# EDGAR Filing Document

**Accession Number:** 0000855396
**File Stem:** 0000930413-25-002706
**Filing Date:** 2025-8
**Character Count:** 923295
**Document Hash:** 3622d6c423ca290a743abaa217300804
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002706.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000930413-25-002706

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05876
- **FILM NUMBER:** 251247222

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-05876

**LORD ABBETT SERIES FUND, INC.** (Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2025

---

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

---

Item 1(b): Not applicable.

![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Bond Debenture Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Bond Debenture Portfolio | $44 | 0.88%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1137616320 |
| # of Portfolio Holdings | 863 |
| Portfolio Turnover Rate | 155% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 1.48% |
| Common Stocks | 4.25% |
| Corporate Bonds | 67.29% |
| Floating Rate Loans | 2.37% |
| Foreign Government Obligations | 4.92% |
| Government Sponsored Enterprises Pass-Throughs | 10.96% |
| Investments in Underlying Funds | 0.83% |
| Municipal Bonds | 0.25% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.29% |
| Preferred Stocks | 0.08% |
| U.S. Treasury Obligations | 0.53% |
| Repurchase Agreements | 0.58% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.05% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.12% |
| Total | **100.00%** |

---

---

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

---

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-593-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Developing Growth Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Developing Growth Portfolio | $51 | 1.04%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $60889820 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 1.29% |
| Consumer Discretionary | 15.19% |
| Consumer Staples | 4.42% |
| Financials | 4.42% |
| Health Care | 23.14% |
| Industrials | 19.86% |
| Information Technology | 25.81% |
| Materials | 2.16% |
| Repurchase Agreements | 1.65% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.85% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.21% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-583-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Dividend Growth Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Dividend Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dividend Growth Portfolio | $51 | 0.99%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $186968525 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 24% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Consumer Discretionary | 5.14% |
| Consumer Staples | 8.86% |
| Energy | 4.50% |
| Financials | 20.90% |
| Health Care | 10.15% |
| Industrials | 8.40% |
| Information Technology | 30.02% |
| Materials | 5.10% |
| Utilities | 3.81% |
| Repurchase Agreements | 3.12% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-1402-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Fundamental Equity Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Fundamental Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Fundamental Equity Portfolio | $55 | 1.08%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $197394770 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 53% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.09% |
| Consumer Discretionary | 6.25% |
| Consumer Staples | 4.50% |
| Energy | 6.75% |
| Financials | 26.90% |
| Health Care | 6.68% |
| Industrials | 19.89% |
| Information Technology | 14.10% |
| Materials | 2.93% |
| Real Estate | 1.49% |
| Utilities | 4.71% |
| Repurchase Agreements | 2.71% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-1401-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Growth and Income Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Growth and Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Growth and Income Portfolio | $47 | 0.93%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $483318730 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 26% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 3.17% |
| Consumer Discretionary | 6.70% |
| Consumer Staples | 3.50% |
| Energy | 6.96% |
| Financials | 28.05% |
| Health Care | 10.64% |
| Industrials | 16.13% |
| Information Technology | 13.91% |
| Materials | 3.12% |
| Real Estate | 3.01% |
| Utilities | 3.91% |
| Repurchase Agreements | 0.90% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-17-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Growth Opportunities Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Growth Opportunities Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Growth Opportunities Portfolio | $59 | 1.14%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $83026248 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 92% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Communication Services | 11.08% |
| Consumer Discretionary | 17.86% |
| Consumer Staples | 2.40% |
| Energy | 1.13% |
| Financials | 12.80% |
| Health Care | 9.91% |
| Industrials | 19.04% |
| Information Technology | 24.15% |
| Repurchase Agreements | 1.63% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-1400-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Mid Cap Stock Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### www.lordabbett.com/seriesfunds
This semi-annual shareholder report contains important information about the Lord Abbett Mid Cap Stock Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.lordabbett.com/seriesfunds. You can also request this information by contacting us at 888-522-2388. **This report describes changes to the Fund that occurred during the reporting period.**

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mid Cap Stock Portfolio | $56 | 1.14%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $233620780 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 29% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Sector<sup>Footnote Reference\*</sup>** | **% <sup>Footnote Reference\*\*</sup>** |
| Consumer Discretionary | 5.11% |
| Consumer Staples | 4.84% |
| Energy | 5.50% |
| Financials | 23.50% |
| Health Care | 8.86% |
| Industrials | 21.00% |
| Information Technology | 15.84% |
| Materials | 3.29% |
| Real Estate | 3.04% |
| Utilities | 7.33% |
| Repurchase Agreements | 1.69% |
| Total | **100.00%** |

---

---

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

---

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

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-269-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Short Duration Income Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Short Duration Income Portfolio | $41 | 0.82%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $138737926 |
| # of Portfolio Holdings | 797 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.29% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.72% |
| Floating Rate Loans | 4.24% |
| Foreign Government Obligations | 1.62% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.04% |
| Government Sponsored Enterprises Pass-Throughs | 4.42% |
| Municipal Bonds | 0.14% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.96% |
| U.S. Treasury Obligations | 2.84% |
| Repurchase Agreements | 0.64% |
| Total | **100.00%** |

---

---

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

---

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-3384-VC

#### 08/25
![Image](i2b76058b63db3fa26f7214ec.jpg)

#### Class VC

# Lord Abbett Total Return Portfolio

#### Semi-Annual Shareholder Report

#### June 30, 2025

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Total Return Portfolio | $35 | 0.70%<sup>Footnote Reference(a)</sup> |

---

---

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

---

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

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

---

| | |
|:---|:---|
| Total Net Assets | $639873926 |
| # of Portfolio Holdings | 542 |
| Portfolio Turnover Rate | 215% |

---

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 13.29% |
| Corporate Bonds | 39.07% |
| Floating Rate Loans | 2.15% |
| Foreign Government Obligations | 0.37% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.60% |
| Government Sponsored Enterprises Pass-Throughs | 23.38% |
| Non-Agency Commercial Mortgage-Backed Securities | 8.16% |
| U.S. Treasury Obligations | 11.26% |
| Repurchase Agreements | 0.72% |
| Total | **100.00%** |

---

---

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

---

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

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit www.lordabbett.com/seriesfunds.

#### TSR-SA-1454-VC

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

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

Not applicable.

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

![](x4_c112991x1x1m1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Bond Debenture Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx4xc112991a001xm1xm4) |
| 42 | [**Statement of Assets and Liabilities (Item 7)**](#xx4xc112991a002xm1xm4) |
| 43 | [**Statement of Operations (Item 7)**](#xx4xc112991a003xm1xm4) |
| 44 | [**Statements of Changes in Net Assets (Item 7)**](#xx4xc112991a004xm1xm4) |
| 46 | [**Financial Highlights (Item 7)**](#xx4xc112991a005xm1xm4) |
| 48 | [**Notes to Financial Statements (Item 7)**](#xx4xc112991a006xm1xm4) |
| 65 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx4xc112991a007xm1xm4) |
| 65 | [**Proxy Disclosures (Item 9)**](#xx4xc112991a008xm1xm4) |
| 65 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx4xc112991a009xm1xm4) |
| 65 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx4xc112991a010xm1xm4) |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 110.04%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 1.67%** |  |  |  |  |  |
| **Automobiles 0.03%** |  |  |  |  |  |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% |  | 7/15/2027 | $364794 | $364541 |
| **Credit Card 0.14%** |  |  |  |  |  |
| Perimeter Master Note Business Trust Series 2025-1A Class A<sup>†</sup> | 5.58% |  | 12/16/2030 | 1600000 | 1600993 |
| **Other 1.50%** |  |  |  |  |  |
| Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A<sup>†</sup> | 6.225%<br> (1 mo. USD Term SOFR + 1.93% |)<sup>#</sup> | 1/20/2041 | 770000 | 771396 |
| Bojangles Issuer LLC Series 2024-1A Class A2<sup>†</sup> | 6.584% |  | 11/20/2054 | 1240000 | 1266889 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 1455000 | 1465085 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 1055000 | 1066558 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 1275000 | 1289527 |
| Driven Brands Funding LLC Series 2020-2A Class A2<sup>†</sup> | 3.237% |  | 1/20/2051 | 453122 | 433606 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 694750 | 720208 |
| Hardee's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 7.253% |  | 3/20/2054 | 340688 | 352149 |
| Jersey Mike's Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.636% |  | 2/15/2055 | 922688 | 939958 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 713984 | 725315 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 1175000 | 1182721 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 1134157 | 1114004 |
| Sotheby's Artfi Master Trust Series 2024-1A Class A2<sup>†</sup> | 5.819%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 12/22/2031 | 1356000 | 1357538 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 416478 | 432851 |
| Subway Funding LLC Series 2024-1A Class A23<sup>†</sup> | 6.505% |  | 7/30/2054 | 646750 | 665289 |
| Subway Funding LLC Series 2024-3A Class A23<sup>†</sup> | 5.914% |  | 7/30/2054 | 731325 | 726136 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 1029654 | 1031793 |

---

See Notes to Financial Statements. 1

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |
| Wingstop Funding LLC Series 2024-1A Class A2<sup>†</sup> | 5.858% | 12/5/2054 | $970000 | $990192 |
| Zaxbys Funding LLC Series 2024-1A Class A2I<sup>†</sup> | 6.594% | 4/30/2054 | 491288 | 502466 |
| *Total* |  |  |  | 17033681 |
| *Total Asset-Backed Securities* (cost $18,732,267) |  |  |  | 18999215 |
|  |  |  | **Shares** |  |
| **COMMON STOCKS 4.79%** |  |  |  |  |
| **Aerospace & Defense 0.11%** |  |  |  |  |
| General Electric Co. |  |  | 2372 | 610529 |
| Rolls-Royce Holdings PLC<sup>(a)</sup> |  |  | 47606 | 630906 |
| *Total* |  |  |  | 1241435 |
| **Automobiles 0.11%** |  |  |  |  |
| BYD Co. Ltd. Class H<sup>(a)</sup> |  |  | 78000 | 1214462 |
| **Banks 0.13%** |  |  |  |  |
| Citigroup, Inc. |  |  | 10721 | 912571 |
| NU Holdings Ltd. Class A (Brazil)<sup>\*(b)</sup> |  |  | 43044 | 590564 |
| *Total* |  |  |  | 1503135 |
| **Beverages 0.11%** |  |  |  |  |
| Celsius Holdings, Inc.\* |  |  | 26306 | 1220335 |
| **Biotechnology 0.10%** |  |  |  |  |
| Bridgebio Pharma, Inc.\* |  |  | 25519 | 1101910 |
| **Broadline Retail 0.21%** |  |  |  |  |
| Coupang, Inc.\* |  |  | 42503 | 1273390 |
| Ollie's Bargain Outlet Holdings, Inc.\* |  |  | 8756 | 1153866 |
| *Total* |  |  |  | 2427256 |
| **Building Products 0.05%** |  |  |  |  |
| Builders FirstSource, Inc.\* |  |  | 5000 | 583450 |
| **Capital Markets 0.46%** |  |  |  |  |
| 3i Group PLC<sup>(a)</sup> |  |  | 21219 | 1200830 |
| Cboe Global Markets, Inc. |  |  | 5011 | 1168615 |
| Coinbase Global, Inc. Class A\* |  |  | 2622 | 918985 |
| Robinhood Markets, Inc. Class A\* |  |  | 14532 | 1360631 |
| SEI Investments Co. |  |  | 6255 | 562074 |
| *Total* |  |  |  | 5211135 |

---

2 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Chemicals 0.02%** |  |  |
| Yara International ASA<sup>(a)</sup> | 5765 | $212744 |
| **Construction & Engineering 0.43%** |  |  |
| API Group Corp.\* | 22512 | 1149238 |
| Argan, Inc. | 5352 | 1180009 |
| Construction Partners, Inc. Class A\* | 12526 | 1331263 |
| Quanta Services, Inc. | 3157 | 1193598 |
| *Total* |  | 4854108 |
| **Consumer Finance 0.13%** |  |  |
| SoFi Technologies, Inc.\* | 80195 | 1460351 |
| **Consumer Staples Distribution & Retail 0.05%** |  |  |
| Casey's General Stores, Inc. | 1125 | 574054 |
| **Electric: Utilities 0.01%** |  |  |
| Frontera Generation Holdings LLC\* | 9472 | 80512 |
| **Electronic Equipment, Instruments & Components 0.28%** |  |  |
| Amphenol Corp. Class A | 11757 | 1161003 |
| Badger Meter, Inc. | 3503 | 858060 |
| Celestica, Inc. (Canada)<sup>\*(b)</sup> | 7271 | 1135076 |
| *Total* |  | 3154139 |
| **Energy Equipment & Services 0.05%** |  |  |
| TechnipFMC PLC (United Kingdom)<sup>(b)</sup> | 16286 | 560890 |
| **Entertainment 0.53%** |  |  |
| NetEase, Inc.<sup>(a)</sup> | 50100 | 1350163 |
| Netflix, Inc.\* | 892 | 1194504 |
| Sea Ltd. ADR\* | 7226 | 1155727 |
| Spotify Technology SA (Sweden)<sup>\*(b)</sup> | 1509 | 1157916 |
| Take-Two Interactive Software, Inc.\* | 4999 | 1214007 |
| *Total* |  | 6072317 |
| **Ground Transportation 0.08%** |  |  |
| Uber Technologies, Inc.\* | 9983 | 931414 |
| **Health Care Equipment & Supplies 0.10%** |  |  |
| BioMerieux<sup>(a)</sup> | 8518 | 1178182 |
| **Hotels, Restaurants & Leisure 0.21%** |  |  |
| DoorDash, Inc. Class A\* | 5011 | 1235262 |
| Dutch Bros, Inc. Class A\* | 16473 | 1126259 |
| *Total* |  | 2361521 |

---

See Notes to Financial Statements. 3

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

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Independent Power and Renewable Electricity Producers 0.10%** |  |  |
| Talen Energy Corp.\* | 4046 | $1176456 |
| **Information Technology Services 0.17%** |  |  |
| Cloudflare, Inc. Class A\* | 3162 | 619214 |
| Shopify, Inc. Class A (Canada)<sup>\*</sup>(b) | 10997 | 1268504 |
| *Total* |  | 1887718 |
| **Interactive Media & Services 0.10%** |  |  |
| Tencent Holdings Ltd.<sup>(a)</sup> | 17700 | 1140510 |
| **Life Sciences Tools & Services 0.10%** |  |  |
| Eurofins Scientific SE<sup>(a)</sup> | 16542 | 1178871 |
| **Metals & Mining 0.14%** |  |  |
| Carpenter Technology Corp. | 2127 | 587860 |
| Fresnillo PLC<sup>(a)</sup> | 50026 | 994360 |
| *Total* |  | 1582220 |
| **Miscellaneous Financials 0.02%** |  |  |
| Utex Industries\* | 8205 | 254355 |
| **Oil, Gas & Consumable Fuels 0.30%** |  |  |
| Cheniere Energy, Inc. | 5503 | 1340091 |
| Imperial Oil Ltd.<sup>(a)</sup> | 11300 | 897693 |
| Range Resources Corp. | 30402 | 1236449 |
| *Total* |  | 3474233 |
| **Personal Care Products 0.05%** |  |  |
| Gibson Brands Private Equity\* | 9315 | 597711 |
| **Semiconductors & Semiconductor Equipment 0.31%** |  |  |
| Astera Labs, Inc.\* | 12278 | 1110177 |
| Broadcom, Inc. | 4238 | 1168205 |
| KLA Corp. | 1340 | 1200291 |
| *Total* |  | 3478673 |
| **Software 0.21%** |  |  |
| Microsoft Corp. | 1374 | 683442 |
| Palantir Technologies, Inc. Class A\* | 8747 | 1192391 |
| Rubrik, Inc. Class A\* | 6253 | 560206 |
| *Total* |  | 2436039 |
| **Specialty Retail 0.00%** |  |  |
| Claire's Holdings LLC\* | 1067 | 160 |

---

4 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **Technology Hardware, Storage & Peripherals 0.11%** |  |  |  |  |
| Xiaomi Corp. Class B<sup>†\*(a)</sup> |  |  | 162800 | $1253191 |
| **Transportation Infrastructure 0.01%** |  |  |  |  |
| ACBL Holdings Corp.\* |  |  | 2356 | 116622 |
| *Total Common Stocks* (cost $50,547,953) |  |  |  | 54520109 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **CORPORATE BONDS 75.78%** |  |  |  |  |
| **Aerospace/Defense 1.97%** |  |  |  |  |
| BAE Systems PLC (United Kingdom)<sup>†(b)</sup> | 5.25% | 3/26/2031 | $1095000 | 1132304 |
| Boeing Co. | 5.15% | 5/1/2030 | 1000000 | 1018562 |
| Boeing Co. | 5.805% | 5/1/2050 | 1810000 | 1737461 |
| Boeing Co. | 6.528% | 5/1/2034 | 2726000 | 2963662 |
| Bombardier, Inc. (Canada)<sup>†(b)</sup> | 7.50% | 2/1/2029 | 1112000 | 1168399 |
| Czechoslovak Group AS (Czechia)<sup>†(b)(c)</sup> | 6.50% | 1/10/2031 | 854000 | 862492 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(b)</sup> | 7.50% | 2/15/2032 | 2453000 | 2485836 |
| HEICO Corp. | 5.35% | 8/1/2033 | 1237000 | 1266766 |
| Spirit AeroSystems, Inc. | 4.60% | 6/15/2028 | 1781000 | 1752006 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 984000 | 1045265 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% | 11/15/2030 | 1237000 | 1365773 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 2887000 | 2834783 |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | 1123000 | 1129826 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 1632000 | 1694510 |
| *Total* |  |  |  | 22457645 |
| **Agriculture 0.88%** |  |  |  |  |
| BAT Capital Corp. | 7.75% | 10/19/2032 | 1051000 | 1216969 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(b)(c)</sup> | 5.625% | 7/1/2035 | 866000 | 869262 |
| Japan Tobacco, Inc. (Japan)<sup>†(b)</sup> | 5.85% | 6/15/2035 | 1026000 | 1073296 |
| JT International Financial Services BV (Netherlands)<sup>†(b)</sup> | 6.875% | 10/24/2032 | 1273000 | 1411200 |
| Philip Morris International, Inc. | 4.875% | 4/30/2035 | 1725000 | 1702568 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 2.00% | 4/21/2026 | 1082000 | 1059195 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 3.20% | 4/21/2031 | 1518000 | 1396822 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 5.25% | 4/21/2032 | 1306000 | 1330096 |
| *Total* |  |  |  | 10059408 |

---

See Notes to Financial Statements. 5

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Airlines 1.96%** |  |  |  |  |
| Alaska Airlines Pass-Through Trust Class A<sup>†</sup> | 4.80% | 2/15/2029 | $1286739 | $1288870 |
| American Airlines Pass-Through Trust Class AA | 3.00% | 4/15/2030 | 521710 | 494237 |
| American Airlines, Inc.<sup>†</sup> | 7.25% | 2/15/2028 | 1188000 | 1214046 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 6751487 | 6749784 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.308% | 10/20/2031 | 1756000 | 1728659 |
| British Airways Pass-Through Trust Class AA (United Kingdom)<sup>†(b)</sup> | 3.30% | 6/15/2034 | 576620 | 536958 |
| British Airways Pass-Through Trust Class A (United Kingdom)<sup>†(b)</sup> | 4.25% | 5/15/2034 | 431393 | 414648 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.75% | 10/20/2028 | 1446135 | 1450169 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 1858000 | 1808775 |
| JetBlue Pass-Through Trust Class A | 2.95% | 11/15/2029 | 752877 | 692334 |
| JetBlue Pass-Through Trust Class B | 8.00% | 5/15/2029 | 682815 | 692466 |
| United Airlines Pass-Through Trust Class AA | 5.45% | 8/15/2038 | 2278002 | 2306894 |
| United Airlines Pass-Through Trust Class A | 5.80% | 7/15/2037 | 1287763 | 1318119 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 926960 | 946689 |
| United Airlines, Inc.<sup>†</sup> | 4.625% | 4/15/2029 | 696000 | 676063 |
| *Total* |  |  |  | 22318711 |
| **Auto Manufacturers 1.05%** |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% | 1/30/2031 | 1261000 | 1156597 |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 10.00% | 3/31/2029 | 1667000 | 1580314 |
| Ford Motor Credit Co. LLC | 3.625% | 6/17/2031 | 677000 | 596196 |
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 1187000 | 1156051 |
| General Motors Financial Co., Inc. | 5.45% | 9/6/2034 | 2108000 | 2067437 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>†(b)</sup> | 5.875% | 1/15/2028 | 950000 | 954901 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 5.30% | 9/13/2027 | 255000 | 251603 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 404000 | 413068 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(b)</sup> | 4.345% | 9/17/2027 | 798000 | 766634 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(b)</sup> | 4.81% | 9/17/2030 | 3242000 | 2976482 |
| *Total* |  |  |  | 11919283 |
| **Auto Parts & Equipment 0.77%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 5/15/2028 | 1057000 | 1085891 |
| Goodyear Tire & Rubber Co. | 6.625% | 7/15/2030 | 900000 | 918712 |
| Tenneco, Inc.<sup>†</sup> | 8.00% | 11/17/2028 | 1704000 | 1686904 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 1158000 | 1113497 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% | 4/14/2028 | 1064000 | 1068202 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% | 4/14/2030 | 2982000 | 2919079 |
| *Total* |  |  |  | 8792285 |

---

6 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 6.08%** |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(b)</sup> | 3.324%<br> (5 yr. CMT + 1.90% | 3/13/2037 | $1600000 | $1407797 |
| AIB Group PLC (Ireland)<sup>†(b)</sup> | 5.32%<br> (SOFR + 1.65% | 5/15/2031 | 337000 | 343025 |
| Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)<sup>(b)</sup> | 5.50%<br> (5 yr. CMT + 4.55% | 10/26/2031 | 2645000 | 0 <sup>(d)</sup> |
| ANZ Bank New Zealand Ltd. (New Zealand)<sup>†(b)</sup> | 5.898%<br> (5 yr. CMT + 1.50% | 7/10/2034 | 935000 | 960827 |
| Associated Banc-Corp. | 6.455%<br> (SOFR + 3.03% | 8/29/2030 | 1128000 | 1159652 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(b)</sup> | 6.742% | 12/8/2032 | 2525000 | 2753142 |
| Banco Santander SA (Spain)<sup>(b)</sup> | 8.00%<br> (5 yr. CMT + 3.91% | – <sup>(e)</sup> | 600000 | 635324 |
| Bancolombia SA (Colombia)<sup>(b)</sup> | 8.625%<br> (5 yr. CMT + 4.32% | 12/24/2034 | 991000 | 1042705 |
| Bank OZK | 2.75%<br> (3 mo. USD Term SOFR + 2.09% | 10/1/2031 | 2182000 | 1963800 |
| BankUnited, Inc. | 4.875% | 11/17/2025 | 1178000 | 1177034 |
| Barclays PLC (United Kingdom)<sup>(b)</sup> | 7.625%<br> (5 yr. USD SOFR ICE Swap + 3.69% | – <sup>(e)</sup> | 1152000 | 1159826 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.125%<br> (5 yr. CMT + 4.21% | 1/8/2039 | 1126000 | 1164643 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>†</sup> | 8.45%<br> (5 yr. CMT + 4.66% | 6/29/2038 | 1110000 | 1174721 |
| CaixaBank SA (Spain)<sup>†(b)</sup> | 6.208%<br> (SOFR + 2.70% | 1/18/2029 | 2569000 | 2670773 |
| Citigroup, Inc. | 6.95%<br> (5 yr. CMT + 2.73% | – <sup>(e)</sup> | 1890000 | 1935018 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% | 1/23/2030 | 1088000 | 1127125 |
| Credit Agricole SA (France)<sup>†(b)</sup> | 4.75%<br> (5 yr. CMT + 3.24% | – <sup>(e)</sup> | 3166000 | 2965581 |
| Deutsche Bank AG | 4.875%<br> (5 yr. USD ICE Swap + 2.55% | 12/1/2032 | 1180000 | 1167554 |
| Deutsche Bank AG | 6.72%<br> (SOFR + 3.18% | 1/18/2029 | 2168000 | 2277943 |
| Deutsche Bank AG | 7.079%<br> (SOFR + 3.65% | 2/10/2034 | 3219000 | 3432737 |

---

See Notes to Financial Statements. 7

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Fifth Third Bancorp | 4.895%<br> (SOFR + 1.49% |)<sup>#</sup> | 9/6/2030 | $941000 | $951740 |
| First Citizens BancShares, Inc. | 6.254%<br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 1278000 | 1274860 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 886000 | 898971 |
| First Republic Bank | 4.375% |  | 8/1/2046 | 1248000 | 4680 |
| First Republic Bank | 4.625% |  | 2/13/2047 | 500000 | 1875 |
| First-Citizens Bank & Trust Co. | 6.125% |  | 3/9/2028 | 2543000 | 2640804 |
| FNB Corp. | 5.722%<br> (SOFR + 1.93% |)<sup>#</sup> | 12/11/2030 | 1326000 | 1333936 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 1007000 | 1083591 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 402000 | 446095 |
| Goldman Sachs Group, Inc. | 6.85%<br> (5 yr. CMT + 2.46% |)<sup>#</sup> | – <sup>(e)</sup> | 1170000 | 1210351 |
| Home BancShares, Inc. | 3.125%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/30/2032 | 1058000 | 943842 |
| HSBC Holdings PLC (United Kingdom)<sup>(b)</sup> | 6.95%<br> (5 yr. CMT + 3.19% |)<sup>#</sup> | – <sup>(e)</sup> | 1139000 | 1147880 |
| Huntington Bancshares, Inc. | 6.141%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 1615000 | 1648296 |
| KeyBank NA | 3.90% |  | 4/13/2029 | 1946000 | 1880146 |
| Macquarie Bank Ltd. (United Kingdom)<sup>(b)</sup> | 6.125%<br> (5 yr. USD Swap + 3.70% |)<sup>#</sup> | – <sup>(e)</sup> | 501000 | 503756 |
| NatWest Group PLC (United Kingdom)<sup>(b)</sup> | 8.125%<br> (5 yr. CMT + 3.75% |)<sup>#</sup> | – <sup>(e)</sup> | 1159000 | 1253057 |
| Nordea Bank Abp (Finland)<sup>†(b)(f)</sup> | 6.30%<br> (5 yr. CMT + 2.66% |)<sup>#</sup> | – <sup>(e)</sup> | 677000 | 661118 |
| PNC Financial Services Group, Inc. | 3.40%<br> (5 yr. CMT + 2.60% |)<sup>#</sup> | – <sup>(e)</sup> | 1256000 | 1216116 |
| Regions Financial Corp. | 5.502%<br> (SOFR + 2.06% |)<sup>#</sup> | 9/6/2035 | 941000 | 943771 |
| Societe Generale SA (France)<sup>†(b)</sup> | 6.066%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/19/2035 | 1095000 | 1128388 |
| South State Bank NA | 8.375%<br> (3 mo. USD Term SOFR + 4.61% |)<sup>#</sup> | 8/15/2034 | 1334000 | 1370685 |
| Standard Chartered PLC (United Kingdom)<sup>†(b)(f)</sup> | 6.097%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/11/2035 | 1470000 | 1548673 |
| State Street Corp. | 6.45%<br> (5 yr. CMT + 2.14% |)<sup>#</sup> | – <sup>(e)</sup> | 1341000 | 1367691 |

---

8 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(b)</sup> | 6.60%<br> (5 yr. CMT + 2.28% |)<sup>#</sup> | – <sup>(e)</sup> | $669000 | $672178 |
| Synovus Financial Corp. | 6.168%<br> (SOFR + 2.35% |)<sup>#</sup> | 11/1/2030 | 935000 | 959488 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(e)</sup> | 1261000 | 1257572 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 9.25%<br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(e)</sup> | 1209000 | 1322615 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 9.25%<br> (5 yr. CMT + 4.76% |)<sup>#</sup> | – <sup>(e)</sup> | 802000 | 929447 |
| UniCredit SpA (Italy)<sup>†(b)</sup> | 7.296%<br> (5 yr. USD ICE Swap + 4.91% |)<sup>#</sup> | 4/2/2034 | 2274000 | 2406136 |
| Webster Financial Corp. | 4.10% |  | 3/25/2029 | 1622000 | 1583057 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 3026000 | 2819839 |
| Zions Bancorp NA | 6.816%<br> (SOFR + 2.83% |)<sup>#</sup> | 11/19/2035 | 1140000 | 1185521 |
| *Total* |  |  |  |  | 69115402 |
| **Beverages 0.30%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 1331000 | 1336092 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 898000 | 911097 |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(b)</sup> | 5.10% |  | 5/6/2035 | 1188000 | 1182642 |
| *Total* |  |  |  |  | 3429831 |
| **Biotechnology 0.15%** |  |  |  |  |  |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 1702000 | 1725319 |
| **Building Materials 1.32%** |  |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% |  | 5/15/2029 | 1468000 | 678203 |
| Amrize Finance U.S. LLC<sup>†</sup> | 5.40% |  | 4/7/2035 | 659000 | 668956 |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% |  | 2/1/2032 | 1275000 | 1182135 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% |  | 6/15/2032 | 1079000 | 1109723 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% |  | 12/15/2030 | 3301000 | 3378316 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% |  | 7/15/2031 | 1145000 | 1185945 |
| Griffon Corp. | 5.75% |  | 3/1/2028 | 819000 | 819421 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% |  | 2/1/2030 | 1800000 | 1715608 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% |  | 3/1/2032 | 1671000 | 1719367 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% |  | 11/1/2028 | 1740000 | 1736843 |
| Standard Industries, Inc.<sup>†</sup> | 4.375% |  | 7/15/2030 | 891000 | 844193 |
| *Total* |  |  |  |  | 15038710 |

---

See Notes to Financial Statements. 9

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Chemicals 1.43%** |  |  |  |  |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% | 9/30/2029 | $2266888 | $1042768 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% | 9/30/2029 | 2380205 | 2182797 |
| Cabot Corp. | 5.00% | 6/30/2032 | 1611000 | 1610924 |
| Celanese U.S. Holdings LLC | 6.415% | 7/15/2027 | 1496000 | 1550228 |
| Celanese U.S. Holdings LLC<sup>(f)</sup> | 6.75% | 4/15/2033 | 1153000 | 1165909 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.50% | 2/13/2035 | 696000 | 710231 |
| Olin Corp. | 5.00% | 2/1/2030 | 1347000 | 1300746 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 4.25% | 10/1/2028 | 1206000 | 1147650 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 1429000 | 1458780 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 4.875% | 5/1/2028 | 1141000 | 1112377 |
| SK Invictus Intermediate II SARL (Luxembourg)<sup>†(b)</sup> | 5.00% | 10/30/2029 | 1575000 | 1526338 |
| Syensqo Finance America LLC<sup>†</sup> | 5.65% | 6/4/2029 | 1429000 | 1483199 |
| *Total* |  |  |  | 16291947 |
| **Coal 0.23%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 1912000 | 1781100 |
| Warrior Met Coal, Inc.<sup>†</sup> | 7.875% | 12/1/2028 | 849000 | 866939 |
| *Total* |  |  |  | 2648039 |
| **Commercial Services 3.45%** |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>†</sup> | 5.375% | 5/21/2030 | 164000 | 197802 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(b)</sup> | 7.00% | 5/21/2030 | $1256000 | 1284922 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 1947000 | 2035748 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(f)</sup> | 6.00% | 6/1/2029 | 1823000 | 1774655 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.875% | 6/15/2030 | 1545000 | 1567409 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<sup>†</sup> | 4.625% | 6/1/2028 | 1262000 | 1225777 |
| Ashtead Capital, Inc.<sup>†</sup> | 4.25% | 11/1/2029 | 698000 | 683838 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.50% | 8/11/2032 | 892000 | 903968 |
| Ashtead Capital, Inc.<sup>†</sup> | 5.80% | 4/15/2034 | 486000 | 497656 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | 3376000 | 3534331 |
| Block, Inc. | 6.50% | 5/15/2032 | 1949000 | 2012105 |
| Brink's Co.<sup>†</sup> | 4.625% | 10/15/2027 | 762000 | 757693 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 1204000 | 1277462 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 1109000 | 1179909 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 2756000 | 2914966 |

---

10 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Garda World Security Corp. (Canada)<sup>†(b)</sup> | 7.75% | 2/15/2028 | $717000 | $742344 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 2243000 | 2376133 |
| GXO Logistics, Inc. | 2.65% | 7/15/2031 | 1389000 | 1209433 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 1090000 | 1138518 |
| Herc Holdings, Inc.<sup>†</sup> | 7.25% | 6/15/2033 | 1016000 | 1065227 |
| Hertz Corp.<sup>†(g)</sup> | Zero Coupon | 10/15/2024 | 987000 | 74025 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 1887000 | 443445 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 2643000 | 2766992 |
| ITR Concession Co. LLC<sup>†</sup> | 5.183% | 7/15/2035 | 785000 | 776728 |
| J Paul Getty Trust | 4.905% | 4/1/2035 | 1199000 | 1207343 |
| Quanta Services, Inc. | 5.25% | 8/9/2034 | 1689000 | 1710758 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 1440000 | 1461085 |
| Rollins, Inc. | 5.25% | 2/24/2035 | 1681000 | 1688036 |
| Sotheby's<sup>†</sup> | 7.375% | 10/15/2027 | 752000 | 747103 |
| *Total* |  |  |  | 39255411 |
| **Computers 0.92%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 988000 | 1020800 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 4608000 | 4362584 |
| Gartner, Inc.<sup>†</sup> | 3.625% | 6/15/2029 | 1796000 | 1708910 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% | 4/1/2029 | 1485000 | 1627750 |
| NetApp, Inc. | 2.70% | 6/22/2030 | 518000 | 473534 |
| Western Digital Corp. | 3.10% | 2/1/2032 | 1421000 | 1258241 |
| *Total* |  |  |  | 10451819 |
| **Cosmetics/Personal Care 0.38%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(b)</sup> | 6.50% | 3/31/2032 | 1593000 | 1626872 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(b)</sup> | 4.90% | 6/15/2030 | 1197000 | 1177757 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(b)</sup> | 6.125% | 9/30/2032 | 1489000 | 1504278 |
| *Total* |  |  |  | 4308907 |
| **Distribution/Wholesale 0.42%** |  |  |  |  |
| American Builders & Contractors Supply Co., Inc.<sup>†</sup> | 4.00% | 1/15/2028 | 1214000 | 1188222 |
| LKQ Corp. | 6.25% | 6/15/2033 | 1344000 | 1418353 |
| Marubeni Corp. (Japan)<sup>†(b)</sup> | 5.383% | 4/1/2035 | 1079000 | 1094633 |
| Windsor Holdings III LLC<sup>†</sup> | 8.50% | 6/15/2030 | 1042000 | 1117938 |
| *Total* |  |  |  | 4819146 |

---

See Notes to Financial Statements. 11

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services 4.34%** |  |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% |  | 3/1/2028 | $1220000 | $1220998 |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 1132000 | 1182383 |
| Ally Financial, Inc. | 6.70% |  | 2/14/2033 | 2277000 | 2373758 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 1346000 | 1360843 |
| Capital One Financial Corp.<sup>(f)</sup> | 5.50%<br> (3 mo. USD Term SOFR + 3.34% |)<sup>#</sup> | – <sup>(e)</sup> | 1166000 | 1153931 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 3207000 | 3009048 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% |  | 10/1/2031 | 1249000 | 1113092 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% |  | 5/15/2031 | 1794000 | 1851466 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 1689000 | 1755589 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 6/15/2028 | 2161000 | 2287395 |
| ILFC E-Capital Trust I<sup>†</sup> | 6.43% | <sup>#(h)</sup> | 12/21/2065 | 1806000 | 1514582 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.68% | <sup>#(h)</sup> | 12/21/2065 | 836000 | 714328 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 896000 | 869915 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 2010000 | 2067950 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 1531000 | 1611962 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 1077000 | 1046500 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 880000 | 890667 |
| LPL Holdings, Inc. | 6.00% |  | 5/20/2034 | 1574000 | 1628468 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 6.50% |  | 3/26/2031 | 2152000 | 2279160 |
| Navient Corp. | 5.50% |  | 3/15/2029 | 816000 | 799738 |
| Navient Corp. | 6.75% |  | 6/15/2026 | 1077000 | 1090691 |
| Navient Corp. | 7.875% |  | 6/15/2032 | 1437000 | 1496275 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.875% |  | 4/15/2045 | 1377000 | 1178983 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 1623000 | 1696955 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% |  | 9/15/2031 | 440000 | 431765 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% |  | 5/15/2032 | 2055000 | 2102460 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 1138000 | 1180140 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% |  | 12/15/2029 | 1190000 | 1264498 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 1701000 | 1742590 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 4.00% |  | 10/15/2033 | 1942000 | 1738786 |
| Synchrony Financial | 5.935%<br> (SOFR + 2.13% |)<sup>#</sup> | 8/2/2030 | 532000 | 546998 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 2687000 | 2812796 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 1306000 | 1371482 |
| *Total* |  |  |  |  | 49386192 |

---

12 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric 3.99%** |  |  |  |  |  |
| AES Corp. | 7.60%<br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | $1226000 | $1265354 |
| AES Panama Generation Holdings SRL (Panama)<sup>(b)</sup> | 4.375% |  | 5/31/2030 | 1240965 | 1137084 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 1132000 | 1167669 |
| Calpine Corp.<sup>†</sup> | 4.625% |  | 2/1/2029 | 3814000 | 3769351 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 959000 | 990130 |
| Cleveland Electric Illuminating Co.<sup>†</sup> | 3.50% |  | 4/1/2028 | 1118000 | 1087977 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 1031000 | 1004226 |
| Constellation Energy Generation LLC | 5.80% |  | 3/1/2033 | 1390000 | 1470684 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 2067000 | 2208829 |
| DPL, Inc. | 4.35% |  | 4/15/2029 | 1459000 | 1414662 |
| Evergy, Inc. | 6.65%<br> (5 yr. CMT + 2.56% |)<sup>#</sup> | 6/1/2055 | 1690000 | 1719971 |
| Idaho Power Co. | 5.20% |  | 8/15/2034 | 1113000 | 1135538 |
| Idaho Power Co. | 5.70% |  | 3/15/2055 | 1315000 | 1292570 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 2754000 | 2900239 |
| Minejesa Capital BV (Netherlands)<sup>†(b)</sup> | 4.625% |  | 8/10/2030 | 1223570 | 1209583 |
| NRG Energy, Inc.<sup>†</sup> | 7.00% |  | 3/15/2033 | 1501000 | 1648984 |
| NRG Energy, Inc.<sup>†</sup> | 10.25%<br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(e)</sup> | 2111000 | 2345472 |
| Pacific Gas & Electric Co. | 6.15% |  | 1/15/2033 | 1631000 | 1680862 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 2239000 | 2366416 |
| Pike Corp.<sup>†</sup> | 5.50% |  | 9/1/2028 | 1613000 | 1613067 |
| Pike Corp.<sup>†</sup> | 8.625% |  | 1/31/2031 | 792000 | 862353 |
| Puget Energy, Inc. | 4.10% |  | 6/15/2030 | 1000000 | 966452 |
| Sempra | 6.40%<br> (5 yr. CMT + 2.63% |)<sup>#</sup> | 10/1/2054 | 1411000 | 1343027 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 1237000 | 1326474 |
| Tampa Electric Co. | 5.15% |  | 3/1/2035 | 2194000 | 2205401 |
| Vistra Corp.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(e)</sup> | 1135000 | 1149390 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(e)</sup> | 384000 | 418325 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 3748000 | 3655418 |
| *Total* |  |  |  |  | 45355508 |
| **Electronics 0.36%** |  |  |  |  |  |
| Allegion U.S. Holding Co., Inc. | 5.60% |  | 5/29/2034 | 709000 | 728742 |
| Flex Ltd. | 5.25% |  | 1/15/2032 | 942000 | 952838 |

---

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electronics (continued)** |  |  |  |  |
| Imola Merger Corp.<sup>†</sup> | 4.75% | 5/15/2029 | $886000 | $855989 |
| Trimble, Inc. | 6.10% | 3/15/2033 | 1426000 | 1515523 |
| *Total* |  |  |  | 4053092 |
| **Energy-Alternate Sources 0.20%** |  |  |  |  |
| Topaz Solar Farms LLC<sup>†</sup> | 5.75% | 9/30/2039 | 2284031 | 2244243 |
| **Engineering & Construction 0.85%** |  |  |  |  |
| Fluor Corp. | 4.25% | 9/15/2028 | 1340000 | 1317927 |
| Heathrow Finance PLC | 6.625% | 3/1/2031 | 2196000 | 3003464 |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | $1087000 | 1131722 |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 845000 | 888302 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 1146000 | 1131060 |
| MasTec, Inc. | 5.90% | 6/15/2029 | 1047000 | 1083803 |
| TAV Havalimanlari Holding AS (Turkey)<sup>†(b)</sup> | 8.50% | 12/7/2028 | 1080000 | 1127305 |
| *Total* |  |  |  | 9683583 |
| **Entertainment 1.36%** |  |  |  |  |
| Boyne USA, Inc.<sup>†</sup> | 4.75% | 5/15/2029 | 1174000 | 1139916 |
| Caesars Entertainment, Inc.<sup>†(f)</sup> | 4.625% | 10/15/2029 | 1956000 | 1868332 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% | 2/15/2030 | 1549000 | 1605085 |
| Churchill Downs, Inc.<sup>†</sup> | 4.75% | 1/15/2028 | 1787000 | 1765081 |
| Churchill Downs, Inc.<sup>†</sup> | 5.50% | 4/1/2027 | 1116000 | 1114547 |
| Flutter Treasury DAC (Ireland)<sup>†(b)</sup> | 6.375% | 4/29/2029 | 843000 | 868857 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% | 5/1/2029 | 1984000 | 1912361 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% | 4/16/2029 | 2000000 | 1773236 |
| SeaWorld Parks & Entertainment, Inc.<sup>†</sup> | 5.25% | 8/15/2029 | 2394000 | 2341361 |
| WMG Acquisition Corp.<sup>†</sup> | 3.75% | 12/1/2029 | 1209000 | 1134247 |
| *Total* |  |  |  | 15523023 |
| **Environmental Control 0.15%** |  |  |  |  |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 1718000 | 1691198 |
| **Food 1.76%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% | 3/15/2029 | 2486000 | 2357896 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% | 3/15/2033 | 687000 | 708837 |
| Alicorp SAA<sup>†</sup> | 7.40% | 6/16/2032 | 4397000 | 1259497 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% | 3/1/2031 | $692000 | 735108 |

---

<br> 14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Food (continued)** |  |  |  |  |  |
| Gruma SAB de CV (Mexico)<sup>†(b)</sup> | 5.39% |  | 12/9/2034 | $1154000 | $1161613 |
| Grupo Nutresa SA (Colombia)<sup>†(b)</sup> | 9.00% |  | 5/12/2035 | 1082000 | 1170158 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% |  | 1/31/2030 | 1505000 | 1436773 |
| Mars, Inc.<sup>†</sup> | 5.20% |  | 3/1/2035 | 1124000 | 1138028 |
| Mars, Inc.<sup>†</sup> | 5.70% |  | 5/1/2055 | 1701000 | 1698058 |
| McCormick & Co., Inc. | 4.95% |  | 4/15/2033 | 934000 | 943711 |
| Performance Food Group, Inc.<sup>†</sup> | 6.125% |  | 9/15/2032 | 1790000 | 1833289 |
| Post Holdings, Inc.<sup>†</sup> | 4.50% |  | 9/15/2031 | 1190000 | 1105622 |
| Post Holdings, Inc.<sup>†</sup> | 4.625% |  | 4/15/2030 | 1218000 | 1172038 |
| Smithfield Foods, Inc.<sup>†</sup> | 5.20% |  | 4/1/2029 | 2021000 | 2035276 |
| U.S. Foods, Inc.<sup>†</sup> | 4.75% |  | 2/15/2029 | 1241000 | 1220407 |
| *Total* |  |  |  |  | 19976311 |
| **Forest Products & Paper 0.15%** |  |  |  |  |  |
| LD Celulose International GmbH (Austria)<sup>†(b)</sup> | 7.95% |  | 1/26/2032 | 523000 | 550784 |
| Mercer International, Inc. (Canada)<sup>†(b)</sup> | 12.875% |  | 10/1/2028 | 1167000 | 1185105 |
| *Total* |  |  |  |  | 1735889 |
| **Gas 0.39%** |  |  |  |  |  |
| National Fuel Gas Co. | 5.50% |  | 3/15/2030 | 1127000 | 1158903 |
| NiSource, Inc. | 6.375%<br> (5 yr. CMT + 2.53% |)<sup>#</sup> | 3/31/2055 | 1129000 | 1138204 |
| Snam SpA (Italy)<sup>†(b)</sup> | 5.75% |  | 5/28/2035 | 637000 | 651102 |
| Snam SpA (Italy)<sup>†(b)</sup> | 6.50% |  | 5/28/2055 | 446000 | 463921 |
| Southwest Gas Corp. | 4.05% |  | 3/15/2032 | 1055000 | 1002593 |
| *Total* |  |  |  |  | 4414723 |
| **Health Care-Products 0.76%** |  |  |  |  |  |
| Bausch & Lomb Corp. (Canada)<sup>†(b)</sup> | 8.375% |  | 10/1/2028 | 1066000 | 1113970 |
| Medline Borrower LP<sup>†</sup> | 3.875% |  | 4/1/2029 | 2399000 | 2302887 |
| Medline Borrower LP<sup>†</sup> | 5.25% |  | 10/1/2029 | 2954000 | 2933129 |
| Solventum Corp. | 5.45% |  | 3/13/2031 | 1167000 | 1212284 |
| Solventum Corp. | 5.60% |  | 3/23/2034 | 1012000 | 1041933 |
| *Total* |  |  |  |  | 8604203 |
| **Health Care-Services 1.46%** |  |  |  |  |  |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 4.75% |  | 2/15/2031 | 2561000 | 2191518 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% |  | 5/15/2030 | 3148000 | 2794472 |
| Concentra Health Services, Inc.<sup>†</sup> | 6.875% |  | 7/15/2032 | 578000 | 599163 |
| DaVita, Inc.<sup>†</sup> | 4.625% |  | 6/1/2030 | 2469000 | 2367269 |
| HCA, Inc. | 5.50% |  | 6/1/2033 | 1121000 | 1148174 |

