# EDGAR Filing Document

**Accession Number:** 0000060365
**File Stem:** 0000930413-26-000667
**Filing Date:** 2026-3
**Character Count:** 392301
**Document Hash:** 820896c28940baf8f5850ce337b58e1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000667.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000930413-26-000667

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02145
- **FILM NUMBER:** 26720265

**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: 12/31/2025

---

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

---

![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class A

# LBNDX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $81 | 0.78% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.39%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaa3776ebdd8c1d55477d2258.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $9775 | $10000 | $10000 |
| **1/31/2016** | $9576 | $9842 | $10138 |
| **2/29/2016** | $9563 | $9888 | $10210 |
| **3/31/2016** | $9935 | $10325 | $10303 |
| **4/30/2016** | $10188 | $10737 | $10343 |
| **5/31/2016** | $10255 | $10815 | $10345 |
| **6/30/2016** | $10364 | $10932 | $10531 |
| **7/31/2016** | $10648 | $11208 | $10598 |
| **8/31/2016** | $10801 | $11458 | $10586 |
| **9/30/2016** | $10856 | $11532 | $10580 |
| **10/31/2016** | $10814 | $11568 | $10499 |
| **11/30/2016** | $10843 | $11522 | $10250 |
| **12/31/2016** | $10983 | $11749 | $10265 |
| **1/31/2017** | $11149 | $11907 | $10285 |
| **2/28/2017** | $11288 | $12092 | $10354 |
| **3/31/2017** | $11275 | $12067 | $10349 |
| **4/30/2017** | $11401 | $12203 | $10428 |
| **5/31/2017** | $11485 | $12312 | $10509 |
| **6/30/2017** | $11511 | $12325 | $10498 |
| **7/31/2017** | $11665 | $12467 | $10543 |
| **8/31/2017** | $11692 | $12464 | $10638 |
| **9/30/2017** | $11803 | $12576 | $10587 |
| **10/31/2017** | $11914 | $12625 | $10593 |
| **11/30/2017** | $11925 | $12591 | $10580 |
| **12/31/2017** | $11994 | $12628 | $10628 |
| **1/31/2018** | $12108 | $12709 | $10506 |
| **2/28/2018** | $11946 | $12591 | $10406 |
| **3/31/2018** | $11873 | $12513 | $10473 |
| **4/30/2018** | $11856 | $12596 | $10395 |
| **5/31/2018** | $11900 | $12594 | $10469 |
| **6/30/2018** | $11855 | $12638 | $10456 |
| **7/31/2018** | $11957 | $12779 | $10459 |
| **8/31/2018** | $12091 | $12871 | $10526 |
| **9/30/2018** | $12136 | $12946 | $10458 |
| **10/31/2018** | $11807 | $12734 | $10376 |
| **11/30/2018** | $11747 | $12619 | $10438 |
| **12/31/2018** | $11540 | $12342 | $10629 |
| **1/31/2019** | $11973 | $12909 | $10742 |
| **2/28/2019** | $12142 | $13127 | $10736 |
| **3/31/2019** | $12327 | $13255 | $10942 |
| **4/30/2019** | $12449 | $13441 | $10945 |
| **5/31/2019** | $12429 | $13270 | $11139 |
| **6/30/2019** | $12771 | $13595 | $11279 |
| **7/31/2019** | $12845 | $13665 | $11304 |
| **8/31/2019** | $12903 | $13718 | $11597 |
| **9/30/2019** | $12849 | $13762 | $11535 |
| **10/31/2019** | $12890 | $13794 | $11570 |
| **11/30/2019** | $12899 | $13831 | $11564 |
| **12/31/2019** | $13083 | $14120 | $11556 |
| **1/31/2020** | $13222 | $14121 | $11778 |
| **2/29/2020** | $13150 | $13902 | $11990 |
| **3/31/2020** | $11527 | $12266 | $11920 |
| **4/30/2020** | $11996 | $12732 | $12132 |
| **5/31/2020** | $12483 | $13310 | $12188 |
| **6/30/2020** | $12691 | $13437 | $12265 |
| **7/31/2020** | $13193 | $14074 | $12448 |
| **8/31/2020** | $13400 | $14215 | $12348 |
| **9/30/2020** | $13259 | $14068 | $12341 |
| **10/31/2020** | $13332 | $14131 | $12286 |
| **11/30/2020** | $13839 | $14697 | $12406 |
| **12/31/2020** | $14077 | $14978 | $12423 |
| **1/31/2021** | $14132 | $15036 | $12334 |
| **2/28/2021** | $14273 | $15088 | $12156 |
| **3/31/2021** | $14195 | $15114 | $12005 |
| **4/30/2021** | $14353 | $15280 | $12099 |
| **5/31/2021** | $14378 | $15324 | $12139 |
| **6/30/2021** | $14504 | $15532 | $12224 |
| **7/31/2021** | $14543 | $15587 | $12361 |
| **8/31/2021** | $14617 | $15673 | $12337 |
| **9/30/2021** | $14520 | $15679 | $12230 |
| **10/31/2021** | $14610 | $15650 | $12227 |
| **11/30/2021** | $14531 | $15488 | $12263 |
| **12/31/2021** | $14536 | $15779 | $12232 |
| **1/31/2022** | $14053 | $15346 | $11968 |
| **2/28/2022** | $13885 | $15209 | $11835 |
| **3/31/2022** | $13671 | $15070 | $11506 |
| **4/30/2022** | $13279 | $14522 | $11069 |
| **5/31/2022** | $13247 | $14557 | $11141 |
| **6/30/2022** | $12590 | $13565 | $10966 |
| **7/31/2022** | $13056 | $14383 | $11234 |
| **8/31/2022** | $12844 | $14041 | $10917 |
| **9/30/2022** | $12370 | $13478 | $10445 |
| **10/31/2022** | $12576 | $13862 | $10310 |
| **11/30/2022** | $12823 | $14122 | $10689 |
| **12/31/2022** | $12692 | $14018 | $10641 |
| **1/31/2023** | $13086 | $14566 | $10968 |
| **2/28/2023** | $12827 | $14380 | $10684 |
| **3/31/2023** | $12919 | $14540 | $10956 |
| **4/30/2023** | $12972 | $14683 | $11022 |
| **5/31/2023** | $12787 | $14544 | $10902 |
| **6/30/2023** | $12934 | $14782 | $10863 |
| **7/31/2023** | $13065 | $14994 | $10856 |
| **8/31/2023** | $12973 | $15039 | $10786 |
| **9/30/2023** | $12750 | $14863 | $10512 |
| **10/31/2023** | $12621 | $14679 | $10346 |
| **11/30/2023** | $13156 | $15350 | $10815 |
| **12/31/2023** | $13562 | $15917 | $11229 |
| **1/31/2024** | $13608 | $15921 | $11198 |
| **2/29/2024** | $13634 | $15968 | $11040 |
| **3/31/2024** | $13836 | $16160 | $11142 |
| **4/30/2024** | $13670 | $15999 | $10860 |
| **5/31/2024** | $13857 | $16182 | $11044 |
| **6/30/2024** | $13945 | $16339 | $11149 |
| **7/31/2024** | $14153 | $16661 | $11409 |
| **8/31/2024** | $14382 | $16927 | $11573 |
| **9/30/2024** | $14591 | $17204 | $11728 |
| **10/31/2024** | $14419 | $17110 | $11437 |
| **11/30/2024** | $14629 | $17308 | $11558 |
| **12/31/2024** | $14480 | $17234 | $11369 |
| **1/31/2025** | $14695 | $17473 | $11430 |
| **2/28/2025** | $14770 | $17588 | $11681 |
| **3/31/2025** | $14599 | $17400 | $11685 |
| **4/30/2025** | $14529 | $17402 | $11731 |
| **5/31/2025** | $14687 | $17695 | $11647 |
| **6/30/2025** | $15031 | $18025 | $11826 |
| **7/31/2025** | $15064 | $18098 | $11795 |
| **8/31/2025** | $15330 | $18320 | $11936 |
| **9/30/2025** | $15468 | $18461 | $12067 |
| **10/31/2025** | $15587 | $18499 | $12142 |
| **11/30/2025** | $15640 | $18592 | $12217 |
| **12/31/2025** | $15695 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 8.39% | 2.20% | 4.85% |
| Class A with sales charge | 6.01% | 1.74% | 4.61% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class A

# LBNDX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-13-A

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class C

# BDLAX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $145 | 1.40% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 7.71%, reflecting performance at the net asset value (NAV) of Class C shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if99cc1d684c5f93864cfb1cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9792 | $9842 | $10138 |
| **2/29/2016** | $9773 | $9888 | $10210 |
| **3/31/2016** | $10148 | $10325 | $10303 |
| **4/30/2016** | $10400 | $10737 | $10343 |
| **5/31/2016** | $10463 | $10815 | $10345 |
| **6/30/2016** | $10568 | $10932 | $10531 |
| **7/31/2016** | $10851 | $11208 | $10598 |
| **8/31/2016** | $11002 | $11458 | $10586 |
| **9/30/2016** | $11052 | $11532 | $10580 |
| **10/31/2016** | $11004 | $11568 | $10499 |
| **11/30/2016** | $11027 | $11522 | $10250 |
| **12/31/2016** | $11163 | $11749 | $10265 |
| **1/31/2017** | $11326 | $11907 | $10285 |
| **2/28/2017** | $11462 | $12092 | $10354 |
| **3/31/2017** | $11442 | $12067 | $10349 |
| **4/30/2017** | $11564 | $12203 | $10428 |
| **5/31/2017** | $11643 | $12312 | $10509 |
| **6/30/2017** | $11664 | $12325 | $10498 |
| **7/31/2017** | $11813 | $12467 | $10543 |
| **8/31/2017** | $11834 | $12464 | $10638 |
| **9/30/2017** | $11941 | $12576 | $10587 |
| **10/31/2017** | $12046 | $12625 | $10593 |
| **11/30/2017** | $12051 | $12591 | $10580 |
| **12/31/2017** | $12115 | $12628 | $10628 |
| **1/31/2018** | $12222 | $12709 | $10506 |
| **2/28/2018** | $12054 | $12591 | $10406 |
| **3/31/2018** | $11974 | $12513 | $10473 |
| **4/30/2018** | $11951 | $12596 | $10395 |
| **5/31/2018** | $11989 | $12594 | $10469 |
| **6/30/2018** | $11952 | $12638 | $10456 |
| **7/31/2018** | $12034 | $12779 | $10459 |
| **8/31/2018** | $12162 | $12871 | $10526 |
| **9/30/2018** | $12200 | $12946 | $10458 |
| **10/31/2018** | $11879 | $12734 | $10376 |
| **11/30/2018** | $11798 | $12619 | $10438 |
| **12/31/2018** | $11585 | $12342 | $10629 |
| **1/31/2019** | $12011 | $12909 | $10742 |
| **2/28/2019** | $12175 | $13127 | $10736 |
| **3/31/2019** | $12353 | $13255 | $10942 |
| **4/30/2019** | $12484 | $13441 | $10945 |
| **5/31/2019** | $12458 | $13270 | $11139 |
| **6/30/2019** | $12777 | $13595 | $11279 |
| **7/31/2019** | $12844 | $13665 | $11304 |
| **8/31/2019** | $12896 | $13718 | $11597 |
| **9/30/2019** | $12836 | $13762 | $11535 |
| **10/31/2019** | $12870 | $13794 | $11570 |
| **11/30/2019** | $12872 | $13831 | $11564 |
| **12/31/2019** | $13064 | $14120 | $11556 |
| **1/31/2020** | $13179 | $14121 | $11778 |
| **2/29/2020** | $13101 | $13902 | $11990 |
| **3/31/2020** | $11481 | $12266 | $11920 |
| **4/30/2020** | $11942 | $12732 | $12132 |
| **5/31/2020** | $12418 | $13310 | $12188 |
| **6/30/2020** | $12618 | $13437 | $12265 |
| **7/31/2020** | $13109 | $14074 | $12448 |
| **8/31/2020** | $13307 | $14215 | $12348 |
| **9/30/2020** | $13161 | $14068 | $12341 |
| **10/31/2020** | $13226 | $14131 | $12286 |
| **11/30/2020** | $13720 | $14697 | $12406 |
| **12/31/2020** | $13948 | $14978 | $12423 |
| **1/31/2021** | $13995 | $15036 | $12334 |
| **2/28/2021** | $14128 | $15088 | $12156 |
| **3/31/2021** | $14042 | $15114 | $12005 |
| **4/30/2021** | $14191 | $15280 | $12099 |
| **5/31/2021** | $14208 | $15324 | $12139 |
| **6/30/2021** | $14325 | $15532 | $12224 |
| **7/31/2021** | $14356 | $15587 | $12361 |
| **8/31/2021** | $14421 | $15673 | $12337 |
| **9/30/2021** | $14318 | $15679 | $12230 |
| **10/31/2021** | $14399 | $15650 | $12227 |
| **11/30/2021** | $14331 | $15488 | $12263 |
| **12/31/2021** | $14311 | $15779 | $12232 |
| **1/31/2022** | $13846 | $15346 | $11968 |
| **2/28/2022** | $13658 | $15209 | $11835 |
| **3/31/2022** | $13440 | $15070 | $11506 |
| **4/30/2022** | $13049 | $14522 | $11069 |
| **5/31/2022** | $13010 | $14557 | $11141 |
| **6/30/2022** | $12360 | $13565 | $10966 |
| **7/31/2022** | $12810 | $14383 | $11234 |
| **8/31/2022** | $12595 | $14041 | $10917 |
| **9/30/2022** | $12126 | $13478 | $10445 |
| **10/31/2022** | $12320 | $13862 | $10310 |
| **11/30/2022** | $12556 | $14122 | $10689 |
| **12/31/2022** | $12421 | $14018 | $10641 |
| **1/31/2023** | $12799 | $14566 | $10968 |
| **2/28/2023** | $12522 | $14380 | $10684 |
| **3/31/2023** | $12623 | $14540 | $10956 |
| **4/30/2023** | $12669 | $14683 | $11022 |
| **5/31/2023** | $12482 | $14544 | $10902 |
| **6/30/2023** | $12619 | $14782 | $10863 |
| **7/31/2023** | $12721 | $14994 | $10856 |
| **8/31/2023** | $12644 | $15039 | $10786 |
| **9/30/2023** | $12421 | $14863 | $10512 |
| **10/31/2023** | $12271 | $14679 | $10346 |
| **11/30/2023** | $12802 | $15350 | $10815 |
| **12/31/2023** | $13190 | $15917 | $11229 |
| **1/31/2024** | $13228 | $15921 | $11198 |
| **2/29/2024** | $13247 | $15968 | $11040 |
| **3/31/2024** | $13417 | $16160 | $11142 |
| **4/30/2024** | $13250 | $15999 | $10860 |
| **5/31/2024** | $13443 | $16182 | $11044 |
| **6/30/2024** | $13522 | $16339 | $11149 |
| **7/31/2024** | $13716 | $16661 | $11409 |
| **8/31/2024** | $13911 | $16927 | $11573 |
| **9/30/2024** | $14126 | $17204 | $11728 |
| **10/31/2024** | $13952 | $17110 | $11437 |
| **11/30/2024** | $14148 | $17308 | $11558 |
| **12/31/2024** | $13997 | $17234 | $11369 |
| **1/31/2025** | $14178 | $17473 | $11430 |
| **2/28/2025** | $14263 | $17588 | $11681 |
| **3/31/2025** | $14091 | $17400 | $11685 |
| **4/30/2025** | $14017 | $17402 | $11731 |
| **5/31/2025** | $14161 | $17695 | $11647 |
| **6/30/2025** | $14484 | $18025 | $11826 |
| **7/31/2025** | $14509 | $18098 | $11795 |
| **8/31/2025** | $14757 | $18320 | $11936 |
| **9/30/2025** | $14882 | $18461 | $12067 |
| **10/31/2025** | $14988 | $18499 | $12142 |
| **11/30/2025** | $15031 | $18592 | $12217 |
| **12/31/2025** | $15076 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 7.71% | 1.57% | 4.19% |
| Class C with sales charge | 6.71% | 1.57% | 4.19% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class C

# BDLAX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-673-C

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class F

# LBDFX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $71 | 0.68% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.50%, reflecting performance at the net asset value (NAV) of Class F shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2c2541c7dc863b253cba38b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9797 | $9842 | $10138 |
| **2/29/2016** | $9783 | $9888 | $10210 |
| **3/31/2016** | $10166 | $10325 | $10303 |
| **4/30/2016** | $10426 | $10737 | $10343 |
| **5/31/2016** | $10495 | $10815 | $10345 |
| **6/30/2016** | $10607 | $10932 | $10531 |
| **7/31/2016** | $10899 | $11208 | $10598 |
| **8/31/2016** | $11057 | $11458 | $10586 |
| **9/30/2016** | $11115 | $11532 | $10580 |
| **10/31/2016** | $11072 | $11568 | $10499 |
| **11/30/2016** | $11102 | $11522 | $10250 |
| **12/31/2016** | $11246 | $11749 | $10265 |
| **1/31/2017** | $11403 | $11907 | $10285 |
| **2/28/2017** | $11561 | $12092 | $10354 |
| **3/31/2017** | $11549 | $12067 | $10349 |
| **4/30/2017** | $11678 | $12203 | $10428 |
| **5/31/2017** | $11765 | $12312 | $10509 |
| **6/30/2017** | $11793 | $12325 | $10498 |
| **7/31/2017** | $11952 | $12467 | $10543 |
| **8/31/2017** | $11980 | $12464 | $10638 |
| **9/30/2017** | $12081 | $12576 | $10587 |
| **10/31/2017** | $12210 | $12625 | $10593 |
| **11/30/2017** | $12222 | $12591 | $10580 |
| **12/31/2017** | $12294 | $12628 | $10628 |
| **1/31/2018** | $12411 | $12709 | $10506 |
| **2/28/2018** | $12246 | $12591 | $10406 |
| **3/31/2018** | $12172 | $12513 | $10473 |
| **4/30/2018** | $12156 | $12596 | $10395 |
| **5/31/2018** | $12187 | $12594 | $10469 |
| **6/30/2018** | $12156 | $12638 | $10456 |
| **7/31/2018** | $12247 | $12779 | $10459 |
| **8/31/2018** | $12401 | $12871 | $10526 |
| **9/30/2018** | $12432 | $12946 | $10458 |
| **10/31/2018** | $12111 | $12734 | $10376 |
| **11/30/2018** | $12050 | $12619 | $10438 |
| **12/31/2018** | $11823 | $12342 | $10629 |
| **1/31/2019** | $12268 | $12909 | $10742 |
| **2/28/2019** | $12443 | $13127 | $10736 |
| **3/31/2019** | $12634 | $13255 | $10942 |
| **4/30/2019** | $12776 | $13441 | $10945 |
| **5/31/2019** | $12756 | $13270 | $11139 |
| **6/30/2019** | $13093 | $13595 | $11279 |
| **7/31/2019** | $13186 | $13665 | $11304 |
| **8/31/2019** | $13247 | $13718 | $11597 |
| **9/30/2019** | $13193 | $13762 | $11535 |
| **10/31/2019** | $13219 | $13794 | $11570 |
| **11/30/2019** | $13246 | $13831 | $11564 |
| **12/31/2019** | $13436 | $14120 | $11556 |
| **1/31/2020** | $13580 | $14121 | $11778 |
| **2/29/2020** | $13490 | $13902 | $11990 |
| **3/31/2020** | $11838 | $12266 | $11920 |
| **4/30/2020** | $12322 | $12732 | $12132 |
| **5/31/2020** | $12823 | $13310 | $12188 |
| **6/30/2020** | $13038 | $13437 | $12265 |
| **7/31/2020** | $13556 | $14074 | $12448 |
| **8/31/2020** | $13770 | $14215 | $12348 |
| **9/30/2020** | $13626 | $14068 | $12341 |
| **10/31/2020** | $13685 | $14131 | $12286 |
| **11/30/2020** | $14224 | $14697 | $12406 |
| **12/31/2020** | $14454 | $14978 | $12423 |
| **1/31/2021** | $14528 | $15036 | $12334 |
| **2/28/2021** | $14657 | $15088 | $12156 |
| **3/31/2021** | $14595 | $15114 | $12005 |
| **4/30/2021** | $14741 | $15280 | $12099 |
| **5/31/2021** | $14785 | $15324 | $12139 |
| **6/30/2021** | $14899 | $15532 | $12224 |
| **7/31/2021** | $14941 | $15587 | $12361 |
| **8/31/2021** | $15018 | $15673 | $12337 |
| **9/30/2021** | $14919 | $15679 | $12230 |
| **10/31/2021** | $15031 | $15650 | $12227 |
| **11/30/2021** | $14951 | $15488 | $12263 |
| **12/31/2021** | $14956 | $15779 | $12232 |
| **1/31/2022** | $14460 | $15346 | $11968 |
| **2/28/2022** | $14289 | $15209 | $11835 |
| **3/31/2022** | $14069 | $15070 | $11506 |
| **4/30/2022** | $13648 | $14522 | $11069 |
| **5/31/2022** | $13616 | $14557 | $11141 |
| **6/30/2022** | $12958 | $13565 | $10966 |
| **7/31/2022** | $13439 | $14383 | $11234 |
| **8/31/2022** | $13222 | $14041 | $10917 |
| **9/30/2022** | $12734 | $13478 | $10445 |
| **10/31/2022** | $12947 | $13862 | $10310 |
| **11/30/2022** | $13204 | $14122 | $10689 |
| **12/31/2022** | $13069 | $14018 | $10641 |
| **1/31/2023** | $13477 | $14566 | $10968 |
| **2/28/2023** | $13210 | $14380 | $10684 |
| **3/31/2023** | $13306 | $14540 | $10956 |
| **4/30/2023** | $13362 | $14683 | $11022 |
| **5/31/2023** | $13172 | $14544 | $10902 |
| **6/30/2023** | $13325 | $14782 | $10863 |
| **7/31/2023** | $13442 | $14994 | $10856 |
| **8/31/2023** | $13367 | $15039 | $10786 |
| **9/30/2023** | $13138 | $14863 | $10512 |
| **10/31/2023** | $13006 | $14679 | $10346 |
| **11/30/2023** | $13559 | $15350 | $10815 |
| **12/31/2023** | $13979 | $15917 | $11229 |
| **1/31/2024** | $14028 | $15921 | $11198 |
| **2/29/2024** | $14056 | $15968 | $11040 |
| **3/31/2024** | $14245 | $16160 | $11142 |
| **4/30/2024** | $14075 | $15999 | $10860 |
| **5/31/2024** | $14289 | $16182 | $11044 |
| **6/30/2024** | $14381 | $16339 | $11149 |
| **7/31/2024** | $14597 | $16661 | $11409 |
| **8/31/2024** | $14814 | $16927 | $11573 |
| **9/30/2024** | $15052 | $17204 | $11728 |
| **10/31/2024** | $14875 | $17110 | $11437 |
| **11/30/2024** | $15093 | $17308 | $11558 |
| **12/31/2024** | $14940 | $17234 | $11369 |
| **1/31/2025** | $15143 | $17473 | $11430 |
| **2/28/2025** | $15243 | $17588 | $11681 |
| **3/31/2025** | $15067 | $17400 | $11685 |
| **4/30/2025** | $14996 | $17402 | $11731 |
| **5/31/2025** | $15160 | $17695 | $11647 |
| **6/30/2025** | $15516 | $18025 | $11826 |
| **7/31/2025** | $15552 | $18098 | $11795 |
| **8/31/2025** | $15806 | $18320 | $11936 |
| **9/30/2025** | $15972 | $18461 | $12067 |
| **10/31/2025** | $16096 | $18499 | $12142 |
| **11/30/2025** | $16153 | $18592 | $12217 |
| **12/31/2025** | $16211 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 8.50% | 2.32% | 4.95% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class F

# LBDFX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1004-F

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class F3

# LBNOX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $50 | 0.48% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.88%, reflecting performance at the net asset value (NAV) of Class F3 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i297936f23a95f2a4fffc5ca8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10109 | $10111 | $10051 |
| **5/31/2017** | $10186 | $10201 | $10128 |
| **6/30/2017** | $10211 | $10212 | $10118 |
| **7/31/2017** | $10350 | $10330 | $10162 |
| **8/31/2017** | $10389 | $10328 | $10253 |
| **9/30/2017** | $10478 | $10420 | $10204 |
| **10/31/2017** | $10579 | $10461 | $10210 |
| **11/30/2017** | $10604 | $10433 | $10197 |
| **12/31/2017** | $10655 | $10463 | $10244 |
| **1/31/2018** | $10758 | $10531 | $10126 |
| **2/28/2018** | $10628 | $10432 | $10030 |
| **3/31/2018** | $10552 | $10368 | $10094 |
| **4/30/2018** | $10540 | $10437 | $10019 |
| **5/31/2018** | $10581 | $10435 | $10091 |
| **6/30/2018** | $10556 | $10471 | $10078 |
| **7/31/2018** | $10637 | $10588 | $10080 |
| **8/31/2018** | $10758 | $10665 | $10145 |
| **9/30/2018** | $10800 | $10727 | $10080 |
| **10/31/2018** | $10522 | $10551 | $10000 |
| **11/30/2018** | $10470 | $10456 | $10060 |
| **12/31/2018** | $10274 | $10226 | $10245 |
| **1/31/2019** | $10663 | $10696 | $10354 |
| **2/28/2019** | $10817 | $10877 | $10348 |
| **3/31/2019** | $10985 | $10983 | $10546 |
| **4/30/2019** | $11110 | $11137 | $10549 |
| **5/31/2019** | $11095 | $10995 | $10736 |
| **6/30/2019** | $11389 | $11265 | $10871 |
| **7/31/2019** | $11458 | $11323 | $10895 |
| **8/31/2019** | $11513 | $11367 | $11177 |
| **9/30/2019** | $11467 | $11403 | $11118 |
| **10/31/2019** | $11506 | $11429 | $11151 |
| **11/30/2019** | $11530 | $11461 | $11146 |
| **12/31/2019** | $11698 | $11700 | $11138 |
| **1/31/2020** | $11810 | $11701 | $11352 |
| **2/29/2020** | $11748 | $11519 | $11557 |
| **3/31/2020** | $10308 | $10164 | $11489 |
| **4/30/2020** | $10731 | $10550 | $11693 |
| **5/31/2020** | $11171 | $11029 | $11747 |
| **6/30/2020** | $11360 | $11133 | $11821 |
| **7/31/2020** | $11799 | $11662 | $11998 |
| **8/31/2020** | $11988 | $11778 | $11901 |
| **9/30/2020** | $11863 | $11656 | $11894 |
| **10/31/2020** | $11931 | $11709 | $11841 |
| **11/30/2020** | $12390 | $12178 | $11958 |
| **12/31/2020** | $12607 | $12411 | $11974 |
| **1/31/2021** | $12659 | $12458 | $11888 |
| **2/28/2021** | $12788 | $12502 | $11716 |
| **3/31/2021** | $12720 | $12524 | $11570 |
| **4/30/2021** | $12865 | $12661 | $11662 |
| **5/31/2021** | $12890 | $12697 | $11700 |
| **6/30/2021** | $13006 | $12870 | $11782 |
| **7/31/2021** | $13044 | $12915 | $11914 |
| **8/31/2021** | $13113 | $12987 | $11891 |
| **9/30/2021** | $13028 | $12992 | $11788 |
| **10/31/2021** | $13113 | $12967 | $11785 |
| **11/30/2021** | $13045 | $12833 | $11820 |
| **12/31/2021** | $13051 | $13074 | $11789 |
| **1/31/2022** | $12635 | $12716 | $11535 |
| **2/28/2022** | $12470 | $12602 | $11407 |
| **3/31/2022** | $12295 | $12486 | $11090 |
| **4/30/2022** | $11928 | $12033 | $10669 |
| **5/31/2022** | $11902 | $12062 | $10738 |
| **6/30/2022** | $11326 | $11240 | $10569 |
| **7/31/2022** | $11734 | $11917 | $10828 |
| **8/31/2022** | $11561 | $11634 | $10522 |
| **9/30/2022** | $11136 | $11167 | $10067 |
| **10/31/2022** | $11307 | $11486 | $9937 |
| **11/30/2022** | $11550 | $11702 | $10302 |
| **12/31/2022** | $11433 | $11615 | $10256 |
| **1/31/2023** | $11793 | $12069 | $10571 |
| **2/28/2023** | $11544 | $11915 | $10298 |
| **3/31/2023** | $11646 | $12048 | $10559 |
| **4/30/2023** | $11696 | $12166 | $10623 |
| **5/31/2023** | $11531 | $12051 | $10508 |
| **6/30/2023** | $11667 | $12248 | $10470 |
| **7/31/2023** | $11771 | $12424 | $10463 |
| **8/31/2023** | $11707 | $12461 | $10396 |
| **9/30/2023** | $11508 | $12316 | $10132 |
| **10/31/2023** | $11394 | $12163 | $9972 |
| **11/30/2023** | $11881 | $12718 | $10424 |
| **12/31/2023** | $12235 | $13189 | $10823 |
| **1/31/2024** | $12280 | $13192 | $10793 |
| **2/29/2024** | $12324 | $13231 | $10640 |
| **3/31/2024** | $12492 | $13390 | $10739 |
| **4/30/2024** | $12344 | $13257 | $10467 |
| **5/31/2024** | $12534 | $13408 | $10645 |
| **6/30/2024** | $12618 | $13539 | $10746 |
| **7/31/2024** | $12809 | $13805 | $10997 |
| **8/31/2024** | $13002 | $14025 | $11155 |
| **9/30/2024** | $13213 | $14255 | $11304 |
| **10/31/2024** | $13059 | $14178 | $11024 |
| **11/30/2024** | $13253 | $14341 | $11140 |
| **12/31/2024** | $13102 | $14280 | $10958 |
| **1/31/2025** | $13301 | $14478 | $11016 |
| **2/28/2025** | $13391 | $14573 | $11258 |
| **3/31/2025** | $13238 | $14418 | $11263 |
| **4/30/2025** | $13177 | $14419 | $11307 |
| **5/31/2025** | $13324 | $14662 | $11226 |
| **6/30/2025** | $13640 | $14935 | $11399 |
| **7/31/2025** | $13674 | $14996 | $11368 |
| **8/31/2025** | $13900 | $15180 | $11504 |
| **9/30/2025** | $14048 | $15297 | $11630 |
| **10/31/2025** | $14141 | $15328 | $11703 |
| **11/30/2025** | $14212 | $15405 | $11775 |
| **12/31/2025** | $14265 | $15507 | $11758 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 8.88% | 2.50% | 4.15% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 5.15% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 1.87% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class F3

