Lord Abbett Series Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-05876

LORD ABBETT SERIES FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller

Vice President, Secretary, and Chief Legal Officer

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2022

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Developing Growth Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

8		Statement of Assets and Liabilities

9		Statement of Operations

10		Statements of Changes in Net Assets

12		Financial Highlights

14		Notes to Financial Statements

23		Supplemental Information to Shareholders

Lord Abbett Series Fund — Developing Growth Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Developing Growth Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; expenses related to the Fund’s services arrangements with certain insurance companies; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

The Example reflects only expenses that are deducted from the assets of the Fund. Fees and expenses, including sales charges applicable to the various insurance products that invest in the Fund, are not reflected in this Example. If such fees and expenses were reflected in the Example, the total expenses shown would be higher. Fees and expenses regarding such variable insurance products are separately described in the prospectus related to those products.

Actual Expenses

The first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 1/1/22 – 6/30/22” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
				1/1/22 -
	1/1/22	6/30/22		6/30/22
Class VC
Actual	$1,000.00	$	638.20	$4.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.64	$5.21

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.04%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Communication Services		3.97	%
Consumer Discretionary		5.77	%
Consumer Staples		5.18	%
Energy		3.34	%
Financials		2.82	%
Health Care		27.60	%
Industrials		14.14	%
Information Technology		27.57	%
Materials		4.50	%
Repurchase Agreements		3.10	%
Money Market Funds^(a)		1.81	%
Time Deposits^(a)		0.20	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.83%

COMMON STOCKS 96.83%

Aerospace & Defense 2.97%
AeroVironment, Inc.*		8,887	$	730,511
Axon Enterprise, Inc.*		7,099		661,414
Parsons Corp.*		19,880		803,550
Total				2,195,475

Banks 1.53%
Glacier Bancorp, Inc.		12,027		570,321
Popular, Inc.		7,311		562,435
Total				1,132,756

Beverages 0.89%
Duckhorn Portfolio, Inc. (The)*		31,387		661,010

Biotechnology 13.22%
Alkermes plc (Ireland)*^(a)		39,751		1,184,182
Biohaven Pharmaceutical Holding Co. Ltd.*		7,349		1,070,823
Cerevel Therapeutics Holdings, Inc.*		23,464		620,388
Cytokinetics, Inc.*		33,991		1,335,507
Halozyme Therapeutics, Inc.*		7,910		348,040
Intellia Therapeutics, Inc.*		8,744		452,590
Karuna Therapeutics, Inc.*		5,212		659,370
Krystal Biotech, Inc.*		20,527		1,347,803
Legend Biotech Corp. ADR*		6,012		330,660
Mirati Therapeutics, Inc.*		6,472		434,465
Sarepta Therapeutics, Inc.*		7,521		563,774
Ultragenyx Pharmaceutical, Inc.*		7,529		449,180
Xenon Pharmaceuticals, Inc. (Canada)*^(a)		32,627		992,513
Total				9,789,295

Capital Markets 0.99%
Piper Sandler Cos.		6,479		734,459

Investments	Shares		Fair Value
Chemicals 3.48%
Balchem Corp.		7,211	$	935,555
Cabot Corp.		8,561		546,106
Livent Corp.*		48,208		1,093,840
Total				2,575,501

Commercial Services & Supplies 2.38%
Clean Harbors, Inc.*		8,637		757,206
Tetra Tech, Inc.		7,341		1,002,413
Total				1,759,619

Communications Equipment 2.23%
Calix, Inc.*		30,184		1,030,482
Lumentum Holdings, Inc.*		7,844		622,970
Total				1,653,452

Construction & Engineering 2.36%
Ameresco, Inc. Class A*		14,524		661,714
Comfort Systems USA, Inc.		13,022		1,082,779
Total				1,744,493

Construction Materials 1.11%
Eagle Materials, Inc.		7,466		820,812

Diversified Consumer Services 0.62%
Duolingo, Inc.*		5,232		458,062

Electronic Equipment, Instruments & Components 2.24%
II-VI, Inc.*		15,433		786,311
Littelfuse, Inc.		3,428		870,849
Total				1,657,160

Energy Equipment & Services 1.43%
Cactus, Inc. Class A		19,717		794,003
MELI Kaszek Pioneer Corp. Class A*		26,433		261,687
Total				1,055,690

Entertainment 1.11%
World Wrestling Entertainment, Inc. Class A		13,216		825,868

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Food & Staples Retailing 1.81%
BJ’s Wholesale Club Holdings, Inc.*		6,356	$	396,106
Grocery Outlet Holding Corp.*		22,148		944,169
Total				1,340,275

Food Products 1.73%
Simply Good Foods Co. (The)*		33,860		1,278,892

Health Care Equipment & Supplies 10.16%
Axonics, Inc.*		24,756		1,402,923
Bausch & Lomb Corp. (Canada)*^(a)		35,237		537,012
Envista Holdings Corp.*		15,606		601,455
Figs, Inc. Class A*		13,694		124,752
Inari Medical, Inc.*		10,697		727,289
iRhythm Technologies, Inc.*		6,455		697,334
Lantheus Holdings, Inc.*		28,426		1,876,969
Shockwave Medical, Inc.*		8,120		1,552,300
Total				7,520,034

Health Care Technology 1.90%
Inspire Medical Systems, Inc.*		7,685		1,403,819

Hotels, Restaurants & Leisure 3.46%
Marriott Vacations Worldwide Corp.		5,643		655,717
Papa John’s International, Inc.		7,458		622,892
Planet Fitness, Inc. Class A*		18,838		1,281,172
Total				2,559,781

Household Durables 0.45%
Helen of Troy Ltd.*		2,035		330,504

Information Technology Services 4.10%
Endava plc ADR*		11,339		1,000,894
Flywire Corp.*		20,860		367,762
Globant SA (Uruguay)*^(a)		3,959		688,866
Shift4 Payments, Inc. Class A*		7,657		253,140
WEX, Inc.*		4,657		724,443
Total				3,035,105

Investments	Shares		Fair Value
Interactive Media & Services 1.60%
Cargurus, Inc.*		24,608	$	528,826
ZipRecruiter, Inc. Class A*		44,333		657,015
Total				1,185,841

Leisure Products 0.77%
Callaway Golf Co.*		27,995		571,098

Machinery 4.24%
Chart Industries, Inc.*		6,980		1,168,312
Evoqua Water Technologies Corp.*		33,244		1,080,763
RBC Bearings, Inc.*		4,815		890,534
Total				3,139,609

Media 0.45%
Integral Ad Science Holding Corp.*		33,644		334,085

Oil, Gas & Consumable Fuels 2.33%
Earthstone Energy, Inc. Class A*^(b)		19,154		261,452
Matador Resources Co.		14,905		694,424
Range Resources Corp.*		31,081		769,255
Total				1,725,131

Personal Products 0.86%
Inter Parfums, Inc.		8,678		634,015

Pharmaceuticals 2.89%
Intra-Cellular Therapies, Inc.*		37,423		2,136,105

Professional Services 0.79%
FTI Consulting, Inc.*		3,222		582,699

Road & Rail 0.56%
Saia, Inc.*		2,208		415,104

Semiconductors & Semiconductor Equipment 8.85%
CEVA, Inc.*		14,241		477,928
Diodes, Inc.*		17,233		1,112,735
MKS Instruments, Inc.		5,451		559,436
Rambus, Inc.*		31,227		671,068
Semtech Corp.*		23,855		1,311,309

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment (continued)
Silicon Motion Technology Corp. ADR		11,538	$	965,731
SiTime Corp.*		6,092		993,179
Synaptics, Inc.*		3,869		456,735
Total				6,548,121

Software 10.71%
Avalara, Inc.*		11,267		795,450
Clear Secure, Inc. Class A*^(b)		39,457		789,140
CyberArk Software Ltd. (Israel)*^(a)		7,284		932,061
Five9, Inc.*		8,116		739,692
Gitlab, Inc. Class A*^(b)		17,517		930,853
Jamf Holding Corp.*		41,580		1,029,937
Procore Technologies, Inc.*		12,523		568,419
Rapid7, Inc.*		14,680		980,624
Sprout Social, Inc. Class A*		7,480		434,364
Tenable Holdings, Inc.*		16,073		729,875
Total				7,930,415

Textiles, Apparel & Luxury Goods 0.59%
Crocs, Inc.*		9,008		438,419

Trading Companies & Distributors 1.14%
Applied Industrial Technologies, Inc.		3,762		361,791
Rush Enterprises, Inc. Class A		9,978		480,940
Total				842,731

Wireless Telecommunication Services 0.88%
Gogo, Inc.*		40,490		655,533
Total Common Stocks (cost $84,133,958)				71,670,968

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 5.22%

Repurchase Agreements 3.16%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $2,563,400 of U.S. Treasury Note at 0.50% due 3/31/2025; value: $2,389,151; proceeds: $2,342,284 (cost $2,342,248)	$	2,342,248	$	2,342,248

	Shares

Money Market Funds 1.85%
Fidelity Government Portfolio^(c) (cost $1,367,728)		1,367,728		1,367,728

Time Deposits 0.21%
CitiBank N.A.^(c) (cost $151,970)		151,970		151,970
Total Short-Term Investments (cost $3,861,946)				3,861,946
Total Investments in Securities 102.05% (cost $87,995,904)				75,532,914
Other Assets and Liabilities – Net (2.05)%				(1,514,951	)
Net Assets 100.00%			$	74,017,963


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

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Software	$	7,200,540	$	729,875	$	–	$	7,930,415
Remaining Industries		63,740,553		–		–		63,740,553
Short-Term Investments
Repurchase Agreements		–		2,342,248		–		2,342,248
Money Market Funds		1,367,728		–		–		1,367,728
Time Deposits		–		151,970		–		151,970
Total	$	72,308,821	$	3,224,093	$	–	$	75,532,914


⁽¹⁾		Refer to Note 2(h) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value including $1,454,892 of securities loaned (cost $87,995,904)	$	75,532,914
Cash		28
Receivables:
Capital shares sold		188,037
From advisor (See Note 3)		13,603
Interest and dividends		6,378
Securities lending income receivable		1,127
Prepaid expenses		1,568
Total assets		75,743,655
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending		1,519,698
Transfer agent fees		91,414
Management fee		46,859
Capital shares reacquired		13,397
Directors’ fees		8,354
Fund administration		2,499
Accrued expenses		43,471
Total liabilities		1,725,692
Commitments and contingent liabilities
NET ASSETS	$	74,017,963
COMPOSITION OF NET ASSETS:
Paid-in capital	$	101,362,924
Total distributable earnings (loss)		(27,344,961	)
Net Assets	$	74,017,963
Outstanding shares (50 million shares of common stock authorized, $.0001 par value)		3,352,881
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$22.08

See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $826)	$	133,573
Securities lending net income		3,633
Interest and other		768
Total investment income		137,974
Expenses:
Management fee		328,311
Non 12b-1 service fees		109,359
Shareholder servicing		47,581
Professional		19,995
Fund administration		17,569
Custody		8,871
Reports to shareholders		7,513
Directors’ fees		790
Other		10,066
Gross expenses		550,055
Expense reductions (See Note 8)		(115	)
Fees waived and expenses reimbursed (See Note 3)		(93,138	)
Net expenses		456,802
Net investment loss		(318,828	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(10,811,251	)
Net change in unrealized appreciation/depreciation on investments		(31,141,492	)
Net realized and unrealized gain (loss)		(41,952,743	)
Net Decrease in Net Assets Resulting From Operations	$	(42,271,571	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021
Operations:
Net investment loss	$	(318,828	)	$	(1,187,918	)
Net realized gain (loss) on investments		(10,811,251	)		23,624,611
Net change in unrealized appreciation/depreciation on investments		(31,141,492	)		(27,374,033	)
Net decrease in net assets resulting from operations		(42,271,571	)		(4,937,340	)
Distributions to shareholders:		–			(29,485,936	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		7,099,300			40,754,167
Reinvestment of distributions		–			29,485,936
Cost of shares reacquired		(7,799,604	)		(56,127,426	)
Net increase (decrease) in net assets resulting from capital share transactions		(700,304	)		14,112,677
Net decrease in net assets		(42,971,875	)		(20,310,599	)
NET ASSETS:
Beginning of period	$	116,989,838		$	137,300,437
End of period	$	74,017,963		$	116,989,838

See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:

	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
6/30/2022^(c)	$	34.61	$	(0.09	)	$	(12.44	)	$	(12.53	)	$	–		$	22.08
12/31/2021		47.18		(0.42	)		(0.93	)		(1.35	)		(11.22	)		34.61
12/31/2020		29.88		(0.30	)		22.17			21.87			(4.57	)		47.18
12/31/2019		24.97		(0.27	)		8.23			7.96			(3.05	)		29.88
12/31/2018		28.18		(0.21	)		1.41			1.20			(4.41	)		24.97
12/31/2017		21.69		(0.13	)		6.62			6.49			–			28.18

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:


Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	(36.18	)^(d)		1.04	^(e)		1.26	^(e)		(0.73	)^(e)	$	74,018		63	^(d)
	(2.75	)		1.04			1.15			(0.87	)		116,990		121
	72.60			1.04			1.24			(0.84	)		137,300		113
	31.77			1.01			1.27			(0.86	)		79,374		106
	4.88			0.94			1.31			(0.63	)		54,749		112
	29.92			0.90			1.38			(0.52	)		39,658		103

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2022. This report covers Developing Growth Portfolio (the “Fund”).

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

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked prices.

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

Notes to Financial Statements (unaudited)(continued)

	reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase

Notes to Financial Statements (unaudited)(continued)

	agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(h)	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).

A summary of inputs used in valuing the Fund’s investments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $100 million	.75%
Over $100 million	.50%

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2022, the effective management fee, net of any applicable waivers, was at an annualized rate of .56% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $8,871 of fund administration fees during the six months ended June 30, 2022.

For the six months ended June 30, 2022 and continuing through April 30, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 1.04%. This agreement may be terminated only upon the approval of the Board.

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

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited)			Year Ended 12/31/2021
Distributions paid from:
Ordinary income		$	–		$	2,393,402
Net long-term capital gains			–			27,092,534
Total distributions paid		$	–		$	29,485,936

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	88,563,282
Gross unrealized gain		2,650,775
Gross unrealized loss		(15,681,143	)
Net unrealized security gain (loss)	$	(13,030,368	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for six months ended June 30, 2022 were as follows:

Purchases	Sales
$55,732,855	$57,297,039

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

The Company is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trade sales of $104,198 which resulted in gains of $3,435.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	2,342,248		$	–		$	2,342,248
Total		$	2,342,248		$	–		$	2,342,248

Notes to Financial Statements (unaudited)(continued)

	Net Amount of Assets Presented in			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities			Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.		$	2,342,248	$	–	$	–		$	(2,342,248	)	$	–
Total		$	2,342,248	$	–	$	–		$	(2,342,248	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

7.	DIRECTORS’ REMUNERATION

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

8.	EXPENSE REDUCTIONS

The Company has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s expenses.

9.	LINE OF CREDIT

For the six months ended June 30, 2022, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.275 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds entered into a Syndicated Facility with various lenders for $1.625 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the six months ended June 30, 2022, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

Notes to Financial Statements (unaudited)(continued)

Effective August 4, 2022, the Participating Funds are party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds are subject to borrowing limit of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12	SECURITIES LENDING AGREEMENT

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

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

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2022, the market value of securities and collateral received for the fund were as follows:

	Market Value of Securities Loaned		Collateral Received⁽¹⁾
	$1,454,892		$1,519,698

⁽¹⁾	Statement of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

13.

INVESTMENT RISKS

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

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

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund’s investments. Market disruptions can also prevent the Fund from implementing its investment strategies and achieving its investment objective.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

Notes to Financial Statements (unaudited)(concluded)

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund’s investments, and negatively impact the Fund’s performance and your investment in the Fund.

These factors, and others, can affect the Fund’s performance.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		272,640			821,205
Reinvestment of distributions		–			834,272
Shares reacquired		(300,440	)		(1,184,978	)
Increase (decrease)		(27,800	)		470,499

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review the Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for the Fund’s Program. At the May 17-18, 2022 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period April 1, 2021 through March 31, 2022. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: no Fund breached its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Householding

The Company has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to the Fund’s portfolio securities, and information on how Lord Abbett voted the Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Developing Growth Portfolio

SFDG-PORT-3
(08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Fundamental Equity Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

7		Statement of Assets and Liabilities

8		Statement of Operations

9		Statements of Changes in Net Assets

10		Financial Highlights

12		Notes to Financial Statements

21		Supplemental Information to Shareholders

Lord Abbett Series Fund — Fundamental Equity Portfolio

Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Fundamental Equity Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg
Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	1/1/22	6/30/22		1/1/22 - 6/30/22
Class VC
Actual	$1,000.00	$	829.90	$4.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.44	$5.41

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.08%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Communication Services		5.19	%
Consumer Discretionary		5.45	%
Consumer Staples		7.12	%
Energy		7.75	%
Financials		18.09	%
Health Care		17.18	%
Industrials		13.04	%
Information Technology		9.73	%
Materials		5.59	%
Real Estate		3.66	%
Utilities		3.04	%
Repurchase Agreements		4.16	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.07%

COMMON STOCKS 96.07%

Aerospace & Defense 4.22%
Lockheed Martin Corp.		8,320	$	3,577,267
Raytheon Technologies Corp.		35,910		3,451,310
Total				7,028,577

Automobiles 1.29%
General Motors Co.*		67,540		2,145,070

Banks 3.35%
East West Bancorp, Inc.		35,280		2,286,144
Wells Fargo & Co.		84,190		3,297,722
Total				5,583,866

Biotechnology 1.98%
AbbVie, Inc.		21,490		3,291,408

Building Products 1.85%
Masco Corp.		36,820		1,863,092
Masonite International Corp.*		15,770		1,211,609
Total				3,074,701

Capital Markets 4.51%
Ameriprise Financial, Inc.		10,520		2,500,393
Blackstone Group, Inc. (The)		26,290		2,398,437
Morgan Stanley		34,280		2,607,337
Total				7,506,167

Chemicals 2.78%
Avient Corp.		34,840		1,396,387
Nutrien Ltd. (Canada)^(a)		9,110		725,976
Valvoline, Inc.		87,070		2,510,228
Total				4,632,591

Communications Equipment 1.04%
Cisco Systems, Inc.		40,510		1,727,346

Construction & Engineering 1.43%
EMCOR Group, Inc.		23,090		2,377,346

Consumer Finance 1.37%
American Express Co.		16,440		2,278,913

Investments	Shares		Fair Value
Containers & Packaging 1.08%
Avery Dennison Corp.		11,110	$	1,798,376

Diversified Financial Services 1.43%
Equitable Holdings, Inc.		91,170		2,376,802

Electric: Utilities 3.05%
Entergy Corp.		24,490		2,758,554
NextEra Energy, Inc.		29,890		2,315,279
Total				5,073,833

Electronic Equipment, Instruments & Components 1.04%
Teledyne Technologies, Inc.*		4,630		1,736,759

Energy Equipment & Services 1.40%
NOV, Inc.		137,570		2,326,309

Equity Real Estate Investment Trusts 3.67%
American Homes 4 Rent		49,600		1,757,824
Life Storage, Inc.		17,070		1,906,036
Prologis, Inc.		20,850		2,453,003
Total				6,116,863

Food & Staples Retailing 1.95%
BJ’s Wholesale Club Holdings, Inc.*		52,152		3,250,113

Health Care Providers & Services 5.89%
CVS Health Corp.		26,690		2,473,096
Tenet Healthcare Corp.*		43,200		2,270,592
UnitedHealth Group, Inc.		9,870		5,069,528
Total				9,813,216

Hotels, Restaurants & Leisure 1.91%
Caesars Entertainment, Inc.*		46,080		1,764,864
Hilton Worldwide Holdings, Inc.		12,670		1,411,945
Total				3,176,809

Household Products 3.54%
Clorox Co. (The)		11,700		1,649,466
Procter & Gamble Co. (The)		15,600		2,243,124
Spectrum Brands Holdings, Inc.		24,530		2,011,951
Total				5,904,541

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Information Technology Services 1.49%
Euronet Worldwide, Inc.*		24,600	$	2,474,514

Insurance 7.47%
Allstate Corp. (The)		27,060		3,429,314
American International Group, Inc.		31,290		1,599,858
Arch Capital Group Ltd.*		50,230		2,284,962
Arthur J Gallagher & Co.		19,610		3,197,214
Fidelity National Financial, Inc.		52,480		1,939,661
Total				12,451,009

Interactive Media & Services 2.15%
Alphabet, Inc. Class A*		1,646		3,587,062

Life Sciences Tools & Services 2.85%
Azenta, Inc.		29,190		2,104,599
Thermo Fisher Scientific, Inc.		4,880		2,651,206
Total				4,755,805

Machinery 3.04%
Crane Holdings Co.		29,010		2,540,116
Parker-Hannifin Corp.		10,280		2,529,394
Total				5,069,510

Media 1.80%
Comcast Corp. Class A		76,560		3,004,214

Metals & Mining 1.74%
Alcoa Corp.		26,140		1,191,461
Reliance Steel & Aluminum Co.		10,070		1,710,490
Total				2,901,951

Multi-Line Retail 0.47%
Target Corp.		5,590		789,476

Oil, Gas & Consumable Fuels 6.38%
Chesapeake Energy Corp.		43,780		3,550,558
Pioneer Natural Resources Co.		15,430		3,442,124
Shell plc ADR		69,420		3,629,972
Total				10,622,654

Investments	Shares		Fair Value
Personal Products 1.64%
BellRing Brands, Inc.*		109,690	$	2,730,184

Pharmaceuticals 6.50%
Eli Lilly & Co.		5,151		1,670,109
Organon & Co.		131,840		4,449,600
Pfizer, Inc.		89,749		4,705,540
Total				10,825,249

Road & Rail 1.23%
Norfolk Southern Corp.		9,000		2,045,610

Semiconductors & Semiconductor Equipment 3.29%
KLA Corp.		5,030		1,604,973
Micron Technology, Inc.		26,030		1,438,938
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		10,020		819,135
Texas Instruments, Inc.		10,560		1,622,544
Total				5,485,590

Software 1.47%
Microsoft Corp.		9,550		2,452,727

Specialty Retail 1.80%
AutoZone, Inc.*		390		838,157
Lowe’s Cos., Inc.		12,360		2,158,921
Total				2,997,078

Technology Hardware, Storage & Peripherals 1.42%
NetApp, Inc.		36,230		2,363,645

Trading Companies & Distributors 1.31%
AerCap Holdings NV (Ireland)*^(a)		53,150		2,175,961

Wireless Telecommunication Services 1.24%
T-Mobile US, Inc.*		15,390		2,070,571
Total Common Stocks (cost $167,929,412)				160,022,416

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.16%

Repurchase Agreements 4.16%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $7,198,900 of U.S. Treasury Note at 2.25% due 11/15/2024; value: $7,079,387; proceeds: $6,940,629 (cost $6,940,523)	$	6,940,523	$	6,940,523
Total Investments in Securities 100.23% (cost $174,869,935)				166,962,939
Other Assets and Liabilities – Net (0.23)%				(388,613	)
Net Assets 100.00%			$	166,574,326

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	160,022,416	$	–	$	–	$	160,022,416
Short-Term Investments
Repurchase Agreements		–		6,940,523		–		6,940,523
Total	$	160,022,416	$	6,940,523	$	–	$	166,962,939

⁽¹⁾		Refer to Note 2(h) 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.

		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.

6	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $174,869,935)	$	166,962,939
Receivables:
Interest and dividends		95,124
From advisor (See Note 3)		19,032
Capital shares sold		10,115
Securities lending income receivable		117
Total assets		167,087,327
LIABILITIES:
Payables:
Transfer agent fees		178,086
Management fee		105,647
Capital shares reacquired		83,490
Directors’ fees		45,912
Fund administration		5,635
Foreign currency overdraft (cost $5)		5
Accrued expenses		94,226
Total liabilities		513,001
Commitments and contingent liabilities
NET ASSETS	$	166,574,326
COMPOSITION OF NET ASSETS:
Paid-in capital	$	149,121,302
Total distributable earnings (loss)		17,453,024
Net Assets	$	166,574,326
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		9,980,608
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.69


	See Notes to Financial Statements.	7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $4,680)	$	2,493,092
Securities lending net income		3,894
Interest and other		2,078
Total investment income		2,499,064
Expenses:
Management fee		900,007
Non 12b-1 service fees		307,872
Shareholder servicing		132,831
Fund administration		49,468
Professional		22,660
Custody		22,200
Reports to shareholders		16,085
Directors’ fees		2,143
Other		21,571
Gross expenses		1,474,837
Expense reductions (See Note 8)		(302	)
Fees waived and expenses reimbursed (See Note 3)		(138,907	)
Net expenses		1,335,628
Net investment income		1,163,436
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		23,783,661
Net change in unrealized appreciation/depreciation on investments		(70,616,377	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(1,224	)
Net realized and unrealized gain (loss)		(46,833,940	)
Net Decrease in Net Assets Resulting From Operations	$	(45,670,504	)


8	See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2022			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			December 31, 2021
Operations:
Net investment income	$	1,163,436		$	2,466,148
Net realized gain (loss) on investments		23,783,661			45,134,908
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(70,617,601	)		28,289,536
Net increase (decrease) in net assets resulting from operations		(45,670,504	)		75,890,592
Distributions to shareholders:		–			(15,232,278	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		37,882,091			3,372,455
Reinvestment of distributions		–			15,232,278
Cost of shares reacquired		(140,802,880	)		(66,300,822	)
Net decrease in net assets resulting from capital share transactions		(102,920,789	)		(47,696,089	)
Net increase (decrease) in net assets		(148,591,293	)		12,962,225
NET ASSETS:
Beginning of period	$	315,165,619		$	302,203,394
End of period	$	166,574,326		$	315,165,619


	See Notes to Financial Statements.	9

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2022^(c)		$ 20.11		$ 0.09		$ (3.51	)		$ (3.42	)		$ –			$ –			$ –
12/31/2021		16.61		0.15		4.36			4.51			(0.16	)		(0.85	)		(1.01	)
12/31/2020		16.55		0.22		0.05	^(f)		0.27			(0.19	)		(0.02	)		(0.21	)
12/31/2019		14.13		0.21		2.84			3.05			(0.21	)		(0.42	)		(0.63	)
12/31/2018		18.86		0.20		(1.78	)		(1.58	)		(0.28	)		(2.87	)		(3.15	)
12/31/2017		18.30		0.19		2.10			2.29			(0.21	)		(1.52	)		(1.73	)


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the year ended December 31, 2020, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.


10	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	16.69		(17.01	)^(d)		1.08	^(e)		1.20	^(e)		0.94	^(e)	$	166,574		33	^(d)
	20.11		27.31			1.08			1.17			0.78			315,166		76
	16.61		1.77			1.08			1.19			1.48			302,203		130
	16.55		21.51			1.11			1.19			1.35			327,999		124
	14.13		(8.16	)		1.18			1.19			1.09			207,728		117
	18.86		12.57			1.15			1.19			1.01			388,799		106


	See Notes to Financial Statements.	11

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign 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 asked prices. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

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

Notes to Financial Statements (unaudited)(continued)

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.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)

Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)

Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions in the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

The Fund uses foreign currency exchange contracts to facilitate transactions in foreign denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)

Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its

Notes to Financial Statements (unaudited)(continued)

instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(h)

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).

A summary of inputs used in valuing the Fund’s investments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

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

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2022, the effective management fee, net of any applicable waivers, was at an annualized rate of .63% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04 % of the Fund’s average daily net assets. Lord Abbett voluntarily waived $22,200 of fund administration fees during the six months ended June 30, 2022.

For the six months ended June 30, 2022 and continuing through April 30, 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, extraordinary expenses to an annual rate of 1.08%. This agreement may be terminated only upon approval of the Board.

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

4	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended
	6/30/2022			Year Ended
		(unaudited)		12/31/2021
Distributions paid from:
Ordinary income		$	–	$	13,393,132
Net long-term capital gains			–		1,839,146
Total distributions paid		$	–	$	15,232,278

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	177,108,521
Gross unrealized gain		9,829,250
Gross unrealized loss		(19,974,832	)
Net unrealized security gain (loss)	$	(10,145,582	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

Purchases	Sales
$81,149,368	$187,343,103

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trade purchases of $49,550 which resulted in no net realized gain (loss).

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreements

$6,940,523

$ –

$6,940,523

Total

$6,940,523

$ –

$6,940,523

Notes to Financial Statements (unaudited)(continued)

Net Amount

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

6,940,523

–

(6,940,523)

–

Total

6,940,523

–

(6,940,523)

–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.	INTERFUND LENDING PROGRAM

For the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

As of June 30, 2022 the Fund did not have any securities out on loan.

Notes to Financial Statements (unaudited)(continued)

13.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value and mid-sized company stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk that the company judged to be undervalued may actually be appropriately priced or even overpriced. The mid-sized company stocks in which the Fund invests may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Although investing in mid-sized companies offers the potential for above average returns, these companies may not succeed and the value of their stock could decline significantly. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or under perform. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

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

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund’s investments, and negatively impact each Fund’s performance and your investment in the Fund.

These factors, and others, can affect the Fund’s performance.

Notes to Financial Statements (unaudited)(concluded)

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2022				Year Ended
		(unaudited)			December 31, 2021
Shares sold			1,980,124			174,831
Reinvestment of distributions			–			773,212
Shares reacquired			(7,671,315	)		(3,473,784	)
Decrease			(5,691,191	)		(2,525,741	)

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

For corporate shareholders, 99% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

Additionally, of the distributions paid to the shareholders during the fiscal year ended June 30, 2022, $231,758 and $83,480, respectively, represent short-term and long term capital gains.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
	Lord Abbett Series Fund, Inc.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Fundamental Equity Portfolio	SFFE-PORT-3 (08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Growth and Income Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

7		Statement of Assets and Liabilities

8		Statement of Operations

9		Statements of Changes in Net Assets

10		Financial Highlights

12		Notes to Financial Statements

20		Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth and Income Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Growth and Income Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg
Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	1/1/22	6/30/22		1/1/22 - 6/30/22
Class VC
Actual	$1,000.00	$	843.70	$4.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.18	$4.66

^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.93%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Communication Services		5.76	%
Consumer Discretionary		7.09	%
Consumer Staples		5.60	%
Energy		8.08	%
Financials		18.69	%
Health Care		16.64	%
Industrials		12.37	%
Information Technology		9.71	%
Materials		5.76	%
Real Estate		3.72	%
Utilities		2.70	%
Repurchase Agreements		3.88	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 96.26%

COMMON STOCKS 96.26%

Aerospace & Defense 5.18%
Lockheed Martin Corp.		28,090	$	12,077,577
Raytheon Technologies Corp.		134,630		12,939,289
Total				25,016,866

Automobiles 1.44%
General Motors Co.*		219,210		6,962,110

Banks 3.50%
East West Bancorp, Inc.		119,100		7,717,680
Wells Fargo & Co.		233,810		9,158,338
Total				16,876,018

Biotechnology 2.22%
AbbVie, Inc.		69,880		10,702,821

Building Products 1.39%
Masco Corp.		133,050		6,732,330

Capital Markets 4.78%
Ameriprise Financial, Inc.		36,220		8,608,770
Blackstone Group, Inc. (The)		77,450		7,065,763
Morgan Stanley		96,960		7,374,778
Total				23,049,311

Chemicals 2.99%
Dow, Inc.		88,960		4,591,225
Nutrien Ltd. (Canada)^(a)		26,690		2,126,926
Valvoline, Inc.		268,260		7,733,936
Total				14,452,087

Communications Equipment 1.49%
Cisco Systems, Inc.		168,200		7,172,048

Construction & Engineering 1.34%
EMCOR Group, Inc.		62,600		6,445,296

Consumer Finance 1.38%
American Express Co.		48,090		6,666,236

Investments	Shares		Fair Value
Containers & Packaging 1.04%
Avery Dennison Corp.		30,930	$	5,006,639

Diversified Financial Services 1.45%
Equitable Holdings, Inc.		269,040		7,013,873

Electric: Utilities 2.70%
NextEra Energy, Inc.		89,330		6,919,502
NRG Energy, Inc.		160,180		6,114,070
Total				13,033,572

Electronic Equipment, Instruments & Components 1.08%
Teledyne Technologies, Inc.*		13,840		5,191,522

Energy Equipment & Services 1.69%
Schlumberger NV		227,460		8,133,970

Equity Real Estate Investment Trusts 3.73%
American Homes 4 Rent		146,020		5,174,949
Life Storage, Inc.		51,010		5,695,777
Prologis, Inc.		60,490		7,116,648
Total				17,987,374

Food & Staples Retailing 2.10%
BJ’s Wholesale Club
Holdings, Inc.*		162,930		10,153,798

Health Care Providers & Services 6.05%
CVS Health Corp.		77,430		7,174,664
McKesson Corp.		22,410		7,310,366
UnitedHealth Group, Inc.		28,620		14,700,090
Total				29,185,120

Hotels, Restaurants & Leisure 1.92%
Caesars Entertainment, Inc.*		133,980		5,131,434
Hilton Worldwide Holdings, Inc.		37,190		4,144,454
Total				9,275,888

Household Products 3.51%
Clorox Co. (The)		34,600		4,877,908
Procter & Gamble Co. (The)		83,760		12,043,850
Total				16,921,758

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Insurance 7.62%
Allstate Corp. (The)		82,070	$	10,400,731
American International Group, Inc.		91,550		4,680,952
Arch Capital Group Ltd.*		149,590		6,804,849
Arthur J Gallagher & Co.		58,280		9,501,971
Fidelity National Financial, Inc.		145,200		5,366,592
Total				36,755,095

Interactive Media & Services 2.16%
Alphabet, Inc. Class A*		4,780		10,416,863

Life Sciences Tools & Services 1.58%
Thermo Fisher Scientific, Inc.		14,037		7,626,021

Machinery 1.67%
Parker-Hannifin Corp.		32,780		8,065,519

Media 2.14%
Comcast Corp. Class A		263,040		10,321,690

Metals & Mining 1.73%
Alcoa Corp.		76,821		3,501,501
Reliance Steel & Aluminum Co.		28,630		4,863,092
Total				8,364,593

Multi-Line Retail 1.19%
Target Corp.		40,600		5,733,938

Oil, Gas & Consumable Fuels 6.40%
Chesapeake Energy Corp.		132,220		10,723,042
Pioneer Natural Resources Co.		41,910		9,349,283
Shell plc ADR		207,160		10,832,396
Total				30,904,721

Investments	Shares		Fair Value
Pharmaceuticals 6.82%
Eli Lilly & Co.		17,290	$	5,605,937
Organon & Co.		349,130		11,783,138
Pfizer, Inc.		295,750		15,506,172
Total				32,895,247

Road & Rail 1.38%
Norfolk Southern Corp.		29,360		6,673,234

Semiconductors & Semiconductor Equipment 3.97%
KLA Corp.		15,320		4,888,306
Micron Technology, Inc.		91,800		5,074,704
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		34,200		2,795,850
Texas Instruments, Inc.		41,570		6,387,230
Total				19,146,090

Software 1.71%
Microsoft Corp.		32,230		8,277,631

Specialty Retail 2.55%
AutoZone, Inc.*		2,260		4,857,011
Lowe’s Cos., Inc.		42,620		7,444,435
Total				12,301,446

Technology Hardware, Storage & Peripherals 1.48%
NetApp, Inc.		109,790		7,162,700

Trading Companies & Distributors 1.41%
AerCap Holdings NV (Ireland)*^(a)		166,780		6,827,973

Wireless Telecommunication Services 1.47%
T-Mobile US, Inc.*		52,610		7,078,149

Total Common Stocks (cost $444,805,322)				464,529,547

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 3.88%

Repurchase Agreements 3.88%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $19,838,100 of U.S. Treasury Note at 1.50% due 11/30/2024; value: $19,118,562; proceeds: $18,743,943 (cost $18,743,657)	$	18,743,657	$	18,743,657
Total Investments in Securities 100.14% (cost $463,548,979)				483,273,204
Other Assets and Liabilities – Net (0.14)%				(664,948	)
Net Assets 100.00%			$	482,608,256

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	464,529,547	$	–	$	–	$	464,529,547
Short-Term Investments
Repurchase Agreements		–		18,743,657		–		18,743,657
Total	$	464,529,547	$	18,743,657	$	–	$	483,273,204


⁽¹⁾		Refer to Note 2(h) 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.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $463,548,979)	$	483,273,204
Cash		121
Receivables:
Capital shares sold		332,169
Interest and dividends		295,974
Securities lending income receivable		312
Prepaid expenses		3,438
Total assets		483,905,218
LIABILITIES:
Payables:
Transfer agent fees		643,927
Management fee		205,456
Capital shares reacquired		189,809
Directors’ fees		137,826
Fund administration		16,437
Foreign currency overdraft (cost $3)		3
Accrued expenses		103,504
Total liabilities		1,296,962
Commitments and contingent liabilities
NET ASSETS	$	482,608,256
COMPOSITION OF NET ASSETS:
Paid-in capital	$	421,024,816
Total distributable earnings (loss)		61,583,440
Net Assets	$	482,608,256
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		14,285,594
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$33.78

See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $13,173)	$	6,010,003
Securities lending net income		1,205
Interest and other		6,084
Interest earned from Interfund Lending (See Note 10)		286
Total investment income		6,017,578
Expenses:
Management fee		1,382,937
Non 12b-1 service fees		690,234
Shareholder servicing		293,233
Fund administration		110,635
Reports to shareholders		30,210
Professional		26,577
Custody		14,541
Directors’ fees		4,395
Other		37,643
Gross expenses		2,590,405
Expense reductions (See Note 8)		(751	)
Fees waived and expenses reimbursed (See Note 3)		(14,541	)
Net expenses		2,575,113
Net investment income		3,442,465
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		38,672,806
Net change in unrealized appreciation/depreciation on investments		(133,507,337	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(2,358	)
Net realized and unrealized gain (loss)		(94,836,889	)
Net Decrease in Net Assets Resulting From Operations	$	(91,394,424	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)				For the Year Ended December 31, 2021
Operations:
Net investment income		$	3,442,465			$	6,108,746
Net realized gain (loss) on investments and foreign currency related transactions			38,672,806				85,218,580
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(133,509,695	)			59,147,588
Net increase (decrease) in net assets resulting from operations			(91,394,424	)			150,474,914
Distributions to shareholders:			–				(68,119,055	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			6,703,813				7,468,120
Reinvestment of distributions			–				68,119,055
Cost of shares reacquired			(43,298,714	)			(100,203,090	)
Net decrease in net assets resulting from capital share transactions			(36,594,901	)			(24,615,915	)
Net increase (decrease) in net assets			(127,989,325	)			57,739,944
NET ASSETS:
Beginning of period		$	610,597,581			$	552,857,637
End of period		$	482,608,256			$	610,597,581

See Notes to Financial Statements.

Financial Highlights (unaudited)

				Per Share Operating Performance:
				Investment Operations:											Distributions to shareholders from:
	Net asset value, beginning of period			Net invest- ment income^(a)			Net realized and unrealized gain (loss)				Total from invest- ment opera- tions				Net investment income				Net realized gain				Total distri- butions
6/30/2022^(c)		$	40.04		$	0.23		$	(6.49	)		$	(6.26	)		$	–			$	–			$	–
12/31/2021			34.94			0.41			9.63				10.04				(0.44	)			(4.50	)			(4.94	)
12/31/2020			34.57			0.53			0.39				0.92				(0.55	)			–				(0.55	)
12/31/2019			30.65			0.55			6.31				6.86				(0.58	)			(2.36	)			(2.94	)
12/31/2018			37.15			0.50			(3.53	)			(3.03	)			(0.52	)			(2.95	)			(3.47	)
12/31/2017			36.72			0.48			4.39				4.87				(0.53	)			(3.91	)			(4.44	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.

						Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period			Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)			Portfolio turnover rate (%)
	$	33.78		(15.63	)^(d)		0.93	^(e)		0.94	^(e)		1.25	^(e)		$	482,608		20	^(d)
		40.04		29.02			0.92			0.93			1.03				610,598		66
		34.94		2.70			0.94			0.94			1.70				552,858		67
		34.57		22.49			0.94			0.94			1.59				581,851		76
		30.65		(8.14	)		0.93			0.93			1.35				547,667		89
		37.15		13.38			0.93			0.93			1.26				696,564		97

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)

Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked prices.

Notes to Financial Statements (unaudited)(continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

Notes to Financial Statements (unaudited)(continued)

(h)

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).

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $1 billion	.50%
Over $1 billion	.45%

For the six months ended June 30, 2022 the effective management fee was at an annualized rate of .50% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $14,541 of fund administration fees during the six months ended June 30, 2022.

Notes to Financial Statements (unaudited)(continued)

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited)			Year Ended 12/31/2021
Distributions paid from:
Ordinary income		$	–		$	19,958,344
Net long-term capital gains			–			48,160,711
Total distributions paid		$	–		$	68,119,055

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	464,350,331
Gross unrealized gain		62,370,763
Gross unrealized loss		(43,447,890	)
Net unrealized security gain (loss)	$	18,922,873

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

Purchases	Sales
$110,336,274	$166,919,454

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trade purchases of $272,924 which resulted in no net realized gain (loss).

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	18,743,657		$	–		$	18,743,657
Total		$	18,743,657		$	–		$	18,743,657

	Net Amount of Assets Presented in			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities			Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.		$	18,743,657	$	–	$	–	$	(18,743,657	)	$	–
Total		$	18,743,657	$	–	$	–	$	(18,743,657	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Asset and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

Notes to Financial Statements (unaudited)(continued)

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

Notes to Financial Statements (unaudited)(continued)

10.

INTERFUND LENDING PROGRAM

For the six months ended June 30, 2022, the Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Average Amount Loaned	Average Interest Rate	Interest Income	*
$10,228,858	1.02%	$286

*	Statements of Operations location: Interest paid from Interfund Lending.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

As of June 30, 2022 the Fund did not have any securities out on loan.

