032 | 635000 | 658868 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 648000 | 640776 |
| *Total* |  |  |  |  | 1299644 |
| **Banks 6.36%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(b)</sup> | 3.324%<br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 800000 | 732833 |
| AIB Group PLC (Ireland)<sup>†(b)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 1224000 | 1300207 |
| Banco de Credito del Peru SA (Peru)<sup>†(b)</sup> | 5.65%<br> (5 yr. CMT + 1.96% |)<sup>#</sup> | 1/15/2037 | 1080000 | 1086750 |
| Bank of America Corp. | 2.087%<br> (SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 2750000 | 2624109 |
| Bank of America Corp. | 3.97%<br>(3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 3996000 | 3990376 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 1140000 | 1146013 |
| Citigroup, Inc. | 3.887%<br>(3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 1186000 | 1184090 |
| Citigroup, Inc. | 3.98%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 2173000 | 2153965 |
| Citizens Financial Group, Inc. | 5.718%<br> (SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 1956000 | 2051564 |
| First Citizens BancShares, Inc. | 5.60%<br> (5 yr. CMT + 1.85% |)<sup>#</sup> | 9/5/2035 | 1324000 | 1322162 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 1100000 | 1220767 |
| Goldman Sachs Group, Inc. | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 1193000 | 1068884 |

---

*See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| JPMorgan Chase & Co. | 3.54%<br>(3 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 5/1/2028 | $1436000 | $1428373 |
| JPMorgan Chase & Co. | 5.294%<br> (SOFR + 1.46% |)<sup>#</sup> | 7/22/2035 | 739000 | 762674 |
| JPMorgan Chase & Co. | 5.576%<br> (SOFR + 1.64% |)<sup>#</sup> | 7/23/2036 | 759000 | 785437 |
| Macquarie Group Ltd. (Australia)<sup>†(b)</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 1500000 | 1514201 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 1171000 | 1040832 |
| Morgan Stanley | 5.297%<br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 907000 | 923189 |
| Morgan Stanley | 5.32%<br> (SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 713000 | 734214 |
| PNC Financial Services Group, Inc. | 5.676%<br> (SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | 916000 | 966116 |
| Truist Financial Corp. | 5.711%<br> (SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 1332000 | 1401832 |
| U.S. Bancorp | 4.839%<br> (SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 1407000 | 1417759 |
| U.S. Bancorp | 5.678%<br> (SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 1349000 | 1425188 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 1717000 | 1689928 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 869000 | 872172 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 4.988%<br> (1 yr. CMT + 2.40% |)<sup>#</sup> | 8/5/2033 | 757000 | 768631 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 6.327%<br> (1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 662000 | 675950 |
| Wells Fargo & Co. | 2.393%<br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 3925000 | 3836258 |
| Wells Fargo & Co. | 3.584%<br>(3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 1873000 | 1861271 |
| *Total* |  |  |  |  | 41985745 |
| **Biotechnology 0.68%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 1618000 | 1656185 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(b)</sup> | 6.25% |  | 12/15/2032 | 641000 | 657372 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 942000 | 575449 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 1585000 | 1624868 |
| *Total* |  |  |  |  | 4513874 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Building Materials 0.20%** |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | $651000 | $686696 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 631000 | 634402 |
| *Total* |  |  |  | 1321098 |
| **Chemicals 0.46%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 7.00% | 2/15/2031 | 982000 | 1006014 |
| OCP SA (Malaysia)<sup>(b)</sup> | 6.75% | 5/2/2034 | 617000 | 665224 |
| Rain Carbon, Inc.<sup>†</sup> | 12.25% | 9/1/2029 | 645000 | 672468 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% | 9/30/2033 | 682000 | 688420 |
| *Total* |  |  |  | 3032126 |
| **Coal 0.10%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 709000 | 658991 |
| **Commercial Services 1.05%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 633000 | 667482 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.00% | 6/1/2029 | 749000 | 741864 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 883000 | 918700 |
| Global Payments, Inc. | 2.90% | 11/15/2031 | 1102000 | 988341 |
| Global Payments, Inc. | 5.55% | 11/15/2035 | 1411000 | 1402992 |
| Herc Holdings, Inc.<sup>†(c)</sup> | 7.25% | 6/15/2033 | 562000 | 596267 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 1393000 | 1439197 |
| Rollins, Inc. | 5.25% | 2/24/2035 | 134000 | 136784 |
| *Total* |  |  |  | 6891627 |
| **Computers 0.32%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 548000 | 567689 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 1188000 | 1184448 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 342000 | 359216 |
| *Total* |  |  |  | 2111353 |
| **Cosmetics/Personal Care 0.29%** |  |  |  |  |
| Kenvue, Inc. | 5.10% | 3/22/2043 | 1041000 | 1002948 |
| Opal Bidco SAS (France)<sup>†(b)</sup> | 6.50% | 3/31/2032 | 901000 | 923452 |
| *Total* |  |  |  | 1926400 |
| **Diversified Financial Services 2.80%** |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% | 1/26/2028 | 1114000 | 1083438 |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | 998000 | 1049511 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 4.95% | 11/15/2030 | 1385000 | 1390345 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% | 7/15/2030 | 1471000 | 1572874 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% |  | 10/25/2028 | $594000 | $630767 |
| Avilease Capital Ltd. (Cayman Islands)<sup>†(b)</sup> | 4.75% |  | 11/12/2030 | 932000 | 925299 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 2.125% |  | 2/21/2026 | 878000 | 875196 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 2.528% |  | 11/18/2027 | 133000 | 129050 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(b)</sup> | 6.375% |  | 5/4/2028 | 470000 | 489886 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% |  | 6/18/2035 | 1656000 | 1744749 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 798000 | 833476 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 1291000 | 1270076 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 747000 | 769365 |
| Muthoot Finance Ltd. (India)<sup>(b)</sup> | 6.375% |  | 4/23/2029 | 750000 | 761924 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 814000 | 912345 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 913000 | 914828 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 936000 | 984822 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 643000 | 677001 |
| Osaic Holdings, Inc.<sup>†</sup> | 6.75% |  | 8/1/2032 | 644000 | 673096 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 783000 | 817349 |
| *Total* |  |  |  |  | 18505397 |
| **Electric 3.42%** |  |  |  |  |  |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 1193000 | 1166102 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 1003000 | 1050996 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 820000 | 858609 |
| Dominion Energy, Inc. | 5.45% |  | 3/15/2035 | 1048000 | 1074206 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 448000 | 465927 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(b)</sup> | 7.25% |  | 1/31/2041 | 568551 | 598559 |
| Florida Power & Light Co. | 5.60% |  | 2/15/2066 | 658000 | 648354 |
| Florida Power & Light Co. | 5.80% |  | 3/15/2065 | 405000 | 411811 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% |  | 12/1/2032 | 1762000 | 1842894 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 613000 | 652181 |
| Louisville Gas & Electric Co. | 5.85% |  | 8/15/2055 | 669000 | 674779 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% |  | 5/1/2034 | 1005000 | 1037972 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 537000 | 535428 |
| NRG Energy, Inc.<sup>†</sup> | 5.407% |  | 10/15/2035 | 747000 | 746612 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 2/1/2033 | 796000 | 813340 |
| Oglethorpe Power Corp. | 5.80% |  | 6/1/2054 | 620000 | 608300 |
| Oglethorpe Power Corp. | 5.90% |  | 2/1/2055 | 455000 | 451792 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | $508000 | $527614 |
| Public Service Electric & Gas Co. | 4.85% | 8/1/2034 | 2181000 | 2199781 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% | 2/1/2034 | 773000 | 788757 |
| Union Electric Co. | 5.125% | 3/15/2055 | 606000 | 556482 |
| Virginia Electric & Power Co. | 5.05% | 8/15/2034 | 1793000 | 1819418 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 1699000 | 1754867 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% | 10/15/2031 | 591000 | 626251 |
| VoltaGrid LLC<sup>†</sup> | 7.375% | 11/1/2030 | 680000 | 674037 |
| *Total* |  |  |  | 22585069 |
| **Electronics 0.27%** |  |  |  |  |
| Flex Ltd. | 5.375% | 11/13/2035 | 859000 | 857305 |
| Vontier Corp. | 2.95% | 4/1/2031 | 1030000 | 945328 |
| *Total* |  |  |  | 1802633 |
| **Engineering & Construction 0.30%** |  |  |  |  |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 1319000 | 1312301 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | 690000 | 681020 |
| *Total* |  |  |  | 1993321 |
| **Entertainment 0.26%** |  |  |  |  |
| Flutter Treasury DAC (Ireland)<sup>†(b)</sup> | 5.875% | 6/4/2031 | 1039000 | 1054008 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 760000 | 668093 |
| *Total* |  |  |  | 1722101 |
| **Equity Real Estate 0.15%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 1011000 | 986821 |
| **Food 0.73%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.75% | 3/31/2034 | 687000 | 690638 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 3.625% | 1/15/2032 | 834000 | 781427 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 5.75% | 4/1/2033 | 865000 | 904217 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†</sup> | 6.375% | 4/15/2066 | 894000 | 892370 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 758000 | 779371 |
| Pilgrim's Pride Corp. | 3.50% | 3/1/2032 | 830000 | 767451 |
| *Total* |  |  |  | 4815474 |