# LBNOX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8952-F3

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class I

# LBNYX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.62%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4a0bcbfa4923d5f0f43831f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9797 | $9842 | $10138 |
| **2/29/2016** | $9784 | $9888 | $10210 |
| **3/31/2016** | $10169 | $10325 | $10303 |
| **4/30/2016** | $10431 | $10737 | $10343 |
| **5/31/2016** | $10501 | $10815 | $10345 |
| **6/30/2016** | $10614 | $10932 | $10531 |
| **7/31/2016** | $10895 | $11208 | $10598 |
| **8/31/2016** | $11068 | $11458 | $10586 |
| **9/30/2016** | $11127 | $11532 | $10580 |
| **10/31/2016** | $11085 | $11568 | $10499 |
| **11/30/2016** | $11116 | $11522 | $10250 |
| **12/31/2016** | $11262 | $11749 | $10265 |
| **1/31/2017** | $11420 | $11907 | $10285 |
| **2/28/2017** | $11580 | $12092 | $10354 |
| **3/31/2017** | $11568 | $12067 | $10349 |
| **4/30/2017** | $11684 | $12203 | $10428 |
| **5/31/2017** | $11787 | $12312 | $10509 |
| **6/30/2017** | $11801 | $12325 | $10498 |
| **7/31/2017** | $11976 | $12467 | $10543 |
| **8/31/2017** | $12005 | $12464 | $10638 |
| **9/30/2017** | $12107 | $12576 | $10587 |
| **10/31/2017** | $12224 | $12625 | $10593 |
| **11/30/2017** | $12251 | $12591 | $10580 |
| **12/31/2017** | $12325 | $12628 | $10628 |
| **1/31/2018** | $12428 | $12709 | $10506 |
| **2/28/2018** | $12278 | $12591 | $10406 |
| **3/31/2018** | $12189 | $12513 | $10473 |
| **4/30/2018** | $12189 | $12596 | $10395 |
| **5/31/2018** | $12221 | $12594 | $10469 |
| **6/30/2018** | $12191 | $12638 | $10456 |
| **7/31/2018** | $12283 | $12779 | $10459 |
| **8/31/2018** | $12439 | $12871 | $10526 |
| **9/30/2018** | $12471 | $12946 | $10458 |
| **10/31/2018** | $12148 | $12734 | $10376 |
| **11/30/2018** | $12088 | $12619 | $10438 |
| **12/31/2018** | $11860 | $12342 | $10629 |
| **1/31/2019** | $12310 | $12909 | $10742 |
| **2/28/2019** | $12487 | $13127 | $10736 |
| **3/31/2019** | $12680 | $13255 | $10942 |
| **4/30/2019** | $12824 | $13441 | $10945 |
| **5/31/2019** | $12805 | $13270 | $11139 |
| **6/30/2019** | $13145 | $13595 | $11279 |
| **7/31/2019** | $13223 | $13665 | $11304 |
| **8/31/2019** | $13285 | $13718 | $11597 |
| **9/30/2019** | $13232 | $13762 | $11535 |
| **10/31/2019** | $13276 | $13794 | $11570 |
| **11/30/2019** | $13304 | $13831 | $11564 |
| **12/31/2019** | $13497 | $14120 | $11556 |
| **1/31/2020** | $13625 | $14121 | $11778 |
| **2/29/2020** | $13553 | $13902 | $11990 |
| **3/31/2020** | $11888 | $12266 | $11920 |
| **4/30/2020** | $12376 | $12732 | $12132 |
| **5/31/2020** | $12883 | $13310 | $12188 |
| **6/30/2020** | $13100 | $13437 | $12265 |
| **7/31/2020** | $13607 | $14074 | $12448 |
| **8/31/2020** | $13841 | $14215 | $12348 |
| **9/30/2020** | $13679 | $14068 | $12341 |
| **10/31/2020** | $13757 | $14131 | $12286 |
| **11/30/2020** | $14285 | $14697 | $12406 |
| **12/31/2020** | $14535 | $14978 | $12423 |
| **1/31/2021** | $14594 | $15036 | $12334 |
| **2/28/2021** | $14743 | $15088 | $12156 |
| **3/31/2021** | $14663 | $15114 | $12005 |
| **4/30/2021** | $14830 | $15280 | $12099 |
| **5/31/2021** | $14875 | $15324 | $12139 |
| **6/30/2021** | $14991 | $15532 | $12224 |
| **7/31/2021** | $15034 | $15587 | $12361 |
| **8/31/2021** | $15113 | $15673 | $12337 |
| **9/30/2021** | $15014 | $15679 | $12230 |
| **10/31/2021** | $15111 | $15650 | $12227 |
| **11/30/2021** | $15049 | $15488 | $12263 |
| **12/31/2021** | $15038 | $15779 | $12232 |
| **1/31/2022** | $14556 | $15346 | $11968 |
| **2/28/2022** | $14383 | $15209 | $11835 |
| **3/31/2022** | $14162 | $15070 | $11506 |
| **4/30/2022** | $13738 | $14522 | $11069 |
| **5/31/2022** | $13707 | $14557 | $11141 |
| **6/30/2022** | $13042 | $13565 | $10966 |
| **7/31/2022** | $13530 | $14383 | $11234 |
| **8/31/2022** | $13311 | $14041 | $10917 |
| **9/30/2022** | $12819 | $13478 | $10445 |
| **10/31/2022** | $13035 | $13862 | $10310 |
| **11/30/2022** | $13295 | $14122 | $10689 |
| **12/31/2022** | $13160 | $14018 | $10641 |
| **1/31/2023** | $13573 | $14566 | $10968 |
| **2/28/2023** | $13304 | $14380 | $10684 |
| **3/31/2023** | $13402 | $14540 | $10956 |
| **4/30/2023** | $13460 | $14683 | $11022 |
| **5/31/2023** | $13268 | $14544 | $10902 |
| **6/30/2023** | $13443 | $14782 | $10863 |
| **7/31/2023** | $13562 | $14994 | $10856 |
| **8/31/2023** | $13468 | $15039 | $10786 |
| **9/30/2023** | $13257 | $14863 | $10512 |
| **10/31/2023** | $13105 | $14679 | $10346 |
| **11/30/2023** | $13665 | $15350 | $10815 |
| **12/31/2023** | $14091 | $15917 | $11229 |
| **1/31/2024** | $14141 | $15921 | $11198 |
| **2/29/2024** | $14170 | $15968 | $11040 |
| **3/31/2024** | $14383 | $16160 | $11142 |
| **4/30/2024** | $14212 | $15999 | $10860 |
| **5/31/2024** | $14409 | $16182 | $11044 |
| **6/30/2024** | $14504 | $16339 | $11149 |
| **7/31/2024** | $14723 | $16661 | $11409 |
| **8/31/2024** | $14944 | $16927 | $11573 |
| **9/30/2024** | $15186 | $17204 | $11728 |
| **10/31/2024** | $15007 | $17110 | $11437 |
| **11/30/2024** | $15230 | $17308 | $11558 |
| **12/31/2024** | $15076 | $17234 | $11369 |
| **1/31/2025** | $15282 | $17473 | $11430 |
| **2/28/2025** | $15384 | $17588 | $11681 |
| **3/31/2025** | $15206 | $17400 | $11685 |
| **4/30/2025** | $15135 | $17402 | $11731 |
| **5/31/2025** | $15303 | $17695 | $11647 |
| **6/30/2025** | $15665 | $18025 | $11826 |
| **7/31/2025** | $15703 | $18098 | $11795 |
| **8/31/2025** | $15983 | $18320 | $11936 |
| **9/30/2025** | $16130 | $18461 | $12067 |
| **10/31/2025** | $16257 | $18499 | $12142 |
| **11/30/2025** | $16315 | $18592 | $12217 |
| **12/31/2025** | $16375 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 8.62% | 2.41% | 5.06% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class I

# LBNYX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-688-I

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class P

# LBNPX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $106 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.22%, reflecting performance at the net asset value (NAV) of Class P shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia2e38bd81d793fb6e491b10e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9788 | $9842 | $10138 |
| **2/29/2016** | $9775 | $9888 | $10210 |
| **3/31/2016** | $10148 | $10325 | $10303 |
| **4/30/2016** | $10415 | $10737 | $10343 |
| **5/31/2016** | $10483 | $10815 | $10345 |
| **6/30/2016** | $10605 | $10932 | $10531 |
| **7/31/2016** | $10876 | $11208 | $10598 |
| **8/31/2016** | $11043 | $11458 | $10586 |
| **9/30/2016** | $11099 | $11532 | $10580 |
| **10/31/2016** | $11057 | $11568 | $10499 |
| **11/30/2016** | $11086 | $11522 | $10250 |
| **12/31/2016** | $11227 | $11749 | $10265 |
| **1/31/2017** | $11393 | $11907 | $10285 |
| **2/28/2017** | $11533 | $12092 | $10354 |
| **3/31/2017** | $11520 | $12067 | $10349 |
| **4/30/2017** | $11646 | $12203 | $10428 |
| **5/31/2017** | $11731 | $12312 | $10509 |
| **6/30/2017** | $11758 | $12325 | $10498 |
| **7/31/2017** | $11912 | $12467 | $10543 |
| **8/31/2017** | $11953 | $12464 | $10638 |
| **9/30/2017** | $12051 | $12576 | $10587 |
| **10/31/2017** | $12162 | $12625 | $10593 |
| **11/30/2017** | $12187 | $12591 | $10580 |
| **12/31/2017** | $12257 | $12628 | $10628 |
| **1/31/2018** | $12371 | $12709 | $10506 |
| **2/28/2018** | $12210 | $12591 | $10406 |
| **3/31/2018** | $12123 | $12513 | $10473 |
| **4/30/2018** | $12107 | $12596 | $10395 |
| **5/31/2018** | $12151 | $12594 | $10469 |
| **6/30/2018** | $12119 | $12638 | $10456 |
| **7/31/2018** | $12205 | $12779 | $10459 |
| **8/31/2018** | $12337 | $12871 | $10526 |
| **9/30/2018** | $12380 | $12946 | $10458 |
| **10/31/2018** | $12050 | $12734 | $10376 |
| **11/30/2018** | $11989 | $12619 | $10438 |
| **12/31/2018** | $11767 | $12342 | $10629 |
| **1/31/2019** | $12196 | $12909 | $10742 |
| **2/28/2019** | $12364 | $13127 | $10736 |
| **3/31/2019** | $12562 | $13255 | $10942 |
| **4/30/2019** | $12697 | $13441 | $10945 |
| **5/31/2019** | $12676 | $13270 | $11139 |
| **6/30/2019** | $12999 | $13595 | $11279 |
| **7/31/2019** | $13071 | $13665 | $11304 |
| **8/31/2019** | $13143 | $13718 | $11597 |
| **9/30/2019** | $13072 | $13762 | $11535 |
| **10/31/2019** | $13111 | $13794 | $11570 |
| **11/30/2019** | $13134 | $13831 | $11564 |
| **12/31/2019** | $13315 | $14120 | $11556 |
| **1/31/2020** | $13451 | $14121 | $11778 |
| **2/29/2020** | $13362 | $13902 | $11990 |
| **3/31/2020** | $11715 | $12266 | $11920 |
| **4/30/2020** | $12196 | $12732 | $12132 |
| **5/31/2020** | $12694 | $13310 | $12188 |
| **6/30/2020** | $12899 | $13437 | $12265 |
| **7/31/2020** | $13396 | $14074 | $12448 |
| **8/31/2020** | $13617 | $14215 | $12348 |
| **9/30/2020** | $13458 | $14068 | $12341 |
| **10/31/2020** | $13529 | $14131 | $12286 |
| **11/30/2020** | $14046 | $14697 | $12406 |
| **12/31/2020** | $14281 | $14978 | $12423 |
| **1/31/2021** | $14333 | $15036 | $12334 |
| **2/28/2021** | $14471 | $15088 | $12156 |
| **3/31/2021** | $14391 | $15114 | $12005 |
| **4/30/2021** | $14546 | $15280 | $12099 |
| **5/31/2021** | $14585 | $15324 | $12139 |
| **6/30/2021** | $14691 | $15532 | $12224 |
| **7/31/2021** | $14728 | $15587 | $12361 |
| **8/31/2021** | $14799 | $15673 | $12337 |
| **9/30/2021** | $14701 | $15679 | $12230 |
| **10/31/2021** | $14805 | $15650 | $12227 |
| **11/30/2021** | $14725 | $15488 | $12263 |
| **12/31/2021** | $14710 | $15779 | $12232 |
| **1/31/2022** | $14230 | $15346 | $11968 |
| **2/28/2022** | $14045 | $15209 | $11835 |
| **3/31/2022** | $13831 | $15070 | $11506 |
| **4/30/2022** | $13425 | $14522 | $11069 |
| **5/31/2022** | $13392 | $14557 | $11141 |
| **6/30/2022** | $12740 | $13565 | $10966 |
| **7/31/2022** | $13199 | $14383 | $11234 |
| **8/31/2022** | $12988 | $14041 | $10917 |
| **9/30/2022** | $12501 | $13478 | $10445 |
| **10/31/2022** | $12702 | $13862 | $10310 |
| **11/30/2022** | $12963 | $14122 | $10689 |
| **12/31/2022** | $12814 | $14018 | $10641 |
| **1/31/2023** | $13220 | $14566 | $10968 |
| **2/28/2023** | $12944 | $14380 | $10684 |
| **3/31/2023** | $13033 | $14540 | $10956 |
| **4/30/2023** | $13085 | $14683 | $11022 |
| **5/31/2023** | $12900 | $14544 | $10902 |
| **6/30/2023** | $13063 | $14782 | $10863 |
| **7/31/2023** | $13171 | $14994 | $10856 |
| **8/31/2023** | $13080 | $15039 | $10786 |
| **9/30/2023** | $12858 | $14863 | $10512 |
| **10/31/2023** | $12712 | $14679 | $10346 |
| **11/30/2023** | $13255 | $15350 | $10815 |
| **12/31/2023** | $13654 | $15917 | $11229 |
| **1/31/2024** | $13698 | $15921 | $11198 |
| **2/29/2024** | $13741 | $15968 | $11040 |
| **3/31/2024** | $13919 | $16160 | $11142 |
| **4/30/2024** | $13755 | $15999 | $10860 |
| **5/31/2024** | $13957 | $16182 | $11044 |
| **6/30/2024** | $14023 | $16339 | $11149 |
| **7/31/2024** | $14246 | $16661 | $11409 |
| **8/31/2024** | $14449 | $16927 | $11573 |
| **9/30/2024** | $14673 | $17204 | $11728 |
| **10/31/2024** | $14483 | $17110 | $11437 |
| **11/30/2024** | $14708 | $17308 | $11558 |
| **12/31/2024** | $14540 | $17234 | $11369 |
| **1/31/2025** | $14750 | $17473 | $11430 |
| **2/28/2025** | $14842 | $17588 | $11681 |
| **3/31/2025** | $14673 | $17400 | $11685 |
| **4/30/2025** | $14583 | $17402 | $11731 |
| **5/31/2025** | $14736 | $17695 | $11647 |
| **6/30/2025** | $15093 | $18025 | $11826 |
| **7/31/2025** | $15124 | $18098 | $11795 |
| **8/31/2025** | $15362 | $18320 | $11936 |
| **9/30/2025** | $15517 | $18461 | $12067 |
| **10/31/2025** | $15632 | $18499 | $12142 |
| **11/30/2025** | $15683 | $18592 | $12217 |
| **12/31/2025** | $15735 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class P at NAV | 8.22% | 1.96% | 4.64% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class P

# LBNPX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-698-P

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class R2

# LBNQX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $123 | 1.18% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.11%, reflecting performance at the net asset value (NAV) of Class R2 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i999f050fd699f27448a52a17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R2** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9793 | $9842 | $10138 |
| **2/29/2016** | $9776 | $9888 | $10210 |
| **3/31/2016** | $10154 | $10325 | $10303 |
| **4/30/2016** | $10409 | $10737 | $10343 |
| **5/31/2016** | $10474 | $10815 | $10345 |
| **6/30/2016** | $10581 | $10932 | $10531 |
| **7/31/2016** | $10867 | $11208 | $10598 |
| **8/31/2016** | $11020 | $11458 | $10586 |
| **9/30/2016** | $11073 | $11532 | $10580 |
| **10/31/2016** | $11026 | $11568 | $10499 |
| **11/30/2016** | $11052 | $11522 | $10250 |
| **12/31/2016** | $11191 | $11749 | $10265 |
| **1/31/2017** | $11356 | $11907 | $10285 |
| **2/28/2017** | $11495 | $12092 | $10354 |
| **3/31/2017** | $11478 | $12067 | $10349 |
| **4/30/2017** | $11601 | $12203 | $10428 |
| **5/31/2017** | $11683 | $12312 | $10509 |
| **6/30/2017** | $11706 | $12325 | $10498 |
| **7/31/2017** | $11859 | $12467 | $10543 |
| **8/31/2017** | $11882 | $12464 | $10638 |
| **9/30/2017** | $11991 | $12576 | $10587 |
| **10/31/2017** | $12100 | $12625 | $10593 |
| **11/30/2017** | $12107 | $12591 | $10580 |
| **12/31/2017** | $12173 | $12628 | $10628 |
| **1/31/2018** | $12284 | $12709 | $10506 |
| **2/28/2018** | $12116 | $12591 | $10406 |
| **3/31/2018** | $12038 | $12513 | $10473 |
| **4/30/2018** | $12017 | $12596 | $10395 |
| **5/31/2018** | $12058 | $12594 | $10469 |
| **6/30/2018** | $12023 | $12638 | $10456 |
| **7/31/2018** | $12107 | $12779 | $10459 |
| **8/31/2018** | $12239 | $12871 | $10526 |
| **9/30/2018** | $12280 | $12946 | $10458 |
| **10/31/2018** | $11958 | $12734 | $10376 |
| **11/30/2018** | $11878 | $12619 | $10438 |
| **12/31/2018** | $11666 | $12342 | $10629 |
| **1/31/2019** | $12099 | $12909 | $10742 |
| **2/28/2019** | $12266 | $13127 | $10736 |
| **3/31/2019** | $12449 | $13255 | $10942 |
| **4/30/2019** | $12584 | $13441 | $10945 |
| **5/31/2019** | $12559 | $13270 | $11139 |
| **6/30/2019** | $12884 | $13595 | $11279 |
| **7/31/2019** | $12955 | $13665 | $11304 |
| **8/31/2019** | $13009 | $13718 | $11597 |
| **9/30/2019** | $12951 | $13762 | $11535 |
| **10/31/2019** | $12988 | $13794 | $11570 |
| **11/30/2019** | $12992 | $13831 | $11564 |
| **12/31/2019** | $13174 | $14120 | $11556 |
| **1/31/2020** | $13308 | $14121 | $11778 |
| **2/29/2020** | $13232 | $13902 | $11990 |
| **3/31/2020** | $11595 | $12266 | $11920 |
| **4/30/2020** | $12063 | $12732 | $12132 |
| **5/31/2020** | $12548 | $13310 | $12188 |
| **6/30/2020** | $12753 | $13437 | $12265 |
| **7/31/2020** | $13253 | $14074 | $12448 |
| **8/31/2020** | $13457 | $14215 | $12348 |
| **9/30/2020** | $13311 | $14068 | $12341 |
| **10/31/2020** | $13379 | $14131 | $12286 |
| **11/30/2020** | $13884 | $14697 | $12406 |
| **12/31/2020** | $14118 | $14978 | $12423 |
| **1/31/2021** | $14168 | $15036 | $12334 |
| **2/28/2021** | $14306 | $15088 | $12156 |
| **3/31/2021** | $14222 | $15114 | $12005 |
| **4/30/2021** | $14375 | $15280 | $12099 |
| **5/31/2021** | $14396 | $15324 | $12139 |
| **6/30/2021** | $14517 | $15532 | $12224 |
| **7/31/2021** | $14552 | $15587 | $12361 |
| **8/31/2021** | $14621 | $15673 | $12337 |
| **9/30/2021** | $14519 | $15679 | $12230 |
| **10/31/2021** | $14605 | $15650 | $12227 |
| **11/30/2021** | $14521 | $15488 | $12263 |
| **12/31/2021** | $14521 | $15779 | $12232 |
| **1/31/2022** | $14051 | $15346 | $11968 |
| **2/28/2022** | $13862 | $15209 | $11835 |
| **3/31/2022** | $13643 | $15070 | $11506 |
| **4/30/2022** | $13248 | $14522 | $11069 |
| **5/31/2022** | $13211 | $14557 | $11141 |
| **6/30/2022** | $12569 | $13565 | $10966 |
| **7/31/2022** | $13012 | $14383 | $11234 |
| **8/31/2022** | $12814 | $14041 | $10917 |
| **9/30/2022** | $12320 | $13478 | $10445 |
| **10/31/2022** | $12520 | $13862 | $10310 |
| **11/30/2022** | $12781 | $14122 | $10689 |
| **12/31/2022** | $12628 | $14018 | $10641 |
| **1/31/2023** | $13016 | $14566 | $10968 |
| **2/28/2023** | $12754 | $14380 | $10684 |
| **3/31/2023** | $12841 | $14540 | $10956 |
| **4/30/2023** | $12890 | $14683 | $11022 |
| **5/31/2023** | $12701 | $14544 | $10902 |
| **6/30/2023** | $12862 | $14782 | $10863 |
| **7/31/2023** | $12969 | $14994 | $10856 |
| **8/31/2023** | $12873 | $15039 | $10786 |
| **9/30/2023** | $12666 | $14863 | $10512 |
| **10/31/2023** | $12516 | $14679 | $10346 |
| **11/30/2023** | $13041 | $15350 | $10815 |
| **12/31/2023** | $13440 | $15917 | $11229 |
| **1/31/2024** | $13481 | $15921 | $11198 |
| **2/29/2024** | $13502 | $15968 | $11040 |
| **3/31/2024** | $13698 | $16160 | $11142 |
| **4/30/2024** | $13529 | $15999 | $10860 |
| **5/31/2024** | $13709 | $16182 | $11044 |
| **6/30/2024** | $13793 | $16339 | $11149 |
| **7/31/2024** | $13993 | $16661 | $11409 |
| **8/31/2024** | $14215 | $16927 | $11573 |
| **9/30/2024** | $14417 | $17204 | $11728 |
| **10/31/2024** | $14242 | $17110 | $11437 |
| **11/30/2024** | $14465 | $17308 | $11558 |
| **12/31/2024** | $14293 | $17234 | $11369 |
| **1/31/2025** | $14500 | $17473 | $11430 |
| **2/28/2025** | $14570 | $17588 | $11681 |
| **3/31/2025** | $14396 | $17400 | $11685 |
| **4/30/2025** | $14323 | $17402 | $11731 |
| **5/31/2025** | $14473 | $17695 | $11647 |
| **6/30/2025** | $14807 | $18025 | $11826 |
| **7/31/2025** | $14835 | $18098 | $11795 |
| **8/31/2025** | $15092 | $18320 | $11936 |
| **9/30/2025** | $15223 | $18461 | $12067 |
| **10/31/2025** | $15334 | $18499 | $12142 |
| **11/30/2025** | $15382 | $18592 | $12217 |
| **12/31/2025** | $15452 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R2 at NAV | 8.11% | 1.82% | 4.45% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class R2

# LBNQX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1043-R2

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class R3

# LBNRX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $112 | 1.08% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.07%, reflecting performance at the net asset value (NAV) of Class R3 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic90300516d09f50044e74dfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R3** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9794 | $9842 | $10138 |
| **2/29/2016** | $9777 | $9888 | $10210 |
| **3/31/2016** | $10143 | $10325 | $10303 |
| **4/30/2016** | $10413 | $10737 | $10343 |
| **5/31/2016** | $10479 | $10815 | $10345 |
| **6/30/2016** | $10587 | $10932 | $10531 |
| **7/31/2016** | $10861 | $11208 | $10598 |
| **8/31/2016** | $11029 | $11458 | $10586 |
| **9/30/2016** | $11083 | $11532 | $10580 |
| **10/31/2016** | $11037 | $11568 | $10499 |
| **11/30/2016** | $11063 | $11522 | $10250 |
| **12/31/2016** | $11203 | $11749 | $10265 |
| **1/31/2017** | $11356 | $11907 | $10285 |
| **2/28/2017** | $11510 | $12092 | $10354 |
| **3/31/2017** | $11493 | $12067 | $10349 |
| **4/30/2017** | $11604 | $12203 | $10428 |
| **5/31/2017** | $11702 | $12312 | $10509 |
| **6/30/2017** | $11712 | $12325 | $10498 |
| **7/31/2017** | $11880 | $12467 | $10543 |
| **8/31/2017** | $11904 | $12464 | $10638 |
| **9/30/2017** | $12000 | $12576 | $10587 |
| **10/31/2017** | $12110 | $12625 | $10593 |
| **11/30/2017** | $12132 | $12591 | $10580 |
| **12/31/2017** | $12200 | $12628 | $10628 |
| **1/31/2018** | $12312 | $12709 | $10506 |
| **2/28/2018** | $12145 | $12591 | $10406 |
| **3/31/2018** | $12067 | $12513 | $10473 |
| **4/30/2018** | $12047 | $12596 | $10395 |
| **5/31/2018** | $12074 | $12594 | $10469 |
| **6/30/2018** | $12040 | $12638 | $10456 |
| **7/31/2018** | $12126 | $12779 | $10459 |
| **8/31/2018** | $12274 | $12871 | $10526 |
| **9/30/2018** | $12301 | $12946 | $10458 |
| **10/31/2018** | $11979 | $12734 | $10376 |
| **11/30/2018** | $11915 | $12619 | $10438 |
| **12/31/2018** | $11687 | $12342 | $10629 |
| **1/31/2019** | $12123 | $12909 | $10742 |
| **2/28/2019** | $12292 | $13127 | $10736 |
| **3/31/2019** | $12476 | $13255 | $10942 |
| **4/30/2019** | $12613 | $13441 | $10945 |
| **5/31/2019** | $12589 | $13270 | $11139 |
| **6/30/2019** | $12917 | $13595 | $11279 |
| **7/31/2019** | $12988 | $13665 | $11304 |
| **8/31/2019** | $13060 | $13718 | $11597 |
| **9/30/2019** | $12987 | $13762 | $11535 |
| **10/31/2019** | $13025 | $13794 | $11570 |
| **11/30/2019** | $13046 | $13831 | $11564 |
| **12/31/2019** | $13230 | $14120 | $11556 |
| **1/31/2020** | $13366 | $14121 | $11778 |
| **2/29/2020** | $13274 | $13902 | $11990 |
| **3/31/2020** | $11645 | $12266 | $11920 |
| **4/30/2020** | $12117 | $12732 | $12132 |
| **5/31/2020** | $12606 | $13310 | $12188 |
| **6/30/2020** | $12813 | $13437 | $12265 |
| **7/31/2020** | $13301 | $14074 | $12448 |
| **8/31/2020** | $13523 | $14215 | $12348 |
| **9/30/2020** | $13361 | $14068 | $12341 |
| **10/31/2020** | $13431 | $14131 | $12286 |
| **11/30/2020** | $13939 | $14697 | $12406 |
| **12/31/2020** | $14176 | $14978 | $12423 |
| **1/31/2021** | $14245 | $15036 | $12334 |
| **2/28/2021** | $14367 | $15088 | $12156 |
| **3/31/2021** | $14301 | $15114 | $12005 |
| **4/30/2021** | $14440 | $15280 | $12099 |
| **5/31/2021** | $14479 | $15324 | $12139 |
| **6/30/2021** | $14585 | $15532 | $12224 |
| **7/31/2021** | $14621 | $15587 | $12361 |
| **8/31/2021** | $14692 | $15673 | $12337 |
| **9/30/2021** | $14590 | $15679 | $12230 |
| **10/31/2021** | $14695 | $15650 | $12227 |
| **11/30/2021** | $14612 | $15488 | $12263 |
| **12/31/2021** | $14612 | $15779 | $12232 |
| **1/31/2022** | $14123 | $15346 | $11968 |
| **2/28/2022** | $13951 | $15209 | $11835 |
| **3/31/2022** | $13732 | $15070 | $11506 |
| **4/30/2022** | $13316 | $14522 | $11069 |
| **5/31/2022** | $13281 | $14557 | $11141 |
| **6/30/2022** | $12635 | $13565 | $10966 |
| **7/31/2022** | $13082 | $14383 | $11234 |
| **8/31/2022** | $12883 | $14041 | $10917 |
| **9/30/2022** | $12404 | $13478 | $10445 |
| **10/31/2022** | $12607 | $13862 | $10310 |
| **11/30/2022** | $12853 | $14122 | $10689 |
| **12/31/2022** | $12717 | $14018 | $10641 |
| **1/31/2023** | $13110 | $14566 | $10968 |
| **2/28/2023** | $12828 | $14380 | $10684 |
| **3/31/2023** | $12935 | $14540 | $10956 |
| **4/30/2023** | $12985 | $14683 | $11022 |
| **5/31/2023** | $12796 | $14544 | $10902 |
| **6/30/2023** | $12941 | $14782 | $10863 |
| **7/31/2023** | $13068 | $14994 | $10856 |
| **8/31/2023** | $12973 | $15039 | $10786 |
| **9/30/2023** | $12746 | $14863 | $10512 |
| **10/31/2023** | $12614 | $14679 | $10346 |
| **11/30/2023** | $13146 | $15350 | $10815 |
| **12/31/2023** | $13549 | $15917 | $11229 |
| **1/31/2024** | $13591 | $15921 | $11198 |
| **2/29/2024** | $13614 | $15968 | $11040 |
| **3/31/2024** | $13793 | $16160 | $11142 |
| **4/30/2024** | $13624 | $15999 | $10860 |
| **5/31/2024** | $13826 | $16182 | $11044 |
| **6/30/2024** | $13912 | $16339 | $11149 |
| **7/31/2024** | $14115 | $16661 | $11409 |
| **8/31/2024** | $14320 | $16927 | $11573 |
| **9/30/2024** | $14545 | $17204 | $11728 |
| **10/31/2024** | $14369 | $17110 | $11437 |
| **11/30/2024** | $14576 | $17308 | $11558 |
| **12/31/2024** | $14423 | $17234 | $11369 |
| **1/31/2025** | $14614 | $17473 | $11430 |
| **2/28/2025** | $14706 | $17588 | $11681 |
| **3/31/2025** | $14531 | $17400 | $11685 |
| **4/30/2025** | $14458 | $17402 | $11731 |
| **5/31/2025** | $14611 | $17695 | $11647 |
| **6/30/2025** | $14950 | $18025 | $11826 |
| **7/31/2025** | $14980 | $18098 | $11795 |
| **8/31/2025** | $15219 | $18320 | $11936 |
| **9/30/2025** | $15374 | $18461 | $12067 |
| **10/31/2025** | $15488 | $18499 | $12142 |
| **11/30/2025** | $15537 | $18592 | $12217 |
| **12/31/2025** | $15588 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R3 at NAV | 8.07% | 1.92% | 4.54% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class R3