13.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Fund invests. The market may fail to recognize for a long time the intrinsic value of particular value stocks the Fund may hold. Value investing also is subject to the risk

Notes to Financial Statements (unaudited)(concluded)

that the company judged to be undervalued may actually be appropriately priced or even overpriced. Large-cap value stocks may perform differently than the market as a whole and other types of stocks, such as small company stocks and growth stocks. This is because different types of stocks tend to shift in and out of favor over time depending on market and economic conditions as well as investor sentiment. In addition, large companies may have smaller rates of growth as compared to successful but well established smaller companies. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

These factors, and others, can affect the Fund’s performance.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		177,597			182,973
Reinvestment of distributions		–			1,735,960
Shares reacquired		(1,140,483	)		(2,494,375	)
Decrease		(962,886	)		(575,442	)

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth and Income Portfolio

LASFGI-3
(08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund — Dividend Growth Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

7		Statement of Assets and Liabilities

8		Statement of Operations

9		Statements of Changes in Net Assets

10		Financial Highlights

12		Notes to Financial Statements

21		Supplemental Information to Shareholders

Lord Abbett Series Fund — Dividend Growth Portfolio

Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Dividend Growth Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	1/1/22	6/30/22		1/1/22 – 6/30/22
Class VC
Actual	$1,000.00	$	817.00	$4.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.89	$4.96


^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.99%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Consumer Discretionary	6.92%
Consumer Staples	8.70%
Energy	3.86%
Financials	16.94%
Health Care	13.81%
Industrials	13.07%
Information Technology	21.92%
Materials	4.50%
Real Estate	3.13%
Utilities	4.21%
Repurchase Agreements	2.94%
Total	100.00%


*		A sector may comprise of several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.32%

COMMON STOCKS 97.32%

Aerospace & Defense 4.98%
Northrop Grumman Corp.		8,900	$	4,259,273
Raytheon Technologies Corp.		34,516		3,317,333
Total				7,576,606

Banks 1.53%
Bank of America Corp.		74,641		2,323,574

Beverages 3.03%
Coca-Cola Co. (The)		73,268		4,609,290

Biotechnology 2.49%
AbbVie, Inc.		24,699		3,782,899

Capital Markets 7.00%
Ameriprise Financial, Inc.		13,000		3,089,840
BlackRock, Inc.		1,200		730,848
Morgan Stanley		44,500		3,384,670
Partners Group Holding AG^(a)		CHF 571		515,668
S&P Global, Inc.		8,700		2,932,422
Total				10,653,448

Chemicals 1.20%
Air Products & Chemicals, Inc.		7,600		1,827,648

Construction Materials 1.37%
Vulcan Materials Co.		14,652		2,082,049

Consumer Finance 1.45%
American Express Co.		15,937		2,209,187

Containers & Packaging 1.06%
Avery Dennison Corp.		9,975		1,614,653

Distributors 0.69%
Pool Corp.		3,000		1,053,690

Electric: Utilities 3.22%
NextEra Energy, Inc.		63,200		4,895,472

Investments	Shares		Fair Value
Equity Real Estate Investment Trusts 3.14%
American Tower Corp.		15,900	$	4,063,881
Prologis, Inc.		6,093		716,841
Total				4,780,722

Food & Staples Retailing 4.21%
Costco Wholesale Corp.		7,520		3,604,186
Walmart, Inc.		22,980		2,793,908
Total				6,398,094

Health Care Equipment & Supplies 1.99%
Abbott Laboratories		27,800		3,020,470

Health Care Providers & Services 3.61%
UnitedHealth Group, Inc.		10,700		5,495,841

Hotels, Restaurants & Leisure 1.71%
Churchill Downs, Inc.		6,007		1,150,521
McDonald’s Corp.		5,874		1,450,173
Total				2,600,694

Industrial Conglomerates 1.74%
Honeywell International, Inc.		15,200		2,641,912

Information Technology Services 5.43%
Accenture plc Class A (Ireland)^(b)		10,400		2,887,560
Jack Henry & Associates, Inc.		16,700		3,006,334
Mastercard, Inc. Class A		7,530		2,375,564
Total				8,269,458

Insurance 7.00%
Allstate Corp. (The)		21,489		2,723,301
American Financial Group, Inc./OH		18,900		2,623,509
Arthur J Gallagher & Co.		20,273		3,305,310
Chubb Ltd. (Switzerland)^(b)		10,200		2,005,116
Total				10,657,236

Life Sciences Tools & Services 3.76%
Agilent Technologies, Inc.		7,400		878,898
Danaher Corp.		10,500		2,661,960
West Pharmaceutical Services, Inc.		7,200		2,177,064
Total				5,717,922

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Machinery 2.64%
Dover Corp.		15,900	$	1,928,988
Parker-Hannifin Corp.		8,498		2,090,933
Total				4,019,921

Metals & Mining 0.87%
Reliance Steel & Aluminum Co.		7,800		1,324,908

Multi-Utilities 1.01%
CMS Energy Corp.		22,700		1,532,250

Oil, Gas & Consumable Fuels 3.87%
Exxon Mobil Corp.		48,393		4,144,376
Marathon Petroleum Corp.		21,200		1,742,852
Total				5,887,228

Personal Products 1.49%
Estee Lauder Cos., Inc. (The) Class A		8,900		2,266,563

Pharmaceuticals 2.01%
Roche Holding AG^(a)	CHF	3,384		1,131,271
Zoetis, Inc.		11,200		1,925,168
Total				3,056,439

Professional Services 1.50%
Booz Allen Hamilton Holding Corp.		25,320		2,287,915

Road & Rail 2.24%
Union Pacific Corp.		16,000		3,412,480

Semiconductors & Semiconductor Equipment 5.17%
Analog Devices, Inc.		16,400		2,395,876
KLA Corp.		4,100		1,308,228
NVIDIA Corp.		13,900		2,107,101
Texas Instruments, Inc.		13,400		2,058,910
Total				7,870,115

Software 7.56%
Intuit, Inc.		3,200		1,233,408
Microsoft Corp.		40,000		10,273,200
Total				11,506,608

Investments	Shares		Fair Value
Specialty Retail 3.35%
Home Depot, Inc. (The)		5,400	$	1,481,058
Lowe’s Cos., Inc.		16,425		2,868,955
TJX Cos., Inc. (The)		13,400		748,390
Total				5,098,403

Technology Hardware, Storage & Peripherals 3.81%
Apple, Inc.		42,441		5,802,534

Textiles, Apparel & Luxury Goods 1.19%
NIKE, Inc. Class B		17,700		1,808,940
Total Common Stocks (cost $141,906,850)			$	148,085,169

	Principal Amount

SHORT-TERM INVESTMENTS 2.94%

Repurchase Agreements 2.94%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $4,740,700 of U.S. Treasury Note at 1.50% due 11/30/2024; value: $4,568,752; proceeds: $4,479,178 (cost $4,479,110)		$4,479,110	$	4,479,110
Total Investments in Securities 100.26% (cost $146,385,960)				152,564,279
Other Assets and Liabilities – Net (0.26)%				(394,962	)
Net Assets 100.00%			$	152,169,317


CHF		Swiss Franc.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Capital Markets	$	10,137,780	$	515,668	$	–	$	10,653,448
Pharmaceuticals		1,925,168		1,131,271		–		3,056,439
Remaining Industries		134,375,282		–		–		134,375,282
Short-Term Investments
Repurchase Agreements		–		4,479,110		–		4,479,110
Total	$	146,438,230	$	6,126,049	$	–	$	152,564,279


	⁽¹⁾	Refer to Note 2(i) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three- tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

6	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $146,385,960)	$	152,564,279
Receivables:
Investment securities sold		399,256
Interest and dividends		145,450
Capital shares sold		4,712
From advisor (See Note 3)		2,400
Total assets		153,116,097
LIABILITIES:
Payables:
Investment securities purchased		511,760
Transfer agent fees		206,802
Management fee		69,960
Capital shares reacquired		59,663
Directors’ fees		23,788
Fund administration		5,088
Variation margin for futures contracts		15
Accrued expenses		69,704
Total liabilities		946,780
Commitments and contingent liabilities
NET ASSETS	$	152,169,317
COMPOSITION OF NET ASSETS:
Paid-in capital	$	122,787,037
Total distributable earnings (loss)		29,382,280
Net Assets	$	152,169,317
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		9,191,133
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.56


	See Notes to Financial Statements.	7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $5,194)	$	1,733,101
Interest and other		1,216
Total investment income		1,734,317
Expenses:
Management fee		489,001
Non 12b-1 service fees		221,586
Shareholder servicing		95,005
Fund administration		35,564
Professional		25,120
Reports to shareholders		8,208
Custody		2,968
Directors’ fees		1,442
Other		13,919
Gross expenses		892,813
Expense reductions (See Note 9)		(235	)
Fees waived and expenses reimbursed (See Note 3)		(12,376	)
Net expenses		880,202
Net investment income		854,115
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		19,012,441
Net realized gain (loss) on futures contracts		(106,184	)
Net realized gain (loss) on foreign currency related transactions		(1,421	)
Net change in unrealized appreciation/depreciation on investments		(57,967,881	)
Net change in unrealized appreciation/depreciation on futures contracts		(44,761	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		5
Net realized and unrealized gain (loss)		(39,107,801	)
Net Decrease in Net Assets Resulting From Operations	$	(38,253,686	)


8	See Notes to Financial Statements.

Statements of Changes in Net Assets

	For the Six Months
	Ended June 30, 2022			For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			December 31, 2021
Operations:
Net investment income	$	854,115		$	1,499,931
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		18,904,836			22,091,725
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(58,012,637	)		22,376,094
Net increase (decrease) in net assets resulting from operations		(38,253,686	)		45,967,750
Distributions to shareholders:		–			(21,741,336	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		16,266,447			10,494,440
Reinvestment of distributions		–			21,741,336
Cost of shares reacquired		(45,993,705	)		(25,109,418	)
Net increase (decrease) in net assets resulting from capital share transactions		(29,727,258	)		7,126,358
Net increase (decrease) in net assets		(67,980,944	)		31,352,772
NET ASSETS:
Beginning of period	$	220,150,261		$	188,797,489
End of period	$	152,169,317		$	220,150,261


	See Notes to Financial Statements.	9

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2022^(c)		$ 20.27		$ 0.09		$ (3.80	)		$ (3.71	)		$ –			$ –			$ –
12/31/2021		17.93		0.15		4.38			4.53			(0.15	)		(2.04	)		(2.19	)
12/31/2020		15.96		0.16		2.28			2.44			(0.16	)		(0.31	)		(0.47	)
12/31/2019		13.48		0.24		3.31			3.55			(0.25	)		(0.82	)		(1.07	)
12/31/2018		16.02		0.27		(1.03	)		(0.76	)		(0.30	)		(1.48	)		(1.78	)
12/31/2017		14.47		0.26		2.49			2.75			(0.27	)		(0.93	)		(1.20	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.


10	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	16.56		(18.30	)^(d)		0.99	^(e)		1.01	^(e)		0.96	^(e)	$	152,169		31	^(d)
	20.27		25.62			0.99			1.01			0.75			220,150		44
	17.93		15.42			0.99			1.02			1.01			188,797		64
	15.96		26.45			0.96			1.10			1.58			182,728		61
	13.48		(4.67	)		0.88			1.22			1.68			140,639		58
	16.02		19.12			0.85			1.21			1.71			192,222		58


	See Notes to Financial Statements.	11

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked prices.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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.

Notes to Financial Statements (unaudited)(continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified- cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

Notes to Financial Statements (unaudited)(continued)

(h)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(i)	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).

	A summary of inputs used in valuing the Fund’s investments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

Notes to Financial Statements (unaudited)(continued)

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $2 billion	.55%
Over $2 billion	.49%

For the six months ended June 30, 2022, the effective management fee, net of any applicable waivers, was at an annualized rate of .54% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $2,968 of fund administration fees during the six months ended June 30, 2022.

For the six months ended June 30, 2022 and continuing through April 2023, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any acquired fund fees and expenses, interest-related expenses taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of .99%. This agreement may be terminated only upon the approval of the Board.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited)			Year Ended 12/31/2021
Distributions paid from:
Ordinary income		$	–	$	2,828,756
Net long-term capital gains			–		18,912,580
Total distributions paid		$	–	$	21,741,336

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	147,101,448
Gross unrealized gain		14,837,582
Gross unrealized loss		(9,374,751	)
Net unrealized security gain (loss)	$	5,462,831

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of other financial instruments and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

Purchases				Sales
	$55,418,000				$86,135,362

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into E-Mini S&P 500 Index futures contracts for the six months ended June 30, 2022 (as described in Note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2022, the Fund had futures contracts with unrealized depreciation of $0. Only current day’s variation margin is reported within the Fund’s Statement of Assets and Liabilities. Amounts of $(106,184) and $(44,761) are included in the Statement of Operations related to futures contracts under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the period was 3.

Notes to Financial Statements (unaudited)(continued)

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	4,479,110	$	–	$	4,479,110
Total	$	4,479,110	$	–	$	4,479,110

Net Amount

of Assets

Amounts Not Offset in the

Presented in

Statement of Assets and Liabilities

the Statement

Cash

Securities

of Assets and

Financial

Collateral

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

4,479,110

–

(4,479,110)

–

Total

4,479,110

–

(4,479,110)

–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

8.	DIRECTORS’ REMUNERATION

9.	EXPENSE REDUCTIONS

Notes to Financial Statements (unaudited)(continued)

10.

LINE OF CREDIT

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

For the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

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

Notes to Financial Statements (unaudited)(continued)

13.

SECURITIES LENDING AGREEMENT

As of June 30, 2022 the Fund did not have any securities out on loan.

14.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. The Fund invests primarily in equity securities of large and mid-sized company stocks that have a history of growing their dividends, but there is no guarantee that a company will pay a dividend. At times, the performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. The value of the Fund’s investments in equity securities will fluctuate in response to general economic conditions and to the changes in the prospects of particular companies and/or sectors in the economy. If the Fund’s fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark or other funds with the same investment objective or similar strategies, even in a favorable market.

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

The Fund’s exposure to foreign companies and markets presents increased market, industry and sector, liquidity, currency, political and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other

Notes to Financial Statements (unaudited)(concluded)

government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund’s investments. Market disruptions can also prevent the Fund from implementing its investment strategies and achieving its investment objective.

These factors, and others, can affect the Fund’s performance.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		870,668			520,633
Reinvestment of distributions		–			1,090,634
Shares reacquired		(2,538,596	)		(1,282,013	)
Increase (decrease)		(1,667,928	)		329,254

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Dividend Growth Portfolio

SFCS-PORT-3 (08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Growth Opportunities Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

7		Statement of Assets and Liabilities

8		Statement of Operations

9		Statements of Changes in Net Assets

10		Financial Highlights

12		Notes to Financial Statements

21		Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth Opportunities Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Growth Opportunities Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg
Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning	Ending		Expenses
	Account	Account		Paid During
	Value	Value		Period^†
				1/1/22 -
	1/1/22	6/30/22		6/30/22
Class VC
Actual	$1,000.00	$	690.30	$5.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.50	$6.36

^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.27%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Communication Services		3.28	%
Consumer Discretionary		12.20	%
Consumer Staples		5.08	%
Energy		2.59	%
Financials		3.37	%
Health Care		20.27	%
Industrials		13.09	%
Information Technology		27.92	%
Materials		5.45	%
Real Estate		2.38	%
Repurchase Agreements		4.37	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.25%

COMMON STOCKS 97.25%

Aerospace & Defense 4.73%
CAE, Inc. (Canada)*^(a)		27,731	$	682,737
L3Harris Technologies, Inc.		3,624		875,921
TransDigm Group, Inc.*		2,097		1,125,397
Total				2,684,055

Air Freight & Logistics 1.08%
GXO Logistics, Inc.*		14,118		610,886

Banks 1.16%
First Republic Bank		4,569		658,850

Beverages 1.45%
Brown-Forman Corp. Class B		11,717		822,065

Biotechnology 5.11%
Argenx SE ADR*		2,341		886,958
Genmab A/S ADR*		13,953		453,333
Mirati Therapeutics, Inc.*		2,959		198,637
Seagen, Inc.*		7,719		1,365,800
Total				2,904,728

Building Products 1.21%
Allegion plc (Ireland)^(a)		6,994		684,713

Capital Markets 1.72%
Moody’s Corp.		1,233		335,339
MSCI, Inc.		1,552		639,657
Total				974,996

Chemicals 1.67%
Air Products & Chemicals, Inc.		3,953		950,617

Communications Equipment 1.43%
Arista Networks, Inc.*		8,665		812,257

Construction Materials 1.71%
Vulcan Materials Co.		6,834		971,111

Investments	Shares		Fair Value
Containers & Packaging 2.16%
Avery Dennison Corp.		2,848	$	461,006
Ball Corp.		11,159		767,404
Total				1,228,410

Diversified Consumer Services 1.33%
Service Corp. International		10,955		757,209

Electrical Equipment 1.30%
AMETEK, Inc.		6,728		739,340

Electronic Equipment, Instruments & Components 3.28%
Amphenol Corp. Class A		20,481		1,318,567
Trimble, Inc.*		9,358		544,916
Total				1,863,483

Entertainment 1.30%
Roku, Inc.*		5,516		453,084
Warner Music Group Corp. Class A		11,729		285,719
Total				738,803

Equity Real Estate Investment Trusts 2.42%
SBA Communications Corp.		4,300		1,376,215

Food & Staples Retailing 1.09%
Sysco Corp.		7,325		620,501

Food Products 0.92%
McCormick & Co., Inc.		6,292		523,809

Health Care Equipment & Supplies 5.93%
Align Technology, Inc.*		491		116,205
Cooper Cos., Inc. (The)		1,762		551,717
DexCom, Inc.*		13,435		1,001,311
Edwards Lifesciences Corp.*		6,528		620,747
IDEXX Laboratories, Inc.*		1,016		356,342
Insulet Corp.*		3,307		720,728
Total				3,367,050

Health Care Technology 0.53%
Inspire Medical Systems, Inc.*		1,642		299,944

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure 5.63%
Chipotle Mexican Grill, Inc.*		1,010	$	1,320,333
Churchill Downs, Inc.		3,801		728,005
Hilton Worldwide Holdings, Inc.		6,455		719,345
Planet Fitness, Inc. Class A*		6,362		432,680
Total				3,200,363

Household Products 1.10%
Church & Dwight Co., Inc.		6,715		622,212

Information Technology Services 4.15%
Genpact Ltd.		20,144		853,300
Jack Henry & Associates, Inc.		6,165		1,109,823
MongoDB, Inc.*		1,514		392,883
Total				2,356,006

Insurance 0.55%
Goosehead Insurance, Inc. Class A		6,851		312,885

Interactive Media & Services 2.04%
Bumble, Inc. Class A*		13,197		371,495
Match Group, Inc.*		7,562		526,996
Snap, Inc. Class A*		11,159		146,518
Twitter, Inc.*		2,998		112,095
Total				1,157,104

Life Sciences Tools & Services 6.58%
Agilent Technologies, Inc.		8,926		1,060,141
Azenta, Inc.		9,018		650,198
Bio-Rad Laboratories, Inc. Class A*		728		360,360
Repligen Corp.*		4,010		651,224
West Pharmaceutical Services, Inc.		3,363		1,016,870
Total				3,738,793

Machinery 3.52%
Fortive Corp.		12,667		688,832
Parker-Hannifin Corp.		3,782		930,561
Stanley Black & Decker, Inc.		3,620		379,593
Total				1,998,986

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 2.63%
Chesapeake Energy Corp.		9,494	$	769,964
Pioneer Natural Resources Co.		3,241		723,002
Total				1,492,966

Personal Products 0.61%
Shiseido Co., Ltd.^(b)	JPY	8,554		344,788

Pharmaceuticals 2.47%
Catalent, Inc.*		7,909		848,557
Zoetis, Inc.		3,207		551,251
Total				1,399,808

Road & Rail 1.48%
Old Dominion Freight Line, Inc.		3,289		842,905

Semiconductors & Semiconductor Equipment 5.54%
Analog Devices, Inc.		5,538		809,046
Enphase Energy, Inc.*		5,505		1,074,796
Lam Research Corp.		1,111		473,453
Microchip Technology, Inc.		7,810		453,605
NXP Semiconductors NV (Netherlands)^(a)		2,266		335,436
Total				3,146,336

Software 13.99%
Bill.com Holdings, Inc.*		1,863		204,818
Cadence Design Systems, Inc.*		13,211		1,982,046
Crowdstrike Holdings, Inc. Class A*		6,648		1,120,587
Datadog, Inc. Class A*		9,496		904,399
HubSpot, Inc.*		1,020		306,663
Palo Alto Networks, Inc.*		1,821		899,465
Paycom Software, Inc.*		3,118		873,414
Qualtrics International, Inc. Class A*		12,982		162,405
Roper Technologies, Inc.		2,098		827,976
Trade Desk, Inc. (The) Class A*		15,898		665,967
Total				7,947,740

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

Investments	Shares		Fair Value
Specialty Retail 3.54%
Burlington Stores, Inc.*		4,154	$	565,899
Five Below, Inc.*		3,430		389,065
Tractor Supply Co.		5,455		1,057,452
Total				2,012,416

Textiles, Apparel & Luxury Goods 1.89%
Lululemon Athletica, Inc. (Canada)*^(a)		3,947		1,075,992
Total Common Stocks (cost $62,283,983)				55,238,342

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.44%

Repurchase Agreements 4.44%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $2,718,700 of U.S. Treasury Note at 0.75% due 11/15/2024; value: $2,574,270; proceeds: $2,523,812 (cost $2,523,773)	$	2,523,773	$	2,523,773
Total Investments in Securities 101.69% (cost $64,807,756)				57,762,115
Other Assets and Liabilities – Net (1.69)%				(960,207	)
Net Assets 100.00%			$	56,801,908


ADR		American Depositary Receipt.
JPY		Japanese Yen.

*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Personal Products	$	–	$	344,788	$	–	$	344,788
Remaining Industries		54,893,554		–		–		54,893,554
Short-Term Investments
Repurchase Agreements		–		2,523,773		–		2,523,773
Total	$	54,893,554	$	2,868,561	$	–	$	57,762,115


⁽¹⁾		Refer to Note 2(h) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

6	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $64,807,756)	$	57,762,115
Cash		2,828
Receivables:
Interest and dividends		21,821
Capital shares sold		14,401
Total assets		57,801,165
LIABILITIES:
Payables:
Investment securities purchased		754,217
Transfer agent fees		70,350
Management fee		35,214
Capital shares reacquired		23,709
Directors’ fees		17,726
Fund administration		1,878
Accrued expenses		96,163
Total liabilities		999,257
Commitments and contingent liabilities
NET ASSETS	$	56,801,908
COMPOSITION OF NET ASSETS:
Paid-in capital	$	58,081,205
Total distributable earnings (loss)		(1,279,297	)
Net Assets	$	56,801,908
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		6,010,584
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$9.45


	See Notes to Financial Statements.	7

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $1,006)	$	174,990
Securities lending net income		1,008
Interest and other		890
Total investment income		176,888
Expenses:
Management fee		243,465
Non 12b-1 service fees		80,776
Shareholder servicing		35,862
Professional		21,346
Fund administration		12,985
Custody		8,269
Reports to shareholders		5,578
Directors’ fees		681
Other		9,455
Gross expenses		418,417
Expense reductions (See Note 8)		(85	)
Fees waived and expenses reimbursed (See Note 3)		(8,269	)
Net expenses		410,063
Net investment loss		(233,175	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(1,645,492	)
Net realized gain (loss) on foreign currency related transactions		(80	)
Net change in unrealized appreciation/depreciation on investments		(24,764,864	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		11
Net realized and unrealized gain (loss)		(26,410,425	)
Net Decrease in Net Assets Resulting From Operations	$	(26,643,600	)


8	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021
Operations:
Net investment loss	$	(233,175	)	$	(1,081,872	)
Net realized gain (loss) on investments and foreign currency related transactions		(1,645,572	)		28,079,401
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(24,764,853	)		(19,407,170	)
Net increase (decrease) in net assets resulting from operations		(26,643,600	)		7,590,359
Distributions to shareholders:		–			(22,672,488	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		5,938,410			6,217,614
Reinvestment of distributions		–			22,672,488
Cost of shares reacquired		(16,280,116	)		(48,882,067	)
Net decrease in net assets resulting from capital share transactions		(10,341,706	)		(19,991,965	)
Net decrease in net assets		(36,985,306	)		(35,074,094	)
NET ASSETS:
Beginning of period	$	93,787,214		$	128,861,308
End of period	$	56,801,908		$	93,787,214


	See Notes to Financial Statements.	9

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:

	Net asset value, beginning of period		Net investment (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
6/30/2022^(c)	$	13.69	$	(0.04	)	$	(4.20	)	$	(4.24	)	$	–		$	9.45
12/31/2021		16.44		(0.14	)		1.18			1.04			(3.79	)		13.69
12/31/2020		13.02		(0.10	)		5.24			5.14			(1.72	)		16.44
12/31/2019		10.48		(0.03	)		3.82			3.79			(1.25	)		13.02
12/31/2018		14.20		(0.07	)		(0.42	)		(0.49	)		(3.23	)		10.48
12/31/2017		11.96		(0.04	)		2.77			2.73			(0.49	)		14.20


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.


10	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:



Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	(30.97	)^(d)		1.27	^(e)		1.29	^(e)		(0.72	)^(e)	$	56,802		24	^(d)
	6.46			1.20			1.26			(0.85	)		93,787		58
	39.38			1.25			1.25			(0.72	)		128,861		88
	36.37			1.22			1.27			(0.27	)		124,945		45
	(2.89	)		1.13			1.29			(0.45	)		66,492		39
	22.91			1.10			1.27			(0.29	)		134,201		69


	See Notes to Financial Statements.	11

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked prices.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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.

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

Notes to Financial Statements (unaudited)(continued)

(h)

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).

	A summary of inputs used in valuing the Fund’s investments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $1 billion	.75%
Next $1 billion	.65%
Next $1 billion	.60%
Over $3 billion	.58%

For the six months ended June 30, 2022, the effective management fee was at an annualized rate of .75% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s

Notes to Financial Statements (unaudited)(continued)

average daily net assets. Lord Abbett voluntarily waived $8,269 of fund administration fees during the six months ended June 30, 2022.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited)		Year Ended 12/31/2021
Distributions paid from:
Ordinary income	$	–	$	5,686,948
Net long-term capital gains		–		16,985,540
Total distributions paid	$	–	$	22,672,488

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	65,116,690
Gross unrealized gain		3,152,246
Gross unrealized loss		(10,506,821	)
Net unrealized security gain/(loss)	$	(7,354,575	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain distributions and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

Notes to Financial Statements (unaudited)(continued)

Purchases	Sales
$16,027,097	$26,606,125

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	2,523,773	$	–	$	2,523,773
Total	$	2,523,773	$	–	$	2,523,773

	Net Amount of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.	$	2,523,773	$	–	$	–		$	(2,523,773	)	$	–
Total	$	2,523,773	$	–	$	–		$	(2,523,773	)	$	–


^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

Notes to Financial Statements (unaudited)(continued)

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

Notes to Financial Statements (unaudited)(continued)

10.

INTERFUND LENDING PROGRAM

For the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12.

SECURITIES LENDING AGREEMENT

As of June 30, 2022 the Fund did not have any securities out on loan.

13.

INVESTMENT RISKS

Notes to Financial Statements (unaudited)(continued)

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

These factors, and others, can affect the Fund’s performance.

Notes to Financial Statements (unaudited)(concluded)

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		560,997			375,357
Reinvestment of distributions		–			1,604,448
Shares reacquired		(1,401,423	)		(2,966,889	)
Decrease		(840,426	)		(987,084	)

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Growth Opportunities Portfolio

LASFGO-3
(08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Mid Cap Stock Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

8		Statement of Assets and Liabilities

9		Statement of Operations

10		Statements of Changes in Net Assets

12		Financial Highlights

14		Notes to Financial Statements

23		Supplemental Information to Shareholders

Lord Abbett Series Fund — Mid Cap Stock Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Mid Cap Stock Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	1/1/22	6/30/22		1/1/22 - 6/30/22
Class VC
Actual	$1,000.00	$	826.90	$5.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76


^†	Net expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Communication Services		1.28	%
Consumer Discretionary		4.94	%
Consumer Staples		4.93	%
Energy		6.79	%
Financials		17.72	%
Health Care		10.67	%
Industrials		17.84	%
Information Technology		8.28	%
Materials		8.08	%
Real Estate		8.15	%
Utilities		7.22	%
Repurchase Agreements		4.10	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 95.90%

COMMON STOCKS 95.90%

Aerospace & Defense 1.98%
Curtiss-Wright Corp.		33,970	$	4,486,078

Automobiles 1.09%
Harley-Davidson, Inc.		77,960		2,468,214

Banks 3.43%
East West Bancorp, Inc.		61,170		3,963,816
Popular, Inc.		49,150		3,781,109
Total				7,744,925

Beverages 1.27%
Carlsberg A/S Class B^(a)	DKK	22,520		2,878,117

Biotechnology 1.43%
Horizon Therapeutics plc*		40,470		3,227,887

Building Products 2.78%
Carlisle Cos., Inc.		9,930		2,369,397
Masco Corp.		77,190		3,905,814
Total				6,275,211

Capital Markets 4.59%
Ameriprise Financial, Inc.		17,910		4,256,849
Evercore, Inc. Class A		22,290		2,086,567
KKR & Co., Inc.		86,949		4,024,869
Total				10,368,285

Chemicals 3.65%
Corteva, Inc.		50,860		2,753,560
Nutrien Ltd. (Canada)^(b)		13,540		1,079,003
Valvoline, Inc.		152,960		4,409,837
Total				8,242,400

Communications Equipment 1.63%
F5, Inc.*		24,050		3,680,612

Construction & Engineering 3.27%
AECOM		52,140		3,400,571
EMCOR Group, Inc.		38,680		3,982,493
Total				7,383,064

Investments	Shares		Fair Value
Construction Materials 1.45%
Eagle Materials, Inc.		29,840	$	3,280,610

Containers & Packaging 1.12%
Avery Dennison Corp.		15,650		2,533,266

Diversified Financial Services 0.98%
Equitable Holdings, Inc.		85,450		2,227,682

Electric: Utilities 5.26%
Entergy Corp.		40,130		4,520,243
NRG Energy, Inc.		95,760		3,655,159
Portland General Electric Co.		76,780		3,710,778
Total				11,886,180

Electrical Equipment 1.55%
Sensata Technologies Holding plc		84,640		3,496,478

Electronic Equipment, Instruments & Components 1.58%
Teledyne Technologies, Inc.*		9,530		3,574,798

Energy Equipment & Services 1.74%
NOV, Inc.		232,020		3,923,458

Equity Real Estate Investment Trusts 8.15%
American Homes 4 Rent		97,010		3,438,035
Camden Property Trust		28,250		3,799,060
Duke Realty Corp.		70,580		3,878,371
Kimco Realty Corp.		194,430		3,843,881
Life Storage, Inc.		31,120		3,474,859
Total				18,434,206

Food & Staples Retailing 2.08%
BJ’s Wholesale Club Holdings, Inc.*		75,401		4,698,990

Health Care Providers & Services 4.91%
AmerisourceBergen Corp.		27,070		3,829,864
Molina Healthcare, Inc.*		14,720		4,115,859
Tenet Healthcare Corp.*		60,190		3,163,586
Total				11,109,309

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure 2.33%
Caesars Entertainment, Inc.*		79,250	$	3,035,275
Hilton Worldwide Holdings, Inc.		20,140		2,244,402
Total				5,279,677

Household Products 1.58%
Spectrum Brands Holdings, Inc.		43,640		3,579,353

Information Technology Services 1.94%
Euronet Worldwide, Inc.*		43,560		4,381,700

Insurance 8.72%
Allstate Corp. (The)		39,220		4,970,350
American Financial Group, Inc./OH		29,450		4,087,954
Arch Capital Group Ltd.*		85,130		3,872,564
Arthur J Gallagher & Co.		24,770		4,038,501
Fidelity National Financial, Inc.		74,160		2,740,954
Total				19,710,323

Life Sciences Tools & Services 1.46%
Azenta, Inc.		45,820		3,303,622

Machinery 6.81%
Crane Holdings Co.		44,367		3,884,775
Otis Worldwide Corp.		49,410		3,491,805
Parker-Hannifin Corp.		18,650		4,588,832
Westinghouse Air Brake Technologies Corp.		41,900		3,439,152
Total				15,404,564

Media 1.28%
Nexstar Media Group, Inc. Class A		17,830		2,904,150

Investments	Shares		Fair Value
Metals & Mining 1.86%
Alcoa Corp.		36,630	$	1,669,595
Reliance Steel & Aluminum Co.		14,930		2,536,010
Total				4,205,605

Multi-Utilities 1.96%
CMS Energy Corp.		65,660		4,432,050

Oil, Gas & Consumable Fuels 5.06%
Chesapeake Energy Corp.		60,550		4,910,605
Devon Energy Corp.		87,790		4,838,107
Pioneer Natural Resources Co.		7,560		1,686,485
Total				11,435,197

Pharmaceuticals 2.87%
Organon & Co.		192,150		6,485,062

Semiconductors & Semiconductor Equipment 1.25%
Teradyne, Inc.		31,630		2,832,467

Specialty Retail 1.51%
AutoZone, Inc.*		1,590		3,417,101

Technology Hardware, Storage & Peripherals 1.88%
NetApp, Inc.		65,150		4,250,386

Trading Companies & Distributors 1.45%
AerCap Holdings NV (Ireland)*^(b)		80,080		3,278,475
Total Common Stocks (cost $213,230,070)				216,819,502

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.10%

Repurchase Agreements 4.10%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $4,810,300 of U.S. Treasury Note at 1.50% due 11/30/2024; $4,894,200 of U.S. Treasury Note at 2.25% due 11/15/2024; value: $9,448,777; proceeds: $9,263,591 (cost $9,263,449)	$	9,263,449	$	9,263,449
Total Investments in Securities 100.00% (cost $222,493,519)				226,082,951
Other Assets and Liabilities – Net 0.00%				3,673
Net Assets 100.00%			$	226,086,624

DKK		Danish Krone.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Beverages	$	–	$	2,878,117	$	–	$	2,878,117
Remaining Industries		213,941,385		–		–		213,941,385
Short-Term Investments
Repurchase Agreements		–		9,263,449		–		9,263,449
Total	$	213,941,385	$	12,141,566	$	–	$	226,082,951

⁽¹⁾		Refer to Note 2(i) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $222,493,519)	$	226,082,951
Receivables:
Investment securities sold		781,989
Interest and dividends		159,745
Capital shares sold		35,399
Securities lending income receivable		113
Prepaid expenses		2,858
Total assets		227,063,055
LIABILITIES:
Payables:
Transfer agent fees		526,354
Management fee		142,951
Capital shares reacquired		135,829
Directors’ fees		67,755
Fund administration		7,785
Accrued expenses		95,757
Total liabilities		976,431
Commitments and contingent liabilities
NET ASSETS	$	226,086,624
COMPOSITION OF NET ASSETS:
Paid-in capital	$	206,380,136
Total distributable earnings (loss)		19,706,488
Net Assets	$	226,086,624
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		9,759,127
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$23.17

8	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $18,870)	$	2,868,634
Securities lending net income		437
Interest and other		3,092
Total investment income		2,872,163
Expenses:
Management fee		952,955
Non 12b-1 service fees		327,798
Shareholder servicing		99,878
Fund administration		52,540
Reports to shareholders		27,852
Professional		22,577
Custody		13,973
Directors’ fees		2,085
Other		19,365
Gross expenses		1,519,023
Expense reductions (See Note 8)		(356	)
Fees waived and expenses reimbursed (See Note 3)		(13,973	)
Net expenses		1,504,694
Net investment income		1,367,469
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		12,068,731
Net realized gain (loss) on foreign currency related transactions		481
Net change in unrealized appreciation/depreciation on investments		(62,338,800	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(1,763	)
Net realized and unrealized gain (loss)		(50,271,351	)
Net Decrease in Net Assets Resulting From Operations	$	(48,903,882	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)				For the Year Ended December 31, 2021
Operations:
Net investment income		$	1,367,469			$	1,677,662
Net realized gain (loss) on investments and foreign currency related transactions			12,069,212				38,914,628
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(62,340,563	)			29,420,416
Net increase (decrease) in net assets resulting from operations			(48,903,882	)			70,012,706
Distributions to shareholders:			–				(27,759,457	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			4,554,631				9,764,943
Reinvestment of distributions			–				27,759,457
Cost of shares reacquired			(23,652,630	)			(39,975,409	)
Net decrease in net assets resulting from capital share transactions			(19,097,999	)			(2,451,009	)
Net increase (decrease) in net assets			(68,001,881	)			39,802,240
NET ASSETS:
Beginning of period		$	294,088,505			$	254,286,265
End of period		$	226,086,624			$	294,088,505

10	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2022^(c)	$	28.02	$	0.14	$	(4.99	)	$	(4.85	)	$	–		$	–		$	–
12/31/2021		24.09		0.17		6.67			6.84			(0.17	)		(2.74	)		(2.91	)
12/31/2020		23.74		0.23		0.36			0.59			(0.24	)		–			(0.24	)
12/31/2019		19.87		0.21		4.27			4.48			(0.21	)		(0.40	)		(0.61	)
12/31/2018		24.51		0.15		(3.83	)		(3.68	)		(0.17	)		(0.79	)		(0.96	)
12/31/2017		25.52		0.14		1.58			1.72			(0.16	)		(2.57	)		(2.73	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited
^(d)	Not annualized.
^(e)	Annualized.

12	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	23.17		(17.31	)^(d)		1.15	^(e)		1.16	^(e)		1.04	^(e)	$	226,087		23	^(d)
	28.02		28.70			1.13			1.14			0.59			294,089		60
	24.09		2.50			1.17			1.18			1.11			254,286		67
	23.74		22.64			1.17			1.17			0.91			271,120		79
	19.87		(15.04	)		1.17			1.17			0.64			240,971		50
	24.51		6.83			1.16			1.16			0.55			331,388		70

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked prices.

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

Notes to Financial Statements (unaudited)(continued)

	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.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The

Notes to Financial Statements (unaudited)(continued)

	contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

(h)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(i)	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).

Notes to Financial Statements (unaudited)(continued)

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

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

For the six months ended June 30, 2022, the effective management fee was at an annualized rate of .73% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $13,973 of fund administration fees during the six months ended June 30, 2022.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited)			Year Ended 12/31/2021
Distributions paid from:
Ordinary income		$	–		$	6,793,515
Net long-term capital gains			–			20,965,942
Total distributions paid		$	–		$	27,759,457

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	223,113,557
Gross unrealized gain		22,523,327
Gross unrealized loss		(19,553,933	)
Net unrealized security gain (loss)	$	2,969,394

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

Purchases	Sales
$58,783,848	$85,042,052

There were no purchases or sales of U.S. Government securities for the six months ended June 30, 2022.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Notes to Financial Statements (unaudited)(continued)

financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	9,263,449		$	–		$	9,263,449
Total		$	9,263,449		$	–		$	9,263,449

	Net Amount of Assets Presented in			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities			Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.		$	9,263,449	$	–	$	–		$	(9,263,449	)	$	–
Total		$	9,263,449	$	–	$	–		$	(9,263,449	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.

7.	DIRECTORS’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

(if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

During the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

11.

CUSTODIAN AND ACCOUNTING AGENT

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

12	SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2022 the Fund did not have any securities out on loan.

13.

INVESTMENT RISKS

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics such as the COVID 19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund’s investments. Market disruptions can also prevent the Fund from implementing its investment strategies and achieving its investment objective.

Notes to Financial Statements (unaudited)(concluded)

These factors, and others, can affect the Fund’s performance.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		172,505			346,015
Reinvestment of distributions		–			1,014,575
Shares reacquired		(908,481	)		(1,420,241	)
Decrease		(735,976	)		(59,651	)

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Mid Cap Stock Portfolio

LASFMCV-3
(08/22)

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

27		Statement of Assets and Liabilities

28		Statement of Operations

29		Statements of Changes in Net Assets

30		Financial Highlights

32		Notes to Financial Statements

48		Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio

Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund – Total Return Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†

	1/1/22	6/30/22	1/1/22 - 6/30/22
Class VC
Actual	$1,000.00	$ 884.30	$3.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56

^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.71%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Asset Backed Securities	14.98	%
Basic Materials	1.89	%
Communications	1.92	%
Consumer, Cyclical	2.88	%
Consumer, Non-cyclical	3.54	%
Energy	3.24	%
Financial	13.07	%
Foreign Government	2.73	%
Industrial	0.94	%
Mortgage Securities	22.37	%
Municipal Bonds	0.40	%
Technology	2.04	%
U.S. Government	23.49	%
Utilities	2.67	%
Repurchase Agreements	3.84	%
Total	100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 107.41%

ASSET-BACKED SECURITIES 17.01%

Auto Floor Plan 0.05%
Ford Credit Floorplan Master Owner Trust 2018-4 A	4.06%	11/15/2030	$	294,000	$	292,366

Automobiles 5.35%
AmeriCredit Automobile Receivables Trust 2020-3 D	1.49%	9/18/2026		2,075,000		1,949,131
Avid Automobile Receivables Trust 2019-1 B^†	2.82%	7/15/2026		173,904		173,882
Avid Automobile Receivables Trust 2019-1 C^†	3.14%	7/15/2026		500,000		496,043
Carmax Auto Owner Trust 2021-1 A2A	0.22%	2/15/2024		283,374		283,154
Carvana Auto Receivables Trust NP1 2020-N1A E^†	5.20%	7/15/2027		1,500,000		1,473,792
CPS Auto Receivables Trust 2018-B D^†	4.26%	3/15/2024		55,703		55,789
CPS Auto Receivables Trust 2019-B E^†	5.00%	3/17/2025		575,000		578,514
CPS Auto Receivables Trust 2020-C C^†	1.71%	8/17/2026		678,379		674,143
Exeter Automobile Receivables Trust 2018-3A E^†	5.43%	8/15/2024		1,940,000		1,954,541
Exeter Automobile Receivables Trust 2020-2A E^†	7.19%	9/15/2027		2,380,000		2,447,965
Exeter Automobile Receivables Trust 2020-3A E^†	3.44%	8/17/2026		1,750,000		1,707,371
Flagship Credit Auto Trust 2018-3 E^†	5.28%	12/15/2025		1,425,000		1,421,731
Flagship Credit Auto Trust 2018-4 E^†	5.51%	3/16/2026		1,675,000		1,669,051
Flagship Credit Auto Trust 2021-1 A^†	0.31%	6/16/2025		489,552		484,077
GM Financial Automobile Leasing Trust 2022-2 A2	2.93%	10/21/2024		3,125,000		3,107,260
Hertz Vehicle Financing III LP 2021-2A A^†	1.68%	12/27/2027		2,235,000		1,975,008
Santander Consumer Auto Receivables Trust 2020-BA C^†	1.29%	4/15/2026		2,081,000		1,993,660
Santander Consumer Auto Receivables Trust 2021-AA E^†	3.28%	3/15/2027		1,386,000		1,290,643
Santander Drive Auto Receivables Trust 2020-3 D	1.64%	11/16/2026		2,350,000		2,292,469
Toyota Auto Receivables Owner Trust 2021-A A2	0.16%	7/17/2023		197,071		196,895
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%	11/15/2024		1,966,592		1,967,263
Westlake Automobile Receivables Trust 2020-3A E^†	3.34%	6/15/2026		1,450,000		1,408,550
Westlake Automobile Receivables Trust 2021-1A E^†	2.33%	8/17/2026		1,850,000		1,723,280
World Omni Auto Receivables Trust 2021-A A2	0.17%	2/15/2024		364,671		364,376
Total						31,688,588

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Credit Card 0.81%

American Express Credit Account Master Trust 2019-3 B

2.20%

4/15/2025

3,068,000

3,069,869

Citibank Credit Card Issuance Trust 2017-A6 A6

2.052%
(1 Mo. LIBOR + .77%

)^#

5/14/2029

1,790,000

1,765,829

Total

4,835,698

Home Equity 0.00%

New Century Home Equity Loan Trust 2005-A A6

4.695%

8/25/2035

3,405

3,227

Other 10.41%

AMMC CLO Ltd. 2020-23A CR^†

3.044%
(3 Mo. LIBOR + 2.00%

)^#

10/17/2031

1,020,000

964,715

Apidos CLO XXVI 2017-26A A2R A2R^†

2.544%
(3 Mo. LIBOR + 1.50%

)^#

7/18/2029

570,000

550,061

^(a)

Apidos CLO XXXV 2021-35A A^†

2.113%
(3 Mo. LIBOR + 1.05%

)^#

4/20/2034

760,000

735,340

Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 D^†

3.824%
(1 Mo. LIBOR + 2.50%

)^#

5/15/2036

1,320,000

1,270,500

Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 E^†

4.274%
(1 Mo. LIBOR + 2.95%

)^#

5/15/2036

330,000

301,919

Bain Capital Credit CLO 2019-2A AR^†

2.144%
(3 Mo. LIBOR + 1.10%

)^#

10/17/2032

1,690,000

1,647,360

Barings CLO Ltd. 2019-3A BR^†

2.663%
(3 Mo. LIBOR + 1.60%

)^#

4/20/2031

1,060,000

1,008,841

Carlyle Global Market Strategies CLO Ltd. 2015-5A BRR^†

3.363%
(3 Mo. LIBOR + 2.30%

)^#

1/20/2032

790,000

757,175

Carlyle US CLO Ltd. 2019-1A A1AR^†

2.143%
(3 Mo. LIBOR + 1.08%

)^#

4/20/2031

1,330,000

1,303,736

Carlyle US CLO Ltd. 2021-1A A1^†

2.184%
(3 Mo. LIBOR + 1.14%

)^#

4/15/2034

2,860,000

2,781,238

CBAM Ltd. 2017-1A D^†

4.813%
(3 Mo. LIBOR + 3.75%

)^#

7/20/2030

1,010,000

958,927

CIFC Funding I Ltd. 2021-1A A1^†

2.294%
(3 Mo. LIBOR + 1.11%

)^#

4/25/2033

2,690,000

2,629,346

CIFC Funding V Ltd. 2014-5A A1R2^†

2.244%
(3 Mo. LIBOR + 1.20%

)^#

10/17/2031

640,000

629,133

Dryden 58 CLO Ltd. 2018-58A B^†

2.544%
(3 Mo. LIBOR + 1.50%

)^#

7/17/2031

2,650,000

2,535,713

Dryden Senior Loan Fund 2017-47A BR^†

2.514%
(3 Mo. LIBOR + 1.47%

)^#

4/15/2028

1,990,000

1,923,219

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Other (continued)
Goldentree Loan Management U.S. CLO 3 Ltd. 2018-3A B1^†	2.613% (3 Mo. LIBOR + 1.55%	)^#	4/20/2030	$	355,000	$	341,246	^(a)
Gracie Point International Funding 2020-B B^†	3.462% (1 Mo. LIBOR + 2.40%	)^#	5/2/2023		1,124,466		1,124,912
HGI CRE CLO Ltd. 2021-FL1 C^†	3.209% (1 Mo. LIBOR + 1.70%	)^#	6/16/2036		1,150,000		1,106,987
HGI CRE CLO Ltd. 2021-FL1 D^†	3.859% (1 Mo. LIBOR + 2.35%	)^#	6/16/2036		1,000,000		922,176
KKR CLO Ltd. 30A CR^†	3.044% (3 Mo. LIBOR + 2.00%	)^#	10/17/2031		297,230		281,849
Lending Funding Trust 2020-2A A^†	2.32%		4/21/2031		1,840,000		1,659,773
Lendmark Funding Trust 2021-1A A^†	1.90%		11/20/2031		1,400,000		1,217,024
Lendmark Funding Trust 2021-2A C^†	3.09%		4/20/2032		855,000		694,892
Lendmark Funding Trust 2021-2A D^†	4.46%		4/20/2032		650,000		520,578
LoanCore Issuer Ltd. 2022-CRE7 A^†	2.329% (1 Mo. SOFR + 1.55%	)^#	1/17/2037		1,350,000		1,317,094
Logan CLO I Ltd. A^†	2.223% (3 Mo. LIBOR + 1.16%	)^#	7/20/2034		1,040,000		1,009,188
Marble Point CLO XVII Ltd. 2020-1A A^†	2.363% (3 Mo. LIBOR + 1.30%	)^#	4/20/2033		1,134,614		1,109,881
Mariner Finance Issuance Trust 2021-BA D^†	3.42%		11/20/2036		1,055,000		879,025
Mariner Finance Issuance Trust 2021-BA E^†	4.68%		11/20/2036		650,000		540,992	^(a)
Marlette Funding Trust 2020-2A D^†	4.65%		9/16/2030		2,070,000		2,037,362
ME Funding LLC 2019-1 A2^†	6.448%		7/30/2049		1,961,700		1,958,516
Mountain View CLO LLC 2017-1A AR^†	2.134% (3 Mo. LIBOR + 1.09%	)^#	10/16/2029		1,016,330		1,003,626
Neuberger Berman Loan Advisers CLO Ltd. 2019-35A A1^†	2.384% (3 Mo. LIBOR + 1.34%	)^#	1/19/2033		2,000,000		1,961,615
Oaktree CLO Ltd. 2019-4A CR^†	3.313% (3 Mo. LIBOR + 2.25%	)^#	10/20/2032		1,100,000		1,050,133
OCP CLO Ltd. 2019-16A AR^†	1.989% (3 Mo. LIBOR + 1.00%	)^#	4/10/2033		1,510,000		1,471,664
OneMain Financial Issuance Trust 2019-2A A^†	3.14%		10/14/2036		1,610,000		1,497,256
OneMain Financial Issuance Trust 2020-2A C^†	2.76%		9/14/2035		2,745,000		2,407,183
Progress Residential 2021-SFR4 D^†	2.309%		5/17/2038		1,550,000		1,383,294
Race Point IX CLO Ltd. 2015-9A CR^†	4.244% (3 Mo. LIBOR + 3.20%	)^#	10/15/2030		500,000		445,531
Rad CLO Ltd. 2020-7A A1^†	2.244% (3 Mo. LIBOR + 1.20%	)^#	4/17/2033		1,822,404		1,784,409

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Other (continued)
SCF Equipment Leasing LLC 2019-2A B^†	2.76%		8/20/2026	$	1,442,000	$	1,395,412
SCF Equipment Leasing LLC 2021-1A D^†	1.93%		9/20/2030		1,369,000		1,238,753
SEB Funding LLC 2021-1A A2^†	4.969%		1/30/2052		1,536,150		1,408,393
Signal Peak CLO Ltd. 2020-8A A^†	2.333% (3 Mo. LIBOR + 1.27%	)^#	4/20/2033		2,004,915		1,957,982
Sunrun Demeter Issuer 2021-2A A^†	2.27%		1/30/2057		784,310		659,530
Verizon Master Trust 2022-1 A	1.04%		1/20/2027		4,500,000		4,388,186
Wind River CLO Ltd. 2021-4A B^†	2.713% (3 Mo. LIBOR + 1.65%	)^#	1/20/2035		960,000		898,925
Total							61,670,610

