# EDGAR Filing Document

**Accession Number:** 0000060365
**File Stem:** 0000930413-25-002876
**Filing Date:** 2025-9
**Character Count:** 275131
**Document Hash:** 4d782a6cdb19819649d3bcd6de0185bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002876.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0000930413-25-002876

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT BOND DEBENTURE FUND INC
- **CENTRAL INDEX KEY:** 0000060365

**ORGANIZATION NAME:**
- **EIN:** 132669319
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02145
- **FILM NUMBER:** 251289356

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBETT BOND FUND INC
- **DATE OF NAME CHANGE:** 19790412

## Series and Classes Contracts Data

### LORD ABBETT BOND DEBENTURE FUND INC (Series ID: S000006820)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000018454 | Class A      | LBNDX           |
| C000018456 | Class C      | BDLAX           |
| C000018457 | Class P      | LBNPX           |
| C000018458 | Class I      | LBNYX           |
| C000052177 | Class F      | LBDFX           |
| C000052178 | Class R2     | LBNQX           |
| C000052179 | Class R3     | LBNRX           |
| C000158205 | Class R4     | LBNSX           |
| C000158206 | Class R5     | LBNTX           |
| C000158207 | Class R6     | LBNVX           |
| C000188230 | Class F3     | LBNOX           |

?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: 811-02145

**LORD ABBETT BOND-DEBENTURE 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: 6/30/2025

---

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

---

![Image](id0a270681ad950b398b5f931.jpg)

#### Class A

#### LBNDX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.79%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-13-A

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class C

#### BDLAX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $71 | 1.41%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-673-C

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class F

#### LBDFX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $35 | 0.69%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-1004-F

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class F3

#### LBNOX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-8952-F3

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class I

#### LBNYX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-688-I

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class P

#### LBNPX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $53 | 1.04%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-698-P

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class R2

#### LBNQX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $60 | 1.19%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-1043-R2

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class R3

#### LBNRX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $55 | 1.09%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-2048-R3

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class R4

#### LBNSX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $42 | 0.84%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-8701-R4

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class R5

#### LBNTX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-8733-R5

#### 08/25
![Image](id0a270681ad950b398b5f931.jpg)

#### Class R6

#### LBNVX

# Lord Abbett Bond Debenture Fund

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $25 | 0.49%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## **What did the Fund invest in?** 
(as of June 30, 2025)

## **Key Fund Statistics** 
(as of *June 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $21548813834 |
| # of Portfolio Holdings | 866 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.66% |
| Common Stocks | 4.17% |
| Corporate Bonds | 66.78% |
| Floating Rate Loans | 2.30% |
| Foreign Government Obligations | 4.93% |
| Government Sponsored Enterprises Pass-Throughs | 11.33% |
| Investments in Underlying Funds | 0.91% |
| Municipal Bonds | 0.20% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.14% |
| Preferred Stocks | 0.05% |
| U.S. Treasury Obligations | 1.18% |
| Repurchase Agreements | 0.21% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.11% |
| 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 lordabbett.com/FundDocuments.

#### TSR-SA-8765-R6

#### 08/25
Item 1(b): Not applicable.

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

![](x7_c112982x1x1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Bond Debenture Fund

*For the six-month period ended June 30, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Schedule of Investments (Item 7)**](#xx7xc112982a001xm4) |
| 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Statement of Assets and Liabilities (Item 7)**](#xx7xc112982a002xm4) |
| 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Statement of Operations (Item 7)**](#xx7xc112982a003xm4) |
| 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Statements of Changes in Net Assets (Item 7)**](#xx7xc112982a004xm4) |
| 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Financial Highlights (Item 7)**](#xx7xc112982a005xm4) |
| 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Notes to Financial Statements (Item 7)**](#xx7xc112982a006xm4) |
| 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Changes in and Disagreements with Accountants (Item 8)**](#xx7xc112982a007xm4) |
| 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Proxy Disclosures (Item 9)**](#xx7xc112982a008xm4) |
| 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx7xc112982a009xm4) |
| 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx7xc112982a010xm4) |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 110.26%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 1.88%** |  |  |  |  |  |
| **Automobiles 0.01%** |  |  |  |  |  |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% |  | 7/15/2027 | $1678055 | $1676890 |
| **Credit Card 0.36%** |  |  |  |  |  |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 48500000 | 48485450 <sup>(a)</sup> |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 30000000 | 30018612 |
| *Total* |  |  |  |  | 78504062 |
| **Other 1.51%** |  |  |  |  |  |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 6.225%<br> (1 mo. USD Term SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 14469000 | 14495233 |
| Bojangles Issuer LLC Series 2024-1A Class A2<sup>†</sup> | 6.584% |  | 11/20/2054 | 23875000 | 24392725 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 28330000 | 28526367 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 19790000 | 20006813 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 23593333 | 23862144 |
| Driven Brands Funding LLC Series 2020-2A Class A2<sup>†</sup> | 3.237% |  | 1/20/2051 | 8604651 | 8234048 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 13244912 | 13730256 |
| Hardee's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 7.253% |  | 3/20/2054 | 6463188 | 6680623 |
| Jersey Mike's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.636% |  | 2/15/2055 | 17705625 | 18037039 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 13633920 | 13850278 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 22375000 | 22522031 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 21423307 | 21042620 |
| Sotheby's Artfi Master Trust Series 2024-1A Class A2<sup>†</sup> | 5.819%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 12/22/2031 | 25921000 | 25950389 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 7884836 | 8194826 |

---

*See Notes to Financial Statements.* 1

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |
| Subway Funding LLC Series 2024-1A Class A23<sup>†</sup> | 6.505% | 7/30/2054 | $12372825 | $12727490 |
| Subway Funding LLC Series 2024-3A Class A23<sup>†</sup> | 5.914% | 7/30/2054 | 13964825 | 13865738 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% | 2/25/2032 | 19672973 | 19713825 |
| Wingstop Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.858% | 12/5/2054 | 18725000 | 19114787 |
| Zaxbys Funding LLC Series 2024-1A Class A2I<sup>†</sup> | 6.594% | 4/30/2054 | 9294763 | 9506248 |
| *Total* |  |  |  | 324453480 |
| *Total Asset-Backed Securities* (cost $399,405,861) |  |  |  | 404634432 |
|  |  |  | **Shares** |  |
| **COMMON STOCKS 4.72%** |  |  |  |  |
| **Aerospace & Defense 0.11%** |  |  |  |  |
| General Electric Co. |  |  | 44493 | 11452053 |
| Rolls-Royce Holdings PLC<sup>(b)</sup> |  |  | 892713 | 11830808 |
| *Total* |  |  |  | 23282861 |
| **Automobiles 0.11%** |  |  |  |  |
| BYD Co. Ltd. Class H<sup>(b)</sup> |  |  | 1462500 | 22771155 |
| **Banks 0.13%** |  |  |  |  |
| Citigroup, Inc. |  |  | 202085 | 17201475 |
| NU Holdings Ltd. Class A (Brazil)<sup>\*(c)</sup> |  |  | 813126 | 11156089 |
| *Total* |  |  |  | 28357564 |
| **Beverages 0.11%** |  |  |  |  |
| Celsius Holdings, Inc.\* |  |  | 493345 | 22886275 |
| **Biotechnology 0.10%** |  |  |  |  |
| Bridgebio Pharma, Inc.\* |  |  | 479284 | 20695483 |
| **Broadline Retail 0.21%** |  |  |  |  |
| Coupang, Inc.\* |  |  | 798844 | 23933367 |
| Ollie's Bargain Outlet Holdings, Inc.\* |  |  | 164458 | 21672275 |
| *Total* |  |  |  | 45605642 |
| **Building Products 0.05%** |  |  |  |  |
| Builders FirstSource, Inc.\* |  |  | 93980 | 10966526 |
| **Capital Markets 0.45%** |  |  |  |  |
| 3i Group PLC<sup>(b)</sup> |  |  | 399435 | 22604901 |
| Cboe Global Markets, Inc. |  |  | 93971 | 21914977 |
| Coinbase Global, Inc. Class A\* |  |  | 49342 | 17293878 |

---

2 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Capital Markets (continued)** |  |  |
| Robinhood Markets, Inc. Class A\* | 272513 | $25515392 |
| SEI Investments Co. | 117469 | 10555764 |
| *Total* |  | 97884912 |
| **Chemicals 0.02%** |  |  |
| Yara International ASA<sup>(b)</sup> | 108064 | 3987851 |
| **Construction & Engineering 0.42%** |  |  |
| API Group Corp.\* | 422894 | 21588739 |
| Argan, Inc. | 100555 | 22170366 |
| Construction Partners, Inc. Class A\* | 234927 | 24968042 |
| Quanta Services, Inc. | 59201 | 22382714 |
| *Total* |  | 91109861 |
| **Consumer Finance 0.13%** |  |  |
| SoFi Technologies, Inc.\* | 1503510 | 27378917 |
| **Consumer Staples Distribution & Retail 0.05%** |  |  |
| Casey's General Stores, Inc. | 21098 | 10765676 |
| **Electric: Utilities 0.01%** |  |  |
| Frontera Generation Holdings LLC\* | 125994 | 1070949 |
| **Electronic Equipment, Instruments & Components 0.27%** |  |  |
| Amphenol Corp. Class A | 220849 | 21808839 |
| Badger Meter, Inc. | 65785 | 16114036 |
| Celestica, Inc. (Canada)<sup>\*(c)</sup> | 136252 | 21270299 |
| *Total* |  | 59193174 |
| **Energy Equipment & Services 0.05%** |  |  |
| TechnipFMC PLC (United Kingdom)<sup>(c)</sup> | 305403 | 10518079 |
| **Entertainment 0.53%** |  |  |
| NetEase, Inc.<sup>(b)</sup> | 939800 | 25327009 |
| Netflix, Inc.\* | 16756 | 22438462 |
| Sea Ltd. ADR\* | 135459 | 21665313 |
| Spotify Technology SA (Sweden)<sup>\*(c)</sup> | 28354 | 21757158 |
| Take-Two Interactive Software, Inc.\* | 93981 | 22823286 |
| *Total* |  | 114011228 |
| **Ground Transportation 0.08%** |  |  |
| Uber Technologies, Inc.\* | 187978 | 17538347 |

---

*See Notes to Financial Statements.* 3

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Health Care Equipment & Supplies 0.10%** |  |  |
| BioMerieux<sup>(b)</sup> | 159744 | $22095265 |
| **Hotels, Restaurants & Leisure 0.21%** |  |  |
| DoorDash, Inc. Class A\* | 93971 | 23164791 |
| Dutch Bros, Inc. Class A\* | 308879 | 21118057 |
| *Total* |  | 44282848 |
| **Independent Power and Renewable Electricity Producers 0.10%** |  |  |
| Talen Energy Corp.\* | 75882 | 22064209 |
| **Information Technology Services 0.16%** |  |  |
| Cloudflare, Inc. Class A\* | 59295 | 11611740 |
| Shopify, Inc. Class A (Canada)<sup>\*(c)</sup> | 206758 | 23849535 |
| *Total* |  | 35461275 |
| **Interactive Media & Services 0.10%** |  |  |
| Tencent Holdings Ltd.<sup>(b)</sup> | 331000 | 21328186 |
| **Life Sciences Tools & Services 0.10%** |  |  |
| Eurofins Scientific SE<sup>(b)</sup> | 310094 | 22098949 |
| **Metals & Mining 0.14%** |  |  |
| Carpenter Technology Corp. | 39939 | 11038341 |
| Fresnillo PLC<sup>(b)</sup> | 939776 | 18679801 |
| *Total* |  | 29718142 |
| **Miscellaneous Financials 0.02%** |  |  |
| Utex Industries\* | 113840 | 3529040 |
| **Oil, Gas & Consumable Fuels 0.30%** |  |  |
| Cheniere Energy, Inc. | 103378 | 25174611 |
| Imperial Oil Ltd.<sup>(b)</sup> | 211500 | 16801961 |
| Range Resources Corp. | 570908 | 23218828 |
| *Total* |  | 65195400 |
| **Personal Care Products 0.03%** |  |  |
| Gibson Brands Private Equity\* | 106902 | 6859527 |
| **Semiconductors & Semiconductor Equipment 0.30%** |  |  |
| Astera Labs, Inc.\* | 230226 | 20817035 |
| Broadcom, Inc. | 79896 | 22023333 |
| KLA Corp. | 25137 | 22516216 |
| *Total* |  | 65356584 |

---

4 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Software 0.21%** |  |  |
| Microsoft Corp. | 25846 | $12856059 |
| Palantir Technologies, Inc. Class A\* | 164468 | 22420278 |
| Rubrik, Inc. Class A\* | 117472 | 10524316 |
| *Total* |  | 45800653 |
| **Specialty Retail 0.00%** |  |  |
| Claire's Holdings LLC\* | 15164 | 2275 |
| **Technology Hardware, Storage & Peripherals 0.11%** |  |  |
| Xiaomi Corp. Class B<sup>†\*(b)</sup> | 3054000 | 23508886 |
| **Transportation Infrastructure 0.01%** |  |  |
| ACBL Holdings Corp.\* | 28712 | 1421244 |
| *Total Common Stocks* (cost $936,265,842) |  | 1016746983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | |
| **CORPORATE BONDS 75.55%** |  |  |  |  |
| **Aerospace/Defense 1.94%** |  |  |  |  |
| BAE Systems PLC (United Kingdom)<sup>†(c)</sup> | 5.25% | 3/26/2031 | $20926000 | 21638901 |
| Boeing Co. | 5.15% | 5/1/2030 | 21720000 | 22123156 |
| Boeing Co. | 5.805% | 5/1/2050 | 34637000 | 33248863 |
| Boeing Co. | 6.528% | 5/1/2034 | 50319000 | 54705973 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.50% | 2/1/2029 | 21384000 | 22468564 |
| Czechoslovak Group AS (Czechia)<sup>†(c)(d)</sup> | 6.50% | 1/10/2031 | 16040000 | 16199506 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(c)</sup> | 7.50% | 2/15/2032 | 36079000 | 36561958 |
| HEICO Corp. | 5.35% | 8/1/2033 | 23809000 | 24381921 |
| Spirit AeroSystems, Inc.<sup>(e)</sup> | 4.60% | 6/15/2028 | 34907000 | 34338725 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 13085000 | 13899685 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% | 11/15/2030 | 23677000 | 26141799 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 58913000 | 57847440 |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | 21948000 | 22081418 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 31150000 | 32343131 |
| *Total* |  |  |  | 417981040 |
| **Agriculture 0.90%** |  |  |  |  |
| BAT Capital Corp. | 7.75% | 10/19/2032 | 20427000 | 23652732 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)(d)</sup> | 5.625% | 7/1/2035 | 16234000 | 16295150 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% | 6/15/2035 | 30426000 | 31828566 |