# LBNRX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2048-R3

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class R4

# LBNSX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $87 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.49%, reflecting performance at the net asset value (NAV) of Class R4 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i49d31a85f2f09c0029c3f0f2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9796 | $9842 | $10138 |
| **2/29/2016** | $9782 | $9888 | $10210 |
| **3/31/2016** | $10162 | $10325 | $10303 |
| **4/30/2016** | $10420 | $10737 | $10343 |
| **5/31/2016** | $10489 | $10815 | $10345 |
| **6/30/2016** | $10599 | $10932 | $10531 |
| **7/31/2016** | $10889 | $11208 | $10598 |
| **8/31/2016** | $11060 | $11458 | $10586 |
| **9/30/2016** | $11101 | $11532 | $10580 |
| **10/31/2016** | $11072 | $11568 | $10499 |
| **11/30/2016** | $11086 | $11522 | $10250 |
| **12/31/2016** | $11229 | $11749 | $10265 |
| **1/31/2017** | $11398 | $11907 | $10285 |
| **2/28/2017** | $11540 | $12092 | $10354 |
| **3/31/2017** | $11541 | $12067 | $10349 |
| **4/30/2017** | $11654 | $12203 | $10428 |
| **5/31/2017** | $11740 | $12312 | $10509 |
| **6/30/2017** | $11766 | $12325 | $10498 |
| **7/31/2017** | $11923 | $12467 | $10543 |
| **8/31/2017** | $11950 | $12464 | $10638 |
| **9/30/2017** | $12063 | $12576 | $10587 |
| **10/31/2017** | $12176 | $12625 | $10593 |
| **11/30/2017** | $12187 | $12591 | $10580 |
| **12/31/2017** | $12257 | $12628 | $10628 |
| **1/31/2018** | $12372 | $12709 | $10506 |
| **2/28/2018** | $12207 | $12591 | $10406 |
| **3/31/2018** | $12132 | $12513 | $10473 |
| **4/30/2018** | $12114 | $12596 | $10395 |
| **5/31/2018** | $12159 | $12594 | $10469 |
| **6/30/2018** | $12127 | $12638 | $10456 |
| **7/31/2018** | $12216 | $12779 | $10459 |
| **8/31/2018** | $12352 | $12871 | $10526 |
| **9/30/2018** | $12397 | $12946 | $10458 |
| **10/31/2018** | $12076 | $12734 | $10376 |
| **11/30/2018** | $12015 | $12619 | $10438 |
| **12/31/2018** | $11788 | $12342 | $10629 |
| **1/31/2019** | $12229 | $12909 | $10742 |
| **2/28/2019** | $12402 | $13127 | $10736 |
| **3/31/2019** | $12590 | $13255 | $10942 |
| **4/30/2019** | $12730 | $13441 | $10945 |
| **5/31/2019** | $12709 | $13270 | $11139 |
| **6/30/2019** | $13042 | $13595 | $11279 |
| **7/31/2019** | $13117 | $13665 | $11304 |
| **8/31/2019** | $13176 | $13718 | $11597 |
| **9/30/2019** | $13120 | $13762 | $11535 |
| **10/31/2019** | $13162 | $13794 | $11570 |
| **11/30/2019** | $13186 | $13831 | $11564 |
| **12/31/2019** | $13374 | $14120 | $11556 |
| **1/31/2020** | $13498 | $14121 | $11778 |
| **2/29/2020** | $13424 | $13902 | $11990 |
| **3/31/2020** | $11767 | $12266 | $11920 |
| **4/30/2020** | $12246 | $12732 | $12132 |
| **5/31/2020** | $12742 | $13310 | $12188 |
| **6/30/2020** | $12954 | $13437 | $12265 |
| **7/31/2020** | $13466 | $14074 | $12448 |
| **8/31/2020** | $13677 | $14215 | $12348 |
| **9/30/2020** | $13532 | $14068 | $12341 |
| **10/31/2020** | $13606 | $14131 | $12286 |
| **11/30/2020** | $14123 | $14697 | $12406 |
| **12/31/2020** | $14365 | $14978 | $12423 |
| **1/31/2021** | $14421 | $15036 | $12334 |
| **2/28/2021** | $14565 | $15088 | $12156 |
| **3/31/2021** | $14484 | $15114 | $12005 |
| **4/30/2021** | $14644 | $15280 | $12099 |
| **5/31/2021** | $14669 | $15324 | $12139 |
| **6/30/2021** | $14797 | $15532 | $12224 |
| **7/31/2021** | $14837 | $15587 | $12361 |
| **8/31/2021** | $14912 | $15673 | $12337 |
| **9/30/2021** | $14812 | $15679 | $12230 |
| **10/31/2021** | $14904 | $15650 | $12227 |
| **11/30/2021** | $14840 | $15488 | $12263 |
| **12/31/2021** | $14826 | $15779 | $12232 |
| **1/31/2022** | $14351 | $15346 | $11968 |
| **2/28/2022** | $14162 | $15209 | $11835 |
| **3/31/2022** | $13943 | $15070 | $11506 |
| **4/30/2022** | $13542 | $14522 | $11069 |
| **5/31/2022** | $13509 | $14557 | $11141 |
| **6/30/2022** | $12857 | $13565 | $10966 |
| **7/31/2022** | $13313 | $14383 | $11234 |
| **8/31/2022** | $13114 | $14041 | $10917 |
| **9/30/2022** | $12613 | $13478 | $10445 |
| **10/31/2022** | $12822 | $13862 | $10310 |
| **11/30/2022** | $13092 | $14122 | $10689 |
| **12/31/2022** | $12939 | $14018 | $10641 |
| **1/31/2023** | $13341 | $14566 | $10968 |
| **2/28/2023** | $13076 | $14380 | $10684 |
| **3/31/2023** | $13169 | $14540 | $10956 |
| **4/30/2023** | $13241 | $14683 | $11022 |
| **5/31/2023** | $13033 | $14544 | $10902 |
| **6/30/2023** | $13202 | $14782 | $10863 |
| **7/31/2023** | $13316 | $14994 | $10856 |
| **8/31/2023** | $13221 | $15039 | $10786 |
| **9/30/2023** | $13013 | $14863 | $10512 |
| **10/31/2023** | $12862 | $14679 | $10346 |
| **11/30/2023** | $13406 | $15350 | $10815 |
| **12/31/2023** | $13819 | $15917 | $11229 |
| **1/31/2024** | $13866 | $15921 | $11198 |
| **2/29/2024** | $13911 | $15968 | $11040 |
| **3/31/2024** | $14097 | $16160 | $11142 |
| **4/30/2024** | $13927 | $15999 | $10860 |
| **5/31/2024** | $14137 | $16182 | $11044 |
| **6/30/2024** | $14207 | $16339 | $11149 |
| **7/31/2024** | $14418 | $16661 | $11409 |
| **8/31/2024** | $14650 | $16927 | $11573 |
| **9/30/2024** | $14883 | $17204 | $11728 |
| **10/31/2024** | $14686 | $17110 | $11437 |
| **11/30/2024** | $14920 | $17308 | $11558 |
| **12/31/2024** | $14747 | $17234 | $11369 |
| **1/31/2025** | $14966 | $17473 | $11430 |
| **2/28/2025** | $15063 | $17588 | $11681 |
| **3/31/2025** | $14867 | $17400 | $11685 |
| **4/30/2025** | $14795 | $17402 | $11731 |
| **5/31/2025** | $14955 | $17695 | $11647 |
| **6/30/2025** | $15305 | $18025 | $11826 |
| **7/31/2025** | $15338 | $18098 | $11795 |
| **8/31/2025** | $15608 | $18320 | $11936 |
| **9/30/2025** | $15770 | $18461 | $12067 |
| **10/31/2025** | $15868 | $18499 | $12142 |
| **11/30/2025** | $15944 | $18592 | $12217 |
| **12/31/2025** | $15999 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R4 at NAV | 8.49% | 2.18% | 4.81% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class R4

# LBNSX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8701-R4

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class R5

# LBNTX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.62%, reflecting performance at the net asset value (NAV) of Class R5 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if9d064582d3473cdaac76bee.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R5** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9797 | $9842 | $10138 |
| **2/29/2016** | $9784 | $9888 | $10210 |
| **3/31/2016** | $10169 | $10325 | $10303 |
| **4/30/2016** | $10444 | $10737 | $10343 |
| **5/31/2016** | $10501 | $10815 | $10345 |
| **6/30/2016** | $10628 | $10932 | $10531 |
| **7/31/2016** | $10909 | $11208 | $10598 |
| **8/31/2016** | $11082 | $11458 | $10586 |
| **9/30/2016** | $11127 | $11532 | $10580 |
| **10/31/2016** | $11099 | $11568 | $10499 |
| **11/30/2016** | $11130 | $11522 | $10250 |
| **12/31/2016** | $11262 | $11749 | $10265 |
| **1/31/2017** | $11435 | $11907 | $10285 |
| **2/28/2017** | $11595 | $12092 | $10354 |
| **3/31/2017** | $11583 | $12067 | $10349 |
| **4/30/2017** | $11699 | $12203 | $10428 |
| **5/31/2017** | $11788 | $12312 | $10509 |
| **6/30/2017** | $11817 | $12325 | $10498 |
| **7/31/2017** | $11978 | $12467 | $10543 |
| **8/31/2017** | $12022 | $12464 | $10638 |
| **9/30/2017** | $12124 | $12576 | $10587 |
| **10/31/2017** | $12240 | $12625 | $10593 |
| **11/30/2017** | $12268 | $12591 | $10580 |
| **12/31/2017** | $12327 | $12628 | $10628 |
| **1/31/2018** | $12446 | $12709 | $10506 |
| **2/28/2018** | $12295 | $12591 | $10406 |
| **3/31/2018** | $12207 | $12513 | $10473 |
| **4/30/2018** | $12207 | $12596 | $10395 |
| **5/31/2018** | $12239 | $12594 | $10469 |
| **6/30/2018** | $12209 | $12638 | $10456 |
| **7/31/2018** | $12302 | $12779 | $10459 |
| **8/31/2018** | $12457 | $12871 | $10526 |
| **9/30/2018** | $12490 | $12946 | $10458 |
| **10/31/2018** | $12167 | $12734 | $10376 |
| **11/30/2018** | $12107 | $12619 | $10438 |
| **12/31/2018** | $11879 | $12342 | $10629 |
| **1/31/2019** | $12328 | $12909 | $10742 |
| **2/28/2019** | $12506 | $13127 | $10736 |
| **3/31/2019** | $12699 | $13255 | $10942 |
| **4/30/2019** | $12843 | $13441 | $10945 |
| **5/31/2019** | $12824 | $13270 | $11139 |
| **6/30/2019** | $13164 | $13595 | $11279 |
| **7/31/2019** | $13243 | $13665 | $11304 |
| **8/31/2019** | $13306 | $13718 | $11597 |
| **9/30/2019** | $13252 | $13762 | $11535 |
| **10/31/2019** | $13297 | $13794 | $11570 |
| **11/30/2019** | $13324 | $13831 | $11564 |
| **12/31/2019** | $13517 | $14120 | $11556 |
| **1/31/2020** | $13646 | $14121 | $11778 |
| **2/29/2020** | $13574 | $13902 | $11990 |
| **3/31/2020** | $11909 | $12266 | $11920 |
| **4/30/2020** | $12398 | $12732 | $12132 |
| **5/31/2020** | $12904 | $13310 | $12188 |
| **6/30/2020** | $13122 | $13437 | $12265 |
| **7/31/2020** | $13629 | $14074 | $12448 |
| **8/31/2020** | $13863 | $14215 | $12348 |
| **9/30/2020** | $13701 | $14068 | $12341 |
| **10/31/2020** | $13779 | $14131 | $12286 |
| **11/30/2020** | $14308 | $14697 | $12406 |
| **12/31/2020** | $14558 | $14978 | $12423 |
| **1/31/2021** | $14617 | $15036 | $12334 |
| **2/28/2021** | $14766 | $15088 | $12156 |
| **3/31/2021** | $14687 | $15114 | $12005 |
| **4/30/2021** | $14853 | $15280 | $12099 |
| **5/31/2021** | $14899 | $15324 | $12139 |
| **6/30/2021** | $15015 | $15532 | $12224 |
| **7/31/2021** | $15059 | $15587 | $12361 |
| **8/31/2021** | $15138 | $15673 | $12337 |
| **9/30/2021** | $15039 | $15679 | $12230 |
| **10/31/2021** | $15153 | $15650 | $12227 |
| **11/30/2021** | $15074 | $15488 | $12263 |
| **12/31/2021** | $15062 | $15779 | $12232 |
| **1/31/2022** | $14581 | $15346 | $11968 |
| **2/28/2022** | $14408 | $15209 | $11835 |
| **3/31/2022** | $14187 | $15070 | $11506 |
| **4/30/2022** | $13762 | $14522 | $11069 |
| **5/31/2022** | $13731 | $14557 | $11141 |
| **6/30/2022** | $13066 | $13565 | $10966 |
| **7/31/2022** | $13536 | $14383 | $11234 |
| **8/31/2022** | $13335 | $14041 | $10917 |
| **9/30/2022** | $12844 | $13478 | $10445 |
| **10/31/2022** | $13060 | $13862 | $10310 |
| **11/30/2022** | $13320 | $14122 | $10689 |
| **12/31/2022** | $13185 | $14018 | $10641 |
| **1/31/2023** | $13599 | $14566 | $10968 |
| **2/28/2023** | $13330 | $14380 | $10684 |
| **3/31/2023** | $13427 | $14540 | $10956 |
| **4/30/2023** | $13485 | $14683 | $11022 |
| **5/31/2023** | $13294 | $14544 | $10902 |
| **6/30/2023** | $13469 | $14782 | $10863 |
| **7/31/2023** | $13588 | $14994 | $10856 |
| **8/31/2023** | $13494 | $15039 | $10786 |
| **9/30/2023** | $13282 | $14863 | $10512 |
| **10/31/2023** | $13130 | $14679 | $10346 |
| **11/30/2023** | $13691 | $15350 | $10815 |
| **12/31/2023** | $14117 | $15917 | $11229 |
| **1/31/2024** | $14168 | $15921 | $11198 |
| **2/29/2024** | $14197 | $15968 | $11040 |
| **3/31/2024** | $14410 | $16160 | $11142 |
| **4/30/2024** | $14239 | $15999 | $10860 |
| **5/31/2024** | $14436 | $16182 | $11044 |
| **6/30/2024** | $14531 | $16339 | $11149 |
| **7/31/2024** | $14751 | $16661 | $11409 |
| **8/31/2024** | $14992 | $16927 | $11573 |
| **9/30/2024** | $15213 | $17204 | $11728 |
| **10/31/2024** | $15035 | $17110 | $11437 |
| **11/30/2024** | $15258 | $17308 | $11558 |
| **12/31/2024** | $15104 | $17234 | $11369 |
| **1/31/2025** | $15331 | $17473 | $11430 |
| **2/28/2025** | $15412 | $17588 | $11681 |
| **3/31/2025** | $15235 | $17400 | $11685 |
| **4/30/2025** | $15164 | $17402 | $11731 |
| **5/31/2025** | $15331 | $17695 | $11647 |
| **6/30/2025** | $15694 | $18025 | $11826 |
| **7/31/2025** | $15732 | $18098 | $11795 |
| **8/31/2025** | $16012 | $18320 | $11936 |
| **9/30/2025** | $16160 | $18461 | $12067 |
| **10/31/2025** | $16287 | $18499 | $12142 |
| **11/30/2025** | $16345 | $18592 | $12217 |
| **12/31/2025** | $16405 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R5 at NAV | 8.62% | 2.42% | 5.07% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class R5

# LBNTX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8733-R5

#### 02/26
![Image](ie5ddd0363e6dd7d4e216b372.jpg)

# Class R6

# LBNVX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Bond Debenture Fund for the period of January 1, 2025 to December 31, 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 year?** 

## *(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 | $50 | 0.48% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended December 31, 2025, the Fund returned 8.88%, reflecting performance at the net asset value (NAV) of Class R6 shares with all distributions reinvested, compared to the Fund's benchmark and broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period. The Fund's use of derivatives detracted from relative performance over the period.

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

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

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

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7e1fefb02d4b99b2854bd41d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA U.S. High Yield Constrained Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9798 | $9842 | $10138 |
| **2/29/2016** | $9772 | $9888 | $10210 |
| **3/31/2016** | $10158 | $10325 | $10303 |
| **4/30/2016** | $10434 | $10737 | $10343 |
| **5/31/2016** | $10491 | $10815 | $10345 |
| **6/30/2016** | $10619 | $10932 | $10531 |
| **7/31/2016** | $10899 | $11208 | $10598 |
| **8/31/2016** | $11074 | $11458 | $10586 |
| **9/30/2016** | $11119 | $11532 | $10580 |
| **10/31/2016** | $11092 | $11568 | $10499 |
| **11/30/2016** | $11124 | $11522 | $10250 |
| **12/31/2016** | $11256 | $11749 | $10265 |
| **1/31/2017** | $11430 | $11907 | $10285 |
| **2/28/2017** | $11576 | $12092 | $10354 |
| **3/31/2017** | $11579 | $12067 | $10349 |
| **4/30/2017** | $11696 | $12203 | $10428 |
| **5/31/2017** | $11785 | $12312 | $10509 |
| **6/30/2017** | $11815 | $12325 | $10498 |
| **7/31/2017** | $11977 | $12467 | $10543 |
| **8/31/2017** | $12007 | $12464 | $10638 |
| **9/30/2017** | $12125 | $12576 | $10587 |
| **10/31/2017** | $12242 | $12625 | $10593 |
| **11/30/2017** | $12256 | $12591 | $10580 |
| **12/31/2017** | $12330 | $12628 | $10628 |
| **1/31/2018** | $12450 | $12709 | $10506 |
| **2/28/2018** | $12285 | $12591 | $10406 |
| **3/31/2018** | $12212 | $12513 | $10473 |
| **4/30/2018** | $12198 | $12596 | $10395 |
| **5/31/2018** | $12246 | $12594 | $10469 |
| **6/30/2018** | $12217 | $12638 | $10456 |
| **7/31/2018** | $12310 | $12779 | $10459 |
| **8/31/2018** | $12451 | $12871 | $10526 |
| **9/30/2018** | $12500 | $12946 | $10458 |
| **10/31/2018** | $12177 | $12734 | $10376 |
| **11/30/2018** | $12118 | $12619 | $10438 |
| **12/31/2018** | $11891 | $12342 | $10629 |
| **1/31/2019** | $12341 | $12909 | $10742 |
| **2/28/2019** | $12519 | $13127 | $10736 |
| **3/31/2019** | $12714 | $13255 | $10942 |
| **4/30/2019** | $12859 | $13441 | $10945 |
| **5/31/2019** | $12841 | $13270 | $11139 |
| **6/30/2019** | $13182 | $13595 | $11279 |
| **7/31/2019** | $13261 | $13665 | $11304 |
| **8/31/2019** | $13325 | $13718 | $11597 |
| **9/30/2019** | $13271 | $13762 | $11535 |
| **10/31/2019** | $13317 | $13794 | $11570 |
| **11/30/2019** | $13329 | $13831 | $11564 |
| **12/31/2019** | $13523 | $14120 | $11556 |
| **1/31/2020** | $13669 | $14121 | $11778 |
| **2/29/2020** | $13597 | $13902 | $11990 |
| **3/31/2020** | $11930 | $12266 | $11920 |
| **4/30/2020** | $12421 | $12732 | $12132 |
| **5/31/2020** | $12929 | $13310 | $12188 |
| **6/30/2020** | $13131 | $13437 | $12265 |
| **7/31/2020** | $13657 | $14074 | $12448 |
| **8/31/2020** | $13875 | $14215 | $12348 |
| **9/30/2020** | $13731 | $14068 | $12341 |
| **10/31/2020** | $13810 | $14131 | $12286 |
| **11/30/2020** | $14341 | $14697 | $12406 |
| **12/31/2020** | $14592 | $14978 | $12423 |
| **1/31/2021** | $14652 | $15036 | $12334 |
| **2/28/2021** | $14802 | $15088 | $12156 |
| **3/31/2021** | $14723 | $15114 | $12005 |
| **4/30/2021** | $14891 | $15280 | $12099 |
| **5/31/2021** | $14920 | $15324 | $12139 |
| **6/30/2021** | $15055 | $15532 | $12224 |
| **7/31/2021** | $15099 | $15587 | $12361 |
| **8/31/2021** | $15179 | $15673 | $12337 |
| **9/30/2021** | $15081 | $15679 | $12230 |
| **10/31/2021** | $15179 | $15650 | $12227 |
| **11/30/2021** | $15100 | $15488 | $12263 |
| **12/31/2021** | $15108 | $15779 | $12232 |
| **1/31/2022** | $14625 | $15346 | $11968 |
| **2/28/2022** | $14434 | $15209 | $11835 |
| **3/31/2022** | $14214 | $15070 | $11506 |
| **4/30/2022** | $13807 | $14522 | $11069 |
| **5/31/2022** | $13777 | $14557 | $11141 |
| **6/30/2022** | $13111 | $13565 | $10966 |
| **7/31/2022** | $13583 | $14383 | $11234 |
| **8/31/2022** | $13382 | $14041 | $10917 |
| **9/30/2022** | $12890 | $13478 | $10445 |
| **10/31/2022** | $13089 | $13862 | $10310 |
| **11/30/2022** | $13369 | $14122 | $10689 |
| **12/31/2022** | $13216 | $14018 | $10641 |
| **1/31/2023** | $13651 | $14566 | $10968 |
| **2/28/2023** | $13362 | $14380 | $10684 |
| **3/31/2023** | $13481 | $14540 | $10956 |
| **4/30/2023** | $13539 | $14683 | $11022 |
| **5/31/2023** | $13348 | $14544 | $10902 |
| **6/30/2023** | $13505 | $14782 | $10863 |
| **7/31/2023** | $13625 | $14994 | $10856 |
| **8/31/2023** | $13552 | $15039 | $10786 |
| **9/30/2023** | $13321 | $14863 | $10512 |
| **10/31/2023** | $13169 | $14679 | $10346 |
| **11/30/2023** | $13753 | $15350 | $10815 |
| **12/31/2023** | $14163 | $15917 | $11229 |
| **1/31/2024** | $14215 | $15921 | $11198 |
| **2/29/2024** | $14266 | $15968 | $11040 |
| **3/31/2024** | $14460 | $16160 | $11142 |
| **4/30/2024** | $14290 | $15999 | $10860 |
| **5/31/2024** | $14509 | $16182 | $11044 |
| **6/30/2024** | $14606 | $16339 | $11149 |
| **7/31/2024** | $14828 | $16661 | $11409 |
| **8/31/2024** | $15050 | $16927 | $11573 |
| **9/30/2024** | $15295 | $17204 | $11728 |
| **10/31/2024** | $15096 | $17110 | $11437 |
| **11/30/2024** | $15342 | $17308 | $11558 |
| **12/31/2024** | $15167 | $17234 | $11369 |
| **1/31/2025** | $15397 | $17473 | $11430 |
| **2/28/2025** | $15501 | $17588 | $11681 |
| **3/31/2025** | $15324 | $17400 | $11685 |
| **4/30/2025** | $15254 | $17402 | $11731 |
| **5/31/2025** | $15423 | $17695 | $11647 |
| **6/30/2025** | $15789 | $18025 | $11826 |
| **7/31/2025** | $15829 | $18098 | $11795 |
| **8/31/2025** | $16090 | $18320 | $11936 |
| **9/30/2025** | $16262 | $18461 | $12067 |
| **10/31/2025** | $16369 | $18499 | $12142 |
| **11/30/2025** | $16451 | $18592 | $12217 |
| **12/31/2025** | $16513 | $18714 | $12199 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class R6 at NAV | 8.88% | 2.50% | 5.14% |
| ICE BofA U.S. High Yield Constrained Index | 8.59% | 4.56% | 6.47% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36%) | 2.01% |

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $23018359961 |
| # of Portfolio Holdings | 897 |
| Portfolio Turnover Rate | 310% |
| Total Advisory Fees Paid | $90619125 |

---

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

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.70% |
| Common Stocks | 5.54% |
| Corporate Bonds | 62.98% |
| Floating Rate Loans | 1.93% |
| Foreign Government Obligations | 7.16% |
| Government Sponsored Enterprises Pass-Throughs | 10.57% |
| Investments in Underlying Funds | 1.25% |
| Municipal Bonds | 0.45% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.49% |
| Preferred Stocks | 0.15% |
| Repurchase Agreements | 0.29% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.34% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| **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.

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

![Image](ie233063c64402adb7cb30367.jpg)

# Class R6

# LBNVX

# Lord Abbett Bond Debenture Fund

#### Annual Shareholder Report

#### December 31, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8765-R6

#### 02/26
(b) Not applicable.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics
 on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant ("Code
 of Ethics"). The Code of Ethics was in effect during the fiscal year ended December 31, 2025 (the "Period").

(b) Not applicable.

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

(d) The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described
 in Form N-CSR during the Period.

(e) Not applicable.