Student Loan 0.39%
Massachusetts Educational Financing Authority 2008-1 A1	2.134% (3 Mo. LIBOR + .95%	)^#	4/25/2038		283,161		283,586
Nelnet Student Loan Trust 2021-DA B^†	2.90%		4/20/2062		1,090,000		935,014
Pennsylvania Higher Education Assistance Agency 2006-1 B	1.454% (3 Mo. LIBOR + .27%	)^#	4/25/2038		140,531		128,568
SLC Student Loan Trust 2008-1 A4A	3.429% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		707,332		706,032
Towd Point Asset Trust 2018-SL1 A^†	2.224% (1 Mo. LIBOR + .60%	)^#	1/25/2046		260,967		259,405
Total							2,312,605
Total Asset-Backed Securities (cost $106,367,184)							100,803,094

CORPORATE BONDS 35.04%

Aerospace/Defense 0.19%
Bombardier, Inc. (Canada)^†(b)	6.00%		2/15/2028		676,000		507,642
TransDigm, Inc.	6.375%		6/15/2026		652,000		610,924
Total							1,118,566

Agriculture 0.72%
CARGILL, Inc.^†	4.00%		6/22/2032		2,907,000		2,848,221
MHP Lux SA (Luxembourg)^†(b)	6.25%		9/19/2029		1,240,000		627,068
Viterra Finance BV (Netherlands)^†(b)	4.90%		4/21/2027		819,000		796,807
Total							4,272,096

Airlines 0.76%
American Airlines Group, Inc.^†(c)	3.75%		3/1/2025		783,000		661,146
American Airlines, Inc.^†	11.75%		7/15/2025		352,000		365,489

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Airlines (continued)
British Airways Pass Through Trust 2020-1 Class A (United Kingdom)^†(b)		4.25%		11/15/2032	$	1,143,621	$	1,102,839
Delta Air Lines, Inc.^†		7.00%		5/1/2025		1,287,000		1,304,429
Delta Air Lines, Inc./SkyMiles IP Ltd.^†		4.50%		10/20/2025		568,000		552,443
Delta Air Lines, Inc./SkyMiles IP Ltd.^†		4.75%		10/20/2028		576,000		544,546
Total								4,530,892

Apparel 0.19%
Levi Strauss & Co.^†		3.50%		3/1/2031		661,000		541,666
PVH Corp.		7.75%		11/15/2023		561,000		589,900
Total								1,131,566

Auto Manufacturers 0.77%
Ford Motor Co.		3.25%		2/12/2032		1,637,000		1,230,001
Toyota Motor Credit Corp.		3.95%		6/30/2025		3,299,000		3,314,118
Total								4,544,119

Banks 9.41%
ABN AMRO Bank NV (Netherlands)^†(b)	3.324% (5 Yr. Treasury CMT + 1.90%		)^#	3/13/2037		800,000		641,771
Bank of America Corp.		2.087% (SOFR + 1.06%	)^#	6/14/2029		1,549,000		1,327,947
Bank of America Corp.		2.687% (SOFR + 1.32%	)^#	4/22/2032		2,244,000		1,885,878
Bank of America Corp.		3.004% (3 Mo. LIBOR + .79%	)^#	12/20/2023		967,000		964,071
Bank of America Corp.		3.97% (3 Mo. LIBOR + 1.07%	)^#	3/5/2029		3,996,000		3,814,582
BankUnited, Inc.		5.125%		6/11/2030		1,140,000		1,105,333
BNP Paribas SA (France)^†(b)		4.375% (5 Yr. Swap rate + 1.48%	)^#	3/1/2033		1,527,000		1,417,756
Citigroup, Inc.		2.666% (SOFR + 1.15%	)^#	1/29/2031		816,000		693,589
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%		)^#	1/10/2028		1,186,000		1,141,207
Citigroup, Inc.	3.98% (3 Mo. LIBOR + 1.34%		)^#	3/20/2030		4,576,000		4,283,673
Citigroup, Inc.	4.14% (SOFR + 1.37%		)^#	5/24/2025		605,000		603,069
Danske Bank A/S (Denmark)^†(b)	3.773% (1 Yr. Treasury CMT + 1.45%		)^#	3/28/2025		2,071,000		2,038,194
Danske Bank A/S (Denmark)^†(b)		4.375%		6/12/2028		200,000		189,406
Goldman Sachs Group, Inc. (The)		0.627% (SOFR + .54%	)^#	11/17/2023		2,364,000		2,334,929
Goldman Sachs Group, Inc. (The)		2.383% (SOFR + 1.25%	)^#	7/21/2032		2,718,000		2,200,586

8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Banks (continued)
Goldman Sachs Group, Inc. (The)		2.615% (SOFR + 1.28%	)^#	4/22/2032	$	974,000	$	809,651
JPMorgan Chase & Co.	2.963% (SOFR + 1.26%		)^#	1/25/2033		2,378,000		2,043,022
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%		)^#	5/1/2028		2,477,000		2,350,709
Macquarie Bank Ltd. (Australia)^†(b)		3.624%		6/3/2030		516,000		450,523
Macquarie Group Ltd. (Australia)^†(b)		2.691% (SOFR + 1.44%	)^#	6/23/2032		2,044,000		1,646,238
Macquarie Group Ltd. (Australia)^†(b)		4.654% (3 Mo. LIBOR + 1.73%	)^#	3/27/2029		1,931,000		1,886,920
Morgan Stanley		2.239% (SOFR + 1.18%	)^#	7/21/2032		1,817,000		1,473,897
Morgan Stanley		2.484% (SOFR + 1.36%	)^#	9/16/2036		1,088,000		837,736
Morgan Stanley		4.431% (3 Mo. LIBOR + 1.63%	)^#	1/23/2030		3,592,000		3,493,675
Santander UK Group Holdings plc (United Kingdom)^(b)		3.373% (3 Mo. LIBOR + 1.08%	)^#	1/5/2024		1,846,000		1,837,781
Toronto-Dominion Bank (The) (Canada)^(b)		4.456%		6/8/2032		1,012,000		1,001,638
UBS AG (Switzerland)^(b)		5.125%		5/15/2024		1,399,000		1,398,720
Wachovia Corp.		7.574%		8/1/2026		660,000		725,471
Wells Fargo & Co.	2.393% (SOFR + 2.10%		)^#	6/2/2028		5,043,000		4,520,180
Wells Fargo & Co.	3.35% (SOFR + 1.50%		)^#	3/2/2033		1,349,000		1,198,288
Wells Fargo & Co.	3.584% (3 Mo. LIBOR + 1.31%		)^#	5/22/2028		1,873,000		1,778,424
Westpac Banking Corp. (Australia)^(b)		2.894% (5 Yr. Treasury CMT + 1.35%	)^#	2/4/2030		912,000		865,194
Westpac Banking Corp. (Australia)^(b)	4.322% (USD ICE 5 Yr. Swap rate + 2.24%		)^#	11/23/2031		2,917,000		2,807,011
Total								55,767,069

Building Materials 0.09%
Standard Industries, Inc.^†		4.375%		7/15/2030		659,000		520,996

Chemicals 0.30%
Braskem Netherlands Finance BV (Netherlands)^†(b)		4.50%		1/31/2030		1,026,000		877,836
CVR Partners LP/CVR Nitrogen Finance Corp.^†		6.125%		6/15/2028		649,000		581,184
Phosagro OAO Via Phosagro Bond Funding DAC (Ireland)^†(b)		2.60%		9/16/2028		1,080,000		340,200
Total								1,799,220

Coal 0.09%
SunCoke Energy, Inc.^†		4.875%		6/30/2029		643,000		514,679

Commercial Services 0.26%
Gartner, Inc.^†		3.75%		10/1/2030		682,000		581,729

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Commercial Services (continued)
United Rentals North America, Inc.	4.00%		7/15/2030	$	155,000	$	132,777
ZipRecruiter, Inc.^†	5.00%		1/15/2030		969,000		815,181
Total							1,529,687

Computers 0.37%
Condor Merger Sub, Inc.^†	7.375%		2/15/2030		635,000		517,989
Dell International LLC/EMC Corp.^†	3.375%		12/15/2041		1,012,000		724,585
Dell International LLC/EMC Corp.	8.35%		7/15/2046		758,000		945,906
Total							2,188,480

Cosmetics/Personal Care 0.21%
GSK Consumer Healthcare Capital US LLC^†	3.625%		3/24/2032		1,343,000		1,242,538

Diversified Financial Services 3.23%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)	3.50%		1/15/2025		1,388,000		1,326,935
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)	4.875%		1/16/2024		523,000		520,579
Aircastle Ltd.^†	2.85%		1/26/2028		1,114,000		921,919
Ally Financial, Inc.	8.00%		11/1/2031		1,228,000		1,366,644
Aviation Capital Group LLC^†	1.95%		1/30/2026		812,000		707,240
Aviation Capital Group LLC^†	5.50%		12/15/2024		1,928,000		1,912,760
Avolon Holdings Funding Ltd. (Ireland)^†(b)	2.125%		2/21/2026		2,161,000		1,870,857
Avolon Holdings Funding Ltd. (Ireland)^†(b)	4.25%		4/15/2026		928,000		860,552
Capital One Financial Corp.	4.166% (SOFR + 1.37%	)^#	5/9/2025		450,000		443,705
Coinbase Global, Inc.^†	3.375%		10/1/2028		681,000		430,596
CPPIB Capital, Inc. (Canada)^†(b)	1.905% (SOFR + 1.25%	)^#	4/4/2025		3,800,000		3,897,521
Intercontinental Exchange, Inc.	4.00%		9/15/2027		3,321,000		3,271,179
Navient Corp.	5.00%		3/15/2027		642,000		528,992
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.50%		3/15/2027		469,000		468,937
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045		677,000		616,977
Total							19,145,393

Electric 2.60%
AEP Transmission Co. LLC	4.50%		6/15/2052		615,000		590,580
AES Corp. (The)^†	3.95%		7/15/2030		1,138,000		1,029,725
Alfa Desarrollo SpA (Chile)^†(b)	4.55%		9/27/2051		989,326		712,760
Ausgrid Finance Pty Ltd. (Australia)^†(b)	4.35%		8/1/2028		1,118,000		1,089,720

10	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electric (continued)
Calpine Corp.^†	5.125%	3/15/2028	$	609,000	$	537,592
Constellation Energy Generation LLC	6.25%	10/1/2039		1,411,000		1,445,122
FirstEnergy Corp.	4.40%	7/15/2027		1,919,000		1,813,580
Minejesa Capital BV (Netherlands)^†(b)	4.625%	8/10/2030		1,335,000		1,202,701
NextEra Energy Capital Holdings, Inc.	5.00%	7/15/2032		710,000		728,052
NRG Energy, Inc.^†	4.45%	6/15/2029		537,000		481,503
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^†(b)	3.00%	6/30/2030		515,000		423,106
Southern Co. (The)	4.475%	8/1/2024		2,400,000		2,411,019
Vistra Operations Co. LLC^†	3.55%	7/15/2024		3,061,000		2,957,589
Total						15,423,049

Electronics 0.09%
Atkore, Inc.^†	4.25%	6/1/2031		633,000		526,656

Entertainment 0.32%
Jacobs Entertainment, Inc.^†	6.75%	2/15/2029		609,000		515,858
Live Nation Entertainment, Inc.^†	4.75%	10/15/2027		966,000		859,267
Mohegan Gaming & Entertainment^†	8.00%	2/1/2026		639,000		545,032
Total						1,920,157

Environmental Control 0.09%
Madison IAQ LLC^†	5.875%	6/30/2029		688,000		528,986

Food 0.10%
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC^†	3.50%	3/15/2029		709,000		575,920

Forest Products & Paper 0.09%
Mercer International, Inc. (Canada)^(b)	5.125%	2/1/2029		647,000		553,699

Gas 0.42%
CenterPoint Energy Resources Corp.	4.40%	7/1/2032		1,407,000		1,387,392
National Fuel Gas Co.	5.50%	1/15/2026		1,122,000		1,127,520
Total						2,514,912

Health Care-Products 0.10%
Mozart Debt Merger Sub, Inc.^†	3.875%	4/1/2029		663,000		566,945

Health Care-Services 1.44%
Centene Corp.	2.45%	7/15/2028		550,000		460,204
Centene Corp.	4.25%	12/15/2027		1,228,000		1,150,108
Charles River Laboratories International, Inc.^†	4.25%	5/1/2028		655,000		589,487
CHS/Community Health Systems, Inc.^†	4.75%	2/15/2031		699,000		513,676

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Health Care-Services (continued)
CHS/Community Health Systems, Inc.^†	6.125%		4/1/2030	$	475,000	$	290,957
Elevance Health, Inc.	2.25%		5/15/2030		2,100,000		1,796,488
Radiology Partners, Inc.^†	9.25%		2/1/2028		657,000		494,379
Tenet Healthcare Corp.^†	6.25%	��	2/1/2027		658,000		607,005
UnitedHealth Group, Inc.	4.00%		5/15/2029		2,642,000		2,618,957
Total							8,521,261

Home Builders 0.27%
Century Communities, Inc.^†	3.875%		8/15/2029		674,000		528,355
Toll Brothers Finance Corp.	3.80%		11/1/2029		660,000		560,508
Toll Brothers Finance Corp.	4.35%		2/15/2028		588,000		531,900
Total							1,620,763

Insurance 0.48%
Assurant, Inc.	2.65%		1/15/2032		595,000		466,623
First American Financial Corp.	2.40%		8/15/2031		939,000		725,139
GA Global Funding Trust^†	3.85%		4/11/2025		1,689,000		1,658,572
Total							2,850,334

Internet 0.70%
Baidu, Inc. (China)^(b)	2.375%		8/23/2031		2,040,000		1,690,900
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^†	3.50%		3/1/2029		668,000		564,403
Netflix, Inc.	6.375%		5/15/2029		1,326,000		1,341,601
Prosus NV (Netherlands)^†(b)	3.257%		1/19/2027		660,000		574,113
Total							4,171,017

Iron-Steel 0.09%
United States Steel Corp.	6.875%		3/1/2029		590,000		516,250

Leisure Time 0.10%
Life Time, Inc.^†	5.75%		1/15/2026		325,000		292,337
Royal Caribbean Cruises Ltd.^†	11.50%		6/1/2025		264,000		271,911
Total							564,248

Lodging 0.19%
Hilton Domestic Operating Co., Inc.	4.875%		1/15/2030		625,000		566,572
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.25%		5/15/2027		634,000		543,867
Total							1,110,439

Machinery-Diversified 0.45%
nVent Finance Sarl (Luxembourg)^(b)	4.55%		4/15/2028		2,097,000		2,029,374
TK Elevator US Newco, Inc.^†	5.25%		7/15/2027		702,000		627,097
Total							2,656,471

12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Media 0.91%
CCO Holdings LLC/CCO Holdings Capital Corp.^†	4.75%		3/1/2030	$	645,000	$	553,613
Charter Communications Operating LLC/Charter Communications Operating Capital	2.25%		1/15/2029		2,932,000		2,411,714
Charter Communications Operating LLC/Charter Communications Operating Capital	6.484%		10/23/2045		841,000		819,340
FactSet Research Systems, Inc.	3.45%		3/1/2032		903,000		792,573
Time Warner Cable LLC	7.30%		7/1/2038		211,000		220,694
Time Warner Entertainment Co. LP	8.375%		7/15/2033		502,000		581,403
Total							5,379,337

Mining 1.66%
Alcoa Nederland Holding BV (Netherlands)^†(b)	4.125%		3/31/2029		634,000		567,950
Alcoa Nederland Holding BV (Netherlands)^†(b)	6.125%		5/15/2028		1,119,000		1,090,281
Anglo American Capital plc (United Kingdom)^†(b)	4.00%		9/11/2027		2,455,000		2,336,223
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)	4.375%		4/1/2031		1,017,000		831,977
Freeport Indonesia PT (Indonesia)^†(b)	5.315%		4/14/2032		496,000		452,104
Glencore Funding LLC^†	2.85%		4/27/2031		1,091,000		901,939
Glencore Funding LLC^†	4.875%		3/12/2029		3,240,000		3,154,662
Novelis Corp.^†	3.875%		8/15/2031		675,000		520,999
Total							9,856,135

Multi-National 0.68%
Asian Development Bank (Philippines)^(b)	1.671% (SOFR Index + 1.00%	)^#	4/6/2027		2,300,000		2,371,068
Inter-American Investment Corp.	2.625%		4/22/2025		1,700,000		1,672,581
Total							4,043,649

Oil & Gas 2.45%
Aethon United BR LP/Aethon United Finance Corp.^†	8.25%		2/15/2026		128,000		124,592
California Resources Corp.^†	7.125%		2/1/2026		642,000		628,906
Callon Petroleum Co.^†	8.00%		8/1/2028		633,000		608,994
Comstock Resources, Inc.^†	6.75%		3/1/2029		666,000		597,778
Continental Resources, Inc.^†	5.75%		1/15/2031		2,839,000		2,750,196
EQT Corp.	7.50%		2/1/2030		1,989,000		2,138,752
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%		2/1/2029		639,000		562,249
Laredo Petroleum, Inc.	9.50%		1/15/2025		579,000		574,909
MEG Energy Corp. (Canada)^†(b)	5.875%		2/1/2029		365,000		333,917
Occidental Petroleum Corp.	6.125%		1/1/2031		303,000		307,733
Occidental Petroleum Corp.	6.625%		9/1/2030		1,719,000		1,773,699

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Oil & Gas (continued)
Ovintiv, Inc.	6.50%		2/1/2038	$	993,000	$	1,026,498
Petroleos Mexicanos (Mexico)^(b)	6.70%		2/16/2032		1,768,000		1,351,813
Range Resources Corp.	8.25%		1/15/2029		660,000		673,984
SM Energy Co.	6.75%		9/15/2026		726,000		685,843
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(b)	3.25%		8/15/2030		470,000		359,226
Total							14,499,089

Oil & Gas Services 0.13%
Weatherford International Ltd.^†	8.625%		4/30/2030		940,000		781,832

Pharmaceuticals 0.31%
Bayer Corp.^†	6.65%		2/15/2028		670,000		711,860
Option Care Health, Inc.^†	4.375%		10/31/2029		655,000		562,642
Organon & Co./Organon Foreign Debt Co-Issuer BV^†	4.125%		4/30/2028		643,000		571,450
Total							1,845,952

Pipelines 1.02%
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078		825,000		656,267
Cheniere Energy Partners LP^†	3.25%		1/31/2032		692,000		546,476
CNX Midstream Partners LP^†	4.75%		4/15/2030		637,000		535,889
Eastern Gas Transmission & Storage, Inc.^†	3.00%		11/15/2029		846,000		763,301
EIG Pearl Holdings Sarl (Luxembourg)^†(b)	3.545%		8/31/2036		1,380,000		1,181,674
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(b)	3.25%		9/30/2040		1,613,000		1,278,363
NGPL PipeCo LLC^†	3.25%		7/15/2031		667,000		556,462
Venture Global Calcasieu Pass LLC^†	4.125%		8/15/2031		600,000		514,497
Total							6,032,929

Real Estate 0.09%
Kennedy-Wilson, Inc.	4.75%		2/1/2030		692,000		542,642

Regional (state/province) 0.48%
Kommuninvest I Sverige AB (Sweden)^†(b)	2.875%		7/3/2024		1,193,000		1,184,777
Kommuninvest I Sverige AB (Sweden)^†(b)	3.25%		1/16/2024		1,673,000		1,673,830
Total							2,858,607

14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
REITS 1.01%
American Campus Communities Operating Partnership LP	2.25%		1/15/2029	$	550,000	$	509,770
Blackstone Mortgage Trust, Inc.^†	3.75%		1/15/2027		974,000		795,032
EPR Properties	3.75%		8/15/2029		1,352,000		1,126,502
EPR Properties	4.95%		4/15/2028		1,069,000		984,316
Invitation Homes Operating Partnership LP	2.00%		8/15/2031		1,808,000		1,392,747
Invitation Homes Operating Partnership LP	2.30%		11/15/2028		657,000		553,211
Physicians Realty LP	2.625%		11/1/2031		751,000		605,369
Total							5,966,947

Retail 0.24%
LBM Acquisition LLC^†	6.25%		1/15/2029		670,000		432,377
Murphy Oil USA, Inc.	4.75%		9/15/2029		638,000		575,415
Party City Holdings, Inc.^†	8.75%		2/15/2026		647,000		436,017
Total							1,443,809

Semiconductors 0.99%
Advanced Micro Devices, Inc.	3.924%		6/1/2032		1,189,000		1,171,423
Advanced Micro Devices, Inc.	4.393%		6/1/2052		1,036,000		1,010,125
Broadcom, Inc.^†	4.15%		4/15/2032		2,214,000		2,001,327
Entegris, Inc.^†	3.625%		5/1/2029		582,000		487,585
TSMC Arizona Corp.	3.25%		10/25/2051		650,000		522,659
TSMC Global Ltd.	2.25%		4/23/2031		765,000		646,955
Total							5,840,074

Software 0.76%
MSCI, Inc.^†	3.625%		11/1/2031		702,000		579,222
Oracle Corp.	2.875%		3/25/2031		4,748,000		3,916,607
Total							4,495,829

Telecommunications 0.19%
Frontier Communications Holdings LLC^†	5.00%		5/1/2028		641,000		546,298
Sprint Capital Corp.	6.875%		11/15/2028		527,000		555,727
Total							1,102,025
Total Corporate Bonds (cost $233,365,390)							207,615,264

FLOATING RATE LOANS^(d)2.70%

Advertising 0.37%
Lamar Media Corporation 2020 Term Loan B	3.095% (1 Mo. LIBOR + 1.50%	)	2/5/2027		2,295,528		2,225,951

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Airlines 0.14%
AAdvantage Loyalty IP Ltd. 2021 Term Loan (Cayman Islands)^(b)	5.813%		4/20/2028	$	902,017	$	862,874

Beverages 0.13%
Sunshine Investments B.V. 2022 USD Term Loan (Netherlands)^(b)	–	^(e)	4/21/2029		830,769		790,269

Building Materials 0.16%
Quikrete Holdings, Inc. 2016 1st Lien Term Loan	4.291% (1 Mo. LIBOR + 2.63%	)	2/1/2027		994,898		934,209

Commercial Services 0.54%
Amentum Government Services Holdings LLC Term Loan B	5.416% (1 Mo. LIBOR + 3.75%	)	1/29/2027		994,924		950,157
CHG Healthcare Services Inc. 2021 Term Loan	5.00% (3 Mo. LIBOR + 3.50%	)	9/29/2028		1,566		1,495
Element Materials Technology Group US Holdings, Inc. 2022 USD Delayed Draw Term Loan B^(f)	–	^(e)	4/12/2029		236,498		227,556
Element Materials Technology Group US Holdings, Inc. 2022 USD Term Loan	–	^(e)	4/12/2029		512,396		493,023
KUEHG Corp. 2018 Incremental Term Loan	6.00% (3 Mo. LIBOR + 3.75%	)	2/21/2025		608,048		568,090
Trans Union, LLC 2021 Term Loan B6	3.916% (1 Mo. LIBOR + 2.25%	)	12/1/2028		1,008,940		964,380
Total							3,204,701

Diversified Financial Services 0.47%
Avolon TLB Borrower 1 (US) LLC 2021 Term Loan B5	3.845% (1 Mo. LIBOR + 2.25%	)	12/1/2027		1,291,369		1,230,436
Hudson River Trading LLC 2021 Term Loan	–	^(e)	3/20/2028		623,422		585,315
Jane Street Group, LLC 2021 Term Loan	4.416% (1 Mo. LIBOR + 2.75%	)	1/26/2028		994,950		959,132
Total							2,774,883

Entertainment 0.28%
Scientific Games Holdings LP 2022 USD Term Loan B	–	^(e)	4/4/2029		577,777		536,489
Scientific Games International, Inc. 2022 USD Term Loan	4.358%		4/14/2029		1,164,705		1,109,137
Total							1,645,626

16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Insurance 0.00%
Acrisure, LLC 2020 Term Loan B		5.166% (1 Mo. LIBOR + 3.50%	)	2/15/2027	$	1,775	$	1,634

Pharmaceuticals 0.25%
Jazz Financing Lux S.a.r.l. USD Term Loan (Luxembourg)^(b)		5.166%		5/5/2028		598,489		572,490
Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan		6.00% (3 Mo. LIBOR + 3.75%	)	11/30/2027		947,144		898,011
Total								1,470,501

Real Estate Investment Trusts 0.15%
Claros Mortgage Trust, Inc. 2021 Term Loan B		–	^(e)	8/9/2026		925,317		885,991

Software 0.21%
Playtika Holding Corp 2021 Term Loan		4.416% (1 Mo. LIBOR + 2.75%	)	3/13/2028		914,525		864,610
Red Planet Borrower, LLC Term Loan B		5.416% (1 Mo. LIBOR + 3.75%	)	10/2/2028		405,954		359,523
Total								1,224,133
Total Floating Rate Loans (cost $16,718,653)								16,020,772

FOREIGN GOVERNMENT OBLIGATIONS^(b)1.93%

Angola 0.08%
Republic of Angolan^†		8.75%		4/14/2032		620,000		497,862

Egypt 0.11%
Republic of Egypt^†		5.80%		9/30/2027		920,000		651,110

France 0.57%
Caisse d’Amortissement de la Dette Sociale^†		3.00%		5/17/2025		3,393,000		3,371,581

Japan 0.25%
Japan International Cooperation Agency		3.25%		5/25/2027		1,516,000		1,497,270

Nigeria 0.07%
Republic of Nigeria^†		7.143%		2/23/2030		605,000		429,247

Norway 0.80%
Kommunalbanken AS^†	2.448% (SOFR + 1.00%		)^#	6/17/2026		4,602,000		4,726,235

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Sri Lanka 0.05%
Sri Lanka Government International Bond^†		5.875%		7/25/2022	$	670,000	$	280,119
Total Foreign Government Obligations (cost $12,370,209)								11,453,424

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.05%
Freddie Mac Multifamily Structured Pass Through Certificates Q001 XA IO		2.137%	^#(g)	2/25/2032		2,552,847		229,731
Government National Mortgage Assoc. 2015-73 AC		2.90%	^#(g)	2/16/2053		50,646		49,144
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $296,335)								278,875

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 15.50%
Fannie Mae or Freddie Mac^(h)		3.50%		TBA		13,055,000		12,550,472
Fannie Mae or Freddie Mac^(h)		4.00%		TBA		11,157,000		10,986,376
Fannie Mae or Freddie Mac^(h)		4.50%		TBA		12,880,000		12,904,653
Fannie Mae or Freddie Mac^(h)		5.00%		TBA		10,860,000		11,057,050
Fannie Mae Pool		3.50%		9/1/2051		572,125		559,604
Fannie Mae Pool⁽ⁱ⁾		3.50%		4/1/2052		2,484,000		2,412,973
Fannie Mae Pool		4.00%		5/1/2052		2,289,617		2,297,270
Fannie Mae Pool^(h)		5.50%		TBA		2,875,000		2,976,973
Federal Home Loan Mortgage Corp.		3.50%		2/1/2046		1,189,466		1,172,292
Federal National Mortgage Assoc.	2.247% (12 Mo. LIBOR + 1.79%		)^#	3/1/2042		114,453		117,619
Federal National Mortgage Assoc.^(h)		3.00%		TBA		8,421,000		7,836,793
Federal National Mortgage Assoc.		3.00%		12/1/2048		3,919,266		3,710,218
Federal National Mortgage Assoc.		3.50%		7/1/2045		1,370,525		1,340,667
Federal National Mortgage Assoc.		4.00%		8/16/2037		5,975,000		6,011,029
Ginnie Mae^(h)		3.50%		TBA		1,525,000		1,482,109
Ginnie Mae^(h)		4.00%		TBA		6,065,000		6,026,975
Ginnie Mae^(h)		4.50%		TBA		5,980,000		6,063,579
Ginnie Mae^(h)		5.00%		TBA		2,271,000		2,318,904
Total Government Sponsored Enterprises Pass-Throughs (cost $91,242,867)								91,825,556

MUNICIPAL BONDS 0.46%
Education 0.05%
Regents of the University of California Medical Ce		3.006%		5/15/2050		375,000		283,886

18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Tax Revenue 0.14%
County of Miami-Dade FL	2.786%		10/1/2037	$	410,000	$	329,244
New York City Transitional Finance Authority Futur	1.95%		8/1/2034		675,000		524,989
Total							854,233

Transportation 0.27%
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		660,000		579,384
New Jersey Transportation Trust Fund Authority	4.131%		6/15/2042		1,140,000		993,708
Total							1,573,092
Total Municipal Bonds (cost $3,377,913)							2,711,211

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.86%
Angel Oak Mortgage Trust 2020-1 A1^†	2.466%	^#(g)	12/25/2059		89,479		86,934
Atrium Hotel Portfolio Trust 2018-ATRM A^†	2.274% (1 Mo. LIBOR + .95%	)^#	6/15/2035		1,050,000		1,017,266
BBCMS Mortgage Trust 2019-BWAY A^†	2.28% (1 Mo. LIBOR + .96%	)^#	11/15/2034		655,000		631,412
BBCMS Mortgage Trust 2019-BWAY B^†	2.634% (1 Mo. LIBOR + 1.31%	)^#	11/15/2034		288,000		277,810
BFLD 2019-DPLO E^†	3.564% (1 Mo. LIBOR + 2.24%	)^#	10/15/2034		1,910,000		1,822,877
BFLD 2019-DPLO F^†	3.864% (1 Mo. LIBOR + 2.54%	)^#	10/15/2034		790,000		733,040
BHMS 2018-ATLS A^†	2.574% (1 Mo. LIBOR + 1.25%	)^#	7/15/2035		1,080,000		1,040,320
BHMS 2018-ATLS C^†	3.224% (1 Mo. LIBOR + 1.90%	)^#	7/15/2035		630,000		597,241
BRAVO Residential Funding Trust 2021-NQM2 A1^†	0.97%	^#(g)	3/25/2060		2,401,301		2,310,840
BX Trust 2018-GW A^†	2.124% (1 Mo. LIBOR + .80%	)^#	5/15/2035		1,710,000		1,664,915
BX Trust 2021-ARIA E^†	3.569% (1 Mo. LIBOR + 2.24%	)^#	10/15/2036		2,300,000		2,151,982
CIM Retail Portfolio Trust 2021-RETL E^†	5.075% (1 Mo. LIBOR + 3.75%	)^#	8/15/2036		1,380,000		1,287,636
Citigroup Commercial Mortgage Trust 2016-GC36 D^†	2.85%		2/10/2049		1,250,000		824,138
Commercial Mortgage Pass-Through Certificates 2014-CR17 A5	3.977%	^(g)	5/10/2047		1,000,000		993,088
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	1.093%	^#(g)	8/10/2047		448,287		6,960
Commercial Mortgage Pass-Through Certificates 2015-PC1 AM	4.29%	^#(g)	7/10/2050		510,000		499,099

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Commercial Mortgage Pass-Through Certificates 2015-PC1 B

4.439%

^#(g)

7/10/2050

178,000

170,431

Commercial Mortgage Pass-Through Certificates 2015-PC1 C

4.439%

^#(g)

7/10/2050

730,000

686,867

Connecticut Avenue Securities Trust 2021-R01 1M2^†

2.476%
(1 Mo. SOFR + 1.55%

)^#

10/25/2041

820,000

762,078

Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1^†

1.616%

^(g)

4/25/2065

211,999

208,972

CSAIL Commercial Mortgage Trust 2015-C2 C

4.316%

^#(g)

6/15/2057

700,000

632,225

CSAIL Commercial Mortgage Trust 2019-C18 AS

3.321%

^(g)

12/15/2052

708,895

645,251

CSMC 2021-BHAR C^†

3.325%
(1 Mo. LIBOR + 2.00%

)^#

11/15/2038

1,660,000

1,512,741

CSMC Trust 2020-AFC1 A1^†

2.24%

^#(g)

2/25/2050

257,508

246,801

DBWF Mortgage Trust 2018-GLKS A^†

2.625%
(1 Mo. LIBOR + 1.03%

)^#

12/19/2030

1,100,000

1,068,941

Deephaven Residential Mortgage Trust 2021-3 A1^†

1.194%

^#(g)

8/25/2066

1,301,309

1,191,653

Extended Stay America Trust 2021-ESH C^†

3.025%
(1 Mo. LIBOR + 1.70%

)^#

7/15/2038

1,232,415

1,194,944

Fannie Mae Connecticut Avenue Securities 2021-R02 2M2^†

2.926%
(1 Mo. SOFR + 2.00%

)^#

11/25/2041

790,000

707,243

Freddie Mac STACR REMIC Trust 2021-DNA3 M2^†

3.026%
(1 Mo. SOFR + 2.10%

)^#

10/25/2033

1,290,000

1,195,907

Freddie Mac STACR REMIC Trust 2021-DNA6 M2^†

2.426%
(1 Mo. SOFR + 1.50%

)^#

10/25/2041

1,427,000

1,305,887

Freddie Mac STACR REMIC Trust 2021-HQA3 M2^†

3.026%
(1 Mo. SOFR + 2.10%

)^#

9/25/2041

1,970,000

1,728,093

Freddie Mac STACR REMIC Trust 2021-HQA4 M1^†

1.876%
(1 Mo. SOFR + .95%

)^#

12/25/2041

1,240,000

1,200,318

Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M2^†

2.726%
(1 Mo. SOFR + 1.80%

)^#

11/25/2041

1,000,000

903,194

GCAT Trust 2020-NQM1 A1^†

2.247%

1/25/2060

50,896

49,636

Great Wolf Trust 2019-WOLF A^†

2.358%
(1 Mo. LIBOR + 1.03%

)^#

12/15/2036

3,216,000

3,131,132

GS Mortgage Securities Corp. II 2021-ARDN B^†

2.974%
(1 Mo. LIBOR + 1.65%

)^#

11/15/2036

1,450,000

1,400,946

GS Mortgage Securities Corp. Trust 2018-RIVR A^†

2.274%
(1 Mo. LIBOR + .95%

)^#

7/15/2035

681,826

653,409

GS Mortgage Securities Corp. Trust 2021-ROSS G^†

5.975%
(1 Mo. LIBOR + 4.65%

)^#

5/15/2026

1,230,000

1,141,572

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

GS Mortgage Securities Trust 2015-GC32 C

4.569%

^#(g)

7/10/2048

195,000

184,555

HONO Mortgage Trust 2021-LULU B^†

2.774%
(1 Mo. LIBOR + 1.45%

)^#

10/15/2036

490,000

473,320

HONO Mortgage Trust 2021-LULU C^†

3.174%
(1 Mo. LIBOR + 1.85%

)^#

10/15/2036

300,000

287,088

JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C

4.374%

^#(g)

7/15/2048

374,000

338,411

JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN A^†

2.594%
(1 Mo. LIBOR + 1.27%

)^#

11/15/2035

542,000

535,189

JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†

2.32%
(1 Mo. LIBOR + 1.20%

)^#

7/5/2033

364,894

362,545

JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL^†

2.62%
(1 Mo. LIBOR + 1.50%

)^#

7/5/2033

1,130,000

1,121,825

JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX^†

4.549%

^(g)

7/5/2033

340,000

335,652

JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX^†

4.95%

^(g)

7/5/2033

453,000

446,742

KIND Trust 2021-KIND D^†

3.624%
(1 Mo. LIBOR + 2.30%

)^#

8/15/2038

1,170,000

1,097,590

Life Mortgage Trust 2021-BMR E^†

3.074%
(1 Mo. LIBOR + 1.75%

)^#

3/15/2038

786,376

735,300

Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1

6.25%

^(g)

10/25/2036

7,342

3,926

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO

0.695%

^#(g)

7/15/2050

14,592,292

194,804

New Residential Mortgage Loan Trust 2020-NQM1 A1^†

2.464%

^#(g)

1/26/2060

85,058

81,964

One New York Plaza Trust 2020-1NYP B^†

2.824%
(1 Mo. LIBOR + 1.50%

)^#

1/15/2036

1,660,000

1,595,828

PFP Ltd. 2019-6 A^†

2.559%
(1 Mo. LIBOR + 1.05%

)^#

4/14/2037

17,233

17,201

Ready Capital Mortgage Financing LLC 2021-FL6 C^†

3.524%
(1 Mo. LIBOR + 1.90%

)^#

7/25/2036

1,100,000

1,032,224

Ready Capital Mortgage Financing LLC 2022-FL8 A^†

2.598%
(1 Mo. SOFR + 1.65%

)^#

1/25/2037

2,130,000

2,060,775

ReadyCap Commercial Mortgage Trust 2019-6 A^†

2.833%

^(g)

10/25/2052

261,864

251,884

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Residential Mortgage Loan Trust 2020-1 A1^†	2.376%	^#(g)	1/26/2060	$	62,894	$	60,911
SLIDE 2018-FUN E^†	3.874% (1 Mo. LIBOR + 2.55%	)^#	6/15/2031		1,412,714		1,344,090
Starwood Mortgage Residential Trust 2020-1 A1^†	2.275%	^#(g)	2/25/2050		28,023		27,946
Starwood Mortgage Residential Trust 2020-3 A1^†	1.486%	^#(g)	4/25/2065		496,627		484,723
Structured Asset Securities Corp. 2006-3H 1A2	5.75%	^(g)	12/25/2035		3,877		3,712
UBS Commercial Mortgage Trust 2017-C3 C	4.445%	^#(g)	8/15/2050		1,350,000		1,209,871
UBS-Barclays Commercial Mortgage Trust 2012-C3 B^†	4.365%	^#(g)	8/10/2049		200,000		199,854
Verus Securitization Trust 2020-1 A1^†	2.417%		1/25/2060		152,072		149,518
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		660,071		628,510
Verus Securitization Trust 2021-2 A1^†	1.031%	^#(g)	2/25/2066		1,179,275		1,071,186
Vista Point Securitization Trust 2020-2 A1^†	1.475%	^#(g)	4/25/2065		360,005		345,169
Wells Fargo Commercial Mortgage Trust 2013-LC12 D^†	4.434%	^#(g)	7/15/2046		364,000		141,960
Wells Fargo Commercial Mortgage Trust 2015-SG1 B	4.603%	^#(g)	9/15/2048		2,350,000		2,182,253
Wells Fargo Commercial Mortgage Trust 2016-C35 C	4.176%	^#(g)	7/15/2048		213,000		192,049
Wells Fargo Commercial Mortgage Trust 2017-C41 AS	3.785%	^#(g)	11/15/2050		1,629,962		1,533,406
Total Non-Agency Commercial Mortgage-Backed Securities (cost $61,888,788)							58,415,780

U.S. TREASURY OBLIGATIONS 24.86%
U.S. Treasury Bill	Zero Coupon		9/29/2022		17,184,000		17,113,761
U.S. Treasury Bond	2.25%		2/15/2052		9,375,000		7,718,262
U.S. Treasury Bond	2.375%		2/15/2042		20,264,000		17,189,571
U.S. Treasury Inflation Indexed Bond^(j)	0.25%		2/15/2050		8,669,554		6,859,272
U.S. Treasury Note	2.50%		5/31/2024		30,028,000		29,759,390
U.S. Treasury Note	2.50%		3/31/2027		2,811,000		2,742,921
U.S. Treasury Note	2.75%		5/15/2025		8,297,000		8,234,124
U.S. Treasury Note	2.75%		4/30/2027		38,095,000		37,584,587
U.S. Treasury Note	2.875%		5/15/2032		20,362,000		20,136,109
Total U.S. Treasury Obligations (cost $151,878,865)							147,337,997
Total Long-Term Investments (cost $677,506,204)							636,461,973

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 6.17%

Government Sponsored Enterprises Securities 1.81%
Federal Home Loan Banks (cost $10,715,000)	1.52% (SOFR + .01%	)^#	9/16/2022	$	10,715,000	$	10,715,259

Repurchase Agreements 4.36%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $28,290,400 of U.S. Treasury Note at 0.50% due 3/31/2025; value: $26,367,337; proceeds: $25,850,645 (cost $25,850,250)					25,850,250		25,850,250
Total Short-Term Investments (cost $36,565,250)							36,565,509
Total Investments in Securities 113.58% (cost $714,071,454)							673,027,482
Less Unfunded Loan Commitments (0.04%) (cost $236,498)^(k)							(227,556	)
Net Investments in Securities 113.54% (cost $713,834,956)							672,799,926
Other Assets and Liabilities – Net^(l)(13.54)%							(80,232,149	)
Net Assets 100.00%						$	592,567,777


CMT		Constant Maturity Rate.
ICE		Intercontinental Exchange.
IO		Interest Only.
LIBOR		London Interbank Offered Rate.
SOFR		Secured Over Night Financing Rate.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2022, the total value of Rule 144A securities was $230,020,588, which represents 38.82% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at June 30, 2022.
^(a)		Level 3 Investment as described in Note 2(q) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Security has been fully or partially segregated for open reverse repurchase agreements as of June 30, 2022 (See Note 2(m)).
^(d)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2022.
^(e)		Interest rate to be determined.
^(f)		Security partially/fully unfunded. See Note (2(n)).
^(g)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(h)		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
⁽ⁱ⁾		Securities purchased on a when-issued basis (See Note 2(k)).
^(j)		Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
^(k)		See Note (2(n)).

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

^(l)

Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at June 30, 2022⁽¹⁾:

Referenced
Indexes

Central
Clearing party

Fund
Pays
(Quarterly)

Termination
Date

Notional
Amount

Payments
Upfront⁽²⁾

Value

Unrealized
Appreciation⁽³⁾

Markit CDX. NA.HY.S38⁽⁴⁾⁽⁵⁾

Bank of America

5.000%

6/20/2027

6,311,250

$(289,823)

184,255

$474,078


⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make 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 less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received/paid by Central Clearing Party are presented net of amortization (See Note 2(i)).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $474,078. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of high yield securities.

Credit Default Swaps on Indexes - Sell Protection at June 30, 2022⁽¹⁾:

Referenced Indexes*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount	Payments Upfront⁽²⁾		Unrealized Appreciation/ Depreciation⁽³⁾		Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.BBB-.9	Citibank	3.000%	9/17/2058	5,700,000	$	(445,713)		$(531,390)		$	(977,103)
Markit CMBX. NA.BBB-.12	Morgan Stanley	3.000%	8/17/2061	1,400,000		(76,660)		(175,330)			(251,990)
					$	(522,373)		$(706,720)		$	(1,229,093)


^*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap 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 less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received/paid are presented net of amortization (See Note 2(i)).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $706,720.
⁽⁴⁾		Includes upfront payments received.

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Open Futures Contracts at June 30, 2022:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	September 2022	91	Long	$	11,377,095	$	11,591,125		$	214,030

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
U.S. 2-Year Treasury Note	September 2022	124	Long	$	26,189,256	$	26,041,938		$	(147,318)
U.S. 5-Year Treasury Note	September 2022	105	Long		11,900,718		11,786,250			(114,468)
U.S. Long Bond	September 2022	197	Long		27,763,603		27,309,125			(454,478)
U.S. Ultra Treasury Bond	September 2022	144	Long		22,881,262		22,225,500			(655,762)
Total Unrealized Depreciation on Open Futures Contracts									$	(1,372,026)

Reverse Repurchase Agreement Payable as of June 30, 2022:

Counterparty

Principal

Collateral
Held by
Counterparty

Interest
Rate⁽¹⁾

Trade
Date

Maturity
Date⁽²⁾

Fair
Value⁽³⁾

Barclays Bank plc

19,304

$23,000 Principal, American Airlines Group, Inc. At 3.75% Due 03/01/2025,
$19,304

(10.00%)

06/24/2022

On Demand

$19,256


⁽¹⁾		The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.
⁽²⁾		This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.
⁽³⁾		Total fair value of reverse repurchase agreement is presented net of interest receivable of $48.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 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
Other	$	–		$	60,238,311		$	1,432,299	$	61,670,610
Remaining Industries		–			39,132,484			–		39,132,484
Corporate Bonds		–			207,615,264			–		207,615,264
Floating Rate Loans		–			16,020,772			–		16,020,772
Less Unfunded Commitments		–			(227,556	)		–		(227,556	)
Foreign Government Obligations		–			11,453,424			–		11,453,424
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			278,875			–		278,875
Government Sponsored Enterprises Pass-Throughs		–			91,825,556			–		91,825,556
Municipal Bonds		–			2,711,211			–		2,711,211
Non-Agency Commercial Mortgage-Backed Securities		–			58,415,780			–		58,415,780
U.S. Treasury Obligations		–			147,337,997			–		147,337,997
Short-Term Investments
Government Sponsored Enterprises Securities		–			10,715,259			–		10,715,259
Repurchase Agreements		–			25,850,250			–		25,850,250
Total	$	–		$	671,367,627		$	1,432,299	$	672,799,926

Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	474,078		$	–	$	474,078
Liabilities		–			–			–		–
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(1,229,093	)		–		(1,229,093	)
Futures Contracts
Assets		214,030			–			–		214,030
Liabilities		(1,372,026	)		–			–		(1,372,026	)
Reverse Repurchase Agreements
Asset		–			–			–		–
Liabilities		–			(19,256	)		–		(19,256	)
Total	$	(1,157,996	)	$	(774,271	)	$	–	$	(1,932,267	)


⁽¹⁾		Refer to Note 2(q) 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 issuer and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

26	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $713,834,956)	$	672,799,926
Cash		871,472
Deposits with brokers for futures collateral		2,212,066
Deposit with brokers for swaps collateral		1,620,973
Foreign cash, at value (cost $8,106)		7,868
Receivables:
Investment securities sold		152,108,925
Interest		3,959,910
Variation margin for futures contracts		940,659
Capital shares sold		37,264
From broker		16,898
Prepaid expenses		873
Total assets		834,576,834
LIABILITIES:
Payables:
Investment securities purchased		238,508,526
Capital shares reacquired		1,263,448
Transfer agent fees		679,031
Management fee		137,502
Directors’ fees		64,452
Fund administration		19,643
Credit default swap agreements payable, at fair value (including upfront payments of $522,373)		1,229,093
Reverse repurchase agreement payable, at fair value		19,256
Variation margin for centrally cleared credit default swap agreements		8,705
Unrealized depreciation on unfunded commitments		8,942
Accrued expenses and other liabilities		70,459
Total liabilities		242,009,057
Commitments and contingent liabilities
NET ASSETS	$	592,567,777
COMPOSITION OF NET ASSETS:
Paid-in capital	$	668,446,957
Total distributable earnings (loss)		(75,879,180	)
Net Assets	$	592,567,777
Outstanding shares (130 million shares of common stock authorized, $.001 par value)		39,762,982
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.90

See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Interest and other	$	8,809,330
Interest earned from Interfund Lending (See Note 11)		1,017
Total investment income		8,810,347
Expenses:
Management fee		865,279
Non 12b-1 service fees		771,824
Shareholder servicing		326,522
Fund administration		123,611
Professional		32,754
Reports to shareholders		15,568
Custody		8,088
Directors’ fees		4,794
Other		44,185
Gross expenses		2,192,625
Expense reductions (See Note 9)		(845	)
Fees waived and expenses reimbursed (See Note 3)		(8,089	)
Net expenses		2,183,691
Net investment income		6,626,656
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(25,630,410	)
Net realized gain (loss) on futures contracts		(12,473,997	)
Net realized gain (loss) on swap contracts		714,315
Net realized gain (loss) on foreign currency related transactions		8
Net change in unrealized appreciation/depreciation on investments		(43,794,842	)
Net change in unrealized appreciation/depreciation on futures contracts		(1,851,251	)
Net change in unrealized appreciation/depreciation on swap contracts		(200,228	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(238	)
Net change in unrealized appreciation/depreciation on unfunded commitments		(8,942	)
Net realized and unrealized gain (loss)		(83,245,585	)
Net Decrease in Net Assets Resulting From Operations	$	(76,618,929	)

28	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021
Operations:
Net investment income	$	6,626,656		$	10,979,572
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		(37,390,084	)		5,700,498
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		(45,855,501	)		(17,473,072	)
Net decrease in net assets resulting from operations		(76,618,929	)		(793,002	)
Distributions to shareholders:		–			(17,629,159	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		62,076,784			132,664,441
Reinvestment of distributions		–			17,629,159
Cost of shares reacquired		(53,513,078	)		(154,832,501	)
Net increase (decrease) in net assets resulting from capital share transactions		8,563,706			(4,538,901	)
Net decrease in net assets		(68,055,223	)		(22,961,062	)
NET ASSETS:
Beginning of period	$	660,623,000		$	683,584,062
End of period	$	592,567,777		$	660,623,000

See Notes to Financial Statements.