---

*See Notes to Financial Statements.* 9

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gas 0.41%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | $1443000 | $1430498 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 1234000 | 1293293 |
| *Total* |  |  |  | 2723791 |
| **Health Care-Products 0.99%** |  |  |  |  |
| 180 Medical, Inc.<sup>†</sup> | 5.30% | 10/8/2035 | 1037000 | 1035981 |
| Baxter International, Inc. | 2.539% | 2/1/2032 | 2007000 | 1749407 |
| Baxter International, Inc. | 5.65% | 12/15/2035 | 1952000 | 1976192 |
| Solventum Corp. | 5.60% | 3/23/2034 | 716000 | 745270 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% | 12/1/2035 | 1041000 | 1048322 |
| *Total* |  |  |  | 6555172 |
| **Health Care-Services 1.31%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 2405000 | 2253784 |
| DaVita, Inc.<sup>†</sup> | 6.875% | 9/1/2032 | 618000 | 643688 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 2.375% | 2/16/2031 | 1106000 | 982940 |
| HCA, Inc. | 5.50% | 3/1/2032 | 1727000 | 1800403 |
| Icon Investments Six DAC (Ireland)<sup>(b)</sup> | 6.00% | 5/8/2034 | 1043000 | 1103486 |
| Tenet Healthcare Corp.<sup>†</sup> | 6.00% | 11/15/2033 | 674000 | 694367 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 686000 | 683550 |
| Universal Health Services, Inc. | 2.65% | 1/15/2032 | 507000 | 447872 |
| *Total* |  |  |  | 8610090 |
| **Insurance 3.86%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 631000 | 644649 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 595000 | 527950 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 231000 | 217097 |
| Athene Global Funding<sup>†</sup> | 2.50% | 3/24/2028 | 447000 | 429580 |
| Athene Global Funding<sup>†</sup> | 5.033% | 7/17/2030 | 2709000 | 2730887 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 1510000 | 1517414 |
| Beacon Funding Trust<sup>†</sup> | 6.266% | 8/15/2054 | 986000 | 1002294 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 620000 | 646223 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 1292000 | 1322261 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 2445000 | 2194347 |
| Brown & Brown, Inc. | 5.25% | 6/23/2032 | 161000 | 165008 |
| Brown & Brown, Inc. | 5.55% | 6/23/2035 | 326000 | 334478 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 1145000 | 1171073 |
| Corebridge Global Funding<sup>†</sup> | 4.90% | 8/21/2032 | 796000 | 801265 |
| GA Global Funding Trust<sup>†</sup> | 2.90% | 1/6/2032 | 2366000 | 2105146 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |  |
| GA Global Funding Trust<sup>†</sup> | 5.20% |  | 12/9/2031 | $1353000 | $1373913 |
| GA Global Funding Trust<sup>†</sup> | 5.50% |  | 4/1/2032 | 1336000 | 1368053 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% |  | 10/1/2029 | 1025000 | 1028823 |
| New York Life Global Funding<sup>†</sup> | 4.55% |  | 1/28/2033 | 1027000 | 1024091 |
| Pricoa Global Funding I<sup>†</sup> | 4.75% |  | 8/26/2032 | 802000 | 809096 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% |  | 1/25/2029 | 1369000 | 1402504 |
| RGA Global Funding<sup>†</sup> | 5.00% |  | 8/25/2032 | 1978000 | 1994286 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% |  | 12/10/2029 | 667000 | 684160 |
| *Total* |  |  |  |  | 25494598 |
| **Internet 1.03%** |  |  |  |  |  |
| AppLovin Corp. | 5.375% |  | 12/1/2031 | 636000 | 660409 |
| Meta Platforms, Inc. | 4.875% |  | 11/15/2035 | 955000 | 954090 |
| Meta Platforms, Inc. | 5.50% |  | 11/15/2045 | 695000 | 675279 |
| Prosus NV (Netherlands)<sup>(b)</sup> | 4.027% |  | 8/3/2050 | 856000 | 594807 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% |  | 8/15/2029 | 2504000 | 2509003 |
| Uber Technologies, Inc. | 5.35% |  | 9/15/2054 | 817000 | 779703 |
| Weibo Corp. (China)<sup>(b)</sup> | 3.375% |  | 7/8/2030 | 680000 | 645929 |
| *Total* |  |  |  |  | 6819220 |
| **Iron-Steel 0.27%** |  |  |  |  |  |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% |  | 3/1/2034 | 652000 | 663068 |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 656000 | 671161 |
| Vale Overseas Ltd. (Brazil)<sup>†(b)</sup> | 6.00%<br> (5 yr. CMT + 2.43% |)<sup>#</sup> | 2/25/2056 | 436000 | 436567 |
| *Total* |  |  |  |  | 1770796 |
| **Leisure Time 0.63%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 978000 | 1010386 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% |  | 7/15/2027 | 947000 | 954450 |
| Royal Caribbean Cruises Ltd. | 5.375% |  | 1/15/2036 | 1217000 | 1222557 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% |  | 9/30/2031 | 963000 | 984806 |
| *Total* |  |  |  |  | 4172199 |
| **Lodging 0.36%** |  |  |  |  |  |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.50% |  | 3/31/2034 | 944000 | 950960 |
| MGM China Holdings Ltd. (Macau)<sup>(b)</sup> | 4.75% |  | 2/1/2027 | 450000 | 448394 |
| Wynn Macau Ltd. (Macau)<sup>†(b)</sup> | 6.75% |  | 2/15/2034 | 978000 | 991466 |
| *Total* |  |  |  |  | 2390820 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Machinery-Diversified 0.56%** |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 4.55% | 4/15/2028 | $2361000 | $2376485 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 1336000 | 1338644 |
| *Total* |  |  |  | 3715129 |
| **Media 0.74%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 684000 | 653677 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 710000 | 719261 |
| Paramount Global | 3.375% | 2/15/2028 | 1174000 | 1140453 |
| Paramount Global | 4.90% | 8/15/2044 | 449000 | 322542 |
| Paramount Global | 6.875% | 4/30/2036 | 1097000 | 1081332 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 946000 | 989000 |
| *Total* |  |  |  | 4906265 |
| **Mining 1.66%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 3.875% | 3/16/2029 | 1083000 | 1070268 |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 5.75% | 4/5/2034 | 1160000 | 1219254 |
| Antofagasta PLC (Chile)<sup>†(b)</sup> | 6.25% | 5/2/2034 | 975000 | 1051189 |
| Corp. Nacional del Cobre de Chile (Chile)<sup>†(b)</sup> | 6.33% | 1/13/2035 | 1382000 | 1478049 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 1115000 | 1151328 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 824000 | 862610 |
| Glencore Funding LLC<sup>†</sup> | 6.375% | 10/6/2030 | 570000 | 613923 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 346000 | 348584 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(b)</sup> | 7.875% | 1/23/2030 | 921000 | 953537 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(b)</sup> | 6.75% | 5/14/2030 | 741000 | 775924 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 934000 | 970278 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(b)</sup> | 5.854% | 5/13/2032 | 462000 | 482842 |
| *Total* |  |  |  | 10977786 |
| **Miscellaneous Manufacturing 0.10%** |  |  |  |  |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 646000 | 647369 |
| **Oil & Gas 2.14%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 618000 | 647779 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 1160000 | 1181931 |
| Caturus Energy LLC<sup>†</sup> | 8.50% | 2/15/2030 | 1267000 | 1320485 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 1016000 | 1042398 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% | 1/15/2033 | 684000 | 649535 |
