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Lord Abbett
Quarterly Portfolio Holdings Report

 

Lord Abbett
Flexible Income Fund

 

For the period ended March 31, 2026

 

Schedule of Investments (unaudited)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
LONG-TERM INVESTMENTS 112.06%                
                 
ASSET-BACKED SECURITIES 32.09%                
                 
Automobiles 1.84%                
Avid Automobile Receivables Trust Series 2021-1 Class E†  3.39%  4/17/2028  $113,815   $113,666 
Consumer Portfolio Services Auto Trust Series 2025-D Class C†  4.85%  2/17/2032   100,000    100,386 
Exeter Automobile Receivables Trust Series 2024-3A Class D  5.98%  9/16/2030   460,000    470,614 
Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class D†  8.923% (30 day
USD SOFR Average + 5.25%)		#  5/20/2032   377,377    383,957 
Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class D†  7.673% (30 day
USD SOFR Average + 4.00%)		#  10/20/2032   242,004    241,536 
Kinetic Advantage Master Owner Trust Series 2025-1A Class A†  5.872% (30 day
USD SOFR Average + 2.20%)		#  10/15/2029   705,000    708,380 
Prestige Auto Receivables Trust Series 2023-2A Class B†  6.64%  12/15/2027   37,068    37,092 
Prestige Auto Receivables Trust Series 2024-2A Class B†  4.56%  2/15/2029   200,000    199,923 
Prestige Auto Receivables Trust Series 2025-1A Class B†  5.34%  11/15/2028   450,000    451,360 
Red Oak Funding Master Trust Series 2025-1A Class A†  5.673% (30 day
USD SOFR Average + 2.00%)		#  12/20/2030   705,000    707,053 
U.S. Bank NA Series 2026-RVM1 Class C†  5.595%  12/25/2046   485,000    483,636 
Total              3,897,603 
                 
Collateralized Loan Obligation-Debt 2.79%                
Antares CLO Ltd. Series 2017-2A Class CRR (Cayman Islands)†(a)  6.068% (3 mo.
USD Term SOFR + 2.40%)		#  4/20/2037   1,500,000    1,496,252 
Antares CLO Ltd. Series 2017-2A Class DRR (Cayman Islands)†(a)  7.568% (3 mo.
USD Term SOFR + 3.90%)		#  4/20/2037   1,500,000    1,477,461 
Golub Capital Partners CLO 65M Series 2023-65A Class CR†  6.068% (3 mo.
USD Term SOFR + 2.40%)		#  4/20/2037   1,500,000    1,496,563 
Golub Capital Partners CLO 65M Series 2023-65A Class DR†  7.568% (3 mo.
USD Term SOFR + 3.90%)		#  4/20/2037   1,500,000    1,458,045 
Total              5,928,321 

 

  See Notes to Schedule of Investments. 1
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Collateralized Loan Obligation-Warehouse 5.16%             
Fortress Credit Opportunities XXVII CLO B LLC  7.672% (3 mo.
USD Term SOFR + 4.00%)		  12/30/2033  $5,000,000   $5,000,000(b) 
NMFC Senior Loan Program III LLC  8.416% (1 mo.
USD Term SOFR + 4.75%)		  8/7/2028   3,000,000    2,976,300(b) 
NMFC Senior Loan Program IV LLC  8.458% (3 mo.
USD Term SOFR + 4.75%)		  7/11/2030   3,000,000    2,973,600(b) 
Total              10,949,900 
                 
Credit Card 1.01%                
Continental Finance Credit Card ABS Master Trust Series 2024-A Class A†  5.78%  12/15/2032   650,000    652,840 
Mercury Financial Credit Card Master Trust Series 2025-1A Class B†  6.16%  12/22/2031   500,000    490,272 
Perimeter Master Note Business Trust Series 2025-1A Class A†  5.58%  12/16/2030   1,000,000    995,964 
Total              2,139,076 
                 
Other 21.29%                
1988 CLO 4 Ltd. Series 2024-4A Class D†  7.922% (3 mo.
USD Term SOFR + 4.25%)		#  4/15/2037   440,000    440,022 
37 Capital CLO 3 Ltd. Series 2023-1A Class A1R†  5.172% (3 mo.
USD Term SOFR + 1.50%)		#  7/15/2038   1,500,000    1,502,264 
Abry Liquid Credit CLO Ltd. Series 2025-1A Class C†  5.923% (3 mo.
USD Term SOFR + 2.10%)		#  10/20/2038   1,000,000    1,002,860 
AGL CLO 42 Ltd. Series 2025-42A Class A2†  5.269% (3 mo.
USD Term SOFR + 1.60%)		#  7/22/2038   250,000    249,072 
Anchorage Capital CLO 7 Ltd. Series 2015-7A Class BR3†  5.721% (3 mo.
USD Term SOFR + 2.05%)		#  4/28/2037   674,000    674,858 
Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1 Class AS†  5.508% (1 mo.
USD Term SOFR + 1.83%)		#  1/20/2043   490,000    490,089 
Arini U.S. CLO I Ltd. Series 1A Class C†  6.572% (3 mo.
USD Term SOFR + 2.90%)		#  4/15/2038   1,000,000    1,008,214 
Arini U.S. CLO III Ltd. Series 3A Class D†  6.82% (3 mo.
USD Term SOFR + 2.90%)		#  1/15/2039   400,000    393,927 
BAR Issuer LLC Series 2026-FL1 Class A†  5.30% (1 mo.
USD Term SOFR + 1.60%)		#  8/20/2043   570,000    569,703 

 

2 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Other (continued)                
Barrow Hanley CLO III Ltd. Series 2024-3A Class D†  7.818% (3 mo.
USD Term SOFR + 4.15%)		#  4/20/2037  $450,000   $450,349 
BDS LLC Series 2025-FL15 Class A†  5.077% (1 mo.
USD Term SOFR + 1.40%)		#  3/19/2043   830,000    830,313 
Benefit Street Partners CLO XX Ltd. Series 2020-20A Class ARR†^  4.962% (3 mo.
USD Term SOFR + 1.29%)		#  7/15/2037   1,750,000    1,750,838 
Black Diamond CLO Ltd. Series 2022-1A Class D1R†  6.962% (3 mo.
USD Term SOFR + 3.30%)		#  4/25/2039   290,000    287,738 
BlueMountain CLO Ltd. Series 2018-3A Class BR†  5.518% (3 mo.
USD Term SOFR + 1.85%)		#  10/25/2030   500,000    500,501 
Bryant Park Funding Ltd. Series 2023-20A Class BR†  5.572% (3 mo.
USD Term SOFR + 1.90%)		#  4/15/2038   350,000    350,478 
BSPDF Issuer LLC Series 2026-FL3 Class A†  5.10% (1 mo.
USD Term SOFR + 1.45%)		#  9/18/2043   420,000    418,947 
BSPRT Issuer LLC Series 2025-FL12 Class A†  5.064% (1 mo.
USD Term SOFR + 1.39%)		#  1/17/2043   250,000    249,929 
Cajun Global LLC Series 2025-2A Class A2†  5.912%  11/20/2055   380,000    378,213 
Carlyle U.S. CLO Ltd. Series 2024-1A Class E†  10.592% (3 mo.
USD Term SOFR + 6.92%)		#  4/15/2037   300,000    300,015 
Cherry Securitization Trust Series 2025-1A Class A†  6.13%  11/15/2032   1,000,000    1,010,346 
Crown City CLO IV Series 2022-4A Class B1R†  6.468% (3 mo.
USD Term SOFR + 2.80%)		# 4/20/2037   500,000    499,144 
DailyPay Securitization Trust Series 2025-1A Class A†  5.63%  6/26/2028   1,000,000    1,002,938 
Dryden 115 CLO Ltd. Series 2024-115A Class B†  5.668% (3 mo.
USD Term SOFR + 2.00%)		#  4/18/2037   1,000,000    1,001,183 
Elara HGV Timeshare Issuer LLC Series 2025-A Class D†  6.91%  1/25/2040   196,116    195,394 
eStruxture Issuer LP Series 2025-1 Class A2†   5.894%  7/20/2055  CAD 2,300,000    1,650,304 
FS Rialto Issuer LLC Series 2025-FL10 Class A†  5.062% (1 mo.
USD Term SOFR + 1.39%)		#  8/19/2042  $360,000    360,009 

