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Lord Abbett
Quarterly Portfolio Holdings Report

 

Lord Abbett
Flexible Income Fund

 

For the period ended September 30, 2025

 

Schedule of Investments (unaudited)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
LONG-TERM INVESTMENTS 114.26%                
                 
ASSET-BACKED SECURITIES 43.31%                
                 
Automobiles 0.53%                
Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class D† 9.639% (30 day
USD SOFR Average + 5.25%)		#  5/20/2032  $508,443   $521,081 
Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class D† 8.389% (30 day
USD SOFR Average + 4.00%)		#  10/20/2032   317,187    320,749 
Total              841,830 
                 
Collateralized Loan Obligation-Debt 7.61%                
Antares CLO Ltd. Series 2017-2A Class CRR (Cayman Islands)†(b)  6.67% (3 mo.
USD Term SOFR + 2.40%)		#  4/20/2037   1,500,000    1,502,555 
Antares CLO Ltd. Series 2017-2A Class DRR (Cayman Islands)†(b)  8.17% (3 mo.
USD Term SOFR + 3.90%)		#  4/20/2037   1,500,000    1,525,125 
Audax Senior Debt CLO 8 LLC Series 2023-8A Class A1LN†  6.726% (3 mo.
USD Term SOFR + 2.40%)		#  10/20/2035   3,000,000    3,001,296 
Golub Capital Partners CLO 65M Series 2023-65A Class CR†  6.674% (3 mo.
USD Term SOFR + 2.40%)		#  4/20/2037   1,500,000    1,510,114 
Golub Capital Partners CLO 65M Series 2023-65A Class DR†  8.174% (3 mo.
USD Term SOFR + 3.90%)		#  4/20/2037   1,500,000    1,524,375 
Golub Capital Partners CLO 69M Series 2023-69A Class A†  6.576% (3 mo.
USD Term SOFR + 2.35%)		#  11/9/2036   3,000,000    3,007,425 
Total              12,070,890 
                 
Collateralized Loan Obligation-Warehouse 6.93%                
Fortress Credit Opportunities XXVII CLO B LLC  8.318%  12/30/2033   5,000,000    5,000,000(c) 
NMFC Senior Loan Program IV LLC  8.752%  7/11/2030   750,000    750,000(c) 
NMFC Senior Loan Program IV LLC(d)  –(e)  7/11/2030   1,979,730    1,979,730(c) 
NMFC Senior Loan Program III LLC(d)  –(e)  8/7/2028   3,000,000    3,000,000(c) 
NMFC Senior Loan Program III LLC  8.607%  8/7/2028   270,270    270,270(c) 
Total              11,000,000 
     
  See Notes to Schedule of Investments. 1
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Credit Card 1.11%                
Continental Finance Credit Card ABS Master Trust Series 2024-A Class A†  5.78%  12/15/2032  $750,000   $762,189 
Perimeter Master Note Business Trust Series 2025-1A Class A†  5.58%  12/16/2030   1,000,000    1,003,917 
Total              1,766,106 
                 
Other 27.13%                
37 Capital CLO 3 Ltd. Series 2023-1A Class A1R†(f)  5.818% (3 mo.
USD Term SOFR + 1.50%)		#  7/15/2038   1,500,000    1,509,156 
ABPCI Direct Lending Fund CLO XVII LLC Series 2024-17A Class A1†(f)  6.146% (3 mo.
USD Term SOFR + 1.85%)		#  8/1/2036   1,667,000    1,669,771 
Abry Liquid Credit CLO Ltd. Series 2025-1A Class C†(g)  –(e)  10/20/2038   1,000,000    1,002,500 
AGL CLO 42 Ltd. Series 2025-42A Class A2†  5.869% (3 mo.
USD Term SOFR + 1.60%)		#  7/22/2038   250,000    250,695 
Anchorage Capital CLO 7 Ltd. Series 2015-7A Class BR3†  6.364% (3 mo.
USD Term SOFR + 2.05%)		#  4/28/2037   674,000    676,437 
Arbor Realty Collateralized Loan Obligation Ltd. Series 2025-BTR1 Class A†  6.06% (1 mo.
USD Term SOFR + 1.93%)		#  1/20/2041   500,000    500,556 
Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class AS†  5.968% (1 mo.
USD Term SOFR + 1.83%)		#  1/20/2043   240,000    241,199 
ARES LII CLO Ltd. Series 2019-52A Class DRR†  6.832% (3 mo.
USD Term SOFR + 2.50%)		#  4/22/2031   500,000    500,305 
ARES LX CLO Ltd. Series 2021-60A Class B†  6.241% (3 mo.
USD Term SOFR + 1.91%)		#  7/18/2034   750,000    751,274 
Arini U.S. CLO I Ltd. Series 1A Class C†  7.226% (3 mo.
USD Term SOFR + 2.90%)		#  4/15/2038   1,000,000    1,017,208 
Bain Capital Credit CLO Ltd. Series 2019-3A Class DRR†  7.126% (3 mo.
USD Term SOFR + 2.80%)		#  10/21/2034   250,000    250,290 
Benefit Street Partners CLO XX Ltd. Series 2020-20A Class ARR†(f)  5.58% (3 mo.
USD Term SOFR + 1.29%)		#  7/15/2037   1,750,000    1,756,981 
BlueMountain CLO Ltd. Series 2018-3A Class BR†  6.169% (3 mo.
USD Term SOFR + 1.85%)		#  10/25/2030   500,000    501,591 
   