---

<br> See Notes to Financial Statements. 15

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care-Services (continued)** |  |  |  |  |  |
| HCA, Inc. | 5.75% |  | 3/1/2035 | $1101000 | $1132838 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% |  | 10/15/2030 | 996000 | 1100028 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 11/15/2030 | 1975000 | 1838251 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% |  | 5/15/2032 | 1258000 | 1145912 |
| Tenet Healthcare Corp. | 6.75% |  | 5/15/2031 | 1057000 | 1094237 |
| Universal Health Services, Inc. | 5.05% |  | 10/15/2034 | 1204000 | 1149676 |
| *Total* |  |  |  |  | 16561538 |
| **Holding Companies-Diversified 0.27%** |  |  |  |  |  |
| Benteler International AG<sup>†(c)</sup> | 7.25% |  | 6/15/2031 | 516000 | 628382 |
| Benteler International AG (Austria)<sup>†(b)</sup> | 10.50% |  | 5/15/2028 | $1000000 | 1053363 |
| Clue Opco LLC<sup>†(f)</sup> | 9.50% |  | 10/15/2031 | 869000 | 922079 |
| Stena International SA (Luxembourg)<sup>†(b)</sup> | 7.25% |  | 1/15/2031 | 445000 | 446768 |
| *Total* |  |  |  |  | 3050592 |
| **Home Builders 0.71%** |  |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% |  | 8/15/2029 | 1468000 | 1361325 |
| DR Horton, Inc. | 4.85% |  | 10/15/2030 | 1119000 | 1129316 |
| Lennar Corp. | 5.20% |  | 7/30/2030 | 1121000 | 1142541 |
| LGI Homes, Inc.<sup>†</sup> | 7.00% |  | 11/15/2032 | 2412000 | 2298033 |
| PulteGroup, Inc. | 6.375% |  | 5/15/2033 | 2005000 | 2152319 |
| *Total* |  |  |  |  | 8083534 |
| **Home Furnishings 0.04%** |  |  |  |  |  |
| Leggett & Platt, Inc. | 4.40% |  | 3/15/2029 | 446000 | 433676 |
| **Insurance 1.87%** |  |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% |  | 4/15/2028 | 2130000 | 2166700 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(b)</sup> | 7.75% |  | 2/15/2031 | 952000 | 996019 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(b)</sup> | 8.875% |  | 2/15/2032 | 2036000 | 2144116 |
| Arthur J Gallagher & Co. | 5.15% |  | 2/15/2035 | 1812000 | 1813904 |
| Brown & Brown, Inc. | 2.375% |  | 3/15/2031 | 1340000 | 1180458 |
| First American Financial Corp. | 5.45% |  | 9/30/2034 | 541000 | 530240 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95%<br> (5 yr. CMT + 3.61% |)<sup>#</sup> | 10/15/2054 | 1325000 | 1382741 |
| Hanwha Life Insurance Co. Ltd. (South Korea)<sup>†(b)</sup> | 6.30%<br> (5 yr. CMT + 2.29% |)<sup>#</sup> | 6/24/2055 | 709000 | 731064 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(b)</sup> | 7.25% |  | 2/15/2031 | 1222000 | 1266373 |

---

<br> 16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |  |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(b)</sup> | 8.125% |  | 2/15/2032 | $1134000 | $1185035 |
| HUB International Ltd.<sup>†</sup> | 7.25% |  | 6/15/2030 | 1322000 | 1382508 |
| HUB International Ltd.<sup>†</sup> | 7.375% |  | 1/31/2032 | 909000 | 951681 |
| NMI Holdings, Inc. | 6.00% |  | 8/15/2029 | 944000 | 969818 |
| Old Republic International Corp. | 5.75% |  | 3/28/2034 | 1098000 | 1131252 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% |  | 6/1/2031 | 1069000 | 1111125 |
| Swiss RE Subordinated Finance PLC (United Kingdom)<sup>†(b)</sup> | 5.698%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 4/5/2035 | 1200000 | 1212971 |
| Transatlantic Holdings, Inc. | 8.00% |  | 11/30/2039 | 934000 | 1174259 |
| *Total* |  |  |  |  | 21330264 |
| **Internet 0.48%** |  |  |  |  |  |
| Meituan (China)<sup>†(b)</sup> | 4.625% |  | 10/2/2029 | 1688000 | 1688770 |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 9.75% |  | 4/15/2029 | 813000 | 892815 |
| Tencent Holdings Ltd. (China)<sup>†(b)</sup> | 3.595% |  | 1/19/2028 | 1078000 | 1062948 |
| VeriSign, Inc. | 5.25% |  | 6/1/2032 | 1769000 | 1803513 |
| *Total* |  |  |  |  | 5448046 |
| **Iron-Steel 0.54%** |  |  |  |  |  |
| ATI, Inc. | 7.25% |  | 8/15/2030 | 1596000 | 1673794 |
| Commercial Metals Co. | 4.375% |  | 3/15/2032 | 791000 | 729219 |
| Samarco Mineracao SA (Brazil)<sup>(b)</sup> | 9.50% |  | 6/30/2031 | 2496721 | 2455976 |
| U.S. Steel Corp. | 6.875% |  | 3/1/2029 | 1216000 | 1227944 |
| *Total* |  |  |  |  | 6086933 |
| **Leisure Time 1.49%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% |  | 8/1/2028 | 2100000 | 2056687 |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 3/1/2027 | 2494000 | 2516151 |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 3/15/2030 | 1670000 | 1699334 |
| Carnival Corp.<sup>†</sup> | 6.00% |  | 5/1/2029 | 1528000 | 1544910 |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 1317000 | 1348314 |
| NCL Corp. Ltd.<sup>†</sup> | 6.75% |  | 2/1/2032 | 1717000 | 1755209 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% |  | 9/30/2031 | 3181000 | 3202421 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 6.00% |  | 2/1/2033 | 1121000 | 1143310 |
| Sabre GLBL, Inc.<sup>†</sup> | 8.625% |  | 6/1/2027 | 478000 | 489654 |
| Viking Cruises Ltd.<sup>†</sup> | 9.125% |  | 7/15/2031 | 1060000 | 1142284 |
| *Total* |  |  |  |  | 16898274 |

---

<br> See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Lodging 1.68%** |  |  |  |  |
| Choice Hotels International, Inc. | 5.85% | 8/1/2034 | $1659000 | $1672988 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 1102000 | 1144160 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.625% | 2/15/2032 | 807000 | 731531 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 3.75% | 5/1/2029 | 1268000 | 1216322 |
| Hilton Domestic Operating Co., Inc. | 4.875% | 1/15/2030 | 1153000 | 1148559 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 5.875% | 3/15/2033 | 1601000 | 1632264 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% | 1/15/2032 | 1343000 | 1364693 |
| Sands China Ltd. (Macau)<sup>(b)</sup> | 2.85% | 3/8/2029 | 2826000 | 2600935 |
| Sands China Ltd. (Macau)<sup>(b)</sup> | 4.375% | 6/18/2030 | 2240000 | 2142592 |
| Sands China Ltd. (Macau)<sup>(b)</sup> | 5.40% | 8/8/2028 | 1442000 | 1453654 |
| Studio City Finance Ltd. (Hong Kong)<sup>(b)</sup> | 5.00% | 1/15/2029 | 1863000 | 1710776 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>†</sup> | 5.25% | 5/15/2027 | 1138000 | 1139626 |
| Wynn Macau Ltd. (Macau)<sup>†(b)</sup> | 5.50% | 10/1/2027 | 1193000 | 1190887 |
| *Total* |  |  |  | 19148987 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 921000 | 898804 |
| **Machinery-Diversified 0.83%** |  |  |  |  |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(b)</sup> | 9.00% | 2/15/2029 | 1067000 | 1116933 |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 2.75% | 11/15/2031 | 1086000 | 945254 |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 5.65% | 5/15/2033 | 1794000 | 1828408 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 1090000 | 1123544 |
| Regal Rexnord Corp. | 6.40% | 4/15/2033 | 2079000 | 2196212 |
| TK Elevator U.S. Newco, Inc.<sup>†</sup> | 5.25% | 7/15/2027 | 1139000 | 1138959 |
| Westinghouse Air Brake Technologies Corp. | 5.611% | 3/11/2034 | 1048000 | 1085573 |
| *Total* |  |  |  | 9434883 |
| **Media 3.65%** |  |  |  |  |
| AMC Networks, Inc. | 4.25% | 2/15/2029 | 2379000 | 1908113 |
| AMC Networks, Inc.<sup>†</sup> | 10.25% | 1/15/2029 | 1080000 | 1120500 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 1940000 | 1880922 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.00% | 2/1/2028 | 1746000 | 1731107 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.375% | 6/1/2029 | 1774000 | 1768746 |
| CSC Holdings LLC<sup>†</sup> | 4.125% | 12/1/2030 | 471000 | 332706 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 5975000 | 2783967 |
| CSC Holdings LLC<sup>†</sup> | 5.375% | 2/1/2028 | 820000 | 751457 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 2193000 | 1086874 |

---

<br> 18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Media (continued)** |  |  |  |  |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | $875000 | $712237 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 2491000 | 2370886 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 2837000 | 2829514 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 2478000 | 1654065 |
| DISH Network Corp.<sup>†</sup> | 11.75% | 11/15/2027 | 3612000 | 3726125 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 1231000 | 1122855 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 4861000 | 3649135 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 1084000 | 1165381 |
| McGraw-Hill Education, Inc.<sup>†</sup> | 7.375% | 9/1/2031 | 1119000 | 1168126 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 1139000 | 1151627 |
| Sunrise FinCo I BV (Netherlands)<sup>†(b)</sup> | 4.875% | 7/15/2031 | 2867000 | 2713257 |
| Univision Communications, Inc.<sup>†</sup> | 4.50% | 5/1/2029 | 1490000 | 1356163 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(b)</sup> | 5.00% | 7/15/2030 | 2518000 | 2303191 |
| VZ Secured Financing BV (Netherlands)<sup>†(b)</sup> | 5.00% | 1/15/2032 | 2453000 | 2184270 |
| *Total* |  |  |  | 41471224 |
| **Metal Fabricate-Hardware 0.22%** |  |  |  |  |
| Roller Bearing Co. of America, Inc.<sup>†</sup> | 4.375% | 10/15/2029 | 1215000 | 1178062 |
| Vallourec SACA (France)<sup>†(b)</sup> | 7.50% | 4/15/2032 | 1209000 | 1268858 |
| *Total* |  |  |  | 2446920 |
| **Mining 3.03%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(b)</sup> | 7.125% | 3/15/2031 | 1062000 | 1115289 |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 5.625% | 4/1/2030 | 1100000 | 1141771 |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 5.75% | 4/5/2034 | 1083000 | 1118915 |
| Aris Mining Corp. (Canada)<sup>†(b)</sup> | 8.00% | 10/31/2029 | 1456000 | 1486700 |
| Capstone Copper Corp. (Canada)<sup>†(b)</sup> | 6.75% | 3/31/2033 | 1737000 | 1779702 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 8.00% | 3/1/2033 | 1229000 | 1262109 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 8.625% | 6/1/2031 | 2292000 | 2380808 |
| First Quantum Minerals Ltd. (Canada)<sup>†(b)</sup> | 9.375% | 3/1/2029 | 360000 | 382535 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(b)</sup> | 4.375% | 4/1/2031 | 1218000 | 1138978 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(b)</sup> | 6.125% | 4/15/2032 | 1345000 | 1369043 |
| Freeport Indonesia PT (Indonesia)<sup>(b)(f)</sup> | 6.20% | 4/14/2052 | 1115000 | 1095045 |
| Freeport-McMoRan, Inc. | 5.40% | 11/14/2034 | 1782000 | 1810981 |
| Fresnillo PLC (Mexico)<sup>(b)</sup> | 4.25% | 10/2/2050 | 200000 | 145962 |
| Glencore Funding LLC<sup>†</sup> | 2.50% | 9/1/2030 | 1162000 | 1047422 |
| Glencore Funding LLC<sup>†</sup> | 5.673% | 4/1/2035 | 878000 | 896112 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 1194000 | 1204188 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(b)</sup> | 7.875% | 1/23/2030 | 1617000 | 1615324 |

---

<br> See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |  |
| Kaiser Aluminum Corp.<sup>†</sup> | 4.50% |  | 6/1/2031 | $1528000 | $1430560 |
| Kinross Gold Corp. (Canada)<sup>(b)</sup> | 6.25% |  | 7/15/2033 | 1873000 | 2015033 |
| Minera Mexico SA de CV (Mexico)<sup>†(b)</sup> | 5.625% |  | 2/12/2032 | 2352000 | 2394524 |
| Mirabela Nickel Ltd. | Zero Coupon |  | 9/10/2044 | 15172 | – <sup>(d)</sup> |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(b)</sup> | 6.75% |  | 5/14/2030 | 1862000 | 1898870 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>(b)</sup> | 6.95% |  | 10/17/2031 | 225000 | 230513 |
| Nexa Resources SA (Brazil)<sup>†(b)</sup> | 6.60% |  | 4/8/2037 | 672000 | 675839 |
| Novelis Corp.<sup>†</sup> | 4.75% |  | 1/30/2030 | 2021000 | 1937779 |
| Novelis Corp.<sup>†</sup> | 6.875% |  | 1/30/2030 | 1719000 | 1778402 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(b)</sup> | 5.854% |  | 5/13/2032 | 1093000 | 1117698 |
| *Total* |  |  |  |  | 34470102 |
| **Miscellaneous Manufacturing 0.31%** |  |  |  |  |  |
| 3M Co. | 5.15% |  | 3/15/2035 | 2191000 | 2211612 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% |  | 3/15/2030 | 770000 | 793762 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% |  | 3/15/2033 | 551000 | 568721 |
| *Total* |  |  |  |  | 3574095 |
| **Office/Business Equipment 0.25%** |  |  |  |  |  |
| CDW LLC/CDW Finance Corp. | 5.55% |  | 8/22/2034 | 1131000 | 1129287 |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% |  | 6/1/2032 | 1613000 | 1659699 |
| *Total* |  |  |  |  | 2788986 |
| **Oil & Gas 4.79%** |  |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% |  | 10/1/2029 | 2302000 | 2416361 |
| Antero Resources Corp.<sup>†</sup> | 5.375% |  | 3/1/2030 | 1807000 | 1819700 |
| APA Corp.<sup>†</sup> | 4.25% |  | 1/15/2030 | 1119000 | 1071731 |
| APA Corp.<sup>†</sup> | 4.75% |  | 4/15/2043 | 401000 | 306421 |
| APA Corp.<sup>†</sup> | 6.10% |  | 2/15/2035 | 608000 | 596667 |
| Baytex Energy Corp. (Canada)<sup>†(b)</sup> | 8.50% |  | 4/30/2030 | 1116000 | 1117486 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.00% |  | 11/15/2028 | 1854378 | 1695172 |
| BP Capital Markets PLC (United Kingdom)<sup>(b)</sup> | 6.45%<br> (5 yr. CMT + 2.15% |)<sup>#</sup> | – <sup>(e)</sup> | 1057000 | 1083170 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% |  | 1/15/2029 | 1426000 | 1486817 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% |  | 11/1/2030 | 1423000 | 1445843 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% |  | 7/1/2031 | 628000 | 635761 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% |  | 3/1/2029 | 1685000 | 1690045 |

---

<br> 20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | $872000 | $870039 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% | 1/15/2033 | 1696000 | 1622708 |
| Ecopetrol SA (Colombia)<sup>(b)</sup> | 5.875% | 5/28/2045 | 3051000 | 2108251 |
| EQT Corp.<sup>†</sup> | 6.50% | 7/1/2027 | 1536000 | 1571133 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% | 5/15/2034 | 1582000 | 1516943 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 7.25% | 2/15/2035 | 577000 | 564757 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% | 2/15/2030 | 1740000 | 1802243 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% | 8/15/2029 | 855000 | 840697 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 1615000 | 1678871 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 1172000 | 1173384 |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(b)</sup> | 7.25% | 6/30/2031 | 2039699 | 1614830 |
| MEG Energy Corp. (Canada)<sup>†(b)</sup> | 5.875% | 2/1/2029 | 1157000 | 1156542 |
| Occidental Petroleum Corp. | 5.375% | 1/1/2032 | 615000 | 610391 |
| Occidental Petroleum Corp.<sup>(f)</sup> | 5.55% | 10/1/2034 | 1052000 | 1032967 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 1468000 | 1520743 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 1013000 | 1115662 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 1000000 | 1143445 |
| ORLEN SA (Poland)<sup>†(b)</sup> | 6.00% | 1/30/2035 | 993000 | 1020559 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 1147000 | 1161319 |
| Patterson-UTI Energy, Inc. | 5.15% | 11/15/2029 | 1211000 | 1195428 |
| Petroleos de Venezuela SA (Venezuela)<sup>(b)(g)</sup> | 5.375% | 4/12/2027 | 1240000 | 156330 |
| Petroleos de Venezuela SA (Venezuela)<sup>(b)(g)</sup> | 5.375% | 4/12/2027 | 1059800 | 133612 |
| Petroleos de Venezuela SA (Venezuela)<sup>(b)(g)</sup> | 6.00% | 5/16/2024 | 3729700 | 476184 |
| Petroleos de Venezuela SA (Venezuela)<sup>(b)(g)</sup> | 6.00% | 11/15/2026 | 1512500 | 192530 |
| Range Resources Corp.<sup>†</sup> | 4.75% | 2/15/2030 | 866000 | 843050 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(b)</sup> | 9.625% | 6/15/2029 | 1217000 | 1210403 |
| SM Energy Co.<sup>†</sup> | 6.75% | 8/1/2029 | 778000 | 775817 |
| Suncor Energy, Inc. (Canada)<sup>(b)</sup> | 7.15% | 2/1/2032 | 1408000 | 1556652 |
| Sunoco LP<sup>†</sup> | 6.25% | 7/1/2033 | 1723000 | 1752849 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 2062000 | 1999676 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)</sup> | 6.875% | 5/1/2030 | 1434000 | 1379882 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)</sup> | 7.25% | 2/15/2033 | 1477000 | 1387372 |
| Viper Energy, Inc.<sup>†</sup> | 7.375% | 11/1/2031 | 784000 | 832490 |
| Vital Energy, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 1218000 | 1080237 |
| *Total* |  |  |  | 54463170 |

---

<br> See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas Services 0.22%** |  |  |  |  |  |
| Oceaneering International, Inc. | 6.00% |  | 2/1/2028 | $1740000 | $1755491 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% |  | 3/15/2029 | 700000 | 717890 |
| *Total* |  |  |  |  | 2473381 |
| **Packaging & Containers 1.34%** |  |  |  |  |  |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(b)</sup> | 3.875% |  | 11/15/2029 | 1430000 | 1340556 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 1294000 | 1328801 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% |  | 4/15/2030 | 1141000 | 1167829 |
| LABL, Inc.<sup>†</sup> | 8.625% |  | 10/1/2031 | 2034000 | 1741314 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% |  | 8/15/2026 | 1904000 | 1907047 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 1131000 | 1123901 |
| Owens-Brockway Glass Container, Inc.<sup>†</sup> | 7.25% |  | 5/15/2031 | 2187000 | 2243998 |
| Sealed Air Corp.<sup>†</sup> | 6.875% |  | 7/15/2033 | 1060000 | 1145086 |
| Silgan Holdings, Inc. | 4.125% |  | 2/1/2028 | 524000 | 515441 |
| Sonoco Products Co. | 4.60% |  | 9/1/2029 | 883000 | 881379 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(b)</sup> | 8.25% |  | 7/15/2030 | 1782000 | 1885805 |
| *Total* |  |  |  |  | 15281157 |
| **Pharmaceuticals 1.02%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(b)</sup> | 10.00% |  | 4/15/2032 | 2045000 | 2064407 |
| Bausch Health Cos., Inc. (Canada)<sup>†(b)(f)</sup> | 11.00% |  | 9/30/2028 | 2327000 | 2305382 |
| BellRing Brands, Inc.<sup>†</sup> | 7.00% |  | 3/15/2030 | 1256000 | 1309228 |
| CVS Health Corp. | 4.78% |  | 3/25/2038 | 1255000 | 1152518 |
| CVS Health Corp. | 5.25% |  | 2/21/2033 | 1881000 | 1894291 |
| CVS Health Corp. | 5.70% |  | 6/1/2034 | 1123000 | 1156775 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 1648000 | 1703884 |
| *Total* |  |  |  |  | 11586485 |
| **Pipelines 3.58%** |  |  |  |  |  |
| AL Candelaria - spain- SA (Spain)<sup>†(b)</sup> | 5.75% |  | 6/15/2033 | 1646000 | 1398030 |
| AL Candelaria - spain- SA (Spain)<sup>(b)</sup> | 5.75% |  | 6/15/2033 | 1012000 | 859542 |
| AL Candelaria - spain- SA (Spain)<sup>(b)</sup> | 5.75% |  | 6/15/2033 | 251000 | 213187 |
| AL Candelaria - spain- SA (Spain)<sup>†(b)</sup> | 7.50% |  | 12/15/2028 | 844997 | 844044 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.25% |  | 7/15/2032 | 1101000 | 1167382 |
| Boardwalk Pipelines LP | 5.625% |  | 8/1/2034 | 1659000 | 1683747 |
| Buckeye Partners LP<sup>†</sup> | 6.75% |  | 2/1/2030 | 1699000 | 1764890 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 1350000 | 1210907 |

---

<br> 22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Colonial Enterprises, Inc.<sup>†</sup> | 3.25% |  | 5/15/2030 | $1241000 | $1143778 |
| Columbia Pipelines Operating Co. LLC<sup>†</sup> | 5.927% |  | 8/15/2030 | 651000 | 687594 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 1789000 | 1768563 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 8.625% |  | 3/15/2029 | 1482000 | 1539112 |
| DT Midstream, Inc.<sup>†</sup> | 4.30% |  | 4/15/2032 | 1293000 | 1210769 |
| Florida Gas Transmission Co. LLC<sup>†</sup> | 5.75% |  | 7/15/2035 | 892000 | 913178 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.875% |  | 5/15/2032 | 1083000 | 1126976 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 7.125% |  | 7/1/2033 | 480000 | 487077 |
| Hess Midstream Operations LP<sup>†</sup> | 5.125% |  | 6/15/2028 | 140000 | 139117 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 1530000 | 1364917 |
| ONEOK, Inc. | 6.05% |  | 9/1/2033 | 1090000 | 1144193 |
| ONEOK, Inc.<sup>†</sup> | 6.50% |  | 9/1/2030 | 1057000 | 1129674 |
| Plains All American Pipeline LP | 5.95% |  | 6/15/2035 | 2195000 | 2257679 |
| Sabal Trail Transmission LLC<sup>†</sup> | 4.246% |  | 5/1/2028 | 1125000 | 1109876 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada)<sup>†(b)</sup> | 7.50%<br> (5 yr. CMT + 3.67% |)<sup>#</sup> | 3/1/2055 | 1132000 | 1168962 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.584% |  | 10/1/2034 | 1125000 | 1113722 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 625000 | 649594 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.00%<br> (5 yr. CMT + 5.44% |)<sup>#</sup> | – <sup>(e)</sup> | 2367000 | 2303443 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 2535000 | 2763158 |
| Venture Global Plaquemines LNG LLC | 6.50% |  | 1/15/2034 | 1644000 | 1644000 |
| Western Midstream Operating LP | 4.05% |  | 2/1/2030 | 2523000 | 2427396 |
| Western Midstream Operating LP | 6.35% |  | 1/15/2029 | 1053000 | 1102792 |
| Whistler Pipeline LLC<sup>†</sup> | 5.95% |  | 9/30/2034 | 2360000 | 2393805 |
| *Total* |  |  |  |  | 40731104 |
| **Real Estate 0.62%** |  |  |  |  |  |
| CBRE Services, Inc. | 4.80% |  | 6/15/2030 | 1702000 | 1708047 |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 6.75% |  | 5/15/2028 | 1104000 | 1114119 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 1435000 | 1383940 |
| Longfor Group Holdings Ltd. (China)<sup>(b)</sup> | 3.85% |  | 1/13/2032 | 784000 | 573793 |
| Longfor Group Holdings Ltd. (China)<sup>(b)</sup> | 3.95% |  | 9/16/2029 | 695000 | 565044 |
| Newmark Group, Inc. | 7.50% |  | 1/12/2029 | 1565000 | 1656748 |
| *Total* |  |  |  |  | 7001691 |

---

<br> See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **REITS 3.26%** |  |  |  |  |
| American Assets Trust LP | 6.15% | 10/1/2034 | $2510000 | $2509954 |
| Brandywine Operating Partnership LP<sup>(f)</sup> | 4.55% | 10/1/2029 | 1968000 | 1854998 |
| Brandywine Operating Partnership LP | 8.875% | 4/12/2029 | 470000 | 509225 |
| Brixmor Operating Partnership LP | 4.05% | 7/1/2030 | 1185000 | 1150344 |
| Cousins Properties LP | 5.375% | 2/15/2032 | 307000 | 310467 |
| Cousins Properties LP | 5.875% | 10/1/2034 | 1929000 | 1985487 |
| First Industrial LP | 5.25% | 1/15/2031 | 898000 | 908917 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% | 1/15/2030 | 1272000 | 1223341 |
| GLP Capital LP/GLP Financing II, Inc. | 4.00% | 1/15/2031 | 1278000 | 1205873 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 1000000 | 1025341 |
| Goodman U.S. Finance Five LLC<sup>†</sup> | 4.625% | 5/4/2032 | 1345000 | 1320512 |
| Iron Mountain, Inc.<sup>†</sup> | 4.50% | 2/15/2031 | 3572000 | 3406046 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2029 | 1674000 | 1645841 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% | 1/15/2033 | 1223000 | 1258352 |
| Kite Realty Group LP | 4.95% | 12/15/2031 | 1180000 | 1184900 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(c)</sup> | 5.50% | 8/1/2030 | 1108000 | 1115915 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% | 1/15/2035 | 766000 | 742237 |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | 868000 | 893309 |
| Piedmont Operating Partnership LP | 9.25% | 7/20/2028 | 1728000 | 1925437 |
| Rayonier LP | 2.75% | 5/17/2031 | 2532000 | 2240731 |
| Regency Centers LP | 5.10% | 1/15/2035 | 802000 | 804293 |
| Regency Centers LP | 5.25% | 1/15/2034 | 1041000 | 1056774 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†</sup> | 6.50% | 6/15/2033 | 805000 | 828644 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 7/1/2030 | 134000 | 138494 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 2186000 | 2262379 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 2948000 | 2897460 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 819000 | 731038 |
| *Total* |  |  |  | 37136309 |
| **Retail 1.73%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(b)</sup> | 6.125% | 6/15/2029 | 1098000 | 1127107 |
| Alimentation Couche-Tard, Inc. (Canada)<sup>†(b)</sup> | 5.267% | 2/12/2034 | 830000 | 831464 |
| Arko Corp.<sup>†</sup> | 5.125% | 11/15/2029 | 1671000 | 1412303 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 1079993 | 1136432 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 1524000 | 1090090 |
| Dollar General Corp. | 5.00% | 11/1/2032 | 1374000 | 1379364 |

---

<br> 24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail (continued)** |  |  |  |  |
| Gap, Inc.<sup>†</sup> | 3.875% | 10/1/2031 | $996000 | $895233 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(b)</sup> | 8.375% | 1/15/2029 | 1297000 | 1199962 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 185000 | 108167 |
| Murphy Oil USA, Inc. | 4.75% | 9/15/2029 | 1500000 | 1475518 |
| Park River Holdings, Inc.<sup>†</sup> | 5.625% | 2/1/2029 | 785000 | 639972 |
| Park River Holdings, Inc.<sup>†(f)</sup> | 6.75% | 8/1/2029 | 647000 | 528206 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% | 11/1/2032 | 1102000 | 1105804 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% | 2/15/2028 | 971000 | 947710 |
| Punch Finance PLC<sup>†</sup> | 7.875% | 12/30/2030 | 1055000 | 1476269 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | $2198000 | 2269879 |
| Tiffany & Co. | 4.90% | 10/1/2044 | 1466000 | 1364815 |
| Walgreens Boots Alliance, Inc. | 8.125% | 8/15/2029 | 636000 | 674930 |
| *Total* |  |  |  | 19663225 |
| **Savings & Loans 0.00%** |  |  |  |  |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(g)</sup> | 6.875% | 6/15/2011 | 1250000 | 0 <sup>(d)</sup> |
| **Semiconductors 1.00%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 1024000 | 1013586 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 1936000 | 1987149 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 1463000 | 1538311 |
| Marvell Technology, Inc. | 5.95% | 9/15/2033 | 1107000 | 1169589 |
| Micron Technology, Inc. | 5.30% | 1/15/2031 | 665000 | 681203 |
| ON Semiconductor Corp.<sup>†</sup> | 3.875% | 9/1/2028 | 1171000 | 1133784 |
| Qorvo, Inc.<sup>†</sup> | 3.375% | 4/1/2031 | 1324000 | 1195104 |
| Qorvo, Inc. | 4.375% | 10/15/2029 | 1083000 | 1052037 |
| SK Hynix, Inc. (South Korea)<sup>†(b)</sup> | 5.50% | 1/16/2029 | 886000 | 911775 |
| SK Hynix, Inc. (South Korea)<sup>(b)</sup> | 6.50% | 1/17/2033 | 690000 | 746114 |
| *Total* |  |  |  | 11428652 |
| **Shipbuilding 0.29%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 4.20% | 5/1/2030 | 2060000 | 2016409 |
| Huntington Ingalls Industries, Inc. | 5.353% | 1/15/2030 | 390000 | 401037 |
| Huntington Ingalls Industries, Inc. | 5.749% | 1/15/2035 | 904000 | 932793 |
| *Total* |  |  |  | 3350239 |
| **Software 1.90%** |  |  |  |  |
| Atlassian Corp. (Australia)<sup>(b)</sup> | 5.50% | 5/15/2034 | 1679000 | 1724964 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 2330000 | 2353202 |

---

<br> See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | $2926000 | $3116655 |
| CoreWeave, Inc.<sup>†</sup> | 9.25% | 6/1/2030 | 1118000 | 1143919 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 1828000 | 1849325 |
| MSCI, Inc.<sup>†</sup> | 3.875% | 2/15/2031 | 1592000 | 1502284 |
| MSCI, Inc.<sup>†</sup> | 4.00% | 11/15/2029 | 2157000 | 2088871 |
| Paychex, Inc. | 5.60% | 4/15/2035 | 1152000 | 1191327 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 1928000 | 1820537 |
| Roper Technologies, Inc. | 1.75% | 2/15/2031 | 960000 | 824605 |
| Roper Technologies, Inc. | 4.75% | 2/15/2032 | 706000 | 707644 |
| Take-Two Interactive Software, Inc. | 5.40% | 6/12/2029 | 1079000 | 1111539 |
| X.AI LLC/X.AI Co. Issuer Corp. | 12.50% | 6/30/2030 | 2198000 | 2224200 |
| *Total* |  |  |  | 21659072 |
| **Telecommunications 2.61%** |  |  |  |  |
| Altice France SA (France)<sup>†(b)</sup> | 5.50% | 1/15/2028 | 2864000 | 2412920 |
| Altice France SA (France)<sup>†(b)</sup> | 5.50% | 10/15/2029 | 1767000 | 1466610 |
| Altice France SA (France)<sup>†(b)</sup> | 8.125% | 2/1/2027 | 2251000 | 2027600 |
| CommScope LLC<sup>†</sup> | 4.75% | 9/1/2029 | 352000 | 344092 |
| CommScope LLC<sup>†</sup> | 7.125% | 7/1/2028 | 137000 | 134746 |
| CommScope LLC<sup>†(f)</sup> | 8.25% | 3/1/2027 | 1212000 | 1208263 |
| EchoStar Corp. | 6.75% | 11/30/2030 | 2509369 | 2291971 |
| Fibercop SpA (Italy)<sup>†(b)</sup> | 6.00% | 9/30/2034 | 1147000 | 1079145 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 2427000 | 2162322 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 1521000 | 1084386 |
| Level 3 Financing, Inc.<sup>†(f)</sup> | 3.625% | 1/15/2029 | 2360000 | 2029600 |
| Level 3 Financing, Inc.<sup>†</sup> | 3.75% | 7/15/2029 | 906000 | 766702 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 661000 | 609422 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2029 | 494326 | 482586 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2030 | 647049 | 634108 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 1997000 | 1799197 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 1115000 | 999917 |
| Lumen Technologies, Inc. | 7.65% | 3/15/2042 | 117000 | 98467 |
| T-Mobile USA, Inc. | 5.30% | 5/15/2035 | 2794000 | 2830086 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(b)</sup> | 4.25% | 1/31/2031 | 2598000 | 2381701 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(b)</sup> | 4.75% | 7/15/2031 | 1253000 | 1159841 |
| Zegona Finance PLC (United Kingdom)<sup>†(b)</sup> | 8.625% | 7/15/2029 | 1618000 | 1730443 |
| *Total* |  |  |  | 29734125 |

---

<br> 26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Transportation 0.43%** |  |  |  |  |
| Brightline East LLC<sup>†(f)</sup> | 11.00% | 1/31/2030 | $1172000 | $868346 |
| Rand Parent LLC<sup>†(f)</sup> | 8.50% | 2/15/2030 | 2076000 | 2086370 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 941000 | 984339 |
| XPO, Inc.<sup>†</sup> | 7.125% | 2/1/2032 | 961000 | 1007870 |
| *Total* |  |  |  | 4946925 |
| **Trucking & Leasing 0.46%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 1770000 | 1761580 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.875% | 4/15/2033 | 2335000 | 2307516 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 7.00% | 5/1/2031 | 1092000 | 1131459 |
| *Total* |  |  |  | 5200555 |
| *Total Corporate Bonds* (cost $852,652,914) |  |  |  | 862082776 |
| **FLOATING RATE LOANS<sup>(i)</sup> 2.67%** |  |  |  |  |
| **Advertising 0.15%** |  |  |  |  |
| CMG Media Corp. 2024 Term Loan | 7.896%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 1742602 | 1693347 |
| **Aerospace/Defense 0.24%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(b)</sup> | 0.50% | 3/6/2028 | 1738683 | 2694959 |
| **Building Materials 0.14%** |  |  |  |  |
| ACProducts, Inc. 2021 Term Loan B | 8.807%<br> (3 mo. USD Term SOFR + 4.25%) | 5/17/2028 | 607361 | 462925 |
| CP Atlas Buyer, Inc. 2021 Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 11/23/2027 | 1078870 | 1077634 |
| *Total* |  |  |  | 1540559 |
| **Chemicals 0.09%** |  |  |  |  |
| Lonza Group AG USD Term Loan B (Luxembourg)<sup>(b)</sup> | 8.321%<br> (3 mo. USD Term SOFR + 3.93%) | 7/3/2028 | 1140635 | 1047701 |
| **Commercial Services 0.23%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 9.08%<br> (3 mo. USD Term SOFR + 4.75%) | 2/23/2029 | 1198421 | 1122848 |
| Mavis Tire Express Services Corp. 2025 Repriced Term Loan | 7.333%<br> (3 mo. USD Term SOFR + 3.00%) | 5/4/2028 | 332168 | 332422 |
| Spin Holdco, Inc. 2021 Term Loan | 8.577%<br> (3 mo. USD Term SOFR + 4.00%) | 3/4/2028 | 1348488 | 1188355 |
| *Total* |  |  |  | 2643625 |

---

<br> See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Computers 0.35%** |  |  |  |  |
| Twitter, Inc. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | $1143000 | $1112996 |
| Twitter, Inc. Term Loan | 10.927%<br> (1 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 2900128 | 2836920 |
| *Total* |  |  |  | 3949916 |
| **Consumer Non-Durables 0.09%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | 8.212%<br> (1 mo. USD Term SOFR + 3.75%) | 8/11/2025 | 1275686 | 1063074 |
| **Diversified Capital Goods 0.09%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 10.177%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 1021806 | 974864 |
| **Electric: Generation 0.03%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 6.057%<br> (3 mo. USD Term SOFR + 1.50%) | 7/28/2028 | 129376 | 125818 |
| Frontera Generation Holdings LLC 2021 Term Loan | – <sup>(j)</sup> | 7/28/2026 | 133293 | 198607 |
| *Total* |  |  |  | 324425 |
| **Food 0.14%** |  |  |  |  |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.309%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 1473077 | 1648018 |
| **Health Care Services 0.06%** |  |  |  |  |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 8.006%<br> (3 mo. USD Term SOFR + 3.75%) | 5/19/2031 | $659685 | 653705 |
| **Leisure Time 0.06%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(b)</sup> | 8.041%<br> (3 mo. USD Term SOFR + 3.50%) | 7/22/2030 | 711622 | 709843 |
| **Media 0.56%** |  |  |  |  |
| EW Scripps Co. 2025 Term Loan B2 | 10.179%<br> (1 mo. USD Term SOFR + 5.75%) | 6/30/2028 | 1729000 | 1680009 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.741%<br> (1 mo. USD Term SOFR + 3.30%) | 12/31/2029 | 2702463 | 2324118 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.527%<br> (1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 1485107 | 1277192 |
| Virgin Media Bristol LLC 2023 USD Term Loan Y | 7.373%<br> (6 mo. USD Term SOFR + 3.18%) | 3/31/2031 | 1146000 | 1132913 |
| *Total* |  |  |  | 6414232 |

---

<br> 28 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan | – <sup>(j)</sup> | 12/31/2025 | $68047 | $– <sup>(d)</sup> |
| **Software 0.07%** |  |  |  |  |
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B | 7.796% <br> (3 mo. USD Term SOFR + 3.50%) | 3/29/2029 | 9 | 9 |
| Modena Buyer LLC Term Loan | 8.78% <br> (3 mo. USD Term SOFR + 4.50%) | 7/1/2031 | 805920 | 778216 |
| *Total* |  |  |  | 778225 |
| **Telecommunications 0.18%** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.791%<br> (1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | 1825396 | 1806010 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.791% <br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 269629 | 266661 |
| *Total* |  |  |  | 2072671 |
| **Transportation 0.09%** |  |  |  |  |
| Forward Air Corp. Term Loan B | 8.78% <br> (3 mo. USD Term SOFR + 4.50%) | 12/19/2030 | 975000 | 970783 |
| **Utilities 0.10%** |  |  |  |  |
| Astoria Energy LLC 2025 Term Loan B | – <sup>(j)</sup> | 6/16/2032 | 1143000 | 1146098 |
| *Total Floating Rate Loans* (cost $29,147,834) |  |  |  | 30326045 |
| **FOREIGN GOVERNMENT OBLIGATIONS 5.53%** |  |  |  |  |
| **Argentina 1.02%** |  |  |  |  |
| Argentina Republic Government International Bonds<sup>(b)</sup> | 0.75% <sup>(k)</sup> | 7/9/2030 | 9681022 | 7744818 |
| Provincia de Buenos Aires/Government Bonds<sup>(b)</sup> | 6.625% <sup>(k)</sup> | 9/1/2037 | 135409 | 97664 |
| Provincia de Buenos Aires/Government Bonds<sup>(b)</sup> | 6.625% <sup>(k)</sup> | 9/1/2037 | 1444362 | 1041746 |
| Provincia de Cordoba<sup>(b)</sup> | 6.875% <sup>(k)</sup> | 2/1/2029 | 934287 | 885237 |
| Provincia de Cordoba<sup>(b)</sup> | 6.99% <sup>(k)</sup> | 6/1/2027 | 238000 | 237397 |
| Provincia de Cordoba<sup>†(b)(c)</sup> | 9.75% | 7/2/2032 | 1626000 | 1632910 |
| *Total* |  |  |  | 11639772 |
| **Bahamas 0.04%** |  |  |  |  |
| Bahamas Government International Bonds<sup>†(b)</sup> | 8.25% | 6/24/2036 | 454000 | 461718 |
| **Bolivia 0.11%** |  |  |  |  |
| Bolivia Government International Bonds<sup>(b)</sup> | 4.50% | 3/20/2028 | 1785000 | 1258425 |

---

*See Notes to Financial Statements.* 29

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Brazil 0.32%** |  |  |  |  |
| Brazil Letras do Tesouro Nacional | Zero Coupon | 4/1/2027 | 13424000 | $1969026 |
| Brazil Notas do Tesouro Nacional | 10.00% | 1/1/2031 | 10365000 | 1674991 |
| *Total* |  |  |  | 3644017 |
| **Colombia 0.21%** |  |  |  |  |
| Colombia Government International Bonds<sup>(b)</sup> | 7.375% | 4/25/2030 | $1166000 | 1208362 |
| Colombia Government International Bonds<sup>(b)</sup> | 8.00% | 4/20/2033 | 1112000 | 1151954 |
| *Total* |  |  |  | 2360316 |
| **Costa Rica 0.10%** |  |  |  |  |
| Costa Rica Government International Bonds<sup>(b)(f)</sup> | 7.30% | 11/13/2054 | 1076000 | 1117227 |
| **Dominican Republic 0.20%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(b)</sup> | 6.00% | 2/22/2033 | 2302000 | 2277599 |
| **Ecuador 0.38%** |  |  |  |  |
| Ecuador Government International Bonds<sup>†(b)</sup> | &nbsp;&nbsp;6.90% <sup>(k)</sup> | 7/31/2030 | 4957627 | 4319333 |
| **Egypt 0.21%** |  |  |  |  |
| Egypt Government International Bonds<sup>(b)</sup> | 8.50% | 1/31/2047 | 239000 | 194241 |
| Egypt Government International Bonds<sup>(b)</sup> | 8.50% | 1/31/2047 | 2675000 | 2174037 |
| *Total* |  |  |  | 2368278 |
| **El Salvador 0.58%** |  |  |  |  |
| El Salvador Government International Bonds<sup>†(b)</sup> | 0.25% | 4/17/2030 | 1385000 | 31143 |
| El Salvador Government International Bonds<sup>(b)</sup> | 8.625% | 2/28/2029 | 2644000 | 2759675 |
| El Salvador Government International Bonds<sup>†(b)</sup> | 9.25% | 4/17/2030 | 2518000 | 2672227 |
| El Salvador Government International Bonds<sup>†(b)</sup> | 9.65% | 11/21/2054 | 1144000 | 1181180 |
| *Total* |  |  |  | 6644225 |
| **Ghana 0.27%** |  |  |  |  |
| Ghana Government International Bonds<sup>(b)</sup> | &nbsp;&nbsp;5.00% <sup>(k)</sup> | 7/3/2035 | 3989000 | 3113401 |
| **Honduras 0.11%** |  |  |  |  |
| Honduras Government International Bonds<sup>(b)</sup> | 5.625% | 6/24/2030 | 1293000 | 1239987 |
| **Lebanon 0.10%** |  |  |  |  |
| Lebanon Government International Bonds<sup>(b)(g)</sup> | 6.10% | 10/4/2022 | 723000 | 135812 |
| Lebanon Government International Bonds<sup>(b)(g)</sup> | 6.10% | 10/4/2022 | 2360000 | 443314 |
| Lebanon Government International Bonds<sup>(b)(g)</sup> | 6.85% | 3/23/2027 | 3165000 | 596563 |
| *Total* |  |  |  | 1175689 |
| **Mexico 0.41%** |  |  |  |  |
| Mexico Bonos | 7.75% | 5/29/2031 | 91390000 | 4643944 |