 

  See Notes to Schedule of Investments. 3
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Other (continued)                
Greystone CRE Notes LLC Series 2025-FL4 Class AS†  5.811% (1 mo.
USD Term SOFR + 2.14%)		#  1/15/2043  $500,000   $500,681 
Hardee’s Funding LLC Series 2018-1A Class A23†   5.71%  6/20/2048   396,071    391,750 
Island Finance Trust Series 2025-1A Class A†  6.54%  3/19/2035   1,150,000    1,157,976 
KKR CLO 32 Ltd. Series 32A Class CR†  6.172% (3 mo.
USD Term SOFR + 2.50%)		#  4/15/2037   710,000    710,591 
Madison Park Funding LIX Ltd. Series 2021-59A Class A2R†  5.368% (3 mo.
USD Term SOFR + 1.70%)		#  4/18/2037   500,000    499,693 
Mountain View CLO XVIII Ltd. Series 2024-1A Class D1†  7.321% (3 mo.
USD Term SOFR + 3.65%)		#  10/16/2037   250,000    250,630 
Navesink CLO 1 Ltd. Series 2023-1A Class A1R†  5.348% (3 mo.
USD Term SOFR + 1.68%)		#  7/25/2033   1,000,000    1,000,630 
Navesink CLO 2 Ltd. Series 2024-2A Class D1R†  7.322% (3 mo.
USD Term SOFR + 3.65%)		#  1/15/2036   250,000    250,752 
Orion CLO Ltd. Series 2024-3A Class C†  5.968% (3 mo.
USD Term SOFR + 2.30%)		#  7/25/2037   500,000    501,366 
OWN Equipment Fund I LLC Series 2024-2M Class A†  5.70%  12/20/2032   143,137    144,209 
Pagaya AI Debt Trust Series 2025-REV1 Class A†  5.011%  8/15/2035   750,000    746,240 
Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A†  5.715%  1/20/2034   500,000    501,889 
PFP Ltd. Series 2025-12 Class A†  5.169% (1 mo.
USD Term SOFR + 1.49%)		#  12/18/2042   1,000,000    1,000,895 
PFP Ltd. Series 2025-12 Class B†  5.722% (1 mo.
USD Term SOFR + 2.04%)		#  12/18/2042   500,000    500,160 
PFP Ltd. Series 2026-13 Class A†  5.18% (1 mo.
USD Term SOFR + 1.50%)		#  8/18/2043   1,000,000    1,001,407 
Post Road Equipment Finance LLC Series 2025-1A Class D†  5.43%  5/15/2031   300,000    303,314 
Project Panama SPV LLC Series 2024 1†  7.48%#(c)  12/23/2027   5,000,000    5,012,500(b) 
Republic Finance Issuance Trust Series 2024-B Class D†  8.83%  11/20/2037   500,000    515,129 
Sandstone Peak III Ltd. Series 2024-1A Class E†  10.748% (3 mo.
USD Term SOFR + 7.08%)		#  4/25/2037   250,000    248,718 
Scalelogix ABS U.S. Issuer LLC Series 2025-1A Class A2†  5.673%  7/25/2055   1,000,000    985,351 
SEB Funding LLC Series 2026-1A Class A2†  6.665%  1/30/2056   385,000    382,878 

 

4 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Other (continued)                
Sesac Finance LLC Series 2025-1 Class A2†  5.50%  7/25/2055  $1,000,000   $982,453 
Sierra Timeshare Receivables Funding LLC Series 2024-2A Class D†  7.48%  6/20/2041   534,766    541,799 
Silver Point CLO 10 Ltd. Series 2025-10A Class B†  5.472% (3 mo.
USD Term SOFR + 1.80%)		#  7/15/2038   500,000    500,487 
Sotheby’s Artfi Master Trust Series 2026-1A Class A2†  4.921% (3 mo.
USD Term SOFR + 1.25%)		#  6/20/2033   1,100,000    1,101,929 
SRT Issuer III LLC  7.268%#(c)  3/31/2032   3,000,000    3,000,000(b) 
TierPoint Issuer LLC Series 2025-1A Class A2†  6.15%  4/26/2055   1,000,000    1,005,225 
Trinitas CLO XXVI Ltd. Series 2023-26A Class C1R†  6.068% (3 mo.
USD Term SOFR + 2.40%)		#  7/20/2038   250,000    250,514 
U.S. Bank NA Series 2025-SUP1 Class B†  5.582%  2/25/2032   375,781    377,733 
U.S. Bank NA Series 2025-SUP1 Class C†  5.562% (30 day
USD SOFR Average + 1.90%)		#  2/25/2032   268,415    270,109 
U.S. Bank NA Series 2025-SUP1 Class D†  6.362% (30 day
USD SOFR Average + 2.70%)		#  2/25/2032   354,308    357,316 
VFI ABS LLC Series 2025-1A Class C†  5.60%  4/24/2031   863,000    865,230 
Vibrant CLO XR Ltd. Series 2018-10RA Class C1†  8.668% (3 mo.
USD Term SOFR + 5.00%)		#  4/20/2036   580,000    582,556 
Vibrant CLO XVI Ltd. Series 2023-16A Class C1R†  7.272% (3 mo.
USD Term SOFR + 3.60%)		#  7/15/2036   250,000    250,298 
Zaxbys Funding LLC Series 2021-1A Class A2†  3.238%  7/30/2051   955,000    907,097 
Total              45,167,153 
Total Asset-Backed Securities (cost $68,252,701)           68,082,053 
                 
CORPORATE BONDS 31.78%                
                 
Advertising 0.03%                
Clear Channel Outdoor Holdings, Inc.†  7.75%  4/15/2028   69,000    69,375 
                 
Airlines 1.20%                
Air Canada Pass-Through Trust Class A (Canada)†(a)  3.60%  9/15/2028   496,859    490,231 
American Airlines Pass-Through Trust Class B  3.95%  1/11/2032   685,000    654,301 
American Airlines, Inc.†  7.25%  2/15/2028   290,000    291,874 
AS Mileage Plan IP Ltd. (Cayman Islands)†(a)  5.021%  10/20/2029   520,000    514,938 
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)†(a)  9.50%  6/1/2028   600,000    586,672 
Total              2,538,016 

 

  See Notes to Schedule of Investments. 5
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Auto Manufacturers 1.70%                
Aston Martin Capital Holdings Ltd. (United Kingdom)†(a)  10.00%  3/31/2029  $385,000   $290,042 
Ford Motor Credit Co. LLC  7.35%  11/4/2027   2,000,000    2,064,810 
Nissan Motor Acceptance Co. LLC†  5.55%  9/13/2029   825,000    795,868 
Wabash National Corp.†  4.50%  10/15/2028   510,000    447,452 
Total              3,598,172 
                 
Auto Parts & Equipment 0.71%                
Dornoch Debt Merger Sub, Inc.†  6.625%  10/15/2029   505,000    451,333 
Tenneco, Inc.†  8.00%  11/17/2028   600,000    598,232 
ZF North America Capital, Inc.†  6.875%  4/14/2028   455,000    461,783 
Total              1,511,348 
                 
