Lord Abbett Series Fund N-CSR Certified 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)

John T. Fitzgerald, Esq., Vice President & Assistant Secretary

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: 12/31/2020

Item 1: Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett
Series Fund—Bond Debenture Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
47	Statement of Assets and Liabilities
48	Statement of Operations
49	Statements of Changes in Net Assets
50	Financial Highlights
52	Notes to Financial Statements
68	Report of Independent Registered Public Accounting Firm
69	Supplemental Information to Shareholders

Lord Abbett Series Fund — Bond Debenture Portfolio
Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Bond Debenture Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 7.30%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index,¹ which returned 7.51% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded. During the month of March, the S&P 500

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Index² experienced its fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0–0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by

multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, increased COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with greater than 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals”. Additionally, Congress passed a fifth COVID-19 relief package, worth roughly

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$900 billion, with approximately $325 billion in small business relief.

The Fund takes a flexible, multi-sector approach, which emphasizes credit sensitive sectors of the market, compared to its benchmark, which is largely comprised of U.S. Treasuries and government-related securities. The Fund benefited from an allocation to equity during the period, specifically equity-related securities tied to innovative companies in the information technology and health care sectors. The asset class’s return profile was advantageous during the market recovery, which began in late-March. Additionally, the Fund’s underweight allocation to mortgage backed securities (MBS) contributed to relative performance, as MBS underperformed the Bloomberg Barclays U.S. Aggregate Bond Index during the period. The allocation to high yield bonds contributed meaningfully to relative performance as the Fund had exposure to many high-performing investments throughout the year, particularly in the energy and communications industries.

The Fund’s modest allocations to bank loans and collateralized loan obligations (CLOs) detracted from relative performance during the period. The asset classes faced pronounced outflows and a negative technical backdrop. The Fund’s modest allocation to sovereign bonds was also a relative detractor during the year.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or

particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹   The Bloomberg Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

3

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the Bloomberg Barclays U.S. Aggregate Bond Index and the ICE BofA U.S. High Yield Constrained Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years
Class VC	7.30%	7.41%	6.44%

¹ Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
	7/1/20		12/31/20		7/1/20 - 12/31/20
Class VC
Actual	$	1,000.00	$	1,109.80	$	4.83
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.56	$	4.62

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.91%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Agency	0.17	%
Asset Backed	2.55	%
Automotive	3.88	%
Banking	5.84	%
Basic Industry	5.29	%
Capital Goods	4.47	%
Consumer Goods	5.36	%
Energy	8.55	%
Financial Services	2.49	%
Foreign Government	2.60	%
Health Care	7.24	%
Insurance	2.30	%
Leisure	6.43	%
Media	4.84	%
Mortgage Backed	3.51	%
Municipal	2.63	%
Real Estate	1.28	%
Retail	5.27	%
Services	2.36	%
Technology & Electronics	8.64	%
Telecommunications	3.74	%
Transportation	4.08	%
Utilities	6.09	%
Repurchase Agreement	0.20	%
Money Market Fund(a)	0.17	%
Time Deposit(a)	0.02	%
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.

7

Schedule of Investments

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 98.89%
ASSET-BACKED SECURITIES 3.28%
Automobiles 0.02%
ACC Trust 2018-1 C†	6.81%		2/21/2023	$	244	$	245,150
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%		6/15/2022		67		66,565
Total							311,715
Credit Cards 0.11%
Perimeter Master Note Business Trust 2019-2A A†	4.23%		5/15/2024		1,235		1,279,680
Other 3.15%
AMMC CLO XII Ltd. 2013-12A DR†	2.906% (3 Mo. LIBOR + 2.70%	)#	11/10/2030		391		363,191
Apex Credit CLO LLC 2017-2A B†	2.089% (3 Mo. LIBOR + 1.85%	)#	9/20/2029		522		522,937
Battalion CLO XV Ltd. 2019-16A B†	2.218% (3 Mo. LIBOR + 2.00%	)#	12/19/2032		1,714		1,714,182
Benefit Street Partners CLO XIX Ltd. 2019-19A B†	2.237% (3 Mo. LIBOR + 2.00%	)#	1/15/2033		578		579,175
Carlyle US CLO Ltd. 2019-4A B†	2.937% (3 Mo. LIBOR + 2.70%	)#	1/15/2033		1,141		1,147,207
Cedar Funding VI CLO Ltd. 2016-6A DR†	3.218% (3 Mo. LIBOR + 3.00%	)#	10/20/2028		657		643,359
Greywolf CLO III Ltd. 2020-3RA A1R†	1.506% (3 Mo. LIBOR + 1.29%	)#	4/15/2033		1,399		1,403,419
Halcyon Loan Advisors Funding Ltd. 2015-2A CR†	2.365% (3 Mo. LIBOR + 2.15%	)#	7/25/2027		465		463,666
Halcyon Loan Advisors Funding Ltd. 2017-2A A2†	1.918% (3 Mo. LIBOR + 1.70%	)#	1/17/2030		680		681,714
Hardee’s Funding LLC 2018-1A A2II†	4.959%		6/20/2048		1,310		1,404,704
Jamestown CLO VII Ltd. 2015-7A BR†	1.865% (3 Mo. LIBOR + 1.65%	)#	7/25/2027		1,202		1,179,385
Kayne CLO 5 Ltd. 2019-5A A†	1.565% (3 Mo. LIBOR + 1.35%	)#	7/24/2032		2,300		2,303,125
Kayne CLO 7 Ltd. 2020-7A A1†	1.418% (3 Mo. LIBOR + 1.20%	)#	4/17/2033		3,316		3,308,200
KKR CLO 9 Ltd. 9 B1R†	1.987 (3 Mo. LIBOR + 1.75%	)#	7/15/2030		500		500,072
KVK CLO Ltd. 2013-A BR†	1.679% (3 Mo. LIBOR + 1.45%	)#	1/14/2028		268		265,719
Marble Point CLO XVII Ltd. 2020-1A A†	1.518% (3 Mo. LIBOR + 1.30%	)#	4/20/2033		2,050		2,049,289
Marble Point CLO XVII Ltd. 2020-1A B†	1.988% (3 Mo. LIBOR + 1.77%	)#	4/20/2033		652		653,440

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Mariner CLO Ltd. 2017-4A D†	3.265% (3 Mo. LIBOR + 3.05%	)#	10/26/2029	$	694	$	683,167
Mountain View CLO 2017-1A BR†	1.98% (3 Mo. LIBOR + 1.75%	)#	10/16/2029		762		762,955
Mountain View CLO X Ltd. 2015-10A BR†	1.574% (3 Mo. LIBOR + 1.35%	)#	10/13/2027		1,336		1,316,656
Neuberger Berman Loan Advisers CLO Ltd. 2019-35A A1†	1.558% (3 Mo. LIBOR + 1.34%	)#	1/19/2033		750		752,345
Northwoods Capital 20 Ltd. 2019-20A C†	3.015% (3 Mo. LIBOR + 2.80%	)#	1/25/2030		1,099		1,099,642
Octagon Investment Partners 29 Ltd. 2016-1A AR†	1.395% (3 Mo. LIBOR + 1.18%	)#	1/24/2033		1,250		1,246,922
Octagon Investment Partners 48 Ltd. 2020-3A A†	1.732% (3 Mo. LIBOR + 1.50%	)#	10/20/2031		2,000		2,007,358
OZLM Funding III Ltd. 2013-3A A2AR†	2.166% (3 Mo. LIBOR + 1.95%	)#	1/22/2029		1,200		1,201,466
Palmer Square Loan Funding Ltd. 2018-1A A2†	1.287% (3 Mo. LIBOR + 1.05%	)#	4/15/2026		884		874,575
Palmer Square Loan Funding Ltd. 2018-1A B†	1.637% (3 Mo. LIBOR + 1.40%	)#	4/15/2026		670		656,899
Planet Fitness Master Issuer LLC 2018-1A A2I†	4.262%		9/5/2048		1,520		1,523,301
Planet Fitness Master Issuer LLC 2018-1A A2II†	4.666%		9/5/2048		1,900		1,901,775
Planet Fitness Master Issuer LLC 2019-1A A2†	3.858%		12/5/2049		857		811,749
Regatta VI Funding Ltd. 2016-1A DR†	2.918% (3 Mo. LIBOR + 2.70%	)#	7/20/2028		250		242,347
Regatta XVI Funding Ltd. 2019-2A B†	2.287% (3 Mo. LIBOR + 2.05%	)#	1/15/2033		2,300		2,303,093
West CLO Ltd. 2014-2A BR†	1.98% (3 Mo. LIBOR + 1.75%	)#	1/16/2027		459		458,201
Total							37,025,235
Total Asset-Backed Securities (cost $38,593,700)							38,616,630
				Shares (000)
COMMON STOCKS 10.74%
Advertising 0.30%
Snap, Inc. Class A*					71		3,537,195
Air Transportation 0.37%
Hawaiian Holdings, Inc.					109		1,931,442
JetBlue Airways Corp.*					166		2,411,415
Total							4,342,857

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2020

Investments	Shares (000)		Fair Value
Auto Parts & Equipment 0.04%
Chassix Holdings, Inc.		59	$	505,537
Automakers 0.47%
Ferrari NV (Italy)(a)		14		3,117,340
Harley-Davidson, Inc.		66		2,406,309
Total				5,523,649
Banking 0.62%
East West Bancorp, Inc.		29		1,458,521
South State Corp.		27		1,980,803
SVB Financial Group*		10		3,869,768
Total				7,309,092
Beverages 0.27%
Boston Beer Co., Inc. (The) Class A*		2		1,746,968
Brown-Forman Corp. Class B		18		1,416,634
Total				3,163,602
Diversified Capital Goods 0.59%
Enphase Energy, Inc.*		30		5,274,453
Trane Technologies plc (Ireland)(a)		9		1,336,488
UTEX Industries, Inc.		8		298,457
Total				6,909,398
Electronics 1.03%
Advanced Micro Devices, Inc.*		43		3,946,832
Amphenol Corp. Class A		14		1,852,357
Roku, Inc.*		13		4,218,646
Trimble, Inc.*		31		2,074,210
Total				12,092,045
Energy: Exploration & Production 0.17%
Continental Resources, Inc.(b)		74		1,200,560
Oasis Petroleum, Inc.*		21		779,854
Total				1,980,414
Food: Wholesale 0.10%
Performance Food Group Co.*		24		1,165,493
Gaming 0.15%
Wynn Resorts Ltd.		16		1,762,292

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares (000)		Fair Value
Hotels 0.11%
Hilton Worldwide Holdings, Inc.		11	$	1,256,793
Investments & Miscellaneous Financial Services 0.11%
MarketAxess Holdings, Inc.		2		1,262,649
Machinery 0.42%
Generac Holdings, Inc.*		10		2,313,215
Graco, Inc.		18	��	1,288,843
Toro Co. (The)		14		1,313,913
Total				4,915,971
Managed Care 0.09%
BioNTech SE ADR*(b)		14		1,114,460
Media: Diversified 0.26%
Walt Disney Co. (The)*		17		3,094,736
Medical Products 0.56%
Align Technology, Inc.*		6		2,970,618
IDEXX Laboratories, Inc.*		7		3,619,559
Total				6,590,177
Metals/Mining (Excluding Steel) 0.16%
Freeport-McMoRan, Inc.		73		1,897,587
Personal & Household Products 0.20%
Gibson Brands, Inc.		9		1,110,258	(c)
Pola Orbis Holdings, Inc.(d)	JPY	60		1,218,392
Remington Outdoor Co., Inc.		16		–	(e)
Revlon, Inc. Class A		149		32,450
Total				2,361,100
Pharmaceuticals 0.43%
Acceleron Pharma, Inc.*		22		2,830,545
Mirati Therapeutics, Inc.*		10		2,256,801
Total				5,087,346
Real Estate Development & Management 0.40%
CoStar Group, Inc.*		3		2,985,424
Innovative Industrial Properties, Inc.		9		1,704,574
Total				4,689,998

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2020

Investments	Shares (000)			Fair Value
Real Estate Investment Trusts 0.10%
CBRE Group, Inc. Class A*		18		$	1,153,860
Recreation & Travel 0.25%
Vail Resorts, Inc.		11			2,961,439
Restaurants 0.51%
Shake Shack, Inc. Class A*		70			5,966,053
Software/Services 1.95%
Airbnb, Inc.*		–	(f)		20,552
DocuSign, Inc.*		7			1,574,551
Five9, Inc.*		20			3,414,752
Match Group, Inc.*		9			1,366,758
MongoDB, Inc.*		5			1,645,480
Pinduoduo, Inc. ADR*		13			2,303,492
Pinterest, Inc. Class A*		85			5,596,228
RingCentral, Inc. Class A*		4			1,692,859
Spotify Technology SA (Sweden)*(a)		4			1,157,319
Take-Two Interactive Software, Inc.*		6			1,275,623
Trade Desk, Inc. (The) Class A*		1			1,149,435
Veeva Systems, Inc. Class A*		6			1,720,075
Total					22,917,124
Specialty Retail 0.13%
Claires Holdings LLC		1			233,456
SiteOne Landscape Supply, Inc.*		8			1,323,767
Total					1,557,223
Support: Services 0.45%
Bright Horizons Family Solutions, Inc.*		7			1,241,722
TopBuild Corp.*		7			1,209,406
Uber Technologies, Inc.*		55			2,824,176
Total					5,275,304
Telecommunications: Wireless 0.26%
QUALCOMM, Inc.		20			3,103,013
Theaters & Entertainment 0.11%
Live Nation Entertainment, Inc.*		18			1,315,439
Transportation: Infrastructure/Services 0.01%
ACBL Holdings Corp.		4			73,680	(c)

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments				Shares (000)		Fair Value
Trucking & Delivery 0.12%
AMERCO					3	$	1,407,276
Total Common Stocks (cost $106,768,926)							126,292,802
	Interest Rate		Maturity Date	Principal Amount (000)
CONVERTIBLE BOND 0.27%
Automakers
Tesla, Inc.
(cost $2,121,143)	2.00%		5/15/2024	$	280	$	3,184,132
FLOATING RATE LOANS(g) 4.71%
Aerospace/Defense 0.09%
Alloy Finco Limited 2020 USD Term Loan B2 (Jersey)(a)	8.50% (1 Mo. LIBOR + 6.50%)		3/6/2024		656		618,494
Alloy Finco Limited USD Holdco PIK Term Loan PIK 13.50% (Jersey)(a)	0.50%		3/6/2025		999		417,924
Total							1,036,418
Air Transportation 0.30%
American Airlines, Inc. 2017 Incremental Term Loan	2.158% (1 Mo. LIBOR + 2.00%)		12/15/2023		1,999		1,806,954
American Airlines, Inc. Repriced TL B due 2023	–	(h)	4/28/2023		669		606,547
JetBlue Airways Corporation Term Loan	6.25% (3 Mo. LIBOR + 5.25%)		6/17/2024		1,094		1,127,639
Total							3,541,140
Cable & Satellite Television 0.05%
Cablevision Lightpath LLC Term Loan B	3.75% (3 Mo. LIBOR +3.25%)		1/24/2028		595		594,803
Chemicals 0.19%
Illuminate Buyer, LLC Term Loan	4.147% (1 Mo. LIBOR + 4.00%)		6/30/2027		1,124		1,125,922
Starfruit Finco B.V 2018 USD Term Loan B (Netherlands)(a)	3.153% (1 Mo. LIBOR + 3.00%)		10/1/2025		1,105		1,095,921
Total							2,221,843
Diversified Capital Goods 0.01%
UTEX Industries Inc. 2020 First Out Exit Term Loan A	8.50% (3 Mo. LIBOR + 7.00%)		11/1/2024		108		108,878

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Diversified Capital Goods (continued)
UTEX Industries Inc. 2020 Second Out Term Loan	11.00% (1 Mo. LIBOR + 9.50%)	12/3/2025	$	52	$	51,403
Total						160,281
Electric: Generation 0.12%
EFS Cogen Holdings I LLC 2020 Term Loan B	4.50% (3 Mo. LIBOR + 3.50%)	10/1/2027		1,122		1,118,799
Frontera Generation Holdings LLC 2018 Term Loan B	5.25% (3 Mo. LIBOR + 4.25%)	5/2/2025		1,386		367,288
Total						1,486,087
Electric: Integrated 0.13%
Astoria Energy LLC 2020 Term Loan B	4.50% (3 Mo. LIBOR +3.50%)	12/10/2027		1,518		1,511,410
Food: Wholesale 0.13%
Chobani, LLC 2020 Term Loan B	4.50% (1 Mo. LIBOR + 3.50%)	10/20/2027		652		652,278
JBS USA Lux S.A. 2019 Term Loan B (Luxembourg)(a)	2.147% (1 Mo. LIBOR + 2.00%)	5/1/2026		870		864,401
Total						1,516,679
Gaming 0.39%
Mohegan Tribal Gaming Authority 2016 Term Loan B	6.375% (3 Mo. LIBOR + 5.38%)	10/13/2023		1,472		1,417,575
Penn National Gaming, Inc. 2018 1st Lien Term Loan B	3.00% (1 Mo. LIBOR + 2.25%)	10/15/2025		947		937,272
Playtika Holding Corp Term Loan B	7.00% (3 Mo. LIBOR + 6.00%)	12/10/2024		2,242		2,259,662
Total						4,614,509
Health Services 0.50%
Global Medical Response, Inc. 2020 Term Loan B	5.75% (3 Mo. LIBOR + 4.75%)	10/2/2025		1,860		1,851,420
National Mentor Holdings, Inc. 2019 Term Loan B	4.397% (1 Mo. LIBOR + 4.25%)	3/9/2026		666		666,258
National Mentor Holdings, Inc. 2019 Term Loan C	4.51% (3 Mo. LIBOR + 4.25%)	3/9/2026		30		30,490
Parexel International Corporation Term Loan B	2.897% (1 Mo. LIBOR + 2.75%)	9/27/2024		1,200		1,182,364
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B	3.897% (1 Mo. LIBOR + 3.75%)	11/16/2025		971		970,506
U.S. Renal Care, Inc. 2019 Term Loan B	5.147% (1 Mo. LIBOR + 5.00%)	6/26/2026		1,181		1,177,175
Total						5,878,213

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Insurance Brokerage 0.10%
Hub International Limited 2018 Term Loan B	2.965% (3 Mo. LIBOR + 2.75%)		4/25/2025	$	1,164	$	1,144,485
Machinery 0.12%
Vertical Midco GmbH USD Term Loan B (Germany)(a)	4.57% (6 Mo. LIBOR + 4.25%)		7/30/2027		1,433		1,446,211
Personal & Household Products 0.21%
FGI Operating Company, LLC Exit Term Loan	10.254% (3 Mo. LIBOR + 10.00%)		5/16/2022		106		23,215	(i)
Revlon Consumer Products Corporation 2020 Term Loan B2	4.25% (3 Mo. LIBOR + 3.50%)		6/30/2025		2,110		1,239,572
TGP Holdings III, LLC 2018 1st Lien Term Loan	5.00% (3 Mo. LIBOR + 4.00%)		9/25/2024		1,199		1,197,204
Total							2,459,991
Rail 0.15%
Genesee & Wyoming Inc. (New) Term Loan	2.254% (3 Mo. LIBOR + 2.00%)		12/30/2026		1,727		1,725,989
Recreation & Travel 0.33%
Alterra Mountain Company Term Loan B1	2.897% (1 Mo . LIBOR + 2.75%)		7/31/2024	$	1,127	$	1,114,341
Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan (Luxembourg)(a)	3.50% (1 Mo . LIBOR + 2.50%)		2/1/2024		1,198		1,189,272
Motion Finco Sarl Delayed Draw Term Loan B2 (Luxembourg)(a)	–	(h)	11/12/2026		186		179,686
Motion Finco Sarl USD Term Loan B1 (Luxembourg)(a)	–	(h)	11/12/2026		1,403		1,357,447
Total							3,840,746
Restaurants 0.35%
IRB Holding Corp 2020 Term Loan B	3.75% (6 Mo. LIBOR +2.75%)		2/5/2025		1,767		1,755,541
Panera Bread Co. Term Loan A	2.438% (1 Mo . LIBOR + 2.25%)		7/18/2022		1,758		1,687,352
Zaxby’s Operating Company LLC 1st Lien Term Loan	–	(h)	12/10/2027		684		686,068
Total							4,128,961
Software/Services 0.65%
Cornerstone OnDemand, Inc. Term Loan B	4.394% (1 Mo . LIBOR + 4.25%)		4/22/2027		1,068		1,074,352
LogMeIn, Inc. Term Loan B	4.903% (1 Mo . LIBOR + 4.75%)		8/31/2027		3,153		3,148,838

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Software/Services (continued)
Omnitracs, Inc. 2020 Incremental Term Loan	4.403% (1 Mo . LIBOR + 4.25%)		3/23/2025	$	1,107	$	1,113,629
Tibco Software Inc. 2020 Term Loan B3	3.90% (1 Mo . LIBOR + 3.75%)		6/30/2026		1,140		1,121,355
Ultimate Software Group Inc. (The) Term Loan B	3.897% (1 Mo . LIBOR + 3.75%)		5/4/2026		1,204		1,204,828
Total							7,663,002
Specialty Retail 0.30%
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan	2.154% (1 Mo . LIBOR + 2.00%)		2/3/2024		1,038		1,038,363
Claire’s Stores, Inc. 2019 Term Loan B	6.647% (1 Mo . LIBOR + 6.50%)		12/18/2026		680		574,852
Harbor Freight Tools USA, Inc. 2020 Term Loan B	4.00% (1 Mo . LIBOR + 3.25%)		10/19/2027		913		914,979
PetSmart, Inc. Consenting Term Loan	4.50% (6 Mo. LIBOR + 3.50%)		3/11/2022		1,008		1,010,325
Total							3,538,519
Support: Services 0.47%
Drive Chassis HoldCo, LLC 2019 2nd Lien Term Loan	8.474% (3 Mo. LIBOR + 8.25%)		4/10/2026		1,300		1,297,159
NEP/NCP Holdco, Inc. 2018 1st Lien Term Loan	3.395% (1 Mo . LIBOR + 3.25%)		10/20/2025		1,949		1,855,257
Pike Corporation 2020 Term Loan B	4.12% (1 Mo . LIBOR + 3.00%)		7/24/2026		588		588,468
Sabre GLBL Inc. 2020 Term Loan B	–	(h)	12/10/2027		723		726,045
Trans Union, LLC 2019 Term Loan B5	1.898% (1 Mo . LIBOR + 1.75%)		11/16/2026		1,032		1,030,110
Total							5,497,039
Technology Hardware & Equipment 0.12%
Delta Topco, Inc. 2020 Term Loan B	4.50% (6 Mo. LIBOR +3.75%)		12/1/2027		1,453		1,455,535
Total Floating Rate Loans (cost $56,100,098)							55,461,861
FOREIGN GOVERNMENT OBLIGATIONS 2.78%
Argentina 0.30%
Ciudad Autonoma De Buenos Aires†(a)	7.50%		6/1/2027		1,503		1,255,020
Province of Santa Fe†(a)	6.90%		11/1/2027		2,051		1,415,211
Provincia de Mendoza Argentina†(a)	2.75%		3/19/2029		1,317		895,560
Total							3,565,791

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Bermuda 0.15%
Bermuda Government International Bond†	2.375%	8/20/2030	$	896	$	941,920
Bermuda Government International Bond†	3.375%	8/20/2050		794		858,513
Total						1,800,433
China 0.12%
China Government International Bond†(a)	2.25%	10/21/2050		1,410		1,400,763
Egypt 0.24%
Arab Republic of Egypt†(a)	5.577%	2/21/2023		2,626		2,779,243
Ghana 0.09%
Republic of Ghana†(a)	6.375%	2/11/2027		1,073		1,117,727
Honduras 0.11%
Honduras Government†(a)	5.625%	6/24/2030		1,087		1,247,333
Ivory Coast 0.12%
Ivory Coast Government International Bond†(d)	5.875%	10/17/2031	EUR	1,090		1,475,765
Kenya 0.37%
Republic of Kenya†(a)	7.25%	2/28/2028	$	1,918		2,156,622
Republic of Kenya†(a)	8.25%	2/28/2048		1,924		2,209,041
Total						4,365,663
Morocco 0.10%
Morocco Government International Bond†(a)	3.00%	12/15/2032		1,168		1,189,036
Mongolia 0.31%
Development Bank of Mongolia LLC†(a)	7.25%	10/23/2023		2,254		2,419,870
Mongolia Government International Bond†(a)	5.125%	4/7/2026		1,145		1,230,952
Total						3,650,822
Nigeria 0.06%
Republic of Nigeria†(a)	6.50%	11/28/2027		644		695,536
Peru 0.17%
Peruvian Government International Bond(a)	2.392%	1/23/2026		630		673,161
Peruvian Government International Bond(a)	2.78%	12/1/2060		1,289		1,303,179
Total						1,976,340
Sri Lanka 0.07%
Republic of Sri Lanka†(a)	5.875%	7/25/2022		1,203		838,274
Ukraine 0.32%
Ukraine Government†(a)	7.375%	9/25/2032		3,394		3,739,764

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
United Arab Emirates 0.25%
Abu Dhabi Government International†(a)	3.125%	5/3/2026	$	2,607	$	2,898,006
Total Foreign Government Obligations (cost $30,839,525)						32,740,496
HIGH YIELD CORPORATE BONDS 70.37%
Advertising 0.15%
Clear Channel Worldwide Holdings, Inc.†	5.125%	8/15/2027		1,148		1,160,915
Clear Channel Worldwide Holdings, Inc.	9.25%	2/15/2024		576		584,700
Total						1,745,615
Aerospace/Defense 1.50%
Carrier Global Corp.	2.70%	2/15/2031		1,608		1,729,676
Huntington Ingalls Industries, Inc.	3.844%	5/1/2025		714		795,678
Leidos, Inc.†	3.625%	5/15/2025		1,212		1,356,640
Raytheon Technologies Corp.	4.125%	11/16/2028		1,625		1,937,698
Signature Aviation US Holdings, Inc.†	4.00%	3/1/2028		3,272		3,299,027
Signature Aviation US Holdings, Inc.†	5.375%	5/1/2026		27		27,742
TransDigm, Inc.	5.50%	11/15/2027		5,757		6,060,970
TransDigm, Inc.†	6.25%	3/15/2026		1,048		1,117,435
TransDigm, Inc.	6.375%	6/15/2026		1,282		1,329,274
Total						17,654,140
Agency 0.17%
Temasek Financial I Ltd. (Singapore)†(a)	2.50%	10/6/2070		1,980		1,995,567
Air Transportation 1.46%
Alaska Airlines 2020-1 Class A Pass Through Trust†	4.80%	2/15/2029		1,597		1,764,062
Azul Investments LLP†	5.875%	10/26/2024		2,821		2,643,305
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)†(a)	4.25%	5/15/2034		603		647,094
Delta Air Lines 2019-1 Class AA Pass Through Trust	3.204%	4/25/2024		1,949		2,006,752
Delta Air Lines, Inc.†	7.00%	5/1/2025		2,118		2,446,748
Delta Air Lines, Inc./SkyMiles IP Ltd.†	4.50%	10/20/2025		1,317		1,408,143
Delta Air Lines, Inc./SkyMiles IP Ltd.†	4.75%	10/20/2028		1,773		1,936,689
JetBlue 2019-1 Class A Pass Through Trust	2.95%	11/15/2029		975		903,369
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.†	6.50%	6/20/2027		1,989		2,141,904
United Airlines 2020-1 Class A Pass Through Trust	5.875%	4/15/2029		1,172		1,269,530
Total						17,167,596

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Auto Loans 0.35%
Ford Motor Credit Co. LLC	4.00%		11/13/2030		$	927	$	976,298
General Motors Financial Co., Inc.	5.25%		3/1/2026			1,632		1,925,247
Mclaren Finance plc(d)	5.00%		8/1/2022		GBP	900		1,198,444
Total								4,099,989
Auto Parts & Equipment 0.84%
Adient Global Holdings Ltd.†	4.875%		8/15/2026		$	1,158		1,191,292
Adient US LLC†	7.00%		5/15/2026			994		1,082,814
Allison Transmission, Inc.†	3.75%		1/30/2031			914		936,850
Antofagasta plc (Chile)†(a)	2.375%		10/14/2030			1,164		1,169,820
Clarios Global LP / Clarios US Finance Co.†	8.50%		5/15/2027			1,643		1,787,682
Lear Corp.	3.80%		9/15/2027			938		1,052,779
Lear Corp.	4.25%		5/15/2029			1,100		1,258,569
Magna International, Inc. (Canada)(a)	2.45%		6/15/2030			875		941,875
Tenneco, Inc.†	7.875%		1/15/2029			403		453,228
Total								9,874,909
Automakers 1.92%
BMW US Capital LLC†	4.15%		4/9/2030			2,241		2,712,217
Ford Motor Co.	9.00%		4/22/2025			5,024		6,180,198
Ford Motor Co.	9.625%		4/22/2030			1,510		2,133,411
General Motors Co.	6.125%		10/1/2025			1,043		1,265,924
Mclaren Finance plc. (United Kingdom)†(a)	5.75%		8/1/2022			657		640,575
Tesla, Inc.†	5.30%		8/15/2025			6,185		6,455,594
Volkswagen Group of America Finance LLC†	3.35%		5/13/2025			1,693		1,862,362
Volkswagen Group of America Finance LLC†	3.75%		5/13/2030			1,177		1,359,799
Total								22,610,080
Banking 4.97%
ABN AMRO Bank NV (Netherlands)†(a)	4.75%		7/28/2025			1,705		1,966,079
AIB Group plc (Ireland)†(a)	4.263% (3 Mo. LIBOR + 1.87%	)#	4/10/2025			1,203		1,316,339
Australia & New Zealand Banking Group Ltd. (United Kingdom)†(a)	6.75% (USD Swap + 5.17%	)#	–	(j)		1,026		1,198,353
Banco Latinoamericano de Comercio Exterior SA (Panama)†(a)	2.375%		9/14/2025			1,307		1,339,688
Banco Nacional de Panama (Panama)†(a)	2.50%		8/11/2030			305		305,762
Bangkok Bank pcl (Hong Kong)†(a)	5.00% (5 Yr Treasury CMT + 4.73%	)#	–	(j)		2,106		2,207,194
Bank of America Corp.	4.45%		3/3/2026			1,137		1,325,662
Bank of Ireland Group plc (Ireland)†(a)	4.50%		11/25/2023			1,942		2,129,999

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banking (continued)
BankUnited, Inc.	4.875%		11/17/2025		$	1,178	$	1,356,376
BBVA USA	3.875%		4/10/2025			1,353		1,517,843
BNP Paribas SA (France)†(a)	4.50% (5 Yr Treasury CMT + 2.94%	)#	–	(j)		1,991		2,013,210
CIT Group, Inc.	5.25%		3/7/2025			527		599,133
CIT Group, Inc.	6.125%		3/9/2028			3,668		4,488,018
Citigroup, Inc.	4.45%		9/29/2027			1,164		1,373,173
Credit Suisse Group AG (Switzerland)†(a)	5.10% (5 Yr Treasury CMT + 3.29%	)#	–	(j)		1,964		2,047,470
Fifth Third Bancorp	8.25%		3/1/2038			377		638,304
Global Bank Corp. (Panama)†(a)	5.25% (3 Mo. LIBOR + 3.30%	)#	4/16/2029			1,746		1,910,779
Goldman Sachs Group, Inc. (The)	3.50%		11/16/2026			1,020		1,145,844
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025			1,100		1,262,190
Home BancShares, Inc.	5.625% (3 Mo. LIBOR + 3.58%	)#	4/15/2027			1,156		1,181,919
Huntington Bancshares, Inc.	5.70% (3 Mo. LIBOR + 2.88%	)#	–	(j)		1,217		1,226,127
ING Groep NV (Netherlands)(a)	5.75% (5 Yr Treasury CMT + 4.34%	)#	–	(j)		2,544		2,767,147
Intesa Sanpaolo SpA (Italy)†(a)	5.71%		1/15/2026			4,060		4,648,962
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028			1,306		1,493,898
JPMorgan Chase & Co.	4.60%(SOFR + 3.13%	)#	–	(j)		875		904,531
JPMorgan Chase & Co.	6.10% (3 Mo. LIBOR + 3.33%	)#	–	(j)		1,088		1,193,678
Kookmin Bank (South Korea)†(a)	1.75%		5/4/2025			1,560		1,622,893
Macquarie Bank Ltd. (United Kingdom)†(a)	6.125% (5 Yr. Swap rate + 3.70%	)#	–	(j)		2,136		2,287,304
Morgan Stanley	3.125%		7/27/2026			1,144		1,282,055
OneMain Finance Corp.	4.00%		9/15/2030			1,333		1,384,800
Popular, Inc.	6.125%		9/14/2023			1,370		1,484,594
SVB Financial Group	3.125%		6/5/2030			1,247		1,406,121
Turkiye Vakiflar Bankasi TAO (Turkey)†(a)	6.50%		1/8/2026			2,340		2,404,699
US Bancorp	3.00%		7/30/2029			1,090		1,217,840
Washington Mutual Bank(k)	6.875%		6/15/2011			1,250		125	(e)
Webster Financial Corp.	4.10%		3/25/2029			1,622		1,790,440
Total								58,438,549

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Beverages 0.95%
Bacardi Ltd.†	2.75%		7/15/2026		$	1,749	$	1,855,239
Bacardi Ltd.†	4.70%		5/15/2028			1,843		2,188,148
Becle SAB de CV (Mexico)†(a)	3.75%		5/13/2025			1,438		1,570,913
Brown-Forman Corp.	3.50%		4/15/2025			797		883,259
Brown-Forman Corp.	4.50%		7/15/2045			1,192		1,607,599
PepsiCo, Inc.	3.60%		3/1/2024			978		1,067,846
Suntory Holdings Ltd. (Japan)†(a)	2.25%		10/16/2024			1,913		2,002,076
Total								11,175,080
Brokerage 0.21%
Charles Schwab Corp. (The)	5.375% (5 Yr Treasury CMT + 4.97%	)#	–	(j)		1,591		1,775,954
Credit Suisse Group AG (Switzerland)†(a)	4.50% (5 Yr. Treasury CMT + 3.55%	)#	–	(j)		668		672,943
Total								2,448,897
Building & Construction 1.01%
Beazer Homes USA, Inc.	7.25%		10/15/2029			1,164		1,316,082
Century Communities, Inc.	6.75%		6/1/2027			856		916,438
D.R. Horton, Inc.	2.60%		10/15/2025			697		752,476
ITR Concession Co. LLC†	5.183%		7/15/2035			785		932,783
NVR, Inc.	3.00%		5/15/2030			2,122		2,323,016
PulteGroup, Inc.	6.375%		5/15/2033			2,250		3,091,781
Toll Brothers Finance Corp.	4.875%		3/15/2027			1,084		1,242,329
Toll Brothers Finance Corp.	5.625%		1/15/2024			1,208		1,339,243
Total								11,914,148
Building Materials 1.03%
Allegion plc (Ireland)(a)	3.50%		10/1/2029			918		1,019,757
Ferguson Finance plc (United Kingdom)†(a)	3.25%		6/2/2030			1,929		2,154,202
Lennox International, Inc.	1.35%		8/1/2025			909		930,328
Lennox International, Inc.	1.70%		8/1/2027			1,111		1,131,171
Masonite International Corp.†	5.375%		2/1/2028			952		1,023,819
Owens Corning, Inc.	4.30%		7/15/2047			1,670		2,010,728
Owens Corning, Inc.	4.40%		1/30/2048			1,255		1,513,951
Vertical Holdco GmbH†(d)	6.625%		7/15/2028		EUR	667		877,563
Vulcan Materials Co.	4.50%		6/15/2047		$	1,186		1,471,670
Total								12,133,189

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Cable & Satellite Television 2.10%
Cable One, Inc.†	4.00%	11/15/2030	$	990	$	1,030,219
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.125%	5/1/2027		2,783		2,957,007
CCO Holdings LLC/CCO Holdings Capital Corp.†	5.75%	2/15/2026		2,946		3,043,513
CSC Holdings LLC†	5.50%	4/15/2027		2,372		2,516,692
CSC Holdings LLC†	5.75%	1/15/2030		1,274		1,398,221
CSC Holdings LLC†	6.50%	2/1/2029		1,046		1,182,948
DISH DBS Corp.	7.75%	7/1/2026		6,811		7,633,394
LCPR Senior Secured Financing DAC (Ireland)†(a)	6.75%	10/15/2027		1,133		1,220,808
Radiate Holdco LLC/Radiate Finance, Inc.†	4.50%	9/15/2026		635		656,431
Radiate Holdco LLC/Radiate Finance, Inc.†	6.50%	9/15/2028		1,399		1,471,573
Ziggo BV (Netherlands)†(a)	5.50%	1/15/2027		1,491		1,558,982
Total						24,669,788
Chemicals 0.42%
CF Industries, Inc.†	4.50%	12/1/2026		1,047		1,241,108
Chemours Co. (The)†	5.75%	11/15/2028		1,291		1,319,241
FMC Corp.	3.45%	10/1/2029		1,050		1,199,221
Ingevity Corp.†	3.875%	11/1/2028		1,123		1,133,528
Total						4,893,098
Consumer/Commercial/Lease Financing 1.08%
Avolon Holdings Funding Ltd. (Ireland)†(a)	4.25%	4/15/2026		559		602,676
Nationstar Mortgage Holdings, Inc.†	5.125%	12/15/2030		901		942,869
Navient Corp.	6.125%	3/25/2024		1,728		1,850,023
Navient Corp.	6.75%	6/25/2025		2,209		2,405,049
Navient Corp.	6.75%	6/15/2026		872		952,115
OneMain Finance Corp.	7.125%	3/15/2026		1,617		1,914,132
OneMain Finance Corp.	5.375%	11/15/2029		377		425,067
Quicken Loans LLC†	5.25%	1/15/2028		1,111		1,188,076
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.†	3.625%	3/1/2029		852		870,637
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.†	3.875%	3/1/2031		921		957,840
USAA Capital Corp.†	2.125%	5/1/2030		609		640,800
Total						12,749,284
Discount Stores 1.02%
Amazon.com, Inc.	4.25%	8/22/2057		1,325		1,888,142
Amazon.com, Inc.	4.80%	12/5/2034		2,179		2,990,889
Amazon.com, Inc.	5.20%	12/3/2025		3,295		4,010,416
Costco Wholesale Corp.	1.75%	4/20/2032		1,511		1,571,737

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Discount Stores (continued)
Dollar General Corp.	3.50%	4/3/2030	$	1,350	$	1,551,382
Total						12,012,566
Diversified Capital Goods 0.65%
Dover Corp.	2.95%	11/4/2029		1,320		1,446,080
Hillman Group, Inc. (The)†	6.375%	7/15/2022		1,311		1,305,776
Leggett & Platt, Inc.	4.40%	3/15/2029		974		1,115,245
Siemens Financieringsmaatschappij NV (Netherlands)†(a)	3.25%	5/27/2025		1,235		1,372,036
Westinghouse Air Brake Technologies Corp.	3.45%	11/15/2026		1,338		1,469,962
Westinghouse Air Brake Technologies Corp.	4.95%	9/15/2028		794		942,820
Total						7,651,919
Electric: Distribution/Transportation 0.59%
Adani Transmission Ltd. (India)†(a)	4.25%	5/21/2036		965		1,025,089
Atlantic City Electric Co.	4.00%	10/15/2028		1,149		1,350,264
Empresa de Transmision Electrica SA (Panama)†(a)	5.125%	5/2/2049		1,205		1,504,087
Empresas Publicas de Medellin ESP (Colombia)†(a)	4.25%	7/18/2029		1,689		1,818,969
Monongahela Power Co.†	3.55%	5/15/2027		1,188		1,286,358
Total						6,984,767
Electric: Generation 2.61%
Adani Renewable Energy RJ Ltd./Kodangal Solar
Parks Pvt Ltd/Wardha Solar Maharash (India)†(a)	4.625%	10/15/2039		1,429		1,484,965
Calpine Corp.†	3.75%	3/1/2031		1,350		1,339,477
Calpine Corp.†	4.625%	2/1/2029		1,513		1,558,057
Calpine Corp.†	5.00%	2/1/2031		1,101		1,152,196
Calpine Corp.†	5.125%	3/15/2028		963		1,014,410
Clearway Energy Operating LLC†	4.75%	3/15/2028		656		704,177
Clearway Energy Operating LLC	5.75%	10/15/2025		844		889,892
Dayton Power & Light Co. (The)	3.95%	6/15/2049		898		1,045,294
DPL, Inc.	4.35%	4/15/2029		1,363		1,530,901
Greenko Solar Mauritius Ltd. (Mauritius)†(a)	5.95%	7/29/2026		909		986,339
NextEra Energy Operating Partners LP†	3.875%	10/15/2026		2,442		2,611,414
NextEra Energy Operating Partners LP†	4.50%	9/15/2027		1,709		1,917,105
NRG Energy, Inc.†	3.75%	6/15/2024		1,802		1,973,644
NRG Energy, Inc.†	4.45%	6/15/2029		518		601,574
NRG Energy, Inc.†	5.25%	6/15/2029		697		768,314
NRG Energy, Inc.	5.75%	1/15/2028		3,273		3,581,889
NSG Holdings LLC/NSG Holdings, Inc.†	7.75%	12/15/2025		1,204		1,281,110

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Generation (continued)
Pattern Energy Operations LP/Pattern Energy
Operations, Inc.†	4.50%	8/15/2028	$	673	$	711,277
TerraForm Power Operating LLC†	4.75%	1/15/2030		1,484		1,591,160
TerraForm Power Operating LLC†	5.00%	1/31/2028		561		631,420
Topaz Solar Farms LLC†	5.75%	9/30/2039		2,934		3,371,963
Total						30,746,578
Electric: Integrated 2.33%
Arizona Public Service Co.	2.95%	9/15/2027		1,333		1,465,562
Ausgrid Finance Pty Ltd. (Australia)†(a)	4.35%	8/1/2028		1,217		1,413,027
Black Hills Corp.	4.35%	5/1/2033		1,155		1,400,428
El Paso Electric Co.	5.00%	12/1/2044		1,203		1,430,918
Electricite de France SA (France)†(a)	3.625%	10/13/2025		1,044		1,171,331
Enel Finance International NV (Netherlands)†(a)	2.65%	9/10/2024		1,493		1,591,492
Enel Finance International NV (Netherlands)†(a)	3.50%	4/6/2028		1,829		2,084,846
Entergy Arkansas LLC	4.00%	6/1/2028		1,589		1,862,054
Entergy Arkansas LLC	4.95%	12/15/2044		1,109		1,208,859
FirstEnergy Corp.	3.90%	7/15/2027		2,118		2,336,411
Florida Power & Light Co.	2.85%	4/1/2025		1,098		1,196,561
HAT Holdings I LLC/HAT Holdings II LLC†	6.00%	4/15/2025		808		865,570
Indianapolis Power & Light Co.†	4.05%	5/1/2046		1,608		1,967,042
Louisville Gas & Electric Co.	4.375%	10/1/2045		1,017		1,285,394
Ohio Power Co.	4.15%	4/1/2048		1,223		1,551,805
Puget Energy, Inc.	4.10%	6/15/2030		1,733		1,962,345
Puget Sound Energy, Inc.	4.223%	6/15/2048		1,174		1,502,283
Union Electric Co.	2.625%	3/15/2051		1,064		1,115,328
Total						27,411,256
Electronics 1.42%
Amphenol Corp.	2.05%	3/1/2025		936		989,382
Amphenol Corp.	2.80%	2/15/2030		1,875		2,069,595
Flex Ltd.	4.875%	5/12/2030		1,277		1,537,527
FLIR Systems, Inc.	2.50%	8/1/2030		1,137		1,194,240
KLA Corp.	4.10%	3/15/2029		776		931,133
Lam Research Corp.	4.875%	3/15/2049		808		1,167,986
Micron Technology, Inc.	5.327%	2/6/2029		1,763		2,207,146
NVIDIA Corp.	3.20%	9/16/2026		1,872		2,121,725
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands)†(a)	3.40%	5/1/2030		1,117		1,268,532
Trimble, Inc.	4.75%	12/1/2024		1,455		1,664,161

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electronics (continued)
Xilinx, Inc.	2.95%	6/1/2024	$	1,445	$	1,555,102
Total						16,706,529
Energy: Exploration & Production 4.28%
Apache Corp.	4.25%	1/15/2030		1,920		2,019,600
Apache Corp.	4.75%	4/15/2043		698		725,041
Apache Corp.	5.10%	9/1/2040		3,118		3,349,901
Centennial Resource Production LLC†	5.375%	1/15/2026		2,211		1,547,700
Centennial Resource Production LLC†	6.875%	4/1/2027		2,838		2,044,509
Continental Resources, Inc.	4.375%	1/15/2028		2,148		2,194,805
Continental Resources, Inc.†	5.75%	1/15/2031		1,569		1,744,500
Diamondback Energy, Inc.	3.50%	12/1/2029		1,267		1,354,909
Diamondback Energy, Inc.	4.75%	5/31/2025		515		580,243
Endeavor Energy Resources LP/EER Finance, Inc.†	5.50%	1/30/2026		1,131		1,162,696
Endeavor Energy Resources LP/EER Finance, Inc.†	5.75%	1/30/2028		1,114		1,203,343
EQT Corp.	7.875%	2/1/2025		1,604		1,828,793
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.00%	12/1/2024		1,670		1,663,562
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.75%	10/1/2025		340		345,064
Hilcorp Energy I LP/Hilcorp Finance Co.†	6.25%	11/1/2028		1,174		1,204,477
Indigo Natural Resources LLC†	6.875%	2/15/2026		2,018		2,068,450
Jagged Peak Energy LLC	5.875%	5/1/2026		753		781,588
Laredo Petroleum, Inc.	10.125%	1/15/2028		2,341		1,994,532
Matador Resources Co.	5.875%	9/15/2026		838		822,288
MEG Energy Corp. (Canada)†(a)	7.00%	3/31/2024		1,504		1,522,800
MEG Energy Corp. (Canada)†(a)	7.125%	2/1/2027		3,299		3,414,465
Murphy Oil Corp.	5.75%	8/15/2025		1,165		1,162,210
Murphy Oil Corp.	6.875%	8/15/2024		849		865,089
Parsley Energy LLC/Parsley Finance Corp.†	5.625%	10/15/2027		802		878,992
PDC Energy, Inc.	5.75%	5/15/2026		2,368		2,449,400
Range Resources Corp.	5.00%	3/15/2023		911		889,933
Seven Generations Energy Ltd. (Canada)†(a)	5.375%	9/30/2025		1,272		1,298,222
SM Energy Co.	6.125%	11/15/2022		755		735,004
SM Energy Co.	6.625%	1/15/2027		314		251,985
SM Energy Co.	6.75%	9/15/2026		2,051		1,666,438
Southwestern Energy Co.	6.45%	1/23/2025		1,106		1,149,549
Southwestern Energy Co.	7.75%	10/1/2027		1,120		1,211,364
Southwestern Energy Co.	8.375%	9/15/2028		1,608		1,747,695
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)†(a)	3.25%	8/15/2030		1,185		1,257,254

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
Texaco Capital, Inc.	8.625%	11/15/2031	$	722	$	1,162,921
Total						50,299,322
Environmental 0.10%
Waste Pro USA, Inc.†	5.50%	2/15/2026		1,143		1,172,038
Food & Drug Retailers 0.43%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC†	4.625%	1/15/2027		712		758,141
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC†	4.875%	2/15/2030		1,224		1,349,925
Rite Aid Corp.	7.70%	2/15/2027		1,318		1,265,820
Rite Aid Corp.†	8.00%	11/15/2026		1,549		1,658,654
Total						5,032,540
Food: Wholesale 2.01%
Arcor SAIC (Argentina)†(a)	6.00%	7/6/2023		1,380		1,360,349
BRF SA (Brazil)†(a)	4.875%	1/24/2030		1,086		1,180,357
Campbell Soup Co.	3.125%	4/24/2050		2,821		2,985,385
Chobani LLC/Chobani Finance Corp., Inc.†	7.50%	4/15/2025		1,312		1,379,850
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)†(a)	5.625%	8/15/2026		1,241		1,276,443
JBS USA LUX SA/JBS USA Finance, Inc.†	6.75%	2/15/2028		3,083		3,467,666
Kraft Heinz Foods Co.	4.375%	6/1/2046		1,277		1,381,700
Kraft Heinz Foods Co.†	4.875%	10/1/2049		580		676,670
Kraft Heinz Foods Co.	5.00%	6/4/2042		1,219		1,430,272
Kraft Heinz Foods Co.	5.20%	7/15/2045		869		1,033,328
Lamb Weston Holdings, Inc.†	4.625%	11/1/2024		633		661,485
McCormick & Co., Inc.	2.50%	4/15/2030		1,046		1,121,322
McCormick & Co., Inc.	4.20%	8/15/2047		1,393		1,771,948
Smithfield Foods, Inc.†	5.20%	4/1/2029		2,168		2,582,387
Sysco Corp.	2.40%	2/15/2030		1,250		1,302,614
Total						23,611,776
Forestry/Paper 0.29%
Norbord, Inc. (Canada)†(a)	6.25%	4/15/2023		1,060		1,153,964
Suzano Austria GmbH (Brazil)(a)	3.75%	1/15/2031		1,147		1,218,401
Weyerhaeuser Co.	7.375%	3/15/2032		716		1,074,463
Total						3,446,828