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
6/30/2022^(c)	$	16.85	$	0.17	$	(2.12	)	$	(1.95	)	$	–		$	–		$	–
12/31/2021		17.34		0.27		(0.30	)		(0.03	)		(0.34	)		(0.12	)		(0.46	)
12/31/2020		16.85		0.36		0.88			1.24			(0.42	)		(0.33	)		(0.75	)
12/31/2019		15.96		0.42		0.92			1.34			(0.45	)		–			(0.45	)
12/31/2018		16.65		0.44		(0.60	)		(0.16	)		(0.53	)		–			(0.53	)
12/31/2017		16.42		0.36		0.27			0.63			(0.40	)		–			(0.40	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

30	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	14.90		(11.57	)^(d)		0.71	^(e)		0.71	^(e)		2.15	^(e)	$	592,568		203	^(d)
	16.85		(0.24	)		0.70			0.71			1.59			660,623		376
	17.34		7.43			0.71			0.72			2.05			683,584		541
	16.85		8.41			0.71			0.78			2.50			651,469		715
	15.96		(1.03	)		0.67			0.89			2.70			561,610		611
	16.65		3.86			0.64			0.88			2.16			554,378		452

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Series Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“the Act”), as a diversified, open-end management investment company and was incorporated under Maryland law in 1989. The Company consists of nine separate portfolios as of June 30, 2022. This report covers Total Return Portfolio (the “Fund”).

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked 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. Futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

Notes to Financial Statements (unaudited)(continued)

	Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use 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.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions

Notes to Financial Statements (unaudited)(continued)

	on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Credit Default Swaps–The Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), the Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract.

	As a purchaser of a credit default swap contract (“buyer of protection”), the Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred.

	These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market.

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount

Notes to Financial Statements (unaudited)(continued)

	made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where the Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default.

(j)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(k)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into

Notes to Financial Statements (unaudited)(continued)

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

(l)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(m)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that the Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price.

	For the six months ended June 30, 2022, the average interest rate paid, the amount of interest paid and the average principal amount for the days borrowed in the period were as follows:

Interest Rate				Interest Expense				Average Amount Borrowed
(10)%				$48				$19,304

(n)	Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

	The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance

Notes to Financial Statements (unaudited)(continued)

	with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

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

	As of June 30, 2022, the Fund had the following unfunded loan commitments:

Borrower		Principal Amount				Market Value				Cost				Unrealized Appreciation/ Depreciation
Element Materials Technology Group US Holdings Inc. 2022 USD Delayed Draw Term Loan			$236,498				$227,556				$236,498				$(8,942)

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

(p)	Interest Rate Swaps–The Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, a Fund either makes floating-rate payments to the counterparty (or Central counterparty clearing house (“CCP”) in the case of centrally cleared swaps) based on a benchmark interest rate in exchange for fixed-rate payments or a Fund makes fixed-rate payments to the counterparty (or CCP in the case of a centrally cleared swap) in exchange for payments on a floating benchmark interest rate. Payments received or made, including amortization of upfront payments/receipts, are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with

Notes to Financial Statements (unaudited)(continued)

	the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. A Fund is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

(q)	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).

A summary of inputs used in valuing the Fund’s investments and other financial instruments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $4 billion	.28%
Next $11 billion	.26%
Over $15 billion	.25%

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2022, the effective management fee was at an annual rate of .28% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $8,088 of fund administration fees during the six months ended June 30, 2022.

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

4	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited		)	Year Ended 12/31/2021
Distributions paid from:
Ordinary income	$	–		$	12,857,073
Net long-term capital gains		–			4,772,086
Total distributions paid	$	–		$	17,629,159

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	717,727,397
Gross unrealized gain		2,006,588
Gross unrealized loss		(48,324,697	)
Net unrealized security gain/(loss)	$	(46,318,109	)

Notes to Financial Statements (unaudited)(continued)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of other financial instruments, premium amortization and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for six months ended June 30, 2022 were as follows:

U.S. Government Purchases				Non-U.S. Government Purchases				U.S. Government Sales				Non-U.S. Government Sales
	$1,159,584,473				$187,568,314				$1,119,042,844				$169,952,824

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trades purchases of $2,656,396 and sales of $1,226,033 which resulted in a net realized loss of $79,392.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund may enter into forward foreign currency exchange contracts for the six months ended June 30, 2022 (as described in Note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2022 (as described in Note 2(h)) to economically hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

The Fund entered into CPI swaps for the six months ended June 30, 2022 (as described in note 2(o)) to speculate the rate of inflation in the U.S. economy. The Fund’s use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Fund’s returns could be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Fund since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Notes to Financial Statements (unaudited)(continued)

The Fund entered into credit default swaps for the six months ended June 30, 2022 (as described in Note 2(i)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of June 30, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

Asset Derivatives	Interest Rate Contracts		Credit Contracts
Centrally Cleared Credit Default Swap Contract⁽¹⁾		–	$	474,078
Futures Contracts⁽²⁾	$	214,030		–
Liability Derivatives
Credit Default Swap Contracts⁽³⁾		–	$	1,229,093
Futures Contracts⁽²⁾	$	1,372,026		–

⁽¹⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽²⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽³⁾	Statement of Assets and Liabilities location: Credit default swap agreements receivable/payable, at fair value.

Transactions in derivative instruments for the six months ended June 30, 2022, were as follows:

	Inflation Linked/Interest Rate Contracts			Credit Contracts
Net Realized Gain (Loss)
CPI/Interest Rate Swap Contracts⁽¹⁾	$	304,432			–
Credit Default Swap Contracts⁽¹⁾		–		$	409,883
Futures Contracts⁽²⁾		(12,473,997	)		–
Net Change in Unrealized Appreciation/Depreciation
Credit Default Swap Contracts⁽³⁾		–		$	(200,228	)
Futures Contracts⁽⁴⁾	$	(1,851,251	)		–
Average Number of Contracts/Notional Amounts*
CPI/Interest Rate Swap Contracts⁽⁵⁾		6,857,143			–
Credit Default Swap Contracts⁽⁵⁾		–		$	15,885,321
Futures Contracts⁽⁵⁾		846			–

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2022.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on swap contracts.
⁽²⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽³⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁵⁾	Amount represents number of contracts.

Notes to Financial Statements (unaudited)(continued)

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	25,850,250		$	–		$	25,850,250
Total		$	25,850,250		$	–		$	25,850,250

	Net Amount of Assets Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.		$	25,850,250	$	–	$	–		$	(25,850,250	)	$	–
Total		$	25,850,250	$	–	$	–		$	(25,850,250	)	$	–

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts		$	1,229,093		$	–		$	1,229,093
Reverse Repurchase Agreements		$	19,256		$	–		$	19,256
Total		$	1,248,349		$	–		$	1,248,349

	Net Amount of Liabilities Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments		Cash Collateral Pledged^(a		⁾	Securities Collateral Pledged^(a		⁾	Net Amount^(c		⁾
Citibank		$	977,103	$	–	$	(965,960)		$	–		$	11,143
Barclays plc			19,256		–		–			(19,256	)		–
Morgan Stanley			251,990		–		–			–			251,990
Total		$	1,248,349	$	–	$	(965,960)		$	(19,256	)	$	263,133

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2022.

Notes to Financial Statements (unaudited)(continued)

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s expenses.

10.

LINE OF CREDIT

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

Notes to Financial Statements (unaudited)(continued)

11.

INTERFUND LENDING PROGRAM

Average Amount Loaned				Average Interest Rate				Interest Income*
	$2,273,012				0.55	%			$1,017

*	Statement of Operations location: Interest earned from Interfund Lending.

12.

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“SSB”) is the Fund’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

13	SECURITIES LENDING AGREEMENT

As of June 30, 2022, the Fund did not have any securities out on loan.

Notes to Financial Statements (unaudited)(continued)

14.

INVESTMENT RISKS

Certain instruments in which the Fund may invest may rely in some fashion upon LIBOR. On March 5, 2021 the United Kingdom Financial Conduct Authority (FCA) and LIBOR’s administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR setting will no longer be published after June 30, 2023. Abandonment of or modification to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability. The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non- agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. The prepayment rate also will affect the price and volatility of these securities. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprises involved, not by the U.S. Government. The lower-rated or high-yield bonds (also known as “junk” bonds) in which the Fund may invest are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

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

Notes to Financial Statements (unaudited)(continued)

changes in foreign exchange and interest rates, and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, its performance could suffer.

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, industry and sector, liquidity, currency, political, information and other risks. As vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Fund’s exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates.

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

These factors, and others, can affect the Fund’s performance.

Notes to Financial Statements (unaudited)(concluded)

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares sold		3,927,335			7,714,522
Reinvestment of distributions		–			1,042,466
Shares reacquired		(3,376,962	)		(8,957,445	)
Increase (decrease)		550,373			(200,457	)

Liquidity Risk Management Program

Householding

The Fund has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Total Return Portfolio

SFTR-PORT-3
(08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Series Fund—Bond Debenture Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

42		Statement of Assets and Liabilities

43		Statement of Operations

44		Statements of Changes in Net Assets

46		Financial Highlights

48		Notes to Financial Statements

65		Supplemental Information to Shareholders

Lord Abbett Series Fund – Bond Debenture Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund – Bond Debenture Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†

	1/1/22		6/30/22		1/1/22 - 6/30/22
Class VC
Actual	$	1,000.00	$	865.90	$	4.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.38	$	4.46


^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Asset Backed Securities		7.30	%
Basic Materials		3.94	%
Capital Goods		0.05	%
Communications		4.66	%
Consumer Discretionary		0.01	%
Consumer Goods		0.10	%
Consumer, Cyclical		7.45	%
Consumer, Non-cyclical		9.54	%
Energy		17.20	%
Financials		8.01	%

Sector*	%**
Foreign Government		3.61	%
Industrial		3.81	%
Mortgage-Backed Securities		7.54	%
Municipal		2.76	%
Retail		0.03	%
Technology		4.98	%
Transportation		0.16	%
U.S. Government		12.84	%
Utilities		4.72	%
Repurchase Agreements		1.29	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 101.75%

ASSET-BACKED SECURITIES 7.52%

Automobiles 1.42%
Carvana Auto Receivables Trust NP1 2020-N1A E^†	5.20%		7/15/2027	$	1,250,000	$	1,228,160
Drive Auto Receivables Trust 2021-3 A3	0.79%		10/15/2025		1,736,000		1,698,454
First Investors Auto Owner Trust 2021-2A A^†	0.48%		3/15/2027		3,654,765		3,565,226
Hertz Vehicle Financing III LP 2021-2A D^†	4.34%		12/27/2027		5,000,000		4,313,959
Santander Drive Auto Receivables Trust 2022-3 B	4.13%		8/16/2027		2,307,000		2,282,169
Westlake Automobile Receivables Trust 2021-1A F^†	3.91%		9/15/2027		3,118,000		2,910,903
Total							15,998,871

Credit Card 0.34%
Genesis Sales Finance Master Trust 2021-AA A^†	1.20%		12/21/2026		1,298,000		1,228,112
Perimeter Master Note Business Trust 2019-2A A^†	4.23%		5/15/2024		2,555,000		2,547,820	^(a)
Total							3,775,932

Other 5.76%
AIMCO CLO Ltd. 2019-10A CR^†	3.036% (3 Mo. LIBOR + 1.90%	)^#	7/22/2032		440,000		413,880
AMMC CLO Ltd. 2021-24A C^†	3.263% (3 Mo. LIBOR + 2.20%	)^#	1/20/2035		820,000		772,893
AMMC CLO Ltd. 2021-24A D^†	4.463% (3 Mo. LIBOR + 3.40%	)^#	1/20/2035		500,000		479,771
AMMC CLO XII Ltd. 2013-12A DR^†	4.102% (3 Mo. LIBOR + 2.70%	)^#	11/10/2030		391,000		353,076
Apidos CLO XXXV 2021-35A D^†	3.713% (3 Mo. LIBOR + 2.65%	)^#	4/20/2034		680,000		614,349
Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D^†	4.224% (1 Mo. LIBOR + 2.90%	)^#	11/15/2036		2,220,000		2,131,577
Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL2 A^†	3.129% (1 Mo. Term SOFR + 1.85%	)^#	5/15/2037		1,410,000		1,385,325
Avant Loans Funding Trust 2021-REV1 A^†	1.21%		7/15/2030		1,367,000		1,289,590
Bain Capital Credit CLO Ltd. 2021-6A C^†	3.148% (3 Mo. LIBOR + 2.05%	)^#	10/21/2034		690,000		642,283
Bain Capital Credit CLO Ltd. 2021-6A D^†	4.198% (3 Mo. LIBOR + 3.10%	)^#	10/21/2034		770,000		724,338
Ballyrock CLO Ltd. 2019-1A A1R^†	2.074% (3 Mo. LIBOR + 1.03%	)^#	7/15/2032		450,000		439,841
Benefit Street Partners CLO XIX Ltd. 2019-19A B^†	3.044% (3 Mo. LIBOR + 2.00%	)^#	1/15/2033		578,133		557,551

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

BlueMountain CLO XXVIII Ltd. 2021-28A D^†

3.944%
(3 Mo. LIBOR + 2.90%

)^#

4/15/2034

704,247

654,950

Carlyle US CLO Ltd. 2021-10A C^†

3.113%
(3 Mo. LIBOR + 2.05%

)^#

10/20/2034

530,000

493,454

Carlyle US CLO Ltd. 2021-10A D^†

4.363%
(3 Mo. LIBOR + 3.30%

)^#

10/20/2034

266,861

249,444

Carlyle US CLO Ltd. 2021-1A B^†

2.844%
(3 Mo. LIBOR + 1.80%

)^#

4/15/2034

750,000

689,256

Carlyle US CLO Ltd. 2021-1A C^†

3.844%
(3 Mo. LIBOR + 2.80%

)^#

4/15/2034

970,000

887,600

CIFC Funding Ltd. 2021-1A D^†

4.134%
(3 Mo. LIBOR + 2.95%

)^#

4/25/2033

920,000

849,693

Dryden 61 CLO Ltd. 2018-61A DR^†

4.144%
(3 Mo. LIBOR + 3.10%

)^#

1/17/2032

1,110,000

1,053,019

Eaton Vance CLO Ltd. 2013-1A C3R^†

4.444%
(3 Mo. LIBOR + 3.40%

)^#

1/15/2034

810,000

766,884

Elmwood CLO VIII Ltd. 2021-1A C1^†

3.013%
(3 Mo. LIBOR + 1.95%

)^#

1/20/2034

1,080,000

1,003,985

Elmwood CLO VIII Ltd. 2021-1A D1^†

4.063%
(3 Mo. LIBOR + 3.00%

)^#

1/20/2034

810,000

759,777

Greywolf CLO III Ltd. 2020-3RA A1R^†

2.455%
(3 Mo. Term SOFR + 1.55%

)^#

4/15/2033

1,398,603

1,380,519

Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†

3.334%
(3 Mo. LIBOR + 2.15%

)^#

7/25/2027

465,000

458,450

Halcyon Loan Advisors Funding Ltd. 2017-2A A2^†

2.744%
(3 Mo. LIBOR + 1.70%

)^#

1/17/2030

679,855

663,061

Hardee’s Funding LLC 2018-1A A2II^†

4.959%

6/20/2048

857,857

838,990

Invesco CLO Ltd. 2021-3A C^†

3.136%
(3 Mo. LIBOR + 2.00%

)^#

10/22/2034

660,000

612,281

Kayne CLO 10 Ltd. 2021-10A D^†

3.934%
(3 Mo. LIBOR + 2.75%

)^#

4/23/2034

370,000

337,736

Kayne CLO Ltd. 2018 1A DR^†

3.694%
(3 Mo. LIBOR + 2.65%

)^#

7/15/2031

410,000

386,004

KKR CLO 29 Ltd. 29A C^†

3.044%
(3 Mo. LIBOR + 2.00%

)^#

1/15/2032

350,000

331,826

KKR CLO Ltd.18 D^†

4.644%
(3 Mo. LIBOR + 3.60%

)^#

7/18/2030

390,000

376,518

LoanCore Issuer Ltd. 2022-CRE7 AS^†

2.779%
(1 Mo. SOFR + 2.00%

)^#

1/17/2037

2,460,000

2,365,290

Marble Point CLO XVII Ltd. 2020-1A A^†

2.363%
(3 Mo. LIBOR + 1.30%

)^#

4/20/2033

2,050,466

2,005,769

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

Marble Point CLO XVII Ltd. 2020-1A B^†

2.833%
(3 Mo. LIBOR + 1.77%

)^#

4/20/2033

651,646

621,474

MF1 LLC 2022-FL9 A^†

2.96%
(1 Mo. Term SOFR + 2.15%

)^#

6/19/2037

2,620,000

2,574,150

Mountain View CLO LLC 2016-1A DR^†

4.738%
(3 Mo. LIBOR + 3.70%

)^#

4/14/2033

530,000

503,390

Neuberger Berman Loan Advisers CLO Ltd. 2020-37A AR^†

2.033%
(3 Mo. LIBOR + .97%

)^#

7/20/2031

670,000

656,465

Neuberger Berman Loan Advisers CLO Ltd. 2021-45A C^†

3.038%
(3 Mo. LIBOR + 2.00%

)^#

10/14/2035

960,000

890,811

Oaktree CLO Ltd. 2019-4 BR^†

2.763%
(3 Mo. LIBOR + 1.70%

)^#

10/20/2032

1,460,000

1,388,965

Oaktree CLO Ltd. 2020-1A DR^†

4.194%
(3 Mo. LIBOR + 3.15%

)^#

7/15/2034

935,000

883,700

Oaktree CLO Ltd. 2021-1A D^†

4.294%
(3 Mo. LIBOR + 3.25%

)^#

7/15/2034

425,000

391,338

OCP CLO Ltd. 2016-12A AR2^†

1.991%
(3 Mo. Term SOFR + 1.27%

)^#

4/18/2033

2,400,000

2,349,265

OCP CLO Ltd. 2019-16A DR^†

4.139%
(3 Mo. LIBOR + 3.15%

)^#

4/10/2033

500,000

468,750

OCP CLO Ltd. 2021-21A C^†

2.963%
(3 Mo. LIBOR + 1.90%

)^#

7/20/2034

620,000

571,946

OCP CLO Ltd. 2021-22A B1^†

2.763%
(3 Mo. LIBOR + 1.70%

)^#

12/2/2034

1,860,000

1,746,267

OCP CLO Ltd. 2021-22A D^†

4.163%
(3 Mo. LIBOR + 3.10%

)^#

12/2/2034

250,000

231,753

Octagon Investment Partners XXI Ltd. 2014-1A CR3^†

4.161%
(3 Mo. LIBOR + 2.75%

)^#

2/14/2031

370,589

338,466

OHA Credit Funding 8 Ltd. 2021-8A C^†

2.944%
(3 Mo. LIBOR + 1.90%

)^#

1/18/2034

810,000

751,290

OHA Credit Funding 8 Ltd. 2021-8A D^†

3.894%
(3 Mo. LIBOR + 2.85%

)^#

1/18/2034

650,000

606,393

OHA Credit Funding 9 Ltd. 2021-9A C^†

2.944%
(3 Mo. LIBOR + 1.90%

)^#

7/19/2035

720,000

664,445

OneMain Financial Issuance Trust 2020-2A A^†

1.75%

9/14/2035

1,300,000

1,159,996

Palmer Square CLO Ltd. 2021-1A C^†

3.763%
(3 Mo. LIBOR + 2.70%

)^#

4/20/2034

510,000

468,190

Palmer Square CLO Ltd. 2021-4A A^†

2.214%
(3 Mo. LIBOR + 1.17%

)^#

10/15/2034

1,020,000

989,130

6	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

PFS Financing Corp. 2022-C A^†

3.89%

5/15/2027

5,050,000

5,000,095

Planet Fitness Master Issuer LLC 2019-1A A2^†

3.858%

12/5/2049

795,600

709,807

Rad CLO Ltd. 2020-7A A1^†

2.244%
(3 Mo. LIBOR + 1.20%

)^#

4/17/2033

316,336

309,741

Regata XII Funding Ltd. 2019-1A CR^†

3.044%
(3 Mo. LIBOR + 2.00%

)^#

10/15/2032

1,120,000

1,057,191

Regatta XVIII Funding Ltd. 2021-1A B^†

2.494%
(3 Mo. LIBOR + 1.45%

)^#

1/15/2034

1,060,000

992,253

Regatta XVIII Funding Ltd. 2021-1A D^†

3.794%
(3 Mo. LIBOR + 2.75%

)^#

1/15/2034

1,060,000

959,250

SEB Funding LLC 2021-1A A2^†

4.969%

1/30/2052

1,168,073

1,070,927

Signal Peak CLO Ltd. 2021-10A B^†

2.004%
(3 Mo. LIBOR + 1.75%

)^#

1/24/2035

1,180,000

1,111,195

Signal Peak CLO Ltd. 2021-10A C^†

2.404%
(3 Mo. LIBOR + 2.15%

)^#

1/24/2035

410,000

384,986

Signal Peak CLO Ltd. 2021-10A D^†

3.454%
(3 Mo. LIBOR + 3.20%

)^#

1/24/2035

540,000

510,719

Sunrun Demeter Issuer 2021-2A A^†

2.27%

1/30/2057

1,419,600

1,193,749

TICP CLO XIV Ltd. 2019-14A A2R^†

2.713%
(3 Mo. LIBOR + 1.65%

)^#

10/20/2032

1,000,000

949,836

TICP CLO XIV Ltd. 2019-14A CR^†

4.313%
(3 Mo. LIBOR + 3.25%

)^#

10/20/2032

500,000

467,781

VERDE CLO Ltd. 2019-1A DR^†

4.294%
(3 Mo. LIBOR + 3.25%

)^#

4/15/2032

2,000,000

1,877,228

Voya CLO Ltd. 2019-3A BR^†

2.694%
(3 Mo. LIBOR + 1.65%

)^#

10/17/2032

2,240,000

2,135,335

Wind River CLO Ltd. 2021-4A D^†

4.263%
(3 Mo. LIBOR + 3.20%

)^#

1/20/2035

910,000

861,504

Total

64,816,761

Total Asset-Backed Securities (cost $89,168,898)

84,591,564

Shares

COMMON STOCKS 1.76%

Aerospace & Defense 0.10%

Huntington Ingalls Industries, Inc.

5,298

1,154,010

Auto Components 0.06%

Chassix Holdings, Inc.*

59,475

669,094

Beverages 0.10%

Monster Beverage Corp.*

12,525

1,161,068

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Shares		Fair Value
Biotechnology 0.12%
Legend Biotech Corp. ADR*		23,734	$	1,305,370

Electric: Utilities 0.22%
Constellation Energy Corp.		21,933		1,255,883
Exelon Corp.		26,468		1,199,530
Total				2,455,413

Electric-Generation 0.00%
Frontera Generation Holdings LLC		9,472		2,960

Entertainment 0.11%
Walt Disney Co. (The)*		13,191		1,245,230

Equity Real Estate Investment Trusts 0.06%
SBA Communications Corp.		2,039		652,582

Food Products 0.20%
Hershey Co. (The)		10,414		2,240,676

Information Technology Services 0.11%
Jack Henry & Associates, Inc.		6,676		1,201,814

Insurance 0.20%
Progressive Corp. (The)		9,546		1,109,913
W R Berkley Corp.		16,544		1,129,294
Total				2,239,207

Miscellaneous Financials 0.05%
UTEX Industries, Inc.		8,205		603,068	^(a)

Personal Products 0.10%
Gibson Brands, Inc.		9,449		1,118,129
Revlon, Inc. Class A		148,512		37,573
Total				1,155,702

Software 0.14%
Atlassian Corp. plc Class A (Australia)*^(b)		8,515		1,595,711

Specialty Retail 0.03%
Claires Holdings LLC		1,067		373,530

Technology Hardware, Storage & Peripherals 0.15%
Apple, Inc.		12,302		1,681,929

Transportation Infrastructure 0.01%
ACBL Holdings Corp.		3,684		71,838	^(a)
Total Common Stocks (cost $20,792,784)				19,809,202

8	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
CORPORATE BONDS 62.90%

Aerospace/Defense 0.66%
Raytheon Technologies Corp.	4.125%	11/16/2028	$	1,625,000	$	1,605,296
TransDigm, Inc.	4.625%	1/15/2029		1,331,000		1,074,576
TransDigm, Inc.	5.50%	11/15/2027		5,532,000		4,711,549
Total						7,391,421

Agriculture 0.35%
Viterra Finance BV (Netherlands)^†(b)	2.00%	4/21/2026		1,707,000		1,512,144
Viterra Finance BV (Netherlands)^†(b)	3.20%	4/21/2031		1,518,000		1,230,698
Viterra Finance BV (Netherlands)^†(b)	5.25%	4/21/2032		1,306,000		1,215,417
Total						3,958,259

Airlines 1.57%
Air Canada (Canada)^†(b)	3.875%	8/15/2026		1,315,000		1,115,048
Alaska Airlines 2020-1 Class A Pass Through Trust^†	4.80%	8/15/2027		1,754,246		1,734,409
American Airlines Group, Inc.^†(c)	3.75%	3/1/2025		1,341,000		1,132,307
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^†	5.75%	4/20/2029		2,488,000		2,132,639
Azul Investments LLP^†	5.875%	10/26/2024		1,994,000		1,515,841
British Airways Pass Through Trust 2019-1A Class A (United Kingdom)^†(b)	3.30%	12/15/2032		705,488		630,470
British Airways Pass Through Trust 2020-1 Class A (United Kingdom)^†(b)	4.25%	11/15/2032		405,102		390,656
Delta Air Lines, Inc.^†	7.00%	5/1/2025		2,203,000		2,232,834
Delta Air Lines, Inc./SkyMiles IP Ltd.^†	4.75%	10/20/2028		1,223,000		1,156,215
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.^†	5.75%	1/20/2026		1,695,347		1,523,566
JetBlue 2019-1 Class A Pass Through Trust	2.95%	5/15/2028		900,947		782,860
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.^†	6.50%	6/20/2027		1,000,000		985,825
United Airlines 2020-1 Class A Pass Through Trust	5.875%	10/15/2027		2,350,832		2,313,925
Total						17,646,595

Apparel 0.14%
Levi Strauss & Co.^†	3.50%	3/1/2031		1,907,000		1,562,720

Auto Manufacturers 0.50%
Allison Transmission, Inc.^†	3.75%	1/30/2031		1,355,000		1,088,363
Ford Motor Co.	3.25%	2/12/2032		3,902,000		2,931,865
Ford Motor Credit Co. LLC	4.00%	11/13/2030		1,908,000		1,549,811
Total						5,570,039

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal Amount

Fair
Value

Banks 2.18%

ABN AMRO Bank NV (Netherlands)^†(b)

3.324%
(5 Yr. Treasury CMT + 1.90%

)^#

3/13/2037

800,000

641,771

Alfa Bank AO Via Alfa Bond Issuance PLC (Ireland)^(b)

5.50%
(5 Yr. Treasury CMT + 4.55%

)^#

10/26/2031

2,645,000

–

^(d)(e)

Banco Mercantil del Norte SA (Cayman Islands)^†(b)

7.625%
(10 Yr. Treasury CMT + 5.35%

)^#

–

^(f)

672,000

623,899

Banco Nacional de Comercio Exterior SNC (Cayman Islands)^†(b)

2.72%
(5 Yr. Treasury CMT + 2.00%

)^#

8/11/2031

965,000

850,657

Bank Hapoalim BM (Israel)^†(b)

3.255%
(5 Yr. Treasury CMT + 2.16%

)^#

1/21/2032

1,000,000

860,000

Bank of Ireland Group plc (Ireland)^†(b)

2.029%
(1 Yr. Treasury CMT + 1.10%

)^#

9/30/2027

1,201,000

1,046,379

Bank OZK

2.75%
(3 Mo. Term SOFR + 2.09%

)^#

10/1/2031

2,069,000

1,883,368

BankUnited, Inc.

4.875%

11/17/2025

1,178,000

1,190,348

CIT Group, Inc.

6.125%

3/9/2028

2,793,000

2,914,683

Home BancShares, Inc.

3.125%
(SOFR + 1.82%

)^#

1/30/2032

1,058,000

988,909

HSBC Holdings plc (United Kingdom)^(b)

2.999%
(SOFR + 1.43%

)^#

3/10/2026

2,768,000

2,638,044

Intesa Sanpaolo SpA (Italy)^†(b)

4.198%
(1 Yr. Treasury CMT + 2.60%

)^#

6/1/2032

1,821,000

1,335,507

JPMorgan Chase & Co.

3.54%
(3 Mo. LIBOR + 1.38%

)^#

5/1/2028

1,741,000

1,652,234

Macquarie Bank Ltd. (United Kingdom)^†(b)

6.125%
(USD 5 Yr. Swap rate + 3.70%

)^#

–

^(f)

491,000

444,497

SVB Financial Group

3.125%

6/5/2030

537,000

462,593

SVB Financial Group

4.25%
(5 Yr. Treasury CMT + 3.07%

)^#

–

^(f)

1,334,000

1,009,045

UniCredit SpA (Italy)^†(b)

5.861%
(USD ICE 5 Yr. Swap rate + 3.70%

)^#

6/19/2032

1,488,000

1,311,055

United Overseas Bank Ltd. (Singapore)^†(b)

2.00%
(5 Yr. Treasury CMT + 1.23%

)^#

10/14/2031

1,420,000

1,281,223

US Bancorp

3.00%

7/30/2029

1,090,000

992,722

Webster Financial Corp.

4.10%

3/25/2029

1,622,000

1,540,445

Western Alliance Bancorp

3.00%
(3 Mo. Term SOFR + 2.25%

)^#

6/15/2031

893,000

811,349

Total

24,478,728

10	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Beverages 0.40%
Bacardi Ltd.^†	2.75%	7/15/2026	$	1,749,000	$	1,613,483
Becle SAB de CV (Mexico)^†(b)	2.50%	10/14/2031		1,270,000		1,017,496
Brown-Forman Corp.	4.50%	7/15/2045		1,192,000		1,104,885
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)^†(b)	5.25%	4/27/2029		873,000		764,146
Total						4,500,010

Biotechnology 0.35%
Amgen, Inc.	4.20%	2/22/2052		1,275,000		1,120,698
Regeneron Pharmaceuticals, Inc.	2.80%	9/15/2050		4,216,000		2,870,116
Total						3,990,814

Building Materials 0.22%
Builders FirstSource, Inc.^†	4.25%	2/1/2032		889,000		678,383
SRM Escrow Issuer LLC^†	6.00%	11/1/2028		889,000		753,863
Vulcan Materials Co.	4.50%	6/15/2047		1,186,000		1,057,024
Total						2,489,270

Chemicals 1.70%
Albemarle Corp.	4.65%	6/1/2027		1,332,000		1,312,096
Ashland LLC^†	3.375%	9/1/2031		1,306,000		1,064,780
Braskem Idesa SAPI (Mexico)^†(b)	6.99%	2/20/2032		2,949,000		2,285,018
Cabot Corp.	5.00%	6/30/2032		1,342,000		1,304,617
CF Industries, Inc.^†	4.50%	12/1/2026		1,047,000		1,043,646
Chemours Co. (The)^†	5.75%	11/15/2028		1,291,000		1,102,650
EverArc Escrow Sarl (Luxembourg)^†(b)	5.00%	10/30/2029		1,402,000		1,181,984
FMC Corp.	3.45%	10/1/2029		893,000		811,018
Ingevity Corp.^†	3.875%	11/1/2028		1,275,000		1,070,114
NOVA Chemicals Corp. (Canada)^†(b)	4.25%	5/15/2029		1,305,000		1,022,030
OCP SA (Morocco)^†(b)	3.75%	6/23/2031		2,847,000		2,158,183
Olin Corp.	5.125%	9/15/2027		1,304,000		1,200,997
SCIH Salt Holdings, Inc.^†	4.875%	5/1/2028		1,328,000		1,106,470
SCIH Salt Holdings, Inc.^†	6.625%	5/1/2029		1,462,000		1,157,151
Sociedad Quimica y Minera de Chile SA (Chile)^†(b)	3.50%	9/10/2051		1,789,000		1,325,050
Total						19,145,804

Coal 0.21%
Peabody Energy Corp.^†	6.375%	3/31/2025		302,000		291,314
SunCoke Energy, Inc.^†	4.875%	6/30/2029		872,000		697,978
Warrior Met Coal, Inc.^†	7.875%	12/1/2028		1,461,000		1,394,029
Total						2,383,321

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Commercial Services 1.82%
Adani Ports & Special Economic Zone Ltd. (India)^†(b)	3.828%	2/2/2032	$	700,000	$	566,629
Adani Ports & Special Economic Zone Ltd. (India)^†(b)	4.375%	7/3/2029		2,280,000		2,018,263
Ahern Rentals, Inc.^†	7.375%	5/15/2023		1,440,000		1,116,000
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^†	4.75%	4/1/2028		1,284,000		1,067,055
Block, Inc.^†	3.50%	6/1/2031		896,000		715,953
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		700,000		681,956
CoStar Group, Inc.^†	2.80%	7/15/2030		1,100,000		916,898
Georgetown University (The)	2.943%	4/1/2050		1,246,000		885,111
Global Payments, Inc.	2.90%	5/15/2030		1,538,000		1,299,215
Hertz Corp. (The)^†	4.625%	12/1/2026		1,295,000		1,084,226
Hertz Corp. (The)^†	5.00%	12/1/2029		1,008,000		778,887
Hertz Corp. (The)	5.50%	10/15/2024		987,000		14,805	^(a)
Hertz Corp. (The)^†	6.00%	1/15/2028		1,887,000		122,655
ITR Concession Co. LLC^†	5.183%	7/15/2035		785,000		838,853
Johns Hopkins University	2.813%	1/1/2060		692,000		506,561
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)^†(b)	5.375%	11/15/2024		1,675,000		1,555,554
Metropolitan Museum of Art (The)	3.40%	7/1/2045		1,975,000		1,763,044
Movida Europe SA (Luxembourg)^†(b)	5.25%	2/8/2031		1,088,000		844,723
PayPal Holdings, Inc.	4.40%	6/1/2032		1,342,000		1,330,095
Triton Container International Ltd.^†	2.05%	4/15/2026		1,690,000		1,496,499
University of Miami	4.063%	4/1/2052		992,000		896,783
Total						20,499,765

Computers 1.47%
Apple, Inc.	3.00%	6/20/2027		2,000,000		1,957,229
Apple, Inc.	3.20%	5/11/2027		3,601,000		3,553,833
Booz Allen Hamilton, Inc.^†	3.875%	9/1/2028		310,000		274,848
Booz Allen Hamilton, Inc.^†	4.00%	7/1/2029		573,000		500,581
Condor Merger Sub, Inc.^†	7.375%	2/15/2030		1,344,000		1,096,341
Crowdstrike Holdings, Inc.	3.00%	2/15/2029		9,007,000		7,803,260
Teledyne FLIR LLC	2.50%	8/1/2030		1,603,000		1,329,892
Total						16,515,984

Cosmetics/Personal Care 0.20%
GSK Consumer Healthcare Capital US LLC^†	3.625%	3/24/2032		2,389,000		2,210,293

Distribution/Wholesale 0.27%
Ferguson Finance plc (United Kingdom)^†(b)	3.25%	6/2/2030		2,229,000		1,931,998
H&E Equipment Services, Inc.^†	3.875%	12/15/2028		1,301,000		1,055,449
Total						2,987,447

12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Diversified Financial Services 1.63%
AG Issuer LLC^†	6.25%		3/1/2028	$	1,220,000	$	1,066,368
Ally Financial, Inc.	8.00%		11/1/2031		1,543,000		1,717,209
Blackstone Holdings Finance Co. LLC^†	2.00%		1/30/2032		1,609,000		1,280,254
Coinbase Global, Inc.^†	3.375%		10/1/2028		2,008,000		1,269,658
Coinbase Global, Inc.^†	3.625%		10/1/2031		1,905,000		1,075,393
CPPIB Capital, Inc. (Canada)^†(b)	1.905% (SOFR + 1.25%	)^#	4/4/2025		7,700,000		7,897,609
Jane Street Group/JSG Finance, Inc.^†	4.50%		11/15/2029		896,000		799,057
Navient Corp.	6.125%		3/25/2024		1,113,000		1,057,350
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%		4/15/2045		1,377,000		1,254,915
USAA Capital Corp.^†	2.125%		5/1/2030		1,129,000		968,657
Total							18,386,470

Electric 4.00%
AES Corp. (The)	2.45%		1/15/2031		1,995,000		1,606,520
Alfa Desarrollo SpA (Chile)^†(b)	4.55%		9/27/2051		983,342		708,448
Atlantic City Electric Co.	4.00%		10/15/2028		1,149,000		1,133,720
Ausgrid Finance Pty Ltd. (Australia)^†(b)	4.35%		8/1/2028		1,217,000		1,186,216
Black Hills Corp.	4.35%		5/1/2033		1,166,000		1,089,682
Calpine Corp.^†	3.75%		3/1/2031		1,350,000		1,100,858
Calpine Corp.^†	4.625%		2/1/2029		3,814,000		3,179,484
Calpine Corp.^†	5.00%		2/1/2031		2,841,000		2,300,599
Calpine Corp.^†	5.125%		3/15/2028		1,328,000		1,172,285
CenterPoint Energy, Inc.	1.867% (SOFR Index + .65%	)^#	5/13/2024		685,000		668,298
Clearway Energy Operating LLC^†	4.75%		3/15/2028		1,381,000		1,244,760
Constellation Energy Generation LLC	5.60%		6/15/2042		1,171,000		1,129,513
Constellation Energy Generation LLC	6.25%		10/1/2039		882,000		903,329
El Paso Electric Co.	5.00%		12/1/2044		1,203,000		1,131,205
Electricite de France SA (France)^†(b)	3.625%		10/13/2025		1,000,000		983,596
Empresa de Transmision Electrica SA (Panama)^†(b)	5.125%		5/2/2049		1,205,000		1,011,646
Enel Finance International NV (Netherlands)^†(b)	3.50%		4/6/2028		1,829,000		1,692,289
Entergy Arkansas LLC	4.95%		12/15/2044		1,109,000		1,061,436
FirstEnergy Corp.	4.40%		7/15/2027		2,518,000		2,379,674
FirstEnergy Corp.	5.35%		7/15/2047		1,323,000		1,119,959
FirstEnergy Transmission LLC^†	4.55%		4/1/2049		1,271,000		1,025,416
Indianapolis Power & Light Co.^†	4.05%		5/1/2046		1,608,000		1,416,481
Louisville Gas & Electric Co.	4.375%		10/1/2045		1,017,000		926,524
Monongahela Power Co.^†	3.55%		5/15/2027		1,188,000		1,131,230

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electric (continued)
NextEra Energy Operating Partners LP^†	3.875%	10/15/2026	$	2,267,000	$	2,078,125
NextEra Energy Operating Partners LP^†	4.50%	9/15/2027		1,084,000		1,005,876
NRG Energy, Inc.^†	3.875%	2/15/2032		1,386,000		1,103,925
NSG Holdings LLC/NSG Holdings, Inc.^†	7.75%	12/15/2025		724,433		713,856
Pattern Energy Operations LP/Pattern Energy Operations, Inc.^†	4.50%	8/15/2028		1,173,000		1,022,698
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^†(b)	4.875%	7/17/2049		1,440,000		1,124,122
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)^†(b)	5.25%	10/24/2042		1,292,000		1,111,088
Union Electric Co.	2.625%	3/15/2051		1,655,000		1,153,208
Vistra Operations Co. LLC^†	4.375%	5/1/2029		2,555,000		2,145,089
Vistra Operations Co. LLC^†	5.125%	5/13/2025		2,220,000		2,202,218
Total						44,963,373

Electronics 0.21%
Amphenol Corp.	2.80%	2/15/2030		1,875,000		1,643,239
Imola Merger Corp.^†	4.75%	5/15/2029		886,000		744,231
Total						2,387,470

Energy-Alternate Sources 0.54%
Sweihan PV Power Co. PJSC (United Arab Emirates)^†(b)	3.625%	1/31/2049		1,680,000		1,397,810
TerraForm Power Operating LLC^†	4.75%	1/15/2030		1,484,000		1,273,636
TerraForm Power Operating LLC^†	5.00%	1/31/2028		1,000,000		907,620
Topaz Solar Farms LLC^†	5.75%	9/30/2039		2,740,556		2,492,440
Total						6,071,506
						��
Engineering & Construction 0.37%
Aeropuerto Internacional de Tocumen SA (Panama)^†(b)	5.125%	8/11/2061		1,935,000		1,536,062
Cellnex Finance Co. S.A. (Spain)^†(b)	3.875%	7/7/2041		927,000		637,966
Fluor Corp.	4.25%	9/15/2028		2,291,000		2,006,000
Total						4,180,028

Entertainment 1.80%
Churchill Downs, Inc.^†	4.75%	1/15/2028		1,787,000		1,593,611
Churchill Downs, Inc.^†	5.50%	4/1/2027		2,671,000		2,541,243
Cinemark USA, Inc.^†	5.25%	7/15/2028		675,000		543,537
Live Nation Entertainment, Inc.^†	3.75%	1/15/2028		3,266,000		2,825,090
Magallanes, Inc.^†	5.141%	3/15/2052		1,970,000		1,656,097
Magallanes, Inc.^†	5.391%	3/15/2062		856,000		717,393

14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Entertainment (continued)
Merlin Entertainments Ltd. (United Kingdom)^†(b)	5.75%	6/15/2026	$	1,360,000	$	1,242,841
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp^†	4.875%	5/1/2029		1,984,000		1,620,204
Mohegan Gaming & Entertainment^†	8.00%	2/1/2026		2,032,000		1,733,184
Resorts World Las Vegas LLC/RWLV Capital, Inc.^†	4.625%	4/16/2029		2,000,000		1,627,938
SeaWorld Parks & Entertainment, Inc.^†	5.25%	8/15/2029		1,820,000		1,542,814
WMG Acquisition Corp.^†	3.00%	2/15/2031		1,417,000		1,101,371
WMG Acquisition Corp.^†	3.75%	12/1/2029		1,819,000		1,522,003
Total						20,267,326

Environmental Control 0.22%
Madison IAQ LLC^†	4.125%	6/30/2028		1,677,000		1,387,605
Madison IAQ LLC^†	5.875%	6/30/2029		1,372,000		1,054,897
Total						2,442,502

Food 1.31%
Chobani LLC/Chobani Finance Corp., Inc.^†	7.50%	4/15/2025		1,000,000		920,089
Hershey Co. (The)	2.65%	6/1/2050		495,000		363,089
Kraft Heinz Foods Co.	4.375%	6/1/2046		4,002,000		3,341,628
Kraft Heinz Foods Co.	4.875%	10/1/2049		5,360,000		4,743,097
McCormick & Co., Inc.	2.50%	4/15/2030		1,046,000		894,747
Post Holdings, Inc.^†	4.50%	9/15/2031		1,666,000		1,367,453
Post Holdings, Inc.^†	4.625%	4/15/2030		1,303,000		1,101,634
Smithfield Foods, Inc.^†	5.20%	4/1/2029		2,021,000		1,987,571
Total						14,719,308

Gas 0.22%
Brooklyn Union Gas Co. (The)^†	3.407%	3/10/2026		1,368,000		1,312,140
Southwest Gas Corp.	4.05%	3/15/2032		1,247,000		1,132,973
Total						2,445,113

Health Care-Products 0.47%
Alcon Finance Corp.^†	2.60%	5/27/2030		1,552,000		1,321,167
Boston Scientific Corp.	6.75%	11/15/2035		973,000		1,132,881
Edwards Lifesciences Corp.	4.30%	6/15/2028		1,411,000		1,376,533
Mozart Debt Merger Sub, Inc.^†	3.875%	4/1/2029		1,682,000		1,438,312
Total						5,268,893

Health Care-Services 3.34%
Catalent Pharma Solutions, Inc.^†	3.125%	2/15/2029		1,365,000		1,121,768
Centene Corp.	2.50%	3/1/2031		1,513,000		1,205,679
Centene Corp.	3.00%	10/15/2030		1,327,000		1,103,248