| EQT Corp. | Zero Coupon | 2/1/2030 | 1178000 | 1280027 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| EQT Corp. | 6.375% |  | 4/1/2029 | $616000 | $637624 |
| Expand Energy Corp. | 5.375% |  | 3/15/2030 | 353000 | 357864 |
| Expand Energy Corp.<sup>†</sup> | 5.875% |  | 2/1/2029 | 2349000 | 2349268 |
| Occidental Petroleum Corp. | 6.625% |  | 9/1/2030 | 1022000 | 1100969 |
| ORLEN SA (Poland)<sup>†(b)</sup> | 6.00% |  | 1/30/2035 | 300000 | 316661 |
| Petroleos Mexicanos (Mexico)<sup>(b)</sup> | 6.70% |  | 2/16/2032 | 1290000 | 1287362 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 643000 | 648078 |
| Transocean International Ltd.<sup>†</sup> | 7.875% |  | 10/15/2032 | 673000 | 706069 |
| Viper Energy Partners LLC | 5.70% |  | 8/1/2035 | 588000 | 600436 |
| *Total* |  |  |  |  | 14126486 |
| **Oil & Gas Services 0.21%** |  |  |  |  |  |
| Kodiak Gas Services LLC<sup>†</sup> | 6.50% |  | 10/1/2033 | 659000 | 673322 |
| WBI Operating LLC<sup>†</sup> | 6.25% |  | 10/15/2030 | 688000 | 692616 |
| *Total* |  |  |  |  | 1365938 |
| **Packaging & Containers 0.24%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 923000 | 949716 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2030 | 632000 | 609880 |
| *Total* |  |  |  |  | 1559596 |
| **Pharmaceuticals 1.00%** |  |  |  |  |  |
| AbbVie, Inc. | 4.80% |  | 3/15/2027 | 1154000 | 1166479 |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 670000 | 702082 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 1065000 | 1139057 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% |  | 11/21/2033 | 909000 | 984400 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 994000 | 1043400 |
| Pfizer Investment Enterprises Pte. Ltd. (Singapore)<sup>(b)</sup> | 4.45% |  | 5/19/2028 | 1160000 | 1175530 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(b)</sup> | 3.15% |  | 10/1/2026 | 380000 | 376465 |
| *Total* |  |  |  |  | 6587413 |
| **Pipelines 1.63%** |  |  |  |  |  |
| Boardwalk Pipelines LP | 3.40% |  | 2/15/2031 | 881000 | 834076 |
| Colonial Enterprises, Inc.<sup>†</sup> | 5.627% |  | 11/15/2035 | 677000 | 684198 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 4.999% |  | 11/17/2032 | 1511000 | 1511479 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% |  | 6/15/2029 | 1295000 | 1278538 |
| Eastern Energy Gas Holdings LLC | 5.65% |  | 10/15/2054 | 490000 | 474411 |
| Eastern Energy Gas Holdings LLC | 5.80% |  | 1/15/2035 | 866000 | 914994 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Enbridge, Inc. (Canada)<sup>(b)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | $1449000 | $1662334 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 923000 | 960341 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 750000 | 691158 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% |  | 3/1/2030 | 817000 | 829866 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% |  | 1/15/2029 | 901000 | 911754 |
| *Total* |  |  |  |  | 10753149 |
| **REITS 2.01%** |  |  |  |  |  |
| Brandywine Operating Partnership LP | 4.55% |  | 10/1/2029 | 678000 | 647710 |
| CFE Fibra E (Mexico)<sup>†(b)</sup> | 5.875% |  | 9/23/2040 | 867711 | 868204 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 3417000 | 3243385 |
| EPR Properties | 4.50% |  | 6/1/2027 | 522000 | 523083 |
| EPR Properties | 4.95% |  | 4/15/2028 | 511000 | 515183 |
| Host Hotels & Resorts LP | 5.70% |  | 6/15/2032 | 919000 | 960145 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% |  | 7/15/2032 | 697000 | 665816 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% |  | 8/1/2030 | 747000 | 764830 |
| Piedmont Operating Partnership LP | 5.625% |  | 1/15/2033 | 472000 | 477086 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% |  | 12/1/2026 | 2203000 | 2203261 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% |  | 12/1/2029 | 910000 | 908585 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% |  | 2/1/2027 | 1500000 | 1517453 |
| *Total* |  |  |  |  | 13294741 |
| **Retail 0.34%** |  |  |  |  |  |
| Advance Auto Parts, Inc.<sup>†</sup> | 7.00% |  | 8/1/2030 | 955000 | 963757 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% |  | 4/30/2032 | 1239000 | 1295026 |
| *Total* |  |  |  |  | 2258783 |
| **Semiconductors 0.99%** |  |  |  |  |  |
| Broadcom, Inc.<sup>†</sup> | 4.15% |  | 4/15/2032 | 983000 | 962790 |
| Broadcom, Inc. | 5.15% |  | 11/15/2031 | 1344000 | 1395018 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% |  | 1/25/2031 | 1021000 | 1054555 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% |  | 1/25/2033 | 1154000 | 1208509 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.15% |  | 1/25/2032 | 605000 | 641587 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% |  | 1/25/2035 | 1208000 | 1282258 |
| *Total* |  |  |  |  | 6544717 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software 0.92%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(b)</sup> | 5.50% | 5/15/2034 | $835000 | $864424 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 649000 | 668685 |
| Oracle Corp. | 5.95% | 9/26/2055 | 2947000 | 2612979 |
| Oracle Corp. | 6.90% | 11/9/2052 | 688000 | 680277 |
| Workday, Inc. | 3.80% | 4/1/2032 | 1290000 | 1234701 |
| *Total* |  |  |  | 6061066 |
| **Telecommunications 0.26%** |  |  |  |  |
| Altice France SA (France)<sup>†(b)</sup> | 9.50% | 11/1/2029 | 677694 | 700126 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 965000 | 984042 |
| *Total* |  |  |  | 1684168 |
| **Transportation 0.68%** |  |  |  |  |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 2279000 | 2467510 |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 935000 | 974792 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 982000 | 1029005 |
| *Total* |  |  |  | 4471307 |
| *Total Corporate Bonds* (cost $275,666,082) |  |  |  | 280073766 |
| **FLOATING RATE LOANS**<sup>(d)</sup> **1.94%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.134%<br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 440237 | 441833 |
| **Commercial Services 0.14%** |  |  |  |  |
| Prime Security Services Borrower LLC 2025 Incremental Term Loan B | 5.585%<br> (1 mo. USD Term SOFR + 1.75%) | 3/7/2032 | 936283 | 935052 |
| **Distribution/Wholesale 0.06%** |  |  |  |  |
| Resideo Funding, Inc. 2025 Incremental Term Loan | 5.723%<br> (3 mo. USD Term SOFR + 2.00%) | 8/13/2032 | 427000 | 428601 |
| **Diversified Financial Services 0.51%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 5.484%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 1881497 | 1894799 |
| Citadel Securities LP 2024 First Lien Term Loan | 5.672%<br> (3 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 738540 | 743252 |
| Hudson River Trading LLC 2024 Term Loan B | 6.486%<br> (1 mo. USD Term SOFR + 2.75%) | 3/18/2030 | 756865 | 761016 |
| *Total* |  |  |  | 3399067 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric 0.21%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 5.466%<br> (1 mo. USD Term SOFR + 1.75%) | 1/31/2031 | $633000 | $633668 |