2 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Other (continued)                
Bryant Park Funding Ltd. Series 2023-20A Class BR†  6.225% (3 mo.
USD Term SOFR + 1.90%)		#  4/15/2038  $350,000   $351,589 
Cajun Global LLC Series 2021-1 Class A2†  3.931%  11/20/2051   535,150    528,278 
Carlyle U.S. CLO Ltd. Series 2024-1A Class E†  11.238% (3 mo.
USD Term SOFR + 6.92%)		#  4/15/2037   300,000    304,154 
Cherry Securitization Trust Series 2025-1A Class A†  6.13%  11/15/2032   1,000,000    1,016,987 
Crown City CLO IV Series 2022-4A Class B1R†  7.126% (3 mo.
USD Term SOFR + 2.80%)		#  4/20/2037   500,000    503,906 
CTM CLO Ltd. Series 2025-1A Class C†  6.685% (3 mo.
USD Term SOFR + 2.35%)		#  7/15/2038   400,000    400,336 
DailyPay Securitization Trust Series 2025-1A Class A†  5.63%  6/26/2028   1,000,000    1,007,078 
Elara HGV Timeshare Issuer LLC Series 2025-A Class D†  6.91%  1/25/2040   250,000    249,108 
eStruxture Issuer LP Series 2025-1 Class A2†  5.894%  7/20/2055  CAD 2,300,000    1,675,349 
Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA Class A2R†  7.064% (3 mo.
USD Term SOFR + 2.75%)		#  1/20/2036  $1,000,000    1,004,929 
Golub Capital Partners CLO 42M-R Ltd. Series 2019-42RA Class CR†  8.514% (3 mo.
USD Term SOFR + 4.20%)		#  1/20/2036   1,250,000    1,256,674 
Greystone CRE Notes LLC Series 2025-FL4 Class AS†  6.289% (1 mo.
USD Term SOFR + 2.14%)		#  1/15/2043   500,000    503,124 
HalseyPoint CLO 3 Ltd. Series 2020-3A Class D1R†  8.61% (3 mo.
USD Term SOFR + 4.30%)		#  7/30/2037   250,000    252,732 
Hardee’s Funding LLC Series 2018-1A Class A23†  5.71%  6/20/2048   279,000    278,341 
Harvest U.S. CLO Ltd. Series 2024-1A Class E†  11.749% (3 mo.
USD Term SOFR + 7.42%)		#  4/18/2037   250,000    255,315 
HPS Loan Management Ltd. Series 2021-16A Class BR†  5.91% (3 mo.
USD Term SOFR + 1.65%)		#  1/23/2035   1,000,000    1,000,894 
ICG U.S. CLO Ltd. Series 2025-1A Class D1†  7.312% (3 mo.
USD Term SOFR + 3.15%)		#  7/25/2038   750,000    755,395 
Island Finance Trust Series 2025-1A Class A†  6.54%  3/19/2035   1,150,000    1,168,985 
     
  See Notes to Schedule of Investments. 3
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Other (continued)                
KKR CLO 61 Ltd. Series 2025-61A Class D1†  8.145% (3 mo.
USD Term SOFR + 3.85%)		#  7/15/2037  $250,000   $251,804 
LFT CRE Ltd. Series 2021-FL1 Class B†  6.015% (1 mo.
USD Term SOFR + 1.86%)		#  6/15/2039   350,000    348,334 
Madison Park Funding LIX Ltd. Series 2021-59A Class A2R†  6.029% (3 mo.
USD Term SOFR + 1.70%)		#  4/18/2037   500,000    501,120 
Navesink CLO 1 Ltd. Series 2023-1A Class A1R†  5.999% (3 mo.
USD Term SOFR + 1.68%)		#  7/25/2033   1,000,000    1,001,870 
Orion CLO Ltd. Series 2024-3A Class C†  6.619% (3 mo.
USD Term SOFR + 2.30%)		#  7/25/2037   500,000    502,307 
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A†  5.715%  1/20/2034   500,000    506,074 
PFP Ltd. Series 2025-12 Class B†  6.178% (1 mo.
USD Term SOFR + 2.04%)		#  12/18/2042   500,000    502,401 
Post Road Equipment Finance LLC Series 2025-1A Class D†  5.43%  5/15/2031   300,000    301,790 
Project Panama SPV LLC Series 2024 1†  7.48%#(h)  12/23/2027   5,000,000    5,037,500(c) 
Rad CLO 22 Ltd. Series 2023-22A Class A1†  6.156% (3 mo.
USD Term SOFR + 1.83%)		#  1/20/2037   570,000    571,567 
Regatta XVI Funding Ltd. Series 2019-2A Class CR†  6.218% (3 mo.
USD Term SOFR + 1.90%)		#  1/15/2033   300,000    300,285 
Sandstone Peak III Ltd. Series 2024-1A Class E†  11.399% (3 mo.
USD Term SOFR + 7.08%)		#  4/25/2037   250,000    254,279 
Scalelogix ABS U.S. Issuer LLC Series 2025-1A Class A2†  5.673%  7/25/2055   1,000,000    1,002,284 
SEB Funding LLC Series 2021-1A Class A2†  4.969%  1/30/2052   513,712    508,461 
Sesac Finance LLC Series 2025-1 Class A2†  5.50%  7/25/2055   1,000,000    998,417 
Sierra Timeshare Receivables Funding LLC Series 2024-2A Class D†  7.48%  6/20/2041   689,750    702,160 
Silver Point CLO 9 Ltd. Series 2025-9A Class E†  11.188% (3 mo.
USD Term SOFR + 6.90%)		#  3/31/2038   250,000    256,868 
TierPoint Issuer LLC Series 2025-1A Class A2†  6.15%  4/26/2055   1,000,000    1,016,031 
Trimaran CAVU Ltd. Series 2024-1A Class E†  10.569% (3 mo.
USD Term SOFR + 6.25%)		#  1/25/2038   250,000    254,338 

 

4 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Other (continued)                
Trinitas CLO XXVI Ltd. Series 2023-26A Class C1R†  6.694% (3 mo.
USD Term SOFR + 2.40%)		#  7/20/2038  $250,000   $252,504 
Trinitas CLO XXVII Ltd. Series 2024-27A Class D1†  8.629% (3 mo.
USD Term SOFR + 4.30%)		#  4/18/2037   370,000    373,922 
U.S. Bank NA Series 2025-SUP1 Class C†  6.256% (30 day
USD SOFR Average + 1.90%)		#  2/25/2032   383,874    383,461 
U.S. Bank NA Series 2025-SUP1 Class D†  7.056% (30 day
USD SOFR Average + 2.70%)		#  2/25/2032   383,874    385,966 
VFI ABS LLC Series 2025-1A Class C†  5.60%  4/24/2031   863,000    869,279 
Vibrant CLO XI Ltd. Series 2019-11A Class A1R2†(f)  5.937% (3 mo.
USD Term SOFR + 1.61%)		#  7/20/2032   1,100,000    1,100,515 
Vibrant CLO XR Ltd. Series 2018-10RA Class C1†  9.326% (3 mo.
USD Term SOFR + 5.00%)		#  4/20/2036   580,000    587,145 
Vibrant CLO XVI Ltd. Series 2023-16A Class C1R†  7.918% (3 mo.
USD Term SOFR + 3.60%)		#  7/15/2036   250,000    250,674 
Zaxbys Funding LLC Series 2021-1A Class A2†  3.238%  7/30/2051   960,000    906,806 
Total              43,069,299 
Total Asset-Backed Securities (cost $68,473,506)              68,748,125 
                 