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Health Care-Services (continued)
Centene Corp.	3.375%	2/15/2030	$	2,631,000	$	2,238,757
Centene Corp.	4.625%	12/15/2029		2,391,000		2,236,625
Charles River Laboratories International, Inc.^†	3.75%	3/15/2029		1,304,000		1,133,880
CHS/Community Health Systems, Inc.^†	4.75%	2/15/2031		2,297,000		1,688,004
Elevance Health, Inc.	2.25%	5/15/2030		1,299,000		1,111,256
Hadrian Merger Sub, Inc.^†	8.50%	5/1/2026		1,250,000		1,190,163
HCA, Inc.	3.50%	9/1/2030		2,358,000		2,012,801
HCA, Inc.	7.69%	6/15/2025		640,000		671,482
Kaiser Foundation Hospitals	4.15%	5/1/2047		873,000		816,869
Memorial Sloan-Kettering Cancer Center	4.20%	7/1/2055		1,478,000		1,357,991
ModivCare Escrow Issuer, Inc.^†	5.00%	10/1/2029		1,114,000		901,378
Molina Healthcare, Inc.^†	3.875%	11/15/2030		1,553,000		1,329,927
Molina Healthcare, Inc.^†	3.875%	5/15/2032		1,245,000		1,046,536
Montefiore Obligated Group	5.246%	11/1/2048		1,553,000		1,334,827
Mount Sinai Hospitals Group, Inc.	3.737%	7/1/2049		1,566,000		1,326,830
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		1,020,000		942,182
NYU Langone Hospitals	4.368%	7/1/2047		1,191,000		1,105,853
Providence St. Joseph Health Obligated Group	2.532%	10/1/2029		1,160,000		1,031,059
Rede D’or Finance Sarl (Luxembourg)^†(b)	4.95%	1/17/2028		1,512,000		1,382,679
Seattle Children’s Hospital	2.719%	10/1/2050		1,672,000		1,188,643
Tenet Healthcare Corp.^†	4.375%	1/15/2030		1,319,000		1,118,532
Tenet Healthcare Corp.^†	4.875%	1/1/2026		2,000,000		1,846,930
Tenet Healthcare Corp.^†	6.125%	10/1/2028		2,221,000		1,907,550
Tenet Healthcare Corp.^†	6.125%	6/15/2030		1,770,000		1,638,241
UnitedHealth Group, Inc.	4.20%	5/15/2032		1,630,000		1,630,060
Total						37,619,750

Home Builders 0.21%
NVR, Inc.	3.00%	5/15/2030		1,297,000		1,118,672
PulteGroup, Inc.	6.375%	5/15/2033		1,215,000		1,252,159
Total						2,370,831

Home Furnishings 0.07%
Leggett & Platt, Inc.	4.40%	3/15/2029		828,000		806,090

Insurance 1.39%
AIA Group Ltd. (Hong Kong)^†(b)	3.20%	9/16/2040		440,000		352,227
AIA Group Ltd. (Hong Kong)^†(b)	3.375%	4/7/2030		1,304,000		1,221,376
Arch Capital Finance LLC	4.011%	12/15/2026		1,183,000		1,161,236
Assurant, Inc.	2.65%	1/15/2032		1,575,000		1,235,177
Assurant, Inc.	3.70%	2/22/2030		1,158,000		1,030,966

16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Insurance (continued)
AXIS Specialty Finance plc (United Kingdom)^(b)	5.15%	4/1/2045	$	1,595,000	$	1,457,071
Brown & Brown, Inc.	2.375%	3/15/2031		2,120,000		1,680,361
Fidelity National Financial, Inc.	4.50%	8/15/2028		1,118,000		1,078,957
Northwestern Mutual Life Insurance Co. (The)^†	3.85%	9/30/2047		1,456,000		1,211,909
PartnerRe Finance B LLC	3.70%	7/2/2029		1,237,000		1,176,867
Selective Insurance Group, Inc.	5.375%	3/1/2049		1,169,000		1,118,746
Teachers Insurance & Annuity Association of America^†	4.27%	5/15/2047		889,000		793,441
Teachers Insurance & Annuity Association of America^†	4.90%	9/15/2044		829,000		796,730
Transatlantic Holdings, Inc.	8.00%	11/30/2039		934,000		1,208,822
W R Berkley Corp.	3.15%	9/30/2061		142,000		93,327
Total						15,617,213

Internet 1.21%
Amazon.com, Inc.	3.15%	8/22/2027		3,500,000		3,406,204
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^†	5.25%	12/1/2027		1,235,000		1,132,402
Netflix, Inc.^(g)	3.625%	5/15/2027	EUR	2,500,000		2,460,118
Netflix, Inc.	4.875%	4/15/2028	$	2,536,000		2,391,905
Tencent Holdings Ltd. (China)^†(b)	3.595%	1/19/2028		2,000,000		1,901,602
Tencent Holdings Ltd. (China)^†(b)	3.925%	1/19/2038		1,445,000		1,235,356
VeriSign, Inc.	2.70%	6/15/2031		1,384,000		1,115,296
Total						13,642,883

Investment Companies 0.17%
Blackstone Private Credit Fund^†	2.625%	12/15/2026		1,127,000		945,087
Temasek Financial I Ltd. (Singapore)^†(b)	2.50%	10/6/2070		1,480,000		995,850
Total						1,940,937

Iron-Steel 0.47%
CSN Resources S.A. (Brazil)^†(b)	5.875%	4/8/2032		1,901,000		1,449,513
CSN Resources SA (Brazil)^†(b)	4.625%	6/10/2031		1,517,000		1,079,565
United States Steel Corp.	6.875%	3/1/2029		1,874,000		1,639,750
Vale Overseas Ltd. (Brazil)^(b)	3.75%	7/8/2030		1,309,000		1,149,361
Total						5,318,189

Leisure Time 0.44%
Carnival Corp.^†	4.00%	8/1/2028		3,229,000		2,659,211
Life Time, Inc.^†	5.75%	1/15/2026		1,333,000		1,199,033
Pinnacle Bidco plc^†(g)	5.50%	2/15/2025	EUR	1,129,000		1,070,738
Total						4,928,982

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Lodging 0.97%
Boyd Gaming Corp.	4.75%	12/1/2027	$	1,201,000	$	1,089,427
Genting New York LLC/GENNY Capital, Inc.^†	3.30%	2/15/2026		1,306,000		1,172,154
Hilton Domestic Operating Co., Inc.	4.875%	1/15/2030		2,532,000		2,295,296
Sands China Ltd. (Macao)^†(b)	3.10%	3/8/2029		1,479,000		1,049,025
Sands China Ltd. (Macao)^(b)	4.875%	6/18/2030		1,367,000		1,001,505
Travel + Leisure Co.	6.00%	4/1/2027		1,439,000		1,305,642
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.25%	5/15/2027		1,346,000		1,154,646
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%	3/1/2025		2,000,000		1,833,960
Total						10,901,655

Machinery-Diversified 0.39%
nVent Finance Sarl (Luxembourg)^(b)	2.75%	11/15/2031		783,000		637,333
TK Elevator Holdco GmbH^†(g)	6.625%	7/15/2028	EUR	1,457,100		1,309,679
TK Elevator US Newco, Inc.^†	5.25%	7/15/2027	$	1,240,000		1,107,692
Westinghouse Air Brake Technologies Corp.	3.45%	11/15/2026		1,409,000		1,284,935
Total						4,339,639

Media 1.28%
Cable One, Inc.^†	4.00%	11/15/2030		1,358,000		1,117,417
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.00%	2/1/2028		1,746,000		1,617,067
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%	8/15/2026		2,019,000		507,274
FactSet Research Systems, Inc.	3.45%	3/1/2032		1,962,000		1,722,069
Gray Escrow II, Inc.^†	5.375%	11/15/2031		1,837,000		1,475,855
LCPR Senior Secured Financing DAC (Ireland)^†(b)	6.75%	10/15/2027		208,000		194,581
News Corp.^†	3.875%	5/15/2029		1,559,000		1,350,446
Nexstar Media, Inc.^†	4.75%	11/1/2028		1,280,000		1,100,205
Univision Communications, Inc.^†	4.50%	5/1/2029		1,372,000		1,152,697
UPC Broadband Finco BV (Netherlands)^†(b)	4.875%	7/15/2031		2,867,000		2,345,163
VZ Secured Financing BV (Netherlands)^†(b)	5.00%	1/15/2032		2,228,000		1,853,874
Total						14,436,648

Metal Fabricate-Hardware 0.08%
Roller Bearing Co. of America, Inc.^†	4.375%	10/15/2029		999,000		851,314

Mining 1.89%
Alcoa Nederland Holding BV (Netherlands)^†(b)	4.125%	3/31/2029		2,330,000		2,087,261
Anglo American Capital plc (United Kingdom)^†(b)	4.75%	3/16/2052		1,279,000		1,101,286
Anglo American Capital plc (United Kingdom)^†(b)	5.625%	4/1/2030		1,100,000		1,108,890
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)	4.375%	4/1/2031		5,325,000		4,356,223
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)	6.125%	4/15/2032		1,346,000		1,214,072

18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Mining (continued)
Freeport Indonesia PT (Indonesia)^†(b)		5.315%		4/14/2032	$	1,080,000	$	984,420
Freeport Indonesia PT (Indonesia)^†(b)		6.20%		4/14/2052		1,277,000		1,113,378
Freeport-McMoRan, Inc.		4.125%		3/1/2028		1,375,000		1,278,654
Freeport-McMoRan, Inc.		4.375%		8/1/2028		1,084,000		1,013,900
Hecla Mining Co.		7.25%		2/15/2028		1,194,000		1,102,198
Kaiser Aluminum Corp.^†		4.50%		6/1/2031		1,528,000		1,159,201
Mirabela Nickel Ltd.		1.00%		9/10/2044		15,172		1	^(d)
Newmont Corp.		2.25%		10/1/2030		1,318,000		1,095,313
Novelis Corp.^†		4.75%		1/30/2030		1,571,000		1,308,784
Teck Resources Ltd. (Canada)^(b)		3.90%		7/15/2030		1,413,000		1,301,094
Vedanta Resources Finance II plc (United Kingdom)^†(b)		8.95%		3/11/2025		1,270,000		1,007,065
Total								21,231,740

Miscellaneous Manufacturing 0.09%
Hillenbrand, Inc.		3.75%		3/1/2031		1,275,000		1,032,093

Multi-National 0.60%
Asian Development Bank (Philippines)^(b)	1.671% (SOFR Index + 1.00%		)^#	4/6/2027		4,600,000		4,742,135
Inter-American Investment Corp.		2.625%		4/22/2025		2,000,000		1,967,743
Total								6,709,878

Office/Business Equipment 0.09%
CDW LLC/CDW Finance Corp.		3.569%		12/1/2031		1,287,000		1,065,687

Oil & Gas 13.19%
Antero Resources Corp.^†		5.375%		3/1/2030		4,170,000		3,808,878
Apache Corp.		4.25%		1/15/2030		2,793,000		2,479,877
Apache Corp.		4.75%		4/15/2043		1,641,000		1,281,028
Apache Corp.		5.10%		9/1/2040		3,580,000		3,033,262
California Resources Corp.^†		7.125%		2/1/2026		1,743,000		1,707,452
Callon Petroleum Co.		6.125%		10/1/2024		1,005,000		1,021,105
Callon Petroleum Co.		6.375%		7/1/2026		2,761,000		2,550,736
Callon Petroleum Co.^†		7.50%		6/15/2030		1,538,000		1,417,544
Callon Petroleum Co.^†		8.00%		8/1/2028		1,951,000		1,877,008
Cenovus Energy, Inc. (Canada)^(b)		2.65%		1/15/2032		1,364,000		1,129,808
Cenovus Energy, Inc. (Canada)^(b)		3.75%		2/15/2052		2,668,000		2,030,632
Cenovus Energy, Inc. (Canada)^(b)		5.40%		6/15/2047		3,846,000		3,703,256
Centennial Resource Production LLC^†		5.375%		1/15/2026		2,211,000		2,000,997
Centennial Resource Production LLC^†		6.875%		4/1/2027		3,588,000		3,413,586

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Oil & Gas (continued)
Chesapeake Energy Corp.^†	6.75%	4/15/2029	$	2,512,000	$	2,436,640
CITGO Petroleum Corp.^†	7.00%	6/15/2025		949,000		920,117
CNX Resources Corp.^†	7.25%	3/14/2027		1,626,000		1,595,716
Comstock Resources, Inc.^†	5.875%	1/15/2030		1,615,000		1,393,317
Comstock Resources, Inc.^†	6.75%	3/1/2029		1,713,000		1,537,529
Continental Resources, Inc.	4.375%	1/15/2028		4,075,000		3,838,161
Continental Resources, Inc.^†	5.75%	1/15/2031		1,644,000		1,592,576
Crescent Energy Finance LLC^†	7.25%	5/1/2026		1,716,000		1,564,743
CrownRock LP/CrownRock Finance, Inc.^†	5.00%	5/1/2029		1,840,000		1,653,035
Diamondback Energy, Inc.	3.50%	12/1/2029		2,292,000		2,101,544
Diamondback Energy, Inc.	4.25%	3/15/2052		2,616,000		2,175,625
Diamondback Energy, Inc.	4.40%	3/24/2051		2,777,000		2,371,057
Encino Acquisition Partners Holdings LLC^†	8.50%	5/1/2028		1,734,000		1,641,068
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.75%	1/30/2028		2,818,000		2,691,937
EQT Corp.	6.625%	2/1/2025		1,604,000		1,653,299
Exxon Mobil Corp.	3.043%	3/1/2026		2,071,000		2,034,927
Geopark Ltd. (Colombia)^†(b)	5.50%	1/17/2027		1,101,000		924,267
Helmerich & Payne, Inc.	2.90%	9/29/2031		2,358,000		2,023,546
Hess Corp.	5.60%	2/15/2041		1,386,000		1,352,974
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	2/1/2029		1,014,000		892,208
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.00%	2/1/2031		897,000		774,784
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		1,234,000		1,165,359
Kosmos Energy Ltd.^†	7.125%	4/4/2026		1,087,000		925,466
Kosmos Energy Ltd.^†	7.75%	5/1/2027		2,079,000		1,780,950
Laredo Petroleum, Inc.^†	7.75%	7/31/2029		2,617,000		2,364,695
Laredo Petroleum, Inc.	10.125%	1/15/2028		3,500,000		3,469,603
Lukoil Capital DAC (Ireland)^†(b)	3.60%	10/26/2031		1,707,000		904,710
Lukoil Securities BV (Netherlands)^†(b)	3.875%	5/6/2030		1,150,000		609,500
Matador Resources Co.	5.875%	9/15/2026		838,000		807,111
MC Brazil Downstream Trading Sarl (Luxembourg)^†(b)	7.25%	6/30/2031		1,320,000		1,052,495
MEG Energy Corp. (Canada)^†(b)	5.875%	2/1/2029		2,312,000		2,115,112
MEG Energy Corp. (Canada)^†(b)	7.125%	2/1/2027		4,595,000		4,638,055
Murphy Oil Corp.	5.875%	12/1/2027		2,000,000		1,870,180
Murphy Oil Corp.	6.375%	7/15/2028		1,140,000		1,065,262
Occidental Petroleum Corp.	6.125%	1/1/2031		3,933,000		3,994,433
Occidental Petroleum Corp.	6.625%	9/1/2030		837,000		863,633
Occidental Petroleum Corp.	7.50%	5/1/2031		613,000		660,339
OQ SAOC (Oman)^†(b)	5.125%	5/6/2028		1,782,000		1,685,597

20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Oil & Gas (continued)
Ovintiv, Inc.	6.50%	8/15/2034	$	735,000	$	768,260
Ovintiv, Inc.	6.50%	2/1/2038		1,948,000		2,013,714
Patterson-UTI Energy, Inc.	3.95%	2/1/2028		1,394,000		1,160,759
Patterson-UTI Energy, Inc.	5.15%	11/15/2029		1,562,000		1,340,712
PDC Energy, Inc.	5.75%	5/15/2026		2,868,000		2,680,705
Pertamina Persero PT (Indonesia)^†(b)	4.175%	1/21/2050		1,456,000		1,143,644
Pertamina Persero PT (Indonesia)^†(b)	4.70%	7/30/2049		1,531,000		1,269,342
Petroleos Mexicanos (Mexico)^(b)	6.70%	2/16/2032		2,818,000		2,154,643
Pioneer Natural Resources Co.	2.15%	1/15/2031		1,344,000		1,107,963
Precision Drilling Corp. (Canada)^†(b)	6.875%	1/15/2029		1,295,000		1,160,922
Qatar Petroleum (Qatar)^†(b)	3.30%	7/12/2051		5,399,000		4,182,163
Range Resources Corp.^†	4.75%	2/15/2030		2,643,000		2,374,511
Range Resources Corp.	8.25%	1/15/2029		2,791,000		2,850,134
Reliance Industries Ltd. (India)^†(b)	3.625%	1/12/2052		1,700,000		1,236,297
Rockcliff Energy II LLC^†	5.50%	10/15/2029		316,000		288,004
Saudi Arabian Oil Co. (Saudi Arabia)^†(b)	4.375%	4/16/2049		1,895,000		1,685,261
Shell International Finance BV (Netherlands)^(b)	6.375%	12/15/2038		1,473,000		1,712,827
SM Energy Co.	5.625%	6/1/2025		493,000		466,531
SM Energy Co.	6.625%	1/15/2027		4,388,000		4,108,090
SM Energy Co.	6.75%	9/15/2026		2,171,000		2,050,917
Southwestern Energy Co.	4.75%	2/1/2032		358,000		306,785
Southwestern Energy Co.	5.375%	2/1/2029		2,433,000		2,261,401
Southwestern Energy Co.	5.375%	3/15/2030		3,246,000		2,992,909
Southwestern Energy Co.	8.375%	9/15/2028		1,608,000		1,697,236
Suncor Energy, Inc. (Canada)^(b)	4.00%	11/15/2047		2,620,000		2,243,699
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(b)	3.25%	8/15/2030		2,085,000		1,593,586
Texaco Capital, Inc.	8.625%	11/15/2031		722,000		915,351
Thaioil Treasury Center Co. Ltd. (Thailand)^†(b)	3.75%	6/18/2050		450,000		303,507
Viper Energy Partners LP^†	5.375%	11/1/2027		1,751,000		1,676,542
Total						148,343,154

Oil & Gas Services 0.67%
Oceaneering International, Inc.	4.65%	11/15/2024		1,301,000		1,205,142
Oceaneering International, Inc.	6.00%	2/1/2028		2,094,000		1,848,248
TechnipFMC plc (United Kingdom)^†(b)	6.50%	2/1/2026		781,000		780,813
USA Compression Partners LP/USA Compression Finance Corp.	6.875%	9/1/2027		1,271,000		1,129,786
Weatherford International Ltd.^†	8.625%	4/30/2030		3,101,000		2,579,215
Total						7,543,204

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date		Principal Amount		Fair Value
Packaging & Containers 0.37%
Ball Corp.		2.875%		8/15/2030		$	2,154,000	$	1,738,529
Crown Cork & Seal Co., Inc.		7.375%		12/15/2026			1,295,000		1,328,216
Sealed Air Corp.^†		6.875%		7/15/2033			1,060,000		1,070,017
Total									4,136,762

Pharmaceuticals 0.72%
AbbVie, Inc.		4.25%		11/21/2049			1,409,000		1,253,225
BellRing Brands, Inc.^†		7.00%		3/15/2030			874,000		824,938
CVS Health Corp.		3.625%		4/1/2027			1,549,000		1,510,259
Organon & Co./Organon Foreign Debt Co-Issuer BV^†		4.125%		4/30/2028			1,285,000		1,142,012
Owens & Minor, Inc.^†		4.50%		3/31/2029			1,344,000		1,099,022
Pfizer, Inc.		2.625%		4/1/2030			1,246,000		1,138,528
Zoetis, Inc.		2.00%		5/15/2030			1,387,000		1,162,537
Total									8,130,521

Pipelines 2.82%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)^†(b)		4.60%		11/2/2047			1,779,000		1,689,008
AI Candelaria Spain SA (Spain)^†(b)		5.75%		6/15/2033			1,646,000		1,207,479
AI Candelaria Spain SA (Spain)^†(b)		7.50%		12/15/2028			1,300,000		1,167,621
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%		)^#	1/22/2078			1,763,000		1,402,423
Cheniere Energy Partners LP^†		3.25%		1/31/2032			2,096,000		1,655,222
Colonial Enterprises, Inc.^†		3.25%		5/15/2030			1,241,000		1,127,910
CQP Holdco LP/BIP-V Chinook Holdco LLC^†		5.50%		6/15/2031			3,394,000	��	2,900,241
DT Midstream, Inc.^†		4.30%		4/15/2032			1,293,000		1,187,861
Energy Transfer LP	6.50% (5 Yr. Treasury CMT + 5.69%		)^#	–	^(f)		1,317,000		1,167,412
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)^†(b)		3.25%		9/30/2040			3,001,000		2,378,405
Magellan Midstream Partners LP		3.95%		3/1/2050			1,288,000		1,018,581
NGPL PipeCo LLC^†		3.25%		7/15/2031			1,215,000		1,013,645
NGPL PipeCo LLC^†		4.875%		8/15/2027			852,000		843,705
Northern Natural Gas Co.^†		4.30%		1/15/2049			811,000		707,758
ONEOK, Inc.		4.45%		9/1/2049			1,288,000		1,028,451
Sabal Trail Transmission LLC^†		4.246%		5/1/2028			1,125,000		1,100,326
Sabine Pass Liquefaction LLC		4.50%		5/15/2030			3,627,000		3,479,680
Transportadora de Gas Internacional SA ESP (Colombia)^†(b)		5.55%		11/1/2028			1,306,000		1,199,502
Venture Global Calcasieu Pass LLC^†		3.875%		8/15/2029			1,321,000		1,159,111
Venture Global Calcasieu Pass LLC^†		4.125%		8/15/2031			1,293,000		1,108,741
Western Midstream Operating LP		4.55%		2/1/2030			3,702,000		3,212,577
Total									31,755,659

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Real Estate 0.49%
Canary Wharf Group Investment Holdings plc (United Kingdom)^†(g)	3.375%	4/23/2028	GBP	875,000	$	950,670
Hunt Cos., Inc.†	5.25%	4/15/2029	$	3,231,000		2,751,180
Kennedy-Wilson, Inc.	4.75%	2/1/2030		1,441,000		1,129,982
Kennedy-Wilson, Inc.	5.00%	3/1/2031		814,000		632,108
Total						5,463,940

REITS 2.14%
Alexandria Real Estate Equities, Inc.	2.00%	5/18/2032		508,000		401,816
Alexandria Real Estate Equities, Inc.	4.90%	12/15/2030		645,000		640,920
American Campus Communities Operating Partnership LP	2.25%	1/15/2029		1,094,000		1,013,979
American Campus Communities Operating Partnership LP	3.875%	1/30/2031		1,916,000		1,886,145
Crown Castle International Corp.	2.50%	7/15/2031		1,845,000		1,511,740
Crown Castle International Corp.	4.15%	7/1/2050		986,000		821,764
EPR Properties	3.60%	11/15/2031		551,000		436,159
GLP Capital LP/GLP Financing II, Inc.	3.25%	1/15/2032		1,272,000		1,022,008
GLP Capital LP/GLP Financing II, Inc.	4.00%	1/15/2031		1,278,000		1,104,254
Goodman U.S. Finance Five LLC^†	4.625%	5/4/2032		1,095,000		1,075,529
Goodman US Finance Four LLC^†	4.50%	10/15/2037		1,079,000		998,755
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^†	4.75%	6/15/2029		1,422,000		1,096,615
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	5.875%	10/1/2028		2,138,000		1,954,560
Prologis LP	4.375%	2/1/2029		1,106,000		1,105,816
Rayonier LP	2.75%	5/17/2031		2,532,000		2,116,316
SBA Communications Corp.	3.875%	2/15/2027		4,137,000		3,785,955
VICI Properties LP/VICI Note Co., Inc.^†	4.625%	6/15/2025		889,000		847,177
VICI Properties LP/VICI Note Co., Inc.^†	4.625%	12/1/2029		2,473,000		2,215,449
Total						24,034,957

Retail 1.31%
Costco Wholesale Corp.	1.75%	4/20/2032		1,511,000		1,244,806
Dollar Tree, Inc.	3.375%	12/1/2051		3,366,000		2,396,374
Gap, Inc. (The)^†	3.875%	10/1/2031		1,084,000		758,290
Genuine Parts Co.	2.75%	2/1/2032		848,000		702,571
Kohl’s Corp.	5.55%	7/17/2045		1,814,000		1,532,167
Murphy Oil USA, Inc.^†	3.75%	2/15/2031		2,934,000		2,498,580
SRS Distribution, Inc.^†	4.625%	7/1/2028		895,000		784,548
Stonegate Pub Co. Financing 2019 plc^(g)	8.00%	7/13/2025	GBP	906,000		1,012,990
Stonegate Pub Co. Financing 2019 plc^(g)	8.25%	7/31/2025	GBP	1,774,000		1,980,564
Tiffany & Co.	4.90%	10/1/2044	$	1,816,000		1,798,381
Total						14,709,271

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Savings & Loans 0.00%
Washington Mutual Bank^(h)	6.875%	6/15/2011	$	1,250,000	$	125	^(d)

Semiconductors 0.89%
Entegris Escrow Corp.^†	4.75%	4/15/2029		1,144,000		1,067,413
KLA Corp.	4.10%	3/15/2029		439,000		433,931
KLA Corp.	4.65%	7/15/2032		1,696,000		1,731,340
Lam Research Corp.	4.875%	3/15/2049		808,000		823,369
Micron Technology, Inc.	5.327%	2/6/2029		598,000		595,445
ON Semiconductor Corp.^†	3.875%	9/1/2028		1,426,000		1,257,435
TSMC Arizona Corp.	3.25%	10/25/2051		5,159,000		4,148,304
Total						10,057,237

Shipbuilding 0.08%
Huntington Ingalls Industries, Inc.	4.20%	5/1/2030		972,000		916,959

Software 1.97%
Autodesk, Inc.	3.50%	6/15/2027		1,446,000		1,384,147
Electronic Arts, Inc.	2.95%	2/15/2051		801,000		584,902
Intuit, Inc.	1.65%	7/15/2030		2,012,000		1,653,875
Minerva Merger Sub, Inc.^†	6.50%	2/15/2030		1,293,000		1,079,067
MSCI, Inc.^†	3.25%	8/15/2033		1,483,000		1,184,917
MSCI, Inc.^†	3.875%	2/15/2031		3,447,000		2,957,147
MSCI, Inc.^†	4.00%	11/15/2029		1,799,000		1,598,933
Oracle Corp.	4.50%	7/8/2044		1,280,000		1,047,101
PTC, Inc.^†	4.00%	2/15/2028		1,303,000		1,179,648
ROBLOX Corp.^†	3.875%	5/1/2030		2,680,000		2,180,341
Roper Technologies, Inc.	1.75%	2/15/2031		1,352,000		1,054,828
ServiceNow, Inc.	1.40%	9/1/2030		2,297,000		1,799,694
Twilio, Inc.	3.625%	3/15/2029		3,111,000		2,621,375
Workday, Inc.	3.80%	4/1/2032		1,975,000		1,806,670
Total						22,132,645

Telecommunications 2.19%
Connect Finco SARL/Connect US Finco LLC (Luxembourg)^†(b)	6.75%	10/1/2026		1,264,000		1,140,134
CT Trust (Guatemala)^†(b)	5.125%	2/3/2032		751,000		603,226
Frontier Communications Holdings LLC^†	5.875%	10/15/2027		882,000		795,302
Hughes Satellite Systems Corp.	5.25%	8/1/2026		1,111,000		1,024,209
Sprint Capital Corp.	6.875%	11/15/2028		7,646,000		8,062,783
T-Mobile USA, Inc.	3.375%	4/15/2029		2,459,000		2,158,768
T-Mobile USA, Inc.	3.875%	4/15/2030		1,099,000		1,026,680

24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Telecommunications (continued)
T-Mobile USA, Inc.		4.50%		4/15/2050	$	1,311,000	$	1,166,311
Verizon Communications, Inc.		4.016%		12/3/2029		2,942,000		2,852,035
Vmed O2 UK Financing I plc (United Kingdom)^†(b)		4.25%		1/31/2031		3,494,000		2,818,383
Vmed O2 UK Financing I plc (United Kingdom)^†(b)		4.75%		7/15/2031		1,995,000		1,615,950
Xiaomi Best Time International Ltd. (Hong Kong)^†(b)		4.10%		7/14/2051		2,066,000		1,391,621
Total								24,655,402

Toys/Games/Hobbies 0.24%
Hasbro, Inc.		3.90%		11/19/2029		1,209,000		1,111,354
Hasbro, Inc.		5.10%		5/15/2044		1,761,000		1,579,819
Total								2,691,173

Transportation 0.32%
Autoridad del Canal de Panama (Panama)^†(b)		4.95%		7/29/2035		1,000,000		1,018,237
Central Japan Railway Co. (Japan)^†(b)		4.25%		11/24/2045		1,524,000		1,484,666
FedEx Corp. 2020-1 Class AA Pass Through Trust		1.875%		2/20/2034		1,302,424		1,134,044
Total								3,636,947
Total Corporate Bonds (cost $800,300,563)								707,483,944

FLOATING RATE LOANS⁽ⁱ⁾2.48%

Aerospace/Defense 0.16%
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)^(b)	8.50% (1 Mo. LIBOR + 6.50%		)	3/6/2024		656,228		620,956
Alloy Finco Limited USD Holdco PIK Term Loan PIK 13.50% (Jersey)^(b)		0.50%		3/6/2025		1,215,830		1,217,854
Total								1,838,810

Beverages 0.09%
Sunshine Investments B.V. 2022 USD Term Loan (Netherlands)^(b)		–	^(j)	4/21/2029		1,092,307		1,039,057

Building & Construction 0.18%
Centuri Group, Inc Term Loan B	4.075% (3 Mo. LIBOR + 2.50%		)	8/27/2028		1,133,292		1,088,675
USIC Holdings, Inc. 2021 Term Loan	5.166% (1 Mo. LIBOR + 3.50%		)	5/12/2028		1,011,654		945,011
Total								2,033,686

Building Materials 0.20%
Oscar AcquisitionCo, LLC Term Loan B		6.108%		4/29/2029		1,482,000		1,330,095
Quikrete Holdings, Inc. 2021 Term Loan B1	4.666% (1 Mo. LIBOR + 3.00%		)	6/11/2028		968,502		915,961
Total								2,246,056

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Cable & Satellite Television 0.00%
Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B (Luxembourg)^(b)	4.92% (6. Mo.SOFR + 4.25%		)	2/1/2029	$	50,380	$	46,999

Diversified Capital Goods 0.19%
CeramTec AcquiCo GmbH 2022 EUR Term Loan B^(g)		–	^(j)	3/16/2029	EUR	1,162,111		1,115,268
Tank Holding Corp. 2022 Term Loan	7.625% (1 Mo. SOFR + 6.00%		)	3/31/2028	$	1,050,700		1,008,672
Total								2,123,940

Electric: Generation 0.27%
Astoria Energy LLC 2020 Term Loan B	5.166% (1 Mo. LIBOR + 3.50%		)	12/10/2027		1,813,228		1,712,930
EFS Cogen Holdings I LLC 2020 Term Loan B	5.76% (3 Mo. LIBOR + 3.50%		)	10/1/2027		1,226,406		1,151,546
Frontera Generation Holdings LLC 2021 2nd Lien Term Loan	3.75% (3 Mo. LIBOR + 1.50%		)	7/28/2028		129,040		32,260	^(k)
Frontera Generation Holdings LLC 2021 Term Loan	15.25% (3 Mo. LIBOR + 13.00%		)	7/28/2026		133,293		131,960
Total								3,028,696

Electric: Integrated 0.16%
Generation Bridge Acquisition, LLC Term Loan B	7.25% (3 Mo. LIBOR + 5.00%		)	12/1/2028		699,977		685,978
Generation Bridge Acquisition, LLC Term Loan C	7.25% (3 Mo. LIBOR + 5.00%		)	12/1/2028		14,476		14,186
Helix Gen Funding, LLC Term Loan B	5.416% (1 Mo. LIBOR + 3.75%		)	6/3/2024		1,241,207		1,150,754
Total								1,850,918

Gas Distribution 0.21%
Brazos Delaware II, LLC Term Loan B	5.595% (1 Mo. LIBOR + 4.00%		)	5/21/2025		1,264,993		1,221,667
Oryx Midstream Services Permian Basin LLC Term Loan B	4.705% (3 Mo. LIBOR + 3.25%		)	10/5/2028		1,181,606		1,127,453
Total								2,349,120

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Health Facilities 0.22%
Electron BidCo Inc. 2021 Term Loan	4.666% (1 Mo. LIBOR + 3.00%		)	11/1/2028	$	1,321,591	$	1,241,238
Global Medical Response, Inc. 2020 Term Loan B	5.25% (3 Mo. LIBOR + 4.25%		)	10/2/2025		1,305,668		1,217,946
Total								2,459,184

Health Services 0.14%
National Mentor Holdings, Inc. 2021 Term Loan	5.42% - 6.01% (1 Mo. LIBOR + 3.75% (3 Mo. LIBOR + 3.75%		) )	3/2/2028		1,733,063		1,510,555
National Mentor Holdings, Inc. 2021 Term Loan C	6.01% (3 Mo. LIBOR + 3.75%		)	3/2/2028		55,298		48,198
Total								1,558,753

Machinery 0.09%
SPX Flow, Inc. 2022 Term Loan	6.125% (1 Mo. SOFR + 4.50%		)	4/5/2029		1,034,380		966,628
Vertical US Newco Inc Term Loan B	4.019% (6 Mo. LIBOR + 3.50%		)	7/30/2027		3,530		3,364
Total								969,992

Metals/Mining (Excluding Steel) 0.08%
Peabody Energy Corporation 2018 Term Loan	4.374% (1 Mo. LIBOR + 2.75%		)	3/31/2025		991,175		926,268

Personal & Household Products 0.00%
FGI Operating Company, LLC Exit Term Loan	12.25% (3 Mo. LIBOR + 10.00%		)	5/16/2023		82,670		10,375	^(l)
Revlon Consumer Products Corporation 2020 Additional Term Loan B2	5.459% (3 Mo. LIBOR + 3.50%		)	6/30/2025		16		11
Total								10,386

Software/Services 0.21%
Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4		–	^(j)	12/1/2027		714,855		685,546
Magenta Buyer LLC 2021 USD 1st Lien Term Loan	6.23% (3 Mo. LIBOR + 5.00%		)	7/27/2028		614,638		554,271
Peraton Corp. Term Loan B	5.416% (1 Mo. LIBOR + 3.75%		)	2/1/2028		1,156,482		1,089,157
Total								2,328,974

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
Specialty Retail 0.11%
Winterfell Financing Sarl EUR Term Loan B^(g)	2.925% (3 Mo. EURIBOR + 2.93%		)	5/4/2028	EUR	1,316,145	$	1,235,005

Support: Services 0.00%
Verscend Holding Corp. 2021 Term Loan B	5.666% (1 Mo. LIBOR + 4.00%		)	8/27/2025	$	1,271		1,220

Technology Hardware & Equipment 0.11%
Atlas CC Acquisition Corp Term Loan B	5.825% (3 Mo. LIBOR + 4.25%		)	5/25/2028		1,054,383		977,287
Atlas CC Acquisition Corp Term Loan C	5.825% (3 Mo. LIBOR + 4.25%		)	5/25/2028		214,451		198,770
Total								1,176,057

Theaters & Entertainment 0.06%
Vue International Bidco p.l.c. 2019 EUR Term Loan B^(g)(h)		–	^(j)	7/3/2026	EUR	857,905		648,209
Total Floating Rate Loans (cost $29,751,988)								27,871,330

FOREIGN GOVERNMENT OBLIGATIONS 3.12%

Angola 0.26%
Angolan Government International Bond^†(b)		9.125%		11/26/2049	$	2,602,000		1,851,193
Angolan Government International Bond^†(b)		9.375%		5/8/2048		1,474,000		1,072,408
Total								2,923,601

Bermuda 0.17%
Bermuda Government International Bond^†		2.375%		8/20/2030		1,096,000		920,534
Bermuda Government International Bond^†		3.375%		8/20/2050		1,444,000		1,053,281
Total								1,973,815

Brazil 0.18%
Federal Republic of Brazil^(b)		4.75%		1/14/2050		3,028,000		2,060,648

Colombia 0.24%
Colombia Government International Bond^(b)		5.20%		5/15/2049		4,043,000		2,752,471

Costa Rica 0.21%
Costa Rica Government International Bond^†(b)		7.158%		3/12/2045		2,774,000		2,423,564

Dominican Republic 0.10%
Dominican Republic International Bond^†(b)		6.00%		2/22/2033		1,309,000		1,093,747

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Ecuador 0.25%
Ecuador Government International Bond^†(b)	5.00%		7/31/2030	$	4,370,000	$	2,846,057

France 0.20%
Caisse d’Amortissement de la Dette Sociale^†(b)	3.00%		5/17/2025		2,220,000		2,205,986

Gabon 0.12%
Gabon Government International Bond^†(b)	7.00%		11/24/2031		1,798,000		1,316,873

Kenya 0.04%
Kenya Government International Bond^†(b)	7.25%		2/28/2028		621,000		450,641

Norway 0.84%
Kommunalbanken AS^†(b)	2.448% (SOFR + 1.00%	)^#	6/17/2026		9,200,000		9,448,362

Oman 0.13%
Oman Sovereign Sukuk Co.^†(b)	4.875%		6/15/2030		1,466,000		1,424,578

Senegal 0.11%
Senegal Government International Bond^†(g)	5.375%		6/8/2037	EUR	1,882,000		1,241,270

South Africa 0.18%
South Africa Government International Bond^(b)	5.75%		9/30/2049	$	1,203,000		825,264
South Africa Government International Bond^(b)	7.30%		4/20/2052		1,459,000		1,170,410
Total							1,995,674

Sri Lanka 0.09%
Sri Lanka Government International Bond^†(b)	5.875%		7/25/2022		2,340,000		978,327
Total Foreign Government Obligations (cost $43,516,947)							35,135,614

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 5.83%
Fannie Mae or Freddie Mac^(m)	3.50%		TBA		1,465,000		1,409,261
Fannie Mae or Freddie Mac^(m)	3.50%		TBA		1,459,000		1,401,888
Fannie Mae or Freddie Mac^(m)	4.00%		TBA		8,000,000		7,877,656
Fannie Mae or Freddie Mac^(m)	4.50%		TBA		12,472,000		12,495,872
Fannie Mae or Freddie Mac^(m)	5.00%		TBA		2,324,000		2,366,168
Fannie Mae Pool	3.50%		4/1/2052		1,796,000		1,744,646

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Fannie Mae Pool	4.00%	5/1/2052	$	2,625,298	$	2,635,804
Fannie Mae Pool	4.00%	5/1/2052		1,946,619		1,951,394
Federal Home Loan Mortgage Corp.	3.50%	8/1/2045		2,176,791		2,145,352
Federal National Mortgage Assoc.	3.50%	9/1/2051		1,144,662		1,119,610
Federal National Mortgage Assoc.^(m)	5.50%	TBA		5,475,000		5,669,193
Ginnie Mae^(m)	3.50%	TBA		3,025,000		2,939,922
Ginnie Mae^(m)	4.00%	TBA		6,100,000		6,061,756
Ginnie Mae^(m)	5.00%	TBA		4,506,000		4,601,048
Government National Mortgage Assoc.^(m)	4.50%	TBA		8,100,000		8,221,500
Government National Mortgage Assoc.^(m)	4.50%	TBA		2,950,000		2,982,957
Total Government Sponsored Enterprises Pass-Throughs (cost $65,302,982)						65,624,027

MUNICIPAL BONDS 2.85%

Education 0.56%
California State University	3.899%	11/1/2047		1,975,000		1,848,469
Ohio University	5.59%	12/1/2114		1,000,000		998,780
Permanent University Fund - Texas A&M University S	3.66%	7/1/2047		1,070,000		989,382
Regents of the University of California Medical Ce	3.006%	5/15/2050		1,185,000		897,081
Regents of the University of California Medical Ce	4.132%	5/15/2032		880,000		872,685
Regents of the University of California Medical Ce	6.548%	5/15/2048		600,000		746,754
Total						6,353,151

General Obligation 0.50%
Commonwealth of Pennsylvania	5.45%	2/15/2030		836,000		907,674
District of Columbia	5.591%	12/1/2034		795,000		880,206
State of Illinois	5.10%	6/1/2033		3,010,000		3,031,955
University of North Carolina at Chapel Hill	3.847%	12/1/2034		855,000		847,471
Total						5,667,306

Government 0.30%
Louisiana Local Government Environmental Facilitie	3.615%	2/1/2029		1,334,000		1,334,275
Louisiana Local Government Environmental Facilitie	4.145%	2/1/2033		2,002,000		2,005,027
Total						3,339,302

Lease Obligation 0.06%
State of Wisconsin	3.294%	5/1/2037		790,000		699,891

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Miscellaneous 0.24%
Dallas Convention Center Hotel Development Corp	7.088%	1/1/2042	$	1,210,000	$	1,434,835
New York City Industrial Development Agency^†	11.00%	3/1/2029		1,040,000		1,273,721
Total						2,708,556

Revenue - Utilities - Other 0.10%
City of San Antonio TX Electric & Gas Systems Reve	5.718%	2/1/2041		980,000		1,138,716

Tax Revenue 0.42%
County of Miami-Dade FL	2.786%	10/1/2037		660,000		530,003
Dallas Area Rapid Transit	2.613%	12/1/2048		1,090,000		804,838
Massachusetts School Building Authority	5.715%	8/15/2039		1,220,000		1,369,234
Memphis-Shelby County Industrial Development Board^(h)	7.00%	7/1/2045		1,415,000		1,077,130	^(a)
New York State Dormitory Authority	3.19%	2/15/2043		310,000		254,959
Regional Transportation District Sales Tax Revenue	2.387%	11/1/2037		830,000		632,468
Total						4,668,632

Taxable Revenue - Water & Sewer 0.05%
City & County Honolulu HI Wastewater System Revenu	1.623%	7/1/2031		390,000		320,549
City & County Honolulu HI Wastewater System Revenu	2.574%	7/1/2041		260,000		192,860
Total						513,409

Transportation 0.62%
Chicago Transit Authority Sales Tax Receipts Fund	6.20%	12/1/2040		1,030,000		1,185,599
County of Miami-Dade FL Aviation Revenue	4.28%	10/1/2041		950,000		888,533
Foothill-Eastern Transportation Corridor Agency	4.094%	1/15/2049		1,292,000		1,134,187
Metropolitan Transportation Authority	5.175%	11/15/2049		1,000,000		1,036,300
Metropolitan Transportation Authority	6.668%	11/15/2039		525,000		629,137
New Jersey Transportation Trust Fund Authority	4.131%	6/15/2042		1,075,000		937,049
Port of Seattle WA	3.571%	5/1/2032		130,000		122,010
Port of Seattle WA	3.755%	5/1/2036		1,105,000		1,021,650
Total						6,954,465
Total Municipal Bonds (cost $35,345,656)						32,043,428

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Interest

Maturity

Principal

Fair

Investments

Rate

Date

Amount

Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.26%

Angel Oak Mortgage Trust 2020-1 A1^†

2.466%

^#(n)

12/25/2059

162,779

158,149

Angel Oak Mortgage Trust 2020-2 A1A^†

2.531%

^#(n)

1/26/2065

958,616

925,337

Angel Oak Mortgage Trust 2022-3 A1^†

4.00%

1/10/2067

2,433,605

2,329,598

Atrium Hotel Portfolio Trust 2018-ATRM A^†

2.274%
(1 Mo. LIBOR + .95%

)^#

6/15/2035

2,083,000

2,018,061

BBCMS Mortgage Trust 2019-BWAY A^†

2.28%
(1 Mo. LIBOR + .96%

)^#

11/15/2034

1,750,000

1,686,978

Benchmark Mortgage Trust 2019-B12 WMA^†

4.388%

^#(n)

8/15/2052

2,892,000

2,612,633

^(a)

BHMS 2018-ATLS A^†

2.574%
(1 Mo. LIBOR + 1.25%

)^#

7/15/2035

3,300,000

3,178,755

BX 2021-MFM1 B^†

2.274%
(1 Mo. LIBOR + .95%

)^#

1/15/2034

400,000

381,945

BX 2021-MFM1 C^†

2.524%
(1 Mo. LIBOR + 1.20%

)^#

1/15/2034

250,000

236,858

BX Commercial Mortgage Trust 2020-VIV4 A^†

2.843%

3/9/2044

829,000

713,364

BX Commercial Mortgage Trust 2021-VOLT A^†

2.024%
(1 Mo. LIBOR + .70%

)^#

9/15/2036

2,630,000

2,540,546

BX Trust 2021-ARIA F^†

3.918%
(1 Mo. LIBOR + 2.59%

)^#

10/15/2036

5,250,000

4,822,911

CF Trust 2019-BOSS A1

4.75%
(1 Mo. LIBOR + 3.25%

)

12/15/2024

1,340,000

1,208,504

^(a)

Citigroup Commercial Mortgage Trust 2016-GC36 C

4.908%

^#(n)

2/10/2049

480,000

437,721

Citigroup Commercial Mortgage Trust 2016-P3 D^†

2.804%

^#(n)

4/15/2049

828,000

615,588

COMM Mortgage Trust 2014-UBS5 AM

4.193%

^#(n)

9/10/2047

1,161,000

1,143,166

COMM Mortgage Trust 2020-SBX C^†

2.056%

^#(n)

1/10/2038

350,000

311,101

COMM Mortgage Trust 2020-SBX D^†

2.398%

^#(n)

1/10/2038

500,000

444,203

Connecticut Avenue Securities Trust 2021-R01 1B1^†

4.026%
(1 Mo. SOFR + 3.10%

)^#

10/25/2041

1,980,000

1,704,678

Connecticut Avenue Securities Trust 2021-R03 1B1^†

3.676%
(1 Mo. SOFR + 2.75%

)^#

12/25/2041

1,380,000

1,164,613

Connecticut Avenue Securities Trust 2022-R01 1B1^†

4.076%
(1 Mo. SOFR + 3.15%

)^#

12/25/2041

1,530,000

1,312,535

Connecticut Avenue Securities Trust 2022-R01 1B2^†

6.926%
(1 Mo. SOFR + 6.00%

)^#

12/25/2041

2,060,000

1,696,803

Credit Suisse Mortgage Capital Certificates 2019-ICE4 C^†

2.754%
(1 Mo. LIBOR + 1.43%

)^#

5/15/2036

3,000,000

2,929,833

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Interest

Maturity

Principal

Fair

Investments

Rate

Date

Amount

Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

Credit Suisse Mortgage Capital Certificates 2019-ICE4 D^†

2.924%
(1 Mo. LIBOR + 1.60%

)^#

5/15/2036

924,000

899,624

CSMC 2021-BHAR D^†

4.075%
(1 Mo. LIBOR + 2.75%

)^#

11/15/2038

420,000

388,359

CSMC 2021-BHAR E^†

4.825%
(1 Mo. LIBOR + 3.50%

)^#

11/15/2038

620,000

585,618

CSMC 2021-BHAR F^†

5.575%
(1 Mo. LIBOR + 4.25%

)^#

11/15/2038

490,000

458,657

CSMC 2021-BPNY A^†

5.039%
(1 Mo. LIBOR + 3.71%

)^#

8/15/2023

2,420,000

2,362,495

CSMC 2021-BRIT A^†

4.853%
(1 Mo. Term SOFR + 3.57%

)^#

5/15/2023

4,500,000

4,268,759

CSMC Trust 2020-AFC1 A1^†

2.24%

^#(n)