| NRG Energy, Inc. 2024 Term Loan | 5.593%<br> (3 mo. USD Term SOFR + 1.75%) | 4/16/2031 | 722804 | 725821 |
| *Total* |  |  |  | 1359489 |
| **Entertainment 0.31%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(b)</sup> | 5.422%<br> (3 mo. USD Term SOFR + 1.75%) | 11/30/2030 | 1382368 | 1382941 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 5.716%<br> (1 mo. USD Term SOFR + 2.00%) | 12/4/2031 | 337673 | 336265 |
| Six Flags Entertainment Corp. 2024 Term Loan B | 5.716%<br> (1 mo. USD Term SOFR + 2.00%) | 5/1/2031 | 324933 | 321751 |
| *Total* |  |  |  | 2040957 |
| **Environmental Control 0.15%** |  |  |  |  |
| Clean Harbors, Inc. 2025 Term Loan | 5.216%<br> (1 mo. USD Term SOFR + 1.50%) | 10/8/2032 | 949000 | 958685 |
| **Pipelines 0.15%** |  |  |  |  |
| Colossus Acquireco LLC Term Loan B | 5.41%<br> (3 mo. USD Term SOFR + 1.75%) | 7/30/2032 | 990518 | 990963 |
| **Retail 0.13%** |  |  |  |  |
| Panera Bread Co. 2022 Term Loan A3 | 5.516%<br> (1 mo. USD Term SOFR + 1.50%) | 6/15/2027 | 412857 | 413373 |
| Panera Bread Co. 2022 Term Loan A5 | 5.316%<br> (1 mo. USD Term SOFR + 1.50%) | 6/15/2027 | 412857 | 415438 |
| *Total* |  |  |  | 828811 |
| **Utilities 0.21%** |  |  |  |  |
| Alpha Generation LLC Term Loan B | 5.716%<br> (1 mo. USD Term SOFR + 2.00%) | 9/30/2031 | 1409297 | 1415533 |
| *Total Floating Rate Loans* (cost $12,759,353) |  |  |  | 12798991 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(b)</sup> **0.36%** |  |  |  |  |
| **Mexico 0.11%** |  |  |  |  |
| Eagle Funding Luxco SARL<sup>†</sup> | 5.50% | 8/17/2030 | 728000 | 742443 |
| **Romania 0.15%** |  |  |  |  |
| Romania Government International Bonds<sup>†</sup> | 6.625% | 5/16/2036 | 946000 | 987728 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **South Africa 0.10%** |  |  |  |  |  |  |  |
| Republic of South Africa Government International Bonds<sup>†</sup> | 6.125% |  | 12/11/2037 | $| 664000 | $| 655958 |
| *Total Foreign Government Obligations* (cost $2,328,685) | *Total Foreign Government Obligations* (cost $2,328,685) |  |  |  |  |  | 2386129 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.88%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 |  | 2080000 |  | 1870705 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 |  | 1640000 |  | 1519443 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(e)</sup> | 12/25/2032 |  | 1600000 |  | 1554511 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(e)</sup> | 1/25/2033 |  | 880000 |  | 881889 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2 | 4.90% | <sup>#(e)</sup> | 10/25/2033 |  | 960000 |  | 992069 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(e)</sup> | 8/25/2032 |  | 2510000 |  | 2352392 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(e)</sup> | 5/25/2033 |  | 2260000 |  | 2226509 |
| FREMF Mortgage Trust Series K-169 Class A2 | 4.66% | <sup>#(e)</sup> | 12/25/2034 |  | 1030000 |  | 1044331 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,167,073) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,167,073) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,167,073) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,167,073) |  |  |  | 12441849 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 25.37%** |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 9/1/2050 |  | 1663860 |  | 1360571 |
| Federal Home Loan Mortgage Corp. | 3.00% |  | 5/1/2050 - 7/1/2050 |  | 3823868 |  | 3430841 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 - 9/1/2051 |  | 2752970 |  | 2585486 |
| Federal Home Loan Mortgage Corp. | 5.00% |  | 7/1/2052 - 4/1/2054 |  | 5153511 |  | 5209053 |
| Federal Home Loan Mortgage Corp. | 5.447%<br> (30 day USD SOFR Average + 2.35% |)<sup>#</sup> | 9/1/2055 |  | 1254187 |  | 1272973 |
| Federal Home Loan Mortgage Corp. | 5.50% |  | 7/1/2054 - 11/1/2054 |  | 4884918 |  | 5042616 |
| Federal Home Loan Mortgage Corp. | 6.00% |  | 8/1/2039 - 2/1/2055 |  | 2182329 |  | 2287696 |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |
| Federal Home Loan Mortgage Corp. | 6.50% |  | 11/1/2053 | $| 1908525 | $| 1997821 |
| Federal National Mortgage Association | 2.50% |  | 8/1/2050 - 5/1/2052 |  | 8487011 |  | 7344797 |
| Federal National Mortgage Association | 3.00% |  | 4/1/2051 |  | 3005235 |  | 2683662 |
| Federal National Mortgage Association | 3.50% |  | 9/1/2051 - 6/1/2052 |  | 2264958 |  | 2120335 |
| Federal National Mortgage Association | 5.00% |  | 7/1/2052 - 1/1/2053 |  | 3520358 |  | 3558046 |
| Federal National Mortgage Association | 5.476%<br> (30 day USD SOFR Average + 2.31% |)<sup>#</sup> | 10/1/2055 |  | 4918781 |  | 5001107 |
| Federal National Mortgage Association | 5.50% |  | 8/1/2040 - 10/1/2054 |  | 5412676 |  | 5590193 |
| Federal National Mortgage Association | 6.00% |  | 10/1/2054 - 1/1/2055 |  | 1439421 |  | 1508797 |
| Federal National Mortgage Association | 6.259%<br> (30 day USD SOFR Average + 2.12% |)<sup>#</sup> | 11/1/2054 |  | 3042536 |  | 3138553 |
| Government National Mortgage Association<sup>(f)</sup> | 2.00% |  | TBA |  | 1644000 |  | 1361945 |
| Government National Mortgage Association<sup>(f)</sup> | 2.50% |  | TBA |  | 5018000 |  | 4329201 |
| Government National Mortgage Association<sup>(f)</sup> | 3.00% |  | TBA |  | 10076000 |  | 9046722 |
| Government National Mortgage Association<sup>(f)</sup> | 4.50% |  | TBA |  | 5640000 |  | 5490408 |
| Government National Mortgage Association<sup>(f)</sup> | 5.00% |  | TBA |  | 7545000 |  | 7522708 |
| Government National Mortgage Association<sup>(f)</sup> | 5.50% |  | TBA |  | 14336000 |  | 14470477 |
| Government National Mortgage Association<sup>(f)</sup> | 6.00% |  | TBA |  | 10354000 |  | 10545306 |
| Government National Mortgage Association<sup>(f)</sup> | 6.50% |  | TBA |  | 6477000 |  | 6692126 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.00% |  | TBA |  | 5076000 |  | 4103410 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.50% |  | TBA |  | 9096000 |  | 7689673 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 3.00% |  | TBA |  | 1028000 |  | 908696 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 3.50% |  | TBA |  | 2059000 |  | 1897256 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.00% |  | TBA |  | 3682000 |  | 3490661 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.50% |  | TBA |  | 7005000 |  | 6947340 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.00% |  | TBA |  | 18144000 |  | 18184752 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.50% |  | TBA |  | 5414000 |  | 5513362 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.00% |  | TBA |  | 3270000 |  | 3355994 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.50% |  | TBA |  | 1028000 |  | 1068620 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 7.00% |  | TBA |  | 737000 |  | 775775 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $167,666,995) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $167,666,995) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $167,666,995) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $167,666,995) |  |  |  | 167526979 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 12.03%** |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.494%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 |  | 600000 |  | 603223 |