(f) See Item 19(a)(1) concerning the filing of the Code of Ethics.

---

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

---

The Registrant's board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch, and Peter J. McNamara. Each of these persons is independent within the meaning of the Form N-CSR.

---

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

---

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2025 and 2024 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| Audit Fees {a} | $83000 | $83000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 83000 | 83000 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | 32400 | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $115400 | $83000 |

---

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

{b} Fees for the fiscal year ended December 31, 2025 and 2024 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

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

● any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

● any audit-related, tax, and other services to be provided to the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor's independence.

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

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

(f) Not applicable.

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

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended December 31, 2025 and 2024 were:

---

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

---

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

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2025 and 2024 were:

---

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

---

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

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |
|  | Not applicable. |
| **Item 6:** | **Investments.** |
|  | The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR. |
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | The Fund's Board of Directors did not approve any investment advisory contract during the Fund's most recent fiscal half-year. |

---

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Bond Debenture Fund

*For the fiscal year ended December 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | **[Schedule of Investments (Item 7)](#xx8xc114836a001xm4)** |
| 46 | **[Statement of Assets and Liabilities (Item 7)](#xx8xc114836a002xm4)** |
| 48 | **[Statement of Operations (Item 7)](#xx8xc114836a003xm4)** |
| 49 | **[Statements of Changes in Net Assets (Item 7)](#xx8xc114836a004xm4)** |
| 50 | **[Financial Highlights (Item 7)](#xx8xc114836a005xm4)** |
| 54 | **[Notes to Financial Statements (Item 7)](#xx8xc114836a006xm4)** |
| 74 | **[Report of Independent Registered Public Accounting Firm (Item 7)](#xx8xc114836a007xm4)** |
| 75 | **[Changes in and Disagreements with Accountants (Item 8)](#xx8xc114836a008xm4)** |
| 75 | **[Proxy Disclosures (Item 9)](#xx8xc114836a009xm4)** |
| 75 | **[Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx8xc114836a010xm4)** |

---

**Schedule of Investments**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 109.52%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 3.01%** |  |  |  |  |  |
| **Automobiles 0.40%** |  |  |  |  |  |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% |  | 7/15/2027 | $565666 | $565589 |
| Consumer Portfolio Services Auto Trust Series 2025-D Class C<sup>†</sup> | 4.85% |  | 2/17/2032 | 16965000 | 17055641 |
| Exeter Automobile Receivables Trust Series 2025-5A Class C | 4.68% |  | 3/15/2032 | 33730000 | 33862991 |
| Exeter Automobile Receivables Trust Series 2025-5A Class D | 5.16% |  | 3/15/2032 | 28335000 | 28558345 |
| First Investors Auto Owner Trust Series 2025-1A Class D<sup>†</sup> | 5.22% |  | 12/15/2033 | 13195000 | 13273180 |
| *Total* |  |  |  |  | 93315746 |
| **Credit Card 0.58%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2025-A3 Class A | 4.65% |  | 10/15/2037 | 19047000 | 19101196 |
| Continental Finance Credit Card ABS Master Trust Series 2024-A Class A<sup>†</sup> | 5.78% |  | 12/15/2032 | 33925000 | 34444456 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 48500000 | 48737650 <sup>(a)</sup> |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 30000000 | 30197964 |
| *Total* |  |  |  |  | 132481266 |
| **Other 2.03%** |  |  |  |  |  |
| AIMCO CLO 15 Ltd. Series 2021-15A Class SUB<sup>†</sup> | Zero Coupon | <sup>#(b)</sup> | 4/17/2038 | 15000000 | 8156250 |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 5.659%<br> (1 mo. USD Term SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 25386000 | 25476581 |
| Ballyrock CLO 28 Ltd. Series 2024-28A Class SUB<sup>†</sup> | 7.858% | <sup>#(b)</sup> | 1/20/2038 | 12400000 | 8846272 |
| Benefit Street Partners CLO XXXIX Ltd. Series 2025-39A Class SUB<sup>†</sup> | Zero Coupon | <sup>#(b)</sup> | 4/15/2038 | 29500000 | 24718168 <sup>(a)</sup> |
| Bojangles Issuer LLC Series 2024-1A Class A2<sup>†</sup> | 6.584% |  | 11/20/2054 | 23815312 | 24108336 |
| Cajun Global LLC Series 2025-2A Class A2<sup>†</sup> | 5.912% |  | 11/20/2055 | 25395000 | 25552104 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 28330000 | 28569258 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 19790000 | 20104613 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | $20930435 | $21321586 |
| Driven Brands Funding LLC Series 2020-2A Class A2<sup>†</sup> | 3.237% |  | 1/20/2051 | 8558601 | 8302645 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 13178188 | 13651859 |
| Driven Brands Funding LLC Series 2025-1A Class A2<sup>†</sup> | 5.296% |  | 10/20/2055 | 18335000 | 18311674 |
| Hardee's Funding LLC Series 2018-1A Class A23<sup>†</sup> | 5.71% |  | 6/20/2048 | 21675675 | 21584800 |
| Hardee's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 7.253% |  | 3/20/2054 | 6430463 | 6658146 |
| Jersey Mike's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.636% |  | 2/15/2055 | 17616875 | 17998129 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 29823213 | 30288180 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 22375000 | 22558701 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 21423308 | 21408686 |
| Sotheby's Artfi Master Trust Series 2024-1A Class A2<sup>†</sup> | 5.195%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 12/22/2031 | 25921000 | 25929790 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 7129979 | 7418883 |
| Sycamore Tree CLO Ltd. Series 2025-7A Class D1<sup>†</sup> | 7.282%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 8/28/2038 | 8580000 | 8597160 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 14500744 | 14577907 |
| Wingstop Funding LLC Series 2020-1A Class A2<sup>†</sup> | 2.841% |  | 12/5/2050 | 25092875 | 24336771 |
| Wingstop Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.858% |  | 12/5/2054 | 19375000 | 19946121 |
| Wise CLO Ltd. Series 2025-4A Class C<sup>†</sup> | 6.193%<br> (3 mo. USD Term SOFR + 1.96% |)<sup>#</sup> | 9/20/2038 | 8850000 | 8859337 |
| Zaxbys Funding LLC Series 2024-1A Class A2I<sup>†</sup> | 6.594% |  | 4/30/2054 | 9247938 | 9439322 |
| *Total* |  |  |  |  | 466721279 |
| *Total Asset-Backed Securities* (cost $691,724,841) | *Total Asset-Backed Securities* (cost $691,724,841) |  |  |  | 692518291 |
|  |  |  |  | **Shares** |  |
| **COMMON STOCKS 6.18%** |  |  |  |  |  |
| **Aerospace & Defense 0.35%** |  |  |  |  |  |
| ATI, Inc.\* |  |  |  | 254004 | 29149499 |
| Embraer SA ADR |  |  |  | 424032 | 27294940 |
| Woodward, Inc. |  |  |  | 77678 | 23483613 |
| *Total* |  |  |  |  | 79928052 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Air Freight & Logistics 0.22%** |  |  |
| CH Robinson Worldwide, Inc. | 171211 | $27523880 |
| Expeditors International of Washington, Inc. | 152186 | 22677236 |
| *Total* |  | 50201116 |
| **Automobiles 0.12%** |  |  |
| Tesla, Inc.\* | 63719 | 28655709 |
| **Banks 0.10%** |  |  |
| NU Holdings Ltd. Class A (Brazil)\*<sup>(c)</sup> | 1366290 | 22871695 |
| **Beverages 0.10%** |  |  |
| Monster Beverage Corp.\* | 301129 | 23087560 |
| **Biotechnology 0.20%** |  |  |
| Natera, Inc.\* | 101717 | 23302348 |
| Rhythm Pharmaceuticals, Inc.\* | 211900 | 22681776 |
| *Total* |  | 45984124 |
| **Building Products 0.11%** |  |  |
| Armstrong World Industries, Inc. | 126851 | 24241226 |
| **Capital Markets 0.11%** |  |  |
| Cboe Global Markets, Inc. | 98982 | 24844482 |
| **Communications Equipment 0.12%** |  |  |
| Ciena Corp.\* | 120981 | 28293826 |
| **Consumer Finance 0.11%** |  |  |
| OneMain Holdings, Inc. | 370954 | 25057943 |
| **Consumer Staples Distribution & Retail 0.08%** |  |  |
| Dollar General Corp. | 133162 | 17679919 |
| **Diversified Telecommunication Services 0.04%** |  |  |
| Luxco Co. Ltd.\*<sup>(d)</sup> | 561251 | 10108097 |
| **Electric: Utilities 0.23%** |  |  |
| Frontera Generation Holdings LLC\* | 125994 | 1826913 |
| IDACORP, Inc. | 212019 | 26833125 |
| NextEra Energy, Inc. | 311097 | 24974867 |
| *Total* |  | 53634905 |
| **Electrical Equipment 0.43%** |  |  |
| GE Vernova, Inc. | 44987 | 29402153 |
| Nextpower, Inc. Class A\* | 281891 | 24555525 |

---

<br> *See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Electrical Equipment (continued)** |  |  |
| Powell Industries, Inc. | 74106 | $23623511 |
| Rockwell Automation, Inc. | 57068 | 22203447 |
| *Total* |  | 99784636 |
| **Entertainment 0.13%** |  |  |
| Madison Square Garden Entertainment Corp.\* | 237791 | 12814557 |
| TKO Group Holdings, Inc. | 85601 | 17890609 |
| *Total* |  | 30705166 |
| **Financial Services 0.10%** |  |  |
| Affirm Holdings, Inc.\* | 293407 | 21838283 |
| **Ground Transportation 0.12%** |  |  |
| JB Hunt Transport Services, Inc. | 142675 | 27727459 |
| **Health Care Equipment & Supplies 0.25%** |  |  |
| Artivion, Inc.\* | 234895 | 10713561 |
| IDEXX Laboratories, Inc.\* | 35004 | 23681256 |
| Intuitive Surgical, Inc.\* | 42335 | 23976851 |
| *Total* |  | 58371668 |
| **Health Care Providers & Services 0.10%** |  |  |
| Guardant Health, Inc.\* | 229260 | 23416616 |
| **Hotels, Restaurants & Leisure 0.32%** |  |  |
| Expedia Group, Inc. | 70755 | 20045599 |
| InterContinental Hotels Group PLC ADR<sup>(e)</sup> | 180725 | 25451502 |
| Viking Holdings Ltd.\* | 406085 | 28998530 |
| *Total* |  | 74495631 |
| **Household Durables 0.09%** |  |  |
| DR Horton, Inc. | 147430 | 21234343 |
| **Information Technology Services 0.19%** |  |  |
| Snowflake, Inc.\* | 103234 | 22645410 |
| Twilio, Inc. Class A\* | 142664 | 20292528 |
| *Total* |  | 42937938 |
| **Interactive Media & Services 0.11%** |  |  |
| Reddit, Inc. Class A\* | 109379 | 25142951 |
| **Machinery 0.25%** |  |  |
| Caterpillar, Inc. | 59036 | 33819953 |
| Symbotic, Inc.\* | 380463 | 22637549 |
| *Total* |  | 56457502 |

---

<br> 4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Metals & Mining 0.69%** |  |  |
| Fresnillo PLC<sup>(d)</sup> | 484685 | $21612321 |
| Harmony Gold Mining Co. Ltd. ADR | 1115139 | 22191266 |
| Sibanye Stillwater Ltd. ADR\* | 2221118 | 31650932 |
| Southern Copper Corp. | 232675 | 33381882 |
| Steel Dynamics, Inc. | 147432 | 24982352 |
| Vale SA ADR | 1997360 | 26025601 |
| *Total* |  | 159844354 |
| **Miscellaneous Financials 0.01%** |  |  |
| Utex Industries\* | 113840 | 3329820 |
| **Oil, Gas & Consumable Fuels 0.11%** |  |  |
| APA Corp. | 1037364 | 25373923 |
| **Personal Care Products 0.04%** |  |  |
| Anastasia Parent LLC\* | 152350 | 2856562 |
| Gibson Brands Private Equity\* | 106902 | 6948630 |
| *Total* |  | 9805192 |
| **Pharmaceuticals 0.21%** |  |  |
| Galderma Group AG<sup>(d)</sup> | 111277 | 22659633 |
| Roche Holding AG<sup>(d)</sup> | 61826 | 25532293 |
| *Total* |  | 48191926 |
| **Semiconductors & Semiconductor Equipment 0.28%** |  |  |
| Credo Technology Group Holding Ltd.\* | 172266 | 24787354 |
| SolarEdge Technologies, Inc. (Israel)\*<sup>(c)(e)</sup> | 732734 | 21139376 |
| Teradyne, Inc. | 95114 | 18410266 |
| *Total* |  | 64336996 |
| **Software 0.33%** |  |  |
| AppLovin Corp. Class A\* | 28535 | 19227453 |
| JFrog Ltd.\* | 516950 | 32288697 |
| Palantir Technologies, Inc. Class A\* | 137909 | 24513325 |
| *Total* |  | 76029475 |
| **Specialty Retail 0.26%** |  |  |
| Aritzia, Inc.\*<sup>(d)</sup> | 141235 | 12075282 |
| Boot Barn Holdings, Inc.\* | 142664 | 25175916 |
| Carvana Co.\* | 52310 | 22075866 |
| Claire's Holdings LLC\* | 15164 | 0 <sup>(f)</sup> |
| *Total* |  | 59327064 |

---

<br> *See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **Textiles, Apparel & Luxury Goods 0.14%** |  |  |  |  |
| Cie Financiere Richemont SA Class A<sup>(d)(g)</sup> |  |  | 33289 | $7178803 |
| Tapestry, Inc. |  |  | 190230 | 24305687 |
| *Total* |  |  |  | 31484490 |
| **Tobacco 0.12%** |  |  |  |  |
| Turning Point Brands, Inc. |  |  | 249671 | 27064336 |
| **Transportation Infrastructure 0.01%** |  |  |  |  |
| ACBL Holdings Corp.\* |  |  | 28712 | 1349464 |
| *Total Common Stocks* (cost $1,377,271,832) |  |  |  | 1422837887 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> |  |
| **CORPORATE BONDS 70.22%** |  |  |  |  |
| **Advertising 0.10%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.<sup>†</sup> | 7.50% | 6/1/2029 | $23066000 | 22924289 |
| **Aerospace/Defense 1.73%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | 30258000 | 31984733 |
| Boeing Co. | 5.805% | 5/1/2050 | 21979000 | 21651102 |
| Boeing Co. | 6.528% | 5/1/2034 | 50319000 | 55688546 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.50% | 2/1/2029 | 21384000 | 22313477 |
| Czechoslovak Group AS (Czechia)<sup>†(c)</sup> | 6.50% | 1/10/2031 | 21327000 | 21935025 |
| Czechoslovak Group AS (Czechia)<sup>(c)</sup> | 6.50% | 1/10/2031 | 26122000 | 26866729 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(c)</sup> | 7.50% | 2/15/2032 | 39324000 | 39815353 |
| Embraer Netherlands Finance BV (Netherlands)<sup>(c)</sup> | 5.40% | 1/9/2038 | 31565000 | 31258820 |
| HEICO Corp. | 5.35% | 8/1/2033 | 23809000 | 24730952 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 44257000 | 44002093 |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | 21948000 | 22480897 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 1/31/2034 | 22756000 | 23719016 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 31150000 | 32614881 |
| *Total* |  |  |  | 399061624 |
| **Agriculture 0.38%** |  |  |  |  |
| BAT Capital Corp. | 7.75% | 10/19/2032 | 20427000 | 23915162 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)(e)</sup> | 5.625% | 7/1/2035 | 16234000 | 16695432 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% | 6/15/2035 | 30426000 | 32491625 |
| JT International Financial Services BV (Netherlands)<sup>†(c)</sup> | 6.875% | 10/24/2032 | 12475000 | 13998700 |
| *Total* |  |  |  | 87100919 |

---

6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Airlines 1.87%** |  |  | | |
| Alaska Airlines Pass-Through Trust Class A<sup>†</sup> | 4.80% | 2/15/2029 | $21154359 | $21292226 |
| American Airlines Pass-Through Trust Class AA | 3.00% | 4/15/2030 | 10079542 | 9754232 |
| American Airlines Pass-Through Trust Class A | 4.90% | 11/11/2039 | 18002000 | 17924194 |
| American Airlines Pass-Through Trust Class B | 5.65% | 5/11/2036 | 11984000 | 12058942 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 132933103 | 135451388 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% | 10/20/2031 | 33758000 | 34074371 |
| British Airways Pass-Through Trust Class AA (United Kingdom)<sup>†(c)</sup> | 3.30% | 6/15/2034 | 11157435 | 10557721 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.75% | 10/20/2028 | 29635081 | 29819996 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 38710000 | 39032695 |
| JetBlue Pass-Through Trust Class A | 2.95% | 11/15/2029 | 9611221 | 8953733 |
| JetBlue Pass-Through Trust Class B | 8.00% | 5/15/2029 | 11613523 | 11826815 |
| United Airlines Pass-Through Trust Class AA | 5.45% | 8/15/2038 | 42535083 | 43874869 |
| United Airlines Pass-Through Trust Class A | 5.80% | 7/15/2037 | 22434221 | 23514951 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 16249007 | 16672707 |
| United Airlines, Inc.<sup>†</sup> | 4.625% | 4/15/2029 | 14775000 | 14721331 |
| *Total* |  |  |  | 429530171 |
| **Apparel 0.24%** |  |  |  |  |
| Gildan Activewear, Inc. (Canada)<sup>†(c)</sup> | 5.40% | 10/7/2035 | 22807000 | 22768310 |
| William Carter Co.<sup>†</sup> | 7.375% | 2/15/2031 | 32277000 | 33411601 |
| *Total* |  |  |  | 56179911 |
| **Auto Manufacturers 1.18%** |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% | 1/30/2031 | 24669000 | 23245768 |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 10.00% | 3/31/2029 | 32169000 | 29965301 |
| Ford Motor Credit Co. LLC | 3.625% | 6/17/2031 | 10951000 | 10037903 |
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 22804000 | 23182630 |
| General Motors Financial Co., Inc. | 5.45% | 9/6/2034 | 21269000 | 21584190 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 5.30% | 9/13/2027 | 4906000 | 4916177 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.125% | 9/30/2030 | 33247000 | 33276078 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 7763000 | 8057251 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.345% | 9/17/2027 | 12134000 | 11978376 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.81% | 9/17/2030 | 66482000 | 62719167 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 7.75% | 7/17/2032 | 18465000 | 19630333 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 8.125% | 7/17/2035 | 22492000 | 23920745 |
| *Total* |  |  |  | 272513919 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Auto Parts & Equipment 0.80%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 9/15/2032 | $20857000 | $21640962 |
| Forvia SE (France)<sup>†(c)</sup> | 6.75% | 9/15/2033 | 21920000 | 22647648 |
| Goodyear Tire & Rubber Co.<sup>(e)</sup> | 6.625% | 7/15/2030 | 16946000 | 17365922 |
| Tenneco, Inc.<sup>†</sup> | 8.00% | 11/17/2028 | 32145000 | 32269718 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 22555000 | 22303545 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% | 4/14/2028 | 21422000 | 21942458 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% | 4/14/2030 | 44919000 | 45358937 |
| *Total* |  |  |  | 183529190 |
| **Banks 5.33%** |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 yr. CMT + 1.90% | 3/13/2037 | 34400000 | 31511823 |
| Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)<sup>(c)</sup> | 5.50%<br> (5 yr. CMT + 4.55% | 10/26/2031 | 51057000 | 0 <sup>(f)</sup> |
| ANZ Bank New Zealand Ltd. (New Zealand)<sup>†(c)(e)</sup> | 5.898%<br> (5 yr. CMT + 1.50% | 7/10/2034 | 17739000 | 18442032 |
| Associated Banc-Corp. | 6.455%<br> (SOFR + 3.03% | 8/29/2030 | 21624000 | 22476306 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(c)</sup> | 6.742% | 12/8/2032 | 49324000 | 54630996 |
| Banc of California | 3.25%<br> (3 mo. USD Term SOFR + 2.52% | 5/1/2031 | 17879000 | 16772290 |
| Banco Santander SA (Spain)<sup>(c)</sup> | 8.00%<br> (5 yr. CMT + 3.91% | – <sup>(h)</sup> | 13400000 | 14833076 |
| Bank OZK<sup>(e)</sup> | 2.75%<br> (3 mo. USD Term SOFR + 2.09% | 10/1/2031 | 39957000 | 37659473 |
| Barclays PLC (United Kingdom)<sup>(c)(e)</sup> | 7.625%<br> (5 yr. USD SOFR ICE Swap + 3.69% | – <sup>(h)</sup> | 22112000 | 23684207 |
| 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 | 23410968 |
| 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 | 24603987 |
| BOKF NA | 6.108%<br> (5 yr. CMT + 2.00% | 11/6/2040 | 16285000 | 16612545 |
| Citigroup, Inc. | 6.95%<br> (5 yr. CMT + 2.73% | – <sup>(h)</sup> | 25754000 | 26572205 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% | 1/23/2030 | 20706000 | 21600558 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Credit Agricole SA (France)<sup>†(c)</sup> | 4.75%<br> (5 yr. CMT + 3.24% |)<sup>#</sup> | – <sup>(h)</sup> | $60097000 | $58440937 |
| Deutsche Bank AG | 7.079%<br> (SOFR + 3.65% |)<sup>#</sup> | 2/10/2034 | 63725000 | 70041042 |
| First Citizens BancShares, Inc. | 6.254%<br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 24552000 | 25053057 |
| First Citizens BancShares, Inc. | 7.00%<br> (5 yr. CMT + 3.30% |)<sup>#</sup> | – <sup>(h)</sup> | 44998000 | 46040109 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 17030000 | 17618343 |
| First Republic Bank | 4.375% |  | 8/1/2046 | 20817000 | 54124 |
| First Republic Bank | 4.625% |  | 2/13/2047 | 15410000 | 40066 |
| First-Citizens Bank & Trust Co. | 6.125% |  | 3/9/2028 | 50320000 | 52170393 |
| FNB Corp. | 5.722%<br> (SOFR + 1.93% |)<sup>#</sup> | 12/11/2030 | 25429000 | 25975346 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 7725000 | 8573114 |
| Goldman Sachs Group, Inc. | 6.85%<br> (5 yr. CMT + 2.46% |)<sup>#</sup> | – <sup>(h)</sup> | 22552000 | 23542920 |
| Home BancShares, Inc. | 3.125%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/30/2032 | 22552000 | 21358735 |
| HSBC Holdings PLC (United Kingdom)<sup>(c)(e)</sup> | 6.95%<br> (5 yr. CMT + 3.19% |)<sup>#</sup> | – <sup>(h)</sup> | 21818000 | 22972434 |
| Huntington Bancshares, Inc. | 6.141%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 30918000 | 32313471 |
| Huntington Bancshares, Inc.<sup>(e)</sup> | 6.25%<br> (5 yr. CMT + 2.65% |)<sup>#</sup> | – <sup>(h)</sup> | 16624000 | 16702798 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(c)(e)</sup> | 6.625%<br> (5 yr. CMT + 2.68% |)<sup>#</sup> | – <sup>(h)</sup> | 20798000 | 20774371 |
| Macquarie Bank Ltd. (United Kingdom)<sup>(c)</sup> | 6.125%<br> (5 yr. USD Swap + 3.70% |)<sup>#</sup> | – <sup>(h)</sup> | 10748000 | 10939024 |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 8.125%<br> (5 yr. CMT + 3.75% |)<sup>#</sup> | – <sup>(h)</sup> | 22107000 | 24936829 |
| Nordea Bank Abp (Finland)<sup>†(c)(e)</sup> | 6.30%<br> (5 yr. CMT + 2.66% |)<sup>#</sup> | – <sup>(h)</sup> | 12996000 | 13324838 |
| PNC Financial Services Group, Inc. | 3.40%<br> (5 yr. CMT + 2.60% |)<sup>#</sup> | – <sup>(h)</sup> | 24327000 | 23867444 |
| Regions Financial Corp. | 5.502%<br> (SOFR + 2.06% |)<sup>#</sup> | 9/6/2035 | 18018000 | 18582664 |
| Societe Generale SA (France)<sup>†(c)</sup> | 6.066%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/19/2035 | 20817000 | 22011630 |
| Standard Chartered PLC (United Kingdom)<sup>†(c)(e)</sup> | 6.097%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/11/2035 | 27561000 | 29541533 |