Banks 2.86%                
Bank of America Corp.  4.675%
(SOFR + 1.01%)		#  1/24/2031   2,000,000    1,995,248 
Citigroup, Inc.  4.819%
(SOFR + 1.17%)		#  9/11/2031   2,000,000    2,000,672 
Flagstar Bank NA  6.707% (3 mo.
USD Term SOFR + 3.04%)		#  11/6/2028   475,000    461,926 
Pinnacle Financial Partners, Inc.  7.538% (5 yr.
USD SOFR ICE Swap + 3.38%)		#  2/7/2029   600,000    624,000 
Zions Bancorp NA  4.483%
(SOFR + 1.06%)		#  2/9/2029   1,000,000    992,906 
Total              6,074,752 
                 
Building Materials 0.12%                
CP Atlas Buyer, Inc.†  7.00%  12/1/2028   285,000    253,694 
                 
Chemicals 1.08%                
FMC Corp.  3.45%  10/1/2029   900,000    804,780 
Huntsman International LLC  4.50%  5/1/2029   850,000    795,688 
Rain Carbon, Inc.†  12.25%  9/1/2029   408,000    420,280 
SCIH Salt Holdings, Inc.†  6.625%  5/1/2029   265,000    263,898 
Total              2,284,646 
                 
Coal 0.38%                
Coronado Finance Pty. Ltd. (Australia)†(a)  9.25%  10/1/2029   500,000    452,243 
SunCoke Energy, Inc.†  4.875%  6/30/2029   385,000    347,795 
Total              800,038 

 

6 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Commercial Services 0.56%                
EquipmentShare.com, Inc.†  9.00%  5/15/2028  $580,000   $599,825 
Sotheby’s†  7.375%  10/15/2027   600,000    597,501 
Total              1,197,326 
                 
Cosmetics/Personal Care 0.19%                
P&L Development LLC/PLD Finance Corp.†  12.00%  5/15/2029   407,000    405,055 
                 
Diversified Financial Services 2.60%                
Citadel Finance LLC†  4.75%  2/14/2029   2,000,000    1,961,046 
Freedom Mortgage Holdings LLC†  9.25%  2/1/2029   505,000    512,219 
PHH Escrow Issuer LLC/PHH Corp.†  9.875%  11/1/2029   400,000    386,352 
Provident Funding Associates LP/PFG Finance Corp.†  9.75%  9/15/2029   575,000    590,863 
Rocket Cos., Inc.†  6.50%  8/1/2029   500,000    506,253 
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.†  3.625%  3/1/2029   800,000    758,054 
Takeoff Merger Sub, Inc.†  4.40%  3/24/2028   800,000    795,989 
Total              5,510,776 
                 
Electric 0.96%                
Alexander Funding Trust II†  7.467%  7/31/2028   1,000,000    1,053,851 
Constellation Energy Generation LLC†  4.625%  2/1/2029   1,000,000    988,199 
Total              2,042,050 
                 
Entertainment 1.10%                
Discovery Global Holdings, Inc.  4.054%  3/15/2029   750,000    712,500 
Empire Resorts, Inc.†  7.75%  11/1/2026   645,000    631,185 
Flutter Treasury DAC (Ireland)†(a)  6.375%  4/29/2029   500,000    510,525 
Penn Entertainment, Inc.†  4.125%  7/1/2029   506,000    473,506 
Total              2,327,716 
                 
Equity Real Estate 0.18%                
Kennedy-Wilson, Inc.  4.75%  3/1/2029   390,000    384,640 
                 
Food 0.20%                
C&S Group Enterprises LLC†  5.00%  12/15/2028   450,000    420,034 
                 
Health Care-Products 0.48%                
Medline Borrower LP/Medline Co-Issuer, Inc.†  6.25%  4/1/2029   1,000,000    1,020,233 

 

  See Notes to Schedule of Investments. 7
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Health Care-Services 0.90%                
Centene Corp.  2.45%  7/15/2028  $350,000   $326,161 
Centene Corp.  4.25%  12/15/2027   407,000    400,032 
Kedrion SpA (Italy)†(a)  6.50%  9/1/2029   475,000    460,601 
Team Health Holdings, Inc.†  8.375%  6/30/2028   337,000    332,920 
U.S. Acute Care Solutions LLC†  9.75%  5/15/2029   400,000    386,919 
Total              1,906,633 
                 
Home Builders 0.38%                
LGI Homes, Inc.†  8.75%  12/15/2028   799,000    817,982 
                 
Insurance 0.93%                
F&G Annuities & Life, Inc.  7.40%  1/13/2028   720,000    733,180 
MGIC Investment Corp.  5.25%  8/15/2028   1,240,000    1,237,259 
Total              1,970,439 
                 
Internet 0.24%                
Rakuten Group, Inc. (Japan)†(a)  9.75%  4/15/2029   475,000    506,678 
                 
Iron-Steel 0.57%                
Algoma Steel, Inc. (Canada)†(a)  9.125%  4/15/2029   655,000    584,734 
Mineral Resources Ltd. (Australia)†(a)  9.25%  10/1/2028   605,000    627,398 
Total              1,212,132 
                 
Leisure Time 0.70%                
VOC Escrow Ltd.†  5.00%  2/15/2028   1,500,000    1,494,536 
                 
Lodging 0.21%                
Full House Resorts, Inc.†  8.25%  2/15/2028   482,000    439,825 
                 
Machinery-Diversified 0.10%                
Maxim Crane Works Holdings Capital LLC†  11.50%  9/1/2028   210,000    219,087 
                 
Media 0.63%                
Paramount Global  3.70%  6/1/2028   1,000,000    967,627 
Univision Communications, Inc.†  8.00%  8/15/2028   355,000    360,521 
Total              1,328,148 
                 
Mining 0.47%                
Freeport-McMoRan, Inc.  5.00%  9/1/2027   1,000,000    1,000,129 
                 
Miscellaneous Manufacturing 0.52%                
Hillenbrand, Inc.  6.25%  2/15/2029   540,000    500,734 
LSB Industries, Inc.†  6.25%  10/15/2028   610,000    606,744 
Total              1,107,478 

 

8 See Notes to Schedule of Investments.  
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Oil & Gas 4.05%                
APA Corp.  4.375%  10/15/2028  $500,000   $502,539 
Borr IHC Ltd./Borr Finance LLC†  10.00%  11/15/2028   554,878    569,475 
Comstock Resources, Inc.†  6.75%  3/1/2029   365,000    361,003 
Expand Energy Corp.  5.375%  2/1/2029   1,000,000    999,502 
Expand Energy Corp.†  6.75%  4/15/2029   750,000    750,540 
Global Marine, Inc.  7.00%  6/1/2028   190,000    191,937 
Hilcorp Energy I LP/Hilcorp Finance Co.†  6.25%  11/1/2028   355,000    356,924 
Kraken Oil & Gas Partners LLC†  7.625%  8/15/2029   629,000    642,683 
Permian Resources Operating LLC†  8.00%  4/15/2027   1,500,000    1,502,119 
Saturn Oil & Gas, Inc. (Canada)†(a)  9.625%  6/15/2029   630,000    659,845 
Seadrill Finance Ltd.†  8.375%  8/1/2030   625,000    646,793 
SM Energy Co.†  8.375%  7/1/2028   496,000    509,927 
Talos Production, Inc.†  9.00%  2/1/2029   520,000    541,659 
Transocean Aquila Ltd.†  8.00%  9/30/2028   341,539    351,203 
Total              8,586,149 
                 
Packaging & Containers 0.34%                
Iris Holding, Inc.†  10.00%  12/15/2028   444,000    368,387 
Mauser Packaging Solutions Holding Co.†  9.25%  4/15/2027   360,000    351,000 
Total              719,387 
                 
Pharmaceuticals 0.59%                
Accendra Health, Inc.†  4.50%  3/31/2029   735,000    444,422 
Curaleaf Holdings, Inc.  11.50%  2/18/2029   250,000    252,250 
CVS Pass-Through Trust†  5.298%  1/11/2027   413,704    412,803 
CVS Pass-Through Trust  5.88%  1/10/2028   146,931    147,501 
Total              1,256,976 
                 