| Bank Series 2019-BN21 Class A5 | 2.851% |  | 10/17/2052 |  | 950000 |  | 900591 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 |  | 2370000 |  | 2480392 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 10/25/2051 | $1168169 | $979967 |
| BBCMS Mortgage Trust Series 2023-C21 Class A5 | 6.00% | <sup>#(e)</sup> | 9/15/2056 | 1200000 | 1292165 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 1220000 | 1285328 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 2180000 | 2284096 |
| Benchmark Mortgage Trust Series 2024-V11 Class A3 | 5.909% | <sup>#(e)</sup> | 11/15/2057 | 880000 | 925527 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 1460000 | 1528510 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(e)</sup> | 5/15/2056 | 2210000 | 2333893 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 2290000 | 2381081 |
| Benchmark Mortgage Trust Series 2025-V18 Class A3 | 5.184% |  | 10/15/2058 | 2430000 | 2504537 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 1050000 | 1097475 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(e)</sup> | 12/15/2057 | 1070000 | 1114691 |
| BMO Mortgage Trust Series 2025-5C12 Class A3 | 5.18% |  | 10/15/2058 | 840000 | 863076 |
| BX Commercial Mortgage Trust Series 2025-BCAT Class A<sup>†</sup> | 5.13%<br> (1 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 8/15/2042 | 594137 | 595697 |
| BX Commercial Mortgage Trust Series 2025-COPT Class A<sup>†</sup> | 5.50%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 8/15/2042 | 1190000 | 1194291 |
| BX Trust Series 2025-ARIA Class A<sup>†</sup> | 5.031% | <sup>#(e)</sup> | 12/13/2042 | 1560000 | 1576137 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.144%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 1165455 | 1162710 |
| BX Trust Series 2025-VLT6 Class B<sup>†</sup> | 5.643%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 3/15/2042 | 490000 | 489975 |
| BX Trust Series 2025-VOLT Class D<sup>†</sup> | 6.50%<br> (1 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 12/15/2044 | 760000 | 762148 |
| CIM Trust Series 2021-INV1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/1/2051 | 1722731 | 1443034 |
| CIM Trust Series 2021-J3 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/25/2051 | 1836407 | 1539446 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 11/27/2051 | 371186 | 326454 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.392%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 700000 | 699880 |
| DBC Mortgage Trust Series 2025-DBC Class A<sup>†</sup> | 5.101%<br> (1 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 11/15/2042 | 880000 | 881937 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(g)</sup> | 5/26/2070 | $1068390 | $1077298 |
| EFMT Series 2025-INV4 Class A1<sup>†</sup> | 5.10% | <sup>(g)</sup> | 10/25/2070 | 1087051 | 1090874 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.374%<br> (30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 950000 | 964040 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3 Class M2<sup>†</sup> | 8.224%<br> (30 day USD SOFR Average + 4.35% |)<sup>#</sup> | 4/25/2042 | 750000 | 781613 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.124%<br> (30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 540000 | 566733 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.124%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 458713 | 460560 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1<sup>†</sup> | 5.124%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 615933 | 618053 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 7.624%<br> (30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 790000 | 825945 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 7.774%<br> (30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | 360000 | 378764 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.174%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 554458 | 565120 |
| Federal National Mortgage Association-ACES Series 2025-M4 Class A2 | 4.389% |  | 8/25/2035 | 1530000 | 1516419 |
| Flagstar Mortgage Trust Series 2021-3INV Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/25/2051 | 1271846 | 1066941 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/1/2051 | 422399 | 354600 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 8/25/2051 | 687754 | 577363 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 4/25/2052 | 2085210 | 1749265 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/25/2051 | 1766573 | 1481963 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 1/25/2052 | 1450641 | 1217799 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ9 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 2/26/2052 | 624169 | 523610 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 1/25/2053 | $1955748 | $1715077 |
| JP Morgan Mortgage Trust Series 2021-13 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 4/25/2052 | 992794 | 832847 |
| JP Morgan Mortgage Trust Series 2021-14 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 5/25/2052 | 109454 | 91684 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 6/25/2052 | 1792322 | 1574089 |
| JP Morgan Mortgage Trust Series 2021-8 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 12/25/2051 | 493889 | 413678 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 4/25/2052 | 1692361 | 1487312 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 5/25/2052 | 977482 | 858464 |
| JP Morgan Mortgage Trust Series 2022-1 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/25/2052 | 156992 | 131699 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 8/25/2052 | 100658 | 88402 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 10/25/2052 | 893768 | 781597 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 3/25/2052 | 936025 | 821447 |
| JP Morgan Mortgage Trust Series 2022-INV3 Class A3B<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 9/25/2052 | 1005729 | 880139 |
| JP Morgan Mortgage Trust Series 2025-VIS3 Class A1<sup>†</sup> | 5.062% | <sup>#(e)</sup> | 2/25/2066 | 914629 | 918445 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 5.64%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 690000 | 691489 |
| MAD Commercial Mortgage Trust Series 2025-11MD Class A<sup>†</sup> | 4.754% | <sup>#(e)</sup> | 10/15/2042 | 830000 | 834039 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 540000 | 564567 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC2 Class A1<sup>†</sup> | 5.443% | <sup>#(e)</sup> | 7/25/2070 | 1289661 | 1303113 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.832% | <sup>#(e)</sup> | 11/25/2059 | 900000 | 713003 |
| New Residential Mortgage Loan Trust Series 2025-NQM3 Class A1<sup>†</sup> | 5.53% | <sup>#(e)</sup> | 5/25/2065 | 1025837 | 1037815 |
| NYMT Loan Trust Series 2025-INV2 Class A1<sup>†</sup> | 5.00% | <sup>#(e)</sup> | 10/25/2060 | 692331 | 696280 |
| OBX Trust Series 2025-NQM16 Class A1<sup>†</sup> | 4.905% | <sup>#(e)</sup> | 8/25/2065 | 574376 | 575174 |