CORPORATE BONDS 25.14%                
                 
Airlines 1.06%                
Air Canada Pass-Through Trust Series 2015-1 Class A (Canada)†(b)  3.60%  9/15/2028   394,502    388,816 
American Airlines, Inc.†  7.25%  2/15/2028   290,000    297,334 
AS Mileage Plan IP Ltd. (Cayman Islands)†(b)  5.021%  10/20/2029   520,000    520,503 
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)†(b)  9.50%  6/1/2028   450,000    468,886 
Total              1,675,539 
                 
Auto Manufacturers 1.36%                
Aston Martin Capital Holdings Ltd. (United Kingdom)†(b)  10.00%  3/31/2029   385,000    377,298 
Ford Motor Credit Co. LLC  7.35%  11/4/2027   1,250,000    1,303,956 
Wabash National Corp.†  4.50%  10/15/2028   510,000    473,824 
Total              2,155,078 
     
  See Notes to Schedule of Investments. 5
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Auto Parts & Equipment 0.51%                
Tenneco, Inc.†  8.00%  11/17/2028  $350,000   $350,891 
ZF North America Capital, Inc.†  6.875%  4/14/2028   455,000    461,648 
Total              812,539 
                 
Banks 0.87%                
Citigroup, Inc.  5.353%
(SOFR + 1.17%)		#  9/11/2031   750,000    751,509 
Synovus Financial Corp.  7.538% (5 yr.
USD SOFR ICE Swap + 3.38%)		#  2/7/2029   600,000    632,806 
Total              1,384,315 
                 
Building Materials 0.17%                
CP Atlas Buyer, Inc.†  7.00%  12/1/2028   285,000    271,597 
                 
Chemicals 0.16%                
SCIH Salt Holdings, Inc.†  6.625%  5/1/2029   265,000    260,042 
                 
Coal 0.23%                
SunCoke Energy, Inc.†  4.875%  6/30/2029   385,000    360,195 
                 
Commercial Services 1.56%                
Alta Equipment Group, Inc.†  9.00%  6/1/2029   485,000    453,142 
BCP V Modular Services Finance II PLC  6.125%  11/30/2028  GBP 380,000    479,551 
Champions Financing, Inc.†  8.75%  2/15/2029  $375,000    362,474 
EquipmentShare.com, Inc.†  9.00%  5/15/2028   345,000    365,518 
Hertz Corp.†  12.625%  7/15/2029   480,000    509,322 
Sotheby’s†  7.375%  10/15/2027   300,000    300,655 
Total              2,470,662 
                 
Diversified Financial Services 1.13%                
Freedom Mortgage Holdings LLC†  9.25%  2/1/2029   505,000    531,733 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.†  3.625%  3/1/2029   800,000    763,621 
Stellantis Financial Services U.S. Corp.†  4.95%  9/15/2028   500,000    499,951 
Total              1,795,305 
                 
Electric 0.62%                
Alexander Funding Trust II†  7.467%  7/31/2028   465,000    497,399 
Palomino Funding Trust I†  7.233%  5/17/2028   460,000    488,416 
Total              985,815 
                 
Entertainment 0.58%                
Empire Resorts, Inc.†  7.75%  11/1/2026   225,000    224,375 
Warnermedia Holdings, Inc.  4.054%  3/15/2029   750,000    701,250 
Total              925,625 
   
6 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Equity Real Estate 0.24%                
Kennedy-Wilson, Inc.  4.75%  3/1/2029  $390,000   $372,962 
                 
Health Care-Services 0.91%                
Centene Corp.  4.25%  12/15/2027   750,000    737,113 
CHS/Community Health Systems, Inc.†  6.875%  4/15/2029   450,000    358,164 
Team Health Holdings, Inc.†  8.375%  6/30/2028   337,000    344,556 
Total              1,439,833 
                 
Home Builders 0.34%                
LGI Homes, Inc.†  8.75%  12/15/2028   509,000    534,677 
                 
Insurance 1.01%                
F&G Annuities & Life, Inc.  7.40%  1/13/2028   720,000    756,071 
F&G Global Funding†  5.523%
(SOFR + 1.33%)		#  9/8/2028   833,000    839,986 
Total              1,596,057 
                 
Internet 0.61%                
ANGI Group LLC†  3.875%  8/15/2028   390,000    366,893 
GrubHub Holdings, Inc.†  13.00%  7/31/2030   73,975    74,200 
Rakuten Group, Inc. (Japan)†(b)  9.75%  4/15/2029   475,000    534,548 
Total              975,641 
                 
Investment Companies 1.11%                
Blackstone Secured Lending Fund  3.625%  1/15/2026   500,000    498,793 
HAT Holdings I LLC/HAT Holdings II LLC†  8.00%  6/15/2027   500,000    520,768 
HPS Corporate Lending Fund†  4.90%  9/11/2028   750,000    746,286 
Total              1,765,847 
                 
Iron-Steel 0.48%                
Algoma Steel, Inc. (Canada)†(b)  9.125%  4/15/2029   555,000    473,454 
Mineral Resources Ltd. (Australia)†(b)  9.25%  10/1/2028   280,000    293,736 
Total              767,190 
                 
Leisure Time 0.34%                
Sabre GLBL, Inc.†  8.625%  6/1/2027   533,000    540,976 
                 
Lodging 0.21%                
Full House Resorts, Inc.†  8.25%  2/15/2028   360,000    334,443 
                 
Machinery-Diversified 0.36%                
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)†(b)  9.00%  2/15/2029   340,000    355,790 
Maxim Crane Works Holdings Capital LLC†  11.50%  9/1/2028   210,000    222,833 
Total              578,623 
     
  See Notes to Schedule of Investments. 7
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Media 1.15%                
AMC Networks, Inc.†  10.25%  1/15/2029  $456,000   $480,909 
Sinclair Television Group, Inc.†  5.125%  2/15/2027   350,000    350,367 
Univision Communications, Inc.†  8.00%  8/15/2028   355,000    368,137 
Virgin Media Vendor Financing Notes III DAC  4.875%  7/15/2028  GBP 475,000    624,715 
Total              1,824,128 
                 
Miscellaneous Manufacturing 0.19%                
LSB Industries, Inc.†  6.25%  10/15/2028  $310,000    306,068 
                 