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Gaming 2.57%
Boyd Gaming Corp.	4.75%		12/1/2027	$	1,201	$	1,250,013
Boyd Gaming Corp.	6.00%		8/15/2026		715		743,600
Caesars Entertainment, Inc.†	8.125%		7/1/2027		3,047		3,377,074
Caesars Resort Collection LLC/CRC Finco, Inc.†	5.25%		10/15/2025		1,593		1,611,965
Caesars Resort Collection LLC/CRC Finco, Inc.†	5.75%		7/1/2025		619		656,652
Churchill Downs, Inc.†	4.75%		1/15/2028		399		420,871
Churchill Downs, Inc.†	5.50%		4/1/2027		671		711,975
GLP Capital LP/GLP Financing II, Inc.	4.00%		1/15/2031		1,278		1,396,975
GLP Capital LP/GLP Financing II, Inc.	5.75%		6/1/2028		1,666		1,978,150
Las Vegas Sands Corp.	3.50%		8/18/2026		2,000		2,141,273
Las Vegas Sands Corp.	3.90%		8/8/2029		1,226		1,318,808
Melco Resorts Finance Ltd. (Hong Kong)†(a)	5.75%		7/21/2028		1,262		1,346,238
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.†	4.625%		6/15/2025		889		953,008
Mohegan Gaming & Entertainment†	7.875%		10/15/2024		1,250		1,307,812
Penn National Gaming, Inc.†	5.625%		1/15/2027		2,251		2,352,520
Scientific Games International, Inc.†	7.00%		5/15/2028		1,136		1,223,358
Scientific Games International, Inc.†	7.25%		11/15/2029		1,145		1,258,573
Stars Group Holdings BV/Stars Group US Co-Borrower LLC (Netherlands)†(a)	7.00%		7/15/2026		1,147		1,209,368
Wynn Macau Ltd. (Macau)†(a)	5.125%		12/15/2029		1,194		1,221,492
Wynn Macau Ltd. (Macau)†(a)	5.50%		10/1/2027		2,772		2,882,326
Wynn Macau Ltd. (Macau)†(a)	5.625%		8/26/2028		763		801,097
Total							30,163,148
Gas Distribution 1.96%
AI Candelaria Spain SLU (Spain)†(a)	7.50%		12/15/2028		1,300		1,517,763
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)#	1/22/2078		3,170		2,391,115
Colonial Enterprises, Inc.†	3.25%		5/15/2030		748		846,578
Dominion Energy Gas Holdings LLC	3.60%		12/15/2024		1,175		1,300,368
ENN Energy Holdings Ltd. (China)†(a)	2.625%		9/17/2030		1,242		1,249,848
Florida Gas Transmission Co. LLC†	4.35%		7/15/2025		1,145		1,301,336
National Fuel Gas Co.	5.50%		1/15/2026		2,268		2,618,323
NGPL PipeCo LLC†	4.875%		8/15/2027		2,012		2,279,917
Northern Natural Gas Co.†	4.30%		1/15/2049		811		987,293
ONE Gas, Inc.	4.50%		11/1/2048		1,149		1,539,520
Sabal Trail Transmission LLC†	4.246%		5/1/2028		1,125		1,291,943
Sabine Pass Liquefaction LLC†	4.50%		5/15/2030		909		1,078,089

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution (continued)
Transportadora de Gas Internacional SA ESP (Colombia)†(a)	5.55%	11/1/2028	$	2,056	$	2,431,240
Western Midstream Operating LP	5.05%	2/1/2030		2,002		2,229,898
Total						23,063,231
Health Facilities 3.08%
AHP Health Partners, Inc.†	9.75%	7/15/2026		1,193	$	1,321,021
Ascension Health	3.945%	11/15/2046		1,017		1,313,579
Dignity Health	3.812%	11/1/2024		675		735,731
HCA, Inc.	5.50%	6/15/2047		3,383		4,518,892
HCA, Inc.	7.05%	12/1/2027		390		472,998
HCA, Inc.	7.58%	9/15/2025		552		667,920
HCA, Inc.	7.69%	6/15/2025		1,240		1,492,520
HCA, Inc.	8.36%	4/15/2024		261		306,675
LifePoint Health, Inc.†	4.375%	2/15/2027		1,635		1,663,612
MEDNAX, Inc.†	6.25%	1/15/2027		1,857		1,993,917
Memorial Sloan-Kettering Cancer Center	4.20%	7/1/2055		1,478		1,981,079
Mount Sinai Hospitals Group, Inc.	3.737%	7/1/2049		1,566		1,797,707
MPT Operating Partnership LP/MPT Finance Corp.	5.00%	10/15/2027		1,192		1,270,106
New York & Presbyterian Hospital (The)	4.063%	8/1/2056		1,020		1,337,380
NYU Langone Hospitals	4.368%	7/1/2047		1,191		1,456,779
Providence St. Joseph Health Obligated Group	2.532%	10/1/2029		1,160		1,242,467
Quest Diagnostics, Inc.	2.80%	6/30/2031		896		983,067
Rede D’or Finance Sarl (Luxembourg)†(a)	4.95%	1/17/2028		1,512		1,621,355
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.†	9.75%	12/1/2026		996		1,099,958
Surgery Center Holdings, Inc.†	10.00%	4/15/2027		1,129		1,249,662
Tenet Healthcare Corp.†	6.125%	10/1/2028		2,221		2,322,122
Tenet Healthcare Corp.†	6.25%	2/1/2027		2,370		2,515,506
Tenet Healthcare Corp.	6.75%	6/15/2023		1,513		1,629,198
Universal Health Services, Inc.†	2.65%	10/15/2030		1,146		1,191,827
Total						36,185,078
Health Services 0.47%
CVS Health Corp.	3.625%	4/1/2027		1,079		1,229,098
Hadrian Merger Sub, Inc.†	8.50%	5/1/2026		1,379		1,428,727
Montefiore Obligated Group	5.246%	11/1/2048		1,553		1,878,146
RP Escrow Issuer LLC†	5.25%	12/15/2025		975		1,020,991
Total						5,556,962

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Hotels 1.12%
ESH Hospitality, Inc.†	4.625%		10/1/2027	$	1,053	$	1,080,641
Hilton Domestic Operating Co., Inc.	4.875%		1/15/2030		2,132		2,333,208
Hilton Domestic Operating Co., Inc.	5.125%		5/1/2026		1,804		1,867,140
Host Hotels & Resorts LP	3.50%		9/15/2030		1,746		1,842,207
Marriott International, Inc.	3.50%		10/15/2032		1,678		1,839,195
Marriott International, Inc.	5.75%		5/1/2025		1,046		1,223,984
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer†	5.875%		10/1/2028		1,138		1,214,104
Wyndham Destinations, Inc.	6.00%		4/1/2027		1,612		1,810,478
Total							13,210,957
Insurance Brokerage 0.34%
Brown & Brown, Inc.	2.375%		3/15/2031		1,370		1,436,194
Farmers Insurance Exchange†	4.747% (3 Mo. LIBOR + 3.23%	)#	11/1/2057		1,230		1,327,329
HUB International Ltd.†	7.00%		5/1/2026		1,133		1,186,019
Total							3,949,542
Integrated Energy 1.25%
Cenovus Energy, Inc. (Canada)(a)	5.375%		7/15/2025		1,065		1,201,438
Cenovus Energy, Inc. (Canada)(a)	5.40%		6/15/2047		1,743		2,046,197
Exxon Mobil Corp.	3.043%		3/1/2026		1,101		1,220,455
Lukoil Securities BV (Netherlands)†(a)	3.875%		5/6/2030		2,750		2,978,608
Petroleos Mexicanos (Mexico)(a)	6.875%		8/4/2026		2,923		3,197,762
Saudi Arabian Oil Co. (Saudi Arabia)†(a)	4.375%		4/16/2049		1,441		1,743,368
Shell International Finance BV (Netherlands)(a)	6.375%		12/15/2038		1,473		2,292,655
Total							14,680,483
Investments & Miscellaneous Financial Services 0.38%
AG Issuer LLC†	6.25%		3/1/2028		1,140		1,155,675
Global Aircraft Leasing Co. Ltd. PIK 7.25%†	6.50%		9/15/2024		2,010		1,760,539
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%		4/15/2045		1,377		1,563,823
Total							4,480,037
Life Insurance 0.63%
AIA Group Ltd. (Hong Kong)†(a)	3.20%		9/16/2040		1,146		1,203,449
AIA Group Ltd. (Hong Kong)†(a)	3.375%		4/7/2030		1,304		1,466,622
Northwestern Mutual Life Insurance Co. (The)†	3.85%		9/30/2047		1,456		1,717,794
Teachers Insurance & Annuity Association of America†	4.27%		5/15/2047		889		1,113,579

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Life Insurance (continued)
Teachers Insurance & Annuity Association of America†	4.90%	9/15/2044	$	1,424	$	1,930,877
Total						7,432,321
Machinery 0.74%
IDEX Corp.	3.00%	5/1/2030		1,082		1,191,993
Itron, Inc.†	5.00%	1/15/2026		1,123		1,149,671
Mueller Water Products, Inc.†	5.50%	6/15/2026		1,089		1,132,353
Roper Technologies, Inc.	1.75%	2/15/2031		3,057		3,046,176
Roper Technologies, Inc.	4.20%	9/15/2028		925		1,103,861
Xylem, Inc.	3.25%	11/1/2026		1,004		1,129,860
Total						8,753,914
Managed Care 1.00%
Anthem, Inc.	2.25%	5/15/2030		1,799		1,912,079
Centene Corp.	3.375%	2/15/2030		2,131		2,245,339
Centene Corp.	4.25%	12/15/2027		1,513		1,607,282
Centene Corp.	4.625%	12/15/2029		2,201		2,446,422
Centene Corp.†	5.375%	6/1/2026		1,131		1,194,291
Kaiser Foundation Hospitals	4.15%	5/1/2047		873		1,139,998
Molina Healthcare, Inc.†	3.875%	11/15/2030		1,131		1,215,825
Total						11,761,236
Media: Content 1.63%
Activision Blizzard, Inc.	2.50%	9/15/2050		1,687		1,648,957
AMC Networks, Inc.	4.75%	8/1/2025		1,317		1,362,048
Diamond Sports Group LLC/Diamond Sports Finance Co.†	5.375%	8/15/2026		2,019		1,644,223
Diamond Sports Group LLC/Diamond Sports Finance Co.†	6.625%	8/15/2027		2,255		1,367,094
Netflix, Inc.(d)	3.625%	5/15/2027	EUR	3,466		4,734,599
Netflix, Inc.†(d)	3.625%	6/15/2030	EUR	1,020		1,421,021
Netflix, Inc.†(d)	3.875%	11/15/2029	EUR	765		1,082,830
Netflix, Inc.	4.875%	4/15/2028		2,136		2,412,249
Nexstar Broadcasting, Inc.†	5.625%	7/15/2027		1,682		1,804,475
Univision Communications, Inc.†	5.125%	2/15/2025		1,697		1,712,909
Total						19,190,405

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media: Diversified 0.32%
Cable Onda SA (Panama)†(a)	4.50%	1/30/2030	$	1,365	$	1,507,472
Prosus NV (Netherlands)†(a)	3.68%	1/21/2030		2,056		2,241,189
Total						3,748,661
Medical Products 0.47%
Alcon Finance Corp.†	2.60%	5/27/2030		1,552		1,654,950
Boston Scientific Corp.	7.00%	11/15/2035		1,473		2,168,741
Edwards Lifesciences Corp.	4.30%	6/15/2028		1,411		1,671,325
Total						5,495,016
Metals/Mining (Excluding Steel) 1.85%
Anglo American Capital plc (United Kingdom)†(a)	3.95%	9/10/2050		1,101		1,238,694
Anglo American Capital plc (United Kingdom)†(a)	5.625%	4/1/2030		1,100		1,402,760
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)†(a)	8.75%	7/15/2026		1,143		1,239,944
Cleveland-Cliffs, Inc.†	6.75%	3/15/2026		814		880,138
Cleveland-Cliffs, Inc.†	9.875%	10/17/2025		783		921,983
Corp. Nacional del Cobre de Chile (Chile)†(a)	3.75%	1/15/2031		998		1,131,023
First Quantum Minerals Ltd. (Canada)†(a)	6.875%	10/15/2027		1,159		1,258,964
Freeport-McMoRan, Inc.	4.125%	3/1/2028		1,375		1,444,609
Freeport-McMoRan, Inc.	4.25%	3/1/2030		2,039		2,198,939
Freeport-McMoRan, Inc.	4.375%	8/1/2028		1,084		1,153,782
Freeport-McMoRan, Inc.	4.625%	8/1/2030		1,277		1,403,774
Fresnillo plc (Mexico)†(a)	4.25%	10/2/2050		776		853,406
Hecla Mining Co.	7.25%	2/15/2028		1,233		1,348,594
Mirabela Nickel Ltd. (Australia)(a)	1.00%	9/10/2044		15		2	(e)
Newmont Corp.	2.25%	10/1/2030		2,118		2,231,590
Rain CII Carbon LLC/CII Carbon Corp.†	7.25%	4/1/2025		1,175		1,196,285
Teck Resources Ltd. (Canada)(a)	3.90%	7/15/2030		691		770,369
Warrior Met Coal, Inc.†	8.00%	11/1/2024		1,107		1,132,771
Total						21,807,627
Monoline Insurance 0.17%
Fidelity National Financial, Inc.	4.50%	8/15/2028		1,693		1,981,361
Multi-Line Insurance 0.11%
Assurant, Inc.	3.70%	2/22/2030		1,158		1,292,805
Non-Electric Utilities 0.13%
Brooklyn Union Gas Co. (The)†	3.407%	3/10/2026		1,368		1,529,394

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil Field Equipment & Services 0.67%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(a)	4.60%	11/2/2047	$	1,779	$	2,216,705
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)†(a)	3.25%	9/30/2040		2,701		2,857,737
Oceaneering International, Inc.	4.65%	11/15/2024		1,024		934,400
Oceaneering International, Inc.	6.00%	2/1/2028		2,094		1,876,748
Total						7,885,590
Oil Refining & Marketing 0.16%
PBF Holding Co. LLC/PBF Finance Corp.†	9.25%	5/15/2025		1,952		1,917,108
Packaging 0.43%
Ball Corp.	2.875%	8/15/2030		1,548		1,546,065
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		1,295		1,581,273
Sealed Air Corp.†	6.875%	7/15/2033		1,060		1,402,512
Trivium Packaging Finance BV (Netherlands)†(a)	5.50%	8/15/2026		534		565,706
Total						5,095,556
Personal & Household Products 1.39%
Clorox Co. (The)	1.80%	5/15/2030		1,125		1,162,784
Hasbro, Inc.	3.90%	11/19/2029		2,327		2,637,956
Hasbro, Inc.	5.10%	5/15/2044		1,761		2,018,730
Mattel, Inc.†	5.875%	12/15/2027		512		569,920
Mattel, Inc.†	6.75%	12/31/2025		1,676		1,770,644
Newell Brands, Inc.	4.70%	4/1/2026		4,710		5,194,800
Newell Brands, Inc.	5.875%	4/1/2036		1,082		1,317,335
SC Johnson & Son, Inc.†	4.75%	10/15/2046		1,177		1,637,873
Total						16,310,042
Pharmaceuticals 0.59%
AstraZeneca plc (United Kingdom)(a)	2.125%	8/6/2050		3,312		3,101,380
Pfizer, Inc.	2.625%	4/1/2030		935		1,043,796
Regeneron Pharmaceuticals, Inc.	2.80%	9/15/2050		1,403		1,364,899
Zoetis, Inc.	3.90%	8/20/2028		1,159		1,366,618
Total						6,876,693
Property & Casualty 0.36%
Arch Capital Finance LLC	4.011%	12/15/2026		1,172		1,364,210
CNA Financial Corp.	2.05%	8/15/2030		701		715,817
Selective Insurance Group, Inc.	5.375%	3/1/2049		1,669		2,137,967
Total						4,217,994

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Rail 0.16%
Central Japan Railway Co. (Japan)†(a)	4.25%	11/24/2045	$	1,524	$	1,904,239
Real Estate Development & Management 0.10%
CoStar Group, Inc.†	2.80%	7/15/2030		1,100		1,144,186
Real Estate Investment Trusts 0.67%
Alexandria Real Estate Equities, Inc.	3.80%	4/15/2026		543		625,104
Alexandria Real Estate Equities, Inc.	3.95%	1/15/2028		1,194		1,388,014
American Homes 4 Rent LP	4.90%	2/15/2029		859		1,038,237
CyrusOne LP/CyrusOne Finance Corp.	2.15%	11/1/2030		1,373		1,341,682
Goodman US Finance Four LLC†	4.50%	10/15/2037		1,137		1,327,459
Goodman US Finance Three LLC†	3.70%	3/15/2028		769		839,119
Prologis LP	4.375%	2/1/2029		1,106		1,359,131
Total						7,918,746
Recreation & Travel 0.85%
Carnival Corp.†	7.625%	3/1/2026		748		816,341
Carnival Corp.†	9.875%	8/1/2027		1,155		1,330,416
Carnival Corp.†	11.50%	4/1/2023		2,462		2,850,442
Merlin Entertainments Ltd. (United Kingdom)†(a)	5.75%	6/15/2026		360		379,174
Royal Caribbean Cruises Ltd.†	9.125%	6/15/2023		796		864,655
Royal Caribbean Cruises Ltd.†	11.50%	6/1/2025		2,070		2,422,521
Viking Cruises Ltd.†	13.00%	5/15/2025		1,125		1,346,484
Total						10,010,033
Reinsurance 0.55%
AXIS Specialty Finance plc (United Kingdom)(a)	5.15%	4/1/2045		1,595		1,932,722
Berkshire Hathaway, Inc.	3.125%	3/15/2026		907		1,013,638
PartnerRe Finance B LLC	3.70%	7/2/2029		1,237		1,424,830
Transatlantic Holdings, Inc.	8.00%	11/30/2039		1,334		2,113,398
Total						6,484,588
Restaurants 0.67%
IRB Holding Corp.†	6.75%	2/15/2026		1,177		1,216,253
IRB Holding Corp.†	7.00%	6/15/2025		843		922,474
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC†	4.75%	6/1/2027		2,083		2,205,720
Starbucks Corp.	4.45%	8/15/2049		1,287		1,697,827
Stonegate Pub Co. Financing 2019 PLC(d)	8.25%	7/31/2025	GBP	978		1,358,814
Stonegate Pub Co. Financing plc(d)	8.00%	7/13/2025	GBP	383		523,229
Total						7,924,317

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Software/Services 2.39%
Autodesk, Inc.	3.50%	6/15/2027	$	1,446	$	1,630,302
Banff Merger Sub, Inc.†	9.75%	9/1/2026		1,658		1,792,663
Global Payments, Inc.	2.90%	5/15/2030		1,747		1,901,071
Global Payments, Inc.	4.15%	8/15/2049		1,042		1,284,942
Go Daddy Operating Co. LLC/GD Finance Co., Inc.†	5.25%	12/1/2027		937		987,949
GrubHub Holdings, Inc.†	5.50%	7/1/2027		1,218		1,278,900
Intuit, Inc.	0.95%	7/15/2025		575		582,729
Intuit, Inc.	1.65%	7/15/2030		1,150		1,182,178
Match Group Holdings II LLC†	5.00%	12/15/2027		1,647		1,756,361
PayPal Holdings, Inc.	3.25%	6/1/2050		2,136		2,468,961
PTC, Inc.†	3.625%	2/15/2025		570		587,047
PTC, Inc.†	4.00%	2/15/2028		1,077		1,130,850
salesforce.com, Inc.	3.70%	4/11/2028		1,580		1,864,663
ServiceNow, Inc.	1.40%	9/1/2030		1,297		1,266,221
Tencent Holdings Ltd. (China)†(a)	3.925%	1/19/2038		1,995		2,291,583
VeriSign, Inc.	4.75%	7/15/2027		1,117		1,200,440
VeriSign, Inc.	5.25%	4/1/2025		843		959,439
Veritas US, Inc./Veritas Bermuda Ltd.†	7.50%	9/1/2025		1,087		1,116,893
Veritas US, Inc./Veritas Bermuda Ltd.†	10.50%	2/1/2024		1,372		1,400,352
Visa, Inc.	3.15%	12/14/2025		1,289		1,446,707
Total						28,130,251
Specialty Retail 1.70%
AutoNation, Inc.	4.75%	6/1/2030		684		823,604
B2W Digital Lux Sarl (Luxembourg)†(a)	4.375%	12/20/2030		1,125		1,165,781
Best Buy Co., Inc.	1.95%	10/1/2030		1,363		1,371,711
Best Buy Co., Inc.	4.45%	10/1/2028		1,332		1,594,032
Carvana Co.†	5.625%	10/1/2025		1,252		1,286,430
Carvana Co.†	5.875%	10/1/2028		1,134		1,178,895
Gap, Inc. (The)†	8.625%	5/15/2025		1,186		1,324,489
Gap, Inc. (The)†	8.875%	5/15/2027		1,054		1,223,957
JD.com, Inc. (China)(a)	3.375%	1/14/2030		1,197		1,302,543
JD.com, Inc. (China)(a)	4.125%	1/14/2050		1,118		1,251,705
Meituan (China)†(a)	3.05%	10/28/2030		940		978,164
Murphy Oil USA, Inc.	4.75%	9/15/2029		1,180		1,257,957
NIKE, Inc.	2.40%	3/27/2025		668		720,190
Penske Automotive Group, Inc.	3.50%	9/1/2025		751		764,143
Tiffany & Co.	4.90%	10/1/2044		1,816		2,499,769
WW International, Inc.†	8.625%	12/1/2025		1,220		1,272,307
Total						20,015,677

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Steel Producers/Products 0.17%
CSN Islands XI Corp. (Brazil)†(a)	6.75%	1/28/2028	$	901	$	976,684
CSN Resources SA (Brazil)†(a)	7.625%	4/17/2026		536		576,870
Reliance Steel & Aluminum Co.	2.15%	8/15/2030		425		437,334
Total						1,990,888
Support: Services 1.69%
Ahern Rentals, Inc.†	7.375%	5/15/2023		1,440		1,055,700
Brink’s Co. (The)†	4.625%	10/15/2027		1,078		1,128,531
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		1,100		1,552,773
Georgetown University (The)	2.943%	4/1/2050		1,246		1,259,373
H&E Equipment Services, Inc.†	3.875%	12/15/2028		1,801		1,816,813
Hertz Corp. (The)†(k)	5.50%	10/15/2024		1,243		673,551
Hertz Corp. (The)†(k)	6.00%	1/15/2028		1,960		1,062,075
Hertz Corp. (The)(k)	6.25%	10/15/2022		360		195,300
Johns Hopkins University	2.813%	1/1/2060		692		732,407
Maxim Crane Works Holdings Capital LLC†	10.125%	8/1/2024		1,080		1,127,363
Metropolitan Museum of Art (The)	3.40%	7/1/2045		1,975		2,197,905
Presidio Holdings, Inc.†	4.875%	2/1/2027		1,121		1,191,062
Quanta Services, Inc.	2.90%	10/1/2030		914		980,224
Uber Technologies, Inc.†	6.25%	1/15/2028		808		879,710
Uber Technologies, Inc.†	7.50%	9/15/2027		324		356,805
Uber Technologies, Inc.†	8.00%	11/1/2026		1,265		1,379,641
United Rentals North America, Inc.	4.875%	1/15/2028		1,039		1,107,834
Verisk Analytics, Inc.	3.625%	5/15/2050		997		1,162,058
Total						19,859,125
Technology Hardware & Equipment 0.89%
Apple, Inc.	1.80%	9/11/2024		1,053		1,106,161
Apple, Inc.	3.00%	6/20/2027		2,081		2,331,570
CDW LLC/CDW Finance Corp.	4.125%	5/1/2025		483		506,210
CDW LLC/CDW Finance Corp.	5.50%	12/1/2024		1,425		1,595,808
Motorola Solutions, Inc.	4.60%	5/23/2029		1,513		1,813,017
Switch Ltd.†	3.75%	9/15/2028		89		90,502
Western Digital Corp.	4.75%	2/15/2026		2,745		3,036,656
Total						10,479,924
Telecommunications Equipment 0.12%
Xiaomi Best Time International Ltd. (Hong Kong)†(a)	3.375%	4/29/2030		1,322		1,411,529

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Telecommunications: Integrated/Services 0.05%
Frontier Communications Corp.†	6.75%	5/1/2029	$	523	$	560,591
Telecommunications: Satellite 0.31%
Connect Finco SARL/Connect US Finco LLC (Luxembourg)†(a)	6.75%	10/1/2026		2,264		2,441,883
Hughes Satellite Systems Corp.	5.25%	8/1/2026		1,111		1,230,221
Total						3,672,104
Telecommunications: Wireless 1.31%
American Tower Corp.	2.95%	1/15/2025		1,132		1,226,715
Crown Castle International Corp.	4.15%	7/1/2050		762		927,917
SBA Communications Corp.(l)	3.875%	2/15/2027		2,561		2,693,145
Sprint Capital Corp.	6.875%	11/15/2028		5,062		6,683,637
T-Mobile USA, Inc.†	3.875%	4/15/2030		1,099		1,274,027
Vmed O2 UK Financing I plc (United Kingdom)†(a)	4.25%	1/31/2031		2,494		2,554,205
Total						15,359,646
Telecommunications: Wireline Integrated & Services 1.78%
Altice France Holding SA (Luxembourg)†(a)	6.00%	2/15/2028		934		947,622
Altice France Holding SA (Luxembourg)†(a)	10.50%	5/15/2027		2,539		2,854,788
Altice France SA (France)†(a)	8.125%	2/1/2027		3,262		3,600,123
CyrusOne LP/CyrusOne Finance Corp.	2.90%	11/15/2024		645		689,818
DKT Finance ApS (Denmark)†(a)	9.375%	6/17/2023		1,008		1,045,737
Equinix, Inc.(d)	2.875%	2/1/2026	EUR	1,560		1,939,983
Frontier Communications Corp.†	5.00%	5/1/2028	$	1,549		1,617,737
Frontier Communications Corp.†	5.875%	10/15/2027		882		955,316
Verizon Communications, Inc.	2.625%	8/15/2026		3,135		3,436,109
VTR Comunicaciones SpA (Chile)†(a)	5.125%	1/15/2028		410		437,306
Windstream Escrow LLC/Windstream Escrow Finance Corp.†	7.75%	8/15/2028		1,122		1,131,958
Zayo Group Holdings, Inc.†	4.00%	3/1/2027		1,051		1,054,999
Zayo Group Holdings, Inc.†	6.125%	3/1/2028		1,183		1,253,057
Total						20,964,553
Theaters & Entertainment 0.22%
Live Nation Entertainment, Inc.†(l)	3.75%	1/15/2028		1,177		1,192,184
Pinnacle Bidco PLC†(d)	5.50%	2/15/2025	EUR	1,129		1,366,864
Total						2,559,048
Tobacco 0.07%
BAT Capital Corp.	4.70%	4/2/2027	$	713		839,212

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Transportation: Infrastructure/Services 0.79%
Adani Ports & Special Economic Zone Ltd. (India)†(a)	4.375%	7/3/2029	$	1,680	$	1,825,553
Aeropuerto Internacional de Tocumen SA (Panama)†(a)	6.00%	11/18/2048		1,918		2,297,410
Autoridad del Canal de Panama (Panama)†(a)	4.95%	7/29/2035		1,000		1,266,795
CH Robinson Worldwide, Inc.	4.20%	4/15/2028		1,736		2,055,491
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)†(a)	5.375%	11/15/2024		1,675		1,785,731
Total						9,230,980
Trucking & Delivery 0.17%
FedEx Corp. 2020-1 Class AA Pass Through Trust	1.875%	8/20/2035		1,976		2,044,294
Total High Yield Corporate Bonds (cost $749,061,580)						827,735,140
MUNICIPAL BONDS 3.17%
Air Transportation 0.18%
Miami Dade Cnty, FL	3.982%	10/1/2041		970		1,052,886
Miami-Dade Cnty, FL	4.28%	10/1/2041		950		1,047,081
Total						2,099,967
Education 0.78%
California State University	3.899%	11/1/2047		1,975		2,422,357
Ohio Univ	5.59%	12/1/2114		1,000		1,427,770
Permanent University Fund - Texas A&M University System	3.66%	7/1/2047		3,070		3,396,034
Univ of California Bd of Regents	6.548%	5/15/2048		600		975,084
University of California Bond of Regents	3.006%	5/15/2050		885		941,074
Total						9,162,319
General Obligation 0.88%
California	7.55%	4/1/2039		885		1,555,768
Chicago Transit Authority Sales Tax Receipts Fund	6.899%	12/1/2040		500		723,655
City of Portland	7.701%	6/1/2022		1,035		1,104,904
District of Columbia	5.591%	12/1/2034		795		1,075,364
Los Angeles Unif Sch Dist, CA	5.75%	7/1/2034		1,000		1,412,100
Pennsylvania	5.45%	2/15/2030		836		1,067,062
State of Illinois	5.10%	6/1/2033		2,175		2,342,410
The Bd of Governors of the Univ of North Carolina	3.847%	12/1/2034		855		1,072,820
Total						10,354,083

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Insurance 0.03%
City & County Honolulu HI Wastewater System Revenue REVENUE BONDS TXBL-REF-SER A		1.623%		7/1/2031	$	390	$	395,487
Lease Obligations 0.08%
Wisconsin		3.294%		5/1/2037		790		918,280
Miscellaneous 0.46%
Chicago Transit Authority Sales Tax Receipts Fund		6.20%		12/1/2040		1,030		1,435,717
Dallas Convention Center Hotel Dev Corp., TX		7.088%		1/1/2042		1,210		1,689,572
Pasadena Public Fing Auth		7.148%		3/1/2043		1,445		2,274,531	(c)
Total								5,399,820
Tax Revenue 0.46%
County of Miami-Dade FL(l)		2.786%		10/1/2037		575		587,943
Massachusetts Sch Bldg Auth		5.715%		8/15/2039		1,220		1,770,623
Memphis-Shelby County Industrial Development Board, TN		7.00%		7/1/2045		1,415		1,392,360
New York City Indl Dev Agy†		11.00%		3/1/2029		1,220		1,673,547
Total								5,424,473
Transportation 0.17%
Foothill-Eastern Transportation Corridor Agency		4.094%		1/15/2049		787		847,040
Port of Seattle, WA		3.755%		5/1/2036		1,105		1,179,168
Total								2,026,208
Utilities 0.13%
San Antonio, TX		5.718%		2/1/2041		980		1,455,045
Total Municipal Bonds (cost $33,004,082)								37,235,682
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.49%
Angel Oak Mortgage Trust 2020-1 A1†		2.466%	#(m)	12/25/2059		544		549,943
Atrium Hotel Portfolio Trust 2018-ATRM A†		1.109% (1 Mo. LIBOR + .95%	)#	6/15/2035		2,083		2,045,122
BANK 2020-BN30 A4		1.925%		12/10/2053		3,800		3,936,226
BBCMS Mortgage Trust 2018-C2 C		4.97%	#(m)	12/15/2051		1,011		1,138,445
BBCMS Mortgage Trust 2019-BWAY A†		1.115% (1 Mo. LIBOR + .96%	)#	11/15/2034		1,750		1,711,347
Benchmark Mortgage Trust 2019-B12 WMA†		4.246%	#(m)	8/15/2052		2,892		2,770,334	(c)
Benchmark Mortgage Trust 2020-B22 A5		1.973%		1/15/2054		200		208,024
BHMS 2018-ATLS A†	1.409% (1 Mo. LIBOR + 1.25%		)#	7/15/2035		803		783,632
BX Commercial Mortgage Trust 2020-VIV4 A†		2.843%		3/9/2044		555		574,791
CF Trust 2019-BOSS A1†	4.75% (1 Mo. LIBOR + 3.25%		)#	12/15/2021		1,340		1,240,710	(c)

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Citigroup Commercial Mortgage Trust 2016-P3 D†	2.804%	#(m)	4/15/2049	$	828	$	562,729
COMM Mortgage Trust 2014-UBS5 AM	4.193%	#(m)	9/10/2047		1,161		1,277,623
COMM Mortgage Trust 2020-SBX A†	1.67%		1/10/2038		450		466,192
COMM Mortgage Trust 2020-SBX C†	2.056%	#(m)	1/10/2038		350		363,342
COMM Mortgage Trust 2020-SBX D†	2.321%	#(m)	1/10/2038		500		516,832
Credit Suisse Mortgage Capital Certificates 2019-ICE4 D†	1.759% (1 Mo. LIBOR + 1.60%	)#	5/15/2036		924		917,079
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1†	2.24%	#(m)	2/25/2050		1,214		1,235,530
Deephaven Residential Mortgage Trust 2020-1 A1†	2.339%	#(m)	1/25/2060		738		747,630
GCAT Trust 2020-NQM1 A1†	2.247%		1/25/2060		565		579,448
Great Wolf Trust 2019-WOLF A†	1.193% (1 Mo. LIBOR + 1.03%	)#	12/15/2036		3,317		3,251,382
Great Wolf Trust 2019-WOLF D†	2.092% (1 Mo. LIBOR + 1.93%	)#	12/15/2036		555		518,705
GS Mortgage Securities Trust 2020-GSA2 A5	2.012%		12/12/2053		2,760		2,860,386
GS Mortgage Securities Trust 2020-GSA2 E	2.25%		12/12/2053		550		433,025
Hilton Orlando Trust 2018-ORL A†	0.929% (1 Mo. LIBOR + .77%	)#	12/15/2034		557		547,310
HPLY Trust 2019-HIT A†	1.159% (1 Mo. LIBOR + 1.00%	)#	11/15/2036		1,043		1,028,688
JPMCC Commercial Mortgage Securities Trust 2017-JP5	3.871%	#(m)	3/15/2050		571		605,748
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A†	3.392%		6/5/2032		1,000		1,001,323
New Residential Mortgage Loan Trust 2020-NQM1 A1†	2.464%	#(m)	1/26/2060		482		493,918
One New York Plaza Trust 2020-1NYP B†	1.659% (1 Mo. LIBOR + 1.50%	)#	1/15/2026		600		602,471
One New York Plaza Trust 2020-1NYP C†	2.359% (1 Mo. LIBOR + 2.20%	)#	1/15/2026		1,380		1,386,609
One New York Plaza Trust 2020-1NYP D†	2.909% (1 Mo. LIBOR + 2.75%	)#	1/15/2026		500		502,774
PFP Ltd. 2019-6 A†	1.203% (1 Mo. LIBOR + 1.05%	)#	4/14/2037		1,750		1,731,512
PFP Ltd. 2019-6 C†	2.253% (1 Mo. LIBOR + 2.10%	)#	4/14/2037		1,995		1,928,343
Residential Mortgage Loan Trust 2020-1 A1†	2.376%	#(m)	2/25/2024		353		360,145
Starwood Mortgage Residential Trust 2020-1 A1†	2.275%	#(m)	2/25/2050		711		727,271
Verus Securitization Trust 2020-1 A1†	2.417%		1/25/2060		850		867,304

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2020

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust 2020-SDAL A†	1.169% (1 Mo. LIBOR + 1.01%	)#	2/15/2037	$	582	$	562,733
Total Non-Agency Commercial Mortgage-Backed Securities (cost $41,020,675)							41,034,626
	Dividend Rate				Shares (000)
PREFERRED STOCKS 0.08%
Transportation: Infrastructure/Services
ACBL Holdings Corp. Series A	Zero Coupon				14		376,998	(c)
ACBL Holdings Corp. Series B	Zero Coupon				17		583,188	(c)
Total Preferred Stocks (cost $765,325)							960,186
	Exercise Price		Expiration Date
WARRANT 0.00%
Personal & Household Products
Remington Outdoor Co., Inc. (cost $86,340)	$35.05		5/14/2022		16		–	(e)
Total Long-Term Investments (cost $1,058,361,394)							1,163,261,555
				Principal Amount (000)
SHORT-TERM INVESTMENTS 0.39%
REPURCHASE AGREEMENT 0.20%
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $2,340,000 of U.S. Treasury Note at .125% due 12/31/2022; value: $2,340,000; proceeds: $2,294,113 (cost $2,294,113)				$	2,294		2,294,113
				Shares (000)
Money Market Fund 0.17%
Fidelity Government Portfolio(n) (cost $2,049,907)					2,050		2,049,907

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares (000)		Fair Value
Time Deposit 0.02%
CitiBank N.A.(n) (cost $227,768)		228	$	227,768
Total Short-Term Investments (cost $4,571,788)				4,571,788
Total Investments in Securities 99.28% (cost $1,062,933,182)				1,167,833,343
Cash and Other Assets in Excess Liabilities(o) 0.72%				8,425,250
Net Assets 100.00%			$	1,176,258,593

EUR	Euro.
GBP	British pound.
JPY	Japanese yen.
ADR	American Depositary Receipt.
CMT	Constant Maturity Rate.
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 December 31, 2020, the total value of Rule 144A securities was $495,817,449, which represents 42.15% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2020.
*	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)	Level 3 Investment as described in Note 2(o) 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.
(d)	Investment in non-U.S. dollar denominated securities.
(e)	Level 3 Investment as described in Note 2(o) in the Notes to Financials. Security fair valued by the Pricing Committee.
(f)	Amount represents less than 1,000 shares.
(g)	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 December 31, 2020.
(h)	Interest rate to be determined.
(i)	Level 3 Investment as described in Note 2(o) 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.
(j)	Security is perpetual in nature and has no stated maturity.
(k)	Defaulted (non-income producing security).
(l)	Securities purchased on a when-issued basis (See Note 2(i)).
(m)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(n)	Security was purchased with the cash collateral from loaned securities.
(o)	Cash and Other Assets in Excess Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2020

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at December 31, 2020 ⁽¹⁾:

Referenced Index	Central Clearing Party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront(2)				Unrealized Depreciation(3)
Markit CDX. EM.34(4)(5)	Credit Suisse	1.00%	12/20/2025	$	14,000,000	$	13,663,989		$	440,472			$	(104,461	)
Markit CDX. NA.IG.34(4)(6)	Credit Suisse	1.00%	6/20/2025		55,536,000		56,444,199			(540,765	)			(367,434	)
Markit CDX. NA.IG.35(4)(6)	Credit Suisse	1.00%	12/20/2025		57,334,000		58,738,756			(1,299,150	)			(105,606	)
									$	(1,399,443	)		$	(577,501	)

(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 by Central Clearing Party are presented net of amortization.
(3)	Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $577,501.
(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.
(6)	The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.

42 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Open Forward Foreign Currency Exchange Contracts at December 31, 2020:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date	U.S. $ Current Value	Unrealized Depreciation
British pound	Sell	Bank of America	3/8/2021	173,000	$   233,648	$   236,671		$	(3,023	)
British pound	Sell	Bank of America	3/8/2021	103,000	138,820	140,909			(2,089	)
British pound	Sell	Bank of America	3/8/2021	115,323	156,136	157,767			(1,631	)
British pound	Sell	Toronto Dominion Bank	3/8/2021	1,807,000	2,429,683	2,472,056			(42,373	)
British pound	Sell	Toronto Dominion Bank	3/8/2021	128,000	170,738	175,110			(4,372	)
Euro	Sell	J.P. Morgan	3/4/2021	10,558,000	12,798,988	12,915,425			(116,437	)
Euro	Sell	State Street Bank and Trust	3/4/2021	192,000	233,297	234,870			(1,573	)
Japanese yen	Sell	Morgan Stanley	1/29/2021	4,850,000	46,331	46,985			(654	)
Japanese yen	Sell	State Street Bank and Trust	1/29/2021	35,000,000	331,640	339,067			(7,427	)
Japanese yen	Sell	State Street Bank and Trust	1/29/2021	40,600,000	389,201	393,318			(4,117	)
Japanese yen	Sell	State Street Bank and Trust	1/29/2021	45,600,000	435,322	441,756			(6,434	)
Japanese yen	Sell	State Street Bank and Trust	1/29/2021	4,600,000	43,979	44,563			(584	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts								$	(190,714	)

Open Futures Contracts at December 31, 2020:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	March 2021	522	Short	$ (81,758,269	)	$ (81,619,594	)		$	138,675
U.S. 2-Year Treasury Note	March 2021	1,437	Long	317,242,639		317,543,320				300,681
U.S. 5-Year Treasury Note	March 2021	987	Long	124,332,068		124,523,930				191,862
U.S. Ultra Treasury Bond	March 2021	296	Short	(63,503,023	)	(63,214,500	)			288,523
Total Unrealized Appreciation on Open Futures Contracts									$	919,741
Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Depreciation
Euro-Bobl	March 2021	6	Short	EUR (810,050	)	EUR (811,080	)		$	(1,259	)
U.S. 10-Year Treasury Note	March 2021	211	Short	$(29,114,345	)	$(29,134,484	)			(20,139	)
U.S. Long Bond	March 2021	32	Long	5,578,180		5,542,000				(36,180	)
Total Unrealized Depreciation on Open Futures Contracts									$	(57,578	)

See Notes to Financial Statements. 43

Schedule of Investments (continued)

December 31, 2020

The following is a summary of the inputs used as of December 31, 2020 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	$	–	$	38,616,630	$	–	$	38,616,630
Common Stocks
Auto Parts & Equipment		–		505,537		–		505,537
Diversified Capital Goods		6,610,941		298,457		–		6,909,398
Personal & Household Products		–		1,250,842		1,110,258		2,361,100
Specialty Retail		1,323,767		233,456		–		1,557,223
Transportation: Infrastructure/Services		–		–		73,680		73,680
Remaining Industries		114,885,864		–		–		114,885,864
Convertible Bond		–		3,184,132		–		3,184,132
Floating Rate Loans
Personal & Household Products		–		2,436,776		23,215		2,459,991
Remaining Industries		–		53,001,870		–		53,001,870
Foreign Government Obligations		–		32,740,496		–		32,740,496
High Yield Corporate Bonds
Banking		–		58,438,424		125		58,438,549
Metals/Mining (Excluding Steel)		–		21,807,625		2		21,807,627
Remaining Industries		–		747,488,964		–		747,488,964
Municipal Bonds
Miscellaneous		–		3,125,289		2,274,531		5,399,820
Remaining Industries		–		31,835,862		–		31,835,862
Non-Agency Commercial Mortgage-Backed Securities		–		37,023,582		4,011,044		41,034,626
Preferred Stocks		–		–		960,186		960,186
Warrant		–		–		–		–
Short-Term Investments
Repurchase Agreement		–		2,294,113		–		2,294,113
Money Market Fund		2,049,907		–		–		2,049,907
Time Deposit		–		227,768		–		227,768
Total	$	124,870,479	$	1,034,509,823	$	8,453,041	$	1,167,833,343

44 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investment Type(2)	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(577,501	)		–		(577,501	)
Forward Foreign Currency Exchange Contracts
Asset		–			–			–		–
Liabilities		–			(190,714	)		–		(190,714	)
Futures Contracts
Assets		919,741			–			–		919,741
Liabilities		(57,578	)		–			–		(57,578	)
Total	$	862,163		$	(768,215	)	$	–	$	93,948

(1)

Refer to Note 2(o) 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. 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 year in relation to the Fund’s net assets.

See Notes to Financial Statements. 45

Schedule of Investments (concluded)

December 31, 2020

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			High Yield Corporate Bonds		Municipal Bonds			Non-Agency Commercial Mortgage- Backed Securities			Preferred Stocks			Warrant
Balance as of January 1, 2020	$	857,698		$	1,113,955		$	7,800,218		$	127	$	–		$	4,239,796		$	–		$	164
Accrued Discounts (Premiums)		–			–			6,095			–		(15,433	)		1,430			–			–
Realized Gain (Loss)		(38,749	)		(462,192	)		(95,698	)		–		136,640			–			(428,694	)		–
Change in Unrealized Appreciation (Depreciation)		–			406,769			(126,737	)		–		(107,552	)		(230,182	)		623,555			(164	)
Purchases		–			111,994			543			–		–			–			765,325			–
Sales		(465,465	)		–			(3,030,274	)		–		(1,481,050	)		–			–			–
Transfers into Level 3		–			13,412			–			–		3,741,926			–			–			–
Transfers out of Level 3		(353,484	)		–			(4,530,932	)		–		–			–			–			–
Balance as of December 31, 2020	$	–		$	1,183,938		$	23,215		$	127	$	2,274,531		$	4,011,044		$	960,186		$	–
Change in unrealized appreciation/depreciation for the year ended December 31, 2020, related to Level 3 investments held at December 31, 2020	$	–		$	(51,726	)	$	(61,313	)	$	–	$	(107,552	)	$	(230,182	)	$	194,861		$	(164	)

46 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value including $2,158,862 of securities loaned (cost $1,062,933,182)	$	1,167,833,343
Cash		502,250
Deposits with brokers for futures collateral		329,000
Deposits with brokers for swaps collateral		2,068,093
Receivables:
Interest and dividends		11,962,714
Investment securities sold		3,266,603
Variation margin for futures contracts		2,858,833
Capital shares sold		836,564
Securities lending income receivable		2,348
Prepaid expenses and other assets		13,567
Total assets		1,189,673,315
LIABILITIES:
Payables:
Investment securities purchased		8,945,920
Management fee		465,396
Capital shares reacquired		364,076
Directors’ fees		147,558
Fund administration		39,486
Variation margin for centrally cleared credit default swap agreements		76,366
Unrealized depreciation on forward foreign currency exchange contracts		190,714
Payable for collateral due to broker for securities lending		2,277,675
Accrued expenses		907,531
Total liabilities		13,414,722
Commitments and contingent liabilities
NET ASSETS	$	1,176,258,593
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,109,954,270
Total distributable earnings (loss)		66,304,323
Net Assets	$	1,176,258,593
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		94,227,338
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$12.48

See Notes to Financial Statements. 47

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $2,394)	$	447,534
Securities lending net income		7,577
Interest and other (net of foreign withholding taxes of $3,044)		50,414,673
Total investment income		50,869,784
Expenses:
Management fee		5,279,566
Non 12b-1 service fees		2,794,710
Shareholder servicing		1,186,248
Fund administration		447,073
Reports to shareholders		111,116
Professional		106,540
Custody		47,297
Directors’ fees		39,870
Other		143,127
Gross expenses		10,155,547
Expense reductions (See Note 9)		(8,704	)
Fees waived and expenses reimbursed (See Note 3)		(47,297	)
Net expenses		10,099,546
Net investment income		40,770,238
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(218,220	)
Net realized gain (loss) on futures contracts		(15,983,663	)
Net realized gain (loss) on forward foreign currency exchange contracts		(735,507	)
Net realized gain (loss) on swap contracts		1,915,730
Net realized gain (loss) on foreign currency related transactions		366,783
Net change in unrealized appreciation/depreciation on investments		52,468,957
Net change in unrealized appreciation/depreciation on futures contracts		(4,370,432	)
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		(463,157	)
Net change in unrealized appreciation/depreciation on swap contracts		(734,775	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		4,188
Net change in unrealized appreciation/depreciation on unfunded commitments		1,226
Net realized and unrealized gain (loss)		32,251,130
Net Increase in Net Assets Resulting From Operations	$	73,021,368

48 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020				For the Year Ended December 31, 2019
Operations:
Net investment income		$	40,770,238			$	44,132,660
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions			(14,654,877	)			(8,201,453	)
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			46,906,007				105,409,736
Net increase in net assets resulting from operations			73,021,368				141,340,943
Distributions to shareholders:			(42,673,172	)			(45,228,305	)
Capital share transactions (See Note 15):
Proceeds from sales of shares			103,786,766				122,181,693
Reinvestment of distributions			42,674,055				45,228,305
Cost of shares reacquired			(187,993,834	)			(153,383,836	)
Net increase (decrease) in net assets resulting from capital share transactions			(41,533,013	)			14,026,162
Net increase (decrease) in net assets			(11,184,817	)			110,138,800
NET ASSETS:
Beginning of year		$	1,187,443,410			$	1,077,304,610
End of year		$	1,176,258,593			$	1,187,443,410

See Notes to Financial Statements. 49

Financial Highlights

			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 distributions
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	)
12/31/2016		11.14		0.52		0.83			1.35			(0.55	)		–			(0.55	)

(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.