---

*See Notes to Financial Statements.* 21

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **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)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust Series 2025-NQM17 Class A1FC<sup>†</sup> | 4.848% | <sup>(g)</sup> | 8/25/2065 | $957614 | $957486 |
| Rate Mortgage Trust Series 2021-HB1 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 12/25/2051 | 1434210 | 1199567 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(e)</sup> | 1/26/2060 | 3071 | 3058 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 1130000 | 1161920 |
| Sequoia Mortgage Trust Series 2025-S2 Class A1<sup>†</sup> | 4.00% | <sup>#(e)</sup> | 11/25/2055 | 348212 | 326409 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(e)</sup> | 2/25/2050 | 11360 | 10971 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.193%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 1580000 | 1567747 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class B<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 4/15/2042 | 1170000 | 1168889 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 5.846%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 670000 | 697682 |
| Verus Securitization Trust Series 2025-9 Class A1<sup>†</sup> | 4.935% | <sup>#(e)</sup> | 10/27/2070 | 1414333 | 1417049 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3 | 3.055% |  | 6/15/2052 | 1065504 | 1026586 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C61 Class A4 | 2.658% |  | 11/15/2054 | 1120000 | 1008113 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 820000 | 868908 |
| Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class A5 | 5.292% |  | 10/15/2058 | 1710000 | 1760319 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2022-2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 12/25/2051 | 208082 | 174164 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $78,660,268) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $78,660,268) |  |  |  | 79422449 |
| **U.S. TREASURY OBLIGATIONS 16.80%** | **U.S. TREASURY OBLIGATIONS 16.80%** |  |  |  |  |
| U.S. Treasury Bonds | 4.00% |  | 11/15/2042 | 7373000 | 6760264 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 22496400 | 21225705 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 22768000 | 22317976 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 16449000 | 16370610 |
| U.S. Treasury Bonds | 4.75% |  | 5/15/2055 | 20187000 | 19841613 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2027 | 17560000 | 17600470 |
| U.S. Treasury Notes | 3.625% |  | 8/31/2030 | 6847000 | 6823865 |
| *Total U.S. Treasury Obligations* (cost $111,400,775) | *Total U.S. Treasury Obligations* (cost $111,400,775) |  |  |  | 110940503 |
| *Total Long-Term Investments* (cost $751,051,128) | *Total Long-Term Investments* (cost $751,051,128) |  |  |  | 756618948 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair**<br> **Value** |
| **SHORT-TERM INVESTMENTS 1.73%** |  |  |
| **REPURCHASE AGREEMENTS 1.64%** |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $4,797,700 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $4,890,227; proceeds: $4,795,085<br> (cost $4,794,220) | $4794220 | $4794220 |
| Repurchase Agreement dated 12/31/2025, 3.750% due 1/2/2026 with JPMorgan Securities LLC collateralized by $5,804,200 of U.S. Treasury Note at 4.500% due 5/31/2029; value: $6,000,000; proceeds: $6,001,250<br> (cost $6,000,000) | 6000000 | 6000000 |
| *Total Repurchase Agreements* (cost $10,794,220) |  | 10794220 |
| **TIME DEPOSITS 0.01%** |  |  |
| CitiBank N.A.<sup>(h)</sup> <br> (cost $59,813) | 59813 | 59813 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS 0.08%** |  |  |
| Fidelity Government Portfolio<sup>(h)</sup><br> (cost $538,313) | 538313 | 538313 |
| *Total Short-Term Investments* (cost $11,392,346) |  | 11392346 |
| *Total Investments in Securities 116.32%* (cost $762,443,474) |  | 768011294 |
| *Other Assets and Liabilities - Net*<sup>(i)</sup> *(16.32)%* |  | (107733598) |
| *Net Assets 100.00%* |  | $660277696 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <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 December 31, 2025, the total value of Rule 144A securities was $258,459,923, which represents 39.14% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</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 December 31, 2025. |
| <sup>(e)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(f)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (concluded)**