---

30 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Montenegro 0.08%** |  |  |  |  |
| Montenegro Government International Bonds<sup>†(b)</sup> | 7.25% | 3/12/2031 | $923000 | $957716 |
| **Panama 0.08%** |  |  |  |  |
| Panama Government International Bonds<sup>(b)</sup> | 6.40% | 2/14/2035 | 948000 | 925281 |
| **South Africa 0.32%** |  |  |  |  |
| Republic of South Africa Government Bonds | 8.00% | 1/31/2030 | 34217517 | 1902697 |
| Republic of South Africa Government International Bonds<sup>(b)</sup> | 5.75% | 9/30/2049 | $2306000 | 1738556 |
| *Total* |  |  |  | 3641253 |
| **Sri Lanka 0.22%** |  |  |  |  |
| Sri Lanka Government International Bonds<sup>†(b)</sup> | 3.60% <sup>(k)</sup> | 5/15/2036 | 94840 | 77410 |
| Sri Lanka Government International Bonds<sup>(b)</sup> | 3.60% <sup>(k)</sup> | 5/15/2036 | 2416420 | 1972331 |
| Sri Lanka Government International Bonds<sup>(b)</sup> | 3.60% <sup>(k)</sup> | 2/15/2038 | 481153 | 391810 |
| *Total* |  |  |  | 2441551 |
| **Trinidad And Tobago 0.10%** |  |  |  |  |
| Trinidad & Tobago Government International Bonds<sup>†(b)</sup> | 6.40% | 6/26/2034 | 1161000 | 1143039 |
| **Turkey 0.20%** |  |  |  |  |
| Istanbul Metropolitan Municipality<sup>†(b)</sup> | 10.50% | 12/6/2028 | 1074000 | 1154734 |
| Turkiye Government International Bonds<sup>(b)</sup> | 9.375% | 3/14/2029 | 1014000 | 1119603 |
| *Total* |  |  |  | 2274337 |
| **Ukraine 0.11%** |  |  |  |  |
| Ukraine Government International Bonds<sup>(b)</sup> | 3.00% <sup>(k)</sup> | 2/1/2035 | 2700000 | 1259105 |
| **Uzbekistan 0.13%** |  |  |  |  |
| Republic of Uzbekistan International Bonds<sup>†(b)</sup> | 6.947% | 5/25/2032 | 1387000 | 1429571 |
| **Venezuela 0.10%** |  |  |  |  |
| Venezuela Government International Bonds<sup>(b)(g)</sup> | 9.00% | 5/7/2023 | 3091600 | 498258 |
| Venezuela Government International Bonds<sup>(b)(g)</sup> | 11.75% | 10/21/2026 | 2721600 | 550036 |
| Venezuela Government International Bonds<sup>(b)(g)</sup> | 12.75% | 8/23/2022 | 607800 | 110384 |
| *Total* |  |  |  | 1158678 |
| **Zambia 0.13%** |  |  |  |  |
| Zambia Government International Bonds<sup>(b)</sup> | 5.75% <sup>(k)</sup> | 6/30/2033 | 1599370 | 1472433 |
| *Total Foreign Government Obligations* (cost $58,517,724) |  |  |  | 62966895 |

---

*See Notes to Financial Statements.* 31

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 12.34%** |  |  |
| Government National Mortgage Association<sup>(l)</sup> | 5.00% |  | TBA | $2909000 | $2857461 |
| Government National Mortgage Association<sup>(l)</sup> | 5.50% |  | TBA | 2851000 | 2855632 |
| Government National Mortgage Association<sup>(l)</sup> | 6.00% |  | TBA | 7959000 | 8077646 |
| Government National Mortgage Association<sup>(l)</sup> | 6.50% |  | TBA | 9784000 | 10036448 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 5.00% |  | TBA | 31528000 | 31353929 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 5.50% |  | TBA | 44068000 | 44474429 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 6.00% |  | TBA | 20706000 | 21165721 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 6.50% |  | TBA | 7063000 | 7283595 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 7.00% |  | TBA | 11695000 | 12277481 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $139,626,220) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $139,626,220) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $139,626,220) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $139,626,220) |  | 140382342 |
|  |  |  |  | **Shares** |  |
| **INVESTMENTS IN UNDERLYING FUNDS 0.94%** |  |  |  |  |  |
| Lord Abbett Private Credit Fund<sup>(m)(n)(o)</sup> (cost $10,661,342) |  |  |  | 424306 | 10667049 |
|  |  |  |  | **Principal<br> Amount<sup>‡</sup>** |  |
| **MUNICIPAL BONDS 0.28%** |  |  |  |  |  |
| **Miscellaneous 0.19%** |  |  |  |  |  |
| Dallas Convention Center Hotel Development Corp. TX | 7.088% |  | 1/1/2042 | $1210000 | 1338139 |
| New York City Industrial Development Agency NY<sup>†</sup> | 11.00% |  | 3/1/2029 | 685000 | 764201 |
| *Total* |  |  |  |  | 2102340 |
| **Tax Revenue 0.09%** |  |  |  |  |  |
| Memphis-Shelby County Industrial Development Board Tax Allocation TN<sup>(g)</sup> | 7.00% |  | 7/1/2045 | 1415000 | 1078271 |
| *Total Municipal Bonds* (cost $3,762,246) |  |  |  |  | 3180611 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.95%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.95%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.95%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.95%** |  |  |
| 1345 Trust Series 2025-AOA Class A<sup>†</sup> | 5.90% <br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 6/15/2030 | 980000 | 983158 |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 6.043% <br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 1870000 | 1883159 |
| ALA Trust Series 2025-OANA Class C<sup>†</sup> | 6.392% <br> (1 mo. USD Term SOFR + 2.09% |)<sup>#</sup> | 6/15/2040 | 880000 | 882191 |
| ARZ Trust Series 2024-BILT Class A<sup>†</sup> | 5.772% |  | 6/11/2029 | 660000 | 678356 |
| BAHA Trust Series 2024-MAR Class A<sup>†</sup> | 6.171% | <sup>#(p)</sup> | 12/10/2041 | 690000 | 715291 |
| BAHA Trust Series 2024-MAR Class B<sup>†</sup> | 7.069% | <sup>#(p)</sup> | 12/10/2041 | 1420000 | 1486733 |

---

32 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **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)** |  |  |
| Bank5 Trust Series 2024-5YR6 Class A3 | 6.225% |  | 5/15/2057 | $2250000 | $2370582 |
| BBCMS Mortgage Trust Series 2020-BID Class A<sup>†</sup> | 6.567%<br> (1 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 10/15/2037 | 950000 | 950152 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 520000 | 542834 |
| Benchmark Mortgage Trust Series 2025-V14 Class A4 | 5.66% |  | 4/15/2057 | 2548802 | 2658292 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A<sup>†</sup> | 5.654%<br> (1 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 3/15/2041 | 2770576 | 2777095 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class B<sup>†</sup> | 5.947% | <sup>#(p)</sup> | 6/15/2044 | 450000 | 460857 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class C<sup>†</sup> | 6.444% | <sup>#(p)</sup> | 6/15/2044 | 370000 | 381013 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A<sup>†</sup> | 5.358%<br> (1 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 4/15/2034 | 1412938 | 1402938 |
| BX Commercial Mortgage Trust Series 2021-MC Class A<sup>†</sup> | 5.127%<br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 4/15/2034 | 600000 | 591303 |
| BX Commercial Mortgage Trust Series 2021-VOLT Class A<sup>†</sup> | 5.126%<br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 9/15/2036 | 2683654 | 2676109 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class B<sup>†</sup> | 5.954%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 12/15/2039 | 703286 | 705073 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class B<sup>†</sup> | 6.105%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 1/15/2042 | 860000 | 867998 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.754%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 984848 | 987220 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.703%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 613894 | 615176 |
| BX Trust Series 2021-ARIA Class A<sup>†</sup> | 5.326%<br> (1 mo. USD Term SOFR + 1.01% |)<sup>#</sup> | 10/15/2036 | 250000 | 249850 |
| BX Trust Series 2022-PSB Class A<sup>†</sup> | 6.763%<br> (1 mo. USD Term SOFR + 2.45% |)<sup>#</sup> | 8/15/2039 | 733913 | 734601 |
| BX Trust Series 2024-VLT4 Class A<sup>†</sup> | 5.803%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 7/15/2029 | 900000 | 900922 |
| BX Trust Series 2025-GW Class A<sup>†(c)</sup> | 5.90%<br> (1 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 7/15/2042 | 980000 | 984118 |

---

*See Notes to Financial Statements.* 33

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BX Trust Series 2025-ROIC Class E<sup>†</sup> | 7.253%<br> (1 mo. USD Term SOFR + 2.94% |)<sup>#</sup> | 3/15/2030 | $1430000 | $1406055 |
| BX Trust Series 2025-TAIL Class E<sup>†</sup> | 7.612%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 6/15/2035 | 900000 | 903189 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.603%<br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 1130000 | 1136035 |
| CSMC Trust Series 2021-BPNY Class A<sup>†</sup> | 8.141%<br> (1 mo. USD Term SOFR + 3.83% |)<sup>#</sup> | 8/15/2026 | 991132 | 930081 |
| Great Wolf Trust Series 2024-WOLF Class A<sup>†</sup> | 5.854%<br> (1 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 3/15/2039 | 1500000 | 1504232 |
| GS Mortgage Securities Corp. Trust Series 2024-MARK Class A<sup>†</sup> | 6.103%<br> (1 mo. USD Term SOFR + 1.79% |)<sup>#</sup> | 6/15/2034 | 1320000 | 1322473 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class D<sup>†</sup> | 6.551% | <sup>#(p)</sup> | 1/13/2040 | 590000 | 611901 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class F<sup>†</sup> | 7.649% | <sup>#(p)</sup> | 1/13/2040 | 250000 | 259276 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-BOLT Class D<sup>†</sup> | 11.137%<br> (1 mo. USD Term SOFR + 6.81% |)<sup>#</sup> | 8/15/2033 | 2110000 | 30417 <sup>(d)</sup> |
| JW Commercial Mortgage Trust Series 2024-MRCO Class A<sup>†</sup> | 5.933%<br> (1 mo. USD Term SOFR + 1.62% |)<sup>#</sup> | 6/15/2039 | 2030000 | 2034165 |
| JW Trust Series 2024-BERY Class A<sup>†</sup> | 5.905%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 11/15/2039 | 810000 | 811752 |
| Life Mortgage Trust Series 2022-BMR2 Class A1<sup>†</sup> | 5.607%<br> (1 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 5/15/2039 | 810000 | 785717 |
| NY Commercial Mortgage Trust Series 2025-299P Class B<sup>†</sup> | 6.125% | <sup>#(p)</sup> | 2/10/2047 | 390000 | 404430 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class A<sup>†</sup> | 5.522%<br> (1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 11/15/2038 | 1790000 | 1787639 |
| NYO Commercial Mortgage Trust Series 2021-1290 Class C<sup>†</sup> | 6.422%<br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 11/15/2038 | 430000 | 428049 |
| ONE Mortgage Trust Series 2021-PARK Class A<sup>†</sup> | 5.127%<br> (1 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 3/15/2036 | 2750000 | 2701177 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.619% | <sup>#(p)</sup> | 2/14/2047 | 1430000 | 1465104 |
| ROCK Trust Series 2024-CNTR Class B<sup>†</sup> | 5.93% |  | 11/13/2041 | 1200000 | 1238584 |
| ROCK Trust Series 2024-CNTR Class C<sup>†</sup> | 6.471% |  | 11/13/2041 | 1160000 | 1203503 |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% |  | 11/13/2041 | 2930000 | 3092423 |

---

34 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class A<sup>†</sup> | 5.703%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 5/15/2039 | $730000 | $729994 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 7.296%<br> (1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 3850000 | 2935560 <sup>(q)</sup> |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 5.312%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 750000 | 747532 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.953%<br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 1640000 | 1627669 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B<sup>†</sup> | 5.904%<br> (1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 12/15/2039 | 800000 | 800286 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C<sup>†</sup> | 6.304%<br> (1 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 12/15/2039 | 450000 | 449778 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class C<sup>†</sup> | 6.454%<br> (1 mo. USD Term SOFR + 2.14% |)<sup>#</sup> | 4/15/2042 | 710000 | 711513 |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(p)</sup> | 6/25/2054 | 1387925 | 1412466 |
| WB Commercial Mortgage Trust Series 2024-HQ Class A<sup>†</sup> | 6.134% | <sup>#(p)</sup> | 3/15/2040 | 1110000 | 1114739 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 2670000 | 2788232 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.003%<br> (1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 1980000 | 1973412 |
| WHARF Commercial Mortgage Trust Series 2025-DC Class A<sup>†</sup> | 5.35% | <sup>#(p)</sup> | 7/15/2040 | 880000 | 898285 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $70,293,667) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $70,293,667) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $70,293,667) |  |  | 67730689 |
|  | **Dividend <br> Rate** |  |  | **<br> Shares** |  |
| **PREFERRED STOCKS 0.09%** |  |  |  |  |  |
| **Commercial Services & Supplies 0.00%** |  |  |  |  |  |
| SVB Financial Trust Class C | Zero Coupon |  |  | 156880 | $9020 |
| **Transportation Infrastructure 0.09%** |  |  |  |  |  |
| ACBL Holdings Corp. | Zero Coupon |  |  | 16904 | 1048048 |
| *Total Preferred Stocks* (cost $437,307) |  |  |  |  | 1057068 |
| *Total Long-Term Investments* (cost $1,234,379,474) | *Total Long-Term Investments* (cost $1,234,379,474) | *Total Long-Term Investments* (cost $1,234,379,474) |  |  | 1251912799 |

---

*See Notes to Financial Statements.* 35

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **SHORT-TERM INVESTMENTS 2.57%** |  |  |  |  |
| **U.S. Treasury Obligations 0.61%** |  |  |  |  |
| U.S. Treasury Bills (Cost $6,864,544) | 4.27% | 9/23/2025 | $6932000 | $6864030 |
| **Repurchase Agreements 0.65%** |  |  |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $7,534,900 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $7,535,533; proceeds: $7,388,511 <br> (cost $7,387,690) |  |  | 7387690 | 7387690 |
| **TIME DEPOSITS 0.13%** |  |  |  |  |
| CitiBank N.A.<sup>(r)</sup> (cost $1,495,174) |  |  | 1495174 | 1495174 |
|  |  |  | **Shares** |  |
| **MONEY MARKET FUNDS 1.18%** |  |  |  |  |
| *Fidelity Government Portfolio*<sup>(r)</sup> (cost $13,456,565) |  |  | 13456565 | 13456565 |
| *Total Short-Term Investments* (cost $29,203,973) |  |  |  | 29203459 |
| *Total Investments in Securities 112.61%* (cost $1,263,583,447) | *Total Investments in Securities 112.61%* (cost $1,263,583,447) |  |  | 1281116258 |
| *Other Assets and Liabilities – Net*<sup>(s)</sup> *(12.61)%* |  |  |  | (143499938) |
| *Net Assets 100.00%* |  |  |  | $1137616320 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2025, the total value of Rule 144A securities was $654,489,525, which represents 57.53% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at June 30, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Securities purchased on a when-issued basis (See Note 2(k)). |
| <sup>(d)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(e)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(f)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |

---

36 *See Notes to Financial Statements.*

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

*June 30, 2025*

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

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

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

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

<sup>(k)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(l)</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>(m)</sup> Affiliated funds (See Note 11).

<sup>(n)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). At June 30, 2025, the value of restricted securities (excluding 144A issues) amounted to $10,667,049 or 0.94% of net assets.

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

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

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

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

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at June 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | Value/Unrealized<br> Appreciation |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | $1392911 | $16650<sup>(1)</sup> |
| Bank of America | 2.544% | CPI Urban Consumer NSA | 3/2/2052 | 2807089 | 33554 |
| *Total* |  |  |  |  | $50204 |

---

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at June 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | Value/Unrealized<br> Depreciation |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 10/23/2028 | $10000000 | $(25976) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 5/12/2052 | 4373000 | (105184) |
| Bank of America | 2.748% | CPI Urban Consumer NSA | 4/20/2052 | 6000000 | (232612) |
| *Total* |  |  |  |  | $(363772) |

---

---

| | |
|:---|:---|
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Unrealized appreciation on Centrally Cleared CPI Swap Contract is $10,600, which includes upfront payment of $6,050. Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |

---

*See Notes to Financial Statements.* 37

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

*June 30, 2025*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br>Appreciation** |
| Euro | Buy | Barclays Bank PLC | 8/22/2025 | &nbsp;&nbsp;&nbsp;268000 | $306112 | $316757 | $10645 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 167000 | 191230 | 197382 | 6152 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 128000 | 148852 | 151287 | 2435 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 97000 | 111962 | 114647 | 2685 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 692000 | 800204 | 817894 | 17690 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 494000 | 573469 | 583872 | 10403 |
| Euro | Buy | State Street Bank And Trust | 8/22/2025 | 105000 | 120057 | 124102 | 4045 |
| Swedish krona | Buy | Barclays Bank PLC | 8/29/2025 | 1211000 | 127118 | 128485 | 1367 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 1184000 | 124339 | 125620 | 1281 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 876000 | 91941 | 92942 | 1001 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 3234000 | 343002 | 343122 | 120 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 2653000 | 278765 | 281479 | 2714 |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 5814000 | 603642 | 616856 | 13214 |
| Swiss franc | Buy | State Street Bank And Trust | 9/19/2025 | 35354000 | 43554696 | 44998070 | 1443374 |
| Swiss franc | Buy | State Street Bank And Trust | 9/19/2025 | 539000 | 668390 | 686032 | 17642 |
| Swiss franc | Buy | State Street Bank And Trust | 9/19/2025 | 788000 | 974370 | 1002955 | 28585 |
| Swiss franc | Buy | State Street Bank And Trust | 9/19/2025 | 689000 | 851392 | 876949 | 25557 |
| Hong Kong dollar | Sell | Goldman Sachs | 8/4/2025 | 484000 | 61941 | 61867 | 74 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $1588984 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign <br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Hong Kong dollar | Buy | State Street Bank And Trust | 8/4/2025 | 484000 | $62654 | $61867 | $(787) |
| Swedish krona | Buy | Morgan Stanley | 8/29/2025 | 1099000 | 116856 | 116602 | (254) |
| British pound | Sell | State Street Bank And Trust | 10/10/2025 | 5279000 | 7250416 | 7250750 | (334) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 145000 | 106545 | 106901 | (356) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 489000 | 357976 | 360516 | (2540) |
| Canadian dollar | Sell | Citibank | 9/19/2025 | 165000 | 120734 | 121646 | (912) |
| Canadian dollar | Sell | Morgan Stanley | 9/19/2025 | 137000 | 100673 | 101003 | (330) |

---

38 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Sell | State Street Bank And Trust | 9/19/2025 | 168000 | 123231 | 123858 | (627) |
| Canadian dollar | Sell | State Street Bank And Trust | 9/19/2025 | 138000 | 101581 | 101741 | (160) |
| Euro | Sell | Goldman Sachs | 8/22/2025 | 516000 | 594889 | 609875 | (14986) |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 212000 | 243673 | 250569 | (6896) |
| Euro | Sell | Morgan Stanley | 8/22/2025 | 92000 | 105558 | 108737 | (3179) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 4218000 | 4805019 | 4985372 | (180353) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 211000 | 244865 | 249387 | (4522) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 489000 | 568460 | 577963 | (9503) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 119000 | 137633 | 140649 | (3016) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 295000 | 344255 | 348669 | (4414) |
| Norwegian krone | Sell | Citibank | 9/26/2025 | 2299000 | 227324 | 228209 | (885) |
| Swedish krona | Sell | State Street Bank And Trust | 8/29/2025 | 16021000 | 1674881 | 1699802 | (24921) |
| Swiss franc | Sell | Morgan Stanley | 9/19/2025 | 70000 | 86134 | 89095 | (2961) |
| Swiss franc | Sell | State Street Bank And Trust | 9/19/2025 | 97000 | 119732 | 123460 | (3728) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(265664) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 76 | Long | $8604387 | $8684188 | $79801 |
| U.S. 2-Year Treasury Note | September 2025 | 706 | Long | 146285788 | 146864547 | 578759 |
| U.S. 5-Year Treasury Note | September 2025 | 225 | Long | 24499255 | 24525000 | 25745 |
| U.S. Long Bond | September 2025 | 163 | Long | 18190600 | 18821406 | 630806 |
| U.S. Ultra Treasury Bond | September 2025 | 26 | Long | 3068433 | 3097250 | 28817 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $1343928 |

---

*See Notes to Financial Statements.* 39

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

*June 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $18999215 | $– | $18999215 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | 610529 | 630906 |  | 1241435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobiles |  | 1214462 |  | 1214462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 4010305 | 1200830 |  | 5211135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals |  | 212744 |  | 212744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric: Utilities |  | 80512 |  | 80512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment | 4722154 | 1350163 |  | 6072317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment & Supplies |  | 1178182 |  | 1178182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services |  | 1140510 |  | 1140510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services |  | 1178871 |  | 1178871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining | 587860 | 994360 |  | 1582220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Financials |  | 254355 |  | 254355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Care Products |  | 597711 |  | 597711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Retail |  | 160 |  | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals |  | 1253191 |  | 1253191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Infrastructure |  | 116622 |  | 116622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 33185682 |  |  | 33185682 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savings & Loans |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 862082776 |  | 862082776 |
| &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 |  | 30326045 |  | 30326045 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 62966895 |  | 62966895 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 140382342 |  | 140382342 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds |  | 10667049 |  | 10667049 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 3180611 |  | 3180611 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 64764712 | 2965977 | 67730689 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 1057068 |  | 1057068 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 6864030 |  | 6864030 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7387690 |  | 7387690 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 1495174 |  | 1495174 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 13456565 | – | – | 13456565 |
| **Total** | $56573095 | $1221577186 | $2965977 | $1281116258 |

---

40 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Tota**l |
| **Other Financial Instruments** |  |  |  |  |
| Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $– | $50204 | $– | $50204 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (363772) |  | (363772) |
| Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  | 1588984 |  | 1588984 |
| &nbsp;&nbsp;&nbsp;Liabilities |  | (265664) |  | (265664) |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | 1343928 |  |  | 1343928 |
| &nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| **Total** | $1343928 | $1009752 | $– | $2353680 |

---

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

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

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

*See Notes to Financial Statements.* 41

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $1252922105 |
| Investments in Underlying Funds, at cost | 10661342 |
| Investments in securities, at fair value including $14,403,570 of securities loaned | $1270449209 |
| Investments in Underlying Funds, at value | 10667049 |
| Cash | 491787 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 760000 |
| Deposits with brokers for futures collateral | 2059250 |
| Deposits with brokers for forwards and swap contracts collateral | 1579094 |
| Foreign cash, at value (cost $3) | 3 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 144645231 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 15753457 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 1957428 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 353108 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 7313 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 18933 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1588984 |
| Prepaid expenses and other assets | 11743 |
| **Total assets** | 1450342589 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 293753241 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 14951739 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1793795 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 760000 |
| &nbsp;&nbsp;&nbsp;Management fee | 440190 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 368601 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 135123 |
| &nbsp;&nbsp;&nbsp;Fund administration | 37302 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements | 22357 |
| Unrealized depreciation on forward foreign currency exchange contracts | 265664 |
| Accrued expenses and other liabilities | 198257 |
| **Total liabilities** | 312726269 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $1137616320 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $1251779578 |
| Total distributable earnings (loss) | (114163258) |
| **Net Assets** | $1137616320 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 105513892 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $10.78 |

---

42 *See Notes to Financial Statements.*

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $24,613) | $387502 |
| Dividend income from Underlying Funds (See Note 11) | 456320 |
| Securities lending net income | 84632 |
| Interest and other | 36362012 |
| **Total investment income** | 37290466 |
| **Expenses:** |  |
| Management fee | 2661026 |
| Non-12b-1 service fees | 1409220 |
| Shareholder servicing | 564452 |
| Fund administration | 225516 |
| Professional | 45373 |
| Custody | 36525 |
| Directors' fees | 17801 |
| Reports to shareholders | 17716 |
| Other | 54976 |
| Gross expenses | 5032605 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (70122) |
| **Net expenses** | 4962483 |
| **Net investment income** | 32327983 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | (6857993) |
| Net realized gain/(loss) on futures contracts | (3787448) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (3153425) |
| Net realized gain/(loss) on swap contracts | 37317 |
| Net realized gain/(loss) on foreign currency related transactions | 4291 |
| Net change in unrealized appreciation/(depreciation) in Underlying Funds | (42402) |
| Net change in unrealized appreciation/(depreciation) on investments | 17531853 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 1550404 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | 3261189 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | 107115 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 38945 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | 7875 |
| **Net realized and unrealized gain/(loss)** | 8697721 |
| **Net Increase in Net Assets Resulting From Operations** | $41025704 |

---

*See Notes to Financial Statements.* 43

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** | | |
| Net investment income | $32327983 | $63261803 |
| Net realized gain/(loss) | (13757258) | (299158) |
| Net change in unrealized appreciation/(depreciation) | 22454979 | 9612934 |
| **Net increase in net assets resulting from operations** | 41025704 | 72575579 |
| **Distributions to shareholders:** | – | (63481707) |
| **Capital share transactions (See Note 14):** |  |  |
| Net proceeds from sales of shares | 51146365 | 112843941 |
| Reinvestment of distributions |  | 63481707 |
| Cost of shares reacquired | (96848262) | (137591562) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (45701897) | 38734086 |
| **Net increase (decrease) in net assets** | (4676193) | 47827958 |
| **NET ASSETS:** |  |  |
| Beginning of period | $1142292513 | $1094464555 |
| **End of period** | $1137616320 | $1142292513 |

---

44 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> operations** | **Net<br> invest-<br> ment <br> income** | **Net<br> realized<br> gain** | **Total<br> distributions** |
| 6/30/2025<sup>(c)</sup> | $10.40 | $0.30 | $0.08 | $0.38 | $– | $– | $– |
| 12/31/2024 | 10.32 | 0.60 | 0.09 | 0.69 | (0.61) |  | (0.61) |
| 12/31/2023 | 10.20 | 0.51 | 0.16 | 0.67 | (0.55) |  | (0.55) |
| 12/31/2022 | 12.29 | 0.45 | (2.01) | (1.56) | (0.50) | (0.03) | (0.53) |
| 12/31/2021 | 12.48 | 0.40 | 0.01 | 0.41 | (0.39) | (0.21) | (0.60) |
| 12/31/2020 | 12.08 | 0.44 | 0.43 | 0.87 | (0.47) |  | (0.47) |

---

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

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

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

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

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

46 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $10.78 | 3.65 <sup>(d)</sup> | 0.88 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.89 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 5.74 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $1137616 | 155 <sup>(d)</sup> |
| 10.40 | 6.72 | 0.89 | 0.89 | 5.65 | 1142293 | 284 |
| 10.32 | 6.55 | 0.89 | 0.90 | 4.97 | 1094465 | 259 |
| 10.20 | (12.80) | 0.89 | 0.89 | 4.02 | 1084170 | 182 |
| 12.29 | 3.28 | 0.89 | 0.89 | 3.11 | 1330920 | 96 |
| 12.48 | 7.30 | 0.91 | 0.91 | 3.65 | 1176259 | 96 |

---

*See Notes to Financial Statements.* 47

**Notes to Financial Statements (unaudited)**

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

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Bond-Debenture Portfolio (the "Fund").

The Fund's investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund has Variable Contract class shares ("Class VC Shares"), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies. The Fund also invests in the Lord Abbett Private Credit Fund ("PCF"), which is a non-diversified, closed-end management investment company which elected to be regulated as a business development company under the Act. As of June 30, 2025, PCF is available only to the Fund and certain other investment companies managed by Lord Abbett.

**Basis of Preparation**

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

**Segment Reporting**

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

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

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

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

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

---

| |
|:---|
| among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
| Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Investments in the PCF are valued at their net asset value ("NAV") each month end. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
| Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. |
| Fair Value Measurements**–**Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for |

---

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

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).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments and other financial instruments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Floating Rate Loans**–**The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate ("SOFR"). |
|  | The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned |

---

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

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| | |
|:---|:---|
|  | 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 represents mark to market of the unfunded portion of the Fund's floating rate notes. |
|  | As of June 30, 2025, the Fund did not have any unfunded loan commitments. |
| (d) | Foreign Transactions**–**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (e) | Income Taxes**–**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (f) | Investment Income**–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. |

---

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

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| | |
|:---|:---|
| (g) | Mortgage Dollar Rolls**–**The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (h) | Repurchase Agreements**–**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (i) | Security Transactions**–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified- cost method. |
| (j) | 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 To-Be-Announced ("TBA") Transactions**–**The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |

---

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

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| | |
|:---|:---|
| (l) | Derivatives**–**Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. |
|  | The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the of Statement Assets and Liabilities. |
|  | The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other. |
|  | Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund. |
|  | Notes i. – iv. below describe the derivatives used by the Fund. |

---

---

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

---

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

---

| | |
|:---|:---|
|  | 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. |
| ii. | Futures Contracts**–**During the period, the Fund entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the period, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. |
|  | Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities. |
|  | The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions. |
|  | The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). |

---

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

---

| | |
|:---|:---|
| iii. | Swap Contracts**–**During the period, the Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its respective portfolio. During the period, the Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. |
|  | Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/(depreciation) on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement. |
|  | The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse. |
|  | The Fund's OTC swap contracts are subject to master netting arrangements. |
|  | Inflation-Linked Swap Contracts**–**During the period, the Fund entered into inflation-linked derivatives, such as Consumer Price Index Swap Contract Agreements ("CPI swap contracts"). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract's maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized appreciation/ (depreciation) on swap contracts in the Fund's Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net realized gain/(loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Fund, since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default. |

---

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Statement of Assets<br> and Liabilities<br> Location** | **Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $50204 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $1588984 |  |
| Futures Contracts<sup>(2)</sup> | Receivable, variation margin for futures contracts | $1343928 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Payable, variation margin for centrally cleared swap contracts agreements |  |  | $363772 |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | – | $265664 | – |

---

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

<sup>(2)</sup> Statement of Assets and Liabilities location: 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.

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

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| | | |
|:---|:---|:---|
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $37317 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(3153425) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(3787448) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $107115 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $3261189 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1550404 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $24573000 |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $60877323 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 1182 | – |

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

&nbsp;&nbsp;&nbsp;&nbsp;**3.** DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following table illustrates gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty.

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br>Recognized Assets** | **Gross Amounts<br>Offset in the<br>Statement of Assets<br>and Liabilities** | **Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1588984 | $– | $1588984 |
| &nbsp;&nbsp;&nbsp;Total | $1588984 | $– | $1588984 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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 <br> and Liabilities** | **Financial Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> | <br>**Net**<br>**Amount**<sup>(b)</sup> |
| Barclays Bank PLC | $12012 | $– | $– | $– | $12012 |
| Goldman Sachs | 74 | (74) |  |  |  |
| Morgan Stanley | 57695 | (13620) |  |  | 44075 |
| State Street Bank and Trust | 1519203 | (232365) | (970000) | – | 316838 |
| &nbsp;&nbsp;&nbsp;Total | $1588984 | $(246059) | $(970000) | $– | $372925 |

---

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| | | | |
|:---|:---|:---|:---|
| **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 | $265664 | $– | $265664 |
| &nbsp;&nbsp;&nbsp;Total | $265664 | $– | $265664 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **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 Instruments** | **Cash**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Pledged**<sup>(a)</sup> | <br>**Net**<br>**Amount**<sup>(c)</sup> |
| Citibank | $4693 | $– | $– | $– | $4693 |
| Goldman Sachs | 14986 | (74) |  |  | 14912 |
| Morgan Stanley | 13620 | (13620) |  |  |  |
| State Street Bank and Trust | 232365 | (232365) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $265664 | $(246059) | $– | $– | $19605 |

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

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

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

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

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

**Management Fee**

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

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

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .47% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $36,525 of fund administration fees for the six months ended June 30, 2025.

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

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| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Series Fund–Bond Debenture Portfolio | $33597 |

---

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

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

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

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains

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

are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total<br>Distributions<br>Paid** |
| Series Fund–Bond Debenture Portfolio | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: |
| **Fund** | **Tax-Exempt<br>Income** | **Ordinary<br>Income** | **Net<br>Long-Term<br>Capital Gains** | **Return of<br>Capital** | **Total<br>Distributions<br>Paid** |
| Series Fund–Bond Debenture Portfolio | $– | $63481707 | $– | $– | $63481707 |

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

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br>Losses** | **Long-Term<br>Losses** | **Net Capital<br>Losses** |
| Series Fund–Bond Debenture Portfolio | $(68355586) | $(84624821) | $(152980407) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br> Unrealized<br>Appreciation/<br>(Depreciation)** |
| Series Fund–Bond Debenture Portfolio | $1263129578 | $41809316 | $(21468956) | $20340360 |

---

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

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S.<br>Government<br>Purchases** | **\*** | **Non-U.S.<br>Government<br>Purchases** | **U.S.<br>Government<br>Sales** | **\*** | **Non-U.S.<br>Government<br>Sales** |
| $1352323932 |  | $562222238 | $1370827166 |  | $547288465 |

---

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

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

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

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

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

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

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

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

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

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

For the six months ended June 30, 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

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

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

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

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

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

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

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 ("underlying fund"). Typically, private credit investments are not traded in public markets and are illiquid, such that an underlying fund may not be able to dispose of its holdings for extended periods, which may be several years, or at the price at which the underlying fund is valuing its investments. An underlying fund will also be illiquid, and the Fund incurs two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. An underlying fund 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 an underlying fund or a Fund indirectly. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. The issuers of the underlying fund'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 Fund PCF currently expects to repurchase shares pursuant to tender offers each quarter, up to 5% of the PCF's Common Shares outstanding, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter. There will be no trading market for the Fund's investments in the PCF. The Schedule of Investments lists the PCF as an investment as of period end, but does not include the underlying holdings of the PCF. The Fund indirectly bears the proportionate share of the expenses of the PCF. The Fund had the following transactions with the PCF during the six months ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series – Bond**<br> **Debenture Portfolio**<sup>(1)</sup> | **Value at<br> 12/31/2024** | **Contributions** | **Withdrawals** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 6/30/2025** | **Dividend<br> Income** |
| Lord Abbett Private Credit Fund | $6345814 | $4363637 | $– $– &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $(42402) | $10667049 | $456320 |

---

<sup>(1)</sup> The Fund acquired PCF shares from 1/1/2025 to 6/30/2025, at a cost of $4,363,637.

The Fund has an unfunded commitment to make investments in the PCF at a future date in the amount of $19,338,658 at period end. This unfunded commitment is not recognized in the Statement of Assets and Liabilities at period end. On February 24, 2025, all outstanding capital commitments were extinguished and the PCF has begun to take monthly subscriptions in connection with a continuous offering of its Common Shares.

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

&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 in the Fund's Statement of Operations.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Bond Debenture Portfolio | $14403570 | $14951739 |

---

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

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

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

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

by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

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

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

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

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

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

The Fund may invest up to 15% of its net assets in floating rate or adjustable rate senior loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or

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

foreign corporations, partnerships or other business entities. The senior loans in which the Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. Below investment grade senior loans may be affected by interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

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

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

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

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

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares Sold | 4867832 | 10560827 |
| Reinvestment of distributions |  | 6115772 |
| Shares reacquired | (9214464) | (12891356) |
| Increase (decrease) | (4346632) | 3785243 |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and

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

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

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was equal to the median of the expense peer group and the actual management fee of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

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

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

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112991x70x1m1m4.jpg)

![](x4_c112991x70x2m1m4.jpg)

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| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Bond-Debenture Portfolio | LASFBD-3<br> (08/25) |

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![](x4_c112984x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Developing Growth Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx4xc112984a001xm2xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx4xc112984a002xm2xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx4xc112984a003xm2xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx4xc112984a004xm2xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx4xc112984a005xm2xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx4xc112984a006xm2xm4) |
| 19 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx4xc112984a007xm2xm4) |
| 19 | [**Proxy Disclosures (Item 9)**](#xx4xc112984a008xm2xm4) |
| 19 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx4xc112984a009xm2xm4) |
| 19 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx4xc112984a010xm2xm4) |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.81%** | **LONG-TERM INVESTMENTS 99.81%** |  |
| **COMMON STOCKS 99.81%** |  |  |
| **Aerospace & Defense 8.11%** | **Aerospace & Defense 8.11%** |  |
| AeroVironment, Inc.\* | 1932 | $550523 |
| BWX Technologies, Inc. | 2105 | 303246 |
| Karman Holdings, Inc.\*<sup>(a)</sup> | 14715 | 741195 |
| Kratos Defense & Security Solutions, Inc.\* | 15641 | 726525 |
| Leonardo DRS, Inc. | 16080 | 747398 |
| Loar Holdings, Inc.\* | 10145 | 874195 |
| Mercury Systems, Inc.\* | 8595 | 462927 |
| Rocket Lab Corp.\* | 14807 | 529646 |
| *Total* |  | 4935655 |
| **Automobile Components 0.77%** | **Automobile Components 0.77%** |  |
| Modine Manufacturing Co.\* | 4740 | 466890 |
| **Beverages 1.27%** |  |  |
| Celsius Holdings, Inc.\* | 10124 | 469653 |
| Primo Brands Corp. | 10160 | 300939 |
| *Total* |  | 770592 |
| **Biotechnology 10.35%** |  |  |
| ADMA Biologics, Inc.\* | 39932 | 727162 |
| Arcellx, Inc.\* | 6137 | 404122 |
| Ascendis Pharma AS ADR\* | 3499 | 603927 |
| Bridgebio Pharma, Inc.\* | 20294 | 876295 |
| Insmed, Inc.\* | 10396 | 1046254 |
| Madrigal Pharmaceuticals, Inc.\* | 1928 | 583490 |
| Merus NV (Netherlands)\*<sup>(b)</sup> | 5185 | 272731 |
| Mirum Pharmaceuticals, Inc.\* | 8587 | 436992 |
| Natera, Inc.\* | 2760 | 466274 |
| PTC Therapeutics, Inc.\* | 8735 | 426617 |
| TG Therapeutics, Inc.\* | 12777 | 459844 |
| *Total* |  | 6303708 |
| **Broadline Retail 2.17%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc.\* | 10036 | 1322544 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Capital Markets 2.90%** |  |  |  |
| Evercore, Inc. Class A | 2445 | $| 660199 |
| Piper Sandler Cos. | 1595 |  | 443314 |
| StoneX Group, Inc.\* | 7252 |  | 660947 |
| *Total* |  |  | 1764460 |
| **Communications Equipment 1.10%** | **Communications Equipment 1.10%** |  |  |
| Calix, Inc.\* | 12626 |  | 671577 |
| **Construction & Engineering 8.26%** | **Construction & Engineering 8.26%** |  |  |
| Argan, Inc. | 3839 |  | 846423 |
| Comfort Systems USA, Inc. | 2475 |  | 1327120 |
| Construction Partners, Inc. Class A\* | 8716 |  | 926336 |
| IES Holdings, Inc.\* | 2654 |  | 786194 |
| MasTec, Inc.\* | 6714 |  | 1144267 |
| *Total* |  |  | 5030340 |
| **Consumer Staples Distribution & Retail 2.20%** | **Consumer Staples Distribution & Retail 2.20%** | **Consumer Staples Distribution & Retail 2.20%** |  |
| Maplebear, Inc.\* | 13065 |  | 591060 |
| Sprouts Farmers Market, Inc.\* | 4537 |  | 746972 |
| *Total* |  |  | 1338032 |
| **Diversified Consumer Services 6.12%** |  |  |  |
| Adtalem Global Education, Inc.\* | 6480 |  | 824451 |
| Duolingo, Inc.\* | 1963 |  | 804869 |
| Stride, Inc.\* | 6654 |  | 966094 |
| Universal Technical Institute, Inc.\* | 33379 |  | 1131214 |
| *Total* |  |  | 3726628 |
| **Electronic Equipment, Instruments & Components 3.58%** | **Electronic Equipment, Instruments & Components 3.58%** | **Electronic Equipment, Instruments & Components 3.58%** | **Electronic Equipment, Instruments & Components 3.58%** |
| Badger Meter, Inc. | 2493 |  | 610660 |
| Fabrinet (Thailand)\*<sup>(b)</sup> | 1751 |  | 515985 |
| Mirion Technologies, Inc.\* | 48886 |  | 1052516 |
| *Total* |  |  | 2179161 |
| **Financial Services 1.68%** |  |  |  |
| Chime Financial, Inc. Class A\* | 13855 |  | 478136 |
| Remitly Global, Inc.\* | 29095 |  | 546113 |
| *Total* |  |  | 1024249 |

---

*See Notes to Financial Statements.* 1

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

*June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Fair<br> Value** |
| **Food Products 0.57%** |  |  |  |
| Vital Farms, Inc.\* |  | 9001 | $346719 |
| **Health Care Equipment & Supplies 3.89%** | **Health Care Equipment & Supplies 3.89%** | **Health Care Equipment & Supplies 3.89%** |  |
| iRhythm Technologies, Inc.\* |  | 6533 | 1005821 |
| Penumbra, Inc.\* |  | 2773 | 711635 |
| PROCEPT BioRobotics Corp.\* |  | 5522 | 318067 |
| TransMedics Group, Inc.\* |  | 2492 | 333953 |
| *Total* |  |  | 2369476 |
| **Health Care Providers & Services 3.88%** | **Health Care Providers & Services 3.88%** | **Health Care Providers & Services 3.88%** |  |
| GeneDx Holdings Corp.\* |  | 7733 | 713833 |
| Guardant Health, Inc.\* |  | 20060 | 1043923 |
| Hinge Health, Inc. Class A\*<sup>(a)</sup> |  | 11687 | 604802 |
| *Total* |  |  | 2362558 |
| **Health Care Technology 2.70%** |  |  |  |
| Doximity, Inc. Class A\* |  | 8049 | 493726 |
| Waystar Holding Corp.\* |  | 28072 | 1147302 |
| *Total* |  |  | 1641028 |
| **Hotels, Restaurants & Leisure 6.69%** | **Hotels, Restaurants & Leisure 6.69%** | **Hotels, Restaurants & Leisure 6.69%** |  |
| Cava Group, Inc.\* |  | 3794 | 319569 |
| Dutch Bros, Inc. Class A\* |  | 12887 | 881084 |
| Life Time Group Holdings, Inc.\* |  | 33653 | 1020695 |
| Planet Fitness, Inc. Class A\* |  | 7245 | 790067 |
| Sportradar Group AG Class A (Switzerland)\*<sup>(b)</sup> | Sportradar Group AG Class A (Switzerland)\*<sup>(b)</sup> | 17000 | 477360 |
| Wingstop, Inc. |  | 1732 | 583234 |
| *Total* |  |  | 4072009 |
| **Interactive Media & Services 1.33%** | **Interactive Media & Services 1.33%** | **Interactive Media & Services 1.33%** |  |
| Reddit, Inc. Class A\* |  | 5393 | 812024 |
| **Machinery 2.67%** |  |  |  |
| Crane Co. |  | 4488 | 852226 |
| RBC Bearings, Inc.\* |  | 2008 | 772679 |
| *Total* |  |  | 1624905 |
| **Metals & Mining 2.24%** |  |  |  |
| Carpenter Technology Corp. |  | 4943 | 1366146 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Personal Care Products 0.55%** | **Personal Care Products 0.55%** |  |
| Oddity Tech Ltd. Class A (Israel)\*<sup>(b)</sup> | 4399 | $331993 |
| **Pharmaceuticals 3.17%** |  |  |
| Tarsus Pharmaceuticals, Inc.\* | 12687 | 513950 |
| Verona Pharma PLC ADR\* | 14969 | 1415768 |
| *Total* |  | 1929718 |
| **Professional Services 0.72%** |  |  |
| ExlService Holdings, Inc.\* | 10072 | 441053 |
| **Semiconductors & Semiconductor Equipment 9.16%** | **Semiconductors & Semiconductor Equipment 9.16%** |  |
| Astera Labs, Inc.\* | 11642 | 1052670 |
| Credo Technology Group Holding Ltd.\* | 18260 | 1690693 |
| MACOM Technology Solutions Holdings, Inc.\* | 6315 | 904876 |
| Nova Ltd. (Israel)\*<sup>(b)</sup> | 3321 | 913939 |
| Rambus, Inc.\* | 7186 | 460048 |
| SiTime Corp.\* | 2618 | 557844 |
| *Total* |  | 5580070 |
| **Software 12.91%** |  |  |
| Commvault Systems, Inc.\* | 2457 | 428329 |
| CyberArk Software Ltd. (Israel)\*<sup>(b)</sup> | 3487 | 1418790 |
| Guidewire Software, Inc.\* | 5122 | 1205975 |
| Intapp, Inc.\* | 7589 | 391744 |
| Klaviyo, Inc. Class A\* | 26498 | 889803 |
| Life360, Inc.\* | 4861 | 317180 |
| Monday.com Ltd. (Israel)\*<sup>(b)</sup> | 1989 | 625501 |
| Q2 Holdings, Inc.\* | 11784 | 1102864 |
| Rubrik, Inc. Class A\* | 11240 | 1006992 |
| ServiceTitan, Inc. Class A\* | 4395 | 471056 |
| *Total* |  | 7858234 |
| **Trading Companies & Distributors 0.82%** | **Trading Companies & Distributors 0.82%** |  |
| FTAI Aviation Ltd. | 4366 | 502265 |
| *Total Common Stocks*<br> (cost $48,390,186) |  | 60772034 |

---

2 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 3.84%** |  |  |
| **Repurchase Agreements 1.71%** |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $1,060,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $1,060,428; proceeds: $1,039,662<br> (cost $1,039,547) | $1039547 | $1039547 |
| **Time Deposits 0.21%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $129,976) | 129976 | 129976 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 1.92%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $1,169,780) | 1169780 | $1169780 |
| *Total Short-Term Investments*<br> (cost $2,339,303) |  | 2339303 |
| *Total Investments in Securities 103.65%*<br> (cost $50,729,489) |  | 63111337 |
| *Other Assets and Liabilities – Net (3.65)%* |  | (2221517) |
| *Net Assets 100.00%* |  | $60889820 |

---

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $60772034 | $– | $– | $60772034 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1039547 |  | 1039547 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 129976 |  | 129976 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1169780 | – | – | 1169780 |
| Total | $61941814 | $1169523 | $– | $63111337 |

---

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

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

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

*See Notes to Financial Statements.* 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $50729489 |
| Investments in securities, at fair value including $1,332,387 of securities loaned | $63111337 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 9755 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 937 |
| &nbsp;&nbsp;&nbsp;Interest | 116 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2820 |
| Prepaid expenses | 1047 |
| **Total assets** | 63126012 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 1299756 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 741539 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 63112 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 43999 |
| &nbsp;&nbsp;&nbsp;Management fee | 36810 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 7386 |
| &nbsp;&nbsp;&nbsp;Fund administration | 1963 |
| Accrued expenses | 41627 |
| **Total liabilities** | 2236192 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $60889820 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $68843265 |
| Total distributable earnings (loss) | (7953445) |
| **Net Assets** | $60889820 |
| **Outstanding shares (50 million shares of common stock authorized, $.001 par value)** | 2103412 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $28.95 |

---

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

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | $42752 |
| Securities lending net income | 7185 |
| Interest and other | 25729 |
| **Total investment income** | 75666 |
| **Expenses:** |  |
| Management fee | 224880 |
| Non-12b-1 service fees | 74860 |
| Shareholder servicing | 30618 |
| Professional | 20598 |
| Fund administration | 11994 |
| Custody | 6035 |
| Reports to shareholders | 1992 |
| Directors' fees | 1006 |
| Other | 6939 |
| Gross expenses | 378922 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (67088) |
| **Net expenses** | 311834 |
| **Net investment loss** | (236168) |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 2274622 |
| Net change in unrealized appreciation/(depreciation) on investments | (3113694) |
| **Net realized and unrealized gain/(loss)** | (839072) |
| **Net Decrease in Net Assets Resulting From Operations** | $(1075240) |

---

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment loss | $(236168) | $(545862) |
| Net realized gain/(loss) | 2274622 | 9933687 |
| Net change in unrealized appreciation/(depreciation) | (3113694) | 4208795 |
| **Net increase (decrease) in net assets resulting from operations** | (1075240) | 13596620 |
| Distributions to shareholders: | – | (104342) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 2510619 | 7033239 |
| Reinvestment of distributions |  | 104342 |
| Cost of shares reacquired | (9529960) | (18449647) |
| **Net decrease in net assets resulting from capital share transactions** | (7019341) | (11312066) |
| **Net increase (decrease) in net assets** | (8094581) | 2180212 |
| **NET ASSETS:** |  |  |
| Beginning of period | $68984401 | $66804189 |
| **End of period** | $60889820 | $68984401 |

---

<br> 6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $29.23 | $(0.11)&nbsp;&nbsp;&nbsp;&nbsp; | $(0.17)&nbsp;&nbsp;&nbsp;&nbsp; | $(0.28) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| 12/31/2024 | 23.96 | (0.21) | 5.52 | 5.31 | (0.04) |  | (0.04) |
| 12/31/2023 | 22.15 | (0.18) | 1.99 | 1.81 |  |  |  |
| 12/31/2022 | 34.61 | (0.18) | (12.28) | (12.46) |  |  |  |
| 12/31/2021 | 47.18 | (0.42) | (0.93) | (1.35) |  | (11.22) | (11.22) |
| 12/31/2020 | 29.88 | (0.30) | 22.17 | 21.87 |  | (4.57) |  |

---

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

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

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

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

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

<br> 8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $28.95 | (0.96)<sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 1.04 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1.27 <sup>(e)</sup> | (0.79)<sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $60890 | 75 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 29.23 | 22.18 | 1.04 | 1.25 | (0.78) | 68984 | 101 |
| 23.96 | 8.17 | 1.04 | 1.25 | (0.77) | 66804 | 139 |
| 22.15 | (35.98) | 1.04 | 1.30 | (0.74) | 68892 | 125 |
| 34.61 | (2.75) | 1.04 | 1.15 | (0.87) | 116990 | 121 |
| 47.18 | 72.60 | 1.04 | 1.24 | (0.84) | 137300 | 113 |

---

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

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Developing Growth Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

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

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

---

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

---

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

of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below: <br>

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | **Expenses–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | **Foreign Transactions–**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | **Income Taxes–**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

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

---

| | |
|:---|:---|
| (e) | **Investment Income–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | **Repurchase Agreements–**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | **Security Transactions–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

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

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

---

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .55% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $6,035 of fund administration fees for the six months ended June 30, 2025.