---

*See Notes to Financial Statements.* 5

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Agriculture (continued)** |  |  |  |  |
| JT International Financial Services BV (Netherlands)<sup>†(c)</sup> | 6.875% | 10/24/2032 | $12475000 | $13829313 |
| Philip Morris International, Inc. | 4.875% | 4/30/2035 | 32444000 | 32022098 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 2.00% | 4/21/2026 | 24125000 | 23616526 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 3.20% | 4/21/2031 | 27334000 | 25152001 |
| Viterra Finance BV (Netherlands)<sup>†(c)(e)</sup> | 5.25% | 4/21/2032 | 27102000 | 27602035 |
| *Total* |  |  |  | 193998421 |
| **Airlines 1.98%** |  |  |  |  |
| Alaska Airlines Pass-Through Trust Class A<sup>†</sup> | 4.80% | 2/15/2029 | 22517923 | 22555222 |
| American Airlines Pass-Through Trust Class AA<sup>(e)</sup> | 3.00% | 4/15/2030 | 10511970 | 9958415 |
| American Airlines, Inc.<sup>†</sup> | 7.25% | 2/15/2028 | 16554000 | 16916930 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 132933103 | 132899564 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% | 10/20/2031 | 33758000 | 33232387 |
| British Airways Pass-Through Trust Class AA (United Kingdom)<sup>†(c)(e)</sup> | 3.30% | 6/15/2034 | 11641729 | 10840958 |
| British Airways Pass-Through Trust Class A (United Kingdom)<sup>†(c)</sup> | 4.25% | 5/15/2034 | 8634527 | 8299382 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.75% | 10/20/2028 | 29635081 | 29717740 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 38710000 | 37684428 |
| JetBlue Pass-Through Trust Class A | 2.95% | 11/15/2029 | 9936940 | 9137853 |
| JetBlue Pass-Through Trust Class B | 8.00% | 5/15/2029 | 13280748 | 13468456 |
| United Airlines Pass-Through Trust Class AA | 5.45% | 8/15/2038 | 43670619 | 44224511 |
| United Airlines Pass-Through Trust Class A | 5.80% | 7/15/2037 | 22971481 | 23512983 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 18993544 | 19397799 |
| United Airlines, Inc.<sup>†</sup> | 4.625% | 4/15/2029 | 14775000 | 14351773 |
| *Total* |  |  |  | 426198401 |
| **Auto Manufacturers 1.06%** |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% | 1/30/2031 | 24669000 | 22626562 |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 10.00% | 3/31/2029 | 32169000 | 30496164 |
| Ford Motor Credit Co. LLC | 3.625% | 6/17/2031 | 10951000 | 9643937 |
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 22804000 | 22209431 |
| General Motors Financial Co., Inc. | 5.45% | 9/6/2034 | 40536000 | 39755991 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>†(c)(e)</sup> | 5.875% | 1/15/2028 | 18939000 | 19036706 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 5.30% | 9/13/2027 | 4906000 | 4840639 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 7763000 | 7937243 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.345% | 9/17/2027 | $12134000 | $11657064 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.81% | 9/17/2030 | 66482000 | 61037172 |
| *Total* |  |  |  | 229240909 |
| **Auto Parts & Equipment 0.77%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 5/15/2028 | 19552000 | 20086415 |
| Goodyear Tire & Rubber Co. | 6.625% | 7/15/2030 | 16946000 | 17298324 |
| Tenneco, Inc.<sup>†</sup> | 8.00% | 11/17/2028 | 32145000 | 31822502 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 22555000 | 21688183 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% | 4/14/2028 | 21422000 | 21506596 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% | 4/14/2030 | 54919000 | 53760193 |
| *Total* |  |  |  | 166162213 |
| **Banks 5.89%** |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 yr. CMT + 1.90% | 3/13/2037 | 34400000 | 30267636 |
| AIB Group PLC (Ireland)<sup>†(c)</sup> | 5.32%<br> (SOFR + 1.65% | 5/15/2031 | 6340000 | 6453341 |
| Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)<sup>(c)</sup> | 5.50%<br> (5 yr. CMT + 4.55% | 10/26/2031 | 51057000 | 1 <sup>(a)</sup> |
| ANZ Bank New Zealand Ltd. (New Zealand)<sup>†(c)</sup> | 5.898%<br> (5 yr. CMT + 1.50% | 7/10/2034 | 17739000 | 18228995 |
| Associated Banc-Corp. | 6.455%<br> (SOFR + 3.03% | 8/29/2030 | 21624000 | 22230785 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(c)</sup> | 6.742% | 12/8/2032 | 49324000 | 53780588 |
| Banco Santander SA (Spain)<sup>(c)</sup> | 8.00%<br> (5 yr. CMT + 3.91% | – <sup>(f)</sup> | 13400000 | 14188912 |
| Bancolombia SA (Colombia)<sup>(c)</sup> | 8.625%<br> (5 yr. CMT + 4.32% | 12/24/2034 | 17074000 | 17964836 |
| Bank OZK<sup>(e)</sup> | 2.75%<br> (3 mo. USD Term SOFR + 2.09% | 10/1/2031 | 39957000 | 35961300 |
| BankUnited, Inc. | 4.875% | 11/17/2025 | 24108000 | 24088226 |
| Barclays PLC (United Kingdom)<sup>(c)</sup> | 7.625%<br> (5 yr. USD SOFR ICE Swap + 3.69% | – <sup>(f)</sup> | 22112000 | 22262207 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.125%<br> (5 yr. CMT + 4.21% | 1/8/2039 | 21627000 | 22369217 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.45%<br> (5 yr. CMT + 4.66% | 6/29/2038 | 22233000 | 23529354 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| CaixaBank SA (Spain)<sup>†(c)</sup> | 6.208%<br> (SOFR + 2.70% |)<sup>#</sup> | 1/18/2029 | $50923000 | $52940359 |
| Citigroup, Inc.<sup>(e)</sup> | 6.95%<br> (5 yr. CMT + 2.73% |)<sup>#</sup> | – <sup>(f)</sup> | 25754000 | 26367438 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 20706000 | 21450597 |
| Credit Agricole SA (France)<sup>†(c)</sup> | 4.75%<br> (5 yr. CMT + 3.24% |)<sup>#</sup> | – <sup>(f)</sup> | 60097000 | 56292656 |
| Deutsche Bank AG | 4.875%<br> (5 yr. USD ICE Swap + 2.55% |)<sup>#</sup> | 12/1/2032 | 22540000 | 22302265 |
| Deutsche Bank AG | 6.72%<br> (SOFR + 3.18% |)<sup>#</sup> | 1/18/2029 | 42171000 | 44309565 |
| Deutsche Bank AG | 7.079%<br> (SOFR + 3.65% |)<sup>#</sup> | 2/10/2034 | 63725000 | 67956254 |
| Fifth Third Bancorp | 4.895%<br> (SOFR + 1.49% |)<sup>#</sup> | 9/6/2030 | 18018000 | 18223644 |
| First Citizens BancShares, Inc. | 6.254%<br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 24552000 | 24491668 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 17030000 | 17279315 |
| First Republic Bank | 4.375% |  | 8/1/2046 | 20817000 | 78064 |
| First Republic Bank | 4.625% |  | 2/13/2047 | 15410000 | 57787 |
| First-Citizens Bank & Trust Co. | 6.125% |  | 3/9/2028 | 50320000 | 52255306 |
| FNB Corp. | 5.722%<br> (SOFR + 1.93% |)<sup>#</sup> | 12/11/2030 | 25429000 | 25581198 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 19295000 | 20762543 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 7725000 | 8572346 |
| Goldman Sachs Group, Inc. | 6.85%<br> (5 yr. CMT + 2.46% |)<sup>#</sup> | – <sup>(f)</sup> | 22552000 | 23329779 |
| Home BancShares, Inc.<sup>(e)</sup> | 3.125%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/30/2032 | 22552000 | 20118634 |
| HSBC Holdings PLC (United Kingdom)<sup>(c)(e)</sup> | 6.95%<br> (5 yr. CMT + 3.19% |)<sup>#</sup> | – <sup>(f)</sup> | 21818000 | 21988093 |
| Huntington Bancshares, Inc. | 6.141%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 30918000 | 31555428 |
| Macquarie Bank Ltd. (United Kingdom)<sup>(c)</sup> | 6.125%<br> (5 yr. USD Swap + 3.70% |)<sup>#</sup> | – <sup>(f)</sup> | 10748000 | 10807125 |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 8.125%<br> (5 yr. CMT + 3.75% |)<sup>#</sup> | – <sup>(f)</sup> | 22107000 | 23901071 |
| Nordea Bank Abp (Finland)<sup>†(c)(e)</sup> | 6.30%<br> (5 yr. CMT + 2.66% |)<sup>#</sup> | – <sup>(f)</sup> | 12996000 | 12691115 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| PNC Financial Services Group, Inc. | 3.40%<br> (5 yr. CMT + 2.60% |)<sup>#</sup> | – <sup>(f)</sup> | $24327000 | $23554495 |
| Regions Financial Corp. | 5.502%<br> (SOFR + 2.06% |)<sup>#</sup> | 9/6/2035 | 18018000 | 18071050 |
| Societe Generale SA (France)<sup>†(c)</sup> | 6.066%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/19/2035 | 20817000 | 21451732 |
| Standard Chartered PLC (United Kingdom)<sup>†(c)(e)</sup> | 6.097%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/11/2035 | 27561000 | 29036038 |
| State Street Corp. | 6.45%<br> (5 yr. CMT + 2.14% |)<sup>#</sup> | – <sup>(f)</sup> | 25847000 | 26361459 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(c)</sup> | 6.60%<br> (5 yr. CMT + 2.28% |)<sup>#</sup> | – <sup>(f)</sup> | 12726000 | 12786448 |
| Synovus Financial Corp. | 6.168%<br> (SOFR + 2.35% |)<sup>#</sup> | 11/1/2030 | 18009000 | 18480664 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(f)</sup> | 24139000 | 24073376 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(f)</sup> | 24151000 | 26420566 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.76% |)<sup>#</sup> | – <sup>(f)</sup> | 13301000 | 15414675 |
| UniCredit SpA (Italy)<sup>†(c)</sup> | 7.296%<br> (5 yr. USD ICE Swap + 4.91% |)<sup>#</sup> | 4/2/2034 | 45208000 | 47834925 |
| Webster Financial Corp. | 4.10% |  | 3/25/2029 | 34898000 | 34060137 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 57945000 | 53997207 |
| Zions Bancorp NA | 6.816%<br> (SOFR + 2.83% |)<sup>#</sup> | 11/19/2035 | 21981000 | 22858725 |
| *Total* |  |  |  |  | 1269039145 |
| **Beverages 0.25%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 16884000 | 16948589 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 14731000 | 14945848 |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(c)</sup> | 5.10% |  | 5/6/2035 | 22333000 | 22232278 |
| *Total* |  |  |  |  | 54126715 |
| **Biotechnology 0.15%** |  |  |  |  |  |
| Royalty Pharma PLC<sup>(e)</sup> | 5.40% |  | 9/2/2034 | 32027000 | 32465808 |
| **Building Materials 1.42%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 27943000 | 12909411 |
| Amrize Finance U.S. LLC<sup>†</sup> | 5.40% |  | 4/7/2035 | 12616000 | 12806597 |