2/25/2050

465,311

445,964

DCP Rights, LLC 2020-1

3.383%

1/15/2024

3,850,000

3,856,083

^(a)

Fannie Mae Connecticut Avenue Securities 2021-R02 2B1^†

4.226%
(1 Mo. SOFR + 3.30%

)^#

11/25/2041

570,000

490,167

Fontainebleau Miami Beach Trust 2019-FBLU A^†

3.144%

12/10/2036

780,000

748,863

Fontainebleau Miami Beach Trust 2019-FBLU B^†

3.447%

12/10/2036

800,000

768,410

Freddie Mac STACR REMIC Trust 2021-DNA6 B1^†

4.326%
(1 Mo. SOFR + 3.40%

)^#

10/25/2041

3,310,000

2,846,534

Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B1^†

4.576%
(1 Mo. SOFR + 3.65%

)^#

11/25/2041

2,220,000

1,909,254

GCAT Trust 2020-NQM1 A1^†

2.247%

1/25/2060

92,727

90,431

GCAT Trust 2022-NQM2 A1^†

4.21%

^#(n)

2/25/2067

1,352,088

1,313,902

Great Wolf Trust 2019-WOLF A^†

2.358%
(1 Mo. LIBOR + 1.03%

)^#

12/15/2036

3,317,000

3,229,467

Great Wolf Trust 2019-WOLF D^†

3.257%
(1 Mo. LIBOR + 1.93%

)^#

12/15/2036

2,923,000

2,767,981

GS Mortgage Securities Corp. II 2021-ARDN C^†

3.374%
(1 Mo. LIBOR + 2.05%

)^#

11/15/2036

770,000

749,514

^(a)

GS Mortgage Securities Corp. II 2021-ARDN D^†

4.074%
(1 Mo. LIBOR + 2.75%

)^#

11/15/2036

1,340,000

1,304,403

GS Mortgage Securities Corp. Trust 2021-RENT E^†

4.362%
(1 Mo. LIBOR + 2.75%

)^#

11/21/2035

643,334

618,181

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Interest

Maturity

Principal

Fair

Investments

Rate

Date

Amount

Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)

GS Mortgage Securities Corp. Trust 2021-RENT F^†

5.262%
(1 Mo. LIBOR + 3.65%

)^#

11/21/2035

494,873

475,144

GS Mortgage Securities Corp. Trust 2021-RENT G^†

7.312%
(1 Mo. LIBOR + 5.70%

)^#

11/21/2035

98,975

93,754

GS Mortgage Securities Corp. Trust 2021-RSMZ MZ^†

10.824%
(1 Mo. LIBOR + 9.50%

)^#

6/15/2026

4,000,000

3,800,945

Hilton Orlando Trust 2018-ORL A^†

2.244%
(1 Mo. LIBOR + .92%

)^#

12/15/2034

557,000

543,639

HPLY Trust 2019-HIT A^†

2.324%
(1 Mo. LIBOR + 1.00%

)^#

11/15/2036

994,706

966,119

J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP B^†

2.385%
(1 Mo. Term SOFR + 1.11%

)^#

4/15/2037

1,800,000

1,694,477

JPMCC Commercial Mortgage Securities Trust 2017-JP5 C

3.937%

^#(n)

3/15/2050

821,000

725,774

JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†

3.287%

1/10/2037

550,000

524,158

JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†

3.64%

1/10/2037

490,000

458,451

JPMorgan Chase Commercial Mortgage Securities Trust 2021-BOLT D^†

8.025%
(1 Mo. LIBOR + 6.70%

)^#

8/15/2033

2,110,000

2,112,616

^(a)

KIND Trust 2021-KIND E^†

4.574%
(1 Mo. LIBOR + 3.25%

)^#

8/15/2038

2,420,000

2,246,546

KKR Industrial Portfolio Trust 2021-KDIP D^†

2.574%
(1 Mo. LIBOR + 1.25%

)^#

12/15/2037

262,500

249,216

KKR Industrial Portfolio Trust 2021-KDIP E^†

2.874%
(1 Mo. LIBOR + 1.55%

)^#

12/15/2037

427,500

404,900

KKR Industrial Portfolio Trust 2021-KDIP F^†

3.374%
(1 Mo. LIBOR + 2.05%

)^#

12/15/2037

469,500

433,269

Life Mortgage Trust 2021-BMR E^†

3.074%
(1 Mo. LIBOR + 1.75%

)^#

3/15/2038

1,179,564

1,102,950

Life Mortgage Trust 2022-BMR2 A1^†

2.574%
(1 Mo. Term SOFR + 1.30%

)^#

5/15/2039

2,580,000

2,520,729

New Residential Mortgage Loan Trust 2020-NQM1 A1^†

2.464%

^#(n)

1/26/2060

154,865

149,232

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

		Interest			Maturity	Principal		Fair
Investments		Rate			Date	Amount		Value

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
One New York Plaza Trust 2020-1NYP B^†	2.824% (1 Mo. LIBOR + 1.50%			)^#	1/15/2036	$	600,000	$	576,806
One New York Plaza Trust 2020-1NYP C^†	3.524% (1 Mo. LIBOR + 2.20%			)^#	1/15/2036		1,380,000		1,322,228
One New York Plaza Trust 2020-1NYP D^†	4.074% (1 Mo. LIBOR + 2.75%			)^#	1/15/2036		500,000		477,204
PFP Ltd. 2019-6 A^†	2.559% (1 Mo. LIBOR + 1.05%			)^#	4/14/2037		40,292		40,216
PFP Ltd. 2019-6 C^†	3.609% (1 Mo. LIBOR + 2.10%			)^#	4/14/2037		1,995,000		1,996,195
Residential Mortgage Loan Trust 2020-1 A1^†		2.376%		^#(n)	1/26/2060		113,513		109,934
SLG Office Trust 2021-OVA E^†		2.851%			7/15/2041		2,310,000		1,797,755
Starwood Mortgage Residential Trust 2020-1 A1^†		2.275%		^#(n)	2/25/2050		55,170		55,018
Verus Securitization Trust 2020-1 A1^†		2.417%			1/25/2060		139,626		137,281
Verus Securitization Trust 2022-4 A1^†		4.474%			4/25/2067		2,626,718		2,598,373
Wells Fargo Commercial Mortgage Trust 2020-SDAL A^†		2.334% (1 Mo. LIBOR + 1.01%		)^#	2/15/2037		582,000		566,269
Total Non-Agency Commercial Mortgage-Backed Securities (cost $98,703,734)									92,855,744

			Dividend Rate				Shares

PREFERRED STOCKS 0.10%

Transportation Infrastructure
ACBL Holdings Corp. Series A		Zero Coupon					12,368		311,259
ACBL Holdings Corp. Series B		Zero Coupon					16,904		824,070
Total Preferred Stocks (cost $731,800)									1,135,329

			Interest Rate			Principal Amount

U.S. TREASURY OBLIGATIONS 6.93%
U.S. Treasury Inflation Indexed Bond^(o)		0.125%			2/15/2052	$	32,452,178		25,252,030
U.S. Treasury Inflation Indexed Note^(o)		0.125%			1/15/2032		55,493,602		52,724,317
Total U.S. Treasury Obligations (cost $90,583,130)									77,976,347
Total Long-Term Investments (cost $1,274,198,482)									1,144,526,529

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.33%

Repurchase Agreements 1.33%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $15,762,600 of U.S. Treasury Note at 1.50% due 11/30/2024; value: $15,190,883; proceeds: $14,893,175 (cost $14,892,948)	$	14,892,948	$	14,892,948
Total Investments in Securities 103.08% (cost $1,289,091,430)				1,159,419,477
Other Assets and Liabilities – Net^(p)(3.08)%				(34,588,658	)
Net Assets 100.00%			$	1,124,830,819

EUR	Euro.
GBP	British Pound.
ADR	American Depositary Receipt.
CMT	Constant Maturity Rate.
EURIBOR	Euro Interbank Offered Rate.
ICE	Intercontinental Exchange.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2022, the total value of Rule 144A securities was $560,818,469, which represents 49.90% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at June 30, 2022.
*		Non-income producing security.
^(a)		Level 3 Investment as described in Note 2(r) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Security has been fully or partially segregated for open reverse repurchase agreements as of June 30, 2022 (See Note 2(p)).
^(d)		Level 3 Investment as described in Note 2(r) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(e)		Amount is less than $1.
^(f)		Security is perpetual in nature and has no stated maturity.
^(g)		Investment in non-U.S. dollar denominated securities.
^(h)		Defaulted (non-income producing security).
⁽ⁱ⁾		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2022.
^(j)		Interest rate to be determined.
^(k)		Level 3 Investment as described in Note 2(r) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(l)		Level 3 Investment as described in Note 2(r) in the Notes to Schedule of Investments. Floating Rate Loan fair valued by the Pricing Committee. Accounting policies generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

^(m)		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
⁽ⁿ⁾		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(o)		Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
^(p)		Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at June 30, 2022⁽¹⁾:

Fund

Referenced

Central

Pays

Termination

Notional

Payments

Unrealized

Indexes

Clearing Party

(Quarterly)

Date

Amount

Upfront⁽²⁾

Value

Appreciation⁽³⁾

Markit CDX. NA.EM.37⁽⁴⁾⁽⁵⁾

Bank of America

1.000%

6/20/2027

$22,626,000

$2,151,026

$2,271,029

$120,003

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap 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 less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received/paid by Central Clearing Party are presented net of amortization (See Note 2(j)).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $120,003. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $0.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets sovereign issuers.

Open Consumer Price Index (“CPI”) Centrally Cleared Swaps at June 30, 2022:

Payments to be

Made By

Received By

Value/

Swap

The Fund at

Termination

Notional

Unrealized

Counterparty

Termination Date

Date

Amount

Appreciation

Bank of America

2.658

CPI Urban Consumer NSA

2/14/2032

$26,000,000

$500,454

Payments to be

Made By

Received By

Value/

Swap

The Fund at

Termination

Notional

Unrealized

Counterparty

Termination Date

Date

Amount

Depreciation

Bank of America

2.748

CPI Urban Consumer NSA

4/20/2052

$6,000,000

(558,610

)

Bank of America

2.665

CPI Urban Consumer NSA

5/12/2052

4,373,000

(318,451

)

Bank of America

2.544

CPI Urban Consumer NSA

3/2/2052

2,807,089

(71,735

)

Bank of America

2.544

CPI Urban Consumer NSA

3/2/2052

1,392,911

(42,326

)⁽¹⁾

Unrealized Depreciation on CPI Centrally Cleared Swaps

(991,122

)

⁽¹⁾

Includes upfront payment of $6,731.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Credit Default Swaps on Indexes - Sell Protection at June 30, 2022⁽¹⁾:

Referenced Indexes*	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount	Payments Upfront⁽²⁾				Unrealized Appreciation/ (Depreciation)⁽³⁾				Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX.NA.AA.7	Citibank	1.500%	1/17/2047	500,000		$	(5,954	)		$	(2,833	)		$	(8,787	)
Markit CMBX.NA.AA.8	Citibank	1.500%	10/17/2057	1,000,000			4,940				(6,628	)			(1,688	)
Markit CMBX.NA.BBB-.9	Citibank	3.000%	9/17/2058	1,200,000			(125,351	)			(80,355	)			(205,706	)
Markit CMBX.NA.BBB-.9	Morgan Stanley	3.000%	9/17/2058	6,000,000			(651,396	)			(377,133	)			(1,028,529	)
Markit CMBX.NA.BBB-.10	Morgan Stanley	3.000%	11/17/2059	1,200,000			(147,010	)			(62,175	)			(209,185	)
Markit CMBX.NA.BBB-.12	Morgan Stanley	3.000%	8/17/2061	1,200,000			(80,761	)			(135,230	)			(215,991	)
						$	(1,005,532	)		$	(664,354	)		$	(1,669,886	)

*		The Referenced Index is for the Credit Default Swaps on Indexes, which is comprised of a basket of commercial mortgage-backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap 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 less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received/paid are presented net of amortization (See Note 2(j)).
⁽³⁾		Total unrealized appreciation on Credit Default Swaps in Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $664,354.
⁽⁴⁾		Includes upfront payments received.

Open Total Return Swap Contracts at June 30, 2022:

Swap
Counter-	Referenced	Referenced			Termination	Notional		Upfront					Unrealized
party	Index*	Spread	Units	Position	Date	Amount		Payment			Value		Appreciation
Barclays Capital, Inc.	IBOXX	12-Month USD SOFR Index	16,646	Long	9/20/2022	$	2,883,987		$	670	$	50,876		$	50,206
Barclays Capital, Inc.	IBOXX	12-Month USD SOFR Index	11,178	Long	9/20/2022		1,922,658			471		20,191			19,720
Morgan Stanley	IBOXX	12-Month USD SOFR Index	8,871	Long	9/20/2022		1,534,728			228		24,895			24,667
Morgan Stanley	IBOXX	12-Month USD SOFR Index	24,661	Long	9/20/2022		4,220,505			586		23,335			22,749
Total						$	10,561,878		$	1,955	$	119,297		$	117,342

*		iBoxx Leverage Loan Index
		SOFR Secured Over Night Financing Rate.

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Open Forward Foreign Currency Exchange Contracts at June 30, 2022:

Forward

Foreign

U.S. $

Currency

Cost on

U.S. $

Exchange

Transaction

Expiration

Foreign

Origination

Current

Unrealized

Contracts

Type

Counterparty

Date

Currency

Date

Value

Appreciation

Euro

Buy

Toronto Dominion Bank

9/12/2022

332,000

$ 348,361

$ 349,620

1,259

Euro

Sell

J.P. Morgan

9/8/2022

3,530,000

4,428,862

4,302,329

126,533

Sterling Pound

Sell

State Street Bank and Trust

9/12/2022

8,220,000

8,854,962

8,656,266

198,696

Unrealized Appreciation on Forward Foreign Currency Exchange Contracts

326,488

Open Futures Contracts at June 30, 2022:

				Notional		Notional		Unrealized
Type	Expiration	Contracts	Position	Amount		Value		Appreciation
U.S. 10-Year Treasury Note	September 2022	912	Short	$(109,445,643	)	$(108,100,500	)		$	1,345,143
U.S. 10-Year Ultra Treasury Note	September 2022	433	Short	(55,666,657	)	(55,153,375	)			513,282
U.S. 2-Year Treasury Note	September 2022	261	Short	(54,993,715	)	(54,814,078	)			179,637
Total Unrealized Appreciation on Open Futures Contracts									$	2,038,062

				Notional		Notional		Unrealized
Type	Expiration	Contracts	Position	Amount		Value		Depreciation
U.S. 5-Year Treasury Note	September 2022	893	Long	$100,535,126		$100,239,250			$	(295,876	)
U.S. Long Bond	September 2022	359	Short	(49,618,790	)	(49,766,375	)			(147,585	)
U.S. Ultra Treasury Bond	September 2022	341	Short	(51,806,944	)	(52,631,219	)			(824,275	)
Total Unrealized Depreciation on Open Futures Contracts									$	(1,267,736	)

Reverse Repurchase Agreement Payable as of June 30, 2022:

Counterparty

Principal

Collateral
Held by
Counterparty

Interest
Rate⁽¹⁾

Trade
Date

Maturity
Date⁽²⁾

Fair
Value⁽³⁾

Barclays Bank PLC

$32,733

$39,000 Principal, American Airlines Group, Inc. At 3.750%
Due 3/1/2025,
$32,932 Fair Value

(10.00%

)

6/22/2022

On Demand

$32,651

⁽¹⁾		The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.
⁽²⁾		This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.
⁽³⁾		Total fair value of reverse repurchase agreement is presented net of interest receivable of $82.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 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
Credit Card	$	–	$	1,228,112	$	2,547,820	$	3,775,932
Remaining Industries		–		80,815,632		–		80,815,632
Common Stocks
Auto Components		–		669,094		–		669,094
Electric-Generation		–		2,960		–		2,960
Miscellaneous Financials		–		–		603,068		603,068
Personal Products		–		1,155,702		–		1,155,702
Specialty Retail		–		373,530		–		373,530
Transportation Infrastructure		–		–		71,838		71,838
Remaining Industries		16,933,010		–		–		16,933,010
Corporate Bonds
Commercial Services		–		20,484,960		14,805		20,499,765
Mining		–		21,231,739		1		21,231,740
Savings & Loans		–		–		125		125
Remaining Industries		–		665,752,314		–		665,752,314
Floating Rate Loans
Electric: Generation		–		2,996,436		32,260		3,028,696
Personal & Household Products		–		11		10,375		10,386
Remaining Industries		–		24,832,248		–		24,832,248
Foreign Government Obligations		–		35,135,614		–		35,135,614
Government Sponsored Enterprises Pass-Throughs		–		65,624,027		–		65,624,027
Municipal Bonds
Tax Revenue		–		3,061,499		1,077,130		4,138,629
Remaining Industries		–		27,904,799		–		27,904,799
Non-Agency Commercial Mortgage-Backed Securities		–		82,316,394		10,539,350		92,855,744
Preferred Stocks		–		1,135,329		–		1,135,329
U.S. Treasury Obligations		–		77,976,347		–		77,976,347
Short-Term Investments
Repurchase Agreements		–		14,892,948		–		14,892,948
Total	$	16,933,010	$	1,127,589,695	$	14,896,772	$	1,159,419,477

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

Other Financial Instruments

Level 1

Level 2

Level 3

Total

Centrally Cleared Credit Default Swap Contracts

Assets

–

120,003

–

120,003

Liabilities

–

Centrally Cleared CPI Swap Contracts

Assets

–

500,454

–

500,454

Liabilities

–

(991,122

)

–

(991,122

)

Credit Default Swap Contracts

Assets

–

Liabilities

–

(1,669,886

)

–

(1,669,886

)

Total Return Swap Contracts

Assets

–

117,342

–

117,342

Liabilities

–

Forward Foreign Currency Exchange Contracts

Assets

–

326,488

–

326,488

Liabilities

–

Futures Contracts

Assets

2,038,062

–

2,038,062

Liabilities

(1,267,736

)

–

(1,267,736

)

Reverse Repurchase Agreements

Asset

–

Liabilities

–

(32,651

)

–

(32,651

)

Total

770,326

(1,629,372

)

–

(859,046

)

⁽¹⁾		Refer to Note 2(r) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

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

																Non-Agency
																Commercial
	Asset-									Floating						Mortgage-
	Backed			Common			Corporate			Rate			Municipal			Backed
Investment Type	Securities			Stocks			Bonds			Loans			Bonds			Securities
Balance as of January 1, 2022	$	–		$	349,517		$	126		$	152,378		$	–		$	–
Accrued Discounts (Premiums)		(8,540	)		–			(118	)		5,259			–			25
Realized Gain (Loss)		–			–			–			174			–			–
Change in Unrealized Appreciation (Depreciation)		(64,766	)		140,782			(2,660,131	)		(46,258	)		(191,626	)		(304,325	)
Purchases		–			–			2,661,483			82,670			–			3,850,000
Sales		–			–			–			(83,006	)		–			–
Transfers into Level 3		2,621,126			534,124			13,571			73,421			1,268,756			6,993,650
Transfers out of Level 3		–			(349,517	)		–			(142,003	)		–			–
Balance as of June 30, 2022	$	2,547,820		$	674,906		$	14,931		$	42,635		$	1,077,130		$	10,539,350
Change in unrealized appreciation/ depreciation for the period ended June 30, 2022, related to Level 3 investments held at June 30, 2022	$	(64,766	)	$	140,782		$	(2,660,131	)	$	(118,554	)	$	(191,626	)	$	(304,325	)

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $1,289,091,430)	$	1,159,419,477
Deposits with brokers for futures collateral		5,874,444
Deposit with brokers for forwards and swaps collateral		5,499,562
Foreign cash, at value (cost $449)		1,145
Receivables:
Investment securities sold		89,937,192
Interest and dividends		12,679,444
Capital shares sold		47,551
Total return swap, at fair value		119,297
Unrealized appreciation on forward foreign currency exchange contracts		326,488
Prepaid expenses and other assets		5,641
Total assets		1,273,910,241
LIABILITIES:
Payables:
Investment securities purchased		141,907,452
Capital shares reacquired		1,454,759
Variation margin for futures contracts		1,384,966
Transfer agent fees		1,250,181
Variation margin for centrally cleared credit default swap agreements		481,866
Management fee		451,082
Directors’ fees		155,247
To bank		54,943
Fund administration		38,270
Credit default swap agreements payable, at fair value (including upfront payments of $1,010,472)		1,669,886
Reverse repurchase agreement payable, at fair value		32,651
Accrued expenses		198,119
Total liabilities		149,079,422
Commitments and contingent liabilities
NET ASSETS	$	1,124,830,819
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,256,980,221
Total distributable earnings (loss)		(132,149,402	)
Net Assets	$	1,124,830,819
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		105,589,721
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$10.65

42	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Dividends (net of foreign withholding taxes of $9,366)	$	631,036
Securities lending net income		3,436
Interest and other		27,943,898
Interest earned from Interfund Lending (See Note 11)		144
Total investment income		28,578,514
Expenses:
Management fee		2,880,224
Non 12b-1 service fees		1,529,350
Shareholder servicing		648,243
Fund administration		245,000
Reports to shareholders		44,030
Professional		31,364
Custody		14,446
Directors’ fees		9,573
Other		46,840
Gross expenses		5,449,070
Expense reductions (See Note 9)		(1,672	)
Fees waived and expenses reimbursed (See Note 3)		(14,446	)
Net expenses		5,432,952
Net investment income		23,145,562
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(39,716,881	)
Net realized gain (loss) on futures contracts		10,627,816
Net realized gain (loss) on forward foreign currency exchange contracts		1,183,376
Net realized gain (loss) on swap contracts		1,187,742
Net realized gain (loss) on foreign currency related transactions		(222,709	)
Net change in unrealized appreciation/depreciation on investments		(173,467,417	)
Net change in unrealized appreciation/depreciation on futures contracts		1,426,748
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		446,671
Net change in unrealized appreciation/depreciation on swap contracts		(1,052,129	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		90,812
Net change in unrealized appreciation/depreciation on unfunded commitments		783
Net realized and unrealized gain (loss)		(199,495,188	)
Net Decrease in Net Assets Resulting From Operations	$	(176,349,626	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021
Operations:
Net investment income	$	23,145,562		$	39,376,068
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		(26,940,656	)		61,885,755
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		(172,554,532	)		(61,849,142	)
Net increase (decrease) in net assets resulting from operations		(176,349,626	)		39,412,681
Distributions to shareholders:		–			(61,516,780	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		39,911,939			200,310,546
Reinvestment of distributions		–			61,516,780
Cost of shares reacquired		(69,651,402	)		(85,061,912	)
Net increase (decrease) in net assets resulting from capital share transactions		(29,739,463	)		176,765,414
Net increase (decrease) in net assets		(206,089,089	)		154,661,315
NET ASSETS:
Beginning of period	$	1,330,919,908		$	1,176,258,593
End of period	$	1,124,830,819		$	1,330,919,908

44	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment operations			Net invest- ment income			Net realized gain			Total distri- butions
6/30/2022^(c)	$	12.29	$	0.22	$	(1.86	)	$	(1.64	)	$	–		$	–		$	–
12/31/2021		12.48		0.40		0.01			0.41			(0.39	)		(0.21	)		(0.60	)
12/31/2020		12.08		0.44		0.43			0.87			(0.47	)		–			(0.47	)
12/31/2019		11.08		0.46		1.02			1.48			(0.48	)		–			(0.48	)
12/31/2018		12.38		0.49		(0.99	)		(0.50	)		(0.53	)		(0.27	)		(0.80	)
12/31/2017		11.94		0.52		0.58			1.10			(0.53	)		(0.13	)		(0.66	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

46	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	10.65		(13.41	)^(d)		0.89	^(e)		0.89	^(e)		3.78	^(e)	$	1,124,831		87	^(d)
	12.29		3.28			0.89			0.89			3.11			1,330,920		96
	12.48		7.30			0.91			0.91			3.65			1,176,259		96
	12.08		13.35			0.92			0.92			3.84			1,187,443		232
	11.08		(4.02	)		0.92			0.93			4.04			1,077,305		153
	12.38		9.21			0.90			0.92			4.13			1,173,221		121

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked 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. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Notes to Financial Statements (unaudited)(continued)

	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.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified- cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

Notes to Financial Statements (unaudited)(continued)

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

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

(j)	Credit Default Swaps–The Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), the Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract.

Notes to Financial Statements (unaudited)(continued)

	As a purchaser of a credit default swap contract (“buyer of protection”), the Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund makes periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred.

	These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market.

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where the Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default.

(k)	Total Return Swaps–Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any

Notes to Financial Statements (unaudited)(continued)

	distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

(l)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(m)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(n)	TBA Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

(o)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

Notes to Financial Statements (unaudited)(continued)

(p)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that the Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price.

	For the six months ended June 30, 2022, the average interest rate paid, the amount of interest paid and the average principal amount for the days borrowed in the period were as follows:

	Interest Rate	Interest Expense	Average Amount Borrowed
	(10)%	$82	$32,733

(q)	Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

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

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

	As of June 30, 2022, the Fund had no unfunded loan commitments.

Notes to Financial Statements (unaudited)(continued)

(r)

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).

	A summary of inputs used in valuing the Fund’s investments and other financial instruments as of June 30, 2022 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

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

Notes to Financial Statements (unaudited)(continued)

For the six months ended June 30, 2022, the effective management fee was at an annualized rate of .47% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04 % of the Fund’s average daily net assets. Lord Abbett voluntarily waived $14,446 of fund administration fees during the six months ended June 30, 2022.

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

4	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended
	6/30/2022			Year Ended
	(unaudited)			12/31/2021
Distributions paid from:
Ordinary income		$	–		$	61,516,780
Total distributions paid		$	–		$	61,516,780

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	1,291,727,006
Gross unrealized gain		7,262,984
Gross unrealized loss		(139,391,376	)
Net unrealized security gain/(loss)	$	(132,128,392	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities, other financial instruments, premium amortization and wash sales.

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

U.S.	Non-U.S.	U.S.	Non-U.S.
Government	Government	Government	Government
Purchases*	Purchases	Sales*	Sales
$375,688,383	$743,924,573	$216,138,29	$856,171,352

*	Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trade purchases of $1,996,302 and sales of $2,691,514 which resulted in a net realized gain of $27,934.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into forward foreign currency exchange contracts for the six months ended June 30, 2022 (as described in Note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts and deposits with brokers as collateral.

The Fund entered into CPI swaps for the six months ended June 30, 2022 (as described in Note 2(i)) to speculate the rate of inflation in the U.S. economy. The Fund’s use of CPI swaps involves the risk that Lord Abbett will not accurately predict expectations of inflation or interest rates, and the Fund’s returns could be reduced as a result. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on CPI swaps. For the centrally cleared CPI swaps, there is minimal counterparty credit risk to the Fund since these CPI swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared CPI swaps, the clearinghouse guarantees CPI swaps against default.

Notes to Financial Statements (unaudited)(continued)

The Fund entered into credit default swaps for the six months ended June 30, 2022 (as described in note 2(k)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

The Fund entered into total return swaps on indexes for the six months ended June 30, 2022 (as described in Note 2(q)) to hedge credit risk. The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to its counterparty.

As of June 30, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

Interest

Foreign

Inflation

Equity

Rate

Currency

Credit

Linked

Asset Derivatives

Contracts

Centrally Cleared CPI Swap Contracts⁽¹⁾

–

500,454

Centrally Cleared Credit Default Swap Contracts⁽¹⁾

–

120,003

–

Forward Foreign Currency Exchange Contracts⁽²⁾

–

326,488

–

Futures Contracts⁽³⁾

–

2,038,062

–

Total Return Swap Contracts⁽⁴⁾

117,342

Liability Derivatives

Centrally Cleared CPI Swap Contracts⁽¹⁾

–

991,122

Credit Default Swap Contracts⁽⁵⁾

–

1,669,886

–

Futures Contracts⁽³⁾

–

1,267,736

–

⁽¹⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽²⁾	Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
⁽³⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽⁴⁾	Statement of Assets and Liabilities location: Total return swap, at fair value.
⁽⁵⁾	Statement of Assets and Liabilities location: Credit default swap agreements receivable/payable, at fair value.

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended June 30, 2022, were as follows:

Inflation

Linked/

Interest

Foreign

Equity

Rate

Currency

Credit

Contracts

Net Realized Gain (Loss)

Credit Default Swaps Contracts⁽¹⁾

–

(345,312

)

Forward Foreign Currency Exchange Contracts⁽²⁾

–

1,183,376

–

Futures Contracts⁽³⁾

–

10,627,816

–

CPI/Interest Rate Swap Contracts⁽¹⁾

1,522,818

–

Total Return Swap Contracts⁽¹⁾

10,236

–

Net Change in Unrealized Appreciation/Deprecation

Credit Default Swap Contracts⁽⁴⁾

–

(678,803

)

CPI/Interest Rate Swap Contracts⁽⁴⁾

–

(490,668

)

–

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

446,671

–

Futures Contracts⁽⁶⁾

1,426,748

–

Total Return Swap Contracts⁽⁴⁾

117,342

–

Average Number of Contracts/Notional Amounts*

CPI/Interest Rate Swap Contracts⁽⁷⁾

–

44,150,441

–

Credit Default Swap Contracts⁽⁷⁾

–

44,335,954

Total Return Swap Contracts⁽⁷⁾

3,017,679

–

Forward Foreign Currency Exchange Contracts⁽⁸⁾

–

29,984,280

–

Futures Contracts⁽⁷⁾

3,665

–

*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2022.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on swap contracts.
⁽²⁾	Statement of Operations location: Net realized gain (loss) on forward foreign currency exchange contracts.
⁽³⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁵⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁶⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁷⁾	Amount represents number of contracts.
⁽⁸⁾	Amount represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Notes to Financial Statements (unaudited)(continued)

the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	326,488		$	–		$	326,488
Total Return Swap Contracts			117,342			–			117,342
Repurchase Agreements			14,892,948			–			14,892,948
Total		$	15,336,778		$	–		$	15,336,778

	Net Amount of Assets Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments			Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Barclays Capital, Inc.		$	69,926	$	–		$	–	$	–		$	69,926
J.P. Morgan			126,533		–			–		–			126,533
Morgan Stanley			47,416		(47,416	)		–		–			–
State Street Bank and Trust			198,696		–			–		(10,000	)		188,696
Toronto Dominion Bank			1,259		–			–		–			1,259
Fixed Income Clearing Corp.			14,892,948		–			–		(14,892,948	)		–
Total		$	15,336,778	$	(47,416	)	$	–	$	(14,902,948	)	$	386,414

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Credit Default Swap Contracts		$	1,669,886		$	–		$	1,669,886
Reverse Repurchase Agreement			32,651			–			32,651
Total		$	1,702,537		$	–		$	1,702,537

	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments			Cash Collateral Pledged^(a)			Securities Collateral Pledged^(a)			Net Amount^(c)
Citibank		$	216,181	$	–		$	–		$	–		$	216,181
Morgan Stanley			1,453,705		(47,416	)		(1,300,000	)		–			106,289
Barclays plc			32,651		–			–			(32,651	)		–
Total		$	1,702,537	$	(47,416	)	$	(1,300,000	)	$	(32,651	)	$	322,470

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2022.

Notes to Financial Statements (unaudited)(continued)

8.	DIRECTORS’ REMUNERATION

9.	EXPENSE REDUCTIONS

The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s expenses.

10.

LINE OF CREDIT

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

Notes to Financial Statements (unaudited)(continued)

11.

INTERFUND LENDING PROGRAM

For the six months ended June 30, 2022, the fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Average	Average	Interest
Amount Loaned	Interest Rate	Income*
$5,432,101	0.97%	$144

*	Statement of Operations location: Interest earned from Interfund Lending.

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13	SECURITIES LENDING AGREEMENT

As of June 30, 2022, the Fund did not have any securities out on loan.

Notes to Financial Statements (unaudited)(continued)

14.

INVESTMENT RISKS

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

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

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

Notes to Financial Statements (unaudited)(continued)

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

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

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

The Fund may invest up to 15% of its net assets in floating rate or adjustable rate senior loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which the Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. Below investment grade senior loans may be affected by interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

Notes to Financial Statements (unaudited)(concluded)

These factors, and others, can affect the Fund’s performance.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended
	June 30, 2022				Year Ended
	(unaudited		)	December 31, 2021
Shares sold		3,436,004				15,670,960
Reinvestment of distributions		–				5,017,682
Shares reacquired		(6,097,349	)			(6,664,914	)
Increase (decrease)		(2,661,345	)			14,023,728

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Bond-Debenture Portfolio

LASFBD-3
(08/22)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett
Series Fund—Short Duration Income Portfolio

For the six-month period ended June 30, 2022

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

38		Statement of Assets and Liabilities

39		Statement of Operations

40		Statements of Changes in Net Assets

42		Financial Highlights

44		Notes to Financial Statements

57		Supplemental Information to Shareholders

Lord Abbett Series Fund – Short Duration Income Portfolio
Semiannual Report

For the six-month period ended June 30, 2022

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Series Fund — Short Duration Income Portfolio for the six-month period ended June 30, 2022. For additional information about the Fund, please visit our website at www.lordabbett.com, where you can access the quarterly commentaries by the Fund’s portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg
Director, President, and Chief Executive Officer

Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2022 through June 30, 2022).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	1/1/22	6/30/22		1/1/22 – 6/30/22
Class VC
Actual	$1,000.00	$	953.20	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.73	$4.11


^†	Net expenses are equal to the Fund’s annualized expense ratio of 0.82%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

June 30, 2022

Sector*	%**
Asset-Backed Securities		24.64	%
Basic Materials		2.05	%
Communications		2.52	%
Consumer, Cyclical		5.22	%
Consumer, Non-cyclical		3.45	%
Energy		6.01	%
Financial		24.30	%
Industrial		1.80	%
Mortgage Securities		16.02	%
Municipal		0.04	%
Technology		1.58	%
U.S Government		5.58	%
Utilities		3.78	%
Repurchase Agreements		3.01	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments (unaudited)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 93.05%

ASSET-BACKED SECURITIES 24.20%

Auto Floor Plan 0.25%
Ford Credit Floorplan Master Owner Trust 2019-2 A	3.06%	4/15/2026	$	305,000	$	300,821

Automobiles 8.43%
Ally Auto Receivables Trust 2019-3 A3	1.93%	5/15/2024		24,777		24,754
AmeriCredit Automobile Receivables Trust 2020-1 B	1.48%	1/21/2025		64,000		63,424
ARI Fleet Lease Trust 2020-A A2^†	1.77%	8/15/2028		12,599		12,599
Avis Budget Rental Car Funding AESOP LLC 2020-2A A^†	2.02%	2/20/2027		260,000		239,252
Capital One Prime Auto Receivables Trust 2021-1 A2	0.32%	2/18/2025		112,488		111,116
Capital One Prime Auto Receivables Trust 2022-1 A3	3.17%	4/15/2027		240,000		235,661
CarMax Auto Owner Trust 2020-2 A3	1.70%	11/15/2024		12,847		12,787
CarMax Auto Owner Trust 2020-2 D	5.75%	5/17/2027		275,000		278,689
Carvana Auto Receivables Trust 2019-2A C^†	3.00%	6/17/2024		6,681		6,682
Carvana Auto Receivables Trust 2021-N1 A	0.70%	1/10/2028		34,286		33,140
Carvana Auto Receivables Trust 2022-P1 A3	3.35%	2/10/2027		360,000		353,792
Carvana Auto Receivables Trust 2022-P2 A4	4.68%	2/10/2028		250,000		247,076
CPS Auto Receivables Trust 2019-C D^†	3.17%	6/16/2025		163,137		162,963
CPS Auto Receivables Trust 2019-D C^†	2.54%	8/15/2024		6,391		6,390
Credit Acceptance Auto Loan Trust 2021-3A A^†	1.00%	5/15/2030		250,000		238,011
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		14,121		14,173
Drive Auto Receivables Trust 2019-2 C	3.42%	6/16/2025		5,344		5,347
Drive Auto Receivables Trust 2019-2 D	3.69%	8/17/2026		44,000		43,999
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		27,619		27,610
Drive Auto Receivables Trust 2019-4 D	2.70%	2/16/2027		82,000		81,161
Drive Auto Receivables Trust 2021-1 C	1.02%	6/15/2027		100,000		97,458
Drive Auto Receivables Trust 2021-1 D	1.45%	1/16/2029		100,000		93,704
Drive Auto Receivables Trust 2021-2 A2	0.36%	5/15/2024		12,171		12,162
Drive Auto Receivables Trust 2021-2 D	1.39%	3/15/2029		171,000		157,423
Enterprise Fleet Financing LLC 2020-2 A2^†	0.61%	7/20/2026		101,757		99,424
Exeter Automobile Receivables Trust 2021-1 C	0.98%	6/15/2026		55,000		52,921
Exeter Automobile Receivables Trust 2021-1 D	1.40%	4/15/2027		100,000		93,266
Exeter Automobile Receivables Trust 2021-3 B	0.69%	1/15/2026		555,000		543,016
Exeter Automobile Receivables Trust 2021-3A D	1.55%	6/15/2027		115,000		107,735
Fifth Third Auto Trust 2019-1 A4	2.69%	11/16/2026		50,000		49,956
Ford Credit Auto Lease Trust 2021-A A3	0.26%	2/15/2024		194,766		193,428
Ford Credit Auto Owner Trust 2018-REV2 A^†	3.47%	1/15/2030		200,000		199,438

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Automobiles (continued)
Ford Credit Auto Owner Trust 2020-C A3	0.41%		7/15/2025	$	155,000	$	151,705
Ford Credit Auto Owner Trust 2021-A A2	0.17%		10/15/2023		36,469		36,412
Ford Credit Auto Owner Trust 2022-1 A^†	3.88%		11/15/2034		240,000		237,320
Ford Credit Auto Owner Trust REV1 2021-1 A^†	1.37%		10/17/2033		150,000		136,517
Ford Credit Auto Owner Trust REV2 2017-2 A^†	2.36%		3/15/2029		100,000		100,011
Ford Credit Auto Owner Trust REV2 2019-1 A^†	3.52%		7/15/2030		200,000		199,324
GLS Auto Receivables Issuer Trust 2021-3A A^†	0.42%		1/15/2025		113,993		112,641
GM Financial Automobile Leasing Trust 2020-2 A3	0.80%		7/20/2023		21,802		21,768
GM Financial Automobile Leasing Trust 2020-3 A4	0.51%		10/21/2024		363,000		358,937
GM Financial Automobile Leasing Trust 2022-2 A3	3.42%		6/20/2025		240,000		238,778
GM Financial Consumer Automobile Receivables Trust 2019-1 B	3.37%		8/16/2024		26,000		26,023
GM Financial Consumer Automobile Receivables Trust 2020-4 A3	0.38%		8/18/2025		178,048		174,504
GM Financial Consumer Automobile Receivables Trust 2021-1 A2	0.23%		11/16/2023		315		315
GM Financial Consumer Automobile Receivables Trust 2021-1 A3	0.35%		10/16/2025		126,000		122,926
Hertz Vehicle Financing III LP 2021-2A A^†	1.68%		12/27/2027		255,000		225,336
Hertz Vehicle Financing LLC 2021-1A A^†	1.21%		12/26/2025		175,000		163,867
Honda Auto Receivables Owner Trust 2020-2 A3	0.82%		7/15/2024		44,351		43,839
Honda Auto Receivables Owner Trust 2020-3 A3	0.37%		10/18/2024		130,279		127,946
Honda Auto Receivables Owner Trust 2021-1 A2	0.16%		7/21/2023		16,932		16,912
Honda Auto Receivables Owner Trust 2021-2 A2	0.17%		11/15/2023		102,374		101,932
Hyundai Auto Lease Securitization Trust 2021-A A2^†	0.25%		4/17/2023		398		398
Mercedes-Benz Auto Lease Trust 2021-A A3	0.25%		1/16/2024		125,914		124,694
NextGear Floorplan Master Owner Trust 2020-1A A1^†	2.124% (1 Mo. LIBOR + .80%	)^#	2/15/2025		530,000		529,870
Nissan Auto Lease Trust 2020-B A3	0.43%		10/16/2023		111,991		111,549
Nissan Auto Lease Trust 2022-A	3.81%		5/15/2025		295,000		295,107	^(a)
OneMain Direct Auto Receivables Trust 2021-1A A^†	0.87%		7/14/2028		225,000		209,673
Santander Drive Auto Receivables Trust 2019-3 C	2.49%		10/15/2025		2,296		2,297
Santander Drive Auto Receivables Trust 2020-2 D	2.22%		9/15/2026		216,000		211,450
Santander Drive Auto Receivables Trust 2021-1 C	0.75%		2/17/2026		111,000		108,339
Santander Drive Auto Receivables Trust 2021-2 D	1.35%		7/15/2027		70,000		65,709
Santander Drive Auto Receivables Trust 2022-2 C	3.76%		7/16/2029		360,000		348,356
Santander Retail Auto Lease Trust 2019-B D^†	3.31%		6/20/2024		72,000		71,901
Santander Retail Auto Lease Trust 2021-A A3^†	0.51%		7/22/2024		305,000		294,778
Santander Retail Auto Lease Trust 2021-C A2^†	0.29%		4/22/2024		76,241		75,513

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Automobiles (continued)
Santander Retail Auto Lease Trust 2021-C A3^†	0.50%		3/20/2025	$	140,000	$	135,305
Toyota Auto Loan Extended Note Trust 2022-1A A^†	3.82%		4/25/2035		250,000		247,122
Toyota Auto Receivables Owner Trust 2020-D A3	0.35%		1/15/2025		131,357		129,412
Volkswagen Auto Loan Enhanced Trust 2020-1 A3	0.98%		11/20/2024		75,369		74,462
Westlake Automobile Receivables Trust 2019-2A D^†	3.20%		11/15/2024		84,143		84,171
Westlake Automobile Receivables Trust 2019-3A C^†	2.49%		10/15/2024		32,668		32,666
Westlake Automobile Receivables Trust 2021-2A A2A^†	0.32%		4/15/2025		168,458		166,325
Westlake Automobile Receivables Trust 2021-2A C^†	0.89%		7/15/2026		100,000		94,716
World Omni Automobile Lease Securitization Trust 2020-B A3	0.45%		2/15/2024		91,000		89,596
World Omni Select Auto Trust 2018-1A D^†	4.13%		1/15/2025		1,004		1,005
World Omni Select Auto Trust 2019-A C	2.38%		12/15/2025		15,000		14,856
World Omni Select Auto Trust 2019-A D	2.59%		12/15/2025		45,000		44,576
Total							10,059,416

Credit Card 0.83%
American Express Credit Account Master Trust 2022-2 A	3.39%		5/15/2027		325,000		324,634
Capital One Multi-Asset Execution Trust 2019-A2 A2	1.72%		8/15/2024		41,000		41,004
Capital One Multi-Asset Execution Trust 2022-A2	3.49%		5/15/2027		420,000		420,667
Master Credit Card Trust II Series 2018-1A A^†	2.102% (1 Mo. LIBOR + .49%	)^#	7/21/2024		100,000		100,026
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		100,000		99,931
Total							986,262

Other 13.95%
ACAM Ltd. 2019-FL1 A^†	2.848% (1 Mo. Term SOFR + 1.51%	)^#	11/17/2034		119,278		118,894
ACREC Ltd. 2021-FL1 A^†	2.762% (1 Mo. LIBOR + 1.15%	)^#	10/16/2036		300,000		288,000
ACRES Commercial Realty Ltd. 2021-FL2 A^†	2.923% (1 Mo. LIBOR + 1.40%	)^#	1/15/2037		430,000		416,025	^(a)
Affirm Asset Securitization Trust 2021-B A^†	1.03%		8/17/2026		175,000		165,954
AMMC CLO Ltd. 2016-19A BR^†	2.844% (3 Mo. LIBOR + 1.80%	)^#	10/16/2028		250,000		245,976
Amur Equipment Finance Receivables VII LLC 2019-1A A2^†	2.63%		6/20/2024		15,930		15,902
Apidos CLO XXII 2015-22A A1R^†	2.123% (3 Mo. LIBOR + 1.06%	)^#	4/20/2031		250,000		245,978

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

Apidos CLO XXIV 2016-24A A1AL^†

2.013%
(3 Mo. LIBOR + .95%

)^#

10/20/2030

250,000

244,681

Apidos CLO XXXI 2019-31A A1R^†

2.144%
(3 Mo. LIBOR + 1.10%

)^#

4/15/2031

250,000

245,283

Aqua Finance Trust 2021-A A^†

1.54%

7/17/2046

175,234

162,011

Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL2 A^†

2.424% (1 Mo. LIBOR + 1.10%

)^#

5/15/2036

110,000

106,585

Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL3 A^†

2.394% (1 Mo. LIBOR + 1.07%

)^#

8/15/2034

150,000

144,717

Arbor Realty Commercial Real Estate Notes Ltd. 2022-FL1 A^†

2.229% (1 Mo. SOFR + 1.45%

)^#

1/15/2037

230,000

224,106

ARES L CLO Ltd. 2018-50A AR^†

2.094%
(3 Mo. LIBOR + 1.05%

)^#

1/15/2032

250,000

243,750

Bain Capital Credit CLO Ltd. 2017-1A A1R^†

2.033%
(3 Mo. LIBOR + .97%

)^#

7/20/2030

250,000

246,250

Bain Capital Credit CLO Ltd. 2020-5A A1^†

2.283%
(3 Mo. LIBOR + 1.22%

)^#

1/20/2032

250,000

245,581

Barings CLO Ltd. 2019-3A A1R^†

2.133%
(3 Mo. LIBOR + 1.07%

)^#

4/20/2031

250,000

244,427

BDS Ltd. 2021-FL10 A^†

2.682%
(1 Mo. LIBOR + 1.07%

)^#

6/16/2036

200,000

192,500

BDS Ltd. 2022-FL11 ATS^†

3.307%
(1 Mo. Term SOFR + 1.80%

)^#

3/19/2039

330,000

324,020

Benefit Street Partners CLO IV Ltd.