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

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund's Class VC Shares held in the insurance company's separate account to service and maintain the Variable Contract owners'

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

accounts. This amount is included in non-12b-1 service fees in the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

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

**4.** DISTRIBUTIONS AND TAX INFORMATION

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

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

---

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

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Series Fund-Developing Growth Portfolio | $(21880378) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $(21880378) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Developing Growth Portfolio | $51326105 | $12774021 | $(988789) | $11785232 |

---

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

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $44772388 | $50125486 |

---

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

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

**7.** LINE OF CREDIT

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

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

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

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

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

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

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

**8.** INTERFUND LENDING PROGRAM

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

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

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Developing Growth Portfolio | $1332387 | $1299756 |

---

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

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

**11.** INVESTMENT RISKS

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

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

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares sold | 96707 | 257078 |
| Reinvestment of distributions |  | 3554 |
| Shares reacquired | (353071) | (688464) |
| Decrease | (256364) | (427832) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that

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

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

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

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

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

**Expenses.** The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio and actual management fee of the Fund were both below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

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

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

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

**Alternative Arrangements.** The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112984x24x1m2m4.jpg)

![](x4_c112984x24x2m2m4.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Series Fund, Inc.<br>Developing Growth Portfolio | SFDG-PORT-3<br> (08/25) |

---

![](x4_c112987x1x1m3m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Dividend Growth Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx4xc112987a001xm3xm4) |
| 4 | [**Statement of Assets and Liabilities (Item 7)**](#xx4xc112987a002xm3xm4) |
| 5 | [**Statement of Operations (Item 7)**](#xx4xc112987a003xm3xm4) |
| 6 | [**Statements of Changes in Net Assets (Item 7)**](#xx4xc112987a004xm3xm4) |
| 8 | [**Financial Highlights (Item 7)**](#xx4xc112987a005xm3xm4) |
| 10 | [**Notes to Financial Statements (Item 7)**](#xx4xc112987a006xm3xm4) |
| 19 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx4xc112987a007xm3xm4) |
| 19 | [**Proxy Disclosures (Item 9)**](#xx4xc112987a008xm3xm4) |
| 19 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx4xc112987a009xm3xm4) |
| 19 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx4xc112987a010xm3xm4) |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 97.37%** | **LONG-TERM INVESTMENTS 97.37%** |  |
| **COMMON STOCKS 97.37%** |  |  |
| **Aerospace & Defense 1.18%** |  |  |
| Northrop Grumman Corp. | 4425 | $2212412 |
| **Banks 7.08%** |  |  |
| Bank of America Corp. | 62941 | 2978368 |
| JPMorgan Chase & Co. | 22325 | 6472241 |
| Wells Fargo & Co. | 47173 | 3779501 |
| *Total* |  | 13230110 |
| **Beverages 1.69%** |  |  |
| Coca-Cola Co. | 44521 | 3149861 |
| **Biotechnology 1.47%** |  |  |
| AbbVie, Inc. | 14823 | 2751445 |
| **Building Products 0.75%** |  |  |
| Allegion PLC (Ireland)<sup>(a)</sup> | 9715 | 1400126 |
| **Capital Markets 7.91%** |  |  |
| Ameriprise Financial, Inc. | 2508 | 1338595 |
| ARES Management Corp. Class A | 9780 | 1693896 |
| Charles Schwab Corp. | 49915 | 4554244 |
| Morgan Stanley | 31001 | 4366801 |
| S&P Global, Inc. | 5390 | 2842093 |
| *Total* |  | 14795629 |
| **Chemicals 2.60%** |  |  |
| Linde PLC | 6314 | 2962402 |
| Sherwin-Williams Co. | 5541 | 1902558 |
| *Total* |  | 4864960 |
| **Commercial Services & Supplies 0.49%** | **Commercial Services & Supplies 0.49%** |  |
| Cintas Corp. | 4135 | 921567 |
| **Construction Materials 1.80%** | **Construction Materials 1.80%** |  |
| CRH PLC | 36689 | 3368050 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Consumer Staples Distribution & Retail 4.11%** | **Consumer Staples Distribution & Retail 4.11%** |  |
| Costco Wholesale Corp. | 2553 | $2527317 |
| Walmart, Inc. | 52758 | 5158677 |
| *Total* |  | 7685994 |
| **Electric: Utilities 2.43%** |  |  |
| Entergy Corp. | 30612 | 2544470 |
| NextEra Energy, Inc. | 28834 | 2001656 |
| *Total* |  | 4546126 |
| **Financial Services 2.51%** |  |  |
| Mastercard, Inc. Class A | 8336 | 4684332 |
| **Ground Transportation 1.22%** | **Ground Transportation 1.22%** |  |
| Old Dominion Freight Line, Inc. | 14003 | 2272687 |
| **Health Care Equipment & Supplies 3.72%** | **Health Care Equipment & Supplies 3.72%** |  |
| Abbott Laboratories | 30907 | 4203661 |
| Stryker Corp. | 6961 | 2753981 |
| *Total* |  | 6957642 |
| **Health Care Providers & Services 0.55%** | **Health Care Providers & Services 0.55%** |  |
| UnitedHealth Group, Inc. | 3302 | 1030125 |
| **Hotels, Restaurants & Leisure 1.28%** | **Hotels, Restaurants & Leisure 1.28%** |  |
| McDonald's Corp. | 8184 | 2391119 |
| **Information Technology Services 0.50%** | **Information Technology Services 0.50%** |  |
| Accenture PLC Class A (Ireland)<sup>(a)</sup> | 3140 | 938515 |
| **Insurance 3.51%** |  |  |
| Arthur J Gallagher & Co. | 11863 | 3797584 |
| Chubb Ltd. (Switzerland)<sup>(a)</sup> | 9563 | 2770592 |
| *Total* |  | 6568176 |
| **Life Sciences Tools & Services 0.72%** | **Life Sciences Tools & Services 0.72%** |  |
| Danaher Corp. | 6817 | 1346630 |
| **Machinery 3.21%** |  |  |
| Deere & Co. | 3996 | 2031926 |
| Parker-Hannifin Corp. | 5685 | 3970802 |
| *Total* |  | 6002728 |

---

*See Notes to Financial Statements.* 1

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

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Metals & Mining 0.72%** |  |  |
| Steel Dynamics, Inc. | 10568 | $1352810 |
| **Multi-Utilities 1.39%** |  |  |
| CMS Energy Corp. | 37590 | 2604235 |
| **Oil, Gas & Consumable Fuels 4.53%** |  |  |
| Enbridge, Inc. (Canada)<sup>(a)</sup> | 80679 | 3656372 |
| Exxon Mobil Corp. | 44593 | 4807126 |
| *Total* |  | 8463498 |
| **Pharmaceuticals 3.74%** |  |  |
| Eli Lilly & Co. | 4331 | 3376144 |
| Johnson & Johnson | 23682 | 3617426 |
| *Total* |  | 6993570 |
| **Professional Services 0.71%** |  |  |
| Verisk Analytics, Inc. | 4276 | 1331974 |
| **Semiconductors & Semiconductor Equipment 15.36%** | **Semiconductors & Semiconductor Equipment 15.36%** |  |
| Analog Devices, Inc. | 11863 | 2823631 |
| Broadcom, Inc. | 32370 | 8922790 |
| Lam Research Corp. | 33343 | 3245608 |
| NVIDIA Corp. | 63843 | 10086556 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 16090 | 3644224 |
| *Total* |  | 28722809 |
| **Software 12.28%** |  |  |
| Microsoft Corp. | 31772 | 15803710 |
| Oracle Corp. | 14866 | 3250154 |
| Roper Technologies, Inc. | 3726 | 2112046 |
| SAP SE ADR | 5865 | 1783546 |
| *Total* |  | 22949456 |
| **Specialty Retail 3.89%** |  |  |
| Home Depot, Inc. | 4574 | 1677011 |
| Lowe's Cos., Inc. | 10410 | 2309667 |
| TJX Cos., Inc. | 26548 | 3278413 |
| *Total* |  | 7265091 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Technology Hardware, Storage & Peripherals 2.03%** | **Technology Hardware, Storage & Peripherals 2.03%** | |
| Apple, Inc. | 18502 | $3796055 |
| **Tobacco 3.11%** |  |  |
| Philip Morris International, Inc. | 31886 | 5807397 |
| **Trading Companies & Distributors 0.88%** | **Trading Companies & Distributors 0.88%** |  |
| Watsco, Inc. | 3733 | 1648567 |
| *Total Common Stocks*<br> (cost $135,328,064) |  | 182053696 |
|  | **Principal** <br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 3.14%** |  |  |
| **Repurchase Agreements 3.14%** |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $5,986,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $5,986,835; proceeds: $5,869,966<br> (cost $5,869,314) | $5869314 | 5869314 |
| *Total Investments in Securities 100.51%*<br> (cost $141,197,378) |  | 187923010 |
| *Other Assets and Liabilities – Net (0.51)%* |  | (954485) |
| *Net Assets 100.00%* |  | $186968525 |

---

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

2 *See Notes to Financial Statements.*

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

*June 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $182053696 | $– | $– | $182053696 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 5869314 | – | 5869314 |
| Total | $182053696 | $5869314 | $– | $187923010 |

---

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

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

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

*See Notes to Financial Statements.* 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $141197378 |
| Investments in securities, at fair value | $187923010 |
| Foreign cash, at value (cost $31) | 34 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 117201 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 33667 |
| Prepaid expenses | 150 |
| **Total assets** | 188074062 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 458671 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 350104 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 141498 |
| &nbsp;&nbsp;&nbsp;Management fee | 82602 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 20816 |
| &nbsp;&nbsp;&nbsp;Fund administration | 6008 |
| Accrued expenses | 45838 |
| **Total liabilities** | 1105537 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $186968525 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $125563011 |
| Total distributable earnings (loss) | 61405514 |
| **Net Assets** | $186968525 |
| **Outstanding shares (50 million shares of common stock authorized, $.001 par value)** | 9490171 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $19.70 |

---

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

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $20,880) | $1397657 |
| Interest and other | 41669 |
| **Total investment income** | 1439326 |
| **Expenses:** |  |
| Management fee | 484488 |
| Non-12b-1 service fees | 220111 |
| Shareholder servicing | 88307 |
| Fund administration | 35235 |
| Professional | 24620 |
| Reports to shareholders | 4458 |
| Directors' fees | 2815 |
| Custody | 2059 |
| Other | 14963 |
| Gross expenses | 877056 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (4977) |
| **Net expenses** | 872079 |
| **Net investment income** | 567247 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 11453993 |
| Net realized gain/(loss) on foreign currency related transactions | 1029 |
| Net change in unrealized appreciation/(depreciation) on investments | (2079927) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (524) |
| **Net realized and unrealized gain/(loss)** | 9374571 |
| **Net Increase in Net Assets Resulting From Operations** | $9941818 |

---

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the <br> Six Months Ended <br> June 30, 2025 <br> (unaudited)** | **For the <br> Year Ended <br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $567247 | $1034388 |
| Net realized gain/(loss) | 11455022 | 12825847 |
| Net change in unrealized appreciation/(depreciation) | (2080451) | 23339791 |
| **Net increase in net assets resulting from operations** | 9941818 | 37200026 |
| **Distributions to shareholders:** | – | (11562355) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 18007208 | 12740875 |
| Reinvestment of distributions |  | 11562355 |
| Cost of shares reacquired | (28191911) | (41771163) |
| **Net decrease in net assets resulting from capital share transactions** | (10184703) | (17467933) |
| **Net increase (decrease) in net assets** | (242885) | 8169738 |
| **NET ASSETS:** |  |  |
| Beginning of period | $187211410 | $179041672 |
| **End of period** | $186968525 | $187211410 |

---

<br> 6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $18.58 | $0.06 | $1.06 | $1.12 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| 12/31/2024 | 16.21 | 0.10 | 3.48 | 3.58 | (0.11) | (1.10) | (1.21) |
| 12/31/2023 | 14.86 | 0.12 | 2.29 | 2.41 | (0.13) | (0.93) | (1.06) |
| 12/31/2022 | 20.27 | 0.15 | (2.91) | (2.76) | (0.15) | (2.50) | (2.65) |
| 12/31/2021 | 17.93 | 0.15 | 4.38 | 4.53 | (0.15) | (2.04) | (2.19) |
| 12/31/2020 | 15.96 | 0.16 | 2.28 | 2.44 | (0.16) | (0.31) | (0.47) |

---

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

<sup>(b)</sup> Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

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

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

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

<br> 8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $19.70 | 6.03 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.99 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 1.00 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.64 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $186969 | 24 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 18.58 | 22.14 | 0.99 | 0.99 | 0.55 | 187211 | 26 |
| 16.21 | 16.33 | 0.99 | 1.00 | 0.76 | 179042 | 47 |
| 14.86 | (13.55) | 0.99 | 1.01 | 0.86 | 159988 | 56 |
| 20.27 | 25.62 | 0.99 | 1.01 | 0.75 | 220150 | 44 |
| 17.93 | 15.42 | 0.99 | 1.02 | 1.01 | 188797 | 64 |

---

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

**Notes to Financial Statements (unaudited)**

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

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Dividend Growth Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

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

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

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

---

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

---

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

lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions**–**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes-It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

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

---

| | |
|:---|:---|
| (e) | Investment Income**–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements**–**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions**–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

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

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

---

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .55% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $2,059 of fund administration fees for the six months ended June 30, 2025.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;4. DISTRIBUTIONS AND TAX INFORMATION

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Dividend Growth Portfolio | $– | $– | $– | $– | $– |
| The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: |
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Dividend Growth Portfolio | $– | $1025812 | $10536543 | $– | $11562355 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Dividend Growth Portfolio | $141953216 | $48787176 | $(2817382) | $45969794 |

---

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

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

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $43444652 | $57771697 |

---

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Fund is subject to the general risks and considerations associated with equity investing. The Fund invests primarily in equity securities of large and mid-sized company stocks that have a history of growing their dividends, but there is no guarantee that a company will pay a dividend.

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

At times, the performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. The value of the Fund's investments in equity securities will fluctuate in response to general economic conditions and to the changes in the prospects of particular companies and/or sectors in the economy. If the Fund's fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark or other funds with the same investment objective or similar strategies, even in a favorable market.

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

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

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

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

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 (unaudited)(concluded)**

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

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares sold | 958433 | 687279 |
| Reinvestment of distributions |  | 625553 |
| Shares reacquired | (1542302) | (2284608) |
| Decrease | (583869) | (971776) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not

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

experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, the actual management fee of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management

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

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

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

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112987x24x1m3m4.jpg)

![](x4_c112987x24x2m3m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | <br>Lord Abbett Series Fund, Inc.<br>Dividend Growth Portfolio | SFCS-PORT-3<br> (08/25) |

---

![](x4_c112985x1x1m4m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Fundamental Equity Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | **[Schedule of Investments (Item 7)](#xx4xc112985a001xm4xm4)** |
| 4 | **[Statement of Assets and Liabilities (Item 7)](#xx4xc112985a002xm4xm4)** |
| 5 | **[Statement of Operations (Item 7)](#xx4xc112985a003xm4xm4)** |
| 6 | **[Statements of Changes in Net Assets (Item 7)](#xx4xc112985a004xm4xm4)** |
| 8 | **[Financial Highlights (Item 7)](#xx4xc112985a005xm4xm4)** |
| 10 | **[Notes to Financial Statements (Item 7)](#xx4xc112985a006xm4xm4)** |
| 18 | **[Changes in and Disagreements with Accountants (Item 8)](#xx4xc112985a007xm4xm4)** |
| 18 | **[Proxy Disclosures (Item 9)](#xx4xc112985a008xm4xm4)** |
| 18 | **[Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx4xc112985a009xm4xm4)** |
| 18 | **[Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx4xc112985a010xm4xm4)** |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 95.57%** |  |  |
| **COMMON STOCKS 95.57%** |  |  |
| **Aerospace & Defense 4.81%** |  |  |
| Boeing Co.\* | 21010 | $4402225 |
| RTX Corp. | 34856 | 5089673 |
| *Total* |  | 9491898 |
| **Banks 6.56%** |  |  |
| JPMorgan Chase & Co. | 28054 | 8133135 |
| Wells Fargo & Co. | 60175 | 4821221 |
| *Total* |  | 12954356 |
| **Beverages 3.01%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 24956 | 3535848 |
| Coca-Cola Consolidated, Inc. | 21550 | 2406058 |
| *Total* |  | 5941906 |
| **Biotechnology 2.87%** |  |  |
| AbbVie, Inc. | 16817 | 3121572 |
| United Therapeutics Corp.\* | 8827 | 2536438 |
| *Total* |  | 5658010 |
| **Building Products 3.38%** |  |  |
| A.O. Smith Corp. | 39630 | 2598539 |
| Allegion PLC (Ireland)<sup>(b)</sup> | 28265 | 4073552 |
| *Total* |  | 6672091 |
| **Capital Markets 8.93%** |  |  |
| Charles Schwab Corp. | 52404 | 4781341 |
| KKR & Co., Inc. | 21877 | 2910297 |
| Morgan Stanley | 19876 | 2799734 |
| Nasdaq, Inc. | 35948 | 3214470 |
| SEI Investments Co. | 43592 | 3917177 |
| *Total* |  | 17623019 |
| **Construction & Engineering 2.89%** | **Construction & Engineering 2.89%** |  |
| AECOM | 16810 | 1897177 |
| EMCOR Group, Inc. | 7136 | 3816975 |
| *Total* |  | 5714152 |
| **Construction Materials 1.37%** |  |  |
| CRH PLC | 29542 | 2711956 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Consumer Staples Distribution & Retail 1.41%** | **Consumer Staples Distribution & Retail 1.41%** | **Consumer Staples Distribution & Retail 1.41%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 25734 | $| 2774897 |
| **Electric: Utilities 3.02%** |  |  |  |
| Entergy Corp. | 36996 |  | 3075108 |
| IDACORP, Inc. | 25010 |  | 2887404 |
| *Total* |  |  | 5962512 |
| **Electronic Equipment, Instruments & Components 4.85%** | **Electronic Equipment, Instruments & Components 4.85%** | **Electronic Equipment, Instruments & Components 4.85%** | **Electronic Equipment, Instruments & Components 4.85%** |
| Jabil, Inc. | 19580 |  | 4270398 |
| Keysight Technologies, Inc.\* | 16950 |  | 2777427 |
| TD SYNNEX Corp. | 18647 |  | 2530398 |
| *Total* |  |  | 9578223 |
| **Financial Services 1.33%** |  |  |  |
| Fiserv, Inc.\* | 15206 |  | 2621666 |
| **Health Care Providers & Services 2.02%** | **Health Care Providers & Services 2.02%** |  |  |
| Labcorp Holdings, Inc. | 15212 |  | 3993302 |
| **Insurance 9.61%** |  |  |  |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 11337 |  | 4044588 |
| Arch Capital Group Ltd. | 41133 |  | 3745160 |
| Arthur J Gallagher & Co. | 12150 |  | 3889458 |
| Kemper Corp. | 58029 |  | 3745192 |
| RenaissanceRe Holdings Ltd. | 14606 |  | 3547797 |
| *Total* |  |  | 18972195 |
| **Interactive Media & Services 3.04%** | **Interactive Media & Services 3.04%** |  |  |
| Alphabet, Inc. Class A | 34000 |  | 5991820 |
| **Life Sciences Tools & Services 0.78%** | **Life Sciences Tools & Services 0.78%** |  |  |
| Thermo Fisher Scientific, Inc. | 3810 |  | 1544803 |
| **Machinery 3.34%** |  |  |  |
| AGCO Corp. | 27920 |  | 2880227 |
| Parker-Hannifin Corp. | 5306 |  | 3706082 |
| *Total* |  |  | 6586309 |
| **Metals & Mining 1.51%** |  |  |  |
| Steel Dynamics, Inc. | 23249 |  | 2976105 |

---

*See Notes to Financial Statements.* 1

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

*June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Multi-Utilities 1.61%** |  |  |  |
| CMS Energy Corp. | 45790 | $| 3172331 |
| **Oil, Gas & Consumable Fuels 6.63%** | **Oil, Gas & Consumable Fuels 6.63%** |  |  |
| Expand Energy Corp. | 30789 |  | 3600466 |
| Permian Resources Corp. | 197790 |  | 2693900 |
| Shell PLC ADR | 54445 |  | 3833472 |
| Williams Cos., Inc. | 47230 |  | 2966516 |
| *Total* |  |  | 13094354 |
| **Pharmaceuticals 0.89%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 105070 |  | 1760973 |
| **Professional Services 3.10%** |  |  |  |
| CACI International, Inc. Class A\* | 6007 |  | 2863537 |
| Genpact Ltd. | 74124 |  | 3262197 |
| *Total* |  |  | 6125734 |
| **Real Estate Management & Development 1.46%** | **Real Estate Management & Development 1.46%** |  |  |
| CBRE Group, Inc. Class A\* | 20574 |  | 2882829 |
| **Semiconductors & Semiconductor Equipment 4.11%** | **Semiconductors & Semiconductor Equipment 4.11%** | **Semiconductors & Semiconductor Equipment 4.11%** | **Semiconductors & Semiconductor Equipment 4.11%** |
| Silicon Motion Technology Corp. ADR | 52118 |  | 3917710 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 18509 |  | 4192103 |
| *Total* |  |  | 8109813 |
| **Software 3.12%** |  |  |  |
| Microsoft Corp. | 12369 |  | 6152464 |
| **Specialty Retail 6.14%** |  |  |  |
| AutoZone, Inc.\* | 1025 |  | 3805036 |
| Dick's Sporting Goods, Inc. | 15560 |  | 3077924 |
| Lowe's Cos., Inc. | 16119 |  | 3576322 |
| Ross Stores, Inc. | 13050 |  | 1664919 |
| *Total* |  |  | 12124201 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Technology Hardware, Storage & Peripherals 1.77%** | **Technology Hardware, Storage & Peripherals 1.77%** | **Technology Hardware, Storage & Peripherals 1.77%** |
| NetApp, Inc. | 32829 | $3497930 |
| **Trading Companies & Distributors 2.01%** | **Trading Companies & Distributors 2.01%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 33945 | 3971565 |
| *Total Common Stocks*<br> (cost $159,954,629) |  | 188661414 |
|  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 2.66%** | **SHORT-TERM INVESTMENTS 2.66%** |  |
| **Repurchase Agreements 2.66%** | **Repurchase Agreements 2.66%** |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $5,353,700 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $5,354,119; proceeds: $5,249,718 <br> (cost $5,249,135) | $5249135 | 5249135 |
| *Total Investments in Securities 98.23%* <br> (cost $165,203,764) |  | 193910549 |
| *Other Assets and Liabilities – Net 1.77%* |  | 3484221 |
| *Net Assets 100.00%* |  | $197394770 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

2 *See Notes to Financial Statements.*

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

*June 30, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | $2406058 | $3535848 | $– | $5941906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 182719508 |  |  | 182719508 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 5249135 | – | 5249135 |
| Total | $185125566 | $8784983 | $– | $193910549 |

---

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

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

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

*See Notes to Financial Statements.* 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| ASSETS: |  |
| Investments in securities, at cost | $165203764 |
| Investments in securities, at fair value | $193910549 |
| Cash | 2 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 6057235 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 65371 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 16151 |
| Prepaid expenses | 193 |
| **Total assets** | 200049501 |
| LIABILITIES: |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 2110678 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 238417 |
| &nbsp;&nbsp;&nbsp;Management fee | 109493 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 60759 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 35782 |
| &nbsp;&nbsp;&nbsp;Fund administration | 5840 |
| Foreign currency overdraft (cost $5) | 5 |
| Accrued expenses | 93757 |
| **Total liabilities** | 2654731 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $197394770 |
| COMPOSITION OF NET ASSETS: |  |
| Paid-in capital | $156048255 |
| Total distributable earnings (loss) | 41346515 |
| **Net Assets** | $197394770 |
| **Outstanding shares (110 million shares of common stock authorized, $.001 par value)** | 10361734 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $19.05 |

---

4 See Notes to Financial Statements.

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| Investment income: |  |
| Dividends (net of foreign withholding taxes of $19,639) | $1516354 |
| Interest and other | 33958 |
| **Total investment income** | 1550312 |
| Expenses: |  |
| Management fee | 703166 |
| Non-12b-1 service fees | 235499 |
| Shareholder servicing | 94861 |
| Fund administration | 37738 |
| Professional | 22839 |
| Reports to shareholders | 9655 |
| Custody | 5185 |
| Directors' fees | 3165 |
| Other | 17151 |
| Gross expenses | 1129259 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (110326) |
| **Net expenses** | 1018933 |
| **Net investment income** | 531379 |
| Net realized and unrealized gain/(loss): |  |
| Net realized gain/(loss) on investments | 9312059 |
| Net realized gain/(loss) on foreign currency related transactions | (1445) |
| Net change in unrealized appreciation/(depreciation) on investments | (6047321) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 4216 |
| **Net realized and unrealized gain/(loss)** | 3267509 |
| **Net Increase in Net Assets Resulting From Operations** | $3798888 |

---

See Notes to Financial Statements. 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| Operations: |  |  |
| Net investment income | $531379 | $1634022 |
| Net realized gain/(loss) | 9310614 | 23465737 |
| Net change in unrealized appreciation/(depreciation) | (6043105) | 10968246 |
| **Net increase in net assets resulting from operations** | 3798888 | 36068005 |
| **Distributions to shareholders:** | – | (13523989) |
| Capital share transactions (See Note 12): |  |  |
| Net proceeds from sales of shares | 55425358 | 2491219 |
| Reinvestment of distributions |  | 13523989 |
| Cost of shares reacquired | (81147131) | (50763179) |
| **Net decrease in net assets resulting from capital share transactions** | (25721773) | (34747971) |
| **Net decrease in net assets** | (21922885) | (12203955) |
| NET ASSETS: |  |  |
| Beginning of period | $219317655 | $231521610 |
| **End of period** | $197394770 | $219317655 |

---

6 See Notes to Financial Statements.

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<sup>(a)</sup>** | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $18.37 | $0.05 | $0.63 | $0.68 | $– | $– | $– |
| 12/31/2024 | 16.79 | 0.13 | 2.65 | 2.78 | (0.14) | (1.06) | (1.20) |
| 12/31/2023 | 15.16 | 0.11 | 2.11 | 2.22 | (0.10) | (0.49) | (0.59) |
| 12/31/2022 | 20.11 | 0.18 | (2.62) | (2.44) | (0.19) | (2.32) | (2.51) |
| 12/31/2021 | 16.61 | 0.15 | 4.36 | 4.51 | (0.16) | (0.85) | (1.01) |
| 12/31/2020 | 16.55 | 0.22 | 0.05 <sup>(f)</sup> | 0.27 | (0.19) | (0.02) | (0.21) |

---

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

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

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

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

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

<sup>(f)</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, 2020, 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.

8 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $19.05 | 3.70 <sup>(d)</sup> | 1.08 <sup>(e)</sup> | 1.20 <sup>(e)</sup> | 0.56 <sup>(e)</sup> | $197395 | 53 <sup>(d)</sup> |
| 18.37 | 16.65 | 1.08 | 1.19 | 0.71 | 219318 | 52 |
| 16.79 | 14.63 | 1.08 | 1.20 | 0.68 | 231522 | 102 |
| 15.16 | (11.98) | 1.08 | 1.21 | 1.03 | 173600 | 62 |
| 20.11 | 27.31 | 1.08 | 1.17 | 0.78 | 315166 | 76 |
| 16.61 | 1.77 | 1.08 | 1.19 | 1.48 | 302203 | 130 |

---

See Notes to Financial Statements. 9

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Fundamental Equity Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

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

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

---

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

---

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

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses—Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions—The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes—It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income—Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements—The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its |

---

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

---

| | |
|:---|:---|
|  | instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions—Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

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

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

---

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .63% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $5,185 of fund administration fees for the six months ended June 30, 2025.

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

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

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

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

4. DISTRIBUTIONS AND TAX INFORMATION

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Total<br> Distributions<br> Paid** |
| Series Fund-Fundamental Equity Portfolio | $– $– $– $– $|  |

---

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Series Fund-Fundamental Equity Portfolio | $(248731) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $(248731) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Fundamental Equity Portfolio | $167581016 | $28350706 | $(2021173) | $26329533 |

---

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $101715862 | $134444417 |

---

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

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

6. DIRECTORS' REMUNERATION

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

**7.** LINE OF CREDIT

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

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

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

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

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

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

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

**8.** INTERFUND LENDING PROGRAM

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

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

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

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

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

**11.** INVESTMENT RISKS

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

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

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

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

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

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

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares sold | 2979553 | 134788 |
| Reinvestment of distributions |  | 745123 |
| Shares reacquired | (4559518) | (2730032) |
| Decrease | (1579965) | (1850121) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that

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

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

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, the expense levels of the Fund's expense peer group and the nature of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio and the actual management fee of the Fund were both above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

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

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

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112985x23x1m4m4.jpg)

![](x4_c112985x23x2m4m4.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 Series Fund, Inc.<br>Fundamental Equity Portfolio | SFFE-PORT-3<br> (08/25) |

---

![](x4_c112986x1x1m5m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Growth and Income Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [Schedule of Investments (Item 7)](#xx4xc112986a001xm5xm4) |
| 4 | [Statement of Assets and Liabilities (Item 7)](#xx4xc112986a002xm5xm4) |
| 5 | [Statement of Operations (Item 7)](#xx4xc112986a003xm5xm4) |
| 6 | [Statements of Changes in Net Assets (Item 7)](#xx4xc112986a004xm5xm4) |
| 8 | [Financial Highlights (Item 7)](#xx4xc112986a005xm5xm4) |
| 10 | [Notes to Financial Statements (Item 7)](#xx4xc112986a006xm5xm4) |
| 18 | [Changes in and Disagreements with Accountants (Item 8)](#xx4xc112986a007xm5xm4) |
| 18 | [Proxy Disclosures (Item 9)](#xx4xc112986a008xm5xm4) |
| 18 | [Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx4xc112986a009xm5xm4) |
| 18 | [Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx4xc112986a010xm5xm4) |

---

Schedule of Investments (unaudited)

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.91%** |  |  |
| **COMMON STOCKS 98.91%** |  |  |
| **Aerospace & Defense 5.05%** |  |  |
| Boeing Co.\* | 54677 | $11456472 |
| RTX Corp. | 88687 | 12950076 |
| *Total* |  | 24406548 |
| **Banks 7.02%** |  |  |
| JPMorgan Chase & Co. | 71248 | 20655507 |
| Wells Fargo & Co. | 165615 | 13269074 |
| *Total* |  | 33924581 |
| **Beverages 1.86%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 63516 | 8999156 |
| **Biotechnology 4.46%** |  |  |
| AbbVie, Inc. | 52537 | 9751918 |
| Gilead Sciences, Inc. | 46560 | 5162107 |
| United Therapeutics Corp.\* | 23143 | 6650141 |
| *Total* |  | 21564166 |
| **Building Products 2.02%** |  |  |
| Allegion PLC (Ireland)<sup>(b)</sup> | 67847 | 9778110 |
| **Capital Markets 9.33%** |  |  |
| Charles Schwab Corp. | 135742 | 12385100 |
| KKR & Co., Inc. | 55732 | 7414028 |
| Morgan Stanley | 50595 | 7126812 |
| Nasdaq, Inc. | 91819 | 8210455 |
| SEI Investments Co. | 110580 | 9936719 |
| *Total* |  | 45073114 |
| **Construction & Engineering 3.49%** |  |  |
| AECOM | 62800 | 7087608 |
| EMCOR Group, Inc. | 18267 | 9770836 |
| *Total* |  | 16858444 |
| **Construction Materials 1.50%** |  |  |
| CRH PLC | 79256 | 7275701 |
| **Consumer Finance 1.11%** |  |  |
| American Express Co. | 16780 | 5352484 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Consumer Staples Distribution & Retail 1.63%** | **Consumer Staples Distribution & Retail 1.63%** | **Consumer Staples Distribution & Retail 1.63%** |
| BJ's Wholesale Club Holdings, Inc.\* | 72978 | $7869218 |
| **Electric: Utilities 2.33%** |  |  |
| Entergy Corp. | 78054 | 6487848 |
| FirstEnergy Corp. | 118103 | 4754827 |
| *Total* |  | 11242675 |
| **Electronic Equipment, Instruments & Components 4.88%** | **Electronic Equipment, Instruments & Components 4.88%** | **Electronic Equipment, Instruments & Components 4.88%** |
| Jabil, Inc. | 47930 | 10453533 |
| Keysight Technologies, Inc.\* | 47420 | 7770241 |
| TD SYNNEX Corp. | 39557 | 5367885 |
| *Total* |  | 23591659 |
| **Financial Services 1.15%** |  |  |
| Fiserv, Inc.\* | 32138 | 5540913 |
| **Health Care Providers & Services 3.76%** | **Health Care Providers & Services 3.76%** |  |
| Labcorp Holdings, Inc. | 34843 | 9146636 |
| McKesson Corp. | 12325 | 9031513 |
| *Total* |  | 18178149 |
| **Industrial REITS 1.41%** |  |  |
| Prologis, Inc. | 64992 | 6831959 |
| **Insurance 9.40%** |  |  |
| Allstate Corp. | 38996 | 7850285 |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 26384 | 9412756 |
| Arch Capital Group Ltd. | 96636 | 8798708 |
| Arthur J Gallagher & Co. | 31462 | 10071615 |
| RenaissanceRe Holdings Ltd. | 38364 | 9318615 |
| *Total* |  | 45451979 |
| **Interactive Media & Services 3.17%** | **Interactive Media & Services 3.17%** |  |
| Alphabet, Inc. Class A | 86885 | 15311744 |
| **Life Sciences Tools & Services 1.01%** | **Life Sciences Tools & Services 1.01%** |  |
| Thermo Fisher Scientific, Inc. | 11988 | 4860654 |

---

See Notes to Financial Statements. 1

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Machinery 3.47%** |  |  |  |
| AGCO Corp. | 71000 | $| 7324360 |
| Parker-Hannifin Corp. | 13502 |  | 9430742 |
| *Total* |  |  | 16755102 |
| **Metals & Mining 1.61%** |  |  |  |
| Steel Dynamics, Inc. | 60651 |  | 7763934 |
| **Multi-Utilities 1.57%** |  |  |  |
| CMS Energy Corp. | 109820 |  | 7608330 |
| **Oil, Gas & Consumable Fuels 6.95%** | **Oil, Gas & Consumable Fuels 6.95%** |  |  |
| Expand Energy Corp. | 76054 |  | 8893755 |
| Permian Resources Corp. | 550750 |  | 7501215 |
| Shell PLC ADR | 154033 |  | 10845463 |
| Williams Cos., Inc. | 100880 |  | 6336273 |
| *Total* |  |  | 33576706 |
| **Pharmaceuticals 1.40%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 403415 |  | 6761235 |
| **Real Estate Management & Development 1.59%** | **Real Estate Management & Development 1.59%** | **Real Estate Management & Development 1.59%** |  |
| CBRE Group, Inc. Class A\* | 55010 |  | 7708001 |
| **Semiconductors & Semiconductor Equipment 3.76%** | **Semiconductors & Semiconductor Equipment 3.76%** | **Semiconductors & Semiconductor Equipment 3.76%** | **Semiconductors & Semiconductor Equipment 3.76%** |
| KLA Corp. | 8447 |  | 7566316 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 46845 |  | 10609924 |
| *Total* |  |  | 18176240 |
| **Software 3.39%** |  |  |  |
| Microsoft Corp. | 32985 |  | 16407069 |
| **Specialty Retail 6.68%** |  |  |  |
| AutoZone, Inc.\* | 2500 |  | 9280575 |
| Dick's Sporting Goods, Inc. | 33690 |  | 6664219 |
| Lowe's Cos., Inc. | 41040 |  | 9105545 |
| Ross Stores, Inc. | 56870 |  | 7255474 |
| *Total* |  |  | 32305813 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Technology Hardware, Storage & Peripherals 1.84%** | **Technology Hardware, Storage & Peripherals 1.84%** | **Technology Hardware, Storage & Peripherals 1.84%** |
| NetApp, Inc. | 83558 | $8903105 |
| **Trading Companies & Distributors 2.07%** | **Trading Companies & Distributors 2.07%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 85407 | 9992619 |
| *Total Common Stocks*<br> (cost $333,469,160) |  | 478069408 |
|  | **Principal**<br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 0.90%** | **SHORT-TERM INVESTMENTS 0.90%** |  |
| **Repurchase Agreements 0.90%** | **Repurchase Agreements 0.90%** |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $4,416,900 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $4,417,310; proceeds: $4,331,050 <br> (cost $4,330,569) | $4330569 | 4330569 |
| *Total Investments in Securities 99.81%* <br> (cost $337,799,729) |  | 482399977 |
| *Other Assets and Liabilities – Net 0.19%* |  | 918753 |
| *Net Assets 100.00%* |  | $483318730 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

2 *See Notes to Financial Statements.*

Schedule of Investments (unaudited)(concluded)

June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | $– | $8999156 | $– | $8999156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 469070252 |  |  | 469070252 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 4330569 | – | 4330569 |
| Total | $469070252 | $13329725 | $– | $482399977 |

---

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

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

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

See Notes to Financial Statements. 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $337799729 |
| Investments in securities, at fair value | $482399977 |
| Cash | 6 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 2199507 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 232804 |
| Prepaid expenses | 1563 |
| **Total assets** | 484833857 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1031416 |
| &nbsp;&nbsp;&nbsp;Management fee | 193879 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 101239 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 90039 |
| &nbsp;&nbsp;&nbsp;Fund administration | 15510 |
| Foreign currency overdraft (cost $3) | 3 |
| Accrued expenses | 83041 |
| **Total liabilities** | 1515127 |
| **Commitments and contingent liabilities** | **–** |
| **NET ASSETS** | $483318730 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $311579865 |
| Total distributable earnings (loss) | 171738865 |
| **Net Assets** | $483318730 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 11543946 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $41.87 |

---

4 *See Notes to Financial Statements.*

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividends (net of foreign withholding taxes of $48,392) | $3776044 |
| Interest and other | 75470 |
| **Total investment income** | 3851514 |
| **Expenses:** |  |
| Management fee | 1188330 |
| Non-12b-1 service fees | 593777 |
| Shareholder servicing | 238232 |
| Fund administration | 95066 |
| Professional | 26569 |
| Reports to shareholders | 16296 |
| Custody | 9468 |
| Directors' fees | 7642 |
| Other | 35635 |
| Gross expenses | 2211015 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (9468) |
| **Net expenses** | 2201547 |
| **Net investment income** | 1649967 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 16406129 |
| Net realized gain/(loss) on foreign currency related transactions | (3504) |
| Net change in unrealized appreciation/(depreciation) on investments | 4610050 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 9259 |
| **Net realized and unrealized gain/(loss)** | 21021934 |
| **Net Increase in Net Assets Resulting From Operations** | $22671901 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** | | |
| Net investment income | $1649967 | $4471687 |
| Net realized gain/(loss) | 16402625 | 48376268 |
| Net change in unrealized appreciation/(depreciation) | 4619309 | 42244740 |
| **Net increase in net assets resulting from operations** | 22671901 | 95092695 |
| Distributions to shareholders: | – | (40430979) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 6649385 | 10872740 |
| Reinvestment of distributions |  | 40430979 |
| Cost of shares reacquired | (39907562) | (103705845) |
| **Net decrease in net assets resulting from capital share transactions** | (33258177) | (52402126) |
| **Net increase (decrease) in net assets** | (10586276) | 2259590 |
| **NET ASSETS:** |  |  |
| Beginning of period | $493905006 | $491645416 |
| **End of period** | $483318730 | $493905006 |

---

6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** | **Distributions to<br>shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> oper-<br> ations** | **Net<br> invest-<br> ment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $39.92 | $0.14 | $1.81 | $1.95 | $– | $– | $– |
| 12/31/2024 | 36.06 | 0.36 | 7.02 | 7.38 | (0.36) | (3.16) | (3.52) |
| 12/31/2023 | 32.80 | 0.33 | 3.98 | 4.31 | (0.33) | (0.72) | (1.05) |
| 12/31/2022 | 40.04 | 0.48 | (4.29) | (3.81) | (0.48) | (2.95) | (3.43) |
| 12/31/2021 | 34.94 | 0.41 | 9.63 | 10.04 | (0.44) | (4.50) | (4.94) |
| 12/31/2020 | 34.57 | 0.53 | 0.39 | 0.92 | (0.55) |  | (0.55) |

---

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

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

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

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

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

8 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $41.87 | 4.88 <sup>(d)</sup> | 0.93 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.93 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | $483319 | 26 <sup>(d)</sup> |
| 39.92 | 20.60 | 0.93 | 0.93 | 0.88 | 493905 | 30 |
| 36.06 | 13.19 | 0.92 | 0.93 | 0.96 | 491645 | 28 |
| 32.80 | (9.44) | 0.93 | 0.94 | 1.31 | 486259 | 36 |
| 40.04 | 29.02 | 0.92 | 0.93 | 1.03 | 610598 | 66 |
| 34.94 | 2.70 | 0.94 | 0.94 | 1.70 | 552858 | 67 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Growth and Income Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation— Under
 procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination
 of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett
 is responsible

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

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

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

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day.