Pipelines 1.60%                
Cheniere Energy, Inc.  4.625%  10/15/2028   1,000,000    997,676 
Delek Logistics Partners LP/Delek Logistics Finance Corp.†  7.125%  6/1/2028   340,000    341,032 
Hess Midstream Operations LP†  5.125%  6/15/2028   300,000    299,268 
NGPL PipeCo LLC†  4.875%  8/15/2027   750,000    751,680 
Venture Global LNG, Inc.†  8.125%  6/1/2028   425,000    434,867 
Venture Global LNG, Inc.†  9.50%  2/1/2029   525,000    567,945 
Total              3,392,468 
                 
REITS 0.99%                
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.†  4.25%  2/1/2027   1,750,000    1,729,939 
Piedmont Operating Partnership LP  9.25%  7/20/2028   350,000    382,257 
Total              2,112,196 

 

  See Notes to Schedule of Investments. 9
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Retail 0.84%                
1011778 BC ULC/New Red Finance, Inc. (Canada)†(a)  4.375%  1/15/2028  $1,000,000   $986,677 
LBM Acquisition LLC†  6.25%  1/15/2029   460,000    336,707 
Stonegate Pub Co. Financing PLC  10.75%  7/31/2029  GBP 345,000    454,044 
Total              1,777,428 
                    
Telecommunications 2.11%                
Frontier Communications Holdings LLC  5.875%  11/1/2029  $1,000,000    1,006,694 
Frontier Communications Holdings LLC†  6.00%  1/15/2030   1,000,000    1,006,622 
Frontier Florida LLC  6.86%  2/1/2028   1,250,000    1,292,088 
Level 3 Financing, Inc.†  4.25%  7/1/2028   395,000    383,104 
Lumen Technologies, Inc.  6.875%  1/15/2028   350,000    350,292 
Viasat, Inc.†  6.50%  7/15/2028   435,000    430,217 
Total              4,469,017 
                    
Toys/Games/Hobbies 0.46%                
Mattel, Inc.†  3.75%  4/1/2029   1,000,000    967,431 
                    
Transportation 0.80%                
Pacific National Finance Pty. Ltd. (Australia)(a)   4.75%  3/22/2028   700,000    692,688 
XPO, Inc.†  6.25%  6/1/2028   1,000,000    1,014,243 
Total              1,706,931 
Total Corporate Bonds (cost $68,159,773)              67,428,921 
                    
CORPORATE NOTES 1.66%                
                    
Financial Services 1.66%                
QTS Realty Trust LLC Term Promissory Note  6.38% (3 mo.
USD Term SOFR + 2.75%)		  10/31/2028   2,700,000    2,684,880(b) 
QTS Realty Trust LLC Revolving Promissory Note(d)  6.68% (3 mo.
USD Term SOFR + 3.00%)		  10/31/2028   850,000    845,240(b) 
Total Corporate Notes (cost $3,522,459)              3,530,120 
                    
FLOATING RATE LOANS(e) 43.65%                
                    
Aerospace & Defense 1.74%                
Titan BW Borrower LP PIK Term Loan (PIK 2.88%)  9.044% (3 mo.
USD Term SOFR + 2.50%)		  7/24/2032   2,022,826    2,002,598(b) 
Titan BW Borrower LP Revolver(d)  –(f)  7/24/2032   337,838    334,459(b) 
Titan BW Borrower LP PIK Delayed Draw Term Loan(d)  8.417% (3 mo.
USD Term SOFR + 4.75%)		  7/24/2032   168,666    166,979(b) 
Zenith AcquisitionCo LLC Revolver(d)  –(f)  1/13/2033   137,470    136,783(b) 

 

10 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Aerospace & Defense (continued)                
Zenith AcquisitionCo LLC PIK Delayed Draw Term Loan(d)  8.171% (3 mo.
USD Term SOFR + 4.50%)		  1/13/2033  $352,267   $350,506(b) 
Zenith AcquisitionCo LLC PIK Term Loan  8.152% (3 mo.
USD Term SOFR + 4.50%)		  1/13/2033   710,263    706,711(b) 
Total              3,698,036 
                 
Building Products 0.69%                
LHS Borrower LLC 2025 Revolver(d)  8.918%
(PRIME rate + 4.25%)		  9/4/2031   111,354    109,683(b) 
LHS Borrower LLC 2025 Term Loan  8.918% (1 mo.
USD Term SOFR + 5.25%)		  9/4/2031   1,378,231    1,357,558(b) 
Total              1,467,241 
                 
Capital Markets 0.93%                
Russell Investments U.S. Institutional Holdco, Inc. 2025 PIK Revolver(d)  –(f)  12/29/2032   150,943    148,679(b) 
Russell Investments U.S. Institutional Holdco, Inc. 2025 PIK Term Loan (PIK 1.25%)  9.95% (3 mo.
USD Term SOFR + 6.25%)		  12/29/2032   1,854,963    1,827,139(b) 
Total              1,975,818 
                 
Commercial Services 0.08%                
CRM Series Seller 2025 LLC Revolver(d)  7.48% - 7.50% (1 mo.
USD Term
SOFR + 3.85%) (3 mo. USD
Term SOFR + 3.85%)		  8/20/2030   166,667    166,683(b) 
                 
Commercial Services & Supplies 2.30%                
AMCP Clean Acquisition Co. LLC 2025 Refinancing Delayed Draw Term Loan  7.95% (3 mo.
USD Term SOFR + 4.25%)		  6/17/2030   2,992,500    2,975,667 
RR Donnelley & Sons Co. 2024 Term Loan  8.418% (1 mo.
USD Term SOFR + 4.75%)		  8/8/2029   421,950    414,566(b) 
Saber Parent Holdings Corp. Revolver(d)  10.25%
(PRIME Rate + 3.50%)		  12/16/2032   146,341    145,610(b) 
Saber Parent Holdings Corp. PIK Delayed Draw Term Loan(d)  –(f)  12/16/2032   292,683    291,220(b) 
Saber Parent Holdings Corp. PIK Term Loan  8.424% (3 mo.
USD Term SOFR + 4.75%)		  12/16/2032   1,066,944    1,061,609(b) 
Total              4,888,672 

 

  See Notes to Schedule of Investments. 11
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Consumer Staples Distribution & Retail 2.26%                
Bellis Acquisition Co. PLC 2023 GBP Incremental Term Loan (United Kingdom)(a)  9.994%
(SONIA + 5.75%)		  10/22/2029  GBP 2,500,000   $3,176,641(b) 
Golden Hippo 2026 Revolver(d)  –(f)  2/5/2031  $76,726    75,575(b) 
Golden Hippo 2026 Term Loan  7.913% (3 mo.
USD Term SOFR + 4.25%)		  2/5/2031   1,560,102    1,536,701(b) 
Total              4,788,917 
                 
Diversified Consumer Services 2.09%                
CM MG Group LLC 2025 Delayed Draw Term Loan(d)  9.199% (3 mo.
USD Term SOFR + 5.50%)		  3/27/2030   741,210    728,906(b) 
CM MG Group LLC 2025 Revolver(d)  9.199% (3 mo.
USD Term SOFR + 5.50%)		  3/27/2030   168,919    166,115(b) 
CM MG Group LLC 2025 Term Loan  9.20% (3 mo.
USD Term SOFR + 5.50%)		  3/27/2030   1,569,223    1,543,174(b) 
Eagle Bidco Ltd. 2025 GBP Term Loan B (United Kingdom)(a)  8.227%
(SONIA + 4.50%)		  2/29/2032  GBP 1,500,000    1,989,540 
Total              4,427,735 
                 
Diversified Financial Services 0.04%                
BSFR II UTE I LLC Revolver(d)  7.675% (3 mo.
USD Term SOFR + 4.00%)		  3/24/2028  $75,000    74,670(b) 
                 