50 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 (%)
	$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
	11.94		12.13			0.90		0.93		4.41		1,066,633		120

See Notes to Financial Statements. 51

Notes to Financial Statements

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 December 31, 2020. This report covers Bond-Debenture Portfolio (the “Fund”).

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

The 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. 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 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. 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. 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 asked prices is used. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

52

Notes to Financial Statements (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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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 are included in Net realized gain (loss), if applicable, 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.

53

Notes to Financial Statements (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) 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 foreign currency in U.S. dollars upon closing of such contracts is included 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 the 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)	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 a 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 net asset value (“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.
(j)	TBA Sale Commitments–The Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements.
	Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under

54

Notes to Financial Statements (continued)

	“Investment Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
(k)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which the 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.
(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)	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 would make 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.

55

Notes to Financial Statements (continued)

	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.
(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 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.

56

Notes to Financial Statements (continued)

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments 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 December 31, 2020, the Fund did not have any unfunded loan commitments.
(o)	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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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.

57

Notes to Financial Statements (continued)

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

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

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, 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 $47,297 of the fund administration fees during the fiscal year ended December 31, 2020.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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 fiscal years ended December 31, 2020 and 2019 were as follows:

	Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	42,673,172	$	44,694,373
Net long-term capital gains
Tax Return of Capital		–		533,932
Total distributions paid	$	42,673,172	$	45,228,305

58

Notes to Financial Statements (continued)

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	0
Total undistributed earnings		0
Capital Loss Carryforward*		(34,548,273	)
Temporary differences		(147,557	)
Unrealized gains – net		101,000,153
Total accumulated gains – net	$	66,304,323

* The capital losses will carry forward indefinitely.

As of December 31, 2020, 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	$	1,066,933,386
Gross unrealized gain		113,120,915
Gross unrealized loss		(12,127,010	)
Net unrealized security gain	$	100,993,905

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.

Permanent items identified during the fiscal year ended December 31, 2020 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Total
distributable	Paid In
earnings (loss)	Capital
$437,554	$(437,554	)

The permanent differences are primarily attributable to the tax treatment of certain distributions and certain securities.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2020 were as follows:

U.S.		Non-U.S.	U.S.		Non-U.S.
Government		Government	Government		Government
Purchases	*	Purchases	Sales	*	Sales
$131,490,434		$936,503,206	$302,771,089		$965,254,346

* Included 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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $911,655 and sales of $15,732,105 which resulted in net realized gains of $654,745.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2020 (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)

59

Notes to Financial Statements (continued)

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 futures contracts for the fiscal year ended December 31, 2020 (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 credit default swaps for the fiscal year ended December 31, 2020 (as described in note 2(m)) 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 December 31, 2020, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

			Foreign
	Interest Rate		Currency		Credit
Asset Derivatives	Contracts		Contracts		Contracts
Futures Contracts(1)	$	919,741		–		–
Liability Derivatives
Centrally Cleared Credit Default Swap Contracts(2)		–		–		$577,501
Forward Foreign Currency Exchange Contracts(3)		–		$190,714		–
Futures Contracts(1)	$	57,578		–		–

(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 reported is within the Statement of Assets and Liabilities.
(2)	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.
(3)	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

60

Notes to Financial Statements (continued)

Transactions in derivative instruments for the year ended December 31, 2020, were as follows:

				Forward
	Interest Rate			Currency			Credit
	Contracts			Contracts			Contracts
Net Realized Gain (Loss)
Credit Default Swap Contracts(1)		–			–		$	1,915,730
Forward Foreign Currency Exchange Contracts(2)		–		$	(735,507	)		–
Futures Contracts(3)	$	(15,983,663	)		–			–
Net Change in Unrealized Appreciation/Depreciation
Credit Default Swap Contracts(4)		–			–		$	(734,775	)
Forward Foreign Currency Exchange Contracts(5)		–		$	(463,157	)		–
Futures Contracts(6)	$	(4,370,432	)		–			–
Average Number of Contracts/Notional Amounts*
Credit Default Swap Contracts(7)		–			–			122,944,495
Forward Foreign Currency Exchange Contracts(8)		–		$	20,813,649			–
Futures Contracts(7)		3,342			–			–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2020.
(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  

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

61

Notes to Financial Statements (continued)

		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 Agreement	$2,294,113	$           –	$2,294,113
Total	$2,294,113	$           –	$2,294,113

	Net Amounts 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.	$2,294,113	$           –	$           –	$(2,294,113)	$           –
Total	$2,294,113	$           –	$           –	$(2,294,113)	$           –

		Gross Amounts	Net Amounts of
		Offset in the	Liabilities Presented
	Gross Amounts of	Statement of Assets	in the Statement of
Description	Recognized Liabilities	and Liabilities	Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$190,714	$           –	$190,714
Total	$190,714	$           –	$190,714

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments	Cash Collateral Pledged(a)	Securities Collateral Pledged(a)	Net Amount(c)
Bank of America	$	6,743	$           –	$           –	$           –	$	6,743
J.P. Morgan Chase	116,437		–	–	–	116,437
Morgan Stanley	654		–	–	–	654
State Street Bank and Trust	20,135		–	–	–	20,135
Toronto Dominion Bank	46,745		–	–	–	46,745
Total	$	190,714	$           –	$           –	$           –	$	190,714

(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 December 31, 2020.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2020.

8. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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.

62

Notes to Financial Statements (continued)

9. 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.

10. LINE OF CREDIT  

For the period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

For the fiscal year ended December 31, 2020, 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.

13. 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

63

Notes to Financial Statements (continued)

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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value
of Securities	Collateral
Loaned	Received(1)
$2,158,862	$2,277,675

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

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.

On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the LIBOR-based instruments in which the Fund invest cannot yet be determined. The transition process might lead

64

Notes to Financial Statements (continued)

to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior and/or subsequent to the end of 2021.

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.

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

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

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

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid

65

Notes to Financial Statements (continued)

securities may lower the Fund’s returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements and other factors. If the Fund incorrectly forecasts these and other factors, the Fund’s performance could suffer. The Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

The Fund may invest up to 15% of its net assets in floating rate or adjustable rate senior loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which the Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. Below investment grade senior loans may be affected by interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

Geopolitical and other events (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.

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 can affect the Fund’s performance.

66

Notes to Financial Statements (concluded)

15. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		8,580,287			10,115,665
Reinvestment of distributions		3,427,637			3,750,032
Shares reacquired		(16,063,885	)		(12,772,407	)
Increase (decrease)		(4,055,961	)		1,093,290

67

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Bond-Debenture Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Bond-Debenture Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 16, 2021

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

68

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

69

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

70

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

71

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the five- and ten-year periods, equal to the median of the performance peer group for the three-year period, and below the median of the performance peer

72

Approval of Advisory Contract (continued)

group for the one-year period. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett for services other than investment advisory

73

Approval of Advisory Contract (concluded)

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

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

74

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.

Tax Information

For corporate shareholders, 1% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

75

 

 

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 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Developing Growth Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statements of Changes in Net Assets
16	Financial Highlights
18	Notes to Financial Statements
27	Report of Independent Registered Public Accounting Firm
28	Supplemental Information to Shareholders

Lord Abbett Series Fund – Developing Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2020

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 overview of the performance of Lord Abbett Series Fund – Developing Growth Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

For the fiscal year ended December 31, 2020, the Fund returned 72.60%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 2000^® Growth Index,¹ which returned 34.63% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced

in a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has

1

since rebounded. During the month of March, the S&P 500 Index² experienced its fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0-0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued

rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer and BioNTech announced that their COVID-19 vaccine was more than 90% effective in preventing COVID-19 among those without evidence of prior infection, hailing the development as “a great day for science and humanity”. Following the Pfizer/BioNTech announcement, Moderna announced that its COVID-19 vaccine was 94.5% effective, and AstraZeneca said the vaccine the company developed with the University of Oxford was 90% effective. In December, as expected, the Food and Drug

2

Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

Security selection within the health care and information technology sectors were the two largest contributors to the Fund’s relative performance over the trailing twelve months. Within the health care sector, Natera, Inc., a medical diagnostics company focused on genetic testing services, was a major contributor. Natera executed well during the period and expanded its reach, as the company’s Signatera Molecular residual disease test proved to be effective at detecting tumors. The Fund’s allocation to Immunomedics, Inc., a developer and manufacturer of biopharmaceutical products, also contributed to relative performance as Gilead Sciences, Inc. announced it would acquire the company for a large premium.

Within the information technology sector, the Fund’s holding of Appian Inc., a provider of business process management solutions, contributed to relative

performance as the company reported robust revenues and gross margins. Appian benefited from cost reductions related to COVID-19 and has continued to aggressively reinvest capital back into the business.

   Within the consumer discretionary sector, shares of Overstock.com, Inc., a provider of electronic payment and transaction processing solutions, detracted from relative performance. Despite reporting strong third quarter results, Overstock.com’s positive results were offset by investors’ concerns of continued rising COVID-19 cases, uncertainty around U.S. fiscal stimulus, and to a lesser extent, shipping constraints due to the upcoming holiday season. The Fund’s position in Caesars Entertainment, Inc., which manages casinos and resorts, also detracted from relative performance as COVID-19’s negative impact on economic and business activity caused uncertainty around the pending merger of Caesars and Eldorado Resorts.

The Fund’s underweight position in Sunrun, Inc., a designer and developer of residential solar energy systems, detracted from relative performance as the company benefited from continued execution and optimism that democratic political wins would foretell favorable regulatory and tax policies.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

3

¹   The Russell 2000^® Growth Index measures the performance of those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the Russell 2000^® Growth Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. The line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the period, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

	Average Annual Total Returns for the Periods Ended December 31, 2020
		1 Year	5 Years	10 Years
Class VC		72.60%	24.72%	17.32%

¹   Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance for the index began on May 1, 2010.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
					7/1/20 -
	7/1/20		12/31/20		12/31/20
Class VC
Actual		$1,000.00		$1,479.80		$6.48
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,019.91		$5.28

^† 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 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Consumer Discretionary	16.49	%
Consumer Staples	1.92	%
Financials	2.89	%
Health Care	31.99	%
Industrials	9.86	%
Information Technology	31.59	%
Materials	0.62	%
Real Estate	1.50	%
Technology	0.66	%
Repurchase Agreement	1.65	%
Money Market Fund(a)	0.75	%
Time Deposit(a)	0.08	%
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.

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.61%
Aerospace & Defense 1.44%
Axon Enterprise, Inc.*		16,077	$	1,970
Air Freight & Logistics 0.71%
XPO Logistics, Inc.*		8,189		976
Banks 0.47%
Western Alliance Bancorp		10,723		643
Beverages 1.02%
Boston Beer Co., Inc. (The) Class A*		1,409		1,401
Biotechnology 20.45%
Acceleron Pharma, Inc.*		10,860		1,390
Arena Pharmaceuticals, Inc.*		15,478		1,189
Blueprint Medicines Corp.*		14,680		1,646
Bridgebio Pharma, Inc.*		28,122		2,000
CareDx, Inc.*		20,623		1,494
ChemoCentryx, Inc.*		13,263		821
Constellation Pharmaceuticals, Inc.*		36,218		1,043
CRISPR Therapeutics AG (Switzerland)*(a)		8,353		1,279
Deciphera Pharmaceuticals, Inc.*		9,073		518
Insmed, Inc.*		45,969		1,530
Invitae Corp.*		22,340		934
Iovance Biotherapeutics, Inc.*		26,860		1,246
Karuna Therapeutics, Inc.*		5,539		563
Mirati Therapeutics, Inc.*		6,819		1,498
Myovant Sciences Ltd. (United Kingdom)*(a)		34,305		948
Natera, Inc.*		23,547		2,343
Rocket Pharmaceuticals, Inc.*		27,173		1,490
Seres Therapeutics, Inc.*		26,936		660
TG Therapeutics, Inc.*		45,125		2,347
Turning Point Therapeutics, Inc.*		13,311		1,622
Twist Bioscience Corp.*		10,736		1,517
Total				28,078

Investments	Shares		Fair Value (000)
Building Products 1.35%
AZEK Co., Inc. (The)*		24,147	$	928
Trex Co., Inc.*		11,046		925
Total				1,853
Chemicals 0.63%
Balchem Corp.		7,464		860
Communications Equipment 1.88%
Calix, Inc.*		46,212		1,376
Lumentum Holdings, Inc.*		12,671		1,201
Total				2,577
Electrical Equipment 2.84%
Generac Holdings, Inc.*		7,186		1,634
Sunrun, Inc.*		20,794		1,443
TPI Composites, Inc.*		15,549		821
Total				3,898
Electronic Equipment, Instruments & Components 0.71%
Littelfuse, Inc.		3,826		974
Food Products 0.92%
Freshpet, Inc.*		8,870		1,259
Health Care Equipment & Supplies 5.13%
Axonics Modulation Technologies, Inc.*		31,330		1,564
Inari Medical, Inc.*		14,956		1,306
iRhythm Technologies, Inc.*		4,689		1,112
Nevro Corp.*		9,304		1,611
Shockwave Medical, Inc.*		10,506		1,090
Tandem Diabetes Care, Inc.*		3,799		363
Total				7,046
Health Care Providers & Services 0.64%
Guardant Health, Inc.*		6,760		871
Health Care Technology 2.65%
Certara, Inc.*		5,358		181
Inspire Medical Systems, Inc.*		14,398		2,708
Schrodinger, Inc.*		9,470		750
Total				3,639

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 3.62%
Marriott Vacations
Worldwide Corp.		4,444	$	610
Penn National Gaming, Inc.*		21,495		1,856
Planet Fitness, Inc. Class A*		13,896		1,079
Wingstop, Inc.		10,782		1,429
Total				4,974
Household Durables 3.02%
Helen of Troy Ltd.*		7,747		1,721
LGI Homes, Inc.*		16,253		1,720
Sonos, Inc.*		30,171		706
Total				4,147
Information Technology Services 4.87%
Endava plc ADR*		21,914		1,682
Globant SA (Argentina)*(a)		7,493		1,630
LiveRamp Holdings, Inc.*		10,598		776
Shift4 Payments, Inc. Class A*		34,433		2,596
Total				6,684
Insurance 2.46%
Goosehead Insurance, Inc. Class A*		12,590		1,571
Lemonade, Inc.*(b)		5,586		684
Trupanion, Inc.*		9,335		1,118
Total				3,373
Internet & Direct Marketing Retail 2.38%
Fiverr International Ltd. (Israel)*(a)		6,253		1,220
Stamps.com, Inc.*		4,331		850
Stitch Fix, Inc. Class A*		20,443		1,200
Total				3,270
Internet Software & Services 1.76%
Cardlytics, Inc.*		16,951		2,420

Investments	Shares		Fair Value (000)
Leisure Products 2.32%
Malibu Boats, Inc. Class A*		24,828	$	1,550
YETI Holdings, Inc.*		23,904		1,637
Total				3,187
Life Sciences Tools & Services 3.48%
Adaptive Biotechnologies Corp.*		17,462		1,033
Berkeley Lights, Inc.*		10,146		907
Pacific Biosciences of California, Inc.*		39,946		1,036
Repligen Corp.*		9,410		1,803
Total				4,779
Machinery 3.20%
Altra Industrial Motion Corp.		15,573		863
Chart Industries, Inc.*		15,208		1,791
Evoqua Water Technologies Corp.*		64,487		1,740
Total				4,394
Professional Services 0.43%
Upwork, Inc.*		17,219		594
Real Estate Management & Development 1.51%
Redfin Corp.*		30,264		2,077
Semiconductors & Semiconductor Equipment 7.85%
Brooks Automation, Inc.		9,493		644
CEVA, Inc.*		24,258		1,104
Diodes, Inc.*		18,007		1,269
Enphase Energy, Inc.*		6,410		1,125
Inphi Corp.*		9,828		1,577
MKS Instruments, Inc.		13,503		2,032
Monolithic Power Systems, Inc.		3,520		1,289
Semtech Corp.*		24,176		1,743
Total				10,783

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Software 15.55%
Appian Corp.*(b)		16,140	$	2,616
Avalara, Inc.*		5,957		982
Blackline, Inc.*		12,112		1,615
Cerence, Inc.*		8,247		829
Datto Holding Corp.*(b)		14,110		381
Digital Turbine, Inc.*		32,321		1,828
Everbridge, Inc.*		7,632		1,138
Five9, Inc.*		12,538		2,187
Jamf Holding Corp.*		23,713		709
Lightspeed POS, Inc. (Canada)*(a)		10,337		727
Paylocity Holding Corp.*		9,600		1,977
Q2 Holdings, Inc.*		12,674		1,604
Rapid7, Inc.*		13,830		1,247
Skillz, Inc.*		46,191		924
Sprout Social, Inc. Class A*		23,671		1,075
SVMK, Inc.*		59,038		1,508
Total				21,347
Specialty Retail 2.78%
National Vision Holdings, Inc.*		38,448		1,742
RH*		4,644		2,078
Total				3,820
Textiles, Apparel & Luxury Goods 2.54%
Crocs, Inc.*		27,672		1,734
Deckers Outdoor Corp.*		6,129		1,758
Total				3,492
Total Common Stocks (cost $89,333,810)				135,386

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 2.51%
Repurchase Agreement 1.67%
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $2,337,800 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $2,337,800; proceeds: $2,291,934 (cost $2,291,934)		$2,292	$	2,292
	Shares
Money Market Fund 0.76%
Fidelity Government Portfolio(c) (cost $1,041,422)		1,041,422		1,041
Time Deposit 0.08%
CitiBank N.A.(c) (cost $115,714)		115,714		116
Total Short-Term Investments (cost $3,449,070)				3,449
Total Investments in Securities 101.12% (cost $92,782,880)				138,835
Liabilities in Excess of Other Assets (1.12)%				(1,535	)
Net Assets 100.00%			$	137,300

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.

10 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2020

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type(2)	(000)		(000)		(000)		(000)
Common Stocks	$	135,386	$	–	$	–	$	135,386
Short-Term Investments
Repurchase Agreement		–		2,292		–		2,292
Money Market Fund		1,041		–		–		1,041
Time Deposit		–		116		–		116
Total	$	136,427	$	2,408	$	–	$	138,835

(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 year in relation to the Fund’s net assets.

See Notes to Financial Statements. 11

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value including $1,094,800 of securities loaned (cost $92,782,880)	$	138,835,415
Receivables:
Capital shares sold		161,386
From advisor (See Note 3)		18,154
Dividends		6,995
Securities lending income receivable		11,715
Prepaid expenses and other assets		1,870
Total assets		139,035,535
LIABILITIES:
Payables:
Capital shares reacquired		367,608
Management fee		76,010
Directors’ fees		5,556
Fund administration		4,387
Payable for collateral due to broker for securities lending		1,157,136
Accrued expenses		124,401
Total liabilities		1,735,098
Commitments and contingent liabilities
NET ASSETS	$	137,300,437
COMPOSITION OF NET ASSETS:
Paid-in capital	$	87,950,551
Total distributable earnings (loss)		49,349,886
Net Assets	$	137,300,437
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		2,910,182
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$47.18

12 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends	$	133,612
Securities lending net income		37,788
Interest and other		1,838
Total investment income		173,238
Expenses:
Management fee		647,419
Non 12b-1 service fees		219,276
Shareholder servicing		92,321
Professional		45,296
Fund administration		35,012
Reports to shareholders		16,180
Custody		14,810
Directors’ fees		2,957
Other		15,241
Gross expenses		1,088,512
Expense reductions (See Note 8)		(566	)
Fees waived and expenses reimbursed (See Note 3)		(177,619	)
Net expenses		910,327
Net investment loss		(737,089	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		16,489,958
Net change in unrealized appreciation/depreciation on investments		37,084,957
Net realized and unrealized gain (loss)		53,574,915
Net Increase in Net Assets Resulting From Operations	$	52,837,826

See Notes to Financial Statements. 13

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment loss	$	(737,089	)	$	(617,189	)
Net realized gain (loss) on investments		16,489,958			7,587,224
Net change in unrealized appreciation/depreciation on investments		37,084,957			10,126,655
Net increase in net assets resulting from operations		52,837,826			17,096,690
Distributions to shareholders:		(12,091,054	)		(7,311,730	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		39,959,277			25,502,884
Reinvestment of distributions		12,091,054			7,311,730
Cost of shares reacquired		(34,871,025	)		(17,973,808	)
Net increase in net assets resulting from capital share transactions		17,179,306			14,840,806
Net increase in net assets		57,926,078			24,625,766
NET ASSETS:
Beginning of year	$	79,374,359		$	54,748,593
End of year	$	137,300,437		$	79,374,359

14 See Notes to Financial Statements.

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15

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
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
12/31/2016		22.28		(0.07	)		(0.52	)		(0.59	)		–			21.69

(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.

16 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 income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	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
	(2.60	)		0.90		1.51		(0.34	)		28,605		222

See Notes to Financial Statements. 17

Notes to Financial Statements

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 December 31, 2020. 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. Effective at the close of business on May 5, 2021, the Fund will be closed to all 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. 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 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.
	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,

18

Notes to Financial Statements (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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments 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 forward 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

19

Notes to Financial Statements (continued)

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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

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

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of 0.55% of the Fund’s average daily net assets.

20

Notes to Financial Statements (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 $14,810 of the fund administration fees during the fiscal year ended December 31, 2020.

For the year ended December 31, 2020 and continuing through April 30, 2021, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating 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 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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	3,908,964	$	–
Net long-term capital gains		8,182,090		7,311,730
Total distributions paid	$	12,091,054	$	7,311,730

21

Notes to Financial Statements (continued)

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	1,087,411
Undistributed long-term capital gains		2,553,628
Total undistributed earnings		3,641,039
Temporary differences		(5,556	)
Unrealized gains – net		45,714,403
Total accumulated gains – net	$	49,349,886

As of December 31, 2020, 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	$	93,121,012
Gross unrealized gain		46,639,708
Gross unrealized loss		(925,305	)
Net unrealized security gain	$	45,714,403

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 fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$101,644,821	$97,881,657

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $588,602, and sales of $547,977, which resulted in net realized gains of $349,856.

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of

22

Notes to Financial Statements (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 Agreement	$2,291,934	$	–	$2,291,934
Total	$2,291,934	$	–	$2,291,934

	Net Amounts 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.		$2,291,934	$	–	$	–	$	(2,291,934	)	$	–
Total		$2,291,934	$	–	$	–	$	(2,291,934	)	$	–

(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 December 31, 2020.

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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

23

Notes to Financial Statements (continued)

For the period ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

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 Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2020, 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. (the “agent”) 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; 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.

24

Notes to Financial Statements (continued)

As of December 31, 2020, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value of Securities Loaned	Collateral Received(1)
$1,094,800	$1,157,136

⁽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 market 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. The market may fail to recognize the intrinsic value of particular value stocks for a long time. 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, especially over the short term. 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.

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

25

Notes to Financial Statements (concluded)

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 can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		1,073,758			798,540
Reinvestment of distributions		246,260			242,753
Shares reacquired		(1,066,174	)		(577,185	)
Increase		253,844			464,108

26

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Developing Growth Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Developing Growth Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 16, 2021

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

27

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

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Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

29

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

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Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three- and ten-year periods, equal to the median of the

31

Approval of Advisory Contract (continued)

performance peer group for the one-year period, and below the median of the performance peer group for the five-year period. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee, and Fund’s expense limitation agreement. The Board concluded that no action was required, with respect to economies of scale.

32

Approval of Advisory Contract (concluded)

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

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

33

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.

Tax Information

For corporate shareholders, 3% 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 December 31, 2020, $3,908,964 and $8,182,090, respectively, represent short-term capital gains and long-term capital gains.

34

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 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Dividend Growth Portfolio*

*formerly Calibrated Dividend Growth Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Supplemental Information to Shareholders

Lord Abbett Series Fund — Dividend Growth Portfolio
Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Dividend Growth Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 15.42%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the S&P 500^® Index,¹ which returned 18.40% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15thof January 2020 and markets priced in

a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has

1

since rebounded. During the month of March, the S&P 500^® Index¹ experienced its fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0–0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued

rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite volatility in the fall, the markets rallied in the month of November, with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with at least 90% efficacy rate . In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been

2

made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

During the 12-month period ending December 31, 2020, the Fund’s position in shares of Medtronic, Inc., a medical technology company that manufacturers device-based medical therapies and services, detracted from relative performance. Shares of Medtronic sold off precipitously amid the onset of the global pandemic as the medical device maker faced weaker demand as elective procedures were postponed. Shares of McDonald’s Corp., a global fast-food operator, also detracted from relative performance. Shares of McDonald’s fell as the company faced a challenging operating environment where mostly drive-through and delivery were the only options available to customers due to social distancing. This led to a greater decline in first quarter earnings than the market anticipated. The Fund’s position in Jack Henry & Associates, Inc., a technology solutions and payment processing services company, detracted from relative performance. The stock had run up sharply heading into the fiscal fourth quarter earnings call. However, the fiscal 2021 earnings guidance was short of consensus, which resulted in a sharp negative reaction in the share price.

One of the largest contributors to relative performance over the period was the Fund’s position in Blackrock, Inc., an investment management, risk management, and advisory services provider. Despite COVID-19 related market headwinds, Blackrock delivered positive organic growth over multiple quarters due to the firm’s scale and diversified platform, increased adoption of ETFs, and robust capital flexibility. Shares of Danaher Corp., a medical company, also contributed to relative performance over the period. Shares of Danaher rose as the company delivered better-than-expected revenue and earnings. The strong performance was driven by COVID-19 testing tailwinds as well as a rebound in the base business, which was aided by strong biopharmaceutical trends. Additionally, shares of West Pharmaceutical Services, Inc., a vaccine, biologics, and consumer health care products manufacturer, contributed to relative performance over the period. Shares rallied following the selloff in March, as the company was largely insulated from the effects of the COVID-19 pandemic as drug manufacturers were exempt from stay-at-home orders. Further, the company saw an acceleration in demand for vial stoppers, a component of an injection vial that keeps the content from spilling.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of

3

portfolio assets are subject to change. Sectors may include many industries.

¹   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the S&P 500^® Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. The line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years
Class VC	15.42%	13.79%	11.62%

¹ Performance for the unmanaged index does not reflect transaction costs, management fees or sales charges. The performance of the index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
	7/1/20		12/31/20		7/1/20 - 12/31/20
Class VC
Actual		$1,000.00		$1,208.70		$5.50
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,020.16		$5.03

^†  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 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Communication Services	6.84	%
Consumer Discretionary	11.74	%
Consumer Staples	7.34	%
Energy	1.66	%
Financials	14.45	%
Health Care	12.21	%
Industrials	14.16	%
Information Technology	23.73	%
Materials	2.20	%
Utilities	4.49	%
Repurchase Agreement	1.18	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.81%
Aerospace & Defense 2.76%
Northrop Grumman Corp.		6,900	$	2,102
Raytheon Technologies Corp.		43,516		3,112
Total				5,214
Air Freight & Logistics 0.43%
FedEx Corp.		3,100		805
Banks 2.91%
JPMorgan Chase & Co.		43,300		5,502
Beverages 1.58%
Coca-Cola Co. (The)		54,368		2,982
Biotechnology 1.88%
AbbVie, Inc.		33,099		3,547
Building Products 1.09%
Masco Corp.		37,300		2,049
Capital Markets 8.88%
Ameriprise Financial, Inc.		19,500		3,790
BlackRock, Inc.		8,000		5,772
MarketAxess Holdings, Inc.		3,300		1,883
Moody’s Corp.		8,600		2,496
S&P Global, Inc.		8,600		2,827
Total				16,768
Chemicals 2.20%
Air Products & Chemicals, Inc.		15,200		4,153
Commercial Services & Supplies 1.43%
Waste Management, Inc.		22,900		2,701
Distributors 1.24%
Pool Corp.		6,300		2,347
Diversified Telecommunication Services 1.44%
Verizon Communications, Inc.		46,400		2,726
Electric: Utilities 1.93%
NextEra Energy, Inc.		47,200		3,641

Investments	Shares		Fair Value (000)
Entertainment 2.60%
Walt Disney Co. (The)		27,100	$	4,910
Food & Staples Retailing 3.32%
Sysco Corp.		45,300		3,364
Walmart, Inc.		20,080		2,894
Total				6,258
Health Care Equipment & Supplies 5.01%
Abbott Laboratories		37,900		4,150
Danaher Corp.		14,100		3,132
West Pharmaceutical Services, Inc.		7,700		2,181
Total				9,463
Health Care Providers & Services 1.56%
UnitedHealth Group, Inc.		8,400		2,946
Hotels, Restaurants & Leisure 2.20%
McDonald’s Corp.		19,374		4,157
Household Products 0.64%
Procter & Gamble Co. (The)		8,700		1,210
Information Technology Services 6.07%
Accenture plc Class A (Ireland)(a)		18,900		4,937
Jack Henry & Associates, Inc.		11,100		1,798
Visa, Inc. Class A		21,600		4,725
Total				11,460
Insurance 2.65%
Chubb Ltd. (Switzerland)(a)		18,900		2,909
RenaissanceRe Holdings Ltd.		12,600		2,089
Total				4,998
Machinery 4.43%
Dover Corp.		24,000		3,030
Illinois Tool Works, Inc.		12,800		2,610
Stanley Black & Decker, Inc.		15,300		2,732
Total				8,372
Media 2.80%
Comcast Corp. Class A		100,800		5,282

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Multi-Line Retail 1.21%
Dollar General Corp.		10,900	$	2,292
Multi-Utilities 2.56%
CMS Energy Corp.		43,000		2,623
WEC Energy Group, Inc.		24,100		2,218
Total				4,841
Oil, Gas & Consumable Fuels 1.66%
Total SE ADR		74,900		3,139
Personal Products 1.81%
Estee Lauder Cos., Inc. (The) Class A		12,800		3,407
Pharmaceuticals 3.76%
Johnson & Johnson		18,919		2,977
Merck & Co., Inc.		17,300		1,415
Zoetis, Inc.		16,300		2,698
Total				7,090
Road & Rail 4.02%
J.B. Hunt Transport Services, Inc.		20,100		2,747
Union Pacific Corp.		23,300		4,851
Total				7,598
Semiconductors & Semiconductor Equipment 9.79%
Analog Devices, Inc.		22,900		3,383
Microchip Technology, Inc.		24,966		3,448
NVIDIA Corp.		3,200		1,671
QUALCOMM, Inc.		32,457		4,944
Texas Instruments, Inc.		30,700		5,039
Total				18,485
Software 6.15%
Intuit, Inc.		6,900		2,621
Microsoft Corp.		40,400		8,986
Total				11,607

Investments	Shares		Fair Value (000)
Specialty Retail 4.55%
Home Depot, Inc. (The)		6,600	$	1,753
Lowe’s Cos., Inc.		19,725		3,166
TJX Cos., Inc. (The)		53,800		3,674
Total				8,593
Technology Hardware, Storage & Peripherals 1.72%
Apple, Inc.		24,400		3,238
Textiles, Apparel & Luxury Goods 2.53%
NIKE, Inc. Class B		33,700		4,768
Total Common Stocks (cost $144,776,549)				186,549
	Principal Amount (000)
SHORT-TERM INVESTMENT 1.18%
Repurchase Agreement
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $2,272,400 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $2,272,400; proceeds: $2,227,836 (cost $2,227,836)		$2,228		2,228
Total Investments in Securities 99.99% (cost $147,004,385)				188,777
Other Assets in Excess of Liabilities(b) 0.01%				20
Net Assets 100.00%			$	188,797

ADR	American Depositary Receipt.
(a)	Foreign security traded in U.S. dollars.
(b)	Other Assets in Excess of Liabilities include net unrealized appreciation on futures contracts as follows:

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2020

Open Futures Contracts at December 31, 2020:

Type	Expiration	Contracts	Position	Notional Amount		Notional Value		Unrealized Appreciation
E-Mini S&P 500 Index	March 2021	9	Long	$	1,645,050	$	1,686,960		$41,910

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	186,549	$	–	$	–	$	186,549
Short-Term Investment
Repurchase Agreement		–		2,228		–		2,228
Total	$	186,549	$	2,228	$	–	$	188,777
Other Financial Instruments
Futures Contracts
Assets	$	42	$	–	$	–	$	42
Liabilities		–		–		–		–
Total	$	42	$	–	$	–	$	42

(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.

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 year in relation to the Fund’s net assets.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $147,004,385)	$	188,777,342
Deposits with brokers for futures collateral		99,000
Receivables:
Dividends		128,302
Capital shares sold		36,456
Variation margin for futures contracts		11,061
From advisor (See Note 3)		3,251
Prepaid expenses and other assets		1,935
Total assets		189,057,347
LIABILITIES:
Payables:
Management fee		86,368
Directors’ fees		22,429
Fund administration		6,281
Capital shares reacquired		4,340
Accrued expenses		140,440
Total liabilities		259,858
Commitments and contingent liabilities
NET ASSETS	$	188,797,489
COMPOSITION OF NET ASSETS:
Paid-in capital	$	145,387,937
Total distributable earnings (loss)		43,409,552
Net Assets	$	188,797,489
Outstanding shares (50 million shares of common stock authorized, $.001 par value)		10,529,807
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$17.93

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $18,719)	$	3,288,706
Interest and other		2,347
Total investment income		3,291,053
Expenses:
Management fee		904,501
Non 12b-1 service fees		411,201
Shareholder servicing		174,318
Fund administration		65,782
Professional		49,459
Reports to shareholders		26,781
Custody		13,296
Directors’ fees		5,847
Other		28,062
Gross expenses		1,679,247
Expense reductions (See Note 9)		(1,207	)
Fees waived and expenses reimbursed (See Note 3)		(49,938	)
Net expenses		1,628,102
Net investment income		1,662,951
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		4,909,407
Net realized gain (loss) on futures contracts		(131,645	)
Net change in unrealized appreciation/depreciation on investments		14,502,962
Net change in unrealized appreciation/depreciation on futures contracts		24,888
Net realized and unrealized gain (loss)		19,305,612
Net Increase in Net Assets Resulting From Operations	$	20,968,563

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment income	$	1,662,951		$	2,706,706
Net realized gain (loss) on investments and futures contracts		4,777,762			9,104,353
Net change in unrealized appreciation/depreciation on investments and futures contracts		14,527,850			26,738,855
Net increase in net assets resulting from operations		20,968,563			38,549,914
Distributions to shareholders:		(4,851,236	)		(11,725,920	)
Capital share transactions (See Note 15):
Proceeds from sales of shares		28,694,758			39,221,778
Reinvestment of distributions		4,851,236			11,725,920
Cost of shares reacquired		(43,593,901	)		(35,682,954	)
Net increase (decrease) in net assets resulting from capital share transactions		(10,047,907	)		15,264,744
Net increase in net assets		6,069,420			42,088,738
NET ASSETS:
Beginning of year	$	182,728,069		$	140,639,331
End of year	$	188,797,489		$	182,728,069

See Notes to Financial Statements. 13

Financial Highlights

			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
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	)
12/31/2016		13.60		0.28		1.78			2.06			(0.25	)		(0.94	)		(1.19	)

(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.

14 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 (%)
$	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
	14.47		15.10			0.85		1.25		1.89		171,330		75

See Notes to Financial Statements. 15

Notes to Financial Statements

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 December 31, 2020. This report covers Dividend Growth Portfolio (the “Fund”).

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

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. 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 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.
	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.

16

Notes to Financial Statements (continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments 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 forward 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 index futures contracts to manage cash, 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 the 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.

17

Notes to Financial Statements (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 and other financial instruments as of December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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.

18

Notes to Financial Statements (continued)

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

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

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of .53% 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 $13,296 of the fund administration fees during the fiscal year ended December 31, 2020.

For the fiscal year ended December 31, 2020 through April 30, 2021, Lord, Abbett & Co. LLC (“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 0.99%. This agreement may be terminated only by the Fund’s Board of Directors.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to ..25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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.

19

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	1,906,761	$	2,751,116
Net long-term capital gains		2,944,475		8,974,804
Total distributions paid	$	4,851,236	$	11,725,920

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income - net	$	2,554
Undistributed long-term capital gains	$	2,982,832
Total undistributed earnings		2,985,386
Temporary differences		(22,428	)
Unrealized gains - net		40,446,594
Total accumulated gains - net	$	43,409,552

As of December 31, 2020, 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	$	148,372,658
Gross unrealized gain		41,218,814
Gross unrealized loss		(772,220	)
Net unrealized security gain	$	40,446,594

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 fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$105,050,855	$118,824,968

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades sales of $670,080, which resulted in net realized gains of $104,963.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

The Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended December 31, 2020 (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.

20

Notes to Financial Statements (continued)

As of December 31, 2020, the Fund had futures contracts with unrealized appreciation of $41,910, which is included in the Schedule of Investments. Only current day’s variation margin is reported within the Fund’s Statement of Assets and Liabilities. Amounts of $(131,645) and $24,888 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 8.

7. 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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

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 Agreement	$2,227,836	$	–	$2,227,836
Total	$2,227,836	$	–	$2,227,836

	Net Amounts
	of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement				Cash		Securities
	of Assets and		Financial		Collateral		Collateral			Net
Counterparty	Liabilities		Instruments		Received(a)		Received(a)			Amount(b)
Fixed Income Clearing Corp.		$2,227,836	$	–	$	–		$(2,227,836	)	$	–
Total		$2,227,836	$	–	$	–		$(2,227,836	)	$	–

(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 December 31, 2020.

8. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the fund. Such amounts and earnings accrued thereon are included in Directors’ fees on the

21

Notes to Financial Statements (continued)

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 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.

10. LINE OF CREDIT  

For the period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM  

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

For the fiscal year ended December 31, 2020, 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.

13. SECURITIES LENDING AGREEMENT  

The Fund has established a securities lending agreement with Citibank, N.A. (the “agent”) 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

22

Notes to Financial Statements (continued)

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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

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 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

23

Notes to Financial Statements (concluded)

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.

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 can affect the Fund’s performance.

15. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		1,818,536			2,675,880
Reinvestment of distributions		282,668			737,009
Shares reacquired		(3,019,518	)		(2,399,283	)
Increase (decrease)		(918,314	)		1,013,606

24

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Dividend Growth Portfolio (formerly Calibrated Dividend Growth Portfolio), one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Dividend Growth Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 16, 2021

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

25

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

26

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

28

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and five-year periods, and was below the median of the performance peer group for the three- and ten-year periods. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further

29

Approval of Advisory Contract (continued)

considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, its advisory fee was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee, and the Fund’s expense limitation agreement. The Board concluded that no action was required, with respect to economies of scale.

30

Approval of Advisory Contract (concluded)

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

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

31

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.

Tax Information

For corporate shareholders, 100% 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 December 31, 2020, $241,291 and $2,944,475, respectively, represent short-term capital gains and long-term capital gains.

32

 

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 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett
Series Fund—Fundamental Equity Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm

Lord Abbett Series Fund — Fundamental Equity Portfolio
Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Fundamental Equity Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 1.77%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index,¹ which returned 2.80% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in a likelihood of two more interest rate cuts

in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded. During the month of March, the S&P 500 Index² experienced its fastest bear market

1

since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0-0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In

September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with at least a 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

2

During the 12-month period ending December 31, 2020 the Fund’s position in Wells Fargo & Company, a diversified, community-based financial services company, detracted most from relative performance. Shares fell throughout the period but dropped significantly in June following an announcement that net interest income was down more than 11% for the year. The stock fell further after the third quarter earnings report, in which core results were weaker-than-expected due to elevated operating losses and lower net interest income. Citigroup Inc., a financial products and services company, also detracted from relative performance. Citi’s stock price fell after the Federal Open Markets Committee announced on June 10th that it would keep the federal funds rate at 0%-0.25%. Bank stocks fell due to expectations that this would likely lower net interest income in the medium-term. Shares of Citi came under further pressure in September, as several news articles suggested regulators might take action over the bank’s deficiencies in risk and control functions. Another detractor from relative performance was the Fund’s position in Universal Health Services. Shares of the healthcare management company came under significant pressure in April after the firm missed earnings, which was attributed to the significant slowdown in March in patient volumes in both the Acute Care and Behavioral Health units. Additionally, the stock fell in September as

concerns increased over rising COVID-19 cases.

Conversely, the largest contributor to relative performance during the 12-month period ending December 31, 2020, was the Fund’s position in Apple, Inc., a smartphone and personal electronics manufacturer. Shares of Apple rose throughout the year on the back of strong year-over-year revenue growth for iPhones and increased growth for Macs and iPads due to an increase in remote working and learning. The Fund’s position in E-Trade, Inc. also contributed to relative performance. Shares of the online brokerage firm rose after Morgan Stanley announced that it had reached an agreement to acquire the company in an all-stock deal valued at approximately $13B, a premium of 31%. Microsoft Corporation, a developer of software, services and devices, also contributed to relative performance. Shares of Microsoft rose throughout the period as the COVID-19 pandemic forced more people to work from home, which provided a tailwind for the company’s cloud services. Specifically, Microsoft’s Azure and Office 365 services were able to benefit and drive strong revenue growth.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

3

¹ The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

² The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense

waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the Russell 1000^® Value Index, Russell 3000^® Index, Russell 3000^® Value Index, and S&P 500^® Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years
Class VC	1.77%	8.16%	8.18%

¹ Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
	7/1/20		12/31/20		7/1/20 - 12/31/20
Class VC
Actual	$	1,000.00	$	1,213.60	$	6.01
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.48

^† 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 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Communication Services	7.85	%
Consumer Discretionary	8.06	%
Consumer Staples	7.33	%
Energy	4.20	%
Financials	20.62	%
Health Care	13.63	%
Industrials	14.12	%
Information Technology	11.23	%
Materials	5.00	%
Real Estate	2.86	%
Utilities	4.60	%
Repurchase Agreement	0.50	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.45%
Aerospace & Defense 2.43%
General Dynamics Corp.		19,865	$	2,956
Raytheon Technologies Corp.		61,462		4,395
Total				7,351
Auto Components 2.54%
Dorman Products, Inc.*		41,770		3,627
Lear Corp.		25,444		4,046
Total				7,673
Automobiles 0.98%
Harley-Davidson, Inc.		80,620		2,959
Banks 8.76%
CIT Group, Inc.		108,970		3,912
East West Bancorp, Inc.		96,315		4,884
JPMorgan Chase & Co.		80,337		10,208
U.S. Bancorp		89,621		4,176
Western Alliance Bancorp		55,130		3,305
Total				26,485
Beverages 1.39%
PepsiCo, Inc.		28,320		4,200
Biotechnology 1.03%
AbbVie, Inc.		14,580		1,562
Vertex Pharmaceuticals, Inc.*		6,540		1,546
Total				3,108
Building Products 1.24%
Masco Corp.		68,493		3,762
Capital Markets 4.72%
Ameriprise Financial, Inc.		16,732		3,251
Blackstone Group, Inc. (The) Class A		73,260		4,748
Morgan Stanley		91,329		6,259
Total				14,258

Investments	Shares			Fair Value (000)
Chemicals 4.99%
Avient Corp.		79,170	$		3,189
Corteva, Inc.		114,086			4,418
Dow, Inc.		54,776			3,040
PPG Industries, Inc.		30,796			4,441
Total					15,088
Consumer Finance 1.96%
American Express Co.		49,007			5,925
Diversified Telecommunication Services 1.76%
Verizon Communications, Inc.		90,790			5,334
Electric: Utilities 2.99%
Duke Energy Corp.		32,525			2,978
Edison International		47,026			2,954
NextEra Energy, Inc.		40,058			3,091
Total					9,023
Electrical Equipment 2.59%
Hubbell, Inc.		26,121			4,095
Rockwell Automation, Inc.		14,910			3,740
Total					7,835
Equity Real Estate Investment Trusts 2.85%
Alexandria Real Estate Equities, Inc.		15,886			2,831
Highwoods Properties, Inc.		36,161			1,433
Host Hotels & Resorts, Inc.		118,877			1,739
Prologis, Inc.		26,310			2,622
Total					8,625
Health Care Equipment & Supplies 3.22%
Alcon, Inc. (Switzerland)*(a)		56,092			3,701
Medtronic plc (Ireland)(a)		51,369			6,017
Total					9,718
Health Care Providers & Services 3.63%
CVS Health Corp.		64,423			4,400
McKesson Corp.		15,412			2,681
UnitedHealth Group, Inc.		11,050			3,875
Total					10,956

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 0.78%
Domino’s Pizza, Inc.		6,170	$	2,366
Household Durables 1.17%
Leggett & Platt, Inc.		79,966		3,542
Household Products 3.84%
Colgate-Palmolive Co.		59,590		5,096
Procter & Gamble Co. (The)		16,200		2,254
Spectrum Brands Holdings, Inc.		53,989		4,264
Total				11,614
Industrial Conglomerates 2.52%
Honeywell International, Inc.		35,781		7,611
Information Technology Services 3.38%
Euronet Worldwide, Inc.*		32,527		4,714
Mastercard, Inc. Class A		6,754		2,411
MAXIMUS, Inc.		42,240		3,091
Total				10,216
Insurance 5.17%
American International Group, Inc.		89,340		3,382
Everest Re Group Ltd.		19,532		4,572
Fidelity National Financial, Inc.		118,487		4,632
Globe Life, Inc.		32,030		3,042
Total				15,628
Interactive Media & Services 2.50%
Alphabet, Inc. Class A*		4,310		7,554
Life Sciences Tools & Services 1.27%
Waters Corp.*		15,478		3,830
Machinery 3.82%
Cummins, Inc.		19,074		4,332
Hillenbrand, Inc.		76,670		3,051
Westinghouse Air Brake Technologies Corp.		56,833		4,160
Total				11,543

Investments	Shares		Fair Value (000)
Media 3.58%
Comcast Corp. Class A		106,342	$	5,572
Fox Corp. Class A		118,080		3,439
Nexstar Media Group, Inc. Class A		16,570		1,809
Total				10,820
Multi-Utilities 0.95%
CMS Energy Corp.		46,936		2,864
Oil, Gas & Consumable Fuels 4.19%
Cabot Oil & Gas Corp.		123,610		2,012
Chevron Corp.		34,420		2,907
Marathon Petroleum Corp.		57,450		2,376
ONEOK, Inc.		66,630		2,557
Total SE ADR		67,382		2,824
Total				12,676
Personal Products 1.31%
Unilever plc ADR		65,440		3,950
Pharmaceuticals 4.49%
Bristol-Myers Squibb Co.		85,382		5,297
Eli Lilly and Co.		8,950		1,511
Merck & Co., Inc.		36,002		2,945
Sanofi(b)	EUR   39,260			3,805
Total				13,558
Road & Rail 1.51%
Norfolk Southern Corp.		6,481		1,540
Saia, Inc.*		16,682		3,016
Total				4,556
Semiconductors & Semiconductor Equipment 3.49%
Micron Technology, Inc.*		31,480		2,367
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		37,730		4,114
Texas Instruments, Inc.		24,721		4,057
Total				10,538

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2020

Investments	Shares		Fair Value (000)
Software 2.33%
Microsoft Corp.		17,694	$	3,935
Oracle Corp.		47,795		3,092
Total				7,027
Specialty Retail 2.58%
Lowe’s Cos., Inc.		22,592		3,626
TJX Cos., Inc. (The)		61,219		4,181
Total				7,807
Technology Hardware, Storage & Peripherals 2.03%
Apple, Inc.		32,340		4,291
NetApp, Inc.		27,790		1,841
Total				6,132
Tobacco 0.79%
Philip Morris International, Inc.		28,880		2,391
Water Utilities 0.67%
American Water Works Co., Inc. 13,160				2,020
Total Common Stocks (cost $266,124,066)				300,543

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.50%
Repurchase Agreement
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $1,552,600 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $1,552,600; proceeds: $1,522,061 (cost $1,522,061)		$1,522	$	1,522
Total Investments in Securities 99.95% (cost $267,646,127)				302,065
Other Assets in Excess of Liabilities 0.05%				138
Net Assets 100.00%			$	302,203

EUR	Euro.
ADR	American Depositary Receipt.
*	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 December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Pharmaceuticals	$	9,753	$	3,805	$	–	$	13,558
Remaining Industries		286,985		–		–		286,985
Short-Term Investment
Repurchase Agreement		–		1,522		–		1,522
Total	$	296,738	$	5,327	$	–	$	302,065

(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.