---

*See Notes to Financial Statements.* 9

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials (continued)** |  |  |  |  |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% | 2/1/2032 | $24490000 | $22706266 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% | 6/15/2032 | 21666000 | 22282896 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% | 12/15/2030 | 77265000 | 79074701 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | 22442000 | 23244526 |
| Griffon Corp.<sup>(e)</sup> | 5.75% | 3/1/2028 | 16769000 | 16777626 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% | 2/1/2030 | 34251000 | 32645166 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% | 3/1/2032 | 31693000 | 32610351 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 33376000 | 33315449 |
| Standard Industries, Inc.<sup>†</sup> | 4.375% | 7/15/2030 | 18055000 | 17106507 |
| *Total* |  |  |  | 305479496 |
| **Chemicals 1.42%** |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% | 9/30/2029 | 43335136 | 19934163 |
| ASP Unifrax Holdings, Inc.<sup>†(e)</sup> | 11.175% | 9/30/2029 | 45396249 | 41631207 |
| Cabot Corp. | 5.00% | 6/30/2032 | 32395000 | 32393462 |
| Celanese U.S. Holdings LLC | 6.415% | 7/15/2027 | 24483000 | 25370479 |
| Celanese U.S. Holdings LLC<sup>(e)</sup> | 6.75% | 4/15/2033 | 22065000 | 22312040 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(c)(e)</sup> | 5.50% | 2/13/2035 | 13392000 | 13665826 |
| Olin Corp.<sup>(e)</sup> | 5.00% | 2/1/2030 | 22985000 | 22195727 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 4.25% | 10/1/2028 | 23257000 | 22131763 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 27168000 | 27734181 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 4.875% | 5/1/2028 | 21862000 | 21313570 |
| SK Invictus Intermediate II SARL (Luxembourg)<sup>†(c)</sup> | 5.00% | 10/30/2029 | 31346000 | 30377512 |
| Syensqo Finance America LLC<sup>†</sup> | 5.65% | 6/4/2029 | 26953000 | 27975266 |
| *Total* |  |  |  | 307035196 |
| **Coal 0.19%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 24865000 | 23162684 |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 17451000 | 17819740 |
| *Total* |  |  |  | 40982424 |
| **Commercial Services 3.40%** |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>†</sup> | 5.375% | 5/21/2030 | 3086000 | 3722053 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(c)</sup> | 7.00% | 5/21/2030 | $23518000 | 24059555 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 32804000 | 34299272 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(e)</sup> | 6.00% | 6/1/2029 | 38205000 | 37191830 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 29031000 | 29452066 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<sup>†</sup> | 4.625% | 6/1/2028 | $24282000 | $23585039 |
| Ashtead Capital, Inc.<sup>†</sup> | 4.25% | 11/1/2029 | 12898000 | 12636305 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.50% | 8/11/2032 | 19088000 | 19344112 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.80% | 4/15/2034 | 9216000 | 9437024 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | 63510000 | 66488555 |
| Block, Inc. | 6.50% | 5/15/2032 | 37156000 | 38359037 |
| Brink's Co.<sup>†</sup> | 4.625% | 10/15/2027 | 15353000 | 15266223 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 22853000 | 24247376 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 21214000 | 22570420 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 52191000 | 55201377 |
| Garda World Security Corp. (Canada)<sup>†(c)</sup> | 7.75% | 2/15/2028 | 14444000 | 14954564 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 31106000 | 32952295 |
| GXO Logistics, Inc. | 2.65% | 7/15/2031 | 25082000 | 21839445 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 20719000 | 21641240 |
| Herc Holdings, Inc.<sup>†</sup> | 7.25% | 6/15/2033 | 19089000 | 20013886 |
| Hertz Corp.<sup>†(g)</sup> | Zero Coupon | 10/15/2024 | 16775000 | 1258125 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 33436000 | 7857460 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 49699000 | 52030549 |
| ITR Concession Co. LLC<sup>†</sup> | 5.183% | 7/15/2035 | 12438000 | 12306941 |
| J Paul Getty Trust | 4.905% | 4/1/2035 | 22551000 | 22707907 |
| Quanta Services, Inc. | 5.25% | 8/9/2034 | 31777000 | 32186354 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 26944000 | 27338524 |
| Rollins, Inc. | 5.25% | 2/24/2035 | 31626000 | 31758366 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 18248000 | 18129172 |
| *Total* |  |  |  | 732835072 |
| **Computers 0.91%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 18625000 | 19243313 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 83075000 | 78650542 |
| Gartner, Inc.<sup>†</sup> | 3.625% | 6/15/2029 | 34280000 | 32617725 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% | 4/1/2029 | 28708000 | 31467643 |
| NetApp, Inc. | 2.70% | 6/22/2030 | 10143000 | 9272308 |
| Western Digital Corp. | 3.10% | 2/1/2032 | 27000000 | 23907460 |
| *Total* |  |  |  | 195158991 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Cosmetics/Personal Care 0.34%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% | 3/31/2032 | $30469000 | $31116862 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 4.90% | 6/15/2030 | 24024000 | 23637788 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 6.125% | 9/30/2032 | 17993000 | 18177626 |
| *Total* |  |  |  | 72932276 |
| **Distribution/Wholesale 0.44%** |  |  |  |  |
| American Builders & Contractors Supply Co., Inc.<sup>†</sup> | 4.00% | 1/15/2028 | 24375000 | 23857424 |
| LKQ Corp. | 6.25% | 6/15/2033 | 27041000 | 28536951 |
| Marubeni Corp. (Japan)<sup>†(c)</sup> | 5.383% | 4/1/2035 | 20673000 | 20972522 |
| Windsor Holdings III LLC<sup>†</sup> | 8.50% | 6/15/2030 | 19929000 | 21381373 |
| *Total* |  |  |  | 94748270 |
| **Diversified Financial Services 4.32%** |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% | 3/1/2028 | 24003000 | 24022634 |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | 22558000 | 23562020 |
| Ally Financial, Inc. | 6.70% | 2/14/2033 | 44941000 | 46850710 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% | 1/15/2030 | 25983000 | 26269526 |
| Capital One Financial Corp.<sup>(e)</sup> | 5.50%<br> (3 mo. USD Term SOFR + 3.34% | – <sup>(f)</sup> | 22406000 | 22174071 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% | 10/1/2028 | 57916000 | 54341135 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% | 10/1/2031 | 26748000 | 23837448 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% | 5/15/2031 | 24430000 | 25212549 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% | 2/1/2029 | 32352000 | 33627478 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% | 6/15/2028 | 41069000 | 43471085 |
| Hellas Telecommunications Luxembourg II SCA (Luxembourg)<sup>†(c)(g)</sup> | 6.054%<br> (3 mo. USD LIBOR + 5.75% | 1/15/2015 | 15000000 | 0 <sup>(a)</sup> |
| ILFC E-Capital Trust I<sup>†</sup> | 6.43%<sup>#(h)</sup> | 12/21/2065 | 28720000 | 24085718 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.68%<sup>#(h)</sup> | 12/21/2065 | 20873000 | 17835139 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% | 11/15/2029 | 18510000 | 17971124 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% | 5/1/2033 | 36068000 | 37107877 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% | 4/30/2031 | 29287000 | 30835755 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% | 3/15/2029 | 21679000 | 21065073 |
| LPL Holdings, Inc. | 5.75% | 6/15/2035 | 16822000 | 17025903 |
| LPL Holdings, Inc. | 6.00% | 5/20/2034 | 30180000 | 31224377 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 6.50% | 3/26/2031 | 41484000 | 43935248 |
| Navient Corp. | 5.50% | 3/15/2029 | 22621000 | 22170191 |
| Navient Corp. | 6.75% | 6/15/2026 | 21670000 | 21945469 |
| Navient Corp. | 7.875% | 6/15/2032 | 27017000 | 28131419 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | $25846000 | $22129267 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 31059000 | 32474265 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% |  | 9/15/2031 | 8382000 | 8225119 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% |  | 5/15/2032 | 27348000 | 27979602 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 21685000 | 22487996 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% |  | 12/15/2029 | 22745000 | 24168905 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 31943000 | 32724023 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 4.00% |  | 10/15/2033 | 37017000 | 33143473 |
| Synchrony Financial | 5.935%<br> (SOFR + 2.13% |)<sup>#</sup> | 8/2/2030 | 10178000 | 10464935 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 51327000 | 53729959 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 24820000 | 26064450 |
| *Total* |  |  |  |  | 930293943 |
| **Electric 4.13%** |  |  |  |  |  |
| AES Corp. | 7.60%<br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | 23360000 | 24109853 |
| AES Panama Generation Holdings SRL (Panama)<sup>(c)(e)</sup> | 4.375% |  | 5/31/2030 | 23662077 | 21681324 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 21496000 | 22173339 |
| Calpine Corp.<sup>†</sup> | 4.625% |  | 2/1/2029 | 74359000 | 73488501 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 18038000 | 18623531 |
| Cleveland Electric Illuminating Co.<sup>†</sup> | 3.50% |  | 4/1/2028 | 17565000 | 17093310 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 21992000 | 21420881 |
| Constellation Energy Generation LLC | 5.80% |  | 3/1/2033 | 28492000 | 30145844 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 42389000 | 45297547 |
| DPL, Inc. | 4.35% |  | 4/15/2029 | 27939000 | 27089956 |
| Evergy, Inc. | 6.65%<br> (5 yr. CMT + 2.56% |)<sup>#</sup> | 6/1/2055 | 31929000 | 32495234 |
| Idaho Power Co. | 5.20% |  | 8/15/2034 | 21255000 | 21685411 |
| Idaho Power Co. | 5.70% |  | 3/15/2055 | 25247000 | 24816365 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 52794000 | 55597400 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% |  | 8/10/2030 | 24098803 | 23823330 |
| NRG Energy, Inc.<sup>†</sup> | 7.00% |  | 3/15/2033 | 28728000 | 31560294 |
| NRG Energy, Inc.<sup>†</sup> | 10.25%<br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(f)</sup> | 40754000 | 45280617 |
| Pacific Gas & Electric Co. | 6.15% |  | 1/15/2033 | 30660000 | 31597313 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 44964000 | 47522790 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Pike Corp.<sup>†</sup> | 5.50% |  | 9/1/2028 | $33202000 | $33203378 |
| Pike Corp.<sup>†</sup> | 8.625% |  | 1/31/2031 | 15092000 | 16432607 |
| Puget Energy, Inc. | 4.10% |  | 6/15/2030 | 26045000 | 25171238 |
| Sempra | 6.40%<br> (5 yr. CMT + 2.63% |)<sup>#</sup> | 10/1/2054 | 27019000 | 25717406 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 24852000 | 26649574 |
| Tampa Electric Co. | 5.15% |  | 3/1/2035 | 42089000 | 42307719 |
| Vistra Corp.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(f)</sup> | 21649000 | 21923466 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(f)</sup> | 7229000 | 7875193 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 77332000 | 75421768 |
| *Total* |  |  |  |  | 890205189 |
| **Electronics 0.38%** |  |  |  |  |  |
| Allegion U.S. Holding Co., Inc. | 5.60% |  | 5/29/2034 | 13510000 | 13886182 |
| Flex Ltd. | 5.25% |  | 1/15/2032 | 18019000 | 18226311 |
| Imola Merger Corp.<sup>†</sup> | 4.75% |  | 5/15/2029 | 18106000 | 17492703 |
| Trimble, Inc. | 6.10% |  | 3/15/2033 | 31018000 | 32965283 |
| *Total* |  |  |  |  | 82570479 |
| **Energy-Alternate Sources 0.23%** |  |  |  |  |  |
| Topaz Solar Farms LLC<sup>†</sup> | 5.75% |  | 9/30/2039 | 49845131 | 48976829 |
| **Engineering & Construction 0.89%** |  |  |  |  |  |
| Fluor Corp. | 4.25% |  | 9/15/2028 | 23125000 | 22744076 |
| Heathrow Finance PLC | 6.625% |  | 3/1/2031 | 42080000 | 57552716 |
| Jacobs Engineering Group, Inc. | 5.90% |  | 3/1/2033 | $27604000 | 28739689 |
| Jacobs Engineering Group, Inc. | 6.35% |  | 8/18/2028 | 16087000 | 16911368 |
| MasTec, Inc.<sup>†</sup> | 4.50% |  | 8/15/2028 | 23035000 | 22734706 |
| MasTec, Inc. | 5.90% |  | 6/15/2029 | 19917000 | 20617102 |
| TAV Havalimanlari Holding AS (Turkey)<sup>†(c)</sup> | 8.50% |  | 12/7/2028 | 20581000 | 21482474 |
| *Total* |  |  |  |  | 190782131 |
| **Entertainment 1.45%** |  |  |  |  |  |
| Boyne USA, Inc.<sup>†</sup> | 4.75% |  | 5/15/2029 | 23563000 | 22878914 |
| Caesars Entertainment, Inc.<sup>†(e)</sup> | 4.625% |  | 10/15/2029 | 38882000 | 37139310 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% |  | 2/15/2030 | 30300000 | 31397072 |
| Churchill Downs, Inc.<sup>†</sup> | 4.75% |  | 1/15/2028 | 36115000 | 35672016 |
| Churchill Downs, Inc.<sup>†</sup> | 5.50% |  | 4/1/2027 | 21171000 | 21143429 |
| Flutter Treasury DAC (Ireland)<sup>†(c)</sup> | 6.375% |  | 4/29/2029 | 16126000 | 16620633 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Entertainment (continued)** |  |  |  |  |  |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% |  | 5/1/2029 | $44276000 | $42677256 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% |  | 4/16/2029 | 42245000 | 37455186 |
| SeaWorld Parks & Entertainment, Inc.<sup>†</sup> | 5.25% |  | 8/15/2029 | 47179000 | 46141642 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% |  | 12/1/2029 | 23482000 | 22030091 |
| *Total* |  |  |  |  | 313155549 |
| **Environmental Control 0.15%** |  |  |  |  |  |
| Madison IAQ LLC<sup>†(e)</sup> | 5.875% |  | 6/30/2029 | 32360000 | 31855155 |
| **Food 1.68%** |  |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% |  | 3/15/2029 | 48449000 | 45952413 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% |  | 3/15/2033 | 13200000 | 13619575 |
| Alicorp SAA<sup>†</sup> | 7.40% |  | 6/16/2032 | 82623000 | 23666912 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | $13224000 | 14047789 |
| Gruma SAB de CV (Mexico)<sup>†(c)</sup> | 5.39% |  | 12/9/2034 | 22138000 | 22284054 |
| Grupo Nutresa SA (Colombia)<sup>†(c)</sup> | 9.00% |  | 5/12/2035 | 20351000 | 22009128 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% |  | 1/31/2030 | 29214000 | 27889621 |
| Mars, Inc.<sup>†</sup> | 5.20% |  | 3/1/2035 | 21503000 | 21771366 |
| Mars, Inc.<sup>†</sup> | 5.70% |  | 5/1/2055 | 32544000 | 32487704 |
| McCormick & Co., Inc. | 4.95% |  | 4/15/2033 | 14652000 | 14804343 |
| Performance Food Group, Inc.<sup>†</sup> | 6.125% |  | 9/15/2032 | 33766000 | 34582597 |
| Post Holdings, Inc.<sup>†</sup> | 4.50% |  | 9/15/2031 | 16383000 | 15221352 |
| Post Holdings, Inc.<sup>†</sup> | 4.625% |  | 4/15/2030 | 30030000 | 28896794 |
| Smithfield Foods, Inc.<sup>†</sup> | 5.20% |  | 4/1/2029 | 28037000 | 28235052 |
| U.S. Foods, Inc.<sup>†</sup> | 4.75% |  | 2/15/2029 | 17648000 | 17355153 |
| *Total* |  |  |  |  | 362823853 |
| **Forest Products & Paper 0.15%** |  |  |  |  |  |
| LD Celulose International GmbH (Austria)<sup>†(c)</sup> | 7.95% |  | 1/26/2032 | 10073000 | 10608128 |
| Mercer International, Inc. (Canada)<sup>†(c)</sup> | 12.875% |  | 10/1/2028 | 21496000 | 21829489 |
| *Total* |  |  |  |  | 32437617 |
| **Gas 0.40%** |  |  |  |  |  |
| National Fuel Gas Co. | 5.50% |  | 3/15/2030 | 21799000 | 22416084 |
| NiSource, Inc. | 6.375%<br> (5 yr. CMT + 2.53% |)<sup>#</sup> | 3/31/2055 | 21623000 | 21799271 |
| Snam SpA (Italy)<sup>†(c)</sup> | 5.75% |  | 5/28/2035 | 12001000 | 12266687 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Gas (continued)** |  |  |  |  |
| Snam SpA (Italy)<sup>†(c)</sup> | 6.50% | 5/28/2055 | $8400000 | $8737537 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 22297000 | 21189391 |
| *Total* |  |  |  | 86408970 |
| **Health Care-Products 0.70%** |  |  |  |  |
| Bausch & Lomb Corp. (Canada)<sup>†(c)</sup> | 8.375% | 10/1/2028 | 20761000 | 21695245 |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 45097000 | 43290238 |
| Medline Borrower LP<sup>†</sup> | 5.25% | 10/1/2029 | 44250000 | 43937365 |
| Solventum Corp. | 5.45% | 3/13/2031 | 20992000 | 21806563 |
| Solventum Corp. | 5.60% | 3/23/2034 | 19282000 | 19852323 |
| *Total* |  |  |  | 150581734 |
| **Health Care-Services 1.47%** |  |  |  |  |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 4.75% | 2/15/2031 | 49099000 | 42015369 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% | 5/15/2030 | 44991000 | 39938398 |
| Concentra Health Services, Inc.<sup>†</sup> | 6.875% | 7/15/2032 | 11003000 | 11405860 |
| DaVita, Inc.<sup>†</sup> | 4.625% | 6/1/2030 | 47559000 | 45599408 |
| HCA, Inc. | 5.50% | 6/1/2033 | 22533000 | 23079227 |
| HCA, Inc. | 5.75% | 3/1/2035 | 20707000 | 21305783 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% | 10/15/2030 | 18973000 | 20954654 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 41142000 | 38293336 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 5/15/2032 | 24175000 | 22020993 |
| Tenet Healthcare Corp. | 6.75% | 5/15/2031 | 30121000 | 31182133 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 22783000 | 21755046 |
| *Total* |  |  |  | 317550207 |
| **Holding Companies-Diversified 0.33%** |  |  |  |  |
| Benteler International AG<sup>†(d)</sup> | 7.25% | 6/15/2031 | 9679000 | 11787036 |
| Benteler International AG (Austria)<sup>†(c)</sup> | 10.50% | 5/15/2028 | $21318000 | 22455593 |
| Clue Opco LLC<sup>†(e)</sup> | 9.50% | 10/15/2031 | 16367000 | 17366696 |
| Stena International SA (Luxembourg)<sup>†(c)</sup> | 7.25% | 1/15/2031 | 18713000 | 18787347 |
| *Total* |  |  |  | 70396672 |
| **Home Builders 0.71%** |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% | 8/15/2029 | 27525000 | 25524841 |
| DR Horton, Inc. | 4.85% | 10/15/2030 | 21072000 | 21266268 |
| Lennar Corp. | 5.20% | 7/30/2030 | 21065000 | 21469782 |
| LGI Homes, Inc.<sup>†(e)</sup> | 7.00% | 11/15/2032 | 45316000 | 43174819 |
| PulteGroup, Inc. | 6.375% | 5/15/2033 | 37883000 | 40666474 |
| *Total* |  |  |  | 152102184 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Home Furnishings 0.05%** |  |  |  |  |  |
| Leggett & Platt, Inc. | 4.40% |  | 3/15/2029 | $10603000 | $10310028 |
| **Insurance 1.87%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 4/15/2028 | 40395000 | 41091006 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(c)</sup> | 7.75% |  | 2/15/2031 | 18104000 | 18941111 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(c)</sup> | 8.875% |  | 2/15/2032 | 38928000 | 40995160 |
| Arthur J Gallagher & Co. | 5.15% |  | 2/15/2035 | 34669000 | 34705431 |
| Brown & Brown, Inc. | 2.375% |  | 3/15/2031 | 25321000 | 22306258 |
| First American Financial Corp. | 5.45% |  | 9/30/2034 | 10394000 | 10187267 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95%<br> (5 yr. CMT + 3.61% |)<sup>#</sup> | 10/15/2054 | 25350000 | 26454702 |
| Hanwha Life Insurance Co. Ltd. (South Korea)<sup>†(c)</sup> | 6.30%<br> (5 yr. CMT + 2.29% |)<sup>#</sup> | 6/24/2055 | 13304000 | 13718020 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 7.25% |  | 2/15/2031 | 23169000 | 24010313 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 8.125% |  | 2/15/2032 | 21597000 | 22568951 |
| HUB International Ltd.<sup>†</sup> | 7.25% |  | 6/15/2030 | 27054000 | 28292262 |
| HUB International Ltd.<sup>†</sup> | 7.375% |  | 1/31/2032 | 17259000 | 18069369 |
| NMI Holdings, Inc. | 6.00% |  | 8/15/2029 | 18009000 | 18501546 |
| Old Republic International Corp. | 5.75% |  | 3/28/2034 | 20916000 | 21549422 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% |  | 6/1/2031 | 20598000 | 21409685 |
| Swiss RE Subordinated Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.698%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 4/5/2035 | 20200000 | 20418342 |
| Transatlantic Holdings, Inc. | 8.00% |  | 11/30/2039 | 15659000 | 19687064 |
| *Total* |  |  |  |  | 402905909 |
| **Internet 0.46%** |  |  |  |  |  |
| Meituan (China)<sup>†(c)</sup> | 4.625% |  | 10/2/2029 | 32443000 | 32457804 |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% |  | 4/15/2029 | 9045000 | 9932982 |
| Tencent Holdings Ltd. (China)<sup>†(c)</sup> | 3.925% |  | 1/19/2038 | 24722000 | 21984856 |
| VeriSign, Inc. | 5.25% |  | 6/1/2032 | 33559000 | 34213722 |
| *Total* |  |  |  |  | 98589364 |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Iron-Steel 0.54%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | $30258000 | $31732866 |
| Commercial Metals Co. | 4.375% | 3/15/2032 | 15677000 | 14452559 |
| Samarco Mineracao SA (Brazil)<sup>(c)</sup> | 9.50% | 6/30/2031 | 47864463 | 47083335 |
| U.S. Steel Corp. | 6.875% | 3/1/2029 | 23669000 | 23901485 |
| *Total* |  |  |  | 117170245 |
| **Leisure Time 1.43%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 41410000 | 40555919 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 42176000 | 42550596 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/15/2030 | 21541000 | 21919368 |
| Carnival Corp.<sup>†</sup> | 6.00% | 5/1/2029 | 29128000 | 29450360 |
| Carnival Corp.<sup>†</sup> | 6.125% | 2/15/2033 | 25388000 | 25991650 |
| NCL Corp. Ltd.<sup>†</sup> | 6.75% | 2/1/2032 | 32970000 | 33703697 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% | 9/30/2031 | 60389000 | 60795665 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 6.00% | 2/1/2033 | 21096000 | 21515853 |
| Sabre GLBL, Inc.<sup>†</sup> | 8.625% | 6/1/2027 | 9142000 | 9364882 |
| Viking Cruises Ltd.<sup>†</sup> | 9.125% | 7/15/2031 | 19914000 | 21459844 |
| *Total* |  |  |  | 307307834 |
| **Lodging 1.67%** |  |  |  |  |
| Choice Hotels International, Inc. | 5.85% | 8/1/2034 | 31544000 | 31809959 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 20699000 | 21490893 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.625% | 2/15/2032 | 15350000 | 13914508 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.75% | 5/1/2029 | 25286000 | 24255449 |
| Hilton Domestic Operating Co., Inc. | 4.875% | 1/15/2030 | 22117000 | 22031807 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.875% | 3/15/2033 | 30653000 | 31251592 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% | 1/15/2032 | 25419000 | 25829593 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 2.85% | 3/8/2029 | 57502000 | 52922489 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 4.375% | 6/18/2030 | 35200000 | 33669303 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 5.40% | 8/8/2028 | 25193000 | 25396610 |
| Studio City Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.00% | 1/15/2029 | 35436000 | 32540561 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.25% | 5/15/2027 | 21636000 | 21666906 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 5.50% | 10/1/2027 | 23813000 | 23770818 |
| *Total* |  |  |  | 360550488 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 18160000 | 17722355 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Machinery-Diversified 0.88%** |  |  |  |  |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(c)</sup> | 9.00% | 2/15/2029 | $20513000 | $21472967 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 2.75% | 11/15/2031 | 20244000 | 17620366 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 5.65% | 5/15/2033 | 36050000 | 36741415 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 20719000 | 21356619 |
| Regal Rexnord Corp. | 6.40% | 4/15/2033 | 36534000 | 38593749 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 32705000 | 32703819 |
| Westinghouse Air Brake Technologies Corp. | 5.611% | 3/11/2034 | 19961000 | 20676638 |
| *Total* |  |  |  | 189165573 |
| **Media 3.62%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 45607000 | 36579778 |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 20807000 | 21587262 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 37204000 | 36071040 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.00% | 2/1/2028 | 34678000 | 34382199 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.375% | 6/1/2029 | 33967000 | 33866407 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 9124000 | 6445035 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 113481000 | 52874870 |
| CSC Holdings LLC<sup>†</sup> | 5.375% | 2/1/2028 | 15464000 | 14171381 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 40882000 | 20261557 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 17012000 | 13847521 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 47992000 | 45677864 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 54608000 | 54463902 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 46717000 | 31183597 |
| DISH Network Corp.<sup>†</sup> | 11.75% | 11/15/2027 | 64409000 | 66444067 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 26068000 | 23777890 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 91705000 | 68842599 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 20773000 | 22332533 |
| McGraw-Hill Education, Inc.<sup>†</sup> | 7.375% | 9/1/2031 | 21389000 | 22328004 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 21898000 | 22140770 |
| Sunrise FinCo I BV (Netherlands)<sup>†(c)</sup> | 4.875% | 7/15/2031 | 53571000 | 50698255 |
| Univision Communications, Inc.<sup>†</sup> | 4.50% | 5/1/2029 | 28463000 | 25906361 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.00% | 7/15/2030 | 37963000 | 34724399 |
| VZ Secured Financing BV (Netherlands)<sup>†(c)</sup> | 5.00% | 1/15/2032 | 46331000 | 41255365 |
| *Total* |  |  |  | 779862656 |
| **Metal Fabricate-Hardware 0.27%** |  |  |  |  |
| Roller Bearing Co. of America, Inc.<sup>†</sup> | 4.375% | 10/15/2029 | 35098000 | 34030972 |
| Vallourec SACA (France)<sup>†(c)</sup> | 7.50% | 4/15/2032 | 23124000 | 24268869 |
| *Total* |  |  |  | 58299841 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Mining 3.06%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 7.125% | 3/15/2031 | $20653000 | $21689326 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.625% | 4/1/2030 | 22140000 | 22980726 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.75% | 4/5/2034 | 20634000 | 21318266 |
| Aris Mining Corp. (Canada)<sup>†(c)</sup> | 8.00% | 10/31/2029 | 20668000 | 21103785 |
| Capstone Copper Corp. (Canada)<sup>†(c)</sup> | 6.75% | 3/31/2033 | 33341000 | 34160655 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.00% | 3/1/2033 | 23148000 | 23771607 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.625% | 6/1/2031 | 26808000 | 27846730 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 9.375% | 3/1/2029 | 19851000 | 21093614 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 32833000 | 30702840 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.125% | 4/15/2032 | 28083000 | 28585012 |
| Freeport Indonesia PT (Indonesia)<sup>(c)(e)</sup> | 6.20% | 4/14/2052 | 21420000 | 21036642 |
| Freeport-McMoRan, Inc. | 5.40% | 11/14/2034 | 34970000 | 35538717 |
| Fresnillo PLC (Mexico)<sup>(c)</sup> | 4.25% | 10/2/2050 | 200000 | 145962 |
| Glencore Funding LLC<sup>†</sup> | 2.50% | 9/1/2030 | 19663000 | 17724151 |
| Glencore Funding LLC<sup>†</sup> | 5.673% | 4/1/2035 | 16827000 | 17174122 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 25372000 | 25588499 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 30883000 | 30850987 |
| Kaiser Aluminum Corp.<sup>†</sup> | 4.50% | 6/1/2031 | 29297000 | 27428748 |
| Kinross Gold Corp. (Canada)<sup>(c)</sup> | 6.25% | 7/15/2033 | 37165000 | 39983300 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | 5.625% | 2/12/2032 | 45208000 | 46025361 |
| Mirabela Nickel Ltd. | Zero Coupon | 9/10/2044 | 185297 | – <sup>(a)</sup> |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | 6.75% | 5/14/2030 | 35021000 | 35714458 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>(c)</sup> | 6.95% | 10/17/2031 | 4252000 | 4356188 |
| Nexa Resources SA (Brazil)<sup>†(c)</sup> | 6.60% | 4/8/2037 | 12844000 | 12917378 |
| Novelis Corp.<sup>†</sup> | 4.75% | 1/30/2030 | 36313000 | 34817692 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 33912000 | 35083861 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% | 5/13/2032 | 20566000 | 21030716 |
| *Total* |  |  |  | 658669343 |
| **Miscellaneous Manufacturing 0.32%** |  |  |  |  |
| 3M Co. | 5.15% | 3/15/2035 | 42090000 | 42485958 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% | 3/15/2030 | 14779000 | 15235080 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 10580000 | 10920270 |
| *Total* |  |  |  | 68641308 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Office/Business Equipment 0.24%** |  |  |  |  |  |
| CDW LLC/CDW Finance Corp. | 5.55% |  | 8/22/2034 | $21618000 | $21585252 |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% |  | 6/1/2032 | 28485000 | 29309698 |
| *Total* |  |  |  |  | 50894950 |
| **Oil & Gas 4.85%** |  |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% |  | 10/1/2029 | 43814000 | 45990636 |
| Antero Resources Corp.<sup>†</sup> | 5.375% |  | 3/1/2030 | 34495000 | 34737431 |
| APA Corp.<sup>†</sup> | 4.25% |  | 1/15/2030 | 21354000 | 20451967 |
| APA Corp.<sup>†</sup> | 4.75% |  | 4/15/2043 | 7942000 | 6068813 |
| APA Corp.<sup>†</sup> | 6.10% |  | 2/15/2035 | 11426000 | 11213014 |
| Baytex Energy Corp. (Canada)<sup>†(c)</sup> | 8.50% |  | 4/30/2030 | 20633000 | 20660467 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.00% |  | 11/15/2028 | 35365829 | 32329531 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.375% |  | 11/15/2030 | 261893 | 231848 |
| BP Capital Markets PLC (United Kingdom)<sup>(c)</sup> | 6.45%<br> (5 yr. CMT + 2.15% |)<sup>#</sup> | – <sup>(f)</sup> | 20223000 | 20723701 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% |  | 1/15/2029 | 28033000 | 29228579 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% |  | 11/1/2030 | 27487000 | 27928249 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% |  | 7/1/2031 | 13221000 | 13384400 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% |  | 3/1/2029 | 34282000 | 34384640 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% |  | 3/1/2029 | 16698000 | 16660443 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 31948000 | 30567386 |
| Ecopetrol SA (Colombia)<sup>(c)</sup> | 5.875% |  | 5/28/2045 | 59957000 | 41430485 |
| EQT Corp.<sup>†</sup> | 6.50% |  | 7/1/2027 | 30292000 | 30984862 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% |  | 5/15/2034 | 29777000 | 28552469 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 7.25% |  | 2/15/2035 | 10827000 | 10597264 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 33356000 | 34549211 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% |  | 8/15/2029 | 16410000 | 16135475 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% |  | 2/15/2032 | 30323000 | 31522226 |
| Matador Resources Co.<sup>†</sup> | 6.50% |  | 4/15/2032 | 22263000 | 22289287 |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(c)</sup> | 7.25% |  | 6/30/2031 | 39629089 | 31374350 |
| MEG Energy Corp. (Canada)<sup>†(c)</sup> | 5.875% |  | 2/1/2029 | 21860000 | 21851350 |
| Occidental Petroleum Corp. | 5.375% |  | 1/1/2032 | 18612000 | 18472524 |
| Occidental Petroleum Corp.<sup>(e)</sup> | 5.55% |  | 10/1/2034 | 19839000 | 19480065 |
| Occidental Petroleum Corp. | 6.125% |  | 1/1/2031 | 22897000 | 23719650 |
| Occidental Petroleum Corp. | 7.50% |  | 5/1/2031 | 18501000 | 20375984 |
| Occidental Petroleum Corp. | 8.875% |  | 7/15/2030 | 17825000 | 20381907 |
| OGX Austria GmbH (Brazil)<sup>†(c)(g)</sup> | 8.50% |  | 6/1/2018 | 20000000 | 400 <sup>(i)</sup> |