Oil & Gas 5.41%                
Antero Resources Corp.†  7.625%  2/1/2029   700,000    715,319 
APA Corp.  4.375%  10/15/2028   500,000    487,906 
Borr IHC Ltd./Borr Finance LLC†  10.00%  11/15/2028   578,658    576,210 
Civitas Resources, Inc.†  8.375%  7/1/2028   496,000    514,748 
Comstock Resources, Inc.†  6.75%  3/1/2029   365,000    363,086 
Crescent Energy Finance LLC†  9.25%  2/15/2028   274,000    284,663 
EQT Corp.  7.50%  6/1/2027   1,000,000    1,019,473 
Global Marine, Inc.  7.00%  6/1/2028   190,000    184,775 
Hilcorp Energy I LP/Hilcorp Finance Co.†  6.25%  11/1/2028   355,000    356,136 
Nabors Industries, Inc.†  7.375%  5/15/2027   364,000    369,763 
Patterson-UTI Energy, Inc.  3.95%  2/1/2028   1,000,000    977,026 
Repsol E&P Capital Markets U.S. LLC†  4.805%  9/16/2028   200,000    200,932 
Saturn Oil & Gas, Inc. (Canada)†(b)  9.625%  6/15/2029   495,000    513,210 
Shelf Drilling Holdings Ltd. (United Arab Emirates)†(b)  9.625%  4/15/2029   550,000    577,313 
Talos Production, Inc.†  9.00%  2/1/2029   520,000    538,077 
Transocean Aquila Ltd.†  8.00%  9/30/2028   401,308    413,096 
Vnom Sub, Inc.†  5.375%  11/1/2027   500,000    500,400 
Total              8,592,133 
                 
Packaging & Containers 0.37%                
Mauser Packaging Solutions Holding Co.†  9.25%  4/15/2027   360,000    361,128 
Trident TPI Holdings, Inc.†  12.75%  12/31/2028   215,000    229,512 
Total              590,640 
                 
Pharmaceuticals 0.80%                
Curaleaf Holdings, Inc.  8.00%  12/15/2026   315,000    304,762 
CVS Pass-Through Trust†  5.298%  1/11/2027   675,644    675,835 
Trulieve Cannabis Corp.  8.00%  10/6/2026   290,000    289,548 
Total              1,270,145 
   
8 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Pipelines 0.97%                
Delek Logistics Partners LP/Delek Logistics Finance Corp.†  7.125%  6/1/2028  $340,000   $341,577 
NGPL PipeCo LLC†  4.875%  8/15/2027   750,000    751,968 
Venture Global LNG, Inc.†  8.125%  6/1/2028   425,000    440,202 
Total              1,533,747 
                 
REITS 0.47%                
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.†  4.25%  2/1/2027   750,000    743,984 
                 
Retail 0.60%                
Maxeda DIY Holding BV  5.875%  10/1/2026  EUR 240,000    264,083 
Park River Holdings, Inc.†  6.75%  8/1/2029  $400,000    396,518 
Stonegate Pub Co. Financing PLC  10.75%  7/31/2029  GBP 210,000    284,220 
Total              944,821 
                 
Software 0.33%                
Open Text Corp. (Canada)†(b)  6.90%  12/1/2027  $500,000    520,773 
                 
Telecommunications 0.23%                
Level 3 Financing, Inc.†  4.25%  7/1/2028   395,000    371,293 
                 
Transportation 0.76%                
Pacific National Finance Pty. Ltd. (Australia)(b)  4.75%  3/22/2028   700,000    691,411 
XPO, Inc.†  6.25%  6/1/2028   500,000    510,429 
Total              1,201,840 
Total Corporate Bonds (cost $39,512,999)              39,902,533 
                 
CORPORATE NOTES 3.14%                
                 
Financial Services 3.14%                
QualityTech LP  7.11% (3 mo.
USD Term SOFR + 2.75%)		  10/31/2028   3,800,000    3,785,940(c) 
QualityTech LP(d)  7.12% – 7.39% (3 mo.
USD Term SOFR + 3.00%)		  10/31/2028   1,200,000    1,195,560(c) 
Total Corporate Notes (cost $4,958,027)              4,981,500 
                 
FLOATING RATE LOANS(i) 38.68%                
                 
Aerospace & Defense 1.56%                
Triumph Group, Inc PIK Term Loan 6.57%  9.446% (3 mo.
USD Term SOFR + 2.38%)		  7/24/2032   1,998,337    1,978,354(c) 
Triumph Group, Inc Delayed Draw Term Loan(d)  –(e)  7/24/2032   168,919    167,230(c) 
Triumph Group, Inc Revolver(d)  –(e)  7/24/2032   337,838    334,459(c) 
Total              2,480,043 
     
  See Notes to Schedule of Investments. 9
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Building Products 0.93%                
LHS Borrower LLC 2025 Term Loan  9.215% (1 mo.
USD Term SOFR + 5.25%)		  9/4/2031  $1,388,646   $1,367,817(c) 
LHS Borrower LLC 2025 Revolver(d)  9.236%  9/4/2031   111,354    109,683(c) 
Total              1,477,500 
                 
Commercial Services & Supplies 0.89%                
Boost Newco Borrower LLC 2025 USD Term Loan B2  6.002% (3 mo.
USD Term SOFR + 2.00%)		  1/31/2031   997,494    1,000,092 
RR Donnelley & Sons Co. 2024 Term Loan  8.715% (1 mo.
USD Term SOFR + 4.75%)		  8/8/2029   424,450    420,205(c) 
Total              1,420,297 
                 
Consumer Staples Distribution & Retail 2.10%                
Bellis Acquisition Co. PLC 2023 GBP Incremental Term Loan (United Kingdom)  10.008%
(SONIA + 5.75%)		  10/22/2029  GBP 2,500,000    3,326,609(c) 
                 
Diversified Consumer Services 2.83%                
CI MG Group LLC 2025 Delayed Draw Term Loan(d)  9.486% - 9.66% (1 mo.
USD Term SOFR + 5.50%)
(6 mo.
USD Term SOFR + 5.50%)		  3/27/2030  $743,412    733,674(c) 
CI MG Group LLC 2025 Revolver(d)  9.499% (3 mo.
USD Term SOFR + 5.50%)		  3/27/2030   168,919    166,706(c) 
CI MG Group LLC 2025 Term Loan  9.502% (3 mo.
USD Term SOFR + 5.50%)		  3/27/2030   1,581,081    1,560,369(c) 
Eagle Bidco Ltd. 2025 GBP Term Loan B (United Kingdom)  8.717%
(SONIA + 4.75%)		  2/20/2032  GBP 1,500,000    2,028,283 
Total              4,489,032 
                 
Diversified Financial Services 0.05%                
BSFR II UTE I LLC Revolver(d)  5.802% (3 mo.
USD Term SOFR + 1.80%)		  3/24/2028  $75,000    74,850(c) 
                 