---

*See Notes to Financial Statements.* 9

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| State Street Corp. | 6.45%<br> (5 yr. CMT + 2.14% |)<sup>#</sup> | – <sup>(h)</sup> | $25847000 | $26797756 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(c)</sup> | 6.60%<br> (5 yr. CMT + 2.28% |)<sup>#</sup> | – <sup>(h)</sup> | 12726000 | 13171766 |
| Synovus Financial Corp. | 6.168%<br> (SOFR + 2.35% |)<sup>#</sup> | 11/1/2030 | 18009000 | 18721752 |
| Toronto-Dominion Bank (Canada)<sup>(c)</sup> | 6.35%<br> (5 yr. CMT + 2.72% |)<sup>#</sup> | 10/31/2085 | 21086000 | 21461984 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(h)</sup> | 24139000 | 24768473 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(h)</sup> | 24151000 | 26570906 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.76% |)<sup>#</sup> | – <sup>(h)</sup> | 13301000 | 15606422 |
| UniCredit SpA (Italy)<sup>†(c)</sup> | 7.296%<br> (5 yr. USD ICE Swap + 4.91% |)<sup>#</sup> | 4/2/2034 | 45208000 | 48508729 |
| Webster Financial Corp. | 4.10% |  | 3/25/2029 | 34898000 | 34395354 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 57945000 | 55841017 |
| Zions Bancorp NA | 6.816%<br> (SOFR + 2.83% |)<sup>#</sup> | 11/19/2035 | 21981000 | 23408808 |
| *Total* |  |  |  |  | 1226938655 |
| **Beverages 0.12%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 14731000 | 15027442 |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(c)</sup> | 5.10% |  | 5/6/2035 | 13391000 | 13608357 |
| *Total* |  |  |  |  | 28635799 |
| **Biotechnology 0.43%** |  |  |  |  |  |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(c)</sup> | 6.25% |  | 12/15/2032 | 21978000 | 22539352 |
| Genmab AS/Genmab Finance LLC (Denmark)<sup>†(c)</sup> | 7.25% |  | 12/15/2033 | 26047000 | 27381958 |
| Illumina, Inc. | 4.75% |  | 12/12/2030 | 16300000 | 16460511 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 32027000 | 32832585 |
| *Total* |  |  |  |  | 99214406 |
| **Building Materials 1.29%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 27943000 | 13409321 |
| Amrize Finance U.S. LLC | 5.40% |  | 4/7/2035 | 12616000 | 13017113 |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% |  | 2/1/2032 | 24490000 | 23340473 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% |  | 6/15/2032 | 21666000 | 22465051 |
| CP Atlas Buyer, Inc.<sup>†(e)</sup> | 12.75% |  | 1/15/2031 | 14066211 | 13339701 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% |  | 12/15/2030 | 77265000 | 80569012 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Building Materials (continued)** |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | $22442000 | $23672540 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% | 2/1/2030 | 34251000 | 33261519 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% | 3/1/2032 | 31693000 | 33009369 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 22756000 | 22878700 |
| Standard Industries, Inc.<sup>†</sup> | 4.375% | 7/15/2030 | 18055000 | 17430033 |
| *Total* |  |  |  | 296392832 |
| **Chemicals 1.81%** |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% | 9/30/2029 | 35083341 | 4210001 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% | 9/30/2029 | 46480809 | 36787004 |
| Cabot Corp. | 5.00% | 6/30/2032 | 32395000 | 32980104 |
| Celanese U.S. Holdings LLC<sup>(e)</sup> | 6.75% | 4/15/2033 | 33582000 | 33436197 |
| Celanese U.S. Holdings LLC<sup>(e)</sup> | 7.20% | 11/15/2033 | 21886000 | 23139872 |
| Celanese U.S. Holdings LLC | 7.375% | 2/15/2034 | 26503000 | 26943623 |
| Chemours Co.<sup>†</sup> | 4.625% | 11/15/2029 | 25454000 | 23040167 |
| LYB International Finance III LLC | 5.875% | 1/15/2036 | 22798000 | 22699994 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.50% | 2/13/2035 | 13392000 | 13884623 |
| Olin Corp.<sup>(e)</sup> | 5.00% | 2/1/2030 | 22985000 | 22621252 |
| Olin Corp.<sup>†</sup> | 6.625% | 4/1/2033 | 22835000 | 22691568 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 4.25% | 10/1/2028 | 23257000 | 22593361 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 27168000 | 27910035 |
| Solstice Advanced Materials, Inc.<sup>†</sup> | 5.625% | 9/30/2033 | 33758000 | 34075801 |
| Tronox, Inc.<sup>†(e)</sup> | 4.625% | 3/15/2029 | 50792000 | 35600950 |
| WR Grace Holdings LLC<sup>†</sup> | 6.625% | 8/15/2032 | 34437000 | 34901543 |
| *Total* |  |  |  | 417516095 |
| **Coal 0.18%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 24865000 | 23111155 |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 17451000 | 17872355 |
| *Total* |  |  |  | 40983510 |
| **Commercial Services 3.00%** |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(c)</sup> | 7.00% | 5/21/2030 | 43518000 | 45596232 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 32804000 | 34590957 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(e)</sup> | 6.00% | 6/1/2029 | 23201000 | 22979953 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 29031000 | 30243080 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.50% | 8/11/2032 | 19088000 | 19753653 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | $63510000 | $65622747 |
| Block, Inc. | 6.50% | 5/15/2032 | 21897000 | 22784157 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 22853000 | 24043001 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 21214000 | 22434272 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 52191000 | 54301134 |
| Garda World Security Corp. (Canada)<sup>†(c)</sup> | 6.50% | 1/15/2031 | 21821000 | 22341898 |
| Garda World Security Corp. (Canada)<sup>†(c)</sup> | 7.75% | 2/15/2028 | 14444000 | 14824556 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 31106000 | 32738536 |
| Herc Holdings, Inc.<sup>†</sup> | 6.00% | 3/15/2034 | 16453000 | 16682465 |
| Herc Holdings, Inc.<sup>†(e)</sup> | 7.25% | 6/15/2033 | 19089000 | 20252935 |
| Hertz Corp.<sup>†(i)</sup>\* | Zero Coupon | 10/15/2024 | 16775000 | 1174250 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 33436000 | 6770790 |
| Hertz Corp.<sup>†(e)</sup> | 5.00% | 12/1/2029 | 36220000 | 24767238 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 60013000 | 60571721 |
| ITR Concession Co. LLC<sup>†</sup> | 5.183% | 7/15/2035 | 12438000 | 12258632 |
| J Paul Getty Trust | 4.905% | 4/1/2035 | 22551000 | 22949292 |
| Quanta Services, Inc. | 5.25% | 8/9/2034 | 21175000 | 21720442 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 26944000 | 27837563 |
| Rollins, Inc. | 5.25% | 2/24/2035 | 21393000 | 21837398 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 18248000 | 18152610 |
| Synergy Infrastructure Holdings LLC<sup>†</sup> | 7.875% | 12/1/2030 | 21821000 | 22676881 |
| *Total* |  |  |  | 689906393 |
| **Computers 0.72%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 18625000 | 19294172 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 73083000 | 70193721 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% | 4/1/2029 | 28708000 | 31175625 |
| NetApp, Inc. | 2.70% | 6/22/2030 | 21843000 | 20357469 |
| Western Digital Corp.<sup>(e)</sup> | 3.10% | 2/1/2032 | 27000000 | 24914173 |
| *Total* |  |  |  | 165935160 |
| **Cosmetics/Personal Care 0.31%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% | 3/31/2032 | 30469000 | 31228250 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 4.90% | 6/15/2030 | 24024000 | 23257284 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 6.125% | 9/30/2032 | 17993000 | 17539520 |
| *Total* |  |  |  | 72025054 |
| **Distribution/Wholesale 0.22%** |  |  |  |  |
| LKQ Corp.<sup>(e)</sup> | 6.25% | 6/15/2033 | 27041000 | 29013927 |
| Marubeni Corp. (Japan)<sup>†(c)(e)</sup> | 5.383% | 4/1/2035 | 20673000 | 21372180 |
| *Total* |  |  |  | 50386107 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services 4.67%** |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | $22558000 | $23722323 |
| Ally Financial, Inc.<sup>(e)</sup> | 6.70% | 2/14/2033 | 44941000 | 47014650 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% | 1/15/2030 | 25983000 | 27370154 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 6.75% | 5/15/2031 | 15366000 | 15927858 |
| Capital One Financial Corp.<sup>(e)</sup> | 5.50%<br> (3 mo. USD Term SOFR + 3.34% | – <sup>(h)</sup> | 22406000 | 22497304 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% | 10/1/2028 | 46032000 | 43888005 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% | 10/1/2031 | 26748000 | 23869527 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.50% | 10/1/2030 | 22022000 | 22489879 |
| CrossCountry Intermediate HoldCo LLC<sup>†</sup> | 6.75% | 12/1/2032 | 27378000 | 27958742 |
| DAE Sukuk Difc Ltd. (United Arab Emirates)<sup>†(c)</sup> | 4.50% | 10/16/2030 | 28880000 | 28543571 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% | 5/15/2031 | 24430000 | 26269750 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% | 2/1/2029 | 32352000 | 33949477 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% | 6/15/2028 | 41069000 | 43519957 |
| Hellas Telecommunications Luxembourg II SCA (Luxembourg)<sup>†(c)(i)</sup>\* | 6.054%<br> (3 mo. USD LIBOR + 5.75% | 1/15/2015 | 15000000 | 0 <sup>(f)</sup> |
| ILFC E-Capital Trust I<sup>†</sup> | 6.35% | 12/21/2065 | 28720000 | 24139467 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.60% | 12/21/2065 | 20873000 | 18078310 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% | 5/1/2033 | 36068000 | 37671452 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% | 4/30/2031 | 29287000 | 30790926 |
| LPL Holdings, Inc. | 5.75% | 6/15/2035 | 16822000 | 17325647 |
| LPL Holdings, Inc.<sup>(e)</sup> | 6.00% | 5/20/2034 | 30180000 | 31826725 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 6.50% | 3/26/2031 | 41484000 | 44452842 |
| Navient Corp.<sup>(e)</sup> | 5.50% | 3/15/2029 | 22621000 | 22472518 |
| Navient Corp. | 6.75% | 6/15/2026 | 21670000 | 21974767 |
| Navient Corp.<sup>(e)</sup> | 7.875% | 6/15/2032 | 27017000 | 28298713 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% | 4/15/2045 | 25846000 | 22568527 |
| OneMain Finance Corp. | 6.125% | 5/15/2030 | 34817000 | 35580606 |
| OneMain Finance Corp. | 6.75% | 9/15/2033 | 26324000 | 26689340 |
| OneMain Finance Corp. | 7.50% | 5/15/2031 | 31059000 | 32701383 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% | 9/15/2031 | 22382000 | 22572068 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% | 5/15/2032 | 27348000 | 28645523 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% | 11/15/2030 | 21685000 | 22879497 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% | 12/15/2029 | 22745000 | 24216209 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% | 8/1/2033 | 31943000 | 33344307 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†(e)</sup> | 4.00% |  | 10/15/2033 | $23911000 | $22232833 |
| Stonebriar ABF Issuer LLC<sup>†</sup> | 8.125% |  | 12/15/2030 | 22871000 | 23556215 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 51327000 | 55178807 |
| UWM Holdings LLC<sup>†</sup> | 6.25% |  | 3/15/2031 | 34543000 | 34504511 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 24820000 | 26057823 |
| *Total* |  |  |  |  | 1074780213 |
| **Electric 4.71%** |  |  |  |  |  |
| AES Corp. | 7.60% <br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | 23360000 | 23806246 |
| AES Panama Generation Holdings SRL (Panama)<sup>(c)(e)</sup> | 4.375% |  | 5/31/2030 | 23477754 | 22109001 |
| Alliant Energy Corp. | 5.75% <br> (5 yr. CMT + 2.08% |)<sup>#</sup> | 4/1/2056 | 21903000 | 21894743 |
| Alpha Generation LLC<sup>†</sup> | 6.25% |  | 1/15/2034 | 30506000 | 30836746 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 21496000 | 22264153 |
| American Electric Power Co., Inc. | 6.05%<br> (5 yr. CMT + 1.94% |)<sup>#</sup> | 3/15/2056 | 21604000 | 21237055 |
| Calpine Corp.<sup>†</sup> | 4.625% |  | 2/1/2029 | 74359000 | 74368012 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 18038000 | 18887296 |
| CenterPoint Energy, Inc. | 5.95% <br> (5 yr. CMT + 2.22% |)<sup>#</sup> | 4/1/2056 | 19272000 | 19476495 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa (El Salvador)<sup>†(c)</sup> | 8.65% |  | 1/24/2033 | 21895000 | 23515230 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 21992000 | 22088493 |
| Constellation Energy Generation LLC | 5.80% |  | 3/1/2033 | 28492000 | 30425111 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 42389000 | 46047063 |
| Dominion Energy, Inc. | 6.20% <br> (5 yr. CMT + 2.01% |)<sup>#</sup> | 2/15/2056 | 31285000 | 31327159 |
| DPL LLC | 4.35% |  | 4/15/2029 | 27939000 | 27621809 |
| Energuate Trust 2 0 (Cayman Islands)<sup>†(c)(e)</sup> | 6.35% |  | 9/15/2035 | 21292000 | 21303493 |
| Evergy, Inc. | 6.65% <br> (5 yr. CMT + 2.56% |)<sup>#</sup> | 6/1/2055 | 31929000 | 32788305 |
| Idaho Power Co. | 5.20% |  | 8/15/2034 | 21255000 | 21909923 |
| Idaho Power Co. | 5.70% |  | 3/15/2055 | 25247000 | 25260189 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 52794000 | 56168381 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% |  | 8/10/2030 | 21955737 | 21892246 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 1/15/2036 | 24526000 | 24863683 |
| NRG Energy, Inc.<sup>†</sup> | 7.00% |  | 3/15/2033 | 28728000 | 31856738 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| NRG Energy, Inc.<sup>†</sup> | 10.25% <br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(h)</sup> | $40754000 | $44538865 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 44964000 | 47571796 |
| Puget Energy, Inc. | 4.10% |  | 6/15/2030 | 26045000 | 25545435 |
| Sempra | 6.40% <br> (5 yr. CMT + 2.63% |)<sup>#</sup> | 10/1/2054 | 27019000 | 27496818 |
| Talen Energy Supply LLC<sup>†</sup> | 6.25% |  | 2/1/2034 | 14966000 | 15271065 |
| Talen Energy Supply LLC<sup>†</sup> | 6.50% |  | 2/1/2036 | 28870000 | 29872212 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 24852000 | 26323841 |
| Tampa Electric Co. | 5.15% |  | 3/1/2035 | 42089000 | 42765266 |
| TXNM Energy, Inc.<sup>†</sup> | 7.00% <br> (5 yr. CMT + 3.25% |)<sup>#</sup> | 7/31/2056 | 22929000 | 22866975 |
| Vistra Corp.<sup>†</sup> | 7.00% <br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(h)</sup> | 21649000 | 22108038 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(h)</sup> | 7229000 | 7995137 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 34565000 | 34148136 |
| VoltaGrid LLC<sup>†</sup> | 7.375% |  | 11/1/2030 | 21999000 | 21806085 |
| WEC Energy Group, Inc. | 5.625% <br> (5 yr. CMT + 1.91% |)<sup>#</sup> | 5/15/2056 | 22194000 | 22350313 |
| XPLR Infrastructure Operating Partners LP<sup>†(e)</sup> | 8.375% |  | 1/15/2031 | 20740000 | 21806783 |
| *Total* |  |  |  |  | 1084414335 |
| **Electronics 0.58%** |  |  |  |  |  |
| Allegion U.S. Holding Co., Inc. | 5.60% |  | 5/29/2034 | 13510000 | 14143509 |
| Flex Ltd. | 5.25% |  | 1/15/2032 | 18019000 | 18374684 |
| Flex Ltd. | 5.375% |  | 11/13/2035 | 22851000 | 22805909 |
| Imola Merger Corp.<sup>†</sup> | 4.75% |  | 5/15/2029 | 18106000 | 17886189 |
| TD SYNNEX Corp. | 5.30% |  | 10/10/2035 | 27001000 | 26748984 |
| Trimble, Inc. | 6.10% |  | 3/15/2033 | 31018000 | 33411908 |
| *Total* |  |  |  |  | 133371183 |
| **Energy-Alternate Sources 0.21%** |  |  |  |  |  |
| Topaz Solar Farms LLC<sup>†</sup> | 5.75% |  | 9/30/2039 | 47659294 | 47974560 |
| **Engineering & Construction 0.79%** |  |  |  |  |  |
| Corp. Quiport SA (Ecuador)<sup>†(c)</sup> | 9.00% |  | 12/15/2037 | 8218000 | 8815884 |
| Fluor Corp. | 4.25% |  | 9/15/2028 | 23125000 | 22973274 |
| Heathrow Finance PLC | 6.625% |  | 3/1/2031 | 42080000 | 57127672 |
| Jacobs Engineering Group, Inc. | 5.90% |  | 3/1/2033 | $27604000 | 29144522 |
| MasTec, Inc. | 5.90% |  | 6/15/2029 | 19917000 | 20782036 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Engineering & Construction (continued)** |  |  |  |  |  |
| Montego Bay Airport Revenue Finance Ltd. (Cayman Islands)<sup>†(c)</sup> | 6.60% |  | 6/15/2035 | $22156000 | $22211168 |
| TAV Havalimanlari Holding AS (Turkey)<sup>†(c)</sup> | 8.50% |  | 12/7/2028 | 20581000 | 21525458 |
| *Total* |  |  |  |  | 182580014 |
| **Entertainment 1.56%** |  |  |  |  |  |
| Bracelet Holdings, Inc.<sup>†</sup> | 9.25% |  | 7/2/2028 | 34400000 | 32848560 <sup>(a)</sup> |
| Caesars Entertainment, Inc.<sup>†(e)</sup> | 4.625% |  | 10/15/2029 | 38882000 | 37322588 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% |  | 2/15/2030 | 40940000 | 42419038 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% |  | 5/1/2029 | 44276000 | 43582541 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% |  | 4/16/2029 | 42245000 | 37682565 |
| SeaWorld Parks & Entertainment, Inc.<sup>†</sup> | 5.25% |  | 8/15/2029 | 47179000 | 45988650 |
| Warnermedia Holdings, Inc. | 4.279% |  | 3/15/2032 | 38011000 | 33414330 |
| Warnermedia Holdings, Inc. | 5.05% |  | 3/15/2042 | 47419000 | 33489669 |
| Warnermedia Holdings, Inc. | 5.141% |  | 3/15/2052 | 44991000 | 29754798 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% |  | 12/1/2029 | 23482000 | 22623303 |
| *Total* |  |  |  |  | 359126042 |
| **Food 1.03%** |  |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% |  | 3/15/2029 | 33810000 | 32514651 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% |  | 3/15/2033 | 13200000 | 13584595 |
| Alicorp SAA<sup>†</sup> | 7.40% |  | 6/16/2032 | 82623000 | 24924793 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | $13224000 | 13851770 |
| Gruma SAB de CV (Mexico)<sup>†(c)</sup> | 5.39% |  | 12/9/2034 | 22138000 | 22812988 |
| Grupo Nutresa SA (Colombia)<sup>†(c)</sup> | 9.00% |  | 5/12/2035 | 20351000 | 23011018 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% |  | 1/31/2030 | 29214000 | 28285600 |
| McCormick & Co., Inc. | 4.95% |  | 4/15/2033 | 14652000 | 14880353 |
| Performance Food Group, Inc.<sup>†</sup> | 6.125% |  | 9/15/2032 | 33766000 | 34851847 |
| Smithfield Foods, Inc.<sup>†</sup> | 5.20% |  | 4/1/2029 | 28037000 | 28433812 |
| *Total* |  |  |  |  | 237151427 |
| **Gas 0.49%** |  |  |  |  |  |
| National Fuel Gas Co. | 5.50% |  | 3/15/2030 | 21799000 | 22514919 |
| NiSource, Inc. | 6.375% <br> (5 yr. CMT + 2.53% |)<sup>#</sup> | 3/31/2055 | 21623000 | 22406358 |
| Snam SpA (Italy)<sup>†(c)</sup> | 5.75% |  | 5/28/2035 | 23501000 | 24590689 |
| Snam SpA (Italy)<sup>†(c)(e)</sup> | 6.50% |  | 5/28/2055 | 20010000 | 21525970 |
| Southwest Gas Corp. | 4.05% |  | 3/15/2032 | 22297000 | 21525394 |
| *Total* |  |  |  |  | 112563330 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care-Products 0.19%** |  |  |  | | |
| Bausch & Lomb Corp. (Canada)<sup>†(c)</sup> | 8.375% |  | 10/1/2028 | $20761000 | $21695245 |
| VSP Optical Group, Inc.<sup>†</sup> | 5.45% |  | 12/1/2035 | 22340000 | 22497121 |
| *Total* |  |  |  |  | 44192366 |
| **Health Care-Services 1.32%** |  |  |  |  |  |
| CHS/Community Health Systems, Inc.<sup>†(e)</sup> | 4.75% |  | 2/15/2031 | 49099000 | 43774724 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% |  | 5/15/2030 | 44991000 | 42336203 |
| Concentra Health Services, Inc.<sup>†</sup> | 6.875% |  | 7/15/2032 | 11003000 | 11520735 |
| DaVita, Inc.<sup>†</sup> | 4.625% |  | 6/1/2030 | 35604000 | 34645006 |
| HCA, Inc. | 5.75% |  | 3/1/2035 | 20707000 | 21745624 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% |  | 10/15/2030 | 18973000 | 20830171 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 11/15/2030 | 41142000 | 38214379 |
| Roche Holdings, Inc.<sup>†</sup> | 4.666% |  | 12/2/2035 | 27046000 | 26928689 |
| Team Health Holdings, Inc.<sup>†</sup> | 8.375% |  | 6/30/2028 | 9757000 | 9892281 |
| Tenet Healthcare Corp. | 6.75% |  | 5/15/2031 | 30121000 | 31357437 |
| Universal Health Services, Inc. | 5.05% |  | 10/15/2034 | 22783000 | 22367046 |
| *Total* |  |  |  |  | 303612295 |
| **Holding Companies-Diversified 0.09%** |  |  |  |  |  |
| Benteler International AG<sup>†</sup> | 7.25% |  | 6/15/2031 | 3124000 | 3951920 |
| Clue Opco LLC<sup>†(e)</sup> | 9.50% |  | 10/15/2031 | $16367000 | 17347874 |
| *Total* |  |  |  |  | 21299794 |
| **Home Builders 0.47%** |  |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% |  | 8/15/2029 | 27525000 | 26195190 |
| Century Communities, Inc.<sup>†</sup> | 6.625% |  | 9/15/2033 | 15983000 | 16173179 |
| LGI Homes, Inc.<sup>†(e)</sup> | 7.00% |  | 11/15/2032 | 45316000 | 43357765 |
| PulteGroup, Inc. | 6.375% |  | 5/15/2033 | 19465000 | 21359434 |
| *Total* |  |  |  |  | 107085568 |
| **Insurance 1.46%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 4/15/2028 | 40395000 | 41268762 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(c)</sup> | 7.75% |  | 2/15/2031 | 18104000 | 18992450 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(c)</sup> | 8.875% |  | 2/15/2032 | 38928000 | 40616502 |
| Asurion LLC & Asurion Co-Issuer, Inc.<sup>†</sup> | 8.00% |  | 12/31/2032 | 35675000 | 37035160 |
| First American Financial Corp. | 5.45% |  | 9/30/2034 | 22394000 | 22404335 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95%<br> (5 yr. CMT + 3.61% |)<sup>#</sup> | 10/15/2054 | 25350000 | 26314846 |
| HUB International Ltd.<sup>†</sup> | 7.25% |  | 6/15/2030 | 27054000 | 28419689 |
| HUB International Ltd.<sup>†</sup> | 7.375% |  | 1/31/2032 | 17259000 | 18125039 |

---

<br> *See Notes to Financial Statements.* 17

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |  |
| NMI Holdings, Inc. | 6.00% |  | 8/15/2029 | $18009000 | $18670471 |
| Old Republic International Corp. | 5.75% |  | 3/28/2034 | 20916000 | 21789228 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% |  | 6/1/2031 | 20598000 | 21357614 |
| Swiss RE Subordinated Finance PLC (United Kingdom)<sup>†(c)(e)</sup> | 5.698%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 4/5/2035 | 20200000 | 21028332 |
| Transatlantic Holdings, Inc. | 8.00% |  | 11/30/2039 | 15659000 | 19608990 |
| *Total* |  |  |  |  | 335631418 |
| **Internet 0.48%** |  |  |  |  |  |
| Meituan (China)<sup>†(c)</sup> | 4.625% |  | 10/2/2029 | 32443000 | 32606378 |
| MercadoLibre, Inc. (Uruguay)<sup>(c)</sup> | 4.90% |  | 1/15/2033 | 22865000 | 22672676 |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% |  | 4/15/2029 | 9045000 | 10124615 |
| Wayfair LLC<sup>†</sup> | 6.75% |  | 11/15/2032 | 22033000 | 22677465 |
| Wayfair LLC<sup>†</sup> | 7.75% |  | 9/15/2030 | 20913000 | 22354136 |
| *Total* |  |  |  |  | 110435270 |
| **Iron-Steel 1.17%** |  |  |  |  |  |
| Carpenter Technology Corp.<sup>†</sup> | 5.625% |  | 3/1/2034 | 22021000 | 22394807 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.00% |  | 3/15/2032 | 32465000 | 33317222 |
| Cleveland-Cliffs, Inc.<sup>†</sup> | 7.625% |  | 1/15/2034 | 65271000 | 68259496 |
| Commercial Metals Co. | 4.375% |  | 3/15/2032 | 15677000 | 15142342 |
| Commercial Metals Co.<sup>†</sup> | 5.75% |  | 11/15/2033 | 22134000 | 22645562 |
| CSN Inova Ventures (Cayman Islands)<sup>(c)(e)</sup> | 6.75% |  | 1/28/2028 | 33416000 | 31005777 |
| Samarco Mineracao SA (Brazil)<sup>(c)</sup> | 9.50% |  | 6/30/2031 | 50042589 | 50750191 |
| Vale Overseas Ltd. (Brazil)<sup>†(c)</sup> | 6.00%<br> (5 yr. CMT + 2.43% |)<sup>#</sup> | 2/25/2056 | 26500000 | 26534450 |
| *Total* |  |  |  |  | 270049847 |
| **Leisure Time 1.39%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 3/15/2030 | 51313000 | 52814264 |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 8/1/2032 | 22840000 | 23468808 |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 25388000 | 26228722 |
| Lindblad Expeditions LLC<sup>†</sup> | 7.00% |  | 9/15/2030 | 32633000 | 34057594 |
| NCL Corp. Ltd.<sup>†(e)</sup> | 6.75% |  | 2/1/2032 | 32970000 | 33778996 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% |  | 11/1/2032 | 21182000 | 21749868 |
| Polaris, Inc. | 5.60% |  | 3/1/2031 | 22499000 | 22742754 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% |  | 9/30/2031 | 60389000 | 61756451 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 6.00% |  | 2/1/2033 | 21096000 | 21683432 |
| Viking Cruises Ltd.<sup>†</sup> | 9.125% |  | 7/15/2031 | 19914000 | 21335760 |
| *Total* |  |  |  |  | 319616649 |

---

<br> 18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Lodging 2.07%** |  |  | | |
| Choice Hotels International, Inc. | 5.85% | 8/1/2034 | $21208000 | $21631069 |
| Full House Resorts, Inc.<sup>†</sup> | 8.25% | 2/15/2028 | 31880000 | 27815300 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 20699000 | 21241196 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.625% | 2/15/2032 | 34765000 | 32299299 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.75% | 5/1/2029 | 25286000 | 24649728 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.50% | 3/31/2034 | 32954000 | 33196964 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.875% | 3/15/2033 | 35162000 | 36308844 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% | 1/15/2032 | 25419000 | 26147559 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.375% | 12/4/2029 | 22496000 | 22286930 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 6.50% | 9/24/2033 | 22695000 | 22773560 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 7.625% | 4/17/2032 | 11666000 | 12280886 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 2.85% | 3/8/2029 | 57502000 | 54629212 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 4.375% | 6/18/2030 | 35200000 | 34763418 |
| Sands China Ltd. (Macau)<sup>(c)</sup> | 5.40% | 8/8/2028 | 25193000 | 25689630 |
| Studio City Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.00% | 1/15/2029 | 35436000 | 34247404 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 5.50% | 10/1/2027 | 23813000 | 23810927 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 6.75% | 2/15/2034 | 21688000 | 21986629 |
| *Total* |  |  |  | 475758555 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 18160000 | 17947526 |
| **Machinery-Diversified 0.61%** |  |  |  |  |
| GrafTech Global Enterprises, Inc.<sup>†</sup> | 9.875% | 12/23/2029 | 25856000 | 22624000 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 2.75% | 11/15/2031 | 20244000 | 18274686 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 5.65% | 5/15/2033 | 36050000 | 37611798 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 20719000 | 21442700 |
| Regal Rexnord Corp. | 6.40% | 4/15/2033 | 36534000 | 39317464 |
| *Total* |  |  |  | 139270648 |
| **Media 2.54%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 45607000 | 40569410 |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 20807000 | 21832619 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 9124000 | 5602943 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 113481000 | 40631431 |
| CSC Holdings LLC<sup>†</sup> | 5.375% | 2/1/2028 | 15464000 | 11235382 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 40882000 | 15146761 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 17012000 | 11287812 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 47992000 | 35685527 |

---

<br> *See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Media (continued)** |  |  |  |  |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | $23176000 | $23478308 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 10.00% | 2/15/2031 | 11091000 | 11341676 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 46717000 | 41502869 |
| EW Scripps Co.<sup>†</sup> | 9.875% | 8/15/2030 | 34105000 | 34086863 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 77749000 | 58370451 |
| Gray Media, Inc.<sup>†(e)</sup> | 9.625% | 7/15/2032 | 14633000 | 15196712 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 18696000 | 20137387 |
| McGraw-Hill Education, Inc.<sup>†</sup> | 7.375% | 9/1/2031 | 21389000 | 22582977 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 21898000 | 22886038 |
| Sunrise FinCo I BV (Netherlands)<sup>†(c)</sup> | 4.875% | 7/15/2031 | 53571000 | 51069234 |
| Univision Communications, Inc.<sup>†</sup> | 4.50% | 5/1/2029 | 28463000 | 27363037 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.00% | 7/15/2030 | 37963000 | 33506417 |
| VZ Secured Financing BV (Netherlands)<sup>†(c)</sup> | 5.00% | 1/15/2032 | 46331000 | 41963523 |
| *Total* |  |  |  | 585477377 |
| **Metal Fabricate-Hardware 0.10%** |  |  |  |  |
| Vallourec SACA (France)<sup>†(c)</sup> | 7.50% | 4/15/2032 | 20632000 | 21932489 |
| **Mining 2.91%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)(e)</sup> | 7.125% | 3/15/2031 | 20653000 | 22019790 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.75% | 4/5/2034 | 20634000 | 21688000 |
| Aris Mining Corp. (Canada)<sup>†(c)</sup> | 8.00% | 10/31/2029 | 20668000 | 21587048 |
| Capstone Copper Corp. (Canada)<sup>†(c)</sup> | 6.75% | 3/31/2033 | 33341000 | 34628170 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 7.25% | 2/15/2034 | 20941000 | 22032231 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.00% | 3/1/2033 | 23148000 | 24749772 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.625% | 6/1/2031 | 26808000 | 28244748 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 9.375% | 3/1/2029 | 14825000 | 15629455 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 18375000 | 17787439 |
| Fortescue Treasury Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.125% | 4/15/2032 | 28083000 | 29329426 |
| Freeport Indonesia PT (Indonesia)<sup>(c)(e)</sup> | 6.20% | 4/14/2052 | 21420000 | 21832356 |
| Freeport-McMoRan, Inc. | 5.40% | 11/14/2034 | 34970000 | 36085555 |
| Glencore Funding LLC<sup>†</sup> | 5.673% | 4/1/2035 | 16827000 | 17581915 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 14048000 | 14152910 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 20682000 | 21412654 |
| Kaiser Aluminum Corp.<sup>†</sup> | 4.50% | 6/1/2031 | 29297000 | 28423044 |
| Kinross Gold Corp. (Canada)<sup>(c)</sup> | 6.25% | 7/15/2033 | 37165000 | 40570581 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | 5.625% | 2/12/2032 | 45208000 | 46835488 |
| Mirabela Nickel Ltd. | Zero Coupon | 9/10/2044 | 185297 | 0 <sup>(f)</sup> |