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 year in relation to the Fund’s net assets.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $267,646,127)	$	302,065,149
Receivables:
Investment securities sold		727,700
Dividends		438,257
Capital shares sold		69,125
From advisor (See Note 3)		11,257
Securities lending income receivable		12
Prepaid expenses and other assets		2,986
Total assets		303,314,486
LIABILITIES:
Payables:
Investment securities purchased		625,195
Management fee		182,395
Directors’ fees		45,845
Capital shares reacquired		17,306
Fund administration		10,182
Foreign currency overdraft		5
Accrued expenses		230,164
Total liabilities		1,111,092
Commitments and contingent liabilities
NET ASSETS	$	302,203,394
COMPOSITION OF NET ASSETS:
Paid-in capital	$	299,738,180
Total distributable earnings (loss)		2,465,214
Net Assets	$	302,203,394
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		18,197,540
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.61

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $76,382)	$	5,954,123
Securities lending net income		9,988
Interest and other		1,113
Total investment income		5,965,224
Expenses:
Management fee		1,706,869
Non 12b-1 service fees		583,140
Shareholder servicing		246,966
Fund administration		93,332
Professional		43,704
Reports to shareholders		39,208
Custody		22,389
Directors’ fees		8,251
Other		40,088
Gross expenses		2,783,947
Expense reductions (See Note 8)		(1,894	)
Fees waived and expenses reimbursed (See Note 3)		(262,075	)
Net expenses		2,519,978
Net investment income		3,445,246
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(25,463,990	)
Net realized gain (loss) on foreign currency related transactions		(787	)
Net change in unrealized appreciation/depreciation on investments		8,964,267
Net realized and unrealized gain (loss)		(16,500,510	)
Net Decrease in Net Assets Resulting From Operations	$	(13,055,264	)

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020				For the Year Ended December 31, 2019
Operations:
Net investment income		$	3,445,246			$	4,017,075
Net realized gain (loss) on investments and foreign currency related transactions			(25,464,777	)			3,898,285
Net change in unrealized appreciation/depreciation on investments			8,964,267				39,613,736
Net increase (decrease) in net assets resulting from operations			(13,055,264	)			47,529,096
Distributions to shareholders:			(3,762,431	)			(12,066,296	)
Capital share transactions (See Note 14):
Proceeds from sales of shares			162,730,221				275,997,853
Reinvestment of distributions			3,762,431				12,066,296
Cost of shares reacquired			(175,470,189	)			(203,255,827	)
Net increase (decrease) in net assets resulting from capital share transactions			(8,977,537	)			84,808,322
Net increase (decrease) in net assets			(25,795,232	)			120,271,122
NET ASSETS:
Beginning of year		$	327,998,626			$	207,727,504
End of year		$	302,203,394			$	327,998,626

See Notes to Financial Statements. 13

Financial Highlights

			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
12/31/2020		$16.55		$0.22		$ 0.05	(c)		$ 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	)
12/31/2016		16.28		0.23		2.34			2.57			(0.21	)		(0.34	)		(0.55	)

(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)	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.

14 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 (%)
	$16.61		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
	18.30		15.74			1.15		1.20		1.36		387,518		132

See Notes to Financial Statements. 15

Notes to Financial Statements

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 December 31, 2020. This report covers Fundamental Equity Portfolio (the “Fund”).

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

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. 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 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.

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.

16

Notes to Financial Statements (continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain(loss) on investments 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.
(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.

17

Notes to Financial Statements (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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

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

For the fiscal year ended December 31, 2020, the effective management fee, net of 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 $22,389 of the fund administration fees during the fiscal year ended December 31, 2020.

18

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2020 and continuing through April 30, 2021, Lord, Abbett & Co. LLC (“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 1.08%. This agreement may be terminated only by the Fund’s Board of Directors.

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 fiscal years ended December 31, 2020 and 2019 was as follows:

		Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	3,678,951	$	6,488,812
Net long-term capital gains		83,480		5,577,484
Total distributions paid	$	3,762,431	$	12,066,296

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	–
Undistributed long-term capital gains		–
Total undistributed earnings		–
Capital loss carryforwards*		(23,466,733	)
Temporary differences		(45,883	)
Unrealized gains – net		25,977,830
Total accumulated gains – net	$	2,465,214

* The capital losses will carry forward indefinitely.

19

Notes to Financial Statements (continued)

At the Fund’s election, certain losses incurred within the taxable year (“Qualified Late-Year Losses”) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer $38 of late-year ordinary losses during the fiscal year ended December 31, 2020.

As of December 31, 2020, 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	$	276,087,319
Gross unrealized gain		27,402,855
Gross unrealized loss		(1,425,025	)
Net unrealized security gain	$	25,977,830

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

Permanent items identified during the fiscal year ended December 31, 2020 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Total distributable earnings (loss)	Paid-in Capital
$ 2,097	$ (2,097)

The permanent differences are primarily attributable to the tax treatment of certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$306,729,518	$316,621,513

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $38,369, and sales of $1,822,441, which resulted in net realized losses of $7,528.

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of

20

Notes to Financial Statements (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 Agreement	$1,522,061	$	–	$1,522,061
Total	$1,522,061	$	–	$1,522,061

	Net Amounts 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.	$	1,522,061	$	–	$	–	$	(1,522,061	)	$	–
Total	$	1,522,061	$	–	$	–	$	(1,522,061	)	$	–

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets 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 December 31, 2020.

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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

21

Notes to Financial Statements (continued)

For the period ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

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 Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2020, 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. (the “agent”) 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

22

Notes to Financial Statements (continued)

13. INVESTMENT RISKS  

The Fund is subject to the general risks and considerations associated with investing in equity securities 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. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. Large value stocks, in which the Fund invests a significant portion of its assets, may perform differently than the market as a whole and other types of stocks, such as mid-sized or 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. Mid-cap and small-cap company stocks in which the Fund may invest may be more volatile and less liquid than large-cap stocks, especially over the short term. The market may fail to recognize the intrinsic value of a particular value stock for a long time. In addition, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

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

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

Geopolitical and other events (e.g., wars, 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

23

Notes to Financial Statements (concluded)

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.

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 can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		10,998,370			17,712,782
Reinvestment of distributions		233,798			730,892
Shares reacquired		(12,858,749	)		(13,323,396	)
Increase (decrease)		(1,626,581	)		5,120,278

24

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fundamental Equity Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Fundamental Equity Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 16, 2021

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

25

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

26

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

27

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

28

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods and equal to the median of

29

Approval of Advisory Contract (continued)

the performance peer group for the five- and ten-year periods. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee, and the Fund’s expense limitation agreement. The Board concluded that no action was required, with respect to economies of scale.

30

Approval of Advisory Contract (concluded)

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

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

31

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.

Tax Information

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 December 31, 2020, $231,758 and $83,480, respectively, represent short-term and long-term capital gains.

32

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. Fundamental Equity Portfolio	SFFE-PORT-3 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Growth and Income Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
24	Report of Independent Registered Public Accounting Firm
25	Supplemental Information to Shareholders

Lord Abbett Series Fund — Growth and Income Portfolio
Annual Report

For the fiscal year ended December 31, 2020

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 overview of the performance of Lord Abbett Series Fund – Growth & Income Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

For the fiscal year ended December 31, 2020, the Fund returned 2.70%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index,¹ which returned 2.80% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in a likelihood of two more interest rate cuts

in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded. During the month of March, the S&P 500 Index² experienced its

1

fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0-0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in

COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with at least a 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth

2

COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

During the 12-month period ending December 31, 2020 the Fund’s position in Wells Fargo & Company, a diversified, community-based financial services company, detracted most from relative performance. Shares fell throughout the period but dropped significantly in June following an announcement that net interest income was down more than 11% for the year. The stock fell further after the third quarter earnings report in which core results were weaker-than-expected due to elevated operating losses and lower net interest income. Citigroup Inc., a financial products and services company, also detracted from relative performance. Citi’s stock price fell after the Federal Open Markets Committee announced on June 10th that it would keep the federal funds rate at 0%-0.25%. Bank stocks fell due to expectations that this would likely lower net interest income in the medium-term. Shares of Citi came under further pressure in September, as several news articles suggested regulators might take action over the bank’s deficiencies in risk and control functions. Another detractor from relative performance was the Fund’s position in Universal Health Services. Shares of the healthcare management company came under significant pressure in April after the firm missed earnings, which was attributed to the significant slowdown in March in patient volumes in

both the Acute Care and Behavioral Health units. Additionally, the stock fell in September as concerns increased over rising COVID-19 cases.

Conversely, the largest contributor to relative performance during the 12-month period ending December 31, 2020, was the Fund’s position in Apple, Inc., a smartphone and personal electronics manufacturer. Shares of Apple rose throughout the year on the back of strong year-over-year revenue growth for iPhones and increased growth for Macs and iPads due to an increase in remote working and learning. The Fund’s position in E-Trade, Inc. also contributed to relative performance. Shares of the online brokerage firm rose after Morgan Stanley announced that it had reached an agreement to acquire the company in an all-stock deal valued at approximately $13B, a premium of 31%. Microsoft Corporation, a developer of software, services and devices, also contributed to relative performance. Shares of Microsoft rose throughout the period as the COVID-19 pandemic forced more people to work from home which provided a tailwind for the company’s cloud services. Specifically, Microsoft’s Azure and Office 365 services were able to benefit and drive strong revenue growth.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

3

¹   The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the Russell 1000^® Value Index, the S&P 500^® Index and the S&P 500^® Value Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

	Average Annual Total Returns for the Periods Ended December 31, 2020
		1 Year	5 Years	10 Years
Class VC		2.70%	8.94%	8.66%

¹   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
						7/1/20 -
	7/1/20		12/31/20			12/31/20
Class VC					��
Actual	$	1,000.00	$	1,205.10		$	5.21
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.41		$	4.77

^† Net expenses are equal to the Fund’s annualized expense ratio of 0.94%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Communication Services	8.42	%
Consumer Discretionary	7.63	%
Consumer Staples	6.63	%
Energy	4.01	%
Financials	20.83	%
Health Care	14.93	%
Industrials	12.99	%
Information Technology	11.74	%
Materials	4.54	%
Real Estate	3.15	%
Utilities	4.68	%
Repurchase Agreement	0.45	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.74%
Aerospace & Defense 2.69%
General Dynamics Corp.		45,519	$	6,774
Raytheon Technologies Corp.		113,165		8,093
Total				14,867
Auto Components 1.48%
Lear Corp.		51,420		8,177
Automobiles 1.00%
General Motors Co.		133,170		5,545
Banks 8.71%
CIT Group, Inc.		214,990		7,718
East West Bancorp, Inc.		186,071		9,436
JPMorgan Chase & Co.		167,304		21,259
U.S. Bancorp		209,026		9,739
Total				48,152
Beverages 1.47%
PepsiCo, Inc.		54,751		8,120
Biotechnology 1.03%
AbbVie, Inc.		26,810		2,873
Vertex Pharmaceuticals, Inc.*		12,030		2,843
Total				5,716
Building Products 1.56%
Masco Corp.		156,625		8,603
Capital Markets 4.90%
Ameriprise Financial, Inc.		44,138		8,577
Blackstone Group, Inc. (The) Class A		113,360		7,347
Morgan Stanley		162,569		11,141
Total				27,065
Chemicals 4.54%
Corteva, Inc.		209,490		8,111
Dow, Inc.		135,492		7,520
PPG Industries, Inc.		65,841		9,496
Total				25,127

Investments	Shares		Fair Value (000)
Consumer Finance 2.04%
American Express Co.		93,147	$	11,262
Diversified Telecommunication Services 1.93%
Verizon Communications, Inc.		181,660		10,673
Electric: Utilities 3.00%
Duke Energy Corp.		59,869		5,482
Edison International		86,473		5,432
NextEra Energy, Inc.		73,234		5,650
Total				16,564
Electrical Equipment 1.55%
Hubbell, Inc.		54,483		8,542
Equity Real Estate Investment Trusts 3.16%
Alexandria Real Estate Equities, Inc.		33,738		6,013
Highwoods Properties, Inc.		68,275		2,706
Host Hotels & Resorts, Inc.		228,275		3,340
Prologis, Inc.		54,308		5,412
Total				17,471
Health Care Equipment & Supplies 3.65%
Alcon, Inc. (Switzerland)*(a)		122,791		8,102
Medtronic plc (Ireland)(a)		103,252		12,095
Total				20,197
Health Care Providers & Services 3.63%
CVS Health Corp.		120,024		8,198
McKesson Corp.		27,312		4,750
UnitedHealth Group, Inc.		20,360		7,140
Total				20,088
Hotels, Restaurants & Leisure 1.55%
Choice Hotels International, Inc.		39,599		4,226
Domino’s Pizza, Inc.		11,280		4,326
Total				8,552
Household Products 2.89%
Colgate-Palmolive Co.		96,770		8,275
Procter & Gamble Co. (The)		55,437		7,713
Total				15,988

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Industrial Conglomerates 2.53%
Honeywell International, Inc.		65,736	$	13,982
Information Technology Services 1.03%
Mastercard, Inc. Class A		15,979		5,704
Insurance 5.22%
American International Group, Inc.		174,375		6,602
Everest Re Group Ltd.		35,797		8,380
Fidelity National Financial, Inc.		211,792		8,279
Globe Life, Inc.		59,131		5,615
Total				28,876
Interactive Media & Services 2.87%
Alphabet, Inc. Class A*		6,736		11,806
Facebook, Inc. Class A*		14,887		4,066
Total				15,872
Internet & Direct Marketing Retail 0.96%
eBay, Inc.		105,540		5,303
Life Sciences Tools & Services 1.55%
Waters Corp.*		34,527		8,543
Machinery 3.23%
Cummins, Inc.		40,444		9,185
Westinghouse Air Brake Technologies Corp.		118,174		8,650
Total				17,835
Media 3.63%
Comcast Corp. Class A		199,608		10,459
Fox Corp. Class A		213,620		6,221
Nexstar Media Group, Inc. Class A		31,262		3,414
Total				20,094
Multi-Utilities 1.01%
CMS Energy Corp.		91,890		5,606

Investments	Shares		Fair  Value  (000)
Oil, Gas & Consumable Fuels 4.02%
Cabot Oil & Gas Corp.		231,300	$	3,766
Chevron Corp.		64,261		5,427
Marathon Petroleum Corp.		105,271		4,354
ONEOK, Inc.		81,694		3,135
Total SE ADR		131,663		5,518
Total				22,200
Personal Products 1.53%
Unilever plc(b)	GBP	141,098		8,462
Pharmaceuticals 5.09%
Bristol-Myers Squibb Co.		162,072		10,053
Eli Lilly and Co.		16,460		2,779
Johnson & Johnson		18,301		2,880
Merck & Co., Inc.		68,517		5,605
Sanofi(b)	EUR	70,583		6,841
Total				28,158
Road & Rail 1.47%
Landstar System, Inc.		40,264		5,422
Norfolk Southern Corp.		11,430		2,716
Total				8,138
Semiconductors & Semiconductor Equipment 5.30%
Micron Technology, Inc.*		57,420		4,317
QUALCOMM, Inc.		43,611		6,644
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		70,490		7,686
Texas Instruments, Inc.		64,827		10,640
Total				29,287
Software 2.84%
Microsoft Corp.		35,983		8,003
Oracle Corp.		119,308		7,718
Total				15,721
Specialty Retail 2.66%
Lowe’s Cos., Inc.		47,570		7,635
TJX Cos., Inc. (The)		103,660		7,079
Total				14,714

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2020

Investments	Shares		Fair  Value  (000)
Technology Hardware, Storage & Peripherals 2.59%
Apple, Inc.		69,370	$	9,205
NetApp, Inc.		77,320		5,121
Total				14,326
Tobacco 0.75%
Philip Morris International, Inc.		49,936		4,134
Water Utilities 0.68%
American Water Works Co., Inc.		24,490		3,758
Total Common Stocks (cost $457,339,617)				551,422

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.45%
Repurchase Agreement
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $2,539,000 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $2,539,000; proceeds: $2,489,134 (cost $2,489,134)	$	2,489	$	2,489
Total Investments in Securities 100.19% (cost $459,828,751)				553,911
Liabilities in Excess of Other Assets (0.19)%				(1,053	)
Net Assets 100.00%			$	552,858

GBP	British Pound.
EUR	Euro.
ADR	American Depositary Receipt.
*	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 December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks
Personal Products	$	–	$	8,462	$	–	$	8,462
Pharmaceuticals		21,317		6,841		–		28,158
Remaining Industries		514,802		–		–		514,802
Short-Term Investment
Repurchase Agreement		–		2,489		–		2,489
Total	$	536,119	$	17,792	$	–	$	553,911

(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.

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 year in relation to the Fund’s net assets.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $459,828,751)	$	553,911,141
Receivables:
Dividends		793,432
Investment securities sold		268,147
Capital shares sold		130,127
Prepaid expenses and other assets		5,556
Total assets		555,108,403
LIABILITIES:
Payables:
Capital shares reacquired		1,105,710
Management fee		233,278
Directors’ fees		149,672
Fund administration		18,662
Accrued expenses		743,444
Total liabilities		2,250,766
Commitments and contingent liabilities
NET ASSETS	$	552,857,637
COMPOSITION OF NET ASSETS:
Paid-in capital	$	482,235,632
Total distributable earnings (loss)		70,622,005
Net Assets	$	552,857,637
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		15,823,922
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$34.94

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $204,945)	$	13,409,488
Interest and other		2,271
Total investment income		13,411,759
Expenses:
Management fee		2,537,822
Non 12b-1 service fees		1,268,922
Shareholder servicing		538,226
Fund administration		203,026
Professional		58,756
Reports to shareholders		57,612
Custody		22,807
Directors’ fees		18,385
Other		87,328
Gross expenses		4,792,884
Expense reductions (See Note 8)		(3,814	)
Fees waived and expenses reimbursed (See Note 3)		(22,807	)
Net expenses		4,766,263
Net investment income		8,645,496
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(20,921,511	)
Net realized gain (loss) on foreign currency related transactions		5,756
Net change in unrealized appreciation/depreciation on investments		26,993,137
Net realized and unrealized gain (loss)		6,077,382
Net Increase in Net Assets Resulting From Operations	$	14,722,878

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended  December 31, 2020			For the Year Ended  December 31, 2019
Operations:
Net investment income	$	8,645,496		$	9,166,694
Net realized gain (loss) on investments and foreign currency related transactions		(20,915,755	)		33,083,132
Net change in unrealized appreciation/depreciation on investments		26,993,137			73,643,845
Net increase in net assets resulting from operations		14,722,878			115,893,671
Distributions to shareholders:		(8,654,497	)		(46,631,283	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		24,926,060			9,794,053
Reinvestment of distributions		8,654,497			46,631,006
Cost of shares reacquired		(68,641,944	)		(91,503,941	)
Net decrease in net assets resulting from capital share transactions		(35,061,387	)		(35,078,882	)
Net increase (decrease) in net assets		(28,993,006	)		34,183,506
NET ASSETS:
Beginning of year	$	581,850,643		$	547,667,137
End of year	$	552,857,637		$	581,850,643

See Notes to Financial Statements. 13

Financial Highlights

			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 oper-  ations			Net invest- ment income			Net realized gain			Total distri- butions
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	)
12/31/2016		32.21		0.52		4.99			5.51			(0.52	)		(0.48	)		(1.00	)

(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.

14 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 reimbursements (%)		Total expense (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
$	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
	36.72		17.11			0.94		0.94		1.54		718,550		98

See Notes to Financial Statements. 15

Notes to Financial Statements

��

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 December 31, 2020. This report covers Growth and Income Portfolio (the “Fund”).

The Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. The Fund’s Variable Contract class shares (“Class VC Shares”), 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 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. 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 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.
	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.

16

Notes to Financial Statements (continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments 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 forward 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.

17

Notes to Financial Statements (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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

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

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, 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 $22,807 of the fund administration fees during the fiscal year ended December 31, 2020.

18

Notes to Financial Statements (continued)

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020			Year Ended 12/31/2019
Distributions paid from:
Ordinary income		$	8,654,497	$	9,183,499
Net long-term capital gains			–		37,447,784
Total distributions paid		$	8,654,497	$	46,631,283

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income - net	$	–
Undistributed long-term capital gains		–
Total undistributed earnings		–
Capital loss carryforwards*		(20,091,925	)
Temporary differences		(149,672	)
Unrealized gains - net		90,863,602
Total accumulated gains - net	$	70,622,005

* The capital losses will carry forward indefinitely.

As of December 31, 2020, 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	$	463,047,539
Gross unrealized gain		98,974,598
Gross unrealized loss		(8,110,996	)
Net unrealized security gain	$	90,863,602

19

Notes to Financial Statements (continued)

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

Permanent items identified during the fiscal year ended December 31, 2020 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Total Distributable Earnings (Loss		)	Paid-in Capital
Growth and Income Portfolio		$8,243			$(8,243	)

The permanent differences are attributable to the tax treatment of certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$339,270,763	$373,634,680

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $642,517, and sales of $2,690,756 which resulted in net realized losses of $490,193.

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

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 Agreement		$2,489,134	$	–		$2,489,134
Total		$2,489,134	$	–		$2,489,134

20

Notes to Financial Statements (continued)

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement				Cash		Securities
	of Assets and		Financial		Collateral		Collateral			Net
Counterparty	Liabilities		Instruments		Received(a)		Received(a)			Amount(b)
Fixed Income Clearing Corp.	$	2,489,134	$	–	$	–	$	(2,489,134	)	$	–
Total	$	2,489,134	$	–	$	–	$	(2,489,134	)	$	–

(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 December 31, 2020.

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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, 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.

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

21

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

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 Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2020, 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. (the “agent”) 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

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 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

22

Notes to Financial Statements (concluded)

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

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate 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.

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 can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		933,385			287,670
Reinvestment of distributions		252,686			1,350,380
Shares reacquired		(2,194,281	)		(2,675,516	)
Decrease		(1,008,210	)		(1,037,466	)

23

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth and Income Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Growth and Income Portfolio of the Fund as of December 31, 2020 and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 16, 2021

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

24

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

25

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

26

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

27

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods, and equal to the median of the performance peer group for the ten-year period. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord

28

Approval of Advisory Contract (continued)

Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoint in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett for services other than investment advisory

29

Approval of Advisory Contract (concluded)

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

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

30

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.

Tax Information

For corporate shareholders, 100% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

31

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
(02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett
Series Fund—Growth Opportunities Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statements of Changes in Net Assets
16	Financial Highlights
18	Notes to Financial Statements
27	Report of Independent Registered Public Accounting Firm
28	Supplemental Information to Shareholders

Lord Abbett Series Fund – Growth Opportunities Portfolio
Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Growth Opportunities Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 39.38%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Growth Index,¹ which returned 35.59% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in

February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded. During the month of March, the S&P 500 Index² experienced its fastest bear market since 1987 and the

1

longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0–0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to

the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer and BioNTech announced that their COVID-19 vaccine was more than 90% effective in preventing COVID-19 among those without evidence of prior infection, hailing the development as “a great day for science and humanity”. Following the Pfizer/BioNTech announcement, Moderna announced that its COVID-19 vaccine was 94.5% effective, and AstraZeneca said the vaccine the company developed with the University of Oxford was 90% effective. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been

2

made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

Security selection within the health care and financials sectors were the two largest contributors to the Fund’s relative performance over the trailing twelve months. Within the health care sector, Natera, Inc., a medical diagnostics company focused on genetic testing services, contributed to relative performance. Natera executed well during the period and expanded its reach, as the company’s Signatera Molecular residual disease test proved to be effective at detecting tumors. The Fund’s allocation to Immunomedics, Inc., a developer and manufacturer of biopharmaceutical products, also contributed to relative performance as Gilead Sciences, Inc. announced it would acquire the company for a large premium.

Within the financials sector, the Fund’s holding of Goosehead Insurance Inc., an independent personal lines insurance agency, contributed to relative performance over the period as the company reported growth in written premiums and the number of franchises. The company was also able to successfully migrate its sales channels, new agent

training and franchise training to virtual remote work during the depths of the global pandemic.

Conversely, security selection within the consumer discretionary and information technology sectors detracted from relative performance during the period. Within the information technology sector, shares of Euronet Worldwide, Inc., a provider of electronic payment and transaction processing solutions, detracted from relative performance. Given its exposure to European ATMs, we believe Euronet Worldwide was severely impacted by the decline in global tourism and employment precipitated by the COVID-19 pandemic. Additionally, the Fund’s position in FleetCor Technologies, Inc., a provider of business payments solutions, detracted from relative performance. The COVID-19 pandemic’s negative impact on economic activity, consumer spending, and corporate payments weighed on shares of FleetCor during the period.

Within the consumer discretionary sector, the Fund’s position in Norwegian Inc., a cruise line operator, detracted from relative performance as the COVID-19 pandemic led to dramatic declines in global travel, negatively impacting cruise line demand and operations.

3

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹   The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and higher forecasted growth values.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in both the Russell Midcap^® Growth Index and the Russell Midcap^® Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. The line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years
Class VC	39.38%	18.09%	13.41%

¹   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
	7/1/20		12/31/20		7/1/20 - 12/31/20
Class VC
Actual	$	1,000.00	$	1,319.80	$	7.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.90	$	6.29

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.24%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Communication Services	5.75	%
Consumer Discretionary	14.17	%
Consumer Staples	3.73	%
Financials	5.74	%
Health Care	21.94	%
Industrials	10.91	%
Information Technology	31.68	%
Materials	3.78	%
Real Estate	1.22	%
Repurchase Agreement	0.23	%
Money Market Fund(a)	0.76	%
Time Deposit(a)	0.09	%
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.

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.83%
Aerospace & Defense 2.40%
CAE, Inc. (Canada)(a)		70,431	$	1,954
TransDigm Group, Inc.*		1,842		1,140
Total				3,094
Banks 0.84%
First Republic Bank		7,365		1,082
Beverages 1.47%
Boston Beer Co., Inc. (The) Class A*		636		632
Brown-Forman Corp. Class B		15,932		1,266
Total				1,898
Biotechnology 5.60%
Acceleron Pharma, Inc.*		4,902		627
Argenx SE ADR*		2,337		687
Blueprint Medicines Corp.*		3,982		447
Iovance Biotherapeutics, Inc.*		20,011		929
Mirati Therapeutics, Inc.*		1,625		357
Natera, Inc.*		11,714		1,166
Sarepta Therapeutics, Inc.*		3,414		582
Seagen, Inc.*		8,047		1,409
SpringWorks Therapeutics, Inc.*		5,394		391
Twist Bioscience Corp.*		4,373		618
Total				7,213
Capital Markets 2.86%
MarketAxess Holdings, Inc.		3,078		1,756
Moody’s Corp.		1,987		577
MSCI, Inc.		3,037		1,356
Total				3,689
Chemicals 0.41%
FMC Corp.		4,618		531
Construction Materials 1.11%
Vulcan Materials Co.		9,605		1,424

Investments	Shares		Fair Value (000)
Containers & Packaging 2.30%
Avery Dennison Corp.		6,025	$	935
Ball Corp.		21,714		2,023
Total				2,958
Diversified Consumer Services 2.69%
Bright Horizons Family Solutions, Inc.*		7,433		1,286
Chegg, Inc.*		12,156		1,098
Service Corp. International		22,052		1,083
Total				3,467
Electrical Equipment 1.61%
AMETEK, Inc.		11,076		1,339
Hubbell, Inc.		4,711		739
Total				2,078
Electronic Equipment, Instruments & Components 2.19%
Amphenol Corp. Class A		12,827		1,677
Trimble, Inc.*		17,142		1,145
Total				2,822
Entertainment 2.85%
Roku, Inc.*		6,315		2,097
Take-Two Interactive Software, Inc.*		5,633		1,170
Warner Music Group Corp. Class A		10,609		403
Total				3,670
Equity Real Estate Investment Trusts 1.23%
SBA Communications Corp.		5,618		1,585
Food & Staples Retailing 0.37%
Sysco Corp.		6,463		480

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 6.78%
Align Technology, Inc.*		5,185	$	2,771
DexCom, Inc.*		2,608		964
IDEXX Laboratories, Inc.*		2,261		1,130
Insulet Corp.*		5,095		1,302
Outset Medical, Inc.*		10,303		586
Silk Road Medical, Inc.*		6,575		414
West Pharmaceutical Services, Inc.		5,549		1,572
Total				8,739
Health Care Providers & Services 1.18%
Guardant Health, Inc.*		11,844		1,526
Health Care Technology 2.53%
Teladoc Health, Inc.*		6,503		1,301
Veeva Systems, Inc. Class A*		7,215		1,964
Total				3,265
Hotels, Restaurants & Leisure 2.28%
Chipotle Mexican Grill, Inc.*		1,630		2,261
Wingstop, Inc.		5,132		680
Total				2,941
Household Products 1.34%
Church & Dwight Co., Inc.		19,815		1,728
Industrial Conglomerates 0.75%
Roper Technologies, Inc.		2,238		965
Information Technology Services 8.54%
FleetCor Technologies, Inc.*		7,880		2,150
Genpact Ltd.		32,494		1,344
Global Payments, Inc.		8,818		1,900
Jack Henry & Associates, Inc.		8,815		1,428
Twilio, Inc. Class A*		8,831		2,989
Wix.com Ltd. (Israel)*(a)		4,753		1,188
Total				10,999
Insurance 2.09%
Goosehead Insurance, Inc. Class A		14,252		1,778
RenaissanceRe Holdings Ltd.		5,545		919
Total				2,697

Investments	Shares		Fair Value (000)
Interactive Media & Services 2.96%
Match Group, Inc.*		14,189	$	2,145
Snap, Inc. Class A*		33,288		1,667
Total				3,812
Internet & Direct Marketing Retail 1.54%
Chewy, Inc. Class A*(b)		6,878		618
Etsy, Inc.*		7,703		1,371
Total				1,989
Leisure Products 0.96%
Peloton Interactive, Inc. Class A*		8,191		1,243
Life Sciences Tools & Services 4.83%
10X Genomics, Inc. Class A*		8,924		1,264
Berkeley Lights, Inc.*		5,892		527
Bio-Rad Laboratories, Inc. Class A*		1,780		1,038
Charles River Laboratories International, Inc.*		5,730		1,432
Maravai LifeSciences Holdings, Inc. Class A*		19,127		536
Repligen Corp.*		6,586		1,262
Seer, Inc.*		2,839		159
Total				6,218
Machinery 1.76%
Fortive Corp.		13,940		987
Stanley Black & Decker, Inc.		7,176		1,282
Total				2,269
Multi-Line Retail 1.14%
Dollar Tree, Inc.*		13,589		1,468
Personal Products 0.58%
Shiseido Co., Ltd.(c)	JPY	10,797		747
Pharmaceuticals 1.22%
Zoetis, Inc.		9,465		1,566
Professional Services 1.50%
CoStar Group, Inc.*		2,085		1,927

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Road & Rail 2.99%
J.B. Hunt Transport Services, Inc.		8,669	$	1,185
Kansas City Southern		4,631		945
Old Dominion Freight Line, Inc.		8,831		1,724
Total				3,854
Semiconductors & Semiconductor Equipment 5.69%
Analog Devices, Inc.		12,270		1,813
Lam Research Corp.		3,118		1,472
Microchip Technology, Inc.		11,086		1,531
NXP Semiconductors NV (Netherlands)(a)		7,845		1,247
Xilinx, Inc.		8,984		1,274
Total				7,337
Software 15.56%
Anaplan, Inc.*		16,834		1,210
Coupa Software, Inc.*		4,268		1,446
DocuSign, Inc.*		10,047		2,233
Everbridge, Inc.*		7,707		1,149
Fair Isaac Corp.*		2,836		1,449
Palo Alto Networks, Inc.*		4,874		1,732
Paycom Software, Inc.*		3,558		1,609
RingCentral, Inc. Class A*		9,843		3,730
ServiceNow, Inc.*		1,829		1,007
Splunk, Inc.*		12,659		2,151
Zendesk, Inc.*		16,273		2,329
Total				20,045
Specialty Retail 4.43%
Burlington Stores, Inc.*		8,912		2,331
O’Reilly Automotive, Inc.*		4,150		1,878
Tractor Supply Co.		10,686		1,502
Total				5,711
Textiles, Apparel & Luxury Goods 1.25%
Canada Goose Holdings, Inc. (Canada)*(a)(b)		15,029		448
Lululemon Athletica, Inc. (Canada)*(a)		3,334		1,160
Total				1,608
Total Common Stocks (cost $91,518,996)				128,645

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 1.09%
Repurchase Agreement 0.23%
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $302,200 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $302,200; proceeds: $296,261 (cost $296,261)		$296	$	296
		Shares
Money Market Fund 0.77%
Fidelity Government Portfolio(d) (cost $993,249)		993,249		993
Time Deposit 0.09%
CitiBank N.A.(d) (cost $110,361)		110,361		111
Total Short-Term Investments (cost $1,399,871)				1,400
Total Investments in Securities 100.92% (cost $92,918,867)				130,045
Liabilities in Excess of Other Assets (0.92)%				(1,184	)
Net Assets 100.00%			$	128,861

JPY	Japanese yen.
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)	Investment in non-U.S. dollar denominated securities.
(d)	Security was purchased with the cash collateral from loaned securities.

10 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2020

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Personal Products	$	–	$	747	$	–	$	747
Remaining Industries		127,898		–		–		127,898
Short-Term Investments
Repurchase Agreement		–		296		–		296
Money Market Fund		993		–		–		993
Time Deposit		–		111		–		111
Total	$	128,891	$	1,154	$	–	$	130,045

(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.

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 year in relation to the Fund’s net assets.

See Notes to Financial Statements. 11

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value including $1,054,979 of securities loaned (cost $92,918,867)	$	130,045,254
Receivables:
Investment securities sold		142,205
Capital shares sold		42,102
Dividends		19,641
Securities lending income receivable		317
Prepaid expenses and other assets		558
Total assets		130,250,077
LIABILITIES:
Payables:
Management fee		81,855
Directors’ fees		17,173
Capital shares reacquired		8,385
Fund administration		4,366
Payable for collateral due to broker for securities lending		1,103,610
Accrued expenses		173,380
Total liabilities		1,388,769
Commitments and contingent liabilities
NET ASSETS	$	128,861,308
COMPOSITION OF NET ASSETS:
Paid-in capital	$	88,414,876
Total distributable earnings (loss)		40,446,432
Net Assets	$	128,861,308
Outstanding shares (110 million shares of common stock authorized, $.001 par value)		7,838,094
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$16.44

12 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $2,224)	$	563,634
Securities lending net income		2,264
Interest and other		1,142
Total investment income		567,040
Expenses:
Management fee		813,525
Non 12b-1 service fees		271,175
Shareholder servicing		115,006
Professional		46,371
Fund administration		43,388
Reports to shareholders		35,292
Custody		4,755
Directors’ fees		3,817
Other		21,844
Gross expenses		1,355,173
Expense reductions (See Note 8)		(796	)
Fees waived and expenses reimbursed (See Note 3)		(4,755	)
Net expenses		1,349,622
Net investment loss		(782,582	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		17,130,440
Net realized gain (loss) on foreign currency related transactions		46
Net change in unrealized appreciation/depreciation on investments		12,366,310
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(17	)
Net realized and unrealized gain (loss)		29,496,779
Net Increase in Net Assets Resulting From Operations	$	28,714,197

See Notes to Financial Statements. 13

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment loss	$	(782,582	)	$	(311,871	)
Net realized gain (loss) on investments and foreign currency related transactions		17,130,486			9,405,162
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		12,366,293			21,821,780
Net increase in net assets resulting from operations		28,714,197			30,915,071
Distributions to shareholders:		(12,398,911	)		(11,365,461	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		45,104,531			68,968,670
Reinvestment of distributions		12,398,911			11,365,461
Cost of shares reacquired		(69,902,251	)		(41,430,866	)
Net increase (decrease) in net assets resulting from capital share transactions		(12,398,809	)		38,903,265
Net increase in net assets		3,916,477			58,452,875
NET ASSETS:
Beginning of year	$	124,944,831		$	66,491,956
End of year	$	128,861,308		$	124,944,831

14 See Notes to Financial Statements.

This page is intentionally left blank.

15

Financial Highlights

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
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
12/31/2016		11.88		(0.03	)		0.18			0.15			(0.07	)		11.96

(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.

16 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 income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	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
	1.23			1.13		1.33		(0.25	)		123,735		155

See Notes to Financial Statements. 17

Notes to Financial Statements

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 December 31, 2020. This report covers Growth Opportunities Portfolio (the “Fund”).

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

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. 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 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.
	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.

18

Notes to Financial Statements (continued)

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain(loss) on investments 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 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

19

Notes to Financial Statements (continued)

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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

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

20

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of 0.75% 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 average daily net assets. Lord Abbett voluntarily waived $4,755 of the fund administration fees during the fiscal year ended December 31, 2020.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended		Year Ended
	12/31/2020		12/31/2019
Distributions paid from:
Ordinary income	$	1,535,449	$	97,816
Net long-term capital gains		10,863,462		11,267,645
Total distributions paid	$	12,398,911	$	11,365,461

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	2,138,391
Undistributed long-term capital gains		2,081,024
Total undistributed earnings		4,219,415
Temporary differences		(17,173	)
Unrealized gains – net		36,244,190
Total accumulated gains – net	$	40,446,432

21

Notes to Financial Statements (continued)

As of December 31, 2020, 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	$	93,801,069
Gross unrealized gain		36,475,566
Gross unrealized loss		(231,381	)
Net unrealized security gain	$	36,244,185

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 fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$95,417,544	$119,768,863

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $3,481,355 and sales of $382,767 which resulted in net realized losses of $36,960.

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

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 Agreement	$296,261	$	–	$296,261
Total	$296,261	$	–	$296,261

22

Notes to Financial Statements (continued)

	Net Amounts 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.		$296,261	$	–	$	–		$(296,261	)	$	–
Total		$296,261	$	–	$	–		$(296,261	)	$	–

(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 December 31, 2020.

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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, 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.

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

23

Notes to Financial Statements (continued)

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

10. 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, to participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2020, 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. (the “agent”) 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; 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.

24

Notes to Financial Statements (continued)

As of December 31, 2020, the market value of securities loaned and collateral received for the Fund were as follows:

Market Value of Securities Loaned	Collateral Received(1)
$1,054,979	$1,103,610

⁽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, 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.

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.

25

Notes to Financial Statements (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 can affect the Fund’s performance.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		3,467,320			5,842,901
Reinvestment of distributions		744,567			868,963
Shares reacquired		(5,967,746	)		(3,463,128	)
Increase (decrease)		(1,755,859	)		3,248,736

26

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Growth Opportunities Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Growth Opportunities Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 16, 2021

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

27

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None.   Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998).   Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006).   Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012).   Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

28

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

29

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance  Officer and Director of  Regulatory Affairs, joined  Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant  Secretary and Privacy  Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

30

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods, equal to the median of the performance peer group for the five-year period, and below the median of the performance peer group for the ten-year period. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s

31

Approval of Advisory Contract (continued)

performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, although the net total expense ratio of the Fund was above the median of the expense peer group, its advisory fee was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett for services other than investment advisory

32

Approval of Advisory Contract (concluded)

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

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

33

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.

Tax Information

For corporate shareholders, 23% 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 December 31, 2020, $1,535,449 and $10,863,462, respectively, represent short-term capital gains and long-term capital gains.

34

 

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 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Mid Cap Stock Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
16	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Supplemental Information to Shareholders

Lord Abbett Series Fund — Mid Cap Stock Portfolio
Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Mid Cap Stock Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 2.50%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Russell MidCap^® Value Index¹, which returned 4.96% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in

a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has

1

since rebounded. During the month of March, the S&P 500 Index² experienced its fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0–0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in

COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with at least a 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth COVID-19 relief package, worth roughly

2

$900 billion, with approximately $325 billion in small business relief.

Over the period, the Fund’s position in Universal Health Services, Inc., a healthcare management company, was the largest detractor from relative performance. Shares came under significant pressure in April after the company missed earnings estimates, which was attributed to the significant slowdown in March in patient volumes in both the Acute Care and Behavioral Health units. Additionally, the stock fell in September as concerns increased over rising COVID-19 cases. The Fund’s position in FirstEnergy Corp., an energy management company, also detracted from relative performance. Shares fell after the Ohio House Speaker was arrested in connection with a bribery investigation related to the passage of a bill that provided subsidies to struggling nuclear power plants. This bill helped FirstEnergy’s former subsidiary emerge from bankruptcy separate from the company and thus allowing FirstEnergy to be a clean, fully regulated utility. The Fund’s position in Avnet Inc., also detracted from relative performance. Throughout the year, the electronic components distributor continued to face significant headwinds relating to the COVID-19 pandemic causing sales to decline 11% year-over-year. Specifically, within the electronic components segment, which makes up 93% of Avnet’s total sales, revenue was down 11% year-over-year due to sluggish semiconductor sales. The stock experienced further pressure when the revenue forecast provided by management for the third

quarter was lower than other semiconductor suppliers’ forecasts.

The Fund’s holding in Discover Financial Services, a direct banking and payment services company, was the largest contributor to relative performance over the period. Shares of Discover rose as credit and spending trends improved quicker-than-expected during the second quarter, aided by the government stimulus package and enhanced unemployment benefits. The Fund’s position in Teradyne, Inc., a developer of self-automatic test systems, also contributed to relative performance. The stock of Teradyne rose significantly after reporting second quarter earnings in which revenue and earnings per share were significantly above consensus estimates. This was mainly attributed to the strong demand for mobile-related test capacity and the successful navigation of supply constraints. The Fund’s holding in eBay Inc., also contributed to relative performance. Shares rose in the beginning of the summer after the company reported that business was improving significantly better than expected. This included larger volume growth, accelerated active buyers and increased number of sellers.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

3

¹   The Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value index.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in both the Russell Midcap^® Value Index and the S&P MidCap 400^® Value Index assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years
Class VC	2.50%	5.84%	7.40%

¹   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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		Ending		Expenses
	Account		Account		Paid During
	Value		Value		Period†
					7/1/20 -
	7/1/20		12/31/20		12/31/20
Class VC
Actual	$	1,000.00	$	1,227.10	$	6.49
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.30	$	5.89

^† Net expenses are equal to the Fund’s annualized expense ratio of 1.16% multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Communication Services	2.98	%
Consumer Discretionary	13.07	%
Consumer Staples	4.24	%
Energy	4.04	%
Financials	17.39	%
Health Care	8.15	%
Industrials	16.16	%
Information Technology	10.71	%
Materials	7.29	%
Real Estate	8.66	%
Utilities	6.84	%
Repurchase Agreement	0.47	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.67%
Aerospace & Defense 1.55%
Hexcel Corp.		81,487	$	3,951
Airlines 1.23%
Delta Air Lines, Inc.		77,737		3,126
Auto Components 1.78%
Lear Corp.		28,410		4,518
Automobiles 1.46%
Harley-Davidson, Inc.		101,470		3,724
Banks 6.32%
CIT Group, Inc.		123,604		4,437
Citizens Financial Group, Inc.		112,820		4,035
East West Bancorp, Inc.		85,090		4,315
SVB Financial Group*		8,485		3,291
Total				16,078
Beverages 1.21%
Carlsberg A/S Class B(a)	DKK	19,250		3,086
Biotechnology 0.53%
Exelixis, Inc.*		66,690		1,338
Building Products 3.15%
A.O. Smith Corp.		66,088		3,623
Masco Corp.		79,864		4,387
Total				8,010
Capital Markets 3.09%
Ameriprise Financial, Inc.		24,319		4,726
KKR & Co., Inc. Class A		77,510		3,138
Total				7,864
Chemicals 4.22%
Axalta Coating Systems Ltd.*		106,882		3,052
Corteva, Inc.		96,791		3,748
Valvoline, Inc.		170,330		3,941
Total				10,741

Investments	Shares		Fair Value (000)
Communications Equipment 1.31%
F5 Networks, Inc.*		18,857	$	3,318
Construction & Engineering 1.58%
EMCOR Group, Inc.		43,852		4,011
Consumer Finance 2.15%
Discover Financial Services		60,520		5,479
Containers & Packaging 1.53%
Avery Dennison Corp.		25,070		3,889
Electric: Utilities 4.93%
Edison International		59,910		3,764
Entergy Corp.		35,612		3,556
NRG Energy, Inc.		55,990		2,102
Pinnacle West Capital Corp.		38,940		3,113
Total				12,535
Electrical Equipment 4.11%
Acuity Brands, Inc.		28,555		3,457
Hubbell, Inc.		23,125		3,626
Rockwell Automation, Inc.		13,428		3,368
Total				10,451
Electronic Equipment, Instruments & Components 1.40%
Avnet, Inc.		101,147		3,551
Energy Equipment & Services 0.63%
NOV, Inc.		116,460		1,599
Equity Real Estate Investment Trusts 8.67%
Alexandria Real Estate Equities, Inc.		21,516		3,835
Camden Property Trust		34,790		3,476
CoreSite Realty Corp.		15,070		1,888
Duke Realty Corp.		73,871		2,953
Healthcare Trust of America, Inc. Class A		87,240		2,403
Highwoods Properties, Inc.		70,714		2,802
Host Hotels & Resorts, Inc.		128,576		1,881
Weingarten Realty Investors		129,467		2,805
Total				22,043

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Shares		Fair Value (000)
Food Products 1.02%
J.M. Smucker Co. (The)		22,417	$	2,591
Health Care Equipment & Supplies 3.03%
Alcon, Inc. (Switzerland)*(b)		55,006		3,629
NuVasive, Inc.*		25,382		1,430
Zimmer Biomet Holdings, Inc.		17,100		2,635
Total				7,694
Health Care Providers & Services 2.99%
AmerisourceBergen Corp.		19,233		1,880
Molina Healthcare, Inc.*		12,390		2,635
Quest Diagnostics, Inc.		25,911		3,088
Total				7,603
Hotels, Restaurants & Leisure 2.89%
Caesars Entertainment, Inc.*		46,978		3,489
Choice Hotels International, Inc.		23,590		2,518
Domino’s Pizza, Inc.		3,528		1,353
Total				7,360
Household Durables 1.59%
Leggett & Platt, Inc.		90,972		4,030
Household Products 2.01%
Reynolds Consumer Products, Inc.		76,020		2,284
Spectrum Brands Holdings, Inc.		35,950		2,839
Total				5,123
Information Technology Services 2.00%
Euronet Worldwide, Inc.*		35,120		5,090
Insurance 5.84%
Everest Re Group Ltd.		15,506		3,630
Fidelity National Financial, Inc.		97,427		3,808
Globe Life, Inc.		33,090		3,142
Hartford Financial Services Group, Inc. (The)		87,351		4,279
Total				14,859

Investments	Shares		Fair Value (000)
Internet & Direct Marketing Retail 1.23%
eBay, Inc.		62,389	$	3,135
Leisure Products 1.44%
Brunswick Corp.		48,035		3,662
Life Sciences Tools & Services 1.62%
Waters Corp.*		16,630		4,115
Machinery 3.05%
Cummins, Inc.		18,110		4,113
Westinghouse Air Brake Technologies Corp.		49,801		3,645
Total				7,758
Media 2.98%
Fox Corp. Class A		96,740		2,817
Nexstar Media Group, Inc. Class A		15,110		1,650
Omnicom Group, Inc.		49,870		3,110
Total				7,577
Metals & Mining 1.55%
Lundin Mining Corp.(a)	CAD	444,539		3,946
Multi-Utilities 1.26%
CMS Energy Corp.		52,495		3,203
Oil, Gas & Consumable Fuels 3.42%
Cabot Oil & Gas Corp.		103,200		1,680
Marathon Petroleum Corp.		47,564		1,967
ONEOK, Inc.		55,176		2,118
Parsley Energy, Inc. Class A		205,483		2,918
Total				8,683
Road & Rail 1.51%
Kansas City Southern		6,520		1,331
Landstar System, Inc.		18,700		2,518
Total				3,849
Semiconductors & Semiconductor Equipment 1.75%
Teradyne, Inc.		37,024		4,439

See Notes to Financial Statements. 9

Schedule of Investments (concluded)

December 31, 2020

Investments	Shares		Fair Value (000)
Software 2.94%
Fair Isaac Corp.*		7,390	$	3,777
Synopsys, Inc.*		14,289		3,704
Total				7,481
Specialty Retail 2.70%
Ross Stores, Inc.		32,591		4,002
Williams-Sonoma, Inc.		28,060		2,858
Total	��			6,860
Technology Hardware, Storage & Peripherals 1.34%
NetApp, Inc.		51,361		3,402
Water Utilities 0.66%
American Water Works Co., Inc.		10,930		1,677
Total Common Stocks (cost $216,941,787)				253,449

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.47%
Repurchase Agreement
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $1,221,400 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $1,221,400; proceeds: $1,197,403 (cost $1,197,403)	$	1,197	$	1,197
Total Investments in Securities 100.14% (cost $218,139,190)				254,646
Liabilities in Excess of Other Assets (0.14)%				(360	)
Net Assets 100.00%			$	254,286

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

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Beverages	$	–	$	3,086	$	–	$	3,086
Remaining Industries		250,363		–		–		250,363
Short-Term Investment
Repurchase Agreement		–		1,197		–		1,197
Total	$	250,363	$	4,283	$	–	$	254,646

(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.