Entertainment 1.25%                
Flutter Financing BV 2024 Term Loan B (Netherlands)(b)  5.752% (3 mo.
USD Term SOFR + 1.75%)		  11/30/2030   997,462    995,966 
Six Flags Entertainment Corp. 2024 Term Loan B  –(e)  5/1/2031   1,000,000    995,000 
Total              1,990,966 

 

10 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Financial Services 2.83%                
Harp Finco Ltd. GBP Term Loan (Jersey)  9.482%
(SONIA + 5.50%)		  3/27/2032  GBP 1,500,000   $1,977,002(c) 
Tulip Bidco Ltd. GBP PIK Incremental Acquisition Facility (United Kingdom)(d)  7.463% - 9.08%
(SONIA + 5.00%)
(3 mo.
EURIBOR + 5.00%)		  12/13/2027  GBP 1,900,000    2,516,980(c) 
Total              4,493,982 
                 
Health Care Equipment & Supplies 1.52%                
DRS Holdings III, Inc. 2025 Term Loan  9.215% (1 mo.
USD Term SOFR + 5.25%)		  11/1/2028  $2,290,933    2,279,479(c) 
DRS Holdings III, Inc. 2025 Revolver(d)  –(e)  11/1/2028   142,625    141,911(c) 
Total              2,421,390 
                 
Health Care Providers & Services 2.17%                
One Call Corp. 2025 Revolver(d)  –(e)  9/10/2030   230,263    226,809(c) 
One Call Corp. 2025 Term Loan  9.715% (1 mo.
USD Term SOFR + 5.75%)		  9/10/2030   3,269,737    3,220,691(c) 
Total              3,447,500 
                 
Health Care Technology 4.39%                
CT Technologies Intermediate Holdings, Inc. 2025 Incremental Delayed Draw Term Loan(d)  8.913% (1 mo.
USD Term SOFR + 4.75%)		  8/30/2031   731,529    724,214(c) 
CT Technologies Intermediate Holdings, Inc. 2025 Incremental Term Loan  8.715% (1 mo.
USD Term SOFR + 4.75%)		  9/1/2031   1,280,176    1,267,374(c) 
CT Technologies Intermediate Holdings, Inc. 2025 Revolver(d)  –(e)  8/30/2031   365,764    362,107(c) 
CT Technologies Intermediate Holdings, Inc. 2025 Synthetic Delayed Draw Term Loan 1(d)  –(e)  8/30/2031   111,558    111,558(c) 
Goldeneye Parent LLC PIK Term Loan  8.965% (1 mo.
USD Term SOFR + 5.00%)		  3/31/2032   2,178,352    2,189,243(c) 
Goldeneye Parent LLC PIK Revolver(d)  –(e)  3/31/2032   316,189    317,770(c) 
Wisdom Purchaser LLC Revolver(d)  –(e)  7/24/2032   187,500    186,562(c) 
Wisdom Purchaser LLC PIK Term Loan  8.365% (3 mo.
USD Term SOFR + 4.50%)		  7/24/2032   1,812,500    1,803,437(c) 
Total              6,962,265 

 

  See Notes to Schedule of Investments. 11
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Hotels, Restaurants & Leisure 3.03%                
Accommodations Plus Technologies Holdings LLC 2025 Term Loan  8.449% (3 mo.
USD Term SOFR + 4.25%)		  5/28/2032  $2,161,250   $2,139,637(c) 
Accommodations Plus Technologies Holdings LLC 2025 Revolver(d)  –(e)  5/28/2032   333,333    330,000(c) 
OB Global Openbet Holdings 2 LLC Term Loan  10.003% (3 mo.
USD Term SOFR + 6.00%)		  9/24/2029   2,362,500    2,338,875(c) 
Total              4,808,512 
                 
Insurance 1.87%                
Koala Investment Holdings, Inc. PIK Term Loan  8.502% (3 mo.
USD Term SOFR + 4.50%)		  8/29/2032   2,346,515    2,323,049(c) 
Koala Investment Holdings, Inc. PIK Delayed Draw Term Loan(d)  8.465%  8/29/2032   452,413    447,889(c) 
Koala Investment Holdings, Inc. Revolver(d)  –(e)  8/29/2032   201,072    199,062(c) 
Total              2,970,000 
                 
Internet 0.79%                
Gen Digital, Inc. 2021 Term Loan A  5.763% (1 mo.
USD Term SOFR + 1.50%)		  9/10/2027   1,250,000    1,250,000 
                 
Life Sciences Tools & Services 1.91%                
Cambrex Corp. 2025 Revolver(d)  4.50%  3/5/2032   255,102    255,102(c) 
Cambrex Corp. 2025 Unitranche PIK Term Loan  8.465% (1 mo.
USD Term SOFR + 4.50%)		  3/5/2032   1,953,353    1,953,353(c) 
Cambrex Corp. 2025 PIK Delayed Draw Term Loan(d)  –(e)  3/5/2032   291,545    291,545(c) 
Cambrex Corp. 2025 PIK Delayed Draw Term Loan 1(d)  –(e)  3/5/2032   531,457    526,143(c) 
Total              3,026,143 
                 
Media 2.11%                
Charter Communications Operating LLC 2023 Term Loan B4  6.291% (3 mo.
USD Term SOFR + 2.00%)		  12/7/2030   997,462    997,257 
Gannett Holdings LLC 2024 Term Loan  9.185% (3 mo.
USD Term SOFR + 5.00%)		  10/15/2029   2,366,911    2,355,574 
Total              3,352,831 

 

12 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
Oil & Gas 0.25%                
Occidental Petroleum Corp. 2 Year Term Loan  –(e)  12/29/2025  $400,000   $400,500 
                 
Professional Services 5.06%                
Deerfield Dakota Holding LLC 2025 PIK Term Loan 7.06%  9.808% (3 mo.
USD Term SOFR + 5.25%)		  9/12/2032   2,742,857    2,715,428(c) 
Deerfield Dakota Holding LLC 2025 Revolver(d)  –(e)  9/12/2032   257,143    254,571(c) 
Pacioli U.K. Midco Ltd. GBP PIK Term Loan B (United Kingdom)  8.982%
(SONIA + 5.00%)		  4/14/2032  GBP 1,410,000    1,863,123(c) 
Sigma Irish Acquico Ltd. 2025 USD Term Loan B (Ireland)(b)  9.37% (3 mo.
USD Term SOFR + 5.25%)		  3/19/2032  $1,304,138    1,294,357(c) 
Sigma Irish Acquico Ltd. 2025 PIK Delayed Draw Term Loan (Ireland)(b)(d)  7.25%  3/19/2032   453,613    450,211(c) 
Sigma Irish Acquico Ltd. 2025 EUR Term Loan B (Ireland)  7.25% (3 mo.
EURIBOR + 5.25%)		  3/19/2032  EUR 1,242,249    1,447,525(c) 
Total              8,025,215 
                 