---

<br> *See Notes to Financial Statements.* 21

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| ORLEN SA (Poland)<sup>†(c)</sup> | 6.00% | 1/30/2035 | $19122000 | $19652707 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 21842000 | 22114676 |
| Patterson-UTI Energy, Inc. | 5.15% | 11/15/2029 | 23103000 | 22805925 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(g)</sup> | 5.375% | 4/12/2027 | 23821000 | 3003171 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(g)</sup> | 5.375% | 4/12/2027 | 20359100 | 2566721 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(g)</sup> | 6.00% | 5/16/2024 | 71670900 | 9150470 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(g)</sup> | 6.00% | 11/15/2026 | 29083000 | 3702057 |
| Range Resources Corp.<sup>†</sup> | 4.75% | 2/15/2030 | 16392000 | 15957592 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(c)(e)</sup> | 9.625% | 6/15/2029 | 22961000 | 22836534 |
| SM Energy Co.<sup>†</sup> | 6.75% | 8/1/2029 | 14862000 | 14820293 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup> | 7.15% | 2/1/2032 | 28398000 | 31396178 |
| Sunoco LP<sup>†</sup> | 6.25% | 7/1/2033 | 33039000 | 33611362 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 39583000 | 38386600 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% | 5/1/2030 | 27091000 | 26068615 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 7.25% | 2/15/2033 | 28647000 | 26908626 |
| Viper Energy, Inc.<sup>†</sup> | 7.375% | 11/1/2031 | 15232000 | 16174102 |
| Vital Energy, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 22899000 | 20308990 |
| *Total* |  |  |  | 1045743233 |
| **Oil & Gas Services 0.22%** |  |  |  |  |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 32636000 | 32926558 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% | 3/15/2029 | 13193000 | 13530174 |
| *Total* |  |  |  | 46456732 |
| **Packaging & Containers 1.23%** |  |  |  |  |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(c)</sup> | 3.875% | 11/15/2029 | 16549000 | 15513890 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% | 4/15/2032 | 24795000 | 25461833 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% | 4/15/2030 | 22047000 | 22565413 |
| LABL, Inc.<sup>†</sup> | 8.625% | 10/1/2031 | 38379000 | 32856385 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 8/15/2026 | 38298000 | 38359281 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% | 4/15/2027 | 21334000 | 21200097 |
| Owens-Brockway Glass Container, Inc.<sup>†</sup> | 7.25% | 5/15/2031 | 21876000 | 22446132 |
| Sealed Air Corp.<sup>†</sup> | 6.875% | 7/15/2033 | 22562000 | 24373052 |
| Silgan Holdings, Inc. | 4.125% | 2/1/2028 | 9854000 | 9693039 |
| Sonoco Products Co. | 4.60% | 9/1/2029 | 16845000 | 16814080 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(c)</sup> | 8.25% | 7/15/2030 | 33364000 | 35307520 |
| *Total* |  |  |  | 264590722 |

---

<br> 22 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pharmaceuticals 0.99%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(c)</sup> | 10.00% |  | 4/15/2032 | $39190000 | $39561912 |
| Bausch Health Cos., Inc. (Canada)<sup>†(c)(e)</sup> | 11.00% |  | 9/30/2028 | 44739000 | 44323375 |
| BellRing Brands, Inc.<sup>†</sup> | 7.00% |  | 3/15/2030 | 28420000 | 29624411 |
| CVS Health Corp. | 4.78% |  | 3/25/2038 | 23587000 | 21660907 |
| CVS Health Corp. | 5.25% |  | 2/21/2033 | 35683000 | 35935134 |
| CVS Health Corp. | 5.70% |  | 6/1/2034 | 20885000 | 21513127 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 20543000 | 21239618 |
| *Total* |  |  |  |  | 213858484 |
| **Pipelines 3.68%** |  |  |  |  |  |
| AL Candelaria - spain- SA (Spain)<sup>†(c)</sup> | 5.75% |  | 6/15/2033 | 30777000 | 26140445 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 19229000 | 16332151 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 4247000 | 3607189 |
| AL Candelaria - spain- SA (Spain)<sup>†(c)</sup> | 7.50% |  | 12/15/2028 | 16512531 | 16493920 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.25% |  | 7/15/2032 | 20994000 | 22259770 |
| Boardwalk Pipelines LP | 5.625% |  | 8/1/2034 | 31480000 | 31949588 |
| Buckeye Partners LP<sup>†</sup> | 6.75% |  | 2/1/2030 | 32715000 | 33983750 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 30486000 | 27344982 |
| Colonial Enterprises, Inc.<sup>†</sup> | 3.25% |  | 5/15/2030 | 19028000 | 17537309 |
| Columbia Pipelines Operating Co. LLC<sup>†</sup> | 5.927% |  | 8/15/2030 | 12880000 | 13604003 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 36807000 | 36386524 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 8.625% |  | 3/15/2029 | 28212000 | 29299206 |
| DT Midstream, Inc.<sup>†</sup> | 4.30% |  | 4/15/2032 | 27064000 | 25342808 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 16800000 | 17198877 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.875% |  | 5/15/2032 | 20761000 | 21604021 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 7.125% |  | 7/1/2033 | 9016000 | 9148931 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% |  | 6/15/2028 | 2745000 | 2727678 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 24487000 | 21844910 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 20780000 | 20680567 |
| ONEOK, Inc. | 6.05% |  | 9/1/2033 | 20473000 | 21490877 |
| ONEOK, Inc.<sup>†</sup> | 6.50% |  | 9/1/2030 | 19886000 | 21253265 |
| Plains All American Pipeline LP | 5.95% |  | 6/15/2035 | 42208000 | 43413269 |
| Sabal Trail Transmission LLC<sup>†</sup> | 4.246% |  | 5/1/2028 | 16996000 | 16767506 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada)<sup>†(c)</sup> | 7.50%<br> (5 yr. CMT + 3.67% |)<sup>#</sup> | 3/1/2055 | 21644000 | 22350720 |

---

<br> *See Notes to Financial Statements.* 23

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.584% |  | 10/1/2034 | $21521000 | $21305263 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 13334000 | 13858702 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.00%<br> (5 yr. CMT + 5.44% |)<sup>#</sup> | – <sup>(f)</sup> | 44512000 | 43316799 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 46671000 | 50871530 |
| Venture Global Plaquemines LNG LLC | 6.50% |  | 1/15/2034 | 31188000 | 31188000 |
| Western Midstream Operating LP | 4.05% |  | 2/1/2030 | 48343000 | 46511139 |
| Western Midstream Operating LP | 6.35% |  | 1/15/2029 | 20497000 | 21466220 |
| Whistler Pipeline LLC<sup>†</sup> | 5.95% |  | 9/30/2034 | 45092000 | 45737904 |
| *Total* |  |  |  |  | 793017823 |
| **Real Estate 0.57%** |  |  |  |  |  |
| CBRE Services, Inc. | 4.80% |  | 6/15/2030 | 32023000 | 32136774 |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 6.75% |  | 5/15/2028 | 21071000 | 21264137 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 27346000 | 26372974 |
| Longfor Group Holdings Ltd. (China)<sup>(c)</sup> | 3.85% |  | 1/13/2032 | 15067000 | 11027215 |
| Longfor Group Holdings Ltd. (China)<sup>(c)</sup> | 3.95% |  | 9/16/2029 | 13371000 | 10870798 |
| Newmark Group, Inc. | 7.50% |  | 1/12/2029 | 20249000 | 21436098 |
| *Total* |  |  |  |  | 123107996 |
| **REITS 3.18%** |  |  |  |  |  |
| American Assets Trust LP | 6.15% |  | 10/1/2034 | 47277000 | 47276138 |
| Brandywine Operating Partnership LP<sup>(e)</sup> | 4.55% |  | 10/1/2029 | 26358000 | 24844531 |
| Brandywine Operating Partnership LP | 8.875% |  | 4/12/2029 | 9024000 | 9777128 |
| Brixmor Operating Partnership LP | 4.05% |  | 7/1/2030 | 22520000 | 21861392 |
| Cousins Properties LP | 5.375% |  | 2/15/2032 | 5899000 | 5965617 |
| Cousins Properties LP | 5.875% |  | 10/1/2034 | 36687000 | 37761309 |
| First Industrial LP | 5.25% |  | 1/15/2031 | 16881000 | 17086230 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% |  | 1/15/2030 | 26711000 | 25689203 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% |  | 1/15/2031 | 19738000 | 18624041 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% |  | 6/1/2028 | 17444000 | 17886048 |
| Goodman U.S. Finance Five LLC<sup>†</sup> | 4.625% |  | 5/4/2032 | 26424000 | 25942907 |
| Iron Mountain, Inc.<sup>†</sup> | 4.50% |  | 2/15/2031 | 67416000 | 64283880 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% |  | 9/15/2029 | 32022000 | 31483339 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% |  | 1/15/2033 | 23442000 | 24119614 |
| Kite Realty Group LP | 4.95% |  | 12/15/2031 | 22560000 | 22653678 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(d)</sup> | 5.50% |  | 8/1/2030 | 20758000 | 20906279 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% |  | 1/15/2035 | 14635000 | 14180987 |

---

<br> 24 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | $16479000 | $16959493 |
| Piedmont Operating Partnership LP | 9.25% | 7/20/2028 | 33284000 | 37086948 |
| Rayonier LP | 2.75% | 5/17/2031 | 45499000 | 40265008 |
| Regency Centers LP | 5.10% | 1/15/2035 | 15341000 | 15384870 |
| Regency Centers LP | 5.25% | 1/15/2034 | 19801000 | 20101048 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†</sup> | 6.50% | 6/15/2033 | 15178000 | 15623793 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 7/1/2030 | 2533000 | 2617944 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 29186000 | 30205759 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 65109000 | 63992789 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 15388000 | 13735294 |
| *Total* |  |  |  | 686315267 |
| **Retail 1.67%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(c)</sup> | 6.125% | 6/15/2029 | 20619000 | 21165589 |
| Alimentation Couche-Tard, Inc. (Canada)<sup>†(c)</sup> | 5.267% | 2/12/2034 | 15738000 | 15765760 |
| Arko Corp.<sup>†</sup> | 5.125% | 11/15/2029 | 32165000 | 27185355 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 20712059 | 21794438 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 29390000 | 21022131 |
| Dollar General Corp.<sup>(e)</sup> | 5.00% | 11/1/2032 | 26100000 | 26201897 |
| Gap, Inc.<sup>†</sup> | 3.875% | 10/1/2031 | 19006000 | 17083135 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 8.375% | 1/15/2029 | 24396000 | 22570764 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 3544000 | 2072124 |
| Murphy Oil USA, Inc. | 4.75% | 9/15/2029 | 25575000 | 25157583 |
| Park River Holdings, Inc.<sup>†</sup> | 5.625% | 2/1/2029 | 15106000 | 12315179 |
| Park River Holdings, Inc.<sup>†(e)</sup> | 6.75% | 8/1/2029 | 12391000 | 10115923 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% | 11/1/2032 | 21182000 | 21255120 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% | 2/15/2028 | 19301000 | 18838053 |
| Punch Finance PLC<sup>†</sup> | 7.875% | 12/30/2030 | 19851000 | 27777651 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | $41438000 | 42793105 |
| Tiffany & Co. | 4.90% | 10/1/2044 | 15113000 | 14069882 |
| Walgreens Boots Alliance, Inc.<sup>(e)</sup> | 8.125% | 8/15/2029 | 12265000 | 13015754 |
| *Total* |  |  |  | 360199443 |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(g)</sup> | 6.875% | 6/15/2011 | 22500000 | 0 <sup>(a)</sup> |

---

<br> *See Notes to Financial Statements.* 25

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Semiconductors 1.01%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | $21642000 | $21421912 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 37174000 | 38156130 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 27988000 | 29428737 |
| Marvell Technology, Inc. | 5.95% | 9/15/2033 | 21787000 | 23018823 |
| Micron Technology, Inc. | 5.30% | 1/15/2031 | 12583000 | 12889589 |
| ON Semiconductor Corp.<sup>†</sup> | 3.875% | 9/1/2028 | 23433000 | 22688276 |
| Qorvo, Inc.<sup>†</sup> | 3.375% | 4/1/2031 | 22864000 | 20638105 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 21594000 | 20976621 |
| SK Hynix, Inc. (South Korea)<sup>†(c)</sup> | 5.50% | 1/16/2029 | 14776000 | 15205866 |
| SK Hynix, Inc. (South Korea)<sup>(c)</sup> | 6.50% | 1/17/2033 | 13204000 | 14277809 |
| *Total* |  |  |  | 218701868 |
| **Shipbuilding 0.26%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 4.20% | 5/1/2030 | 32665000 | 31973798 |
| Huntington Ingalls Industries, Inc. | 5.353% | 1/15/2030 | 7343000 | 7550803 |
| Huntington Ingalls Industries, Inc. | 5.749% | 1/15/2035 | 17057000 | 17600273 |
| *Total* |  |  |  | 57124874 |
| **Software 1.86%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(c)</sup> | 5.50% | 5/15/2034 | 32085000 | 32963349 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 44401000 | 44843145 |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | 54655000 | 58216265 |
| CoreWeave, Inc.<sup>†</sup> | 9.25% | 6/1/2030 | 20849000 | 21332349 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 34392000 | 34793210 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 30523000 | 28802901 |
| MSCI, Inc.<sup>†</sup> | 4.00% | 11/15/2029 | 43745000 | 42363301 |
| Paychex, Inc. | 5.60% | 4/15/2035 | 21782000 | 22525593 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 25180000 | 23776520 |
| Roper Technologies, Inc. | 1.75% | 2/15/2031 | 18251000 | 15676948 |
| Roper Technologies, Inc. | 4.75% | 2/15/2032 | 13514000 | 13545468 |
| Take-Two Interactive Software, Inc. | 5.40% | 6/12/2029 | 20501000 | 21119232 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% | 6/30/2030 | 41216000 | 41707295 |
| *Total* |  |  |  | 401665576 |
| **Telecommunications 2.59%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 5.50% | 1/15/2028 | 43984000 | 37056520 |
| Altice France SA (France)<sup>†(c)</sup> | 5.50% | 10/15/2029 | 34784000 | 28870720 |
| Altice France SA (France)<sup>†(c)</sup> | 8.125% | 2/1/2027 | 45191000 | 40706019 |
| CommScope LLC<sup>†(e)</sup> | 4.75% | 9/1/2029 | 6688000 | 6537742 |
| CommScope LLC<sup>†</sup> | 7.125% | 7/1/2028 | 2569000 | 2526726 |
| CommScope LLC<sup>†(e)</sup> | 8.25% | 3/1/2027 | 22782000 | 22711752 |