Entertainment 0.46%                
Flutter Financing BV 2024 Term Loan B (Netherlands)(a)  5.45% (3 mo.
USD Term SOFR + 1.75%)		  11/30/2030   992,386    983,951 
                 
Financial Services 4.17%                
BCPE Maverick Parent LP PIK Delayed Draw Term Loan (PIK 3.25%)(d)  6.95% (3 mo.
USD Term SOFR + 3.25%)		  10/14/2027   3,375,000    3,376,012(b) 
Cerity Partners LLC 2025 6th Amendment Incremental Revolver(d)  8.174% - 8.20% (3 mo.
USD Term SOFR + 4.50%)		  7/28/2031   82,569    82,156(b) 
Cerity Partners LLC 2025 Tranche B Delayed Draw Term Loan(d)  –(f)  7/28/2031   917,431    912,844(b) 
Harp Finco Ltd. GBP Term Loan (Jersey)(a)  8.727%
(SONIA + 5.00%)		  3/27/2032  GBP 1,500,000    1,985,401(b) 
Tulip Bidco Ltd. EUR PIK Incremental Acquisition Facility (United Kingdom)(a)  7.025% - 7.692%
(1 mo. EURIBOR + 5.75%)		  12/13/2027  EUR 335,935    383,437(b) 

 

12 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Financial Services (continued)                
Tulip Bidco Ltd. GBP PIK Incremental Acquisition Facility (United Kingdom)(a)(d)   8.249% - 8.80%
(SONIA + 4.95%)		  12/13/2027  GBP 1,608,876   $2,102,890(b) 
Total              8,842,740 
                 
Health Care Providers & Services 5.40%                
Allied Benefit Systems Intermediate LLC 2025 2nd Amendment Delayed Draw Term Loan(d)  –(f)  10/31/2030  $440,648    437,343(b) 
Allied Benefit Systems Intermediate LLC 2025 2nd Amendment Term Loan  8.70% (3 mo.
USD Term SOFR + 5.00%)		  10/31/2030   2,546,555    2,527,456(b) 
Aryeh Bidco Investment CAD Revolver (Canada)(a)(d)  –(f)  1/14/2033  CAD 135,682    96,560(b) 
Aryeh Bidco Investment PIK CAD Delayed Draw Term Loan (Canada)(a)(d)  7.266% (3 mo.
Canadian Dollar Offered Rate + 5.00%)		  1/14/2033  CAD 211,694    150,655(b) 
Aryeh Bidco Investment PIK CAD Term Loan (Canada)(a)  7.312% (3 mo.
Canadian Dollar Offered
Rate + 5.00%)		  1/14/2033  CAD 1,137,097    809,234(b) 
Aryeh Bidco Investment USD Revolver (Canada)(a)(d)  –(f)  1/14/2033  $11,189    11,078(b) 
One Call Corp. 2025 Revolver(d)  –(f)  9/10/2030   230,263    226,809(b) 
One Call Corp. 2025 Term Loan  9.423% (3 mo.
USD Term SOFR + 5.75%)		  9/10/2030   3,249,301    3,200,561(b) 
Opseo Holding BV EUR Senior Revoler (Netherlands)(a)(d)  –(f)  10/21/2032  EUR 37,736    42,963(b) 
Opseo Holding BV PIK EUR Facility B (Netherlands)(a)  6.933% (3 mo.
EURIBOR + 4.90%)		  1/21/2033  EUR 1,690,566    1,924,731(b) 
Opseo Holding BV PIK EUR Senior Acquisition Facility (Netherlands)(a)(d)  –(f)  1/21/2033  EUR 271,698    309,332(b) 
Schoen Klinik SE 2025 EUR Term Loan B (Germany)(a)  6.627% (3 mo.
EURIBOR + 4.50%)		  1/12/2031  EUR 1,500,000    1,716,438(b) 
Total              11,453,160 
                 
Health Care Technology 3.20%                
CT Technologies Intermediate Holdings, Inc. 2025 Incremental Delayed Draw Term Loan(d)  8.418% (1 mo.
USD Term SOFR + 4.75%)		  9/2/2031  $728,786    710,566(b) 

 

  See Notes to Schedule of Investments. 13
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Health Care Technology (continued)                
CT Technologies Intermediate Holdings, Inc. 2025 Incremental Term Loan  8.418% (1 mo.
USD Term SOFR + 4.75%)		  9/2/2031  $1,273,775   $1,241,930(b) 
CT Technologies Intermediate Holdings, Inc. 2025 Revolver(d)  5.00%  9/2/2031   365,764    360,278(b) 
CT Technologies Intermediate Holdings, Inc. 2025-B Special Purpose Delayed Draw Term Loan(d)  –(f)  9/2/2031   122,531    119,468(b) 
Goldeneye Parent LLC PIK Revolver(d)  –(f)  3/31/2032   316,189    306,703(b) 
Goldeneye Parent LLC PIK Term Loan  8.418% (1 mo.
USD Term SOFR + 4.75%)		  3/31/2032   2,167,432    2,102,410(b) 
Wisdom Purchaser LLC Revolver(d)  –(f)  7/24/2032   187,500    182,344(b) 
Wisdom Purchaser LLC PIK Term Loan  8.20% (3 mo.
USD Term SOFR + 4.50%)		  7/24/2032   1,807,969    1,762,769(b) 
Total              6,786,468 
                 
Hotels, Restaurants & Leisure 1.19%                
Accommodations Plus Technologies Holdings LLC 2025 Revolver(d)  –(f)  5/28/2032   333,333    325,000(b) 
OB Global Openbet Holdings 2 LLC Term Loan  9.706% (3 mo.
USD Term SOFR + 6.00%)		  9/24/2029   2,231,250    2,197,781(b) 
Total              2,522,781 
                 
Insurance 1.39%                
Koala Investment Holdings, Inc. Revolver(d)  7.942% (3 mo.
USD Term SOFR + 4.25%)		  8/29/2032   201,072    197,553(b) 
Koala Investment Holdings, Inc. PIK Delayed Draw Term Loan(d)  8.172% (3 mo.
USD Term SOFR + 4.50%)		  8/29/2032   452,413    444,496(b) 
Koala Investment Holdings, Inc. PIK Term Loan  7.95% (3 mo.
USD Term SOFR + 4.25%)		  8/29/2032   2,346,515    2,305,451(b) 
Total              2,947,500 

 

14 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Life Sciences Tools & Services 1.17%                
Cambrex Corp. 2025 Revolver(d)  8.169% - 8.18% (1 mo.
USD Term SOFR + 4.50%)		  3/5/2032  $255,102   $255,102(b) 
Cambrex Corp. PIK 2025 Delayed Draw Term Loan  8.168% (1 mo.
USD Term SOFR + 4.50%)		  3/5/2032   291,545    291,545(b) 
Cambrex Corp. PIK 2025 Unitranche Term Loan  8.168% (1 mo.
USD Term SOFR + 4.50%)		  3/5/2032   1,943,586    1,943,586(b) 
Total              2,490,233 
                 
Machinery 0.94%                
UFT Buyer LLC PIK Term Loan B (PIK 2.75%)  5.95% (3 mo.
USD Term SOFR + 2.25%)		  12/6/2032   1,341,149    1,327,737(b) 
UFT Buyer LLC PIK Delayed Draw Term Loan(d)  8.20% (3 mo.
USD Term SOFR + 4.50%)		  12/6/2032   487,805    482,927(b) 
UFT Buyer LLC PIK Revolver(d)  8.169% (3 mo.
USD Term SOFR + 4.50%)		  12/6/2032   182,927    181,098(b) 
Total              1,991,762 
                 
Media 0.69%                
Charter Communications Operating LLC 2023 Term Loan B4  5.661% (3 mo.
USD Term SOFR + 2.00%)		  12/7/2030   1,466,114    1,466,414 
                 