A reconciliation of Level 3 investments is presented when the fund has a significant amount of Level 3 investments in relation to the Fund’s net assets.

10 See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $218,139,190)	$	254,646,000
Receivables:
Dividends		222,710
Investment securities sold		207,580
Capital shares sold		157,329
Prepaid expenses and other assets		3,250
Total assets		255,236,869
LIABILITIES:
Payables:
Management fee		155,246
Directors’ fees		73,987
Capital shares reacquired		57,001
Transfer agent fees		556,484
Fund administration		8,511
Accrued expenses		99,375
Total liabilities		950,604
Commitments and contingent liabilities
NET ASSETS	$	254,286,265
COMPOSITION OF NET ASSETS:
Paid-in capital	$	227,929,144
Total distributable earnings (loss)		26,357,121
Net Assets	$	254,286,265
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		10,554,754
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$24.09

See Notes to Financial Statements. 11

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Dividends (net of foreign withholding taxes of $20,571)	$	5,104,537
Securities lending net income		10
Interest and other		1,402
Total investment income		5,105,949
Expenses:
Management fee		1,654,355
Non 12b-1 service fees		560,304
Shareholder servicing		170,529
Fund administration		89,653
Professional		53,294
Reports to shareholders		52,451
Custody		19,026
Directors’ fees		8,096
Other		39,563
Gross expenses		2,647,271
Expense reductions (See Note 8)		(1,733	)
Fees waived and expenses reimbursed (See Note 3)		(19,026	)
Net expenses		2,626,512
Net investment income		2,479,437
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(9,100,784	)
Net realized gain (loss) on foreign currency related transactions		401
Net change in unrealized appreciation/depreciation on investments		10,070,205
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		983
Net realized and unrealized gain (loss)		970,805
Net Increase in Net Assets Resulting From Operations	$	3,450,242

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment income	$	2,479,437		$	2,413,673
Net realized gain (loss) on investments and foreign currency related transactions		(9,100,383	)		7,087,354
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		10,071,188			42,550,934
Net increase in net assets resulting from operations		3,450,242			52,051,961
Distributions to shareholders:		(2,488,293	)		(6,874,851	)
Capital share transactions (See Note 14):
Proceeds from sales of shares		16,861,385			33,801,297
Reinvestment of distributions		2,488,293			6,874,851
Cost of shares reacquired		(37,145,314	)		(55,704,547	)
Net decrease in net assets resulting from capital share transactions		(17,795,636	)		(15,028,399	)
Net increase (decrease) in net assets		(16,833,687	)		30,148,711
NET ASSETS:
Beginning of year	$	271,119,952		$	240,971,241
End of year	$	254,286,265		$	271,119,952

See Notes to Financial Statements. 13

Financial Highlights

			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
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	)
12/31/2016		23.28		0.13		3.69			3.82			(0.13	)		(1.45	)		(1.58	)

(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.

14 See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:
Net					Total expenses						Net
asset					after waivers				Net		assets,		Portfolio
value,		Total			and/or		Total		investment		end of		turnover
end of		return(b)			reimbursements		expenses		income		period		rate
period		(%)			(%)		(%)		(%)		(000)		(%)
$	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
	25.52		16.39			1.17		1.17		0.52		356,563		67

See Notes to Financial Statements. 15

Notes to Financial Statements

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 December 31, 2020. This report covers Mid Cap Stock Portfolio (the “Fund”).

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

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. 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 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.
	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,

16

Notes to Financial Statements (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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain(loss) on investments 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 forward 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

17

Notes to Financial Statements (continued)

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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

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

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of .74% of the Fund’s average daily net assets.

18

Notes to Financial Statements (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 $12,974 of the fund administration fees during the fiscal year ended December 31, 2020.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	2,488,293	$	2,394,211
Net long-term capital gains		–		4,480,640
Total distributions paid	$	2,488,293	$	6,874,851

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	13,401
Undistributed long-term capital gains		–
Total undistributed earnings		13,401
Capital loss carryforwards*		(8,648,014	)
Temporary differences		(73,987	)
Unrealized gains – net		35,065,721
Total accumulated gains – net	$	26,357,121

* The capital losses will carry forward indefinitely.

19

Notes to Financial Statements (continued)

As of December 31, 2020, 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	$	219,581,262
Gross unrealized gain		40,680,988
Gross unrealized loss		(5,616,250	)
Net unrealized security gain	$	35,064,738

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 fiscal year ended December 31, 2020 were as follows:

Purchases	Sales
$150,371,428	$167,826,711

There were no purchases or sales of U.S. Government securities for the fiscal year ended December 31, 2020.

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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $1,440,086, and sales of $940,803, which resulted in net realized losses of $278,411.

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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

20

Notes to Financial Statements (continued)

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 Agreement	$1,197,403	$	–	$1,197,403
Total	$1,197,403	$	–	$1,197,403

	Net Amounts 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.		$1,197,403	$	–	$	–	$	(1,197,403	)	$	–
Total		$1,197,403	$	–	$	–	$	(1,197,403	)	$	–

(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 December 31, 2020.

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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and

21

Notes to Financial Statements (continued)

$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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

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 Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2020, 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. (the “agent”) 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

22

Notes to Financial Statements (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.

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.

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 can affect the Fund’s performance.

23

Notes to Financial Statements (concluded)

14. SUMMARY OF CAPITAL TRANSACTIONS 

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		851,555			1,487,614
Reinvestment of distributions		105,536			289,623
Shares reacquired		(1,821,997	)		(2,487,867	)
Decrease		(864,906	)		(710,630	)

24

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Mid Cap Stock Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Mid Cap Stock Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 16, 2021

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

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Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

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Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016).   Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016).   Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

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Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

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Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period, but below the median of the performance peer group for the three-, five-, and ten-year periods. The Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord

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Approval of Advisory Contract (continued)

Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that although the Fund’s net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee rate was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett for services other than investment advisory

30

Approval of Advisory Contract (concluded)

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

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

31

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.

Tax Information

For corporate shareholders, 100% of the Fund’s ordinary income distributions qualified for the dividends received deduction.

32

 

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 (02/21)

 

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Short Duration Income Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
5	Investment Comparison
6	Information About Your Fund’s Expenses and Holdings Presented by Sector
8	Schedule of Investments
46	Statement of Assets and Liabilities
47	Statement of Operations
48	Statements of Changes in Net Assets
50	Financial Highlights
52	Notes to Financial Statements
65	Report of Independent Registered Public Accounting Firm
66	Supplemental Information to Shareholders

Lord Abbett Series Fund – Short Duration Income Portfolio

Annual Report

For the fiscal year ended December 31, 2020

  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 overview of the performance of Lord Abbett Series Fund – Short Duration Income Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates. 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

For the fiscal year ended December 31, 2020, the Fund returned 3.13%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the ICE BofA 1-3 Year U.S. Corporate Credit Index,¹ which returned 4.16%.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced

in a likelihood of two more interest rate cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded.

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During the month of March, the S&P 500 Index² experienced its fastest bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0-0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in

COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, increased COVID-19 concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with greater than 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals”. Additionally, Congress passed a fifth COVID-19 relief package,

2

worth roughly $900 billion, with approximately $325 billion in small business relief.

Consistent with the Fund’s mandate, the Fund maintained exposure to a variety of bond market sectors beyond the investment grade corporate bonds represented in the benchmark. This broad opportunity set provides portfolio diversification and allows for the flexibility to pursue relative value opportunities across sectors.

The Fund’s allocation to commercial mortgage-backed securities was the largest detractor from relative performance over the period. Despite holding an up-in-quality bias, the exposure detracted as valuation uncertainty and the shutdown nature of the COVID-19 pandemic, especially in hotel and retail properties, acted as strong headwinds to the asset class. A modest allocation to cash and cash equivalents also detracted from relative performance during the period.

The main contributor to relative performance over the period was security

selection within investment grade corporate bonds. Most notably, security selection in the health care and capital goods sectors benefited performance. After the March drawdown, we began to add modestly to short-term high yield bonds, as we believed the asset class might benefit from the easing of restrictions, lower rates, and a search-for-yield environment. Since March, the Fund’s allocation to high yield credit has contributed significantly to performance. Most notably, the portfolio’s high yield allocations within the autos, leisure, energy and technology sectors contributed to relative performance.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹  The ICE BofA 1-3 Year U.S. Corporate Index is an unmanaged index comprised of U.S. dollar-denominated investment grade corporate debt securities publicly issued in the U.S. domestic market with between one and three years remaining to final maturity.

²  The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense

3

waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

4

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in the ICE BofA 1-3 Year U.S. Corporate Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. This line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the period, expenses of the Fund were waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

 

Average Annual Total Returns for the Periods Ended December 31, 2020
	1 Year	5 Years	10 Years	Life of Class
Class VC2	3.13%	2.99%	–	2.34%

¹  Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance for the index began on April 14, 2014.

²  The Class VC shares commenced operations on April 4, 2014. Performance for the Class began on April 14, 2014.

5

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

6

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. 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†
					7/1/20 -
	7/1/20		12/31/20		12/31/20
Class VC
Actual	$	1,000.00	$	1,028.40	$	4.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.01	$	4.17

^†  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 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Auto	4.83	%
Basic Industry	0.52	%
Capital Goods	1.32	%
Consumer Cyclical	2.00	%
Consumer Discretionary	1.21	%
Consumer Services	1.08	%
Consumer Staples	0.90	%
Energy	7.70	%
Financial Services	51.68	%
Foreign Government	0.82	%
Health Care	3.89	%
Integrated Oils	0.06	%
Materials & Processing	4.29	%
Municipal	0.12	%
Other	0.08	%
Producer Durables	1.90	%
Technology	4.66	%
Telecommunications	0.88	%
Transportation	0.77	%
U.S. Government	3.76	%
Utilities	3.46	%
Repurchase Agreement	4.07	%
Total	100.00	%

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

7

Schedule of Investments

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 93.44%
ASSET-BACKED SECURITIES 18.16%
Automobiles 6.05%
AmeriCredit Automobile Receivables Trust 2017-2 C	2.97%	3/20/2023	$	60	$	60,475
AmeriCredit Automobile Receivables Trust 2017-3 B	2.24%	6/19/2023		10		9,609
AmeriCredit Automobile Receivables Trust 2017-4 B	2.36%	12/19/2022		30		30,013
AmeriCredit Automobile Receivables Trust 2020-1 B	1.48%	1/21/2025		64		65,190
ARI Fleet Lease Trust 2020-A A2†	1.77%	8/15/2028		96		97,213
Bank of The West Auto Trust 2017-1 A3†	2.11%	1/15/2023		23		23,019
Bank of The West Auto Trust 2017-1 A4†	2.33%	9/15/2023		100		101,502
California Republic Auto Receivables Trust 2018-1 A3	3.14%	8/15/2022		7		7,417
Capital Auto Receivables Asset Trust 2017-1 A4†	2.22%	3/21/2022		3		2,939
Capital Auto Receivables Asset Trust 2018-2 A3†	3.27%	6/20/2023		12		12,517
CarMax Auto Owner Trust 2016-4 A4	1.60%	6/15/2022		8		8,487
CarMax Auto Owner Trust 2017-3 A4	2.22%	11/15/2022		33		33,322
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		77		77,095
CarMax Auto Owner Trust 2020-2 A3	1.70%	11/15/2024		29		29,580
Carvana Auto Receivables Trust 2019-2A C†	3.00%	6/17/2024		43		44,193
Chesapeake Funding II LLC 2017-2A A1†	1.99%	5/15/2029		3		3,421
Chesapeake Funding II LLC 2017-3A A1†	1.91%	8/15/2029		17		16,671
Chesapeake Funding II LLC 2017-4A A1†	2.12%	11/15/2029		42		42,208
CPS Auto Receivables Trust 2018-B C†	3.58%	3/15/2023		71		71,348
CPS Auto Receivables Trust 2019-C†	2.84%	6/16/2025		100		102,194
CPS Auto Receivables Trust 2019-C D†	3.17%	6/16/2025		200		207,232
CPS Auto Receivables Trust 2019-D B†	2.35%	11/15/2023		100		101,085
CPS Auto Receivables Trust 2019-D C†	2.54%	8/15/2024		100		102,058
CPS Auto Receivables Trust 2020-C B†	1.01%	1/15/2025		260		260,826
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		13		13,179
Drive Auto Receivables Trust 2017-2 D	3.49%	9/15/2023		77		77,915
Drive Auto Receivables Trust 2017-BA D†	3.72%	10/17/2022		10		9,617
Drive Auto Receivables Trust 2018-3 C	3.72%	9/16/2024		29		28,819
Drive Auto Receivables Trust 2018-4 C	3.66%	11/15/2024		48		47,997
Drive Auto Receivables Trust 2018-4 D	4.09%	1/15/2026		34		35,321
Drive Auto Receivables Trust 2018-5 C	3.99%	1/15/2025		84		85,965

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)			Fair Value
Automobiles (continued)
Drive Auto Receivables Trust 2019-2 B	3.17%	11/15/2023	$	33		$	33,032
Drive Auto Receivables Trust 2019-2 C	3.42%	6/16/2025		76			78,103
Drive Auto Receivables Trust 2019-2 D	3.69%	8/17/2026		44			46,301
Drive Auto Receivables Trust 2019-4 C	2.51%	11/17/2025		107			109,407
Drive Auto Receivables Trust 2019-4 D	2.70%	2/16/2027		82			84,674
Enterprise Fleet Financing LLC 2020-2 A2†	0.61%	7/20/2026		175			175,562
Exeter Automobile Receivables Trust 2017-3A B†	2.81%	9/15/2022		4			3,533
Exeter Automobile Receivables Trust 2019-4A B†	2.30%	12/15/2023		75			75,757
Fifth Third Auto Trust 2019-1 A2A	2.66%	5/16/2022		2			1,552
Fifth Third Auto Trust 2019-1 A4	2.69%	11/16/2026		50			52,053
First Investors Auto Owner Trust 2018-1A B†	3.51%	5/15/2023		40			40,447
Flagship Credit Auto Trust 2017-3 B†	2.59%	7/15/2022		–	(a)		205
Flagship Credit Auto Trust 2018-3 A†	3.07%	2/15/2023		28			28,006
Flagship Credit Auto Trust 2019-1 A†	3.11%	8/15/2023		26			26,553
Ford Credit Auto Owner Trust 2016-2 A†	2.03%	12/15/2027		300			302,436
Ford Credit Auto Owner Trust 2017-2 A†	2.36%	3/15/2029		100			103,475
Ford Credit Auto Owner Trust 2018-2 A†	3.47%	1/15/2030		200			214,631
Ford Credit Auto Owner Trust 2019-REV1 A†	3.52%	7/15/2030		100			109,164
Ford Credit Auto Owner Trust 2020-C A3	0.41%	7/15/2025		155			155,626
Ford Credit Auto Owner Trust REV1 2016-1 A†	2.31%	8/15/2027		100			100,237
Foursight Capital Automobile Receivables Trust 2020-1 A3†	2.05%	10/15/2024		100			102,256
GM Financial Automobile Leasing Trust 2020-3 A4	0.51%	10/21/2024		363			364,624
GM Financial Automobile Leasing Trust 2019-2 A3	2.67%	3/21/2022		56			56,558
GM Financial Automobile Leasing Trust 2020-2 A3	0.80%	7/20/2023		73			73,590
GM Financial Consumer Automobile Receivables Trust 2019-1 B	3.37%	8/16/2024		26			27,239
GM Financial Consumer Automobile Receivables Trust 2020-4 A3	0.38%	8/18/2025		195			195,431
Honda Auto Receivables Owner Trust 2020-2 A3	0.82%	7/15/2024		75			75,745
Honda Auto Receivables Owner Trust 2020-3 A3	0.37%	10/18/2024		156			156,325
Hyundai Auto Receivables Trust 2016-B C	2.19%	11/15/2022		72			72,196
Hyundai Auto Receivables Trust 2019-B A2	1.93%	7/15/2022		33			33,059
Mercedes-Benz Auto Lease Trust 2018-B A3	3.21%	9/15/2021		6			5,862
Nissan Auto Lease Trust 2020-B A3	0.43%	10/16/2023		178			178,324
Santander Drive Auto Receivables Trust 2017-1 D	3.17%	4/17/2023		9			8,884
Santander Drive Auto Receivables Trust 2017-2 D	3.49%	7/17/2023		65			65,389
Santander Drive Auto Receivables Trust 2017-3 C	2.76%	12/15/2022		2			2,202
Santander Drive Auto Receivables Trust 2018-4 C	3.56%	7/15/2024		43			43,108

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Santander Drive Auto Receivables Trust 2018-5 C	3.81%		12/16/2024	$	59	$	59,724
Santander Drive Auto Receivables Trust 2019-3 C	2.49%		10/15/2025		121		123,556
Santander Drive Auto Receivables Trust 2020-2 D	2.22%		9/15/2026		216		222,319
Santander Retail Auto Lease Trust 2019-B D†	3.31%		6/20/2024		72		74,597
TCF Auto Receivables Owner Trust 2016-1A B†	2.32%		6/15/2022		2		2,244
Toyota Auto Receivables Owner Trust 2020-D A2	0.23%		5/15/2023		180		180,022
Toyota Auto Receivables Owner Trust 2020-D A3	0.35%		1/15/2025		161		161,357
Volkswagen Auto Loan Enhanced Trust 2020-1 A3	0.98%		11/20/2024		141		142,539
Westlake Automobile Receivables Trust 2019-2A A2A†	2.57%		2/15/2023		55		54,897
Westlake Automobile Receivables Trust 2019-2A D†	3.20%		11/15/2024		86		89,060
Westlake Automobile Receivables Trust 2019-3A B†	2.41%		10/15/2024		97		98,551
Westlake Automobile Receivables Trust 2019-3A C†	2.49%		10/15/2024		94		96,259
World Omni Automobile Lease Securitization Trust 2020-B A3	0.45%		2/15/2024		91		91,279
World Omni Select Auto Trust 2018-1A B†	3.68%		7/15/2023		17		17,175
World Omni Select Auto Trust 2018-1A D†	4.13%		1/15/2025		52		53,831
World Omni Select Auto Trust 2019-A C	2.38%		12/15/2025		15		15,522
World Omni Select Auto Trust 2019-A D	2.59%		12/15/2025		45		46,176
Total							6,539,081
Credit Cards 1.48%
Barclays Dryrock Issuance Trust 2018-1 A	0.489% (1 Mo. LIBOR + .33%	)#	7/15/2024		100		100,197
Capital One Multi-Asset Execution Trust 2019-A2	1.72%		8/15/2024		41		42,004
Golden Credit Card Trust 2018-1A A†	2.62%		1/15/2023		268		268,232
Master Credit Card Trust 2019-1A B†	3.57%		7/21/2022		100		99,861
Master Credit Card Trust II Series 2018-1A A†	0.642% (1 Mo. LIBOR + .49%	)#	7/21/2024		100		100,285
Synchrony Credit Card Master Note Trust 2016-2 A	2.21%		5/15/2024		179		180,272
Synchrony Credit Card Master Note Trust 2016-2 B	2.55%		5/15/2024		100		100,450
Synchrony Credit Card Master Note Trust 2017-2 B	2.82%		10/15/2025		100		103,481
World Financial Network Credit Card Master Trust 2016-A	2.03%		4/15/2025		134		135,023
World Financial Network Credit Card Master Trust 2018-C A	3.55%		8/15/2025		173		177,388
World Financial Network Credit Card Master Trust 2018-C M	3.95%		8/15/2025		36		36,754
World Financial Network Credit Card Master Trust 2019-A A	3.14%		12/15/2025		97		100,058

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Credit Cards (continued)
World Financial Network Credit Card Master Trust 2019-B A		2.49%		4/15/2026	$	8	$	8,248
World Financial Network Credit Card Master Trust 2019-C A		2.21%		7/15/2026		140		144,399
Total								1,596,652
Other 10.63%
ACAM Ltd. 2019-FL1 A†		1.553% (1 Mo. LIBOR + 1.40%	)#	11/17/2034		168		167,769
Ammc Clo Ltd. 2016-19A BR†		2.037% (3 Mo. LIBOR + 1.80%	)#	10/16/2028		250		247,959
Amur Equipment Finance Receivables VI LLC 2018-2A A2†		3.89%		7/20/2022		48		49,307
Amur Equipment Finance Receivables VII LLC 2019-1A A2†		2.63%		6/20/2024		77		78,617
Apidos CLO XXII 2015-22A A1R†		1.278% (3 Mo. LIBOR + 1.06%	)#	4/20/2031		250		248,878
Arbor Realty Collateralized Loan Obligation Ltd. 2017-FL3 A†	1.149% (1 Mo. LIBOR + .99%		)#	12/15/2027		100		99,838
Arbor Realty Commercial Real Estate Notes Ltd. 2018-FL1 A†	1.309% (1 Mo. LIBOR + 1.15%		)#	6/15/2028		100		99,753
Ares XLI CLO Ltd. 2016-41A AR†		1.437% (3 Mo. LIBOR + 1.20%	)#	1/15/2029		250		250,125
Ascentium Equipment Receivables Trust 2017-1A A3†		2.29%		6/10/2021		1		669
Avery Point V CLO Ltd. 2014-5A AR†		1.198% (3 Mo. LIBOR + .98%	)#	7/17/2026		73		72,631
Bain Capital Credit CLO Ltd. 2020-5A A1†		Zero Coupon	#(b)	1/20/2032		250		250,008
BDS Ltd. 2019-FL3 A†		1.553% (1 Mo. LIBOR + 1.40%	)#	1/15/2036		100		99,824
Benefit Street Partners CLO IV Ltd. 2014-IVA A1RR†		1.468% (3 Mo. LIBOR + 1.25%	)#	1/20/2029		250		250,312
BSPRT Issuer, Ltd. 2019 FL5 A†		1.309% (1 Mo. LIBOR + 1.15%	)#	5/15/2029		100		99,645
Conn’s Receivables Funding LLC 2019-B A†		2.66%		6/17/2024		12		12,294
CoreVest American Finance Ltd. 2018-1 A†		3.804%		6/15/2051		69		72,256
Diamond Resorts Owner Trust 2016-1 A†		3.08%		11/20/2028		13		13,041
Diamond Resorts Owner Trust 2018-1 A†		3.70%		1/21/2031		45		47,521
Diamond Resorts Owner Trust 2018-1 B†		4.19%		1/21/2031		37		38,475
DLL LLC 2018-1 A3†		3.10%		4/18/2022		19		19,184
DLL LLC 2018-1 A4†		3.27%		4/17/2026		109		111,042

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
DLL Securitization Trust 2017-A A4†	2.43%		11/17/2025	$	99	$	99,316
Dryden XXV Senior Loan Fund 2012-25A BRR†	1.587% (3 Mo. LIBOR + 1.35%	)#	10/15/2027		290		288,446
Elm CLO Ltd. 2014-1A BRR†	1.968% (3 Mo. LIBOR + 1.75%	)#	1/17/2029		200		201,257
Elmwood CLO VI Ltd. 2020-3A A†	1.557%  (3 Mo. LIBOR + 1.32%	)#	10/15/2031		250		249,973
Fairstone Financial Issuance Trust I 2019-1A A†(c)	3.948%		3/21/2033	CAD	150		118,980
Ford Credit Floorplan Master Owner Trust 2019-1 A	2.84%		3/15/2024	$	239		246,369
Ford Credit Floorplan Master Owner Trust 2019-2 A	3.06%		4/15/2026		305		330,949
FREED ABS TRUST 2018-2 A†	3.99%		10/20/2025		6		6,178
Grand Avenue CRE 2019-FL1 A†	1.279%  (1 Mo. LIBOR + 1.12%	)#	6/15/2037		216		215,240
Grand Avenue CRE 2019-FL1 AS†	1.659%  (1 Mo. LIBOR + 1.50%	)#	6/15/2037		100		99,577
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 A†	1.709%  (1 Mo. LIBOR + 1.55%	)#	9/15/2028		124		123,862
Greystone Commercial Real Estate Notes Ltd. 2018-HC1 AS†	2.309%  (1 Mo. LIBOR + 2.15%	)#	9/15/2028		38		37,344
Halcyon Loan Advisors Funding Ltd. 2015-2A AR†	1.295% (3 Mo. LIBOR + 1.08%	)#	7/25/2027		114		113,251
HPEFS Equipment Trust 2020-1A A2†	1.73%		2/20/2030		82		82,516
HPEFS Equipment Trust 2020-1A B†	1.89%		2/20/2030		100		101,951
HPS Loan Management Ltd. 10-2016 A2R†	1.968% (3 Mo. LIBOR + 1.75%	)#	1/20/2028		250		250,095
Hyundai Floorplan Master Owner Trust 2019-1 A†	2.68%		4/15/2024		180		185,154
JFIN CLO Ltd. 2013-1A A1NR†	1.608%  (3 Mo. LIBOR + 1.39%	)#	1/20/2030		129		129,147
KKR CLO Ltd.†	1.357% (3 Mo. LIBOR + 1.14%	)#	3/15/2031		250		249,074
LMREC, Inc. 2019-CRE3 A†	1.551% (1 Mo. LIBOR + 1.40%	)#	12/22/2035		139		137,915
LoanCore Issuer Ltd. 2019-CRE2 A†	1.289% (1 Mo. LIBOR + 1.13%	)#	5/15/2036		101		100,533
M360 LLC 2019-CRE2 A†	1.559% (1 Mo. LIBOR + 1.40%	)#	9/15/2034		155		153,965
Mercedes-Benz Master Owner Trust 2019-BA A†	2.61%		5/15/2024		147		152,066
Mountain Hawk III CLO Ltd. 2014-3A AR†	1.418% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		32		31,663
Mountain View CLO LLC 2017-1A AR†	1.32% (3 Mo. LIBOR + 1.09%	)#	10/16/2029		250		248,629

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Mountain View CLO XIV Ltd. 2019-1A A1†	1.727% (3 Mo. LIBOR + 1.49%	)#	4/15/2029	$	250	$	250,113
MVW Owner Trust 2017-1A A†	2.42%		12/20/2034		30		30,875
Navient Private Education Refi Loan Trust 2020-FA A†	1.22%		7/15/2069		75		75,956
NextGear Floorplan Master Owner Trust 2018-2A A2†	3.69%		10/15/2023		374		383,797
NextGear Floorplan Master Owner Trust 2018-2A B†	4.01%		10/15/2023		100		102,622
NextGear Floorplan Master Owner Trust 2020-1A A1†	0.959% (1 Mo. LIBOR + .80%	)#	2/15/2025		530		535,282
Northwoods Capital Ltd. 2019-20A A1†	1.535% (3 Mo. LIBOR + 1.32%	)#	1/25/2030		250		250,065
Octagon Investment Partners XVII Ltd. 2013-1A A1R2†	1.215% (3 Mo. LIBOR + 1.00%	)#	1/25/2031		250		249,380
OneMain Financial Issuance Trust 2018-2A A†	3.57%		3/14/2033		100		105,846
OneMain Financial Issuance Trust 2019-1A A†	3.48%		2/14/2031		151		152,398
OneMain Financial Issuance Trust 2019-1A B†	3.79%		2/14/2031		100		102,924
Orange Lake Timeshare Trust 2019-A†	3.06%		4/9/2038		30		31,349
Orec Ltd. 2018-CRE1 A†	1.339% (1 Mo. LIBOR + 1.18%	)#	6/15/2036		136		135,340
OZLM Funding III Ltd. 2013-3A A1RR†	1.396% (3 Mo. LIBOR + 1.18%	)#	1/22/2029		248		248,753
OZLM VIII Ltd. 2014-8A A1RR†	1.388% (3 Mo. LIBOR + 1.17%	)#	10/17/2029		248		247,446
PFS Financing Corp. 2018-B A†	2.89%		2/15/2023		122		122,258
PFS Financing Corp. 2020-A†	1.27%		6/15/2025		151		153,339
PFS Financing Corp. 2020-E A†	1.00%		10/15/2025		136		137,221
PFS Financing Corp. 2020-G A†	0.97%		2/15/2026		108		108,788
Planet Fitness Master Issuer LLC 2018-1A A2II†	4.666%		9/5/2048		98		97,828
Prima Capital CRE Securitization 2015-5A C†	4.50%		12/24/2050		70		69,177
Salem Fields CLO Ltd. 2016-2A A1R†	1.365% (3 Mo. LIBOR + 1.15%	)#	10/25/2028		250		250,009
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		13		13,544
SCF Equipment Leasing LLC 2018-1A A2†	3.63%		10/20/2024		33		33,183
SCF Equipment Leasing LLC 2019-1A A2†	3.23%		10/20/2024		72		72,255
SCF Equipment Leasing LLC 2019-2A A1†	2.22%		6/20/2024		66		67,065
SCF Equipment Leasing LLC 2019-2A A2†	2.47%		4/20/2026		177		183,104
SLC Student Loan Trust 2008-1 A4A	1.817% (3 Mo. LIBOR + 1.60%	)#	12/15/2032		45		46,184
TCI-Flatiron CLO 2016-1 Ltd. 2016-1A AR2†(d)	Zero Coupon	#(b)	1/17/2032		250		250,000

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Other (continued)
TICP CLO VI Ltd. 2016 6A AR†	1.437% (3 Mo. LIBOR + 1.20%	)#	1/15/2029	$	250		$	250,141
Towd Point Asset Trust 2018-SL1 A†	0.749% (1 Mo. LIBOR + .60%	)#	1/25/2046		67			66,875
Verizon Owner Trust 2020-B A	0.47%		2/20/2025		136			136,572
Verizon Owner Trust 2020-C A	0.41%		4/21/2025		205			205,542
West CLO Ltd. 2014-2A A1AR†	1.10% (3 Mo. LIBOR + .87%	)#	1/16/2027		47			46,728
Total								11,494,557
Total Asset-Backed Securities (cost $19,430,748)								19,630,290
				Shares (000)
COMMON STOCK 0.00%
Miscellaneous
UTEX Industries, Inc. (cost $210)					–	(e)		218
				Principal Amount (000)
CONVERTIBLE BOND 0.10%
Technology
Weibo Corp. (China)(f) (cost $106,402)	1.25%		11/15/2022	$	110			107,249
CORPORATE BONDS 53.56%
Aerospace/Defense 1.56%
BAE Systems PLC (United Kingdom)†(f)	4.75%		10/11/2021		400			412,950
Boeing Co. (The)	2.30%		8/1/2021		48			48,445
Boeing Co. (The)	2.80%		3/1/2023		316			328,147
Boeing Co. (The)	4.508%		5/1/2023		251			271,390
Boeing Co. (The)	4.875%		5/1/2025		488			556,603
Howmet Aerospace, Inc.	5.125%		10/1/2024		58			63,921
Total								1,681,456
Air Transportation 0.20%
Air Canada 2015-1 Class B Pass-Through Trust (Canada)†(f)	3.875%		9/15/2024		12			12,175
Air Canada 2015-2 Class B Pass-Through Trust (Canada)†(f)	5.00%		6/15/2025		6			6,318

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Air Transportation (continued)
American Airlines 2014-1 Class B Pass-Through Trust	4.375%		4/1/2024	$	46	$	37,276
American Airlines Group, Inc.†	3.75%		3/1/2025		92		71,300
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.†	8.00%		9/20/2025		41		45,717
United Airlines 2014-1 Class B Pass-Through Trust	4.75%		10/11/2023		8		7,543
US Airways 2012-2 Class B Pass-Through Trust	6.75%		12/3/2022		9		8,524
US Airways 2013-1 Class B Pass-Through Trust	5.375%		5/15/2023		30		28,275
Total							217,128
Apparel 0.08%
William Carter Co. (The)†	5.50%		5/15/2025		80		85,109
Auto Parts: Original Equipment 0.73%
BorgWarner, Inc.†	5.00%		10/1/2025		87		102,342
Nexteer Automotive Group Ltd.†	5.875%		11/15/2021		200		200,236
ZF North America Capital, Inc.†	4.75%		4/29/2025		450		485,487
Total							788,065
Automobiles 4.08%
BMW US Capital LLC†	3.90%		4/9/2025		152		171,190
Daimler Finance North America LLC†	0.895% (3 Mo. LIBOR + .67%	)#	11/5/2021		150		150,669
Daimler Finance North America LLC†	1.121% (3 Mo. LIBOR + .90%	)#	2/15/2022		150		151,154
Daimler Finance North America LLC†	1.75%		3/10/2023		150		154,042
Daimler Finance North America LLC†	3.70%		5/4/2023		150		160,826
Daimler Finance North America LLC†	3.875%		9/15/2021		158		161,845
Ford Motor Co.	8.50%		4/21/2023		300		338,752
Ford Motor Credit Co. LLC	2.979%		8/3/2022		300		305,385
Ford Motor Credit Co. LLC	3.087%		1/9/2023		200		203,864
Ford Motor Credit Co. LLC	3.81%		1/9/2024		200		205,250
Ford Motor Credit Co. LLC	4.25%		9/20/2022		306		316,343
General Motors Co.	5.40%		10/2/2023		25		28,010
General Motors Co.	6.125%		10/1/2025		24		29,130
General Motors Financial Co., Inc.	1.228% (3 Mo. LIBOR + .99%	)#	1/5/2023		64		63,961
General Motors Financial Co., Inc.	2.75%		6/20/2025		134		143,377
General Motors Financial Co., Inc.	2.90%		2/26/2025		54		57,712
General Motors Financial Co., Inc.	3.15%		6/30/2022		79		81,811
General Motors Financial Co., Inc.	3.70%		5/9/2023		139		147,413
General Motors Financial Co., Inc.	3.95%		4/13/2024		47		51,208

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
General Motors Financial Co., Inc.	4.25%		5/15/2023	$	23	$	24,804
General Motors Financial Co., Inc.	5.10%		1/17/2024		132		147,777
General Motors Financial Co., Inc.	5.20%		3/20/2023		50		54,845
Hyundai Capital America†	1.25%		9/18/2023		218		220,715
Hyundai Capital America†	3.25%		9/20/2022		31		32,292
Navistar International Corp.†	6.625%		11/1/2025		19		19,929
Tesla, Inc.†	5.30%		8/15/2025		139		145,081
Toyota Motor Credit Corp.	1.35%		8/25/2023		136		139,671
Volkswagen Group of America Finance LLC†	1.154% (3 Mo. LIBOR + .94%	)#	11/12/2021		700		705,149
Total							4,412,205
Banks: Regional 10.85%
ABN AMRO Bank NV (Netherlands)(f)	6.25%		4/27/2022		400		429,046
AIB Group plc (Ireland)†(f)	4.263% (3 Mo. LIBOR + 1.87%	)#	4/10/2025		200		218,843
Associated Bank NA	3.50%		8/13/2021		47		47,779
Banco de Credito del Peru (Peru)†(f)	2.70%		1/11/2025		31		32,403
Bank of America Corp.	0.81% (SOFR + .74%	)#	10/24/2024		129		130,250
Bank of America Corp.	0.981% (SOFR + .91%	)#	9/25/2025		115		116,316
Bank of America Corp.	1.197% (SOFR + 1.01%	)#	10/24/2026		122		123,654
Bank of America Corp.	1.319% (SOFR + 1.15%	)#	6/19/2026		89		90,958
Bank of America Corp.	2.015% (3 Mo. LIBOR + .64%	)#	2/13/2026		57		59,762
Bank of America Corp.	2.456% (3 Mo. LIBOR + .87%	)#	10/22/2025		157		167,429
Bank of America Corp.	3.366% (3 Mo. LIBOR + .81%	)#	1/23/2026		152		167,402
Bank of America Corp.	3.95%		4/21/2025		136		153,366
Bank of America Corp.	4.00%		1/22/2025		248		278,825
Bank of America Corp.	4.20%		8/26/2024		175		196,414
BankUnited, Inc.	4.875%		11/17/2025		211		242,950
Barclays Bank plc (United Kingdom)†(f)	10.179%		6/12/2021		160		166,422
BBVA Bancomer SA†	6.75%		9/30/2022		150		162,300
Canadian Imperial Bank of Commerce (Canada)(f)	0.95%		6/23/2023		122		123,650
CIT Group, Inc.	3.929% (SOFR + 3.83%	)#	6/19/2024		41		43,409
CIT Group, Inc.	4.125%		3/9/2021		180		180,630
CIT Group, Inc.	4.75%		2/16/2024		49		53,670
CIT Group, Inc.	5.00%		8/15/2022		18		19,106
CIT Group, Inc.	5.00%		8/1/2023		489		535,149
Citigroup, Inc.	1.678% (SOFR + 1.67%	)#	5/15/2024		95		97,911
Citigroup, Inc.	3.106% (SOFR + 2.75%	)#	4/8/2026		701		766,815

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Citigroup, Inc.	3.142% (3 Mo. LIBOR + .72%	)#	1/24/2023	$	98	$	100,786
Citigroup, Inc.	3.352% (3 Mo. LIBOR + .90%	)#	4/24/2025		121		131,591
Citigroup, Inc.	3.875%		3/26/2025		20		22,335
Citigroup, Inc.	4.05%		7/30/2022		55		58,176
Citigroup, Inc.	4.40%		6/10/2025		347		396,927
Citigroup, Inc.	5.50%		9/13/2025		34		40,904
Credit Suisse Group AG (Switzerland)†(f)	2.193% (SOFR + 2.04%	)#	6/5/2026		250		261,485
Danske Bank A/S (Denmark)†(f)	1.171% (1 Yr Treasury CMT + 1.03%	)#	12/8/2023		200		200,988
Danske Bank A/S (Denmark)†(f)	3.001% (3 Mo. LIBOR + 1.25%	)#	9/20/2022		200		203,218
Danske Bank A/S (Denmark)†(f)	3.244% (3 Mo. LIBOR + 1.59%	)#	12/20/2025		200		214,220
Danske Bank A/S (Denmark)†(f)	5.00%		1/12/2022		200		208,850
Danske Bank A/S (Denmark)†(f)	5.375%		1/12/2024		200		225,825
FNB Corp.	2.20%		2/24/2023		53		54,035
Goldman Sachs Group, Inc. (The)	0.963% (3 Mo. LIBOR + .75%	)#	2/23/2023		240		242,312
Goldman Sachs Group, Inc. (The)	1.093% (SOFR + .79%	)#	12/9/2026		70		70,788
Goldman Sachs Group, Inc. (The)	1.215% (3 Mo. LIBOR + 1.00%	)#	7/24/2023		109		110,000
Goldman Sachs Group, Inc. (The)	1.325% (3 Mo. LIBOR + 1.11%	)#	4/26/2022		102		102,286
Goldman Sachs Group, Inc. (The)	3.50%		4/1/2025		176		195,869
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025		109		125,072
Lloyds Banking Group plc (United Kingdom)(f)	1.326% (1 Yr Treasury CMT + 1.10%	)#	6/15/2023		200		202,256
Macquarie Bank Ltd. (Australia)†(f)	6.625%		4/7/2021		95		96,485
Macquarie Group Ltd. (Australia)†(f)	3.189% (3 Mo. LIBOR + 1.02%	)#	11/28/2023		12		12,557
Macquarie Group Ltd. (Australia)†(f)	4.15% (3 Mo. LIBOR + 1.33%	)#	3/27/2024		75		80,640
Morgan Stanley	1.398% (3 Mo. LIBOR + 1.18%	)#	1/20/2022		59		59,030
Morgan Stanley	2.72% (SOFR + 1.15%	)#	7/22/2025		48		51,357
Morgan Stanley	5.00%		11/24/2025		106		126,890
Natwest Group plc (United Kingdom)(f)	6.125%		12/15/2022		91		100,104
Nordea Bank Abp (Finland)†(f)	4.875%		5/13/2021		200		203,091
Popular, Inc.	6.125%		9/14/2023		23		24,924

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Standard Chartered plc (United Kingdom)†(f)		1.319% (1 Yr Treasury CMT + 1.17%	)#	10/14/2023	$	200	$	202,270
Swedbank AB (Sweden)†(f)		1.30%		6/2/2023		200		204,012
Synovus Financial Corp.		3.125%		11/1/2022		44		45,704
UBS AG		7.625%		8/17/2022		613		678,667
UBS AG (Switzerland)(f)		5.125%		5/15/2024		200		220,950
UBS AG (United Kingdom)†(f)		1.75%		4/21/2022		200		203,590
UBS Group AG (Switzerland)†(f)		1.008% (1 Yr Treasury CMT + .83%	)#	7/30/2024		200		202,048
Wells Fargo & Co.	2.164%  (3 Mo. LIBOR + .75%		)#	2/11/2026		684		719,542
Wells Fargo & Co.		2.188% (SOFR + 2.00%	)#	4/30/2026		396		417,291
Wells Fargo & Co.	2.406%  (3 Mo. LIBOR + .83%		)#	10/30/2025		174		184,017
Wells Fargo & Co.		2.625%		7/22/2022		65		67,301
Wells Fargo & Co.		3.75%		1/24/2024		49		53,516
Total								11,726,368
Biotechnology Research & Production 0.22%
Gilead Sciences, Inc.		0.75%		9/29/2023		81		81,252
Royalty Pharma plc†		1.20%		9/2/2025		153		155,479
Total								236,731
Building Materials 0.83%
American Woodmark Corp.†		4.875%		3/15/2026		29		29,828
Boral Finance Pty Ltd. (Australia)†(f)		3.00%		11/1/2022		22		22,496
Carrier Global Corp.		2.242%		2/15/2025		190		201,314
Norbord, Inc. (Canada)†(f)		6.25%		4/15/2023		92		100,155
Owens Corning		4.20%		12/1/2024		105		116,808
Summit Materials LLC/Summit Materials Finance Corp.†		5.125%		6/1/2025		31		31,656
Vulcan Materials Co.	0.875%  (3 Mo. LIBOR + .65%		)#	3/1/2021		400		400,177
Total								902,434
Business Services 0.65%
Capitol Investment Merger Sub 2 LLC†		10.00%		8/1/2024		50		54,876
Equifax, Inc.	1.091%  (3 Mo. LIBOR + .87%		)#	8/15/2021		450		451,438
IHS Markit Ltd. (United Kingdom)(f)		4.125%		8/1/2023		71		77,309
Laureate Education, Inc.†		8.25%		5/1/2025		15		15,928
Sabre GLBL, Inc.†		7.375%		9/1/2025		98		106,477
Total								706,028

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Chemicals 0.98%
Albemarle Corp.	1.271% (3 Mo. LIBOR + 1.05%	)#	11/15/2022	$	200	$	199,592
Blue Cube Spinco LLC	9.75%		10/15/2023		5		5,140
Blue Cube Spinco LLC	10.00%		10/15/2025		18		19,080
Celanese US Holdings LLC	4.625%		11/15/2022		160		171,818
Celanese US Holdings LLC	5.875%		6/15/2021		86		87,901
DuPont de Nemours, Inc.	4.205%		11/15/2023		93		102,621
Nutrition & Biosciences, Inc.†	1.23%		10/1/2025		269		271,980
Syngenta Finance NV (Netherlands)†(f)	3.933%		4/23/2021		200		201,354
Total							1,059,486
Computer Hardware 1.26%
Dell International LLC/EMC Corp.†	5.45%		6/15/2023		507		560,903
Dell International LLC/EMC Corp.†	5.85%		7/15/2025		23		27,646
Dell International LLC/EMC Corp.†	5.875%		6/15/2021		23		23,070
Dell International LLC/EMC Corp.†	6.02%		6/15/2026		155		189,342
Hewlett Packard Enterprise Co.	0.90% (3 Mo. LIBOR + .68%	)#	3/12/2021		106		106,096
Hewlett Packard Enterprise Co.	0.958% (3 Mo. LIBOR + .72%	)#	10/5/2021		350		350,052
Leidos, Inc.†	2.95%		5/15/2023		98		103,351
Total							1,360,460
Computer Software 0.19%
BY Crown Parent LLC†	7.375%		10/15/2024		29		29,613
Solera LLC/Solera Finance, Inc.†	10.50%		3/1/2024		170		176,375
Total							205,988
Construction/Homebuilding 0.79%
Century Communities, Inc.	5.875%		7/15/2025		114		118,975
D.R. Horton, Inc.	2.60%		10/15/2025		478		516,045
D.R. Horton, Inc.	4.75%		2/15/2023		7		7,536
D.R. Horton, Inc.	5.75%		8/15/2023		35		39,302
Forestar Group, Inc.†	8.00%		4/15/2024		21		22,179
Lennar Corp.	4.50%		4/30/2024		67		74,161
Lennar Corp.	4.75%		5/30/2025		33		37,764
Lennar Corp.	4.875%		12/15/2023		12		13,275
M/I Homes, Inc.	5.625%		8/1/2025		20		20,873
Total							850,110

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Containers 0.20%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer†	5.125%		7/15/2023	$	2	$	2,026
WRKCo, Inc.	3.00%		9/15/2024		200		215,537
Total							217,563
Drugs 2.10%
Bausch Health Cos., Inc.†	5.50%		11/1/2025		36		37,342
Bausch Health Cos., Inc.†	6.125%		4/15/2025		70		72,216
Bausch Health Cos., Inc.†	7.00%		3/15/2024		211		217,277
Bayer US Finance II LLC†	1.227% (3 Mo. LIBOR + 1.01%	)#	12/15/2023		425		429,600
Bayer US Finance II LLC†	3.875%		12/15/2023		200		218,057
Bayer US Finance II LLC†	4.25%		12/15/2025		300		343,303
Becton Dickinson & Co.	1.255% (3 Mo. LIBOR + 1.03%	)#	6/6/2022		291		293,411
Cardinal Health, Inc.	0.987% (3 Mo. LIBOR + .77%	)#	6/15/2022		97		97,708
Cardinal Health, Inc.	3.079%		6/15/2024		84		90,448
Cardinal Health, Inc.	3.50%		11/15/2024		129		141,566
Cigna Corp.	0.879% (3 Mo. LIBOR + .65%	)#	9/17/2021		175		175,028
Cigna Corp.	4.125%		11/15/2025		23		26,500
CVS Health Corp.	3.875%		7/20/2025		113		128,124
Total							2,270,580
Electric: Power 3.03%
Alexander Funding Trust†	1.841%		11/15/2023		163		164,886
American Electric Power Co., Inc.	0.75%		11/1/2023		24		24,059
Ausgrid Finance Pty Ltd. (Australia)†(f)	3.85%		5/1/2023		225		237,734
Calpine Corp.†	5.25%		6/1/2026		101		104,636
Comision Federal de Electricidad (Mexico)†(f)	4.875%		1/15/2024		200		222,231
Dominion Energy, Inc.	3.071%		8/15/2024		104		112,312
Dominion Energy, Inc.	4.104%		4/1/2021		78		78,696
DTE Energy Co.	2.529%		10/1/2024		84		89,583
Duquesne Light Holdings, Inc.†	5.90%		12/1/2021		119		124,120
Enel Finance International NV (Netherlands)†(f)	2.875%		5/25/2022		200		206,419
Enel Finance International NV (Netherlands)†(f)	4.25%		9/14/2023		200		218,857
FirstEnergy Corp.	2.85%		7/15/2022		278		282,678
FirstEnergy Transmission LLC†	4.35%		1/15/2025		150		163,591
Jersey Central Power & Light Co.†	4.70%		4/1/2024		146		159,811
NextEra Energy Capital Holdings, Inc.	0.927% (3 Mo. LIBOR + .72%	)#	2/25/2022		200		201,474
NRG Energy, Inc.†	3.75%		6/15/2024		235		257,384
Origin Energy Finance Ltd. (Australia)†(f)	5.45%		10/14/2021		110		113,886