---

<br> 26 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Telecommunications (continued)** |  |  |  |  |
| EchoStar Corp. | 6.75% | 11/30/2030 | $46934589 | $42868428 |
| Fibercop SpA (Italy)<sup>†(c)</sup> | 6.00% | 9/30/2034 | 22020000 | 20717319 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 47051000 | 41919830 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 29451000 | 20996884 |
| Level 3 Financing, Inc.<sup>†(e)</sup> | 3.625% | 1/15/2029 | 44939000 | 38647540 |
| Level 3 Financing, Inc.<sup>†(e)</sup> | 3.75% | 7/15/2029 | 17063000 | 14439564 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 12696000 | 11705331 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2029 | 9770792 | 9538736 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2030 | 12687843 | 12434086 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 38239000 | 34451427 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 10552000 | 9462895 |
| Lumen Technologies, Inc. | 7.65% | 3/15/2042 | 2248000 | 1891917 |
| T-Mobile USA, Inc. | 5.30% | 5/15/2035 | 52949000 | 53632857 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.25% | 1/31/2031 | 55119000 | 50530023 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.75% | 7/15/2031 | 24505000 | 22683085 |
| Zegona Finance PLC (United Kingdom)<sup>†(c)</sup> | 8.625% | 7/15/2029 | 31020000 | 33175735 |
| *Total* |  |  |  | 557505136 |
| **Transportation 0.44%** |  |  |  |  |
| Brightline East LLC<sup>†(e)</sup> | 11.00% | 1/31/2030 | 23412000 | 17346185 |
| Rand Parent LLC<sup>†(e)</sup> | 8.50% | 2/15/2030 | 39771000 | 39969656 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 17868000 | 18690929 |
| XPO, Inc.<sup>†</sup> | 7.125% | 2/1/2032 | 18350000 | 19244966 |
| *Total* |  |  |  | 95251736 |
| **Trucking & Leasing 0.46%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 35638000 | 35468466 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.875% | 4/15/2033 | 42548000 | 42047193 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 7.00% | 5/1/2031 | 20510000 | 21251129 |
| *Total* |  |  |  | 98766788 |
| *Total Corporate Bonds* (cost $16,172,307,295) |  |  |  | 16280920461 |
| **FLOATING RATE LOANS**<sup>(j)</sup> **2.60%** |  |  |  |  |
| **Advertising 0.15%** |  |  |  |  |
| CMG Media Corp. 2024 Term Loan | 7.896%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 32909938 | 31979738 |
| **Aerospace/Defense 0.15%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(c)</sup> | 0.50% | 3/6/2028 | 21468393 | 33276010 |

---

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

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials 0.14%** |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B | 8.807%<br> (3 mo. USD Term SOFR + 4.25%) | 5/17/2028 | $11494365 | $8760890 |
| CP Atlas Buyer, Inc. 2021 Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 11/23/2027 | 20963966 | 20939962 |
| *Total* |  |  |  | 29700852 |
| **Chemicals 0.09%** |  |  |  |  |
| Lonza Group AG USD Term Loan B (Luxembourg)<sup>(c)</sup> | 8.321%<br> (3 mo. USD Term SOFR + 3.93%) | 7/3/2028 | 21593051 | 19833757 |
| **Commercial Services 0.23%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 9.08%<br> (3 mo. USD Term SOFR + 4.75%) | 2/23/2029 | 23058008 | 21603970 |
| Mavis Tire Express Services Corp. 2025 Repriced Term Loan | 7.333%<br> (3 mo. USD Term SOFR + 3.00%) | 5/4/2028 | 6231383 | 6236150 |
| Spin Holdco, Inc. 2021 Term Loan | 8.577%<br> (3 mo. USD Term SOFR + 4.00%) | 3/4/2028 | 26008270 | 22919788 |
| *Total* |  |  |  | 50759908 |
| **Computers 0.35%** |  |  |  |  |
| Twitter, Inc. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 21976000 | 21399130 |
| Twitter, Inc. Term Loan | 10.927%<br> (1 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 55722245 | 54507779 |
| *Total* |  |  |  | 75906909 |
| **Consumer Non-Durables 0.09%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | 8.212%<br> (1 mo. USD Term SOFR + 3.75%) | 8/11/2025 | 23981238 | 19984405 |
| **Diversified Capital Goods 0.10%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 10.177%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 21654658 | 20659843 |
| **Electric: Generation 0.02%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 6.057%<br> (3 mo. USD Term SOFR + 1.50%) | 7/28/2028 | 1720947 | 1673622 |
| Frontera Generation Holdings LLC 2021 Term Loan | – <sup>(k)</sup> | 7/28/2026 | 1773053 | 2641848 |
| *Total* |  |  |  | 4315470 |
| **Food 0.15%** |  |  |  |  |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.309%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 28107692 | 31445723 |

---

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

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Services 0.06%** |  |  |  |  |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 8.006%<br> (3 mo. USD Term SOFR + 3.75%) | 5/19/2031 | $12727045 | $12611674 |
| **Leisure Time 0.06%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(c)</sup> | 8.041%<br> (3 mo. USD Term SOFR + 3.50%) | 7/22/2030 | 13570453 | 13536526 |
| **Media 0.57%** |  |  |  |  |
| EW Scripps Co. 2025 Term Loan B2 | 10.179%<br> (1 mo. USD Term SOFR + 5.75%) | 6/30/2028 | 32513000 | 31591744 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.741%<br> (1 mo. USD Term SOFR + 3.30%) | 12/31/2029 | 40272540 | 34634385 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.527%<br> (1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 39150220 | 33669189 |
| Virgin Media Bristol LLC 2023 USD Term Loan Y | 7.373%<br> (6 mo. USD Term SOFR + 3.18%) | 3/31/2031 | 22518000 | 22260845 |
| *Total* |  |  |  | 122156163 |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan |  | 12/31/2025 | 687414 | – <sup>(a)</sup> |
| **Software 0.07%** |  |  |  |  |
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B | 7.796%<br> (3 mo. USD Term SOFR + 3.50%) | 3/29/2029 | 233 | 234 |
| Modena Buyer LLC Term Loan | 8.78%<br> (3 mo. USD Term SOFR + 4.50%) | 7/1/2031 | 15527474 | 14993717 |
| *Total* |  |  |  | 14993951 |
| **Telecommunications 0.19%** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.791%<br> (1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | 35355029 | 34979559 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.791%<br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 5167726 | 5110829 |
| *Total* |  |  |  | 40090388 |
| **Transportation 0.08%** |  |  |  |  |
| Forward Air Corp. Term Loan B | 8.78%<br> (3 mo. USD Term SOFR + 4.50%) | 12/19/2030 | 18341000 | 18261675 |
| **Utilities 0.10%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | – <sup>(k)</sup> | 6/16/2032 | 21429000 | 21487073 |
| *Total Floating Rate Loans* (cost $545,664,670) |  |  |  | 561000065 |

---

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

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS 5.56%** |  |  |  |  |
| **Argentina 1.03%** |  |  |  |  |
| Argentina Republic Government International Bonds<sup>(c)</sup> | 0.75% <sup>(l)</sup> | 7/9/2030 | $186296210 | $149036968 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% <sup>(l)</sup> | 9/1/2037 | 2546236 | 1836473 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% <sup>(l)</sup> | 9/1/2037 | 27159859 | 19589048 |
| Provincia de Cordoba<sup>(c)</sup> | 6.875% <sup>(l)</sup> | 2/1/2029 | 14069170 | 13330539 |
| Provincia de Cordoba<sup>(c)</sup> | 6.99% <sup>(l)</sup> | 6/1/2027 | 8432000 | 8410641 |
| Provincia de Cordoba<sup>†(c)(d)</sup> | 9.75% | 7/2/2032 | 30534000 | 30663769 |
| *Total* |  |  |  | 222867438 |
| **Bahamas 0.04%** |  |  |  |  |
| Bahamas Government International Bonds<sup>†(c)</sup> | 8.25% | 6/24/2036 | 8513000 | 8657721 |
| **Bolivia 0.07%** |  |  |  |  |
| Bolivia Government International Bonds<sup>(c)(e)</sup> | 4.50% | 3/20/2028 | 22080000 | 15566400 |
| **Brazil 0.32%** |  |  |  |  |
| Brazil Letras do Tesouro Nacional | Zero Coupon | 4/1/2027 | 252800000 | 37080583 |
| Brazil Notas do Tesouro Nacional | 10.00% | 1/1/2031 | 194720000 | 31466886 |
| *Total* |  |  |  | 68547469 |
| **Colombia 0.21%** |  |  |  |  |
| Colombia Government International Bonds<sup>(c)</sup> | 7.375% | 4/25/2030 | $21958000 | 22755750 |
| Colombia Government International Bonds<sup>(c)</sup> | 8.00% | 4/20/2033 | 21440000 | 22210339 |
| *Total* |  |  |  | 44966089 |
| **Costa Rica 0.10%** |  |  |  |  |
| Costa Rica Government International Bonds<sup>(c)</sup> | 7.30% | 11/13/2054 | 20224000 | 20998883 |
| **Dominican Republic 0.20%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(c)</sup> | 6.00% | 2/22/2033 | 43282000 | 42823211 |
| **Ecuador 0.39%** |  |  |  |  |
| Ecuador Government International Bonds<sup>†(c)</sup> | 6.90% <sup>(l)</sup> | 7/31/2030 | 95558274 | 83255146 |
| **Egypt 0.21%** |  |  |  |  |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 4553000 | 3700333 |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 50171000 | 40775181 |
| *Total* |  |  |  | 44475514 |

---

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

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **El Salvador 0.59%** |  |  |  |  |
| El Salvador Government International Bonds<sup>†(c)</sup> | 0.25% | 4/17/2030 | $26503000 | $595949 |
| El Salvador Government International Bonds<sup>(c)</sup> | 8.625% | 2/28/2029 | 50361000 | 52564294 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.25% | 4/17/2030 | 48251000 | 51206374 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.65% | 11/21/2054 | 22062000 | 22779015 |
| *Total* |  |  |  | 127145632 |
| **Ghana 0.28%** |  |  |  |  |
| Ghana Government International Bonds<sup>(c)</sup> | 5.00% <sup>(l)</sup> | 7/3/2035 | 75777000 | 59143690 |
| **Honduras 0.11%** |  |  |  |  |
| Honduras Government International Bonds<sup>(c)</sup> | 5.625% | 6/24/2030 | 24796000 | 23779364 |
| **Lebanon 0.10%** |  |  |  |  |
| Lebanon Government International Bonds<sup>(c)(g)</sup> | 6.10% | 10/4/2022 | 13597000 | 2554128 |
| Lebanon Government International Bonds<sup>(c)(g)</sup> | 6.10% | 10/4/2022 | 45374000 | 8523279 |
| Lebanon Government International Bonds<sup>(c)(g)</sup> | 6.85% | 3/23/2027 | 59833000 | 11277773 |
| *Total* |  |  |  | 22355180 |
| **Mexico 0.40%** |  |  |  |  |
| Mexico Bonos | 7.75% | 5/29/2031 | 1713790000 | 87085509 |
| **Montenegro 0.09%** |  |  |  |  |
| Montenegro Government International Bonds<sup>†(c)</sup> | 7.25% | 3/12/2031 | $17532000 | 18191422 |
| **Panama 0.08%** |  |  |  |  |
| Panama Government International Bonds<sup>(c)</sup> | 6.40% | 2/14/2035 | 17982000 | 17551055 |
| **South Africa 0.32%** |  |  |  |  |
| Republic of South Africa Government Bonds | 8.00% | 1/31/2030 | 643092040 | 35759728 |
| Republic of South Africa Government International Bonds<sup>(c)</sup> | 5.75% | 9/30/2049 | $43358000 | 32688772 |
| *Total* |  |  |  | 68448500 |
| **Sri Lanka 0.21%** |  |  |  |  |
| Sri Lanka Government International Bonds<sup>†(c)</sup> | 3.60% <sup>(l)</sup> | 5/15/2036 | 1811613 | 1478675 |
| Sri Lanka Government International Bonds<sup>(c)</sup> | 3.60% <sup>(l)</sup> | 5/15/2036 | 45598037 | 37218030 |
| Sri Lanka Government International Bonds<sup>(c)</sup> | 3.60% <sup>(l)</sup> | 2/15/2038 | 9035527 | 7357761 |
| *Total* |  |  |  | 46054466 |

---

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

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **Trinidad And Tobago 0.14%** |  |  |  |  |
| Trinidad & Tobago Government International Bonds<sup>†(c)</sup> | 6.40% | 6/26/2034 | $30657000 | $30182736 |
| **Turkey 0.20%** |  |  |  |  |
| Istanbul Metropolitan Municipality<sup>†(c)</sup> | 10.50% | 12/6/2028 | 20592000 | 22139926 |
| Turkiye Government International Bonds<sup>(c)</sup> | 9.375% | 3/14/2029 | 19475000 | 21503234 |
| *Total* |  |  |  | 43643160 |
| **Ukraine 0.11%** |  |  |  |  |
| Ukraine Government International Bonds<sup>(c)</sup> | 3.00% <sup>(l)</sup> | 2/1/2035 | 52400000 | 24435969 |
| **Uzbekistan 0.13%** |  |  |  |  |
| Republic of Uzbekistan International Bonds<sup>†(c)</sup> | 6.947% | 5/25/2032 | 26666000 | 27484459 |
| **Venezuela 0.10%** |  |  |  |  |
| Venezuela Government International Bonds<sup>(c)(g)</sup> | 9.00% | 5/7/2023 | 58725800 | 9464556 |
| Venezuela Government International Bonds<sup>(c)(g)</sup> | 11.75% | 10/21/2026 | 51699500 | 10448469 |
| Venezuela Government International Bonds<sup>(c)(g)</sup> | 12.75% | 8/23/2022 | 11543700 | 2096482 |
| *Total* |  |  |  | 22009507 |
| **Zambia 0.13%** |  |  |  |  |
| Zambia Government International Bonds<sup>(c)</sup> | 5.75% <sup>(l)</sup> | 6/30/2033 | 30631961 | 28200797 |
| *Total Foreign Government Obligations* (cost $1,112,489,104) | *Total Foreign Government Obligations* (cost $1,112,489,104) |  |  | 1197869317 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.82%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.82%** |  |  |  |
| Government National Mortgage Association<sup>(m)</sup> | 5.00% | TBA | 67003000 | 65815909 |
| Government National Mortgage Association<sup>(m)</sup> | 5.50% | TBA | 91478000 | 91626633 |
| Government National Mortgage Association<sup>(m)</sup> | 6.00% | TBA | 156784000 | 159121199 |
| Government National Mortgage Association<sup>(m)</sup> | 6.50% | TBA | 228412000 | 234305514 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.00% | TBA | 603432000 | 600126427 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.50% | TBA | 851986000 | 859811590 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.00% | TBA | 402520000 | 411434484 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.50% | TBA | 140311000 | 144693275 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 7.00% | TBA | 185991000 | 195254472 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $2,747,153,495) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $2,747,153,495) |  |  | 2762189503 |
|  |  |  | **Shares** |  |
| **INVESTMENTS IN UNDERLYING FUNDS 1.03%** |  |  |  |  |
| Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $222,111,282) | Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $222,111,282) |  | 8839706 | 222230205 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **MUNICIPAL BONDS 0.23%** |  |  |  |  |  |
| **Miscellaneous 0.15%** |  |  |  |  |  |
| Dallas Convention Center Hotel Development Corp. TX | 7.088% |  | 1/1/2042 | $17645000 | $19513607 |
| New York City Industrial Development Agency NY<sup>†</sup> | 11.00% |  | 3/1/2029 | 11113000 | 12397907 |
| *Total* |  |  |  |  | 31911514 |
| **Tax Revenue 0.08%** |  |  |  |  |  |
| Memphis-Shelby County Industrial Development Board Tax Allocation TN<sup>(g)</sup> | 7.00% |  | 7/1/2045 | 22085000 | 16829402 |
| *Total Municipal Bonds* (cost $57,179,561) |  |  |  |  | 48740916 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.81%** |  |  |  |  |
| 1345 Trust Series 2025-AOA Class A<sup>†</sup> | 5.90% <br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 6/15/2030 | 18260000 | 18318848 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 6.043% <br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 35200000 | 35447692 |
| ALA Trust Series 2025-OANA Class C<sup>†</sup> | 6.392%<br> (1 mo. USD Term SOFR + 2.09% |)<sup>#</sup> | 6/15/2040 | 16510000 | 16551113 |
| ARZ Trust Series 2024-BILT Class A<sup>†</sup> | 5.772% |  | 6/11/2029 | 11880000 | 12210403 |
| BAHA Trust Series 2024-MAR Class A<sup>†</sup> | 6.171% | <sup>#(q)</sup> | 12/10/2041 | 13280000 | 13766768 |
| BAHA Trust Series 2024-MAR Class B<sup>†</sup> | 7.069% | <sup>#(q)</sup> | 12/10/2041 | 26240000 | 27473154 |
| Bank5 Trust Series 2024-5YR6 Class A3 | 6.225% |  | 5/15/2057 | 41196000 | 43403768 |
| BBCMS Mortgage Trust Series 2020-BID Class A<sup>†</sup> | 6.567%<br> (1 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 10/15/2037 | 18773000 | 18776000 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 9320000 | 9729260 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 | 5.66% |  | 4/15/2057 | 47960808 | 50021080 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A<sup>†</sup> | 5.654%<br> (1 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 3/15/2041 | 53608747 | 53734877 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class B<sup>†</sup> | 5.947% | <sup>#(q)</sup> | 6/15/2044 | 8286000 | 8485914 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class C<sup>†</sup> | 6.444% | <sup>#(q)</sup> | 6/15/2044 | 6910000 | 7115671 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A<sup>†</sup> | 5.358% <br> (1 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/15/2034 | 27225197 | 27032505 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (unaudited)(continued)**