*December 31, 2025*

<sup>(g)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(h)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(i)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at December 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | March 2026 | 81 | Long | $16902253 | $16911914 | $9661 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Depreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 49 | Long | $5686300 | $5635765 | $(50535) |
| U.S. 5-Year Treasury Note | March 2026 | 183 | Long | 20054215 | 20002758 | (51457) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  | $(101992) |

---

The following is a summary of the inputs used as of December 31, 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 | $– | $90973172 | $– | $90973172 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 55110 |  | 55110 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 280073766 |  | 280073766 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 12798991 |  | 12798991 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 2386129 |  | 2386129 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 12441849 |  | 12441849 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 167526979 |  | 167526979 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 79422449 |  | 79422449 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 110940503 |  | 110940503 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 10794220 |  | 10794220 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 59813 |  | 59813 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 538313 | – | – | 538313 |
| Total | $538313 | $767472981 | $– | $768011294 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $9661 | $– | $– | $9661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (101992) | – | – | (101992) |
| Total | $(92331) | $– | $– | $(92331) |

---

<sup>(1)</sup> Refer to Note 2(a) 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. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

24 *See Notes to Financial Statements.*

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $762443474 |
| Investments in securities, at fair value including $583,536 of securities loaned | $768011294 |
| Cash | 31225 |
| Deposits with brokers for futures collateral | 450900 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 154798026 |
| &nbsp;&nbsp;&nbsp;Interest | 6156223 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 620823 |
| Prepaid expenses | 3130 |
| **Total assets** | 930071621 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 267932902 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 638930 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 598126 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 258217 |
| &nbsp;&nbsp;&nbsp;Management fee | 155939 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 73645 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 36188 |
| &nbsp;&nbsp;&nbsp;Fund administration | 22277 |
| Accrued expenses | 77701 |
| **Total liabilities** | 269793925 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $660277696 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $760093418 |
| Total distributable earnings/(loss) | (99815722) |
| **Net Assets** | $660277696 |
| **Outstanding shares (130 million shares of common stock authorized, $.001 par value)** | 46500035 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $14.20 |

---

*See Notes to Financial Statements.* 25

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest and other (net of foreign withholding taxes of $2,729) | $33527940 |
| **Total investment income** | 33527940 |
| **Expenses:** |  |
| Management fee | 1815891 |
| Non-12b-1 service fees | 1621778 |
| Shareholder servicing | 648297 |
| Fund administration | 259413 |
| Professional | 73405 |
| Directors' fees | 27886 |
| Reports to shareholders | 21541 |
| Custody | 21362 |
| Other | 107390 |
| Gross expenses | 4596963 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (21457) |
| **Net expenses** | 4575506 |
| **Net investment income** | 28952434 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | (1985825) |
| Net realized gain/(loss) on futures contracts | (204873) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | 2949 |
| Net realized gain/(loss) on swap contracts | (26679) |
| Net realized gain/(loss) on foreign currency related transactions | 296 |
| Net change in unrealized appreciation/(depreciation) on investments | 18047226 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 582091 |
| **Net realized and unrealized gain/(loss)** | 16415185 |
| **Net Increase in Net Assets Resulting From Operations** | $45367619 |

---

26 See Notes to Financial Statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $28952434 | $29052001 |
| Net realized gain/(loss) | (2214132) | (814530) |
| Net change in unrealized appreciation/(depreciation) | 18629317 | (11798208) |
| **Net increase in net assets resulting from operations** | 45367619 | 16439263 |
| **Distributions to shareholders:** | (30430240) | (29555278) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 107304821 | 125596183 |
| Reinvestment of distributions | 30430240 | 29555278 |
| Cost of shares reacquired | (123189404) | (140957074) |
| Net increase in net assets resulting from capital share transactions | 14545657 | 14194387 |
| Net increase in net assets | 29483036 | 1078372 |
| **NET ASSETS:** |  |  |
| Beginning of year | $630794660 | $629716288 |
| End of year | $660277696 | $630794660 |

---

*See Notes to Financial Statements.* 27

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment** <br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Return<br> of<br> capital** |
| 12/31/2025 | $13.88 | $0.64 | $0.37 | $1.01 | $(0.69)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $– |
| 12/31/2024 | 14.20 | 0.66 | (0.29) | 0.37 | (0.69) |  |  |
| 12/31/2023 | 13.95 | 0.60 | 0.28 | 0.88 | (0.63) |  |  |
| 12/31/2022 | 16.85 | 0.41 | (2.77) | (2.36) | (0.48) | (0.03) | (0.03) |
| 12/31/2021 | 17.34 | 0.27 | (0.30) | (0.03) | (0.34) | (0.12) |  |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

28 See Notes to Financial Statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** | |
|<br>**Total<br> distri-<br> butions** |<br>**Net<br> asset<br> value,<br> end of<br> period** | **Total**<br> **return**<sup>(b)</sup> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** |<br>**Portfolio<br> turnover<br> rate<br> (%)** |
| $(0.69) | $14.20 | 7.19 | 0.71 | 0.71 | 4.46 | $660278 | 428 |
| (0.69) | 13.88 | 2.66 | 0.70 | 0.71 | 4.59 | 630795 | 404 |
| (0.63) | 14.20 | 6.34 | 0.70 | 0.71 | 4.21 | 629716 | 413 |
| (0.54) | 13.95 | (14.05) | 0.71 | 0.71 | 2.70 | 585096 | 485 |
| (0.46) | 16.85 | (0.24) | 0.70 | 0.71 | 1.59 | 660623 | 376 |

---

*See Notes to Financial Statements.* 29

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("the 1940 Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of December 31, 2025. This report covers Total Return Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

The CODM for the Fund is Lord, Abbett & Co. LLC ("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. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation **–** Under procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of

**Notes to Financial Statements (continued)**

Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

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

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

Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. 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