2.243%

2014-IVA ARRR^†

(3 Mo. LIBOR + 1.18%

)^#

1/20/2032

250,000

245,625

BlueMountain Fuji US CLO I Ltd. 2017-1A A1R^†

2.043%
(3 Mo. LIBOR + .98%

)^#

7/20/2029

250,000

247,880

BSPRT Issuer Ltd. 2019 FL5 A^†

2.474%
(1 Mo. LIBOR + 1.15%

)^#

5/15/2029

19,467

19,449

BSPRT Issuer Ltd. 2021-FL7 A^†

2.644%
(1 Mo. LIBOR + 1.32%

)^#

12/15/2038

240,000

231,795

Carlyle Global Market Strategies CLO Ltd. 2015-1A AR3^†

2.043% (3 Mo. LIBOR + .98%

)^#

7/20/2031

250,000

245,737

Carlyle US CLO Ltd. 2017-3A A1AR^†

1.963%
(3 Mo. LIBOR + .90%

)^#

7/20/2029

250,000

246,269

Carlyle US CLO Ltd. 2019-1A A1AR^†

2.143%

(3 Mo. LIBOR + 1.08%

)^#

4/20/2031

250,000

245,063

Cedar Funding X CLO Ltd. 2019-10A AR^†

2.163%
(3 Mo. LIBOR + 1.10%

)^#

10/20/2032

250,000

243,918

Cedar Funding XI Clo Ltd. 2019-11A A1R^†

2.648%
(3 Mo. LIBOR + 1.05%

)^#

5/29/2032

220,000

214,390

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Other (continued)

Cedar Funding XIV CLO Ltd. 2021-14A A^†

2.144%
(3 Mo. LIBOR + 1.10%

)^#

7/15/2033

250,000

244,948

CIFC Funding II Ltd. 2013-2A A1L2^†

2.044%
(3 Mo. LIBOR + 1.00%

)^#

10/18/2030

250,000

246,031

CoreVest American Finance Trust 2018-1 A^†

3.804%

6/15/2051

29,640

29,519

Dell Equipment Finance Trust 2021-2 A2^†

0.33%

12/22/2026

111,279

109,638

Diamond Resorts Owner Trust 2018-1 A^†

3.70%

1/21/2031

21,994

21,947

Diamond Resorts Owner Trust 2018-1 B^†

4.19%

1/21/2031

17,881

17,861

Dryden Senior Loan Fund 2017-47A A1R^†

2.024%
(3 Mo. LIBOR + .98%

)^#

4/15/2028

245,632

242,070

Elmwood CLO X Ltd. 2021-3A A^†

2.103%
(3 Mo. LIBOR + 1.04%

)^#

10/20/2034

250,000

243,681

Galaxy XIX CLO Ltd. 2015-19A A1RR^†

2.134%
(3 Mo. LIBOR + .95%

)^#

7/24/2030

150,000

147,832

Greystone CRE Notes Ltd. 2021-FL3 A^†

2.344%
(1 Mo. LIBOR + 1.02%

)^#

7/15/2039

170,000

162,067

HGI CRE CLO Ltd. 2021-FL2 A^†

2.509%
(1 Mo. LIBOR + 1.00%

)^#

9/17/2036

300,000

289,794

HPEFS Equipment Trust 2020-1A B^†

1.89%

2/20/2030

96,029

95,932

JFIN CLO Ltd. 2013-1A A1NR^†

2.453%
(3 Mo. LIBOR + 1.39%

)^#

1/20/2030

129,194

127,150

KKR CLO Ltd. 24 A1R^†

2.143%
(3 Mo. LIBOR + 1.08%

)^#

4/20/2032

250,000

243,852

KKR CLO Ltd. 38A A1^†

2.15% (3 Mo. Term
SOFR + 1.32%

)^#

4/15/2033

250,000

245,576

Lendmark Funding Trust 2021-2A A^†

2.00%

4/20/2032

260,000

223,509

LFT CRE Ltd. 2021-FL1 B^†

3.074%
(1 Mo. LIBOR + 1.75%

)^#

6/15/2039

200,000

193,085

^(a)

LoanCore Issuer Ltd. 2019-CRE2 C^†

3.324%
(1 Mo. LIBOR + 2.00%

)^#

5/15/2036

430,000

424,132

LoanCore Issuer Ltd. 2022-CRE7 A^†

2.329%
(1 Mo. SOFR + 1.55%

)^#

1/17/2037

260,000

253,662

M360 LLC 2019-CRE2 A^†

2.793%
(1 Mo. Term SOFR + 1.51%

)^#

9/15/2034

19,850

19,533

Madison Park Funding XI Ltd. 2013-11A AR2^†

2.084%
(3 Mo. LIBOR + .90%

)^#

7/23/2029

245,418

241,982

Magnetite Ltd. 2021-29A A^†

2.034%
(3 Mo. LIBOR + .99%

)^#

1/15/2034

250,000

244,771

Mariner Finance Issuance Trust 2021-BA A^†

2.10%

11/20/2036

120,000

105,997

MF1 LLC 2022-FL9 A^†

2.96% (1 Mo. Term
SOFR + 2.15%

)^#

6/19/2037

490,000

481,425

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Other (continued)
MF1 Ltd. 2021-FL7 A^†	2.692% (1 Mo. LIBOR + 1.08%	)^#	10/16/2036	$	240,000	$	230,400
MF1 Ltd. 2021-FL7 AS^†	3.062% (1 Mo. LIBOR + 1.45%	)^#	10/16/2036		230,000		217,781
MF1 Ltd. 2022-FL8 A^†	2.142% (1 Mo. SOFR + 1.35%	)^#	2/19/2037		450,000		435,937
Mountain View CLO LLC 2017-1A AR^†	2.134% (3 Mo. LIBOR + 1.09%	)^#	10/16/2029		242,684		239,651
MVW Owner Trust 2017-1A A^†	2.42%		12/20/2034		15,804		15,516
New Economy Assets Phase 1 Sponsor LLC 2021-1 A1^†	1.91%		10/20/2061		130,000		113,630
OCP CLO Ltd. 2019-17A A1R^†	2.103% (3 Mo. LIBOR + 1.04%	)^#	7/20/2032		300,000		292,575
Octagon Investment Partners XIV Ltd. 2012-1A AARR^†	1.994% (3 Mo. LIBOR + .95%	)^#	7/15/2029		250,000		246,791
Octagon Investment Partners XVII Ltd. A1R2^†	2.184% (3 Mo. LIBOR + 1.00%	)^#	1/25/2031		250,000		246,114
Octagon Investment Partners XXI Ltd. 2014-1A AAR3^†	2.411% (3 Mo. LIBOR + 1.00%	)^#	2/14/2031		250,000		244,342
OneMain Financial Issuance Trust 2018-2A A^†	3.57%		3/14/2033		100,000		98,378
OneMain Financial Issuance Trust 2019-1A B^†	3.79%		2/14/2031		42,094		42,084
Orange Lake Timeshare Trust 2019-A A^†	3.06%		4/9/2038		17,930		17,362
Pagaya AI Debt Trust 2022-1 A^†	2.03%		10/15/2029		346,384		334,654
PFS Financing Corp. 2020-E A^†	1.00%		10/15/2025		136,000		130,897
PFS Financing Corp. 2020-G A^†	0.97%		2/15/2026		108,000		102,621
Planet Fitness Master Issuer LLC 2018-1A A2II^†	4.666%		9/5/2048		96,250		93,971
Progress Residential 2021-SFR8 Trust F^†	3.181%		10/17/2038		290,000		247,128
Rad CLO 2 Ltd. 2018-2A AR^†	2.124% (3 Mo. LIBOR + 1.08%	)^#	10/15/2031		250,000		245,312
Romark CLO Ltd. 2017-1A A2R^†	2.834% (3 Mo. LIBOR + 1.65%	)^#	10/23/2030		340,000		325,533
SCF Equipment Leasing LLC 2019-2A A2^†	2.47%		4/20/2026		270,045		266,650
SCF Equipment Leasing LLC 2021-1A A3^†	0.83%		8/21/2028		500,000		482,548
SCF Equipment Leasing LLC 2022-1A A3^†	2.92%		7/20/2029		220,000		212,995
TCI-Flatiron CLO Ltd. 2018-1A ANR^†	2.299% (3 Mo. LIBOR + 1.06%	)^#	1/29/2032		250,000		244,470
TICP CLO XIV Ltd. 2019-14A A1R^†	2.143% (3 Mo. LIBOR + 1.08%	)^#	10/20/2032		260,000		252,823
Upstart Securitization Trust 2021-2 A^†	0.91%		6/20/2031		60,746		59,344
Upstart Securitization Trust 2021-5 A^†	1.31%		11/20/2031		170,400		164,133
Verizon Owner Trust 2020-B A	0.47%		2/20/2025		136,000		133,900
Verizon Owner Trust 2020-C A	0.41%		4/21/2025		205,000		200,519
Total							16,654,819

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Rec Vehicle Loan 0.20%
Octane Receivables Trust 2021-1A A^†	0.93%		3/22/2027	$	51,234	$	49,878
Octane Receivables Trust 2022-1A A2^†	4.18%		3/20/2028		195,000		194,142
Total							244,020

Student Loan 0.54%
Navient Private Education Refi Loan Trust 2020-FA A^†	1.22%		7/15/2069		93,029		88,852
Navient Private Education Refi Loan Trust 2021-CA A^†	1.06%		10/15/2069		229,595		211,715
Navient Private Education Refi Loan Trust 2022-A A^†	2.23%		7/15/2070		209,594		195,410
Nelnet Student Loan Trust 2021-A APT1^†	1.36%		4/20/2062		91,101		84,347
SLC Student Loan Trust 2008-1 A4A	3.429% (3 Mo. LIBOR + 1.60%	)^#	12/15/2032		33,286		33,225
Towd Point Asset Trust 2018-SL1 A^†	2.224% (1 Mo. LIBOR + .60%	)^#	1/25/2046		32,321		32,127
Total							645,676
Total Asset-Backed Securities (cost $29,726,760)							28,891,014

					Shares
COMMON STOCKS 0.00%

Banks
UniCredit Bank AG
(cost $0)					16		229	^(a)

					Principal Amount

CONVERTIBLE BONDS 0.09%

Internet
Weibo Corp. (China)^(b)
(cost $109,267)	1.25%		11/15/2022	$	110,000		108,487

CORPORATE BONDS 44.45%

Aerospace/Defense 0.26%
Bombardier, Inc. (Canada)^†(b)	7.125%		6/15/2026		121,000		100,152
Howmet Aerospace, Inc.	6.875%		5/1/2025		58,000		59,680
TransDigm, Inc.^†	8.00%		12/15/2025		143,000		144,887
Total							304,719

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Agriculture 1.36%
BAT Capital Corp.	2.789%	9/6/2024	$	54,000	$	52,290
BAT Capital Corp.	3.222%	8/15/2024		832,000		809,583
Imperial Brands Finance plc (United Kingdom)^†(b)	3.125%	7/26/2024		400,000		387,636
Reynolds American, Inc.	4.45%	6/12/2025		14,000		13,935
Viterra Finance BV (Netherlands)^†(b)	2.00%	4/21/2026		411,000		364,084
Total						1,627,528

Airlines 0.20%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)^†(b)	3.875%	3/15/2023		10,177		9,995
Air Canada 2015-2 Class B Pass-Through Trust (Canada)^†(b)	5.00%	12/15/2023		88,000		86,485
American Airlines 2014-1 Class B Pass-Through Trust	4.375%	10/1/2022		34,776		34,739
American Airlines Group, Inc.^†(c)	3.75%	3/1/2025		92,000		77,682
British Airways 2013-1 Class A Pass Through Trust (United Kingdom)^†(b)	4.625%	6/20/2024		27,967		27,585
Total						236,486

Apparel 0.03%
PVH Corp.	4.625%	7/10/2025		38,000		37,682

Auto Manufacturers 1.95%
Ford Motor Credit Co. LLC	2.30%	2/10/2025		200,000		180,019
Ford Motor Credit Co. LLC	2.979%	8/3/2022		300,000		300,000
Ford Motor Credit Co. LLC	5.584%	3/18/2024		200,000		199,376
General Motors Co.	5.40%	10/2/2023		157,000		159,423
General Motors Financial Co., Inc.	2.75%	6/20/2025		134,000		125,916
General Motors Financial Co., Inc.	2.90%	2/26/2025		54,000		51,604
General Motors Financial Co., Inc.	3.70%	5/9/2023		139,000		139,014
General Motors Financial Co., Inc.	3.95%	4/13/2024		140,000		139,056
General Motors Financial Co., Inc.	4.25%	5/15/2023		23,000		23,086
General Motors Financial Co., Inc.	5.10%	1/17/2024		132,000		133,413
Hyundai Capital America^†	0.80%	1/8/2024		160,000		152,085
Hyundai Capital America^†	0.875%	6/14/2024		160,000		149,688
Hyundai Capital America^†	1.00%	9/17/2024		47,000		43,665
Hyundai Capital America^†	1.25%	9/18/2023		218,000		211,347
Hyundai Capital America^†	1.30%	1/8/2026		75,000		66,653
Hyundai Capital America^†	1.50%	6/15/2026		91,000		80,650
Hyundai Capital America^†	3.25%	9/20/2022		31,000		30,995
Hyundai Capital America^†	5.875%	4/7/2025		137,000		141,305
Total						2,327,295

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Auto Parts & Equipment 0.14%
Clarios Global LP/Clarios US Finance Co.^†	8.50%		5/15/2027	$	173,000	$	167,559

Banks 16.31%
AIB Group plc (Ireland)^†(b)	4.263% (3 Mo. LIBOR + 1.87%	)^#	4/10/2025		600,000		588,790
Australia & New Zealand Banking Group Ltd. (Australia)^†(b)	4.40%		5/19/2026		200,000		197,565
Bank of America Corp.	0.523% (SOFR + .41%	)^#	6/14/2024		151,000		145,612
Bank of America Corp.	0.981% (SOFR + .91%	)^#	9/25/2025		37,000		34,270
Bank of America Corp.	1.197% (SOFR + 1.01%	)^#	10/24/2026		31,000		27,784
Bank of America Corp.	1.319% (SOFR + 1.15%	)^#	6/19/2026		89,000		81,021
Bank of America Corp.	1.53% (SOFR + .65%	)^#	12/6/2025		78,000		72,661
Bank of America Corp.	2.456% (3 Mo. LIBOR + .87%	)^#	10/22/2025		174,000		165,918
Bank of America Corp.	3.384% (SOFR + 1.33%	)^#	4/2/2026		213,000		206,743
Bank of America Corp.	3.841% (SOFR + 1.11%	)^#	4/25/2025		114,000		113,524
Bank of America Corp.	3.95%		4/21/2025		157,000		155,056
Bank of America Corp.	4.00%		1/22/2025		248,000		247,195
Bank of America Corp.	4.20%		8/26/2024		165,000		165,489
Bank of Ireland Group plc (Ireland)^†(b)	2.029% (1 Yr. Treasury CMT + 1.10%	)^#	9/30/2027		200,000		174,251
Bank of Montreal (Canada)^(b)	3.70%		6/7/2025		135,000		133,994
BankUnited, Inc.	4.875%		11/17/2025		364,000		367,815
Barclays plc (United Kingdom)^(b)	3.932% (3 Mo. LIBOR + 1.61%	)^#	5/7/2025		307,000		302,271
Barclays plc (United Kingdom)^(b)	4.338% (3 Mo. LIBOR + 1.36%	)^#	5/16/2024		200,000		199,985
Barclays plc (United Kingdom)^(b)	4.836%		5/9/2028		200,000		192,610
BBVA Bancomer SA^†	6.75%		9/30/2022		150,000		150,518
BNP Paribas SA (France)^†(b)	2.219% (SOFR + 2.07%	)^#	6/9/2026		229,000		211,722
BNP Paribas SA (France)^†(b)	4.705% (3 Mo. LIBOR + 2.24%	)^#	1/10/2025		400,000		400,107
BPCE SA (France)^†(b)	4.50%		3/15/2025		200,000		196,906
BPCE SA (France)^†(b)	4.875%		4/1/2026		200,000		197,243
Citigroup, Inc.	1.678% (SOFR + 1.67%	)^#	5/15/2024		95,000		93,131
Citigroup, Inc.	3.106% (SOFR + 2.84%	)^#	4/8/2026		743,000		714,173
Citigroup, Inc.	3.352% (3 Mo. LIBOR + .90%	)^#	4/24/2025		68,000		66,660
Citigroup, Inc.	3.875%		3/26/2025		59,000		58,233
Citigroup, Inc.	4.044% (3 Mo. LIBOR + 1.02%	)^#	6/1/2024		106,000		105,764
Citigroup, Inc.	4.14% (SOFR + 1.37%	)^#	5/24/2025		302,000		301,036
Citigroup, Inc.	4.40%		6/10/2025		403,000		402,963
Credit Agricole SA (France)^†(b)	4.375%		3/17/2025		435,000		428,272


12	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

Credit Suisse Group AG (Switzerland)^†(b)

2.193%
(SOFR + 2.04%

)^#

6/5/2026

250,000

226,925

Danske Bank A/S (Denmark)^†(b)

0.976%
(1 Yr. Treasury CMT + .55%

)^#

9/10/2025

200,000

184,325

Danske Bank A/S (Denmark)^†(b)

1.171%
(1 Yr. Treasury CMT + 1.03%

)^#

12/8/2023

400,000

394,758

Danske Bank A/S (Denmark)^†(b)

1.621%
(1 Yr. Treasury CMT + 1.35%

)^#

9/11/2026

200,000

179,206

Danske Bank A/S (Denmark)^†(b)

3.244%
(3 Mo. LIBOR + 1.59%

)^#

12/20/2025

400,000

381,534

Danske Bank A/S (Denmark)^†(b)

4.298%
(1 Yr. Treasury CMT + 1.75%

)^#

4/1/2028

200,000

189,854

Danske Bank A/S (Denmark)^†(b)

5.375%

1/12/2024

200,000

201,932

Discover Bank

4.25%

3/13/2026

250,000

244,363

First-Citizens Bank & Trust Co.

3.929%
(3 Mo. Term SOFR + 3.83%

)^#

6/19/2024

41,000

40,753

FNB Corp.

2.20%

2/24/2023

53,000

52,419

Goldman Sachs Group, Inc. (The)

0.627% (SOFR + .54%

)^#

11/17/2023

110,000

108,647

Goldman Sachs Group, Inc. (The)

0.657% (SOFR + .51%

)^#

9/10/2024

151,000

144,563

Goldman Sachs Group, Inc. (The)

1.675% (SOFR + .70%

)^#

1/24/2025

153,000

149,572

Goldman Sachs Group, Inc. (The)

1.948% (SOFR + .91%

)^#

10/21/2027

191,000

169,169

Goldman Sachs Group, Inc. (The)

2.184%
(3 Mo. LIBOR + 1.00%

)^#

7/24/2023

109,000

108,906

Goldman Sachs Group, Inc. (The)

2.255%
(3 Mo. LIBOR + .75%

)^#

2/23/2023

240,000

239,660

Goldman Sachs Group, Inc. (The)

2.64%
(SOFR + 1.11%

)^#

2/24/2028

75,000

68,123

Goldman Sachs Group, Inc. (The)

2.905%
(3 Mo. LIBOR + .99%

)^#

7/24/2023

79,000

78,978

Goldman Sachs Group, Inc. (The)

4.25%

10/21/2025

58,000

57,646

HSBC Holdings plc (United Kingdom)^(b)

0.732%
(SOFR + .53%

)^#

8/17/2024

200,000

191,854

HSBC Holdings plc (United Kingdom)^(b)

0.976%
(SOFR + .71%

)^#

5/24/2025

200,000

186,660

Huntington National Bank (The)

4.008%
(SOFR + 1.21%

)^#

5/16/2025

250,000

249,866

ING Groep NV (Netherlands)^(b)

4.70%
(USD ICE 5 Yr. Swap rate + 1.94%

)^#

3/22/2028

200,000

198,930

Intesa Sanpaolo SpA (Italy)^†(b)

3.25%

9/23/2024

200,000

193,789

Intesa Sanpaolo SpA (Italy)^†(b)

5.017%

6/26/2024

400,000

382,041

JPMorgan Chase & Co.

0.768% (SOFR + .49%

)^#

8/9/2025

148,000

137,415


	See Notes to Financial Statements.	13

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

Banks (continued)

JPMorgan Chase & Co.

0.824% (SOFR + .54%

)^#

6/1/2025

172,000

160,894

JPMorgan Chase & Co.

2.212% (SOFR + .92%

)^#

2/24/2026

115,000

111,748

JPMorgan Chase & Co.

2.472% (SOFR + 1.18%

)^#

2/24/2028

77,000

74,075

JPMorgan Chase & Co.

3.845% (SOFR + .98%

)^#

6/14/2025

205,000

203,177

KeyCorp

3.878% (SOFR + 1.25%

)^#

5/23/2025

17,000

16,886

Lloyds Banking Group plc (United Kingdom)^(b)

4.582%

12/10/2025

200,000

196,429

M&T Bank Corp

3.65%

12/6/2022

102,000

102,127

Macquarie Group Ltd. (Australia)^†(b)

1.201% (SOFR + .69%

)^#

10/14/2025

76,000

70,526

Macquarie Group Ltd. (Australia)^†(b)

1.34%
(SOFR + 1.07%

)^#

1/12/2027

65,000

57,231

Macquarie Group Ltd. (Australia)^†(b)

3.189%
(3 Mo. LIBOR + 1.02%

)^#

11/28/2023

248,000

247,484

Macquarie Group Ltd. (Australia)^†(b)

4.15%
(3 Mo. LIBOR + 1.33%

)^#

3/27/2024

75,000

75,044

Morgan Stanley

0.79% (SOFR + .53%

)^#

5/30/2025

276,000

257,170

Morgan Stanley

0.791% (SOFR + .51%

)^#

1/22/2025

187,000

176,906

Morgan Stanley

3.62% (SOFR + 1.16%

)^#

4/17/2025

94,000

92,876

Morgan Stanley

3.737% (3 Mo. LIBOR + .85%

)^#

4/24/2024

239,000

238,270

Natwest Group plc (United Kingdom)^(b)

4.269%
(3 Mo. LIBOR + 1.76%

)^#

3/22/2025

295,000

292,221

Natwest Group plc (United Kingdom)^(b)

5.125%

5/28/2024

376,000

378,031

NatWest Markets plc (United Kingdom)^†(b)

0.80%

8/12/2024

200,000

185,796

NatWest Markets plc (United Kingdom)^†(b)

3.479%

3/22/2025

200,000

195,136

Nordea Bank Abp (Finland)^†(b)

3.60%

6/6/2025

200,000

198,196

Popular, Inc.

6.125%

9/14/2023

23,000

23,207

Santander Holdings USA, Inc.

2.49% (SOFR + 1.25%

)^#

1/6/2028

68,000

60,071

Santander Holdings USA, Inc.

3.40%

1/18/2023

85,000

84,893

Santander UK Group Holdings plc (United Kingdom)^(b)

1.089% (SOFR + .79%

)^#

3/15/2025

400,000

373,800

Santander UK Group Holdings plc (United Kingdom)^(b)

2.469% (SOFR + 1.22%

)^#

1/11/2028

200,000

176,869

Santander UK Group Holdings plc (United Kingdom)^†(b)

4.75%

9/15/2025

200,000

197,730

Societe Generale SA (France)^†(b)

2.226%
(1 Yr. Treasury CMT + 1.05%

)^#

1/21/2026

200,000

186,589

Standard Chartered plc (United Kingdom)^†(b)

0.991%
(1 Yr. Treasury CMT + .78%

)^#

1/12/2025

400,000

378,124

Standard Chartered plc (United Kingdom)^†(b)

1.214%
(1 Yr. Treasury CMT + .88%

)^#

3/23/2025

200,000

188,697

Standard Chartered plc (United Kingdom)^†(b)

1.319%
(1 Yr. Treasury CMT + 1.17%

)^#

10/14/2023

200,000

198,577


14	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Banks (continued)
Svenska Handelsbanken AB	3.65%		6/10/2025	$	250,000	$	247,903
Synovus Financial Corp.	3.125%		11/1/2022		116,000		115,853
Toronto-Dominion Bank (The)	3.766%		6/6/2025		481,000		478,933
UBS AG (Switzerland)^(b)	5.125%		5/15/2024		600,000		599,880
UBS AG	7.625%		8/17/2022		613,000		614,827
UBS Group AG (Switzerland)^†(b)	4.488% (1 Yr. Treasury CMT + 1.55%	)^#	5/12/2026		200,000		199,511
UniCredit SpA (Italy)^†(b)	7.83%		12/4/2023		350,000		362,571
Total							19,479,428

Chemicals 0.18%
Celanese US Holdings LLC	4.625%		11/15/2022		160,000		161,030
NOVA Chemicals Corp. (Canada)^†(b)	4.875%		6/1/2024		57,000		54,291
Total							215,321

Commercial Services 0.14%
Sabre GLBL, Inc.^†	7.375%		9/1/2025		100,000		92,945
Triton Container International Ltd.^†	0.80%		8/1/2023		46,000		43,608
Triton Container International Ltd.^†	1.15%		6/7/2024		30,000		28,107
Total							164,660

Computers 0.57%
Dell International LLC/EMC Corp.	5.45%		6/15/2023		139,000		140,448
Dell International LLC/EMC Corp.	5.85%		7/15/2025		23,000		23,745
Dell International LLC/EMC Corp.	6.02%		6/15/2026		498,000		517,819
Total							682,012

Distribution/Wholesale 0.15%
KAR Auction Services, Inc.^†	5.125%		6/1/2025		184,000		175,344

Diversified Financial Services 3.22%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)	1.75%		10/29/2024		150,000		138,527
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(b)	6.50%		7/15/2025		198,000		202,878
Air Lease Corp.	4.25%		2/1/2024		33,000		32,621
Aircastle Ltd.	4.40%		9/25/2023		184,000		181,706
Aircastle Ltd.	5.00%		4/1/2023		107,000		106,902
Aircastle Ltd.^†	5.25%		8/11/2025		113,000		109,222
Ally Financial, Inc.	1.45%		10/2/2023		23,000		22,247
Ally Financial, Inc.	3.875%		5/21/2024		266,000		263,843


	See Notes to Financial Statements.	15

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Diversified Financial Services (continued)
Ally Financial, Inc.	5.125%		9/30/2024	$	295,000	$	298,119
Ally Financial, Inc.	5.75%		11/20/2025		107,000		105,586
Aviation Capital Group LLC^†	1.95%		1/30/2026		53,000		46,162
Aviation Capital Group LLC^†	3.875%		5/1/2023		92,000		91,238
Aviation Capital Group LLC^†	5.50%		12/15/2024		109,000		108,138
Avolon Holdings Funding Ltd. (Ireland)^†(b)	2.125%		2/21/2026		45,000		38,958
Avolon Holdings Funding Ltd. (Ireland)^†(b)	4.25%		4/15/2026		42,000		38,947
Avolon Holdings Funding Ltd. (Ireland)^†(b)	5.125%		10/1/2023		152,000		150,543
Avolon Holdings Funding Ltd. (Ireland)^†(b)	5.25%		5/15/2024		152,000		149,456
Bread Financial Holdings, Inc.^†	4.75%		12/15/2024		120,000		110,218
Bread Financial Holdings, Inc.^†	7.00%		1/15/2026		129,000		124,126
Capital One Financial Corp.	4.166% (SOFR + 1.37%	)^#	5/9/2025		64,000		63,105
Citigroup Global Markets Holdings, Inc.	0.75%		6/7/2024		117,000		109,911
Morgan Stanley Domestic Holdings, Inc.	2.95%		8/24/2022		36,000		36,011
Muthoot Finance Ltd. (India)^†(b)	6.125%		10/31/2022		200,000		199,870
Navient Corp.	5.50%		1/25/2023		174,000		172,805
Navient Corp.	5.875%		10/25/2024		144,000		132,611
Navient Corp.	6.125%		3/25/2024		106,000		100,700
Navient Corp.	7.25%		9/25/2023		46,000		45,592
OneMain Finance Corp.	5.625%		3/15/2023		94,000		92,928
OneMain Finance Corp.	6.125%		3/15/2024		139,000		133,086
OneMain Finance Corp.	8.25%		10/1/2023		50,000		50,232
Park Aerospace Holdings Ltd. (Ireland)^†(b)	4.50%		3/15/2023		145,000		144,513
Park Aerospace Holdings Ltd. (Ireland)^†(b)	5.25%		8/15/2022		16,000		16,001
Park Aerospace Holdings Ltd. (Ireland)^†(b)	5.50%		2/15/2024		228,000		226,301
Total							3,843,103

Electric 3.18%
AES Corp. (The)^†	3.30%		7/15/2025		433,000		406,912
Alexander Funding Trust^†	1.841%		11/15/2023		217,000		207,869
American Electric Power Co., Inc.	2.031%		3/15/2024		184,000		178,119
Ausgrid Finance Pty Ltd. (Australia)^†(b)	3.85%		5/1/2023		225,000		225,035
Calpine Corp.^†	5.25%		6/1/2026		120,000		114,219
Cleco Corporate Holdings LLC	3.743%		5/1/2026		264,000		255,038
Comision Federal de Electricidad (Mexico)^†(b)	4.875%		1/15/2024		200,000		199,029
Eversource Energy	4.20%		6/27/2024		49,000		49,180
Fells Point Funding Trust^†	3.046%		1/31/2027		255,000		235,362
FirstEnergy Transmission LLC^†	4.35%		1/15/2025		150,000		147,784
Jersey Central Power & Light Co.^†	4.70%		4/1/2024		146,000		146,999
NextEra Energy Capital Holdings, Inc.	1.775% (3 Mo. LIBOR + .27%	)^#	2/22/2023		199,000		197,783


16	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Electric (continued)
NextEra Energy Capital Holdings, Inc.	4.20%	6/20/2024	$	82,000	$	82,446
NextEra Energy Capital Holdings, Inc.	4.45%	6/20/2025		107,000		107,846
NRG Energy, Inc.^†	3.75%	6/15/2024		235,000		230,709
OGE Energy Corp.	0.703%	5/26/2023		17,000		16,572
Pacific Gas and Electric Co.	1.367%	3/10/2023		87,000		85,696
Pacific Gas and Electric Co.	3.15%	1/1/2026		233,645		214,244
Southern Co. (The)	5.113%	8/1/2027		177,000		178,636
TransAlta Corp. (Canada)^(b)	4.50%	11/15/2022		105,000		104,912
Vistra Operations Co. LLC^†	3.55%	7/15/2024		301,000		290,831
Vistra Operations Co. LLC^†	4.875%	5/13/2024		123,000		122,521
Total						3,797,742

Energy-Alternate Sources 0.09%
Enviva Partners LP/Enviva Partners Finance Corp.^†	6.50%	1/15/2026		116,000		112,232

Engineering & Construction 0.03%
Fluor Corp.	3.50%	12/15/2024		40,000		38,018

Entertainment 0.53%
Caesars Entertainment, Inc.^†	6.25%	7/1/2025		150,000		145,067
Caesars Entertainment, Inc.^†	8.125%	7/1/2027		126,000		122,009
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op^†	5.50%	5/1/2025		116,000		112,805
Live Nation Entertainment, Inc.^†	4.875%	11/1/2024		53,000		50,714
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc.^†	8.50%	11/15/2027		41,000		43,095
SeaWorld Parks & Entertainment, Inc.^†	8.75%	5/1/2025		154,000		159,682
Total						633,372

Food 0.07%
US Foods, Inc.^†	6.25%	4/15/2025		82,000		81,974

Forest Products & Paper 0.10%
West Fraser Timber Co., Ltd. (Canada)^†(b)	4.35%	10/15/2024		115,000		114,742

Gas 0.53%
Atmos Energy Corp.	0.625%	3/9/2023		62,000		60,921
National Fuel Gas Co.	5.50%	1/15/2026		176,000		176,866
National Fuel Gas Co.	7.395%	3/30/2023		25,000		25,102
ONE Gas, Inc.	0.85%	3/11/2023		131,000		128,155
ONE Gas, Inc.	1.10%	3/11/2024		250,000		238,308
Total						629,352


	See Notes to Financial Statements.	17

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Health Care-Services 0.37%
Centene Corp.	4.25%	12/15/2027	$	88,000	$	82,418
HCA, Inc.	5.00%	3/15/2024		64,000		64,345
HCA, Inc.	5.25%	4/15/2025		237,000		237,688
HCA, Inc.	5.375%	2/1/2025		52,000		51,885
Total						436,336

Home Builders 0.31%
Beazer Homes USA, Inc.	6.75%	3/15/2025		175,000		162,031
Lennar Corp.	4.50%	4/30/2024		67,000		66,892
Lennar Corp.	4.75%	11/15/2022		59,000		59,102
Lennar Corp.	4.875%	12/15/2023		12,000		12,072
Toll Brothers Finance Corp.	4.375%	4/15/2023		30,000		29,956
Toll Brothers Finance Corp.	4.875%	11/15/2025		45,000		43,837
Total						373,890

Housewares 0.18%
Newell Brands, Inc.	4.10%	4/1/2023		116,000		115,175
Newell Brands, Inc.	4.45%	4/1/2026		82,000		78,356
Newell Brands, Inc.	4.875%	6/1/2025		20,000		19,733
Total						213,264

Insurance 1.36%
CNO Financial Group, Inc.	5.25%	5/30/2025		280,000		284,610
CNO Global Funding ^†	1.75%	10/7/2026		150,000		132,715
F&G Global Funding^†	0.90%	9/20/2024		59,000		54,758
F&G Global Funding^†	1.75%	6/30/2026		332,000		294,462
F&G Global Funding^†	2.30%	4/11/2027		114,000		101,859
GA Global Funding Trust^†	0.80%	9/13/2024		150,000		137,540
GA Global Funding Trust^†	3.85%	4/11/2025		372,000		365,298
Jackson Financial, Inc.	5.17%	6/8/2027		68,000		67,477
Jackson National Life Global Funding^†	1.75%	1/12/2025		150,000		141,586
Kemper Corp.	4.35%	2/15/2025		44,000		43,876
Total						1,624,181

Internet 0.86%
Baidu, Inc. (China)^(b)	3.875%	9/29/2023		200,000		200,964
Netflix, Inc.^†	3.625%	6/15/2025		186,000		177,630
Netflix, Inc.	4.375%	11/15/2026		471,000		455,047
Prosus NV (Netherlands)^†(b)	3.257%	1/19/2027		200,000		173,974
VeriSign, Inc.	5.25%	4/1/2025		19,000		19,119
Total						1,026,734


18	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Iron-Steel 0.10%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)^†(b)	8.75%	7/15/2026	$	114,000	$	99,593
Steel Dynamics, Inc.	5.00%	12/15/2026		22,000		21,832
Total						121,425

Leisure Time 0.21%
Royal Caribbean Cruises Ltd.^†	11.50%	6/1/2025		243,000		250,281

Lodging 0.40%
Hyatt Hotels Corp.	1.30%	10/1/2023		194,000		187,955
Hyatt Hotels Corp.	1.80%	10/1/2024		57,000		53,923
MGM Resorts International	6.75%	5/1/2025		49,000		48,159
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	4.25%	5/30/2023		164,000		157,662
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^†	5.50%	3/1/2025		30,522		27,988
Total						475,687

Machinery-Diversified 0.21%
CNH Industrial NV (United Kingdom)^(b)	4.50%	8/15/2023		88,000		88,777
Granite US Holdings Corp.^†	11.00%	10/1/2027		105,000		98,839
Westinghouse Air Brake Technologies Corp.	4.40%	3/15/2024		69,000		69,164
Total						256,780

Media 0.16%
FactSet Research Systems, Inc.	2.90%	3/1/2027		61,000		57,092
Univision Communications, Inc.^†	5.125%	2/15/2025		144,000		135,792
Total						192,884

Mining 1.54%
Alcoa Nederland Holding BV (Netherlands)^†(b)	5.50%	12/15/2027		200,000		189,909
Alcoa Nederland Holding BV (Netherlands)^†(b)	6.125%	5/15/2028		200,000		194,867
Anglo American Capital plc (United Kingdom)^†(b)	3.625%	9/11/2024		200,000		196,302
Arconic Corp.^†	6.00%	5/15/2025		44,000		43,023
FMG Resources August 2006 Pty Ltd. (Australia)^†(b)	5.125%	5/15/2024		28,000		27,300
Freeport Indonesia PT (Indonesia)^†(b)	4.763%	4/14/2027		200,000		192,400
Freeport-McMoRan, Inc.	3.875%	3/15/2023		15,000		14,963
Freeport-McMoRan, Inc.	4.55%	11/14/2024		252,000		251,209
Glencore Finance Canada Ltd. (Canada)^†(b)	4.25%	10/25/2022		142,000		142,165
Glencore Funding LLC^†	1.625%	4/27/2026		54,000		47,837
Glencore Funding LLC^†	4.00%	3/27/2027		63,000		60,636
Glencore Funding LLC^†	4.125%	5/30/2023		211,000		210,673
Glencore Funding LLC^†	4.125%	3/12/2024		102,000		101,557
Glencore Funding LLC^†	4.625%	4/29/2024		28,000		28,028
Kinross Gold Corp. (Canada)^(b)	5.95%	3/15/2024		129,000		132,121
Total						1,832,990


	See Notes to Financial Statements.	19

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
Miscellaneous Manufacturing 0.22%
Gates Global LLC/Gates Corp.^†	6.25%	1/15/2026	$	56,000	$	52,018
Parker-Hannifin Corp.	3.65%	6/15/2024		78,000		77,548
Pentair Finance Sarl (Luxembourg)^(b)	3.15%	9/15/2022		137,000		136,370
Total						265,936

Oil & Gas 3.49%
Callon Petroleum Co.^†	9.00%	4/1/2025		118,000		125,154
Cenovus Energy, Inc. (Canada)^(b)	5.375%	7/15/2025		107,000		110,237
CNX Resources Corp.^†	7.25%	3/14/2027		113,000		110,895
Continental Resources, Inc.^†	2.268%	11/15/2026		128,000		113,721
Continental Resources, Inc.	3.80%	6/1/2024		121,000		119,578
Continental Resources, Inc.	4.50%	4/15/2023		245,000		246,248
Coterra Energy, Inc.^†	4.375%	6/1/2024		140,000		140,032
CrownRock LP/CrownRock Finance, Inc.^†	5.625%	10/15/2025		237,000		223,422
Devon Energy Corp.	5.25%	9/15/2024		63,000		64,316
Devon Energy Corp.	5.25%	10/15/2027		225,000		227,953
Devon Energy Corp.	8.25%	8/1/2023		110,000		114,377
Endeavor Energy Resources LP/EER Finance, Inc.^†	6.625%	7/15/2025		150,000		150,952
EQT Corp.^†	3.125%	5/15/2026		124,000		116,282
EQT Corp.	6.625%	2/1/2025		215,000		221,608
Hess Corp.	3.50%	7/15/2024		93,000		91,626
Laredo Petroleum, Inc.	9.50%	1/15/2025		185,000		183,693
Lundin Energy Finance BV (Netherlands)^†(b)	2.00%	7/15/2026		200,000		178,904
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.^†	6.00%	8/1/2026		148,000		139,667
Matador Resources Co.	5.875%	9/15/2026		208,000		200,333
Murphy Oil Corp.	6.875%	8/15/2024		9,000		9,034
Oasis Petroleum, Inc.^†	6.375%	6/1/2026		94,000		87,090
Occidental Petroleum Corp.	5.55%	3/15/2026		210,000		208,933
Occidental Petroleum Corp.	6.95%	7/1/2024		160,000		165,082
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%	10/15/2027		105,000		103,449
PDC Energy, Inc.	5.75%	5/15/2026		54,000		50,474
PDC Energy, Inc.	6.125%	9/15/2024		29,000		28,855
Petroleos Mexicanos (Mexico)^(b)	6.875%	8/4/2026		109,000		98,431
Range Resources Corp.	5.00%	3/15/2023		118,000		117,311
Suncor Energy, Inc. (Canada)^(b)	7.875%	6/15/2026		103,000		115,026
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)^†(b)	2.625%	8/15/2025		200,000		171,088
Valero Energy Corp.	2.85%	4/15/2025		3,000		2,902
Viper Energy Partners LP^†	5.375%	11/1/2027		130,000		124,472
Total						4,161,145


20	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Oil & Gas Services 0.07%
Oceaneering International, Inc.	4.65%		11/15/2024	$	67,000	$	62,064
Weatherford International Ltd.^†	11.00%		12/1/2024		23,000		23,205
Total							85,269

Pharmaceuticals 0.77%
Bayer US Finance II LLC^†	2.839% (3 Mo. LIBOR + 1.01%	)^#	12/15/2023		425,000		422,853
Bayer US Finance II LLC^†	3.875%		12/15/2023		200,000		199,708
Bayer US Finance II LLC^†	4.25%		12/15/2025		300,000		296,585
Total							919,146

Pipelines 2.17%
Buckeye Partners LP	3.95%		12/1/2026		181,000		158,584
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		152,000		155,802
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		440,000		456,285
Energy Transfer Operating LP	4.25%		3/15/2023		225,000		224,947
Energy Transfer Operating LP	5.875%		1/15/2024		154,000		157,128
Kinder Morgan, Inc.	2.324% (3 Mo. LIBOR + 1.28%	)^#	1/15/2023		110,000		110,090
NOVA Gas Transmission Ltd. (Canada)^(b)	7.875%		4/1/2023		110,000		112,814
ONEOK, Inc.	7.50%		9/1/2023		116,000		120,197
Rattler Midstream LP^†	5.625%		7/15/2025		97,000		97,093
Sabine Pass Liquefaction LLC	5.625%		4/15/2023		602,000		607,884
Sabine Pass Liquefaction LLC	5.75%		5/15/2024		150,000		153,107
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	6.50%		7/15/2027		173,000		177,502
Texas Eastern Transmission LP^†	2.80%		10/15/2022		14,000		13,998
Western Midstream Operating LP	2.621% (3 Mo. LIBOR + 1.85%	)^#	1/13/2023		51,000		50,749
Total							2,596,180

REITS 1.54%
American Campus Communities Operating Partnership LP	3.30%		7/15/2026		52,000		50,889
American Tower Corp.	3.65%		3/15/2027		101,000		96,005
Brixmor Operating Partnership LP	3.65%		6/15/2024		113,000		111,452
EPR Properties	4.50%		6/1/2027		105,000		95,133
EPR Properties	4.75%		12/15/2026		72,000		67,716
HAT Holdings I LLC/HAT Holdings II LLC^†	3.375%		6/15/2026		21,000		18,114
HAT Holdings I LLC/HAT Holdings II LLC^†	6.00%		4/15/2025		59,000		56,600
Kite Realty Group Trust	4.00%		3/15/2025		53,000		51,959


	See Notes to Financial Statements.	21

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
REITS (continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer^†	7.50%		6/1/2025	$	98,000	$	97,939
SL Green Operating Partnership LP	3.25%		10/15/2022		99,000		98,763
SL Green Realty Corp.	4.50%		12/1/2022		195,000		195,270
Starwood Property Trust, Inc.^†	3.75%		12/31/2024		124,000		113,066
VICI Properties LP/VICI Note Co., Inc.^†	3.50%		2/15/2025		189,000		177,082
VICI Properties LP/VICI Note Co., Inc.^†	3.75%		2/15/2027		78,000		68,765
VICI Properties LP/VICI Note Co., Inc.^†	4.625%		6/15/2025		118,000		112,449
VICI Properties LP/VICI Note Co., Inc.^†	5.625%		5/1/2024		297,000		293,907
Vornado Realty LP	2.15%		6/1/2026		46,000		41,041
Vornado Realty LP	3.50%		1/15/2025		97,000		93,998
Total							1,840,148

Retail 0.08%
Specialty Building Products Holdings LLC/SBP Finance Corp.^†	6.375%		9/30/2026		119,000		96,931

Savings & Loans 0.17%
Nationwide Building Society (United Kingdom)^†(b)	3.766% (3 Mo. LIBOR + 1.06%	)^#	3/8/2024		200,000		199,531

Semiconductors 0.53%
Microchip Technology, Inc.	0.972%		2/15/2024		137,000		130,189
Microchip Technology, Inc.	2.67%		9/1/2023		229,000		225,288
Microchip Technology, Inc.	4.25%		9/1/2025		99,000		96,529
Microchip Technology, Inc.	4.333%		6/1/2023		125,000		125,108
Qorvo, Inc.^†	1.75%		12/15/2024		58,000		54,293
Total							631,407

Software 0.22%
Oracle Corp.	2.50%		4/1/2025		120,000		114,167
Oracle Corp.	2.65%		7/15/2026		30,000		27,706
Take-Two Interactive Software, Inc.	3.30%		3/28/2024		72,000		71,086
Take-Two Interactive Software, Inc.	3.55%		4/14/2025		49,000		48,243
Total							261,202

Telecommunications 0.17%
Altice France SA (France)^†(b)	8.125%		2/1/2027		225,000		207,484

Toys/Games/Hobbies 0.19%
Mattel, Inc.	3.15%		3/15/2023		200,000		197,644
Mattel, Inc.^†	3.375%		4/1/2026		32,000		29,412
Total							227,056


22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Trucking & Leasing 0.09%
Fortress Transportation and Infrastructure Investors LLC^†	6.50%		10/1/2025	$	116,000	$	109,663
Total Corporate Bonds (cost $55,624,732)							53,074,119

FLOATING RATE LOANS^(d)5.07%

Airlines 0.09%
AAdvantage Loyalty IP Ltd. 2021 Term Loan (Cayman Islands)^(b)	5.813% (3 Mo. LIBOR + 4.75%	)	4/20/2028		94,501		90,400
American Airlines, Inc. 2017 Incremental Term Loan	2.84% (6 Mo. LIBOR + 2.00%	)	12/15/2023		18,137		17,598
Total							107,998

Chemicals 0.10%
Axalta Coating Systems US Holdings Inc. USD Term Loan B3	4.00% (3 Mo. LIBOR + 1.75%	)	6/1/2024		124,081		121,427

Commercial Services 0.40%
Global Payments Inc. 2019 Term Loan	3.041% (1 Mo. LIBOR + 1.38%	)	7/9/2024		209,180		208,657
Moneygram International, Inc 2021 Term Loan B	6.00% (6 Mo. LIBOR + 4.50%	)	7/21/2026		280,624		272,790
Total							481,447
Diversified Financial Services 0.36%
Avolon TLB Borrower 1 (US) LLC 2021 Term Loan B5	3.845% (1 Mo. LIBOR + 2.25%	)	12/1/2027		40,623		38,706
Avolon TLB Borrower 1 (US) LLC Term Loan B3	3.345% (1 Mo. LIBOR + 1.75%	)	1/15/2025		126,109		120,750
Delos Finance Sarl 2018 Term Loan B (Luxembourg)^(b)	4.00% (3 Mo. LIBOR + 1.75%	)	10/6/2023		266,783		264,349
Total							423,805

Government 0.03%
Seminole Tribe of Florida 2018 Term Loan B	3.416% (1 Mo. LIBOR + 1.75%	)	7/8/2024		37,843		37,800

Health Care Services 0.29%
DaVita, Inc. 2020 Term Loan B	3.416% (1 Mo. LIBOR + 1.75%	)	8/12/2026		95,489		88,740
Humana Inc. Term Loan	–	^(e)	10/30/2023		252,429		249,748	^(f)
Total							338,488


	See Notes to Financial Statements.	23

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Insurance 0.23%
Asurion LLC 2018 Term Loan B6	4.791% (1 Mo. LIBOR + 3.13%	)	11/3/2023	$	280,000	$	269,821

Leisure Time 0.25%
Carnival Corporation USD Term Loan B	5.877% (6 Mo. LIBOR + 3.00%	)	6/30/2025		270,352		252,373
Life Time Fitness Inc. 2021 Term Loan B	6.325% (3 Mo. LIBOR + 4.75%	)	12/16/2024		38,526		38,077
Total							290,450

Lodging 0.42%
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B	4.416% (1 Mo. LIBOR + 2.75%	)	12/23/2024		178,597		172,402
Four Seasons Hotels Limited New 1st Lien Term Loan (Canada)^(b)	3.666% (1 Mo. LIBOR + 2.00%	)	11/30/2023		186,698		185,103
Hilton Worldwide Finance, LLC 2019 Term Loan B2	3.374% (1 Mo. LIBOR + 1.75%	)	6/22/2026		152,279		146,752
Total							504,257

Machinery: Diversified 0.20%
Welbilt, Inc. 2018 Term Loan B	4.166% (1 Mo. LIBOR + 2.50%	)	10/23/2025		245,000		241,734

Media 0.99%
Charter Communications Operating, LLC 2019 Term Loan B1	3.42% (1 Mo. LIBOR + 1.75%	)	4/30/2025		718,307		701,621
Nielsen Finance LLC USD Term Loan B4	3.19% (1 Mo. LIBOR + 2.00%	)	10/4/2023		425,053		423,161
Univision Communications Inc. Term Loan C5	4.416% (1 Mo. LIBOR + 2.75%	)	3/15/2024		60,665		59,818
Total							1,184,600

Pipelines 0.08%
Lucid Energy Group II Borrower, LLC 2021 Term Loan	–	^(e)	11/24/2028		96,816		95,831
					’
Real Estate Investment Trusts 0.68%
American Tower Corporation 2021 First Lien Delayed Draw Term loan	2.438% (1 Mo. LIBOR + 1.13%	)	12/8/2023		134,564		132,882	^(f)
American Tower Corporation 2021 Term Loan	2.438% (1 Mo. LIBOR + 1.13%	)	12/7/2022		56,802		56,731	^(f)
Invitation Homes Operating Partnership LP 2020 Term Loan A	2.595% (1 Mo. LIBOR + 1.00%	)	1/31/2025		628,665		625,522
Total							815,135


24	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
Software 0.23%
Applied Systems, Inc. 2017 1st Lien Term Loan	5.25% (3 Mo. LIBOR + 3.00%	)	9/19/2024	$	174,599	$	168,014
Vmware, Inc. 3 Year Term Loan	1.87% (1 Mo. LIBOR + 0.75%	)	11/1/2024		107,975		107,705
Total							275,719

Telecommunications 0.19%
CenturyLink, Inc. 2020 Term Loan A	3.666% (1 Mo. LIBOR + 2.00%	)	1/31/2025		234,425		229,150

Transportation 0.53%
XPO Logistics, Inc. 2018 Term Loan B	2.87% (1 Mo. LIBOR + 1.75%	)	2/24/2025		665,197		636,002
Total Floating Rate Loans (cost $6,206,419)							6,053,664

GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.10%
Government National Mortgage Assoc. 2014-112 A	3.00%	^#(g)	1/16/2048		2,894		2,735
Government National Mortgage Assoc. 2014-78 IO	0.002%	^#(g)	3/16/2056		11,400		66
Government National Mortgage Assoc. 2015-73 AC	2.90%	^#(g)	2/16/2053		6,964		6,757
Government National Mortgage Assoc. 2017-23 AB	2.60%		12/16/2057		14,310		13,474
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		22,123		20,918
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		34,996		33,135
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		19,076		18,253
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		27,569		25,774
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $127,603)							121,112

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.05%
Federal Home Loan Mortgage Corp.	2.144% (12 Mo. LIBOR + 1.89%	)^#	12/1/2040		3,107		3,186
Federal Home Loan Mortgage Corp.	2.25% (12 Mo. LIBOR + 1.80%	)^#	6/1/2041		4,481		4,624
Federal Home Loan Mortgage Corp.	2.643% (12 Mo. LIBOR + 1.84%	)^#	6/1/2042		1,836		1,878
Federal National Mortgage Assoc.	2.054% (12 Mo. LIBOR + 1.80%	)^#	10/1/2040		179		185
Federal National Mortgage Assoc.	2.062% (12 Mo. LIBOR + 1.81%	)^#	12/1/2040		353	��	363
Federal National Mortgage Assoc.	2.076% (12 Mo. LIBOR + 1.81%	)^#	12/1/2040		743		764
Federal National Mortgage Assoc.	2.10% (12 Mo. LIBOR + 1.81%	)^#	1/1/2042		11,732		12,095

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments

Interest
Rate

Maturity
Date

Principal
Amount

Fair
Value

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)

Federal National Mortgage Assoc.