*June 30, 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)** |  | |  |  |
| BX Commercial Mortgage Trust Series 2021-MC Class A<sup>†</sup> | 5.127% <br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 4/15/2034 | $11650000 | $11481130 |
| BX Commercial Mortgage Trust Series 2021-VOLT Class A<sup>†</sup> | 5.126% <br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 9/15/2036 | 39839181 | 39727173 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class B<sup>†</sup> | 5.954% <br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 12/15/2039 | 11149419 | 11177763 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class B<sup>†</sup> | 6.105% <br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 1/15/2042 | 16520000 | 16673638 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.754% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 18645830 | 18690733 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.703% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 11687302 | 11711709 |
| BX Trust Series 2021-ARIA Class A<sup>†</sup> | 5.326% <br> (1 mo. USD Term SOFR + 1.01% |)<sup>#</sup> | 10/15/2036 | 5300000 | 5296822 |
| BX Trust Series 2022-PSB Class A<sup>†</sup> | 6.763% <br> (1 mo. USD Term SOFR + 2.45% |)<sup>#</sup> | 8/15/2039 | 14902160 | 14916131 |
| BX Trust Series 2024-VLT4 Class A<sup>†</sup> | 5.803% <br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 7/15/2029 | 16400000 | 16416808 |
| BX Trust Series 2025-GW Class A<sup>†(d)</sup> | 5.90% <br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2042 | 18270000 | 18346776 |
| BX Trust Series 2025-ROIC Class E<sup>†</sup> | 7.253% <br> (1 mo. USD Term SOFR + 2.94% |)<sup>#</sup> | 3/15/2030 | 27540000 | 27078854 |
| BX Trust Series 2025-TAIL Class E<sup>†</sup> | 7.612% <br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 6/15/2035 | 16710000 | 16769200 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.603% <br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 21330000 | 21443924 |
| CSMC Trust Series 2021-BPNY Class A<sup>†</sup> | 8.141% <br> (1 mo. USD Term SOFR + 3.83% |)<sup>#</sup> | 8/15/2026 | 19707170 | 18493263 |
| Great Wolf Trust Series 2024-WOLF Class A<sup>†</sup> | 5.854% <br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 3/15/2039 | 28582000 | 28662638 |
| GS Mortgage Securities Corp. Trust Series 2024-MARK Class A<sup>†</sup> | 6.103% <br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 6/15/2034 | 24710000 | 24756297 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class D<sup>†</sup> | 6.551% | <sup>#(q)</sup> | 1/13/2040 | 11210000 | 11626112 |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 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)** |  | |  |  |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class F<sup>†</sup> | 7.649% | <sup>#(q)</sup> | 1/13/2040 | $4650000 | $4822533 |
| 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 | 41665000 | 600626 <sup>(a)</sup> |
| JW Commercial Mortgage Trust Series 2024-MRCO Class A<sup>†</sup> | 5.933% <br> (1 mo. USD Term SOFR + 1.62% |)<sup>#</sup> | 6/15/2039 | 37070000 | 37146053 |
| JW Trust Series 2024-BERY Class A<sup>†</sup> | 5.905%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 11/15/2039 | 15340000 | 15373176 |
| Life Mortgage Trust Series 2022-BMR2 Class A1<sup>†</sup> | 5.607% <br> (1 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 5/15/2039 | 15530000 | 15064421 |
| NY Commercial Mortgage Trust Series 2025-299P Class B<sup>†</sup> | 6.125% | <sup>#(q)</sup> | 2/10/2047 | 7250000 | 7518251 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class A<sup>†</sup> | 5.522% <br> (1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 11/15/2038 | 34480000 | 34434517 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class C<sup>†</sup> | 6.422% <br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 11/15/2038 | 8105000 | 8068217 |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 5.127% <br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | 25455000 | 25003080 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.619% | <sup>#(q)</sup> | 2/14/2047 | 27400000 | 28072626 |
| ROCK Trust Series 2024-CNTR Class B<sup>†</sup> | 5.93% |  | 11/13/2041 | 22830000 | 23564062 |
| ROCK Trust Series 2024-CNTR Class C<sup>†</sup> | 6.471% |  | 11/13/2041 | 22450000 | 23291940 |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% |  | 11/13/2041 | 56095000 | 59204593 |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class A<sup>†</sup> | 5.703% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 5/15/2039 | 14290000 | 14289890 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 7.296% <br> (1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 81900000 | 62447358 <sup>(i)</sup> |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 5.312% <br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 19410000 | 19346139 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.953% <br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 31570000 | 31332619 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B<sup>†</sup> | 5.904% <br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 12/15/2039 | 15070000 | 15075394 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (unaudited)(continued)**

*June 30, 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)** |  |  |  |  |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C<sup>†</sup> | 6.304% <br> (1 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 12/15/2039 | $8730000 | $8725690 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class C<sup>†</sup> | 6.454% <br> (1 mo. USD Term SOFR + 2.14% |)<sup>#</sup> | 4/15/2042 | 11830000 | 11855217 |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(q)</sup> | 6/25/2054 | 25880715 | 26338327 |
| WB Commercial Mortgage Trust Series 2024-HQ Class A<sup>†</sup> | 6.134% | <sup>#(q)</sup> | 3/15/2040 | 19260000 | 19342221 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 50180000 | 52402061 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.003% <br> (1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 37720000 | 37594498 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A<sup>†</sup> | 5.35% | <sup>#(q)</sup> | 7/15/2040 | 16450000 | 16791795 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,305,388,071) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,305,388,071) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,305,388,071) |  |  | 1253041328 |
|  | **Dividend <br> Rate** |  |  | **Shares** |  |
| **PREFERRED STOCKS 0.06%** |  |  |  |  |  |
| **Commercial Services & Supplies 0.00%** |  |  |  |  |  |
| SVB Financial Trust Class C | Zero Coupon |  |  | 3121160 | 179467 |
| **Transportation Infrastructure 0.06%** |  |  |  |  |  |
| ACBL Holdings Corp. | Zero Coupon |  |  | 205069 | 12714278 |
| *Total Preferred Stocks* (cost $5,419,334) |  |  |  |  | 12893745 |
| *Total Long-Term Investments* (cost $23,503,384,515) | *Total Long-Term Investments* (cost $23,503,384,515) |  |  |  | 23760266955 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal** <br> **Amount**<sup>‡</sup> | **Fair <br> Value** |
| **SHORT-TERM INVESTMENTS 2.87%** |  |  |  |  |
| **U.S. TREASURY OBLIGATIONS 1.34%** |  |  |  |  |
| U.S. Treasury Bills (Cost $288,043,457) | 4.27% | 9/23/2025 | $290874000 | $288021908 |
| **REPURCHASE AGREEMENTS 0.23%** |  |  |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $51,003,300 of U.S. Treasury Note at 3.375% due 9/15/2027; value: $51,113,340; proceeds: $50,116,628 <br> (cost $50,111,060) |  |  | 50111060 | 50111060 |
| **TIME DEPOSITS 0.13%** |  |  |  |  |
| CitiBank N.A.<sup>(r)</sup> (cost $28,003,335) |  |  | 28003335 | 28003335 |
|  |  |  | **Shares** |  |
| **MONEY MARKET FUNDS 1.17%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(r)</sup> (cost $252,030,018) |  |  | 252030018 | 252030018 |
| *Total Short-Term Investments* (cost $618,187,870) |  |  |  | 618166321 |
| *Total Investments in Securities 113.13%* (cost $24,121,572,385) |  |  |  | 24378433276 |
| *Other Assets and Liabilities – Net*<sup>(s)</sup> *(13.13)%* |  |  |  | (2829619442) |
| *Net Assets 100.00%* |  |  |  | $21548813834 |

---

---

| | |
|:---|:---|
| BRL | Brazilian Real. |
| EUR | Euro. |
| GBP | British Pound. |
| MXN | Mexican Peso. |
| PEN | Peruvian Nuevo Sol. |
| ZAR | South African Rand. |
| ADR | American Depositary Receipt. |
| AG | Insured by–Assured Guaranty, inc. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <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 June 30, 2025, the total value of Rule 144A securities was $12,441,764,240, which represents 57.74% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at June 30, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Investment in non-U.S. dollar denominated securities. |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

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

<sup>(d)</sup> Securities purchased on a when-issued basis (See Note 2(j)).

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

<sup>(f)</sup> Security is perpetual in nature and has no stated maturity.

<sup>(g)</sup> Defaulted (non-income producing security).

<sup>(h)</sup> Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.

<sup>(i)</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>(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 June 30, 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).

<sup>(o)</sup> Restricted securities (including private placement) - investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At June 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $222,230,205 or 1.03% of net assets.

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

<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 Consumer Price Index ("CPI") Swap Contracts at June 30, 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 | $29848102 | $356782<sup>(1)</sup> |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | 60151898 | 719011 |
| *Total* |  |  |  |  | $1075793 |

---

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at June 30, 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 | $200000000 | $(519524) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 5/12/2052 | 97080000 | (2335061) |
| Bank of America | 2.748% | CPI Urban Consumer NSA | 4/20/2052 | 128000000 | (4962383) |
| *Total* |  |  |  |  | $(7816968) |

---

NSA Non-seasonally adjusted.

<sup>(1)</sup> Unrealized appreciation on Centrally Cleared CPI Swap Contract is $227,142, which includes upfront payment of $129,640. Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

38 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts** | **Transaction Type** | **Counterparty** | **Expiration <br> Date** | **Foreign <br> Currency** | **U.S. $ Cost on <br> Origination <br> Date** | **U.S. $ Current <br> Value** | **Unrealized <br> Appreciation** |
| Euro | Buy | Barclays Bank PLC | 8/22/2025 | 4981000 | $5689342 | $5887183 | $197841 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 3157000 | 3615048 | 3731347 | 116299 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 2426000 | 2821201 | 2867357 | 46156 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 1841000 | 2124969 | 2175929 | 50960 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 13011000 | 15045460 | 15378065 | 332605 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 9191000 | 10669532 | 10863100 | 193568 |
| Euro | Buy | State Street Bank and Trust | 8/22/2025 | 2029000 | 2319969 | 2398132 | 78163 |
| Swedish krona | Buy | Barclays Bank PLC | 8/29/2025 | 22749000 | 2387942 | 2413632 | 25690 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 22808000 | 2395211 | 2419891 | 24680 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 16639000 | 1746358 | 1765371 | 19013 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 60703000 | 6438236 | 6440489 | 2253 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 49802000 | 5232974 | 5283911 | 50937 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 109033000 | 11320413 | 11568223 | 247810 |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 665000000 | 819253063 | 846402582 | 27149519 |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 10198000 | 12646088 | 12979870 | 333782 |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 14813000 | 18316418 | 18853777 | 537359 |
| Swiss franc | Buy | State Street Bank and Trust | 9/19/2025 | 12913000 | 15956500 | 16435484 | 478984 |
| Hong Kong dollar | Sell | Goldman Sachs | 8/4/2025 | 9149000 | 1170865 | 1169467 | 1398 |
| *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* |  |  | $29887017 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Hong Kong dollar | Buy | State Street Bank and Trust | 8/4/2025 | 9149000 | $1184337 | $1169466 | $(14871) |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 20876000 | 2219738 | 2214909 | (4829) |
| British pound | Sell | State Street Bank and Trust | 10/10/2025 | 100755000 | 138381451 | 138387813 | (6362) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 2616000 | 1922227 | 1928650 | (6423) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 9191000 | 6728333 | 6776078 | (47745) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 3101000 | 2269065 | 2286217 | (17152) |
| Canadian dollar | Sell | Morgan Stanley | 9/19/2025 | 2573000 | 1890739 | 1896948 | (6209) |
| Canadian dollar | Sell | State Street Bank and Trust | 9/19/2025 | 3140000 | 2303243 | 2314970 | (11727) |
| Canadian dollar | Sell | State Street Bank and Trust | 9/19/2025 | 2609000 | 1920473 | 1923489 | (3016) |
| Euro | Sell | Goldman Sachs | 8/22/2025 | 9679000 | 11158774 | 11439881 | (281107) |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 3974000 | 4567713 | 4696982 | (129269) |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 1726000 | 1980357 | 2040008 | (59651) |

---

*See Notes to Financial Statements.* 39

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward <br> Foreign <br> Currency <br> Exchange <br> Contracts** | **Transaction <br> Type** | **Counterparty** | **Expiration <br> Date** | **Foreign <br> Currency** | **U.S. $ Cost on <br> Origination <br> Date** | **U.S. $ Current <br> Value** | **Unrealized <br> Depreciation** |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 79571000 | $90644896 | $94047190 | $(3402294) |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 3961000 | 4596723 | 4681617 | (84894) |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 9153000 | 10640308 | 10818187 | (177879) |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 2235000 | 2584947 | 2641609 | (56662) |
| Euro | Sell | State Street Bank and Trust | 8/22/2025 | 5527000 | 6449817 | 6532516 | (82699) |
| Norwegian krone | Sell | Citibank | 9/26/2025 | 43079000 | 4259640 | 4276217 | (16577) |
| Swedish krona | Sell | State Street Bank and Trust | 8/29/2025 | 301697000 | 31540272 | 32009558 | (469286) |
| Swiss franc | Sell | Morgan Stanley | 9/19/2025 | 1309000 | 1610709 | 1666077 | (55368) |
| Swiss franc | Sell | State Street Bank and Trust | 9/19/2025 | 1777000 | 2193439 | 2261740 | (68301) |
| *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* |  |  | $(5002321) |

---

**Futures Contracts at June 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 8943 | Long | $1853018167 | $1860353606 | $7335439 |
| U.S. 5-Year Treasury Note | September 2025 | 9439 | Long | 1026860078 | 1028851000 | 1990922 |
| U.S. Long Bond | September 2025 | 3543 | Long | 393223322 | 409105781 | 15882459 |
| U.S. Ultra Treasury Bond | September 2025 | 527 | Long | 62194774 | 62778875 | 584101 |
| *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  |  | $25792921 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 110 | Short | $(12344430) | $(12569218) | $(224788) |

---

40 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $30018612 | $48485450 | $78504062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 326130370 |  | 326130370 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | 11452053 | 11830808 |  | 23282861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles |  | 22771155 |  | 22771155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 75280011 | 22604901 |  | 97884912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  | 3987851 |  | 3987851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Utilities |  | 1070949 |  | 1070949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 88684219 | 25327009 |  | 114011228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 22095265 |  | 22095265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 21328186 |  | 21328186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 22098949 |  | 22098949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 11038341 | 18679801 |  | 29718142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Financials |  | 3529040 |  | 3529040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products |  | 6859527 |  | 6859527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail |  | 2275 |  | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals |  | 23508886 |  | 23508886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 1421244 |  | 1421244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 623176513 |  |  | 623176513 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  | 1269039144 | 1 | 1269039145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financial Services |  | 930293943 | 0 | 930293943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  | 658669343 | 0 | 658669343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 1045742833 | 400 | 1045743233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 12377174797 |  | 12377174797 |
| &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 |  | 561000065 |  | 561000065 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 1197869317 |  | 1197869317 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 2762189503 |  | 2762189503 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds |  | 222230205 |  | 222230205 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 48740916 |  | 48740916 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 1189993344 | 63047984 | 1253041328 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 12893745 |  | 12893745 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 288021908 |  | 288021908 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 50111060 |  | 50111060 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 28003335 |  | 28003335 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 252030018 | – | – | 252030018 |
| **Total** | $1061661155 | $23205238286 | $111533835 | $24378433276 |

---

*See Notes to Financial Statements.* 41

**Schedule of Investments (unaudited)(concluded)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $1075793 | $– | $1075793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (7816968) |  | (7816968) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 29887017 |  | 29887017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (5002321) |  | (5002321) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 25792921 |  |  | 25792921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (224788) | – | – | (224788) |
| **Total** | $25568133 | $18143521 | $– | $43711654 |

---

<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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period 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 period.

42 *See Notes to Financial Statements.*

**Statement of Assets and Liabilities (unaudited)**

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $23899461103 |
| Investments in Underlying Funds, at cost | 222111282 |
| Investments in securities, at fair value including $269,520,404 of securities loaned | $24156203071 |
| Investments in Underlying Funds, at value | 222230205 |
| Cash | 31284989 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 42597204 |
| Deposits with brokers for futures collateral | 38171175 |
| Deposits with brokers for forwards and swap contracts collateral | 33181543 |
| Foreign cash, at value (cost $72,262) | 72570 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 2804319929 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 298630636 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 117178532 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 2067091 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 152344 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 328669 |
| Unrealized appreciation on forward foreign currency exchange contracts | 29887017 |
| Prepaid expenses and other assets | 153518 |
| **Total assets** | 27776458493 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 5737649006 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 280033353 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 42597204 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 37570884 |
| &nbsp;&nbsp;&nbsp;Management fee | 7427509 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 2173409 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 1581467 |
| &nbsp;&nbsp;&nbsp;Fund administration | 699600 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements | 484957 |
| Unrealized depreciation on forward foreign currency exchange contracts | 5002321 |
| Distributions payable | 107730202 |
| Accrued expenses and other liabilities | 4694747 |
| **Total liabilities** | 6227644659 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $21548813834 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $24774575492 |
| Total distributable earnings (loss) | (3225761658) |
| **Net Assets** | $21548813834 |

---

See Notes to Financial Statements. 43

**Statement of Assets and Liabilities (unaudited)(concluded)**

*June 30, 2025*

---

| | |
|:---|:---|
| **Net assets by class:** | |
| Class A Shares | $4600157985 |
| Class C Shares | $565249794 |
| Class F Shares | $363212153 |
| Class F3 Shares | $5445045697 |
| Class I Shares | $9886941765 |
| Class P Shares | $6480978 |
| Class R2 Shares | $4614797 |
| Class R3 Shares | $189244428 |
| Class R4 Shares | $51933608 |
| Class R5 Shares | $32194805 |
| Class R6 Shares | $403737824 |
| **Outstanding shares by class:** |  |
| Class A Shares (1.8 billion shares of common stock authorized, $.001 par value) | 640651512 |
| Class C Shares (600 million shares of common stock authorized, $.001 par value) | 78507873 |
| Class F Shares (2.25 billion shares of common stock authorized, $.001 par value) | 50663318 |
| Class F3 Shares (900 million shares of common stock authorized, $.001 par value) | 761839981 |
| Class I Shares (900 million shares of common stock authorized, $.001 par value) | 1384663081 |
| Class P Shares (160 million shares of common stock authorized, $.001 par value) | 882154 |
| Class R2 Shares (478 million shares of common stock authorized, $.001 par value) | 642545 |
| Class R3 Shares (478 million shares of common stock authorized, $.001 par value) | 26396821 |
| Class R4 Shares (478 million shares of common stock authorized, $.001 par value) | 7229327 |
| Class R5 Shares (478 million shares of common stock authorized, $.001 par value) | 4502000 |
| Class R6 Shares (478 million shares of common stock authorized, $.001 par value) | 56491181 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |
| Class A Shares-Net asset value | $7.18 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $7.35 |
| Class C Shares-Net asset value | $7.20 |
| Class F Shares-Net asset value | $7.17 |
| Class F3 Shares-Net asset value | $7.15 |
| Class I Shares-Net asset value | $7.14 |
| Class P Shares-Net asset value | $7.35 |
| Class R2 Shares-Net asset value | $7.18 |
| Class R3 Shares-Net asset value | $7.17 |
| Class R4 Shares-Net asset value | $7.18 |
| Class R5 Shares-Net asset value | $7.15 |
| Class R6 Shares-Net asset value | $7.15 |