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Power (continued)
PPL Capital Funding, Inc.	3.95%	3/15/2024	$	15	$	16,387
PPL WEM Ltd./Western Power Distribution Ltd. (United Kingdom)†(f)	5.375%	5/1/2021		96		96,347
San Diego Gas & Electric Co.	1.914%	2/1/2022		6		6,464
TransAlta Corp. (Canada)(f)	4.50%	11/15/2022		105		109,200
Vistra Operations Co. LLC†	3.55%	7/15/2024		261		282,772
Total						3,273,527
Electrical Equipment 1.29%
Broadcom, Inc.	3.15%	11/15/2025		250		273,083
Broadcom, Inc.	3.625%	10/15/2024		300		329,718
Microchip Technology, Inc.†	0.972%	2/15/2024		165		165,506
Microchip Technology, Inc.†	2.67%	9/1/2023		229		239,641
Microchip Technology, Inc.	3.922%	6/1/2021		62		62,887
NXP BV/NXP Funding LLC (Netherlands)†(f)	2.70%	5/1/2025		85		91,541
NXP BV/NXP Funding LLC (Netherlands)†(f)	3.875%	9/1/2022		225		237,185
Total						1,399,561
Electronics 0.17%
Flex Ltd.	3.75%	2/1/2026		92		102,979
Itron, Inc.†	5.00%	1/15/2026		9		9,214
Trimble, Inc.	4.15%	6/15/2023		53		57,447
Trimble, Inc.	4.75%	12/1/2024		16		18,300
Total						187,940
Engineering & Contracting Services 0.03%
TopBuild Corp.†	5.625%	5/1/2026		27		28,063
Entertainment 0.20%
Caesars Entertainment, Inc.†	6.25%	7/1/2025		75		79,969
Caesars Resort Collection LLC/CRC Finco, Inc.†	5.75%	7/1/2025		21		22,277
CPUK Finance Ltd.(c)	4.25%	2/28/2047	GBP	52		71,790
Enterprise Development Authority (The)†	12.00%	7/15/2024	$	38		42,893
Total						216,929
Environmental Services 0.10%
Covanta Holding Corp.	5.875%	7/1/2025		100		104,364
Financial Services 3.18%
Air Lease Corp.	4.25%	2/1/2024		33		35,828
Aircastle Ltd.	4.40%	9/25/2023		184		195,062
Aircastle Ltd.	5.00%	4/1/2023		107		114,118
Aircastle Ltd.	5.50%	2/15/2022		133		138,561

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
Alliance Data Systems Corp.†	4.75%	12/15/2024	$	19	$	19,226
Ally Financial, Inc.	3.875%	5/21/2024		266		291,652
Ally Financial, Inc.	4.25%	4/15/2021		20		20,207
Ally Financial, Inc.	5.125%	9/30/2024		295		340,324
Ally Financial, Inc.	5.75%	11/20/2025		21		24,465
Aviation Capital Group LLC†	2.875%	1/20/2022		16		16,203
Aviation Capital Group LLC†	3.875%	5/1/2023		92		95,918
Avolon Holdings Funding Ltd. (Ireland)†(f)	4.25%	4/15/2026		42		45,282
Avolon Holdings Funding Ltd. (Ireland)†(f)	5.125%	10/1/2023		68		72,831
Avolon Holdings Funding Ltd. (Ireland)†(f)	5.25%	5/15/2024		152		165,420
Capital One Financial Corp.	2.60%	5/11/2023		101		105,932
Discover Financial Services	5.20%	4/27/2022		144		152,620
Global Aircraft Leasing Co. Ltd. PIK 7.25%†	6.50%	9/15/2024		75		66,064
Intercontinental Exchange, Inc.	0.70%	6/15/2023		48		48,357
Jefferies Financial Group, Inc.	5.50%	10/18/2023		195		214,782
Jefferies Group LLC	5.125%	1/20/2023		58		63,395
Muthoot Finance Ltd. (India)†(f)	4.40%	9/2/2023		200		204,179
Muthoot Finance Ltd. (India)†(f)	6.125%	10/31/2022		200		210,150
Navient Corp.	5.50%	1/25/2023		37		38,781
Navient Corp.	5.875%	10/25/2024		104		110,760
Navient Corp.	6.125%	3/25/2024		53		56,743
Navient Corp.	7.25%	1/25/2022		16		16,750
OneMain Finance Corp.	6.125%	5/15/2022		2		2,125
OneMain Finance Corp.	7.75%	10/1/2021		127		133,826
Park Aerospace Holdings Ltd. (Ireland)†(f)	3.625%	3/15/2021		22		22,061
Park Aerospace Holdings Ltd. (Ireland)†(f)	4.50%	3/15/2023		145		152,016
Park Aerospace Holdings Ltd. (Ireland)†(f)	5.25%	8/15/2022		16		16,798
Park Aerospace Holdings Ltd. (Ireland)†(f)	5.50%	2/15/2024		228		248,806
Total						3,439,242
Food 0.66%
Albertsons Cos., Inc./Safeway, Inc./Albertsons LP/Albertsons LLC	5.75%	3/15/2025		11		11,370
Ingles Markets, Inc.	5.75%	6/15/2023		19		19,249
JBS USA LUX SA/JBS USA Finance, Inc.†	5.75%	6/15/2025		25		25,875
MARB BondCo plc (United Kingdom)†(f)	6.875%	1/19/2025		200		207,002
MARB BondCo plc (United Kingdom)†(f)	7.00%	3/15/2024		200		205,252
Simmons Foods, Inc.†	7.75%	1/15/2024		44		45,976
Sysco Corp.	5.65%	4/1/2025		167		198,715
Total						713,439

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Health Care Products 0.09%
Zimmer Biomet Holdings, Inc.		0.989% (3 Mo. LIBOR + .75%	)#	3/19/2021	$	69	$	69,002
Zimmer Biomet Holdings, Inc.		3.55%		4/1/2025		24		26,530
Total								95,532
Health Care Services 1.19%
Acadia Healthcare Co., Inc.		5.625%		2/15/2023		156		156,780
Acadia Healthcare Co., Inc.		6.50%		3/1/2024		71		72,768
Centene Corp.†		5.375%		6/1/2026		23		24,287
CommonSpirit Health		1.547%		10/1/2025		32		32,898
CommonSpirit Health		2.76%		10/1/2024		51		54,693
Fresenius Medical Care US Finance II, Inc.†		4.75%		10/15/2024		24		26,893
Fresenius Medical Care US Finance II, Inc.†		5.875%		1/31/2022		194		204,342
Fresenius Medical Care US Finance, Inc.†		5.75%		2/15/2021		66		66,368
HCA, Inc.		5.00%		3/15/2024		116		130,537
HCA, Inc.		5.25%		4/15/2025		237		276,850
HCA, Inc.		5.25%		6/15/2026		81		95,950
HCA, Inc.		8.36%		4/15/2024		46		54,050
Health Care Service Corp. A Mutual Legal Reserve Co.†		1.50%		6/1/2025		50		51,342
Molina Healthcare, Inc.		5.375%		11/15/2022		4		4,243
Select Medical Corp.†		6.25%		8/15/2026		36		38,825
Total								1,290,826
Household Equipment/Products 0.37%
Newell Brands, Inc.		4.35%		4/1/2023		116		121,816
Newell Brands, Inc.		4.875%		6/1/2025		20		22,031
Reckitt Benckiser Treasury Services plc (United Kingdom)†(f)	0.798% (3 Mo. LIBOR + .56%		)#	6/24/2022		250		251,201
Total								395,048
Insurance 0.90%
Acrisure LLC/Acrisure Finance, Inc.†		8.125%		2/15/2024		25		26,524
Assurant, Inc.		4.20%		9/27/2023		45		49,269
CNO Financial Group, Inc.		5.25%		5/30/2025		205		238,367
Equitable Holdings, Inc.		3.90%		4/20/2023		23		24,752
Jackson National Life Global Funding†		0.529% (3 Mo. LIBOR + .31%	)#	3/16/2021		247		247,128
Kemper Corp.		4.35%		2/15/2025		44		48,914
Metropolitan Life Global Funding I†		0.90%		6/8/2023		150		151,928

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Insurance (continued)
Pacific Life Global Funding II†	1.20%	6/24/2025	$	32	$	32,452
Protective Life Global Funding†	1.082%	6/9/2023		150		152,642
Total						971,976
Leasing 0.20%
GATX Corp.	4.35%	2/15/2024		36		39,774
Penske Truck Leasing Co., LP/PTL Finance Corp.†	2.70%	11/1/2024		57		61,089
Penske Truck Leasing Co., LP/PTL Finance Corp.†	3.45%	7/1/2024		93		101,378
Penske Truck Leasing Co., LP/PTL Finance Corp.†	3.90%	2/1/2024		9		9,832
Total						212,073
Leisure 0.43%
Carnival Corp.†	11.50%	4/1/2023		227		262,815
LTF Merger Sub, Inc.†	8.50%	6/15/2023		164		158,670
Royal Caribbean Cruises Ltd.†	11.50%	6/1/2025		41		47,982
Total						469,467
Lodging 0.79%
Las Vegas Sands Corp.	2.90%	6/25/2025		262		274,337
Las Vegas Sands Corp.	3.20%	8/8/2024		191		202,405
MGM Resorts International	6.00%	3/15/2023		8		8,600
MGM Resorts International	6.75%	5/1/2025		33		35,771
Wyndham Destinations, Inc.	5.625%	3/1/2021		20		20,173
Wyndham Destinations, Inc.	6.60%	10/1/2025		10		11,336
Wyndham Hotels & Resorts, Inc.†	5.375%	4/15/2026		103		106,798
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.†	4.25%	5/30/2023		164		166,694
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.†	5.50%	3/1/2025		31		31,946
Total						858,060
Machinery: Agricultural 0.86%
BAT Capital Corp.	2.789%	9/6/2024		54		57,777
BAT Capital Corp.	3.222%	8/15/2024		511		553,483
BAT International Finance plc (United Kingdom)(f)	1.668%	3/25/2026		82		83,979
Imperial Brands Finance plc (United Kingdom)†(f)	3.125%	7/26/2024		200		214,404
Reynolds American, Inc.	4.45%	6/12/2025		14		15,949
Total						925,592
Machinery: Industrial/Specialty 0.88%
CNH Industrial Capital LLC	4.20%	1/15/2024		83		91,098
CNH Industrial Capital LLC	4.375%	4/5/2022		79		82,580
CNH Industrial Capital LLC	4.875%	4/1/2021		78		78,768

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date		Principal Amount (000)		Fair Value
Machinery: Industrial/Specialty (continued)
CNH Industrial NV (United Kingdom)(f)	4.50%	8/15/2023		$	150	$	163,751
Flowserve Corp.	4.00%	11/15/2023			191		202,387
Nvent Finance Sarl (Luxembourg)(f)	3.95%	4/15/2023			169		178,063
Welbilt, Inc.	9.50%	2/15/2024			29		30,027
Westinghouse Air Brake Technologies Corp.	3.20%	6/15/2025			17		18,356
Westinghouse Air Brake Technologies Corp.	4.40%	3/15/2024			92		100,771
Total							945,801
Manufacturing 0.16%
Bombardier, Inc. (Canada)†(f)	8.75%	12/1/2021			36		37,500
Pentair Finance Sarl (Luxembourg)(f)	3.15%	9/15/2022			137		140,226
Total							177,726
Media 0.95%
Altice Financing SA (Luxembourg)†(f)	7.50%	5/15/2026			200		211,310
CCO Holdings LLC / CCO Holdings Capital Corp.†	5.50%	5/1/2026			16		16,603
Cox Communications, Inc.†	2.95%	6/30/2023			69		72,612
Cox Communications, Inc.†	3.15%	8/15/2024			72		78,089
DISH DBS Corp.	5.875%	7/15/2022			55		57,530
iHeartCommunications, Inc.	6.375%	5/1/2026			115		123,791
NBCUniversal Enterprise, Inc.†	5.25%	–	(g)		400		408,500
Sirius XM Radio, Inc.†	5.375%	7/15/2026			61		63,745
Total							1,032,180
Metals & Minerals: Miscellaneous 1.64%
Alcoa Nederland Holding BV (Netherlands)†(f)	6.75%	9/30/2024			200		208,685
Anglo American Capital plc (United Kingdom)†(f)	3.625%	9/11/2024			200		217,763
FMG Resources August 2006 Pty Ltd. (Australia)†(f)	5.125%	3/15/2023			98		103,757
Freeport-McMoRan, Inc.	3.875%	3/15/2023			17		17,770
Freeport-McMoRan, Inc.	4.55%	11/14/2024			234		256,084
Glencore Finance Canada Ltd. (Canada)†(f)	4.25%	10/25/2022			142		151,307
Glencore Funding LLC†	3.00%	10/27/2022			11		11,430
Glencore Funding LLC†	4.125%	5/30/2023			211		228,344
Glencore Funding LLC†	4.125%	3/12/2024			102		112,340
Glencore Funding LLC†	4.625%	4/29/2024			28		31,290
Kinross Gold Corp. (Canada)(f)	5.125%	9/1/2021			116		118,117
Kinross Gold Corp. (Canada)(f)	5.95%	3/15/2024			92		104,735
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)†(f)	4.10%	4/11/2023			200		210,287
Total							1,771,909

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Natural Gas 0.32%
National Fuel Gas Co.	3.75%		3/1/2023	$	25	$	26,257
National Fuel Gas Co.	4.90%		12/1/2021		90		92,489
National Fuel Gas Co.	5.50%		1/15/2026		176		203,186
National Fuel Gas Co.	7.395%		3/30/2023		25		27,470
Total							349,402
Oil 4.43%
American Energy-Permian Basin LLC†(h)	12.00%		10/1/2024		11		83
BP Capital Markets America, Inc.	0.889% (3 Mo. LIBOR + .65%	)#	9/19/2022		225		225,472
Callon Petroleum Co.	6.25%		4/15/2023		146		93,075
Cenovus Energy, Inc. (Canada)(f)	5.375%		7/15/2025		27		30,459
Cimarex Energy Co.	4.375%		6/1/2024		112		122,265
Continental Resources, Inc.	3.80%		6/1/2024		75		77,391
Continental Resources, Inc.	4.50%		4/15/2023		26		26,856
Continental Resources, Inc.	5.00%		9/15/2022		191		191,477
Diamondback Energy, Inc.	2.875%		12/1/2024		133		139,905
Diamondback Energy, Inc.	4.75%		5/31/2025		47		52,954
Diamondback Energy, Inc.	5.375%		5/31/2025		440		458,075
Gazprom PJSC Via Gaz Capital SA (Luxembourg)†(f)	6.51%		3/7/2022		100		106,280
Helmerich & Payne, Inc.	4.65%		3/15/2025		146		162,049
Hess Corp.	3.50%		7/15/2024		93		97,918
Hilcorp Energy I LP/Hilcorp Finance Co.†	5.00%		12/1/2024		164		163,368
Husky Energy, Inc. (Canada)(f)	4.00%		4/15/2024		60		64,358
Laredo Petroleum, Inc.	9.50%		1/15/2025		69		60,095
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.†	6.00%		8/1/2026		103		105,317
Matador Resources Co.	5.875%		9/15/2026		196		192,325
MEG Energy Corp. (Canada)†(f)	6.50%		1/15/2025		161		165,553
Murphy Oil Corp.	6.875%		8/15/2024		53		54,004
Occidental Petroleum Corp.	1.671% (3 Mo. LIBOR + 1.45%	)#	8/15/2022		236		231,372
Occidental Petroleum Corp.	2.90%		8/15/2024		85		81,940
Occidental Petroleum Corp.	6.95%		7/1/2024		149		161,292
Parsley Energy LLC/Parsley Finance Corp.†	5.25%		8/15/2025		51		53,244
Parsley Energy LLC/Parsley Finance Corp.†	5.375%		1/15/2025		146		150,420
Petroleos Mexicanos (Mexico)(f)	4.25%		1/15/2025		76		77,320
Petroleos Mexicanos (Mexico)(f)	5.375%		3/13/2022		51		52,863
Petroleos Mexicanos (Mexico)(f)	5.50%		1/21/2021		105		105,420

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Oil (continued)
Phillips 66	0.833% (3 Mo. LIBOR + .60%		)#	2/26/2021	$	97	$	97,012
Reliance Industries Ltd. (India)†(f)		5.40%		2/14/2022		350		366,643
Seven Generations Energy Ltd. (Canada)†(f)		6.75%		5/1/2023		106		107,524
Seven Generations Energy Ltd. (Canada)†(f)		6.875%		6/30/2023		42		42,678
SM Energy Co.		6.125%		11/15/2022		60		58,411
Suncor Energy Ventures Corp. (Canada)†(f)		4.50%		4/1/2022		35		36,251
Suncor Energy Ventures Corp. (Canada)†(f)		9.40%		9/1/2021		63		65,622
Suncor Energy, Inc. (Canada)(f)		9.25%		10/15/2021		72		76,823
Valero Energy Corp.		1.20%		3/15/2024		74		74,731
Valero Energy Corp.		2.70%		4/15/2023		58		60,560
Valero Energy Corp.		2.85%		4/15/2025		52		55,405
Valero Energy Corp.		3.65%		3/15/2025		27		29,552
Viper Energy Partners LP†		5.375%		11/1/2027		109		114,089
WPX Energy, Inc.		5.25%		10/15/2027		15		15,920
WPX Energy, Inc.		5.25%		9/15/2024		34		37,120
WPX Energy, Inc.		5.75%		6/1/2026		49		51,585
Total								4,793,076
Oil: Crude Producers 2.91%
Cheniere Corpus Christi Holdings LLC		5.875%		3/31/2025		152		177,016
Cheniere Corpus Christi Holdings LLC		7.00%		6/30/2024		440		514,106
Energy Transfer Operating LP		4.25%		3/15/2023		85		90,405
Energy Transfer Operating LP		5.875%		1/15/2024		201		226,024
Kinder Morgan Inc	1.517% (3 Mo. LIBOR + 1.28%		)#	1/15/2023		110		111,128
Midwest Connector Capital Co. LLC†		3.625%		4/1/2022		77		78,374
Midwest Connector Capital Co. LLC†		3.90%		4/1/2024		85		87,203
MPLX LP	1.33% (3 Mo. LIBOR + 1.10%		)#	9/9/2022		373		373,068
MPLX LP		5.25%		1/15/2025		201		206,278
NGPL PipeCo LLC†		4.375%		8/15/2022		156		162,610
NOVA Gas Transmission Ltd. (Canada)(f)		7.875%		4/1/2023		75		86,547
ONEOK, Inc.		7.50%		9/1/2023		116		134,314
Sabine Pass Liquefaction LLC		5.625%		4/15/2023		500		549,606
Sabine Pass Liquefaction LLC		5.75%		5/15/2024		250		285,907
Texas Eastern Transmission LP†		2.80%		10/15/2022		14		14,478
Western Midstream Operating LP		2.074% (3 Mo. LIBOR + 1.85%	)#	1/13/2023		51		50,008
Total								3,147,072

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil: Integrated Domestic 0.06%
Oceaneering International, Inc.	4.65%	11/15/2024	$	38	$	34,675
TechnipFMC plc (United Kingdom)(f)	3.45%	10/1/2022		26		26,890
Total						61,565
Paper & Forest Products 0.02%
West Fraser Timber Co., Ltd. (Canada)†(f)	4.35%	10/15/2024		25		26,150
Real Estate Investment Trusts 1.38%
Brixmor Operating Partnership LP	3.65%	6/15/2024		113		122,807
Equinix, Inc.	1.00%	9/15/2025		88		88,324
Equinix, Inc.	5.375%	5/15/2027		346		377,251
ESH Hospitality, Inc.†	5.25%	5/1/2025		63		64,668
HAT Holdings I LLC/HAT Holdings II LLC†	5.25%	7/15/2024		89		92,736
HAT Holdings I LLC/HAT Holdings II LLC†	6.00%	4/15/2025		24		25,710
Kennedy-Wilson, Inc.	5.875%	4/1/2024		8		8,130
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.†	5.25%	3/15/2022		15		15,103
SITE Centers Corp.	3.625%	2/1/2025		6		6,238
SL Green Operating Partnership LP	3.25%	10/15/2022		99		102,255
SL Green Realty Corp.	4.50%	12/1/2022		195		205,196
VEREIT Operating Partnership LP	4.60%	2/6/2024		246		270,765
VEREIT Operating Partnership LP	4.625%	11/1/2025		100		115,151
Total						1,494,334
Retail 0.34%
PetSmart, Inc.†	7.125%	3/15/2023		39		39,035
PetSmart, Inc.†	8.875%	6/1/2025		75		77,126
Walgreen Co.	3.10%	9/15/2022		37		38,635
Walgreens Boots Alliance, Inc.	3.80%	11/18/2024		190		210,180
Total						364,976
Savings & Loan 0.10%
People’s United Financial, Inc.	3.65%	12/6/2022		102		106,922
Steel 0.19%
CSN Resources SA (Brazil)(f)	7.625%	2/13/2023		200		207,802
Technology 0.90%
Baidu, Inc. (China)(f)	3.875%	9/29/2023		200		215,873
Baidu, Inc. (China)(f)	4.375%	5/14/2024		200		220,292
E*TRADE Financial Corp.	2.95%	8/24/2022		36		37,412
Netflix, Inc.†	3.625%	6/15/2025		83		89,027

28 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Technology (continued)
Uber Technologies, Inc.†	8.00%		11/1/2026	$	69	$	75,253
VeriSign, Inc.	4.625%		5/1/2023		102		103,084
VeriSign, Inc.	5.25%		4/1/2025		19		21,624
Weibo Corp. (China)(f)	3.50%		7/5/2024		200		209,939
Total							972,504
Telecommunications 0.41%
Altice France SA (France)†(f)	7.375%		5/1/2026		200		210,750
CommScope, Inc.†	5.50%		3/1/2024		21		21,680
T-Mobile USA, Inc.†	1.50%		2/15/2026		204		209,252
Total							441,682
Toys 0.32%
Hasbro, Inc.	3.00%		11/19/2024		69		74,781
Mattel, Inc.	3.15%		3/15/2023		200		202,729
Mattel, Inc.†	6.75%		12/31/2025		60		63,388
Total							340,898
Transportation: Miscellaneous 0.27%
Canadian Pacific Railway Co. (Canada)(f)	9.45%	��	8/1/2021		91		95,648
Huntington Ingalls Industries, Inc.	3.844%		5/1/2025		36		40,118
Ryder System, Inc.	3.35%		9/1/2025		51		56,871
XPO Logistics, Inc.†	6.50%		6/15/2022		97		97,497
Total							290,134
Wholesale 0.07%
Core & Main LP†	6.125%		8/15/2025		75		77,672
Total Corporate Bonds (cost $56,135,825)							57,903,155
FLOATING RATE LOANS(i) 1.09%
Air Transportation 0.10%
American Airlines, Inc. 2017 Incremental Term Loan	2.16% (1 Mo. LIBOR + 2.00%	)	12/15/2023		18		16,570
American Airlines, Inc. Repriced TL B due 2023	2.15% (1 Mo. LIBOR + 2.00%	)	4/28/2023		102		92,872
Total							109,442
Business Services 0.10%
Refinitiv US Holdings, Inc. 2018 USD Term Loan	3.968% (1 Mo. LIBOR + 3.25%	)	10/1/2025		110		109,976

See Notes to Financial Statements. 29

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electrical Equipment 0.02%
Marvell Technology Group Ltd. 2018 Term Loan A		1.54% (1 Mo. LIBOR + 1.38%	)	7/6/2021	$	26	$	25,842	(j)
Entertainment 0.22%
Scientific Games International, Inc. 2018 Term Loan B5		2.90% (1 Mo. LIBOR + 2.75%	)	8/14/2024		164		160,985
Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan (Netherlands)(f)		3.751% (3 Mo. LIBOR + 3.50%	)	7/10/2025		75		75,430
Total								236,415
Financial Services 0.02%
Delos Finance Sarl 2018 Term Loan B (Luxembourg)(f)	2.004%  (3 Mo. LIBOR + 1.75%		)	10/6/2023		26		25,646
Government 0.03%
Seminole Tribe of Florida 2018 Term Loan B		1.90% (1 Mo. LIBOR + 1.75%	)	7/8/2024		35		34,518
Healthcare 0.04%
MPH Acquisition Holdings LLC 2016 Term Loan B		3.75% (3 Mo. LIBOR + 2.75%	)	6/7/2023		39		38,446
Media 0.27%
Charter Communications Operating, LLC 2017 Term Loan A2	1.65% (1 Mo. LIBOR + 1.50%		)	3/31/2023		136		135,011	(j)
Nielsen Finance LLC USD Term Loan B4		2.15% (1 Mo. LIBOR + 2.00%	)	10/4/2023		151		150,683
Total								285,694
Retail 0.11%
Panera Bread Company Term Loan A		2.44% (1 Mo. LIBOR + 2.25%	)	7/18/2022		128		123,125
Telecommunications 0.14%
CenturyLink, Inc. 2020 Term Loan A		2.15% (1 Mo. LIBOR + 2.00%	)	1/31/2025		149		146,803
Wholesale 0.04%
Core & Main LP 2017 Term Loan B		3.75% (3 Mo. LIBOR + 2.75%	)	8/1/2024		39		39,354
Total Floating Rate Loans (cost $1,180,406)								1,175,261

30 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
FOREIGN GOVERNMENT OBLIGATIONS 0.82%
Egypt 0.19%
Republic of Egypt†(f)	6.125%		1/31/2022	$	200	$	209,128
Indonesia 0.21%
Republic of Indonesia†(f)	4.325%		5/28/2025		200		227,302
Nigeria 0.19%
Republic of Nigeria†(f)	6.75%		1/28/2021		200		200,714
Romania 0.04%
Republic of Romania†(f)	4.875%		1/22/2024		36		40,264
Senegal 0.19%
Republic of Senegal†(f)	8.75%		5/13/2021		200		205,484
Total Foreign Government Obligations (cost $873,062)							882,892
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.58%
Government National Mortgage Assoc. 2017-23 AB	2.60%		12/16/2057		27		28,389
Government National Mortgage Assoc. 2017-44 AD	2.65%		11/17/2048		37		38,683
Government National Mortgage Assoc. 2017-20 AS	2.50%		2/16/2057		46		48,329
Government National Mortgage Assoc. 2017-28 AB	2.50%		10/16/2051		50		52,080
Government National Mortgage Assoc. 2017-92 AS	2.75%		6/16/2058		40		41,563
Government National Mortgage Assoc. 2017-53 B	2.75%		3/16/2050		71		75,064
Government National Mortgage Assoc. 2017-54 AD	2.75%		1/16/2057		59		62,127
Government National Mortgage Assoc. 2017-61 A	2.60%		8/16/2058		47		48,891
Government National Mortgage Assoc. 2017-51 AS	2.75%		4/16/2058		69		72,499
Government National Mortgage Assoc. 2017-76 AS	2.65%		11/16/2050		43		44,984
Government National Mortgage Assoc. 2017-74 AS	2.60%		10/16/2057		15		15,670
Government National Mortgage Assoc. 2017-100 AS	2.75%		2/16/2058		37		38,818
Government National Mortgage Assoc. 2014-78 IO	0.178%	#(k)	3/16/2056		29		498
Government National Mortgage Assoc. 2014-64 IO	1.018%	#(k)	12/16/2054		124		5,129
Government National Mortgage Assoc. 2014-112 A	3.00%	#(k)	1/16/2048		4		4,455
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(k)	2/16/2053		25		26,402
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(k)	2/16/2049		19		20,189
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $597,376)							623,770

See Notes to Financial Statements. 31

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 0.09%
Government Agency 0.01%
Federal Home Loan Mortgage Corp.	2.77% (12 Mo. LIBOR + 1.80%		)#	6/1/2041	$	6		$	6,216
Federal Home Loan Mortgage Corp.	2.463% (12 Mo. LIBOR + 1.90%		)#	12/1/2040		6			6,541
Federal Home Loan Mortgage Corp.	3.32% (12 Mo. LIBOR + 1.84%		)#	6/1/2042		3			2,980
Total									15,737
Miscellaneous 0.08%
Federal National Mortgage Assoc.		2.298% (12 Mo. LIBOR + 1.81%	)#	12/1/2040		1			656
Federal National Mortgage Assoc.		2.442% (12 Mo. LIBOR + 1.80%	)#	10/1/2040		–	(a)		309
Federal National Mortgage Assoc.		2.474% (12 Mo. LIBOR + 1.80%	)#	12/1/2040		1			1,167
Federal National Mortgage Assoc.		2.669% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		4			4,589
Federal National Mortgage Assoc.		2.708% (12 Mo. LIBOR + 1.60%	)#	12/1/2045		15			15,816
Federal National Mortgage Assoc.		2.789% (12 Mo. LIBOR + 1.60%	)#	10/1/2045		4			4,434
Federal National Mortgage Assoc.		2.814% (12 Mo. LIBOR + 1.79%	)#	3/1/2042		5			4,815
Federal National Mortgage Assoc.		2.955% (12 Mo. LIBOR + 1.72%	)#	6/1/2042		9			9,102
Federal National Mortgage Assoc.		3.153% (12 Mo. LIBOR + 1.78%	)#	10/1/2036		17			17,864
Federal National Mortgage Assoc.		3.516% (12 Mo. LIBOR + 1.81%	)#	4/1/2040		10			9,959
Federal National Mortgage Assoc.		3.676% (12 Mo. LIBOR + 1.82%	)#	1/1/2042		17			17,688
Total									86,399
Total Government Sponsored Enterprises Pass-Throughs (cost $101,981)									102,136
MUNICIPAL BONDS 0.12%
Miscellaneous
New York Transportation Development Corp., Revenue Bond		1.36%		12/1/2021		20			20,018
New York Transportation Development Corp., Revenue Bond		1.61%		12/1/2022		20			20,053

32 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Miscellaneous (continued)
State of Illinois	4.95%		6/1/2023	$	58	$	59,589
State of Illinois	6.125%		7/1/2021		33		33,045
Total Municipal Bonds (cost $132,320)							132,705
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 15.23%
Angel Oak Mortgage Trust 2020-1 A1†	2.466%	#(k)	12/25/2059		45		45,836
Angel Oak Mortgage Trust 2020-6 A1†	1.261%	#(k)	5/25/2065		66		65,739
AOA Mortgage Trust 2015-1177 A†	2.957%		12/13/2029		100		100,967
AREIT Trust 2018-CRE2 A†	1.133% (1 Mo. LIBOR + .98%	)#	11/14/2035		72		71,240
Atrium Hotel Portfolio Trust 2017-ATRM A†	1.089% (1 Mo. LIBOR + .93%	)#	12/15/2036		100		97,038
Atrium Hotel Portfolio Trust 2018-ATRM B†	1.589% (1 Mo. LIBOR + 1.43%	)#	6/15/2035		100		95,652
Atrium Hotel Portfolio Trust 2018-ATRM C†	1.809% (1 Mo. LIBOR + 1.65%	)#	6/15/2035		100		93,722
BAMLL Trust 2011-FSHN A†	4.42%		7/11/2033		100		100,211
Bancorp Commercial Mortgage Trust 2019-CRE5 A†	1.159% (1 Mo. LIBOR + 1.00%	)#	3/15/2036		37		36,488
BB-UBS Trust 2012-TFT A†	2.892%		6/5/2030		200		195,586
BB-UBS Trust 2012-TFT B†	3.468%	#(k)	6/5/2030		100		74,279
BB-UBS Trust 2012-TFT C†	3.468%	#(k)	6/5/2030		100		56,689
BBCMS Mortgage Trust 2018-TALL A†	0.881% (1 Mo. LIBOR + .72%	)#	3/15/2037		200		197,018
BBCMS Trust 2018-BXH A†	1.159% (1 Mo. LIBOR + 1.00%	)#	10/15/2037		68		65,538
Benchmark Mortgage Trust 2019-B12 TCA†	3.44%	#(k)	8/15/2052		203		208,152
Benchmark Mortgage Trust 2019-B12 TCB†	3.44%	#(k)	8/15/2052		225		227,415
BX Commercial Mortgage Trust 2018-BIOA A†	0.83% (1 Mo. LIBOR + .67%	)#	3/15/2037		120		120,301
BX Commercial Mortgage Trust 2019-XL A†	1.079% (1 Mo. LIBOR + .92%	)#	10/15/2036		190		190,641
BX Commercial Mortgage Trust 2019-XL C†	1.409% (1 Mo. LIBOR + 1.25%	)#	10/15/2036		95		94,925
BX Commercial Mortgage Trust 2019-XL D†	1.609% (1 Mo. LIBOR + 1.45%	)#	10/15/2036		95		95,143
BX Commercial Mortgage Trust 2019-XL E†	1.959% (1 Mo. LIBOR + 1.80%	)#	10/15/2036		95		94,493
BX Trust 2017-SLCT D†	2.209% (1 Mo. LIBOR + 2.05%	)#	7/15/2034		43		42,616
BX Trust 2018-BILT A†	0.959% (1 Mo. LIBOR + .80%	)#	5/15/2030		46		45,210
BXP Trust 2017-CQHP A†	1.009% (1 Mo. LIBOR + .85%	)#	11/15/2034		43		42,350
CFCRE Commercial Mortgage Trust 2016-C6 XA IO	1.122%	#(k)	11/10/2049		186		9,912

See Notes to Financial Statements. 33

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
CFCRE Commercial Mortgage Trust 2016-C7 XA IO	0.715%	#(k)	12/10/2054	$	185	$	6,757
CFCRE Commercial Mortgage Trust 2018-TAN A†	4.236%		2/15/2033		134		139,181
CHT Mortgage Trust 2017-CSMO A†	1.089% (1 Mo. LIBOR + .93%	)#	11/15/2036		660		654,225
Citigroup Commercial Mortgage Trust 2012-GC8 A4	3.024%		9/10/2045		212		216,999
Citigroup Commercial Mortgage Trust 2013-375P A IO	0.367%	#(k)	6/10/2048		934		13,772
Citigroup Commercial Mortgage Trust 2015-GC27 AAB	2.944%		2/10/2048		8		8,460
COMM Mortgage Trust 2015-LC21 A4	3.708%		7/10/2048		35		39,246
COMM Mortgage Trust 2020-SBX A†	1.67%		1/10/2038		42		43,511
Commercial Mortgage Pass-Through Certificates 2012-CR3 B†	3.922%		10/15/2045		200		197,914
Commercial Mortgage Pass-Through Certificates 2012-LTRT A2†	3.40%		10/5/2030		100		97,020
Commercial Mortgage Pass-Through Certificates 2013-CR12 A3	3.765%		10/10/2046		45		47,463
Commercial Mortgage Pass-Through Certificates 2013-CR6 A4	3.101%		3/10/2046		10		10,380
Commercial Mortgage Pass-Through Certificates 2013-SFS A1†	1.873%		4/12/2035		52		51,934
Commercial Mortgage Pass-Through Certificates 2014-CR18 A5	3.828%		7/15/2047		170		187,623
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4	3.532%		8/10/2047		26		28,153
Commercial Mortgage Pass-Through Certificates 2014-CR19 A4 IO†	0.097%	#(k)	9/10/2047		2,000		10,008
Commercial Mortgage Pass-Through Certificates 2014-LC15 A3	3.727%		4/10/2047		100		107,630
Commercial Mortgage Pass-Through Certificates 2014-LC15 A3 IO†	0.645%	#(k)	7/10/2050		76		1,121
Commercial Mortgage Pass-Through Certificates 2014-UBS3 A4	3.819%		6/10/2047		13		14,288
Commercial Mortgage Pass-Through Certificates 2016-GCT C†	3.461%	#(k)	8/10/2029		319		320,359
Commercial Mortgage Pass-Through Certificates 2016-GCT C IO	1.388%	#(k)	8/10/2049		54		3,162
Commercial Mortgage Pass-Through Certificates 2016-GCT XA IO†	0.784%		8/10/2029		4,000		9,260

34 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments		Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A†		1.409% (1 Mo. LIBOR + 1.25%	)#	1/15/2034	$	50	$	49,634
Credit Suisse Commercial Mortgage Securities Corp. 2019-SKLZ A IO†		0.54%	#(k)	9/15/2037		978		19,404
Credit Suisse Mortgage Capital Certificates 2017-LSTK A†		2.761%		4/5/2033		364		363,445
Credit Suisse Mortgage Capital Certificates 2017-LSTK B†		3.03%		4/5/2033		50		49,752
Credit Suisse Mortgage Capital Certificates 2017-LSTK C†		3.229%		4/5/2033		50		49,532
Credit Suisse Mortgage Capital Certificates 2017-MOON A†		3.197%		7/10/2034		60		61,554
Credit Suisse Mortgage Capital Certificates 2017-MOON B†		3.197%	#(k)	7/10/2034		50		50,538
Credit Suisse Mortgage Capital Certificates 2017-MOON B IO†		Zero Coupon	#(k)	7/10/2034		28,675		12,666
Credit Suisse Mortgage Capital Certificates 2017-MOON C†		3.197%	#(k)	7/10/2034		109		109,482
Credit Suisse Mortgage Capital Certificates 2019-ICE4 A†	1.139% (1 Mo. LIBOR + .98%		)#	5/15/2036		434		435,451
Credit Suisse Mortgage Capital Certificates 2019-ICE4 C IO		1.919%	#(k)	1/15/2049		699		52,390
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1†		2.24%	#(k)	2/25/2050		102		104,160
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1†		1.70%	#(k)	4/25/2065		104		104,692
Credit Suisse Mortgage Capital Certificates Trust 2017-PFHP A†	1.109% (1 Mo. LIBOR + .95%		)#	12/15/2030		50		49,152
CSAIL Commercial Mortgage Trust 2015-C4 A2 IO		1.469%	#(k)	8/10/2049		192		12,852
CSMC Trust 2020-NQM1 A1†		1.208%	#(k)	5/25/2065		98		98,864
DBUBS Mortgage Trust 2011-LC2A A4†		4.537%		7/10/2044		78		78,392
DBWF Mortgage Trust 2015-LCM A1†		2.998%		6/10/2034		14		13,539
DBWF Mortgage Trust 2016-85T XA IO†		0.014%	#(k)	12/10/2036		3,140		9,232
DBWF Mortgage Trust 2018-AMXP A†		3.747%	#(k)	5/5/2035		325		331,295
DBWF Mortgage Trust 2018-AMXP B†		3.996%	#(k)	5/5/2035		100		98,233
DBWF Mortgage Trust 2018-AMXP C†		3.83%	#(k)	5/5/2035		100		100,601
DBWF Mortgage Trust 2018-GLKS C†		1.902% (1 Mo. LIBOR + 1.75%	)#	12/19/2030		100		96,838
Deephaven Residential Mortgage Trust 2020-1 A1†		2.339%	#(k)	1/25/2060		74		75,227
Fontainebleau Miami Beach Trust 2019-FBLU A†		3.144%		12/10/2036		100		105,065

See Notes to Financial Statements. 35

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Fontainebleau Miami Beach Trust 2019-FBLU B†	3.447%		12/10/2036	$	100	$	103,582
GCAT Trust 2020-NQM1 A1†	2.247%	#(k)	1/25/2060		77		78,615
GRACE Mortgage Trust 2014-GRCE A†	3.369%		6/10/2028		100		99,994
Great Wolf Trust 2019-WOLF A†	1.193% (1 Mo. LIBOR + 1.03%	)#	12/15/2036		28		27,446
Great Wolf Trust 2019-WOLF C†	1.792% (1 Mo. LIBOR + 1.63%	)#	12/15/2036		30		28,066
Great Wolf Trust 2019-WOLF E†	2.891% (1 Mo. LIBOR + 2.73%	)#	12/15/2036		15		13,605
GS Mortgage Securities Corp. II 2012-BWTR A†	2.954%		11/5/2034		214		214,151
GS Mortgage Securities Corp. II 2012-TMSQ A†	3.007%		12/10/2030		100		100,641
GS Mortgage Securities Corp. Trust 2017-485L XB IO†	0.111%	#(k)	2/10/2037		1,590		14,008
GS Mortgage Securities Corp. Trust 2017-GPTX A†	2.856%		5/10/2034		100		99,416
GS Mortgage Securities Corp. Trust 2017-STAY A†	1.259% (1 Mo. LIBOR + 1.10%	)#	7/15/2032		100		99,321
GS Mortgage Securities Corp. Trust 2018-RIVR A†	1.109% (1 Mo. LIBOR + .95%	)#	7/15/2035		100		96,106
GS Mortgage Securities Corp. Trust 2019-70P A†	1.159% (1 Mo. LIBOR + 1.00%	)#	10/15/2036		253		247,233
GS Mortgage Securities Corp. Trust 2019-70P B†	1.479% (1 Mo. LIBOR + 1.32%	)#	10/15/2036		56		53,628
GS Mortgage Securities Corp. Trust 2019-BOCA B†	1.659% (1 Mo. LIBOR + 1.50%	)#	6/15/2038		100		98,541
GS Mortgage Securities Corp. Trust 2019-SMP B†	1.659% (1 Mo. LIBOR + 1.50%	)#	8/15/2032		500		487,000
GS Mortgage Securities Trust 2011-GC5 B†	5.388%	#(k)	8/10/2044		107		106,761
GS Mortgage Securities Trust 2012-GC6 XA IO†	1.921%	#(k)	1/10/2045		276		2,443
GS Mortgage Securities Trust 2012-GCJ7 B	4.74%		5/10/2045		20		20,576
GS Mortgage Securities Trust 2013-G1 A2†	3.557%	#(k)	4/10/2031		100		99,634
GS Mortgage Securities Trust 2013-G1 A2 IO	0.181%	#(k)	11/10/2048		1,082		11,220
GS Mortgage Securities Trust 2013-GC14 A5	4.243%		8/10/2046		100		108,449
GS Mortgage Securities Trust 2014-GC18 A4	4.074%		1/10/2047		151		164,032
Hawaii Hotel Trust 2019-MAUI B†	1.609% (1 Mo. LIBOR + 1.45%	)#	5/15/2038		100		98,054
HMH Trust 2017-NSS A†	3.062%		7/5/2031		100		95,661
HMH Trust 2017-NSS B†	3.343%		7/5/2031		100		95,012
HMH Trust 2017-NSS C†	3.787%		7/5/2031		100		95,346
HMH Trust 2017-NSS D†	4.723%		7/5/2031		100		96,261	(l)
Hudsons Bay Simon JV Trust 2015-HB7 A7†	3.914%		8/5/2034		100		90,250

36 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034	$	179		$	148,854
Hudsons Bay Simon JV Trust 2015-HB7 XA7 IO†	1.245%	#(k)	8/5/2034		1,000			18,150
Irvine Core Office Trust 2013-IRV A1†	2.068%		5/15/2048		13			13,496
Irvine Core Office Trust 2013-IRV A2†	3.173%	#(k)	5/15/2048		27			28,356
JP Morgan Chase Commercial Mortgage Securities Trust 2020-ACE XA IO†	0.344%	#(k)	1/10/2037		9,369			137,765
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6 B	4.819%	#(k)	5/15/2045		11			11,335
JPMorgan Chase Commercial Mortgage Securities Trust 2012-WLDN A†	3.905%		5/5/2030		176			144,164
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C14 A4 IO	0.964%	#(k)	1/15/2048		715			22,495
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A2	3.046%		4/15/2047		–	(a)		226
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C19 A4	3.997%		4/15/2047		76			83,308
JPMorgan Chase Commercial Mortgage Securities Trust 2014-DSTY A†	3.429%		6/10/2027		200			123,262
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C28 A2 IO	0.68%	#(k)	12/15/2049		893			23,533
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 XA IO	0.507%	#(k)	7/15/2048		831			16,587
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI A†	2.798%		10/5/2031		225			224,253
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI C IO†	0.657%	#(k)	10/5/2031		1,000			1,770
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D IO	1.055%	#(k)	9/15/2050		977			48,656
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK A†	3.392%		6/5/2032		67			67,089
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK B†	3.795%		6/5/2032		27			26,931
JPMorgan Chase Commercial Mortgage Securities Trust 2017-MARK C†	4.036%	#(k)	6/5/2032		20			19,651
JPMorgan Chase Commercial Mortgage Securities Trust 2018-BCON A†	3.735%		1/5/2031		243			253,094
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A†	1.159% (1 Mo. LIBOR + 1.00%	)#	6/15/2032		10			10,241
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B†	1.459% (1 Mo. LIBOR + 1.30%	)#	6/15/2032		54			53,220
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B IO†	Zero Coupon	#(k)	6/15/2032		17,346			173

See Notes to Financial Statements. 37

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ C†	1.759% (1 Mo. LIBOR + 1.60%	)#	6/15/2032	$	42	$	40,509
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC A†	1.359% (1 Mo. LIBOR + 1.20%	)#	4/15/2031		90		88,195
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC B†	2.059% (1 Mo. LIBOR + 1.90%	)#	4/15/2031		24		23,575
JPMorgan Chase Commercial Mortgage Securities Trust 2018-PTC C†	2.459% (1 Mo. LIBOR + 2.30%	)#	4/15/2031		18		17,710
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL†	1.103% (1 Mo. LIBOR + .95%	)#	7/5/2033		44		42,950
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFL†	1.803% (1 Mo. LIBOR + 1.65%	)#	7/5/2033		16		15,614
JPMorgan Chase Commercial Mortgage Securities Trust 2019-ICON C IO†	1.336%	#(k)	1/5/2034		3,332		116,644
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE A†	3.287%		1/10/2037		240		242,541
JPMorgan Chase Commercial Mortgage Securities Trust 2020-ACE B†	3.64%		1/10/2037		50		48,486
LoanCore Issuer Ltd. 2019-CRE3 A†	1.209% (1 Mo. LIBOR + 1.05%	)#	4/15/2034		197		195,858
LoanCore Issuer Ltd. 2019-CRE3 AS†	1.529% (1 Mo. LIBOR + 1.37%	)#	4/15/2034		41		40,620
LSTAR Commercial Mortgage Trust 2016-4 XA IO†	1.77%	#(k)	3/10/2049		745		37,590
LSTAR Commercial Mortgage Trust 2017-5 A2†	2.776%		3/10/2050		95		96,553
LSTAR Commercial Mortgage Trust 2017-5 A3†	4.50%		3/10/2050		100		107,057
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A1†	2.117%		10/15/2030		20		20,147
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2†	3.277%		10/15/2030		100		94,157
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2 IO	0.565%	#(k)	7/15/2050		379		8,376
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11 A4	4.152%	#(k)	8/15/2046		139		149,371
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4	2.918%		2/15/2046		10		10,401
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4 IO	1.36%	#(k)	11/15/2049		932		53,779
Morgan Stanley Capital Barclays Bank Trust 2016-MART B†	2.48%		9/13/2031		50		49,610
Morgan Stanley Capital Barclays Bank Trust 2016-MART C†	2.817%		9/13/2031		100		99,033

38 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital Barclays Bank Trust 2016-MART XCP IO†	Zero Coupon	#(k)	9/13/2031	$	9,863	$	99
Morgan Stanley Capital I Trust 2014-CPT A IO	0.922%	#(k)	8/15/2049		1,000		46,690
Morgan Stanley Capital I Trust 2015-UBS8 ASB	3.626%		12/15/2048		12		12,554
Motel 6 Trust 2017-MTL6 E†	3.409% (1 Mo. LIBOR + 3.25%	)#	8/15/2034		152		149,684
MSCG Trust 2015-ALDR A1†	2.612%		6/7/2035		12		12,159
New Orleans Hotel Trust 2019-HNLA A†	1.147% (1 Mo. LIBOR + .99%	)#	4/15/2032		150		146,235
New Residential Mortgage Loan Trust 2020-NQM1 A1†	2.464%	#(k)	1/26/2060		78		79,805
One New York Plaza Trust 2020-1NYP A†	1.109% (1 Mo. LIBOR + .95%	)#	1/15/2026		215		215,802
One New York Plaza Trust 2020-1NYP AJ†	1.409% (1 Mo. LIBOR + 1.25%	)#	1/15/2026		120		120,470
Palisades Center Trust 2016-PLSD A†	2.713%		4/13/2033		10		8,600
Palisades Center Trust 2016-PLSD D†	4.737%		4/13/2033		77		18,045
PFP Ltd. 2019-6 A†	1.203% (1 Mo. LIBOR + 1.05%	)#	4/14/2037		114		112,796
RBS Commercial Funding, Inc. Trust 2013-SMV A†	3.26%		3/11/2031		100		99,857
Ready Capital Mortgage Financing LLC 2019-FL3 A†	1.148% (1 Mo. LIBOR + 1.00%	)#	3/25/2034		97		96,574
ReadyCap Commercial Mortgage Trust 2018-4 A†	3.39%		2/27/2051		49		51,027
ReadyCap Commercial Mortgage Trust 2019-6 A†	2.833%		10/25/2052		80		82,190
Residential Mortgage Loan Trust 2020-1 A1†	2.376%	#(k)	2/25/2024		83		84,525
RETL 2019-RVP C†	2.259% (1 Mo. LIBOR + 2.10%	)#	3/15/2036		50		48,322
SG Commercial Mortgage Securities Trust 2019-787E IO†	0.305%	#(k)	2/15/2041		4,149		102,385
Shelter Growth CRE Issuer Ltd. 2019-FL2 A†	1.259% (1 Mo. LIBOR + 1.10%	)#	5/15/2036		111		111,221
Shelter Growth CRE Issuer Ltd. 2019-FL2 AS†	1.609% (1 Mo. LIBOR + 1.45%	)#	5/15/2036		35		34,538
Shops at Crystals Trust 2016-CSTL XB IO†	0.203%	#(k)	7/5/2036		1,000		11,880
SLIDE 2018-FUN A†	1.059% (1 Mo. LIBOR + .90%	)#	6/15/2031		66		64,747
SLIDE 2018-FUN B†	1.409% (1 Mo. LIBOR + 1.25%	)#	6/15/2031		14		13,532
SLIDE 2018-FUN C†	1.709% (1 Mo. LIBOR + 1.55%	)#	6/15/2031		12		11,580
SLIDE 2018-FUN XCP IO†	0.976%	#(k)	12/15/2020		1,563		16
Starwood Mortgage Residential Trust 2020-1 A1†	2.275%	#(k)	2/25/2050		71		72,593
UBS-BAMLL Trust 2012-WRM D†	4.238%	#(k)	6/10/2030		100		61,966
UBS-Barclays Commercial Mortgage Trust 2012-C3 A4 IO†	0.938%	#(k)	3/10/2046		719		10,450