Personal Care Products 2.04%                
DRS Holdings III, Inc. 2025 Revolver(d)  –(f)  11/1/2028   142,624    141,198(b) 
DRS Holdings III, Inc. 2025 Term Loan  8.918% (1 mo.
USD Term SOFR + 5.25%)		  11/1/2028   2,228,528    2,206,242(b) 
Silk Holdings III Corp. 2025 5th Amendment Revolver(d)  8.171%  12/3/2032   139,263    137,871(b) 
Silk Holdings III Corp. 2025 5th Amendment Term Loan (Ireland)(a)  8.171% (1 mo.
USD Term SOFR + 4.50%)		  12/3/2032   1,860,737    1,842,129(b) 
Total              4,327,440 
                 
Professional Services 4.36%                
Consult Bidco Ltd. PIK GBP Delayed Draw Term Loan (PIK 1.00%) (United Kingdom)(a)(d)  –(f)  2/18/2033  GBP 192,192    249,298(b) 
Consult Bidco Ltd. PIK GBP Term Loan (PIK 1.00%) (United Kingdom)(a)  8.73%
(SONIA + 5.00%)		  2/18/2033  GBP 468,528    607,742(b) 
Consult Bidco Ltd. PIK USD Term Loan (United Kingdom)(a)  8.618% (3 mo.
USD Term SOFR + 5.00%)		  3/3/2033  $450,885    441,868(b) 

 

  See Notes to Schedule of Investments. 15
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Professional Services (continued)                
Deerfield Dakota Holding LLC 2025 PIK Term Loan (PIK 2.75%)  9.45% (3 mo.
USD Term SOFR + 5.75%)		  9/13/2032  $2,784,342   $2,742,577(b) 
Deerfield Dakota Holding LLC 2025 Revolver(d)  8.926% - 8.93% (1 mo.
USD Term SOFR + 5.25%)		  9/13/2032   257,143    253,286(b) 
Pacioli U.K. Midco Ltd. GBP Term Loan B (United Kingdom)(a)  8.727%
(SONIA + 5.00%)		  4/14/2032  GBP 1,410,000    1,824,285(b) 
Sigma Irish Acquico Ltd. 2025 Delayed Draw Term Loan (Ireland)(a)(d)  7.385% (3 mo.
EURIBOR + 5.25%)		  3/19/2032  $305,245    299,140(b) 
Sigma Irish Acquico Ltd. 2025 EUR DDTL (Ireland)(a)  7.385% (3 mo.
EURIBOR + 5.25%)		  3/19/2032  EUR 126,245    143,002(b) 
Sigma Irish Acquico Ltd. 2025 EUR Term Loan B (Ireland)(a)  7.377% (3 mo.
EURIBOR + 5.25%)		  3/19/2032  EUR 1,242,249    1,410,726(b) 
Sigma Irish Acquico Ltd. 2025 USD Term Loan B (Ireland)(a)  8.88% (3 mo.
USD Term SOFR + 5.25%)		  3/19/2032  $1,304,138    1,278,055(b) 
Total              9,249,979 
                 
Real Estate Management & Development 1.17%                
Associations, Inc. 2024 2nd Amendment Revolver(d)  –(f)  7/3/2028   136,842    136,158(b) 
Associations, Inc. 2024 2nd Amendment Term Loan A  10.425% (3 mo.
USD Term SOFR + 6.50%)		  7/3/2028   2,175,947    2,165,067(b) 
Associations, Inc. 2024 Special Purpose Delayed Draw Term Loan(d)  10.425% (3 mo.
USD Term SOFR + 6.50%)		  7/3/2028   169,908    169,059(b) 
Total              2,470,284 
                 
Software 3.26%                
Edition Holding, Inc. Revolver(d)  –(f)  12/20/2032   267,990    265,310(b) 
Edition Holding, Inc. PIK Delayed Draw Term Loan  –(f)  12/20/2032   381,385    377,572(b) 
Edition Holding, Inc. PIK Delayed Draw Term Loan 2(d)  –(f)  12/20/2032   644,566    638,120(b) 
Edition Holdings, Inc. PIK Term Loan  8.168% (3 mo.
USD Term SOFR + 4.50%)		  12/20/2032   2,706,059    2,678,998(b) 
Jeppesen Holdings, LLC Revolver(d)  –(f)  11/1/2032   147,887    146,224(b) 
Jeppesen Holdings, LLC PIK Term Loan  8.417% (3 mo.
USD Term SOFR + 4.75%)		  11/1/2032   2,852,113    2,820,026(b) 
Total              6,926,250 

 

16 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount‡		   Fair
Value**		 
Specialty Retail 0.17%                
Altern Marketing LLC 2026 Revolver(d)  –(f)  2/5/2031  $51,151   $50,383(b) 
Altern Marketing LLC 2026 Term Loan  7.913% (3 mo.
USD Term SOFR + 4.25%)		  2/5/2031   304,220    299,657(b) 
Total              350,040 
                   
Technology Hardware, Storage & Peripherals 2.05%                
VCI Asset Holdings 1 LLC Fixed Term Loan  10.00%  11/20/2030   2,669,362    2,832,860(b) 
VCI Asset Holdings 2 LLC Fixed Term Loan  7.375%  2/18/2031   1,478,000    1,524,188(b) 
Total              4,357,048 
                 
Trading Companies & Distributors 0.70%                
NFO Orange Buyer LLC Delayed Draw Term Loan(d)    –(f)  1/13/2033   236,842    235,658(b) 
NFO Orange Buyer LLC Revolver(d)  10.25%
(PRIME Rate + 3.50%)		  1/13/2033   157,895    157,105(b) 
NFO Orange Buyer LLC Term Loan  8.152% (3 mo.
USD Term SOFR + 4.50%)		  1/13/2033   1,105,263    1,099,737(b) 
                 1,492,500 
                 
Transportation Infrastructure 1.16%                
Elk Bidco, Inc. Delayed Draw Term Loan(d)  –(f)  6/14/2032   373,134    367,537(b) 
Elk Bidco, Inc. Revolver(d)  –(f)  6/14/2032   335,821    327,426(b) 
Elk Bidco, Inc. Term Loan  8.20% (3 mo.
USD Term SOFR + 4.50%)		  6/14/2032   1,782,090    1,773,179(b) 
Total                2,468,142 
Total Floating Rate Loans (cost $92,641,189)                92,614,464 
                   
            Units      
                   
MEMBERSHIP INTERESTS 0.16%                  
                   
Technology Hardware, Storage & Peripherals 0.16%                  
VCI Asset Holdings 1 LLC*(h)           125,996    127,256(b) 
VCI Intermediate TopCo 2 LLC*(i)           219,583    221,779(b) 
Total Membership Interests (cost $345,580)                349,035 
                   
                   
     Interest
Rate		  Maturity
Date		  Principal
Amount		      
                   
MUNICIPAL BONDS 0.05%                  
                   
Miscellaneous 0.05%                  
New York City Industrial Development Agency NY† (cost $109,293)    11.00%  3/1/2029  $100,000    110,005 

 