---

44 See Notes to Financial Statements.

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $460,642) | $7197899 |
| Dividend income from Underlying Funds (See Note 11) | 9506668 |
| Securities lending net income | 1303732 |
| Interest and other | 693611332 |
| **Total investment income** | 711619631 |
| **Expenses:** |  |
| Management fee | 45456480 |
| 12b-1 distribution plan–Class A | 4542662 |
| 12b-1 distribution plan–Class C | 2415439 |
| 12b-1 distribution plan–Class F | 189747 |
| 12b-1 distribution plan–Class P | 14815 |
| 12b-1 distribution plan–Class R2 | 13135 |
| 12b-1 distribution plan–Class R3 | 463941 |
| 12b-1 distribution plan–Class R4 | 62525 |
| Shareholder servicing | 7883974 |
| Fund administration | 4285305 |
| Reports to shareholders | 977580 |
| Directors' fees | 340019 |
| Registration | 298525 |
| Professional | 191790 |
| Custody | 165824 |
| Other | 453073 |
| Gross expenses | 67754834 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (865769) |
| **Net expenses** | 66889065 |
| **Net investment income** | 644730566 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | (127206112) |
| Net realized gain/(loss) on futures contracts | (75556339) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (60454778) |
| Net realized gain/(loss) on swap contracts | 809745 |
| Net realized gain/(loss) on foreign currency related transactions | 76617 |
| Net change in unrealized appreciation/(depreciation) in Underlying Funds | (883352) |
| Net change in unrealized appreciation/(depreciation) on investments | 321868853 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 35545338 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | 62220654 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | 2232640 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 725639 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | 149354 |
| **Net realized and unrealized gain/(loss)** | 159528259 |
| **Net Increase in Net Assets Resulting From Operations** | $804258825 |

---

See Notes to Financial Statements. 45

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited) | For the Year Ended<br> December 31, 2024 |
| **Operations:** |  |  |
| Net investment income | $644730566 | $1260008760 |
| Net realized gain/(loss) | (262330867) | 3980225 |
| Net change in unrealized appreciation/(depreciation) | 421859126 | 180310807 |
| **Net increase in net assets resulting from operations** | 804258825 | 1444299792 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (139904898) | (275096663) |
| &nbsp;&nbsp;&nbsp;Class C | (16181623) | (34503637) |
| &nbsp;&nbsp;&nbsp;Class F | (11869496) | (28342313) |
| &nbsp;&nbsp;&nbsp;Class F3 | (171319505) | (318064638) |
| &nbsp;&nbsp;&nbsp;Class I | (315814581) | (583966726) |
| &nbsp;&nbsp;&nbsp;Class P | (194430) | (416849) |
| &nbsp;&nbsp;&nbsp;Class R2 | (126226) | (223605) |
| &nbsp;&nbsp;&nbsp;Class R3 | (5437751) | (10487231) |
| &nbsp;&nbsp;&nbsp;Class R4 | (1528307) | (3371256) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1028684) | (1835740) |
| &nbsp;&nbsp;&nbsp;Class R6 | (13100568) | (26662448) |
| **Total distribution to shareholders** | (676506069) | (1282971106) |
| **Capital share transactions (See Note 14):** |  |  |
| Net proceeds from sales of shares | 2202369789 | 5578257466 |
| Reinvestment of distributions | 622876169 | 1179660237 |
| Cost of shares reacquired | (3320472865) | (5752868773) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (495226907) | 1005048930 |
| **Net increase (decrease) in net assets** | (367474151) | 1166377616 |
| **NET ASSETS:** |  |  |
| Beginning of period | $21916287985 | $20749910369 |
| **End of period** | $21548813834 | $21916287985 |

---

46 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<br> (loss)**<sup>(b)</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** |
| **Class A** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | $7.13 | $0.21 | $0.06 | $0.27 | $(0.22)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.22) |
| 12/31/2024 | 7.08 | 0.41 | 0.06 | 0.47 | (0.42) |  | (0.42) |
| 12/31/2023 | 6.98 | 0.35 | 0.11 | 0.46 | (0.36) |  | (0.36) |
| 12/31/2022 | 8.37 | 0.31 | (1.37) | (1.06) | (0.32) | (0.01) | (0.33) |
| 12/31/2021 | 8.41 | 0.27 |  | 0.27 | (0.28) | (0.03) | (0.31) |
| 12/31/2020 | 8.13 | 0.29 | 0.30 | 0.59 | (0.31) |  | (0.31) |
| **Class C** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.15 | 0.18 | 0.07 | 0.25 | (0.20) |  | (0.20) |
| 12/31/2024 | 7.10 | 0.37 | 0.06 | 0.43 | (0.38) |  | (0.38) |
| 12/31/2023 | 7.00 | 0.31 | 0.11 | 0.42 | (0.32) |  | (0.32) |
| 12/31/2022 | 8.39 | 0.26 | (1.36) | (1.10) | (0.28) | (0.01) | (0.29) |
| 12/31/2021 | 8.43 | 0.22 |  | 0.22 | (0.23) | (0.03) | (0.26) |
| 12/31/2020 | 8.16 | 0.24 | 0.29 | 0.53 | (0.26) |  | (0.26) |
| **Class F** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.12 | 0.21 | 0.06 | 0.27 | (0.22) |  | (0.22) |
| 12/31/2024 | 7.07 | 0.42 | 0.05 | 0.47 | (0.42) |  | (0.42) |
| 12/31/2023 | 6.97 | 0.35 | 0.12 | 0.47 | (0.37) |  | (0.37) |
| 12/31/2022 | 8.36 | 0.31 | (1.36) | (1.05) | (0.33) | (0.01) | (0.34) |
| 12/31/2021 | 8.40 | 0.28 |  | 0.28 | (0.29) | (0.03) | (0.32) |
| 12/31/2020 | 8.12 | 0.29 | 0.31 | 0.60 | (0.32) |  | (0.32) |
| **Class F3** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.10 | 0.22 | 0.06 | 0.28 | (0.23) |  | (0.23) |
| 12/31/2024 | 7.04 | 0.43 | 0.07 | 0.50 | (0.44) |  | (0.44) |
| 12/31/2023 | 6.95 | 0.37 | 0.10 | 0.47 | (0.38) |  | (0.38) |
| 12/31/2022 | 8.33 | 0.33 | (1.36) | (1.03) | (0.34) | (0.01) | (0.35) |
| 12/31/2021 | 8.37 | 0.29 |  | 0.29 | (0.30) | (0.03) | (0.33) |
| 12/31/2020 | 8.10 | 0.31 | 0.29 | 0.60 | (0.33) |  | (0.33) |
| **Class I** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.09 | 0.21 | 0.06 | 0.27 | (0.22) |  | (0.22) |
| 12/31/2024 | 7.04 | 0.42 | 0.06 | 0.48 | (0.43) |  | (0.43) |
| 12/31/2023 | 6.94 | 0.36 | 0.11 | 0.47 | (0.37) |  | (0.37) |
| 12/31/2022 | 8.32 | 0.32 | (1.35) | (1.03) | (0.34) | (0.01) | (0.35) |
| 12/31/2021 | 8.36 | 0.28 | 0.01 <sup>(g)</sup> | 0.29 | (0.30) | (0.03) | (0.33) |
| 12/31/2020 | 8.09 | 0.30 | 0.29 | 0.59 | (0.32) |  | (0.32) |
| **Class P** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.30 | 0.20 | 0.06 | 0.26 | (0.21) |  | (0.21) |
| 12/31/2024 | 7.24 | 0.40 | 0.07 | 0.47 | (0.41) |  | (0.41) |
| 12/31/2023 | 7.14 | 0.34 | 0.11 | 0.45 | (0.35) |  | (0.35) |
| 12/31/2022 | 8.56 | 0.29 | (1.39) | (1.10) | (0.31) | (0.01) | (0.32) |
| 12/31/2021 | 8.60 | 0.26 |  | 0.26 | (0.27) | (0.03) | (0.30) |
| 12/31/2020 | 8.32 | 0.28 | 0.30 | 0.58 | (0.30) |  | (0.30) |

---

48 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:** |
| Net<br> asset<br> value,<br> end of<br> period | Total<br> **return**<sup>(c)</sup><br> (%) | Total<br> expenses<br> after waivers<br> and/or reim-<br> bursements<br> (%) | Total<br> expenses<br> (%) | Net<br> investment<br> income<br> (loss)<br> (%) | Net<br> assets, end<br> of period<br> (000) | Portfolio<br> turnover<br> **rate** <br> **(%)** |
| $7.18 | 3.80 <sup>(e)</sup> | 0.79 <sup>(f)</sup> | 0.79 <sup>(f)</sup> | 5.86 <sup>(f)</sup> | $4600158 | 156 <sup>(e)</sup> |
| 7.13 | 6.77 | 0.79 | 0.79 | 5.75 | 4648481 | 290 |
| 7.08 | 6.85 | 0.78 | 0.78 | 5.05 | 4727745 | 263 |
| 6.98 | (12.68) | 0.77 | 0.78 | 4.12 | 5029503 | 181 |
| 8.37 | 3.26 | 0.76 | 0.76 | 3.19 | 6750572 | 81 |
| 8.41 | 7.60 | 0.78 | 0.78 | 3.65 | 5877018 | 109 |
| 7.20 | 3.48 <sup>(e)</sup> | 1.41 <sup>(f)</sup> | 1.41 <sup>(f)</sup> | 5.24 <sup>(f)</sup> | 565250 | 156 <sup>(e)</sup> |
| 7.15 | 6.12 | 1.40 | 1.40 | 5.14 | 621803 | 290 |
| 7.10 | 6.19 | 1.41 | 1.41 | 4.42 | 695474 | 263 |
| 7.00 | (13.21) | 1.42 | 1.42 | 3.47 | 833154 | 181 |
| 8.39 | 2.60 | 1.40 | 1.40 | 2.55 | 1269001 | 81 |
| 8.43 | 6.77 | 1.42 | 1.42 | 3.02 | 1197178 | 109 |
| 7.17 | 3.86 <sup>(e)</sup> | 0.69 <sup>(f)</sup> | 0.69 <sup>(f)</sup> | 5.97 <sup>(f)</sup> | 363212 | 156 <sup>(e)</sup> |
| 7.12 | 6.88 | 0.69 | 0.69 | 5.84 | 417372 | 290 |
| 7.07 | 6.96 | 0.68 | 0.68 | 5.00 | 583404 | 263 |
| 6.97 | (12.62) | 0.67 | 0.67 | 4.04 | 2261927 | 181 |
| 8.36 | 3.48 | 0.66 | 0.66 | 3.28 | 11596041 | 81 |
| 8.40 | 7.57 | 0.68 | 0.68 | 3.73 | 7838614 | 109 |
| 7.15 | 4.11 <sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.49 <sup>(f)</sup> | 6.16 <sup>(f)</sup> | 5445046 | 156 <sup>(e)</sup> |
| 7.10 | 7.09 | 0.50 | 0.50 | 6.04 | 5344044 | 290 |
| 7.04 | 7.02 | 0.50 | 0.50 | 5.36 | 4988158 | 263 |
| 6.95 | (12.40) | 0.50 | 0.50 | 4.41 | 4616783 | 181 |
| 8.33 | 3.53 | 0.49 | 0.49 | 3.44 | 5134497 | 81 |
| 8.37 | 7.77 | 0.50 | 0.50 | 3.91 | 2989747 | 109 |
| 7.14 | 3.91 <sup>(e)</sup> | 0.59 <sup>(f)</sup> | 0.59 <sup>(f)</sup> | 6.07 <sup>(f)</sup> | 9886942 | 156 <sup>(e)</sup> |
| 7.09 | 6.99 | 0.59 | 0.59 | 5.95 | 10181953 | 290 |
| 7.04 | 7.08 | 0.58 | 0.58 | 5.27 | 9041632 | 263 |
| 6.94 | (12.49) | 0.58 | 0.58 | 4.44 | 7788311 | 181 |
| 8.32 | 3.46 | 0.56 | 0.56 | 3.38 | 2962943 | 81 |
| 8.36 | 7.69 | 0.58 | 0.58 | 3.84 | 1782404 | 109 |
| 7.35 | 3.80 <sup>(e)</sup> | 1.04 <sup>(f)</sup> | 1.04 <sup>(f)</sup> | 5.62 <sup>(f)</sup> | 6481 | 156 <sup>(e)</sup> |
| 7.30 | 6.49 | 1.04 | 1.04 | 5.50 | 7000 | 290 |
| 7.24 | 6.56 | 1.03 | 1.03 | 4.80 | 8284 | 263 |
| 7.14 | (12.89) | 1.02 | 1.03 | 3.86 | 8699 | 181 |
| 8.56 | 3.01 | 1.01 | 1.01 | 2.95 | 12453 | 81 |
| 8.60 | 7.25 | 1.03 | 1.03 | 3.42 | 14104 | 109 |

---

See Notes to Financial Statements. 49

**Financial Highlights (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **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<br> (loss)**<sup>(b)</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** |
| **Class R2** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | $7.13 | $0.19 | $0.06 | $0.25 | $(0.20)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.20) |
| 12/31/2024 | 7.08 | 0.38 | 0.06 | 0.44 | (0.39) |  | (0.39) |
| 12/31/2023 | 6.98 | 0.32 | 0.11 | 0.43 | (0.33) |  | (0.33) |
| 12/31/2022 | 8.37 | 0.28 | (1.37) | (1.09) | (0.29) | (0.01) | (0.30) |
| 12/31/2021 | 8.41 | 0.24 |  | 0.24 | (0.25) | (0.03) | (0.28) |
| 12/31/2020 | 8.13 | 0.26 | 0.30 | 0.56 | (0.28) |  | (0.28) |
| **Class R3** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.12 | 0.20 | 0.06 | 0.26 | (0.21) |  | (0.21) |
| 12/31/2024 | 7.07 | 0.39 | 0.06 | 0.45 | (0.40) |  | (0.40) |
| 12/31/2023 | 6.97 | 0.33 | 0.11 | 0.44 | (0.34) |  | (0.34) |
| 12/31/2022 | 8.36 | 0.28 | (1.36) | (1.08) | (0.30) | (0.01) | (0.31) |
| 12/31/2021 | 8.39 | 0.25 | 0.01 <sup>(g)</sup> | 0.26 | (0.26) | (0.03) | (0.29) |
| 12/31/2020 | 8.12 | 0.27 | 0.29 | 0.56 | (0.29) |  | (0.29) |
| **Class R4** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.13 | 0.20 | 0.06 | 0.26 | (0.21) |  | (0.21) |
| 12/31/2024 | 7.08 | 0.41 | 0.05 | 0.46 | (0.41) |  | (0.41) |
| 12/31/2023 | 6.98 | 0.35 | 0.11 | 0.46 | (0.36) |  | (0.36) |
| 12/31/2022 | 8.37 | 0.30 | (1.36) | (1.06) | (0.32) | (0.01) | (0.33) |
| 12/31/2021 | 8.41 | 0.27 |  | 0.27 | (0.28) | (0.03) | (0.31) |
| 12/31/2020 | 8.14 | 0.29 | 0.29 | 0.58 | (0.31) |  | (0.31) |
| **Class R5** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.10 | 0.21 | 0.06 | 0.27 | (0.22) |  | (0.22) |
| 12/31/2024 | 7.05 | 0.42 | 0.06 | 0.48 | (0.43) |  | (0.43) |
| 12/31/2023 | 6.95 | 0.36 | 0.11 | 0.47 | (0.37) |  | (0.37) |
| 12/31/2022 | 8.33 | 0.32 | (1.35) | (1.03) | (0.34) | (0.01) | (0.35) |
| 12/31/2021 | 8.37 | 0.29 |  | 0.29 | (0.30) | (0.03) | (0.33) |
| 12/31/2020 | 8.10 | 0.30 | 0.29 | 0.59 | (0.32) |  | (0.32) |
| **Class R6** |  |  |  |  |  |  |  |
| 6/30/2025<sup>(d)</sup> | 7.10 | 0.22 | 0.06 | 0.28 | (0.23) |  | (0.23) |
| 12/31/2024 | 7.04 | 0.43 | 0.07 | 0.50 | (0.44) |  | (0.44) |
| 12/31/2023 | 6.95 | 0.37 | 0.10 | 0.47 | (0.38) |  | (0.38) |
| 12/31/2022 | 8.33 | 0.33 | (1.36) | (1.03) | (0.34) | (0.01) | (0.35) |
| 12/31/2021 | 8.37 | 0.29 |  | 0.29 | (0.30) | (0.03) | (0.33) |
| 12/31/2020 | 8.09 | 0.31 | 0.30 | 0.61 | (0.33) |  | (0.33) |

---

<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 for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

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

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

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

<sup>(g)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations for the year ended December 31, 2021, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

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:** |
| Net<br> asset<br> value,<br> end of<br> period | Total<br> **return**<sup>(c)</sup><br> (%) | Total<br> expenses<br> after waivers<br> and/or reim-<br> bursements<br> (%) | Total<br> expenses<br> (%) | Net<br> investment<br> income <br> (loss)<br> (%) | Net<br> assets, end<br> of period<br> (000) | Portfolio<br> turnover<br> rate<br> (%) |
| $7.18 | 3.60 <sup>(e)</sup> | 1.19 <sup>(f)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 1.19 <sup>(f)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 5.46 <sup>(f)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $4615 | 156 <sup>(e)</sup> |
| 7.13 | 6.35 | 1.19 | 1.19 | 5.35 | 4131 | 290 |
| 7.08 | 6.43 | 1.18 | 1.18 | 4.66 | 4037 | 263 |
| 6.98 | (13.04) | 1.18 | 1.18 | 3.73 | 3890 | 181 |
| 8.37 | 2.85 | 1.16 | 1.16 | 2.80 | 4700 | 81 |
| 8.41 | 7.17 | 1.18 | 1.18 | 3.28 | 5222 | 109 |
| 7.17 | 3.65 <sup>(e)</sup> | 1.09 <sup>(f)</sup> | 1.09 <sup>(f)</sup> | 5.56 <sup>(f)</sup> | 189244 | 156 <sup>(e)</sup> |
| 7.12 | 6.45 | 1.09 | 1.09 | 5.45 | 188807 | 290 |
| 7.07 | 6.54 | 1.08 | 1.08 | 4.75 | 189931 | 263 |
| 6.97 | (12.97) | 1.07 | 1.08 | 3.82 | 200096 | 181 |
| 8.36 | 3.07 | 1.06 | 1.06 | 2.90 | 264066 | 81 |
| 8.39 | 7.16 | 1.08 | 1.08 | 3.36 | 232103 | 109 |
| 7.18 | 3.78 <sup>(e)</sup> | 0.84 <sup>(f)</sup> | 0.84 <sup>(f)</sup> | 5.81 <sup>(f)</sup> | 51934 | 156 <sup>(e)</sup> |
| 7.13 | 6.72 | 0.84 | 0.84 | 5.70 | 51472 | 290 |
| 7.08 | 6.80 | 0.83 | 0.83 | 5.00 | 61658 | 263 |
| 6.98 | (12.73) | 0.82 | 0.83 | 4.09 | 64879 | 181 |
| 8.37 | 3.21 | 0.81 | 0.81 | 3.15 | 74934 | 81 |
| 8.41 | 7.41 | 0.83 | 0.83 | 3.61 | 61183 | 109 |
| 7.15 | 3.91 <sup>(e)</sup> | 0.59 <sup>(f)</sup> | 0.59 <sup>(f)</sup> | 6.07 <sup>(f)</sup> | 32195 | 156 <sup>(e)</sup> |
| 7.10 | 6.99 | 0.59 | 0.59 | 5.95 | 33114 | 290 |
| 7.05 | 7.07 | 0.58 | 0.58 | 5.27 | 25659 | 263 |
| 6.95 | (12.47) | 0.57 | 0.58 | 4.33 | 24622 | 181 |
| 8.33 | 3.47 | 0.56 | 0.56 | 3.39 | 30538 | 81 |
| 8.37 | 7.70 | 0.58 | 0.58 | 3.85 | 22722 | 109 |
| 7.15 | 4.11 <sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.49 <sup>(f)</sup> | 6.16 <sup>(f)</sup> | 403738 | 156 <sup>(e)</sup> |
| 7.10 | 7.09 | 0.50 | 0.50 | 6.04 | 418111 | 290 |
| 7.04 | 7.17 | 0.50 | 0.50 | 5.36 | 423928 | 263 |
| 6.95 | (12.52) | 0.50 | 0.50 | 4.42 | 384818 | 181 |
| 8.33 | 3.53 | 0.49 | 0.49 | 3.46 | 407728 | 81 |
| 8.37 | 7.91 | 0.50 | 0.50 | 3.92 | 280839 | 109 |

---

See Notes to Financial Statements. 51

**Notes to Financial Statements (unaudited)**

1. ORGANIZATION

Lord Abbett Bond-Debenture Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund was organized in 1970 and incorporated under Maryland law on January 23, 1976.