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

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

of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses**—**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions**—**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes**—**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

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

---

| | |
|:---|:---|
| (e) | Investment Income**—**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements**—**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions**—**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

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

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

---

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .50% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $9,468 of fund administration fees for the six months ended June 30, 2025.

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

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

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

**4.** DISTRIBUTIONS AND TAX INFORMATION

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

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

---

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

---

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of**<br> **Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Series Fund-Growth & Income Portfolio | $338006149 | $147769675 | $(3375847) | $144393828 |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $123282181 | $160459037 |

---

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

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

**6.** DIRECTORS' REMUNERATION

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

**7.** LINE OF CREDIT

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

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

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

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

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

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

**8.** INTERFUND LENDING PROGRAM

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

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

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

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

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

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

**11.** INVESTMENT RISKS

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

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

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

exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

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

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

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **December 31, 2024** |
| Shares Sold | 163249 | 271354 |
| Reinvestment of distributions |  | 1025646 |
| Shares reacquired | (991520) | (2557372) |
| Decrease | (828271) | (1260372) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not

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

experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

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

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature quality and extent of services provided by Lord Abbett.

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

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

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

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112986x23x1m5m4.jpg)

![](x4_c112986x23x2m5m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Growth and Income Portfolio | LASFGI-3<br> (08/25) |

---

![](x4_c112985x1x1m4m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Growth Opportunities Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | **[Schedule of Investments (Item 7)](#xx4xc112988a001xm6xm4)** |
| 4 | **[Statement of Assets and Liabilities (Item 7)](#xx4xc112988a002xm6xm4)** |
| 5 | **[Statement of Operations (Item 7)](#xx4xc112988a003xm6xm4)** |
| 6 | **[Statements of Changes in Net Assets (Item 7)](#xx4xc112988a004xm6xm4)** |
| 8 | **[Financial Highlights (Item 7)](#xx4xc112988a005xm6xm4)** |
| 10 | **[Notes to Financial Statements (Item 7)](#xx4xc112988a006xm6xm4)** |
| 18 | **[Changes in and Disagreements with Accountants (Item 8)](#xx4xc112988a007xm6xm4)** |
| 18 | **[Proxy Disclosures (Item 9)](#xx4xc112988a008xm6xm4)** |
| 18 | **[Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx4xc112988a009xm6xm4)** |
| 18 | **[Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx4xc112988a010xm6xm4)** |

---

**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 98.70%** |  |  |
| **COMMON STOCKS 98.70%** |  |  |
| **Aerospace & Defense 8.66%** |  |  |
| Axon Enterprise, Inc.\* | 3880 | $3212407 |
| Curtiss-Wright Corp. | 1858 | 907726 |
| Howmet Aerospace, Inc. | 7539 | 1403234 |
| Loar Holdings, Inc.\* | 8699 | 749593 |
| TransDigm Group, Inc. | 605 | 919987 |
| *Total* |  | 7192947 |
| **Biotechnology 3.80%** |  |  |
| Argenx SE ADR\* | 1041 | 573820 |
| Insmed, Inc.\* | 10422 | 1048870 |
| Natera, Inc.\* | 9048 | 1528569 |
| *Total* |  | 3151259 |
| **Broadline Retail 2.41%** |  |  |
| Coupang, Inc.\* | 20707 | 620382 |
| MercadoLibre, Inc. (Uruguay)<sup>\*(a)</sup> | 527 | 1377383 |
| *Total* |  | 1997765 |
| **Building Products 0.77%** |  |  |
| Trane Technologies PLC (Ireland)<sup>(a)</sup> | 1453 | 635557 |
| **Capital Markets 9.23%** |  |  |
| ARES Management Corp. Class A | 5003 | 866520 |
| Coinbase Global, Inc. Class A\* | 2667 | 934757 |
| Evercore, Inc. Class A | 2674 | 722034 |
| Interactive Brokers Group, Inc. Class A | 16313 | 903903 |
| Piper Sandler Cos. | 1502 | 417466 |
| Raymond James Financial, Inc. | 4993 | 765776 |
| Robinhood Markets, Inc. Class A\* | 19669 | 1841608 |
| Tradeweb Markets, Inc. Class A | 8253 | 1208239 |
| *Total* |  | 7660303 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Fair <br> Value** |
| **Construction & Engineering 5.86%** |  |  |  |
| Comfort Systems USA, Inc. |  | 2911 | $1560908 |
| EMCOR Group, Inc. |  | 2776 | 1484855 |
| MasTec, Inc.\* |  | 5303 | 903790 |
| Quanta Services, Inc. |  | 2416 | 913441 |
| *Total* |  |  | 4862994 |
| **Consumer Staples Distribution & Retail 2.41%** | **Consumer Staples Distribution & Retail 2.41%** | **Consumer Staples Distribution & Retail 2.41%** |  |
| BJ's Wholesale Club Holdings, Inc.\* |  | 5208 | 561579 |
| Maplebear, Inc.\* |  | 17862 | 808077 |
| Sprouts Farmers Market, Inc.\* |  | 3847 | 633370 |
| *Total* |  |  | 2003026 |
| **Diversified Consumer Services 3.01%** | **Diversified Consumer Services 3.01%** | **Diversified Consumer Services 3.01%** |  |
| Duolingo, Inc.\* |  | 3737 | 1532245 |
| Stride, Inc.\* |  | 6672 | 968707 |
| *Total* |  |  | 2500952 |
| **Electrical Equipment 2.08%** |  |  |  |
| Vertiv Holdings Co. Class A |  | 13429 | 1724418 |
| **Entertainment 9.34%** |  |  |  |
| Liberty Media Corp.-Liberty Formula One Class A\* | Liberty Media Corp.-Liberty Formula One Class A\* | 7196 | 683332 |
| Live Nation Entertainment, Inc.\* |  | 9034 | 1366664 |
| Sea Ltd. ADR\* |  | 10210 | 1632988 |
| Spotify Technology SA (Sweden)<sup>\*(a)</sup> |  | 2807 | 2153923 |
| Take-Two Interactive Software, Inc.\* |  | 3884 | 943229 |
| TKO Group Holdings, Inc. |  | 5381 | 979073 |
| *Total* |  |  | 7759209 |
| **Financial Services 3.61%** |  |  |  |
| Affirm Holdings, Inc.\* |  | 18408 | 1272729 |
| Toast, Inc. Class A\* |  | 39028 | 1728550 |
| *Total* |  |  | 3001279 |

---

*See Notes to Financial Statements.* 1

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

*June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Health Care Equipment & Supplies 3.85%** | **Health Care Equipment & Supplies 3.85%** |  |  |
| IDEXX Laboratories, Inc.\* | 1170 | $| 627518 |
| Insulet Corp.\* | 5948 |  | 1868742 |
| Penumbra, Inc.\* | 2717 |  | 697264 |
| *Total* |  |  | 3193524 |
| **Health Care Technology 2.30%** |  |  |  |
| Doximity, Inc. Class A\* | 8286 |  | 508263 |
| Veeva Systems, Inc. Class A\* | 4868 |  | 1401887 |
| *Total* |  |  | 1910150 |
| **Hotels, Restaurants & Leisure 6.01%** | **Hotels, Restaurants & Leisure 6.01%** |  |  |
| Cava Group, Inc.\* | 5044 |  | 424856 |
| DoorDash, Inc. Class A\* | 9878 |  | 2435026 |
| Royal Caribbean Cruises Ltd. | 4868 |  | 1524365 |
| Wingstop, Inc. | 1797 |  | 605122 |
| *Total* |  |  | 4989369 |
| **Information Technology Services 4.61%** | **Information Technology Services 4.61%** |  |  |
| Cloudflare, Inc. Class A\* | 14110 |  | 2763162 |
| Snowflake, Inc. Class A\* | 4747 |  | 1062236 |
| *Total* |  |  | 3825398 |
| **Interactive Media & Services 1.77%** |  |  |  |
| Reddit, Inc. Class A\* | 9782 |  | 1472876 |
| **Machinery 1.74%** |  |  |  |
| Crane Co. | 4394 |  | 834376 |
| RBC Bearings, Inc.\* | 1591 |  | 612217 |
| *Total* |  |  | 1446593 |
| **Oil, Gas & Consumable Fuels 1.14%** | **Oil, Gas & Consumable Fuels 1.14%** |  |  |
| Cheniere Energy, Inc. | 3876 |  | 943884 |
| **Semiconductors & Semiconductor Equipment 4.18%** | **Semiconductors & Semiconductor Equipment 4.18%** | **Semiconductors & Semiconductor Equipment 4.18%** | **Semiconductors & Semiconductor Equipment 4.18%** |
| Astera Labs, Inc.\* | 19112 |  | 1728107 |
| Credo Technology Group Holding Ltd.\* | 9698 |  | 897938 |
| Nova Ltd. (Israel)<sup>\*(a)</sup> | 3061 |  | 842387 |
| *Total* |  |  | 3468432 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Software 15.44%** |  |  |
| AppLovin Corp. Class A\* | 6609 | $2313679 |
| CyberArk Software Ltd. (Israel)<sup>\*(a)</sup> | 5275 | 2146292 |
| Guidewire Software, Inc.\* | 7117 | 1675698 |
| Monday.com Ltd. (Israel)<sup>\*(a)</sup> | 3535 | 1111687 |
| Nutanix, Inc. Class A\* | 10168 | 777242 |
| Palantir Technologies, Inc. Class A\* | 18030 | 2457849 |
| Rubrik, Inc. Class A\* | 7294 | 653469 |
| Samsara, Inc. Class A\* | 16469 | 655137 |
| Zscaler, Inc.\* | 3278 | 1029095 |
| *Total* |  | 12820148 |
| **Specialty Retail 4.78%** |  |  |
| Carvana Co.\* | 8767 | 2954128 |
| Chewy, Inc. Class A\* | 23879 | 1017723 |
| *Total* |  | 3971851 |
| **Textiles, Apparel & Luxury Goods 1.70%** | **Textiles, Apparel & Luxury Goods 1.70%** |  |
| Amer Sports, Inc. (Finland)<sup>\*(a)</sup> | 16091 | 623687 |
| On Holding AG Class A (Switzerland)<sup>\*(a)</sup> | 15181 | 790171 |
| *Total* |  | 1413858 |
| *Total Common Stocks*<br> (cost $67,202,109) |  | 81945792 |

---

2 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Fair <br> Value** |
| **SHORT-TERM INVESTMENTS 1.63%** | **SHORT-TERM INVESTMENTS 1.63%** |  |
| **Repurchase Agreements 1.63%** | **Repurchase Agreements 1.63%** |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $1,383,900 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $1,384,056; proceeds: $1,356,974 <br> (cost $1,356,823) | $1356823 | $1356823 |
| *Total Investments in Securities 100.33%*<br> (cost $68,558,932) |  | 83302615 |
| *Other Assets and Liabilities – Net (0.33)%* |  | (276367) |
| *Net Assets 100.00%* |  | $83026248 |

---

ADR American Depositary Receipt. <br> \* Non-income producing security. <br> <sup>(a)</sup> Foreign security traded in U.S. dollars.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $81945792 | $– | $– | $81945792 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1356823 | – | 1356823 |
| Total | $81945792 | $1356823 | $– | $83302615 |

---

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

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

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

*See Notes to Financial Statements.* 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $68558932 |
| Investments in securities, at fair value | $83302615 |
| Cash | 9 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 107486 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 3485 |
| Prepaid expenses | 1 |
| **Total assets** | 83413596 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 209184 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 71011 |
| &nbsp;&nbsp;&nbsp;Management fee | 43513 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 13593 |
| &nbsp;&nbsp;&nbsp;Fund administration | 2678 |
| Accrued expenses | 47369 |
| **Total liabilities** | 387348 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $83026248 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $61405555 |
| Total distributable earnings (loss) | 21620693 |
| Net Assets | $83026248 |
| Outstanding shares (110 million shares of common stock authorized, $.001 par value) | 6500269 |
| Net asset value, offering and redemption price per share (Net assets divided by outstanding shares) | $12.77 |

---

4 *See Notes to Financial Statements.*

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends | $64651 |
| Securities lending net income | 1074 |
| Interest and other | 26992 |
| **Total investment income** | 92717 |
| **Expenses:** |  |
| Management fee | 230647 |
| Non-12b-1 service fees | 88660 |
| Shareholder servicing | 35629 |
| Professional | 21694 |
| Fund administration | 14194 |
| Reports to shareholders | 4894 |
| Custody | 1681 |
| Directors' fees | 1147 |
| Other | 7689 |
| Gross expenses | 406235 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (1681) |
| **Net expenses** | 404554 |
| **Net investment loss** | (311837) |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 11090535 |
| Net change in unrealized appreciation/(depreciation) on investments | (6996249) |
| **Net realized and unrealized gain/(loss)** | 4094286 |
| **Net Increase in Net Assets Resulting From Operations** | $3782449 |

---

*See Notes to Financial Statements.* 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the**<br> **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **For the**<br> **Year Ended**<br> **December 31, 2024** |
| **Operations:** |  |  |
| Net investment loss | $(311837) | $(713386) |
| Net realized gain/(loss) | 11090535 | 8961546 |
| Net change in unrealized appreciation/(depreciation) | (6996249) | 14532378 |
| **Net increase in net assets resulting from operations** | 3782449 | 22780538 |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 30950905 | 12146976 |
| Cost of shares reacquired | (37091035) | (29250121) |
| **Net decrease in net assets resulting from capital share transactions** | (6140130) | (17103145) |
| **Net increase (decrease) in net assets** | (2357681) | 5677393 |
| **NET ASSETS:** |  |  |
| Beginning of period | $85383929 | $79706536 |
| **End of period** | $83026248 | $85383929 |

---

6 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br>investment<br>(loss)**<sup>(a)</sup> | **Net<br>realized and<br> unrealized<br> gain (loss)** | **Total from<br> investment<br> operations** |<br>**Net<br> realized<br> gain** |<br>**Net asset<br> value,<br> end of<br> period** |
| 6/30/2025<sup>(c)</sup> | $11.66 | $(0.05)&nbsp;&nbsp;&nbsp;&nbsp; | $1.16 | $1.11 | $– | $12.77 |
| 12/31/2024 | 8.92 | (0.09) | 2.83 | 2.74 |  | 11.66 |
| 12/31/2023 | 8.06 | (0.07) | 0.93 | 0.86 |  | 8.92 |
| 12/31/2022 | 13.69 | (0.06) | (4.24) | (4.30) | (1.33) | 8.06 |
| 12/31/2021 | 16.44 | (0.14) | 1.18 | 1.04 | (3.79) | 13.69 |
| 12/31/2020 | 13.02 | (0.10) | 5.24 | 5.14 | (1.72) | 16.44 |

---

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

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

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

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

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

8 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<sup>(b)</sup><br> (%)** | **Total<br>expenses after<br> waivers and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 9.61 <sup>(d)</sup> | 1.14 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | (0.88)<sup>(e)</sup> | $83026 | 92 <sup>(d)</sup> |
| 30.61 | 1.12 | 1.13 | (0.84) | 85384 | 115 |
| 10.67 | 1.16 | 1.16 | (0.80) | 79707 | 214 |
| (32.53) | 1.25 | 1.26 | (0.61) | 49206 | 121 |
| 6.46 | 1.20 | 1.26 | (0.85) | 93787 | 58 |
| 39.38 | 1.25 | 1.25 | (0.72) | 128861 | 88 |

---

*See Notes to Financial Statements.* 9

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Growth Opportunities Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (e) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an |

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

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|  | agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

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

**Management Fee**

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

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

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| First $1 billion | .65% |
| Next $3 billion | .63% |
| Next $1 billion | .60% |
| Over $5 billion | .58% |

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For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .65% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $1,681 of fund administration fees for the six months ended June 30, 2025.

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

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

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

**4.** DISTRIBUTIONS AND TAX INFORMATION

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

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

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

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

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

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

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|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Series Fund-Growth Opportunities Portfolio | $(3408168) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $(3408168) |

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

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|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Growth Opportunities Portfolio | $69036371 | $14687108 | $(420864) | $14266244 |

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**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

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| **Purchases** | **Sales** |
| $65908063 | $71039996 |

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

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

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

**7.** LINE OF CREDIT

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

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

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

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

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

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

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

**8.** INTERFUND LENDING PROGRAM

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

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

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

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

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

**11.** INVESTMENT RISKS

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

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

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

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

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

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

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares sold | 2682674 | 1263507 |
| Reinvestment of distributions |  |  |
| Shares reacquired | (3508035) | (2870099) |
| Decrease | (825361) | (1606592) |

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**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not

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

experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

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

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

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

**Expenses.** The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, the actual management fee was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

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

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

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

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

**Alternative Arrangements.** The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112984x24x1m2m4.jpg)

![](x4_c112984x24x2m2m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. |  |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Series Fund, Inc.<br>Growth Opportunities Portfolio | LASFGO-3<br> (08/25) |

---

![](x4_c112989x1x1m7m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund — Mid Cap Stock Portfolio

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

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [Schedule of Investments (Item 7)](#xx4xc112989a001xm7xm4) |
| 4 | [Statement of Assets and Liabilities (Item 7)](#xx4xc112989a002xm7xm4) |
| 5 | [Statement of Operations (Item 7)](#xx4xc112989a003xm7xm4) |
| 6 | [Statements of Changes in Net Assets (Item 7)](#xx4xc112989a004xm7xm4) |
| 8 | [Financial Highlights (Item 7)](#xx4xc112989a005xm7xm4) |
| 10 | [Notes to Financial Statements (Item 7)](#xx4xc112989a006xm7xm4) |
| 18 | [Changes in and Disagreements with Accountants (Item 8)](#xx4xc112989a007xm7xm4) |
| 18 | [Proxy Disclosures (Item 9)](#xx4xc112989a008xm7xm4) |
| 18 | [Remuneration Paid to Directors, Officers, and Others (Item 10)](#xx4xc112989a009xm7xm4) |
| 18 | [Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx4xc112989a010xm7xm4) |

---

Schedule of Investments (unaudited)

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.30%** |  |  |
| **COMMON STOCKS 98.30%** |  |  |
| **Banks 1.84%** |  |  |
| East West Bancorp, Inc. | 42600 | $4301748 |
| **Beverages 3.20%** |  |  |
| Carlsberg AS Class B<sup>(a)</sup> | 31786 | 4503545 |
| Coca-Cola Consolidated, Inc. | 26610 | 2971007 |
| *Total* |  | 7474552 |
| **Biotechnology 1.54%** |  |  |
| United Therapeutics Corp.\* | 12529 | 3600208 |
| **Building Products 3.81%** |  |  |
| A.O. Smith Corp. | 56050 | 3675198 |
| Allegion PLC (Ireland)<sup>(b)</sup> | 36316 | 5233862 |
| *Total* |  | 8909060 |
| **Capital Markets 7.66%** |  |  |
| Moelis & Co. Class A | 66375 | 4136490 |
| Nasdaq, Inc. | 49466 | 4423250 |
| SEI Investments Co. | 53942 | 4847228 |
| TPG, Inc. | 85763 | 4498269 |
| *Total* |  | 17905237 |
| **Construction & Engineering 3.55%** |  |  |
| AECOM | 30450 | 3436587 |
| EMCOR Group, Inc. | 9080 | 4856801 |
| *Total* |  | 8293388 |
| **Construction Materials 1.55%** |  |  |
| CRH PLC | 39517 | 3627661 |
| **Consumer Staples Distribution & Retail 1.64%** | **Consumer Staples Distribution & Retail 1.64%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 35579 | 3836484 |
| **Electric: Utilities 5.45%** |  |  |
| Entergy Corp. | 58770 | 4884962 |
| FirstEnergy Corp. | 93505 | 3764511 |
| IDACORP, Inc. | 35350 | 4081158 |
| *Total* |  | 12730631 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Electronic Equipment, Instruments & Components 9.56%** | **Electronic Equipment, Instruments & Components 9.56%** | **Electronic Equipment, Instruments & Components 9.56%** |
| Belden, Inc. | 43566 | $5044943 |
| Crane NXT Co. | 31837 | 1716014 |
| Jabil, Inc. | 24770 | 5402337 |
| Keysight Technologies, Inc.\* | 24871 | 4075362 |
| TD SYNNEX Corp. | 22832 | 3098302 |
| Teledyne Technologies, Inc.\* | 5860 | 3002137 |
| *Total* |  | 22339095 |
| **Ground Transportation 1.69%** |  |  |
| Landstar System, Inc. | 28370 | 3943997 |
| **Health Care Providers & Services 3.97%** | **Health Care Providers & Services 3.97%** |  |
| Cencora, Inc. | 14598 | 4377210 |
| Labcorp Holdings, Inc. | 18615 | 4886624 |
| *Total* |  | 9263834 |
| **Insurance 14.00%** |  |  |
| American Financial Group, Inc. | 35743 | 4511124 |
| Aon PLC Class A (United Kingdom)<sup>(b)</sup> | 12634 | 4507306 |
| Arch Capital Group Ltd. | 55787 | 5079406 |
| Arthur J Gallagher & Co. | 16646 | 5328718 |
| Kemper Corp. | 76291 | 4923821 |
| RenaissanceRe Holdings Ltd. | 18981 | 4610485 |
| White Mountains Insurance Group Ltd. | 2081 | 3736893 |
| *Total* |  | 32697753 |
| **Life Sciences Tools & Services 1.88%** | **Life Sciences Tools & Services 1.88%** |  |
| Agilent Technologies, Inc. | 21064 | 2485763 |
| Azenta, Inc.\* | 61520 | 1893585 |
| *Total* |  | 4379348 |
| **Machinery 4.97%** |  |  |
| AGCO Corp. | 37070 | 3824141 |
| Middleby Corp.\* | 25780 | 3712320 |
| Parker-Hannifin Corp. | 5826 | 4069287 |
| *Total* |  | 11605748 |

---

See Notes to Financial Statements. 1

Schedule of Investments (unaudited)(continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Metals & Mining 1.74%** |  |  |  |
| Steel Dynamics, Inc. | 31733 | $| 4062141 |
| **Multi-Utilities 1.88%** |  |  |  |
| CMS Energy Corp. | 63270 |  | 4383346 |
| **Oil, Gas & Consumable Fuels 5.50%** | **Oil, Gas & Consumable Fuels 5.50%** |  |  |
| Expand Energy Corp. | 43363 |  | 5070869 |
| Permian Resources Corp. | 304726 |  | 4150368 |
| Williams Cos., Inc. | 57770 |  | 3628534 |
| *Total* |  |  | 12849771 |
| **Pharmaceuticals 1.48%** |  |  |  |
| Teva Pharmaceutical Industries Ltd. ADR\* | 206589 |  | 3462432 |
| **Professional Services 3.43%** |  |  |  |
| CACI International, Inc. Class A\* | 8207 |  | 3912277 |
| Genpact Ltd. | 93168 |  | 4100324 |
| *Total* |  |  | 8012601 |
| **Real Estate Management & Development 1.61%** | **Real Estate Management & Development 1.61%** | **Real Estate Management & Development 1.61%** |  |
| CBRE Group, Inc. Class A\* | 26900 |  | 3769228 |
| **Retail REITS 1.42%** |  |  |  |
| Kimco Realty Corp. | 158159 |  | 3324502 |
| **Semiconductors & Semiconductor Equipment 2.88%** | **Semiconductors & Semiconductor Equipment 2.88%** | **Semiconductors & Semiconductor Equipment 2.88%** | **Semiconductors & Semiconductor Equipment 2.88%** |
| Silicon Motion Technology Corp. ADR | 89537 |  | 6730496 |
| **Software 1.51%** |  |  |  |
| Docusign, Inc.\* | 45380 |  | 3534648 |
| **Specialty Retail 5.11%** |  |  |  |
| AutoZone, Inc.\* | 1224 |  | 4543769 |
| Dick's Sporting Goods, Inc. | 21860 |  | 4324127 |
| Ross Stores, Inc. | 24050 |  | 3068299 |
| *Total* |  |  | 11936195 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Technology Hardware, Storage & Peripherals 1.88%** | **Technology Hardware, Storage & Peripherals 1.88%** | **Technology Hardware, Storage & Peripherals 1.88%** |
| NetApp, Inc. | 41216 | $4391565 |
| **Trading Companies & Distributors 3.55%** | **Trading Companies & Distributors 3.55%** |  |
| AerCap Holdings NV (Ireland)<sup>(b)</sup> | 46163 | 5401071 |
| MRC Global, Inc.\* | 210365 | 2884104 |
| *Total* |  | 8285175 |
| *Total Common Stocks* <br> (cost $189,328,365) |  | 229650844 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 1.69%** | **SHORT-TERM INVESTMENTS 1.69%** |  |
| **Repurchase Agreements 1.69%** |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $4,031,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $4,031,634; proceeds: $3,952,984 <br> (cost $3,952,545) | $3952545 | 3952545 |
| *Total Investments in Securities 99.99%* <br> (cost $193,280,910) |  | 233603389 |
| *Other Assets and Liabilities – Net 0.01%* |  | 17391 |
| *Net Assets 100.00%* |  | $233620780 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| REITS | Real Estate Investment Trusts. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |

---

2 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages | $2971007 | $4503545 | $– | $7474552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries | 222176292 |  |  | 222176292 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 3952545 | – | 3952545 |
| **Total** | $225147299 | $8456090 | $– | $233603389 |

---

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

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

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

See Notes to Financial Statements. 3

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $193280910 |
| Investments in securities, at fair value | $233603389 |
| Cash | 3 |
| Foreign cash, at value (cost $2) | 2 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 670061 |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 82277 |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 57331 |
| Prepaid expenses | 693 |
| **Total assets** | 234413756 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 510412 |
| &nbsp;&nbsp;&nbsp;Management fee | 138683 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 50091 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 15952 |
| &nbsp;&nbsp;&nbsp;Fund administration | 7523 |
| Accrued expenses | 70315 |
| **Total liabilities** | 792976 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $233620780 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $182869876 |
| Total distributable earnings (loss) | 50750904 |
| **Net Assets** | $233620780 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 8916699 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $26.20 |

---

4 See Notes to Financial Statements.

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $19,043) | $1879357 |
| Interest and other | 44699 |
| **Total investment income** | 1924056 |
| **Expenses:** |  |
| Management fee | 865603 |
| Non-12b-1 service fees | 294509 |
| Shareholder servicing | 82970 |
| Fund administration | 47165 |
| Professional | 24550 |
| Reports to shareholders | 9399 |
| Custody | 4488 |
| Directors' fees | 3848 |
| Other | 18573 |
| Gross expenses | 1351105 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (Note 3) | (4488) |
| **Net expenses** | 1346617 |
| **Net investment income** | 577439 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 471655 |
| Net realized gain/(loss) on foreign currency related transactions | (1680) |
| Net change in unrealized appreciation/(depreciation) on investments | (3675792) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 6861 |
| **Net realized and unrealized gain/(loss)** | (3198956) |
| **Net Decrease in Net Assets Resulting From Operations** | $(2621517) |

---

See Notes to Financial Statements. 5

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $577439 | $1626383 |
| Net realized gain/(loss) | 469975 | 34214947 |
| Net change in unrealized appreciation/(depreciation) | (3668931) | (187550) |
| **Net increase (decrease) in net assets resulting from operations** | (2621517) | 35653780 |
| **Distributions to shareholders:** | – | (26992776) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 4226776 | 8085418 |
| Reinvestment of distributions |  | 26992776 |
| Cost of shares reacquired | (19918194) | (39057562) |
| **Net decrease in net assets resulting from capital share transactions** | (15691418) | (3979368) |
| **Net increase (decrease) in net assets** | (18312935) | 4681636 |
| **NET ASSETS:** |  |  |
| Beginning of period | $251933715 | $247252079 |
| **End of period** | $233620780 | $251933715 |

---

6 See Notes to Financial Statements.

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $26.45 | $0.06 | $(0.31) | $(0.25) | $– | $– | $– |
| 12/31/2024 | 25.79 | 0.18 | 3.63 | 3.81 | (0.13) | (3.02) | (3.15) |
| 12/31/2023 | 23.09 | 0.16 | 3.38 | 3.54 | (0.12) | (0.72) | (0.84) |
| 12/31/2022 | 28.02 | 0.24 | (3.39) | (3.15) | (0.21) | (1.57) | (1.78) |
| 12/31/2021 | 24.09 | 0.17 | 6.67 | 6.84 | (0.17) | (2.74) | (2.91) |
| 12/31/2020 | 23.74 | 0.23 | 0.36 | 0.59 | (0.24) |  | (0.24) |

---

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

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

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

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

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

8 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $26.20 | (0.95)<sup>(d)</sup> | 1.14 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 1.15 <sup>(e)</sup> | 0.49 <sup>(e)</sup> | $233621 | 29 <sup>(d)</sup> |
| 26.45 | 14.90 | 1.14 | 1.14 | 0.63 | 251934 | 52 |
| 25.79 | 15.42 | 1.15 | 1.15 | 0.65 | 247252 | 44 |
| 23.09 | (11.21) | 1.15 | 1.16 | 0.94 | 232935 | 36 |
| 28.02 | 28.70 | 1.13 | 1.14 | 0.59 | 294089 | 60 |
| 24.09 | 2.50 | 1.17 | 1.18 | 1.11 | 254286 | 67 |

---

See Notes to Financial Statements. 9

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Mid Cap Stock Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

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

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

---

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

---

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

of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (c) | Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |

---

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

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| | |
|:---|:---|
| (e) | Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. |
| (f) | Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. |

---

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

**Management Fee**

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

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

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

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .73% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $4,488 of fund administration fees for the six months ended June 30, 2025.

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

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

entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

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

**4.** DISTRIBUTIONS AND TAX INFORMATION

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Mid Cap Stock Portfolio | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |
| The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: | The tax character of distributions paid during the period ended December 31, 2024 was as follows: |
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Mid Cap Stock Portfolio | $– | $1965894 | $25026882 | $– | $26992776 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Mid Cap Stock Portfolio | $192945645 | $45083748 | $(4426004) | $40657744 |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $68339673 | $84948093 |

---

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

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

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

**7.** LINE OF CREDIT

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

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

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

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

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

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

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

**8.** INTERFUND LENDING PROGRAM

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

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

**9.** CUSTODIAN AND ACCOUNTING AGENT

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

**10.** SECURITIES LENDING AGREEMENT

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

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

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

**11.** INVESTMENT RISKS

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

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

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

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

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

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

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

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares sold | 164727 | 289518 |
| Reinvestment of distributions |  | 1027220 |
| Shares reacquired | (771638) | (1379603) |
| Decrease | (606911) | (62865) |

---

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

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

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

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

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

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

Investment Management and Related Services Generally**.** The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business,

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

although the Board was mindful that conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

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

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

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

Expenses**.** The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that although the Fund's net total expense ratio was above the median of the expense peer group, the Fund's actual management fee rate was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the

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

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

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

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

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112989x23x1m7m4.jpg)

![](x4_c112989x23x2m7m4.jpg)

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| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br>LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Mid Cap Stock Portfolio | LASFMCV-3<br> (08/25) |

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![](x4_c112984x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Short Duration Income Portfolio

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

**Table of Contents**

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| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx4xc112992a001xm8xm4) |
| 40 | [**Statement of Assets and Liabilities (Item 7)**](#xx4xc112992a002xm8xm4) |
| 41 | [**Statement of Operations (Item 7)**](#xx4xc112992a003xm8xm4) |
| 42 | [**Statements of Changes in Net Assets (Item 7)**](#xx4xc112992a004xm8xm4) |
| 44 | [**Financial Highlights (Item 7)**](#xx4xc112992a005xm8xm4) |
| 46 | [**Notes to Financial Statements (Item 7)**](#xx4xc112992a006xm8xm4) |
| 61 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx4xc112992a007xm8xm4) |
| 61 | [**Proxy Disclosures (Item 9)**](#xx4xc112992a008xm8xm4) |
| 61 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx4xc112992a009xm8xm4) |
| 61 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx4xc112992a010xm8xm4) |

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**Schedule of Investments (unaudited)**

*June 30, 2025*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 102.58%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 20.94%** |  |  |  |  |  |
| **Automobiles 9.35%** |  |  |  |  |  |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% |  | 12/18/2028 | $100000 | $102097 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A2 | 6.19% |  | 4/19/2027 | 35236 | 35305 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A2A | 5.75% |  | 2/18/2028 | 87986 | 88189 |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-2A Class A<sup>†</sup> | 2.02% |  | 2/20/2027 | 260000 | 257059 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A<sup>†</sup> | 5.405%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 12/26/2031 | 135161 | 135610 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% |  | 1/16/2029 | 385000 | 388048 |
| CarMax Auto Owner Trust Series 2023-4 Class B | 6.39% |  | 5/15/2029 | 400000 | 417699 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 130000 | 131904 |
| CarMax Auto Owner Trust Series 2024-2 Class A4 | 5.51% |  | 11/15/2029 | 70000 | 71971 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% |  | 1/10/2028 | 5712 | 5599 |
| Carvana Auto Receivables Trust Series 2022-P2 Class A4 | 4.68% |  | 2/10/2028 | 120000 | 120038 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% |  | 7/25/2029 | 165000 | 166980 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% |  | 5/15/2036 | 257587 | 260274 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% |  | 10/15/2030 | 155000 | 157689 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% |  | 10/15/2030 | 240000 | 245463 |
| Credit Acceptance Auto Loan Trust Series 2024-2A Class A<sup>†</sup> | 5.95% |  | 6/15/2034 | 100000 | 102029 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% |  | 8/15/2028 | 120000 | 120191 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% |  | 6/15/2029 | 225000 | 228938 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% |  | 9/15/2028 | 230000 | 231503 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% |  | 9/16/2030 | 40000 | 40930 |

---

*See Notes to Financial Statements.* 1

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% | 7/15/2031 | $95000 | $97625 |
| First Investors Auto Owner Trust Series 2022-2A Class A<sup>†</sup> | 6.26% | 7/15/2027 | 17906 | 17945 |
| Flagship Credit Auto Trust Series 2022-4 Class A3<sup>†</sup> | 6.32% | 6/15/2027 | 57875 | 57929 |
| Flagship Credit Auto Trust Series 2023-1 Class A3<sup>†</sup> | 5.01% | 8/16/2027 | 120605 | 120640 |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% | 6/15/2027 | 310000 | 311797 |
| Ford Credit Auto Lease Trust Series 2025-A Class A3 | 4.72% | 6/15/2028 | 230000 | 231930 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A3 | 4.66% | 2/21/2028 | 150000 | 151072 |
| Gm Financial Automobile Leasing Trust Series 2025-2 Class A4 | 4.64% | 4/20/2029 | 230000 | 232048 |
| Hertz Vehicle Financing III LP Series 2021-2A Class A<sup>†</sup> | 1.68% | 12/27/2027 | 255000 | 245346 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> Huntington Bank Auto Credit-Linked | 5.23% | 1/16/2029 | 455000 | 459190 |
| Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 146746 | 149307 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 183812 | 185636 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 220000 | 222065 |
| LAD Auto Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.43% | 12/15/2028 | 385000 | 394906 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% | 8/15/2028 | 265000 | 267086 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% | 11/15/2027 | 95009 | 94995 |
| LAD Auto Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.52% | 3/15/2029 | 130000 | 130349 |
| M&T Bank Auto Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.22% | 2/17/2032 | 320000 | 323997 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.73% | 6/17/2030 | 100000 | 101229 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 310000 | 315529 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 338847 | 341139 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 340000 | 344016 |

---

2 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Nissan Auto Receivables Owner Trust Series 2025-A Class A3 | 4.49% | 12/17/2029 | $90000 | $90968 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 7774 | 7776 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 80936 | 81687 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 418608 | 419969 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class C | 4.96% | 11/15/2028 | 317208 | 317384 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% | 5/15/2030 | 527000 | 530139 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class C | 5.77% | 11/15/2030 | 125000 | 127056 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 | 5.63% | 11/15/2028 | 225000 | 226223 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 220000 | 225093 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 110000 | 111708 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 100000 | 100933 |
| SFS Auto Receivables Securitization Trust Series 2023-1A Class A3<sup>†</sup> | 5.47% | 10/20/2028 | 169936 | 171094 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3<sup>†</sup> | 4.95% | 5/21/2029 | 100000 | 100473 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3<sup>†</sup> | 5.33% | 11/20/2029 | 275000 | 278460 |
| SFS Auto Receivables Securitization Trust Series 2024-3A Class A3<sup>†</sup> | 4.55% | 6/20/2030 | 120000 | 120549 |
| Toyota Auto Loan Extended Note Trust Series 2025-1A Class A<sup>†</sup> | 4.65% | 5/25/2038 | 125000 | 126873 |
| Volkswagen Auto Lease Trust Series 2025-A Class A3 | 4.50% | 6/20/2028 | 425000 | 428233 |
| Westlake Automobile Receivables Trust Series 2022-2A Class C<sup>†</sup> | 4.85% | 9/15/2027 | 31706 | 31703 |
| Westlake Automobile Receivables Trust Series 2023-2A Class B<sup>†</sup> | 6.14% | 3/15/2028 | 141890 | 142179 |
| Westlake Automobile Receivables Trust Series 2023-3A Class C<sup>†</sup> | 6.02% | 9/15/2028 | 220000 | 223205 |
| Westlake Automobile Receivables Trust Series 2024-1A Class B<sup>†</sup> | 5.55% | 11/15/2027 | 310000 | 311619 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% | 4/15/2030 | 140000 | 142693 |

---

*See Notes to Financial Statements.* 3

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.71% |  | 4/17/2028 | $95000 | $95368 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 210000 | 210850 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1<sup>†</sup> | 4.80% |  | 9/19/2039 | 250000 | 251346 |
| *Total* |  |  |  |  | 12976873 |
| **Credit Card 0.17%** |  |  |  |  |  |
| First National Master Notes Trust Series 2025-1 Class A | 4.85% |  | 2/15/2030 | 235000 | 239303 |
| **Other 11.28%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.579%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | 120255 | 120002 |
| Affirm Asset Securitization Trust Series 2023-B Class 1A<sup>†</sup> | 6.82% |  | 9/15/2028 | 225000 | 225824 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 180000 | 180659 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 215000 | 216023 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 100000 | 100476 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 145000 | 146192 |
| AMMC CLO 23 Ltd. Series 2020-23A Class A1R2<sup>†</sup> | 5.70%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/17/2035 | 450000 | 450022 |
| Annisa CLO Ltd. Series 2016-2A Class BRR<sup>†</sup> | 5.77%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 7/20/2031 | 390000 | 390216 |
| Apidos CLO XXII Ltd. Series 2015-22A Class A1R<sup>†</sup> | 5.591%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 4/20/2031 | 57433 | 57480 |
| Apidos CLO XXX Ltd. Series XXXA Class BR<sup>†</sup> | 6.12%<br> (3 mo. USD Term SOFR + 1.85% |)<sup>#</sup> | 10/18/2031 | 270000 | 270316 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.754%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 74520 | 74539 |
| ARES L CLO Ltd. Series 2018-50A Class AR<sup>†</sup> | 5.568%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 1/15/2032 | 83502 | 83524 |

---

4 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| ARES LX CLO Ltd. Series 2021-60A Class AR<sup>†</sup> | 5.711%<br> (3 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 7/18/2034 | $275000 | $275269 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 5.30%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 350000 | 350663 |
| Ballyrock CLO Ltd. Series 2019-2A Class A1RR<sup>†</sup> | 5.722%<br> (3 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 2/20/2036 | 250000 | 250069 |
| Bardot CLO Ltd. Series 2019-2A Class ARR<sup>†</sup> | 5.252%<br> (3 mo. USD Term SOFR + 0.98% |)<sup>#</sup> | 10/22/2032 | 296911 | 296362 |
| Betony CLO 2 Ltd. Series 2018-1A Class A1<sup>†</sup> | 5.621%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/30/2031 | 146271 | 146483 |
| BSPRT Issuer Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.746%<br> (1 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 12/15/2038 | 76570 | 76580 |
| Buckhorn Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 7/18/2034 | 400000 | 399546 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 5.286%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 400000 | 397766 |
| Carlyle U.S. CLO Ltd. Series 2019-1A Class A1AR<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2031 | 193955 | 194100 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 5.389%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 225522 | 225240 |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 5.352%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | 250000 | 250178 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 5.37%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 320000 | 318627 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.612%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 310000 | 310232 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 680000 | 680510 |
| Dryden 95 CLO Ltd. Series 2021-95A Class AR<sup>†</sup> | 5.362%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 8/20/2034 | 440000 | 440086 |

---

*See Notes to Financial Statements.* 5

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.703%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | $100000 | $99814 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.446%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 78375 | 78341 |
| HGI CRE CLO Ltd. Series 2021-FL2 Class A<sup>†</sup> | 5.426%<br> (1 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 9/17/2036 | 78049 | 77797 |
| HPEFS Equipment Trust Series 2023-2A Class D<sup>†</sup> | 6.97% |  | 7/21/2031 | 235000 | 238891 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 260000 | 260161 |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | 400000 | 400344 |
| KKR CLO 24 Ltd. Series 24 Class A1R<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2032 | 169751 | 169901 |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.57%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | 340000 | 340503 |
| Lendmark Funding Trust Series 2021-2A Class A<sup>†</sup> | 2.00% |  | 4/20/2032 | 260000 | 247723 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.853%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 212808 | 212868 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.699%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 160000 | 159644 |
| M&T Equipment Notes Series 2024-1A Class A4<sup>†</sup> | 4.94% |  | 8/18/2031 | 300000 | 305335 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.563%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 390000 | 390158 |
| Marathon CLO XIII Ltd. Series 2019-1A Class AAR2<sup>†</sup> | 5.456%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 4/15/2032 | 200583 | 200635 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 295000 | 285794 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 305000 | 291513 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.468%<br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 94364 | 94432 |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.509%<br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | 47780 | 47729 |

---

6 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A Class AR<sup>†</sup> | 5.559%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 10/23/2036 | $300000 | $300310 |
| Newark BSL CLO 1 Ltd. Series 2016-1A Class A1R<sup>†</sup> | 5.644%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 12/21/2029 | 36307 | 36334 |
| Octagon Investment Partners 41 Ltd. Series 2019-2A Class A1R2<sup>†</sup> | 5.346%<br> (3 mo. USD Term SOFR + 1.09% |)<sup>#</sup> | 10/15/2033 | 250000 | 250300 |
| Octagon Investment Partners XVII Ltd. Series 2013-1A Class A1R2<sup>†</sup> | 5.543%<br> (3 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 1/25/2031 | 25163 | 25182 |
| Octagon Loan Funding Ltd. Series 2014-1A Class ARR<sup>†</sup> | 5.766%<br> (3 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 11/18/2031 | 102420 | 102523 |
| OneMain Financial Issuance Trust Series 2021-1A Class A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 140000 | 134026 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 147472 | 148302 |
| Parallel Ltd. Series 2023-1A Class A1R<sup>†</sup> | 5.708%<br> (3 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 7/20/2036 | 350000 | 350262 |
| PFP Ltd. Series 2025-12 Class A<sup>†</sup> | 5.811%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 12/18/2042 | 260000 | 260325 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 300000 | 300156 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.571%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 54373 | 54403 |
| SCF Equipment Leasing LLC Series 2022-1A Class A3<sup>†</sup> | 2.92% |  | 7/20/2029 | 121928 | 121400 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 140000 | 144029 |
| SCF Equipment Trust LLC Series 2025-1A Class A3<sup>†</sup> | 5.11% |  | 11/21/2033 | 305000 | 311578 |
| TCI-Flatiron CLO Ltd. Series 2018-1A Class ANR<sup>†</sup> | 5.602%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/29/2032 | 74962 | 75032 |
| Trysail CLO Ltd. Series 2021-1A Class A1<sup>†</sup> | 5.851%<br> (3 mo. USD Term SOFR + 1.58% |)<sup>#</sup> | 7/20/2032 | 271435 | 271074 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 219075 | 219530 |
| Valley Stream Park CLO Ltd. Series 2022-1A Class ARR<sup>†</sup> | 5.46%<br> (3 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 1/20/2037 | 320000 | 319817 |