Real Estate Management & Development 1.57%                
Associations, Inc. 2024 2nd Amendment Term Loan A  11.083% (3 mo.
USD Term SOFR + 6.50%)		  7/3/2028  $2,181,484    2,186,938(c) 
Associations, Inc. 2024 2nd Amendment Revolver(d)  –(e)  7/3/2028   136,842    136,842(c) 
Associations, Inc. 2024 Special Purpose Delayed Draw Term Loan(d)  11.083% (3 mo.
USD Term SOFR + 6.50%)		  7/3/2028   170,297    170,723(c) 
Total              2,494,503 
                 
Transportation Infrastructure 1.57%                
Elk Bidco, Inc. Delayed Draw Term Loan(d)  –(e)  6/14/2032   373,134    371,269(c) 
Elk Bidco, Inc. Revolver(d)  –(e)  6/14/2032   335,821    334,142(c) 
Elk Bidco, Inc. Term Loan  8.502% (3 mo.
USD Term SOFR + 4.50%)		  6/14/2032   1,791,045    1,782,089(c) 
Total              2,487,500 
Total Floating Rate Loans (cost $60,971,845)           61,399,638 

 

  See Notes to Schedule of Investments. 13
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value(a)		 
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.99%             
1301 Trust Series 2025-1301 Class D†  6.43%#(j)  8/11/2042  $590,000   $592,101 
1345 Trust Series 2025-AOA Class B†  6.15% (1 mo.
USD Term SOFR + 2.00%)		#  6/15/2042   500,000    502,220 
ALA Trust Series 2025-OANA Class C†  6.243% (1 mo.
USD Term SOFR + 2.09%)		#  6/15/2040   500,000    505,025 
BAHA Trust Series 2024-MAR Class B†  7.069%#(j)  12/10/2041   500,000    521,904 
BHMS Commercial Mortgage Trust Series 2025-ATLS Class A†  6.00% (1 mo.
USD Term SOFR + 1.85%)		#  8/15/2042   700,000    703,381 
BSTN Commercial Mortgage Trust Series 2025-1C Class B†  5.947%#(j)  6/15/2044   500,000    516,096 
BX Trust Series 2025-VLT7 Class E†  7.90% (1 mo.
USD Term SOFR + 3.75%)		#  7/15/2044   500,000    503,919 
MAD Commercial Mortgage Trust Series 2025-11MD Class C†  5.631%#(j)  10/15/2042   400,000    402,311 
ONE Mortgage Trust Series 2021-PARK Class A†  4.965% (1 mo.
USD Term SOFR + 0.81%)		#  3/15/2036   500,000    493,063 
SCG Trust Series 2025-SNIP Class D†  6.85% (1 mo.
USD Term SOFR + 2.60%)		#  9/15/2030   600,000    600,374 
SWCH Commercial Mortgage Trust Series 2025-DATA Class B†  5.993% (1 mo.
USD Term SOFR + 1.84%)		#  2/15/2042   500,000    498,755 
TEXAS Commercial Mortgage Trust Series 2025-TWR Class D†  7.241% (1 mo.
USD Term SOFR + 3.09%)		#  4/15/2042   500,000    500,188 
Total Non-Agency Commercial Mortgage-Backed Securities (cost $6,292,202)           6,339,337 
Total Long-Term Investments (cost $180,208,579)           181,371,133 
                 
SHORT-TERM INVESTMENTS 4.94%                
                 
COMMERCIAL PAPER 0.31%                
                 
Chemicals 0.31%                
FMC Corp.† (cost $499,563)  5.349%  10/7/2025   500,000    499,563 
                 
MONEY MARKET MUTUAL FUNDS 2.73%                
State Street Institutional U.S. Government Money Market Fund Class(k) (cost $4,339,317)  4.069%  12/31/2050   4,339,317    4,339,317 

 

14 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investments  Principal
Amount‡		   Fair
Value(a)		 
REPURCHASE AGREEMENTS 1.90%          
Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $309,000 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $314,267; proceeds: $307,943
(cost $307,911)		  $307,911   $307,911 
Repurchase Agreement dated 9/30/2025, 4.200% due 10/1/2025 with JPMorgan Securities LLC collateralized by $2,621,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $2,700,000; proceeds: $2,700,315
(cost $2,700,000)		   2,700,000    2,700,000 
Total Repurchase Agreements (cost $3,007,911)        3,007,911 
Total Short-Term Investments (cost $7,846,791)        7,846,791 
Total Investments in Securities 119.20% (cost $188,055,370)        189,217,924 
Less Unfunded Loan Commitments (9.01%) (cost $14,248,954)        (14,295,721)
Net Investments in Securities 110.19% (cost $173,806,416)        174,922,203 
Borrowings (7.46%)        (11,850,000)
Other Assets and Liabilities – Net(l) (2.73)%        (4,328,243)
Net Assets 100.00%       $158,743,960 

 

CAD   Canadian Dollar.
EUR   Euro.
GBP   British Pound.
EURIBOR   Euro Interbank Offered Rate.
ICE   Intercontinental Exchange.
PIK   Payment-in-kind.
REITS   Real Estate Investment Trusts.
SOFR   Secured Overnight Financing Rate.
SONIA   Sterling Overnight Index Average.
‡   Principal Amount is denominated in U.S. dollars unless otherwise noted.
†   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 September 30, 2025, the total value of Rule 144A securities was $93,127,628, which represents 58.67% of net assets.
#   Variable rate security. The interest rate represents the rate in effect at September 30, 2025.
(a)   Investment holdings denominated in foreign currencies are converted to U.S. Dollars using period end spot rates.
(b)   Foreign security traded in U.S. dollars.
(c)   Level 3 Investment as described in Note 2(a) in the Notes to Schedule of Investments. Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund’s Adviser as “valuation designee.”
(d)   Security partially/fully unfunded.
(e)   Interest Rate to be determined.
(f)   Security has been fully or partially segregated for open reverse repurchase agreements as of September 30, 2025.
(g)   Securities purchased on a when-issued basis.
(h)   Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(i)   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 September 30, 2025.