2.137%
(12 Mo. LIBOR + 1.81%

)^#

4/1/2040

6,632

6,801

Federal National Mortgage Assoc.

2.247%
(12 Mo. LIBOR + 1.79%

)^#

3/1/2042

2,543

2,614

Federal National Mortgage Assoc.

2.31%
(12 Mo. LIBOR + 1.78%

)^#

10/1/2036

10,712

11,040

Federal National Mortgage Assoc.

2.73%
(12 Mo. LIBOR + 1.60%

)^#

12/1/2045

1,959

2,008

Federal National Mortgage Assoc.

2.743%
(12 Mo. LIBOR + 1.60%

)^#

12/1/2045

7,522

7,710

Federal National Mortgage Assoc.

2.797%
(12 Mo. LIBOR + 1.60%

)^#

10/1/2045

1,518

1,564

Federal National Mortgage Assoc.

2.899%
(12 Mo. LIBOR + 1.72%

)^#

6/1/2042

2,642

2,721

Total Government Sponsored Enterprises Pass-Throughs (cost $58,448)

57,553

GOVERNMENT SPONSORED ENTERPRISES SECURITIES 0.26%

Federal Home Loan Bank Discount Notes (cost $314,643)

316,000

314,608

MUNICIPAL BONDS 0.04%

Government

New York Transportation Development Corp.

1.61%

12/1/2022

20,000

19,902

State of Illinois

4.95%

6/1/2023

27,818

28,028

Total Municipal Bonds (cost $48,077)

47,930

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 16.24%

Angel Oak Mortgage Trust 2021-4 A1^†

1.035%

^#(g)

1/20/2065

92,801

78,950

Angel Oak Mortgage Trust 2021-6 A1^†

1.458%

^#(g)

9/25/2066

159,321

136,542

Atrium Hotel Portfolio Trust 2017-ATRM A^†

2.254%
(1 Mo. LIBOR + .93%

)^#

12/15/2036

100,000

97,360

Atrium Hotel Portfolio Trust 2018-ATRM B^†

2.754%
(1 Mo. LIBOR + 1.43%

)^#

6/15/2035

100,000

95,188

Atrium Hotel Portfolio Trust 2018-ATRM C^†

2.974%
(1 Mo. LIBOR + 1.65%

)^#

6/15/2035

100,000

94,709

Bayview MSR Opportunity Master Fund Trust 2021-INV4 A11^†

1.776%
(1 Mo. SOFR + 0.85%

)^#

10/25/2051

388,463

362,531

BBCMS Mortgage Trust 2018-TALL A^†

2.046%
(1 Mo. LIBOR + .72%

)^#

3/15/2037

200,000

191,034

BBCMS Trust 2018-BXH A^†

2.324%
(1 Mo. LIBOR + 1.00%

)^#

10/15/2037

68,436

66,141

BB-UBS Trust 2012-TFT A^†

2.892%

6/5/2030

79,689

77,824

BB-UBS Trust 2012-TFT B^†

3.678%

^#(g)

6/5/2030

100,000

94,358

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust 2012-TFT C^†		3.678%	^#(g)	6/5/2030	$	100,000	$	88,430
Benchmark 2019-B12 Mortgage Trust TCA^†		3.555%	^#(g)	8/15/2052		203,000		191,951
Benchmark 2019-B12 Mortgage Trust TCB^†		3.555%	^#(g)	8/15/2052		225,000		208,283
BX 2021-MFM1 A^†		2.024% (1 Mo. LIBOR + .70%	)^#	1/15/2034		20,000		19,251
BX Commercial Mortgage Trust 2019-XL A^†		2.244% (1 Mo. LIBOR + .92%	)^#	10/15/2036		151,086		148,564
BX Commercial Mortgage Trust 2019-XL C^†		2.574% (1 Mo. LIBOR + 1.25%	)^#	10/15/2036		85,000		82,550
BX Commercial Mortgage Trust 2019-XL D^†		2.774% (1 Mo. LIBOR + 1.45%	)^#	10/15/2036		501,500		485,855
BX Commercial Mortgage Trust 2019-XL E^†		3.124% (1 Mo. LIBOR + 1.80%	)^#	10/15/2036		85,000		82,153
BX Commercial Mortgage Trust 2021-ACNT A^†		2.175% (1 Mo. LIBOR + .85%	)^#	11/15/2038		240,000		231,373
BX Commercial Mortgage Trust 2021-ACNT D^†		3.175% (1 Mo. LIBOR + 1.85%	)^#	11/15/2038		100,000		95,261
BX Commercial Mortgage Trust 2021-XL2 A^†		2.013% (1 Mo. LIBOR + .69%	)^#	10/15/2038		532,073		507,635
BX Trust 2021-ARIA E^†		3.569% (1 Mo. LIBOR + 2.24%	)^#	10/15/2036		390,000		364,901
BX Trust 2021-RISE B^†		2.574% (1 Mo. LIBOR + 1.25%	)^#	11/15/2036		430,000		411,666
BX Trust 2022-LBA6 A^†	2.279% (1 Mo. Term SOFR + 1.00%		)^#	1/15/2039		610,000		587,385
BXHPP Trust 2021-FILM A^†		1.974% (1 Mo. LIBOR + .65%	)^#	8/15/2036		280,000		265,824
BXHPP Trust 2021-FILM B^†		2.224% (1 Mo. LIBOR + .90%	)^#	8/15/2036		290,000		271,605
BXP Trust 2017-CQHP A^†		2.174% (1 Mo. LIBOR + .85%	)^#	11/15/2034		43,000		41,166
CFCRE Commercial Mortgage Trust 2016-C6 XA		1.236%	^#(g)	11/10/2049		178,761		6,635
CFCRE Commercial Mortgage Trust 2016-C7 XA		0.818%	^#(g)	12/10/2054		175,655		4,371
CFCRE Commercial Mortgage Trust 2018-TAN A^†		4.236%		2/15/2033		134,000		133,133
Citigroup Commercial Mortgage Trust 2015-GC27 AAB		2.944%		2/10/2048		4,805		4,748
Citigroup Commercial Mortgage Trust 2015-GC31 XA		0.459%	^#(g)	6/10/2048		885,421		7,873
COMM 2014-UBS5 Mortgage Trust XB1^†		0.252%	^#(g)	9/10/2047		2,000,000		5,689
Commercial Mortgage Pass-Through Certificates 2012-CR3 B^†		3.922%		10/15/2045		200,000		190,906

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2^†		3.40%		10/5/2030	$	100,000	$	96,384
Commercial Mortgage Pass-Through Certificates 2013-CR12 A3		3.765%		10/10/2046		42,691		42,172
Commercial Mortgage Pass-Through Certificates 2013-CR18 A5		3.828%		7/15/2047		170,000		168,794
Commercial Mortgage Pass-Through Certificates 2013-CR6 A4		3.101%		3/10/2046		10,000		9,953
Commercial Mortgage Pass-Through Certificates 2013-SFS A1^†		1.873%		4/12/2035		19,102		18,893
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4		3.532%		8/10/2047		20,561		20,138
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4		3.819%		6/10/2047		184,000		182,662
Commercial Mortgage Pass-Through Certificates 2015-PC1 XA^†		0.558%	^#(g)	7/10/2050		66,641		658
Commercial Mortgage Pass-Through Certificates 2016-CD1 XA		1.504%	^#(g)	8/10/2049		46,892		1,967
Connecticut Avenue Securities Trust 2022-R01 1M2^†		2.826% (1 Mo. SOFR + 1.90%	)^#	12/25/2041		170,000		153,604
Credit Suisse Commercial Mortgage Securities Corp. 2017-MOON X^†		0.09%	^#(g)	7/10/2034		28,675,000		287
Credit Suisse Mortgage Capital Certificates 2017-MOON C^†		3.303%	^#(g)	7/10/2034		109,000		108,876
Credit Suisse Mortgage Capital Certificates 2019-ICE4 A^†	2.304% (1 Mo. LIBOR + .98%		)^#	5/15/2036		434,000		427,255
Credit Suisse Mortgage Capital Certificates Trust 2014-USA X1^†		0.686%	^#(g)	9/15/2037		978,382		13,910
Credit Suisse Mortgage Capital Certificates Trust 2017-MOON A^†		3.197%		7/10/2034		60,000		59,935
Credit Suisse Mortgage Capital Certificates Trust 2017-MOON B^†		3.303%	^#(g)	7/10/2034		50,000		49,945
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A^†	2.274% (1 Mo. LIBOR + .95%		)^#	12/15/2030		50,000		49,579
Credit Suisse Mortgage Capital Certificates Trust 2021-ADV A^†	2.725% (1 Mo. LIBOR + 1.40%		)^#	7/15/2038		100,000		96,381
Credit Suisse Mortgage Capital Certificates Trust 2021-NQM3 A1^†		1.015%	^#(g)	4/25/2066		61,981		56,665
Credit Suisse Mortgage Capital Certificates Trust 2022-NQM1 A1^†		2.265%	^#(g)	11/25/2066		142,729		127,064
CSAIL Commercial Mortgage Trust 2016-C6 XA		2.029%	^#(g)	1/15/2049		623,009		34,488

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
DBGS Mortgage Trust 2021-W52 A^†	2.72% (1 Mo. LIBOR + 1.39%		)^#	10/15/2036	$	160,000	$	155,595
DBGS Mortgage Trust 2021-W52 C^†		3.625% (1 Mo. LIBOR + 2.30%	)^#	10/15/2036		310,000		301,048
DBJPM Mortgage Trust 2016-C3 XA		1.583%	^#(g)	8/10/2049		186,686		8,623
DBWF Mortgage Trust 2015-LCM A1^†		2.998%		6/10/2034		10,204		9,702
DBWF Mortgage Trust 2016-85T XA^†		0.116%	^#(g)	12/10/2036		3,140,000		6,782
DBWF Mortgage Trust 2018-GLKS A^†		2.625% (1 Mo. LIBOR + 1.03%	)^#	12/19/2030		100,000		97,176
DBWF Mortgage Trust 2018-GLKS C^†		3.345% (1 Mo. LIBOR + 1.75%	)^#	12/19/2030		100,000		96,008
Deephaven Residential Mortgage Trust 2021-3 A1^†		1.194%	^#(g)	8/25/2066		226,972		207,846
ELP Commercial Mortgage Trust 2021-ELP D^†		2.844% (1 Mo. LIBOR + 1.52%	)^#	11/15/2038		100,000		95,479
EQUS Mortgage Trust 2021-EQAZ B^†		2.424% (1 Mo. LIBOR + 1.10%	)^#	10/15/2038		100,000		95,447
EQUS Mortgage Trust 2021-EQAZ C^†		2.674% (1 Mo. LIBOR + 1.35%	)^#	10/15/2038		100,000		95,222
EQUS Mortgage Trust 2021-EQAZ D^†		2.974% (1 Mo. LIBOR + 1.65%	)^#	10/15/2038		100,000		93,769
Fontainebleau Miami Beach Trust 2019-FBLU A^†		3.144%		12/10/2036		100,000		96,008
Fontainebleau Miami Beach Trust 2019-FBLU B^†		3.447%		12/10/2036		100,000		96,051
Freddie Mac STACR REMIC Trust 2021-HQA3 M1^†		1.776% (1 Mo. SOFR + .85%	)^#	9/25/2041		122,321		118,198
Freddie Mac STACR REMIC Trust 2022-DNA1 M1B^†		2.776% (1 Mo. SOFR + 1.85%	)^#	1/25/2042		220,000		197,956
Freddie Mac STACR REMIC Trust 2022-DNA4 M1A^†		3.126% (1 Mo. SOFR + 2.20%	)^#	5/25/2042		286,662		283,211
Great Wolf Trust 2019-WOLF B^†		2.658% (1 Mo. LIBOR + 1.33%	)^#	12/15/2036		50,000		48,319
Great Wolf Trust 2019-WOLF C^†		2.957% (1 Mo. LIBOR + 1.63%	)^#	12/15/2036		300,000		289,220
Great Wolf Trust 2019-WOLF E^†		4.056% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036		15,000		13,994
GS Mortgage Securities Corp Trust 2017-485L XB^†		0.244%	^#(g)	2/10/2037		1,590,000		10,303	^(a)
GS Mortgage Securities Corp. II 2012-BWTR A^†		2.954%		11/5/2034		214,000		212,378
GS Mortgage Securities Corp. II 2012-TMSQ A^†		3.007%		12/10/2030		100,000		99,991
GS Mortgage Securities Corp. II 2021-ARDN A^†		2.574% (1 Mo. LIBOR + 1.25%	)^#	11/15/2036		630,000		615,837
GS Mortgage Securities Corp. Trust 2017-GPTX A^†		2.856%		5/10/2034		100,000		99,840

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. Trust 2018-RIVR A^†		2.274% (1 Mo. LIBOR + .95%	)^#	7/15/2035	$	99,828	$	95,667
GS Mortgage Securities Corp. Trust 2019-70P B^†		2.644% (1 Mo. LIBOR + 1.32%	)^#	10/15/2036		55,675		53,526
GS Mortgage Securities Corp. Trust 2019-SMP B^†		2.824% (1 Mo. LIBOR + 1.50%	)^#	8/15/2032		500,000		483,166
GS Mortgage Securities Corp. Trust 2021-ROSS A^†		2.475% (1 Mo. LIBOR + 1.15%	)^#	5/15/2026		100,000		96,659
GS Mortgage Securities Corp. Trust 2021-ROSS H^†		7.225% (1 Mo. LIBOR + 5.90%	)^#	5/15/2026		100,000		92,980
GS Mortgage Securities Trust 2011-GC5 B^†		5.302%	^#(g)	8/10/2044		107,000		102,168
GS Mortgage Securities Trust 2013-G1 A2^†		3.557%	^#(g)	4/10/2031		100,000		98,921
GS Mortgage Securities Trust 2013-GCJ14 A5		4.243%		8/10/2046		100,000		99,754
GS Mortgage Securities Trust 2014-GC18 A4		4.074%		1/10/2047		151,000		150,536
GS Mortgage Securities Trust 2015-GS1 XB		0.327%	^#(g)	11/10/2048		1,082,000		7,726
Hawaii Hotel Trust 2019-MAUI B^†		2.774% (1 Mo. LIBOR + 1.45%	)^#	5/15/2038		100,000		96,943
HMH Trust 2017-NSS A^†		3.062%		7/5/2031		100,000		100,872
HMH Trust 2017-NSS B^†		3.343%		7/5/2031		100,000		100,063
HMH Trust 2017-NSS C^†		3.787%		7/5/2031		100,000		100,050
HMH Trust 2017-NSS D^†		4.723%		7/5/2031		100,000		100,051
HONO Mortgage Trust 2021-LULU A^†		2.474% (1 Mo. LIBOR + 1.15%	)^#	10/15/2036		100,000		96,697
Hudsons Bay Simon JV Trust 2015-HB7 B7^†		4.666%		8/5/2034		179,000		144,665
Hudsons Bay Simon JV Trust 2015-HB7 XA7^†		1.417%	^#(g)	8/5/2034		1,000,000		1,120
Irvine Core Office Trust 2013-IRV A1^†		2.068%		5/15/2048		4,893		4,865
Irvine Core Office Trust 2013-IRV A2^†		3.279%	^#(g)	5/15/2048		27,000		26,728
JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST E^†	3.574% (1 Mo. LIBOR + 2.25%		)^#	12/15/2036		420,000		386,238
JPMBB Commercial Mortgage Securities Trust 2014-C19 A4		3.997%		4/15/2047		76,000		75,661
JPMBB Commercial Mortgage Securities Trust 2015-C30 XA		0.581%	^#(g)	7/15/2048		724,367		8,344
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A^†		3.905%		5/5/2030		168,549		136,525
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C26 XA		1.088%	^#(g)	1/15/2048		650,240		11,733
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A^†		3.429%		6/10/2027		200,000		112,700
JPMorgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA		0.724%	^#(g)	12/15/2049		797,865		15,262

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2017-JP7 XA		1.153%	^#(g)	9/15/2050	$	937,348	$	32,975
JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A^†		3.735%		1/5/2031		243,000		241,629
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A^†	2.774% (1 Mo. LIBOR + 1.45%		)^#	4/15/2031		90,000		85,243
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B^†	3.474% (1 Mo. LIBOR + 2.15%		)^#	4/15/2031		24,000		22,716
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C^†	3.874% (1 Mo. LIBOR + 2.55%		)^#	4/15/2031		18,000		16,990
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL^†	2.32% (1 Mo. LIBOR + 1.20%		)^#	7/5/2033		43,555		43,275
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL^†	3.02% (1 Mo. LIBOR + 1.90%		)^#	7/5/2033		16,000		15,838
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON XA^†		1.51%	^#(g)	1/5/2034		3,332,000		51,130
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A^†		3.287%		1/10/2037		240,000		228,724
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B^†		3.64%		1/10/2037		50,000		46,781
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE XA^†		0.467%	^#(g)	1/10/2037		9,368,548		85,113
KIND Trust 2021-KIND A^†	2.274% (1 Mo. LIBOR + .95%		)^#	8/15/2038		160,000		153,299
KKR Industrial Portfolio Trust 2021-KDIP A^†		1.874% (1 Mo. LIBOR + .55%	)^#	12/15/2037		31,244		30,032
Life Mortgage Trust 2022-BMR2 A1^†	2.574% (1 Mo. Term SOFR + 1.30%		)^#	5/15/2039		260,000		254,027
LoanCore Issuer Ltd. 2019-CRE3 AS^†		2.694% (1 Mo. LIBOR + 1.37%	)^#	4/15/2034		36,972		36,886
LSTAR Commercial Mortgage Trust 2016-4 XA^†		1.917%	^#(g)	3/10/2049		548,868		15,936
LSTAR Commercial Mortgage Trust 2017-5 A3^†		4.50%		3/10/2050		80,452		80,848
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1^†		2.117%		10/15/2030		2,083		2,078
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2^†		3.277%		10/15/2030		100,000		99,087
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A4		4.295%	^#(g)	8/15/2046		139,000		138,389
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4		2.918%		2/15/2046		10,000		9,945
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23 XA IO		0.695%	^#(g)	7/15/2050		364,807		4,870

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments		Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C31 XA		1.429%	^#(g)	11/15/2049	$	846,875	$	34,937
Morgan Stanley Capital I Trust 2015-UBS8 ASB		3.626%		12/15/2048		7,983		7,904
Morgan Stanley Capital I Trust 2016-UB11 XB		1.053%	^#(g)	8/15/2049		1,000,000		33,261
Mortgage Repurchase Agreement Financing Trust Series 2021-S1 A1^†	1.70% (1 Mo. LIBOR + .50%		)^#	9/10/2022		350,000		350,328
MSCG Trust 2015-ALDR A1^†		2.612%		6/7/2035		8,412		8,118
MTN Commercial Mortgage Trust 2022-LPFL A^†	2.676% (1 Mo. Term SOFR + 1.40%		)^#	3/15/2039		300,000		295,197
New Orleans Hotel Trust 2019-HNLA A^†	2.313% (1 Mo. LIBOR + .99%		)^#	4/15/2032		150,000		144,814
NYO Commercial Mortgage Trust 2021-1290 A^†		2.42% (1 Mo. LIBOR + 1.10%	)^#	11/15/2038		360,000		344,973
One New York Plaza Trust 2020-1NYP A^†		2.274% (1 Mo. LIBOR + .95%	)^#	1/15/2036		100,000		97,031
One New York Plaza Trust 2020-1NYP AJ^†		2.574% (1 Mo. LIBOR + 1.25%	)^#	1/15/2036		120,000		116,295
One New York Plaza Trust 2020-1NYP B^†		2.824% (1 Mo. LIBOR + 1.50%	)^#	1/15/2036		160,000		153,815
Palisades Center Trust 2016-PLSD A^†		2.713%		4/13/2033		10,000		9,490
Palisades Center Trust 2016-PLSD D^†		4.737%		4/13/2033		77,000		39,873
PFP Ltd. 2019-6 A^†		2.559% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		2,625		2,620
PFP Ltd. 2021-7 A^†	2.174% (1 Mo. LIBOR + .85%		)^#	4/14/2038		233,111		227,073
RBS Commercial Funding, Inc. Trust 2013-SMV A^†		3.26%		3/11/2031		100,000		98,468
Ready Capital Mortgage Financing LLC 2021-FL6 A^†		2.574% (1 Mo. LIBOR + .95%	)^#	7/25/2036		149,964		142,841
ReadyCap Commercial Mortgage Trust 2018-4 A^†		3.39%		2/27/2051		20,567		19,751
ReadyCap Commercial Mortgage Trust 2019-6 A^†		2.833%	^(g)	10/25/2052		39,861		38,342
SFO Commercial Mortgage Trust 2021-555 A^†		2.474% (1 Mo. LIBOR + 1.15%	)^#	5/15/2038		110,000		105,317
SG Commercial Mortgage Securities Trust 2019-787E X^†		0.456%	^#(g)	2/15/2041		4,149,000		84,702
Shops at Crystals Trust 2016-CSTL XB^†		0.328%	^#(g)	7/5/2036		1,000,000		8,320
SLIDE 2018-FUN A^†	2.474% (1 Mo. LIBOR + 1.15%		)^#	6/15/2031		64,214		63,277
SLIDE 2018-FUN B^†	2.824% (1 Mo. LIBOR + 1.50%		)^#	6/15/2031		13,760		13,526
SLIDE 2018-FUN C^†	3.124% (1 Mo. LIBOR + 1.80%		)^#	6/15/2031		11,926		11,635
SLIDE 2018-FUN IO XCP^†		Zero Coupon	^#(g)	12/15/2020		1,521,878		15
SMRT 2022-MINI A^†	2.279% (1 Mo. Term SOFR + 1.00%		)^#	1/15/2039		610,000		587,542
Starwood Mortgage Residential Trust 2020-1 A1^†		2.275%	^#(g)	2/25/2050		5,507		5,492

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate		Maturity Date	Principal Amount		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
UBS-BAMLL Trust 2012-WRM D^†	4.379%	^#(g)	6/10/2030	$	100,000	$	77,167	^(a)
UBS-Barclays Commercial Mortgage Trust 2013-C5 XA^†	1.014%	^#(g)	3/10/2046		628,389		878
Verus Securitization Trust 2020-4 A1^†	1.502%		5/25/2065		31,577		30,190
Verus Securitization Trust 2020-5 A1^†	1.218%		5/25/2065		40,108		38,191
Verus Securitization Trust 2021-5 A1^†	1.013%	^#(g)	9/25/2066		165,258		144,504
Verus Securitization Trust 2021-R2 A1^†	0.918%	^#(g)	2/25/2064		42,301		41,017
Verus Securitization Trust 2021-R3 A1^†	1.02%	^#(g)	4/25/2064		56,881		54,341
VNDO Mortgage Trust 2012-6AVE A^†	2.996%		11/15/2030		300,000		299,584
Waikiki Beach Hotel Trust 2019-WBM A^†	2.374% (1 Mo. LIBOR + 1.05%	)^#	12/15/2033		48,000		46,722
Wells Fargo Commercial Mortgage Trust 2015-C29 XB	0.094%	^#(g)	6/15/2048		2,000,000		2,791
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA	0.807%	^#(g)	9/15/2048		848,282		13,992
Wells Fargo Commercial Mortgage Trust 2016-BNK1 XA	1.86%	^#(g)	8/15/2049		920,544		50,501
West Town Mall Trust 2017-KNOX A^†	3.823%		7/5/2030		69,027		68,987
West Town Mall Trust 2017-KNOX C^†	4.491%	^#(g)	7/5/2030		25,000		24,977
West Town Mall Trust 2017-KNOX D^†	4.491%	^#(g)	7/5/2030		25,000		24,974
West Town Mall Trust 2017-KNOX IO B^†	4.322%		7/5/2030		31,000		30,978
West Town Mall Trust 2017-KNOX X^†	0.513%	^#(g)	7/5/2030		1,528,055		15
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.624%	^#(g)	6/15/2045		2,014		2,006
WF-RBS Commercial Mortgage Trust 2012-C8 XA^†	1.491%	^#(g)	8/15/2045		38,067		1
Total Non-Agency Commercial Mortgage-Backed Securities (cost $20,412,532)							19,387,662

U.S. TREASURY OBLIGATIONS 2.55%
U.S. Treasury Note	2.50%		3/31/2027		954,000		930,895
U.S. Treasury Note	2.75%		4/30/2027		2,135,000		2,106,395
Total U.S. Treasury Obligations (cost $3,053,053)							3,037,290
Total Long-Term Investments (cost $115,681,534)							111,093,668

SHORT-TERM INVESTMENTS 5.16%

COMMERCIAL PAPER 0.22%

Electronics 0.22%
Jabil, Inc.	Zero Coupon		7/1/2022		259,000		259,000
Total Commercial Paper (cost $259,000)							259,000

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Investments	Interest Rate	Maturity Date	Principal Amount		Fair Value
U.S. TREASURY OBLIGATIONS 1.98%
U.S. Treasury Bill (Cost $2,370,213)	Zero Coupon	7/26/2022	$	2,372,000	$	2,370,324

REPURCHASE AGREEMENTS 2.96%
Repurchase Agreement dated 6/30/2022, 0.55% due 7/1/2022 with Fixed Income Clearing Corp. collateralized by $3,802,400 of U.S. Treasury Note at 0.75% due 11/15/2024; value: $3,600,399; proceeds: $3,529,845 (cost $3,529,791)				3,529,791		3,529,791
Total Short-Term Investments (cost $6,159,004)						6,159,115
Total Investments in Securities 98.21% (cost $121,840,538)						117,252,783
Other Assets and Liabilities – Net^(h)1.79%						2,142,907
Net Assets 100.00%					$	119,395,690

CMT	Constant Maturity Rate.
ICE	Intercontinental Exchange.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
REITS	Real Estates Investment Trusts.
SOFR	Secured Over Night Financing Rate.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At June 30, 2022, the total value of Rule 144A securities was $62,946,245, which represents 52.75% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at June 30, 2022.
^(a)		Level 3 Investment as described in Note 2(m) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Security has been fully or partially segregated for open reverse repurchase agreements as of June 30, 2022 (See Note 2(k)).
^(d)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at June 30, 2022.
^(e)		Interest rate to be determined.
^(f)		Level 3 Investment as described in Note 2(m) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
^(g)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
^(h)		Other Assets and Liabilities - Net include net unrealized appreciation on futures contracts as follows:

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

Open Futures Contracts at June 30, 2022:

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Appreciation

U.S. 5-Year Treasury Note

September 2022

Long

$2,911,065

$2,918,500

$7,435

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Depreciation

U.S. 2-Year Treasury Note

September 2022

244

Long

$51,515,405

$51,243,812

$(271,593)

Reverse Repurchase Agreement Payable as of June 30, 2022:

Counterparty

Principal

Collateral
Held by
Counterparty

Interest
Rate⁽¹⁾

Trade
Date

Maturity
Date⁽²⁾

Fair
Value⁽³⁾

Barclays Bank plc

2,518

$3,000 principal, American Airlines Group At 3.75% due 3/1/2025, $2,533 fair value

(10.00%)

06/23/2022

On Demand

$2,512

⁽¹⁾		The negative interest rate on the reverse repurchase agreement results in interest income to the Fund.
⁽²⁾		This reverse repurchase agreement has no stated maturity and may be terminated by either party at any time.
⁽³⁾		Total fair value of reverse repurchase agreement is presented net of interest receivable of $6.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

June 30, 2022

The following is a summary of the inputs used as of June 30, 2022 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
Automobiles	$	–		$	9,764,309		$	295,107	$	10,059,416
Other		–			16,045,709			609,110		16,654,819
Remaining Industries		–			2,176,779			–		2,176,779
Common Stocks		–			–			229		229
Convertible Bonds		–			108,487			–		108,487
Corporate Bonds		–			53,074,119			–		53,074,119
Floating Rate Loans
Health Care Services		–			88,740			249,748		338,488
Real Estate Investment Trusts		–			625,522			189,613		815,135
Remaining Industries		–			4,900,041			–		4,900,041
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			121,112			–		121,112
Government Sponsored Enterprises Pass-Throughs		–			57,553			–		57,553
Government Sponsored Enterprises Securities		–			314,608			–		314,608
Municipal Bonds		–			47,930			–		47,930
Non-Agency Commercial Mortgage-Backed Securities		–			19,300,192			87,470		19,387,662
U.S. Treasury Obligations		–			3,037,290			–		3,037,290
Short-Term Investments
Commercial Paper		–			259,000			–		259,000
U.S. Treasury Obligations		–			2,370,324			–		2,370,324
Repurchase Agreements		–			3,529,791			–		3,529,791
Total	$	–		$	115,821,506		$	1,431,277	$	117,252,783
Other Financial Instruments
Futures Contracts
Assets	$	7,435		$	–		$	–	$	7,435
Liabilities		(271,593	)		–			–		(271,593	)
Reverse Repurchase Agreements
Asset		–			–			–		–
Liabilities		–			(2,512	)		–		(2,512	)
Total	$	(264,158	)	$	(2,512	)	$	–	$	(266,670	)

⁽¹⁾		Refer to Note 2(m) 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. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three- tier fair value hierarchy. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

June 30, 2022

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

Investment Type	Asset- Backed Securities			Common Stocks			Floating Rate Loans			Government Sponsored Enterprises Pass-Throughs Rate Loans			Non-Agency Commercia Mortgage- Backed Securities
Balance as of January 1, 2022	$	–		$	–		$	621,512		$	13,153		$	–
Accrued Discounts (Premiums)		3			–			37			–			(985	)
Realized Gain (Loss)		–			91			(47	)		–			–
Change in Unrealized Appreciation (Depreciation)		(20,779	)		229			(165	)		–			119
Purchases		294,997			600			418,638			–			–
Sales		–			(691	)		(525,888	)		–			–
Transfers into Level 3		629,996			–			133,931			–			88,336
Transfers out of Level 3		–			–			(208,657	)		(13,153	)		–
Balance as of June 30, 2022	$	904,217		$	229		$	439,361		$	–		$	87,470
Change in unrealized appreciation/depreciation for the period ended June 30, 2022, related to Level 3 investments held at June 30, 2022	$	(20,779	)	$	229		$	140		$	–		$	119

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

June 30, 2022

ASSETS:
Investments in securities, at fair value (cost $121,840,538)	$	117,252,783
Cash		815,272
Deposits with brokers for futures collateral		292,595
Receivables:
Interest		678,229
Investment securities sold		513,593
Capital shares sold		423,931
Variation margin for futures contracts		124,998
Prepaid expenses		1,195
Total assets		120,102,596
LIABILITIES:
Payables:
Investment securities purchased		352,015
Capital shares reacquired		132,467
Transfer agent fees		125,045
Management fee		34,362
Directors’ fees		8,298
Fund administration		3,927
Reverse repurchase agreement payable, at fair value		2,512
Accrued expenses		48,280
Total liabilities		706,906
Commitments and contingent liabilities
NET ASSETS	$	119,395,690
COMPOSITION OF NET ASSETS:
Paid-in capital	$	130,096,474
Total distributable earnings (loss)		(10,700,784	)
Net Assets	$	119,395,690
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		8,888,816
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)	$	13.43

38	See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2022

Investment income:
Interest and other	$	1,421,783
Expenses:
Management fee		209,460
Non 12b-1 service fees		149,527
Shareholder servicing		69,047
Professional		24,702
Fund administration		23,938
Custody		7,775
Reports to shareholders		6,680
Directors’ fees		896
Other		8,412
Gross expenses		500,437
Expense reductions (See Note 9)		(167	)
Fees waived and expenses reimbursed (See Note 3)		(7,775	)
Net expenses		492,495
Net investment income		929,288
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(826,677	)
Net realized gain (loss) on futures contracts		(971,456	)
Net change in unrealized appreciation/depreciation on investments		(4,649,350	)
Net change in unrealized appreciation/depreciation on futures contracts		(225,067	)
Net realized and unrealized gain (loss)		(6,672,550	)
Net Decrease in Net Assets Resulting From Operations	$	(5,743,262	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended June 30, 2022 (unaudited)			For the Year Ended December 31, 2021
Operations:
Net investment income	$	929,288		$	1,600,363
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency related transactions		(1,798,133	)		702,485
Net change in unrealized appreciation/depreciation on investments, futures contracts and forward foreign currency exchange contracts		(4,874,417	)		(1,609,810	)
Net increase (decrease) in net assets resulting from operations		(5,743,262	)		693,038
Distributions to shareholders:		–			(2,684,842	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		24,158,238			47,706,154
Reinvestment of distributions		–			2,684,842
Cost of shares reacquired		(19,578,402	)		(35,940,692	)
Net increase in net assets resulting from capital share transactions		4,579,836			14,450,304
Net increase (decrease) in net assets		(1,163,426	)		12,458,500
NET ASSETS:
Beginning of period	$	120,559,116		$	108,100,616
End of period	$	119,395,690		$	120,559,116

40	See Notes to Financial Statements.

This page is intentionally left blank.

Financial Highlights (unaudited)

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
6/30/2022^(c)	$	14.09	$	0.11	$	(0.77	)	$	(0.66	)	$	–		$	13.43
12/31/2021		14.31		0.20		(0.10	)		0.10			(0.32	)		14.09
12/31/2020		14.27		0.29		0.15			0.44			(0.40	)		14.31
12/31/2019		14.05		0.38		0.33			0.71			(0.49	)		14.27
12/31/2018		14.38		0.36		(0.20	)		0.16			(0.49	)		14.05
12/31/2017		14.57		0.30		0.02			0.32			(0.51	)		14.38

^(a)	Calculated based on average shares outstanding during the period.
^(b)	Total return does not consider the effects of sales charges or other expenses imposed by an insurance company and assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.

42	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

Total return (%)^(b)			Total expenses after waivers and/or reim- bursements %			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	(4.68	)^(d)		0.82	^(e)		0.84	^(e)		1.55	^(e)	$	119,396		35	^(d)
	0.63			0.81			0.83			1.40			120,559		66
	3.13			0.84			0.86			2.04			108,101		79
	5.06			0.88			0.90			2.66			100,107		56
	1.15			0.83			0.92			2.48			79,197		65
	2.19			0.80			0.94			2.05			59,888		75

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

The Fund’s investment objective is to seek a high level of income consistent with preservation of capital. The Fund has Variable Contract class shares (“Class VC Shares”), which are currently issued and redeemed only in connection with investments in, and payments under, variable annuity contracts and variable life insurance policies issued by life insurance and insurance-related companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund 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 Board has approved the use of an independent 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 asked 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. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.

Notes to Financial Statements (unaudited)(continued)

	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.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statement of Operations.

(d)	Income Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. 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 for the fiscal years ended December 31, 2019 through December 31, 2021. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the funds within the Company on a pro rata basis by relative net assets.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

Notes to Financial Statements (unaudited)(continued)

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(j)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by the Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The

Notes to Financial Statements (unaudited)(continued)

	Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(k)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that the Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price. For the six months ended June 30, 2022, the average interest rate paid, the amount of interest paid and the average principal amount for the days borrowed in the period were as follows:

Interest Rate			Interest Expense				Average Amount Borrowed
(10	)%			$6				2,518

(l)	Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

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

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments presented on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of June 30, 2022, the Fund had no unfunded loan commitments.

Notes to Financial Statements (unaudited)(continued)

(m)

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).

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The management fee is based on the Fund’s average daily net assets at the annual rate of:

First $1 billion	.35%
Next $1 billion	.30%
Over $2 billion	.25%

For the six months ended June 30, 2022, the effective management fee, was at an annualized rate of .35% of the Fund’s average daily net assets.

Notes to Financial Statements (unaudited)(continued)

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04 % of the Fund’s average daily net assets. Lord Abbett voluntarily waived $7,775 of fund administration fees during the six months ended June 30, 2022.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended June 30, 2022 and fiscal year ended December 31, 2021 was as follows:

	Six Months Ended 6/30/2022 (unaudited			)	Year Ended 12/31/2021
Distributions paid from:
Ordinary income		$	–			$	2,684,842
Total distributions paid		$	–			$	2,684,842

As of December 31, 2021, the Fund had a capital loss carryforward of $2,793,253, which will carry forward indefinitely.

As of June 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	124,018,050
Gross unrealized gain		46,172
Gross unrealized loss		(7,075,597	)
Net unrealized security gain (loss)	$	(7,029,425	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of other financial instruments, amortization of premium and wash sales.

Notes to Financial Statements (unaudited)(continued)

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2022 were as follows:

U.S. Government Purchases*				Non-U.S. Government Purchases				U.S. Government Sales*				Non-U.S. Government Sales
	$9,043,381				$36,134,181				$8,861,553				$31,570,175

*	Includes U.S. Government sponsored enterprise securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended June 30, 2022, the Fund engaged in cross-trade purchases of $276,694 which resulted in no net realized gain (loss).

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into U.S. Treasury futures contracts for the six months ended June 30, 2022 (as described in Note 2(h)) to hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of June 30, 2022, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds use of derivative instruments:

Asset Derivatives	Interest Rate Contracts
Futures Contracts⁽¹⁾	$	7,435
Liability Derivatives
Futures Contracts⁽¹⁾		271,593

⁽¹⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Notes to Financial Statements (unaudited)(continued)

Transactions in derivative instruments for the six months ended June 30, 2022, were as follows:

	Inflation Linked/ Interest Rate Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾	$	(971,456	)
Net Change in Unrealized Appreciation/Depreciation
Futures Contracts⁽²⁾	$	(225,067	)
Average Number of Contracts/Notional Amounts*
Futures Contracts⁽³⁾		246


*	Calculated based on the number of contracts or notional amounts for the six months ended June 30, 2022.
⁽¹⁾	Statement of Operations location: Net realized gain (loss) on futures contracts.
⁽²⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽³⁾	Amount represents number of contracts.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements		$	3,529,791		$	–		$	3,529,791
Total		$	3,529,791		$	–		$	3,529,791

	Net Amount of Assets Presented in the Statement of Assets and Liabilities			Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.		$	3,529,791	$	–	$	–			$(3,529,791	)	$	–
Total		$	3,529,791	$	–	$	–			$(3,529,791	)	$	–

Notes to Financial Statements (unaudited)(continued)

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Reverse Repurchase Agreements		$2,518		$	–		$2,518
Total		$2,518		$	–		$2,518

	Net Amount of Liabilities Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Pledged^(a		⁾	Securities Collateral Pledged^(a		⁾	Net Amount^(c		⁾
Barclays plc		$2,518	$	–	$	–			$(2,518	)	$	–
Total		$2,518	$	–	$	–			$(2,518	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of June 30, 2022.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of June 30, 2022.

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

10.

LINE OF CREDIT

Notes to Financial Statements (unaudited)(continued)

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended June 30, 2022, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

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

During the six months ended June 30, 2022, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

12.

CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company (“SSB”) is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

13.

SECURITIES LENDING AGREEMENT

Notes to Financial Statements (unaudited)(continued)

As of June 30, 2022, the Fund did not have any securities out on loan.

14.

INVESTMENT RISKS

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

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

Certain instruments in which the Fund may invest rely in some fashion upon LIBOR. On March 5, 2021, the United Kingdom Financial Conduct Authority (FCA) and LIBOR’s administrator, ICE Benchmark Administration (IBA), announced that most LIBOR settings will no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of

Notes to Financial Statements (unaudited)(continued)

transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund’s investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

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

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

Notes to Financial Statements (unaudited)(concluded)

institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

These factors, and others, can affect each Fund’s performance.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

	Six Months Ended June 30, 2022 (unaudited		)	Year Ended December 31, 2021
Shares sold		1,754,200			3,310,929
Reinvestment of distributions		–			190,685
Shares reacquired		(1,423,869	)		(2,495,844	)
Increase		330,331			1,005,770

Liquidity Risk Management Program

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Series Fund, Inc.

Short Duration Income Portfolio

SFSDI-PORT-3
(08/22)

Item 2:

Code of Ethics.

Not applicable.

Item 3:	Audit Committee Financial Expert.
	Not applicable.

Item 4:	Principal Accountant Fees and Services.
	Not applicable.

Item 5:	Audit Committee of Listed Registrants.
	Not applicable.

Item 6:	Schedule of Investments.
	Not applicable.

Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.

Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.

Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.

Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.

Item 11:

Controls and Procedures.

	(a)	The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

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

Item 12:	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable.

Item 13:

Exhibits.

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

	(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

	(b)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT SERIES FUND, INC.

Date: August 17, 2022	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

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

Date: August 17, 2022	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: August 17, 2022	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Lord Abbett Series Fund N-CSRSCertified semi-annual shareholder report (management investment company)