---

*See Notes to Financial Statements.* 7

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Venture 28A CLO Ltd. Series 2017-28AA Class A1RR<sup>†</sup> | 5.38% <br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | $400000 | $400187 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 345000 | 349601 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 100000 | 100400 |
| Voya CLO Ltd. Series 2017-3A Class AAR2<sup>†</sup> | 5.87%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 4/20/2034 | 250000 | 250474 |
| Wind River CLO Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.62%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/20/2035 | 300000 | 300278 |
| *Total* |  |  |  |  | 15654090 |
| **Student Loan 0.14%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% |  | 10/15/2069 | 89086 | 80239 |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% |  | 7/15/2070 | 73597 | 67463 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 42648 | 40137 |
| *Total* |  |  |  |  | 187839 |
| *Total Asset-Backed Securities (cost $28,943,939)* |  |  |  |  | 29058105 |
| **CONVERTIBLE BONDS 0.09%** |  |  |  |  |  |
| **Commercial Services 0.09%**<br> Block, Inc. (cost $127,290) | Zero Coupon |  | 5/1/2026 | 133000 | 127447 |
| **CORPORATE BONDS 60.62%** |  |  |  |  |  |
| **Aerospace/Defense 1.62%** |  |  |  |  |  |
| Boeing Co. | 2.196% |  | 2/4/2026 | 297000 | 292406 |
| Boeing Co. | 2.25% |  | 6/15/2026 | 105000 | 102641 |
| Boeing Co. | 2.70% |  | 2/1/2027 | 106000 | 103063 |
| Boeing Co. | 3.20% |  | 3/1/2029 | 38000 | 36183 |
| Boeing Co. | 3.25% |  | 2/1/2028 | 97000 | 94104 |
| Boeing Co. | 5.04% |  | 5/1/2027 | 95000 | 95749 |
| Boeing Co. | 5.15% |  | 5/1/2030 | 67000 | 68244 |
| Boeing Co. | 6.259% |  | 5/1/2027 | 231000 | 237751 |
| Boeing Co. | 6.298% |  | 5/1/2029 | 183000 | 193518 |
| Bombardier, Inc. (Canada)<sup>†(a)</sup> | 7.125% |  | 6/15/2026 | 79000 | 79215 |

---

8 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(a)</sup> | 7.875% | 4/15/2027 | $30000 | $30192 |
| Spirit AeroSystems, Inc. | 3.85% | 6/15/2026 | 70000 | 68596 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 191000 | 202892 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 8/15/2028 | 237000 | 242306 |
| Triumph Group, Inc.<sup>†</sup> | 9.00% | 3/15/2028 | 379000 | 396307 |
| *Total* |  |  |  | 2243167 |
| **Agriculture 1.57%** |  |  |  |  |
| BAT International Finance PLC (United Kingdom)<sup>(a)</sup> | 5.931% | 2/2/2029 | 109000 | 114422 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)(b)</sup> | 4.50% | 6/30/2028 | 200000 | 200011 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 5.50% | 2/1/2030 | 200000 | 206260 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 6.125% | 7/27/2027 | 400000 | 413048 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 4.85% | 5/15/2028 | 334000 | 339099 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.25% | 6/15/2030 | 300000 | 308835 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 2.00% | 4/21/2026 | 411000 | 402337 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 4.90% | 4/21/2027 | 200000 | 200665 |
| *Total* |  |  |  | 2184677 |
| **Airlines 0.42%** |  |  |  |  |
| Air Canada (Canada)<sup>†(a)</sup> | 3.875% | 8/15/2026 | 178000 | 176326 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.50% | 4/20/2026 | 19313 | 19281 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(a)</sup> | 5.021% | 10/20/2029 | 51000 | 50498 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.50% | 10/20/2025 | 106250 | 106007 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<sup>†</sup> | 6.50% | 6/20/2027 | 142455 | 142731 |
| United Airlines Pass-Through Trust Class A | 5.875% | 4/15/2029 | 88244 | 90122 |
| *Total* |  |  |  | 584965 |
| **Apparel 0.03%** |  |  |  |  |
| PVH Corp. | 4.625% | 7/10/2025 | 38000 | 37994 |
| **Auto Manufacturers 3.51%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 3.375% | 11/13/2025 | 400000 | 397374 |
| Ford Motor Credit Co. LLC | 4.134% | 8/4/2025 | 200000 | 199798 |
| Ford Motor Credit Co. LLC | 5.125% | 11/5/2026 | 513000 | 511924 |
| Ford Motor Credit Co. LLC | 5.303% | 9/6/2029 | 204000 | 200399 |
| Ford Motor Credit Co. LLC | 5.80% | 3/8/2029 | 237000 | 237580 |
| Ford Motor Credit Co. LLC | 5.85% | 5/17/2027 | 200000 | 201605 |
| General Motors Co. | 5.35% | 4/15/2028 | 52000 | 52800 |
| General Motors Financial Co., Inc. | 4.35% | 1/17/2027 | 62000 | 61749 |

---

*See Notes to Financial Statements.* 9

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | $75000 | $75479 |
| General Motors Financial Co., Inc. | 5.40% |  | 4/6/2026 | 73000 | 73345 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 13000 | 13194 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 93000 | 95036 |
| General Motors Financial Co., Inc. | 5.632%<br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 74000 | 72399 |
| Hyundai Capital America<sup>†</sup> | 1.50% |  | 6/15/2026 | 91000 | 88371 |
| Hyundai Capital America<sup>†</sup> | 2.00% |  | 6/15/2028 | 121000 | 112018 |
| Hyundai Capital America<sup>†</sup> | 4.875% |  | 6/23/2027 | 91000 | 91564 |
| Hyundai Capital America<sup>†</sup> | 4.90% |  | 6/23/2028 | 128000 | 128949 |
| Hyundai Capital America<sup>†</sup> | 5.65% |  | 6/26/2026 | 121000 | 122240 |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | 128000 | 133103 |
| Hyundai Capital America<sup>†</sup> | 6.50% |  | 1/16/2029 | 151000 | 159310 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>†(a)</sup> | 7.75% |  | 10/15/2025 | 400000 | 400602 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 6.95% |  | 9/15/2026 | 229000 | 231798 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(a)</sup> | 3.522% |  | 9/17/2025 | 200000 | 198888 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | 200000 | 201705 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 200000 | 200437 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 200000 | 200676 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.40% |  | 3/20/2026 | 200000 | 200965 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 200000 | 202234 |
| *Total* |  |  |  |  | 4865542 |
| **Auto Parts & Equipment 0.50%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 385000 | 387408 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 300000 | 301185 |
| *Total* |  |  |  |  | 688593 |
| **Banks 11.60%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 6.339%<br> (1 yr. CMT + 1.65% |)<sup>#</sup> | 9/18/2027 | 200000 | 204401 |
| AIB Group PLC (Ireland)<sup>†(a)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 400000 | 423401 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>†(a)</sup> | 5.875% |  | 5/7/2030 | 200000 | 203122 |
| Bank Negara Indonesia Persero Tbk. PT (Indonesia)<sup>(a)</sup> | 3.75% |  | 3/30/2026 | 280000 | 277189 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 600000 | 581440 |

---

10 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 6.253%<br> (1 yr. CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | $400000 | $401314 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 2.279%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 11/24/2027 | 200000 | 194001 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 5.086%<br> (SOFR + 0.96% |)<sup>#</sup> | 2/25/2029 | 200000 | 202522 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 5.367%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 200000 | 204348 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 200000 | 204482 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 200000 | 212341 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 200000 | 188806 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 2.591%<br> (SOFR + 1.23% |)<sup>#</sup> | 1/20/2028 | 214000 | 207777 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 5.125%<br> (1 yr. CMT + 1.45% |)<sup>#</sup> | 1/13/2029 | 200000 | 203070 |
| BPCE SA (France)<sup>†(a)</sup> | 4.875% |  | 4/1/2026 | 200000 | 200080 |
| BPCE SA (France)<sup>†(a)</sup> | 5.975%<br> (SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | 250000 | 251727 |
| CaixaBank SA (Spain)<sup>†(a)(b)</sup> | 4.634%<br> (SOFR + 1.14% |)<sup>#</sup> | 7/3/2029 | 200000 | 200542 |
| Citibank NA | 4.914% |  | 5/29/2030 | 250000 | 254861 |
| Citigroup, Inc. | 4.643%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 250000 | 250696 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 318000 | 320325 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 231000 | 235726 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 250000 | 250573 |
| Citizens Financial Group, Inc. | 5.253%<br> (SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 119000 | 120621 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 79000 | 81841 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 1.621%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 9/11/2026 | 200000 | 198778 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 4.298%<br> (1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 200000 | 199350 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 192000 | 193063 |

---

*See Notes to Financial Statements.* 11

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | $104000 | $105523 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 186000 | 200147 |
| Goldman Sachs Group, Inc. | 1.948%<br> (SOFR + 0.91% |)<sup>#</sup> | 10/21/2027 | 242000 | 234382 |
| Goldman Sachs Group, Inc. | 4.937%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 191000 | 192563 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 53000 | 54257 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 126000 | 129204 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 200000 | 201720 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 5.597%<br> (SOFR + 1.06% |)<sup>#</sup> | 5/17/2028 | 200000 | 203818 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 5.887%<br> (SOFR + 1.57% |)<sup>#</sup> | 8/14/2027 | 200000 | 202891 |
| HSBC USA, Inc. | 4.65% |  | 6/3/2028 | 200000 | 201606 |
| Huntington Bancshares, Inc. | 4.443%<br> (SOFR + 1.97% |)<sup>#</sup> | 8/4/2028 | 39000 | 38985 |
| ING Groep NV (Netherlands)<sup>(a)</sup> | 6.083%<br> (SOFR + 1.56% |)<sup>#</sup> | 9/11/2027 | 252000 | 256683 |
| JPMorgan Chase & Co. | 2.956%<br> (3 mo. USD Term SOFR + 2.52% |)<sup>#</sup> | 5/13/2031 | 142000 | 131344 |
| JPMorgan Chase & Co. | 4.851%<br> (SOFR + 1.99% |)<sup>#</sup> | 7/25/2028 | 69000 | 69733 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 41000 | 41764 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 314000 | 322079 |
| KeyBank NA | 4.70% |  | 1/26/2026 | 250000 | 249906 |
| KeyCorp | 5.121%<br> (SOFR + 1.23% |)<sup>#</sup> | 4/4/2031 | 52000 | 52634 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 4.582% |  | 12/10/2025 | 200000 | 199838 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 4.818%<br> (1 yr. CMT + 0.83% |)<sup>#</sup> | 6/13/2029 | 200000 | 201839 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 5.985%<br> (1 yr. CMT + 1.48% |)<sup>#</sup> | 8/7/2027 | 200000 | 203074 |
| M&T Bank Corp. | 4.553%<br> (SOFR + 1.78% |)<sup>#</sup> | 8/16/2028 | 94000 | 94247 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 3.763%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 28000 | 27490 |

---

12 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley | 4.679%<br> (SOFR + 1.67% |)<sup>#</sup> | 7/17/2026 | $30000 | $29996 |
| Morgan Stanley | 4.994%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 125000 | 126835 |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | 75000 | 76290 |
| Morgan Stanley | 5.123%<br> (SOFR + 1.73% |)<sup>#</sup> | 2/1/2029 | 76000 | 77344 |
| Morgan Stanley | 5.23%<br> (SOFR + 1.11% |)<sup>#</sup> | 1/15/2031 | 60000 | 61438 |
| Morgan Stanley | 5.449%<br> (SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 106000 | 109033 |
| Morgan Stanley Bank NA | 5.016%<br> (SOFR + 0.91% |)<sup>#</sup> | 1/12/2029 | 250000 | 253942 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 5.847%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 3/2/2027 | 200000 | 201788 |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 105000 | 106359 |
| Santander Holdings USA, Inc. | 2.49%<br> (SOFR + 1.25% |)<sup>#</sup> | 1/6/2028 | 68000 | 65846 |
| Santander Holdings USA, Inc. | 5.807%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/9/2026 | 40000 | 40073 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 2.469%<br> (SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 200000 | 193688 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>†(a)</sup> | 4.75% |  | 9/15/2025 | 200000 | 199743 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.534%<br> (SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 400000 | 417614 |
| Societe Generale SA (France)<sup>†(a)</sup> | 5.25% |  | 2/19/2027 | 222000 | 224304 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 200000 | 204078 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 6.187%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 7/6/2027 | 200000 | 203087 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(a)</sup> | 5.80% |  | 7/13/2028 | 200000 | 208462 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 5.403%<br> (SOFR + 1.03% |)<sup>#</sup> | 11/20/2029 | 200000 | 202204 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 250000 | 255019 |
| Synovus Bank | 4.00%<br> (5 yr. CMT + 3.63% |)<sup>#</sup> | 10/29/2030 | 250000 | 247670 |

---

*See Notes to Financial Statements.* 13

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Truist Financial Corp. | 1.267%<br> (SOFR + 0.61% |)<sup>#</sup> | 3/2/2027 | $90000 | $88004 |
| Truist Financial Corp. | 4.873%<br> (SOFR + 1.44% |)<sup>#</sup> | 1/26/2029 | 23000 | 23272 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 69000 | 71082 |
| Truist Financial Corp. | 6.047%<br> (SOFR + 2.05% |)<sup>#</sup> | 6/8/2027 | 71000 | 71968 |
| U.S. Bancorp | 4.548%<br> (SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 78000 | 78188 |
| U.S. Bancorp | 4.653%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/1/2029 | 112000 | 112753 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 337000 | 343162 |
| U.S. Bancorp | 5.10%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/23/2030 | 126000 | 128641 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 53000 | 54579 |
| U.S. Bancorp | 5.775%<br> (SOFR + 2.02% |)<sup>#</sup> | 6/12/2029 | 123000 | 127743 |
| U.S. Bank NA | 4.73%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 250000 | 251339 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 200000 | 193477 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 5.428%<br> (1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 200000 | 205448 |
| Wells Fargo & Co. | 4.808%<br> (SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 169000 | 170455 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 102000 | 103441 |
| Wells Fargo & Co. | 5.198%<br> (SOFR + 1.50% |)<sup>#</sup> | 1/23/2030 | 177000 | 181338 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 195000 | 201377 |
| Wells Fargo & Co. | 6.303%<br> (SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 99000 | 104649 |
| *Total* |  |  |  |  | 16097853 |
| **Beverages 0.40%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 277000 | 278059 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 140000 | 142042 |
| Bacardi-Martini BV (Netherlands)<sup>†(a)</sup> | 5.55% |  | 2/1/2030 | 133000 | 136562 |
| *Total* |  |  |  |  | 556663 |

---

14 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Biotechnology 0.23%** |  |  |  |  |
| Illumina, Inc. | 4.65% | 9/9/2026 | $82000 | $82119 |
| Illumina, Inc. | 5.75% | 12/13/2027 | 154000 | 157850 |
| Royalty Pharma PLC | 5.15% | 9/2/2029 | 79000 | 80681 |
| *Total* |  |  |  | 320650 |
| **Building Materials 0.10%** |  |  |  |  |
| Amrize Finance U.S. LLC<sup>†</sup> | 4.60% | 4/7/2027 | 69000 | 69310 |
| Amrize Finance U.S. LLC<sup>†</sup> | 4.95% | 4/7/2030 | 65000 | 65903 |
| *Total* |  |  |  | 135213 |
| **Chemicals 0.42%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.415% | 7/15/2027 | 280000 | 290150 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 83000 | 82200 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(a)</sup> | 5.25% | 2/13/2030 | 200000 | 203684 |
| *Total* |  |  |  | 576034 |
| **Commercial Services 1.02%** |  |  |  |  |
| Ashtead Capital, Inc.<sup>†</sup> | 4.375% | 8/15/2027 | 200000 | 199270 |
| Block, Inc. | 2.75% | 6/1/2026 | 202000 | 197901 |
| Element Fleet Management Corp. (Canada)<sup>†(a)</sup> | 5.643% | 3/13/2027 | 46000 | 46733 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 215000 | 224570 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 200000 | 201484 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 196000 | 191969 |
| WASH Multifamily Acquisition, Inc.<sup>†</sup> | 5.75% | 4/15/2026 | 361000 | 359957 |
| *Total* |  |  |  | 1421884 |
| **Computers 0.48%** |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 130000 | 126144 |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 171000 | 161893 |
| Dell International LLC/EMC Corp. | 4.75% | 4/1/2028 | 62000 | 62739 |
| Dell International LLC/EMC Corp. | 5.00% | 4/1/2030 | 61000 | 61996 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 258000 | 255498 |
| *Total* |  |  |  | 668270 |
| **Diversified Financial Services 4.39%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global |  |  |  |  |
| Aviation Trust (Ireland)<sup>(a)</sup> | 6.45% | 4/15/2027 | 156000 | 161139 |
| AG TTMT Escrow Issuer LLC<sup>†</sup> | 8.625% | 9/30/2027 | 235000 | 243506 |
| Aircastle Ltd.<sup>†</sup> | 5.25% | 8/11/2025 | 113000 | 112995 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% | 3/15/2030 | 150000 | 151328 |
| Ally Financial, Inc. | 5.75% | 11/20/2025 | 103000 | 103243 |

---

*See Notes to Financial Statements.* 15

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| American Express Co. | 4.731%<br> (SOFR + 1.26% |)<sup>#</sup> | 4/25/2029 | $138000 | $139596 |
| American Express Co. | 5.016%<br> (SOFR + 1.44% |)<sup>#</sup> | 4/25/2031 | 116000 | 118479 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% |  | 1/15/2028 | 250000 | 253215 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 132000 | 129932 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% |  | 11/1/2027 | 119000 | 116012 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 65000 | 66228 |
| Aviation Capital Group LLC<sup>†</sup> | 6.25% |  | 4/15/2028 | 174000 | 181359 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% |  | 2/21/2026 | 100000 | 98169 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.75% |  | 2/21/2028 | 110000 | 104431 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 3.25% |  | 2/15/2027 | 68000 | 66318 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 4.95% |  | 1/15/2028 | 80000 | 80454 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.75% |  | 3/1/2029 | 119000 | 122293 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.75% |  | 11/15/2029 | 87000 | 89607 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 6.375% |  | 5/4/2028 | 33000 | 34427 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | 191000 | 205818 |
| GGAM Finance Ltd. (Ireland)<sup>†(a)</sup> | 7.75% |  | 5/15/2026 | 212000 | 214324 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 157000 | 152429 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 200000 | 199652 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 169000 | 164214 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 189000 | 188692 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 98000 | 98764 |
| LPL Holdings, Inc. | 5.15% |  | 6/15/2030 | 91000 | 92164 |
| LPL Holdings, Inc. | 5.20% |  | 3/15/2030 | 66000 | 67059 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 47000 | 47908 |
| LPL Holdings, Inc. | 6.75% |  | 11/17/2028 | 145000 | 154695 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 5.15% |  | 3/17/2030 | 34000 | 34005 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 6.40% |  | 3/26/2029 | 56000 | 58504 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 8.125% |  | 3/30/2029 | 357000 | 373638 |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 5.00% |  | 2/1/2026 | 176000 | 175417 |
| Navient Corp. | 5.00% |  | 3/15/2027 | 28000 | 27906 |
| Navient Corp. | 6.75% |  | 6/15/2026 | 221000 | 223809 |
| Nuveen LLC<sup>†</sup> | 5.55% |  | 1/15/2030 | 59000 | 61480 |
| Osaic Holdings, Inc.<sup>†</sup> | 10.75% |  | 8/1/2027 | 203000 | 203617 |
| Radian Group, Inc. | 6.20% |  | 5/15/2029 | 22000 | 22870 |

---

16 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Rocket Cos., Inc.<sup>†</sup> | 6.125% |  | 8/1/2030 | $139000 | $141732 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% |  | 10/15/2026 | 423000 | 412823 |
| Synchrony Financial | 3.70% |  | 8/4/2026 | 50000 | 49542 |
| Synchrony Financial | 3.95% |  | 12/1/2027 | 45000 | 44272 |
| Synchrony Financial | 4.50% |  | 7/23/2025 | 156000 | 155897 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.50% |  | 11/15/2025 | 150000 | 150079 |
| *Total* |  |  |  |  | 6094041 |
| **Electric 3.34%** |  |  |  |  |  |
| AES Corp. | 5.45% |  | 6/1/2028 | 136000 | 139013 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% |  | 7/31/2028 | 300000 | 320936 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% | <sup>(c)</sup> | 6/15/2026 | 196000 | 197088 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% |  | 6/6/2027 | 45000 | 45569 |
| Ameren Corp. | 5.00% |  | 1/15/2029 | 127000 | 129348 |
| Black Hills Corp. | 5.95% |  | 3/15/2028 | 105000 | 108800 |
| Calpine Corp.<sup>†</sup> | 5.125% |  | 3/15/2028 | 136000 | 135933 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% |  | 6/1/2028 | 119000 | 120636 |
| CenterPoint Energy, Inc. | 5.40% |  | 6/1/2029 | 113000 | 116856 |
| Cleco Corporate Holdings LLC | 3.743% |  | 5/1/2026 | 87000 | 86402 |
| Comision Federal de Electricidad (Mexico)<sup>(a)</sup> | 5.70% |  | 1/24/2030 | 200000 | 199850 |
| DTE Energy Co. | 4.875% |  | 6/1/2028 | 38000 | 38571 |
| DTE Energy Co. | 5.10% |  | 3/1/2029 | 140000 | 142809 |
| Electricite de France SA (France)<sup>†(a)</sup> | 5.70% |  | 5/23/2028 | 201000 | 207140 |
| Enel Finance International NV (Netherlands)<sup>†(a)</sup> | 5.125% |  | 6/26/2029 | 200000 | 203793 |
| Eversource Energy | 5.95% |  | 2/1/2029 | 106000 | 110749 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 355000 | 347440 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% |  | 3/30/2026 | 65000 | 65159 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% |  | 9/22/2027 | 78000 | 78875 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% |  | 1/31/2029 | 80000 | 82338 |
| National Grid PLC (United Kingdom)<sup>(a)</sup> | 5.602% |  | 6/12/2028 | 70000 | 72505 |
| Niagara Mohawk Power Corp.<sup>†</sup> | 4.647% |  | 10/3/2030 | 90000 | 90000 |
| NSTAR Electric Co. | 4.85% |  | 3/1/2030 | 29000 | 29505 |
| Ohio Edison Co.<sup>†</sup> | 4.95% |  | 12/15/2029 | 26000 | 26365 |
| Pacific Gas & Electric Co. | 3.15% |  | 1/1/2026 | 184363 | 182623 |
| Pacific Gas & Electric Co. | 3.30% |  | 12/1/2027 | 100000 | 96784 |
| Pacific Gas & Electric Co. | 5.00% |  | 6/4/2028 | 37000 | 37121 |
| Pacific Gas & Electric Co. | 5.339%<br> (SOFR + 0.95% |)<sup>#</sup> | 9/4/2025 | 153000 | 153003 |

---

*See Notes to Financial Statements.* 17

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Pacific Gas & Electric Co. | 5.45% | 6/15/2027 | $48000 | $48576 |
| Pacific Gas & Electric Co. | 5.55% | 5/15/2029 | 84000 | 85384 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 30000 | 30429 |
| Pinnacle West Capital Corp. | 5.15% | 5/15/2030 | 31000 | 31747 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 76000 | 77588 |
| System Energy Resources, Inc. | 6.00% | 4/15/2028 | 300000 | 312441 |
| Trans-Allegheny Interstate Line Co.<sup>†</sup> | 5.00% | 1/15/2031 | 27000 | 27483 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 46000 | 45412 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 35000 | 35193 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.50% | 9/1/2026 | 73000 | 73115 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% | 2/15/2027 | 298000 | 298390 |
| *Total* |  |  |  | 4630969 |
| **Electrical Components & Equipment 0.09%** |  |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | 125000 | 125808 |
| **Energy-Alternate Sources 0.14%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(a)</sup> | 3.85% | 3/29/2026 | 193600 | 190263 |
| **Engineering & Construction 0.41%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 240000 | 252299 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 204000 | 201341 |
| MasTec, Inc. | 5.90% | 6/15/2029 | 116000 | 120077 |
| *Total* |  |  |  | 573717 |
| **Entertainment 0.48%** |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 8.125% | 7/1/2027 | 32000 | 32030 |
| Flutter Treasury DAC (Ireland)<sup>†(a)</sup> | 6.375% | 4/29/2029 | 200000 | 206134 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. | 5.375% | 4/15/2027 | 235000 | 234894 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 102000 | 99586 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 105000 | 97856 |
| *Total* |  |  |  | 670500 |
| **Food 0.78%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.25% | 3/15/2026 | 143000 | 141167 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 533000 | 530139 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 3.00% | 2/2/2029 | 110000 | 104573 |

---

18 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Food (continued)** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 5.125% | 2/1/2028 | $79000 | $80794 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 5.50% | 1/15/2030 | 30000 | 30727 |
| Mars, Inc.<sup>†</sup> | 4.80% | 3/1/2030 | 191000 | 193591 |
| *Total* |  |  |  | 1080991 |
| **Food Service 0.15%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 200000 | 203265 |
| **Gas 0.65%** |  |  |  |  |
| Brooklyn Union Gas Co.<sup>†</sup> | 4.632% | 8/5/2027 | 254000 | 254913 |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 82000 | 82048 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 80000 | 80863 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 111000 | 114142 |
| Snam SpA (Italy)<sup>†(a)</sup> | 5.00% | 5/28/2030 | 200000 | 201766 |
| Southwest Gas Corp. | 5.45% | 3/23/2028 | 80000 | 81880 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 89000 | 91876 |
| *Total* |  |  |  | 907488 |
| **Health Care-Products 0.30%** |  |  |  |  |
| GE HealthCare Technologies, Inc. | 4.80% | 8/14/2029 | 38000 | 38568 |
| Solventum Corp. | 5.45% | 2/25/2027 | 367000 | 373140 |
| *Total* |  |  |  | 411708 |
| **Health Care-Services 1.47%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 130000 | 120809 |
| Centene Corp. | 4.25% | 12/15/2027 | 745000 | 734177 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 150000 | 144267 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.75% | 6/15/2029 | 150000 | 144148 |
| HCA, Inc. | 5.25% | 3/1/2030 | 215000 | 220499 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 58000 | 59208 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.809% | 5/8/2027 | 200000 | 204257 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 200000 | 199455 |
| IQVIA, Inc. | 6.25% | 2/1/2029 | 32000 | 33467 |
| UnitedHealth Group, Inc. | 4.40% | 6/15/2028 | 25000 | 25127 |
| UnitedHealth Group, Inc. | 4.65% | 1/15/2031 | 91000 | 91490 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 64000 | 63299 |
| *Total* |  |  |  | 2040203 |

---

*See Notes to Financial Statements.* 19

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Home Furnishings 0.04%** |  |  |  |  |
| Leggett & Platt, Inc. | 3.50% | 11/15/2027 | $54000 | $52433 |
| **Insurance 4.28%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% | 4/16/2027 | 231000 | 233900 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 237000 | 237352 |
| American National Global Funding<sup>†</sup> | 5.55% | 1/28/2030 | 40000 | 40875 |
| Aon Corp. | 8.205% | 1/1/2027 | 100000 | 105144 |
| Athene Global Funding<sup>†</sup> | 4.95% | 1/7/2027 | 91000 | 91637 |
| Athene Global Funding<sup>†</sup> | 5.339% | 1/15/2027 | 125000 | 126571 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 160000 | 163698 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 138000 | 140358 |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | 117000 | 120317 |
| Brighthouse Financial Global Funding<sup>†</sup> | 1.55% | 5/24/2026 | 256217 | 249289 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 172000 | 174770 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 152000 | 155925 |
| Brown & Brown, Inc. | 4.70% | 6/23/2028 | 31000 | 31271 |
| Brown & Brown, Inc. | 4.90% | 6/23/2030 | 39000 | 39384 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 101000 | 101835 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 51000 | 51556 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 176000 | 180840 |
| CNO Global Funding<sup>†</sup> | 1.75% | 10/7/2026 | 150000 | 144974 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 70000 | 71733 |
| Equitable America Global Funding<sup>†</sup> | 4.65% | 6/9/2028 | 76000 | 76463 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 138000 | 142044 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 96000 | 100600 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 332000 | 322825 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 114000 | 109534 |
| F&G Global Funding<sup>†</sup> | 5.15% | 7/7/2025 | 307000 | 307010 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 122000 | 124761 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 195000 | 194688 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 163000 | 167134 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 46000 | 46631 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 150000 | 149829 |
| Jackson National Life Global Funding<sup>†</sup> | 4.70% | 6/5/2028 | 181000 | 182177 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% | 1/13/2027 | 150000 | 151128 |
| Jackson National Life Global Funding<sup>†</sup> | 5.35% | 1/13/2030 | 150000 | 154389 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 168000 | 171489 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 5/28/2028 | 93000 | 93604 |

---

20 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | $106000 | $108987 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 134000 | 134005 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 75000 | 76469 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 35000 | 35957 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 123000 | 125827 |
| Protective Life Global Funding<sup>†</sup> | 4.803% | 6/5/2030 | 150000 | 151946 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 94000 | 97066 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 64000 | 64968 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 99000 | 101184 |
| Western-Southern Global Funding<sup>†</sup> | 4.90% | 5/1/2030 | 80000 | 80794 |
| *Total* |  |  |  | 5932938 |
| **Internet 0.60%** |  |  |  |  |
| Rakuten Group, Inc. (Japan)<sup>†(a)</sup> | 11.25% | 2/15/2027 | 250000 | 272030 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 478000 | 475522 |
| Uber Technologies, Inc.<sup>†</sup> | 6.25% | 1/15/2028 | 55000 | 55297 |
| Uber Technologies, Inc.<sup>†</sup> | 7.50% | 9/15/2027 | 27000 | 27259 |
| *Total* |  |  |  | 830108 |
| **Investment Companies 0.42%** |  |  |  |  |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 64000 | 61857 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 37000 | 36828 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 40000 | 38221 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 207000 | 205726 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 63000 | 61704 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 167000 | 174194 |
| *Total* |  |  |  | 578530 |
| **Iron-Steel 0.08%** |  |  |  |  |
| ArcelorMittal SA (Luxembourg)<sup>(a)</sup> | 6.55% | 11/29/2027 | 109000 | 113662 |
| **Leisure Time 1.14%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 455000 | 445616 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 342000 | 345037 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 2/15/2027 | 109000 | 109530 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 296000 | 288452 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 162000 | 161286 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 151000 | 151987 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 75000 | 75312 |
| *Total* |  |  |  | 1577220 |

---

*See Notes to Financial Statements.* 21

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Lodging 0.21%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.25% | 6/30/2029 | $72000 | $73275 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 212000 | 209264 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 12000 | 12266 |
| *Total* |  |  |  | 294805 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 121000 | 118084 |
| **Machinery-Diversified 0.80%** |  |  |  |  |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 62000 | 62477 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(a)</sup> | 9.00% | 2/15/2029 | 166000 | 173768 |
| IDEX Corp. | 4.95% | 9/1/2029 | 34000 | 34569 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 187000 | 188109 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 273000 | 281402 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 158000 | 165579 |
| TK Elevator Holdco GmbH (Germany)<sup>†(a)</sup> | 7.625% | 7/15/2028 | 200000 | 200353 |
| *Total* |  |  |  | 1106257 |
| **Media 0.86%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.50% | 5/1/2026 | 41000 | 41011 |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 6.15% | 11/10/2026 | 123000 | 125389 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 458000 | 456791 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 380000 | 363381 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 131000 | 130778 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 57000 | 55968 |
| Univision Communications, Inc.<sup>†</sup> | 6.625% | 6/1/2027 | 21000 | 20962 |
| *Total* |  |  |  | 1194280 |
| **Mining 1.32%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.50% | 3/15/2028 | 200000 | 200090 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.75% | 4/10/2027 | 200000 | 201085 |
| Freeport Indonesia PT (Indonesia)<sup>†(a)</sup> | 4.763% | 4/14/2027 | 200000 | 200488 |
| Glencore Funding LLC<sup>†</sup> | 3.875% | 10/27/2027 | 34000 | 33564 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 37000 | 37386 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 189000 | 192780 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 366000 | 375388 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 85000 | 88990 |

---

22 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(a)</sup> | 6.70% | 10/17/2028 | $200000 | $204724 |
| New Gold, Inc. (Canada)<sup>†(a)</sup> | 7.50% | 7/15/2027 | 250000 | 250915 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.875% | 3/14/2030 | 46000 | 46901 |
| *Total* |  |  |  | 1832311 |
| **Miscellaneous Manufacturing 0.16%** |  |  |  |  |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 218000 | 227191 |
| **Oil & Gas 7.46%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 129000 | 132528 |
| APA Corp.<sup>†</sup> | 4.375% | 10/15/2028 | 415000 | 399429 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 125000 | 125593 |
| Canadian Natural Resources Ltd. (Canada)<sup>†(a)</sup> | 5.00% | 12/15/2029 | 39000 | 39370 |
| CITGO Petroleum Corp.<sup>†</sup> | 6.375% | 6/15/2026 | 310000 | 310099 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 441000 | 435763 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 238000 | 243988 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 661000 | 638986 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 209000 | 206149 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 300000 | 296356 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 76000 | 75294 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 411000 | 428687 |
| Devon Energy Corp. | 5.25% | 10/15/2027 | 225000 | 225511 |
| Ecopetrol SA (Colombia)<sup>(a)</sup> | 8.625% | 1/19/2029 | 304000 | 321662 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 125000 | 128520 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 243000 | 239305 |
| EQT Corp.<sup>†</sup> | 6.375% | 4/1/2029 | 55000 | 56749 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2027 | 72000 | 73327 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 99000 | 99156 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 274000 | 275281 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 278000 | 281502 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 197000 | 202142 |
| Helmerich & Payne, Inc.<sup>†</sup> | 4.65% | 12/1/2027 | 102000 | 101148 |
| Helmerich & Payne, Inc.<sup>†</sup> | 4.85% | 12/1/2029 | 151000 | 144143 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 201000 | 201098 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 200000 | 193133 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 243000 | 247962 |
| Occidental Petroleum Corp. | 5.20% | 8/1/2029 | 59000 | 59233 |
| Occidental Petroleum Corp. | 6.375% | 9/1/2028 | 275000 | 285930 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 32000 | 36590 |

---

*See Notes to Financial Statements.* 23

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Ovintiv, Inc. | 5.375% | 1/1/2026 | $250000 | $250239 |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 139000 | 142935 |
| Permian Resources Operating LLC<sup>†</sup> | 5.375% | 1/15/2026 | 205000 | 205260 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 296000 | 302845 |
| Petroleos Mexicanos (Mexico)<sup>(a)</sup> | 4.50% | 1/23/2026 | 109000 | 107596 |
| Petroleos Mexicanos (Mexico)<sup>(a)</sup> | 6.49% | 1/23/2027 | 460000 | 457966 |
| Petroleos Mexicanos (Mexico)<sup>(a)</sup> | 6.875% | 10/16/2025 | 251000 | 250890 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 175000 | 180292 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>†</sup> | 7.875% | 11/1/2028 | 263000 | 275544 |
| SM Energy Co. | 6.50% | 7/15/2028 | 132000 | 133236 |
| SM Energy Co. | 6.75% | 9/15/2026 | 267000 | 267342 |
| Strathcona Resources Ltd. (Canada)<sup>†(a)</sup> | 6.875% | 8/1/2026 | 181000 | 181129 |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% | 6/15/2026 | 103000 | 106292 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(a)</sup> | 2.625% | 8/15/2025 | 200000 | 199361 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>(a)</sup> | 4.00% | 8/15/2026 | 400000 | 395025 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 200000 | 193955 |
| Viper Energy, Inc.<sup>†</sup> | 5.375% | 11/1/2027 | 197000 | 197343 |
| *Total* |  |  |  | 10351884 |
| **Packaging & Containers 0.09%** |  |  |  |  |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 4.80% | 3/17/2028 | 78000 | 78580 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 48000 | 48847 |
| *Total* |  |  |  | 127427 |
| **Pharmaceuticals 1.01%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.25% | 12/15/2025 | 300000 | 299192 |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 246000 | 243769 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 200000 | 203326 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.25% | 1/21/2029 | 200000 | 210062 |
| Herbalife Nutrition Ltd./HLF Financing, Inc.<sup>†</sup> | 7.875% | 9/1/2025 | 227000 | 227897 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(a)</sup> | 3.15% | 10/1/2026 | 219000 | 214883 |
| *Total* |  |  |  | 1399129 |
| **Pipelines 2.56%** |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 272000 | 271837 |
| Buckeye Partners LP | 3.95% | 12/1/2026 | 181000 | 179001 |

---

24 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | $109000 | $113530 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.055% | 8/15/2026 | 269000 | 272367 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 351000 | 339231 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 177000 | 177352 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 183000 | 185964 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 49000 | 49761 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 102000 | 103623 |
| Kinetik Holdings LP<sup>†</sup> | 6.625% | 12/15/2028 | 89000 | 91085 |
| ONEOK, Inc.<sup>†</sup> | 5.625% | 1/15/2028 | 245000 | 250525 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 4.911% | 9/1/2027 | 122000 | 122816 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.026% | 10/1/2029 | 151000 | 151537 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.00% | 1/15/2028 | 28000 | 28024 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 394000 | 399952 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.50% | 7/15/2027 | 173000 | 173116 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 238000 | 242781 |
| Western Midstream Operating LP | 4.75% | 8/15/2028 | 65000 | 64995 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 39000 | 40844 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 111000 | 112319 |
| Williams Cos., Inc. | 4.625% | 6/30/2030 | 65000 | 65067 |
| Williams Cos., Inc. | 4.90% | 3/15/2029 | 115000 | 116620 |
| *Total* |  |  |  | 3552347 |
| **REITS 1.55%** |  |  |  |  |
| American Homes 4 Rent LP | 4.95% | 6/15/2030 | 40000 | 40425 |
| American Tower Corp. | 5.25% | 7/15/2028 | 82000 | 84094 |
| American Tower Corp. | 5.50% | 3/15/2028 | 105000 | 107955 |
| Crown Castle, Inc. | 3.65% | 9/1/2027 | 40000 | 39324 |
| Crown Castle, Inc. | 4.80% | 9/1/2028 | 70000 | 70447 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 74000 | 74756 |
| EPR Properties | 4.50% | 6/1/2027 | 70000 | 69675 |
| EPR Properties | 4.75% | 12/15/2026 | 171000 | 170814 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% | 4/15/2026 | 188000 | 188159 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2027 | 133000 | 132337 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 138000 | 136141 |

---

*See Notes to Financial Statements.* 25

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% | 6/15/2029 | $134000 | $130565 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 5.25% | 10/1/2025 | 334000 | 334089 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 178000 | 175337 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% | 2/15/2029 | 26000 | 25167 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 197000 | 195868 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% | 9/1/2026 | 180000 | 179551 |
| *Total* |  |  |  | 2154704 |
| **Retail 0.34%** |  |  |  |  |
| Carvana Co.<sup>†</sup> | 9.00% | 12/1/2028 | 26565 | 27275 |
| CEC Entertainment LLC<sup>†</sup> | 6.75% | 5/1/2026 | 247000 | 245365 |
| Sizzling Platter LLC/Sizzling Platter Finance Corp.<sup>†</sup> | 8.50% | 11/28/2025 | 200000 | 200097 |
| *Total* |  |  |  | 472737 |
| **Semiconductors 0.95%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 305000 | 301898 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | 600000 | 627357 |
| Intel Corp. | 2.45% | 11/15/2029 | 64000 | 58496 |
| Intel Corp. | 3.15% | 5/11/2027 | 26000 | 25486 |
| Intel Corp. | 3.75% | 8/5/2027 | 73000 | 72057 |
| Marvell Technology, Inc. | 4.75% | 7/15/2030 | 53000 | 53251 |
| Microchip Technology, Inc. | 4.90% | 3/15/2028 | 79000 | 79886 |
| Microchip Technology, Inc. | 5.05% | 2/15/2030 | 92000 | 93363 |
| *Total* |  |  |  | 1311794 |
| **Shipbuilding 0.10%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 2.043% | 8/16/2028 | 143000 | 133183 |
| **Software 0.83%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 601000 | 608998 |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.25% | 5/15/2029 | 140000 | 143795 |
| Concentrix Corp. | 6.65% | 8/2/2026 | 67000 | 68238 |
| Open Text Corp. (Canada)<sup>†(a)</sup> | 6.90% | 12/1/2027 | 135000 | 139877 |
| Paychex, Inc. | 5.10% | 4/15/2030 | 92000 | 94267 |
| Synopsys, Inc. | 4.85% | 4/1/2030 | 96000 | 97363 |
| *Total* |  |  |  | 1152538 |

---

26 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Telecommunications 0.47%** |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | $107000 | $107032 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 157000 | 157158 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 84791 | 85703 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 13000 | 13179 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 84000 | 85157 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 190000 | 204019 |
| *Total* |  |  |  | 652248 |
| **Toys/Games/Hobbies 0.57%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 453000 | 436957 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 350000 | 351138 |
| *Total* |  |  |  | 788095 |
| **Transportation 0.14%** |  |  |  |  |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 194000 | 197261 |
| **Trucking & Leasing 0.46%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 124000 | 123410 |
| GATX Corp. | 5.40% | 3/15/2027 | 50000 | 50711 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 3.40% | 11/15/2026 | 48000 | 47276 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 4.20% | 4/1/2027 | 271000 | 269873 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 5.35% | 1/12/2027 | 151000 | 152759 |
| *Total* |  |  |  | 644029 |
| *Total Corporate Bonds* (cost $83,045,465) |  |  |  | 84105653 |
| **FLOATING RATE LOANS<sup>(d)</sup> 4.38%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.522%<br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 101776 | 101259 |
| **Commercial Services 0.24%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B | 6.296%<br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 324187 | 325403 |
| **Commercial Services & Supplies 0.15%** |  |  |  |  |
| Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 5/12/2028 | 212353 | 213605 |

---

*See Notes to Financial Statements.* 27

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services 0.31%** |  |  |  |  |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | $333751 | $334168 |
| Setanta Aircraft Leasing DAC 2024 Term Loan B (Ireland)<sup>(a)</sup> | 6.046%<br> (3 mo. USD Term SOFR + 1.75%) | 11/5/2028 | 93827 | 94463 |
| *Total* |  |  |  | 428631 |
| **Electric 0.49%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B5 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 2/15/2032 | 475000 | 475449 |
| Edgewater Generation LLC 2025 Repriced Term Loan | – <sup>(e)</sup> | 8/1/2030 | 203487 | 204523 |
| *Total* |  |  |  | 679972 |
| **Entertainment 0.19%** |  |  |  |  |
| Live Nation Entertainment, Inc. Term Loan B4 | 6.171%<br> (1 mo. USD Term SOFR + 1.75%) | 10/19/2026 | 269286 | 269454 |
| **Insurance 0.65%** |  |  |  |  |
| AssuredPartners, Inc. 2024 Incremental Term Loan B5 | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 2/14/2031 | 354370 | 355659 |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br> (1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 545026 | 545175 |
| *Total* |  |  |  | 900834 |
| **Internet 0.21%** |  |  |  |  |
| Gen Digital, Inc. 2021 Term Loan A | 5.927%<br> (1 mo. USD Term SOFR + 1.50%) | 9/10/2027 | 292780 | 292872 |
| **Leisure Time 0.02%** |  |  |  |  |
| Carnival Corp. 2025 Term Loan (2027) | 6.312%<br> (1 mo. USD Term SOFR + 2.00%) | 8/8/2027 | 32000 | 32080 |
| **Machinery: Construction & Mining 0.11%** |  |  |  |  |
| Vertiv Group Corp. 2024 Term Loan B | 6.074%<br> (1 mo. USD Term SOFR + 1.75%) | 3/2/2027 | 148434 | 148762 |
| **Manufacturing 0.26%** |  |  |  |  |
| DirecTV Financing LLC Term Loan | 9.541%<br> (3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 83843 | 84269 |
| Virgin Media Bristol LLC USD Term Loan N | 6.926%<br> (1 mo. USD Term SOFR + 2.50%) | 1/31/2028 | 275000 | 271850 |
| *Total* |  |  |  | 356119 |

---

28 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas 0.52%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 6.314%<br> (1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | $284886 | $285776 |
| Occidental Petroleum Corp. 2 Year Term Loan | 6.036%<br> (1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 431889 | 434049 |
| *Total* |  |  |  | 719825 |
| **Pharmaceuticals 0.24%** |  |  |  |  |
| Elanco Animal Health, Inc. Term Loan B | 6.174%<br> (1 mo. USD Term SOFR + 1.75%) | 8/1/2027 | 337629 | 337715 |
| **Pipelines 0.03%** |  |  |  |  |
| Buckeye Partners LP 2024 Term Loan B5 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 11/1/2026 | 40546 | 40648 |
| **Retail 0.38%** |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 6.179%<br> (1 mo. USD Term SOFR + 1.75%) | 3/15/2028 | 322390 | 324355 |
| LBM Acquisition LLC Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 12/17/2027 | 199170 | 196929 |
| *Total* |  |  |  | 521284 |
| **Semiconductors 0.30%** |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.447%<br> (1 mo. USD Term SOFR + 1.13%) | 8/15/2028 | 411923 | 411923 |
| **Telecommunications 0.21%** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.791%<br> (1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 293847 | 290612 |
| *Total Floating Rate Loans* (cost $6,069,527) |  |  |  | 6070998 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **1.67%** |  |  |  |  |
| **Colombia 0.14%** |  |  |  |  |
| Colombia Government International Bonds | 3.875% | 4/25/2027 | 200000 | 195960 |
| **Dominican Republic 0.12%** |  |  |  |  |
| Dominican Republic International Bonds | 6.875% | 1/29/2026 | 100000 | 101266 |
| Dominican Republic International Bonds | 8.625% | 4/20/2027 | 66667 | 69222 |
| *Total* |  |  |  | 170488 |
| **Hungary 0.15%** |  |  |  |  |
| Hungary Government International Bonds<sup>†</sup> | 5.375% | 9/26/2030 | 200000 | 202074 |