 

  See Notes to Schedule of Investments. 15
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

(j)   Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(k)   The rate shown is the current yield as of September 30, 2025.
(l)   Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, swap contracts and reverse repurchase agreement as follows:

 

Centrally Cleared Interest Rate Swap Contracts at September 30, 2025:

 

Central
Clearingparty		  Periodic
Payments
to be Made
By The Fund
(Quarterly)		  Periodic
Payments
to be Received
By The Fund
(Quarterly)		  Termination
Date		  Notional
Amount		 Payments
Upfront(1)		   Unrealized
Appreciation/
(Depreciation)		   Value 
Bank of America(2)  3.905%  12-Month USD SOFR Index  9/19/2026  $8,590,000        $–          $(20,279)  $(20,279)
Bank of America(2)  3.756%  12-Month USD SOFR Index  5/19/2027   15,100,000    (22,863)   (46,167)   (69,030)
Bank of America(2)  3.685%  12-Month USD SOFR Index  5/19/2028   5,753,000    (8,029)   (38,939)   (46,968)
Bank of America(2)  3.396%  12-Month USD SOFR Index  6/30/2029   4,145,000    7,289    (13,664)   (6,375)
Total                $(23,603)  $(119,049)  $(142,652)

 

SOFR   Secured Overnight Financing Rate.
(1)    Upfront payments paid (received) are presented net of amortization.
(2)    Central Clearinghouse: Chicago Mercantile Exchange (CME).

 

Forward Foreign Currency Exchange Contracts at September 30, 2025:

 

Forward
Foreign
Currency
Exchange
Contracts		  Transaction
Type		  Counterparty  Expiration
Date		  Foreign
Currency		   U.S. $
Cost on
Origination
Date		   U.S. $
Current
Value		 Unrealized
Appreciation		 
Euro  Buy  Goldman Sachs  11/21/2025   470,000   $550,333   $553,424           $3,091 
British pound  Sell  Goldman Sachs  10/10/2025   274,000    376,522    368,520    8,002 
British pound  Sell  Goldman Sachs  10/10/2025   6,102,000    8,381,744    8,206,968    174,776 
British pound  Sell  Goldman Sachs  10/10/2025   98,000    132,406    131,806    600 
British pound  Sell  Goldman Sachs  10/10/2025   1,498,000    2,019,929    2,014,756    5,173 
British pound  Sell  Goldman Sachs  10/10/2025   98,000    132,413    131,806    607 
Canadian dollar  Sell  Goldman Sachs  1/23/2026   2,343,000    1,708,899    1,692,300    16,599 
Euro  Sell  Goldman Sachs  11/21/2025   258,000    304,107    303,794    313 
Euro  Sell  Goldman Sachs  11/21/2025   125,000    147,930    147,187    743 
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts        $209,904 

 

Forward
Foreign
Currency
Exchange
Contracts		  Transaction
Type		  Counterparty  Expiration
Date		  Foreign
Currency		   U.S. $
Cost on
Origination
Date		   U.S. $
Current
Value		 Unrealized
Depreciation		 
British pound  Buy  Goldman Sachs  10/10/2025   161,000   $217,961   $216,539           $(1,422)
Euro  Sell  Goldman Sachs  11/21/2025   1,770,000    2,065,514    2,084,173    (18,659)
Euro  Sell  Goldman Sachs  11/21/2025   151,000    177,710    177,802    (92)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts             $(20,173)

 

16 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Reverse Repurchase Agreement Payables as of September 30, 2025

 

Counterparty  Principal   Collateral
Held by
Counterparty		  Interest
Rate(1)		   Trade
Date		  Maturity
Date		  Fair
Value(2)		 
J.P. Morgan  $1,502,487   $1,666,660 principal, ABPCI Direct Lending Fund CLO XVII LLC Series 2024-17A Class A1 at 6.146% due 8/1/2036, $1,669,430 fair value   4.720%   9/8/2025  10/8/2025  $1,507,018 
J.P. Morgan   1,356,604   1,498,192 principal, 37 Capital CLO 3 Ltd. Series 2023-1A Class A1R at 5.818% due 7/15/2038, $1,507,337 fair value   4.700%   9/8/2025  10/8/2025   1,360,678 
J.P. Morgan   1,580,063   1,748,651 principal, Benefit Street Partners CLO XX Ltd. Series 2020-20A Class ARR at 5.58% due 7/15/2037, $1,755,626 fair value   4.700%   9/8/2025  10/8/2025   1,584,808 
J.P. Morgan   990,082   1,099,576 principal, Vibrant CLO XI Ltd. Series 2019-11A Class A1R2 at 5.937% due 7/20/2032, $1,100,091 fair value   4.700%   9/8/2025  10/8/2025   996,408 
Total                     $5,448,912 

 

(1)    The positive interest rate on the reverse repurchase agreement results in interest expense to the Fund.
(2)    Total fair value of reverse repurchase agreement is presented net of interest payable of $4,531, $4,074, $4,745 and $6,326, respectively.

 

  See Notes to Schedule of Investments. 17
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Long-Term Investments                    
Asset-Backed Securities                    
Collateralized Loan Obligation-Warehouse(3)  $–   $–   $11,000,000   $11,000,000 
Other   –    38,031,799    5,037,500    43,069,299 
Remaining Industries   –    14,678,826    –    14,678,826 
Corporate Bonds                    
Oil & Gas   –    8,592,133    –    8,592,133 
Remaining Industries   –    31,310,400    –    31,310,400 
Corporate Notes(4)   –    –    4,981,500    4,981,500 
Floating Rate Loans(5)                    
Aerospace & Defense   –    –    2,480,043    2,480,043 
Building Products   –    –    1,477,500    1,477,500 
Commercial Services & Supplies   –    1,000,092    420,205    1,420,297 
Consumer Staples Distribution & Retail   –    –    3,326,609    3,326,609 
Diversified Consumer Services   –    2,028,283    2,460,749    4,489,032 
Diversified Financial Services   –    –    74,850    74,850 
Financial Services   –    –    4,493,982    4,493,982 
Health Care Equipment & Supplies   –    –    2,421,390    2,421,390 
Health Care Providers & Services   –    –    3,447,500    3,447,500 
Health Care Technology   –    –    6,962,265    6,962,265 
Hotels, Restaurants & Leisure   –    –    4,808,512    4,808,512 
Insurance   –    –    2,970,000    2,970,000 
Life Sciences Tools & Services   –    –    3,026,143    3,026,143 
Professional Services   –    –    8,025,215    8,025,215 
Real Estate Management & Development   –    –    2,494,503    2,494,503 
Transportation Infrastructure   –    –    2,487,500    2,487,500 
Remaining Industries   –    6,994,297    –    6,994,297 
Non-Agency Commercial Mortgage-Backed Securities   –    6,339,337    –    6,339,337 
Short-Term Investments                    
Commercial Paper   –    499,563    –    499,563 
Money Market Mutual Funds   4,339,317    –    –    4,339,317 
Repurchase Agreements   –    3,007,911    –    3,007,911 
Total  $4,339,317   $112,482,641   $72,395,966   $189,217,924 
   