---

<br> 20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |  |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | 6.75% |  | 5/14/2030 | $35021000 | $36671558 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>(c)</sup> | 6.95% |  | 10/17/2031 | 21252000 | 22710771 |
| Nexa Resources SA (Brazil)<sup>†(c)(e)</sup> | 6.60% |  | 4/8/2037 | 31023000 | 32029594 |
| Nickel Industries Ltd. (Australia)<sup>(c)</sup> | 9.00% |  | 9/30/2030 | 21836000 | 22667257 |
| Novelis Corp.<sup>†</sup> | 4.75% |  | 1/30/2030 | 36313000 | 35103611 |
| Novelis Corp.<sup>†</sup> | 6.875% |  | 1/30/2030 | 33912000 | 35229176 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% |  | 5/13/2032 | 20566000 | 21493802 |
| *Total* |  |  |  |  | 670496351 |
| **Miscellaneous Manufacturing 0.26%** |  |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% |  | 3/15/2030 | 14779000 | 15293959 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% |  | 3/15/2033 | 10580000 | 11050727 |
| Entegris, Inc.<sup>†</sup> | 4.75% |  | 4/15/2029 | 34142000 | 34250470 |
| *Total* |  |  |  |  | 60595156 |
| **Office/Business Equipment 0.13%** |  |  |  |  |  |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% |  | 6/1/2032 | 28485000 | 29524532 |
| **Oil & Gas 4.22%** |  |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% |  | 10/1/2029 | 30085000 | 31534676 |
| APA Corp. | 4.25% |  | 1/15/2030 | 21354000 | 20988185 |
| APA Corp. | 6.10% |  | 2/15/2035 | 21663000 | 22276851 |
| APA Corp. | 6.75% |  | 2/15/2055 | 33009000 | 32965713 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.00% |  | 11/15/2028 | 33912439 | 34128007 |
| Borr IHC Ltd./Borr Finance LLC<sup>†(e)</sup> | 10.375% |  | 11/15/2030 | 13955418 | 13930485 |
| BP Capital Markets PLC (United Kingdom)<sup>(c)</sup> | 6.45%<br> (5 yr. CMT + 2.15% |)<sup>#</sup> | – <sup>(h)</sup> | 20223000 | 21547364 |
| California Resources Corp.<sup>†</sup> | 7.00% |  | 1/15/2034 | 7972000 | 7857549 |
| Caturus Energy LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 20966000 | 21851059 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% |  | 1/15/2029 | 28033000 | 29253949 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% |  | 11/1/2030 | 20653000 | 21658285 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% |  | 1/15/2030 | 23017000 | 22403947 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% |  | 3/1/2029 | 16698000 | 16677575 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 22072000 | 20959832 |
| DBR Land Holdings LLC<sup>†</sup> | 6.25% |  | 12/1/2030 | 22663000 | 23195580 |
| Global Marine, Inc. | 7.00% |  | 6/1/2028 | 4034000 | 3948277 |
| HF Sinclair Corp. | 5.50% |  | 9/1/2032 | 21609000 | 21941603 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% | 5/15/2034 | $22115000 | $20753508 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 30323000 | 32302364 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 22263000 | 22592824 |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(c)(e)</sup> | 7.25% | 6/30/2031 | 24914199 | 21866475 |
| Occidental Petroleum Corp.<sup>(e)</sup> | 5.375% | 1/1/2032 | 18612000 | 19070097 |
| Occidental Petroleum Corp.<sup>(e)</sup> | 5.55% | 10/1/2034 | 19839000 | 20248431 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 12540000 | 13262392 |
| Occidental Petroleum Corp. | 6.60% | 3/15/2046 | 20783000 | 21558143 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 18501000 | 20827797 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 17825000 | 20669906 |
| OGX Austria GmbH (Brazil)<sup>†(c)(i)\*</sup> | 8.50% | 6/1/2018 | 20000000 | 400 <sup>(a)</sup> |
| ORLEN SA (Poland)<sup>†(c)</sup> | 6.00% | 1/30/2035 | 19122000 | 20183990 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 21842000 | 22912142 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)\*</sup> | 5.375% | 4/12/2027 | 23821000 | 5586024 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)\*</sup> | 5.375% | 4/12/2027 | 26789400 | 6282114 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)\*</sup> | 6.00% | 5/16/2024 | 115754943 | 27144534 |
| Petroleos de Venezuela SA (Venezuela)<sup>(c)(i)\*</sup> | 6.00% | 11/15/2026 | 38247112 | 9179307 |
| Petroleos Mexicanos (Mexico)<sup>(c)</sup> | 6.75% | 9/21/2047 | 26649000 | 21928629 |
| Petroleos Mexicanos (Mexico)<sup>(c)(e)</sup> | 10.00% | 2/7/2033 | 47830000 | 55455298 |
| Repsol E&P Capital Markets U.S. LLC<sup>†</sup> | 5.976% | 9/16/2035 | 11506000 | 11739424 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(c)</sup> | 9.625% | 6/15/2029 | 21474000 | 21187140 |
| Suncor Energy, Inc. (Canada)<sup>(c)</sup> | 7.15% | 2/1/2032 | 28398000 | 31936286 |
| Sunoco LP<sup>†</sup> | 6.25% | 7/1/2033 | 33039000 | 33859443 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 8193000 | 8142462 |
| Transocean International Ltd. | 6.80% | 3/15/2038 | 16075000 | 13835208 |
| Transocean International Ltd. | 7.50% | 4/15/2031 | 3602000 | 3417966 |
| Transocean International Ltd.<sup>†</sup> | 7.875% | 10/15/2032 | 21993000 | 23073648 |
| Transocean International Ltd.<sup>†</sup> | 8.50% | 5/15/2031 | 22548000 | 22349372 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% | 5/1/2030 | 22035000 | 21814585 |
| Viper Energy Partners LLC | 5.70% | 8/1/2035 | 18717000 | 19112864 |
| Vital Energy, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 12476000 | 12508385 |
| *Total* |  |  |  | 971920095 |
| **Oil & Gas Services 0.80%** |  |  |  |  |
| Enerflex, Inc.<sup>†</sup> | 6.875% | 1/15/2031 | 22624000 | 23143037 |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 32636000 | 33127368 |
| SESI LLC<sup>†</sup> | 7.875% | 9/30/2030 | 23703000 | 23349963 |
| Star Holding LLC<sup>†</sup> | 8.75% | 8/1/2031 | 10315000 | 9944794 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas Services (continued)** |  |  |  |  |  |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 6.25% |  | 10/1/2033 | $21772000 | $22043497 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% |  | 3/15/2029 | 13193000 | 13662425 |
| WBI Operating LLC<sup>†</sup> | 6.50% |  | 10/15/2033 | 25347000 | 25264559 |
| Weatherford International Ltd.<sup>†</sup> | 6.75% |  | 10/15/2033 | 33114000 | 33929995 |
| *Total* |  |  |  |  | 184465638 |
| **Packaging & Containers 0.99%** |  |  |  |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>†</sup> | 6.25% |  | 1/30/2031 | 22672000 | 23202299 |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(c)</sup> | 3.875% |  | 11/15/2029 | 16549000 | 15848608 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 36045000 | 37088302 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% |  | 4/15/2030 | 22047000 | 22430706 |
| LABL, Inc.<sup>†</sup> | 5.875% |  | 11/1/2028 | 24003000 | 15161096 |
| LABL, Inc.<sup>†</sup> | 8.625% |  | 10/1/2031 | 24248000 | 12919640 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% |  | 4/15/2030 | 25576000 | 25397872 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2030 | 21334000 | 20587310 |
| Sealed Air Corp.<sup>†</sup> | 6.875% |  | 7/15/2033 | 22562000 | 23857711 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(c)</sup> | 8.25% |  | 7/15/2030 | 30028000 | 32212567 |
| *Total* |  |  |  |  | 228706111 |
| **Pharmaceuticals 0.92%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(c)</sup> | 10.00% |  | 4/15/2032 | 78705000 | 81913558 |
| Bausch Health Cos., Inc. (Canada)<sup>†(c)</sup> | 11.00% |  | 9/30/2028 | 26500000 | 27470295 |
| CVS Health Corp. | 4.78% |  | 3/25/2038 | 23587000 | 22274132 |
| CVS Health Corp. | 5.25% |  | 2/21/2033 | 35683000 | 36749414 |
| CVS Health Corp. | 5.70% |  | 6/1/2034 | 20885000 | 21893160 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 20543000 | 21563948 |
| *Total* |  |  |  |  | 211864507 |
| **Pipelines 2.85%** |  |  |  |  |  |
| AL Candelaria - spain- SA (Spain)<sup>†(c)</sup> | 5.75% |  | 6/15/2033 | 30777000 | 27334439 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 19229000 | 17078140 |
| AL Candelaria - spain- SA (Spain)<sup>(c)</sup> | 5.75% |  | 6/15/2033 | 4247000 | 3771952 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.25% |  | 7/15/2032 | 20994000 | 22292952 |
| Boardwalk Pipelines LP | 5.375% |  | 2/15/2036 | 15749000 | 15841520 |
| Boardwalk Pipelines LP | 5.625% |  | 8/1/2034 | 21000000 | 22006737 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Buckeye Partners LP<sup>†</sup> | 6.75% |  | 2/1/2030 | $32715000 | $34361579 |
| Colonial Enterprises, Inc.<sup>†</sup> | 3.25% |  | 5/15/2030 | 19028000 | 17894394 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 21903000 | 21683501 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 8.625% |  | 3/15/2029 | 28212000 | 29588720 |
| DT Midstream, Inc.<sup>†</sup> | 4.30% |  | 4/15/2032 | 27064000 | 26179662 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 16800000 | 17479671 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.875% |  | 5/15/2032 | 20761000 | 21656526 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 7.125% |  | 7/1/2033 | 9016000 | 9215686 |
| Gulfstream Natural Gas System LLC<sup>†</sup> | 5.60% |  | 7/23/2035 | 12433000 | 12773701 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 24487000 | 22565862 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 20780000 | 20870665 |
| ONEOK, Inc. | 6.05% |  | 9/1/2033 | 20473000 | 21823561 |
| ONEOK, Inc.<sup>†</sup> | 6.50% |  | 9/1/2030 | 19886000 | 21329509 |
| Sabal Trail Transmission LLC<sup>†</sup> | 4.246% |  | 5/1/2028 | 16996000 | 16923061 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada)<sup>(c)</sup> | 7.50%<br> (5 yr. CMT + 3.67% |)<sup>#</sup> | 3/1/2055 | 21644000 | 23147694 |
| South Bow USA Infrastructure Holdings LLC | 5.584% |  | 10/1/2034 | 21521000 | 21744826 |
| Transcontinental Gas Pipe Line Co. LLC<sup>†</sup> | 5.10% |  | 3/15/2036 | 21975000 | 22133028 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 46671000 | 48402588 |
| Venture Global Plaquemines LNG LLC<sup>†</sup> | 6.50% |  | 1/15/2034 | 31188000 | 31959904 |
| Western Midstream Operating LP | 4.05% |  | 2/1/2030 | 38019000 | 37263410 |
| Western Midstream Operating LP | 6.35% |  | 1/15/2029 | 20497000 | 21577555 |
| Whistler Pipeline LLC<sup>†</sup> | 5.95% |  | 9/30/2034 | 45092000 | 46737533 |
| *Total* |  |  |  |  | 655638376 |
| **Real Estate 0.29%** |  |  |  |  |  |
| Corp. Inmobiliaria Vesta SAB de CV (Mexico)<sup>†(c)</sup> | 5.50% |  | 1/30/2033 | 17682000 | 17929371 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 27346000 | 26814703 |
| Newmark Group, Inc. | 7.50% |  | 1/12/2029 | 20249000 | 21741425 |
| *Total* |  |  |  |  | 66485499 |
| **REITS 2.67%** |  |  |  |  |  |
| American Assets Trust LP | 6.15% |  | 10/1/2034 | 47277000 | 48087654 |
| Brandywine Operating Partnership LP<sup>(e)</sup> | 4.55% |  | 10/1/2029 | 26358000 | 25180448 |
| Brandywine Operating Partnership LP | 8.875% |  | 4/12/2029 | 9024000 | 9732860 |
| CFE Fibra E (Mexico)<sup>†(c)</sup> | 5.875% |  | 9/23/2040 | 20390698 | 20402288 |
| Cousins Properties LP | 5.875% |  | 10/1/2034 | 36687000 | 38393156 |
| First Industrial LP | 5.25% |  | 1/15/2031 | 16881000 | 17238378 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% |  | 1/15/2030 | 26711000 | 26046871 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% | 1/15/2031 | $19738000 | $18972592 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 17444000 | 17961947 |
| Goodman U.S. Finance Five LLC<sup>†</sup> | 4.625% | 5/4/2032 | 26424000 | 26111781 |
| Iron Mountain, Inc.<sup>†</sup> | 4.50% | 2/15/2031 | 67416000 | 64312666 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2029 | 22889000 | 22597351 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% | 1/15/2033 | 23442000 | 23653370 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(e)</sup> | 5.50% | 8/1/2030 | 20758000 | 21256151 |
| Millrose Properties, Inc.<sup>†</sup> | 6.25% | 9/15/2032 | 17633000 | 17805070 |
| Millrose Properties, Inc.<sup>†</sup> | 6.375% | 8/1/2030 | 21478000 | 21990658 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% | 1/15/2035 | 14635000 | 14480195 |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | 16479000 | 17281438 |
| Piedmont Operating Partnership LP | 5.625% | 1/15/2033 | 13496000 | 13641428 |
| Piedmont Operating Partnership LP | 9.25% | 7/20/2028 | 33284000 | 36816888 |
| Rayonier LP | 2.75% | 5/17/2031 | 45499000 | 41041172 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†</sup> | 6.50% | 6/15/2033 | 15178000 | 15839260 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 7/1/2030 | 2533000 | 2651096 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 29186000 | 30449725 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 24364000 | 22117435 |
| *Total* |  |  |  | 614061878 |
| **Retail 1.76%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(c)</sup> | 6.125% | 6/15/2029 | 20619000 | 21189560 |
| Advance Auto Parts, Inc.<sup>†(e)</sup> | 7.375% | 8/1/2033 | 48630000 | 48857588 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 20712059 | 21735131 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 29390000 | 21497238 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 8.375% | 1/15/2029 | 24396000 | 24044088 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 3544000 | 1807012 |
| LBM Acquisition LLC<sup>†</sup> | 9.50% | 6/15/2031 | 23956000 | 25002638 |
| Murphy Oil USA, Inc. | 4.75% | 9/15/2029 | 25575000 | 25515963 |
| Park River Holdings, Inc.<sup>†</sup> | 8.00% | 3/15/2031 | 36946000 | 38252410 |
| Park River Holdings, Inc.<sup>†(e)</sup> | 8.75% | 12/31/2030 | 23186671 | 22925821 |
| PetSmart LLC/PetSmart Finance Corp.<sup>†</sup> | 7.50% | 9/15/2032 | 22481000 | 22905653 |
| Punch Finance PLC<sup>†</sup> | 7.875% | 12/30/2030 | 19851000 | 27279919 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | $41438000 | 43311772 |
| Staples, Inc.<sup>†</sup> | 10.75% | 9/1/2029 | 22474000 | 22371534 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Retail (continued)** |  |  |  |  |
| Tiffany & Co. | 4.90% | 10/1/2044 | $15113000 | $14311793 |
| White Cap Supply Holdings LLC<sup>†</sup> | 7.375% | 11/15/2030 | 22134000 | 22980921 |
| *Total* |  |  |  | 403989041 |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(i)</sup>\* | 6.875% | 6/15/2011 | 22500000 | 0 <sup>(f)</sup> |
| **Semiconductors 0.83%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 37174000 | 38395739 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 27988000 | 29708477 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.40% | 1/25/2038 | 26883000 | 28711425 |
| Marvell Technology, Inc. | 5.95% | 9/15/2033 | 21787000 | 23306049 |
| Micron Technology, Inc. | 5.30% | 1/15/2031 | 12583000 | 13047965 |
| Qorvo, Inc.<sup>†</sup> | 3.375% | 4/1/2031 | 22864000 | 21227715 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 21594000 | 21305841 |
| SK Hynix, Inc. (South Korea)<sup>(c)</sup> | 6.50% | 1/17/2033 | 13204000 | 14570255 |
| *Total* |  |  |  | 190273466 |
| **Shipbuilding 0.25%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 4.20% | 5/1/2030 | 21770000 | 21575746 |
| Huntington Ingalls Industries, Inc. | 5.353% | 1/15/2030 | 18243000 | 18859834 |
| Huntington Ingalls Industries, Inc. | 5.749% | 1/15/2035 | 17057000 | 18087979 |
| *Total* |  |  |  | 58523559 |
| **Software 1.46%** |  |  |  |  |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<sup>†</sup> | 8.00% | 6/15/2029 | 25808000 | 22463113 |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | 20166000 | 21085372 |
| CoreWeave, Inc.<sup>†(e)</sup> | 9.00% | 2/1/2031 | 30327000 | 27833211 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 34392000 | 35435178 |
| Oracle Corp. | 5.20% | 9/26/2035 | 80337000 | 76998184 |
| Oracle Corp. | 5.95% | 9/26/2055 | 34206000 | 30328998 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 25180000 | 24112408 |
| Roper Technologies, Inc. | 1.75% | 2/15/2031 | 18251000 | 16018538 |
| Roper Technologies, Inc. | 4.75% | 2/15/2032 | 13514000 | 13667124 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% | 6/30/2030 | 63323000 | 67562898 |
| *Total* |  |  |  | 335505024 |
| **Telecommunications 2.98%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)(e)</sup> | 6.50% | 4/15/2032 | 34311005 | 32914098 |
| Altice France SA (France)<sup>†(c)</sup> | 6.875% | 10/15/2030 | 33872077 | 32883584 |