---

*See Notes to Financial Statements.* 29

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

*June 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **Kazakhstan 0.58%** |  |  |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% |  | 5/8/2028 | $| 200000 | $| 202678 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.25% |  | 10/23/2029 |  | 200000 |  | 201362 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.625% |  | 4/7/2030 |  | 200000 |  | 201960 |
| Kazakhstan Government International Bonds | 5.125% |  | 7/21/2025 |  | 200000 |  | 199687 |
| *Total* |  |  |  |  |  |  | 805687 |
| **Mexico 0.15%** |  |  |  |  |  |  |  |
| Mexico Government International Bonds | 6.00% |  | 5/13/2030 |  | 200000 |  | 207200 |
| **Romania 0.24%** |  |  |  |  |  |  |  |
| Romania Government International Bonds | 5.25% |  | 11/25/2027 |  | 222000 |  | 222398 |
| Romania Government International Bonds<sup>†</sup> | 5.875% |  | 1/30/2029 |  | 110000 |  | 110901 |
| *Total* |  |  |  |  |  |  | 333299 |
| **South Africa 0.15%** |  |  |  |  |  |  |  |
| Republic of South Africa Government International Bonds | 5.875% |  | 9/16/2025 |  | 200000 |  | 200106 |
| **Turkey 0.14%** |  |  |  |  |  |  |  |
| Hazine Mustesarligi Varlik Kiralama AS | 5.125% |  | 6/22/2026 |  | 200000 |  | 199282 |
| *Total Foreign Government Obligations* (cost $2,287,110) |  |  |  |  |  |  | 2314096 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.04%** |
| Government National Mortgage Association Series 2014-112 Class A | 3.00% | <sup>#(f)</sup> | 1/16/2048 |  | 2120 |  | 1921 |
| Government National Mortgage Association Series 2014-78 Class IO<sup>(g)</sup> | 0.01% | <sup>#(f)</sup> | 3/16/2056 |  | 10298 |  | 2 |
| Government National Mortgage Association Series 2017-23 Class AB | 2.60% |  | 12/16/2057 |  | 10209 |  | 9070 |
| Government National Mortgage Association Series 2017-44 Class AD | 2.65% |  | 11/17/2048 |  | 7920 |  | 7537 |
| Government National Mortgage Association Series 2017-53 Class B | 2.75% |  | 3/16/2050 |  | 27679 |  | 24866 |
| Government National Mortgage Association Series 2017-61 Class A | 2.60% |  | 8/16/2058 |  | 6514 |  | 6118 |
| Government National Mortgage Association Series 2017-76 Class AS | 2.65% |  | 11/16/2050 |  | 13416 |  | 11874 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $67,566)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $67,566)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $67,566)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $67,566)* | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $67,566)* |  |  | 61388 |

---

30 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.56%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.56%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.56%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.56%** |  |  |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 5.00% |  | TBA | $2247000 | $2262797 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 5.50% |  | TBA | 3007000 | 3061064 |
| Uniform Mortgage-Backed Security<sup>(h)</sup> | 6.00% |  | TBA | 980000 | 1007756 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $6,304,583) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $6,304,583) |  |  |  | 6331617 |
| **MUNICIPAL BONDS 0.15%** |  |  |  |  |  |
| **Health Care 0.15%** |  |  |  |  |  |
| Massachusetts Development Finance Agency - Tufts Medicine Obligated Group (cost $201,050) | 8.50% |  | 10/1/2026 | 200000 | 201094 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.19%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.19%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.19%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.19%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 6.043%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | 230000 | 231618 |
| ARDN Mortgage Trust Series 2025-ARCP Class A<sup>†</sup> | 6.05%<br> (1 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 6/15/2035 | 170000 | 170395 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 140000 | 146791 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 150000 | 156634 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 670000 | 698036 |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | 200000 | 200780 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 140000 | 146680 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 180000 | 187904 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(f)</sup> | 2/15/2051 | 70000 | 68681 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 100000 | 95348 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(f)</sup> | 5/15/2056 | 90000 | 94862 |
| BMO Mortgage Trust Series 2023-5C2 Class A3 | 7.296% | <sup>#(f)</sup> | 11/15/2056 | 110000 | 118024 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 200000 | 208727 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(f)</sup> | 12/15/2057 | 160000 | 166180 |
| BMO Mortgage Trust Series 2025-5C11 Class A3 | 5.669% |  | 7/15/2058 | 260000 | 270996 |
| BX Commercial Mortgage Trust Series 2021-ACNT Class A<sup>†</sup> | 5.277%<br> (1 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 11/15/2038 | 120022 | 120024 |
| BX Commercial Mortgage Trust Series 2021-XL2 Class A<sup>†</sup> | 5.115%<br> (1 mo. USD Term SOFR + 0.80% |)<sup>#</sup> | 10/15/2038 | 59498 | 59507 |

---

*See Notes to Financial Statements.* 31

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.754%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | $170454 | $170865 |
| BX Trust Series 2022-PSB Class A<sup>†</sup> | 6.763%<br> (1 mo. USD Term SOFR + 2.45% |)<sup>#</sup> | 8/15/2039 | 58630 | 58685 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.754%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 167849 | 168411 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.456%<br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 140000 | 139309 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 100000 | 100306 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(g)</sup> | 1.202% | <sup>#(f)</sup> | 11/10/2049 | 167830 | 1472 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(g)</sup> | 0.776% | <sup>#(f)</sup> | 12/10/2054 | 166251 | 1102 |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(g)</sup> | 0.214% | <sup>#(f)</sup> | 6/10/2048 | 284961 | 2 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 310000 | 306102 |
| Commercial Mortgage Pass-Through Certificates Series 2014-UBS5 Class XB1<sup>†(g)</sup> | 0.363% | <sup>#(f)</sup> | 9/10/2047 | 2000000 | 21 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(g)</sup> | 1.474% | <sup>#(f)</sup> | 8/10/2049 | 43707 | 256 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.954%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 100000 | 99784 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(g)</sup> | 0.686% | <sup>#(f)</sup> | 9/15/2037 | 978382 | 1125 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(g)</sup> | 2.015% | <sup>#(f)</sup> | 1/15/2049 | 571906 | 2703 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 400000 | 395163 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(g)</sup> | 1.543% | <sup>#(f)</sup> | 8/10/2049 | 154599 | 1277 |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 2675 | 2618 |
| DBWF Mortgage Trust Series 2016-85T Class XA<sup>†(g)</sup> | 0.116% | <sup>#(f)</sup> | 12/10/2036 | 3140000 | 1999 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA3 Class M1A<sup>†</sup> | 6.605%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 8/25/2042 | 47528 | 48420 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA1 Class A1<sup>†</sup> | 5.655%<br> (30 day USD SOFR Average + 1.35% |)<sup>#</sup> | 2/25/2044 | 172702 | 173665 |

---

32 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.555%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | $269150 | $270466 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.305%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 20465 | 20465 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.555%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 88842 | 89065 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.555%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 275000 | 276179 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.255%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 54250 | 54196 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R05 Class 2A1<sup>†</sup> | 5.305%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2044 | 142311 | 142157 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.306%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 78702 | 78797 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03 Class 1M2<sup>†</sup> | 5.955%<br> (30 day USD SOFR Average + 1.65% |)<sup>#</sup> | 12/25/2041 | 100000 | 100652 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08 Class 1M1<sup>†</sup> | 6.855%<br> (30 day USD SOFR Average + 2.55% |)<sup>#</sup> | 7/25/2042 | 182667 | 186832 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M1<sup>†</sup> | 6.805%<br> (30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 4/25/2043 | 74478 | 75573 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.456%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | 93482 | 93516 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04 Class 1A1<sup>†</sup> | 5.305%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 5/25/2044 | 102814 | 102786 |

---

*See Notes to Financial Statements.* 33

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.455%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | $106482 | $106907 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.256%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 140574 | 140442 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.406%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 211270 | 211541 |
| GS Mortgage Securities Corp. Trust Series 2017-485L Class XB<sup>†(g)</sup> | 0.244% | <sup>#(f)</sup> | 2/10/2037 | 1590000 | 3441 |
| GS Mortgage Securities Corp. Trust Series 2021-ROSS Class A<sup>†</sup> | 5.727%<br> (1 mo. USD Term SOFR + 1.41% |)<sup>#</sup> | 5/15/2026 | 100000 | 94011 |
| GS Mortgage Securities Trust Series 2015-GS1 Class XB<sup>(g)</sup> | 0.307% | <sup>#(f)</sup> | 11/10/2048 | 1082000 | 896 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 60000 | 56637 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.649% | <sup>#(f)</sup> | 1/13/2040 | 170000 | 175423 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XA7<sup>†(g)</sup> | 1.417% | <sup>#(f)</sup> | 8/5/2034 | 175143 | 23 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 200000 | 46200 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(g)</sup> | 0.701% | <sup>#(f)</sup> | 12/15/2049 | 746621 | 3943 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(g)</sup> | 1.165% | <sup>#(f)</sup> | 9/15/2050 | 696999 | 10866 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class XA<sup>(g)</sup> | 0.511% | <sup>#(f)</sup> | 1/15/2048 | 5276 |  |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class XA<sup>(g)</sup> | 0.467% | <sup>#(f)</sup> | 7/15/2048 | 372060 | 5 |
| JPMDB Commercial Mortgage Securities Trust Series 2017-C5 Class A4 | 3.414% |  | 3/15/2050 | 688978 | 674134 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.202%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 110000 | 110325 |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.755%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | 90000 | 90207 |

---

34 *See Notes to Financial Statements.*

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

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XA<sup>†(g)</sup> | 1.677% | <sup>#(f)</sup> | 3/10/2049 | $206147 | $863 |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 29122 | 29016 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 200000 | 207996 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4 | 3.753% |  | 12/15/2047 | 50000 | 49786 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(g)</sup> | 1.398% | <sup>#(f)</sup> | 11/15/2049 | 735245 | 7429 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XB<sup>(g)</sup> | 1.011% | <sup>#(f)</sup> | 8/15/2049 | 1000000 | 8100 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | &nbsp;&nbsp;3.90% | <sup>#(f)</sup> | 9/24/2057 | 263279 | 255151 |
| Palisades Center Trust Series 2016-PLSD Class D<sup>†</sup> | 4.737% |  | 4/13/2033 | 77000 | 1067 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 300000 | 307204 |
| SG Commercial Mortgage Securities Trust Series 2019-787E Class X<sup>†(g)</sup> | 0.456% | <sup>#(f)</sup> | 2/15/2041 | 4149000 | 46976 |
| Shops at Crystals Trust Series 2016-CSTL Class XB<sup>†(g)</sup> | 0.328% | <sup>#(f)</sup> | 7/5/2036 | 1000000 | 1508 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.755% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 170000 | 169023 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.434% <br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 130000 | 135185 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 20000 | 18445 |
| Wells Fargo Commercial Mortgage Trust Series 2015-C29 Class XB<sup>(g)</sup> | 0.098% | <sup>#(f)</sup> | 6/15/2048 | 2000000 | 20 |
| Wells Fargo Commercial Mortgage Trust Series 2015-SG1 Class A4 | 3.789% |  | 9/15/2048 | 27785 | 27707 |
| Wells Fargo Commercial Mortgage Trust Series 2015-SG1 Class XA<sup>(g)</sup> | 0.744% | <sup>#(f)</sup> | 9/15/2048 | 410323 | 6 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(g)</sup> | 1.845% | <sup>#(f)</sup> | 8/15/2049 | 862995 | 11220 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 30000 | 28820 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 170000 | 177528 |

---

See Notes to Financial Statements. 35

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% | 1/15/2058 | $300000 | $317062 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% | 5/15/2058 | 140000 | 146009 |
| *Total Non-Agency Commercial Mortgage-Backed Securities (cost $10,139,032)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $10,139,032)* | *Total Non-Agency Commercial Mortgage-Backed Securities (cost $10,139,032)* |  | 9976278 |
| **U.S. TREASURY OBLIGATIONS 2.94%** |  |  |  |  |
| U.S. Treasury Notes | 3.75% | 8/31/2026 | 266000 | 265408 |
| U.S. Treasury Notes | 3.75% | 4/30/2027 | 3394000 | 3394000 |
| U.S. Treasury Notes | 4.125% | 2/28/2027 | 410000 | 412194 |
| *Total U.S. Treasury Obligations (cost $4,053,192)* |  |  |  | 4071602 |
| *Total Long-Term Investments (cost $141,238,754)* |  |  |  | 142318278 |
| **SHORT-TERM INVESTMENTS 0.66%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.66%** |  |  |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $438,600 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $438,638; proceeds: $430,077 <br> (cost $430,029) |  |  | 430029 | 430029 |
| Repurchase Agreement dated 6/30/2025, 4.370% due 7/1/2025 with JPMorgan Securities LLC collateralized by $483,600 of U.S. Treasury Note at 3.875% due 5/31/2027; value: $486,000; proceeds: $486,059<br> (cost $486,000) |  |  | 486000 | 486000 |
| *Total Repurchase Agreements (cost $916,029)* |  |  |  | 916029 |
| *Total Investments in Securities 103.24% (cost $142,154,783)* | *Total Investments in Securities 103.24% (cost $142,154,783)* |  |  | 143234307 |
| *Other Assets and Liabilities – Net*<sup>(i)</sup> (3.24)%* |  |  |  | (4496381) |
| *Net Assets 100.00%* |  |  |  | $138737926 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| &nbsp;&nbsp;IO | Interest Only. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2025, the total value of Rule 144A securities was $77,801,341, which represents 56.08% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at June 30, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(k)). |
| <sup>(c)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |

---

36 See Notes to Financial Statements.

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

*June 30, 2025*

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

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

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

<sup>(g)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(h)</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>(i)</sup> Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows:

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at June 30, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)<sup>(3)</sup>** | **Value** |
| CDX.NA.IG.S42<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2029 | $2686000 | $52607 | $7256 | $59863 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 1351000 | 26881 | 3543 | 30424 |
| *Total* |  |  |  |  | $79488 | $10799 | $90287 |

---

<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 <sup>(i)</sup> 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) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $10,799. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month USD SOFR Index | 3/20/2030 | $4610000 | $– | $(174507) | $(174507) |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month USD SOFR Index | 10/16/2029 | 4300000 |  | (31237) | (31237) |
| Goldman Sachs<sup>(2)</sup> | 3.546% | 12-Month USD SOFR Index | 5/8/2030 | 1490000 |  | (8419) | (8419) |
| Goldman Sachs<sup>(2)</sup> | 3.493% | 12-Month USD SOFR Index | 5/8/2029 | 5470000 | – | (19724) | (19724) |
| *Total* |  |  |  |  | $– | $(233887) | $(233887) |

---

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

See Notes to Financial Statements. 37

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

*June 30, 2025*

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at June 30, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/Unrealized<br> Appreciation** |
| Goldman Sachs | 2.285% | CPI Urban Consumer NSA | 7/15/2025 | $299000 | $2383 |

---

NSA Non-seasonally adjusted.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional <br> Value** | **Unrealized <br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 309 | Long | $64039999 | $64279242 | $239243 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional <br> Value** | **Unrealized <br> Depreciation** |
| U.S. 5-Year Treasury Note | September 2025 | 29 | Short | $(3130056) | $(3161000) | $(30944) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $29058105 | $– | $29058105 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 127447 |  | 127447 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 84105653 |  | 84105653 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 6070998 |  | 6070998 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 2314096 |  | 2314096 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 61388 |  | 61388 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 6331617 |  | 6331617 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 201094 |  | 201094 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 9976278 |  | 9976278 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 4071602 |  | 4071602 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 916029 | – | 916029 |
| Total | $– | $143234307 | $– | $143234307 |

---

38 See Notes to Financial Statements.

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

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $90287 | $– | $90287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (233887) |  | (233887) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 2383 |  | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 239243 |  |  | 239243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (30944) | – | – | (30944) |
| Total | $208299 | $(141217) | $– | $67082 |

---

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

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

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

See Notes to Financial Statements. 39

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

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at cost | $142154783 |
| Investments in securities, at fair value | $143234307 |
| Cash | 745883 |
| Deposits with brokers for futures collateral | 365725 |
| Deposits with brokers for swap contracts collateral | 927591 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 7049119 |
| &nbsp;&nbsp;&nbsp;Interest | 1483786 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 426422 |
| Prepaid expenses | 1821 |
| **Total assets** | 154234654 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 14196192 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 564046 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements | 488243 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 144260 |
| &nbsp;&nbsp;&nbsp;Management fee | 39626 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 9588 |
| &nbsp;&nbsp;&nbsp;Fund administration | 4529 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 3122 |
| Foreign currency overdraft (cost $19) | 23 |
| Accrued expenses | 47099 |
| **Total liabilities** | 15496728 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $138737926 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $148006894 |
| Total distributable earnings (loss) | (9268968) |
| **Net Assets** | $138737926 |
| **Outstanding shares (200 million shares of common stock authorized, $.001 par value)** | 10281062 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $13.49 |

---

40 See Notes to Financial Statements.

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** | |
| Interest and other | $3664239 |
| **Expenses:** |  |
| Management fee | 235506 |
| Non-12b-1 service fees | 168242 |
| Shareholder servicing | 74134 |
| Professional | 27316 |
| Fund administration | 26915 |
| Custody | 10700 |
| Reports to shareholders | 7901 |
| Directors' fees | 2108 |
| Other | 9783 |
| Gross expenses | 562605 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (10700) |
| **Net expenses** | 551905 |
| **Net investment income** | 3112334 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | 178958 |
| Net realized gain/(loss) on futures contracts | (160255) |
| Net realized gain/(loss) on swap contracts | 214617 |
| Net change in unrealized appreciation/(depreciation) on investments | 952112 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 174830 |
| Net change in unrealized appreciation/(depreciation) on swap contracts | (316648) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and |  |
| liabilities denominated in foreign currencies | (3) |
| **Net realized and unrealized gain/(loss)** | 1043611 |
| **Net Increase in Net Assets Resulting From Operations** | $4155945 |

---

See Notes to Financial Statements. 41

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $3112334 | $5913669 |
| Net realized gain/(loss) | 233320 | (536814) |
| Net change in unrealized appreciation/(depreciation) | 810291 | 1089410 |
| **Net increase in net assets resulting from operations** | 4155945 | 6466265 |
| **Distributions to shareholders:** | – | 6022531 |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 20246910 | 34388213 |
| Reinvestment of distributions |  | 6022531 |
| Cost of shares reacquired | (21286896) | (29711435) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (1039986) | 10699309 |
| **Net increase in net assets** | 3115959 | 11143043 |
| **NET ASSETS:** |  |  |
| Beginning of period | $135621967 | $124478924 |
| End of period | $138737926 | $135621967 |

---

42 See Notes to Financial Statements.

This page is intentionally left blank.

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions <br> to <br> shareholders <br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning <br> of period** | **Net <br> investment<br> income**<sup>(a)</sup> | **Net<br> realized<br> and <br> unrealized<br> gain (loss)** | **Total<br> from<br> investment <br> operations** | **Net <br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| 6/30/2025<sup>(c)</sup> | $13.09 | $0.30 | $0.10 | $0.40 | $- | $13.49 |
| 12/31/2024 | 13.03 | 0.61 | 0.06 | 0.67 | (0.61) | 13.09 |
| 12/31/2023 | 12.99 | 0.53 | 0.12 | 0.65 | (0.61) | 13.03 |
| 12/31/2022 | 14.09 | 0.29 | (1.00) | (0.71) | (0.39) | 12.99 |
| 12/31/2021 | 14.31 | 0.20 | (0.10) | 0.10 | (0.32) | 14.09 |
| 12/31/2020 | 14.27 | 0.29 | 0.15 | 0.44 | (0.40) | 14.31 |

---

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

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

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

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

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

44 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 3.06 <sup>(d)</sup> | 0.82 <sup>(e)</sup> | 0.84 <sup>(e)</sup> | 4.62 <sup>(e)</sup> | $138738 | 75 <sup>(d)</sup> |
| 5.14 | 0.82 | 0.84 | 4.61 | 135622 | 107 |
| 5.05 | 0.83 | 0.85 | 4.04 | 124479 | 79 |
| (5.06) | 0.83 | 0.84 | 2.12 | 119180 | 71 |
| 0.63 | 0.81 | 0.83 | 1.40 | 120559 | 66 |
| 3.13 | 0.84 | 0.86 | 2.04 | 108101 | 79 |

---

*See Notes to Financial Statements.* 45

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Short Duration Income Portfolio (the "Fund").

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

**Basis of Preparation**

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

**Segment Reporting**

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

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

**2.** SIGNIFICANT ACCOUNTING POLICIES

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

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

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

---

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

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

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

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

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

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing the Fund's investments and other financial instruments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Commercial Paper**—**The Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial paper obligations may include variable amount master demand notes. |
| (c) | Expenses**—**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets. |
| (d) | Floating Rate Loans**—**The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate ("SOFR"). |
|  | The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the |

---

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

---

| | |
|:---|:---|
|  | 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 represents mark to market of the unfunded portion of the Fund's floating rate notes. |
|  | As of June 30, 2025, the Fund did not have any unfunded loan commitments. |
| (e) | Foreign Transactions**—**The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (f) | Income Taxes**—**It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction. |
| (g) | Investment Income**—**Dividend income 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. |

---

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

---

| | |
|:---|:---|
| (h) | Mortgage Dollar Rolls**—**The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold. |
| (i) | Repurchase Agreements**—**The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities. |
|  | The Fund's repurchase agreements are not subject to master netting arrangements. |
| (j) | Security Transactions**—**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified- cost method. |
| (k) | When-Issued, Forward Transactions or To-Be-Announced ("TBA") Transactions**—**The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date. |
| (l) | Derivatives**—**Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. |
|  | The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to |

---

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

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 of Statement Assets and Liabilities.

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

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

Notes i. – iii. below describe the various derivatives used by the Fund.

---

| | |
|:---|:---|
| **i.** | Futures Contracts—During the period, the Fund entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the period, the Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. |
|  | Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities. |
|  | The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of |

---

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

---

| | |
|:---|:---|
|  | 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). |
| **ii.** | **Swap Contracts**—During the period, the Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. During the period, the Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. |
|  | Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/(depreciation) on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement. |
|  | The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse. |
|  | The Fund's OTC swap contracts are subject to master netting arrangements. |
|  | **Credit Default Swap Contracts**—During the period, the Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation. |
|  | 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 |

---

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

---

| |
|:---|
| represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically. |
| Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default. |
| If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation. |
| **Inflation-Linked Swap Contracts—**During the period, the Fund entered into inflation-linked derivatives, such as Consumer Price Index Swap Contract Agreements ("CPI swap contracts"). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. The Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract's maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized appreciation/(depreciation) on swap contracts in the Fund's Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net realized gain/(loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statement of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Fund since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default. |
| **Interest Rate Swap Contracts**—During the period, the Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate. |

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Statement of Assets<br> and Liabilities<br> Location** | **Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $– | $– | $2383 |
| Centrally Cleared Credit Default Swap Contracts<sup>(1)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  | $90287 |  |
| Futures Contracts<sup>(2)</sup> | Receivable, variation margin for futures contracts | $239243 |  |  |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(1)</sup> | Payable, variation margin for centrally cleared swap contracts agreements | $233887 |  |  |
| Futures Contracts<sup>(2)</sup> | Payable, variation margin for futures contracts | $30944 | – | – |

---

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

<sup>(2)</sup> Statement of Assets and Liabilities location: 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.

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

---

| | | |
|:---|:---|:---|
|  | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $208670 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $5947 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(160255) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $(325461) |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $8813 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $174830 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $27320429 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $2100000 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 286 | – |

---

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

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

**Management Fee**

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

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

---

| | |
|:---|:---|
| First $1 billion | .35% |
| Next $1 billion | .30% |
| Over $2 billion | .25% |

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .35% of the Fund's average daily net assets.

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 $10,700 of fund administration fees for the six months ended June 30, 2025.

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

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

**4.** DISTRIBUTIONS AND TAX INFORMATION

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

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Series Fund-Short Duration Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | Return of<br> Capital | **Total<br> Distributions<br> Paid** |
| Series Fund-Short Duration Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp; – | $6022531 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $6022531 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Series Fund-Short Duration Income Portfolio | $(2405663) | $(9850909) | $(12256572) |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Series Fund-Short Duration Income Portfolio | $143753907 | $206128 | $(658646) | $(452518) |

---

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.<br> Government<br> Purchases\*** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales\*** | **Non-U.S.<br> Government<br> Sales** |
| $52573451 | $53306592 | $53254510 | $48098661 |

---

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

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and the one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds based on the relative net assets of each fund.

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

There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the funds. Such amounts and earnings accrued thereon are included in Directors' fees in the Statements of Operations and in Directors' fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

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

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

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

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended June 30, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

SSB is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

**Notes to Financial Statements (unaudited)(continued)**

**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income in the Fund's Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of June 30, 2025, the Fund did not have any securities on loan.

**11.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to the Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which the Fund may substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the general risks and considerations associated with investing in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

**Notes to Financial Statements (unaudited)(continued)**

The Fund's investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund's returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund's use of derivatives is successful will depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund's investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

The Fund may invest in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships, or other business entities. The senior loans in which the Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac")). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies

**Notes to Financial Statements (unaudited)(concluded)**

and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance and your investment in the Fund.

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31, 2024** |
| Shares Sold | 1525662 | 2574376 |
| Reinvestment of distributions |  | 461143 |
| Shares reacquired | (1605954) | (2229483) |
| Increase (decrease) | (80292) | 806036 |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

Remuneration paid to directors, officers, and others is included in "Directors' Remuneration" under Item 7 of this Form N-CSR.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

The Board, including all of the Directors who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Directors"), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about investment performance. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of two appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett's other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund's investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2024. The Board observed that the Fund's investment performance was below the median of the performance peer group for the one- and three-year periods, but equal to the median of the performance peer group for the five-year period and above the median of the performance peer group for the ten-year period. The Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that the Fund's Agreement should be continued.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, while the Fund's net total expense ratio was above the median of the expense peer group, the Fund's actual management fee was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins, excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins without those exclusions in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund's existing management fee schedule, with its breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112992x66x1m8m4.jpg)

![](x4_c112992x66x2m8m4.jpg)

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| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | Lord Abbett Series Fund, Inc.<br>Short Duration Income Portfolio | SFSDI-PORT-3<br> (08/25) |

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![](x4_c112990x1x1m9m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Series Fund—Total Return Portfolio

*For the six-month period ended June 30, 2025*

**Table of Contents**

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| | |
|:---|:---|
| 1 | [**Schedule of Investments (Item 7)**](#xx4xc112990a001xm9xm4) |
| 25 | [**Statement of Assets and Liabilities (Item 7)**](#xx4xc112990a002xm9xm4) |
| 26 | [**Statement of Operations (Item 7)**](#xx4xc112990a003xm9xm4) |
| 27 | [**Statements of Changes in Net Assets (Item 7)**](#xx4xc112990a004xm9xm4) |
| 28 | [**Financial Highlights (Item 7)**](#xx4xc112990a005xm9xm4) |
| 30 | [**Notes to Financial Statements (Item 7)**](#xx4xc112990a006xm9xm4) |
| 45 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx4xc112990a007xm9xm4) |
| 45 | [**Proxy Disclosures (Item 9)**](#xx4xc112990a008xm9xm4) |
| 45 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx4xc112990a009xm9xm4) |
| 45 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx4xc112990a010xm9xm4) |

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**Schedule of Investments (unaudited)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 119.29%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 15.97%** |  |  |  |  |
| **Automobiles 7.87%** |  |  |  |  |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class C | 5.32% | 4/18/2028 | $770000 | $775685 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 1225000 | 1237167 |
| CarMax Auto Owner Trust Series 2022-3 Class B | 4.69% | 2/15/2028 | 1700000 | 1702491 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% | 1/16/2029 | 2130000 | 2146863 |
| CarMax Auto Owner Trust Series 2024-3 Class A3 | 4.89% | 7/16/2029 | 1415000 | 1430412 |
| CarMax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | 1215000 | 1228680 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 437753 | 437450 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 1675000 | 1703414 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 1200000 | 1219442 |
| CPS Auto Receivables Trust Series 2024-D Class C<sup>†</sup> | 4.76% | 1/15/2031 | 1555000 | 1554356 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 870000 | 888756 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 1845000 | 1857059 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 630000 | 637464 |
| Exeter Automobile Receivables Trust Series 2025-3A Class B | 4.86% | 2/15/2030 | 745000 | 752057 |
| Flagship Credit Auto Trust Series 2020-4 Class E<sup>†</sup> | 3.84% | 7/17/2028 | 1270000 | 1256990 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% | 4/15/2027 | 15904 | 15904 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 3285000 | 3206278 |
| GLS Auto Select Receivables Trust Series 2025-3A Class A2<sup>†(a)</sup> | 4.46% | 10/15/2030 | 1670000 | 1670887 |
| GM Financial Automobile Leasing Trust Series 2023-1 Class B | 5.51% | 1/20/2027 | 843936 | 844584 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 1630000 | 1630186 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class B | 6.16% | 4/16/2029 | 660000 | 681959 |

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*See Notes to Financial Statements.* 1

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| GM Financial Consumer Automobile Receivables Trust Series 2024-2 Class C | 5.43% | 12/17/2029 | $395000 | $403071 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 1530000 | 1544091 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 1000000 | 1009387 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | 730000 | 738558 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 965000 | 972067 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 1555000 | 1573365 |
| Octane Receivables Trust Series 2023-1A Class A<sup>†</sup> | 5.87% | 5/21/2029 | 338503 | 339263 |
| Santander Consumer Auto Receivables Trust Series 2021-AA Class E<sup>†</sup> | 3.28% | 3/15/2027 | 1386000 | 1371830 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 3670000 | 3754203 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 | 5.25% | 4/17/2028 | 1461493 | 1464021 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 615000 | 629238 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% | 5/15/2031 | 1010000 | 1021620 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 1666489 | 1671764 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 1860000 | 1871848 |
| Westlake Automobile Receivables Trust Series 2024-2A Class C<sup>†</sup> | 5.68% | 3/15/2030 | 1535000 | 1557947 |
| World Omni Auto Receivables Trust Series 2024-B Class A3 | 5.27% | 9/17/2029 | 1875000 | 1894695 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% | 5/15/2030 | 1635000 | 1640623 |
| *Total* |  |  |  | 50335675 |
| **Credit Card 1.12%** |  |  |  |  |
| Citibank Credit Card Issuance Trust Series 2025-A1 Class A | 4.30% | 6/21/2030 | 1365000 | 1374233 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% | 5/15/2030 | 2530000 | 2582190 |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% | 7/20/2029 | 1250000 | 1261478 |
| Synchrony Card Funding LLC Series 2022-A2 Class A | 3.86% | 7/15/2028 | 1925000 | 1924628 |
| *Total* |  |  |  | 7142529 |

---

2 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other 6.98%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.82%<br>(3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | $2000000 | $2007602 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 2510000 | 2519189 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 1130000 | 1135379 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 485000 | 487308 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 1240000 | 1255060 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.87%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 370000 | 370004 |
| BSPRT Issuer Ltd. Series 2022-FL8 Class A<sup>†</sup> | 5.804%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 2/15/2037 | 152900 | 152950 |
| Cajun Global LLC Series 2021-1 Class A2<sup>†</sup> | 3.931% |  | 11/20/2051 | 652219 | 638903 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 920000 | 930079 |
| Clover CLO LLC Series 2018-1A Class A2RR<sup>†</sup> | 6.00%<br>(3 mo. USD Term SOFR + 1.73% |)<sup>#</sup> | 4/20/2037 | 880000 | 880909 |
| DLLAD LLC Series 2023-1A Class A4<sup>†</sup> | 4.80% |  | 6/20/2030 | 1780000 | 1801960 |
| Galaxy 31 CLO Ltd. Series 2023-31A Class BR<sup>†</sup> | 6.111%<br>(3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 7/15/2038 | 800000 | 803110 |
| Generate CLO 14 Ltd. Series 2024-14A Class B<sup>†</sup> | 6.379%<br>(3 mo. USD Term SOFR + 2.10% |)<sup>#</sup> | 4/22/2037 | 890000 | 894464 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.87%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 1280000 | 1281230 |
| KKR CLO 57 Ltd. Series 2025-57A Class B<sup>†(a)</sup> | Zero Coupon | <sup>(b)</sup> | 7/15/2038 | 900000 | 901723 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 1840000 | 1793461 |
| Lendmark Funding Trust Series 2021-1A Class A<sup>†</sup> | 1.90% |  | 11/20/2031 | 1400000 | 1342720 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.853%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 982192 | 982468 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.699%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 1080000 | 1077595 |
| M&T Equipment Notes Series 2025-1A Class A3<sup>†</sup> | 4.78% |  | 9/17/2029 | 1475000 | 1496919 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†</sup> | 6.066%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 7/21/2038 | 1250000 | 1255290 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 1495000 | 1448344 |

---

See Notes to Financial Statements. 3

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| MF1 LLC Series 2024-FL14 Class A<sup>†</sup> | 6.055%<br>(1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 3/19/2039 | $1190000 | $1194835 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 6.02%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2037 | 1380000 | 1381388 |
| Octagon 69 Ltd. Series 2024-3A Class A2<sup>†</sup> | 5.935%<br>(3 mo. USD Term SOFR + 1.66% |)<sup>#</sup> | 7/24/2037 | 900000 | 902634 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A3<sup>†</sup> | 5.64% |  | 11/20/2030 | 1400000 | 1429330 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 1056503 | 1056995 |
| PFP Ltd. Series 2023-10 Class A<sup>†</sup> | 6.679%<br>(1 mo. USD Term SOFR + 2.36% |)<sup>#</sup> | 9/16/2038 | 1061442 | 1063401 |
| PFS Financing Corp. Series 2023-B Class A<sup>†</sup> | 5.27% |  | 5/15/2028 | 865000 | 870903 |
| RAD CLO 27 Ltd. Series 2024-27A Class A1<sup>†</sup> | 5.611%<br>(3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 890000 | 891696 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class A2<sup>†</sup> | 6.032%<br>(3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 4/25/2037 | 870000 | 872372 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 1147125 | 1126741 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class A1<sup>†(a)</sup> | Zero Coupon | <sup>(b)</sup> | 7/15/2038 | 1555000 | 1557843 |
| Silver Point CLO 4 Ltd. Series 2024-4A Class A2<sup>†</sup> | 6.086%<br>(3 mo. USD Term SOFR + 1.83% |)<sup>#</sup> | 4/15/2037 | 1620000 | 1624704 |
| Trinitas CLO XXVII Ltd. Series 2024-27A Class B<sup>†</sup> | 6.47%<br>(3 mo. USD Term SOFR + 2.20% |)<sup>#</sup> | 4/18/2037 | 750000 | 753358 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 1590000 | 1611206 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 1205000 | 1229640 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1<sup>†</sup> | 5.705%<br>(3 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 7/20/2038 | 1665000 | 1667148 |
| *Total* |  |  |  |  | 44690861 |
| *Total Asset-Backed Securities* (cost $101,761,771) |  |  |  |  | 102169065 |
| **CORPORATE BONDS 46.94%** |  |  |  |  |  |
| **Aerospace/Defense 0.66%** |  |  |  |  |  |
| Boeing Co. | 6.528% |  | 5/1/2034 | 1550000 | 1685134 |
| Boeing Co. | 6.858% |  | 5/1/2054 | 568000 | 622352 |

---

4 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| Northrop Grumman Corp. | 3.25% | 1/15/2028 | $1027000 | $1003737 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 956000 | 938709 |
| *Total* |  |  |  | 4249932 |
| **Agriculture 1.67%** |  |  |  |  |
| Altria Group, Inc. | 4.875% | 2/4/2028 | 813000 | 824368 |
| BAT Capital Corp. | 5.35% | 8/15/2032 | 2011000 | 2058238 |
| BAT Capital Corp. | 5.834% | 2/20/2031 | 601000 | 632667 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.50% | 2/1/2030 | 3393000 | 3499196 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.875% | 7/1/2034 | 1318000 | 1353741 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% | 6/15/2035 | 1244000 | 1301345 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 4.90% | 4/21/2027 | 1000000 | 1003328 |
| *Total* |  |  |  | 10672883 |
| **Airlines 0.35%** |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% | 10/20/2031 | 1693000 | 1666640 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 582000 | 566581 |
| *Total* |  |  |  | 2233221 |
| **Auto Manufacturers 1.52%** |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% | 8/10/2026 | 1373000 | 1337130 |
| Ford Motor Credit Co. LLC | 3.375% | 11/13/2025 | 798000 | 792761 |
| Ford Motor Credit Co. LLC | 4.00% | 11/13/2030 | 901000 | 822872 |
| Ford Motor Credit Co. LLC | 4.134% | 8/4/2025 | 732000 | 731262 |
| Ford Motor Credit Co. LLC | 6.054% | 11/5/2031 | 668000 | 664845 |
| Ford Motor Credit Co. LLC | 6.125% | 3/8/2034 | 1316000 | 1281688 |
| Ford Motor Credit Co. LLC | 7.20% | 6/10/2030 | 831000 | 874882 |
| Hyundai Capital America<sup>†</sup> | 1.80% | 10/15/2025 | 1025000 | 1016469 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% | 12/15/2031 | 742000 | 756060 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 918000 | 938605 |
| Toyota Motor Credit Corp. | 4.55% | 9/20/2027 | 504000 | 508391 |
| *Total* |  |  |  | 9724965 |
| **Auto Parts & Equipment 0.23%** |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 6.75% | 2/15/2030 | 220000 | 228929 |
| Goodyear Tire & Rubber Co. | 5.00% | 7/15/2029 | 641000 | 627112 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% | 4/23/2030 | 648000 | 623097 |
| *Total* |  |  |  | 1479138 |

---

See Notes to Financial Statements. 5

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks 9.26%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | $800000 | $703899 |
| AIB Group PLC (Ireland)<sup>†(c)</sup> | 6.608%<br>(SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 1224000 | 1295608 |
| Bank of America Corp. | 2.087%<br>(SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 2750000 | 2578084 |
| Bank of America Corp. | 3.97%<br>(3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 3996000 | 3952322 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 1140000 | 1129092 |
| Citigroup, Inc. | 3.887%<br>(3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 2186000 | 2166791 |
| Citigroup, Inc. | 3.98%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 2173000 | 2130325 |
| Citizens Financial Group, Inc. | 5.718%<br>(SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 1956000 | 2024253 |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 4.375% |  | 6/12/2028 | 1407000 | 1403640 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 1100000 | 1220658 |
| Goldman Sachs Group, Inc. | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 1193000 | 1042229 |
| Intesa Sanpaolo SpA (Italy)<sup>†(c)</sup> | 6.625% |  | 6/20/2033 | 1782000 | 1935640 |
| JPMorgan Chase & Co. | 3.54%<br>(3 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 5/1/2028 | 1436000 | 1415251 |
| JPMorgan Chase & Co. | 4.946%<br>(SOFR + 1.34% |)<sup>#</sup> | 10/22/2035 | 2302000 | 2278769 |
| KeyCorp | 6.401%<br>(SOFR + 2.42% |)<sup>#</sup> | 3/6/2035 | 705000 | 752326 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 2.691%<br>(SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 2044000 | 1809551 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 1500000 | 1502733 |
| Morgan Stanley | 2.239%<br>(SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 1171000 | 1014330 |
| Morgan Stanley | 4.431%<br>(3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 3004000 | 3000300 |
| Morgan Stanley | 5.297%<br>(SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 907000 | 903967 |
| Morgan Stanley | 5.32%<br>(SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 713000 | 721992 |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 7.472%<br> (1 yr. CMT + 2.85% |)<sup>#</sup> | 11/10/2026 | 1205000 | 1216990 |

---

6 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| PNC Financial Services Group, Inc. | 5.401%<br>(SOFR + 1.60% |)<sup>#</sup> | 7/23/2035 | $873000 | $889323 |
| PNC Financial Services Group, Inc. | 5.676%<br>(SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | 1793000 | 1863606 |
| Truist Financial Corp. | 5.711%<br>(SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 1332000 | 1381240 |
| U.S. Bancorp | 4.839%<br>(SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 1407000 | 1389813 |
| U.S. Bancorp | 5.678%<br>(SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 1349000 | 1401015 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.364%<br> (1 yr. CMT + 1.08% |)<sup>#</sup> | 1/30/2027 | 1127000 | 1106630 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 1717000 | 1661004 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 869000 | 870904 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 4.988%<br> (1 yr. CMT + 2.40% |)<sup>#</sup> | 8/5/2033 | 1507000 | 1502670 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.327%<br> (1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 662000 | 679884 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.373%<br>(SOFR + 3.34% |)<sup>#</sup> | 7/15/2026 | 1500000 | 1501413 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.442%<br>(SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 2000000 | 2078496 |
| Wells Fargo & Co. | 2.393%<br>(SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 3925000 | 3783054 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 1241000 | 1133688 |
| Wells Fargo & Co. | 3.584%<br>(3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 1873000 | 1844890 |
| *Total* |  |  |  |  | 59286380 |
| **Beverages 0.11%** |  |  |  |  |  |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 687000 | 708350 |
| **Biotechnology 0.29%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 847000 | 865692 |
| Royalty Pharma PLC | 5.40% |  | 9/2/2034 | 948000 | 960989 |
| *Total* |  |  |  |  | 1826681 |

---

See Notes to Financial Statements. 7

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Building Materials 0.20%** |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | $651000 | $674280 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 631000 | 629855 |
| *Total* |  |  |  | 1304135 |
| **Chemicals 0.26%** |  |  |  |  |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 967000 | 957680 |
| Rain Carbon, Inc.<sup>†</sup> | 12.25% | 9/1/2029 | 645000 | 692537 |
| *Total* |  |  |  | 1650217 |
| **Coal 0.10%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 709000 | 660460 |
| **Commercial Services 1.34%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 633000 | 661853 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.00% | 6/1/2029 | 749000 | 729137 |
| Block, Inc. | 2.75% | 6/1/2026 | 658000 | 644648 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 883000 | 933932 |
| Global Payments, Inc. | 4.95% | 8/15/2027 | 1579000 | 1598002 |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 1529000 | 1600386 |
| Herc Holdings, Inc.<sup>†</sup> | 7.25% | 6/15/2033 | 562000 | 589230 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 483000 | 490072 |
| Rollins, Inc. | 5.25% | 2/24/2035 | 1334000 | 1339583 |
| *Total* |  |  |  | 8586843 |
| **Computers 0.33%** |  |  |  |  |
| CACI International, Inc.<sup>†</sup> | 6.375% | 6/15/2033 | 548000 | 566192 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 1188000 | 1176477 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 342000 | 361932 |
| *Total* |  |  |  | 2104601 |
| **Cosmetics/Personal Care 0.14%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% | 3/31/2032 | 901000 | 920158 |
| **Distribution/Wholesale 0.16%** |  |  |  |  |
| Mitsubishi Corp. (Japan)<sup>†(c)</sup> | 5.125% | 7/17/2034 | 999000 | 1018338 |
| **Diversified Financial Services 3.00%** |  |  |  |  |
| Air Lease Corp. | 5.20% | 7/15/2031 | 916000 | 936517 |
| Aircastle Ltd.<sup>†</sup> | 2.85% | 1/26/2028 | 1114000 | 1061044 |
| Aircastle Ltd.<sup>†</sup> | 6.50% | 7/18/2028 | 998000 | 1042419 |

---

8 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| American Express Co. | 5.667%<br>(SOFR + 1.79% |)<sup>#</sup> | 4/25/2036 | $929000 | $962368 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 812000 | 799279 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% |  | 7/15/2030 | 1471000 | 1561879 |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% |  | 10/25/2028 | 594000 | 631649 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% |  | 2/21/2026 | 878000 | 861921 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.528% |  | 11/18/2027 | 303000 | 288153 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 5.375% |  | 5/30/2030 | 953000 | 971196 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 6.375% |  | 5/4/2028 | 470000 | 490319 |
| Cboe Global Markets, Inc. | 3.65% |  | 1/12/2027 | 865000 | 858479 |
| Citadel Securities Global Holdings LLC<sup>†</sup> | 6.20% |  | 6/18/2035 | 711000 | 729815 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.125% |  | 11/1/2032 | 622000 | 628326 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 798000 | 821007 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 1291000 | 1254440 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 747000 | 756055 |
| Muthoot Finance Ltd. (India)<sup>(c)</sup> | 6.375% |  | 4/23/2029 | 950000 | 948390 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 814000 | 922884 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 913000 | 912320 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 936000 | 974680 |
| Rocket Cos., Inc.<sup>†</sup> | 6.375% |  | 8/1/2033 | 783000 | 802145 |
| *Total* |  |  |  |  | 19215285 |
| **Electric 4.90%** |  |  |  |  |  |
| AES Corp. | 2.45% |  | 1/15/2031 | 1120000 | 979710 |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 1193000 | 1134885 |
| American Transmission Systems, Inc.<sup>†</sup> | 2.65% |  | 1/15/2032 | 1091000 | 960631 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 1003000 | 1032711 |
| Ausgrid Finance Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.35% |  | 8/1/2028 | 1320000 | 1314546 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 820000 | 846618 |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(c)</sup> | 5.58% |  | 10/20/2035 | 937427 | 938910 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 448000 | 471526 |
| DTE Electric Co. | 5.85% |  | 5/15/2055 | 182000 | 186506 |
| Enel Finance International NV (Netherlands)<sup>†(c)</sup> | 5.125% |  | 6/26/2029 | 914000 | 931335 |
| Entergy Louisiana LLC | 5.15% |  | 9/15/2034 | 1979000 | 1991736 |
| Entergy Louisiana LLC | 5.70% |  | 3/15/2054 | 960000 | 948743 |
| Entergy Louisiana LLC | 5.80% |  | 3/15/2055 | 734000 | 735305 |
| Entergy Texas, Inc. | 5.25% |  | 4/15/2035 | 536000 | 540646 |