See Notes to Financial Statements. 39

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
UBS-Citigroup Commercial Mortgage Trust 2011-C1 A3	3.595%		1/10/2045	$	82	$	82,723
Verus Securitization Trust 2020-1 A1†	2.417%	#(k)	1/25/2060		75		75,995
Verus Securitization Trust 2020-4 A1†	1.502%	#(k)	5/25/2065		90		90,945
Verus Securitization Trust 2020-5 A1†	1.218%	#(k)	5/25/2065		93		93,524
VNDO Mortgage Trust 2012-6AVE A†	2.996%		11/15/2030		300		310,559
Waikiki Beach Hotel Trust 2019-WBM A†	1.209% (1 Mo. LIBOR + 1.05%	)#	12/15/2033		48		46,856
Wells Fargo Commercial Mortgage Trust 2010-C1 C IO	0.011%	#(k)	6/15/2048		2,000		3,948
Wells Fargo Commercial Mortgage Trust 2015-NXS4 A2A IO	1.741%	#(k)	8/15/2049		949		74,436
Wells Fargo Commercial Mortgage Trust 2015-SG1 XA IO	0.676%	#(k)	9/15/2048		889		23,393
Wells Fargo Commercial Mortgage Trust 2018-C44 A2	4.178%		5/15/2051		35		37,535
West Town Mall Trust 2017-KNOX A†	3.823%		7/5/2030		72		72,826
West Town Mall Trust 2017-KNOX B†	4.322%		7/5/2030		31		31,093
West Town Mall Trust 2017-KNOX B IO†	0.373%	#(k)	7/5/2030		1,576		6,766
West Town Mall Trust 2017-KNOX C†	4.346%	#(k)	7/5/2030		25		24,616
West Town Mall Trust 2017-KNOX D†	4.346%	#(k)	7/5/2030		25		24,362
WF-RBS Commercial Mortgage Trust 2011-C2 A4 IO†	1.306%	#(k)	6/15/2045		69		794
WF-RBS Commercial Mortgage Trust 2012-C7 A2	3.431%		6/15/2045		50		51,622
WF-RBS Commercial Mortgage Trust 2012-C7 A2 IO†	1.788%	#(k)	8/15/2045		312		5,761
WF-RBS Commercial Mortgage Trust 2012-C7 B	4.745%	#(k)	6/15/2045		25		23,215
WF-RBS Commercial Mortgage Trust 2012-C9 A3	2.87%		11/15/2045		273		280,412
Total Non-Agency Commercial Mortgage-Backed Securities (cost $16,856,256)							16,469,777
U.S. TREASURY OBLIGATIONS 3.69%
U.S. Treasury Bill	Zero Coupon		2/4/2021		2,213		2,212,915
U.S. Treasury Note	0.125%		9/30/2022		757		757,059
U.S. Treasury Note	0.125%		10/31/2022		1,020		1,020,199
Total U.S. Treasury Obligations (cost $3,988,839)							3,990,173

40 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Exercise Price	Expiration Date	Shares (000)			Fair Value
WARRANT 0.00%
Miscellaneous
UTEX Industries Inc. (cost $22)	$1.50	12/3/2025		–	(e)	$	22	(l)
Total Long-Term Investments (cost $99,403,447)							101,017,648
	Interest Rate	Maturity Date	Principal Amount (000)
SHORT-TERM INVESTMENTS 6.09%
COMMERCIAL PAPER 2.04%
Drugs 0.23%
Viatris, Inc.	0.711%	3/22/2021	$	250			249,637
Electric: Power 0.42%
Exelon Generation Co. LLC	0.254%	1/13/2021		250			249,984
Potomac Electric Power Co.	0.223%	1/5/2021		202			201,999
Total							451,983
Electronics 0.47%
Jabil, Inc.	0.609%	1/4/2021		250			250,000
Jabil, Inc.	0.71%	1/4/2021		250			250,000
Total							500,000
Food 0.23%
ConAgra Foods, Inc.	0.375%	1/5/2021		250			249,997
Retail 0.23%
Walgreens Boots Alliance, Inc.	0.355%	1/22/2021		250			249,956
Telecommunications 0.46%
Vodafone Group plc	0.325%	1/6/2021		250			249,996
Vodafone Group plc	0.355%	1/4/2021		250			250,000
Total							499,996
Total Commercial Paper (cost $2,201,479)							2,201,569

See Notes to Financial Statements. 41

Schedule of Investments (continued)

December 31, 2020

Investments	Principal Amount (000)		Fair Value
REPURCHASE AGREEMENT 4.05%
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $4,463,300 of U.S. Treasury Note at .125% due 12/31/2022; value: $4,463,300; proceeds: $4,375,759 (cost $4,375,759)	$	4,376	$	4,375,759
Total Short-Term Investments (cost $6,577,238)				6,577,328
Total Investments in Securities 99.53% (cost $105,980,685)				107,594,976
Cash and Other Assets in Excess of Liabilities(m) 0.47%				505,640
Net Assets 100.00%			$	108,100,616

CAD	Canadian dollar.
GBP	British pound.
CMT	Constant Maturity Rate.
IO	Interest Only.
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 December 31, 2020, the total value of Rule 144A securities was $51,930,337, which represents 48.04% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2020.
(a)	Amount is less than $1,000.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Investment in non-U.S. dollar denominated securities.
(d)	Securities purchased on a when-issued basis (See Note 2(i)).
(e)	Amount represents less than 1,000 shares.
(f)	Foreign security traded in U.S. dollars.
(g)	Security is perpetual in nature and has no stated maturity.
(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 December 31, 2020.
(j)	Level 3 Investment as described in Note 2(l) 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.
(k)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(l)	Level 3 Investment as described in Note 2(l) 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.
(m)	Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

42 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Open Forward Foreign Currency Exchange Contracts at December 31, 2020:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	Morgan Stanley	3/8/2021	55,000	$	73,926	$	75,242		$	(1,316)
Canadian dollar	Sell	State Street Bank and Trust	3/15/2021	147,000		115,271		115,507			(236)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(1,552)

Open Futures Contracts at December 31, 2020:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 2-Year Treasury Note	March 2021	155	Long	$	34,224,875		$	34,251,367			$	26,492
Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 5-Year Treasury Note	March 2021	36	Short	$	(4,534,953	)	$	(4,541,906	)		$	(6,953)

See Notes to Financial Statements. 43

Schedule of Investments (continued)

December 31, 2020

The following is a summary of the inputs used as of December 31, 2020 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	$	–		$	19,630,290		$	–	$	19,630,290
Common Stock		–			218			–		218
Convertible Bond		–			107,249			–		107,249
Corporate Bonds		–			57,903,155			–		57,903,155
Floating Rate Loans
Electrical Equipment		–			–			25,842		25,842
Media		–			150,683			135,011		285,694
Remaining Industries		–			863,725			–		863,725
Foreign Government Obligations		–			882,892			–		882,892
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			623,770			–		623,770
Government Sponsored Enterprises Pass-Throughs		–			102,136			–		102,136
Municipal Bonds		–			132,705			–		132,705
Non-Agency Commercial Mortgage-Backed Securities		–			16,373,516			96,261		16,469,777
U.S. Treasury Obligations		–			3,990,173			–		3,990,173
Warrant		–			–			22		22
Short-Term Investments
Commercial Paper		–			2,201,569			–		2,201,569
Repurchase Agreement		–			4,375,759			–		4,375,759
Total	$	–		$	107,337,840		$	257,136	$	107,594,976
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(1,552	)		–		(1,552	)
Futures Contracts
Assets		26,492			–			–		26,492
Liabilities		(6,953	)		–			–		(6,953	)
Total	$	19,539		$	(1,552	)	$	–	$	17,987

(1)

Refer to Note 2(l) 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. 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 year in relation to the Fund’s net assets.

44 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2020

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

Investment Type	Asset- Backed Securities			Common Stock			Floating Rate Loans			Non-Agency Commercial Mortgage- Backed Securities			Preferred Stock			Warrant
Balance as of January 1, 2020	$	297,452		$	6		$	332,623		$	525,008		$	–		$	–
Accrued Discounts (Premiums)		–			–			354			26			–			–
Realized Gain (Loss)		–			(728	)		97			1,814			(11,819	)		–
Change in Unrealized Appreciation (Depreciation)		–			722			(1,977	)		(8,964	)		11,819			–
Purchases		–			–			15,000			–			–			22
Sales		–			–			(331,639	)		(76,867	)		–			–
Transfers into Level 3		–			–			146,395			101,923			–			–
Transfers out of Level 3		(297,452	)		–			–			(446,679	)		–			–
Balance as of December 31, 2020	$	–		$	–		$	160,853		$	96,261		$	–		$	22
Change in unrealized appreciation/depreciation for the fiscal year ended December 31, 2020, related to Level 3 investments held at December 31, 2020	$	–		$	–		$	(1,682	)	$	(5,663	)	$	–		$	–

See Notes to Financial Statements. 45

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $105,980,685)	$	107,594,976
Cash		153,141
Deposits with brokers for futures collateral		49,855
Receivables:
Interest and dividends		658,281
Investment securities sold		586,326
Capital shares sold		69,346
Prepaid expenses and other assets		2,090
Total assets		109,114,015
LIABILITIES:
Payables:
Investment securities purchased		761,536
Capital shares reacquired		57,921
Management fee		31,936
Directors’ fees		6,234
Fund administration		3,650
Unrealized depreciation on forward foreign currency exchange contracts		1,552
Accrued expenses		150,570
Total liabilities		1,013,399
Commitments and contingent liabilities
NET ASSETS	$	108,100,616
COMPOSITION OF NET ASSETS:
Paid-in capital	$	111,071,043
Total distributable earnings (loss)		(2,970,427	)
Net Assets	$	108,100,616
Outstanding shares (200 million shares of common stock authorized, $.001 par value)		7,552,715
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$14.31

46 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Interest and other	$	2,943,118
Total investment income		2,943,118
Expenses:
Management fee		357,786
Non 12b-1 service fees		255,707
Shareholder servicing		118,689
Professional		52,757
Fund administration		40,890
Custody		18,853
Reports to shareholders		10,274
Directors’ fees		3,585
Other		19,495
Gross expenses		878,036
Expense reductions (See Note 9)		(774	)
Fees waived and expenses reimbursed (See Note 3)		(18,853	)
Net expenses		858,409
Net investment income		2,084,709
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(324,187	)
Net realized gain (loss) on futures contracts		301,644
Net realized gain (loss) on forward foreign currency exchange contracts		(64	)
Net realized gain (loss) on foreign currency related transactions		(4,645	)
Net change in unrealized appreciation/depreciation on investments		762,811
Net change in unrealized appreciation/depreciation on futures contracts		24,460
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		237
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		29
Net change in unrealized appreciation/depreciation on unfunded commitments		(75	)
Net realized and unrealized gain (loss)		760,210
Net Increase in Net Assets Resulting From Operations	$	2,844,919

See Notes to Financial Statements. 47

Statements of Changes in Net Assets

INCREASE IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment income	$	2,084,709		$	2,337,794
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts and foreign currency related transactions		(27,252	)		297,805
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		787,462			1,586,329
Net increase in net assets resulting from operations		2,844,919			4,221,928
Distributions to shareholders:		(2,918,204	)		(3,238,432	)
Capital share transactions (See Note 15):
Proceeds from sales of shares		48,757,120			39,716,107
Reinvestment of distributions		2,918,204			3,238,432
Cost of shares reacquired		(43,608,439	)		(23,028,334	)
Net increase in net assets resulting from capital share transactions		8,066,885			19,926,205
Net increase in net assets		7,993,600			20,909,701
NET ASSETS:
Beginning of period	$	100,107,016		$	79,197,315
End of period	$	108,100,616		$	100,107,016

48 See Notes to Financial Statements.

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49

Financial Highlights

			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
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
12/31/2016		14.43		0.33		0.19			0.52		(0.38	)		14.57

(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.

50 See Notes to Financial Statements.

		Ratios to Average Net Assets:						Supplemental Data:
Total return(b) (%)		Total expenses after waivers and/or reimbursements (%)		Total expenses (%)		Net investment income (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	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
	3.47		0.80		1.04		2.21		47,219		69

See Notes to Financial Statements. 51

Notes to Financial Statements

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 December 31, 2020. This report covers Short Duration Income Portfolio (the “Fund”).

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

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. 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 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. 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. 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 asked prices is used. 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.

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Notes to Financial Statements (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 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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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) is included in Net change in unrealized appreciation/depreciation on investments in the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (loss) on investments 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.
(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

53

Notes to Financial Statements (continued)

	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) is included in Net change in unrealized appreciation/depreciation on 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 foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on 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 the 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)	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 a 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.
(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)	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

54

Notes to Financial Statements (continued)

	(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 December 31, 2020, the Fund had no unfunded loan commitments.
(l)	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;

55

Notes to Financial Statements (continued)

•	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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

First $1 billion	.35%
Next $1 billion	.30%
Over $2 billion	.25%

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of 0.35% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $18,853 of the fund administration fees during the fiscal year ended December 31, 2020.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to ..25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees 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

56

Notes to Financial Statements (continued)

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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020			Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	2,918,204	$	3,238,432
Total distributions paid	$	2,918,204	$	3,238,432

As of December 31, 2020, the components of accumulated losses on a tax-basis were as follows:

Capital loss carryforwards*	$	(2,536,789	)
Temporary differences		(6,234	)
Unrealized losses – net		(427,404	)
Total accumulated losses – net	$	(2,970,427	)

* The capital losses will carry forward indefinitely.

As of December 31, 2020, 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	$	108,040,403
Gross unrealized gain		299,023
Gross unrealized loss		(726,463	)
Net unrealized security loss	$	(427,440	)

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

Permanent items identified during the fiscal year ended December 31, 2020 have been reclassified among the components of net assets based on their tax basis treatment as follows:

Total distributable earnings (loss)	Paid-in Capital
$20,341	$(20,341	)

The permanent differences are primarily attributable to the tax treatment of certain distributions.

5. PORTFOLIO SECURITIES TRANSACTIONS 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2020 were as follows:

U.S. Government Purchases*	Non-U.S. Government Purchases	U.S. Government Sales	*	Non-U.S. Government Sales
$21,701,194	$59,054,189	$23,031,642		$52,762,680

* Included U.S. Government sponsored enterprises securities.

57

Notes to Financial Statements (continued)

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchases of $986,903 and sales of $148,255 which resulted in net realized gains of $3,193.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2020 (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 U.S. Treasury futures contracts for the fiscal year ended December 31, 2020 (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 December 31, 2020, 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		Foreign Currency Contracts
Futures Contracts(1)	$	26,492		–
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)		–	$	1,552
Futures Contracts(1)	$	6,953		–

(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 reported is within the Statement of Assets and Liabilities.
(2)	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

58

Notes to Financial Statements (continued)

Transactions in derivative instruments for the year ended December 31, 2020, were as follows:

	Interest Rate Contracts		Foreign Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts(1)		–	$	(64	)
Futures Contracts(2)	$	301,644		–
Net Change in Unrealized Appreciation/Depreciation
Forward Foreign Currency Exchange Contracts(3)		–	$	237
Futures Contracts(4)	$	24,460		–
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(5)		–	$	218,500
Futures Contracts(6)		156		–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2020.
(1)	Statement of Operations location: Net realized gain(loss) on forward foreign currency exchange 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 forward foreign currency exchange contracts.
(4)	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
(5)	Amount represents notional amounts in U.S. dollars.
(6)	Amount represents number of contracts.

7. 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 counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

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 Agreement	$	4,375,759	$	–	$	4,375,759
Total	$	4,375,759	$	–	$	4,375,759

59

Notes to Financial Statements (continued)

	Net Amounts 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.		$4,375,759	$	–	$	–	$	(4,375,759	)	$	–
Total		$4,375,759	$	–	$	–	$	(4,375,759	)	$	–

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
Forward Foreign Currency Exchange Contracts	$	1,552	$	–	$	1,552
Total	$	1,552	$	–	$	1,552

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(c)
Morgan Stanley		$1,316	$	–	$	–	$	–	$	1,316
State Street Bank and Trust		236		–		–		–		236
Total		$1,552	$	–	$	–	$	–	$	1,552

(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 December 31, 2020.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2020.

8. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the 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 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.

10. LINE OF CREDIT 

For the period ended August 5, 2020, 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 $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company

60

Notes to Financial Statements (continued)

(“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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM 

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

For the fiscal year ended December 31, 2020, 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.

13. 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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

61

Notes to Financial Statements (continued)

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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

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.

On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the LIBOR-based instruments in which the Fund invest cannot yet be determined. The transition process might lead to increased volatility and illiquidity in markets that currenty rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior and/or subsequent to the end of 2021.

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Notes to Financial Statements (continued)

The Fund’s investment exposure to foreign (which may include emerging market) companies presents increased market, liquidity, currency, political, information and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

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

The Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Fund.

The Fund may invest in credit default swap contracts. The risks associated with the Fund’s investment in credit default swaps are greater than if the Fund invested directly in the reference obligation because they are subject to illiquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels.

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

The Fund is subject to the risk of investing a significant portion of its assets in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies

63

Notes to Financial Statements (concluded)

and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation. In addition, the Fund may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events (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.

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 can affect the Fund’s performance.

15. SUMMARY OF CAPITAL TRANSACTIONS 

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		3,408,049			2,752,920
Reinvestment of distributions		204,070			227,258
Shares reacquired		(3,073,331	)		(1,603,166	)
Increase		538,788			1,377,012

64

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Short Duration Income Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Short Duration Income Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

New York, New York

February 16, 2021

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

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Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

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Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

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Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

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Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and the Fund’s benchmark as of various periods ended June 30, 2020. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the three- and five-year periods, but below the median of the

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Approval of Advisory Contract (continued)

performance peer group for the one-year period. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that, while the Fund’s net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee rate was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

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Approval of Advisory Contract (concluded)

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

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

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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.

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This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Series Fund, Inc. Short Duration Income Portfolio	SFSDI-PORT-3 (02/21)

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Series Fund—Total Return Portfolio

For the fiscal year ended December 31, 2020

Table of Contents

1	A Letter to Shareholders
4	Investment Comparison
5	Information About Your Fund’s Expenses and Holdings Presented by Sector
7	Schedule of Investments
30	Statement of Assets and Liabilities
31	Statement of Operations
32	Statements of Changes in Net Assets
34	Financial Highlights
36	Notes to Financial Statements
49	Report of Independent Registered Public Accounting Firm
50	Supplemental Information to Shareholders

Lord Abbett Series Fund — Total Return Portfolio
Annual Report

For the fiscal year ended December 31, 2020

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 overview of the performance of Lord Abbett Series Fund – Total Return Portfolio for the fiscal year ended December 31, 2020. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

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

For the fiscal year ended December 31, 2020, the Fund returned 7.43%, reflecting performance at the net asset value (NAV) of Class VC shares with all distributions reinvested, compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹,which returned 7.51% over the same period.

The trailing twelve-month period was characterized by several market-moving events. After trade tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on the 15th of January 2020 and markets priced in a likelihood of two more interest rate

cuts in 2020. The tide turned abruptly in February and March 2020, as the outbreak of the COVID-19 pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer confidence, and thus recessionary and deflationary pressures, triggered a severe sell-off. As the COVID-19 pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the first time in history, although it has since rebounded. During the month of March, the S&P 500 Index² experienced its fastest bear market since 1987 and the

1

longest U.S. economic expansion in history ended at 128 months.

The U.S. Federal Reserve (Fed) responded to the COVID-19 outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased the reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0-0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt, and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.

Risk assets began to stage a recovery in April and May 2020 on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization in April and May, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for the continued rally in risk assets included a rebound in earnings revisions and further progress in COVID-19 treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, increased COVID-19 concerns in Europe as global

deaths topped one million, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Specifically, Former U.S. Vice President Biden defeated U.S. President Trump in the U.S. Presidential election, while the Republican Party narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with greater than 90% efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest rates near zero in its December meeting and noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made toward the Committee’s maximum employment and price stability goals”. Additionally, Congress passed a fifth COVID-19 relief package, worth roughly $900 billion, with approximately $325 billion in small business relief.

For the 12-month period ended December 31, 2020, an allocation to high yield corporate bonds detracted most from the Fund’s relative performance. Despite posting positive returns during the period, the portfolio’s high yield bond allocation lagged the broader index as the asset class came under pressure during March, as the

2

credit markets wrestled with the news around a mounting global pandemic and a Russia-Saudi Arabia oil war. Security selection within commercial mortgage-backed securities also detracted from relative performance. More specifically, hotel and retail properties impacted performance negatively as the effects of social distancing due to the COVID-19 pandemic led to concerns around commercial real estate fundamentals.

The Fund’s largest contributor to relative performance was an overweight to investment grade corporate bonds. Investment grade corporate bonds rallied significantly following the March drawdown

¹   The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

²   The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

and the asset class outperformed the broader index over the 12-month period. Security selection within mortgage-backed securities (“MBS”) also contributed to relative performance. We have favored up-in-coupon MBS, which has driven positive contribution from security selection within the asset class. A small allocation to NQM (non-qualifying mortgages) also contributed to relative performance.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Fund’s returns would have been lower.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2020. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

The Fund serves as an underlying investment vehicle for variable annuity contracts and variable life insurance policies.

3

Investment Comparison

Below is a comparison of a $10,000 investment in Class VC shares with the same investment in both the Bloomberg Barclays U.S. Aggregate Bond^® Index and the Bloomberg Barclays U.S. Universal^® Index, assuming reinvestment of all dividends and distributions. The Fund’s shares are sold only to insurance company separate accounts that fund certain variable annuity and variable life contracts. The line graph comparison does not reflect the sales charges or other expenses of these contracts. If those sales charges and expenses were reflected, returns would be lower. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During the period, expenses of the Fund were waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

 

	Average Annual Total Returns for the Periods Ended December 31, 2020
		1 Year	5 Years	10 Years
Class VC		7.43%	4.53%	4.22%

¹   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

4

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 (July 1, 2020 through December 31, 2020).

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 7/1/20 – 12/31/20” 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.

5

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. 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†
	7/1/20	12/31/20	7/1/20 - 12/31/20
Class VC
Actual	$1,000.00	$1,036.10	$3.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.61

^† 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 184/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2020

Sector*	%**
Auto	0.75	%
Basic Industry	0.28	%
Capital Goods	0.48	%
Consumer Cyclical	1.17	%
Consumer Discretionary	0.66	%
Consumer Services	1.11	%
Consumer Staples	0.62	%
Energy	4.00	%
Financial Services	24.76	%
Foreign Government	4.85	%
Health Care	4.14	%
Integrated Oils	0.20	%
Materials & Processing	2.74	%
Municipal	0.65	%
Producer Durables	1.11	%
Technology	2.90	%
Telecommunications	0.55	%
Transportation	0.86	%
U.S. Government	41.51	%
Utilities	2.41	%
Repurchase Agreement	4.25	%
Total	100.00	%

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

6

Schedule of Investments

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
LONG-TERM INVESTMENTS 116.65%
ASSET-BACKED SECURITIES 13.26%
Automobiles 3.45%
ACC Trust 2019-1 B†	4.47%	10/20/2022	$	469	$	471,165
Ally Auto Receivables Trust 2019-4 A2	1.93%	10/17/2022		616		617,757
American Credit Acceptance Receivables Trust 2019-2 B†	3.05%	5/12/2023		558		560,265
Avid Automobile Receivables Trust 2019-1 A†	2.62%	2/15/2024		410		414,051
Avid Automobile Receivables Trust 2019-1 B†	2.82%	7/15/2026		500		512,999
Avid Automobile Receivables Trust 2019-1 C†	3.14%	7/15/2026		500		510,522
BMW Vehicle Owner Trust 2019-A A2	2.05%	5/25/2022		396		396,635
CarMax Auto Owner Trust 2019-3 A2A	2.21%	12/15/2022		207		207,748
CarMax Auto Owner Trust 2019-4 A2A	2.01%	3/15/2023		900		905,741
Chesapeake Funding II LLC 2017-2A A1†	1.99%	5/15/2029		28		27,569
Chesapeake Funding II LLC 2017-3A A1†	1.91%	8/15/2029		134		134,255
CPS Auto Receivables Trust 2018-A C†	3.05%	12/15/2023		100		100,885
CPS Auto Receivables Trust 2018-B D†	4.26%	3/15/2024		417		430,305
CPS Auto Receivables Trust 2019-B E†	5.00%	3/17/2025		575		596,551
CPS Auto Receivables Trust 2020-C†	1.71%	8/17/2026		785		796,557
Drive Auto Receivables Trust 2016-CA D†	4.18%	3/15/2024		121		122,024
Drive Auto Receivables Trust 2017-AA D†	4.16%	5/15/2024		244		247,167
Drive Auto Receivables Trust 2017-BA E†	5.30%	7/15/2024		2,100		2,131,291
Drive Auto Receivables Trust 2018-2 C	3.63%	8/15/2024		9		8,999
Enterprise Fleet Financing LLC 2018-1 A2†	2.87%	10/20/2023		44		44,168
Exeter Automobile Receivables Trust 2020-2A A†	1.13%	8/15/2023		415		416,465
Flagship Credit Auto Trust 2017-3 B†	2.59%	7/15/2022		2		2,048
Flagship Credit Auto Trust 2018-3 A†	3.07%	2/15/2023		226		227,335
Flagship Credit Auto Trust 2018-3 B†	3.59%	12/16/2024		725		737,406
Flagship Credit Auto Trust 2020-2 A†	1.49%	7/15/2024		304		306,181
Ford Credit Auto Owner Trust 2019-C A2A	1.88%	7/15/2022		1,106		1,110,687
Ford Credit Auto Owner Trust 2020-A A2	1.03%	10/15/2022		218		218,895
Ford Credit Auto Owner Trust 2020-B A2	0.50%	2/15/2023		2,444		2,446,281
Foursight Capital Automobile Receivables Trust 2018-1 B†	3.53%	4/17/2023		317		319,689
Foursight Capital Automobile Receivables Trust 2018-1 C†	3.68%	8/15/2023		194		198,299
GLS Auto Receivables Issuer Trust 2020-3A C†	1.92%	5/15/2025		1,109		1,129,560
Honda Auto Receivables Owner Trust 2020-2 A2	0.74%	11/15/2022		853		854,873
Hyundai Auto Receivables Trust 2019-B A2	1.93%	7/15/2022		219		219,578

See Notes to Financial Statements. 7

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Automobiles (continued)
Mercedes-Benz Auto Lease Trust 2018-B A3	3.21%		9/15/2021	$	41	$	40,845
Mercedes-Benz Auto Lease Trust 2019-A A3	3.10%		11/15/2021		199		199,668
Santander Drive Auto Receivables Trust 2017-3 C	2.76%		12/15/2022		21		21,143
Santander Retail Auto Lease Trust 2019-B A2A†	2.29%		4/20/2022		175		176,305
TCF Auto Receivables Owner Trust 2016-PT1A B†	2.92%		10/17/2022		521		521,328
Toyota Auto Receivables Owner Trust 2017-A A4	2.10%		9/15/2022		297		297,063
Westlake Automobile Receivables Trust 2020-1A C†	2.52%		4/15/2025		1,394		1,432,838
Westlake Automobile Receivables Trust 2020-2A A2A†	0.93%		2/15/2024		3,397		3,408,789
Wheels SPV 2 LLC 2018-1A A2†	3.06%		4/20/2027		45		44,851
Total							23,566,781
Credit Cards 2.03%
American Express Credit Account Master Trust 2018-6 A	3.06%		2/15/2024		5,294		5,375,315
American Express Credit Account Master Trust 2019-3 B	2.20%		4/15/2025		3,068		3,160,180
Citibank Credit Card Issuance Trust 2018-A1	2.49%		1/20/2023		1,044		1,045,289
World Financial Network Credit Card Master Trust 2018-B A	3.46%		7/15/2025		936		956,653
World Financial Network Credit Card Master Trust 2019-B A	2.49%		4/15/2026		3,261		3,361,969
Total							13,899,406
Home Equity 0.00%
Meritage Mortgage Loan Trust 2004-2 M3	1.123% (1 Mo. LIBOR + .98%	)#	1/25/2035		2		2,032
New Century Home Equity Loan Trust 2005-A A6	4.712%		8/25/2035		9		8,569
Total							10,601
Other 7.78%
ALM VII Ltd. 2012-7A A2R2†	2.087% (3 Mo. LIBOR +1.85%	)#	7/15/2029		1,468		1,469,892
ALM VII Ltd. 2012-7A CR2†	3.787% (3 Mo. LIBOR + 3.55%	)#	7/15/2029		373		373,317
Ares XLI CLO Ltd. 2016-41A AR†	1.437% (3 Mo. LIBOR + 1.20%	)#	1/15/2029		2,400		2,401,203
Ares XLI CLO Ltd. 2016-41A B†	2.037% (3 Mo. LIBOR + 1.80%	)#	1/15/2029		600		600,165
Ascentium Equipment Receivables Trust 2017-1A A3†	2.29%		6/10/2021		6		6,125
Avery Point IV CLO Ltd. 2014-1A BR†	1.815% (3 Mo. LIBOR + 1.60%	)#	4/25/2026		322		321,720

8 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
BSPRT Issuer Ltd. 2018-FL4 A†	1.209% (1 Mo. LIBOR + 1.05%	)#	9/15/2035	$	929	$	925,208
Cedar Funding II CLO Ltd. 2013-1A DR†	3.83% (3 Mo. LIBOR + 3.60%	)#	6/9/2030		270		270,332
Cedar Funding VI CLO Ltd. 2016-6A BR†	1.818% (3 Mo. LIBOR + 1.60%	)#	10/20/2028		650		648,368
Cent CLO Ltd. 2013-19A A1A†	1.543% (3 Mo. LIBOR + 1.33%	)#	10/29/2025		201		201,032
Diamond Resorts Owner Trust 2016-1 A†	3.08%		11/20/2028		30		29,603
Diamond Resorts Owner Trust 2017-1A B†	4.11%		10/22/2029		207		209,169
DRB Prime Student Loan Trust 2015-D A2†	3.20%		1/25/2040		265		267,098
Fairstone Financial Issuance Trust I 2019-1A B†(a)	5.084%		3/21/2033	CAD	500		394,850	(b)
Gracie Point International Funding 2020 B†	2.527% (1 Mo. LIBOR + 2.40%	)#	5/2/2023	$	1,124		1,125,799	(b)
Halcyon Loan Advisors Funding Ltd. 2015-2A CR†	2.365% (3 Mo. LIBOR + 2.15%	)#	7/25/2027		250		249,283
Hardee’s Funding LLC 2018-1A A23†	5.71%		6/20/2048		651		712,564
Hardee’s Funding LLC 2018-1A A2II†	4.959%		6/20/2048		1,144		1,226,495
Jamestown CLO VII Ltd. 2015-7A CR†	2.815% (3 Mo. LIBOR + 2.60%	)#	7/25/2027		611		589,658
Kayne CLO 5 Ltd. 2019-5A A†	1.565% (3 Mo. LIBOR + 1.35%	)#	7/24/2032		1,300		1,301,767
Kayne CLO 7 Ltd. 2020-7A A1†	1.418% (3 Mo. LIBOR + 1.20%	)#	4/17/2033		1,822		1,817,933
KKR CLO Ltd.18 B†	1.918% (3 Mo. LIBOR + 1.70%	)#	7/18/2030		920		919,060
KVK CLO Ltd. 2016-1A B†	2.487% (3 Mo. LIBOR + 2.25%	)#	1/15/2029		2,756		2,757,091
Lending Funding Trust 2020-2A A†	2.32%		4/21/2031		1,840		1,869,875
Longtrain Leasing III LLC 2015-1A A2†	4.06%		1/15/2045		738		756,943
Marble Point CLO XVII Ltd. 2020-1A A†	1.518% (3 Mo. LIBOR + 1.30%	)#	4/20/2033		1,135		1,133,963
Massachusetts Educational Financing Authority 2008-1 A1	1.165% (3 Mo. LIBOR + .95%	)#	4/25/2038		381		382,887
ME Funding LLC 2019-1 A2†	6.448%		7/30/2049		1,992		1,944,957
Mountain Hawk III CLO Ltd. 2014-3A AR†	1.418% (3 Mo. LIBOR + 1.20%	)#	4/18/2025		297		297,636
Mountain View CLO LLC 2017-1A AR†	1.32% (3 Mo. LIBOR + 1.09%	)#	10/16/2029		1,047		1,041,227
Mountain View CLO X Ltd. 2015-10A BR†	1.574% (3 Mo. LIBOR + 1.35%	)#	10/13/2027		623		613,980

See Notes to Financial Statements. 9

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
Mountain View CLO XIV Ltd. 2019-1A A1†	1.727% (3 Mo. LIBOR + 1.49%	)#	4/15/2029	$	1,422	$	1,422,188
Navient Private Education Refi Loan Trust 2018-DA A2A†	4.00%		12/15/2059		531		563,430
Neuberger Berman Loan Advisers CLO Ltd. 2019-35A A1†	1.558% (3 Mo. LIBOR + 1.34%	)#	1/19/2033		2,000		2,006,254
Newark BSL CLO 1 Ltd. 2016-1A CR†	3.217% (3 Mo. LIBOR + 3.00%	)#	12/21/2029		700		697,752
Northwoods Capital 20 Ltd. 2019-20A C†	3.015% (3 Mo. LIBOR + 2.80%	)#	1/25/2030		603		603,408
Northwoods Capital 20 Ltd. 2019-20A D†	4.465% (3 Mo. LIBOR + 4.25%	)#	1/25/2030		698		697,878
Octagon Investment Partners 29 Ltd. 2016-1A AR†	1.395% (3 Mo. LIBOR + 1.18%	)#	1/24/2033		1,028		1,025,124
Octagon Investment Partners 48 Ltd. 2020-3A A†	1.732% (3 Mo. LIBOR + 1.50%	)#	10/20/2031		1,200		1,204,415
OneMain Financial Issuance Trust 2020-2A A†	1.75%		9/14/2035		2,170		2,216,397
Orec Ltd. 2018-CRE1 A†	1.339%(1 Mo. LIBOR + 1.18%	)#	6/15/2036		1,030		1,025,002
Palmer Square Loan Funding Ltd. 2018-1A A1†	0.837% (3 Mo. LIBOR + .60%	)#	4/15/2026		434		433,029
Palmer Square Loan Funding Ltd. 2018-1A A2†	1.287% (3 Mo. LIBOR + 1.05%	)#	4/15/2026		414		409,586
Palmer Square Loan Funding Ltd. 2018-1A B†	1.637% (3 Mo. LIBOR + 1.40%	)#	4/15/2026		314		307,860
Palmer Square Loan Funding Ltd. 2018-5A A2†	1.618% (3 Mo. LIBOR + 1.40%	)#	1/20/2027		255		251,624
Pennsylvania Higher Education Assistance Agency 2006-1 B	0.485% (3 Mo. LIBOR + .27%	)#	4/25/2038		193		183,583
PFS Financing Corp. 2018-B†	3.08%		2/15/2023		469		469,411
Planet Fitness Master Issuer LLC 2019-1A A2†	3.858%		12/5/2049		495		468,677
Salem Fields CLO Ltd. 2016-2A A1R†	1.365% (3 Mo. LIBOR + 1.15%	)#	10/25/2028		1,153		1,152,834
SCF Equipment Leasing LLC 2017-2A A†	3.41%		12/20/2023		63		62,845
SCF Equipment Leasing LLC 2018-1A A2†	3.63%		10/20/2024		273		273,712
SCF Equipment Leasing LLC 2019-1A C†	3.92%		11/20/2026		2,132		2,146,269
SCF Equipment Leasing LLC 2019-2A B†	2.76%		8/20/2026		1,442		1,507,420
SCF Equipment Leasing LLC 2019-2A C†	3.11%		6/21/2027		1,046		1,093,291
Shackleton CLO Ltd. 2016-9A B†	2.118% (3 Mo. LIBOR + 1.90%	)#	10/20/2028		499		499,626
Shackleton CLO Ltd. 2019-14A A2†	2.118% (3 Mo. LIBOR + 1.90%	)#	7/20/2030		1,687		1,687,520

10 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)
SLC Student Loan Trust 2008-1 A4A	1.817% (3 Mo. LIBOR + 1.60%	)#	12/15/2032	$	960	$	981,409
Sound Point CLO XI Ltd. 2016-1A AR†	1.318% (3 Mo. LIBOR + 1.10%	)#	7/20/2028		591		590,080
Sound Point CLO XV Ltd. 2017-1A C†	2.709% (3 Mo. LIBOR + 2.50%	)#	1/23/2029		570		567,927
Towd Point Asset Trust 2018-SL1 A†	0.749% (1 Mo. LIBOR + .60%	)#	1/25/2046		545		539,973
TPG Real Estate Finance Issuer Ltd. 2018-FL2 A†	1.283% (1 Mo. LIBOR + 1.13%	)#	11/15/2037		1,050		1,049,293
Westgate Resorts LLC 2018-1A A†	3.38%		12/20/2031		195		197,871
Total							53,194,888
Total Asset-Backed Securities (cost $90,045,496)							90,671,676
CORPORATE BONDS 38.85%
Aerospace/Defense 1.25%
BAE Systems plc (United Kingdom)†(c)	3.40%		4/15/2030		1,273		1,443,665
Boeing Co. (The)	4.875%		5/1/2025		2,981		3,400,067
Boeing Co. (The)	5.04%		5/1/2027		1,942		2,272,544
Signature Aviation US Holdings, Inc.†	4.00%		3/1/2028		693		698,724
TransDigm, Inc.	6.375%		6/15/2026		702		727,886
Total							8,542,886
Air Transportation 0.64%
American Airlines, Inc.†	11.75%		7/15/2025		602		695,160
British Airways 2020-1 Class A Pass Through Trust (United Kingdom)†(c)	4.25%		11/15/2032		288		309,060
Delta Air Lines, Inc.†	7.00%		5/1/2025		1,287		1,486,764
Delta Air Lines, Inc./SkyMiles IP Ltd.†	4.50%		10/20/2025		568		607,308
Delta Air Lines, Inc./SkyMiles IP Ltd.†	4.75%		10/20/2028		576		629,178
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.†	8.00%		9/20/2025		607		682,875
Total							4,410,345
Apparel 0.19%
PVH Corp.	7.75%		11/15/2023		561		658,236
William Carter Co. (The)†	5.50%		5/15/2025		611		650,019
Total							1,308,255

See Notes to Financial Statements. 11

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Auto Parts: Original Equipment 0.16%
American Axle & Manufacturing, Inc.	6.50%		4/1/2027		$	705	$	742,894
Clarios Global LP / Clarios US Finance Co.†	8.50%		5/15/2027			352		382,997
Total								1,125,891
Automotive 0.75%
Ford Motor Co.	7.45%		7/16/2031			1,589		2,040,872
General Motors Financial Co., Inc.	3.60%		6/21/2030			2,135		2,384,833
Tesla, Inc.†	5.30%		8/15/2025			656		684,700
Total								5,110,405
Banks: Regional 4.87%
Akbank T.A.S. (Turkey)†(c)	5.00%		10/24/2022			385		390,530
Banco de Credito e Inversiones SA (Chile)†(c)	3.50%		10/12/2027			535		593,094
Banco do Brasil SA†	4.625%		1/15/2025			630		686,511
Bank of America Corp.	3.593% (3 Mo. LIBOR + 1.37%	)#	7/21/2028			1,680		1,908,890
Bank of America Corp.	3.95%		4/21/2025			250		281,922
Bank of America Corp.	3.97% (3 Mo. LIBOR + 1.07%	)#	3/5/2029			864		1,007,825
Bank of America Corp.	4.00%		1/22/2025			728		818,488
Bank of America Corp.	4.45%		3/3/2026			315		367,268
Citigroup, Inc.	2.666% (SOFR + 1.15%	)#	1/29/2031			816		875,994
Citigroup, Inc.	3.887% (3 Mo. LIBOR + 1.56%	)#	1/10/2028			2,329		2,676,572
Citigroup, Inc.	3.98% (3 Mo. LIBOR + 1.34%	)#	3/20/2030			1,294		1,522,118
Citigroup, Inc.	4.45%		9/29/2027			552		651,196
Credit Suisse Group AG (Switzerland)†(c)	4.50% (5 Yr. Treasury CMT + 3.55%	)#	—	(d)		216		217,598
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)#	5/1/2028			553		632,562
JPMorgan Chase & Co.	3.782% (3 Mo. LIBOR + 1.34%	)#	2/1/2028			3,099		3,564,462
Kookmin Bank (South Korea)†(c)	1.75%		5/4/2025			760		790,640
Macquarie Group Ltd. (Australia)†(c)	4.654% (3 Mo. LIBOR + 1.73%	)#	3/27/2029			1,431		1,675,331
Morgan Stanley	3.625%		1/20/2027			2,230		2,560,746
Morgan Stanley	4.431% (3 Mo. LIBOR + 1.63%	)#	1/23/2030			870		1,060,888
Morgan Stanley	7.25%		4/1/2032			84		129,603
Popular, Inc.	6.125%		9/14/2023			107		115,950
Toronto-Dominion Bank (The) (Canada)(c)	3.625% (5 Yr. Swap rate + 2.21%	)#	9/15/2031			1,378		1,562,532
Truist Bank	2.25%		3/11/2030			637		668,760
Turkiye Garanti Bankasi AS (Turkey)†(c)	5.875%		3/16/2023			700		728,666
UBS AG (Switzerland)(c)	5.125%		5/15/2024			1,399		1,545,545

12 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Banks: Regional (continued)
Wachovia Corp.	7.574%		8/1/2026	$	660	$	869,382
Wells Fargo & Co.	2.393% (SOFR + 2.10%	)#	6/2/2028		5,043		5,371,463
Total							33,274,536
Beverages 0.06%
Becle SAB de CV (Mexico)†(c)	3.75%		5/13/2025		350		382,350
Biotechnology Research & Production 0.83%
Biogen, Inc.	2.25%		5/1/2030		3,106		3,245,964
Regeneron Pharmaceuticals, Inc.	1.75%		9/15/2030		1,599		1,576,460
Royalty Pharma plc†	1.75%		9/2/2027		810		834,129
Total							5,656,553
Building Materials 0.48%
Cemex SAB de CV (Mexico)†(c)	5.45%		11/19/2029		620		683,091
Forterra Finance LLC/FRTA Finance Corp.†	6.50%		7/15/2025		616		663,355
Griffon Corp.	5.75%		3/1/2028		587		621,744
Owens Corning, Inc.	3.95%		8/15/2029		1,151		1,328,245
Total							3,296,435
Business Services 0.76%
Adani Ports & Special Economic Zone Ltd. (India)†(c)	4.00%		7/30/2027		275		294,181
CoStar Group, Inc.†	2.80%		7/15/2030		381		396,304
Garda World Security Corp. (Canada)†(c)	9.50%		11/1/2027		612		678,824
Global Payments, Inc.	3.20%		8/15/2029		501		556,698
PayPal Holdings, Inc.	2.85%		10/1/2029		1,767		1,965,529
Pepperdine University	3.301%		12/1/2059		294		315,155
United Rentals North America, Inc.	4.00%		7/15/2030		316		332,985
United Rentals North America, Inc.	4.875%		1/15/2028		592		631,220
Total							5,170,896
Chemicals 0.52%
Ashland LLC	6.875%		5/15/2043		272		362,928
CF Industries, Inc.	4.95%		6/1/2043		531		652,798
CNAC HK Finbridge Co. Ltd. (Hong Kong)(c)	4.125%		7/19/2027		1,001		1,035,805
Nutrition & Biosciences, Inc.†	1.832%		10/15/2027		468		482,443
Phosagro OAO Via Phosagro Bond Funding DAC (Ireland)†(c)	3.949%		4/24/2023		960		1,007,635
Total							3,541,609
Coal 0.09%
Warrior Met Coal, Inc.†	8.00%		11/1/2024		586		599,642

See Notes to Financial Statements. 13

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Computer Hardware 0.41%
Dell International LLC/EMC Corp.†	5.45%		6/15/2023	$	251	$	277,685
Dell International LLC/EMC Corp.†	6.02%		6/15/2026		158		193,007
Dell International LLC/EMC Corp.†	8.35%		7/15/2046		1,189		1,798,801
Hewlett Packard Enterprise Co.	0.90% (3 Mo. LIBOR + .68%	)#	3/12/2021		543		543,493
Total							2,812,986
Computer Software 0.30%
Oracle Corp.	2.95%		4/1/2030		1,809		2,023,250
Construction/Homebuilding 0.61%
Century Communities, Inc.	6.75%		6/1/2027		576		616,668
NVR, Inc.	3.00%		5/15/2030		1,703		1,864,325
PulteGroup, Inc.	5.50%		3/1/2026		576		686,471
Toll Brothers Finance Corp.	4.35%		2/15/2028		588		654,773
TRI Pointe Group, Inc.	5.25%		6/1/2027		310		338,229
Total							4,160,466
Containers 0.13%
Ball Corp.	2.875%		8/15/2030		894		892,882
Drugs 0.73%
Bayer Corp.†	6.65%		2/15/2028		271		350,789
Bayer US Finance II LLC†	3.875%		12/15/2023		881		960,540
CVS Health Corp.	3.625%		4/1/2027		1,445		1,646,012
CVS Health Corp.	4.30%		3/25/2028		1,700		2,024,742
Total							4,982,083
Electric: Power 2.85%
Ausgrid Finance Pty Ltd. (Australia)†(c)	4.35%		8/1/2028		1,118		1,298,081
Calpine Corp.†	4.50%		2/15/2028		588		612,402
Calpine Corp.†	5.125%		3/15/2028		609		641,511
Cikarang Listrindo Tbk PT (Indonesia)†(c)	4.95%		9/14/2026		985		1,029,325
Clearway Energy Operating LLC	5.75%		10/15/2025		274		288,899
Cleco Corporate Holdings LLC	3.375%		9/15/2029		480		494,549
Emera US Finance LP	3.55%		6/15/2026		3,814		4,288,477
Emirates Semb Corp., Water & Power Co. PJSC (United Arab Emirates)†(c)	4.45%		8/1/2035		275		328,969
Eskom Holdings SOC Ltd. (South Africa)†(c)	6.35%		8/10/2028		925		1,023,374
FirstEnergy Corp.	2.65%		3/1/2030		973		977,114
FirstEnergy Corp.	3.90%		7/15/2027		1,299		1,432,954