---

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

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Telecommunications (continued)** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 6.875% | 7/15/2032 | $26787158 | $25704940 |
| Altice France SA (France)<sup>†(c)</sup> | 9.50% | 11/1/2029 | 34801589 | 35953525 |
| Cipher Compute LLC<sup>†</sup> | 7.125% | 11/15/2030 | 39453000 | 40231522 |
| Digicel International Finance Ltd./Difl U.S. LLC (Jamaica)<sup>†(c)</sup> | 8.625% | 8/1/2032 | 21643000 | 22471325 |
| EchoStar Corp. | 6.75% | 11/30/2030 | 70718589 | 72537371 |
| Fibercop SpA (Italy)<sup>†(c)</sup> | 6.00% | 9/30/2034 | 22020000 | 20970624 |
| Flash Compute LLC<sup>†</sup> | 7.25% | 12/31/2030 | 23864000 | 23673394 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 16709000 | 15979470 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 29131000 | 26632807 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.625% | 1/15/2029 | 60034000 | 55706149 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.75% | 7/15/2029 | 18460000 | 16877240 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 12696000 | 12188160 |
| Level 3 Financing, Inc.<sup>†</sup> | 8.50% | 1/15/2036 | 30350197 | 31119199 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 38239000 | 35582728 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 13889000 | 13131563 |
| Lumen Technologies, Inc. | 7.60% | 9/15/2039 | 11939000 | 11488196 |
| Lumen Technologies, Inc. | 7.65% | 3/15/2042 | 14187000 | 13421328 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.25% | 1/31/2031 | 55119000 | 50311499 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.75% | 7/15/2031 | 24505000 | 22642583 |
| WULF Compute LLC<sup>†</sup> | 7.75% | 10/15/2030 | 42769000 | 44095199 |
| Zegona Finance PLC (United Kingdom)<sup>†(c)</sup> | 8.625% | 7/15/2029 | 27622000 | 29382129 |
| *Total* |  |  |  | 685898633 |
| **Transportation 0.67%** |  |  |  |  |
| Danaos Corp. (Greec)<sup>†(c)(e)</sup> | 6.875% | 10/15/2032 | 21643000 | 22401198 |
| GXO Logistics, Inc. | 2.65% | 7/15/2031 | 25082000 | 22618152 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 20719000 | 21849526 |
| Rand Parent LLC<sup>†(e)</sup> | 8.50% | 2/15/2030 | 39771000 | 41463575 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 25527000 | 26748901 |
| XPO, Inc.<sup>†</sup> | 7.125% | 2/1/2032 | 18350000 | 19367838 |
| *Total* |  |  |  | 154449190 |
| **Trucking & Leasing 0.28%** |  |  |  |  |
| FTAI Aviation Investors LLC<sup>†</sup> | 5.875% | 4/15/2033 | 42548000 | 43276507 |
| FTAI Aviation Investors LLC<sup>†</sup> | 7.00% | 5/1/2031 | 20510000 | 21613807 |
| *Total* |  |  |  | 64890314 |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Water 0.23%** |  |  |  |  |
| Aegea Finance SARL (Luxembourg)<sup>(c)</sup> | 9.00% | 1/20/2031 | $30707000 | $32522418 |
| Sabesp Lux SARL (Luxembourg)<sup>†(c)</sup> | 5.625% | 8/20/2030 | 21449000 | 21548697 |
| *Total* |  |  |  | 54071115 |
| *Total Corporate Bonds* (cost $15,959,765,094) | *Total Corporate Bonds* (cost $15,959,765,094) |  |  | 16164403425 |
| **FLOATING RATE LOANS**<sup>(j)</sup> **2.15%** |  |  |  |  |
| **Advertising 0.13%** |  |  |  |  |
| CMG Media Corp. 2024 Term Loan | 7.272%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 32743813 | 30654758 |
| **Aerospace/Defense 0.24%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(c)</sup> | 0.50% | 3/6/2028 | 22975265 | 54566255 |
| **Auto Parts & Equipment 0.00%** |  |  |  |  |
| First Brands Group LLC 2021 Term Loan<sup>(i)</sup> | 10.987%<br> (3 mo. USD Term SOFR + 7.00%) | 3/30/2027 | 10038735 | 120573 |
| First Brands Group LLC 2022 Incremental Term Loan<sup>(i)</sup> | 10.987%<br> (1 mo. USD Term SOFR + 7.11%) | 3/30/2027 | 2407000 | 28910 |
| First Brands Group LLC 2025 DIP Term Loan<sup>(i)</sup> | 13.843%<br> (1 mo. USD Term SOFR + 10.00%) | 6/29/2026 | 2385819 | 471199 |
| *Total* |  |  |  | 620682 |
| **Building Materials 0.04%** |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B | 8.184%<br> (3 mo. USD Term SOFR + 4.25%) | 5/17/2028 | 11434499 | 9377261 |
| **Commercial Services 0.18%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 8.572%<br> (3 mo. USD Term SOFR + 4.75%) | 2/23/2029 | 22999781 | 21888086 |
| Spin Holdco, Inc. 2021 Term Loan | 8.022%<br> (3 mo. USD Term SOFR + 4.00%) | 3/4/2028 | 25805080 | 20031194 |
| *Total* |  |  |  | 41919280 |
| **Computers 0.33%** |  |  |  |  |
| X Corp. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 21976000 | 21940619 |
| X Corp. Term Loan | 10.448%<br> (3 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 55436490 | 54585262 |
| *Total* |  |  |  | 76525881 |
| **Diversified Capital Goods 0.09%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 9.566%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 21487649 | 19835786 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric: Generation 0.01%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 5.434%<br> (3 mo. USD Term SOFR + 1.50%) | 7/28/2028 | $1720948 | $1686529 |
| **Food 0.13%** |  |  |  |  |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.079%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 28107692 | 30124173 |
| **Health Care Products 0.04%** |  |  |  |  |
| Argent Finco LLC Term Loan B | – <sup>(k)</sup> | 11/12/2032 | $9131000 | 9216603 |
| **Health Care Services 0.05%** |  |  |  |  |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 7.655%<br> (3 mo. USD Term SOFR + 3.75%) | 5/19/2031 | 12663090 | 12718808 |
| **Internet 0.04%** |  |  |  |  |
| Anastasia Parent LLC 2025 Term Loan | 8.672%<br> (3 mo. USD Term SOFR + 5.00%) | 6/24/2030 | 10787522 | 9978458 |
| **Leisure Time 0.06%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(c)</sup> | 6.934%<br> (3 mo. USD Term SOFR + 3.00%) | 7/22/2030 | 13467905 | 13484740 |
| **Media 0.49%** |  |  |  |  |
| EW Scripps Co. 2025 Term Loan B2 | 9.60%<br> (1 mo. USD Term SOFR + 5.75%) | 6/30/2028 | 16764471 | 16998000 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.402%<br> (3 mo. USD Term SOFR + 3.30%) | 12/31/2029 | 40171607 | 36887578 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 7.916%<br> (1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 38953978 | 35526028 |
| Virgin Media Bristol LLC 2023 USD Term Loan Y | 7.052%<br> (6 mo. USD Term SOFR + 3.18%) | 3/31/2031 | 22518000 | 22345287 |
| *Total* |  |  |  | 111756893 |
| **Oil & Gas Services 0.04%** |  |  |  |  |
| Star Holding LLC 2024 1st Lien Term Loan B | 8.216%<br> (1 mo. USD Term SOFR + 4.50%) | 7/31/2031 | 8601330 | 8472310 |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan | – <sup>(k)</sup> | 12/31/2026 | 687414 | 0 <sup>(f)</sup> |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software 0.11%** |  |  |  |  |
| Central Parent, Inc. 2024 Term Loan B | 6.922%<br> (3 mo. USD Term SOFR + 3.25% | 7/6/2029 | $12820000 | $10900718 |
| Modena Buyer LLC Term Loan | 8.09%<br> (3 mo. USD Term SOFR + 4.25% | 7/1/2031 | 15449446 | 15399930 |
| *Total* |  |  |  | 26300648 |
| **Transportation 0.08%** |  |  |  |  |
| Forward Air Corp. Term Loan B | 8.338%<br> (3 mo. USD Term SOFR + 4.50% | 12/19/2030 | 18341000 | 18250487 |
| **Utilities 0.09%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | 6.422% - 6.47%<br> (1 mo. USD Term SOFR + 2.75%<br> (3 mo. USD Term SOFR + 2.75% | 6/23/2032 | 20265295 | 20452141 |
| *Total Floating Rate Loans* (cost $471,137,588) |  |  |  | 495941693 |
| **FOREIGN GOVERNMENT OBLIGATIONS 7.99%** |  |  |  |  |
| **Angola 0.18%** |  |  |  |  |
| Angola Government International Bonds<sup>(c)</sup> | 8.75% | 4/14/2032 | 13799000 | 13462425 |
| Angolan Government International Bonds<sup>(c)</sup> | 9.244% | 1/15/2031 | 27358000 | 27555285 |
| *Total* |  |  |  | 41017710 |
| **Argentina 0.65%** |  |  |  |  |
| Argentina Republic Government International Bonds<sup>(c)</sup> | 0.75% | 7/9/2030 | 96885386 | 82594791 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% | 9/1/2037 | 2485347 | 1914165 |
| Provincia de Buenos Aires/Government Bonds<sup>(c)</sup> | 6.625% | 9/1/2037 | 26510377 | 20417762 |
| Provincia de Cordoba<sup>(c)(e)</sup> | 6.875% | 2/1/2029 | 14069170 | 13489520 |
| Provincia de Cordoba<sup>†(c)</sup> | 9.75% | 7/2/2032 | 30534000 | 32190470 |
| *Total* |  |  |  | 150606708 |
| **Bahamas 0.04%** |  |  |  |  |
| Bahamas Government International Bonds<sup>†(c)</sup> | 8.25% | 6/24/2036 | 8513000 | 9520258 |
| **Bolivia 0.14%** |  |  |  |  |
| Bolivia Government International Bonds<sup>(c)(e)</sup> | 4.50% | 3/20/2028 | 35956000 | 33245996 |
| **Brazil 0.69%** |  |  |  |  |
| Brazil Letras do Tesouro Nacional | Zero Coupon | 4/1/2027 | 494800000 | 77253281 |
| Brazil Notas do Tesouro Nacional | 10.00% | 1/1/2031 | 511720000 | 82064737 |
| *Total* |  |  |  | 159318018 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Cameroon 0.14%** |  |  |  |  |
| Republic of Cameroon International Bonds<sup>(c)</sup> | 9.50% | 7/31/2031 | $32016000 | $31958227 |
| **Chile 0.25%** |  |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos | 4.70% | 9/1/2030 | 51640000000 | 56392386 |
| **Costa Rica 0.10%** |  |  |  |  |
| Costa Rica Government International Bonds<sup>(c)(e)</sup> | 7.30% | 11/13/2054 | $20224000 | 22764640 |
| **Dominican Republic 0.19%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(c)</sup> | 6.00% | 2/22/2033 | 43282000 | 44422481 |
| **Ecuador 0.41%** |  |  |  |  |
| Ecuador Government International Bonds<sup>†(c)</sup> | 6.90% <sup>(l)</sup> | 7/31/2030 | 95558274 | 94555868 |
| **Egypt 0.31%** |  |  |  |  |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 4553000 | 4479784 |
| Egypt Government International Bonds<sup>(c)</sup> | 8.50% | 1/31/2047 | 67721000 | 66631993 |
| *Total* |  |  |  | 71111777 |
| **El Salvador 0.58%** |  |  |  |  |
| El Salvador Government International Bonds<sup>†(c)</sup> | 0.25% | 4/17/2030 | 26503000 | 794538 |
| El Salvador Government International Bonds<sup>(c)</sup> | 8.625% | 2/28/2029 | 50361000 | 53823319 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.25% | 4/17/2030 | 48251000 | 52629778 |
| El Salvador Government International Bonds<sup>†(c)</sup> | 9.65% | 11/21/2054 | 22062000 | 25316145 |
| *Total* |  |  |  | 132563780 |
| **Ghana 0.35%** |  |  |  |  |
| Ghana Government International Bonds<sup>(c)</sup> | 5.00% <sup>(l)</sup> | 7/3/2035 | 87817293 | 80559773 |
| **Honduras 0.11%** |  |  |  |  |
| Honduras Government International Bonds<sup>(c)</sup> | 5.625% | 6/24/2030 | 24796000 | 24647224 |
| **Hungary 0.20%** |  |  |  |  |
| Hungary Government Bonds | 7.00% | 10/24/2035 | 3680340000 | 11411588 |
| Hungary Government Bonds | 7.00% | 10/24/2035 | 11316080000 | 35087638 |
| *Total* |  |  |  | 46499226 |
| **Lebanon 0.06%** |  |  |  |  |
| Lebanon Government International Bonds<sup>(c)(i)</sup>\* | 6.85% | 3/23/2027 | $59833000 | 13991139 |
| **Mexico 0.73%** |  |  |  |  |
| Mexico Bonos | 7.75% | 5/29/2031 | 3146800000 | 168491578 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Montenegro 0.08%** |  |  |  |  |
| Montenegro Government International Bonds<sup>†(c)</sup> | 7.25% | 3/12/2031 | $17532000 | $18700521 |
| **Panama 0.18%** |  |  |  |  |
| Panama Government International Bonds<sup>(c)</sup> | 6.40% | 2/14/2035 | 38693000 | 40902370 |
| **Peru 0.28%** |  |  |  |  |
| Peru Government Bonds | 6.85% | 8/12/2035 | 200177000 | 64126176 |
| **Romania 0.22%** |  |  |  |  |
| Romania Government International Bonds<sup>(c)</sup> | 5.75% | 3/24/2035 | $22564000 | 22410658 |
| Romania Government International Bonds<sup>†(c)</sup> | 6.625% | 5/16/2036 | 26324000 | 27485151 |
| *Total* |  |  |  | 49895809 |
| **South Africa 0.79%** |  |  |  |  |
| Republic of South Africa Government Bonds | 8.00% | 1/31/2030 | 1875888972 | 115720091 |
| Republic of South Africa Government International Bonds<sup>(c)</sup> | 5.75% | 9/30/2049 | $43358000 | 36596267 |
| Republic of South Africa Government International Bonds<sup>†(c)</sup> | 7.25% | 12/11/2055 | 29564000 | 29356823 |
| *Total* |  |  |  | 181673181 |
| **Sri Lanka 0.22%** |  |  |  |  |
| Sri Lanka Government International Bonds<sup>(c)</sup> | 3.60% <sup>(l)</sup> | 5/15/2036 | 47409650 | 43250337 |
| Sri Lanka Government International Bonds<sup>(c)</sup> | 3.60% <sup>(l)</sup> | 2/15/2038 | 9035527 | 8263079 |
| *Total* |  |  |  | 51513416 |
| **Suriname 0.09%** |  |  |  |  |
| Suriname Government International Bonds<sup>†(c)</sup> | 8.50% | 11/6/2035 | 18839000 | 20416766 |
| **Trinidad And Tobago 0.14%** |  |  |  |  |
| Trinidad & Tobago Government International Bonds<sup>†(c)</sup> | 6.40% | 6/26/2034 | 30657000 | 31040213 |
| **Turkey 0.19%** |  |  |  |  |
| Istanbul Metropolitan Municipality<sup>†(c)</sup> | 10.50% | 12/6/2028 | 20592000 | 22635057 |
| Turkiye Government International Bonds<sup>(c)</sup> | 9.375% | 3/14/2029 | 19475000 | 21931394 |
| *Total* |  |  |  | 44566451 |
| **Ukraine 0.18%** |  |  |  |  |
| Ukraine Government International Bonds<sup>(c)</sup> | 3.00% <sup>(l)</sup> | 2/1/2035 | 74349729 | 42067892 |
| **Uzbekistan 0.13%** |  |  |  |  |
| Republic of Uzbekistan International Bonds<sup>†(c)</sup> | 6.947% | 5/25/2032 | 26666000 | 28863154 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Venezuela 0.16%** |  |  |  |  |
| Venezuela Government International Bonds<sup>(c)(i)</sup>\* | 9.00% | 5/7/2023 | $58725800 | $16663446 |
| Venezuela Government International Bonds<sup>(c)(i)</sup>\* | 11.75% | 10/21/2026 | 51699500 | 17009135 |
| Venezuela Government International Bonds<sup>(c)(i)</sup>\* | 12.75% | 8/23/2022 | 11543700 | 3653581 |
| *Total* |  |  |  | 37326162 |
| **Zambia 0.20%** |  |  |  |  |
| Zambia Government International Bonds<sup>(c)</sup> | 5.75% <sup>(l)</sup> | 6/30/2033 | 45925668 | 45347166 |
| *Total Foreign Government Obligations* (cost $1,671,465,641) |  |  |  | 1838106066 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.79%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.79%** |  |  |  |
| Government National Mortgage Association<sup>(m)</sup> | 5.00% | TBA | 67003000 | 66805027 |
| Government National Mortgage Association<sup>(m)</sup> | 5.50% | TBA | 145354000 | 146717474 |
| Government National Mortgage Association<sup>(m)</sup> | 6.00% | TBA | 102908000 | 104809386 |
| Government National Mortgage Association<sup>(m)</sup> | 6.50% | TBA | 228412000 | 235998395 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 4.50% | TBA | 159362000 | 159378349 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.00% | TBA | 978619000 | 979309944 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 5.50% | TBA | 563387000 | 571706421 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.00% | TBA | 192792000 | 197862002 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 6.50% | TBA | 140311000 | 145855250 |
| Uniform Mortgage-Backed Security<sup>(m)</sup> | 7.00% | TBA | 99403000 | 104632788 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $2,706,377,363) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $2,706,377,363) |  |  | 2713075036 |
|  |  |  | **Shares** |  |
| **INVESTMENTS IN UNDERLYING FUNDS 1.39%** |  |  |  |  |
| Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $319,513,880) | Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> (cost $319,513,880) |  | 12703635 | 320131593 |
|  |  |  | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **MUNICIPAL BONDS 0.50%** |  |  |  |  |
| **Corporate-Backed 0.09%** |  |  |  |  |
| Mobile County Industrial Development Authority - AM/NS Calvert LLC AL AMT | 4.75% | 12/1/2054 | $22700000 | 20862435 |
| **Lease Obligation 0.09%** |  |  |  |  |
| Maryland Stadium Authority - State of Maryland | 5.578% | 6/15/2055 | 21620000 | 21642506 |
| **Miscellaneous 0.14%** |  |  |  |  |
| Dallas Convention Center Hotel Development Corp. TX<sup>(e)</sup> | 7.088% | 1/1/2042 | 17280000 | 19188049 |
| New York City Industrial Development Agency NY<sup>†</sup> | 11.00% | 3/1/2029 | 11113000 | 12168631 |
| *Total* |  |  |  | 31356680 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Tax Revenue 0.07%** |  |  |  |  |  |
| Memphis-Shelby County Industrial Development Board Tax Allocation TN<sup>(i)</sup>\* | 7.00% |  | 7/1/2045 | $22085000 | $16843655 |
| **Transportation 0.11%** |  |  |  |  |  |
| Public Finance Authority - SR 400 Peach Partners LLC WI AMT | 5.75% |  | 12/31/2065 | 24515000 | 25261744 |
| *Total Municipal Bonds* (cost $120,946,703) |  |  |  |  | 115967020 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.12%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.12%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.12%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.12%** |  |  |
| 1301 Trust Series 2025-1301 Class C<sup>†</sup> | 5.641% | <sup>#(q)</sup> | 8/11/2042 | 14940000 | 15176673 |
| 1301 Trust Series 2025-1301 Class D<sup>†</sup> | 6.223% | <sup>#(q)</sup> | 8/11/2042 | 14370000 | 14613290 |
| 1345 Trust Series 2025-AOA Class A<sup>†</sup> | 5.35%<br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 6/15/2042 | 18260000 | 18344241 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 5.494%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 35200000 | 35389066 |
| ALA Trust Series 2025-OANA Class C<sup>†</sup> | 5.843%<br> (1 mo. USD Term SOFR + 2.09% |)<sup>#</sup> | 6/15/2040 | 33450000 | 33599615 |
| ARZ Trust Series 2024-BILT Class A<sup>†</sup> | 5.772% |  | 6/11/2039 | 11880000 | 12224051 |
| BAHA Trust Series 2024-MAR Class A<sup>†</sup> | 5.972% | <sup>#(q)</sup> | 12/10/2041 | 13280000 | 13762383 |
| BAHA Trust Series 2024-MAR Class B<sup>†</sup> | 6.841% | <sup>#(q)</sup> | 12/10/2041 | 30230000 | 31691091 |
| BFLD Trust Series 2025-FPM Class A<sup>†</sup> | 5.011% | <sup>#(q)</sup> | 10/10/2040 | 11320000 | 11461774 |
| BHMS Commercial Mortgage Trust Series 2025-ATLS Class A<sup>†</sup> | 5.60%<br> (1 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 8/15/2042 | 32650000 | 32834858 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A<sup>†</sup> | 5.092%<br> (1 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 3/15/2041 | 48401055 | 48478245 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class B<sup>†</sup> | 5.755% | <sup>#(q)</sup> | 6/15/2044 | 8286000 | 8560509 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class C<sup>†</sup> | 6.236% | <sup>#(q)</sup> | 6/15/2044 | 6910000 | 7196574 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A<sup>†</sup> | 4.796%<br> (1 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/15/2034 | 27905291 | 27777041 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class B<sup>†</sup> | 5.393%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 12/15/2039 | 14390871 | 14442428 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class B<sup>†</sup> | 5.543%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 1/15/2042 | 16520000 | 16536741 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.192%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 18273013 | 18303024 |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.142%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | $10122126 | $10138621 |
| BX Commercial Mortgage Trust Series 2025-COPT Class A<sup>†</sup> | 5.50%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 8/15/2042 | 39000000 | 39140646 |
| BX Trust Series 2024-VLT4 Class A<sup>†</sup> | 5.242%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 6/15/2041 | 20128000 | 20145598 |
| BX Trust Series 2025-ARIA Class C<sup>†</sup> | 5.517% | <sup>#(q)</sup> | 12/13/2042 | 7340000 | 7403412 |
| BX Trust Series 2025-GW Class A<sup>†</sup> | 5.35%<br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2042 | 18270000 | 18332984 |
| BX Trust Series 2025-ROIC Class E<sup>†</sup> | 6.691%<br> (1 mo. USD Term SOFR + 2.94% |)<sup>#</sup> | 3/15/2030 | 27433007 | 27351141 |
| BX Trust Series 2025-TAIL Class E<sup>†</sup> | 7.05%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 6/15/2035 | 16710000 | 16750102 |
| BX Trust Series 2025-VLT6 Class B<sup>†</sup> | 5.643%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 3/15/2042 | 18595000 | 18594048 |
| BX Trust Series 2025-VLT7 Class A<sup>†</sup> | 5.45%<br> (1 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/15/2044 | 22360000 | 22431767 |
| BX Trust Series 2025-VLT7 Class E<sup>†</sup> | 7.50%<br> (1 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 7/15/2044 | 10750000 | 10760649 |
| BX Trust Series 2025-VOLT Class D<sup>†</sup> | 6.50%<br> (1 mo. USD Term SOFR + 2.75% |)<sup>#</sup> | 12/15/2044 | 32040000 | 32130564 |
| CALI Mortgage Trust Series 2019-101C Class A<sup>†</sup> | 3.957% |  | 3/10/2039 | 21880000 | 21171736 |
| CENT Series 2025-CITY Class A<sup>†</sup> | 4.92% | <sup>#(q)</sup> | 7/10/2040 | 8470000 | 8581718 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.041%<br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 21330000 | 21365779 |
| DBC Mortgage Trust Series 2025-DBC Class C<sup>†</sup> | 5.801%<br> (1 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 11/15/2042 | 24460000 | 24512604 |
| DBC Mortgage Trust Series 2025-DBC Class D<sup>†</sup> | 6.351%<br> (1 mo. USD Term SOFR + 2.60% |)<sup>#</sup> | 11/15/2042 | 8180000 | 8237419 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-HQA1 Class B2<sup>†</sup> | 9.089%<br> (30 day USD SOFR Average + 5.21% |)<sup>#</sup> | 1/25/2050 | 5440000 | 6053045 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA3 Class B2<sup>†</sup> | 10.124%<br> (30 day USD SOFR Average + 6.25% |)<sup>#</sup> | 9/25/2041 | 3310000 | 3411095 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class B2<sup>†</sup> | 10.874%<br> (30 day USD SOFR Average + 7.00% |)<sup>#</sup> | 12/25/2041 | 4420000 | 4634172 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA2 Class B2<sup>†</sup> | 12.374%<br> (30 day USD SOFR Average + 8.50% |)<sup>#</sup> | 2/25/2042 | 10675000 | 11448070 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal Home Loan Mortgage Corp. STACR Trust Series 2019-HQA1 Class B2<sup>†</sup> | 16.239%<br> (30 day USD SOFR Average + 12.36% |)<sup>#</sup> | 2/25/2049 | $5456000 | $6646457 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02 Class 2B2<sup>†</sup> | 10.074%<br> (30 day USD SOFR Average + 6.20% |)<sup>#</sup> | 11/25/2041 | 2115000 | 2193938 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R02 Class 2B2<sup>†</sup> | 11.524%<br> (30 day USD SOFR Average + 7.65% |)<sup>#</sup> | 1/25/2042 | 4530000 | 4785551 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R06 Class 1B2<sup>†</sup> | 14.474%<br> (30 day USD SOFR Average + 10.60% |)<sup>#</sup> | 5/25/2042 | 12579525 | 14045153 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R07 Class 1B2<sup>†</sup> | 15.874%<br> (30 day USD SOFR Average + 12.00% |)<sup>#</sup> | 6/25/2042 | 1641100 | 1876408 |
| Great Wolf Trust Series 2024-WOLF Class A<sup>†</sup> | 5.292%<br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 3/15/2039 | 28582000 | 28657571 |
| GS Mortgage Securities Corp. Trust Series 2024-MARK Class A<sup>†</sup> | 5.541%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 6/15/2034 | 24710000 | 24744668 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class D<sup>†</sup> | 6.34% | <sup>#(q)</sup> | 1/13/2040 | 11210000 | 11674907 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class F<sup>†</sup> | 7.403% | <sup>#(q)</sup> | 1/13/2040 | 4650000 | 4736935 |
| 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>(f)</sup> |
| JW Commercial Mortgage Trust Series 2024-MRCO Class A<sup>†</sup> | 5.371%<br> (1 mo. USD Term SOFR + 1.62% |)<sup>#</sup> | 6/15/2039 | 37070000 | 37173351 |
| JW Trust Series 2024-BERY Class A<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 11/15/2039 | 15340000 | 15389234 |
| MAD Commercial Mortgage Trust Series 2025-11MD Class C<sup>†</sup> | 5.631% | <sup>#(q)</sup> | 10/15/2042 | 45035000 | 45506039 |
| NRTH Commercial Mortgage Trust Series 2025-PARK Class A<sup>†</sup> | 5.143%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 10/15/2040 | 18660000 | 18704482 |
| NY Commercial Mortgage Trust Series 2025-299P Class B<sup>†</sup> | 5.928% | <sup>#(q)</sup> | 2/10/2047 | 12525000 | 13080975 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |  |
| NYO Commercial Mortgage Trust Series 2021-1290 Class A<sup>†</sup> | 4.961%<br> (1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 11/15/2038 | $37860000 | $37831703 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class B<sup>†</sup> | 5.41%<br> (1 mo. USD Term SOFR + 1.66% |)<sup>#</sup> | 12/15/2038 | 9480000 | 9446971 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class C<sup>†</sup> | 5.861%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 11/15/2038 | 16430000 | 16336268 |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 4.565%<br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | 25955000 | 25894707 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.438% | <sup>#(q)</sup> | 2/14/2047 | 31120000 | 32058744 |
| ROCK Trust Series 2024-CNTR Class B<sup>†</sup> | 5.93% |  | 11/13/2041 | 22830000 | 23616945 |
| ROCK Trust Series 2024-CNTR Class C<sup>†</sup> | 6.471% |  | 11/13/2041 | 22450000 | 23376559 |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% |  | 11/13/2041 | 56095000 | 59844592 |
| SCG Trust Series 2025-SNIP Class D<sup>†</sup> | 6.35%<br> (1 mo. USD Term SOFR + 2.60% |)<sup>#</sup> | 9/15/2042 | 12650000 | 12737105 |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class A<sup>†</sup> | 5.142%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 5/15/2039 | 14290000 | 14287901 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 6.762%<br> (1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 81900000 | 39374260 |
| SHRN Trust Series 2025-MF18 Class D<sup>†</sup> | 6.00%<br> (1 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 10/15/2040 | 8370000 | 8404521 |
| SHRN Trust Series 2025-MF18 Class E<sup>†</sup> | 6.70%<br> (1 mo. USD Term SOFR + 2.95% |)<sup>#</sup> | 10/15/2040 | 9400000 | 9450307 |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 4.751%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 19410000 | 19414878 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.391%<br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 33770000 | 33518407 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 12/15/2039 | 15070000 | 15100502 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C<sup>†</sup> | 5.742%<br> (1 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 12/15/2039 | 8730000 | 8756038 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class C<sup>†</sup> | 5.892%<br> (1 mo. USD Term SOFR + 2.14% |)<sup>#</sup> | 4/15/2042 | 11830000 | 11853218 |

---

See Notes to Financial Statements. 37

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(q)</sup> | 6/25/2054 | $11988178 | $12319443 |
| WB Commercial Mortgage Trust Series 2024-HQ Class A<sup>†</sup> | 5.937% | <sup>#(q)</sup> | 3/15/2040 | 13601000 | 13593069 |
| Wells Fargo Commercial Mortgage Trust Series 2025-609M Class A<sup>†</sup> | 5.293%<br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 8/15/2042 | 41710000 | 41813266 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A<sup>†</sup> | 5.35% | <sup>#(q)</sup> | 7/15/2040 | 16450000 | 16921391 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,480,579,515) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,480,579,515) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,480,579,515) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $1,480,579,515) |  | 1408753864 |
|  | **Dividend<br> Rate** |  |  | **Shares** |  |
| **PREFERRED STOCKS 0.17%** |  |  |  |  |  |
| **Automobiles 0.11%** |  |  |  |  |  |
| Dr. Ing hc F Porsche AG<sup>†(d)</sup> | 5.031% |  |  | 475569 | 25329907 |
| **Commercial Services & Supplies 0.00%** |  |  |  |  |  |
| SVB Financial Trust Class C | Zero Coupon |  |  | 3121160 | 405751 |
| **Transportation Infrastructure 0.06%** |  |  |  |  |  |
| ACBL Holdings Corp. | Zero Coupon |  |  | 205069 | 12509209 |
| *Total Preferred Stocks* (cost $31,479,259) |  |  |  |  | 38244867 |
| *Total Long-Term Investments* (cost $24,830,261,716) |  |  |  |  | 25209979742 |
|  |  |  |  | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 1.98%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.32%** |  |  |  |  |  |
| Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $73,494,000 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $74,910,482; proceeds: $73,454,835<br> (cost $73,441,574) | Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $73,494,000 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $74,910,482; proceeds: $73,454,835<br> (cost $73,441,574) | Repurchase Agreement dated 12/31/2025, 3.250% due 1/2/2026 with Fixed Income Clearing Corp. collateralized by $73,494,000 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $74,910,482; proceeds: $73,454,835<br> (cost $73,441,574) |  | $73441574 | 73441574 |
| **TIME DEPOSITS 0.17%** |  |  |  |  |  |
| CitiBank N.A.<sup>(r)</sup> (cost $38,157,805) |  |  |  | 38157805 | 38157805 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **MONEY MARKET FUNDS 1.49%** | | |
| Fidelity Government Portfolio<sup>(r)</sup> (cost $343,420,246) | 343420246 | $343420246 |
| *Total Short-Term Investments* (cost $455,019,625) |  | 455019625 |
| *Total Investments in Securities 111.50%* (cost $25,285,281,341) |  | 25664999367 |
| *Other Assets and Liabilities - Net*<sup>(s)</sup> *(11.50)%* |  | (2646639406) |
| *Net Assets 100.00%* |  | $23018359961 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2025, the total value of Rule 144A securities was $12,840,106,995, which represents 55.78% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at December 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | 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>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(e)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(g)</sup> | Securities purchased on a when-issued basis (See Note 2(k)). |
| <sup>(h)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(i)</sup> | Defaulted. |
| <sup>(j)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at December 31, 2025. |
| <sup>(k)</sup> | Interest Rate to be determined. |
| <sup>(l)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(m)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(n)</sup> | Affiliated fund (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 December 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $320,131,593 or 1.39% of net assets. |

---

See Notes to Financial Statements. 39

**Schedule of Investments (continued)**

*December 31, 2025*

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront**<sup>(2)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.HY.S45<sup>(4)</sup> | Bank of America | 5.00% | 12/20/2030 | $121677000 | $8885500 | $386592 | $9272092 |

---

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

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

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $386,592. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Appreciation** |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | $29848102 | $374828<sup>(1)</sup> |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | 60151898 | 755379 |
| *Total* |  |  |  |  | $1130207 |
| **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** | **Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at December 31, 2025:** |
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Depreciation** |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 10/23/2028 | $200000000 | $(1168632) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 5/12/2052 | 97080000 | (2048632) |
| Bank of America | 2.748% | CPI Urban Consumer NSA | 4/20/2052 | 128000000 | (4491309) |
| *Total* |  |  |  |  | $(7708573) |

---

---

| | |
|:---|:---|
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Unrealized appreciation on Centrally Cleared CPI Swap Contract is $247,637, which includes upfront payment of $127,191. Upfront payments paid (received) are presented net of amortization. |

---

40 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward**<br> Foreign<br> Currency<br> Exchange <br> Contracts** | Transaction**<br> Type** | Counterparty | Expiration**<br> Date** | Foreign **<br> Currency** | U.S. $**<br> Cost on<br> Origination<br> Date** | U.S. $**<br> Current<br> Value** | Unrealized**<br> Appreciation** |
| British pound | Buy | Barclays PLC | 2/6/2026 | 614000 | $824876 | $827606 | $2730 |
| British pound | Buy | Barclays PLC | 2/6/2026 | 777000 | 1045777 | 1047312 | 1535 |
| British pound | Buy | Citibank | 2/6/2026 | 737000 | 984029 | 993396 | 9367 |
| British pound | Buy | Citibank | 2/6/2026 | 5887000 | 7850648 | 7935040 | 84392 |
| British pound | Buy | Goldman Sachs | 2/6/2026 | 3211000 | 4207492 | 4328081 | 120589 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 4108000 | 5400455 | 5537140 | 136685 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 2518000 | 3287919 | 3393992 | 106073 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 1534000 | 2010058 | 2067666 | 57608 |
| British pound | Buy | Morgan Stanley | 2/6/2026 | 1536000 | 2049300 | 2070362 | 21062 |
| British pound | Buy | State Street Bank and Trust | 2/6/2026 | 1514000 | 2026269 | 2040709 | 14440 |
| Canadian dollar | Buy | Bank of America | 1/23/2026 | 2737000 | 1959390 | 1996002 | 36612 |
| Canadian dollar | Buy | Barclays PLC | 1/23/2026 | 3046000 | 2219399 | 2221346 | 1947 |
| Canadian dollar | Buy | Barclays PLC | 1/23/2026 | 2441000 | 1774063 | 1780139 | 6076 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 3417000 | 2453809 | 2491903 | 38094 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 5635000 | 4035705 | 4109416 | 73711 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 1028000 | 737299 | 749686 | 12387 |
| Canadian dollar | Buy | Citibank | 1/23/2026 | 1022000 | 734318 | 745310 | 10992 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 5973000 | 4284558 | 4355909 | 71351 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 2650000 | 1884456 | 1932556 | 48100 |
| Canadian dollar | Buy | Goldman Sachs | 1/23/2026 | 2743000 | 1963563 | 2000378 | 36815 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 4544000 | 3252569 | 3313787 | 61218 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 2728000 | 1940993 | 1989439 | 48446 |
| Canadian dollar | Buy | Morgan Stanley | 1/23/2026 | 2630000 | 1879820 | 1917971 | 38151 |
| Canadian dollar | Buy | State Street Bank and Trust | 1/23/2026 | 8319000 | 5973005 | 6066768 | 93763 |
| Euro | Buy | Morgan Stanley | 3/6/2026 | 3215000 | 3721797 | 3788952 | 67155 |
| Swedish krona | Buy | Barclays PLC | 1/30/2026 | 107778000 | 11332927 | 11722236 | 389309 |
| Swedish krona | Buy | Goldman Sachs | 1/30/2026 | 21692000 | 2284963 | 2359283 | 74320 |
| Swedish krona | Buy | Goldman Sachs | 1/30/2026 | 22120000 | 2352021 | 2405833 | 53812 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 22206000 | 2378148 | 2415187 | 37039 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 22520000 | 2398781 | 2449338 | 50557 |
| Swedish krona | Buy | Morgan Stanley | 1/30/2026 | 22445000 | 2393388 | 2441181 | 47793 |
| Swiss franc | Buy | Citibank | 1/16/2026 | 1193000 | 1492655 | 1507755 | 15100 |
| Swiss franc | Buy | Goldman Sachs | 1/16/2026 | 1012355 | 1264106 | 1279449 | 15343 |
| Swiss franc | Buy | Morgan Stanley | 1/16/2026 | 1169000 | 1476950 | 1477423 | 473 |
| Swiss franc | Buy | State Street Bank and Trust | 1/16/2026 | 924000 | 1167702 | 1167784 | 82 |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 2105000 | 1536799 | 1535106 | 1693 |
| Euro | Sell | Barclays PLC | 3/6/2026 | 1122000 | 1322917 | 1322303 | 614 |
| Euro | Sell | Goldman Sachs | 3/6/2026 | 2067000 | 2438208 | 2436008 | 2200 |
| Euro | Sell | Goldman Sachs | 3/6/2026 | 2165000 | 2561687 | 2551503 | 10184 |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 2209000 | 2606332 | 2603358 | 2974 |

---

See Notes to Financial Statements. 41

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward**<br> Foreign<br> Currency<br> Exchange <br> Contracts** | Transaction<br> Type | Counterparty | Expiration**<br> Date** | Foreign **<br> Currency** | U.S. $**<br> Cost on<br> Origination<br> Date** | U.S. $**<br> Current<br> Value** | Unrealized**<br> Appreciation** |
| Euro | Sell | State Street Bank and Trust | 3/6/2026 | 2196000 | $2590714 | $2588037 | $2677 |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 57885000 | 73461851 | 73157092 | 304759 |
| Swiss franc | Sell | Citibank | 1/16/2026 | 72338000 | 91816854 | 91423299 | 393555 |
| Swiss franc | Sell | Goldman Sachs | 1/16/2026 | 2695000 | 3418930 | 3406035 | 12895 |
| Swiss franc | Sell | Goldman Sachs | 1/16/2026 | 141296000 | 179363135 | 178574836 | 788299 |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 76350000 | 96978242 | 96493806 | 484436 |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 2646000 | 3370367 | 3344108 | 26259 |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 1978000 | 2514738 | 2499866 | 14872 |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 3244000 | 4111701 | 4099881 | 11820 |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 2457000 | 3109095 | 3105243 | 3852 |
| *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* |  |  |  | $3944216 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward**<br> Foreign<br> Currency<br> Exchange <br> Contracts** | Transaction**<br> Type** | Counterparty | Expiration**<br> Date** | Foreign**<br> Currency** | U.S. $**<br> Cost on<br> Origination<br> Date** | U.S. $**<br> Current<br> Value** | Unrealized**<br> Depreciation** |
| British pound | Buy | Barclays PLC | 2/6/2026 | 770000 | $1040624 | $1037877 | $(2747) |
| Swiss franc | Buy | Goldman Sachs | 1/16/2026 | 1052000 | 1339038 | 1329554 | (9484) |
| Swiss franc | Buy | Morgan Stanley | 1/16/2026 | 342105500 | 440675881 | 432364920 | (8310961) |
| Swiss franc | Buy | State Street Bank and Trust | 1/16/2026 | 342105500 | 440664528 | 432364920 | (8299608) |
| British pound | Sell | Barclays PLC | 2/6/2026 | 3311000 | 4349962 | 4462870 | (112908) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 1660000 | 2182391 | 2237501 | (55110) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 1488000 | 1975787 | 2005663 | (29876) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 4353000 | 5756442 | 5867374 | (110932) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 78879000 | 105611724 | 106320374 | (708650) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 1893000 | 2465518 | 2551560 | (86042) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 956000 | 1246716 | 1288585 | (41869) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 941000 | 1236296 | 1268366 | (32070) |
| British pound | Sell | State Street Bank and Trust | 2/6/2026 | 4403000 | 5802503 | 5934769 | (132266) |
| Canadian dollar | Sell | Citibank | 1/23/2026 | 2699000 | 1942598 | 1968290 | (25692) |