---

See Notes to Financial Statements. 9

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Entergy Texas, Inc. | 5.55% | 9/15/2054 | $524000 | $500572 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(c)</sup> | 7.25% | 1/31/2041 | 570700 | 579774 |
| FirstEnergy Transmission LLC | 5.00% | 1/15/2035 | 447000 | 442521 |
| Florida Power & Light Co. | 5.80% | 3/15/2065 | 405000 | 411365 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% | 12/1/2032 | 1762000 | 1813742 |
| Jersey Central Power & Light Co. | 5.10% | 1/15/2035 | 339000 | 338158 |
| Lightning Power LLC<sup>†</sup> | 7.25% | 8/15/2032 | 613000 | 645551 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% | 8/10/2030 | 891233 | 881045 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% | 5/1/2034 | 1005000 | 1020233 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% | 6/15/2029 | 537000 | 528557 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% | 2/1/2033 | 796000 | 804430 |
| Oglethorpe Power Corp. | 5.80% | 6/1/2054 | 620000 | 605719 |
| Oglethorpe Power Corp. | 5.90% | 2/1/2055 | 455000 | 447598 |
| Oncor Electric Delivery Co. LLC | 5.65% | 11/15/2033 | 1183000 | 1243844 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 508000 | 523385 |
| Public Service Electric & Gas Co. | 4.85% | 8/1/2034 | 2181000 | 2175819 |
| Union Electric Co. | 5.125% | 3/15/2055 | 606000 | 561124 |
| Union Electric Co. | 5.25% | 4/15/2035 | 663000 | 677394 |
| Virginia Electric & Power Co. | 5.05% | 8/15/2034 | 1793000 | 1798160 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 1699000 | 1731466 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% | 10/15/2031 | 591000 | 628560 |
| *Total* |  |  |  | 31372825 |
| **Electronics 0.14%** |  |  |  |  |
| Vontier Corp. | 2.95% | 4/1/2031 | 1030000 | 921316 |
| **Energy-Alternate Sources 0.13%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(c)</sup> | 3.85% | 3/29/2026 | 816640 | 802565 |
| **Engineering & Construction 0.43%** |  |  |  |  |
| IRB Infrastructure Developers Ltd. (India)<sup>†(c)</sup> | 7.11% | 3/11/2032 | 776000 | 778900 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 1319000 | 1301805 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | 690000 | 668769 |
| *Total* |  |  |  | 2749474 |
| **Entertainment 0.08%** |  |  |  |  |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 554000 | 516306 |
| **Equity Real Estate 0.15%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 1011000 | 948393 |

---

10 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Food 0.99%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% | 3/15/2033 | $379000 | $391047 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 3.625% | 1/15/2032 | 1410000 | 1290967 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 5.75% | 4/1/2033 | 865000 | 889692 |
| JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.<sup>†(a)</sup> | 6.375% | 4/15/2066 | 894000 | 901706 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 917000 | 929654 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 1310000 | 1326349 |
| Mars, Inc.<sup>†</sup> | 5.70% | 5/1/2055 | 612000 | 610941 |
| *Total* |  |  |  | 6340356 |
| **Gas 0.31%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | 1443000 | 1402776 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 550000 | 562644 |
| *Total* |  |  |  | 1965420 |
| **Health Care-Products 0.34%** |  |  |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc.<sup>†</sup> | 6.25% | 4/1/2029 | 940000 | 966822 |
| Solventum Corp. | 5.60% | 3/23/2034 | 1160000 | 1194310 |
| *Total* |  |  |  | 2161132 |
| **Health Care-Services 1.55%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 2405000 | 2234967 |
| Centene Corp. | 3.375% | 2/15/2030 | 1694000 | 1561467 |
| DaVita, Inc.<sup>†</sup> | 6.875% | 9/1/2032 | 618000 | 640746 |
| HCA, Inc. | 5.45% | 9/15/2034 | 428000 | 431889 |
| HCA, Inc. | 5.50% | 3/1/2032 | 1727000 | 1783236 |
| LifePoint Health, Inc.<sup>†</sup> | 9.875% | 8/15/2030 | 573000 | 620534 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 686000 | 678901 |
| UnitedHealth Group, Inc. | 4.50% | 4/15/2033 | 867000 | 845273 |
| UnitedHealth Group, Inc. | 5.35% | 2/15/2033 | 757000 | 780212 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 360000 | 343757 |
| *Total* |  |  |  | 9920982 |
| **Insurance 3.06%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 631000 | 641872 |
| Arthur J Gallagher & Co. | 5.00% | 2/15/2032 | 1027000 | 1041783 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 595000 | 507528 |

---

See Notes to Financial Statements. 11

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |  |
| Athene Global Funding<sup>†</sup> | 5.62% |  | 5/8/2026 | $2192000 | $2212054 |
| Beacon Funding Trust<sup>†</sup> | 6.266% |  | 8/15/2054 | 986000 | 977067 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% |  | 6/10/2029 | 1292000 | 1325362 |
| Brown & Brown, Inc. | 2.375% |  | 3/15/2031 | 1295000 | 1140816 |
| Brown & Brown, Inc. | 5.25% |  | 6/23/2032 | 161000 | 164301 |
| Brown & Brown, Inc. | 5.55% |  | 6/23/2035 | 326000 | 332559 |
| CNO Global Funding<sup>†</sup> | 5.875% |  | 6/4/2027 | 1145000 | 1176487 |
| GA Global Funding Trust<sup>†</sup> | 2.90% |  | 1/6/2032 | 2366000 | 2069638 |
| GA Global Funding Trust<sup>†</sup> | 5.20% |  | 12/9/2031 | 1353000 | 1356102 |
| GA Global Funding Trust<sup>†</sup> | 5.50% |  | 4/1/2032 | 1336000 | 1358791 |
| Hanwha Life Insurance Co. Ltd. (South Korea)<sup>†(c)</sup> | 6.30%<br> (5 yr. CMT + 2.29% |)<sup>#</sup> | 6/24/2055 | 341000 | 351612 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 7.25% |  | 2/15/2031 | 708000 | 733709 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% |  | 10/1/2029 | 1025000 | 1023833 |
| New York Life Global Funding<sup>†</sup> | 4.55% |  | 1/28/2033 | 1027000 | 1005480 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% |  | 1/25/2029 | 1369000 | 1400463 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% |  | 12/10/2029 | 740000 | 756322 |
| *Total* |  |  |  |  | 19575779 |
| **Internet 0.58%** |  |  |  |  |  |
| Prosus NV (Netherlands)<sup>(c)</sup> | 4.027% |  | 8/3/2050 | 856000 | 573064 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% |  | 8/15/2029 | 2504000 | 2491020 |
| Weibo Corp. (China)<sup>(c)</sup> | 3.375% |  | 7/8/2030 | 680000 | 635024 |
| *Total* |  |  |  |  | 3699108 |
| **Iron-Steel 0.10%** |  |  |  |  |  |
| ATI, Inc. | 7.25% |  | 8/15/2030 | 626000 | 656513 |
| **Leisure Time 0.31%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 978000 | 1001254 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% |  | 7/15/2027 | 947000 | 953190 |
| *Total* |  |  |  |  | 1954444 |
| **Lodging 0.20%** |  |  |  |  |  |
| MGM China Holdings Ltd. (Macau)<sup>(c)</sup> | 4.75% |  | 2/1/2027 | 650000 | 645521 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 5.625% |  | 8/26/2028 | 670000 | 659088 |
| *Total* |  |  |  |  | 1304609 |

---

12 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Machinery-Diversified 0.58%** |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | $2361000 | $2360277 |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 1336000 | 1343919 |
| *Total* |  |  |  | 3704196 |
| **Media 0.92%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 1374000 | 1332158 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 673000 | 671224 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 1074000 | 1027029 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 1750000 | 1596260 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 1271000 | 1273558 |
| *Total* |  |  |  | 5900229 |
| **Mining 2.02%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 3.875% | 3/16/2029 | 1083000 | 1058195 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.75% | 4/5/2034 | 1160000 | 1198468 |
| Antofagasta PLC (Chile)<sup>†(c)</sup> | 6.25% | 5/2/2034 | 1175000 | 1232787 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 1086000 | 1015542 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 1115000 | 1143600 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 1449000 | 1477601 |
| Glencore Funding LLC<sup>†</sup> | 6.375% | 10/6/2030 | 570000 | 612084 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 625000 | 630333 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 921000 | 920045 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | 5.625% | 2/12/2032 | 1439000 | 1465017 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | 6.75% | 5/14/2030 | 741000 | 755673 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 934000 | 966275 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% | 5/13/2032 | 462000 | 472440 |
| *Total* |  |  |  | 12948060 |
| **Miscellaneous Manufacturing 0.21%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 658000 | 679162 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 646000 | 641859 |
| *Total* |  |  |  | 1321021 |
| **Oil & Gas 3.21%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 618000 | 648702 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 1160000 | 1191722 |
| APA Corp.<sup>†</sup> | 4.25% | 1/15/2030 | 709000 | 679050 |

---

See Notes to Financial Statements. 13

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| Continental Resources, Inc.<sup>†</sup> | 5.75% |  | 1/15/2031 | $2207000 | $2229189 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% |  | 1/15/2033 | 984000 | 941477 |
| Devon Energy Corp. | 5.20% |  | 9/15/2034 | 1061000 | 1031003 |
| Ecopetrol SA (Colombia)<sup>(c)</sup> | 8.375% |  | 1/19/2036 | 879000 | 848685 |
| EQT Corp.<sup>†</sup> | 4.75% |  | 1/15/2031 | 646000 | 636216 |
| EQT Corp.<sup>†</sup> | 6.375% |  | 4/1/2029 | 616000 | 635593 |
| EQT Corp. | 7.00% |  | 2/1/2030 | 2389000 | 2590988 |
| EQT Corp.<sup>†</sup> | 7.50% |  | 6/1/2030 | 820000 | 901592 |
| Expand Energy Corp.<sup>†</sup> | 5.875% |  | 2/1/2029 | 2349000 | 2359984 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 1267000 | 1312323 |
| Occidental Petroleum Corp. | 6.625% |  | 9/1/2030 | 1510000 | 1597655 |
| Ovintiv, Inc. | 6.50% |  | 2/1/2038 | 342000 | 346270 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 654000 | 652165 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(c)</sup> | 3.25% |  | 8/15/2030 | 740000 | 659300 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% |  | 10/15/2029 | 675000 | 654598 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% |  | 5/1/2030 | 618000 | 594677 |
| *Total* |  |  |  |  | 20511189 |
| **Packaging & Containers 0.25%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 923000 | 947823 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 632000 | 628033 |
| *Total* |  |  |  |  | 1575856 |
| **Pharmaceuticals 0.34%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 670000 | 701285 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 1065000 | 1132125 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(c)</sup> | 3.15% |  | 10/1/2026 | 365000 | 358138 |
| *Total* |  |  |  |  | 2191548 |
| **Pipelines 1.17%** |  |  |  |  |  |
| Boardwalk Pipelines LP | 3.40% |  | 2/15/2031 | 881000 | 814318 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 692000 | 620702 |
| Eastern Energy Gas Holdings LLC | 5.65% |  | 10/15/2054 | 490000 | 468960 |
| Eastern Energy Gas Holdings LLC | 5.80% |  | 1/15/2035 | 866000 | 901853 |
| Enbridge, Inc. (Canada)<sup>(c)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 1449000 | 1616893 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 750000 | 669077 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% |  | 3/1/2030 | 817000 | 829342 |

---

14 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | $901000 | $919101 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% | 6/1/2031 | 607000 | 630886 |
| *Total* |  |  |  | 7471132 |
| **REITS 2.07%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 2150000 | 2091107 |
| Brandywine Operating Partnership LP | 4.55% | 10/1/2029 | 1028000 | 968973 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 3131000 | 2932349 |
| EPR Properties | 4.50% | 6/1/2027 | 522000 | 519575 |
| EPR Properties | 4.95% | 4/15/2028 | 511000 | 510205 |
| Host Hotels & Resorts LP | 5.70% | 6/15/2032 | 919000 | 932511 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% | 7/15/2032 | 697000 | 669352 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 2203000 | 2190337 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 910000 | 894399 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 1500000 | 1521214 |
| *Total* |  |  |  | 13230022 |
| **Retail 0.34%** |  |  |  |  |
| Arcos Dorados BV (Netherlands)<sup>†(c)</sup> | 6.375% | 1/29/2032 | 600000 | 624534 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | 1239000 | 1279518 |
| Walgreens Boots Alliance, Inc. | 8.125% | 8/15/2029 | 257000 | 272731 |
| *Total* |  |  |  | 2176783 |
| **Semiconductors 1.17%** |  |  |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875% | 1/15/2027 | 621000 | 616953 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 983000 | 947777 |
| Broadcom, Inc. | 4.30% | 11/15/2032 | 1119000 | 1085800 |
| Broadcom, Inc. | 5.15% | 11/15/2031 | 1344000 | 1383202 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 1021000 | 1047975 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.875% | 1/25/2034 | 447000 | 454654 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 1554000 | 1612446 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.25% | 1/25/2035 | 353000 | 371172 |
| *Total* |  |  |  | 7519979 |
| **Software 1.37%** |  |  |  |  |
| AppLovin Corp. | 5.375% | 12/1/2031 | 1152000 | 1172755 |
| Atlassian Corp. (Australia)<sup>(c)</sup> | 5.50% | 5/15/2034 | 835000 | 857859 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 679000 | 685761 |

---

See Notes to Financial Statements. 15

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | $1024000 | $1035946 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 1821000 | 1870695 |
| Synopsys, Inc. | 5.00% | 4/1/2032 | 1885000 | 1910157 |
| Workday, Inc. | 3.80% | 4/1/2032 | 1290000 | 1212633 |
| *Total* |  |  |  | 8745806 |
| **Telecommunications 0.18%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 8.125% | 2/1/2027 | 676000 | 608910 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 520000 | 558369 |
| *Total* |  |  |  | 1167279 |
| **Transportation 0.22%** |  |  |  |  |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 935000 | 939671 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 432000 | 451896 |
| *Total* |  |  |  | 1391567 |
| *Total Corporate Bonds* (cost $296,829,355) |  |  |  | 300385476 |
| **FLOATING RATE LOANS<sup>(d)</sup> 2.58%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.522%<br>(3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 442449 | 440202 |
| **Commercial Services 0.26%** |  |  |  |  |
| Prime Security Services Borrower LLC 2025 Incremental Term Loan B | – <sup>(b)</sup> | 3/7/2032 | 938648 | 932293 |
| Trans Union LLC 2024 Term Loan B8 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2031 | 215368 | 215883 |
| Trans Union LLC 2024 Term Loan B9 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2031 | 500201 | 501271 |
| *Total* |  |  |  | 1649447 |
| **Diversified Financial Services 0.69%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.071%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 1890976 | 1894474 |
| Citadel Securities LP 2024 First Lien Term Loan | 6.327%<br>(1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 742270 | 746122 |
| Colossus Acquireco LLC Term Loan B | – <sup>(b)</sup> | 6/11/2032 | 993000 | 987663 |
| Hudson River Trading LLC 2024 Term Loan B | 7.314%<br>(1 mo. USD Term SOFR + 3.00%) | 3/18/2030 | 759840 | 763047 |
| *Total* |  |  |  | 4391306 |

---

16 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric 0.28%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 1/31/2031 | $633000 | $633646 |
| NRG Energy, Inc. 2024 Term Loan | 6.03%<br>(3 mo. USD Term SOFR + 1.75%) | 4/16/2031 | 726483 | 728752 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 12/20/2030 | 466631 | 468365 |
| *Total* |  |  |  | 1830763 |
| **Entertainment 0.37%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(c)</sup> | 6.046%<br>(3 mo. USD Term SOFR + 1.75%) | 11/30/2030 | 1389421 | 1387684 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | – <sup>(b)</sup> | 12/4/2031 | 509716 | 510035 |
| Six Flags Entertainment Corp. 2024 Term Loan B | – <sup>(b)</sup> | 5/1/2031 | 498740 | 499800 |
| *Total* |  |  |  | 2397519 |
| **Health Care Products 0.09%** |  |  |  |  |
| Reynolds Consumer Products LLC 2025 Term Loan B | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 3/4/2032 | 552900 | 556123 |
| **Insurance 0.10%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br>(1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 625598 | 625770 |
| **Lodging 0.10%** |  |  |  |  |
| Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | 6.069%<br>(1 mo. USD Term SOFR + 1.75%) | 11/8/2030 | 659229 | 662215 |
| **Media 0.12%** |  |  |  |  |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.548%<br>(3 mo. USD Term SOFR + 2.25%) | 12/15/2031 | 745255 | 747260 |
| **Pharmaceuticals 0.15%** |  |  |  |  |
| Elanco Animal Health, Inc. Term Loan B | – <sup>(b)</sup> | 8/1/2027 | 965000 | 965246 |
| **Retail 0.13%** |  |  |  |  |
| Panera Bread Co. 2022 Term Loan A3 | – <sup>(b)</sup> | 6/15/2027 | 425000 | 421813 |
| Panera Bread Co. 2022 Term Loan A5 | – <sup>(b)</sup> | 6/15/2027 | 425000 | 422875 |
| *Total* |  |  |  | 844688 |

---

See Notes to Financial Statements. 17

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** | **Fair<br> Value** |
| **Utilities 0.22%** |  |  |  |  |  |  |  |
| Alpha Generation LLC Term Loan B |  | <sup>(b)</sup> | 9/30/2031 | $| 1416432 | $| 1416191 |
| *Total Floating Rate Loans* (cost $16,523,044) |  |  |  |  |  |  | 16526730 |
| **FOREIGN GOVERNMENT OBLIGATIONS<sup>(c)</sup> 0.45%** |  |  |  |  |  |  |  |
| **Hungary 0.20%** |  |  |  |  |  |  |  |
| Hungary Government International Bonds | 6.125% |  | 5/22/2028 |  | 1225000 |  | 1266160 |
| **Kazakhstan 0.15%** |  |  |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% |  | 5/8/2028 |  | 938000 |  | 950558 |
| **Mexico 0.10%** |  |  |  |  |  |  |  |
| Mexico Government International Bonds | 6.35% |  | 2/9/2035 |  | 645000 |  | 661512 |
| *Total Foreign Government Obligations* (cost $2,856,042) |  |  |  |  |  |  | 2878230 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.92%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 |  | 2080000 |  | 1842154 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 |  | 1640000 |  | 1500163 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(e)</sup> | 12/25/2032 |  | 1600000 |  | 1540091 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(e)</sup> | 1/25/2033 |  | 880000 |  | 875605 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-161 Class A2 | 4.90% | <sup>#(e)</sup> | 10/25/2033 |  | 960000 |  | 986646 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(e)</sup> | 8/25/2032 |  | 2510000 |  | 2319010 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(e)</sup> | 5/25/2033 |  | 2260000 |  | 2210843 |
| FREMF Mortgage Trust Series K-169 Class A2 | 4.66% | <sup>#(e)</sup> | 12/25/2034 |  | 1030000 |  | 1036896 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $12,116,278) |  | 12311408 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.09%** |  |  |  |  |  |  |  |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 9/1/2050 |  | 1728067 |  | 1380565 |
| Federal Home Loan Mortgage Corp. | 3.00% |  | 5/1/2050 |  | 1842974 |  | 1625368 |

---

18 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |
| Federal Home Loan Mortgage Corp. | 3.50% | 2/1/2046 | $837678 | $778368 |
| Federal Home Loan Mortgage Corp. | 5.00% | 7/1/2052 - 8/1/2052 | 4722108 | 4676987 |
| Federal Home Loan Mortgage Corp. | 5.50% | 7/1/2054 - 11/1/2054 | 5228743 | 5305326 |
| Federal Home Loan Mortgage Corp. | 6.00% | 7/1/2039 - 2/1/2055 | 6785537 | 7024946 |
| Federal Home Loan Mortgage Corp. | 6.50% | 11/1/2053 | 2158533 | 2246098 |
| Federal National Mortgage Association | 2.50% | 8/1/2050 - 5/1/2052 | 8921403 | 7543537 |
| Federal National Mortgage Association | 3.00% | 12/1/2048 | 3004310 | 2662779 |
| Federal National Mortgage Association | 3.50% | 9/1/2051 - 4/1/2052 | 2207721 | 2009443 |
| Federal National Mortgage Association | 4.00% | 5/1/2052 - 6/1/2052 | 3731594 | 3512713 |
| Federal National Mortgage Association | 5.00% | 7/1/2052 - 8/1/2052 | 3328088 | 3298023 |
| Federal National Mortgage Association | 5.50% | 3/1/2054 - 10/1/2054 | 6163752 | 6235301 |
| Federal National Mortgage Association | 6.00% | 2/1/2039 - 1/1/2055 | 1843188 | 1905369 |
| Government National Mortgage Association<sup>(f)</sup> | 2.00% | TBA | 1644000 | 1339316 |
| Government National Mortgage Association<sup>(f)</sup> | 3.00% | TBA | 8750000 | 7739907 |
| Government National Mortgage Association<sup>(f)</sup> | 4.50% | TBA | 5640000 | 5399570 |
| Government National Mortgage Association<sup>(f)</sup> | 5.00% | TBA | 11635000 | 11428863 |
| Government National Mortgage Association<sup>(f)</sup> | 5.50% | TBA | 9661000 | 9676697 |
| Government National Mortgage Association<sup>(f)</sup> | 6.00% | TBA | 12048000 | 12227601 |
| Government National Mortgage Association<sup>(f)</sup> | 6.50% | TBA | 6477000 | 6644121 |
| Government National Mortgage Association<sup>(f)</sup> | 2.50% | TBA | 4269000 | 3627591 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.00% | TBA | 9392000 | 7438127 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 2.50% | TBA | 17702000 | 15200555 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 3.00% | TBA | 3392000 | 3001676 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 3.50% | TBA | 4608000 | 4148413 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 4.50% | TBA | 2367000 | 2264404 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.00% | TBA | 14527000 | 14500164 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 5.50% | TBA | 17977000 | 18203157 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.00% | TBA | 4104000 | 4180265 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 6.50% | TBA | 1028000 | 1060107 |
| Uniform Mortgage-Backed Security<sup>(f)</sup> | 7.00% | TBA | 1380000 | 1448732 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $180,052,379) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $180,052,379) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $180,052,379) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $180,052,379) | 179734089 |

---

See Notes to Financial Statements. 19

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.81%** |
| ALA Trust Series 2025-OANA Class A<sup>†</sup> | 6.043%<br>(1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2040 | $1040000 | $1047318 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 2370000 | 2469172 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 10/25/2051 | 1221134 | 996683 |
| BBCMS Mortgage Trust Series 2023-C21 Class A5 | 6.00% | <sup>#(e)</sup> | 9/15/2056 | 1200000 | 1280007 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 2780000 | 2912653 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 830000 | 866447 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 750000 | 781851 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(e)</sup> | 5/15/2056 | 3210000 | 3383397 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3 | 5.602% |  | 8/15/2057 | 1480000 | 1531527 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 880000 | 905959 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 940000 | 981016 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(e)</sup> | 12/15/2057 | 750000 | 778970 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.705%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 1170000 | 1163086 |
| BX Trust Series 2025-TAIL Class A<sup>†</sup> | 5.712%<br>(1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 460000 | 461406 |
| Chase Home Lending Mortgage Trust Series 2024-RPL2 Class A1A<sup>†</sup> | 3.25% | <sup>#(e)</sup> | 8/25/2064 | 1035449 | 918924 |
| Chase Home Lending Mortgage Trust Series 2024-RPL4 Class A1A<sup>†</sup> | 3.375% | <sup>#(e)</sup> | 12/25/2064 | 443199 | 396997 |
| CIM Trust Series 2021-INV1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/1/2051 | 1449450 | 1186507 |
| CIM Trust Series 2021-J3 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/25/2051 | 1901039 | 1553517 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.954%<br>(1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 700000 | 698487 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(g)</sup> | 5/26/2070 | 1120906 | 1123233 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.805%<br>(30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 1770000 | 1803427 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.555%<br>(30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 1000000 | 1062200 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.555%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 538300 | 540931 |

---

20 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1<sup>†</sup> | 5.555%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | $1149522 | $1153147 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.555%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 687500 | 690448 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-HQA1 Class M1<sup>†</sup> | 5.455%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 2/25/2045 | 818941 | 818953 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08 Class 1M1<sup>†</sup> | 6.855%<br> (30 day USD SOFR Average + 2.55% |)<sup>#</sup> | 7/25/2042 | 243556 | 249109 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 8.205%<br> (30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | 360000 | 383100 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.606%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 688420 | 703165 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R04 Class 1A1<sup>†</sup> | 5.305%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 5/25/2045 | 797401 | 798114 |
| Flagstar Mortgage Trust Series 2021-3INV Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 6/25/2051 | 1310749 | 1070236 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 8/25/2051 | 709324 | 580292 |
| GS Mortgage-Backed Securities Trust Series 2021-MM1 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 4/25/2052 | 893611 | 729361 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 7/25/2051 | 1827531 | 1492763 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 1/25/2052 | 1509567 | 1231649 |
| GS Mortgage-Backed Securities Trust Series 2022-HP1 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 9/25/2052 | 290316 | 247495 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 1/25/2053 | 1307058 | 1112181 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.649% | <sup>#(e)</sup> | 1/13/2040 | 1530000 | 1578805 |
| JP Morgan Mortgage Trust Series 2021-13 Class A3<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 4/25/2052 | 1037513 | 846813 |

---

See Notes to Financial Statements. 21

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 6/25/2052 | $1847884 | $1575324 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 4/25/2052 | 1786153 | 1524838 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 5/25/2052 | 961307 | 821917 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 10/25/2052 | 798543 | 678766 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 3/25/2052 | 962253 | 822724 |
| JP Morgan Mortgage Trust Series 2022-INV3 Class A3B<sup>†</sup> | 3.00% | <sup>#(e)</sup> | 9/25/2052 | 1051549 | 895818 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†(a)</sup> | 5.664% | <sup>#(e)</sup> | 9/25/2065 | 1190000 | 1197976 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.202%<br>(1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 690000 | 692040 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 960000 | 998380 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.846% | <sup>#(e)</sup> | 11/25/2059 | 900000 | 687439 |
| New Residential Mortgage Loan Trust Series 2025-NQM3 Class A1<sup>†</sup> | 5.53% | <sup>(g)</sup> | 5/25/2065 | 1400000 | 1409387 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(e)</sup> | 1/26/2060 | 6063 | 6005 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 1550000 | 1587222 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(e)</sup> | 2/25/2050 | 12171 | 11640 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.755%<br>(1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 1580000 | 1570921 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class B<sup>†</sup> | 5.905%<br>(1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 4/15/2042 | 1270000 | 1268953 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.434%<br>(1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 670000 | 696725 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3 | 3.055% |  | 6/15/2052 | 1065504 | 1011680 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.003%<br>(1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 1080000 | 1076407 |

---

22 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

*June 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | $950000 | $1004031 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2021-INV2 Class A2<sup>†</sup> | 2.50% | <sup>#(e)</sup> | 9/25/2051 | 833018 | 680945 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $62,512,676) |  |  |  |  | 62748484 |
| **U.S. TREASURY OBLIGATIONS 13.53%** |  |  |  |  |  |
| U.S. Treasury Bonds | 3.375% |  | 8/15/2042 | 7818000 | 6564371 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 24869400 | 23707533 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 19531000 | 19125121 |
| U.S. Treasury Bonds | 4.625% |  | 2/15/2055 | 4086000 | 3978743 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 13118000 | 13052410 |
| U.S. Treasury Notes | 3.75% |  | 4/30/2027 | 5995400 | 5995400 |
| U.S. Treasury Notes | 4.00% |  | 3/31/2030 | 5906900 | 5963200 |
| U.S. Treasury Notes | 4.125% |  | 2/28/2027 | 8148000 | 8191605 |
| *Total U.S. Treasury Obligations* (cost $86,729,373) |  |  |  |  | 86578383 |
| *Total Long-Term Investments* (cost $759,380,918) |  |  |  |  | 763331865 |
| **SHORT-TERM INVESTMENTS 0.87%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.87%** |  |  |  |  |  |
| Repurchase Agreement dated 6/30/2025, 4.000% due 7/1/2025 with Fixed Income Clearing Corp. collateralized by $5,664,300 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $5,664,840; proceeds: $5,554,191 <br> (cost $5,553,574) |  |  |  | 5553574 | 5553574 |
| *Total Investments in Securities 120.16%* (cost $764,934,492) |  |  |  |  | 768885439 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(20.16)%* |  |  |  |  | (129011513) |
| *Net Assets 100.00%* |  |  |  |  | $639873926 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2025, the total value of Rule 144A securities was $268,656,365, which represents 41.99% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at June 30, 2025. |
| <sup>(a)</sup> | Securities purchased on a when-issued basis (See Note 2(j)). |
| <sup>(b)</sup> | Interest Rate to be determined. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2025. |
| <sup>(e)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |

---

See Notes to Financial Statements. 23

**Schedule of Investments (unaudited)(concluded)**

*June 30, 2025*

<sup>(f)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(g)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(h)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 104 | Long | $21551560 | $21634438 |  | $82878 |
| U.S. 5-Year Treasury Note | September 2025 | 163 | Long | 17623066 | 17767000 |  | 143934 |
| U.S. Ultra Treasury Bond | September 2025 | 106 | Long | 12178002 | 12627250 |  | 449248 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $676060 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 61 | Short | $(6825224) | $(6970203) | $(144979 | $(144979) |

---

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $102169065 | $– | $102169065 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 300385476 |  | 300385476 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 16526730 |  | 16526730 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 2878230 |  | 2878230 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 12311408 |  | 12311408 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 179734089 |  | 179734089 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 62748484 |  | 62748484 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 86578383 |  | 86578383 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 5553574 | – | 5553574 |
| Total | $– | $768885439 | $– | $768885439 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $676060 | $– | $– | $676060 |
| &nbsp;&nbsp;&nbsp;Liabilities | (144979) | – | – | (144979) |
| Total | $531081 | $– | $– | $531081 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

24 See Notes to Financial Statements.

**Statement of Assets and Liabilities (unaudited)**

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities, at cost | $764934492 |
| Investments in securities, at fair value | $768885439 |
| Cash | 134687 |
| Cash at brokers for TBA collateral | 970000 |
| Deposits with brokers for futures collateral | 773343 |
| Deposits with brokers for TBA collateral | 10000 |
| Foreign cash, at value (cost $5) | 6 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 119900312 |
| &nbsp;&nbsp;&nbsp;Interest | 6318432 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 1423900 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 25979 |
| Prepaid expenses | 1884 |
| **Total assets** | 898443982 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 256574700 |
| &nbsp;&nbsp;&nbsp;To brokers for TBA collateral | 970000 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 643925 |
| &nbsp;&nbsp;&nbsp;Management fee | 145791 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 79349 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 61228 |
| &nbsp;&nbsp;&nbsp;Fund administration | 20827 |
| Accrued expenses | 74236 |
| **Total liabilities** | 258570056 |
| **Commitments and contingent liabilities** | – |
| **NET ASSETS** | $639873926 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $730750996 |
| Total distributable earnings (loss) | (90877070) |
| **Net Assets** | $639873926 |
| **Outstanding shares (130 million shares of common stock authorized, $.001 par value)** | 44389943 |
| **Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)** | $14.41 |

---

See Notes to Financial Statements. 25

**Statement of Operations (unaudited)**

*For the Six Months Ended June 30, 2025*

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest and other (net of foreign withholding taxes of $135) | $16555351 |
| **Expenses:** |  |
| Management fee | 881521 |
| Non-12b-1 service fees | 787071 |
| Shareholder servicing | 315042 |
| Fund administration | 125932 |
| Professional | 35287 |
| Custody | 11271 |
| Directors' fees | 9887 |
| Reports to shareholders | 9608 |
| Other | 45974 |
| Gross expenses | 2221593 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (11271) |
| **Net expenses** | 2210322 |
| **Net investment income** | 14345029 |
| **Net realized and unrealized gain/(loss):** |  |
| Net realized gain/(loss) on investments | (7132150) |
| Net realized gain/(loss) on futures contracts | (881817) |
| Net realized gain/(loss) on swap contracts | (26679) |
| Net change in unrealized appreciation/(depreciation) on investments | 16430353 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 1205503 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 1 |
| **Net realized and unrealized gain/(loss)** | 9595211 |
| **Net Increase in Net Assets Resulting From Operations** | $23940240 |

---

26 See Notes to Financial Statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> June 30, 2025<br> (unaudited)** | **For the<br> Year Ended<br> December 31, 2024** |
| **Operations:** |  |  |
| Net investment income | $14345029 | $29052001 |
| Net realized gain/(loss) | (8040646) | (814530) |
| Net change in unrealized appreciation/(depreciation) | 17635857 | (11798208) |
| **Net increase in net assets resulting from operations** | 23940240 | 16439263 |
| **Distributions to shareholders:** | – | (29555278) |
| **Capital share transactions (See Note 12):** |  |  |
| Net proceeds from sales of shares | 46523949 | 125596183 |
| Reinvestment of distributions |  | 29555278 |
| Cost of shares reacquired | (61384923) | (140957074) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (14860974) | 14194387 |
| **Net increase in net assets** | 9079266 | 1078372 |
| **NET ASSETS:** |  |  |
| Beginning of period | $630794660 | $629716288 |
| **End of period** | $639873926 | $630794660 |

---

See Notes to Financial Statements. 27

**Financial Highlights**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **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:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | Net<br> invest-<br> ment<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Return<br> of<br> capital** | **Total<br> distri-<br> butions** |
| 6/30/2025<sup>(c)</sup> | $13.88 | $0.32 | $0.21 | $0.53 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| 12/31/2024 | 14.20 | 0.66 | (0.29) | 0.37 | (0.69) |  |  | (0.69) |
| 12/31/2023 | 13.95 | 0.60 | 0.28 | 0.88 | (0.63) |  |  | (0.63) |
| 12/31/2022 | 16.85 | 0.41 | (2.77) | (2.36) | (0.48) | (0.03) | (0.03) | (0.54) |
| 12/31/2021 | 17.34 | 0.27 | (0.30) | (0.03) | (0.34) | (0.12) |  | (0.46) |
| 12/31/2020 | 16.85 | 0.36 | 0.88 | 1.24 | (0.42) | (0.33) |  | (0.75) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

28 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>Total<br> **return**<sup>(b)</sup><br> (%) | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $14.41 | 3.74 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.70 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.71 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 4.56 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $639874 | 215 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 13.88 | 2.66 | 0.70 | 0.71 | 4.59 | 630795 | 404 |
| 14.20 | 6.34 | 0.70 | 0.71 | 4.21 | 629716 | 413 |
| 13.95 | (14.05) | 0.71 | 0.71 | 2.70 | 585096 | 485 |
| 16.85 | (0.24) | 0.70 | 0.71 | 1.59 | 660623 | 376 |
| 17.34 | 7.43 | 0.71 | 0.72 | 2.05 | 683584 | 541 |

---

See Notes to Financial Statements. 29

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Series Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended ("the Act"), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2025. This report covers Total Return Portfolio (the "Fund").

The Fund's investment objective is to seek income and capital appreciation to produce a high total return. The Fund has Variable Contract class shares ("Class VC Shares"), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

**Basis of Preparation**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies*. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

The Fund adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard resulted in new financial statement disclosures and did not affect the Fund's financial position or its results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is Lord, Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment
 Valuation– Under procedures approved by the Fund's Board of Directors (the "Board"), the
 Board has designated the determination of fair value of the Fund's portfolio investments to Lord Abbett as its valuation
 designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing,
 applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee
 that performs these responsibilities on behalf of Lord Abbett, administers the pricing

**Notes to Financial Statements (unaudited)(continued)**

and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their net asset value ("NAV") as of the close of each business day.

Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

**Notes to Financial Statements (unaudited)(continued)**

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments;

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
 credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

A summary of inputs used in valuing the Fund's investments and other financial instruments as of June 30, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses **–** Expenses
 incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within
 the Company on a pro rata basis by relative net assets.

(c) Floating
 Rate Loans **–** The Fund may invest in floating rate loans, which usually take the form of loan participations
 and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations,
 partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within
 a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or
 other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent
 typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral
 on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized
 in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay
 interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates
 are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing Rate ("SOFR").

The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

**Notes to Financial Statements (unaudited)(continued)**

Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments is presented, if any, on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund's floating rate notes.

As of June 30, 2025, the Fund did not have any unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Foreign
 Transactions **–** The books and records of the Fund are maintained in U.S. dollars and transactions denominated
 in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability
 accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized
 gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and
 liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and
 losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related
 transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations
 arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Income
 Taxes **–** It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue
 Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to
 its shareholders. Therefore, no income tax provision is required.

Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2025, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment
 Income **–** Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual
 basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in
 Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign interest have been provided
 for in accordance with the applicable country's tax rules and rates.

(g) Mortgage
 Dollar Rolls **–** The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities
 for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type,
 coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right
 to receive principal (including prepayments of principal) and interest paid on the securities sold.

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(h) Repurchase
 Agreements **–** The Fund may enter into repurchase agreements with respect to securities. A repurchase
 agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller
 (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase
 agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S.
 Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including
 accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a
 time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

The Fund's repurchase agreements are not subject to master netting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Security
 Transactions **–** Security transactions are recorded as of the date that the securities are purchased or
 sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(j) When-Issued,
 Forward Transactions or To-Be-Announced ("TBA") Transactions **–** The Fund may purchase portfolio
 securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by
 the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order
 to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the
 period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or
 marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market
 daily in an amount sufficient to make payment at settlement will be segregated at the Fund's custodian in order to pay
 for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record
 the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund,
 generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of
 the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase
 date.

(k) Derivatives **–** Derivative
 instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate
 income or gain to the Fund. Derivatives may also be used to manage duration,
sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the of Statement 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

**Notes to Financial Statements (unaudited)(continued)**

allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

Notes i. – iii. below describe the various derivatives used by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** Futures
 Contracts **–** During the period, the Fund entered into futures contracts to manage and hedge interest
 rate risk associated with portfolio investments. During the period, the Fund also purchased futures contracts to invest incoming
 cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying
 index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/(depreciation) on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price, foreign exchange and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade.

**Notes to Financial Statements (unaudited)(continued)**

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Swap Contracts **–** During
 the period, the Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve)
 risks within its portfolio. During the period, the Fund also used swaps as alternatives to
direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a
counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures
Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns
at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/(depreciation) on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund's OTC swap contracts are subject to master netting arrangements.

Credit Default Swap Contracts**–**During the period, the Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

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.

**Notes to Financial Statements (unaudited)(continued)**

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Summary
 of Derivative Information **–** As of June 30, 2025, the Fund had the following derivatives at fair value,
 grouped into appropriate risk categories that illustrate the Fund's use of derivative instruments:

---

| | | |
|:---|:---|:---|
| **Asset Derivatives** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $676060 |
| **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | 144979 |

---

<sup>(1)</sup> Statement of Assets and Liabilities location: 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 (unaudited)(continued)**

The following table presents the effect of derivatives on the Statement of Operations for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Inflation**<br> **Linked/**<br> **Interest**<br> **Rate**<br> **Contracts** | **Credit**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $(26679) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(881817) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statement of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1205503 |  |
| **Derivatives volume calculated**<br> **based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $438286 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 416 | – |

---

**3.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on the Fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| First $4 billion | .28% |
| Next $11 billion | .26% |
| Over $15 billion | .25% |

---

For the six months ended June 30, 2025, the effective management fee, net of any applicable waiver, was at an annualized rate of .28% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived $11,271 of fund administration fees for the six months ended June 30, 2025.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund's Class VC Shares held in the insurance company's separate account to service and maintain the Variable Contract owners' accounts. This amount is included in non-12b-1 service fees in the Statement of Operations. The Fund may also compensate certain insurance companies, third-party administrators and other

**Notes to Financial Statements (unaudited)(continued)**

entities for providing recordkeeping, sub-transfer agency and other administrative services to the Fund. This amount is included in Shareholder servicing in the Statement of Operations. These servicing fees are accrued daily and payable monthly.

One Director and certain of the Company's officers have an interest in Lord Abbett.

**4.** DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended June 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt**<br> **Income** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund-Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |

---

The tax character of distributions paid during the period ended December 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt**<br> **Income** | **Ordinary**<br> **Income** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** | **Total**<br> **Distributions**<br> **Paid** |
| Series Fund-Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;– | $29555278 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp; – | $29555278 |

---

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Losses** | **Long-Term**<br> **Losses** | **Net Capital**<br> **Losses** |
| Series Fund-Total Return Portfolio | $(36747785) | $(62339519) | $(99087304) |

---

As of June 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of**<br> **Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Series Fund-Total Return Portfolio | $767440827 | $6981975 | $(5006282) | $1975693 |

---

**Notes to Financial Statements (unaudited)(continued)**

**5.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) during the six months ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **U.S.**<br> **Government**<br> **Purchases\*** | **Non-U.S.**<br> **Government**<br> **Purchases** | **U.S.**<br> **Government**<br> **Sales\*** | **Non-U.S.**<br> **Government**<br> **Sales** |
| $1417572442 | $206309734 | $1443496844 | $162126739 |

---

\* Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2025, the Fund did not engage in cross-trade purchases or sales.

**6.** DIRECTORS' REMUNERATION

The Company's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**7.** LINE OF CREDIT

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

**Notes to Financial Statements (unaudited)(continued)**

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

**8.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended June 30, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

**9.** CUSTODIAN AND ACCOUNTING AGENT

SSB is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

**10.** SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income in the Fund's Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of June 30, 2025, the Fund did not have any securities on loan.

**11.** INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in fixed income securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. The value of an investment will change as interest rates fluctuate

**Notes to Financial Statements (unaudited)(continued)**

and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to the Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which the Fund may substantially invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

The Fund is subject to the general risks and considerations associated with investing in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

The Fund's investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

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 may depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

**Notes to Financial Statements (unaudited)(continued)**

The Fund may invest in credit default swap contracts. The risks associated with the Fund's investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

The Fund may invest in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships, or other business entities. The senior loans in which the Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac")). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Due to the Fund's investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

**Notes to Financial Statements (unaudited)(concluded)**

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance and your investment in the Fund.

**12.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **Year Ended**<br> **December 31, 2024** |
| Shares Sold | 3299711 | 8752158 |
| Reinvestment of distributions |  | 2132416 |
| Shares reacquired | (4341481) | (9800668) |
| Increase (decrease) | (1041770) | 1083906 |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Directors, Officers, and Others**

Remuneration paid to directors, officers, and others is included in "Directors' Remuneration" under Item 7 of this Form N-CSR.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

The Board, including all of the Directors who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Directors"), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about investment performance. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of an appropriate benchmark; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett's other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund's investment performance in relation to that of the performance peer group and an appropriate benchmark as of various periods ended June 30, 2024. The Board observed that although the Fund's investment performance was below the median of the performance peer group for the one-, five-, and ten-year periods, the Fund's investment performance was above the median of the performance peer group for the three-year period and the Fund outperformed its benchmark for the one-, three-, five-, and ten-year periods. The Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that the Fund's Agreement should be continued.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for the Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

Profitability. The Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins, excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins without those exclusions in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund's existing management fee schedule, with its breakpoints in the level of the management fee. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x4_c112990x50x1m9m4.jpg)

![](x4_c112990x50x2m9m4.jpg)

---

| | | |
|:---|:---|:---|
| This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC.<br>| Lord Abbett Series Fund, Inc.<br>Total Return Portfolio | SFTR-PORT-3<br> (08/25) |

---

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies**. |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the
filing date of this report,

based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.** |

---

(a)(1) Code of Ethics. Not applicable.

(a)(2) Not applicable.

(a)(3) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c112994_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c112994_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**LORD ABBETT SERIES FUND, INC.**

---

| | |
|:---|:---|
| By: | /s/ Douglas B. Sieg |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: August 18, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Douglas B. Sieg |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: August 18, 2025

---

| | |
|:---|:---|
| By: | /s/ Michael J. Hebert |
|  | Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date: August 18, 2025

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: August 18, 2025

---

| |
|:---|
| <u><u>/s/ Douglas B. Sieg</u></u> |
| Douglas B. Sieg |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Series Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements
are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: August 18, 2025

---

| |
|:---|
| <u><u>/s/ Michael J. Hebert</u></u> |
| Michael J. Hebert |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Series Fund, Inc. (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: August 18, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.