14 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric Power (continued)
ITC Holdings Corp.	3.35%	11/15/2027	$	530	$	597,287
Liberty Utilities Finance GP 1†	2.05%	9/15/2030		1,105		1,112,462
Minejesa Capital BV (Netherlands)†(c)	4.625%	8/10/2030		250		270,015
NRG Energy, Inc.†	2.45%	12/2/2027		659		693,985
NRG Energy, Inc.	5.75%	1/15/2028		598		654,436
Pennsylvania Electric Co.†	3.60%	6/1/2029		597		654,506
PSEG Power LLC	8.625%	4/15/2031		770		1,175,020
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak (Indonesia)†(c)	4.85%	10/14/2038		200		223,602
Vistra Operations Co. LLC†	3.55%	7/15/2024		1,550		1,679,299
Total						19,476,267
Electrical Equipment 0.58%
Broadcom Corp./Broadcom Cayman Finance Ltd.	3.875%	1/15/2027		2,448		2,752,082
NXP BV/NXP Funding LLC (Netherlands)†(c)	3.15%	5/1/2027		1,134		1,250,861
Total						4,002,943
Electronics 0.28%
Roper Technologies, Inc.	1.40%	9/15/2027		1,863		1,886,998
Energy Equipment & Services 0.19%
Greenko Solar Mauritius Ltd. (Mauritius)†(c)	5.95%	7/29/2026		620		672,751
TerraForm Power Operating LLC†	4.75%	1/15/2030		562		602,582
Total						1,275,333
Entertainment 0.59%
Caesars Entertainment, Inc.†	8.125%	7/1/2027		616		682,730
Cedar Fair LP	5.25%	7/15/2029		657		677,524
Live Nation Entertainment, Inc.†(e)	3.75%	1/15/2028		192		194,477
Live Nation Entertainment, Inc.†	4.75%	10/15/2027		660		678,566
Penn National Gaming, Inc.†	5.625%	1/15/2027		608		635,421
Scientific Games International, Inc.†	7.25%	11/15/2029		622		683,696
Vail Resorts, Inc.†	6.25%	5/15/2025		474		506,587
Total						4,059,001
Environmental Services 0.08%
Stericycle, Inc.†	3.875%	1/15/2029		528		543,180
Financial Services 1.74%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)(c)	3.50%	1/15/2025		1,388		1,474,283

See Notes to Financial Statements. 15

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Financial Services (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)(c)	3.875%	1/23/2028	$	916	$	990,082
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)(c)	4.875%	1/16/2024		523		571,109
Affiliated Managers Group, Inc.	3.50%	8/1/2025		125		139,075
Ally Financial, Inc.	8.00%	11/1/2031		467		686,499
Avolon Holdings Funding Ltd. (Ireland)†(c)	4.25%	4/15/2026		313		337,456
Brightsphere Investment Group, Inc.	4.80%	7/27/2026		489		525,163
Global Aircraft Leasing Co. Ltd. PIK 7.25%†	6.50%	9/15/2024		929		813,352
International Lease Finance Corp.	5.875%	8/15/2022		156		168,605
Nationstar Mortgage Holdings, Inc.†	5.50%	8/15/2028		624		657,930
Navient Corp.	5.00%	3/15/2027		1,091		1,102,052
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.50%	3/15/2027		541		611,623
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.†	4.875%	4/15/2045		677		768,851
OneMain Finance Corp.	5.375%	11/15/2029		1,093		1,232,357
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.†	3.625%	3/1/2029		993		1,014,722
SURA Asset Management SA (Colombia)†(c)	4.375%	4/11/2027		700		791,749
Total						11,884,908
Food 0.70%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC†	4.875%	2/15/2030		590		650,699
Arcor SAIC (Argentina)†(c)	6.00%	7/6/2023		297		292,771
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.†	6.50%	4/15/2029		1,093		1,275,094
Kraft Heinz Foods Co.	4.375%	6/1/2046		1,571		1,699,804
Minerva Luxembourg SA (Luxembourg)†(c)	5.875%	1/19/2028		503		543,371
Sysco Corp.	6.60%	4/1/2050		220		338,849
Total						4,800,588
Health Care Products 0.82%
Alcon Finance Corp.†	2.60%	5/27/2030		2,490		2,655,171
Boston Scientific Corp.	2.65%	6/1/2030		1,705		1,830,935
Stryker Corp.	1.95%	6/15/2030		1,122		1,155,302
Total						5,641,408
Health Care Services 2.46%
Adventist Health System	2.952%	3/1/2029		360		390,806
Advocate Health & Hospitals Corp.	2.211%	6/15/2030		1,163		1,213,986

16 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Health Care Services (continued)
Anthem, Inc.	2.25%	5/15/2030	$	1,878	$	1,996,044
Centene Corp.	3.375%	2/15/2030		605		637,461
CommonSpirit Health	3.347%	10/1/2029		1,975		2,171,576
DaVita, Inc.†	3.75%	2/15/2031		918		933,822
HCA, Inc.	4.125%	6/15/2029		2,089		2,424,840
HCA, Inc.	4.50%	2/15/2027		820		954,226
HCA, Inc.	5.25%	6/15/2026		886		1,049,522
Legacy LifePoint Health LLC†	6.75%	4/15/2025		1,149		1,236,680
MEDNAX, Inc.†	6.25%	1/15/2027		608		652,828
New York and Presbyterian Hospital (The)	3.954%	8/1/2119		189		220,436
Radiology Partners, Inc.†	9.25%	2/1/2028		657		740,965
Select Medical Corp.†	6.25%	8/15/2026		571		615,801
Surgery Center Holdings, Inc.†	10.00%	4/15/2027		588		650,842
Tenet Healthcare Corp.†	6.25%	2/1/2027		885		939,335
Total						16,829,170
Household Equipment/Products 0.12%
Kimberly-Clark de Mexico SAB de CV (Mexico)†(c)	3.80%	4/8/2024		100		108,122
Newell Brands, Inc.	5.875%	4/1/2036		580		706,150
Total						814,272
Investment Management Companies 0.06%
Temasek Financial I Ltd. (Singapore)†(c)	2.50%	10/6/2070		380		382,988
Leisure 0.30%
Carnival Corp.†	7.625%	3/1/2026		397		433,272
Carnival Corp.†	11.50%	4/1/2023		855		989,898
Royal Caribbean Cruises Ltd.†	11.50%	6/1/2025		558		653,027
Total						2,076,197
Lodging 0.21%
Boyd Gaming Corp.	4.75%	12/1/2027		406		422,569
Boyd Gaming Corp.	6.00%	8/15/2026		268		278,720
MGM Resorts International	5.50%	4/15/2027		643		717,527
Total						1,418,816
Machinery: Agricultural 0.79%
BAT Capital Corp.	4.70%	4/2/2027		487		573,207
BAT Capital Corp.	4.906%	4/2/2030		2,614		3,158,878
MHP Lux SA (Luxembourg)†(c)	6.25%	9/19/2029		1,240		1,277,200
MHP Lux SA (Luxembourg)†(c)	6.95%	4/3/2026		370		408,129
Total						5,417,414

See Notes to Financial Statements. 17

Schedule of Investments (continued)

December 31, 2020

			Principal
	Interest	Maturity	Amount		Fair
Investments	Rate	Date	(000)		Value
Machinery: Industrial/Specialty 0.56%
IDEX Corp.	3.00%	5/1/2030	$	762	$	839,463
nVent Finance Sarl (Luxembourg)(c)	4.55%	4/15/2028		2,038		2,216,036
Vertical US Newco, Inc.†	5.25%	7/15/2027		702		745,436
Total						3,800,935
Media 1.35%
AMC Networks, Inc.	4.75%	8/1/2025		289		298,885
CCO Holdings LLC/CCO Holdings Capital Corp.†	4.75%	3/1/2030		645		696,761
Cox Communications, Inc.†	8.375%	3/1/2039		1,489		2,566,720
CSC Holdings LLC†	5.50%	4/15/2027		563		597,343
DISH DBS Corp.	7.75%	7/1/2026		1,231		1,379,637
Globo Comunicacao e Participacoes SA (Brazil)†(c)	4.875%	1/22/2030		950		1,016,510
Gray Television, Inc.†	7.00%	5/15/2027		280		306,950
Nexstar Broadcasting, Inc.†	5.625%	7/15/2027		616		660,854
Scripps Escrow, Inc.†	5.875%	7/15/2027		603		630,708
Time Warner Cable LLC	7.30%	7/1/2038		211		313,052
Time Warner Entertainment Co. LP	8.375%	7/15/2033		502		777,114
Total						9,244,534
Metals & Minerals: Miscellaneous 1.62%
Anglo American Capital plc (United Kingdom)†(c)	4.00%	9/11/2027		1,457		1,673,406
Anglo American Capital plc (United Kingdom)†(c)	4.75%	4/10/2027		1,530		1,806,686
Antofagasta plc (Chile)†(c)	2.375%	10/14/2030		656		659,280
Chinalco Capital Holdings Ltd.	4.00%	8/25/2021		640		646,080
Freeport-McMoRan, Inc.	4.125%	3/1/2028		1,282		1,346,901
Freeport-McMoRan, Inc.	4.25%	3/1/2030		307		331,081
Glencore Funding LLC†	4.875%	3/12/2029		1,973		2,355,230
Hecla Mining Co.	7.25%	2/15/2028		1,387		1,517,031
Kinross Gold Corp. (Canada)(c)	5.95%	3/15/2024		281		319,897
MMC Norilsk Nickel OJSC via MMC Finance DAC (Ireland)†(c)	4.10%	4/11/2023		430		452,116
Total						11,107,708
Natural Gas 0.91%
CenterPoint Energy Resources Corp.	1.75%	10/1/2030		1,530		1,547,225
ENN Energy Holdings Ltd. (China)†(c)	2.625%	9/17/2030		390		392,465
National Fuel Gas Co.	5.50%	1/15/2026		1,122		1,295,308
NiSource, Inc.	3.49%	5/15/2027		2,631		2,986,412
Total						6,221,410

18 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

				Principal
	Interest		Maturity	Amount		Fair
Investments	Rate		Date	(000)		Value
Oil 2.29%
Afren plc (United Kingdom)†(c)(f)	6.625%		12/9/2020	$	244	$	1,195
Apache Corp.	4.375%		10/15/2028		763		795,412
Continental Resources, Inc.	3.80%		6/1/2024		660		681,038
Diamondback Energy, Inc.	3.50%		12/1/2029		756		808,454
Diamondback Energy, Inc.	4.75%		5/31/2025		297		334,626
Empresa Nacional del Petroleo (Chile)†(c)	3.75%		8/5/2026		750		820,715
Equinor ASA (Norway)(c)	7.15%		11/15/2025		605		773,486
Gazprom PJSC Via Gaz Capital SA (Luxembourg)†(c)	4.95%		2/6/2028		200		229,325
Laredo Petroleum, Inc.	9.50%		1/15/2025		1,156		1,006,807
MEG Energy Corp. (Canada)†(c)	7.00%		3/31/2024		596		603,450
MEG Energy Corp. (Canada)†(c)	7.125%		2/1/2027		557		576,495
PDC Energy, Inc.	5.75%		5/15/2026		779		805,778
Pertamina Persero PT (Indonesia)†(c)	4.15%		2/25/2060		200		213,403
Pertamina Persero PT (Indonesia)†(c)	4.70%		7/30/2049		400		459,045
Petroleos Mexicanos (Mexico)(c)	4.50%		1/23/2026		956		954,078
Petroleos Mexicanos (Mexico)(c)	5.35%		2/12/2028		2,750		2,717,028
Range Resources Corp.	9.25%		2/1/2026		650		680,225
Saudi Arabian Oil Co. (Saudi Arabia)†(c)	2.875%		4/16/2024		1,050		1,115,269
SM Energy Co.	6.75%		9/15/2026		376		305,500
Southwestern Energy Co.	7.75%		10/1/2027		645		697,616
Tengizchevroil Finance Co. International Ltd. (Kazakhstan)†(c)	3.25%		8/15/2030		470		498,658
Viper Energy Partners LP†	5.375%		11/1/2027		318		332,847
YPF SA (Argentina)†(c)	8.50%		7/28/2025		281		217,075
Total							15,627,525
Oil: Crude Producers 1.40%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)†(c)	4.60%		11/2/2047		320		398,733
AI Candelaria Spain SLU (Spain)†(c)	7.50%		12/15/2028		250		291,878
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)#	1/22/2078		825		622,293
Cheniere Corpus Christi Holdings LLC	3.70%		11/15/2029		384		428,063
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)†(c)	3.25%		9/30/2040		1,413		1,494,996
MPLX LP	3.375%		3/15/2023		1,064		1,127,507
MPLX LP	5.25%		1/15/2025		1,112		1,141,198
Sabine Pass Liquefaction LLC	5.875%		6/30/2026		2,694		3,258,789
Western Midstream Operating LP	5.05%		2/1/2030		701		780,798
Total							9,544,255

See Notes to Financial Statements. 19

Schedule of Investments (continued)

December 31, 2020

Investments	Interest  Rate	Maturity  Date	Principal  Amount  (000)		Fair  Value
Oil: Integrated Domestic 0.24%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.	3.337%	12/15/2027	$	1,460	$	1,635,957
Paper & Forest Products 0.13%
Suzano Austria GmbH (Brazil)(c)	3.75%	1/15/2031		821		872,107
Real Estate Investment Trusts 2.42%
Country Garden Holdings Co. Ltd. (China)(c)	4.75%	1/17/2023		226		232,110
Country Garden Holdings Co. Ltd. (China)(c)	4.75%	9/28/2023		993		1,019,066
EPR Properties	4.95%	4/15/2028		1,069		1,076,131
Equinix, Inc.	1.55%	3/15/2028		1,856		1,888,300
Equinix, Inc.	2.625%	11/18/2024		942		1,007,752
ESH Hospitality, Inc.†	4.625%	10/1/2027		654		671,168
HAT Holdings I LLC/HAT Holdings II LLC†	5.25%	7/15/2024		1,196		1,246,208
Healthcare Trust of America Holdings LP	3.10%	2/15/2030		895		978,656
Kaisa Group Holdings Ltd. (China)(c)	9.375%	6/30/2024		330		320,719
Kaisa Group Holdings Ltd. (China)†(c)	11.95%	10/22/2022		390		415,545
Longfor Group Holdings Ltd. (China)(c)	4.50%	1/16/2028		1,080		1,201,911
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer†	5.875%	10/1/2028		644		687,068
Sunac China Holdings Ltd. (China)(c)	7.875%	2/15/2022		920		944,565
VEREIT Operating Partnership LP	4.875%	6/1/2026		2,378		2,789,482
WEA Finance LLC†	2.875%	1/15/2027		1,246		1,281,084
Yuzhou Group Holdings Co. Ltd. (China)(c)	6.00%	10/25/2023		270		276,581
Zhenro Properties Group Ltd. (China)(c)	8.65%	1/21/2023		500		523,768
Total						16,560,114
Retail 0.72%
AutoNation, Inc.	4.75%	6/1/2030		115		138,472
Gap, Inc. (The)†	8.625%	5/15/2025		564		629,858
IRB Holding Corp.†	7.00%	6/15/2025		576		630,303
L Brands, Inc.†	6.625%	10/1/2030		619		689,798
Murphy Oil USA, Inc.	4.75%	9/15/2029		357		380,585
Rite Aid Corp.†	8.00%	11/15/2026		990		1,060,082
Sally Holdings LLC/Sally Capital, Inc.	5.625%	12/1/2025		611		628,719
Walgreens Boots Alliance, Inc.	3.20%	4/15/2030		681		740,845
Total						4,898,662
Steel 0.10%
GUSAP III LP†	4.25%	1/21/2030		635		709,619

20 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Technology 1.30%
Alibaba Group Holding Ltd.(China)(c)	3.40%		12/6/2027	$	856	$	958,486
Baidu, Inc. (China)(c)	2.375%		10/9/2030		510		524,010
JD.com, Inc. (China)(c)	3.375%		1/14/2030		1,585		1,724,754
Match Group Holdings II LLC†	5.00%		12/15/2027		302		322,053
Match Group Holdings II LLC†	5.625%		2/15/2029		287		313,548
Meituan (China)†(c)	3.05%		10/28/2030		740		770,044
Netflix, Inc.	6.375%		5/15/2029		1,326		1,639,267
Prosus NV (Netherlands)†(c)	3.832%		2/8/2051		1,100		1,080,466
Prosus NV (Netherlands)†(c)	5.50%		7/21/2025		770		886,924
Uber Technologies, Inc.†	8.00%		11/1/2026		622		678,369
Total							8,897,921
Telecommunications 0.67%
AT&T, Inc.	4.30%		2/15/2030		1,321		1,579,150
Frontier Communications Corp.†	5.00%		5/1/2028		759		792,681
LogMeIn, Inc.†	5.50%		9/1/2027		627		657,566
Ooredoo International Finance Ltd.†	3.75%		6/22/2026		300		336,141
Sprint Capital Corp.	6.875%		11/15/2028		492		649,615
Zayo Group Holdings, Inc.†	4.00%		3/1/2027		602		604,290
Total							4,619,443
Toys 0.09%
Mattel, Inc.†	6.75%		12/31/2025		604		638,108
Transportation: Miscellaneous 0.41%
Autoridad del Canal de Panama (Panama)†(c)	4.95%		7/29/2035		200		253,359
Huntington Ingalls Industries, Inc.	3.844%		5/1/2025		456		508,164
Pelabuhan Indonesia III Persero PT (Indonesia)†(c)	4.50%		5/2/2023		220		234,644
Watco Cos LLC/Watco Finance Corp.†	6.50%		6/15/2027		1,025		1,111,485
XPO Logistics, Inc.†	6.25%		5/1/2025		620		668,369
Total							2,776,021
Utilities 0.09%
Aegea Finance Sarl (Luxembourg)†(c)	5.75%		10/10/2024		574		600,912
Total Corporate Bonds (cost $248,335,756)							265,556,184
FLOATING RATE LOANS(g) 0.49%
Business Services 0.19%
KUEHG Corp. 2018 Incremental Term Loan	—	(h)	2/21/2025		697		664,168
Learning Care Group, Inc. 2018 1st Lien Term Loan	—	(h)	3/13/2025		703		669,328
Total							1,333,496

See Notes to Financial Statements. 21

Schedule of Investments (continued)

December 31, 2020

Investment	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Financial Services 0.10%
SSH Group Holdings, Inc. 2018 1st Lien Term Loan	—	(h)	7/30/2025	$	704	$	672,089
Health Care Services 0.20%
Heartland Dental, LLC 2018 1st Lien Term Loan	3.647% (1 Mo. LIBOR + 3.50%	)	4/30/2025		695		679,905
MED ParentCo LP 1st Lien Delayed Draw Term Loan	—	(h)	8/31/2026		139		137,197
MED ParentCo LP 1st Lien Term Loan	—	(h)	8/31/2026		554		547,106
Total							1,364,208
Total Floating Rate Loans (cost $3,348,215)							3,369,793
FOREIGN GOVERNMENT OBLIGATIONS 5.91%
Bermuda 0.29%
Bermuda Government International Bond†	2.375%		8/20/2030		1,910		2,007,888
China 0.18%
China Government International Bond†(c)	2.25%		10/21/2050		1,230		1,221,942
Dominican Republic 0.11%
Dominican Republic†(c)	4.875%		9/23/2032		691		766,146
Egypt 0.36%
Republic of Egypt†(c)	4.55%		11/20/2023		200		207,880
Republic of Egypt†(c)	6.125%		1/31/2022		220		230,041
Republic of Egypt†(c)	6.588%		2/21/2028		575		633,938
Republic of Egypt†(c)	7.60%		3/1/2029		995		1,146,757
Republic of Egypt†(c)	7.903%		2/21/2048		200		218,075
Total							2,436,691
Ghana 0.22%
Republic of Ghana†(c)	6.375%		2/11/2027		1,455		1,515,650
Indonesia 0.53%
Republic of Indonesia(c)	3.40%		9/18/2029		1,500		1,680,258
Republic of Indonesia(c)	4.75%		1/8/2026		1,660		1,944,667
Total							3,624,925
Japan 1.98%
Japan Treasury Discount Bill(a)	Zero Coupon		2/22/2021	JPY	1,400,000		13,560,668
Nigeria 0.30%
Republic of Nigeria†(c)	6.375%		7/12/2023	$	600		650,829
Republic of Nigeria†(c)	7.143%		2/23/2030		1,265		1,367,872
Total							2,018,701

22 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Peru 0.21%
Republic of Peru(c)	2.392%		1/23/2026	$	1,366	$	1,459,585
Qatar 0.81%
State of Qatar†(c)	3.25%		6/2/2026		2,755		3,069,345
State of Qatar†(c)	4.00%		3/14/2029		1,725		2,048,438
State of Qatar†(c)	5.103%		4/23/2048		310		436,731
Total							5,554,514
Saudi Arabia 0.23%
Saudi Government International Bond†(c)	3.25%		10/22/2030		1,400		1,546,790
Sri Lanka 0.10%
Republic of Sri Lanka†(c)	5.875%		7/25/2022		1,006		701,001
Turkey 0.33%
Republic of Turkey(c)	4.25%		4/14/2026		820		814,951
Republic of Turkey(c)	5.25%		3/13/2030		445		447,528
Republic of Turkey(c)	5.75%		3/22/2024		510		538,192
Turkiye Ihracat Kredi Bankasi AS†(c)	8.25%		1/24/2024		400		434,500
Total							2,235,171
Ukraine 0.05%
Ukraine Government International Bond†(c)	7.75%		9/1/2024		299		333,147
United Arab Emirates 0.21%
Abu Dhabi Government International Bond†(c)	2.50%		9/30/2029		1,300		1,405,840
Total Foreign Government Obligations (cost $38,664,974)							40,388,659
GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.16%
Federal Home Loan Mortgage Corp. Q001 XA IO	2.183%	#(i)	2/25/2032		2,684		313,986
Government National Mortgage Assoc. 2015-48 AS	2.90%	#(i)	2/16/2049		576		605,659
Government National Mortgage Assoc. 2015-73 AC	2.90%	#(i)	2/16/2053		183		192,011
Total Government Sponsored Enterprises Collateralized Mortgage Obligations (cost $1,091,032)							1,111,656
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 24.24%
Federal Home Loan Mortgage Corp.	4.00%		10/1/2049		1,351		1,526,237
Federal National Mortgage Assoc.(j)	2.50%		TBA		9,356		9,861,797
Federal National Mortgage Assoc.	2.814% (12 Mo. LIBOR + 1.79%	)#	3/1/2042		207		216,658
Federal National Mortgage Assoc.(j)	3.00%		TBA		51,350		53,796,851
Federal National Mortgage Assoc.	3.50%		9/1/2047 - 3/1/2050		9,838		10,680,069
Federal National Mortgage Assoc.(j)	3.50%		TBA		50,000		52,850,202

See Notes to Financial Statements. 23

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)
Federal National Mortgage Assoc.	4.00%		1/1/2048	$	1,628	$	1,835,318
Federal National Mortgage Assoc.(j)	4.00%		TBA		32,686		34,907,569
Total Government Sponsored Enterprises Pass-Throughs (cost $164,670,259)							165,674,701
MUNICIPAL BONDS 0.80%
Miscellaneous
California	7.30%		10/1/2039		235		388,326
California	7.625%		3/1/2040		350		608,146
California Health Facilities Financing Authority	3.034%		6/1/2034		350		373,877
County of Miami-Dade FL(e)	2.786%		10/1/2037		210		214,727
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		646		695,283
Massachusetts School Building Authority	3.395%		10/15/2040		895		963,521
Michigan Finance Authority	3.084%		12/1/2034		940		1,038,672
Permanent University Fund - Texas A&M University System	3.66%		7/1/2047		680		752,216
University of California Bond of Regents	3.006%		5/15/2050		375		398,760
Total Municipal Bonds (cost $5,049,896)							5,433,528
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.77%
Angel Oak Mortgage Trust 2020-1 A1†	2.466%	#(i)	12/25/2059		299		302,301
Angel Oak Mortgage Trust I LLC 2019-4 A1†	2.993%	#(i)	7/26/2049		736		743,523
Atrium Hotel Portfolio Trust 2018-ATRM A†	1.109% (1 Mo. LIBOR + .95%	)#	6/15/2035		1,050		1,030,906
BANK 2020-BN30 C	2.757%	#(i)	12/10/2053		610		614,649
BBCMS Mortgage Trust 2019-BWAY A†	1.115% (1 Mo. LIBOR + .96%	)#	11/15/2034		655		640,533
BBCMS Mortgage Trust 2019-BWAY B†	1.469% (1 Mo. LIBOR + 1.31%	)#	11/15/2034		288		279,313
Benchmark Mortgage Trust 2020-B22 C	2.698%	#(i)	1/15/2054		1,200		1,214,162
BX Trust 2018-GW A†	0.959% (1 Mo. LIBOR + .80%	)#	5/15/2035		1,467		1,446,323
BX Trust 2019-OC11 A†	3.202%		12/9/2041		1,251		1,377,494
Citigroup Commercial Mortgage Trust 2016-GC36 D†	2.85%		2/10/2049		1,250		899,442
Commercial Mortgage Pass-Through Certificates 2014-CR17 A5	3.977%		5/10/2047		1,000		1,104,628
Commercial Mortgage Pass-Through Certificates 2014-CR19 XA IO	0.976%	#(i)	8/10/2047		498		13,953
Commercial Mortgage Pass-Through Certificates 2015-PC1 AM	4.29%	#(i)	7/10/2050		510		572,056

24 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates 2015-PC1 B	4.43%	#(i)	7/10/2050	$	178	$	190,044
Commercial Mortgage Pass-Through Certificates 2015-PC1 C	4.43%	#(i)	7/10/2050		410		401,816	(b)
Commercial Mortgage Pass-Through Certificates 2015-PC1 D	4.43%	#(i)	7/10/2050		574		472,840
Commercial Mortgage Pass-Through Certificates 2016-COR1 AM	3.494%		10/10/2049		299		329,647
Credit Suisse Mortgage Capital Certificates 2020-AFC1 A1†	2.24%	#(i)	2/25/2050		672		683,755
Credit Suisse Mortgage Capital Certificates 2020-SPT1 A1†	1.70%		4/25/2065		1,311		1,318,841
CSAIL Commercial Mortgage Trust 2015-C2 C	4.19%	#(i)	6/15/2057		700		585,872
CSAIL Commercial Mortgage Trust 2019-C18 AS	3.321%		12/15/2052		709		783,926
CSMC Series 2019-UVIL A†	3.16%		12/15/2041		2,183		2,211,460
DBWF Mortgage Trust 2018-GLKS A†	1.182% (1 Mo. LIBOR + 1.03%	)#	12/19/2030		1,008		998,768
Deephaven Residential Mortgage Trust 2019-3A A1†	2.964%	#(i)	7/25/2059		785		794,406
Deephaven Residential Mortgage Trust 2019-4A A1†	2.791%	#(i)	10/25/2059		504		513,551
Deephaven Residential Mortgage Trust 2020-1 A1†	2.339%	#(i)	1/25/2060		405		410,838
GCAT Trust 2020-NQM1 A1†	2.247%		1/25/2060		310		318,046
Great Wolf Trust 2019-WOLF A†	1.193% (1 Mo. LIBOR + 1.03%	)#	12/15/2036		3,216		3,152,380
GS Mortgage Securities Corp. Trust 2018-RIVR A†	1.109% (1 Mo. LIBOR + .95%	)#	7/15/2035		682		656,406
GS Mortgage Securities Trust 2015-GC32 C	4.422%	#(i)	7/10/2048		195		206,746
GS Mortgage Securities Trust 2020-GSA2 C	2.989%		12/12/2053		940		949,502
Hudsons Bay Simon JV Trust 2015-HB7 B7†	4.666%		8/5/2034		668		555,500
Hudsons Bay Simon JV Trust 2015-HB7 D7†	5.159%	#(i)	8/5/2034		629		420,083
JPMorgan Chase Commercial Mortgage Securities Trust 2015-C30 C	4.268%	#(i)	7/15/2048		374		381,205
JPMorgan Chase Commercial Mortgage Securities Trust 2016-WIKI D†	4.009%	#(i)	10/5/2031		450		434,243
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ A†	1.159% (1 Mo. LIBOR + 1.00%	)#	6/15/2032		976		963,859
JPMorgan Chase Commercial Mortgage Securities Trust 2018-LAQ B†	1.459% (1 Mo. LIBOR + 1.30%	)#	6/15/2032		995		973,615
JPMorgan Chase Commercial Mortgage Securities Trust 2018-MINN†	2.02% (1 Mo. LIBOR + 1.02%	)#	11/15/2035		542		525,206
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT AFL†	1.103% (1 Mo. LIBOR + .95%	)#	7/5/2033		365		359,827

See Notes to Financial Statements. 25

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFL†	1.403% (1 Mo. LIBOR + 1.25%	)#	7/5/2033	$	1,130	$	1,110,535
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT BFX†	4.549%		7/5/2033		340		354,838
JPMorgan Chase Commercial Mortgage Securities Trust 2018-WPT CFX†	4.95%		7/5/2033		453		469,744
Merrill Lynch Mortgage Investors Trust 2006-AF2 AF1	6.25%		10/25/2036		10		6,992
Morgan Stanley Bank of America Merrill Lynch Trust 2012-CKSV A2 IO	0.565%	#(i)	7/15/2050		15,174		335,039
New Residential Mortgage Loan Trust 2019-NQM3 A1†	2.802%	#(i)	7/25/2049		666		674,733
New Residential Mortgage Loan Trust 2020-NQM1 A1†	2.464%	#(i)	1/26/2060		265		271,279
One New York Plaza Trust 2020-1NYP B†	1.659% (1 Mo. LIBOR + 1.50%	)#	1/15/2026		1,660		1,666,837
PFP Ltd. 2019-6 A†	1.203% (1 Mo. LIBOR + 1.05%	)#	4/14/2037		749		740,593
ReadyCap Commercial Mortgage Trust 2019-6 A†	2.833%		10/25/2052		528		539,936
Residential Mortgage Loan Trust 2020-1 A1†	2.376%	#(i)	2/25/2024		195		199,544
Starwood Mortgage Residential Trust 2020-1 A1†	2.275%	#(i)	2/25/2050		393		402,431
Starwood Mortgage Residential Trust 2020-3 A1†	1.486%	#(i)	4/25/2065		1,715		1,728,665
Structured Asset Securities Corp. 2006-3H 1A2	5.75%		12/25/2035		5		5,346	(b)
UBS-BAMLL Trust 2012-WRM E†	4.238%	#(i)	6/10/2030		595		247,920
UBS-Barclays Commercial Mortgage Trust 2012-C3 B†	4.365%	#(i)	8/10/2049		200		207,278
Verus Securitization Trust 2020-1 A1†	2.417%		1/25/2060		926		944,617
Verus Securitization Trust 2020-5 A1†	1.218%		5/25/2065		1,534		1,539,133
Vista Point Securitization Trust 2020-2 A1†	1.475%	#(i)	4/25/2065		996		1,002,479
Wells Fargo Commercial Mortgage Trust 2013-LC12 D†	4.275%	#(i)	7/15/2046		364		173,039
Wells Fargo Commercial Mortgage Trust 2015-C28 D	4.094%	#(i)	5/15/2048		1,489		1,442,627
Wells Fargo Commercial Mortgage Trust 2016-C35 C	4.176%	#(i)	7/15/2048		213		210,400
Wells Fargo Commercial Mortgage Trust 2016-NXS5 E†	4.992%	#(i)	1/15/2059		434		387,538	(b)
Wells Fargo Commercial Mortgage Trust 2017-C41 AS	3.785%	#(i)	11/15/2050		1,630		1,760,349
Total Non-Agency Commercial Mortgage-Backed Securities (cost $46,339,444)							46,253,557

26 See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2020

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
U.S. TREASURY OBLIGATIONS 26.17%
U.S. Treasury Bill	Zero Coupon	2/4/2021	$	51,050	$	51,048,022
U.S. Treasury Bond	1.125%	5/15/2040		2,468		2,340,744
U.S. Treasury Bond	1.625%	11/15/2050		7,501		7,458,221
U.S. Treasury Bond	2.375%	11/15/2049		1,271		1,490,397
U.S. Treasury Bond	3.625%	8/15/2043		1,780		2,510,217
U.S. Treasury Note	0.125%	9/30/2022		8,695		8,695,679
U.S. Treasury Note	0.125%	12/15/2023		37,153		37,108,010
U.S. Treasury Note	0.25%	10/31/2025		21,434		21,339,389
U.S. Treasury Note	2.50%	1/31/2021		46,842		46,923,396
Total U.S. Treasury Obligations (cost $178,682,879)						178,914,075
Total Long-Term Investments (cost $776,227,951)						797,373,829
SHORT-TERM INVESTMENT 5.18%
REPURCHASE AGREEMENT
Repurchase Agreement dated 12/31/2020, 0.00% due 1/4/2021 with Fixed Income Clearing Corp. collateralized by $36,117,600 of U.S. Treasury Note at 0.125% due 12/31/2022; value: $36,117,600; proceeds: $35,409,356 (cost $35,409,356)				35,409		35,409,356
Total Investments in Securities 121.83% (cost $811,637,307)						832,783,185
Liabilities in Excess of Cash and Other Assets(k) (21.83%)						(149,199,123	)
Net Assets 100.00%					$	683,584,062

CAD	Canadian dollar.
JPY	Japanese yen.
CMT	Constant Maturity Rate.
IO	Interest Only.
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 December 31, 2020, the total value of Rule 144A securities was $221,475,362, which represents 32.40% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at December 31, 2020.
(a)	Investment in non-U.S. dollar denominated securities.
(b)	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.
(c)	Foreign security traded in U.S. dollars.
(d)	Security is perpetual in nature and has no stated maturity.
(e)	Securities purchased on a when-issued basis (See Note 2(j)).
(f)	Defaulted (non-income producing security).
(g)	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 December 31, 2020.

See Notes to Financial Statements. 27

Schedule of Investments (continued)

December 31, 2020

(h)	Interest rate to be determined.
(i)	Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
(j)	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.
(k)	Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts and futures contracts as follows:

Open Forward Foreign Currency Exchange Contracts at December 31, 2020:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency	U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Sell	State Street Bank and Trust	3/15/2021	490,000	$	384,237	$	385,024		$	(787	)
Japanese yen	Sell	State Street Bank and Trust	2/22/2021	1,400,000,000		13,387,739		13,566,156			(178,417	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(179,204	)

Open Futures Contracts at December 31, 2020:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Ultra Treasury Note	March 2021	214	Short	$	(33,573,985	)	$	(33,460,906	)		$	113,079
U.S. 2-Year Treasury Note	March 2021	108	Long		23,852,720			23,865,469				12,749
U.S. 5-Year Treasury Note	March 2021	361	Long		45,450,234			45,545,227				94,993
Total Unrealized Appreciation on Open Futures Contracts											$	220,821
Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	March 2021	149	Short	$	(20,515,181	)	$	(20,573,641	)		$	(58,460	)
U.S. Long Bond	March 2021	170	Long		29,634,081			29,441,875				(192,206	)
U.S. Ultra Treasury Bond	March 2021	222	Long		47,453,756			47,410,875				(42,881	)
Total Unrealized Depreciation on Open Futures Contracts											$	(293,547	)

28 See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2020

The following is a summary of the inputs used as of December 31, 2020 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	$	–		$	51,674,239		$	1,520,649	$	53,194,888
Remaining Industries		–			37,476,788			–		37,476,788
Corporate Bonds		–			265,556,184			–		265,556,184
Floating Rate Loans		–			3,369,793			–		3,369,793
Foreign Government Obligations		–			40,388,659			–		40,388,659
Government Sponsored Enterprises Collateralized Mortgage Obligations		–			1,111,656			–		1,111,656
Government Sponsored Enterprises Pass-Throughs		–			165,674,701			–		165,674,701
Municipal Bonds		–			5,433,528			–		5,433,528
Non-Agency Commercial Mortgage-Backed Securities		–			45,458,857			794,700		46,253,557
U.S. Treasury Obligations		–			178,914,075			–		178,914,075
Short-Term Investment
Repurchase Agreement		–			35,409,356			–		35,409,356
Total	$	–		$	830,467,836		$	2,315,349	$	832,783,185
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(179,204	)		–		(179,204	)
Futures Contracts
Assets		220,821			–			–		220,821
Liabilities		(293,547	)		–			–		(293,547	)
Total	$	(72,726	)	$	(179,204	)	$	–	$	(251,930	)

(1)

Refer to Note 2(n) 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. 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 year 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 year.

See Notes to Financial Statements. 29

Statement of Assets and Liabilities

December 31, 2020

ASSETS:
Investments in securities, at fair value (cost $811,637,307)	$	832,783,185
Cash		295,984
Deposits with brokers for futures collateral		2,408,831
Receivables:
Interest and dividends		4,431,216
Capital shares sold		1,826,800
Investment securities sold		316,547
Variation margin for futures contracts		187,376
Prepaid expenses and other assets		5,461
Total assets		842,255,400
LIABILITIES:
Payables:
Investment securities purchased		157,699,010
Management fee		160,038
Capital shares reacquired		73,079
Directors’ fees		54,979
Fund administration		22,863
Unrealized depreciation on forward foreign currency exchange contracts		179,204
Distributions payable		5,201
Accrued expenses		476,964
Total liabilities		158,671,338
Commitments and contingent liabilities
NET ASSETS	$	683,584,062
COMPOSITION OF NET ASSETS:
Paid-in capital	$	664,422,152
Total distributable earnings (loss)		19,161,910
Net Assets	$	683,584,062
Outstanding shares (130 million shares of common stock authorized, $.001 par value)		39,413,066
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares)		$17.34

30 See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2020

Investment income:
Interest and other	$	17,917,759
Interest earned from Interfund Lending (See Note 11)		121
Total investment income		17,917,880
Expenses:
Management fee		1,814,134
Non 12b-1 service fees		1,620,709
Shareholder servicing		686,772
Fund administration		259,162
Professional		58,731
Reports to shareholders		36,435
Custody		23,880
Directors’ fees		22,894
Other		118,032
Gross expenses		4,640,749
Expense reductions (See Note 9)		(5,018	)
Fees waived and expenses reimbursed (See Note 3)		(23,880	)
Net expenses		4,611,851
Net investment income		13,306,029
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		19,095,310
Net realized gain (loss) on futures contracts		3,737,064
Net realized gain (loss) on forward foreign currency exchange contracts		183,987
Net realized gain (loss) on swap contracts		432,173
Net realized gain (loss) on foreign currency related transactions		96,913
Net change in unrealized appreciation/depreciation on investments		8,570,946
Net change in unrealized appreciation/depreciation on futures contracts		642,198
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		(624,426	)
Net change in unrealized appreciation/depreciation on swap contracts		(352,292	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(282	)
Net realized and unrealized gain (loss)		31,781,591
Net Increase in Net Assets Resulting From Operations	$	45,087,620

See Notes to Financial Statements. 31

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
Operations:
Net investment income	$	13,306,029		$	15,047,257
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		23,545,447			14,799,552
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps and translation of assets and liabilities denominated in foreign currencies		8,236,144			17,166,668
Net increase in net assets resulting from operations		45,087,620			47,013,477
Distributions to shareholders:		(28,123,182	)		(16,860,320	)
Capital share transactions (See Note 15):
Proceeds from sales of shares		141,127,523			115,632,038
Reinvestment of distributions		28,123,182			16,860,320
Cost of shares reacquired		(154,100,406	)		(72,786,463	)
Net increase in net assets resulting from capital share transactions		15,150,299			59,705,895
Net increase in net assets		32,114,737			89,859,052
NET ASSETS:
Beginning of year	$	651,469,325		$	561,610,273
End of year	$	683,584,062		$	651,469,325

32 See Notes to Financial Statements.

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33

Financial Highlights

			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
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	)
12/31/2016		16.25		0.36		0.31			0.67			(0.44	)		(0.06	)		(0.50	)

(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.

34 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 (%)
$	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
	16.42		4.26			0.64		0.89		2.16		447,115		443

See Notes to Financial Statements. 35

Notes to Financial Statements

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 December 31, 2020. 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.

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. 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 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. 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. 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 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, yield curves, broker quotes, observable trading activity, option adjusted spread models

36

Notes to Financial Statements (continued)

	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 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, 2017 through December 31, 2020. The statutes of limitations on the Company’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 are included in Net realized gain (loss), if applicable, 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)	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

37

Notes to Financial Statements (continued)

	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) 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 foreign currency in U.S. dollars upon closing of such contracts is included 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 the 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 a 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 net asset value (“NAV”). The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(k)	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

38

Notes to Financial Statements (continued)

	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.
(l)	Interest Rate Swaps–The Fund may enter into interest rate swap agreements. Pursuant to interest rate swap agreements, the 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 the 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 the CCP daily. The value of the swap is determined by changes in the relationship between two rates of interest. The 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.
(m)	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.
(n)	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

39

Notes to Financial Statements (continued)

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 December 31, 2020 and, if applicable, Level 3 rollforwards for the fiscal year 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 following annual rate:

First $4 billion	.28%
Next $11 billion	.26%
Over $15 billion	.25%

For the fiscal year ended December 31, 2020, the effective management fee, net of waivers, was at an annualized rate of .28% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets. Lord Abbett voluntarily waived $23,880 of the fund administration fees during the fiscal year ended December 31, 2020.

The Company, on behalf of the Fund, has entered into services arrangements with certain insurance companies. Under these arrangements, certain insurance companies will be compensated up to .25% of the average daily NAV of the Fund’s Class VC Shares held in the insurance company’s separate account to service and maintain the Variable Contract owners’ accounts. This amount is included in Non 12b-1 service fees on the Statement of Operations. The

40

Notes to Financial Statements (continued)

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 fiscal years ended December 31, 2020 and 2019 was as follows:

	Year Ended 12/31/2020		Year Ended 12/31/2019
Distributions paid from:
Ordinary income	$	21,279,071	$	16,860,320
Net long-term capital gains		6,844,111		–
Total distributions paid	$	28,123,182	$	16,860,320

As of December 31, 2020, the components of accumulated gains on a tax-basis were as follows:

Undistributed ordinary income – net	$	–
Undistributed long-term capital gains		1,742,998
Total undistributed earnings		1,742,998
Temporary differences		(54,979	)
Unrealized gains – net		17,473,891
Total accumulated gains – net	$	19,161,910

As of December 31, 2020, 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	$	815,057,141
Gross unrealized gain		20,310,546
Gross unrealized loss		(2,836,432	)
Net unrealized security gain	$	17,474,114

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

41

Notes to Financial Statements (continued)

5. PORTFOLIO SECURITIES TRANSACTIONS 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2020 were as follows:

U.S. Government Purchases		*	Non-U.S. Government Purchases		U.S. Government Sales		*	Non-U.S. Government Sales
	$3,391,734,072			$420,529,046		$3,464,052,287			$352,114,850

* 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 fiscal year ended December 31, 2020, the Fund engaged in cross-trades purchase of $5,586,791, and sales of $1,154,972, which resulted in net realized gains of $28,827.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2020 (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 U.S. Treasury futures contracts for the fiscal year ended December 31, 2020 (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 interest rate swaps for the fiscal year ended December 31, 2020 (as described in note 2(l)) in order to enhance returns or hedge against interest rate risk. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The interest rate swap agreement will normally be entered into on a zero coupon basis, meaning that the floating rate will be based on the cumulative of the variable rate, and the fixed rate will compound until the swap’s maturity date, at which point the payments would be netted.

42

Notes to Financial Statements (continued)

As of December 31, 2020, 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		Foreign Currency Contracts
Futures Contracts(1)		$220,821		–
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)		–		$179,204
Futures Contracts(1)		$293,547		–

(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 reported is within the Statement of Assets and Liabilities.
(2)	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

Transactions in derivatives instruments for the year ended December 31, 2020, were as follows:

	Interest Rate Contracts			Foreign Currency Contracts
Net Realized Gain (Loss)
Interest Rate Swap Contracts(1)	$	432,173			–
Forward Foreign Currency Exchange Contracts(2)		–		$	183,987
Futures Contracts(3)	$	3,737,064			–
Net Change in Unrealized Appreciation/Depreciation
Interest Rate Swap Contracts(4)	$	(352,292	)
Forward Foreign Currency Exchange Contracts(5)		–		$	(624,426	)
Futures Contracts(6)	$	642,198			–
Average Number of Contracts/Notional Amounts*
Interest Rate Swap Contract(7)		8,201,381			–
Forward Foreign Currency Exchange Contracts(8)		–		$	14,980,882
Futures Contracts(7)		784			–

*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2020.
(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 

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

43

Notes to Financial Statements (continued)

for offset in the Statement of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

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 Agreement	$35,409,356	$	–	$35,409,356
Total	$35,409,356	$	–	$35,409,356

	Net Amounts 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.		$35,409,356	$	–	$	–	$	(35,409,356	)	$	–
Total		$35,409,356	$	–	$	–	$	(35,409,356	)	$	–

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
Forward Foreign Currency Exchange Contracts	$179,204	$	–	$179,204
Total	$179,204	$	–	$179,204

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Pledged(a)		Securities Collateral Pledged(a)		Net Amount(c)
State Street Bank and Trust		$179,204	$	–	$	–	$	–	$	179,204
Total		$179,204	$	–	$	–	$	–	$	179,204

(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 December 31, 2020.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2020.

8. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’

44

Notes to Financial Statements (continued)

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 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.

10. LINE OF CREDIT 

For the period ended August 5, 2020, 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 $1.17 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, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors. Effective August 6, 2020, 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the fiscal year ended December 31, 2020, 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.

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

For the fiscal year ended December 31, 2020, the Fund did not utilize the Facilities.

11. INTERFUND LENDING PROGRAM 

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

During the year ended December 31, 2020, the Fund participated as lenders 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
Loan		Interest Rate		Income	*
	$8,069,500		0.55%	$121

* Included in the Statement of Operations.

45

Notes to Financial Statements (continued)

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.

13. 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 their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become 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 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 the Fund’s agent; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of December 31, 2020, the Fund did not loan any securities.

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 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.

On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the LIBOR-based instruments in which the Fund invests cannot yet be determined. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior and/or subsequent to the end of 2021.

46

Notes to Financial Statements (continued)

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, 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 compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. The cost of the Fund’s use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market

47

Notes to Financial Statements (concluded)

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.

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.

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 can affect the Fund’s performance.

15. SUMMARY OF CAPITAL TRANSACTIONS 

Transactions in shares of capital stock were as follows:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Shares sold		8,108,990			6,856,024
Reinvestment of distributions		1,625,618			1,001,194
Shares reacquired		(8,995,324	)		(4,363,893	)
Increase		739,284			3,493,325

48

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Series Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Total Return Portfolio, one of the funds constituting Lord Abbett Series Fund, Inc. (the “Fund”), as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Total Return Portfolio of the Fund as of December 31, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 16, 2021

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

49

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

50

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors - FL LLC (since 2018); CEO of Tullis–Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 13 investment companies in the Lord Abbett Family of Funds, which consist of 60 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Douglas B. Sieg Lord, Abbett & Co. LLC 90 Hudson Street Jersey City, NJ 07302 (1969)	Board member since 2016; President and Chief Executive Officer since 2018	Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. Other Directorships: None.

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

51

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).
John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).
Vito A. Fronda (1969)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer in 2020 and Treasurer in 2018	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.
Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.
Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).
Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

52

Approval of Advisory Contract

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

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

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2020. The Board observed that although the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five- and ten-year periods, the

53

Approval of Advisory Contract (continued)

Fund outperformed both benchmarks for the ten-year period. The Board took into account actions taken by Lord Attempt to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

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

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered the Fund’s existing management fee schedule, with its breakpoints in the level of the management fee. The Board concluded that no action was required, with respect to economies of scale.

54

Approval of Advisory Contract (concluded)

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

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

55

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

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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. Previously, this information was filed on Form N-Q. 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.

Tax Information

Of the distributions paid to the shareholders during the fiscal year ended December 31, 2020, $5,739,543 and $6,844,111, respectively, represent short-term and long-term capital gains.

56

 

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
(02/21)

Item 2: Code of Ethics.

(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended December 31, 2020 (the “Period”).

(b) Not applicable.

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

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

(e) Not applicable.

(f) See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3: Audit Committee Financial Expert.

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

Item 4: Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2020 and 2019 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2020		2019
Audit Fees {a}		$365,000		$367,300
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		365,000		367,300
Tax Fees {b}		53,209		72,999
All Other Fees		- 0 -		- 0 -
Total Fees		$418,209		$440,299

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

{b} Fees for the fiscal year ended December 31, 2020 and 2019 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

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

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

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

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

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

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

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended December 31, 2020 and 2019 were:

	Fiscal year ended:
	2020	2019
All Other Fees {a}	$214,142	215,383

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

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2020 and 2019 were:

	Fiscal year ended:
	2020	2019
All Other Fees	$ - 0 -	$ - 0-

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

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: 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)	The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH.
(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.
	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
Date: February 17, 2021

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

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer
Date:February 17, 2021

	By:	/s/ Vito A. Fronda
		Vito A. Fronda
		Chief Financial Officer and Treasurer
Date:February 17, 2021