**Notes to Financial Statements (continued)**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments and other financial instruments as of December 31, 2025 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate. |
|  | The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to 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. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/(depreciation) on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities and represents the mark to market of the unfunded portion of the Fund's floating rate notes. |
|  | As of December 31, 2025, the Fund did not have any unfunded loan commitments. |
| (d) | Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (e) | Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (f) | Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on 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 Statement of Operations. Withholding taxes on foreign interest and dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (g) | Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |

---

**Notes to Financial Statements (continued)**

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| | |
|:---|:---|
| (h) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (i) | 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. |
| (j) | When-Issued, Forward Transactions or To-Be-Announced ("TBA") Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

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

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

**Notes to Financial Statements (continued)**

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–During the fiscal year, the Fund listed in the tables below is exposed to foreign currency risks associated with some or all of its portfolio investments and, during the fiscal year ended, used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

Futures Contracts–During the fiscal year, the Fund listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the fiscal year, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount

**Notes to Financial Statements (continued)**

equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

Swap Contracts–The Fund may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter ("OTC") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund is recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of OTC swap contract agreements are recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits with brokers for swap contracts collateral on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Net change in unrealized appreciation/(depreciation) on swap contracts on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

**Notes to Financial Statements (continued)**

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's OTC swap contract agreements are subject to master netting arrangements.

Credit Default Swap Contracts–During the fiscal year, the Fund listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

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

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

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation.

Summary of Derivatives Information–As of December 31, 2025, the Fund in the table below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statement of Assets and Liabilities:

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| | | |
|:---|:---|:---|
| | **Series Fund-Total Return Portfolio** | **Series Fund-Total Return Portfolio** |
| **Asset Derivatives** | **Statement of Assets and<br> Liabilities Location** | **Interest Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Payables, variation margin<br> for futures contracts | $9661 |
| **Liability Derivatives** | **Statement of Assets and <br> Liabilities Location** |  |
| Futures Contracts<sup>(1)</sup> | Payables, variation margin<br> for futures contracts | $101992 |

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<br> <sup>(1)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures 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 for the Fund on the Statement of Operations for the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Series Fund-Total Return Portfolio** | **Series Fund-Total Return Portfolio** | **Series Fund-Total Return Portfolio** |
| | **Statement of<br> Operations<br> Location** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | | |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $(26679) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $2949 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(204873) |  |  |
| **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $582091 | – | – |
| **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** | **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $236000 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $35554 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 403 | – | – |

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&nbsp;&nbsp;&nbsp;&nbsp;**4.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

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| | |
|:---|:---|
| First $4 billion | .28% |
| Next $11 billion | .26% |
| Over $15 billion | .25% |

---

For the fiscal year ended December 31, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .28% of the Fund's average daily net assets.

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

Lord Abbett voluntarily waived $21,457 of certain fees and expenses during the fiscal year ended December 31, 2025.

**Notes to Financial Statements (continued)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ended December 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Total Return Portfolio | $30430240 | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 30430240 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Series Fund-Total Return Portfolio | $29555278 | &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$– &nbsp;&nbsp;&nbsp;&nbsp;$| 29555278 |

---

As of December 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Series Fund-Total Return Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; $– &nbsp;&nbsp;&nbsp;&nbsp;$– | $(103601910) | $3859833 | $(73645) | $(99815722) |

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**Notes to Financial Statements (continued)**

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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Series Fund-Total Return Portfolio | $(36083723) | $(67098492) | $(103182215) |

---

As of December 31, 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Total Return Portfolio | $764059130 | $7028110 | ' | $(3168277) | $3859833 |

---

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total<br> Distributable<br> Earnings/(Loss)** | **Paid-in<br> Capital** |
| Series Fund-Total Return Portfolio | $64209 | $(64209) |

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases\*** | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales\*** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $2869431696 | $375911413 | $2886884373 | $354211777 |

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\* Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2025, the Fund did not engage in cross-trade purchases or sales.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees.

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

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

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

For the fiscal year ended December 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended December 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** CUSTODIAN AND ACCOUNTING AGENT

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

&nbsp;&nbsp;&nbsp;&nbsp;**11.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any

**Notes to Financial Statements (continued)**

additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

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 December 31, 2025, the market value of securities loaned and collateral received were as follows:

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| | | |
|:---|:---|:---|
| **Funds** | **Market Value**<br> **of Securities**<br> **Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Total Return Portfolio | $583536 | $598126 |

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<br> <sup>(1)</sup> Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to the Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which the Fund may substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the general risks and considerations associated with investing in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

**Notes to Financial Statements (continued)**

The Fund's investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund's returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund's investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

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

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac")). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies

**Notes to Financial Statements (concluded)**

and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** |
| Shares sold | 7452349 | 8752158 |
| Reinvestment of distributions | 2145997 | 2132416 |
| Shares reacquired | (8530024) | (9800668) |
| Increase | 1068322 | 1083906 |

---

**Report of Independent Registered Public Accounting Firm**

**To the shareholders of Total Return Portfolio and the Board of Directors of Lord Abbett Series Fund, Inc.**

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Total Return Portfolio (the "Fund"), one of the funds constituting Lord Abbett Series Fund, Inc., as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended 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 audits. 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 audits 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 audits, 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 audits 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 audits 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 December 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from custodian or counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 17, 2026

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

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

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

![](x7_c114832x55x2m9m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc. |  |
|  | Total Return Portfolio | SFTR-PORT-2<br> (02/26) |

---

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |
|  | Not applicable. |
| **Item 16:** | **Controls and Procedures.** |
| (a) | The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |

---

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |
|  | Not applicable. |
| **Item 19:** | **Exhibits.** |

---

---

| | |
|:---|:---|
| (a)(1) | [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c114834_ex99-codeeth.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.](c114834_ex99-cert.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. |
| (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.](c114834_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**LORD ABBETT SERIES FUND, INC.**

---

| | |
|:---|:---|
| By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: February 17, 2026

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

---

| | |
|:---|:---|
| By: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: February 17, 2026

---

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

---

Date: February 17, 2026

## Ex-99.Code

EX-99.CODE ETH

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS** 

**FOR THE PRINCIPAL EXECUTIVE OFFICER** 

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

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

● 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 Funds;

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to the Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

● not use his/her 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; and

● not 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.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

● service as a director on the board of any public company;

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

● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

● Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

● each Covered Officer should not 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 directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has received, read, and understands the Code;

● annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

● report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds' Annual Directors & Officers Questionnaire;

● not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

● notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

● Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

● if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion;

● any matter that the General Counsel 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;

● the Committee will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, 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 superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

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 a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

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.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Persons Covered by this Code of Ethics</u></u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&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;&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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: February 17, 2026

---

| |
|:---|
| <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&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;&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 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: February 17, 2026

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

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## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Series Fund, Inc. (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;&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: February 17, 2026

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

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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.