  See Notes to Schedule of Investments. 17
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value**		 
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 2.67%
1345 Trust Series 2025-AOA Class B†  5.673% (1 mo.
USD Term SOFR + 2.00%)		#  6/15/2042  $500,000   $499,369 
ARES Commercial Mortgage Trust Series 2026-AZURE Class D†  6.00% (1 mo.
USD Term SOFR + 2.35%)		#  3/15/2038   160,000    159,995 
BAHA Trust Series 2024-MAR Class B†  6.385%#(g)  12/10/2041   500,000    516,087 
BX Commercial Mortgage Trust Series 2026-CSMO Class D†  6.123% (1 mo.
USD Term SOFR + 2.45%)		#  2/15/2043   300,000    301,217 
BX Trust Series 2025-VLT7 Class E†  7.423% (1 mo.
USD Term SOFR + 3.75%)		#  7/15/2044   500,000    496,745 
DBC Mortgage Trust Series 2025-DBC Class D†  6.273% (1 mo.
USD Term SOFR + 2.60%)		#  11/15/2042   380,000    379,568 
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1†  4.912% (30 day
USD SOFR Average + 1.25%)		#  5/25/2044   254,108    254,324 
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1†  4.912% (30 day
USD SOFR Average + 1.25%)		#  3/25/2044   414,937    415,675 
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA3 Class A1†  4.612% (30 day
USD SOFR Average + 0.95%)		#  9/25/2045   77,500    77,382 
Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1†  4.662% (30 day
USD SOFR Average + 1.00%)		#  2/25/2045   94,169    94,063 
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R05 Class 2A1†  4.662% (30 day
USD SOFR Average + 1.00%)		#  7/25/2045   287,882    287,773 
MAD Commercial Mortgage Trust Series 2025-11MD Class C†  5.255%#(g)  10/15/2042   400,000    403,080 
NYC Commercial Mortgage Trust Series 2026-1PARK Class C†  5.528% (1 mo.
USD Term SOFR + 1.85%)		#  2/15/2043   200,000    199,556 
PLYM Commercial Mortgage Trust Series 2026-IND Class D†  5.823% (1 mo.
USD Term SOFR + 2.15%)		#  3/15/2043   210,000    208,429 
SHRN Trust Series 2025-MF18 Class D†  5.923% (1 mo.
USD Term SOFR + 2.25%)		#  10/15/2040   380,000    380,835 

 

18 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investments  Interest
Rate		  Maturity
Date		  Principal
Amount		   Fair
Value**		 
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)         
SWCH Commercial Mortgage Trust Series 2025-DATA Class B†  5.515% (1 mo.
USD Term SOFR + 1.84%)		#  2/15/2042  $500,000   $493,917 
TEXAS Commercial Mortgage Trust Series 2025-TWR Class D†  6.763% (1 mo.
USD Term SOFR + 3.09%)		#  4/15/2042   500,000    500,774 
Total Non-Agency Commercial Mortgage-Backed Securities (cost $5,677,875)       5,668,789 
Total Long-Term Investments (cost $238,708,870)              237,783,387 
                 
SHORT-TERM INVESTMENTS 0.10%                
                 
REPURCHASE AGREEMENTS 0.10%                
Repurchase Agreement dated 3/31/2026, 3.540% due 4/1/2026 with JPMorgan Securities LLC collateralized by $222,800 of U.S. Treasury Note at 4.000% due 2/28/2030; value: $224,490; proceeds: $220,022
(cost $220,000)		         220,000    220,000 
Total Investments in Securities 112.16% (cost $238,928,870)           238,003,387 
Less Unfunded Loan Commitments (6.28%) (cost $13,404,558)           (13,329,270)
Net Investments in Securities 105.88% (cost $225,524,312)           224,674,117 
Borrowings (9.42%)              (20,000,000)
Other Assets and Liabilities – Net(j) 3.54%              7,517,381 
Net Assets 100.00%             $212,191,498 

 

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.
REMICS   Real Estate Mortgage Investment Conduits.
SOFR   Secured Overnight Financing Rate.
SONIA   Sterling Overnight Index Average.
STACR   Structured Agency Credit Risk.
‡   Principal Amount is denominated in U.S. dollars unless otherwise noted.
**   Investment holdings denominated in foreign currencies are converted to U.S. Dollars using period end spot rates.
†   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 March 31, 2026, the total value of Rule 144A securities was $102,943,193, which represents 48.51% of net assets.
#   Variable rate security. The interest rate represents the rate in effect at March 31, 2026.
^   Security has been fully or partially segregated for open reverse repurchase agreements as of March 31, 2026.
*   Non-income producing security.
(a)   Foreign security traded in U.S. dollars.
(b)   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.”

 

  See Notes to Schedule of Investments. 19
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

(c)   Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(d)   Security partially/fully unfunded.
(e)   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 March 31, 2026.
(f)   Interest rate to be determined.
(g)   Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(h)   The Investment, which was acquired on 11/19/2025, was issued in a private placement transaction and as such is generally restricted as to resale. Total fair value of restricted investments as of March 31, 2026 was $119,696 or 0.06% of net assets.
(i)   The Investment, which was acquired on 02/25/2026, was issued in a private placement transaction and as such is generally restricted as to resale. Total fair value of restricted investments as of March 31, 2026 was $221,779 or 0.10% of net assets.
(j)   Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, reverse repurchase agreements and swap contracts as follows:

 

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers – Buy Protection at March 31, 2026(1):

 

Referenced
Indexes/Issuers		  Central
Clearing Party		  Fund
Pays
(Quarterly)		  Termination
Date		  Notional
Amount		  Payments
Upfront(2)		 Unrealized
Appreciation/
Depreciation(3)		   Value 
Lincoln National Corp.(4)  Bank of America  1.00%  12/20/2030  $92,000         $1,878   $110   $1,988 
                              
Referenced
Indexes/Issuers		  Central
Clearing Party		  Fund
Pays
(Quarterly)		  Termination
Date		  Notional
Amount		  Payments
Upfront(2) 		 Unrealized
Appreciation/
(Depreciation)(3)		   Value 
MetLife, Inc.(4)  Bank of America  1.00%  12/20/2030  $37,000    $(301)               $53   $(248)
Prudential Financial, Inc.(4)  Bank of America  1.00%  12/20/2030  55,000     (447)   293    (154)
Total                $(748)  $346   $(402)

 

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers – Sell Protection at March 31, 2026(1):

 

Referenced
Indexes/Issuers		   Central
Clearing Party		  Fund
Receives
(Quarterly)		  Termination
Date		  Notional
Amount		  Payments
Upfront(2)		  Unrealized
Appreciation/
(Depreciation)(3)		  Value  
Microsoft Corp.(4)   Bank of America  1.00%  12/20/2030  $1,800,000  $54,474  $(5,530)  $48,944  

 

(1)   If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap contract agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap contracts and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive 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. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contract agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.
(2)   Upfront payments paid (received) are presented net of amortization.
(3)   Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $456. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $5,530.
(4)   Central Clearinghouse: Intercontinental Exchange (ICE).

 

20 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Centrally Cleared Interest Rate Swap Contracts at March 31, 2026:

 

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)  3.331%  12-Month USD SOFR Index  2/23/2027  $9,800,000    $–           $33,406   $33,406 
Bank of America(2)  3.210%  12-Month USD SOFR Index  10/23/2027  10,000,000     –    71,898    71,898 
Total                $–   $105,304   $105,304 
                              
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)  3.641%  12-Month USD SOFR Index  3/27/2029  $2,900,000    $–   $(4,529)  $(4,529)

 

  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 March 31, 2026:

 

Forward
Foreign
Currency
Exchange
Contracts		  Transaction
Type		  Counterparty  Expiration
Date		  Foreign
Currency		  U.S. $
Cost on
Origination
Date		   U.S. $
Current
Value		 Unrealized
Appreciation		 
British pound  Sell  Goldman Sachs  4/24/2026  8,102,000  $11,059,585   $10,723,488         $336,097 
British pound  Sell  Goldman Sachs  4/24/2026  137,000   184,842    181,328    3,514 
British pound  Sell  Goldman Sachs  4/24/2026  605,000   818,527    800,754    17,773 
Canadian dollar  Sell  Goldman Sachs  4/17/2026  3,445,000   2,508,054    2,478,210    29,844 
Canadian dollar  Sell  Goldman Sachs  4/17/2026  30,000   21,959    21,581    378 
Euro  Sell  Goldman Sachs  6/5/2026  4,930,000   5,745,128    5,715,218    29,910 
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts            $417,516 
                
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  4/24/2026  407,000  $543,916   $538,689   $(5,227)
British pound  Buy  State Street Bank And Trust  4/24/2026  499,000   681,300    660,457    (20,843)
Euro  Sell  State Street Bank And Trust  6/5/2026  784,000   900,416    908,870    (8,454)
Euro  Sell  State Street Bank And Trust  6/5/2026  3,000   3,466    3,478    (12)
Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts            $(34,536)

 

  See Notes to Schedule of Investments. 21
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Reverse Repurchase Agreement Payables as of March 31, 2026:

 

Counterparty  Fair
Value		  Collateral
Held by
Counterparty		  Interest
Rate(1)		  Trade
Date		  Maturity
Date		  Fair Value
Including
Accrued
Interest(2)		  Remaining
Contractual
Maturity
of the
Agreements
J.P. Morgan  $1,361,537  $1,500,000 principal, Benefit Street Partners CLO XX Ltd. Series 2020-20A at 5.195% due 7/15/2037, $1,512,819 fair value  4.200%  3/18/2026  4/20/2026  $1,363,761  Up to 30 Days

 

(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 $2,224.