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 eleven active classes of shares: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in the Fund's prospectus); Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years. The Fund's Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Fund's prospectus. 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 Act. PCF is available only to the Fund and certain other investment companies managed by Lord Abbett.

**Basis of Preparation**

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

**Segment Reporting**

The Fund adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard resulted in new financial statement disclosures and did not affect the Fund's financial position or its results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's

**Notes to Financial Statements (unaudited)(continued)**

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

&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 & Co. LLC ("Lord Abbett") as its
 valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation
 risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed
 a Pricing Committee 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. Investments in the PCF are valued at their NAV each month end. 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 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.

**Notes to Financial Statements (unaudited)(continued)**

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

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

&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 June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses **—** Expenses,
 excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets
 at the beginning of the day. In addition, Class F3 and R6 shares bear only their class specific shareholder expenses. Class
 A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees related to the Fund's 12b-1
 Distribution Plan.

(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

**Notes to Financial Statements (unaudited)(continued)**

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 ("SOFR").

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

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

As of June 30, 2025 the Fund did not have any unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(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 June 30, 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

**Notes to Financial Statements (unaudited)(continued)**

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;(f) Investment Income **—** Dividend
 income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted
 and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the
 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. Investment income is allocated to each class of shares based upon the
 relative proportion of net assets at the beginning of the day.

(g) Mortgage Dollar Rolls **—** The
 Fund may enter into mortgage dollar rolls in which the 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. The Fund's repurchase agreements are not subject to master netting
 arrangements.

(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. Realized and unrealized gains (losses) are
 allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(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

**Notes to Financial Statements (unaudited)(continued)**

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;(k) Derivatives **—** 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. Notes i. – iv. below describe the various derivatives used by the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward
 Foreign Currency Exchange Contracts **—** The Fund is exposed to foreign currency
 risks associated with some or all of its portfolio investments and, during the period, used forward
 foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment
 strategy. During the period, the Fund also bought forward foreign currency exchange contracts to gain
 exposure to currencies. 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.

**Notes to Financial Statements (unaudited)(continued)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts **—** During
 the period, the Fund entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments.
 During the period, 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 Change
 in net 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.

**Notes to Financial Statements (unaudited)(continued)**

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Swap
 Contracts **—** During the period, the Fund engaged in various swap transactions to manage credit and
 interest rate (e.g., duration, yield curve) risks within its portfolio. During the period, the Fund also used swaps as
 alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps")
 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 an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities
 at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit
 with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin
 are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits
 at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally
 cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities.
 The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps,
 is reported as Change in net unrealized appreciation/(depreciation) on swaps 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 contracts are subject to master netting arrangements. Inflation-Linked
 Swap Contracts **—** During the period, the Fund entered into inflation-linked derivatives, such as
 Consumer Price Index Swap Contract Agreements ("CPI swap contracts"). A CPI swap contract is a contract in
 which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during
 the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI
 swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life
 of the contract, and the fixed rate will compound until the swap contract's maturity date, at which point the payments
 are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized
 appreciation/ (depreciation) on swap contracts in the Fund's Statement of Operations. A liquidation payment received
 or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net
 realized gain/(loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally
 cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation
 margin") on the Statement of Assets and

**Notes to Financial Statements (unaudited)(continued)**

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Summary of Derivatives Information **—** As
 of June 30, 2025, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate
 the Fund's use of derivative instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Statement of<br>Assets and<br>Liabilities Location** | **Interest<br> Rate<br>Contracts** | **Foreign<br> Currency<br>Contracts** | **Inflation<br> Linked<br>Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $1075793 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $29887017 |  |
| Futures Contracts<sup>(2)</sup> | Receivable, variation margin for futures contracts | $25792921 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Payable, variation margin for centrally cleared swap contracts agreements |  |  | $7816968 |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $5002321 |  |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | $224788 | – | – |

---

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

<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.

Transactions in derivative investments for the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| | **Inflation<br> Linked/<br>Interest Rate<br>Contracts** | **Foreign<br> Currency<br>Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(1)</sup> | $809745 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(2)</sup> |  | $(60454778) |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(3)</sup> | $(75556339) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts<sup>(4)</sup> | $2232640 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>(5)</sup> |  | $62220654 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<sup>(6)</sup> | $35545338 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $515080000 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $1157673002 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 28219 | – |

---

**Notes to Financial Statements (unaudited)(continued)**

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss) on swap contracts.

<sup>(2)</sup> Statement of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.

<sup>(3)</sup> Statement of Operations location: Net realized gain (loss) on futures contracts.

<sup>(4)</sup> Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.

<sup>(5)</sup> Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.

<sup>(6)</sup> Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.

3. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following table illustrates 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 agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty.

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<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 | $29887017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $29887017 |
| &nbsp;&nbsp;&nbsp;Total | $29887017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $29887017 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **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> |
| Barclays Bank PLC | $223531 | $– | $– | $– | $223531 |
| Goldman Sachs | 1398 | (1398) |  |  |  |
| Morgan Stanley | 1084281 | (255326) |  |  | 828955 |
| State Street Bank And Trust | 28577807 | (4377991) | (18230000) | – | 5969816 |
| &nbsp;&nbsp;&nbsp;Total | $29887017 | $(4634715) | $(18230000) | $– | $7022302 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $5002321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $5002321 |
| &nbsp;&nbsp;&nbsp;Total | $5002321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $5002321 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **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> |
| Citibank | $87897 | $– | $– | $– | $87897 |
| Goldman Sachs | 281107 | (1398) |  |  | 279709 |
| Morgan Stanley | 255326 | (255326) |  |  |  |
| State Street Bank And Trust | 4377991 | (4377991) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $5002321 | $(4634715) | $– | $– | $367606 |

---

<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 June 30, 2025.

<sup>(c)</sup> Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2025.

4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Fund 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 six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .42% of the Fund's average daily net assets.

For the Fund's investment in the PCF, Lord Abbett has voluntarily agreed to waive management fees in an amount sufficient to offset the respective management fee that Lord Abbett collects from the PCF. Lord Abbett voluntarily waived the following management fees for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| Fund | Management<br> Fee |
| Bond Debenture Fund | $699945 |

---

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 $165,824 of fund administration fees for the six months ended June 30, 2025.

**12b-1 Distribution Plan**

The Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett.

**Notes to Financial Statements (unaudited)(continued)**

The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fees\* | Class A | **Class C**<sup>(1)</sup> | **Class F**<sup>(2)</sup> | Class P | Class R2 | Class R3 | Class R4 |
| Service | .15% | .25% |  | .25% | .25% | .25% | .25% |
| Distribution | .05% | .75% | .10% | .20% | .35% | .25% |  |

---

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

<sup>(1)</sup> The 12b-1 fee the Fund pays on Class C shares is a blended rate calculated based on (i) 1.00% of the Fund's average daily net assets attributable to shares held for less than one year and (ii) .80% (.25% service and .55% distribution) of the Fund's average daily net assets attributable to shares held one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund's prospectus.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Commissions**

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

---

| | |
|:---|:---|
| Distributor<br> Commissions | Dealers'<br> Concessions |
| $112601 | $1278601 |

---

The Distributor received CDSCs of $31,702 and $28,218 for Class A and Class C shares, respectively, for the six months ended June 30, 2025.

&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 six months ended June 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total<br>Distributions<br>Paid** |
| Bond Debenture Fund | $&nbsp;&nbsp;&nbsp;&nbsp;– | $676506069 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $676506069 |
| The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: |
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Bond Debenture Fund | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1282971106 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1282971106 |

---

**Notes to Financial Statements (unaudited)(continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term<br> Losses | Long-Term<br> Losses | Net Capital<br> Losses |
| Bond Debenture Fund | $(1492536871) | $(1709599447) | $(3202136318) |

---

As of June 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of**<br> **Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Bond Debenture Fund | $24119124206 | $753764890 | $(450744166) | $303020724 |

---

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

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 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 |
| $26629250305 | $10416418156 | $26973909105 | $10485741505 |

---

\* 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 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

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

The Fund's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Fund 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

**Notes to Financial Statements (unaudited)(continued)**

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 six months ended June 30, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**9.** INTERFUND LENDING PROGRAM

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

During the six months ended June 30, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**10.** CUSTODIAN AND ACCOUNTING AGENT

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

**11.** TRANSACTIONS WITH AFFILIATED FUNDS

The Fund intends to obtain exposure to less liquid or illiquid private credit investments, generally involving corporate borrowers, through its 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 its investments. Such pooled investment vehicles will also be illiquid, and the Fund incurs two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. Such pooled investment vehicles may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of such pooled investment vehicles or a Fund indirectly. Additionally, private credit investments can range in

**Notes to Financial Statements (unaudited)(continued)**

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 investment 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. The PCF expects to repurchase shares pursuant to tender offers each quarter, up to 5% of the PCF's Common Shares outstanding, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter. There will be no trading market for the Fund's investment in the PCF. The Schedule of Investments lists the PCF as an investment as of period 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 had the following transactions with the PCF during the six months ended June 30, 2025:

**Bond Debenture Fund**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Fund** | **Value at**<br> **12/31/2024** | **Contributions** | **Withdrawals** | **Net Realized**<br> **Gain/(Loss)** | **Net Change in**<br> **Appreciation/**<br> **(Depreciation)** | **Value at**<br> **6/30/2025** | **Dividend**<br> **Income** |
| Lord Abbett Private Credit Fund | $132204467 | $90909091 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(883353) | $222230205 | $9506668 |

---

<sup>(1)</sup> The Fund acquired PCF shares from 1/1/2025 to 6/30/2025 at a cost of $90,909,091.

The Fund has an unfunded commitment to make investments in the PCF at a future date in the amount of $402,888,718 at period end. This unfunded commitment is not recognized on the Statement of Assets and Liabilities at period end. On February 24, 2025, all outstanding capital commitments were extinguished and the PCF has begun to take monthly subscriptions in connection with a continuous offering of its Common Shares.

**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 in the Fund's Statement of Operations.

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

**Notes to Financial Statements (unaudited)(continued)**

As of June 30, 2025, the market value of securities loaned and collateral received were as follows:

---

| | |
|:---|:---|
| **Market Value of**<br> **Securities Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| $269520404 | $280033353 |

---

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

**13.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called "lower-rated bonds" or "junk bonds"), in which the Fund may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

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

**Notes to Financial Statements (unaudited)(continued)**

and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities and the market for convertible securities may be less liquid than the markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

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

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund's returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, the Fund's performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

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. 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.

**Notes to Financial Statements (unaudited)(continued)**

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

**14.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 33452911 | $237441801 | 91012760 | $650482816 |
| Reinvestment of distributions | 18295444 | 130247326 | 35881846 | 255801322 |
| Shares reacquired | (62855993) | (445862598) | (143215251) | (1021413937) |
| Decrease | (11107638) | $(78173471) | (16320645) | $(115129799) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 4238024 | $30190287 | 14592613 | $104495239 |
| Reinvestment of distributions | 2094625 | 14951806 | 4444976 | 31759937 |
| Shares reacquired | (14778111) | (105174222) | (30103158) | (215087473) |
| Decrease | (8445462) | $(60032129) | (11065569) | $(78832297) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 3453670 | $24510803 | 9028891 | $64233155 |
| Reinvestment of distributions | 1637179 | 11639044 | 3913576 | 27831710 |
| Shares reacquired | (13044051) | (92267834) | (36900441) | (261607752) |
| Decrease | (7953202) | $(56117987) | (23957974) | $(169542887) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 72718029 | $513922110 | 160014414 | $1135170561 |
| Reinvestment of distributions | 24171416 | 171307641 | 44850077 | 318258389 |
| Shares reacquired | (87878094) | (618925514) | (160257622) | (1136608791) |
| Increase | 9011351 | $66304237 | 44606869 | $316820159 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 186240248 | $1315559826 | 485369391 | $3438820258 |
| Reinvestment of distributions | 38892397 | 275273577 | 71566042 | 507420203 |
| Shares reacquired | (276186499) | (1939247706) | (406135300) | (2877671070) |
| Increase (decrease) | (51053854) | $(348414303) | 150800133 | $1068569391 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 52208 | $378383 | 108418 | $790514 |
| Reinvestment of distributions | 26458 | 192734 | 56763 | 413757 |
| Shares reacquired | (155887) | (1132092) | (350036) | (2546083) |
| Decrease | (77221) | $(560975) | (184855) | $(1341812) |

---

**Notes to Financial Statements (unaudited)(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 109823 | $778263 | 77856 | $554728 |
| Reinvestment of distributions | 16822 | 119721 | 29388 | 209537 |
| Shares reacquired | (63194) | (447377) | (98554) | (701869) |
| Increase | 63451 | $450607 | 8690 | $62396 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1034147 | $7342052 | 2406222 | $17137562 |
| Reinvestment of distributions | 764877 | 5436318 | 1473727 | 10488039 |
| Shares reacquired | (1917944) | (13560732) | (4246961) | (30182169) |
| Decrease | (118920) | $(782362) | (367012) | $(2556568) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1251825 | $8859021 | 2174869 | $15484091 |
| Reinvestment of distributions | 170420 | 1213607 | 343910 | 2452192 |
| Shares reacquired | (1406918) | (10030902) | (4014430) | (28644035) |
| Increase (decrease) | 15327 | $41726 | (1495651) | $(10707752) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 746482 | $5289705 | 1972327 | $13976478 |
| Reinvestment of distributions | 141310 | 1001634 | 253263 | 1799572 |
| Shares reacquired | (1048229) | (7372508) | (1204250) | (8562822) |
| Increase (decrease) | (160437) | $(1081169) | 1021340 | $7213228 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 8233159 | $58097538 | 19364206 | $137112064 |
| Reinvestment of distributions | 1621688 | 11492761 | 3273836 | 23225579 |
| Shares reacquired | (12266842) | (86451380) | (23928304) | (169842772) |
| Decrease | (2411995) | $(16861081) | (1290262) | $(9505129) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

The Board, including all of the Directors who are not "interested persons" of the Fund or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Directors"), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group") and the investment performance of two appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett's other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund's investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2024. The Board observed that the Fund's investment performance was below the median of the performance peer group for the one-, three-, and five-year periods, but above the median of the performance peer group for the ten-year period. The Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that the Fund's Agreement should be continued.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio and the actual management fee of the Fund

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

were both below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature quality and extent of services provided by Lord Abbett.

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins, excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins without those exclusions in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund's existing management fee schedule, with its breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was

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

in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x7_c112982x80x1m4.jpg)

![](x7_c112982x80x2m4.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 LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Bond-Debenture Fund, Inc. LABD-3 (8/25)

---

| | |
|:---|:---|
| **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.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days
of the filing date of this report,

based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |

---

Not applicable.

---

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

---

Not applicable.

---

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

---

(a)(1) Code of Ethics. Not applicable.

(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.](c112982_ex-99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c112982_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 BOND-DEBENTURE FUND, INC.** | **LORD ABBETT BOND-DEBENTURE FUND, INC.** | **LORD ABBETT BOND-DEBENTURE FUND, INC.** |
| | By: | <u>/s/ Douglas B. Sieg</u> |
| |  | Douglas B. Sieg |
| |  | President and Chief Executive Officer |
| |  | (Principal Executive Officer) |
| Date: August 27, 2025 |  |  |

---

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

---

| | | |
|:---|:---|:---|
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: August 27, 2025 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | By: | <u>/s/ Michael J. Hebert</u> |
|  |  | Michael J. Hebert |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |
| Date: August 27, 2025 |  |  |

---

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

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 Bond-Debenture 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: August 27, 2025

---

| |
|:---|
| <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg |
| President and Chief Executive Officer<br> (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Bond-Debenture 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: August 27, 2025

---

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

---

## Ex-99.Cert

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Bond-Debenture 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: August 27, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

---

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

---

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