---

42 See Notes to Financial Statements.

**Schedule of Investments (continued)**

*December 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts | Transaction<br> Type | Counterparty | Expiration<br> Date | Foreign<br> Currency | U.S. $ Cost on<br> Origination<br> Date | U.S. $ Current<br> Value | Unrealized<br> Depreciation |
| Canadian dollar | Sell | Morgan Stanley | 1/23/2026 | 48660000 | $35483681 | $35486106 | $(2425) |
| Canadian dollar | Sell | State Street Bank and Trust | 1/23/2026 | 2917000 | 2086053 | 2127270 | (41217) |
| Canadian dollar | Sell | State Street Bank and Trust | 1/23/2026 | 3877000 | 2781613 | 2827366 | (45753) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 10194000 | 11924127 | 12013866 | (89739) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 1843000 | 2153550 | 2172018 | (18468) |
| Euro | Sell | Morgan Stanley | 3/6/2026 | 7885000 | 9283055 | 9292656 | (9601) |
| Euro | Sell | State Street Bank and Trust | 3/6/2026 | 65661000 | 76104382 | 77383015 | (1278633) |
| Euro | Sell | State Street Bank and Trust | 3/6/2026 | 1132000 | 1323250 | 1334088 | (10838) |
| Euro | Sell | State Street Bank and Trust | 3/6/2026 | 1094000 | 1280682 | 1289304 | (8622) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 54753000 | 5852801 | 5955089 | (102288) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 26591000 | 2845452 | 2892111 | (46659) |
| Swedish krona | Sell | Barclays PLC | 1/30/2026 | 12259000 | 1303648 | 1333323 | (29675) |
| Swedish krona | Sell | Citibank | 1/30/2026 | 24338000 | 2571779 | 2647069 | (75290) |
| Swedish krona | Sell | Goldman Sachs | 1/30/2026 | 12560000 | 1344781 | 1366061 | (21279) |
| Swedish krona | Sell | Morgan Stanley | 1/30/2026 | 26991000 | 2895287 | 2935617 | (40329) |
| Swedish krona | Sell | State Street Bank and Trust | 1/30/2026 | 107119000 | 11462758 | 11650562 | (187803) |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 147143000 | 185096012 | 185964480 | (868468) |
| Swiss franc | Sell | Bank of America | 1/16/2026 | 57442000 | 72204136 | 72597213 | (393077) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 147265000 | 185095062 | 186118668 | (1023606) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 2923000 | 3653036 | 3694190 | (41154) |
| Swiss franc | Sell | Morgan Stanley | 1/16/2026 | 2990000 | 3738985 | 3778867 | (39882) |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 4469000 | 5563604 | 5648079 | (84475) |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 2978000 | 3724784 | 3763701 | (38917) |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 715000 | 892550 | 903642 | (11092) |
| Swiss franc | Sell | State Street Bank and Trust | 1/16/2026 | 3022000 | 3762464 | 3819310 | (56846) |
| *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* |  |  |  | $(22524351) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional**<br> Amount** | Notional**<br> Value** | Unrealized**<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | March 2026 | 7535 | Long | $872429401 | $866642734 | $(5786667) |
| U.S. 2-Year Treasury Note | March 2026 | 28919 | Long | 6038454058 | 6037970884 | (483174) |
| U.S. 5-Year Treasury Note | March 2026 | 16650 | Long | 1824652781 | 1819923055 | (4729726) |
| U.S. Long Bond | March 2026 | 2460 | Long | 287332610 | 284360625 | (2971985) |
| U.S. Ultra Treasury Bond | March 2026 | 1207 | Long | 145020817 | 142426000 | (2594817) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  | $(16566369) |

---

See Notes to Financial Statements. 43

**Schedule of Investments (continued)**

*December 31, 2025*

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $83743616 | $48737650 | $132481266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 442003111 | 24718168 | 466721279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 93315746 |  | 93315746 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services |  | 10108097 |  | 10108097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Utilities | 51807992 | 1826913 |  | 53634905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 138232033 | 21612321 |  | 159844354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Financials |  | 3329820 |  | 3329820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products |  | 9805192 |  | 9805192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals |  | 48191926 |  | 48191926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail | 59327064 |  | 0 | 59327064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods | 24305687 | 7178803 |  | 31484490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 1349464 |  | 1349464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 1045762575 |  |  | 1045762575 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  | 1226938655 | 0 | 1226938655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Financial Services |  | 1074780213 | 0 | 1074780213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment |  | 326277482 | 32848560 | 359126042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  | 670496351 | 0 | 670496351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 971919695 | 400 | 971920095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 11861142069 |  | 11861142069 |
| &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 |  | 495941693 |  | 495941693 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 1838106066 |  | 1838106066 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 2713075036 |  | 2713075036 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds |  | 320131593 |  | 320131593 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 115967020 |  | 115967020 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 1408153238 | 600626 | 1408753864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks |  | 38244867 |  | 38244867 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 73441574 |  | 73441574 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 38157805 |  | 38157805 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 343420246 | – | – | 343420246 |
| **Total** | $1662855597 | $23895238366 | $106905404 | $25664999367 |

---

44 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

*December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $9272092 | $– | $9272092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 1130207 |  | 1130207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (7708573) |  | (7708573) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 3944216 |  | 3944216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (22524351) |  | (22524351) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (16566369) | – | – | (16566369) |
| **Total** | $(16566369) | $(15886409) | $– | $(32452778) |

---

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

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

*See Notes to Financial Statements.* 45

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $24965767461 |
| Investments in Underlying Funds, at cost | 319513880 |
| Investments in securities, at fair value including $367,886,242 of securities loaned | $25344867774 |
| Investments in Underlying Funds, at fair value | 320131593 |
| Cash | 5570117 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 14644844 |
| Deposits with brokers for futures collateral | 90047600 |
| Deposits with brokers for forwards and swap contracts collateral | 61007900 |
| Foreign cash, at value (cost $1,560,933) | 1562747 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 3839444864 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 320066733 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 122660143 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contract agreements | 1270015 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 245350 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 307353 |
| Unrealized appreciation on forward foreign currency exchange contracts | 3944216 |
| Prepaid expenses and other assets | 118187 |
| **Total assets** | 30125889436 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 6513896365 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 381578051 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 36652082 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 14644844 |
| &nbsp;&nbsp;&nbsp;Management fee | 8233553 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 6348918 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 2582045 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 1592876 |
| &nbsp;&nbsp;&nbsp;Fund administration | 778766 |
| Unrealized depreciation on forward foreign currency exchange contracts | 22524351 |
| Distributions payable | 115271919 |
| Accrued expenses | 3425705 |
| **Total liabilities** | 7107529475 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $23018359961 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $25928155996 |
| Total distributable earnings/(loss) | (2909796035) |
| **Net Assets** | $23018359961 |

---

<br> 46 *See Notes to Financial Statements.*

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

*December 31, 2025*

---

| | |
|:---|:---|
| **Net assets by class:** | |
| Class A Shares | $4647035025 |
| Class C Shares | $536790966 |
| Class F Shares | $315965152 |
| Class F3 Shares | $5696969801 |
| Class I Shares | $11133652077 |
| Class P Shares | $6853206 |
| Class R2 Shares | $4047007 |
| Class R3 Shares | $187919902 |
| Class R4 Shares | $50784434 |
| Class R5 Shares | $27792398 |
| Class R6 Shares | $410549993 |
| **Outstanding shares by class:** |  |
| Class A Shares (1.8 billion shares of common stock authorized, $.001 par value) | 638028752 |
| Class C Shares (600 million shares of common stock authorized, $.001 par value) | 73499993 |
| Class F Shares (2.25 billion shares of common stock authorized, $.001 par value) | 43448466 |
| Class F3 Shares (3 billion shares of common stock authorized, $.001 par value) | 785813093 |
| Class I Shares (3.9 billion shares of common stock authorized, $.001 par value) | 1537211884 |
| Class P Shares (160 million shares of common stock authorized, $.001 par value) | 919625 |
| Class R2 Shares (478 million shares of common stock authorized, $.001 par value) | 555492 |
| Class R3 Shares (478 million shares of common stock authorized, $.001 par value) | 25841298 |
| Class R4 Shares (478 million shares of common stock authorized, $.001 par value) | 6969230 |
| Class R5 Shares (478 million shares of common stock authorized, $.001 par value) | 3831601 |
| Class R6 Shares (478 million shares of common stock authorized, $.001 par value) | 56631490 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |
| Class A Shares-Net asset value | $7.28 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%) | $7.45 |
| Class C Shares-Net asset value | $7.30 |
| Class F Shares-Net asset value | $7.27 |
| Class F3 Shares-Net asset value | $7.25 |
| Class I Shares-Net asset value | $7.24 |
| Class P Shares-Net asset value | $7.45 |
| Class R2 Shares-Net asset value | $7.29 |
| Class R3 Shares-Net asset value | $7.27 |
| Class R4 Shares-Net asset value | $7.29 |
| Class R5 Shares-Net asset value | $7.25 |
| Class R6 Shares-Net asset value | $7.25 |

---

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

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

**Statement of Operations**

*For the Year Ended December 31, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $538,333) | $12037416 |
| Dividend income from Underlying Funds (See Note 11) | 22452165 |
| Securities lending net income | 3101663 |
| Interest and other (net of foreign withholding taxes of $73,375) | 1388676581 |
| **Total investment income** | 1426267825 |
| **Expenses:** |  |
| Management fee | 92543603 |
| 12b-1 distribution plan–Class A | 9212268 |
| 12b-1 distribution plan–Class C | 4733296 |
| 12b-1 distribution plan–Class F | 361995 |
| 12b-1 distribution plan–Class P | 30498 |
| 12b-1 distribution plan–Class R2 | 26583 |
| 12b-1 distribution plan–Class R3 | 939332 |
| 12b-1 distribution plan–Class R4 | 125804 |
| Shareholder servicing | 16045505 |
| Fund administration | 8729360 |
| Reports to shareholders | 1317534 |
| Directors' fees | 933596 |
| Registration | 530622 |
| Professional | 382370 |
| Custody | 307196 |
| Other | 1125787 |
| Gross expenses | 137345349 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (2231800) |
| **Net expenses** | 135113549 |
| **Net investment income** | 1291154276 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 145711560 |
| Net realized gain/(loss) on futures contracts | (76725958) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (36878692) |
| Net realized gain/(loss) on swap contracts | 1824815 |
| Net realized gain/(loss) on foreign currency related transactions | 3653218 |
| Net change in unrealized appreciation/(depreciation) on Investments in Underlying Funds | (384562) |
| Net change in unrealized appreciation/(depreciation) on investments | 444227198 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | (6589164) |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | 18755823 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | 2784489 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 1215125 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | 149354 |
| **Net realized and unrealized gain/(loss)** | 497743206 |
| **Net Increase in Net Assets Resulting From Operations** | $1788897482 |

---

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE IN NET ASSETS** | **For the Year Ended<br> December 31, 2025** | **For the Year Ended<br> December 31, 2024** |
| **Operations:** | | |
| Net investment income | $1291154276 | $1260008760 |
| Net realized gain/(loss) | 37584943 | 3980225 |
| Net change in unrealized appreciation/(depreciation) | 460158263 | 180310807 |
| **Net increase in net assets resulting from operations** | 1788897482 | 1444299792 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (276729011) | (275096663) |
| &nbsp;&nbsp;&nbsp;Class C | (30782264) | (34503637) |
| &nbsp;&nbsp;&nbsp;Class F | (22129380) | (28342313) |
| &nbsp;&nbsp;&nbsp;Class F3 | (344310667) | (318064638) |
| &nbsp;&nbsp;&nbsp;Class I | (629093823) | (583966726) |
| &nbsp;&nbsp;&nbsp;Class P | (389935) | (416849) |
| &nbsp;&nbsp;&nbsp;Class R2 | (248595) | (223605) |
| &nbsp;&nbsp;&nbsp;Class R3 | (10723845) | (10487231) |
| &nbsp;&nbsp;&nbsp;Class R4 | (2998810) | (3371256) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1962488) | (1835740) |
| &nbsp;&nbsp;&nbsp;Class R6 | (25810285) | (26662448) |
| **Total distribution to shareholders** | (1345179103) | (1282971106) |
| **Capital share transactions (See Note 14):** |  |  |
| Net proceeds from sales of shares | 5221736402 | 5578257466 |
| Reinvestment of distributions | 1239362324 | 1179660237 |
| Cost of shares reacquired | (5802745129) | (5752868773) |
| **Net increase in net assets resulting from capital share transactions** | 658353597 | 1005048930 |
| **Net increase in net assets** | 1102071976 | 1166377616 |
| **NET ASSETS:** |  |  |
| Beginning of year | $21916287985 | $20749910369 |
| **End of year** | $23018359961 | $21916287985 |

---

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

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset <br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)<sup>(</sup>**<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** |  |  |  |  |  |  |  |
| 12/31/2025 | $7.13 | $0.41 | $0.17 | $0.58 | $(0.43) | $– | $(0.43) |
| 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) |
| **Class C** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.15 | 0.37 | 0.17 | 0.54 | (0.39) |  | (0.39) |
| 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) |
| **Class F** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.12 | 0.42 | 0.17 | 0.59 | (0.44) |  | (0.44) |
| 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) |
| **Class F3** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.10 | 0.43 | 0.17 | 0.60 | (0.45) |  | (0.45) |
| 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) |
| **Class I** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.09 | 0.42 | 0.17 | 0.59 | (0.44) |  | (0.44) |
| 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>(d)</sup> | 0.29 | (0.30) | (0.03) | (0.33) |
| **Class P** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.30 | 0.40 | 0.17 | 0.57 | (0.42) |  | (0.42) |
| 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) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return**<sup>(c)</sup>**<br> (%)** | **Total<br> expenses<br> after 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> (%)** |
| $7.28 | 8.39 | 0.78 | 0.79 | 5.76 | $4647035 | 310 |
| 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 |
| 7.30 | 7.71 | 1.40 | 1.41 | 5.14 | 536791 | 310 |
| 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 |
| 7.27 | 8.50 | 0.68 | 0.69 | 5.87 | 315965 | 310 |
| 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 |
| 7.25 | 8.88 | 0.48 | 0.49 | 6.06 | 5696970 | 310 |
| 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 |
| 7.24 | 8.62 | 0.57 | 0.58 | 5.96 | 11133652 | 310 |
| 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 |
| 7.45 | 8.22 | 1.02 | 1.03 | 5.51 | 6853 | 310 |
| 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 |

---

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

**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** |  |  |  |  |  |  |  |
| 12/31/2025 | $7.13 | $0.38 | $0.18 | $0.56 | $(0.40) | $– | $(0.40) |
| 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) |
| **Class R3** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.12 | 0.39 | 0.17 | 0.56 | (0.41) |  | (0.41) |
| 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>(d)</sup> | 0.26 | (0.26) | (0.03) | (0.29) |
| **Class R4** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.13 | 0.41 | 0.18 | 0.59 | (0.43) |  | (0.43) |
| 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) |
| **Class R5** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.10 | 0.43 | 0.16 | 0.59 | (0.44) |  | (0.44) |
| 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) |
| **Class R6** |  |  |  |  |  |  |  |
| 12/31/2025 | 7.10 | 0.43 | 0.17 | 0.60 | (0.45) |  | (0.45) |
| 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) |

---

<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> 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.

<br> 52 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net**<br> **asset**<br> **value,**<br> **end of**<br> **period** |<br>**Total**<br> **return**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after 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> **(%)** |
| $7.29 | 8.11 | 1.18 | 1.19 | 5.36 | $4047 | 310 |
| 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 |
| 7.27 | 8.07 | 1.08 | 1.09 | 5.46 | 187920 | 310 |
| 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 |
| 7.29 | 8.49 | 0.83 | 0.84 | 5.71 | 50784 | 310 |
| 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 |
| 7.25 | 8.62 | 0.57 | 0.58 | 5.97 | 27792 | 310 |
| 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 |
| 7.25 | 8.88 | 0.48 | 0.49 | 6.06 | 410550 | 310 |
| 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 |

---

<br> *See Notes to Financial Statements.* 53

**Notes to Financial Statements**

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**Notes to Financial Statements (continued)**

CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

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

---

| | |
|:---|:---|
| (a) | Investment Valuation–Under procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Investments in the PCF are valued at their NAV each month end. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |

---

**Notes to Financial Statements (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-ended money market mutual funds are valued at their NAV as of close of each business day.

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

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

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

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

If applicable, a summary of inputs used in valuing the Fund's investments and other financial instruments as of December 31, 2025 and Level 3 rollforwards for the fiscal year then ended is included in the Fund's Schedule of Investment.

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 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

**Notes to Financial Statements (continued)**

earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate.

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

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

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

---

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

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
| (f) | Investment Income–Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign interest and dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. 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 a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (h) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund. |
| (i) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. 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) | To-Be-Announced ("TBA") Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Investment Valuation" above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. |
| (k) | When-Issued, Forward Transactions or TBA Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or |

---

**Notes to Financial Statements (continued)**

marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

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

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

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

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

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

Forward Foreign Currency Exchange Contracts–During the fiscal year, the Fund listed in the tables below is exposed to foreign currency risks associated with some or all of its portfolio investments and, during the fiscal year ended, used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

**Notes to Financial Statements (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.

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

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

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

Swap Contracts–The Fund may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. Swap transactions are contracts negotiated over-the-counter ("OTC") between a fund and a counterparty or are centrally cleared

**Notes to Financial Statements (continued)**

("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

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

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

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

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

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

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

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligations.

**Notes to Financial Statements (continued)**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Bond Debenture Fund** | **Bond Debenture Fund** |
| **Asset Derivatives** | **Statement of Assets<br> and Liabilities Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements |  |  |  | $1130207 |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements |  |  | $9272092 |  |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts | – | $3944216 | – | – |
| **Liability Derivatives** | **Statement of Assets <br> and Liabilities Location** |  |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Receivables, variation margin for centrally cleared swap contract agreements |  |  |  | $7708573 |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $22524351 |  |  |
| Futures Contracts<sup>(2)</sup> | Payables, variation margin for futures contracts | $16566369 | – | – | – |

---

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

<sup>(2)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**Notes to Financial Statements (continued)**

The following table presents the effect of derivatives for the Fund on the Statement of Operations for the fiscal year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Bond Debenture Fund** | **Bond Debenture Fund** |
|  | **Statement of<br> Operations Location** | **Inflation**<br> **Linked/**<br> **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net realized gain/(loss) on swap contracts | $1452775 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net realized gain/(loss) on swap contracts |  |  | $372040 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net realized gain/(loss) on forward foreign currency exchange contracts |  | $(36878692) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $(76725958) |  |  |
| **Amount of Net Change in Unrealized Appreciation/<br>(Depreciation) on Derivatives** | **Amount of Net Change in Unrealized Appreciation/<br>(Depreciation) on Derivatives** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts | $2397897 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | Net change in unrealized appreciation/(depreciation) on swap contracts |  |  | $386592 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | $18755823 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(6589164) |  |  |
| **Derivatives volume calculated based on the<br>number of contracts or notional amounts** | **Derivatives volume calculated based on the<br>number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $515080000 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $9359769 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $1639615775 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 36317 | – | – |

---

Disclosures About Offsetting Assets And Liabilities–FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following 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

**Notes to Financial Statements (continued)**

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 | $3944216 | $– | $3944216 |
| &nbsp;&nbsp;&nbsp;Total | $3944216 | $– | $3944216 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts**<br> **of Assets**<br> **Presented in**<br> **the Statement**<br> **of Assets and**<br> **Liabilities** | **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> |
| Bank of America | $341371 | $(341371) | $– | $– | $– |
| Barclays PLC | 402211 | (294277) |  |  | 107934 |
| Citibank | 637598 | (100982) | (536616) |  |  |
| Goldman Sachs | 1233908 | (30763) | (1203145) |  |  |
| Morgan Stanley | 1161363 | (1161363) |  |  |  |
| State Street Bank and Trust | 167765 | (167765) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $3944216 | $(2096521) | $(1739761) | $– | $107934 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $22524351 | $– | $22524351 |
| Total | $22524351 | $– | $22524351 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amounts**<br> **of Liabilities**<br>**Presented in**<br> **the Statement**<br> **of Assets and**<br> **Liabilities** | **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> |
| Bank of America | $1261545 | $(341371) | $(920174) | $– | $– |
| Barclays PLC | 294277 | (294277) |  |  |  |
| Citibank | 100982 | (100982) |  |  |  |
| Goldman Sachs | 30763 | (30763) |  |  |  |
| Morgan Stanley | 9576165 | (1161363) | (8414802) |  |  |
| State Street Bank and Trust | 11260619 | (167765) | (10730000) | – | 362854 |
| Total | $22524351 | $(2096521) | $(20064976) | $– | $362854 |

---

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

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

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

**Notes to Financial Statements (continued)**

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

**Management Fee**

The 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 fiscal year ended December 31, 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 fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Bond Debenture Fund | $1924478 |

---

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 $307,322 of certain fees and expenses during the fiscal year ended December 31, 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 1940 Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class 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 Rule 12b-1 fee the Fund pays on Class C shares is a blended rate based on 1.00% of the Fund's average daily net assets attributable to Class C shares held less than 1 year and .80% (.25% service and .55% distribution) of the Fund's average daily net assets attributable to Class C shares held for 1 year or more. All Class C shareholders will bear Rule 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.

**Notes to Financial Statements (continued)**

**Commissions**

The Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, during the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| $259791 | $3275303 |

---

The Distributor received CDSCs of $68,494 and $50,772 for Class A and Class C shares, respectively, for the fiscal year ended December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;**5.** DISTRIBUTIONS AND TAX INFORMATION

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Bond Debenture Fund | $1345179103 | $– $– $| 1345179103 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Total<br> Distributions<br> Paid** |
| Bond Debenture Fund | $1282971106 | $– $– $| 1282971106 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Bond Debenture Fund | $– $– $| (3221672443) | $334308885 | $(22432477) | $(2909796035) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Bond Debenture Fund | $(1472347169) | $(1749325274) | $(3221672443) |

---

**Notes to Financial Statements (continued)**

As of December 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments, amortization of premium, and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Bond Debenture Fund | $25289778133 | $836262720 | $(502379764) | $333882956 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases\*** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales\*** | **Non-U.S.<br> Government<br> Sales** |
| $54696295006 | $20590554706 | $55068338707 | $19606041108 |

---

\* Includes U.S. Government sponsored enterprises securities.

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

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

The 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 net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

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

**Notes to Financial Statements (continued)**

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

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

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

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

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

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

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

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

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

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

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

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

**Notes to Financial Statements (continued)**

of such pooled investment vehicle's private credit investments will often be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

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

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

**Bond Debenture Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Funds** | **Value at<br> 12/31/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 12/31/2025** | **Dividend<br> Income** |
| Lord Abbett Private Credit Fund | $132204467 | $188311688 | $– $– | $(384562) | $320131593 | $22452165 |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of<br> Securities Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Bond Debenture Fund | $367886242 | $381578051 |

---

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

**Notes to Financial Statements (continued)**

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

**Notes to Financial Statements (continued)**

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.

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

**Notes to Financial Statements (continued)**

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

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 79419328 | $570949155 | 91012760 | $650482816 |
| Reinvestment of distributions | 35856060 | 257726764 | 35881846 | 255801322 |
| Shares reacquired | (129005786) | (925561837) | (143215251) | (1021413937) |
| Decrease | (13730398) | $(96885918) | (16320645) | $(115129799) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 10800492 | $77928429 | 14592613 | $104495239 |
| Reinvestment of distributions | 3954735 | 28491089 | 4444976 | 31759937 |
| Shares reacquired | (28208569) | (202865905) | (30103158) | (215087473) |
| Decrease | (13453342) | $(96446387) | (11065569) | $(78832297) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 5342450 | $38150083 | 9028891 | $64233155 |
| Reinvestment of distributions | 3024100 | 21688349 | 3913576 | 27831710 |
| Shares reacquired | (23534604) | (168237305) | (36900441) | (261607752) |
| Decrease | (15168054) | $(108398873) | (23957974) | $(169542887) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 144258077 | $1030162250 | 160014414 | $1135170561 |
| Reinvestment of distributions | 48108931 | 344289128 | 44850077 | 318258389 |
| Shares reacquired | (159382545) | (1134829470) | (160257622) | (1136608791) |
| Increase | 32984463 | $239621908 | 44606869 | $316820159 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 466365806 | $3331847110 | 485369391 | $3438820258 |
| Reinvestment of distributions | 76764073 | 548714258 | 71566042 | 507420203 |
| Shares reacquired | (441634930) | (3131198278) | (406135300) | (2877671070) |
| Increase | 101494949 | $749363090 | 150800133 | $1068569391 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 176708 | $1297461 | 108418 | $790514 |
| Reinvestment of distributions | 52573 | 386729 | 56763 | 413757 |
| Shares reacquired | (269031) | (1972036) | (350036) | (2546083) |
| Decrease | (39750) | $(287846) | (184855) | $(1341812) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 133680 | $951394 | 77856 | $554728 |
| Reinvestment of distributions | 32723 | 235146 | 29388 | 209537 |
| Shares reacquired | (190005) | (1369108) | (98554) | (701869) |
| Increase (decrease) | (23602) | $(182568) | 8690 | $62396 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 1697625 | $12143543 | 2406222 | $17137562 |
| Reinvestment of distributions | 1493668 | 10718188 | 1473727 | 10488039 |
| Shares reacquired | (3865736) | (27653439) | (4246961) | (30182169) |
| Decrease | (674443) | $(4791708) | (367012) | $(2556568) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2024** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2284818 | $16353381 | 2174869 | $15484091 |
| Reinvestment of distributions | 332536 | 2391247 | 343910 | 2452192 |
| Shares reacquired | (2862124) | (20567368) | (4014430) | (28644035) |
| Decrease | (244770) | $(1822740) | (1495651) | $(10707752) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1201822 | $8583352 | 1972327 | $13976478 |
| Reinvestment of distributions | 262920 | 1880496 | 253263 | 1799572 |
| Shares reacquired | (2295578) | (16406857) | (1204250) | (8562822) |
| Increase (decrease) | (830836) | $(5943009) | 1021340 | $7213228 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 18667808 | $133370244 | 19364206 | $137112064 |
| Reinvestment of distributions | 3192122 | 22840930 | 3273836 | 23225579 |
| Shares reacquired | (24131616) | (172083526) | (23928304) | (169842772) |
| Decrease | (2271686) | $(15872352) | (1290262) | $(9505129) |

---

**Report of Independent Registered Public Accounting Firm**

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

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

We have audited the accompanying statement of assets and liabilities of Lord Abbett Bond-Debenture Fund, Inc. (the "Fund"), including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and counterparties when replies were not received from custodian or counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 25, 2026

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

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

**Tax Information (unaudited)**

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

---

| | |
|:---|:---|
| **Fund Name** | **Interest-related**<br> **dividends** |
| Bond Debenture Fund | 71% |

---

![](x8_c114836x84x1m4.jpg)

![](x8_c114836x84x2m4.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-2(2/26)

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |
|  | Not applicable. |
| **Item 16:** | **Controls and Procedures.** |

---

&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.

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

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |
|  | Not applicable. |
| **Item 19:** | **Exhibits.** |

---

(a)(1) [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c114836_ex99-codeeth.htm)

---

| | |
|:---|:---|
| (a)(2) | Not applicable. |
| (a)(3) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c114836_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c114836_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.** |
| By: | <u>/s/Douglas B. Sieg</u> |
|  | Douglas B. Sieg<br> (President and Chief Executive Officer<br> Principal Executive Officer) |

---

Date: February 25, 2026

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

---

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

---

Date: February 25, 2026

---

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

---

Date: February 25, 2026

## Ex-99.Code

EX-99.CODE ETH

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS** 

**FOR THE PRINCIPAL EXECUTIVE OFFICER** 

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

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

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

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to the Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

● not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

● not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

● service as a director on the board of any public company;

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

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

**III. Disclosure & Compliance**

● Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

● each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

● it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has received, read, and understands the Code;

● annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

● report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds' Annual Directors & Officers Questionnaire;

● not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

● notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

● Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

● if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion;

● any matter that the General Counsel believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

● the Committee will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

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

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u>Persons Covered by this Code of Ethics</u> | <u>Persons Covered by this Code of Ethics</u> | <u><u>Position With Funds</u></u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

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.;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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

Date: February 25, 2026

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

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this
 report on Form N-CSR of Lord Abbett Bond-Debenture Fund, Inc.;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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

Date: February 25, 2026

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

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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

Date: February 25, 2026

---

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