 

The following is a summary of the inputs used as of March 31, 2026 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  $–   $–   $10,949,900   $10,949,900 
Other   –    37,154,653    8,012,500    45,167,153 
Remaining Industries   –    11,965,000    –    11,965,000 
Corporate Bonds   –    67,428,921    –    67,428,921 
Corporate Notes(3)   –    –    3,530,120    3,530,120 
Floating Rate Loans(4)                    
Aerospace & Defense   –    –    3,698,036    3,698,036 
Building Products   –    –    1,467,241    1,467,241 
Capital Markets   –    –    1,975,818    1,975,818 
Commercial Services   –    –    166,683    166,683 
Commercial Services & Supplies   –    2,975,667    1,913,005    4,888,672 
Consumer Staples Distribution & Retail   –    –    4,788,917    4,788,917 
Diversified Consumer Services   –    1,989,540    2,438,195    4,427,735 
Diversified Financial Services   –    –    74,670    74,670 
Financial Services   –    –    8,842,740    8,842,740 
Health Care Providers & Services   –    –    11,453,160    11,453,160 
Health Care Technology   –    –    6,786,468    6,786,468 
Hotels, Restaurants & Leisure   –    –    2,522,781    2,522,781 
Insurance   –    –    2,947,500    2,947,500 
Life Sciences Tools & Services   –    –    2,490,233    2,490,233 
Machinery   –    –    1,991,762    1,991,762 
Personal Care Products   –    –    4,327,440    4,327,440 
Professional Services   –    –    9,249,979    9,249,979 
Real Estate Management & Development   –    –    2,470,284    2,470,284 
Software   –    –    6,926,250    6,926,250 
Specialty Retail   –    –    350,040    350,040 
Technology Hardware, Storage & Peripherals   –    –    4,357,048    4,357,048 

 

22 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

Investment Type(2)  Level 1   Level 2   Level 3   Total 
Trading Companies & Distributors  $–   $–   $1,492,500   $1,492,500 
Transportation Infrastructure   –    –    2,468,142    2,468,142 
Remaining Industries   –    2,450,365    –    2,450,365 
Membership Interests   –    –    349,035    349,035 
Municipal Bonds   –    110,005    –    110,005 
Non-Agency Commercial Mortgage-Backed Securities   –    5,668,789    –    5,668,789 
Short-Term Investments                    
Repurchase Agreements   –    220,000    –    220,000 
Total  $–   $129,962,940   $108,040,447   $238,003,387 
Other Financial Instruments                    
Centrally Cleared Credit Default Swap Contracts                    
Assets  $–   $50,932   $–   $50,932 
Liabilities   –    (402)   –    (402)
Centrally Cleared Interest Rate Swap Contracts                    
Assets   –    105,304    –    105,304 
Liabilities   –    (4,529)   –    (4,529)
Forward Foreign Currency Exchange Contracts                    
Assets   –    417,516    –    417,516 
Liabilities   –    (34,536)   –    (34,536)
Reverse Repurchase Agreements                    
Asset   –    –    –    – 
Liabilities   –    (1,363,761)   –    (1,363,761)
Total  $–   $(829,476)  $–   $(829,476)

 

(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 along with the valuation technique utilized.
(3)   The level 3 investments include unfunded commitments of $589,302.
(4)   The level 3 investments include unfunded commitments of $12,414,968.

 

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 Schedule of Investments. 23
 

Schedule of Investments (unaudited)(continued)

March 31, 2026

 

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

 

Investment Type  Asset-Backed
Securities		   Corporate
Notes(a)		   Floating Rate
Loans(b)		   Membership
Interests		 
Balance as of July 1, 2025       $10,000,000   $4,959,500        $33,305,532             $– 
Accrued Discounts (Premiums)   –    3,958    71,113    – 
Realized Gain/(Loss)   –    7,629    38,754    – 
Change in Unrealized Appreciation/(Depreciation)   (37,600)   5,316    (550,571)   3,456 
Purchases   12,016,667    842,917    56,304,547    345,579 
Sales   (3,016,667)   (2,289,200)   (3,970,483)   – 
Transfers into Level 3(c)   –    –    –    – 
Transfers out of Level 3(c)   –    –    –    – 
Balance as of March 31, 2026  $18,962,400   $3,530,120   $85,198,892   $349,035 
Change in unrealized appreciation/(depreciation) for the period ended March 31, 2026, related to the Level 3 investments held at March 31, 2026  $(37,600)  $5,821   $(550,851)  $3,456 
     
(a)   Includes unfunded commitments of $589,302.
(b)   Includes unfunded commitments of $12,414,968.
(c)   The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period.

 

24 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(concluded)

March 31, 2026

 

The following table summarizes the significant unobservable inputs the Fund used to value its investments categorized within Level 3 as of March 31, 2026. 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 March 31, 2026 were as follows:

 

Quantitative Information about Level 3 Fair Value Measurements

 

Assets   3-31-2026
Fair
Value ($)		   Valuation
Technique(s)/
Methodologies		   Unobservable
Input(s)		   Range of
Unobservable
Input(s)
Utilized		   Weighted
Average
Unobservable
Input(s)
Asset-Backed Securities   8,000,000   Market Approach   Transaction Price   N/A   N/A
Asset-Backed Securities   10,962,400   Income Approach   Discount Rate   7.21% – 9.29%   8.30%
Corporate Notes(a)   3,530,120   Market Approach   Transaction Price   6.56% – 7.21%   6.87%
Floating Rate Loans(b)   9,292,277   Market Approach   Transaction Price   N/A   N/A
Floating Rate Loans(c)   75,906,615   Income Approach   Discount Rate   5.59% – 11.21%   8.79%
Membership Interests   349,035   Market Approach   Transaction Price   5.59% – 7.67%   6.47%
Total Level 3   108,040,447                
     
(a)   Includes unfunded loan commitments of $589,302.
(b)   Includes unfunded loan commitments of $1,796,743.
(c)   Includes unfunded loan commitments of $10,943,225.

 

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.

 

  See Notes to Schedule of Investments. 25
 

Notes to Schedule of Investments (unaudited)

 

1.   ORGANIZATION  

 

Lord Abbett Flexible Income Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company that continuously offers its common shares and is operated as an interval fund. The Fund was organized as a Delaware statutory trust on December 15, 2023. 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 designated 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 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 future cash flows, security specific risks and corresponding discount rates. The cost approach

 

26

 

Notes to Schedule of Investments (unaudited)(continued)

 

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 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 regularly reports that may include fair value determinations made by the Pricing Committee, related to 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.

 

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

 

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

 

If applicable, a summary of inputs used in valuing each Fund’s investments and other financial instruments as of March 31, 2026 and Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments.

 

27

 

Notes to Schedule of Investments (unaudited)(concluded)

 

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 Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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 the 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 the 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 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.

 

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 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 March 31, 2026, the Fund did not have any securities on loan.

 

28

 

 

QPHR-LAFIF-3Q

(05/26)