18 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

September 30, 2025

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Other Financial Instruments                    
Centrally Cleared Interest Rate Swap Contracts                    
Assets  $–   $–   $–   $– 
Liabilities   –    (142,652)   –    (142,652)
Forward Foreign Currency Exchange Contracts                    
Assets   –    209,904    –    209,904 
Liabilities   –    (20,173)   –    (20,173)
Reverse Repurchase Agreements                    
Asset   –    –    –    – 
Liabilities   –    (5,448,912)   –    (5,448,912)
Total  $–   $(5,401,833)  $–   $(5,401,833)

 

(1)   Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)   See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments.
(3)   Level 3 includes unfunded commitments of $4,979,730.
(4)   Level 3 includes unfunded commitments of $1,195,560.
(5)   Level 3 includes unfunded commitments of $8,120,431.

 

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.

 

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

 

Investment Type  Asset Backed
Securities(a)		   Corporate
Notes(b)		   Floating Rate
Loans(c)		 
Balance as of July 1, 2025  $10,000,000   $4,959,500   $33,305,532 
Accrued Discounts (Premiums)   –    1,278    15,138 
Realized Gain/(Loss)   –    (911)   2,891 
Change in Unrealized Appreciation/(Depreciation)   37,500    21,633    (112,488)
Purchases   6,000,000    –    19,464,795 
Sales   –    –    (1,298,902)
Transfers into Level 3   –    –    – 
Transfers out of Level 3   –    –    – 
Balance as of September 30, 2025  $16,037,500   $4,981,500   $51,376,966 
Change in unrealized appreciation/ (depreciation) for the period ended September 30, 2025, related to the Level 3 investments held at September 30, 2025  $37,500   $21,633   $(112,488)

 

(a)   Includes unfunded commitments of $4,979,730.
(b)   Includes unfunded commitments of $1,195,560.
(c)   Includes unfunded commitments of $8,120,431.
     
  See Notes to Schedule of Investments. 19
 

Schedule of Investments (unaudited)(concluded)

September 30, 2025

 

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

 

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

 

Quantitative Information about Level 3 Fair Value Measurements

 

Assets  9-30-2025
Fair Value ($)		  Valuation
Technique(s)/
Methodologies		  Unobservable
Input(s)		  Range of
Unobservable
Input(s)
Utilized		  Weighted
Average
Unobservable
Input(s)		 
Asset-Backed Securities(a)  11,000,000  Market Approach  Transaction Price  N/A   N/A 
Asset-Backed Securities  5,037,500  Income Approach  Discount Rate  6.29% – 7.29%   6.79%
Corporate Note(b)  4,981,500  Income Approach  Discount Rate  6.21% – 6.98%   6.52%
Floating Rate Loans(c)  17,875,144  Market Approach  Transaction Price  N/A   N/A 
Floating Rate Loans(d)  33,501,822  Income Approach  Discount Rate  7.75% – 11.13%   9.30%
Total Level 3  72,395,966.00              

 

(a)   Includes unfunded loan commitments of $4,979,730
(b)   Includes unfunded loan commitments of $1,195,560
(c)   Includes unfunded loan commitments of $2,151,603
(d)   Includes unfunded loan commitments of $5,968,828

 

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

 

20 See Notes to Schedule of Investments.
 

Notes to Schedule of Investments (unaudited)

 

1. ORGANIZATION    

 

Lord Abbett Flexible Income Fund (the “Fund”) is a non-diversified, closed-end management investment company that continuously offers its shares (the “Shares”) and is operated as an “interval fund.” The Fund was organized as a Delaware statutory trust on December 15, 2023. The Fund commenced operations on February 19, 2025. The Fund’s investment adviser is Lord Abbett FIF Advisor LLC (the “Adviser”) and the Fund’s sub-adviser is Apollo Credit Management, LLC (the “Sub-Adviser” and together with the Adviser, the “Advisers”). The Adviser is a wholly-owned subsidiary of Lord, Abbett & Co. LLC (together with the Adviser, “Lord Abbett”). The Sub-Adviser is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries.

 

2. SIGNIFICANT ACCOUNTING POLICIES    
     
(a)

Investment Valuation–Under procedures approved by the Fund’s Board of Trustees (the “Board”), the Board has delegated the determination of fair value of the Fund’s portfolio investments to the Adviser as its valuation designee. Accordingly, the Adviser is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the “Pricing Committee”) that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Adviser, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

 

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

 

Private investments are not anticipated to have readily available market values. Such investments are valued at fair value determined in good faith using observable and unobservable inputs and generally represent an estimate of a transactable level or “exit price”. These investments are generally valued using one or more valuation methods including the market approach, the income approach and cost approach. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected

 

21

 

Notes to Schedule of Investments (unaudited)(continued)

 

 

future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities. The Fund may use amortized cost as a pricing technique for investments that have recently transacted.

 

Investments may be valued using a range of fair valuations from an independent pricing service, including an external fair value specialist (“EFVS”). If the range of fair valuations received from an EFVS are determined to be materially different from recent transaction prices, fair value may be determined using both the transaction prices and the EFVS prices as inputs to the fair value for a reasonable period of time subject to the determination of the Pricing Committee. The Pricing Committee will determine the appropriate valuation methodology as outlined above for each private investment.

 

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

 

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

 

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

 

  ● Level 1 – unadjusted quoted prices in active markets for identical investments;
       
  ● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
       
  ● Level 3 – significant unobservable inputs (including Fund’s own assumptions in determining the fair value of investments).

 

22

 

Notes to Schedule of Investments (unaudited)(concluded)

 

  A summary of inputs used in valuing Fund’s investments as of September 30, 2025 and, if applicable, Level 3 rollforwards for the period then ended is included in 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.

 

3. FEDERAL TAX INFORMATION    

 

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.

 

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

 

4. 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 Funds’ 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 on the next business day. As with other extensions of credit, the 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 or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

 

The initial collateral received by the 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 will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the 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 September 30, 2025, the Fund did not have any securities on loan.

 

23

 

 

QPHR-LAFIF-1Q
(11/25)